BNP Paribas Funds 2021 Annual Report
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mariejoe.market1BNP Paribas Funds 2021 Annual Report
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mariejoe.market1BNP PARIBAS FUNDS
SICAV
ANNUAL REPORT at 31/12/2021
R.C.S. Luxembourg B 33 363
The The asset
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BNP PARIBAS FUNDS
Table of contents
Page
Organisation 5
Information 7
Manager's report 8
Audit report 13
Financial statements at 31/12/2021 16
Key figures relating to the last 3 years 39
Securities portfolio at 31/12/2021
Absolute Return Global Opportunities 73
Absolute Return Multi-Strategy 74
Aqua 75
Asia ex-Japan Bond 76
Asia ex-Japan Equity 78
Asia ex-Japan Small Cap 79
Belgium Equity 80
Brazil Equity 81
China A-Shares 82
China Equity 83
Climate Impact 84
Consumer Innovators 85
Disruptive Technology 86
Ecosystem Restoration 87
Emerging Bond 88
Emerging Bond Opportunities 93
Emerging Equity 97
Emerging Multi-Asset Income 98
Energy Transition 102
Enhanced Bond 6M 103
Environmental Absolute Return Thematic Equity (EARTH) 108
Euro Bond 109
Euro Bond Opportunities 112
Euro Corporate Bond 117
Euro Corporate Bond Opportunities 121
Euro Covered Bond 125
Euro Defensive Equity 127
Euro Equity 128
Euro Government Bond 129
Euro High Quality Government Bond 131
Euro High Yield Bond 132
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BNP PARIBAS FUNDS
Table of contents
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Euro High Yield Short Duration Bond 135
Euro Inflation-Linked Bond 138
Euro Medium Term Bond 139
Euro Mid Cap 142
Euro Money Market 143
Euro Short Term Bond Opportunities 145
Euro Short Term Corporate Bond 147
Euro Short Term Corporate Bond Opportunities 150
Europe Convertible 154
Europe Dividend 155
Europe Emerging Equity 156
Europe Equity 157
Europe Growth 158
Europe High Conviction Bond 159
Europe Multi-Asset Income 161
Europe Real Estate Securities 167
Europe Small Cap 168
Europe Small Cap Convertible 169
Flexible Global Credit 170
Flexible Opportunities 173
Frontiers Equity 174
Germany Multi-Factor Equity 175
Global Absolute Return Multi-Factor Bond 176
Global Bond Opportunities 177
Global Convertible 184
Global Enhanced Bond 36M 187
Global Environment 189
Global High Yield Bond 190
Global Inflation-Linked Bond 194
Global Low Vol Equity 196
Green Bond 197
Green Tigers 200
Harmony 201
Health Care Innovators 202
Inclusive Growth 203
India Equity 204
Japan Equity 205
Japan Small Cap 206
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BNP PARIBAS FUNDS
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Latin America Equity 207
Local Emerging Bond 208
Multi-Asset Income 210
Multi-Asset Thematic 222
Nordic Small Cap 223
Premia Opportunities 224
RMB Bond 225
Russia Equity 226
Seasons 227
SMaRT Food 228
Social Bond 229
Sustainable Enhanced Bond 12M 230
Sustainable Euro Bond 235
Sustainable Euro Corporate Bond 239
Sustainable Euro Low Vol Equity 248
Sustainable Euro Multi-Factor Corporate Bond 249
Sustainable Euro Multi-Factor Equity 251
Sustainable Europe Multi-Factor Equity 252
Sustainable Europe Value 253
Sustainable Global Corporate Bond 254
Sustainable Global Equity 263
Sustainable Global Multi-Factor Corporate Bond 264
Sustainable Global Multi-Factor Equity 267
Sustainable Japan Multi-Factor Equity 269
Sustainable Multi-Asset Balanced 270
Sustainable Multi-Asset Growth 271
Sustainable Multi-Asset Stability 272
Sustainable US Multi-Factor Corporate Bond 276
Sustainable US Multi-Factor Equity 278
Sustainable US Value Multi-Factor Equity 279
Target Risk Balanced 280
Turkey Equity 281
US Growth 282
US High Yield Bond 283
US Mid Cap 285
US Short Duration Bond 286
US Small Cap 288
USD Money Market 289
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BNP PARIBAS FUNDS
Table of contents
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Notes to the financial statements 290
Unaudited appendix 382
No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the
current prospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.
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BNP PARIBAS FUNDS
Organisation
Registered office
10 Rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg
Board of Directors
Chairman
Mr Pierre MOULIN, Global Head of Products and Strategic Marketing, BNP PARIBAS ASSET MANAGEMENT France, Paris
Members
Mrs Jane AMBACHTSHEER, Global Head of Sustainability, BNP PARIBAS ASSET MANAGEMENT France, Paris
Mr Marnix ARICKX, Chief Executive Officer, BNP PARIBAS ASSET MANAGEMENT Belgium, Brussels
Mrs Giorgia D’ANNA, Head of Group Networks Italy and International, BNP PARIBAS ASSET MANAGEMENT France, Paris
Mrs Cecile du MERLE, Global Head of Product Engineering, BNP PARIBAS ASSET MANAGEMENT France, Paris
Mr Emmanuel COLLINET DE LA SALLE, Head of Group Networks, BNP PARIBAS ASSET MANAGEMENT France, Paris
Mrs Marianne HUVE-ALLARD, Head of Brand and Communication, BNP PARIBAS ASSET MANAGEMENT France, Paris
Mr Roger MINERS, Global Chief Marketing Officer, BNP PARIBAS ASSET MANAGEMENT UK, London
Mr Christian VOLLE, Independent director, Paris, France
Company Secretary (non-member of the Board)
Mr Stephane BRUNET, Chief Executive Officer, BNP PARIBAS ASSET MANAGEMENT Luxembourg, Luxembourg
Management Company
BNP PARIBAS ASSET MANAGEMENT Luxembourg, 10 Rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg
BNP PARIBAS ASSET MANAGEMENT Luxembourg is a Management Company as defined in Chapter 15 of the Luxembourg Law
of 17 December 2010 concerning undertakings for collective investment, as amended.
The Management Company performs the functions of administration, portfolio management and marketing duties.
Portfolio management is delegated to:
Effective Investment Manager
BNP Paribas Group management entities (generally named BNP PARIBAS ASSET MANAGEMENT)
• Alfred Berg Kapitalförvaltning AS, Støperigata 2, Postboks 1294 Vika, 0250 Oslo, Norway
• BNP PARIBAS ASSET MANAGEMENT France, 1 Boulevard Haussmann, F-75009 Paris, France
• BNP PARIBAS ASSET MANAGEMENT Asia Ltd., 17/F, Lincoln House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong
Kong
• BNP PARIBAS ASSET MANAGEMENT Belgium, 55 rue du Progrès, B-1210 Brussels, Belgium
• BNP PARIBAS ASSET MANAGEMENT Brasil Ltda, Av. Juscelino Kubitchek 510-11 Andar, 04543-00 Sao Paulo - SP, Brazil
• BNP PARIBAS ASSET MANAGEMENT Nederland N.V., Herengracht 595, PO box 71770, NL-1008 DG Amsterdam, The
Netherlands (until 1 May 2021)
• BNP PARIBAS ASSET MANAGEMENT France, Netherlands Branch, Herengracht 595, PO box 71770, NL-1008 DG
Amsterdam, The Netherlands (since 1 May 2021)
• BNP PARIBAS ASSET MANAGEMENT UK Ltd., 5 Aldermanbury Square, London EC2V 7BP, United Kingdom
• BNP PARIBAS ASSET MANAGEMENT USA, Inc., 200 Park Avenue, 11th floor, New York, NY 10166, United States of
America
• TEB Portföy Yönetimi A.Ş., Gayrettepe Mahallesi Yener Sokak n° 1 Kat. 9 Besiktas 34353 Istanbul, Turkey
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BNP PARIBAS FUNDS
Organisation
Non-group management entities
• Impax Asset Management Limited, 7th Floor, 30 Panton Street, London, SW1Y 4AJ, United Kingdom, Manager for the “Aqua”,
“Climate Impact”, “Global Environment”, “Green Tigers” and “SMaRT Food” sub-funds
• Mitsubishi UFJ Kokusai Asset Management Co. Ltd, 1-12-1 Yurakucho, Chiyoda-ku, Tokyo 100-0006, Japan, Manager for the
“Japan Equity” sub-fund
• Sumitomo Mitsui DS Asset Management Company. Limited., Atago Green Hills, Mori Tower, 28F, 2-5-1 Atago Minato-ku,
Tokyo 105-6228, Japan, Manager for the “Japan Small Cap” sub-fund
The Company may also seek advice from the following investment advisor
• FundQuest Advisor, 1 Boulevard Haussmann, F-75009 Paris, France, Advisor for the selection of investment managers from
outside the Group
NAV Calculation, Registrar and Transfer Agent
BNP Paribas Securities Services, Luxembourg Branch, 60 Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg
Depositary
BNP Paribas Securities Services, Luxembourg Branch, 60 Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg
Guarantor
BNP PARIBAS, 16 boulevard des Italiens, F-75009 Paris, France
The “Seasons” sub-fund benefits from a guarantee. Additional detail is provided in section “Information”.
Auditor
PricewaterhouseCoopers, Société coopérative, 2 Rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg, Grand Duchy of
Luxembourg
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BNP PARIBAS FUNDS
Information
Establishement
BNP Paribas Funds (the “Fund”, the “Company”) is an open-ended investment company (Société d’Investissement à Capital
Variable - abbreviated to “SICAV”), incorporated under Luxembourg law on 27 March 1990 for an indefinite period under the name
PARVEST. The current name BNP Paribas Funds is effective as from 30 August 2019.
The Company is currently governed by the provisions of Part I of the Law of 17 December 2010 governing undertakings for collective
investment as well as by Directive 2009/65 amended by Directive 2014/91 and the provisions of Regulation 2017/1131.
The Company’s capital is expressed in euros (EUR) and is at all times equal to the total net assets of the various sub-funds. It is
represented by fully paid-up shares issued without a designated par value, described below under “The Shares”. The capital varies
automatically without the notification and specific recording measures required for increases and decreases in the capital of limited
companies. Its minimum capital is defined by the Law.
The Company is registered in the Luxembourg Trade and Companies Register under the number B 33 363.
Information to the Shareholders
Net Asset Values and Dividends
Net Assets values are calculated every full bank business day in Luxembourg, excepted for some sub-funds. Additional information
can be found in the Prospectus.
For the sub-fund “Seasons” a guarantee (the “Guarantee”) is granted to the sub-fund by BNP Paribas acting as guarantor (“the
Guarantor”), pursuant to which this Guarantor commits on a quarterly basis that the NAV of a share class is at least equal to 80% of
the NAV of that same share class (the “Guaranteed NAV”) observed 12 months ago which qualifies as an observation date (the
“Observation Date”). Shareholders of the sub-fund who ask for the redemption of their shares on any Observation date, will see their
redemption orders based on a redemption price at least equal to 80% of the NAV (excluding dividends, the case being) of the share
class they are redeeming from (the “Guaranteed NAV”) observed on the 3rd Friday of the same month 12 months ago (the
“Observation date”).
The Company publishes the legally required information in the Grand Duchy of Luxembourg and in all other countries where the
shares are publicly offered.
This information is also available on the website: www.bnpparibas-am.com.
Financial Year
The Company’s financial year starts on 1 January and ends on 31 December.
Financial Reports
The Company publishes an annual report closed on the last day of the financial year, certified by the auditors, as well as a
non-certified, semi-annual interim report closed on the last day of the sixth month of the financial year. The Company is authorised to
publish a simplified version of the financial report when required.
The financial reports of each sub-fund are published in the accounting currency of the sub-fund, although the combined accounts of
the Company are expressed in euro.
The annual report is made public within four months of the end of the financial year and the interim report within two months of the
end of the half-year.
Documents for Consultation
The Articles of Association, the Prospectus, the KIIDs, and periodic reports may be consulted at the Company’s registered office and
at the establishments responsible for the Company’s financial service. Copies of the Articles of Association and the annual and
interim reports are available on request.
Except for the newspaper publications required by Law, the official media to obtain any notice to shareholders will be our website
www.bnpparibas-am.com.
Documents and information are also available on the website: www.bnpparibas-am.com.
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BNP PARIBAS FUNDS
Manager's report
Economic context
The gradual reopening of economies, enabled by the acceleration of vaccination campaigns, has resulted in a strong and
widespread recovery: accelerated growth in the United States and increasingly clear signs of cyclical improvement in Europe. Hopes
that the pandemic would be quashed have reinforced the hypothesis of a cyclical global recovery. Towards the end of the first
quarter, commodities returned to pre-pandemic levels and prices subsequently continued to rise. In 2021, the price of oil rose by
58.7% and at the end of October, the WTI barrel returned to its highest level since 2014 at USD 85. Copper prices soared to a
historic high in May and the rise in the cost of natural gas in Europe in early autumn panicked the markets and economic agents.
Despite vaccination campaigns, successive waves of the epidemic have fuelled anxieties somewhat and, in particular, limited the
supply of goods upstream of the production process, causing price increases. These supply problems were exacerbated in the
autumn, mainly because Asia was hit hard by the Delta wave, having previously been relatively spared. With still insufficient vaccine
coverage, these countries had to put in place strict health restrictions that weighed heavily on manufacturing, affecting global
production chains. At the end of the year, however, business surveys showed that these tensions were becoming a little less
problematic. Although the Omicron wave disrupted late 2021, the central OECD scenario foresees a “continuation of the global
recovery, with a world better equipped to face the pandemic and generally supportive monetary and fiscal policies throughout 2022.
After a rebound of 5.6% in 2021, global growth is expected to progress at a sustained rate of 4.5% in 2022”.
United States
GDP growth in the first half of 2021 was around 6.0% due to a sharp acceleration in consumption, particularly of services. The
epidemic's unexpected upsurge in the summer, with worse health consequences than in other major developed economies, owing to
uneven vaccination between states, weighed on activity by delaying a return to normal production and consumption. GDP growth in
the third quarter was 2.3% (annualised rate), but the strength of the recovery was not in question and activity regained very clear
momentum in the fourth quarter. Corporate investment and hiring intentions remain high. As in the manufacturing sector,
construction activity has been disrupted by shortages of certain materials. Although household confidence has fallen somewhat since
the summer, the evidence for higher consumption of services still seems to be in place. In November, retail sales were 20% above
their pre-pandemic level and continued to grow, supported by household incomes and improved employment. The unemployment
rate fell by 0.4 pp to 4.2%, the lowest since the start of 2020 (4.4% in March 2020) and the participation rate rose from 61.6% to
61.8%. Price and wage developments have emerged as the new issue for economic agents, financial markets and central banks.
Total inflation rose from 1.4% year-on-year in January 2021 to 6.8% in November, the highest in 39 years. This acceleration is the
result of a sharp increase in some prices (used cars, transportation, hospitality) as of the spring, bottlenecks in many manufactured
goods and a rise in the cost of housing, which accounts for a large share of consumer price indices in the US.
Europe
The new health restrictions introduced in autumn 2020 weighed on activity in the fourth quarter (-0.4%) and then in the first quarter of
2021 (-0.2%). The clear improvement in the business surveys from March 2021 onwards was eventually reflected in the actual data:
GDP growth of +2.2% in the second and third quarters exceeded expectations and its composition is favourable with a sharp
rebound in consumption, which reflects strong demand, supported in particular by improved employment. The unemployment rate
has continued to decline, from 8.4% a year earlier to 7.3% in October. It has now returned to pre-pandemic levels (7.4% in February
2020) and hiring intentions, already very high, have continued to rise. Moreover, the increase in consumption of services this
summer despite the fourth wave of the epidemic is a very encouraging element. At the end of the year, business surveys confirmed a
fairly marked downturn, particularly in Germany due to the rather drastic health restrictions. The eurozone composite index
(manufacturing and services) reached a high point in July (60.2 compared to 54.9 a year earlier) and returned in December to its
nine-month low (53.3). Nevertheless, it remains higher than 50, which reflects an expansion of activity. The exception concerns the
services sector in Germany, where the index fell below 50 in December. Inflation increased from 0.9% in January to 4.9% in
November, owing to supply chain tensions, soaring energy costs and specific factors that are expected to disappear in early 2022.
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BNP PARIBAS FUNDS
Manager's report
Japan
After two consecutive quarters of strong rebound, GDP contracted by 4.1% (annualised rate) in the first quarter of 2021, rebounded
modestly in the second quarter (+2.0%) and experienced a stronger-than-anticipated decline in the third quarter (-3.6%) with a slump
in all components of domestic demand. These developments leave GDP below the level of the first quarter of 2020 and confirm that
Japan's economy has long had more trouble than other major industrialised countries in turning the page on the pandemic. The
composite PMI index (survey of purchasing managers) remained under 50 for a long time and finally reached 51 in April 2021. It
experienced sharp swings that brought it down to below 50, before finally rising back up in October and reaching higher levels at the
end of the year (53.3 in November and 52.5 in December). Nonetheless, it still remains below the average level of the index for the
developed economies (54.3 in December). However, more encouraging results were recorded at the end of the summer, while the
vaccination campaign has been clearly accelerated. The lifting of the health emergency at the end of September has enabled a
sharper recovery in service activity, while manufacturing (particularly the automotive industry) remains hampered by bottlenecks. The
Bank of Japan's (“BoJ”) economic survey showed some signs of improvement going into the fourth quarter. The appointment of
Fumio Kishida as Prime Minister in early October (replacing Yoshihide Suga) and the reappointment of the outgoing coalition after
the elections led to the announcement in November of a massive fiscal stimulus package. The BoJ took a very timid first step
towards monetary-policy normalisation at the end of the year by announcing that purchases of corporate debt (bonds and
commercial paper) would stop at the end of March. It has not changed its deposit rate (-0.1%) and maintains control of the yield
curve. Inflation remains very low (+0.5% year on year in November for underlying inflation, which excludes fresh food but includes
energy), suggesting that the issue of raising key rates is not on the agenda.
Emerging markets
After being the first country faced with the Covid-19 epidemic and the first country to emerge from the recession, China is struggling
to regain stability. After recording year-on-year growth of 18.3% in the first quarter (compared to a very low benchmark of course),
GDP grew by 7.9% in the second quarter and then by 4.9% in the third. The surveys do not show a clear acceleration in industrial
activity and the objective data for October and November reflect consumer hesitation. Retail sales grew 3.9% in November
year-on-year, a figure well below expectations due to disappointing purchasing in the automotive sector. The zero-Covid policy
remains in place, as evidenced by the strict lockdown measures imposed in some cities affected by the resurgence of the epidemic,
which could disrupt the production of semiconductors. Statements issued by the authorities at the end of 2021 suggest a more
proactive economic policy to support investment and confidence. The communiqué issued following the Central Economic Work
Conference states that “stability” of growth will be a priority in 2022 and highlights the three factors weighing on growth: contraction
of demand, disruptions to supply and renewed pessimism. The central bank (PBoC - People's Bank of China) reduced the reserve
requirement rate for some banks by 50 bp on 15 December and could further ease this in early 2022. Elsewhere in the emerging
world, particularly in Latin America and Europe, central banks have embarked on a cycle of aggressive key rate increases in an
attempt to counter inflationary pressures.
Monetary policy
The last meeting of the Federal Open Market Committee (FOMC) in 2020 concluded that the target rate for federal funds should
remain for several years within the range 0%–0.25%, where it dropped in March 2020 as a result of pandemic-generated emergency
measures. The Fed also clarified that its asset purchases will continue at the rate of USD 120 billion per month “until substantial
further progress has been made towards the goals of full employment and price stability”. But, by early 2021, in the face of
accelerating growth, Jerome Powell's main task was to limit the US Federal Reserve's expectations of tightening monetary policy,
even as some observers worried about the risk of overheating the economy and questioned the relevance of massive fiscal plans. As
early as June, after several comments, investors began to believe that the Fed would raise its key rates sooner than expected.
Inflationary pressures spread to more components over the months, leading Jerome Powell to declare in late November that it was
time to stop using the word “temporary” to qualify inflation. In September, he said that if the economy progressed as expected,
tapering (a decline in the amount of securities purchases) should be announced in early November and quickly implemented for
completion by mid-2022. Monthly asset purchases were cut by USD 15 billion (USD 10 billion in T-notes, USD 5 billion in mortgage-
backed securities - MBS) in November and then December. Towards the end of November, Jerome Powell advised that he would
propose an acceleration of this tapering. That decision was announced at the end of the meeting held on 15 December: Starting in
January, purchases of Treasury securities will be cut by USD 20 billion each month and MBS by USD 10 billion. Purchasing is
expected to end in March. In addition, the dot plot, which summarises the rate levels deemed “appropriate” by members of the
FOMC, shows three increases in key rates in 2022 and 2023 and two in 2024.
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BNP PARIBAS FUNDS
Manager's report
As in all parts of the world, the main monetary policy decisions of the European Central Bank (ECB) were taken urgently in
March 2020. The most striking element is the creation of an emergency programme for the purchase of securities, the Pandemic
Emergency Purchase Programme (PEPP), quickly implemented and increased twice to reach EUR 1850 billion on 10 December.
The ECB chose not to change its key interest rates, which were already low (0.00% for main refinancing operations, 0.25% for the
marginal lending facility and -0.50% for the deposit facility) and undertook to maintain “favourable financial conditions”. To do this, it
has adjusted the amount of its purchases over the months, increasing them in the spring and then decreasing them in the autumn. In
April, Christine Lagarde indicated that the issue of phasing out the PEPP was premature. However, several comments gave the
impression that the Governing Council was divided regarding the action to be taken, while signs of recovery proliferated and inflation
accelerated. In July, the ECB presented the findings of its strategic review, confirming that the inflation target was becoming
“symmetrical” around 2% and defining new forward guidance (indications of the future direction of monetary policy): “Key rates will
remain at their current or lower levels until the Governing Council considers the progress in underlying inflation sufficient to be
compatible with inflation stabilisation at 2% over the medium term”. Communication on the fate of asset purchases after the end of
the PEPP remained fluid, doubtless because it was difficult to reach a consensus within the Governing Council. In December,
Christine Lagarde confirmed that the PEPP would end in March 2022 and that purchases under the “normal” Asset Purchase
Programme (APP), currently EUR 20 billion per month, would be increased occasionally in the second and third quarters of 2022 (by
EUR 20 and then EUR 10 billion) before returning to EUR 20 billion “for as long as necessary to boost key interest-rate-adjustment
effects”. Unlike the Fed, the ECB has retained the assumption that accelerating inflation is temporary. It points out, however, that
uncertainty is “exceptionally high” and it is closely monitoring wage developments.
Foreign exchange markets
The EUR/USD parity, which stood at 1.2229 at the end of 2020, reached its 2021 peak on 6 January, at over 1.23, and then
dropped, with the dollar supported by various factors. Initially, the ECB's insistence on increased vigilance in the face of the euro's
appreciation (+8.9% in the second half of 2020) tempered operators' enthusiasm. In addition, given the robust business surveys and
the massive fiscal stimulus set out by the Biden administration, the divergence in growth between the United States and the
eurozone appeared to be increasingly advantageous to the dollar. Parity thus returned to around 1.17 at the end of March and then
evolved mainly in response to expectations of the Fed's monetary policy. Initially, it rose to above 1.22 at the end of May, the level
that prevailed at the end of 2020. New statements by the ECB interrupted this movement. Finally, the outcome of the Fed's Monetary
Policy Committee meeting on 16 June, which was considered less accommodating than anticipated, abruptly returned parity below
1.19. After a two-month stabilisation period, the decline resumed in September, reflecting widespread appreciation of the dollar as
the Fed's expectations of a recovery in key rates increased, fuelled by accelerating US inflation far above expectations. The
EUR/USD parity was around 1.12 in November, the lowest since mid-2020. It rebounded on this major technical support and
stabilised at around 1.13 in December. It ended at 1.1374, a 7.5% increase in the dollar against the euro in 12 months.
By the beginning of 2021, the yen had been penalised by subdued economic indicators that left the impression that Japan's business
recovery was not as dynamic as in the other major industrialised countries. The USD/JPY parity, which was 103.2 at the end of
2020, thus returned above 110 at the end of March (+7.2% in the first quarter), stabilising around this level in the second quarter
(+0.4%). The modest change in the USD/JPY parity in the third quarter (+0.3% to 111.30 at the end of September) masks a
significant decline in early July, a movement with no apparent trend for much of the quarter, and a rise from 23 September as a
result of the dollar increase. The appointment of Fumio Kishida as Prime Minister in early October and the reappointment of the
outgoing coalition after the elections led to the announcement in November of a massive fiscal stimulus package. The USD/JPY
parity increased from 111.29 at the end of September to more than 114 in mid-October and, after a stabilisation phase, rose above
115 on 24 November to the highest level since March 2017. Parity ended the year at 115.14, a 10.4% decline in the yen against the
dollar in 12 months, accentuated at the end of the period by the monetary policy differential.
Page 10
BNP PARIBAS FUNDS
Manager's report
Bond markets
The 10-year US T-note yield (0.91% at the end of 2020) was on an upward trend at the beginning of the year when it became
increasingly clear that government spending would increase. The victory of the Democratic candidates in the two Senate elections
held in January 2021 gave President Biden greater latitude to propose new measures. In the first quarter of 2021, the deterioration in
US government bonds established itself and brought the 10-year T-note yield on 31 March to 1.74% (+83 bp compared to the end of
2020). These levels, which had not been seen since January 2020, reflect prospects of the US economy recovering strongly, or even
overheating, due to ambitious fiscal stimulus plans intended to support the upturn in business and ensure a quick return to full
employment. Subsequently, long-term rate fluctuations have been significant and the easing of yields on the US 10-year T-note in
relation to its March high is not an adequate reflection of investors' concerns and the acceleration of inflation. Market factors (such as
the unwinding of short positions and mid-summer equity difficulties) may explain the speed of the easing. On 19 July, the 10-year
rate returned to 1.19%, the lowest since mid-February. In August, when extreme positions had been largely corrected, the 10-year
T-note yield was around 1.30%, stabilising at around this level for a few weeks before tightening substantially in September and for a
good portion of October, then rising to 1.70% on the 21st, the highest level since May. New and significant variations across a fairly
wide range (1.35%–1.70%) marked the end of the year, with a sharp increase in volatility, in response to monetary policy
expectations. The 10-year T-note yield ended at 1.51%, an increase of 60 bp in 12 months.
The German Bund's 10-year yield ended 2020 at -0.57%, well below the ECB's deposit rate. It began to tighten in early 2021 in the
wake of US long-term rates, returning to above -0.10% during trading on 19 May as a result of inflationary concerns and improved
business surveys. Moreover, despite the fact that uptake on tenders for the spring was good (in particular the European Commission
bond issues to finance the Next Generation EU plan), several governments indicated that their financing requirements would be
higher than forecast. Finally, some investors thought that the pace of securities purchases under the PEPP (Pandemic Emergency
Purchase Programme) might slow down. The German 10-year rate was 28 bp in the first quarter of 2021 and 9 bp in the second. The
movement was sharply reversed in July, when the 10-year Bund's yield experienced continuous easing, bringing it down to -0.50% in
early August. It once again increased to reach -0.086% in mid-October. This correction reflects inflationary fears, the prospect that
the ECB would reduce the pace of its purchases and expectations that the ECB's key rates would rise in 2022, which official
comments failed to refute. The German 10-year rate moved without direction between -0.10% and -0.20% until mid-November,
before a sharp downward trend took it to -0.40%. Markets were thus worried about the effects on growth of new health restrictions
applied in many eurozone countries facing an upsurge in the number of infections. In contrast, the second half of December was
marked by a further deterioration of government bonds in an environment that became more favourable to risky assets once
investors were convinced that the Omicron wave would not destabilise the global economy. The less accommodative turn taken by
the major developed economies' monetary policies in mid-December contributed to the pressure on rates. The German bund's yield
ended the year at 0.18%, which corresponds to an increase of 39 bp compared to the end of 2020.
Equity markets
In January, very specific and one-off events led to a spike in volatility and sharp swings in global equities, which resulted in a slight
monthly decline. Apart from these specific factors, the performance of equities shows that the reflation scenario has been partly
revised. This favourable trend followed the November 2020 announcement of the rapid availability of effective vaccines against the
virus, leading towards a return to normal life. But the news on the pandemic remained worrying, especially when a third wave struck
Continental Europe and logistical difficulties delayed the start of vaccination campaigns. At the same time, investors have been
worried about the inflationary risks and rise in long-term rates associated with the possible overheating of the US economy. These
two themes (long-term rate tensions/shift in monetary policies and health factors) guided the equities trends in 2021.
Faced with signs that the fight against the Covid-19 epidemic was not over, some anxieties persisted around the health risk.
Previously spared regions, particularly in Asia, were hit by the Delta variant. This largely explains the underperformance of emerging
stocks, further penalised by tensions over US long-term rates. In the summer, the changes became even more erratic owing to
renewed concerns about the health situation, doubts about global growth and specific factors in China that were particularly
important in emerging markets. In July and August, global equities in turn set record highs and experienced sharp declines, resulting
in volatility rising to its highest levels in 2021. In September, they recorded their first monthly decline after seven consecutive
increases. The good corporate results published bolstered equities in October and November, despite inflationary concerns about
the surge in energy prices. The MSCI AC World index (in dollars) reached a new high on 16 November, despite tensions over long-
term rates. Subsequently, the variations became more hesitant in the face of a new wave of the epidemic that was particularly
virulent in Europe. Finally, the emergence of a new variant (Omicron) generated the sharp, widespread decline in equities at the end
of November. However, after a difficult start in December, amid a resurgence of the epidemic and the less accommodative turn taken
by monetary policies, equities picked up at the end of the year.
Page 11
BNP PARIBAS FUNDS
Manager's report
These changes resulted in a 16.8% increase in global equities (MSCI AC World index in dollars) in 2021 (after 14.3% in 2020 and
24.1% in 2019). US equities outperformed (+26.9% for S&P 500), followed by eurozone indices (+21% for Eurostoxx 50). Japanese
equities underperformed (+10.4% for the Topix) and emerging stocks ended the year down by 4.6% (MSCI Emerging index in
dollars), penalised by the sharp decline in Chinese equities (-22.8% for MSCI China in dollars). The above variations are in the
indices' prices in local currencies, without reinvesting dividends. Globally, the technology sector (especially semiconductors) and the
energy sector have experienced the highest increases. These results reflect the positive scenario on global demand, which also
explains the underperformance of defensive sectors.
Significant event: COVID-19
Since the end of 2019, the development of the COVID-19 outbreak has led to an unprecedented global sanitary and economic crisis.
The Board of Directors continues to follow the efforts of governments to contain the spread of the virus, including the vaccination roll-
out and to support the economic recovery. Finally, the Board of Directors is monitoring the economic impact on the companies in the
portfolio of the Company.
The Board of Directors
Luxembourg, 26 January 2022
Please note that the information provided in this report relates to past performance and is not a guide to future results.
Page 12
Audit report
To the Shareholders of
BNP Paribas Funds
Our opinion
In our opinion, the accompanying financial statements give a true and fair view of the financial position
of BNP Paribas Funds (the “Fund”) and of each of its sub-funds as at 31 December 2021, 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 statement of net assets as at 31 December 2021;
the securities portfolio as at 31 December 2021;
the statement of operations and changes in net assets for the year then ended; 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 Code of Ethics for Professional
Accountants, including International Independence Standards, issued by the International Ethics
Standards Board for 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.
PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg
T : +352 494848 1, F : +352 494848 2900, www.pwc.lu
Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256)
R.C.S. Luxembourg B 65 477 - TVA LU25482518
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 and each of its sub-funds' 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 close any of its sub-funds 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;
14
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
related to events or conditions that may cast significant doubt on the Fund’s or any of its sub-funds'
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 or any of its sub-funds 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, 14 April 2022
Represented by
@esig
@esig
Sébastien Sadzot
15
BNP PARIBAS FUNDS
Financial statements at 31/12/2021
Absolute Return Absolute Return Low Absolute Return
Aqua
Global Opportunities Vol Bond Multi-Strategy
Expressed in EUR EUR EUR EUR
Notes
Statement of net assets
Assets 13 533 486 0 29 359 145 4 290 809 066
Securities portfolio at cost price 13 456 716 0 26 202 176 2 837 997 616
Unrealised gain/(loss) on securities portfolio 32 230 0 1 733 1 332 641 623
Securities portfolio at market value 2 13 488 946 0 26 203 909 4 170 639 239
Options at market value 2,15 0 0 14 030 0
Net Unrealised gain on financial instruments 2,11,12,13, 27 244 0 363 325 768 774
14
Cash at banks and time deposits 811 0 2 466 176 110 745 648
Other assets 16 485 0 311 705 8 655 405
Liabilities 30 476 0 314 169 12 799 807
Bank overdrafts 0 0 0 0
Net Unrealised loss on financial instruments 2,11,12,13, 0 0 0 0
14
Other liabilities 30 476 0 314 169 12 799 807
Net asset value 13 503 010 0 29 044 976 4 278 009 259
Statement of operations and changes in net
assets
Income on investments and assets, net 151 573 401 543 369 001 71 525 459
Management fees 3 154 626 39 887 249 294 41 400 650
Bank interest 231 5 161 76 707 519 421
Interest on swaps 2 0 6 359 0 0
Other fees 6 54 984 14 824 376 286 10 023 693
Taxes 7 8 881 3 657 14 005 1 745 906
Performance fees 5 0 0 0 0
Transaction fees 21 7 709 1 472 243 396 1 970 703
Administration fees 0 0 0 0
Distribution fees 4 3 682 523 0 841 428
Total expenses 230 113 71 883 959 688 56 501 801
Net result from investments (78 540) 329 660 (590 687) 15 023 658
Net realised result on:
Investments securities 2 (1 597 363) (8 196 859) 7 325 814 165 612 821
Financial instruments 2 (219 397) 180 635 (13 153 357) 5 644 139
Net realised result (1 895 300) (7 686 564) (6 418 230) 186 280 618
Movement on net unrealised
gain/(loss) on:
Investments securities 1 172 426 8 046 896 (7 520 742) 841 594 984
Financial instruments (55 967) (122 387) (1 096 018) 893 552
Change in net assets due to operations (778 841) 237 945 (15 034 990) 1 028 769 154
Net subscriptions/(redemptions) (10 699 495) (20 324 929) (143 078 276) 949 768 136
Dividends paid 8 0 0 0 (4 411 941)
Increase/(Decrease) in net assets during (11 478 336) (20 086 984) (158 113 266) 1 974 125 349
the year/period
Net assets at the beginning of the 24 981 346 20 086 984 187 158 242 2 303 883 910
financial year/period
Reevaluation of opening combined NAV 0 0 0 0
Net assets at the end of the financial 13 503 010 0 29 044 976 4 278 009 259
year/period
The accompanying notes form an integral part of these financial statements
Page 16
BNP PARIBAS FUNDS
Asia ex-Japan Small
Asia ex-Japan Bond Asia ex-Japan Equity Belgium Equity Brazil Equity China A-Shares
Cap
USD USD USD EUR USD USD
41 343 687 714 782 237 35 239 202 210 638 129 111 212 212 157 812 257
39 702 382 654 449 645 33 084 075 175 503 914 110 911 423 118 828 179
(1 565 034) 46 602 779 1 981 801 35 010 021 (10 985 751) 34 369 992
38 137 348 701 052 424 35 065 876 210 513 935 99 925 672 153 198 171
0 0 0 0 0 0
0 6 837 0 0 0 0
2 681 477 12 772 679 115 343 0 10 662 640 4 552 540
524 862 950 297 57 983 124 194 623 900 61 546
216 639 1 512 535 72 303 514 716 1 276 117 211 281
0 0 0 39 703 0 0
91 483 0 0 0 0 0
125 156 1 512 535 72 303 475 013 1 276 117 211 281
41 127 048 713 269 702 35 166 899 210 123 413 109 936 095 157 600 976
2 013 293 10 552 007 486 882 4 271 712 5 854 889 1 774 259
585 655 8 798 357 656 399 2 648 313 1 799 921 1 710 360
3 673 1 024 205 4 032 9 033 0
1 095 0 0 0 0 0
141 632 2 923 989 153 958 791 149 425 602 397 768
34 740 1 889 421 399 128 170 892 83 583 52 864
0 0 0 0 0 0
0 2 623 752 131 204 52 677 582 037 194 757
0 0 0 0 0 0
1 197 16 753 0 0 12 648 0
767 992 16 253 296 1 340 894 3 667 063 2 912 824 2 355 749
1 245 301 (5 701 289) (854 012) 604 649 2 942 065 (581 490)
448 184 131 877 326 9 631 699 11 686 955 (11 710 612) 5 936 482
(780 289) (656 128) (1 879) 0 (99 482) 44 337
913 196 125 519 909 8 775 808 12 291 604 (8 868 029) 5 399 329
(4 424 902) (201 270 617) (8 184 970) 36 966 428 (18 945 407) (11 400 317)
(121 675) (20 623) (157) 0 0 0
(3 633 381) (75 771 331) 590 681 49 258 032 (27 813 436) (6 000 988)
(8 918 723) (11 246 782) (3 635 642) (79 187 473) 31 131 226 39 910 912
(704 595) (2 222 401) (87 237) (852 263) (104 240) (2 740)
(13 256 699) (89 240 514) (3 132 198) (30 781 704) 3 213 550 33 907 184
54 383 747 802 510 216 38 299 097 240 905 117 106 722 545 123 693 792
0 0 0 0 0 0
41 127 048 713 269 702 35 166 899 210 123 413 109 936 095 157 600 976
The accompanying notes form an integral part of these financial statements
Page 17
BNP PARIBAS FUNDS
Financial statements at 31/12/2021
Consumer Disruptive
China Equity Climate Impact
Innovators Technology
Expressed in USD EUR EUR EUR
Notes
Statement of net assets
Assets 2 116 492 851 3 814 264 160 1 590 448 096 3 591 228 253
Securities portfolio at cost price 2 034 585 913 2 760 275 319 1 188 299 288 2 248 431 954
Unrealised gain/(loss) on securities portfolio 66 588 787 958 814 231 360 567 143 1 283 622 597
Securities portfolio at market value 2 2 101 174 700 3 719 089 550 1 548 866 431 3 532 054 551
Options at market value 2,15 0 0 0 0
Net Unrealised gain on financial instruments 2,11,12,13, 16 836 528 232 281 285 2 830 232
14
Cash at banks and time deposits 14 215 966 90 558 813 34 331 488 50 020 159
Other assets 1 085 349 4 087 565 6 968 892 6 323 311
Liabilities 12 912 316 7 039 213 16 925 017 8 186 607
Bank overdrafts 0 270 000 0 0
Net Unrealised loss on financial instruments 2,11,12,13, 0 0 0 0
14
Other liabilities 12 912 316 6 769 213 16 925 017 8 186 607
Net asset value 2 103 580 535 3 807 224 947 1 573 523 079 3 583 041 646
Statement of operations and changes in net
assets
Income on investments and assets, net 21 885 946 28 922 675 6 804 714 11 619 882
Management fees 3 29 243 278 39 017 256 17 728 093 37 685 981
Bank interest 7 547 482 150 118 826 281 377
Interest on swaps 2 0 0 0 0
Other fees 6 7 074 425 9 670 966 4 832 835 10 546 561
Taxes 7 977 210 1 382 734 984 498 2 057 053
Performance fees 5 0 0 0 0
Transaction fees 21 3 073 640 2 261 258 695 380 867 067
Administration fees 0 0 0 0
Distribution fees 4 228 752 150 655 280 992 525 572
Total expenses 40 604 852 52 965 019 24 640 624 51 963 611
Net result from investments (18 718 906) (24 042 344) (17 835 910) (40 343 729)
Net realised result on:
Investments securities 2 34 327 454 216 531 567 35 301 109 260 830 635
Financial instruments 2 (741 783) (1 901 005) (1 844 604) (28 323 434)
Net realised result 14 866 765 190 588 218 15 620 595 192 163 472
Movement on net unrealised
gain/(loss) on:
Investments securities (525 543 288) 431 433 413 150 959 473 666 143 276
Financial instruments 16 836 520 614 196 264 570 751
Change in net assets due to operations (510 659 687) 622 542 245 166 776 332 858 877 499
Net subscriptions/(redemptions) 413 944 379 980 209 942 570 477 811 349 312 432
Dividends paid 8 (709 079) (9 114 703) (722 003) (4 827 529)
Increase/(Decrease) in net assets during (97 424 387) 1 593 637 484 736 532 140 1 203 362 402
the year/period
Net assets at the beginning of the 2 201 004 922 2 213 587 463 836 990 939 2 379 679 244
financial year/period
Reevaluation of opening combined NAV 0 0 0 0
Net assets at the end of the financial 2 103 580 535 3 807 224 947 1 573 523 079 3 583 041 646
year/period
The accompanying notes form an integral part of these financial statements
Page 18
BNP PARIBAS FUNDS
Ecosystem Emerging Bond Emerging Multi-Asset
Emerging Bond Emerging Equity Energy Transition
Restoration Opportunities Income
EUR USD USD USD USD EUR
215 669 922 691 460 925 515 990 361 366 805 679 68 699 006 3 042 026 284
247 212 465 740 150 793 497 602 015 287 082 043 65 860 140 3 614 414 868
(37 632 590) (72 141 250) (42 011 008) 56 307 801 (3 496 039) (599 731 163)
209 579 875 668 009 543 455 591 007 343 389 844 62 364 101 3 014 683 705
0 0 0 0 28 680 0
0 0 0 0 72 603 0
3 920 000 11 488 840 38 619 043 16 046 652 5 448 387 11 810 000
2 170 047 11 962 542 21 780 311 7 369 183 785 235 15 532 579
5 196 620 5 847 869 7 859 244 8 508 073 133 872 40 729 424
907 144 73 733 32 772 0 0 3 775 085
3 193 655 5 206 244 6 614 265 0 0 7 134 392
1 095 821 567 892 1 212 207 8 508 073 133 872 29 819 947
210 473 302 685 613 056 508 131 117 358 297 606 68 565 134 3 001 296 860
257 858 40 006 233 26 748 912 9 518 790 3 187 738 11 347 263
77 549 4 113 670 5 681 972 6 920 926 459 102 38 769 163
14 663 21 268 104 175 3 882 41 081 102 431
0 886 694 1 063 081 0 18 773 0
306 238 1 435 395 1 259 044 2 072 480 266 292 11 468 083
13 355 146 927 314 681 292 180 106 393 1 962 763
0 0 0 0 0 0
417 287 10 394 0 1 399 776 190 112 8 146 291
0 0 0 0 0 0
63 23 785 8 900 39 829 30 1 243 227
829 155 6 638 133 8 431 853 10 729 073 1 081 783 61 691 958
(571 297) 33 368 100 18 317 059 (1 210 283) 2 105 955 (50 344 695)
8 053 953 8 129 655 (6 776 843) 106 633 738 1 195 545 614 433 933
(3 970 477) (16 832 843) 3 409 848 (20 629) 1 078 397 (36 322 051)
3 512 179 24 664 912 14 950 064 105 402 826 4 379 897 527 767 187
(37 632 590) (75 996 718) (53 104 954) (170 481 702) (9 879 494) (1 016 197 479)
(3 193 655) (10 803 806) (10 098 220) 3 (1 200 250) (33 252 739)
(37 314 066) (62 135 612) (48 253 110) (65 078 873) (6 699 847) (521 683 031)
247 787 368 (26 746 130) 101 120 302 (438 547 309) (17 861 885) 1 568 754 723
0 (3 027 352) (18 893 499) (830 698) (1 274 341) (3 619 933)
210 473 302 (91 909 094) 33 973 693 (504 456 880) (25 836 073) 1 043 451 759
0 777 522 150 474 157 424 862 754 486 94 401 207 1 957 845 101
0 0 0 0 0 0
210 473 302 685 613 056 508 131 117 358 297 606 68 565 134 3 001 296 860
The accompanying notes form an integral part of these financial statements
Page 19
BNP PARIBAS FUNDS
Financial statements at 31/12/2021
Environmental
Absolute Return Euro Bond
Enhanced Bond 6M Euro Bond
Thematic Equity Opportunities
(EARTH)
Expressed in EUR USD EUR EUR
Notes
Statement of net assets
Assets 4 160 276 934 457 965 296 749 270 647 259 720 444
Securities portfolio at cost price 4 156 403 070 513 314 105 725 469 328 254 819 972
Unrealised gain/(loss) on securities portfolio (40 913 503) (94 252 355) 14 811 571 (1 267 655)
Securities portfolio at market value 2 4 115 489 567 419 061 750 740 280 899 253 552 317
Options at market value 2,15 0 0 0 73 465
Net Unrealised gain on financial instruments 2,11,12,13, 0 0 44 908 0
14
Cash at banks and time deposits 14 792 865 36 128 445 5 162 116 4 516 399
Other assets 29 994 502 2 775 101 3 782 724 1 578 263
Liabilities 14 487 404 26 701 857 472 378 973 102
Bank overdrafts 0 429 807 0 0
Net Unrealised loss on financial instruments 2,11,12,13, 13 145 956 2 263 251 0 378 298
14
Other liabilities 1 341 448 24 008 799 472 378 594 804
Net asset value 4 145 789 530 431 263 439 748 798 269 258 747 342
Statement of operations and changes in net
assets
Income on investments and assets, net 37 639 529 1 939 681 7 650 515 4 959 293
Management fees 3 3 456 979 2 503 026 2 440 172 1 804 933
Bank interest 311 835 84 146 10 896 63 056
Interest on swaps 2 2 771 621 4 366 278 0 84 258
Other fees 6 2 171 029 953 239 1 682 182 750 006
Taxes 7 716 060 165 162 272 172 186 733
Performance fees 5 0 295 011 0 0
Transaction fees 21 22 148 1 902 149 6 944 25 061
Administration fees 0 0 0 0
Distribution fees 4 8 144 5 106 14 838 29 055
Total expenses 9 457 816 10 274 117 4 427 204 2 943 102
Net result from investments 28 181 713 (8 334 436) 3 223 311 2 016 191
Net realised result on:
Investments securities 2 (9 094 406) 70 850 758 9 575 558 (1 671 494)
Financial instruments 2 2 560 247 (61 475 914) (1 470 702) 3 074 759
Net realised result 21 647 554 1 040 408 11 328 167 3 419 456
Movement on net unrealised
gain/(loss) on:
Investments securities (27 161 600) (123 460 352) (35 258 042) (8 718 635)
Financial instruments (1 794 353) 1 143 588 1 170 829 (2 379 211)
Change in net assets due to operations (7 308 399) (121 276 356) (22 759 046) (7 678 390)
Net subscriptions/(redemptions) 1 768 417 004 412 212 267 (118 881 073) 1 038 200
Dividends paid 8 0 (100 451) 0 0
Increase/(Decrease) in net assets during 1 761 108 605 290 835 460 (141 640 119) (6 640 190)
the year/period
Net assets at the beginning of the 2 384 680 925 140 427 979 890 438 388 265 387 532
financial year/period
Reevaluation of opening combined NAV 0 0 0 0
Net assets at the end of the financial 4 145 789 530 431 263 439 748 798 269 258 747 342
year/period
The accompanying notes form an integral part of these financial statements
Page 20
BNP PARIBAS FUNDS
Euro Corporate Bond Euro Defensive Euro Government
Euro Corporate Bond Euro Covered Bond Euro Equity
Opportunities Equity Bond
EUR EUR EUR EUR EUR EUR
1 670 589 165 256 058 342 52 611 415 140 307 331 1 702 745 419 1 253 265 598
1 663 351 462 251 854 105 52 585 433 117 994 375 1 202 060 011 1 253 173 965
(13 730 969) 414 186 (450 711) 15 442 576 499 789 893 (12 234 231)
1 649 620 493 252 268 291 52 134 722 133 436 951 1 701 849 904 1 240 939 734
0 28 000 400 1 216 473 0 0
0 0 90 906 121 125 155 808 0
9 781 478 1 867 443 169 901 5 514 383 49 827 7 798 588
11 187 194 1 894 608 215 486 18 399 689 880 4 527 276
2 050 198 1 159 134 33 715 88 538 2 929 815 1 043 276
0 0 13 708 0 0 0
657 138 810 970 0 0 0 476 040
1 393 060 348 164 20 007 88 538 2 929 815 567 236
1 668 538 967 254 899 208 52 577 700 140 218 793 1 699 815 604 1 252 222 322
23 164 204 5 114 272 465 254 2 436 291 33 128 351 9 843 094
4 648 258 1 634 170 169 939 460 091 16 305 279 3 127 577
178 995 23 936 1 345 43 446 1 988 40 810
187 500 738 949 0 0 0 0
3 400 086 752 955 81 152 297 276 5 422 444 2 262 367
453 449 174 841 6 841 22 347 810 726 228 984
0 0 0 0 0 0
48 560 18 659 814 246 289 915 221 36 766
0 0 0 0 0 0
25 453 129 497 0 0 164 709 25 992
8 942 301 3 473 007 260 091 1 069 449 23 620 367 5 722 496
14 221 903 1 641 265 205 163 1 366 842 9 507 984 4 120 598
39 622 986 5 439 818 (407 445) 4 601 770 129 683 480 19 708 034
(3 096 778) (1 086 859) (59 650) (2 297 266) 1 107 075 621 787
50 748 111 5 994 224 (261 932) 3 671 346 140 298 539 24 450 419
(56 655 577) (8 146 559) (1 440 089) 13 843 831 199 749 551 (68 052 141)
965 365 347 347 84 236 (155 066) 152 515 (599 825)
(4 942 101) (1 804 988) (1 617 785) 17 360 111 340 200 605 (44 201 547)
(286 014 090) (16 885 361) (14 396 456) 72 514 953 (211 699 912) 102 523 044
(1 986 467) (88 835) 0 (5 230) (1 896 473) 0
(292 942 658) (18 779 184) (16 014 241) 89 869 834 126 604 220 58 321 497
1 961 481 625 273 678 392 68 591 941 50 348 959 1 573 211 384 1 193 900 825
0 0 0 0 0 0
1 668 538 967 254 899 208 52 577 700 140 218 793 1 699 815 604 1 252 222 322
The accompanying notes form an integral part of these financial statements
Page 21
BNP PARIBAS FUNDS
Financial statements at 31/12/2021
Euro High Quality Euro High Yield Euro High Yield Euro Inflation-
Government Bond Bond Short Duration Bond Linked Bond
Expressed in EUR EUR EUR EUR
Notes
Statement of net assets
Assets 242 850 733 692 754 104 262 754 573 295 095 978
Securities portfolio at cost price 241 642 829 673 672 617 251 587 266 288 172 561
Unrealised gain/(loss) on securities portfolio (1 208 240) 5 623 565 1 960 060 5 228 497
Securities portfolio at market value 2 240 434 589 679 296 182 253 547 326 293 401 058
Options at market value 2,15 0 0 0 0
Net Unrealised gain on financial instruments 2,11,12,13, 0 0 0 0
14
Cash at banks and time deposits 1 431 905 2 050 271 5 371 179 594 935
Other assets 984 239 11 407 651 3 836 068 1 099 985
Liabilities 175 255 6 566 330 1 934 459 440 576
Bank overdrafts 0 2 682 657 9 741 0
Net Unrealised loss on financial instruments 2,11,12,13, 116 980 1 951 934 1 603 259 91 128
14
Other liabilities 58 275 1 931 739 321 459 349 448
Net asset value 242 675 478 686 187 774 260 820 114 294 655 402
Statement of operations and changes in net
assets
Income on investments and assets, net 2 154 868 24 990 421 8 336 881 2 492 210
Management fees 3 72 283 3 933 400 919 805 1 136 924
Bank interest 7 062 48 647 44 447 13 831
Interest on swaps 2 0 620 833 61 806 0
Other fees 6 571 437 1 311 837 444 043 563 471
Taxes 7 34 651 201 607 89 988 99 049
Performance fees 5 0 0 0 0
Transaction fees 21 6 556 4 707 864 2 767
Administration fees 0 0 0 0
Distribution fees 4 0 75 853 1 912 40 594
Total expenses 691 989 6 196 884 1 562 865 1 856 636
Net result from investments 1 462 879 18 793 537 6 774 016 635 574
Net realised result on:
Investments securities 2 627 813 23 705 051 1 553 729 14 858 768
Financial instruments 2 805 655 (7 459 366) (1 023 207) 920 972
Net realised result 2 896 347 35 039 222 7 304 538 16 415 314
Movement on net unrealised
gain/(loss) on:
Investments securities (12 564 737) (8 845 200) 2 140 049 (1 788 536)
Financial instruments (90 645) (1 156 600) (2 069 272) (90 988)
Change in net assets due to operations (9 759 035) 25 037 422 7 375 315 14 535 790
Net subscriptions/(redemptions) (121 856 072) 139 449 435 124 026 441 44 991 883
Dividends paid 8 0 (4 786 821) (185 578) 0
Increase/(Decrease) in net assets during (131 615 107) 159 700 036 131 216 178 59 527 673
the year/period
Net assets at the beginning of the 374 290 585 526 487 738 129 603 936 235 127 729
financial year/period
Reevaluation of opening combined NAV 0 0 0 0
Net assets at the end of the financial 242 675 478 686 187 774 260 820 114 294 655 402
year/period
The accompanying notes form an integral part of these financial statements
Page 22
BNP PARIBAS FUNDS
Euro Short Term
Euro Medium Term Euro Short Term Euro Short Term
Euro Mid Cap Euro Money Market Corporate Bond
Bond Bond Opportunities Corporate Bond
Opportunities
EUR EUR EUR EUR EUR EUR
359 738 636 34 030 888 862 225 286 197 319 597 40 970 424 460 891 353
358 063 122 28 329 079 773 281 221 194 943 296 40 452 132 461 280 957
(2 006 019) 5 700 826 (997 816) (139 461) (314 589) (7 154 933)
356 057 103 34 029 905 772 283 405 194 803 835 40 137 543 454 126 024
2 680 0 0 0 0 41 200
0 0 515 0 29 491 135 617
1 280 069 0 82 057 266 799 923 514 333 3 587 928
2 398 784 983 7 884 100 1 715 839 289 057 3 000 584
712 590 70 440 28 356 834 704 229 16 258 670 318
0 8 761 0 0 0 0
83 260 0 0 500 274 0 0
629 330 61 679 28 356 834 203 955 16 258 670 318
359 026 046 33 960 448 833 868 452 196 615 368 40 954 166 460 221 035
3 765 069 739 424 (877 523) 2 040 540 598 955 7 222 537
1 436 543 516 298 651 547 534 651 72 387 2 962 569
18 760 227 424 196 11 357 2 440 46 874
4 306 0 0 335 149 2 028 1 019 913
999 917 137 842 575 014 387 406 64 909 1 059 330
247 307 27 038 163 305 86 686 8 420 245 475
0 0 0 0 0 0
5 996 38 042 0 3 410 502 19 786
0 0 0 0 0 0
17 452 12 721 0 9 658 1 060 96 426
2 730 281 732 168 1 814 062 1 368 317 151 746 5 450 373
1 034 788 7 256 (2 691 585) 672 223 447 209 1 772 164
604 509 4 966 672 (2 024 043) (844 536) (204 563) 5 266 836
(121 375) 31 0 (656 582) 1 633 (886 132)
1 517 922 4 973 959 (4 715 628) (828 895) 244 279 6 152 868
(7 217 379) (316 921) (1 000 575) (159 589) (202 488) (8 066 305)
101 952 0 (2 389) 567 399 32 477 2 536 272
(5 597 505) 4 657 038 (5 718 592) (421 085) 74 268 622 835
(104 856 785) (5 502 877) (340 400 353) (11 525 722) 1 336 933 61 191 984
0 (32 938) 0 0 0 0
(110 454 290) (878 777) (346 118 945) (11 946 807) 1 411 201 61 814 819
469 480 336 34 839 225 1 179 987 397 208 562 175 39 542 965 398 406 216
0 0 0 0 0 0
359 026 046 33 960 448 833 868 452 196 615 368 40 954 166 460 221 035
The accompanying notes form an integral part of these financial statements
Page 23
BNP PARIBAS FUNDS
Financial statements at 31/12/2021
Europe Emerging
Europe Convertible Europe Dividend Europe Equity
Equity
Expressed in EUR EUR EUR EUR
Notes
Statement of net assets
Assets 115 227 082 196 897 252 49 697 335 1 471 753 353
Securities portfolio at cost price 103 866 577 157 504 218 49 267 198 1 073 239 112
Unrealised gain/(loss) on securities portfolio 9 379 951 38 933 514 (422 295) 395 348 571
Securities portfolio at market value 2 113 246 528 196 437 732 48 844 903 1 468 587 683
Options at market value 2,15 0 0 0 0
Net Unrealised gain on financial instruments 2,11,12,13, 0 0 0 0
14
Cash at banks and time deposits 1 894 746 126 998 483 336 1 918 773
Other assets 85 808 332 522 369 096 1 246 897
Liabilities 979 062 936 382 207 444 2 393 597
Bank overdrafts 0 0 0 0
Net Unrealised loss on financial instruments 2,11,12,13, 759 522 3 006 0 0
14
Other liabilities 219 540 933 376 207 444 2 393 597
Net asset value 114 248 020 195 960 870 49 489 891 1 469 359 756
Statement of operations and changes in net
assets
Income on investments and assets, net 437 662 6 808 987 2 267 913 27 690 927
Management fees 3 1 368 729 1 435 899 797 360 12 083 769
Bank interest 15 175 1 468 2 532 3 063
Interest on swaps 2 0 0 0 0
Other fees 6 405 572 600 499 201 368 4 588 268
Taxes 7 85 397 75 431 40 208 611 647
Performance fees 5 0 0 0 0
Transaction fees 21 2 270 755 19 198 746 199
Administration fees 0 0 0 0
Distribution fees 4 10 379 20 936 5 659 52 362
Total expenses 1 885 254 2 404 988 1 066 325 18 085 308
Net result from investments (1 447 592) 4 403 999 1 201 588 9 605 619
Net realised result on:
Investments securities 2 7 045 736 17 447 867 969 664 104 828 573
Financial instruments 2 (723 354) 79 541 12 661 551 823
Net realised result 4 874 790 21 931 407 2 183 913 114 986 015
Movement on net unrealised
gain/(loss) on:
Investments securities (3 227 922) 21 973 732 5 103 072 165 458 056
Financial instruments (1 506 958) 1 022 0 0
Change in net assets due to operations 139 910 43 906 161 7 286 985 280 444 071
Net subscriptions/(redemptions) (12 958 342) (47 978 320) (4 801 436) (139 371 804)
Dividends paid 8 (102 390) (655 330) (150 123) (3 550 687)
Increase/(Decrease) in net assets during (12 920 822) (4 727 489) 2 335 426 137 521 580
the year/period
Net assets at the beginning of the 127 168 842 200 688 359 47 154 465 1 331 838 176
financial year/period
Reevaluation of opening combined NAV 0 0 0 0
Net assets at the end of the financial 114 248 020 195 960 870 49 489 891 1 469 359 756
year/period
The accompanying notes form an integral part of these financial statements
Page 24
BNP PARIBAS FUNDS
Europe High Europe Multi-Asset Europe Real Estate Europe Small Cap
Europe Growth Europe Small Cap
Conviction Bond Income Securities Convertible
EUR EUR EUR EUR EUR EUR
344 166 113 320 833 736 128 897 432 323 851 956 1 175 990 088 351 431 111
249 262 747 299 548 232 120 670 153 278 166 935 996 860 211 343 581 203
94 321 973 14 629 422 2 235 546 45 091 983 177 510 428 2 756 363
343 584 720 314 177 654 122 905 699 323 258 918 1 174 370 639 346 337 566
0 0 29 650 0 0 0
3 627 0 368 635 0 0 0
155 953 2 112 390 4 604 420 58 641 0 3 406 022
421 813 4 543 692 989 028 534 397 1 619 449 1 687 523
434 544 219 078 1 655 758 404 032 7 054 388 514 093
0 0 0 0 746 721 0
0 0 0 0 24 484 0
434 544 219 078 1 655 758 404 032 6 283 183 514 093
343 731 569 320 614 658 127 241 674 323 447 924 1 168 935 700 350 917 018
8 314 032 6 216 690 4 858 080 8 224 583 29 011 305 2 885 639
3 782 445 401 208 1 972 170 1 174 951 14 753 526 2 996 940
1 567 5 547 78 378 16 298 6 793 70 923
0 0 51 574 0 0 0
1 082 898 320 707 605 618 730 744 3 704 735 918 424
126 848 100 779 118 576 65 709 490 757 184 371
0 0 0 0 0 0
359 109 0 134 626 170 788 1 427 706 0
0 0 0 0 0 0
6 499 0 0 5 115 78 624 53 094
5 359 366 828 241 2 960 942 2 163 605 20 462 141 4 223 752
2 954 666 5 388 449 1 897 138 6 060 978 8 549 164 (1 338 113)
95 688 596 (17 956 046) 7 875 766 12 888 593 134 271 336 26 174 785
276 498 (13 192) 2 955 720 27 957 567 996 (11 589)
98 919 760 (12 580 789) 12 728 624 18 977 528 143 388 496 24 825 083
(12 152 230) 14 629 422 (1 469 949) 30 492 315 52 264 669 (10 434 025)
18 549 0 476 710 0 33 253 4 955
86 786 079 2 048 633 11 735 385 49 469 843 195 686 418 14 396 013
(274 479 053) 318 566 025 (80 403 486) (41 123 029) (322 085 353) 66 373 674
(1 946 008) 0 (5 091 126) (1 189 341) (1 388 580) (297 189)
(189 638 982) 320 614 658 (73 759 227) 7 157 473 (127 787 515) 80 472 498
533 370 551 0 201 000 901 316 290 451 1 296 723 215 270 444 520
0 0 0 0 0 0
343 731 569 320 614 658 127 241 674 323 447 924 1 168 935 700 350 917 018
The accompanying notes form an integral part of these financial statements
Page 25
BNP PARIBAS FUNDS
Financial statements at 31/12/2021
Flexible Global Flexible Germany Multi-
Frontiers Equity
Credit Opportunities Factor Equity
Expressed in EUR EUR USD EUR
Notes
Statement of net assets
Assets 35 902 249 8 744 977 64 330 790 67 768 404
Securities portfolio at cost price 33 997 028 8 051 194 55 404 840 58 035 462
Unrealised gain/(loss) on securities portfolio (20 719) 282 060 5 934 521 7 877 171
Securities portfolio at market value 2 33 976 309 8 333 254 61 339 361 65 912 633
Options at market value 2,15 0 3 948 0 0
Net Unrealised gain on financial instruments 2,11,12,13, 0 155 584 0 86 625
14
Cash at banks and time deposits 1 588 699 243 669 2 991 280 1 750 100
Other assets 337 241 8 522 149 19 046
Liabilities 347 069 34 882 22 840 169 113
Bank overdrafts 0 21 542 0 0
Net Unrealised loss on financial instruments 2,11,12,13, 141 617 0 0 0
14
Other liabilities 205 452 13 340 22 840 169 113
Net asset value 35 555 180 8 710 095 64 307 950 67 599 291
Statement of operations and changes in net
assets
Income on investments and assets, net 1 129 082 94 468 1 200 920 1 434 999
Management fees 3 17 573 142 252 21 262 1 026 355
Bank interest 5 721 2 864 652 11 361
Interest on swaps 2 14 939 0 0 0
Other fees 6 83 110 41 390 253 373 276 697
Taxes 7 6 753 4 391 7 195 56 504
Performance fees 5 0 0 0 0
Transaction fees 21 11 369 14 601 155 920 22 926
Administration fees 0 0 0 0
Distribution fees 4 0 3 340 467 23 144
Total expenses 139 465 208 838 438 869 1 416 987
Net result from investments 989 617 (114 370) 762 051 18 012
Net realised result on:
Investments securities 2 (804 391) 1 330 824 3 195 522 4 891 786
Financial instruments 2 (2 303 733) (729 244) (28 872) 867 979
Net realised result (2 118 507) 487 210 3 928 701 5 777 777
Movement on net unrealised
gain/(loss) on:
Investments securities 1 800 263 (741 886) (6 641 724) 1 998 617
Financial instruments (108 487) 118 589 0 (105 025)
Change in net assets due to operations (426 731) (136 087) (2 713 023) 7 671 369
Net subscriptions/(redemptions) (30 630 441) (10 485 125) (407 705) (16 860 103)
Dividends paid 8 0 0 (6 694) (34 648)
Increase/(Decrease) in net assets during (31 057 172) (10 621 212) (3 127 422) (9 223 382)
the year/period
Net assets at the beginning of the 66 612 352 19 331 307 67 435 372 76 822 673
financial year/period
Reevaluation of opening combined NAV 0 0 0 0
Net assets at the end of the financial 35 555 180 8 710 095 64 307 950 67 599 291
year/period
The accompanying notes form an integral part of these financial statements
Page 26
BNP PARIBAS FUNDS
Global Absolute
Global Bond Global Enhanced Global High Yield
Return Multi-Factor Global Convertible Global Environment
Opportunities Bond 36M Bond
Bond
EUR EUR USD EUR EUR EUR
16 025 758 426 409 506 1 221 193 310 13 585 068 4 110 158 430 105 075 268
15 396 985 404 369 765 1 167 370 725 12 642 925 2 912 133 048 97 154 067
(29 589) (784 867) 30 855 849 (1 634 064) 1 143 028 693 3 782 909
15 367 396 403 584 898 1 198 226 574 11 008 861 4 055 161 741 100 936 976
0 145 174 1 751 371 1 814 0 0
0 0 1 520 658 33 515 0 0
617 008 15 041 371 18 103 413 2 020 986 51 585 853 2 460 649
41 354 7 638 063 1 591 294 519 892 3 410 836 1 677 643
586 603 28 529 525 6 038 866 2 435 826 20 075 754 1 964 424
0 959 389 0 3 439 0 0
543 850 3 672 902 0 0 12 541 902 1 754 009
42 753 23 897 234 6 038 866 2 432 387 7 533 852 210 415
15 439 155 397 879 981 1 215 154 444 11 149 242 4 090 082 676 103 110 844
139 974 11 515 568 5 103 803 296 469 53 557 200 5 310 309
21 588 2 383 376 9 995 821 44 873 32 066 681 1 086 608
2 301 138 001 57 166 4 727 421 220 13 020
73 299 48 551 0 8 090 0 140 123
17 277 1 157 576 3 123 160 15 827 9 554 216 289 066
1 452 233 415 475 063 5 514 1 247 163 70 515
0 0 0 7 0 0
1 382 49 015 270 104 1 309 2 595 200 564
0 0 0 0 0 0
0 143 500 101 818 656 501 986 70 618
117 299 4 153 434 14 023 132 81 003 46 386 466 1 670 514
22 675 7 362 134 (8 919 329) 215 466 7 170 734 3 639 795
(95 574) (7 261 879) 101 889 512 1 641 972 123 926 520 939 288
(705 792) (344 616) (30 963 759) (304 606) (34 578 642) (383 609)
(778 691) (244 361) 62 006 424 1 552 832 96 518 612 4 195 474
(1 769) 3 665 723 (119 825 052) (1 634 064) 715 963 936 4 866 012
(282 819) (14 351 689) (10 104 342) 32 079 (14 386 771) (4 833 825)
(1 063 279) (10 930 327) (67 922 970) (49 153) 798 095 777 4 227 661
2 556 331 (118 898 586) 440 056 588 11 198 395 1 037 050 595 (11 479 724)
0 0 (843 395) 0 (2 915 914) (2 687 072)
1 493 052 (129 828 913) 371 290 223 11 149 242 1 832 230 458 (9 939 135)
13 946 103 527 708 894 843 864 221 0 2 257 852 218 113 049 979
0 0 0 0 0 0
15 439 155 397 879 981 1 215 154 444 11 149 242 4 090 082 676 103 110 844
The accompanying notes form an integral part of these financial statements
Page 27
BNP PARIBAS FUNDS
Financial statements at 31/12/2021
Global Inflation- Global Low Vol Global Real Estate
Green Bond
Linked Bond Equity Securities
Expressed in EUR EUR EUR EUR
Notes
Statement of net assets
Assets 582 649 442 907 303 702 0 1 100 788 347
Securities portfolio at cost price 550 867 758 768 741 254 0 1 096 448 921
Unrealised gain/(loss) on securities portfolio 18 722 042 135 239 291 0 (6 329 427)
Securities portfolio at market value 2 569 589 800 903 980 545 0 1 090 119 494
Options at market value 2,15 0 0 0 16 400
Net Unrealised gain on financial instruments 2,11,12,13, 1 965 428 19 449 0 0
14
Cash at banks and time deposits 9 809 910 1 294 626 0 5 889 067
Other assets 1 284 304 2 009 082 0 4 763 386
Liabilities 2 467 948 1 561 489 0 4 382 690
Bank overdrafts 325 361 0 0 0
Net Unrealised loss on financial instruments 2,11,12,13, 0 0 0 3 438 574
14
Other liabilities 2 142 587 1 561 489 0 944 116
Net asset value 580 181 494 905 742 213 0 1 096 405 657
Statement of operations and changes in net
assets
Income on investments and assets, net 1 258 275 12 161 542 1 891 061 11 978 752
Management fees 3 895 688 7 357 189 411 991 3 407 019
Bank interest 25 108 22 962 4 811 24 542
Interest on swaps 2 65 0 0 0
Other fees 6 538 156 2 171 282 263 286 2 570 279
Taxes 7 97 201 330 161 27 406 504 865
Performance fees 5 0 0 0 0
Transaction fees 21 16 905 806 334 30 051 33 504
Administration fees 0 0 0 181
Distribution fees 4 53 652 80 081 852 363 606
Total expenses 1 626 775 10 768 009 738 397 6 903 996
Net result from investments (368 500) 1 393 533 1 152 664 5 074 756
Net realised result on:
Investments securities 2 12 524 668 70 573 839 25 879 400 (2 960 414)
Financial instruments 2 (3 533 915) (353 324) 104 077 (11 925 670)
Net realised result 8 622 253 71 614 048 27 136 141 (9 811 328)
Movement on net unrealised
gain/(loss) on:
Investments securities 15 673 351 93 685 099 (975 592) (23 165 557)
Financial instruments 2 159 633 14 846 0 (7 283 526)
Change in net assets due to operations 26 455 237 165 313 993 26 160 549 (40 260 411)
Net subscriptions/(redemptions) 396 188 635 133 161 722 (141 560 373) 58 477 361
Dividends paid 8 0 (635 466) (543 640) (1 257 395)
Increase/(Decrease) in net assets during 422 643 872 297 840 249 (115 943 464) 16 959 555
the year/period
Net assets at the beginning of the 157 537 622 607 901 964 115 943 464 1 079 446 102
financial year/period
Reevaluation of opening combined NAV 0 0 0 0
Net assets at the end of the financial 580 181 494 905 742 213 0 1 096 405 657
year/period
The accompanying notes form an integral part of these financial statements
Page 28
BNP PARIBAS FUNDS
Health Care
Green Tigers Harmony Inclusive Growth India Equity Japan Equity
Innovators
USD EUR EUR EUR USD JPY
1 978 658 419 210 909 555 1 327 630 731 451 656 329 268 633 247 19 035 548 307
1 721 981 332 202 929 059 1 042 335 721 352 970 178 204 803 487 16 628 732 330
191 832 035 5 273 998 271 275 423 95 608 939 48 927 299 1 900 413 070
1 913 813 367 208 203 057 1 313 611 144 448 579 117 253 730 786 18 529 145 400
0 15 760 0 0 0 0
31 486 863 682 103 731 59 411 0 73 079 744
60 078 581 1 523 535 13 113 993 2 341 032 10 462 889 314 163 982
4 734 985 303 521 801 863 676 769 4 439 572 119 159 181
3 846 806 208 235 3 022 113 5 855 323 8 556 420 134 222 451
0 13 557 0 0 0 0
0 0 0 0 0 0
3 846 806 194 678 3 022 113 5 855 323 8 556 420 134 222 451
1 974 811 613 210 701 320 1 324 608 618 445 801 006 260 076 827 18 901 325 856
26 250 833 1 470 864 6 761 852 3 877 777 2 449 935 338 256 254
15 501 892 1 128 376 13 061 547 1 495 360 3 643 763 176 236 688
1 071 8 862 86 831 14 901 1 060 903 249
0 0 0 0 0 0
5 503 332 422 603 4 025 764 1 161 993 831 937 62 071 871
1 819 734 109 935 736 181 79 860 4 551 069 9 895 981
0 0 0 0 0 0
2 137 009 103 063 736 741 165 557 987 589 27 922 725
0 0 0 0 0 0
25 412 154 183 185 373 924 81 144 1 921 699
24 988 450 1 927 022 18 832 437 2 918 595 10 096 562 278 952 213
1 262 383 (456 158) (12 070 585) 959 182 (7 646 627) 59 304 041
77 382 873 4 298 602 30 420 350 21 181 198 81 989 270 3 435 147 733
(1 615 141) (6 049 715) (553 200) (68 107) (114 028) 27 818 174
77 030 115 (2 207 271) 17 796 565 22 072 273 74 228 615 3 522 269 948
6 654 705 3 354 716 167 617 283 62 688 047 (31 000 365) (1 048 667 193)
31 486 443 643 73 369 59 411 0 75 687 524
83 716 306 1 591 088 185 487 217 84 819 731 43 228 250 2 549 290 279
1 019 038 720 30 675 671 420 932 983 73 707 281 (132 554 096) (3 182 848 585)
(1 095 436) 0 (1 658 299) (152 758) (105 334) (18 408 391)
1 101 659 590 32 266 759 604 761 901 158 374 254 (89 431 180) (651 966 697)
873 152 023 178 434 561 719 846 717 287 426 752 349 508 007 19 553 292 553
0 0 0 0 0 0
1 974 811 613 210 701 320 1 324 608 618 445 801 006 260 076 827 18 901 325 856
The accompanying notes form an integral part of these financial statements
Page 29
BNP PARIBAS FUNDS
Financial statements at 31/12/2021
Latin America Local Emerging
Japan Small Cap Multi-Asset Income
Equity Bond
Expressed in JPY USD USD EUR
Notes
Statement of net assets
Assets 124 582 540 582 41 991 280 284 971 442 378 755 053
Securities portfolio at cost price 85 384 002 708 41 418 661 290 331 280 344 688 064
Unrealised gain/(loss) on securities portfolio 30 281 882 549 (2 173 637) (19 059 273) 17 406 506
Securities portfolio at market value 2 115 665 885 257 39 245 024 271 272 007 362 094 570
Options at market value 2,15 0 0 0 39 360
Net Unrealised gain on financial instruments 2,11,12,13, 311 113 664 0 425 623 0
14
Cash at banks and time deposits 8 034 271 568 2 654 008 8 688 398 14 431 234
Other assets 571 270 093 92 248 4 585 414 2 189 889
Liabilities 1 196 117 534 205 737 457 765 4 147 346
Bank overdrafts 0 0 0 0
Net Unrealised loss on financial instruments 2,11,12,13, 0 0 0 2 914 191
14
Other liabilities 1 196 117 534 205 737 457 765 1 233 155
Net asset value 123 386 423 048 41 785 543 284 513 677 374 607 707
Statement of operations and changes in net
assets
Income on investments and assets, net 1 953 116 769 2 691 893 21 668 751 13 586 991
Management fees 3 1 481 883 671 819 120 3 403 547 4 055 825
Bank interest 15 199 634 541 72 237 114 775
Interest on swaps 2 0 0 796 082 398 528
Other fees 6 306 996 459 198 362 850 519 1 367 592
Taxes 7 38 210 596 38 624 118 090 302 053
Performance fees 5 0 0 0 0
Transaction fees 21 94 837 428 246 304 0 408 146
Administration fees 0 0 0 0
Distribution fees 4 2 135 208 11 978 41 219 92 887
Total expenses 1 939 262 996 1 314 929 5 281 694 6 739 806
Net result from investments 13 853 773 1 376 964 16 387 057 6 847 185
Net realised result on:
Investments securities 2 20 017 797 113 (3 683 661) (21 134 666) 16 000 714
Financial instruments 2 418 100 753 (6 007) (5 186 878) 5 565 337
Net realised result 20 449 751 639 (2 312 704) (9 934 487) 28 413 236
Movement on net unrealised
gain/(loss) on:
Investments securities (498 111 148) (5 164 615) (34 319 874) 14 800 817
Financial instruments 347 168 816 0 (3 361 948) (16 671 830)
Change in net assets due to operations 20 298 809 307 (7 477 319) (47 616 309) 26 542 223
Net subscriptions/(redemptions) (31 729 204 562) (9 373 072) (141 990 536) (232 951 484)
Dividends paid 8 (6 601 007) (129 884) (4 595 740) (12 506 387)
Increase/(Decrease) in net assets during (11 436 996 262) (16 980 275) (194 202 585) (218 915 648)
the year/period
Net assets at the beginning of the 134 823 419 310 58 765 818 478 716 262 593 523 355
financial year/period
Reevaluation of opening combined NAV 0 0 0 0
Net assets at the end of the financial 123 386 423 048 41 785 543 284 513 677 374 607 707
year/period
The accompanying notes form an integral part of these financial statements
Page 30
BNP PARIBAS FUNDS
Pacific Real Estate
Multi-Asset Thematic Nordic Small Cap Premia Opportunities RMB Bond Russia Equity
Securities
EUR EUR EUR EUR USD EUR
223 585 799 318 297 190 0 12 053 501 293 290 191 720 950 267
208 665 221 216 980 629 0 9 213 798 267 002 544 717 155 516
6 857 943 89 199 396 0 2 094 204 19 112 761 (10 866 199)
215 523 164 306 180 025 0 11 308 002 286 115 305 706 289 317
307 381 0 0 5 072 0 0
871 117 529 162 0 0 74 286 0
1 094 660 11 126 572 0 740 427 1 852 315 8 548 266
5 789 477 461 431 0 0 5 248 285 6 112 684
5 803 822 2 189 271 0 123 422 208 401 7 270 308
0 0 0 0 0 0
0 0 0 108 081 0 93 873
5 803 822 2 189 271 0 15 341 208 401 7 176 435
217 781 977 316 107 919 0 11 930 079 293 081 790 713 679 959
192 247 4 872 980 (22 588) 219 9 878 309 42 433 128
1 140 714 4 305 892 26 072 250 512 550 495 11 305 857
13 421 58 050 550 6 527 1 612 20 402
0 0 0 0 0 0
322 770 1 001 121 6 962 54 702 522 274 3 011 538
30 791 196 935 523 7 625 62 976 371 632
0 0 0 0 0 0
137 080 288 491 33 753 11 754 6 160 1 162 977
0 0 0 0 0 0
5 466 45 768 38 0 13 115 440
1 650 242 5 896 257 67 898 331 120 1 143 530 15 987 846
(1 457 995) (1 023 277) (90 486) (330 901) 8 734 779 26 445 282
2 465 861 38 238 878 (10 258) 1 890 235 4 988 799 136 568 042
(6 326 762) 3 475 799 (31 223) (2 960 247) (2 049 803) 1 468 998
(5 318 896) 40 691 400 (131 967) (1 400 913) 11 673 775 164 482 322
6 857 943 (214 702) 926 864 1 647 904 9 211 847 6 100 283
705 387 549 851 0 77 496 189 048 (361 463)
2 244 434 41 026 549 794 897 324 487 21 074 670 170 221 142
215 537 668 36 637 392 (11 954 835) (31 025 978) 30 977 702 (326 074 201)
(125) (1 124 085) 0 0 (34 845) (3 102 880)
217 781 977 76 539 856 (11 159 938) (30 701 491) 52 017 527 (158 955 939)
0 239 568 063 11 159 938 42 631 570 241 064 263 872 635 898
0 0 0 0 0 0
217 781 977 316 107 919 0 11 930 079 293 081 790 713 679 959
The accompanying notes form an integral part of these financial statements
Page 31
BNP PARIBAS FUNDS
Financial statements at 31/12/2021
Sustainable
Seasons SMaRT Food Social Bond
Enhanced Bond 12M
Expressed in EUR EUR EUR EUR
Notes
Statement of net assets
Assets 556 325 814 1 726 916 286 134 376 783 3 910 135 052
Securities portfolio at cost price 350 543 753 1 396 216 445 129 051 718 3 831 786 705
Unrealised gain/(loss) on securities portfolio 40 663 842 295 389 046 (537 190) (33 560 460)
Securities portfolio at market value 2 391 207 595 1 691 605 491 128 514 528 3 798 226 245
Options at market value 2,15 92 597 500 0 960 25 120
Net Unrealised gain on financial instruments 2,11,12,13, 0 40 911 332 014 0
14
Cash at banks and time deposits 72 353 899 33 151 594 5 300 123 56 788 545
Other assets 166 820 2 118 290 229 158 55 095 142
Liabilities 69 900 062 2 759 564 6 687 906 1 447 999
Bank overdrafts 1 531 765 10 000 86 876 0
Net Unrealised loss on financial instruments 2,11,12,13, 67 534 498 0 0 409 659
14
Other liabilities 833 799 2 749 564 6 601 030 1 038 340
Net asset value 486 425 752 1 724 156 722 127 688 877 3 908 687 053
Statement of operations and changes in net
assets
Income on investments and assets, net 23 973 21 306 452 43 090 37 862 846
Management fees 3 3 341 079 16 044 884 6 302 1 709 133
Bank interest 216 536 252 004 9 613 390 400
Interest on swaps 2 0 0 0 1 325 181
Other fees 6 400 929 4 284 184 20 980 3 326 134
Taxes 7 284 913 800 335 3 029 568 004
Performance fees 5 0 0 0 0
Transaction fees 21 385 728 1 225 663 190 41 961
Administration fees 0 0 0 0
Distribution fees 4 461 825 89 613 0 0
Total expenses 5 091 010 22 696 683 40 114 7 360 813
Net result from investments (5 067 037) (1 390 231) 2 976 30 502 033
Net realised result on:
Investments securities 2 27 420 936 43 762 223 (36) (15 384 540)
Financial instruments 2 38 082 150 11 722 038 (157 839) 130 944
Net realised result 60 436 049 54 094 030 (154 899) 15 248 437
Movement on net unrealised
gain/(loss) on:
Investments securities 32 272 425 179 450 592 (537 190) (24 590 713)
Financial instruments (40 409 513) 424 440 321 094 2 652 091
Change in net assets due to operations 52 298 961 233 969 062 (370 995) (6 690 185)
Net subscriptions/(redemptions) 267 408 901 566 520 810 128 059 872 1 815 213 668
Dividends paid 8 0 (848 339) 0 0
Increase/(Decrease) in net assets during 319 707 862 799 641 533 127 688 877 1 808 523 483
the year/period
Net assets at the beginning of the 166 717 890 924 515 189 0 2 100 163 570
financial year/period
Reevaluation of opening combined NAV 0 0 0 0
Net assets at the end of the financial 486 425 752 1 724 156 722 127 688 877 3 908 687 053
year/period
The accompanying notes form an integral part of these financial statements
Page 32
BNP PARIBAS FUNDS
Sustainable Euro
Sustainable Euro Sustainable Euro Sustainable Euro Low Sustainable Euro Sustainable Europe
Multi-Factor
Bond Corporate Bond Vol Equity Multi-Factor Equity Multi-Factor Equity
Corporate Bond
EUR EUR EUR EUR EUR EUR
857 773 607 2 068 504 649 79 389 915 315 313 801 110 256 083 368 429 676
858 720 461 2 026 703 663 71 758 079 312 125 469 92 804 840 309 007 476
(7 249 685) 5 352 089 7 201 154 (2 983 915) 15 233 809 50 031 088
851 470 776 2 032 055 752 78 959 233 309 141 554 108 038 649 359 038 564
6 440 0 0 0 0 0
520 985 0 0 3 943 300 162 450 820 546
1 864 524 10 073 824 428 746 162 405 1 976 795 7 914 694
3 910 882 26 375 073 1 936 2 066 542 78 189 655 872
543 325 2 551 338 121 564 121 294 47 493 310 910
0 0 0 0 0 0
0 480 519 0 0 0 0
543 325 2 070 819 121 564 121 294 47 493 310 910
857 230 282 2 065 953 311 79 268 351 315 192 507 110 208 590 368 118 766
7 793 604 24 864 069 1 346 581 5 200 056 3 645 348 12 851 654
1 924 820 2 782 877 485 356 213 551 193 432 1 564 109
88 953 78 755 1 325 20 848 17 728 41 079
0 103 594 0 0 0 0
1 634 635 3 544 470 197 753 584 244 381 377 908 344
196 019 409 189 28 496 65 143 12 104 72 163
0 0 0 0 0 0
10 302 6 788 63 699 2 987 110 516 480 372
0 0 0 0 0 0
30 044 33 746 0 57 959 0 20 394
3 884 773 6 959 419 776 629 944 732 715 157 3 086 461
3 908 831 17 904 650 569 952 4 255 324 2 930 191 9 765 193
1 957 425 13 165 777 (2 287 243) 1 630 523 15 384 635 42 311 198
197 689 (1 145 480) 0 (653 422) 2 004 337 4 643 323
6 063 945 29 924 947 (1 717 291) 5 232 425 20 319 163 56 719 714
(26 413 982) (49 772 998) 7 201 154 (9 485 732) 12 304 709 36 642 969
458 541 (635 088) 0 709 106 4 350 347 141
(19 891 496) (20 483 139) 5 483 863 (3 544 201) 32 628 222 93 709 824
172 469 568 308 205 954 73 784 488 55 689 282 (106 049 006) (117 339 721)
0 0 0 0 0 (90 707)
152 578 072 287 722 815 79 268 351 52 145 081 (73 420 784) (23 720 604)
704 652 210 1 778 230 496 0 263 047 426 183 629 374 391 839 370
0 0 0 0 0 0
857 230 282 2 065 953 311 79 268 351 315 192 507 110 208 590 368 118 766
The accompanying notes form an integral part of these financial statements
Page 33
BNP PARIBAS FUNDS
Financial statements at 31/12/2021
Sustainable Global
Sustainable Europe Sustainable Global Sustainable Global
Multi-Factor
Value Corporate Bond Equity
Corporate Bond
Expressed in EUR USD USD USD
Notes
Statement of net assets
Assets 516 974 210 482 436 774 476 629 769 59 024 675
Securities portfolio at cost price 448 485 141 471 134 231 349 026 357 58 591 702
Unrealised gain/(loss) on securities portfolio 67 995 808 (3 457 967) 125 146 886 (639 177)
Securities portfolio at market value 2 516 480 949 467 676 264 474 173 243 57 952 525
Options at market value 2,15 0 0 0 0
Net Unrealised gain on financial instruments 2,11,12,13, 273 788 6 195 594 45 893 363 417
14
Cash at banks and time deposits 0 4 804 970 2 301 172 298 080
Other assets 219 473 3 759 946 109 461 410 653
Liabilities 1 151 816 773 357 1 435 171 20 483
Bank overdrafts 196 564 0 0 10 320
Net Unrealised loss on financial instruments 2,11,12,13, 0 0 0 0
14
Other liabilities 955 252 773 357 1 435 171 10 163
Net asset value 515 822 394 481 663 417 475 194 598 59 004 192
Statement of operations and changes in net
assets
Income on investments and assets, net 16 513 385 10 429 405 5 019 196 355 836
Management fees 3 5 671 033 1 735 390 6 887 578 5
Bank interest 6 590 31 588 667 308
Interest on swaps 2 0 42 975 0 0
Other fees 6 1 569 975 1 005 864 1 949 819 23 618
Taxes 7 328 632 163 909 334 718 1 430
Performance fees 5 0 0 0 0
Transaction fees 21 806 372 11 042 153 071 910
Administration fees 0 0 0 0
Distribution fees 4 3 825 305 980 186 774 1
Total expenses 8 386 427 3 296 748 9 512 627 26 272
Net result from investments 8 126 958 7 132 657 (4 493 431) 329 564
Net realised result on:
Investments securities 2 21 125 549 7 448 986 46 987 850 (55 840)
Financial instruments 2 4 686 748 (10 632 073) (139 829) (33 594)
Net realised result 33 939 255 3 949 570 42 354 590 240 130
Movement on net unrealised
gain/(loss) on:
Investments securities 59 677 136 (42 763 650) (23 632 430) (639 177)
Financial instruments (176 677) 12 797 720 (154 648) 363 417
Change in net assets due to operations 93 439 714 (26 016 360) 18 567 512 (35 630)
Net subscriptions/(redemptions) 129 683 403 (29 136 067) (71 038 385) 59 039 822
Dividends paid 8 (49 952) (2 104 281) (1 287 492) 0
Increase/(Decrease) in net assets during 223 073 165 (57 256 708) (53 758 365) 59 004 192
the year/period
Net assets at the beginning of the 292 749 229 538 920 125 528 952 963 0
financial year/period
Reevaluation of opening combined NAV 0 0 0 0
Net assets at the end of the financial 515 822 394 481 663 417 475 194 598 59 004 192
year/period
The accompanying notes form an integral part of these financial statements
Page 34
BNP PARIBAS FUNDS
Sustainable US Multi-
Sustainable Global Sustainable Japan Sustainable Multi- Sustainable Multi- Sustainable Multi-
Factor Corporate
Multi-Factor Equity Multi-Factor Equity Asset Balanced Asset Growth Asset Stability
Bond
USD JPY EUR EUR EUR USD
13 986 631 1 987 796 422 1 221 630 698 738 681 823 1 716 382 401 202 332 858
11 813 614 1 704 878 967 1 081 881 049 619 128 026 1 596 639 274 201 402 060
1 875 635 255 812 751 113 004 293 97 717 120 76 937 690 (2 451 355)
13 689 249 1 960 691 718 1 194 885 342 716 845 146 1 673 576 964 198 950 705
0 0 0 0 0 0
31 989 2 951 200 0 29 817 0 1 233 653
255 623 21 112 001 25 124 303 21 306 925 38 393 712 714 775
9 770 3 041 503 1 621 053 499 935 4 411 725 1 433 725
20 698 11 168 579 3 654 977 1 654 550 5 084 251 66 185
0 0 0 0 0 23 032
0 0 651 243 0 1 171 295 0
20 698 11 168 579 3 003 734 1 654 550 3 912 956 43 153
13 965 933 1 976 627 843 1 217 975 721 737 027 273 1 711 298 150 202 266 673
224 149 45 149 022 7 141 5 344 4 598 941 5 422 903
40 851 20 740 304 13 059 217 8 682 506 15 578 350 77 076
560 35 042 176 908 112 147 609 189 3 530
0 0 0 0 0 0
39 430 6 913 435 3 539 787 2 199 289 5 016 726 297 004
3 895 1 595 625 402 229 245 432 843 845 17 391
0 0 0 0 0 0
5 967 531 861 116 953 91 841 165 341 10 817
0 0 0 0 0 0
0 0 749 719 476 996 607 818 0
90 703 29 816 267 18 044 813 11 808 211 22 821 269 405 818
133 446 15 332 755 (18 037 672) (11 802 867) (18 222 328) 5 017 085
774 980 110 400 338 115 319 248 101 105 777 104 532 325 (1 044 805)
122 390 22 288 607 1 548 902 (806 176) 1 096 315 (2 258 339)
1 030 816 148 021 700 98 830 478 88 496 734 87 406 312 1 713 941
1 296 772 125 301 432 (1 405 100) 8 023 475 (35 746 259) (5 419 313)
(51 288) (1 918 800) (643 599) (49 509) (1 394 041) 408 471
2 276 300 271 404 332 96 781 779 96 470 700 50 266 012 (3 296 901)
1 618 264 (141 027 691) 276 045 175 139 348 384 396 406 568 93 043 251
0 0 (1 213 212) (997 882) (1 154 850) 0
3 894 564 130 376 641 371 613 742 234 821 202 445 517 730 89 746 350
10 071 369 1 846 251 202 846 361 979 502 206 071 1 265 780 420 112 520 323
0 0 0 0 0 0
13 965 933 1 976 627 843 1 217 975 721 737 027 273 1 711 298 150 202 266 673
The accompanying notes form an integral part of these financial statements
Page 35
BNP PARIBAS FUNDS
Financial statements at 31/12/2021
Sustainable US Sustainable US Value
Target Risk Balanced Turkey Equity
Multi-Factor Equity Multi-Factor Equity
Expressed in USD USD EUR EUR
Notes
Statement of net assets
Assets 1 251 066 161 193 855 174 1 385 373 891 17 166 768
Securities portfolio at cost price 986 437 252 173 806 030 1 274 938 220 20 047 887
Unrealised gain/(loss) on securities portfolio 255 284 871 17 247 813 70 698 275 (3 280 613)
Securities portfolio at market value 2 1 241 722 123 191 053 843 1 345 636 495 16 767 274
Options at market value 2,15 0 0 720 001 0
Net Unrealised gain on financial instruments 2,11,12,13, 1 536 184 188 624 8 979 729 0
14
Cash at banks and time deposits 7 160 821 2 268 165 29 769 736 59 511
Other assets 647 033 344 542 267 930 339 983
Liabilities 2 174 951 171 988 24 637 753 356 387
Bank overdrafts 0 0 0 0
Net Unrealised loss on financial instruments 2,11,12,13, 0 0 0 0
14
Other liabilities 2 174 951 171 988 24 637 753 356 387
Net asset value 1 248 891 210 193 683 186 1 360 736 138 16 810 381
Statement of operations and changes in net
assets
Income on investments and assets, net 15 940 157 1 960 253 13 789 298 721 593
Management fees 3 7 600 451 980 842 9 128 055 332 003
Bank interest 36 092 4 062 118 473 1 288
Interest on swaps 2 0 0 0 0
Other fees 6 3 650 151 457 222 3 239 506 76 598
Taxes 7 568 906 57 885 388 392 14 720
Performance fees 5 0 0 0 0
Transaction fees 21 537 370 103 221 815 060 96 351
Administration fees 0 0 0 0
Distribution fees 4 118 890 13 510 192 487 21 079
Total expenses 12 511 860 1 616 742 13 881 973 542 039
Net result from investments 3 428 297 343 511 (92 675) 179 554
Net realised result on:
Investments securities 2 269 273 714 18 474 232 115 472 793 80 544
Financial instruments 2 31 844 344 2 261 763 (44 558 537) (663 174)
Net realised result 304 546 355 21 079 506 70 821 581 (403 076)
Movement on net unrealised
gain/(loss) on:
Investments securities 77 292 636 10 929 358 8 022 953 (4 503 536)
Financial instruments (3 098 846) (20 944) 3 493 631 0
Change in net assets due to operations 378 740 145 31 987 920 82 338 165 (4 906 612)
Net subscriptions/(redemptions) (581 287 295) 109 143 892 (438 896 887) (1 904 896)
Dividends paid 8 (431 979) (179 926) (8 451) (31 486)
Increase/(Decrease) in net assets during (202 979 129) 140 951 886 (356 567 173) (6 842 994)
the year/period
Net assets at the beginning of the 1 451 870 339 52 731 300 1 717 303 311 23 653 375
financial year/period
Reevaluation of opening combined NAV 0 0 0 0
Net assets at the end of the financial 1 248 891 210 193 683 186 1 360 736 138 16 810 381
year/period
The accompanying notes form an integral part of these financial statements
Page 36
BNP PARIBAS FUNDS
US Short Duration
US Growth US High Yield Bond US Mid Cap US Small Cap USD Money Market
Bond
USD USD USD USD USD USD
1 289 505 689 70 757 890 151 104 557 142 732 604 1 149 366 725 427 141 139
804 955 159 68 501 462 113 011 902 136 788 301 981 801 281 393 434 540
471 628 862 924 862 33 993 400 (315 291) 151 961 513 198 698
1 276 584 021 69 426 324 147 005 302 136 473 010 1 133 762 794 393 633 238
0 0 0 0 0 0
838 685 36 292 39 797 129 754 650 163 0
10 845 211 363 572 3 855 528 727 464 13 217 321 32 478 243
1 237 772 931 702 203 930 5 402 376 1 736 447 1 029 658
5 877 428 139 127 1 839 839 5 090 129 4 540 165 616 777
0 0 0 0 0 0
0 0 0 0 0 0
5 877 428 139 127 1 839 839 5 090 129 4 540 165 616 777
1 283 628 261 70 618 763 149 264 718 137 642 475 1 144 826 560 426 524 362
3 646 151 4 138 189 836 695 1 319 002 7 169 633 34 459
11 113 129 888 944 2 060 156 568 050 12 652 273 226 722
4 107 771 6 2 104 825 445
0 151 667 0 0 0 0
3 426 505 227 735 475 947 311 741 3 098 997 305 758
539 191 54 287 86 705 92 011 508 648 63 323
0 0 0 0 0 0
228 502 702 56 109 680 770 365 0
0 0 0 0 0 0
49 008 42 090 10 685 11 930 24 307 0
15 360 442 1 366 196 2 689 608 986 516 17 055 415 596 248
(11 714 291) 2 771 993 (1 852 913) 332 486 (9 885 782) (561 789)
168 074 143 2 130 073 17 396 457 (982 688) 211 673 399 956 634
(7 226 779) 39 092 (885 988) (2 461 277) (13 246 739) 0
149 133 073 4 941 158 14 657 556 (3 111 479) 188 540 878 394 845
84 167 805 (2 516 182) 9 011 819 (1 842 941) (38 027 054) (168 952)
2 074 (427 496) (75 325) (86 428) (846 255) 0
233 302 952 1 997 480 23 594 050 (5 040 848) 149 667 569 225 893
116 763 643 (1 539 287) 461 961 27 390 401 34 486 241 1 929 925
(242 688) (1 716 374) (127 829) (24 490) (270 902) 0
349 823 907 (1 258 181) 23 928 182 22 325 063 183 882 908 2 155 818
933 804 354 71 876 944 125 336 536 115 317 412 960 943 652 424 368 544
0 0 0 0 0 0
1 283 628 261 70 618 763 149 264 718 137 642 475 1 144 826 560 426 524 362
The accompanying notes form an integral part of these financial statements
Page 37
BNP PARIBAS FUNDS
Financial statements at 31/12/2021
Combined
Expressed in EUR
Notes
Statement of net assets
Assets 76 313 950 360
Securities portfolio at cost price 65 991 965 123
Unrealised gain/(loss) on securities portfolio 8 549 360 019
Securities portfolio at market value 2 74 541 325 142
Options at market value 2,15 96 856 121
Net Unrealised gain on financial instruments 2,11,12,13,14 40 314 375
Cash at banks and time deposits 1 275 971 539
Other assets 359 483 183
Liabilities 486 272 858
Bank overdrafts 12 102 949
Net Unrealised loss on financial instruments 2,11,12,13,14 138 851 549
Other liabilities 335 318 360
Net asset value 75 827 677 502
Statement of operations and changes in net assets
Income on investments and assets, net 970 190 901
Management fees 3 568 189 695
Bank interest 6 802 582
Interest on swaps 2 14 439 372
Other fees 6 184 717 914
Taxes 7 36 117 184
Performance fees 5 259 426
Transaction fees 21 45 071 735
Administration fees 181
Distribution fees 4 9 748 050
Total expenses 865 346 139
Net result from investments 104 844 762
Net realised result on:
Investments securities 2 4 367 418 417
Financial instruments 2 (229 560 433)
Net realised result 4 242 702 746
Movement on net unrealised gain/(loss) on:
Investments securities 1 405 634 077
Financial instruments (147 167 527)
Change in net assets due to operations 5 501 169 296
Net subscriptions/(redemptions) 11 121 489 365
Dividends paid 8 (114 294 831)
16 508 363 830
Increase/(Decrease) in net assets during the year/period
58 499 470 855
Net assets at the beginning of the financial year/period
Reevaluation of opening combined NAV 819 842 817
Net assets at the end of the financial year/period 75 827 677 502
The accompanying notes form an integral part of these financial statements
Page 38
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Absolute Return Global Opportunities EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 12 737 911 24 981 346 13 503 010
Net asset value per share
Share “Classic - Capitalisation” 103.06 93.88 90.22 124 386.653
Share “I - Capitalisation” 109 507.71 100 573.72 97 460.23 0.567
Share “N - Capitalisation” 95.08 85.96 81.99 5 992.636
Share “Privilege - Capitalisation” 105.52 96.74 93.58 18 538.576
Absolute Return Low Vol Bond EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 22 899 219 20 086 984 0
Net asset value per share
Share “Classic - Capitalisation” 103.02 104.75 0 0
Share “Classic - Distribution” 102.06 103.77 0 0
Share “Classic RH CZK - Capitalisation” 94.77 96.80 0 0
Share “Classic RH SEK - Capitalisation” 94.82 0 0 0
Share “Classic RH USD - Capitalisation” 102.34 106.18 0 0
Share “I - Capitalisation” 107.50 109.97 0 0
Share “I - Distribution” 97.82 0 0 0
Share “I RH CHF - Capitalisation” 92.55 94.41 0 0
Share “I RH SEK - Capitalisation” 97.03 0 0 0
Share “N - Capitalisation” 99.50 100.81 0 0
Share “Privilege - Capitalisation” 98.23 100.28 0 0
Share “Privilege - Distribution” 98.18 100.23 0 0
Absolute Return Multi-Strategy EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 248 048 691 187 158 242 29 044 976
Net asset value per share
Share “Classic - Capitalisation” 93.36 91.59 83.15 42 167.111
Share “Classic - Distribution” 96.90 0 0 0
Share “Classic RH USD - Capitalisation” 101.92 101.16 92.67 25 369.649
Share “I - Capitalisation” 96.34 95.34 87.30 8 516.006
Share “I RH USD - Capitalisation” 105.11 105.09 0 0
Share “N - Capitalisation” 94.14 0 0 0
Share “Privilege RH USD - Capitalisation” 102.85 102.90 0 0
Share “X - Capitalisation” 98.51 97.99 90.19 252 000.000
Page 39
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Aqua EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 2 110 609 004 2 303 883 910 4 278 009 259
Net asset value per share
Share “Classic - Capitalisation” 149.93 161.51 221.26 6 281 699.234
Share “Classic - Distribution” 120.71 126.47 170.41 1 634 421.711
Share “Classic RH CNH - Capitalisation” 0 0 1 063.04 100.009
Share “Classic RH CZK - Capitalisation” 1 340.84 1 446.77 2 000.53 830 196.463
Share “Classic RH SGD MD - Distribution” 117.70 122.03 165.61 55 237.095
Share “Classic RH USD - Capitalisation” 135.95 149.03 205.50 194 020.932
Share “Classic RH USD MD - Distribution” 122.03 127.95 173.47 201 858.331
Share “Classic SGD - Capitalisation” 115.54 133.39 173.22 21 097.906
Share “Classic USD - Capitalisation” 168.30 197.60 251.60 347 668.304
Share “Classic USD - Distribution” 115.02 131.25 164.33 12 051.840
Share “I - Capitalisation” 240.99 262.51 363.68 3 419 048.809
Share “I USD - Capitalisation” 0 105.96 136.43 506 410.283
Share “K - Capitalisation” 0 0 136.18 616 321.088
Share “Life - Capitalisation” 135.98 148.66 206.70 1 705 605.231
Share “N - Capitalisation” 147.39 157.58 214.26 361 285.347
Share “Privilege - Capitalisation” 231.58 252.12 349.07 1 066 860.649
Share “Privilege - Distribution” 119.21 126.24 171.91 208 135.060
Share “Privilege CHF - Capitalisation” 115.46 125.06 165.87 8 275.776
Share “Privilege GBP - Capitalisation” 120.12 138.15 179.39 8 287.719
Share “Privilege USD - Capitalisation” 119.39 141.67 182.30 138 869.676
Share “U11 H EUR - Capitalisation” 0 0 101.11 7 544.245
Share “UI8 USD - Capitalisation 0 0 115.08 147 798.304
Share “UI9 - Capitalisation” 0 0 101.54 61 885.272
Share “X - Capitalisation” 162.94 178.82 249.60 465 865.692
Share “X USD - Capitalisation” 114.90 137.45 0 0
Asia ex-Japan Bond USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 61 592 329 54 383 747 41 127 048
Net asset value per share
Share “Classic - Capitalisation” 172.05 180.58 168.76 106 758.458
Share “Classic - Distribution” 125.96 127.22 115.31 32 961.886
Share “Classic EUR - Capitalisation” 160.74 154.77 155.62 16 569.795
Share “Classic EUR - Distribution” 110.81 102.80 100.29 49 599.297
Share “Classic MD - Distribution” 87.34 87.14 78.79 92 473.316
Share “Classic RH AUD MD - Distribution” 85.88 85.24 77.08 7 786.577
Share “Classic RH EUR - Capitalisation” 104.97 108.25 100.26 3 569.004
Share “Classic RH SGD MD - Distribution” 86.54 85.87 77.63 9 058.999
Share “I - Capitalisation” 216.55 229.34 216.15 5 074.889
Share “I RH EUR - Capitalisation” 112.36 116.91 0 0
Share “N - Capitalisation” 105.77 110.46 102.71 1 971.041
Share “N RH EUR - Distribution” 88.94 87.83 0 0
Share “Privilege - Capitalisation” 120.48 127.21 119.60 1 666.000
Share “Privilege - Distribution” 107.59 109.32 99.69 5 736.029
Page 40
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Asia ex-Japan Equity USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 683 717 713 802 510 216 713 269 702
Net asset value per share
Share “Classic - Capitalisation” 161.60 195.74 177.05 216 539.798
Share “Classic - Distribution” 519.33 611.83 543.87 10 595.988
Share “Classic EUR - Capitalisation” 733.96 815.54 793.67 355 327.143
Share “Classic EUR - Distribution” 463.16 501.02 479.32 148 534.661
Share “Classic MD - Distribution” 107.10 126.85 113.65 2 052.305
Share “Classic RH AUD - Capitalisation” 161.05 189.28 169.27 300.000
Share “Classic RH SGD - Capitalisation” 159.55 191.52 172.81 300.000
Share “I - Capitalisation” 152.19 186.22 170.16 1 283.999
Share “I EUR - Capitalisation” 849.23 953.17 937.12 51 801.316
Share “N - Capitalisation” 109.50 131.69 118.22 144.499
Share “N RH EUR - Distribution” 151.61 173.57 151.44 9 952.162
Share “Privilege - Capitalisation” 211.06 257.95 235.44 354 915.687
Share “Privilege - Distribution” 110.40 0 0 0
Share “Privilege EUR - Capitalisation” 110.97 124.42 122.18 945.377
Share “Privilege EUR - Distribution” 154.47 168.64 162.81 63 724.305
Share “X - Capitalisation” 100.17 123.31 113.35 1 010 566.267
Asia ex-Japan Small Cap USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 38 772 042 38 299 097 35 166 899
Net asset value per share
Share “Classic - Capitalisation” 854.92 1 017.88 1 030.69 30 162.545
Share “Classic - Distribution” 478.23 550.44 545.28 6 572.352
Share “I - Capitalisation” 104.16 0 0 0
Share “N - Capitalisation” 99.18 0 0 0
Share “Privilege - Capitalisation” 103.17 0 0 0
Share “Privilege - Distribution” 98.11 0 0 0
Share “X - Capitalisation” 105.38 127.84 131.89 3 751.328
Belgium Equity EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 316 405 662 240 905 117 210 123 413
Net asset value per share
Share “Classic - Capitalisation” 983.08 923.37 1 124.32 152 205.320
Share “Classic - Distribution” 356.96 321.59 383.41 101 706.389
Share “X - Capitalisation” 12 649.47 12 043.26 0 0
Brazil Equity USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 151 953 801 106 722 545 109 936 095
Net asset value per share
Share “Classic - Capitalisation” 125.43 101.87 77.63 1 316 684.102
Share “Classic - Distribution” 82.41 63.88 47.13 50 791.065
Share “Classic EUR - Capitalisation” 111.74 83.26 68.27 51 252.930
Share “I - Capitalisation” 144.71 0 0 0
Share “N - Capitalisation” 113.76 91.70 69.36 18 879.151
Share “Privilege - Capitalisation” 111.65 91.59 70.50 533.500
Page 41
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
China A-Shares USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 71 439 352 123 693 792 157 600 976
Net asset value per share
Share “Classic - Capitalisation” 199.26 299.33 287.04 29 129.033
Share “Classic - Distribution” 98.19 144.71 136.80 835.932
Share “Classic EUR - Capitalisation” 215.52 297.00 306.42 132 264.732
Share “I - Capitalisation” 153.66 233.55 226.59 26 353.200
Share “I EUR - Capitalisation” 136.90 190.89 199.27 417 001.970
Share “N - Capitalisation” 100.05 0 0 0
Share “Privilege - Capitalisation” 134.64 204.29 197.87 12 978.955
Share “X - Capitalisation” 105.37 0 0 0
China Equity USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 611 972 742 2 201 004 922 2 103 580 535
Net asset value per share
Share “Classic - Capitalisation” 482.09 728.09 590.77 341 382.269
Share “Classic - Distribution” 286.81 424.47 339.23 37 393.786
Share “Classic EUR - Capitalisation” 181.46 251.42 219.49 1 985 491.458
Share “Classic EUR - Distribution” 142.46 193.53 166.45 144 297.537
Share “Classic H EUR - Capitalisation” 0 0 80.74 22 798.819
Share “Classic RH EUR - Capitalisation” 0 0 72.41 16 638.645
Share “Classic RH SGD - Capitalisation” 0 0 82.37 171.196
Share “Classic RH SGD MD - Distribution” 0 0 81.05 111.245
Share “I - Capitalisation” 550.24 840.33 689.53 1 353 421.844
Share “I EUR - Capitalisation” 117.72 164.94 145.62 1 280 297.225
Share “N - Capitalisation” 436.45 654.24 526.88 50 595.462
Share “Privilege - Capitalisation” 160.04 244.13 200.09 535 685.297
Share “Privilege - Distribution” 133.78 199.98 161.46 2 091.000
Share “Privilege EUR - Capitalisation” 0 131.91 116.31 339 177.114
Share “X - Capitalisation” 0 116.07 95.95 401 586.789
Share “X AUD - Capitalisation” 0 0 92 741.44 0.250
Climate Impact EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 1 085 563 855 2 213 587 463 3 807 224 947
Net asset value per share
Share “Classic - Capitalisation” 211.00 254.47 310.99 4 220 975.184
Share “Classic - Distribution” 165.01 194.18 233.39 446 522.737
Share “Classic H EUR - Capitalisation” 0 128.58 149.81 185 765.106
Share “Classic RH SGD - Capitalisation” 0 0 99.82 100.000
Share “Classic USD - Capitalisation” 114.89 151.06 171.58 138 078.968
Share “I - Capitalisation” 248.55 303.89 376.51 2 840 309.009
Share “I - Distribution” 0 0 103.22 8 280.966
Share “I Plus - Capitalisation” 0 133.80 166.32 878 656.443
Share “N - Capitalisation” 176.18 210.88 255.79 113 172.314
Share “Privilege - Capitalisation” 1 933.83 2 361.54 2 922.31 60 659.382
Share “Privilege - Distribution” 127.38 151.79 184.75 424 793.890
Share “Privilege RH EUR - Distribution” 0 0 106.22 871.611
Share “Privilege RH GBP - Distribution” 0 0 106.38 160 952.401
Share “Privilege USD - Capitalisation” 118.96 158.34 182.10 548 574.605
Share “Privilege USD - Distribution” 0 0 107.05 126 701.050
Share “U2 HKD - Distribution” 0 0 114.20 95 322.492
Share “U2 RH AUD - Distribution” 0 0 108.05 20 246.757
Share “U2 RH CHF - Distribution” 0 0 102.15 2 000.000
Share “U2 RH CNH - Distribution” 0 0 110.80 3 383.564
Share “U2 RH GBP - Distribution” 0 0 110.53 8 271.099
Share “U2 RH SGD - Capitalisation” 0 0 108.09 12 019.146
Share “U2 USD - Capitalisation” 0 106.97 122.35 577 352.503
Share “U2 USD - Distribution 0 0 107.65 16 542.885
Share “X - Capitalisation” 135.42 167.15 209.08 708 579.894
Share “X - Distribution” 118.10 142.25 175.01 2 877 853.361
Page 42
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Consumer Innovators EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 341 196 291 836 990 939 1 573 523 079
Net asset value per share
Share “Classic - Capitalisation” 226.64 300.42 347.72 3 109 634.280
Share “Classic - Distribution” 164.16 213.83 245.28 319 190.882
Share “Classic H EUR - Capitalisation” 0 125.35 136.64 300 949.526
Share “Classic RH SGD - Capitalisation” 0 0 100.49 100.000
Share “Classic USD - Capitalisation” 254.40 367.60 395.46 196 616.308
Share “I - Capitalisation” 271.03 362.95 424.42 346 214.144
Share “K - Capitalisation” 0 0 114.47 249 879.360
Share “N - Capitalisation” 265.07 348.75 400.65 56 676.224
Share “Privilege - Capitalisation” 297.59 398.03 464.90 165 862.386
Share “Privilege - Distribution” 199.50 262.24 303.53 43 429.069
Share “X - Capitalisation” 0 123.69 145.51 109 255.000
Disruptive Technology EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 961 257 704 2 379 679 244 3 583 041 646
Net asset value per share
Share “B USD - Capitalisation” 0 0 119.00 5 204.620
Share “Classic - Capitalisation” 1 168.62 1 579.47 2 110.72 890 344.996
Share “Classic - Distribution” 947.94 1 252.87 1 644.87 108 756.830
Share “Classic CZK - Capitalisation” 1 323.56 1 848.58 2 337.20 346 340.745
Share “Classic H EUR - Capitalisation” 117.02 168.12 209.46 1 477 855.374
Share “Classic USD - Capitalisation” 1 316.87 1 940.09 2 409.63 52 529.340
Share “Classic USD - Distribution” 330.65 476.01 580.69 26 705.978
Share “I - Capitalisation” 1 322.30 1 805.50 2 437.51 147 452.611
Share “I GBP - Capitalisation” 118.41 170.79 216.26 4 169.132
Share “I Plus - Capitalisation” 108.21 147.98 200.08 657 124.590
Share “I USD - Capitalisation” 105.94 157.68 197.85 187 933.328
Share “K - Capitalisation” 0 0 131.88 197 655.230
Share “N - Capitalisation” 528.44 708.90 940.25 71 380.642
Share “Privilege - Capitalisation” 367.40 501.07 675.66 197 068.497
Share “Privilege - Distribution” 301.27 401.81 532.31 75 800.547
Share “Privilege H EUR - Capitalisation” 114.87 166.15 208.79 41 768.228
Share “Privilege RH USD - Capitalisation” 140.92 194.83 264.01 2 190.230
Share “Privilege USD - Capitalisation” 126.37 187.84 235.42 148 684.909
Share “UI6 H EUR - Capitalisation” 0 103.93 131.16 502 800.000
Share “UP4 - Distribution” 0 135.42 179.77 559 477.193
Share “X - Capitalisation” 0 134.00 181.98 325 724.220
Share “X NOK - Capitalisation” 0 0 1 114 228.15 0.995
Page 43
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Ecosystem Restoration EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 0 0 210 473 302
Net asset value per share
Share “Classic - Capitalisation” 0 0 80.10 52 180.104
Share “Classic - Distribution” 0 0 80.11 8 053.720
Share “Classic H EUR - Capitalisation” 0 0 80.11 233.741
Share “Classic HKD - Capitalisation” 0 0 75.54 10.000
Share “Classic RH CNH - Capitalisation” 0 0 819.84 100.000
Share “Classic RH CZK - Capitalisation” 0 0 807.38 9 056.668
Share “Classic RH SGD - Capitalisation” 0 0 80.64 100.000
Share “Classic USD - Capitalisation” 0 0 74.43 3 738.356
Share “I - Capitalisation” 0 0 80.60 254 364.498
Share “I JPY - Capitalisation” 0 0 8 460.00 10.000
Share “I USD - Capitalisation” 0 0 74.90 10.000
Share “IH EUR - Capitalisation” 0 0 80.59 142 701.844
Share “IH JPY - Capitalisation” 0 0 8 478.00 300.000
Share “N - Capitalisation” 0 0 79.76 1 244.132
Share “Privilege - Capitalisation” 0 0 80.56 3 206.000
Share “Privilege - Distribution” 0 0 80.52 10.000
Share “Privilege RH GBP - Capitalisation” 0 0 80.79 100.000
Share “Privilege USD - Capitalisation” 0 0 75.01 1 485.000
Share “X - Capitalisation” 0 0 80 881.91 2 133.800
Emerging Bond USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 1 067 581 875 777 522 150 685 613 056
Net asset value per share
Share “B MD - Distribution” 0 0 91.27 171.442
Share “BH AUD MD - Distribution” 0 0 90.99 600.000
Share “Classic - Capitalisation” 484.18 510.38 484.13 38 694.871
Share “Classic - Distribution” 79.39 78.90 71.89 115 946.102
Share “Classic EUR - Capitalisation” 430.22 416.05 424.62 17 005.977
Share “Classic EUR - Distribution” 285.23 260.57 255.58 13 970.505
Share “Classic H AUD MD - Distribution” 82.13 77.70 66.61 10 511.603
Share “Classic H EUR - Capitalisation” 101.61 104.92 98.53 130 660.171
Share “Classic H EUR - Distribution” 89.97 87.47 78.89 104 214.318
Share “Classic MD - Distribution” 97.54 94.23 80.81 220 417.901
Share “I - Capitalisation” 39.99 42.54 40.71 3 426 402.389
Share “IH EUR - Capitalisation” 115.18 120.00 113.82 2 788 680.724
Share “N - Capitalisation” 437.06 458.40 432.65 10 786.128
Share “Privilege - Capitalisation” 31.19 33.12 31.65 140 935.399
Share “Privilege H EUR - Capitalisation” 103.31 107.33 101.60 6 226.234
Share “X - Capitalisation” 141.62 151.45 145.76 642 213.599
Page 44
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Emerging Bond Opportunities USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 551 306 469 474 157 424 508 131 117
Net asset value per share
Share “B MD - Distribution” 0 0 89.04 493.975
Share “B RH AUD MD - Distribution” 0 0 88.81 100.000
Share “B RH ZAR MD - Distribution” 0 0 901.36 314.233
Share “Classic - Capitalisation” 227.98 236.99 216.72 164 134.972
Share “Classic - Distribution” 142.20 139.00 121.93 25 592.322
Share “Classic EUR - Distribution” 0 0 98.26 691.725
Share “Classic EUR MD - Distribution” 95.84 82.97 73.75 13 741.160
Share “Classic HKD MD - Distribution” 87.66 82.42 68.63 262 222.493
Share “Classic MD - Distribution” 19.53 18.44 15.28 11 914 075.501
Share “Classic RH AUD MD - Distribution” 87.67 81.50 67.28 19 096.550
Share “Classic RH CNH MD - Distribution” 858.53 809.74 669.35 939.152
Share “Classic RH EUR - Capitalisation” 71.24 72.50 65.61 582 409.257
Share “Classic RH EUR - Distribution” 20.62 19.71 17.09 292 633.341
Share “Classic RH HKD MD - Distribution” 88.44 83.59 68.85 300.000
Share “Classic RH SGD MD - Distribution” 88.13 82.43 68.15 1 331.564
Share “Classic RH ZAR MD - Distribution” 868.80 786.88 657.69 36 580.869
Share “Classic SGD MD - Distribution” 89.32 83.09 0 0
Share “I - Capitalisation” 125.15 131.53 121.60 775 765.602
Share “I Plus RH EUR - Capitalisation” 97.98 0 0 0
Share “I RH EUR - Capitalisation” 82.46 84.88 77.61 99 525.614
Share “N - Capitalisation” 125.45 129.76 118.07 13 906.166
Share “Privilege - Capitalisation” 107.83 113.05 104.26 850 401.874
Share “Privilege EUR - Capitalisation” 107.25 103.17 102.37 301 302.826
Share “Privilege RH EUR - Capitalisation” 96.34 98.80 0 0
Share “Privilege RH EUR - Distribution” 67.99 65.53 57.37 33 816.494
Share “X - Capitalisation” 127.94 135.28 125.82 10 400.000
Emerging Equity USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 1 019 680 945 862 754 486 358 297 606
Net asset value per share
Share “B - Capitalisation” 0 0 82.67 10.000
Share “Classic - Capitalisation” 687.45 766.38 651.32 163 390.544
Share “Classic - Distribution” 154.17 166.85 139.02 184 298.112
Share “Classic CZK - Capitalisation” 1 052.11 1 111.82 961.93 33 227.214
Share “Classic EUR - Capitalisation” 135.73 138.82 126.95 569 462.399
Share “Classic EUR - Distribution” 108.50 107.82 96.69 63 028.080
Share “I - Capitalisation” 810.58 913.78 785.33 26 586.275
Share “I EUR - Capitalisation” 106.10 109.73 101.46 6 449.192
Share “N - Capitalisation” 199.07 220.26 185.79 24 871.263
Share “Privilege - Capitalisation” 111.20 125.21 107.49 196 674.611
Share “Privilege EUR - Capitalisation” 106.07 109.57 101.25 5 243.185
Share “X - Capitalisation” 121.10 137.54 119.09 736 117.877
Page 45
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Emerging Multi-Asset Income USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 120 015 522 94 401 207 68 565 134
Net asset value per share
Share “B MD - Distribution” 0 0 93.34 10.000
Share “B RH AUD MD - Distribution” 0 0 92.92 100.000
Share “Classic - Capitalisation” 123.65 124.85 113.48 100 134.047
Share “Classic - Distribution” 104.26 98.41 82.59 778.854
Share “Classic EUR - Capitalisation” 124.54 115.38 112.84 27 702.042
Share “Classic EUR - Distribution” 104.65 90.82 82.10 19 384.565
Share “Classic HKD MD - Distribution” 96.77 89.32 76.58 22 580.000
Share “Classic MD - Distribution” 96.33 89.31 76.15 61 392.483
Share “Classic RH AUD MD - Distribution” 97.97 89.39 75.74 16 844.644
Share “Classic RH CNH MD - Distribution” 97.79 90.37 77.15 326 895.026
Share “Classic RH EUR - Capitalisation” 98.06 97.19 87.32 6 884.713
Share “Classic RH EUR - Distribution” 86.18 79.78 66.17 722.225
Share “Classic RH SGD MD - Distribution” 99.29 91.21 77.70 16 690.422
Share “I - Capitalisation” 128.29 130.67 119.81 1 771.596
Share “I RH EUR - Capitalisation” 98.41 98.30 89.13 2 494.331
Share “Privilege - Capitalisation” 114.69 0 0 0
Share “Privilege EUR - Distribution” 94.08 82.22 0 0
Share “Privilege RH EUR - Capitalisation” 0 111.76 101.29 100.000
Share “X - Capitalisation” 130.03 133.10 122.65 324 490.523
Energy Transition EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 138 767 307 1 957 845 101 3 001 296 860
Net asset value per share
Share “B USD - Capitalisation” 0 0 83.09 25 719.676
Share “Classic - Capitalisation” 468.57 1 239.68 1 109.15 670 092.208
Share “Classic - Distribution” 261.33 672.80 590.01 173 856.382
Share “Classic H EUR - Capitalisation” 0 0 71.20 206 736.035
Share “Classic HKD - Capitalisation” 0 0 100.53 10.000
Share “Classic RH CNH - Capitalisation” 0 0 933.08 12 102.993
Share “Classic RH SGD - Capitalisation” 0 0 77.86 273 392.254
Share “Classic RH USD - Capitalisation” 0 0 89.88 100.000
Share “Classic Solidarity H EUR - Capitalisation” 0 0 75.70 185 516.377
Share “Classic USD - Capitalisation” 66.67 192.26 159.87 6 196 795.663
Share “Classic USD - Distribution” 293.03 821.58 669.41 30 473.801
Share “I - Capitalisation” 539.26 1 441.43 1 302.86 362 189.886
Share “I Plus - Capitalisation” 0 0 75.66 812 910.782
Share “I RH GBP - Capitalisation” 0 0 93.85 100.000
Share “I USD - Capitalisation” 0 0 88.69 81 021.493
Share “K - Capitalisation” 0 0 80.85 615 519.318
Share “N - Capitalisation” 425.09 1 116.22 991.20 114 464.332
Share “Privilege - Capitalisation” 83.04 221.69 200.15 251 750.521
Share “Privilege - Distribution” 66.38 172.44 152.60 396 463.047
Share “Privilege H USD - Capitalisation” 0 0 72.71 29 203.086
Share “Privilege RH GBP - Capitalisation” 0 0 93.84 100.000
Share “Privilege USD - Capitalisation” 0 0 88.57 48 944.744
Share “X - Capitalisation” 0 2 943.33 2 676.36 149 744.654
Page 46
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Enhanced Bond 6M EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 3 631 459 115 2 384 680 925 4 145 789 530
Net asset value per share
Share “Classic - Capitalisation” 109.69 110.63 110.29 2 565 426.263
Share “Classic - Distribution” 102.20 103.09 102.78 82 845.314
Share “I - Capitalisation” 113.46 114.69 114.60 21 553 131.021
Share “I - Distribution” 100.16 101.25 101.18 200 200.000
Share “I Plus - Capitalisation” 100.18 101.32 101.30 7 381 686.048
Share “N - Capitalisation” 106.17 106.97 106.53 98 800.741
Share “Privilege - Capitalisation” 89.37 90.28 90.14 2 734 730.824
Share “Privilege - Distribution” 102.55 103.59 103.42 236 956.955
Share “X - Capitalisation” 115.42 116.78 116.80 2 865 770.740
Environmental Absolute Return Thematic
Equity (EARTH) USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 0 140 427 979 431 263 439
Net asset value per share
Share “Classic - Capitalisation” 0 126.10 101.69 267 786.089
Share “Classic - Distribution” 0 135.24 103.00 18 835.669
Share “Classic RH CZK - Capitalisation” 0 1 313.58 1 086.26 89 882.131
Share “Classic RH EUR - Capitalisation” 0 129.06 104.30 347 656.595
Share “Classic RH SGD - Capitalisation” 0 0 85.59 100.000
Share “I - Capitalisation” 0 142.80 73.18 236 756.345
Share “I EUR - Capitalisation” 0 0 78.98 102 835.968
Share “I Plus - Capitalisation” 0 0 121.14 325 347.944
Share “I RH EUR - Capitalisation” 0 0 75.54 150 438.457
Share “IH JPY - Capitalisation” 0 0 8 804.00 199 800.000
Share “N - Capitalisation” 0 0 74.68 15 405.866
Share “Privilege - Capitalisation” 0 124.84 103.33 161 108.178
Share “Privilege - Distribution” 0 0 73.86 20 906.142
Share “Privilege RH EUR - Capitalisation” 0 0 73.06 313 565.197
Share “U7 - Capitalisation” 0 0 71.43 174 910.585
Share “X - Capitalisation” 0 144 166.96 123 380.03 1 655.614
Share “X AUD - Capitalisation” 0 0 90 715.82 0.810
Euro Bond EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 859 782 659 890 438 388 748 798 269
Net asset value per share
Share “Classic - Capitalisation” 227.78 233.92 226.13 615 411.344
Share “Classic - Distribution” 116.05 119.18 115.21 468 984.511
Share “I - Capitalisation” 23.19 23.97 23.32 8 333 340.586
Share “N - Capitalisation” 206.26 210.76 202.72 13 425.688
Share “Privilege - Capitalisation” 169.09 174.43 169.37 226 971.031
Share “Privilege - Distribution” 114.91 118.54 115.10 114 879.072
Share “X - Capitalisation” 127.70 132.39 129.20 2 375 222.116
Euro Bond Opportunities EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 324 415 563 265 387 532 258 747 342
Net asset value per share
Share “Classic - Capitalisation” 446.58 459.72 446.38 301 574.504
Share “Classic - Distribution” 26.35 27.12 26.34 1 927 809.853
Share “I - Capitalisation” 488.47 506.11 494.61 78 254.323
Share “N - Capitalisation” 144.37 147.88 142.88 36 090.892
Share “Privilege - Capitalisation” 122.84 127.04 123.91 238 049.734
Share “X - Capitalisation” 99.53 0 0 0
Page 47
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Euro Corporate Bond EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 2 257 780 682 1 961 481 625 1 668 538 967
Net asset value per share
Share “Classic - Capitalisation” 194.58 198.94 197.09 937 755.118
Share “Classic - Distribution” 117.66 119.52 117.87 674 998.034
Share “Classic H CZK - Capitalisation” 112.58 11 568.94 11 579.54 15 415.468
Share “I - Capitalisation” 217.65 223.97 223.33 2 649 422.769
Share “I - Distribution” 108.19 110.62 109.80 484 175.394
Share “N - Capitalisation” 177.44 180.51 177.94 25 537.440
Share “Privilege - Capitalisation” 165.64 170.12 169.30 326 620.173
Share “Privilege - Distribution” 116.68 119.06 117.95 605 922.752
Share “X - Capitalisation” 234.08 241.60 241.63 1 751 596.928
Share “X - Distribution” 205.74 210.99 210.07 940 547.027
Euro Corporate Bond Opportunities EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 295 517 255 273 678 392 254 899 208
Net asset value per share
Share “Classic - Capitalisation” 115.92 117.12 116.09 1 420 577.724
Share “Classic - Distribution” 110.29 110.71 109.24 143 266.550
Share “I - Capitalisation” 0 107.53 107.29 1 000.000
Share “K - Capitalisation” 0 0 98.16 128 062.344
Share “N - Capitalisation” 103.30 103.84 102.42 107 598.955
Share “X - Capitalisation” 105.51 107.61 107.69 470 208.432
Euro Covered Bond EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 132 132 443 68 591 941 52 577 700
Net asset value per share
Share “Classic - Capitalisation” 113.24 113.92 110.38 3 569.267
Share “Classic - Distribution” 108.88 109.54 106.13 681.987
Share “I - Capitalisation” 118.96 120.47 117.48 442 615.097
Share “Privilege - Capitalisation” 99.44 100.44 97.71 1 148.018
Share “X - Capitalisation” 111.84 0 0 0
Euro Defensive Equity EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 49 070 110 50 348 959 140 218 793
Net asset value per share
Share “Classic - Capitalisation” 157.11 156.24 186.51 79 631.685
Share “Classic - Distribution” 114.82 110.08 128.68 2 081.804
Share “I - Capitalisation” 120.46 120.83 145.51 319 412.402
Share “I - Distribution” 0 0 116.15 192 267.213
Share “Privilege - Capitalisation” 105.75 105.85 127.18 252.000
Share “X - Capitalisation” 0 0 118 220.16 475.883
Page 48
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Euro Equity EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 1 622 216 356 1 573 211 384 1 699 815 604
Net asset value per share
Share “Classic - Capitalisation” 548.72 567.62 695.13 1 060 327.822
Share “Classic - Distribution” 284.77 283.46 339.84 248 437.157
Share “Classic H CZK - Capitalisation” 47.52 4 953.80 6 119.01 44 758.782
Share “Classic H SGD - Capitalisation” 145.29 151.46 0 0
Share “Classic H USD - Capitalisation” 146.07 153.09 189.08 5 135.500
Share “Classic USD - Capitalisation” 616.04 694.74 790.69 1 011.208
Share “I - Capitalisation” 647.79 676.95 837.51 524 661.543
Share “I - Distribution” 115.03 115.68 140.12 7 609.999
Share “K - Capitalisation” 0 0 121.20 190 289.109
Share “N - Capitalisation” 499.00 512.34 622.75 10 784.685
Share “Privilege - Capitalisation” 188.61 196.86 243.27 403 145.845
Share “Privilege - Distribution” 129.25 129.83 157.08 25 813.907
Share “X - Capitalisation” 202.52 212.91 264.99 1 107 075.470
Euro Government Bond EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 1 275 227 375 1 193 900 825 1 252 222 322
Net asset value per share
Share “Classic - Capitalisation” 416.11 433.98 415.58 260 995.324
Share “Classic - Distribution” 241.02 125.44 120.12 107 945.056
Share “I - Capitalisation” 225.42 236.58 228.03 3 780 928.306
Share “N - Capitalisation” 377.78 391.95 373.47 11 956.001
Share “Privilege - Capitalisation” 224.10 234.74 225.80 33 834.984
Share “Privilege - Distribution” 122.03 127.57 122.71 62 392.507
Share “X - Capitalisation” 492.85 518.55 501.05 496 702.593
Euro High Quality Government Bond EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 353 043 827 374 290 585 242 675 478
Net asset value per share
Share “Classic - Capitalisation” 121.70 125.11 120.93 7 557.541
Share “Classic - Distribution” 117.84 121.11 117.07 79 152.881
Share “I - Capitalisation” 13 069.43 13 479.64 13 075.11 917.759
Share “Privilege - Capitalisation” 102.52 105.59 102.21 3 799.977
Share “Privilege - Distribution” 102.52 0 0 0
Share “X - Capitalisation” 118.16 122.07 118.61 1 855 701.049
Euro High Yield Bond EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 567 933 848 526 487 738 686 187 774
Net asset value per share
Share “Classic - Capitalisation” 212.85 220.83 229.09 393 626.149
Share “Classic - Distribution” 98.95 99.27 100.10 897 786.917
Share “Classic H USD - Capitalisation” 127.93 135.08 0 0
Share “Classic H USD MD - Distribution” 101.42 99.28 98.57 1 010.000
Share “Classic MD - Distribution” 92.88 91.44 90.65 11 475.986
Share “I - Capitalisation” 241.84 253.04 264.74 993 064.419
Share “I - Distribution” 100.19 101.37 103.10 600 312.865
Share “K - Capitalisation” 0 0 102.61 118 136.858
Share “N - Capitalisation” 104.54 107.92 111.40 22 300.108
Share “N - Distribution” 120.96 120.73 121.12 24 530.656
Share “Privilege - Capitalisation” 148.39 155.04 161.96 112 057.265
Share “Privilege - Distribution” 101.69 102.74 104.34 42 067.320
Share “X - Capitalisation” 158.95 167.22 175.92 796 398.469
Page 49
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Euro High Yield Short Duration Bond EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 130 166 528 129 603 936 260 820 114
Net asset value per share
Share “Classic - Capitalisation” 110.09 112.21 115.90 938 276.555
Share “Classic - Distribution” 94.38 93.30 93.81 73 252.937
Share “Classic H USD - Capitalisation” 121.44 125.82 130.85 124 062.273
Share “Classic H USD - Distribution” 95.78 96.16 97.47 21 615.602
Share “I - Capitalisation” 114.63 117.77 122.62 959 088.863
Share “IH USD - Capitalisation” 123.14 0 0 0
Share “N - Distribution” 94.36 92.81 92.85 842.929
Share “NH USD - Capitalisation” 117.56 121.11 125.45 2 645.629
Share “Privilege - Capitalisation” 0 101.59 105.47 85 090.379
Share “Privilege H USD - Capitalisation” 124.52 129.64 135.74 17 788.463
Share “X - Capitalisation” 115.25 118.64 0 0
Euro Inflation-Linked Bond EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 206 431 707 235 127 729 294 655 402
Net asset value per share
Share “Classic - Capitalisation” 144.48 146.69 154.65 355 130.447
Share “Classic - Distribution” 118.84 120.65 127.21 120 647.377
Share “I - Capitalisation” 159.74 163.23 173.22 791 835.015
Share “N - Capitalisation” 133.71 135.07 141.69 89 549.323
Share “Privilege - Capitalisation” 121.99 124.46 131.80 523 875.746
Share “Privilege - Distribution” 114.03 116.30 123.17 23 020.461
Share “X - Capitalisation” 121.76 124.79 132.83 19 963.669
Euro Medium Term Bond EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 483 562 921 469 480 336 359 026 046
Net asset value per share
Share “Classic - Capitalisation” 185.25 186.84 183.88 700 844.273
Share “Classic - Distribution” 107.88 108.81 107.09 282 092.451
Share “I - Capitalisation” 192.11 194.73 192.61 538 278.272
Share “N - Capitalisation” 168.13 168.73 165.24 18 876.631
Share “Privilege - Capitalisation” 139.10 140.79 139.05 580 639.533
Share “Privilege - Distribution” 108.54 109.85 108.50 114 364.694
Euro Mid Cap EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 54 594 763 34 839 225 33 960 448
Net asset value per share
Share “Classic - Capitalisation” 865.20 859.19 983.74 29 428.040
Share “Classic - Distribution” 484.57 464.77 522.71 3 433.962
Share “Classic USD - Capitalisation” 971.20 1 051.26 1 118.69 1 141.934
Share “I - Capitalisation” 269.58 270.44 312.81 100.001
Share “N - Capitalisation” 745.12 734.42 834.60 2 023.843
Share “Privilege - Capitalisation” 174.04 174.40 201.48 1 847.469
Page 50
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Euro Money Market EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 1 031 618 428 1 179 987 397 833 868 452
Net asset value per share
Share “Classic - Capitalisation” 207.473131 206.563260 205.275761 2 393 824.756
Share “Classic - Distribution” 102.231345 101.783002 101.148610 377 578.223
Share “I - Capitalisation” 71.511893 71.233379 70.824801 2 707 975.676
Share “Privilege - Capitalisation” 977.732434 973.541877 967.570743 113 216.872
Share “Privilege - Distribution” 99.326940 98.901282 98.294842 10 510.000
Share “X - Capitalisation” 222.697870 221.919159 220.734591 8 664.211
Euro Short Term Bond Opportunities EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 322 682 975 208 562 175 196 615 368
Net asset value per share
Share “Classic - Capitalisation” 121.90 122.40 121.80 443 727.385
Share “Classic - Distribution” 98.74 99.14 98.65 60 870.372
Share “I - Capitalisation” 129.93 131.05 130.99 581 944.799
Share “N - Capitalisation” 113.25 113.15 112.03 16 519.988
Share “Privilege - Capitalisation” 1 007.52 1 014.68 1 012.73 17 160.569
Share “Privilege - Distribution” 102.80 103.52 103.32 141 583.989
Share “X - Capitalisation” 133.26 134.67 134.88 196 294.928
Euro Short Term Corporate Bond EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 53 607 997 39 542 965 40 954 166
Net asset value per share
Share “Classic - Capitalisation” 102.90 101.40 101.23 32 638.809
Share “Classic - Distribution” 102.87 101.37 101.20 3 879.963
Share “I - Capitalisation” 105.84 104.77 105.07 265 805.202
Share “I - Distribution” 100.25 0 0 0
Share “N - Capitalisation” 0 100.92 100.26 2 100.000
Share “Privilege - Capitalisation” 104.53 103.32 103.46 44 368.217
Share “X - Capitalisation” 106.20 105.33 105.84 42 780.909
Euro Short Term Corporate Bond
Opportunities EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 495 708 772 398 406 216 460 221 035
Net asset value per share
Share “Classic - Capitalisation” 127.73 127.48 127.50 1 780 958.648
Share “Classic - Distribution” 50.28 49.87 49.88 530 220.306
Share “I - Capitalisation” 48.70 48.95 49.30 2 861 230.863
Share “K - Capitalisation” 0 0 99.10 193 915.696
Share “N - Capitalisation” 115.38 114.58 114.02 15 890.561
Share “Privilege - Capitalisation” 892.35 895.60 900.63 37 662.694
Share “Privilege - Distribution” 100.11 100.15 100.71 6 250.864
Share “X - Distribution” 101.08 101.68 102.81 98 040.223
Page 51
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Europe Convertible EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 153 660 988 127 168 842 114 248 020
Net asset value per share
Share “Classic - Capitalisation” 151.12 160.13 160.36 510 906.792
Share “Classic - Distribution” 91.40 96.32 95.97 117 864.474
Share “I - Capitalisation” 176.94 189.03 190.86 67 809.388
Share “I - Distribution” 98.95 105.15 105.62 37 223.025
Share “N - Capitalisation” 95.78 100.87 100.42 502.662
Share “N - Distribution” 131.90 138.18 136.84 15 844.813
Share “Privilege - Capitalisation” 117.20 125.00 126.01 8 481.027
Share “Privilege - Distribution” 107.51 114.05 114.37 7 386.729
Europe Dividend EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 270 593 934 200 688 359 195 960 870
Net asset value per share
Share “Classic - Capitalisation” 99.02 89.55 111.58 428 807.975
Share “Classic - Distribution” 45.80 39.66 48.22 104 367.985
Share “Classic RH USD MD - Distribution” 90.14 77.27 94.07 9 711.897
Share “I - Capitalisation” 117.24 107.12 134.82 425 667.916
Share “N - Capitalisation” 85.75 76.98 95.19 28 803.467
Share “N - Distribution” 97.98 84.18 101.56 1 136.051
Share “Privilege - Capitalisation” 132.39 120.82 151.90 3 652.298
Share “Privilege - Distribution” 114.86 100.36 123.11 184 893.471
Share “X - Capitalisation” 133.63 122.83 155.53 377 538.290
Europe Emerging Equity EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 67 718 669 47 154 465 49 489 891
Net asset value per share
Share “Classic - Capitalisation” 132.88 102.67 118.72 264 082.309
Share “Classic - Distribution” 256.19 187.87 207.54 15 637.396
Share “Classic USD - Capitalisation” 149.18 125.63 135.04 26 709.788
Share “I - Capitalisation” 155.10 121.18 141.71 5 906.478
Share “N - Capitalisation” 119.91 91.96 105.55 6 416.002
Share “Privilege - Capitalisation” 108.75 84.87 99.13 102 957.478
Europe Equity EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 1 498 742 896 1 331 838 176 1 469 359 756
Net asset value per share
Share “Classic - Capitalisation” 236.75 240.23 291.75 1 772 862.862
Share “Classic - Distribution” 142.40 138.53 164.15 505 568.628
Share “Classic CHF - Capitalisation” 145.04 146.43 170.37 58 714.325
Share “Classic CHF - Distribution” 120.85 116.81 132.66 1 374.318
Share “Classic USD - Capitalisation” 265.74 293.92 331.77 10 443.563
Share “I - Capitalisation” 277.11 284.06 348.51 922 274.577
Share “I Plus - Capitalisation” 110.23 113.50 139.89 471 895.000
Share “N - Capitalisation” 167.53 168.72 203.38 35 737.242
Share “Privilege - Capitalisation” 181.17 185.49 227.30 53 466.105
Share “Privilege - Distribution” 111.08 109.04 130.38 432 768.092
Share “X - Capitalisation” 194.51 200.58 247.58 1 587 295.666
Page 52
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Europe Growth EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 606 889 374 533 370 551 343 731 569
Net asset value per share
Share “Classic - Capitalisation” 52.64 54.83 65.00 445 702.240
Share “Classic - Distribution” 151.73 151.59 175.23 56 160.053
Share “Classic RH SGD - Capitalisation” 134.68 141.43 168.93 960.000
Share “Classic RH SGD MD - Distribution” 112.91 112.19 131.49 9 928.804
Share “Classic RH USD - Capitalisation” 135.27 142.64 170.33 1 710.502
Share “Classic RH USD MD - Distribution” 112.41 111.86 131.11 8 565.093
Share “Classic USD - Capitalisation” 59.09 67.09 73.91 22 995.519
Share “I - Capitalisation” 210.21 221.19 264.88 801 116.227
Share “N - Capitalisation” 76.11 78.69 92.59 7 083.029
Share “Privilege - Capitalisation” 184.20 193.62 231.57 27 947.027
Share “Privilege - Distribution” 133.47 134.57 156.97 455 364.812
Share “X - Capitalisation” 0 107.18 129.12 80 611.000
Share “X3 - Capitalisation” 0 0.01 0.01 1 000 000.000
Europe High Conviction Bond EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 0 0 320 614 658
Net asset value per share
Share “Classic - Capitalisation” 0 0 334.38 144 107.994
Share “Classic - Distribution” 0 0 98.61 10.000
Share “I - Capitalisation” 0 0 100.79 30 464.161
Share “I Plus - Capitalisation” 0 0 16 251.17 10 240.000
Share “Privilege - Capitalisation” 0 0 340.41 302 411.775
Europe Multi-Asset Income EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 0 201 000 901 127 241 674
Net asset value per share
Share “Classic - Capitalisation” 0 104.44 109.88 342 320.100
Share “Classic MD - Distribution” 0 75.51 75.97 778 251.414
Share “Classic RH AUD - Capitalisation” 0 113.16 119.73 370.123
Share “Classic RH AUD MD - Distribution” 0 74.79 75.30 101 939.826
Share “Classic RH CAD MD - Distribution” 0 73.11 73.41 20 161.741
Share “Classic RH CNH MD - Distribution” 0 75.04 75.86 26 887.304
Share “Classic RH HKD MD - Distribution” 0 74.76 74.94 215 628.228
Share “Classic RH SGD - Capitalisation” 0 113.10 119.98 2 977.487
Share “Classic RH SGD MD - Distribution” 0 76.59 77.21 77 395.009
Share “Classic RH USD - Capitalisation” 0 114.77 121.85 21 293.065
Share “Classic RH USD MD - Distribution” 0 76.29 76.89 221 969.257
Share “I - Capitalisation” 0 97.26 103.12 10.012
Share “I RH USD MD - Distribution” 0 78.74 80.03 10 237.973
Share “Privilege - Capitalisation” 0 107.57 0 0
Share “Privilege MD - Distribution” 0 84.20 85.43 1.000
Share “Privilege RH USD - Capitalisation” 0 118.04 126.06 300.000
Share “Privilege RH USD MD - Distribution” 0 84.71 85.92 3 400.570
Page 53
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Europe Real Estate Securities EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 418 035 100 316 290 451 323 447 924
Net asset value per share
Share “Classic - Capitalisation” 332.69 292.50 342.66 120 916.361
Share “Classic - Distribution” 176.43 147.37 166.97 204 668.142
Share “I - Capitalisation” 394.79 350.64 414.99 116 373.601
Share “N - Capitalisation” 300.58 262.30 304.99 4 203.123
Share “Privilege - Capitalisation” 197.13 174.96 206.81 13 476.504
Share “Privilege - Distribution” 173.86 146.56 167.57 53 973.997
Share “X - Capitalisation” 220.94 197.67 235.64 749 417.488
Share “X - Distribution” 106.84 90.84 104.75 93 929.623
Europe Small Cap EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 1 704 498 454 1 296 723 215 1 168 935 700
Net asset value per share
Share “Classic - Capitalisation” 255.14 250.17 288.51 1 299 813.698
Share “Classic - Distribution” 220.10 208.60 236.68 339 375.358
Share “Classic RH SGD - Capitalisation” 190.43 188.44 219.01 2 447.882
Share “Classic RH USD - Capitalisation” 142.13 141.60 164.57 52 739.964
Share “Classic USD - Capitalisation” 286.34 306.05 328.04 5 244.272
Share “I - Capitalisation” 287.81 285.52 333.14 1 739 375.959
Share “I - Distribution” 101.62 0 116.14 145.000
Share “N - Capitalisation” 233.47 227.22 260.08 39 807.743
Share “Privilege - Capitalisation” 222.94 220.82 257.21 187 579.079
Share “Privilege - Distribution” 206.30 197.51 226.37 35 728.334
Share “X - Capitalisation” 251.87 251.61 295.64 129 089.065
Share “X2 - Capitalisation” 0 0 117 078.32 169.000
Europe Small Cap Convertible EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 271 088 298 270 444 520 350 917 018
Net asset value per share
Share “Classic - Capitalisation” 170.99 181.75 191.33 929 316.700
Share “Classic - Distribution” 131.75 139.27 145.90 346 243.705
Share “I - Capitalisation” 187.67 201.10 213.45 412 629.425
Share “I - Distribution” 101.00 107.63 113.69 400.000
Share “IH EUR - Distribution” 98.69 105.72 0 0
Share “N - Capitalisation” 98.47 104.04 108.86 2 707.352
Share “N - Distribution” 155.55 163.44 170.20 57 206.649
Share “Privilege - Capitalisation” 147.23 157.50 166.90 101 969.660
Share “Privilege - Distribution” 133.46 141.99 149.73 49 589.034
Flexible Global Credit EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 119 751 893 66 612 352 35 555 180
Net asset value per share
Share “Classic - Capitalisation” 101.48 98.56 97.18 26 178.679
Share “Classic - Distribution” 100.05 96.66 95.31 5 645.436
Share “Classic RH USD - Capitalisation” 111.40 109.79 0 0
Share “Classic RH USD - Distribution” 107.96 105.56 0 0
Share “N - Capitalisation” 99.61 0 0 0
Share “Privilege - Capitalisation” 102.89 0 0 0
Share “X - Distribution” 104.28 101.43 100.66 322 606.180
Page 54
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Flexible Opportunities EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 22 744 576 19 331 307 8 710 095
Net asset value per share
Share “Classic - Capitalisation” 107.16 104.23 101.92 66 061.210
Share “Classic - Distribution” 107.15 104.23 101.91 6 335.632
Share “Classic RH CZK - Capitalisation” 1 083.14 1 056.00 1 043.24 10 764.445
Share “I - Capitalisation” 121.02 118.61 116.86 45.886
Share “I RH GBP - Capitalisation” 108.52 106.22 0 0
Share “N - Capitalisation” 106.70 103.01 99.97 8 745.217
Share “Privilege EUR - Capitalisation” 107.57 0 0 0
Share “X - Capitalisation” 107.91 0 0 0
Frontiers Equity USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 71 120 232 67 435 372 64 307 950
Net asset value per share
Share “Classic - Capitalisation” 120.28 111.80 105.16 7 114.241
Share “Classic - Distribution” 96.93 85.40 77.29 2 741.780
Share “N - Capitalisation” 107.08 98.79 92.23 571.859
Share “X - Capitalisation” 128.67 122.03 117.12 540 421.946
Germany Multi-Factor Equity EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 93 566 002 76 822 673 67 599 291
Net asset value per share
Share “Classic - Capitalisation” 292.94 279.27 310.68 181 500.671
Share “Classic - Distribution” 232.75 213.17 231.62 7 185.074
Share “Classic USD - Capitalisation” 120.10 124.81 129.07 387.345
Share “I - Capitalisation” 142.12 0 0 0
Share “N - Capitalisation” 84.21 79.68 87.97 40 103.470
Share “Privilege - Capitalisation” 171.43 164.91 185.11 32 279.410
Global Absolute Return Multi-Factor Bond EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 0 13 946 103 15 439 155
Net asset value per share
Share “Classic - Capitalisation” 0 97.89 90.54 10.000
Share “I - Capitalisation” 0 97.92 91.25 133 751.579
Share “X - Capitalisation” 0 97.95 91.40 35 375.000
Global Bond Opportunities EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 488 463 520 527 708 894 397 879 981
Net asset value per share
Share “Classic - Capitalisation” 374.52 387.25 377.56 338 567.232
Share “Classic - Distribution” 205.80 212.79 207.47 576 671.525
Share “Classic H USD - Capitalisation” 417.35 438.89 431.32 9 011.041
Share “I - Capitalisation” 406.39 422.91 415.01 101 475.731
Share “K - Capitalisation” 0 0 96.80 193 645.967
Share “N - Capitalisation” 126.49 130.14 126.25 46 091.492
Share “Privilege - Capitalisation” 128.03 132.98 130.23 12 689.599
Share “Privilege - Distribution” 99.75 103.60 101.47 4 744.915
Share “X - Capitalisation” 135.99 141.95 139.71 559 605.907
Page 55
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Global Convertible USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 638 271 924 843 864 221 1 215 154 444
Net asset value per share
Share “Classic - Capitalisation” 111.92 146.54 147.25 310 930.224
Share “Classic - Distribution” 106.43 138.62 138.63 34 639.172
Share “Classic MD - Distribution” 102.47 133.58 133.70 21 467.308
Share “Classic RH CHF - Capitalisation” 103.37 133.03 0 0
Share “Classic RH CZK - Capitalisation” 31.92 4 114.61 4 139.87 66 038.196
Share “Classic RH EUR - Capitalisation” 158.59 204.14 203.38 1 112 065.091
Share “Classic RH EUR - Distribution” 85.19 109.12 108.18 996 993.882
Share “Classic RH PLN - Distribution” 465.31 600.67 599.90 589.556
Share “I - Capitalisation” 176.33 232.76 235.84 1 673 500.837
Share “I RH EUR - Capitalisation” 178.12 230.96 231.96 1 147 944.449
Share “I RH NOK - Capitalisation” 150.97 195.73 196.91 28 123.916
Share “N - Capitalisation” 102.27 133.10 132.95 36 952.264
Share “N RH EUR - Capitalisation” 103.64 132.74 131.42 71 711.265
Share “N RH EUR - Distribution” 98.80 125.77 123.87 13 240.288
Share “Privilege - Capitalisation” 104.58 137.83 139.40 55 544.775
Share “Privilege RH EUR - Capitalisation” 117.72 152.43 152.71 163 425.849
Share “Privilege RH EUR - Distribution” 110.86 142.92 142.51 71 339.187
Share “X - Capitalisation” 0 133.71 136.30 43 730.488
Global Enhanced Bond 36M EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 0 0 11 149 242
Net asset value per share
Share “Classic - Capitalisation” 0 0 98.48 40 133.709
Share “Classic - Distribution” 0 0 98.48 5 998.521
Share “Classic RH CZK - Capitalisation” 0 0 99.40 1 002 663.919
Share “I - Capitalisation” 0 0 98.83 10 361.106
Share “N - Capitalisation” 0 0 98.29 3 108.476
Share “Privilege - Capitalisation” 0 0 98.71 6 161.787
Share “Privilege - Distribution” 0 0 98.71 6 707.623
Global Environment EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 1 179 492 659 2 257 852 218 4 090 082 676
Net asset value per share
Share “Classic - Capitalisation” 222.67 251.54 324.77 3 370 982.520
Share “Classic - Distribution” 168.05 184.89 234.75 686 300.638
Share “Classic H EUR - Capitalisation” 0 118.30 144.59 199 906.395
Share “Classic RH SGD MD - Distribution” 116.34 126.97 162.42 142 808.279
Share “Classic RH USD MD - Distribution” 116.73 128.00 163.63 273 625.631
Share “Classic SGD - Capitalisation” 107.28 129.87 158.95 127 305.644
Share “Classic USD - Capitalisation” 249.98 307.82 369.36 222 136.267
Share “I - Capitalisation” 251.18 287.08 375.02 1 306 987.862
Share “I GBP - Distribution” 105.24 0 0 0
Share “I Plus H JPY - Capitalisation” 0 10 985.00 13 705.00 6 900 757.877
Share “I Plus JPY - Capitalisation” 0 10 981.00 14 916.00 7 594 306.885
Share “I USD - Capitalisation” 109.65 136.60 165.84 671 267.727
Share “K - Capitalisation” 0 0 127.83 458 263.270
Share “N - Capitalisation” 205.13 230.00 294.74 105 827.027
Share “N - Distribution” 110.52 120.69 152.08 9 134.020
Share “Privilege - Capitalisation” 198.57 226.57 295.46 201 220.230
Share “Privilege - Distribution” 110.17 122.44 157.04 76 834.531
Share “Privilege GBP - Distribution” 105.62 124.06 149.15 856.650
Share “Privilege USD - Capitalisation” 108.90 135.51 164.22 10 720.113
Share “X - Capitalisation” 157.99 181.84 239.21 1 290 285.141
Share “X - Distribution” 111.12 124.58 119 381.01 143.399
Page 56
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Global High Yield Bond EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 130 290 370 113 049 979 103 110 844
Net asset value per share
Share “BH AUD MD - Distribution” 0 0 95.90 1 167.309
Share “BH USD MD - Distribution” 0 0 95.92 8 603.120
Share “Classic - Capitalisation” 106.96 108.06 110.13 96 243.906
Share “Classic - Distribution” 27.90 27.28 26.92 406 310.040
Share “Classic H AUD MD - Distribution” 80.94 75.33 71.29 52 037.581
Share “Classic H CZK - Capitalisation” 110.81 11 231.99 11 560.30 20 576.853
Share “Classic H USD - Capitalisation” 124.64 128.39 131.91 70 328.072
Share “Classic H USD - Distribution” 38.65 38.55 38.41 12 764.512
Share “Classic H USD MD - Distribution” 82.09 77.61 73.44 78 107.144
Share “Classic USD - Capitalisation” 117.62 129.51 0 0
Share “Classic USD MD - Distribution” 64.96 67.27 59.13 259 361.794
Share “I - Capitalisation” 120.00 122.26 125.66 132 526.290
Share “IH USD - Capitalisation” 201.44 208.27 215.87 300.000
Share “K - Capitalisation” 0 0 101.06 122 610.438
Share “N - Capitalisation” 103.69 104.23 105.71 169.403
Share “N - Distribution” 85.58 83.25 81.76 11 191.325
Share “Privilege - Capitalisation” 121.89 124.00 127.27 1 189.532
Share “Privilege - Distribution” 89.03 87.67 87.14 132 253.627
Share “X - Capitalisation” 123.75 0 0 0
Global Inflation-Linked Bond EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 158 951 605 157 537 622 580 181 494
Net asset value per share
Share “Classic - Capitalisation” 150.34 161.36 167.22 575 598.236
Share “Classic - Distribution” 137.01 147.06 152.41 103 624.548
Share “I - Capitalisation” 162.83 175.92 183.50 241 976.116
Share “I Plus - Capitalisation” 103.61 112.08 0 0
Share “N - Capitalisation” 140.88 150.45 155.14 92 662.364
Share “Privilege - Capitalisation” 126.83 136.73 142.35 4 348.548
Share “Privilege - Distribution” 109.51 118.08 122.93 2 274.409
Share “UI10 H SGD - Capitalisation” 0 0 189.67 3 301 596.684
Global Low Vol Equity EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 778 123 045 607 901 964 905 742 213
Net asset value per share
Share “B USD - Capitalisation” 0 0 110.81 413.909
Share “B USD MD - Distribution” 0 0 109.61 10.000
Share “Classic - Capitalisation” 95.97 90.39 114.79 2 376 274.128
Share “Classic - Distribution” 90.21 82.78 103.35 368 434.962
Share “Classic CZK - Capitalisation” 156.30 15 219.88 18 288.61 26 288.128
Share “Classic H CZK - Capitalisation” 1 046.29 1 033.93 1 246.19 10 536.606
Share “Classic H EUR - Capitalisation” 0 109.24 130.61 33 797.128
Share “Classic USD - Capitalisation” 647.50 664.78 784.64 62 527.767
Share “Classic USD - Distribution” 408.10 407.87 473.16 2 188.819
Share “Classic USD MD - Distribution” 121.44 120.73 140.33 6 405.961
Share “I - Capitalisation” 661.30 629.24 807.27 549 110.800
Share “K - Capitalisation” 0 0 126.55 56 869.269
Share “N - Capitalisation” 279.34 261.14 329.15 24 613.432
Share “Privilege - Capitalisation” 231.67 220.18 282.13 43 851.319
Share “X - Capitalisation” 126.88 121.46 156.77 5 843.033
Share “X2 - Capitalisation” 0 0 128 195.72 420.000
Page 57
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Global Real Estate Securities EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 95 935 013 115 943 464 0
Net asset value per share
Share “Classic - Capitalisation” 59.16 52.66 0 0
Share “Classic - Distribution” 34.22 29.06 0 0
Share “Classic USD - Capitalisation” 160.05 0 0 0
Share “N - Capitalisation” 151.46 133.80 0 0
Share “Privilege - Capitalisation” 170.12 152.79 0 0
Share “X - Capitalisation” 164.28 148.60 0 0
Green Bond EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 433 824 352 1 079 446 102 1 096 405 657
Net asset value per share
Share “Classic - Capitalisation” 101.41 104.99 101.06 3 044 125.102
Share “Classic - Distribution” 98.31 101.49 97.19 434 187.379
Share “I - Capitalisation” 102.57 106.72 103.25 3 615 227.131
Share “K - Capitalisation” 0 0 95.52 483 696.964
Share “N - Capitalisation” 100.42 103.44 99.07 60 802.043
Share “Privilege - Capitalisation” 101.94 105.82 102.12 410 697.334
Share “Privilege - Distribution” 98.80 102.25 98.17 233 841.200
Share “X - Capitalisation” 103.10 107.51 104.24 615 458.901
Share “X - Distribution” 100.92 104.93 101.22 1 896 923.109
Share “XH AUD QD - Distribution” 0 0 98 974.78 0.250
Green Tigers USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 343 579 043 873 152 023 1 974 811 613
Net asset value per share
Share “Classic - Capitalisation” 110.11 148.51 158.76 56 800.489
Share “Classic - Distribution” 102.41 134.04 140.62 1 017.000
Share “Classic EUR - Capitalisation” 215.48 266.51 306.55 2 514 837.003
Share “Classic EUR - Distribution” 169.13 203.24 229.41 178 777.124
Share “Classic H EUR - Capitalisation” 0 0 102.20 3 107.000
Share “Classic RH CNH - Capitalisation” 0 0 989.58 100.009
Share “Classic RH SGD - Capitalisation” 0 0 102.35 100.000
Share “Classic RH SGD MD - Distribution” 0 0 100.60 100.000
Share “I - Capitalisation” 175.74 239.60 259.05 570 777.690
Share “I EUR - Capitalisation” 0 0 106.24 93 001.352
Share “N - Capitalisation” 140.60 188.15 199.64 22 872.357
Share “Privilege - Capitalisation” 0 119.00 128.50 104 667.104
Share “Privilege - Distribution” 0 0 98.34 282 699.328
Share “Privilege EUR - Capitalisation” 154.69 193.26 224.52 766 670.394
Share “Privilege EUR - Distribution” 133.42 161.95 184.64 127 862.225
Share “Privilege RH EUR - Capitalisation” 0 0 101.99 8 131.961
Share “Privilege RH EUR - Distribution” 0 0 100.07 4 276.384
Share “U2 - Capitalisation” 0 0 104.19 81 763.426
Share “U2 - Distribution” 0 0 103.01 3 950.000
Share “U2 RH GBP - Distribution” 0 0 100.73 6 000.000
Share “U2 RH SGD - Capitalisation” 0 0 104.79 6 910.888
Share “U2 RH SGD - Distribution” 0 0 104.17 4 000.000
Share “X - Capitalisation” 11 016.94 15 133.71 16 484.82 36 543.522
Share “X - Distribution” 112.71 0 0 0
Page 58
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Harmony EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 84 987 644 178 434 561 210 701 320
Net asset value per share
Share “Classic - Capitalisation” 104.86 103.77 104.24 406 824.453
Share “Classic - Distribution” 103.37 95.56 95.99 78 960.917
Share “I - Capitalisation” 113.35 112.90 114.15 104 476.916
Share “K - Capitalisation” 0 0 100.20 279 100.726
Share “U3 - Capitalisation” 0 97.95 98.74 1 223 681.560
Health Care Innovators EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 453 838 633 719 846 717 1 324 608 618
Net asset value per share
Share “Classic - Capitalisation” 1 164.73 1 275.14 1 515.25 539 833.130
Share “Classic - Distribution” 791.11 851.92 996.48 121 714.592
Share “Classic H EUR - Capitalisation” 0 106.41 118.10 157 957.477
Share “Classic USD - Capitalisation” 262.19 312.89 345.57 64 924.908
Share “I - Capitalisation” 1 316.11 1 455.67 1 747.53 49 527.425
Share “K - Capitalisation” 0 0 115.53 206 941.794
Share “N - Capitalisation” 312.32 339.36 400.26 29 621.463
Share “Privilege - Capitalisation” 243.04 268.51 321.96 90 147.953
Share “Privilege - Distribution” 184.26 200.23 236.34 9 504.364
Share “X - Capitalisation” 0 104.32 125.99 1 534 819.485
Inclusive Growth EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 255 975 521 287 426 752 445 801 006
Net asset value per share
Share “Classic - Capitalisation” 111.53 113.51 142.06 458 789.475
Share “Classic - Distribution” 115.01 114.24 140.52 77 155.291
Share “Classic H EUR - Capitalisation” 0 0 109.46 107 261.445
Share “Classic USD - Capitalisation” 0 0 104.51 10.000
Share “I - Capitalisation” 116.81 120.09 151.84 870 341.171
Share “N - Capitalisation” 117.70 118.88 147.67 954.301
Share “Privilege - Capitalisation” 110.38 113.35 143.15 469.246
Share “Privilege - Distribution” 115.60 0 0 0
Share “Privilege H EUR - Capitalisation” 0 0 104.06 300.000
Share “X - Capitalisation” 120.78 124.92 158.90 1 420 035.497
India Equity USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 390 743 252 349 508 007 260 076 827
Net asset value per share
Share “Classic - Capitalisation” 140.74 154.35 177.89 401 373.976
Share “Classic - Distribution” 120.83 130.40 148.96 49 658.310
Share “Classic EUR - Capitalisation” 148.37 149.28 185.12 131 127.233
Share “Classic EUR - Distribution” 107.69 106.67 131.12 33 034.461
Share “I - Capitalisation” 267.68 296.86 346.00 343 393.227
Share “N - Capitalisation” 48.94 53.26 60.94 167 023.905
Share “Privilege - Capitalisation” 137.71 152.55 177.59 72 517.674
Share “Privilege - Distribution” 153.35 0 0 0
Share “Privilege EUR - Capitalisation” 101.85 103.52 129.65 46 666.974
Page 59
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Japan Equity JPY JPY JPY Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 34 802 866 582 19 553 292 553 18 901 325 856
Net asset value per share
Share “Classic - Capitalisation” 5 196.00 5 635.00 6 318.25 725 419.590
Share “Classic - Distribution” 3 685.00 3 884.00 4 268.72 178 591.882
Share “Classic EUR - Capitalisation” 42.59 44.60 48.24 126 378.775
Share “Classic H EUR - Capitalisation” 86.10 92.25 102.65 238 584.168
Share “Classic H USD - Capitalisation” 123.58 134.30 150.73 2 676.995
Share “Classic USD - Capitalisation” 47.81 54.58 54.87 61 367.682
Share “I - Capitalisation” 4 267.00 4 675.00 5 295.39 369 099.048
Share “IH USD - Capitalisation” 140.00 153.54 174.10 300.000
Share “N - Capitalisation” 4 464.00 4 805.00 5 347.62 45 008.886
Share “NH EUR - Distribution” 100.26 103.82 0 0
Share “Privilege - Capitalisation” 115 254.00 126 125.00 142 701.69 3 288.714
Share “Privilege - Distribution” 14 782.00 15 723.00 17 435.32 5 837.752
Share “Privilege H EUR - Capitalisation” 121.23 131.20 147.37 21 771.744
Share “X - Capitalisation” 7 080.00 7 813.00 8 914.72 664 455.680
Japan Small Cap JPY JPY JPY Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 126 778 683 995 134 823 419 310 123 386 423 048
Net asset value per share
Share “Classic - Capitalisation” 11 832.00 13 399.00 15 413.28 190 133.591
Share “Classic - Distribution” 8 507.00 9 410.00 10 607.67 31 600.576
Share “Classic EUR - Capitalisation” 96.99 106.06 117.68 372 244.292
Share “Classic H EUR - Capitalisation” 162.96 182.88 208.71 270 602.909
Share “Classic H USD - Capitalisation” 198.94 226.73 260.81 98 840.767
Share “I - Capitalisation” 14 046.00 16 093.00 18 729.91 4 595 477.166
Share “IH USD - Capitalisation” 155.88 179.20 208.63 20 573.059
Share “N - Capitalisation” 10 187.00 11 451.00 13 073.51 22 307.984
Share “NH EUR - Distribution” 107.63 117.04 0 0
Share “Privilege - Capitalisation” 312 276.00 357 189.00 415 008.67 23 110.166
Share “Privilege EUR - Capitalisation” 110.54 122.09 136.84 131 226.923
Share “Privilege H EUR - Capitalisation” 177.95 201.69 232.58 150 482.740
Share “Privilege H USD - Capitalisation” 129.50 148.50 172.61 31 732.035
Share “X - Capitalisation” 16 307.00 18 843.00 22 117.80 190.000
Latin America Equity USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 81 327 029 58 765 818 41 785 543
Net asset value per share
Share “Classic - Capitalisation” 615.13 510.32 441.77 60 244.543
Share “Classic - Distribution” 365.37 287.76 241.33 12 613.215
Share “Classic EUR - Capitalisation” 547.98 417.07 388.44 7 102.443
Share “I - Capitalisation” 40.08 33.62 29.43 2 179.450
Share “N - Capitalisation” 534.98 440.50 378.46 3 533.146
Share “Privilege - Capitalisation” 35.64 29.87 26.11 290 598.018
Page 60
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Local Emerging Bond USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 502 826 629 478 716 262 284 513 677
Net asset value per share
Share “B MD - Distribution” 0 0 88.21 10.000
Share “Classic - Capitalisation” 137.67 139.13 124.39 153 198.417
Share “Classic - Distribution” 59.82 56.82 48.66 458 480.819
Share “Classic EUR - Capitalisation” 107.17 99.37 95.58 50 895.520
Share “Classic EUR - Distribution” 62.20 54.28 50.06 544 580.750
Share “Classic MD - Distribution” 46.82 43.26 34.92 467 712.738
Share “Classic RH EUR - Capitalisation” 84.29 83.61 73.91 20 057.466
Share “Classic RH EUR - Distribution” 46.86 43.59 36.87 32 733.501
Share “I - Capitalisation” 159.30 162.60 146.82 884 930.984
Share “I RH EUR - Capitalisation” 105.26 105.20 93.93 419 430.241
Share “N - Capitalisation” 87.07 87.56 77.89 98 160.626
Share “Privilege - Capitalisation” 82.84 84.39 76.05 27 116.676
Share “Privilege - Distribution” 56.19 53.79 46.44 12 714.717
Share “Privilege EUR - Capitalisation” 106.37 99.42 96.45 333.680
Share “Privilege RH EUR - Capitalisation” 85.34 85.23 75.88 9 981.686
Share “X - Capitalisation” 93.65 102 086.84 92 737.83 13.949
Multi-Asset Income EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 842 828 119 593 523 355 374 607 707
Net asset value per share
Share “Classic - Capitalisation” 107.75 96.02 101.17 1 142 560.243
Share “Classic - Distribution” 88.21 74.65 75.57 1 694 239.263
Share “Classic MD - Distribution” 87.78 74.60 76.02 157 290.524
Share “Classic RH AUD MD - Distribution” 91.29 75.54 0 0
Share “Classic RH CNH MD - Distribution” 95.85 80.68 0 0
Share “Classic RH HKD MD - Distribution” 92.97 78.36 0 0
Share “Classic RH SGD MD - Distribution” 93.58 78.19 0 0
Share “Classic RH USD - Capitalisation” 108.94 98.79 0 0
Share “Classic RH USD - Distribution” 93.11 77.92 0 0
Share “Classic RH USD MD - Distribution” 93.30 78.53 80.10 5 300.000
Share “I - Capitalisation” 112.08 100.54 106.64 111 930.673
Share “K - Capitalisation” 0 0 104.44 16 292.373
Share “N - Capitalisation” 103.66 91.68 95.88 105 443.481
Share “Privilege - Capitalisation” 112.48 101.02 107.27 19 794.656
Share “Privilege - Distribution” 43.33 36.96 37.71 2 460 084.122
Share “X - Capitalisation” 102.99 92.90 0 0
Share “X - Distribution” 96.66 82.82 0 0
Multi-Asset Thematic EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 0 0 217 781 977
Net asset value per share
Share “Classic - Capitalisation” 0 0 105.40 1 724 251.302
Share “Classic - Distribution” 0 0 102.49 90 931.308
Share “Classic MD - Distribution” 0 0 98.61 10.000
Share “Classic RH AUD MD - Distribution” 0 0 98.76 100.000
Share “Classic RH CAD MD - Distribution” 0 0 98.63 100.000
Share “Classic RH CZK - Capitalisation” 0 0 1 004.92 18 029.825
Share “Classic RH HKD MD - Distribution” 0 0 98.70 100.000
Share “Classic RH SGD - Capitalisation” 0 0 99.08 100.000
Share “Classic RH SGD MD - Distribution” 0 0 98.65 100.000
Share “Classic RH USD - Capitalisation” 0 0 99.03 100.000
Share “Classic RH USD MD - Distribution” 0 0 98.71 100.000
Share “I - Capitalisation” 0 0 105.96 226 745.988
Share “N - Capitalisation” 0 0 101.54 18 898.196
Share “Privilege RH USD MD - Distribution” 0 0 98.94 100.000
Page 61
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Nordic Small Cap EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 180 812 565 239 568 063 316 107 919
Net asset value per share
Share “Classic - Capitalisation” 407.56 585.72 666.93 199 205.825
Share “Classic - Distribution” 367.05 511.63 574.05 50 910.232
Share “Classic H NOK - Distribution” 1 340.09 1 798.83 2 036.43 332 331.224
Share “I - Capitalisation” 47.51 69.08 79.58 551 761.972
Share “N - Capitalisation” 198.81 283.55 320.47 19 804.617
Share “Privilege - Capitalisation” 220.61 320.21 368.27 98 515.653
Pacific Real Estate Securities EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 16 003 115 11 159 938 0
Net asset value per share
Share “Classic - Capitalisation” 138.17 116.64 0 0
Share “Classic - Distribution” 93.96 75.92 0 0
Share “Classic USD - Capitalisation” 148.14 136.35 0 0
Share “Classic USD - Distribution” 105.20 92.52 0 0
Share “I - Capitalisation” 162.54 138.62 0 0
Share “N - Capitalisation” 140.92 118.07 0 0
Share “Privilege - Capitalisation” 144.92 123.44 0 0
Share “Privilege - Distribution” 123.83 100.97 0 0
Premia Opportunities EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 44 605 406 42 631 570 11 930 079
Net asset value per share
Share “Classic - Capitalisation” 108.80 101.62 103.47 110 158.302
Share “Classic - Distribution” 101.51 90.99 92.65 5 736.630
Share “I - Capitalisation” 111 299.00 0 0 0
Share “Privilege - Capitalisation” 111.14 0 0 0
Share “X - Capitalisation” 102.39 96.91 0 0
RMB Bond USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 81 218 108 241 064 263 293 081 790
Net asset value per share
Share “Classic - Capitalisation” 180.00 195.39 210.12 159 214.817
Share “Classic - Distribution” 96.28 101.29 105.50 17 740.349
Share “Classic H EUR - Capitalisation” 0 0 99.88 300.000
Share “I - Capitalisation” 190.83 100.79 109.26 504 541.939
Share “I CNH - Capitalisation” 0 0 1 005.91 10.000
Share “I EUR - Capitalisation” 0 0 99.94 10.000
Share “I RH EUR - Capitalisation” 0 0 103.92 100.000
Share “IH EUR - Capitalisation” 0 0 99.94 300.000
Share “N - Capitalisation” 102.71 0 0 0
Share “NH EUR - Capitalisation” 0 0 99.84 300.000
Share “Privilege - Capitalisation” 104.95 0 103.54 20 590.305
Share “Privilege - Distribution” 97.59 0 107.46 6 113.753
Share “Privilege RH EUR - Capitalisation” 0 0 102.97 168 798.027
Share “X - Capitalisation” 1 069.00 1 174.39 1 278.17 140 793.698
Page 62
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Russia Equity EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 1 464 097 484 872 635 898 713 679 959
Net asset value per share
Share “B USD - Capitalisation” 0 0 106.56 26 473.424
Share “B USD MD - Distribution” 0 0 103.26 2 225.739
Share “Classic - Capitalisation” 162.55 147.00 174.55 796 720.223
Share “Classic - Distribution” 106.58 87.71 98.30 328 581.627
Share “Classic RH ZAR MD - Distribution” 1 142.55 909.23 1 056.65 162 779.407
Share “Classic USD - Capitalisation” 122.31 120.56 133.06 1 445 408.215
Share “Classic USD - Distribution” 89.80 80.31 83.55 9 391.607
Share “Classic USD MD - Distribution” 130.75 120.37 127.63 82 228.245
Share “I - Capitalisation” 186.87 170.89 205.21 1 568 174.027
Share “I - Distribution” 167.70 139.63 158.27 15 354.649
Share “I GBP - Capitalisation” 128.18 0 0 0
Share “I USD - Distribution” 0 117.68 0 0
Share “N - Capitalisation” 357.04 320.47 377.70 36 012.972
Share “Privilege - Capitalisation” 173.31 158.30 189.86 67 276.855
Share “Privilege - Distribution” 128.41 106.77 120.88 1 854.002
Share “Privilege GBP - Distribution” 127.98 112.77 119.44 1 970.982
Share “X - Capitalisation” 111.20 102.45 123.97 45.125
Seasons EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 116 511 247 166 717 890 486 425 752
Net asset value per share
Share “Classic - Capitalisation” 107.39 118.16 141.88 2 717 293.390
Share “K - Capitalisation” 0 165.16 196.78 512 769.714
Page 63
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
SMaRT Food EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 772 382 629 924 515 189 1 724 156 722
Net asset value per share
Share “Classic - Capitalisation” 116.61 119.41 141.87 3 808 947.534
Share “Classic - Distribution” 107.08 106.62 124.57 251 625.265
Share “Classic H EUR - Capitalisation” 0 115.70 131.79 308 051.475
Share “Classic RH USD - Capitalisation” 119.31 126.31 151.07 94 194.249
Share “Classic RH USD MD - Distribution” 100.94 99.96 117.27 26 760.088
Share “Classic SGD - Capitalisation” 108.05 0 99.90 2 688.000
Share “Classic USD - Capitalisation” 105.48 117.74 129.99 73 964.925
Share “I - Capitalisation” 123.08 127.51 153.28 3 581 975.477
Share “N - Capitalisation” 113.67 115.54 136.24 115 107.875
Share “Privilege - Capitalisation” 122.33 126.53 151.98 480 164.875
Share “Privilege - Distribution” 113.71 114.37 135.12 69 849.242
Share “Privilege GBP - Capitalisation” 109.16 0 100.07 1 020.000
Share “Privilege H EUR - Capitalisation” 0 0 102.16 300.000
Share “Privilege H USD - Capitalisation” 0 110.89 128.59 27 370.537
Share “U - Capitalisation” 0 102.99 122.97 385 713.182
Share “U - Distribution” 0 103.01 120.96 22 487.035
Share “U RH CHF - Capitalisation” 0 103.24 123.04 37 945.703
Share “U RH CHF - Distribution” 0 102.64 120.19 4 650.000
Share “U RH GBP - Capitalisation” 0 102.27 122.70 505.703
Share “U RH GBP - Distribution” 0 102.92 121.69 100.000
Share “U RH USD - Capitalisation” 0 104.30 125.34 341 088.248
Share “U RH USD - Distribution” 0 104.64 123.62 300.000
Share “U11 H EUR - Capitalisation” 0 0 99.55 7 618.520
Share “UP - Capitalisation” 0 103.82 125.02 666 759.411
Share “UP - Distribution” 0 103.82 122.96 42 074.845
Share “UP RH CHF - Capitalisation” 0 103.47 124.31 374 412.586
Share “UP RH CHF - Distribution” 0 103.95 122.82 35 798.726
Share “UP RH GBP - Capitalisation” 0 102.79 124.36 171 398.772
Share “UP RH GBP - Distribution” 0 103.62 123.42 39 213.423
Share “UP RH USD - Capitalisation” 0 104.92 127.12 1 069 423.610
Share “UP RH USD - Distribution” 0 104.70 124.83 28 993.337
Share “X - Capitalisation” 127.18 132.70 160.63 325 801.021
Share “X - Distribution” 107.84 0 0 0
Social Bond EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 0 0 127 688 877
Net asset value per share
Share “Classic - Capitalisation” 0 0 99.84 10.000
Share “Classic - Distribution” 0 0 99.84 10.000
Share “I - Capitalisation” 0 0 99.69 281 547.524
Share “I - Distribution” 0 0 99.69 30 000.000
Share “N - Capitalisation” 0 0 99.79 10.000
Share “Privilege - Capitalisation” 0 0 99.85 10.000
Share “Privilege - Distribution” 0 0 99.85 10.000
Share “X - Capitalisation” 0 0 99 715.43 969.000
Page 64
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Sustainable Enhanced Bond 12M EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 1 998 327 236 2 100 163 570 3 908 687 053
Net asset value per share
Share “Classic - Capitalisation” 101.43 101.53 100.96 887 020.255
Share “Classic - Distribution” 98.33 98.42 97.88 39 351.950
Share “I - Capitalisation” 103 139.25 103 582.34 103 354.78 18 102.916
Share “I Plus - Capitalisation” 0 0 99.70 0.900
Share “I Plus H USD - Capitalisation” 0 0 100.05 300.000
Share “IH CHF - Capitalisation” 0 0 100.02 250 200.040
Share “Privilege - Capitalisation” 101.79 102.04 101.62 1 982 974.663
Share “Privilege - Distribution” 99.02 99.26 98.85 532 176.373
Share “U3 - Capitalisation” 0 100.46 100.17 502.329
Share “X - Capitalisation” 104.54 105.10 104.97 5 149 123.900
Share “X - Distribution” 1 002.85 1 008.17 1 006.97 1 117 598.759
Sustainable Euro Bond EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 688 531 552 704 652 210 857 230 282
Net asset value per share
Share “Classic - Capitalisation” 152.52 155.82 150.52 601 058.366
Share “Classic - Distribution” 116.42 118.64 114.60 92 179.779
Share “Classic H USD - Capitalisation” 99.79 103.37 100.50 100.000
Share “I - Capitalisation” 166.98 171.71 166.94 1 470 493.784
Share “IH GBP - Distribution” 99.81 103.27 101.03 4 129.339
Share “IH USD - Capitalisation” 99.89 104.06 101.97 10 585.613
Share “N - Capitalisation” 115.33 117.25 112.69 42 372.078
Share “Privilege - Capitalisation” 119.31 122.45 118.82 165 693.091
Share “Privilege - Distribution” 113.13 115.81 112.37 44 089.679
Share “Privilege H GBP - Distribution” 99.78 103.03 100.55 100.000
Share “Privilege H USD - Capitalisation” 99.85 103.93 101.47 384.777
Share “X - Capitalisation” 129.11 133.16 129.85 3 694 972.050
Sustainable Euro Corporate Bond EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 1 501 791 517 1 778 230 496 2 065 953 311
Net asset value per share
Share “Classic - Capitalisation” 152.74 153.49 30.15 3 017 180.083
Share “Classic - Distribution” 111.28 111.11 54.56 999 223.878
Share “Classic H CHF - Capitalisation” 104.08 104.40 102.27 986.000
Share “I - Capitalisation” 164.88 166.77 164.85 2 826 486.586
Share “N - Capitalisation” 143.65 143.64 140.35 44 594.666
Share “Privilege - Capitalisation” 121.76 123.08 121.58 1 266 118.272
Share “Privilege - Distribution” 107.03 107.49 106.18 196 945.193
Share “X - Capitalisation” 143.85 145.94 144.69 5 592 552.075
Share “X - Distribution” 102.10 102.92 102.04 4 549 065.849
Sustainable Euro Low Vol Equity EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 0 0 79 268 351
Net asset value per share
Share “Classic - Capitalisation” 0 0 130.48 379 483.131
Share “I - Capitalisation” 0 0 138.36 980.093
Share “Privilege - Capitalisation” 0 0 131.87 25 840.343
Share “X2 - Capitalisation” 0 0 106 118.20 247.000
Page 65
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Sustainable Euro Multi-Factor
Corporate Bond EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 206 169 153 263 047 426 315 192 507
Net asset value per share
Share “Classic - Capitalisation” 104.53 106.92 105.27 323 787.476
Share “Classic - Distribution” 103.20 104.86 103.25 26 076.700
Share “I - Capitalisation” 104.93 107.80 106.48 645 991.866
Share “K - Capitalisation” 0 0 97.99 114 650.453
Share “N - Capitalisation” 104.49 0 98.42 235.090
Share “Privilege - Capitalisation” 105.16 0 0 0
Share “Privilege - Distribution” 103.80 0 0 0
Share “Privilege H CZK - Capitalisation” 0 0 996.47 16 006.470
Share “X - Capitalisation” 104.92 107.80 106.62 1 854 520.033
Sustainable Euro Multi-Factor Equity EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 188 698 358 183 629 374 110 208 590
Net asset value per share
Share “Classic - Capitalisation” 103.65 92.96 116.64 763.132
Share “I - Capitalisation” 104.52 94.54 119.67 408 756.270
Share “X - Capitalisation” 104 595.55 94 846.58 120 356.74 508.514
Sustainable Europe Multi-Factor Equity EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 821 430 863 391 839 370 368 118 766
Net asset value per share
Share “Classic - Capitalisation” 137.22 124.07 157.83 241 028.024
Share “Classic - Distribution” 108.73 93.93 116.66 31 315.762
Share “I - Capitalisation” 139.00 126.76 162.66 1 538 520.716
Share “K - Capitalisation” 0 0 124.92 33 203.696
Share “N - Capitalisation” 106.89 95.44 119.89 5 025.227
Share “Privilege - Capitalisation” 111.91 101.84 130.40 46 278.707
Share “Privilege - Distribution” 107.50 93.49 116.86 2 238.822
Share “X - Capitalisation” 116.80 106.79 137.38 474 038.529
Sustainable Europe Value EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 370 744 763 292 749 229 515 822 394
Net asset value per share
Share “Classic - Capitalisation” 169.18 144.93 182.95 2 137 908.831
Share “Classic - Distribution” 100.46 80.75 99.53 22 549.558
Share “I - Capitalisation” 199.95 173.04 220.67 195 309.182
Share “N - Capitalisation” 150.14 127.66 159.94 6 247.248
Share “Privilege - Capitalisation” 149.62 129.33 164.74 417 812.765
Share “Privilege - Distribution” 102.02 82.77 102.95 460.288
Share “X - Capitalisation” 0 0 123.60 76 707.865
Page 66
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Sustainable Global Corporate Bond USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 346 198 383 538 920 125 481 663 417
Net asset value per share
Share “B MD - Distribution” 0 0 97.05 10.000
Share “Classic - Capitalisation” 179.97 189.72 186.55 303 740.226
Share “Classic - Distribution” 118.08 120.82 116.81 48 623.119
Share “Classic H EUR - Capitalisation” 115.10 119.46 116.42 218 173.211
Share “Classic MD - Distribution” 0 0 98.97 16.009
Share “I - Capitalisation” 192.39 204.14 202.04 51 147.201
Share “IH EUR - Capitalisation” 117.76 122.93 120.64 1 264 497.674
Share “IH NOK - Capitalisation” 107.21 111.39 110.24 300.000
Share “K EUR - Capitalisation” 0 0 105.62 394 794.998
Share “N - Capitalisation” 170.17 178.50 174.64 14 532.354
Share “NH EUR - Distribution” 99.85 99.97 95.27 3 710.031
Share “Privilege - Capitalisation” 110.29 116.80 115.36 68 780.692
Share “Privilege - Distribution” 109.21 112.25 109.02 60 076.053
Share “Privilege EUR - Capitalisation” 114.95 111.70 118.71 74 108.205
Share “Privilege H CHF - Capitalisation” 0 0 99.18 300.000
Share “Privilege H EUR - Capitalisation” 115.62 120.35 117.91 36 981.141
Share “X - Capitalisation” 112.21 119.41 99 753.47 15.000
Share “X - Distribution” 104.98 108.44 105.85 1 183 614.843
Sustainable Global Equity USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 536 714 015 528 952 963 475 194 598
Net asset value per share
Share “B - Capitalisation” 0 0 95.60 10.000
Share “Classic - Capitalisation” 134.76 158.43 163.47 1 239 543.676
Share “Classic - Distribution” 111.73 128.01 129.81 304 256.847
Share “Classic EUR - Capitalisation” 156.31 168.59 187.16 401 859.509
Share “Classic EUR - Distribution” 145.66 153.21 167.22 136 917.765
Share “Classic RH NOK - Capitalisation” 138.66 156.08 159.62 135 858.302
Share “I - Capitalisation” 142.21 168.89 176.05 273 966.277
Share “I GBP - Capitalisation” 109.62 0 0 0
Share “K EUR - Capitalisation” 0 0 109.13 152 841.792
Share “Life EUR - Capitalisation” 153.51 167.75 188.68 47 485.846
Share “N - Capitalisation” 131.77 153.76 157.46 48 809.749
Share “Privilege - Capitalisation” 140.71 166.92 173.78 96 640.986
Share “X - Capitalisation” 145.01 173.27 181.70 94 525.699
Sustainable Global Multi-Factor
Corporate Bond USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 0 0 59 004 192
Net asset value per share
Share “Classic - Capitalisation” 0 0 100.12 10.000
Share “Classic - Distribution” 0 0 100.12 10.000
Share “I - Capitalisation” 0 0 100.24 10.000
Share “IH EUR - Capitalisation” 0 0 99.75 300.000
Share “N - Capitalisation” 0 0 100.04 10.000
Share “Privilege - Capitalisation” 0 0 100.18 10.000
Share “Privilege - Distribution” 0 0 100.18 10.000
Share “X - Capitalisation” 0 0 99 939.24 590.000
Page 67
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Sustainable Global Multi-Factor Equity USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 21 854 765 10 071 369 13 965 933
Net asset value per share
Share “Classic - Capitalisation” 140.99 148.51 186.04 10.000
Share “Classic - Distribution” 127.40 0 0 0
Share “Classic RH EUR - Capitalisation” 103.50 106.44 132.08 28 800.618
Share “I - Capitalisation” 149.56 0 0 0
Share “Privilege - Capitalisation” 146.49 0 0 0
Share “Privilege - Distribution” 125.74 0 0 0
Share “X - Capitalisation” 156.63 166.73 211.12 45 652.852
Sustainable Japan Multi-Factor Equity JPY JPY JPY Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 2 463 334 207 1 846 251 202 1 976 627 843
Net asset value per share
Share “Classic - Capitalisation” 1 404.00 1 391.00 1 598.97 40 577.973
Share “Classic EUR - Capitalisation” 124.87 119.45 132.46 110 207.477
Share “X - Capitalisation” 9 481.00 0 0 0
Sustainable Multi-Asset Balanced EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 714 870 533 846 361 979 1 217 975 721
Net asset value per share
Share “Classic - Capitalisation” 220.07 229.96 252.70 2 715 710.758
Share “Classic - Distribution” 124.53 128.34 139.87 114 600.437
Share “Classic RH AUD MD - Distribution” 0 0 109.04 600.000
Share “Classic RH CAD MD - Distribution” 0 0 107.05 600.000
Share “Classic RH HKD MD - Distribution” 0 0 105.46 600.000
Share “Classic RH SGD - Capitalisation” 0 0 100.76 100.000
Share “Classic RH SGD MD - Distribution” 0 0 106.84 2 004.449
Share “Classic RH USD - Capitalisation” 110.93 117.31 129.73 79 383.491
Share “Classic RH USD - Distribution” 111.00 115.65 126.86 56 595.422
Share “Classic RH USD MD - Distribution” 0 107.43 115.01 116.272
Share “Classic Solidarity BE - Capitalisation” 106.61 111.40 122.43 1 039 349.115
Share “Classic Solidarity BE - Distribution” 104.93 108.14 117.85 988 339.534
Share “I - Capitalisation” 263.01 277.64 308.22 266 209.654
Share “K - Capitalisation” 0 0 108.25 990 733.542
Share “N - Capitalisation” 112.60 116.78 127.38 252 632.735
Share “Privilege - Capitalisation” 105.85 111.50 123.51 54 127.813
Share “Privilege - Distribution” 118.21 122.79 134.91 208 825.494
Share “Privilege Solidarity BE - Capitalisation” 109.01 114.83 0 0
Sustainable Multi-Asset Growth EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 385 360 757 502 206 071 737 027 273
Net asset value per share
Share “Classic - Capitalisation” 244.13 260.08 304.09 1 292 136.366
Share “Classic - Distribution” 139.13 145.25 167.67 32 076.466
Share “Classic RH SGD - Capitalisation” 0 0 101.61 100.000
Share “Classic RH SGD MD - Distribution” 0 0 112.17 655.817
Share “Classic RH USD - Capitalisation” 0 0 101.51 100.000
Share “Classic RH USD MD - Distribution” 0 110.85 126.15 108.271
Share “Classic Solidarity BE - Capitalisation” 110.61 117.84 137.77 854 339.776
Share “Classic Solidarity BE - Distribution” 108.42 113.18 130.66 636 515.498
Share “I - Capitalisation” 293.06 315.61 373.04 83 348.052
Share “K - Capitalisation” 0 0 114.71 617 183.507
Share “N - Capitalisation” 121.01 127.95 148.49 106 047.141
Share “Privilege - Capitalisation” 140.88 151.29 178.30 112 879.711
Share “Privilege - Distribution” 114.63 120.63 140.38 103.000
Page 68
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Sustainable Multi-Asset Stability EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 951 523 714 1 265 780 420 1 711 298 150
Net asset value per share
Share “Classic - Capitalisation” 440.93 451.30 466.46 2 292 167.141
Share “Classic - Distribution” 240.64 244.33 251.36 414 735.621
Share “Classic Solidarity BE - Capitalisation” 113.82 116.50 120.42 817 623.884
Share “Classic Solidarity BE - Distribution” 107.90 109.56 112.72 1 212 539.779
Share “I - Capitalisation” 127.47 131.68 137.38 833 813.832
Share “K - Capitalisation” 0 0 102.25 724 438.173
Share “N - Capitalisation” 109.08 110.82 113.68 319 467.715
Share “Privilege - Capitalisation” 128.58 132.53 137.94 547 967.229
Share “Privilege - Distribution” 103.38 105.71 109.51 14 880.000
Share “Privilege Solidarity BE - Capitalisation” 105.75 109.00 113.45 3 983.261
Share “Privilege Solidarity BE - Distribution” 104.43 106.78 110.63 798.109
Sustainable US Multi-Factor Corporate Bond USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 46 171 905 112 520 323 202 266 673
Net asset value per share
Share “Classic - Capitalisation” 103.46 112.09 109.93 10.000
Share “I - Capitalisation” 104.09 113.35 111.60 447 889.352
Share “IH EUR - Capitalisation” 0 106.95 104.21 276 661.007
Share “X - Capitalisation” 103.83 113.08 111.47 1 071 967.668
Sustainable US Multi-Factor Equity USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 1 789 445 376 1 451 870 339 1 248 891 210
Net asset value per share
Share “Classic - Capitalisation” 143.70 151.31 199.03 894 821.683
Share “Classic - Distribution” 117.03 120.72 156.59 121 030.715
Share “Classic EUR - Capitalisation” 297.00 286.90 406.04 895 002.650
Share “Classic EUR - Distribution” 104.40 98.87 138.01 50 091.609
Share “Classic H EUR - Capitalisation” 113.50 116.73 152.47 155 277.728
Share “I - Capitalisation” 167.50 177.91 236.06 1 026 572.227
Share “I EUR - Capitalisation” 116.29 113.32 161.77 45 135.312
Share “I Plus - Capitalisation” 103.29 109.87 146.00 898 000.000
Share “I Plus EUR - Capitalisation” 135.30 0 0 0
Share “K EUR - Capitalisation” 0 0 142.04 53 763.640
Share “N - Capitalisation” 106.89 111.72 145.85 73 341.534
Share “Privilege - Capitalisation” 116.23 123.19 163.09 81 153.947
Share “Privilege - Distribution” 109.28 113.49 148.19 31 411.367
Share “Privilege EUR - Capitalisation” 104.56 101.66 144.82 5 172.194
Share “Privilege H EUR - Capitalisation” 112.19 115.34 151.72 24 770.611
Share “X - Capitalisation” 143.85 153.36 204.25 879 546.241
Page 69
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
Sustainable US Value Multi-Factor Equity USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 64 428 445 52 731 300 193 683 186
Net asset value per share
Share “Classic - Capitalisation” 130.29 130.87 170.55 133 226.398
Share “Classic - Distribution” 110.94 107.36 136.83 32 393.166
Share “Classic EUR - Capitalisation” 152.34 140.37 196.83 109 187.438
Share “Classic H EUR - Capitalisation” 116.24 113.73 147.08 41 600.284
Share “Classic H EUR - Distribution” 102.29 96.46 122.07 11 383.690
Share “Classic HUF - Capitalisation” 16 248.24 16 420.87 23 414.00 16.136
Share “I - Capitalisation” 137.78 139.80 184.05 156 817.464
Share “IH EUR - Capitalisation” 121.99 120.53 157.43 4 639.893
Share “N - Capitalisation” 125.04 124.65 161.23 10 996.802
Share “N - Distribution” 104.10 99.98 126.47 24.902
Share “Privilege - Capitalisation” 136.29 138.13 181.60 19 404.520
Share “Privilege - Distribution” 104.63 0 0 0
Share “Privilege H EUR - Capitalisation” 104.59 103.16 0 0
Share “Privilege H EUR - Distribution” 107.20 101.81 129.92 13 565.326
Share “X - Capitalisation” 0 0 117 690.54 820.397
Target Risk Balanced EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 1 839 019 026 1 717 303 311 1 360 736 138
Net asset value per share
Share “Classic - Capitalisation” 274.48 267.28 280.80 2 087 456.023
Share “Classic - Distribution” 136.82 114.83 120.64 918 354.335
Share “Classic RH USD - Capitalisation” 102.27 100.96 106.91 10 738.248
Share “Classic RH USD MD - Distribution” 111.78 103.51 106.79 1 777.408
Share “I - Capitalisation” 168.13 164.95 174.59 505 622.903
Share “N - Capitalisation” 238.07 230.10 239.93 106 240.387
Share “N - Distribution” 104.46 86.98 90.70 1 261.082
Share “Privilege - Capitalisation” 1 271.85 1 246.58 1 318.16 13 465.689
Share “Privilege - Distribution” 119.20 100.73 106.51 53 579.418
Share “X - Capitalisation” 120.87 119.42 127.28 3 943 235.784
Share “X RH BRL - Capitalisation” 123.09 124.50 139.52 1 060 375.820
Turkey Equity EUR EUR EUR Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 33 252 463 23 653 375 16 810 381
Net asset value per share
Share “Classic - Capitalisation” 143.45 129.09 99.43 105 846.421
Share “Classic - Distribution” 95.40 82.58 62.71 25 093.601
Share “Classic USD - Capitalisation” 47.44 46.53 33.31 7 548.557
Share “I - Capitalisation” 143.87 130.93 101.98 8 467.709
Share “N - Capitalisation” 129.43 115.61 88.38 24 824.282
Share “Privilege - Capitalisation” 72.36 65.78 51.18 21 929.243
Share “Privilege - Distribution” 52.79 46.16 35.40 8 796.828
Page 70
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
US Growth USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 710 681 547 933 804 354 1 283 628 261
Net asset value per share
Share “Classic - Capitalisation” 100.12 137.48 169.86 1 559 928.722
Share “Classic - Distribution” 54.99 74.70 91.67 364 720.867
Share “Classic EUR - Capitalisation” 365.59 460.55 612.23 216 215.640
Share “Classic H CZK - Capitalisation” 348.89 471.77 584.17 936 135.814
Share “Classic H EUR - Capitalisation” 220.90 298.48 366.23 191 144.133
Share “Classic H EUR - Distribution” 197.33 262.86 320.25 5 621.669
Share “I - Capitalisation” 414.59 575.13 717.86 651 609.583
Share “IH EUR - Capitalisation” 0 0 100.09 300.000
Share “N - Capitalisation” 164.06 223.60 274.20 23 071.051
Share “Privilege - Capitalisation” 241.34 334.40 416.88 205 497.988
Share “Privilege - Distribution” 124.77 171.02 211.77 13 909.772
Share “Privilege EUR - Capitalisation” 371.11 471.73 632.76 22 686.498
Share “Privilege H EUR - Capitalisation” 124.98 169.83 210.12 87 293.214
Share “Privilege H EUR - Distribution” 115.52 155.45 191.05 1 625.040
Share “X - Capitalisation” 238.23 332.47 417.47 305 974.196
US High Yield Bond USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 102 921 366 71 876 944 70 618 763
Net asset value per share
Share “B MD - Distribution” 0 0 99.93 10.000
Share “BH AUD MD - Distribution” 0 0 99.81 100.000
Share “Classic - Capitalisation” 265.39 275.85 283.71 51 983.970
Share “Classic - Distribution” 101.62 99.67 97.97 12 094.508
Share “Classic H AUD MD - Distribution” 81.47 78.73 77.59 29 341.827
Share “Classic H EUR - Capitalisation” 159.92 162.98 166.24 32 762.057
Share “Classic MD - Distribution” 67.00 65.52 64.59 516 664.247
Share “I - Capitalisation” 30.75 32.23 33.44 166 369.128
Share “K EUR - Capitalisation” 0 0 110.16 51 966.392
Share “N - Capitalisation” 241.85 250.12 255.96 5 410.206
Share “NH EUR - Distribution” 91.47 87.58 0 0
Share “Privilege - Capitalisation” 23.78 24.87 25.76 66.500
Share “X - Capitalisation” 105.47 0 0 0
US Mid Cap USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 145 494 530 125 336 536 149 264 718
Net asset value per share
Share “Classic - Capitalisation” 237.42 282.12 336.37 170 662.382
Share “Classic - Distribution” 190.61 222.09 261.02 33 386.001
Share “Classic EUR - Capitalisation” 211.48 230.56 295.75 79 244.473
Share “Classic H EUR - Capitalisation” 158.51 184.01 217.48 44 297.128
Share “Classic H SGD - Capitalisation” 113.59 133.45 159.04 371.286
Share “I - Capitalisation” 27.81 33.44 40.33 732 324.124
Share “I EUR - Capitalisation” 103.96 114.66 148.81 51 035.864
Share “N - Capitalisation” 214.12 252.53 298.84 4 858.410
Share “Privilege - Capitalisation” 214.21 257.10 309.61 18 433.817
Share “Privilege - Distribution” 93.11 109.63 130.16 426.000
Share “Privilege H EUR - Capitalisation” 121.79 142.74 170.28 543.690
Share “X - Capitalisation” 143.25 0 0 0
Page 71
BNP PARIBAS FUNDS
Key figures relating to the last 3 years (Note 9)
US Short Duration Bond USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 82 371 985 115 317 412 137 642 475
Net asset value per share
Share “Classic - Capitalisation” 471.76 494.46 485.77 98 225.715
Share “Classic - Distribution” 99.20 102.12 100.32 126 597.232
Share “Classic EUR - Capitalisation” 99.08 95.27 100.70 10 665.111
Share “Classic H EUR - Capitalisation” 108.19 111.76 108.99 203 998.076
Share “Classic MD - Distribution” 115.00 118.22 115.60 48 657.348
Share “I - Capitalisation” 21.94 23.11 22.81 354 888.578
Share “IH EUR - Capitalisation” 98.38 102.27 100.41 147 416.448
Share “N - Capitalisation” 430.44 449.59 440.14 6 916.920
Share “Privilege - Capitalisation” 178.17 187.31 184.56 91 925.513
Share “Privilege - Distribution” 102.15 105.48 103.94 1 530.891
US Small Cap USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 670 992 602 960 943 652 1 144 826 560
Net asset value per share
Share “Classic - Capitalisation” 258.45 319.66 369.31 372 549.829
Share “Classic - Distribution” 200.81 243.94 278.36 36 428.097
Share “Classic EUR - Capitalisation” 342.59 388.72 483.21 205 531.843
Share “Classic EUR - Distribution” 178.73 199.30 244.71 13 896.209
Share “Classic H EUR - Capitalisation” 200.40 242.79 277.86 317 579.395
Share “Classic H SGD - Capitalisation” 0 116.20 134.28 2 852.696
Share “I - Capitalisation” 308.69 386.28 451.53 1 192 295.987
Share “IH EUR - Capitalisation” 103.50 126.79 146.83 58 237.301
Share “N - Capitalisation” 209.28 256.91 294.60 11 168.437
Share “Privilege - Capitalisation” 240.51 300.46 350.62 261 215.049
Share “Privilege - Distribution” 169.29 207.73 239.42 51 996.644
Share “Privilege EUR - Capitalisation” 117.77 135.00 169.50 187 809.129
Share “Privilege GBP - Capitalisation” 122.80 148.70 175.13 2 808.790
Share “Privilege H EUR - Capitalisation” 105.01 128.41 148.32 359 026.014
Share “X - Capitalisation” 0 105 783.52 124 526.82 37.793
Share “X2 EUR - Capitalisation” 0 0 117 150.79 166.000
USD Money Market USD USD USD Number of shares
31/12/2019 31/12/2020 31/12/2021 31/12/2021
Net assets 478 578 345 424 368 544 426 524 362
Net asset value per share
Share “Classic - Capitalisation” 217.735287 218.929621 219.051467 1 648 121.643
Share “Classic - Distribution” 103.831599 102.548599 102.605649 69 823.625
Share “I - Capitalisation” 101.250375 101.969755 102.045075 279 249.786
Share “Privilege - Capitalisation” 1 059.415268 1 065.654056 1 066.246930 27 986.514
Share “Privilege - Distribution” 100.160000 0 0 0
Page 72
BNP PARIBAS FUNDS Absolute Return Global Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Transferable securities admitted to an
official stock exchange listing and/or 1 037 762 7.69
traded on another regulated market
Bonds 1 037 762 7.69
Italy 1 037 762 7.69
50 000 ITALY BTPS 0.950% 16-15/03/2023 EUR 50 813 0.38
978 000 ITALY BTPS 5.000% 11-01/03/2022 EUR 986 949 7.31
Shares/Units in investment funds 12 451 184 92.21
Luxembourg 5 897 907 43.69
BNP PARIBAS EASY EUR CORP BOND
238 021.00 EUR 2 562 368 18.97
SRI FOSSIL FREE
BNP PARIBAS EASY EUR HIGH
16 000.00 EUR 161 486 1.20
YIELD SRI FOSS FREE 9UE
BNP PARIBAS EASY MSCI EM SRI
33 268.00 EUR 461 134 3.42
SRS 5PC CP
BNP PARIBAS EASY MSCI EUROPE
18 707.00 EUR 570 809 4.23
SRI SRS 5PC CP 9DU
BNP PARIBAS EASY MSCI JAPAN SRI
26 000.00 EUR 653 523 4.84
SRS 5PC CP
BNP PARIBAS EASY MSCI USA SRI
31 603.00 EUR 616 710 4.57
SRS 5PC CP
54 086.00 UBS ETF BM US LIQ. C. SUST.U EUR 871 877 6.46
France 4 874 937 36.09
73.75 BNP PARIBAS MOIS - ISR - I - CAP EUR 1 678 075 12.43
14 000.00 LYXOR ETF DX2 SHORT 10Y USTSRY EUR 866 026 6.41
85 661.00 LYXOR ETF SGI DLY DBLE SH BD EUR 2 330 836 17.25
Ireland 1 678 340 12.43
ISHARES EURO CORP BOND LARGE
1 138.00 EUR 158 080 1.17
CAP UCITS ETF
160 000.00 ISHARES JPM ESG USD EM BD A EUR 837 184 6.20
SPDR BLOOMBERG BARCLAYS
11 967.00 EUR 683 076 5.06
EMERGING MARKETS LOCAL BOND
Total securities portfolio 13 488 946 99.90
The accompanying notes form an integral part of these financial statements
Page 73
BNP PARIBAS FUNDS Absolute Return Multi-Strategy
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Transferable securities admitted to an
official stock exchange listing and/or 1 915 686 6.59
traded on another regulated market
Shares 207 966 0.71
United States of
America 173 114 0.59
278 ADVANCED MICRO DEVICES USD 35 178 0.12
173 NVIDIA CORP USD 44 742 0.15
87 PAYPAL HOLDINGS INC - W/I USD 14 427 0.05
105 SIGNATURE BANK USD 29 867 0.10
87 SQUARE INC - A USD 12 356 0.04
196 XILINX INC USD 36 544 0.13
Taiwan 22 005 0.08
208 TAIWAN SEMICONDUCTOR - ADR USD 22 005 0.08
Japan 12 847 0.04
2 400 MONEX GROUP INC JPY 12 847 0.04
Bonds 1 707 720 5.88
United States of
America 1 707 720 5.88
US TREASURY N/B 1.375% 20-
1 940 200 USD 1 707 720 5.88
31/01/2022
Money Market Instruments 22 544 350 77.62
France 11 267 693 38.79
1 500 000 COFACE SA 0.000% 28/06/2022 NEUCP EUR 1 503 351 5.18
2 000 000 FRENCH BTF 0.000% 21-09/02/2022 EUR 2 001 460 6.89
1 550 000 FRENCH BTF 0.000% 21-09/03/2022 EUR 1 552 124 5.34
1 550 000 FRENCH BTF 0.000% 21-18/05/2022 EUR 1 553 689 5.35
1 550 000 FRENCH BTF 0.000% 21-21/04/2022 EUR 1 553 085 5.35
1 550 000 FRENCH BTF 0.000% 21-23/02/2022 EUR 1 551 535 5.34
1 550 000 FRENCH BTF 0.000% 21-23/03/2022 EUR 1 552 449 5.34
Italy 7 270 041 25.03
3 389 000 ITALY BOTS 0.000% 21-14/03/2022 EUR 3 393 556 11.68
2 869 000 ITALY BOTS 0.000% 21-29/04/2022 EUR 2 874 712 9.90
1 000 000 ITALY BOTS 0.000% 21-31/03/2022 EUR 1 001 773 3.45
The Netherlands 2 005 104 6.90
IBERDROLA INTERNATIONAL BV
2 000 000 EUR 2 005 104 6.90
0.000% 28/07/2022
Spain 2 001 512 6.90
1 000 000 ENDESA SA 0.000% 28/02/2022 EUR 1 000 742 3.45
1 000 000 LETRAS 0.000% 21-11/02/2022 EUR 1 000 770 3.45
Shares/Units in investment funds 1 743 873 6.01
France 1 499 637 5.16
65.91 BNP PARIBAS MOIS - ISR - I - CAP EUR 1 499 637 5.16
Luxembourg 195 787 0.68
53.00 ALLIANZ GL ARTIF INT-WTH2EUR EUR 138 426 0.48
LYXOR MSCI WORLD HEALTH CARE
129.00 EUR 57 361 0.20
TR UCITS ETF - C EUR CAP
Ireland 48 449 0.17
1 131.00 SOURCE NASDAQ BIOTECH UCITS USD 48 449 0.17
Total securities portfolio 26 203 909 90.22
The accompanying notes form an integral part of these financial statements
Page 74
BNP PARIBAS FUNDS Aqua
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an Austria 74 451 951 1.74
official stock exchange listing and/or 4 170 639 239 97.49 2 302 163 WIENERBERGER AG EUR 74 451 951 1.74
traded on another regulated market Canada 72 580 108 1.70
Shares 4 170 639 239 97.49 1 467 023 STANTEC INC CAD 72 580 108 1.70
United States of Australia 54 435 225 1.27
America 1 988 681 286 46.48 6 503 133 ALS LTD AUD 54 435 225 1.27
ADVANCED DRAINAGE
572 871
SYSTEMS INC
USD 68 576 266 1.60 South Korea 46 096 818 1.08
1 080 390 AGILENT TECHNOLOGIES INC USD 151 674 519 3.55 837 878 COWAY CO LTD KRW 46 096 818 1.08
931 831 AMERICAN WATER WORKS CO INC USD 154 753 432 3.61 Finland 45 589 133 1.07
723 369 CALIFORNIA WATER SERVICE GRP USD 45 709 898 1.07 3 420 040 KEMIRA OYJ EUR 45 589 133 1.07
199 165 CINTAS CORP USD 77 615 154 1.81
Brazil 36 475 043 0.85
461 772 ECOLAB INC USD 95 257 733 2.23
5 651 147 CIA SANEAMENTO BASICO DE - ADR USD 36 475 043 0.85
2 740 092 ESSENTIAL UTILITIES INC USD 129 366 461 3.02
EVOQUA WATER Hong Kong 21 378 429 0.50
2 149 634 USD 88 370 902 2.07
TECHNOLOGIES CO 62 534 526 BEIJING ENTERPRISES WATER GR HKD 21 378 429 0.50
514 020 FRANKLIN ELECTRIC CO INC USD 42 741 586 1.00
571 337 IDEX CORP USD 118 728 772 2.78
Total securities portfolio 4 170 639 239 97.49
443 448 ITRON INC USD 26 719 185 0.62
258 754 LINDSAY CORP USD 34 585 480 0.81
MUELLER WATER PRODUCTS INC -
6 254 702 USD 79 201 292 1.85
A
696 597 PERKINELMER INC USD 123 160 212 2.88
129 075 POOL CORP USD 64 242 394 1.50
1 305 370 SMITH (A.O.) CORP USD 98 545 563 2.30
805 858 SPX FLOW INC USD 61 282 624 1.43
1 116 633 TORO CO USD 98 103 063 2.29
1 199 869 TRIMBLE INC USD 91 994 881 2.15
327 261 VALMONT INDUSTRIES USD 72 088 358 1.69
518 597 WATTS WATER TECHNOLOGIES - A USD 88 547 291 2.07
712 461 XYLEM INC USD 75 130 428 1.76
3 195 588 ZURN WATER SOLUTIONS CORP USD 102 285 792 2.39
United Kingdom 796 675 519 18.62
726 080 FERGUSON PLC GBP 113 331 091 2.65
2 004 178 HALMA PLC GBP 76 386 012 1.79
355 859 LINDE PLC USD 108 406 818 2.53
5 587 394 PENNON GROUP PLC GBP 77 661 848 1.82
1 513 432 PENTAIR PLC USD 97 191 293 2.27
6 829 898 POLYPIPE GROUP PLC GBP 47 669 369 1.11
3 012 037 SEVERN TRENT PLC GBP 105 722 642 2.47
330 667 SPIRAX-SARCO ENGINEERING PLC GBP 63 211 117 1.48
8 256 863 UNITED UTILITIES GROUP PLC GBP 107 095 329 2.50
Switzerland 268 234 030 6.27
93 513 FISCHER (GEORG) - REG CHF 124 996 868 2.92
90 402 GEBERIT AG - REG CHF 65 017 199 1.52
213 171 SIKA AG - REG CHF 78 219 963 1.83
France 236 332 913 5.52
3 710 722 SUEZ EUR 73 509 403 1.72
5 047 226 VEOLIA ENVIRONNEMENT EUR 162 823 510 3.80
Japan 213 734 190 5.00
4 978 318 KUBOTA CORP JPY 97 385 365 2.28
1 291 500 KURITA WATER INDUSTRIES LTD JPY 53 995 393 1.26
4 234 199 SEKISUI CHEMICAL CO LTD JPY 62 353 432 1.46
The Netherlands 163 866 463 3.83
1 651 725 AALBERTS INDUSTRIES NV EUR 96 229 499 2.25
1 597 472 ARCADIS NV EUR 67 636 964 1.58
Denmark 77 017 735 1.80
1 066 320 NOVOZYMES A/S - B DKK 77 017 735 1.80
Sweden 75 090 396 1.76
2 121 654 ALFA LAVAL AB SEK 75 090 396 1.76
The accompanying notes form an integral part of these financial statements
Page 75
BNP PARIBAS FUNDS Asia ex-Japan Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
INDONESIA GOVT 8.375% 19-
Transferable securities admitted to an 4 175 000 000
15/04/2039
IDR 330 368 0.80
official stock exchange listing and/or 35 416 019 86.10
2 260 000 000
INDONESIA GOVT 9.000% 13-
IDR 183 259 0.45
15/03/2029
traded on another regulated market 250 000 PT PERTAMINA 4.175% 20-21/01/2050 USD 257 313 0.63
Bonds 35 101 894 85.34
India 3 127 926 7.60
China 11 782 247 28.67 INDIA GOVT BOND 7.170% 18-
13 810 000 INR 193 754 0.47
AGRICULTURAL DEV BANK 3.580% 08/01/2028
10 000 000 CNY 1 615 311 3.93 INDIA GOVT BOND 7.350% 09-
16-22/04/2026 23 340 000 INR 329 000 0.80
AGRICULTURAL DEV BANK 4.390% 22/06/2024
10 000 000 CNY 1 686 392 4.11 INDIA GOVT BOND 7.590% 15-
17-08/09/2027 6 800 000 INR 97 301 0.24
CENTRAL HUIJIN 3.450% 19- 20/03/2029
20 000 000 CNY 3 146 992 7.66 INDIA GOVT BOND 8.240% 14-
22/05/2022 60 960 000 INR 917 671 2.23
CHINA DEV BANK 3.810% 15- 10/11/2033
10 000 000 CNY 1 621 288 3.94 POWER FIN CORP 6.150% 18-
05/02/2025 1 000 000 USD 1 178 000 2.86
CHINA EVERGRANDE 7.500% 17- 06/12/2028
1 239 000 USD 184 534 0.45 400 000 REC LIMITED 3.375% 19-25/07/2024 USD 412 200 1.00
28/06/2023
900 000 CHINA SCE GRP 7.250% 19-19/04/2023 USD 793 125 1.93
COUNTRY GARDEN 3.125% 20-
Singapore 2 390 566 5.82
400 000 USD 352 080 0.86 OIL INDIA INTERN 4.000% 17-
22/10/2025 600 000 USD 628 238 1.53
21/04/2027
COUNTRY GARDEN 8.000% 18-
500 000 USD 502 600 1.22 PUBLIC UTILITIES 3.010% 18-
27/01/2024 250 000 SGD 203 437 0.49
18/07/2033
EASY TACTIC LTD 8.625% 19-
1 000 000 USD 346 250 0.84 SINGAPORE GOVT 2.625% 18-
27/02/2024 280 000 SGD 221 379 0.54
01/05/2028
GOLDEN EAGLE RETAIL 4.625% 13-
400 000 USD 396 200 0.96 SINGAPORE GOVT 2.750% 12-
21/05/2023 555 000 SGD 457 342 1.11
01/04/2042
500 000 SINOPEC GROUP 2.300% 21-08/01/2031 USD 493 500 1.20 SINGAPORE GOVT 2.750% 16-
100 000 SGD 83 099 0.20
500 000 TENCENT HOLD 2.880% 21-22/04/2031 USD 507 935 1.24 01/03/2046
TIMES CN HLDG 6.750% 20-08/07/2025 SINGAPORE GOVT 2.875% 14-
200 000 USD 136 040 0.33 432 000 SGD 347 996 0.85
01/07/2029
SINGAPORE GOVT 3.375% 13-
122 000 SGD 105 613 0.26
Hong Kong 4 383 556 10.64 01/09/2033
SINGAPORE GOVT 3.500% 07-
400 000 CHINA OIL 5.500% 19-25/01/2023 USD 404 155 0.98 420 000 SGD 343 462 0.84
01/03/2027
300 000 CN CINDA 2020 I 3.000% 21-20/01/2031 USD 296 119 0.72
CNAC HK FINBRID 3.875% 19- Malaysia 2 377 106 5.78
400 000 USD 428 742 1.04 MALAYSIA INVEST 4.119% 19-
19/06/2029 220 000 MYR 53 775 0.13
CNAC HK FINBRID 4.625% 18- 30/11/2034
545 000 USD 564 561 1.37 MALAYSIA INVEST 4.258% 17-
14/03/2023 1 896 000 MYR 475 713 1.16
HK GOVT BOND PRO 1.890% 17- 26/07/2027
1 050 000 HKD 139 667 0.34 MALAYSIA INVEST 4.369% 18-
02/03/2032 325 000 MYR 82 431 0.20
HK GOVT BOND PRO 1.970% 19- 31/10/2028
1 400 000 HKD 188 058 0.46 MALAYSIAN GOVT 3.882% 18-
17/01/2029 2 050 000 MYR 506 519 1.23
HK GOVT BOND PRO 2.020% 19- 14/03/2025
800 000 HKD 108 117 0.26 MALAYSIAN GOVT 3.885% 19-
07/03/2034 1 460 000 MYR 357 814 0.87
HUARONG FINANCE 2019 3.375% 20- 15/08/2029
300 000 USD 285 810 0.69 MALAYSIAN GOVT 4.181% 14-
24/02/2030 700 000 MYR 173 272 0.42
HUARONG FINANCE 2019 3.750% 19- 15/07/2024
500 000 USD 502 600 1.22 MALAYSIAN GOVT 4.254% 15-
29/05/2024 608 000 MYR 150 759 0.37
HYSAN MTN LTD 2.820% 19- 31/05/2035
1 000 000 USD 1 027 772 2.50 MALAYSIAN GOVT 4.642% 18-
04/09/2029 230 000 MYR 59 055 0.14
SHIMAO GRP HLDGS 5.600% 19- 07/11/2033
400 000 USD 244 080 0.59 MALAYSIAN GOVT 4.736% 16-
15/07/2026 2 040 000 MYR 517 768 1.26
STUDIO CITY FIN 6.000% 20- 15/03/2046
200 000 USD 193 875 0.47
15/07/2025
Philippines 1 390 467 3.37
South Korea 3 463 207 8.43 26 100 000
PHILIPPINE GOVT 3.625% 15-
PHP 506 977 1.23
EXP-IMP BK KOREA 7.250% 17- 09/09/2025
2 300 000 000 IDR 168 711 0.41 PHILIPPINE GOVT 4.125% 14-
07/12/2024 8 000 000 PHP 161 793 0.39
KOREA TRSY BD 1.375% 19- 20/08/2024
1 177 150 000 KRW 981 825 2.39 PHILIPPINE GOVT 6.250% 18-
10/09/2024 FLAT 5 210 000 PHP 112 516 0.27
KOREA TRSY BD 2.125% 17- 22/03/2028
365 200 000 KRW 307 120 0.75 REPUBLIC OF PHILIPPINES 8.000% 11-
10/06/2027 FLAT 25 180 000 PHP 609 181 1.48
KOREA TRSY BD 2.250% 17- 19/07/2031
1 299 750 000 KRW 1 088 809 2.65
10/09/2037 FLAT
KOREA TRSY BD 2.375% 18- Canada 634 688 1.54
261 360 000 KRW 222 397 0.54 500 000 NEXEN INC 7.400% 98-01/05/2028 USD 634 688 1.54
10/09/2038 FLAT
KOREA TRSY BD 2.625% 18-
101 430 000 KRW 87 577 0.21 British Virgin Islands 623 500 1.51
10/06/2028 FLAT
KOREA TRSY BD 3.750% 13- HUARONG FINANCE II 4.875% 16-
171 750 000 KRW 166 623 0.41 500 000 USD 520 100 1.26
10/12/2033 FLAT 22/11/2026
KOREA TRSY BD 4.000% 11- SCENERY JOURNEY 13.750% 18-
361 230 000 KRW 350 567 0.85 800 000 USD 103 400 0.25
10/12/2031 FLAT 06/11/2023
KOREA TRSY BD 4.750% 10-
88 700 000
10/12/2030 FLAT
KRW 89 578 0.22 Thailand 466 778 1.13
THAILAND GOVT 2.875% 16-
5 670 000 THB 169 001 0.41
Indonesia 3 311 431 8.06 17/06/2046
HUTAMA KARYA PER 3.750% 20- THAILAND GOVT 3.400% 15-
200 000 USD 212 540 0.52 2 630 000 THB 87 383 0.21
11/05/2030 17/06/2036
INDONESIA GOVT 10.250% 07- THAILAND GOVT 4.000% 15-
5 000 000 000 IDR 426 466 1.04 5 884 000 THB 210 394 0.51
15/07/2027 17/06/2066
INDONESIA GOVT 10.500% 09-
2 325 000 000 IDR 205 543 0.50
15/08/2030
INDONESIA GOVT 5.125% 15-
800 000 USD 992 160 2.41
15/01/2045
INDONESIA GOVT 8.250% 11-
8 980 000 000 IDR 703 782 1.71
15/06/2032
The accompanying notes form an integral part of these financial statements
Page 76
BNP PARIBAS FUNDS Asia ex-Japan Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net
Quantity Denomination Market value
currency assets
Sri Lanka 453 669 1.10
REPUBLIC OF SRI LANKA 6.850% 19-
200 000 USD 103 975 0.25
14/03/2024
REPUBLIC OF SRI LANKA 7.550% 19-
700 000 USD 349 694 0.85
28/03/2030
Macao 371 885 0.90
MGM CHINA HOLDIN 5.875% 19-
370 000 USD 371 885 0.90
15/05/2026
Kazakhstan 324 868 0.79
142 400 000 KAZAKHSTAN 5.300% 12-19/03/2022 KZT 324 868 0.79
Floating rate bonds 314 125 0.76
Hong Kong 314 125 0.76
SHANGHAI COMM BK 19-
300 000 USD 314 125 0.76
17/01/2029 FRN
Shares/Units in investment funds 2 721 329 6.63
Luxembourg 2 721 329 6.63
BNP PARIBAS FUNDS RMB BOND -
2 131.00 USD 2 721 329 6.63
X CAP
Total securities portfolio 38 137 348 92.73
The accompanying notes form an integral part of these financial statements
Page 77
BNP PARIBAS FUNDS Asia ex-Japan Equity
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net
Quantity Denomination Market value
currency assets
Transferable securities admitted to an
official stock exchange listing and/or 701 052 424 98.29
traded on another regulated market
Shares 701 052 424 98.29
China 257 031 639 36.04
2 432 400 ALIBABA GROUP HOLDING LTD HKD 36 297 873 5.09
1 119 874 BEIJING ORIENTAL YUHONG - A CNY 9 264 192 1.30
30 287 846 CHINA CONSTRUCTION BANK - H HKD 21 006 111 2.95
2 482 000 CHINA MENGNIU DAIRY CO HKD 14 082 978 1.97
122 311 GDS HOLDINGS LTD - ADR USD 5 768 187 0.81
306 650 JD.COM INC - CL A HKD 10 610 186 1.49
91 554 JOYY INC USD 4 159 298 0.58
39 621 KWEICHOW MOUTAI CO LTD - A CNY 12 742 024 1.79
475 900 MEITUAN DIANPING-CLASS B HKD 13 946 424 1.96
1 002 800 NETEASE INC HKD 20 339 752 2.85
1 867 500 PING AN INSURANCE GROUP CO - H HKD 13 471 722 1.89
979 061 S F HOLDING CO LTD - A CNY 10 593 763 1.49
897 794 TENCENT HOLDINGS LTD HKD 52 715 686 7.38
1 071 000 WUXI BIOLOGICS CAYMAN INC HKD 12 704 201 1.78
YUNNAN ENERGY NEW MATERIAL-
491 778 CNY 19 329 242 2.71
A
Taiwan 137 807 697 19.31
3 903 000 CHUNGHWA TELECOM CO LTD TWD 16 443 781 2.31
DELTA ELECTRONIC
1 543 000 TWD 15 373 957 2.16
INDUSTRIAL CO
TAIWAN SEMICONDUCTOR
3 170 000 TWD 70 564 818 9.88
MANUFACTURING CO
1 690 000 UNIMICRON TECHNOLOGY CORP TWD 14 135 838 1.98
9 051 000 UNITED MICROELECTRONICS CORP TWD 21 289 303 2.98
South Korea 96 240 059 13.49
11 240 LG HOUSEHOLD & HEALTH CARE KRW 10 372 668 1.45
43 815 NAVER CORP KRW 13 950 845 1.96
785 465 SAMSUNG ELECTRONICS CO LTD KRW 51 750 522 7.25
182 849 SK HYNIX INC KRW 20 166 024 2.83
India 81 044 499 11.36
195 473 DIVIS LABORATORIES LTD INR 12 298 446 1.72
300 767 HDFC BANK LTD - ADR USD 19 570 909 2.74
1 489 257 HINDALCO INDUSTRIES LTD INR 9 516 611 1.33
414 737 HINDUSTAN UNILEVER LTD INR 13 161 368 1.85
199 138 HOUSING DEVELOPMENT FINANCE INR 6 921 623 0.97
253 913 JUBILANT FOODWORKS LTD INR 12 259 190 1.72
229 780 RELIANCE INDUSTRIES LTD INR 7 316 352 1.03
Hong Kong 60 366 148 8.47
3 017 800 AIA GROUP LTD HKD 30 457 063 4.27
329 850 HONG KONG EXCHANGES & CLEAR HKD 19 302 756 2.71
532 000 TECHTRONIC INDUSTRIES CO LTD HKD 10 606 329 1.49
Indonesia 30 410 001 4.27
51 569 000 BANK CENTRAL ASIA TBK PT IDR 26 432 776 3.71
131 503 300 BUKALAPAK.COM PT TBK IDR 3 977 225 0.56
Thailand 16 452 488 2.31
4 520 600 AIRPORTS OF THAILAND PCL-FOR THB 8 254 953 1.16
4 846 700 CENTRAL PATTANA PUB CO-FOREI THB 8 197 535 1.15
Singapore 11 078 790 1.55
2 697 100 SATS LTD SGD 7 784 213 1.09
14 727 SEA LTD-ADR USD 3 294 577 0.46
United States of
America 10 621 103 1.49
213 104 YUM CHINA HOLDINGS INC USD 10 621 103 1.49
Total securities portfolio 701 052 424 98.29
The accompanying notes form an integral part of these financial statements
Page 78
BNP PARIBAS FUNDS Asia ex-Japan Small Cap
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an Malaysia 2 271 848 6.47
official stock exchange listing and/or 35 052 240 99.67 1 200 500 INARI AMERTRON BHD MYR 1 152 407 3.29
traded on another regulated market 601 100 MR DIY GROUP M BHD MYR 520 845 1.48
35 052 240 99.67 542 100 TIME DOTCOM BHD MYR 598 596 1.70
Shares
Hong Kong 2 195 121 6.24
Taiwan 9 910 622 28.20
637 000 CHINA HIGH SPEED TRANSMISSION HKD 459 833 1.31
68 176 ADVANTECH CO LTD TWD 976 383 2.78
539 000 K WAH INTERNATIONAL HOLDINGS HKD 208 152 0.59
151 000 CHROMA ATE INC TWD 1 090 303 3.11
818 000 LVGEM CHINA REAL ESTATE INVE HKD 143 756 0.41
213 000 CHUNGHWA TELECOM CO LTD TWD 897 393 2.55
2 100 000 SHUN TAK HOLDINGS LTD HKD 579 428 1.65
409 000 FORTUNE ELECTRIC CO LTD TWD 552 928 1.57
149 000 SITC INTERNATIONAL HOLDINGS HKD 539 524 1.53
31 000 GLOBALWAFERS CO LTD TWD 996 847 2.83
475 000 SUNLIGHT REAL ESTATE INVEST HKD 264 428 0.75
513 000 HANNSTAR DISPLAY CORP TWD 337 128 0.96
629 000 MACRONIX INTERNATIONAL CO TWD 963 917 2.74 Thailand 1 992 729 5.66
48 000 MAKALOT INDUSTRIAL CO LTD TWD 429 261 1.22 1 168 900 AMATA CORP PUBLIC CO LTD-FOR THB 734 827 2.09
1 250 000 MERCURIES & ASSOCIATES LTD TWD 1 024 311 2.92 2 968 100 AP THAILAND PCL-FOREIGN THB 848 537 2.41
156 000 MICRO-STAR INTERNATIONAL CO TWD 907 444 2.58 3 884 900 WHA CORP PCL-FOREIGN THB 409 365 1.16
10 000 PARADE TECHNOLOGIES LTD TWD 765 480 2.18 Indonesia 455 878 1.30
663 000 TSRC CORP TWD 969 227 2.76 13 999 500 PAKUWON JATI TBK PT IDR 455 878 1.30
India 6 647 673 18.90 United States of
54 048 AARTI INDUSTRIES LIMITED INR 730 035 2.08 America 435 446 1.24
11 221 AAVAS FINANCIERS LTD INR 394 690 1.12 46 000 BIZLINK HOLDING INC TWD 435 446 1.24
140 904 ADITYA BIRLA FASHION AND RET INR 515 655 1.47
384 787 ASHOK LEYLAND LTD INR 633 414 1.80 Other transferable securities 13 636 0.04
6 768 INFO EDGE INDIA LTD INR 507 515 1.44
Warrants, Rights 13 636 0.04
11 013 JUBILANT FOODWORKS LTD INR 531 719 1.51
DOOSAN HEAVY INDUSTRIES +
55 692 MADRAS CEMENTS LTD INR 752 074 2.14 3 684 KRW 13 636 0.04
CONSTRUCTION C
88 412 NARAYANA HRUDAYALAYA LTD INR 760 156 2.16
Total securities portfolio 35 065 876 99.71
399 147 NCC LTD INR 377 436 1.07
155 737 RELIANCE NIPPON LIFE ASSET M INR 736 841 2.10
8 973 TATA ELXSI LTD INR 708 138 2.01
South Korea 5 825 786 16.55
25 424 DAEWOONG CO LTD KRW 664 424 1.89
28 961 DOOSAN HEAVY INDUSTRIES KRW 497 021 1.41
19 052 DOOSAN INFRACORE CO LTD KRW 113 473 0.32
15 087 HAESUNG DS CO LTD KRW 620 277 1.76
21 854 HANDSOME CO LTD KRW 655 237 1.86
6 052 HYOSUNG CORPORATION KRW 482 570 1.37
14 562 KOLON INDUSTRIES INC KRW 868 973 2.47
14 307 LG ELECTRONICS-PREF KRW 788 923 2.24
12 178 SK CHEMICALS CO LTD KRW 475 332 1.35
17 947 YOUNGONE CORP KRW 659 556 1.88
China 2 984 176 8.48
36 481 21VIANET GROUP INC-ADR USD 329 423 0.94
17 000 ALIBABA GROUP HOLDING LTD HKD 253 685 0.72
3 952 000 CHINA MODERN DAIRY HOLDINGS HKD 664 834 1.89
CHINA ZHONGWANG
1 780 800 HKD 383 739 1.09
HOLDINGS LTD
95 000 DONGYUE GROUP HKD 148 446 0.42
HAINAN MEILAN INTERNATIONAL
73 000 HKD 225 343 0.64
AIRPORT - H
525 000 KANGJI MEDICAL HOLDINGS LTD HKD 534 929 1.52
734 000 VIVA BIOTECH HOLDINGS HKD 443 777 1.26
Singapore 2 332 961 6.63
417 900 CAPITALAND RETAIL CHINA TRUST SGD 368 885 1.05
748 200 LENDLEASE GLOBAL COMMERCIAL SGD 496 870 1.41
275 000 SATS LTD SGD 793 689 2.26
745 SEA LTD-ADR USD 166 664 0.47
1 042 400 STARHILL GLOBAL REIT SGD 506 853 1.44
The accompanying notes form an integral part of these financial statements
Page 79
BNP PARIBAS FUNDS Belgium Equity
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Transferable securities admitted to an
official stock exchange listing and/or 209 592 177 99.75
traded on another regulated market
Shares 209 592 177 99.75
Belgium 175 307 772 83.43
35 681 ACKERMANS & VAN HAAREN EUR 6 019 385 2.86
81 895 AEDIFICA EUR 9 409 736 4.48
211 510 AGEAS EUR 9 634 281 4.59
309 588 ANHEUSER - BUSCH INBEV SA/NV EUR 16 460 793 7.83
39 273 AZELIS GROUP NV EUR 990 661 0.47
404 530 BALTA GROUP NV EUR 1 193 364 0.57
122 337 BARCO N.V. EUR 2 343 977 1.12
5 957 COFINIMMO EUR 836 959 0.40
20 891 COLRUYT SA EUR 778 399 0.37
82 880 ELIA SYSTEM OPERATOR SA/NV EUR 9 589 216 4.56
91 794 FINANCIERE DE TUBIZE EUR 8 288 998 3.94
62 232 GROUPE BRUXELLES LAMBERT SA EUR 6 108 693 2.91
43 333 INCLUSIO SA EUR 801 661 0.38
121 751 ION BEAM APPLICATIONS EUR 1 855 485 0.88
248 620 KBC GROEP NV EUR 18 760 864 8.93
66 742 KINEPOLIS EUR 3 657 462 1.74
1 747 LOTUS BAKERIES EUR 9 765 730 4.65
35 742 MELEXIS NV EUR 3 745 762 1.78
113 262 MITHRA PHARMACEUTICALS - W/I EUR 2 262 975 1.08
134 907 NYXOAH SA EUR 2 509 270 1.19
131 364 ONTEX GROUP NV - W/I EUR 918 234 0.44
100 051 OXURION NV EUR 181 693 0.09
134 992 PROXIMUS EUR 2 313 763 1.10
280 254 RECTICEL EUR 4 910 050 2.34
96 637 SHURGARD SELF STORAGE SA EUR 5 556 628 2.64
70 263 SOLVAY SA EUR 7 180 879 3.42
143 520 TELENET GROUP HOLDING NV EUR 4 601 251 2.19
98 362 UCB SA EUR 9 870 627 4.70
352 887 UMICORE EUR 12 615 709 6.00
287 939 WAREHOUSES DE PAUW SCA EUR 12 145 267 5.78
The Netherlands 26 530 987 12.63
64 084 ARGENX SE EUR 20 205 684 9.62
420 821 ING GROEP NV EUR 5 151 691 2.45
115 060 ONWARD MEDICAL EUR 1 173 612 0.56
Luxembourg 4 528 658 2.16
95 060 APERAM EUR 4 528 658 2.16
France 3 224 760 1.53
53 065 BNP PARIBAS EUR 3 224 760 1.53
Shares/Units in investment funds 921 758 0.44
Luxembourg 921 758 0.44
BNP PARIBAS INSTICASH EUR 1D
7 726.76 EUR 921 758 0.44
SHORT TERM VNAV - X CAP
Total securities portfolio 210 513 935 100.19
The accompanying notes form an integral part of these financial statements
Page 80
BNP PARIBAS FUNDS Brazil Equity
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net
Quantity Denomination Market value
currency assets
Transferable securities admitted to an
official stock exchange listing and/or 99 925 672 90.89
traded on another regulated market
Shares 99 925 672 90.89
Brazil 98 108 013 89.24
616 900 AMBEV SA BRL 1 707 828 1.55
1 295 172 ANIMA HOLDING SA BRL 1 953 223 1.78
265 971 AREZZO INDUSTRIA E COMERCIO BRL 3 665 818 3.33
499 247 ATACADAO DISTRIBUICAO COMERC BRL 1 366 880 1.24
1 717 217 B3 SA-BRASIL BOLSA BALCAO BRL 3 434 436 3.12
285 517 BANCO BRADESCO - ADR USD 976 468 0.89
271 942 BANCO BRADESCO SA BRL 790 439 0.72
2 135 688 BANCO BRADESCO SA-PREF BRL 7 365 636 6.70
149 392 BANCO SANTANDER BRASIL-UNIT BRL 804 089 0.73
638 900 BB SEGURIDADE PARTICIPACOES BRL 2 380 105 2.16
420 459 BRADESPAR SA - PREF BRL 1 886 405 1.72
25 088 COSAN SA -ADR USD 393 129 0.36
904 200 COSAN SA INDUSTRIA COMERCIO BRL 3 521 025 3.20
284 770 DIRECIONAL ENGENHARIA SA BRL 649 808 0.59
75 482 ENERGISA SA - UNITS BRL 601 282 0.55
255 000 ENGIE BRASIL ENERGIA SA BRL 1 758 448 1.60
374 625 EQUATORIAL ENERGIA SA - ORD BRL 1 520 696 1.38
455 958 FLEURY SA BRL 1 472 655 1.34
163 300 GERDAU SA - ADR USD 803 436 0.73
436 475 GERDAU SA - PREF BRL 2 136 143 1.94
359 604 HOSPITAL MATER DEI SA BRL 871 572 0.79
474 656 HYPERA SA BRL 2 409 072 2.19
1 745 100 ITAU UNIBANCO HOLDING S-PREF BRL 6 563 711 5.97
1 581 510 ITAUSA INVESTIMENTOS ITAU-PR BRL 2 535 528 2.31
684 800 KLABIN SA - UNIT BRL 3 154 754 2.87
332 508 LOCALIZA RENT A CAR BRL 3 163 902 2.88
492 900 MARFRIG GLOBAL FOODS SA BRL 1 953 018 1.78
342 937 NATURA &CO HOLDING SA BRL 1 565 690 1.42
260 279 NOTRE DAME INTERMED PAR SA BRL 2 820 080 2.57
197 869 PET CENTER COMERCIO E PARTIC BRL 581 529 0.53
518 400 PETRO RIO SA BRL 1 923 758 1.75
600 983 PETROLEO BRASILEIRO PETROBRAS BRL 3 312 422 3.01
PETROLEO BRASILEIRO PETROBRAS
272 331 USD 2 990 194 2.72
- ADR
PETROLEO BRASILEIRO PETROBRAS
124 681 USD 1 260 525 1.15
- ADR
PETROLEO BRASILEIRO PETROBRAS
451 727 BRL 2 307 296 2.10
- PREF
221 296 PORTO SEGURO SA BRL 831 152 0.76
467 740 SANTOS BRASIL PARTICIPACOES BRL 539 959 0.49
204 827 SENDAS DISTRIBUIDORA SA BRL 476 582 0.43
870 707 SEQUOIA LOGISTICA E TRANSPOR BRL 2 210 378 2.01
269 500 SUZANO PAPEL E CELULOSE SA BRL 2 908 376 2.65
628 276 VALE SA BRL 8 793 614 8.00
680 227 VIBRA ENERGIA SA BRL 2 613 441 2.38
529 219 WEG SA BRL 3 133 511 2.85
Cayman Islands 1 817 659 1.65
482 112 BANCO BTG PACTUAL SA-UNIT BRL 1 817 659 1.65
Other transferable securities 0 0.00
Bonds 0 0.00
Brazil 0 0.00
INEPAR SA INDUSTRIA E
13 290 BRL 0 0.00
CONSTRUCOES 0.000% 25/
Total securities portfolio 99 925 672 90.89
The accompanying notes form an integral part of these financial statements
Page 81
BNP PARIBAS FUNDS China A-Shares
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net
Quantity Denomination Market value
currency assets
Transferable securities admitted to an
official stock exchange listing and/or 150 198 117 95.31
traded on another regulated market
Shares 150 198 117 95.31
China 150 198 117 95.31
1 298 900 AIR CHINA LTD - A CNY 1 862 454 1.18
229 700 ANHUI CONCH CEMENT CO LTD - A CNY 1 453 601 0.92
601 260 BANK OF NINGBO CO LTD - A CNY 3 612 363 2.29
686 850 BEIJING ORIENTAL YUHONG - A CNY 5 681 988 3.61
759 400 BEIJING SINNET TECHNOLOGY-A CNY 1 769 426 1.12
66 900 BYD CO LTD - A CNY 2 818 517 1.79
CHANGZHOU XINGYU AUTOMOTIV-
48 400 CNY 1 551 809 0.98
A
83 300 CHINA INTERNATIONAL TRAVEL - A CNY 2 870 777 1.82
922 200 CHINA MERCHANTS BANK - A CNY 7 050 147 4.48
517 300 CHINA PACIFIC INSURANCE GR - A CNY 2 201 728 1.40
4 188 200 CHINA PETROLEUM + CHEMICAL - A CNY 2 781 311 1.76
407 900 CHINA VANKE CO LTD - A CNY 1 265 235 0.80
993 700 CITIC SECURITIES CO - A CNY 4 119 884 2.61
CONTEMPORARY AMPEREX TECHN-
105 600 CNY 9 750 932 6.20
A
265 100 GLODON SOFTWARE CO LTD - A CNY 2 662 619 1.69
414 600 GOERTEK INC - A CNY 3 522 454 2.24
140 800 HANGZHOU TIGERMED CONSULTI-A CNY 2 824 334 1.79
413 300 HONGFA TECHNOLOGY CO LTD-A CNY 4 841 860 3.07
1 579 700 HUATAI SECURITIES CO LTD - A CNY 4 403 566 2.79
687 300 HUAYU AUTOMOTIVE SYSTEMS - A CNY 3 053 831 1.94
213 046 HUNDSUN TECHNOLOGIES INC - A CNY 2 080 366 1.32
897 100 INNER MONGOLIA YILI INDUS - A CNY 5 838 828 3.70
182 248 JIANGSU HENGLI HIGHPRESSUR-A CNY 2 340 216 1.48
27 200 KWEICHOW MOUTAI CO LTD - A CNY 8 747 458 5.56
238 000 LONGI GREEN ENERGY TECHNOL-A CNY 3 223 097 2.05
320 170 LUXSHARE PRECISION INDUSTR - A CNY 2 473 488 1.57
54 739 MAXSCEND MICROELECTRONICS -A CNY 2 808 692 1.78
119 900 MIDEA GROUP CO LTD - A CNY 1 389 276 0.88
368 200 NARI TECHNOLOGY CO LTD - A CNY 2 314 461 1.47
593 000 PING AN INSURANCE GROUP CO - A CNY 4 691 740 2.98
696 200 QINGDAO HAIER CO LTD - A CNY 3 266 722 2.07
322 300 S F HOLDING CO LTD - A CNY 3 487 392 2.21
797 400 SANY HEAVY INDUSTRY CO LTD - A CNY 2 855 155 1.81
SHANDONG SINOCERA FUNCTION -
189 200 CNY 1 264 209 0.80
A
577 100 SHENGYI TECHNOLOGY CO LTD -A CNY 2 132 590 1.35
82 600 SHENZHEN MINDRAY BIO-MEDIC-A CNY 4 936 216 3.13
500 400 SUOFEIYA HOME COLLECTION C - A CNY 1 743 500 1.11
241 200 TSINGTAO BREWERY CO LTD - A CNY 3 749 520 2.38
559 500 VENUSTECH GROUP INC - A CNY 2 506 031 1.59
47 200 WILL SEMICONDUCTOR LTD-A CNY 2 303 180 1.46
108 300 WINGTECH TECHNOLOGY CO LTD-A CNY 2 198 534 1.40
43 000 WULIANGYE YIBIN CO LTD - A CNY 1 503 197 0.95
277 440 WUXI APPTEC CO LTD-A CNY 5 161 954 3.28
YONYOU NETWORK TECHNOLOGY -
384 700 CNY 2 167 392 1.38
A
777 870 ZHEJIANG SANHUA INTELLIGEN-A CNY 3 089 610 1.96
273 800 ZHONGJI INNOLIGHT CO LTD-A CNY 1 826 457 1.16
Shares/Units in investment funds 3 000 054 1.90
Luxembourg 3 000 054 1.90
BNP PARIBAS INSTICASH USD 1D
22 874.84 USD 3 000 054 1.90
SHORT TERM XCA
Total securities portfolio 153 198 171 97.21
The accompanying notes form an integral part of these financial statements
Page 82
BNP PARIBAS FUNDS China Equity
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net
Quantity Denomination Market value
currency assets
Transferable securities admitted to an
official stock exchange listing and/or 2 101 174 700 99.89
traded on another regulated market
Shares 2 101 174 700 99.89
China 1 902 116 349 90.43
5 601 288 ALIBABA GROUP HOLDING LTD HKD 83 586 104 3.97
143 473 BEIGENE LTD-ADR USD 38 871 140 1.85
BEIJING CAPITAL INTERNATIONAL
33 872 000 HKD 20 739 103 0.99
AIRPORT - H
8 633 251 BEIJING ORIENTAL YUHONG - A CNY 71 418 833 3.40
547 630 BILIBILI INC-SPONSORED ADR USD 25 410 032 1.21
28 549 000 CATHAY MEDIA AND EDUCATION HKD 7 340 482 0.35
12 452 000 CHINA MENGNIU DAIRY CO HKD 70 653 200 3.36
9 132 500 CHINA MERCHANTS BANK - H HKD 71 041 681 3.38
65 424 000 CHINA PETROLEUM & CHEMICAL - H HKD 30 522 243 1.45
27 672 000 CHINA YUHUA EDUCATION CORP L HKD 9 904 625 0.47
22 438 000 CHINASOFT INTERNATIONAL LTD HKD 29 281 334 1.39
14 989 000 CITIC SECURITIES CO LTD - H HKD 39 164 870 1.86
CONTEMPORARY AMPEREX TECHN-
1 068 233 CNY 98 638 898 4.69
A
702 417 GDS HOLDINGS LTD - ADR USD 33 125 986 1.57
2 533 914 GLODON CO LTD-A CNH 25 498 399 1.21
1 928 077 GOERTEK INC - A CNY 16 381 000 0.78
785 031 HANGZHOU TIGERMED CONSULTI-A CNY 15 747 088 0.75
4 743 709 HONGFA TECHNOLOGY CO LTD-A CNY 55 573 126 2.64
5 270 085 HUAYU AUTOMOTIVE SYSTEMS - A CNY 23 416 193 1.11
2 665 186 JD.COM INC - CL A USD 93 281 510 4.43
117 319 KWEICHOW MOUTAI CO LTD - A CNY 37 729 524 1.79
7 333 500 LI NING CO LTD HKD 80 420 859 3.82
4 742 500 LONGFOR PROPERTIES HKD 22 369 963 1.06
739 553 MAXSCEND MICROELECTRONICS -A CNY 37 946 927 1.80
4 575 400 MEITUAN DIANPING-CLASS B HKD 134 083 778 6.38
7 790 000 MING YUAN CLOUD GROUP HOLDIN HKD 17 784 365 0.85
8 768 000 MINTH GROUP LTD HKD 38 676 596 1.84
5 185 745 NETEASE INC USD 108 122 784 5.14
8 856 000 PING AN INSURANCE GROUP CO - H HKD 63 885 178 3.04
6 315 808 SANY HEAVY INDUSTRY CO LTD - A CNY 22 614 257 1.08
6 973 137 SHENGYI TECHNOLOGY CO LTD -A CNY 25 768 227 1.22
721 344 SHENZHEN MINDRAY BIO-MEDIC-A CNY 43 107 865 2.05
8 194 872 SUOFEIYA HOME COLLECTION C - A CNY 28 552 682 1.36
2 205 200 TENCENT HOLDINGS LTD HKD 129 482 522 6.16
2 128 836 TSINGTAO BREWERY CO LTD - A CNY 33 093 339 1.57
5 692 737 VENUSTECH GROUP INC - A CNY 25 498 083 1.21
524 255 WILL SEMICONDUCTOR LTD-A CNY 25 581 642 1.22
2 333 780 WUXI APPTEC CO LTD-H HKD 40 436 254 1.92
6 739 000 WUXI BIOLOGICS CAYMAN INC HKD 79 938 014 3.80
YONYOU NETWORK TECHNOLOGY -
4 619 319 CNY 26 025 144 1.24
A
340 533 ZAI LAB LTD-ADR USD 21 402 499 1.02
Hong Kong 80 759 308 3.84
4 771 000 AIA GROUP LTD HKD 48 151 185 2.29
7 742 000 CHINA RESOURCES LAND LTD HKD 32 608 123 1.55
United States of
America 59 865 067 2.85
1 201 145 YUM CHINA HOLDINGS INC USD 59 865 067 2.85
Taiwan 58 433 976 2.77
TAIWAN SEMICONDUCTOR
1 572 000 TWD 34 993 026 1.66
MANUFACTURING CO
1 347 000 YAGEO CORPORATION TWD 23 440 950 1.11
Total securities portfolio 2 101 174 700 99.89
The accompanying notes form an integral part of these financial statements
Page 83
BNP PARIBAS FUNDS Climate Impact
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an France 87 658 349 2.30
official stock exchange listing and/or 3 719 089 550 97.69 851 879 LEGRAND SA EUR 87 658 349 2.30
traded on another regulated market China 68 720 807 1.81
Shares 3 719 089 550 97.69 45 988 934 XINYI SOLAR HOLDINGS LTD HKD 68 720 807 1.81
United States of Germany 66 767 786 1.75
America 1 840 487 505 48.35 591 913 NEMETSCHEK AG EUR 66 767 786 1.75
ADVANCED DRAINAGE
561 049
SYSTEMS INC
USD 67 161 098 1.76 Italy 59 338 587 1.56
904 435 ALTAIR ENGINEERING INC - A USD 61 493 945 1.62 354 366 DIASORIN SPA EUR 59 338 587 1.56
613 052 AMERICAN WATER WORKS CO INC USD 101 812 348 2.67 Brazil 50 441 994 1.32
489 745 BADGER METER INC USD 45 890 984 1.21 7 815 073 CIA SANEAMENTO BASICO DE - ADR USD 50 441 994 1.32
430 054 CADENCE DESIGN SYS INC USD 70 471 828 1.85
South Korea 38 985 926 1.02
1 368 469 DARLING INGREDIENTS INC USD 83 381 302 2.19
708 627 COWAY CO LTD KRW 38 985 926 1.02
272 251 GENERAC HOLDINGS INC USD 84 251 294 2.21
HANNON ARMSTRONG Austria 35 038 400 0.92
1 803 763 USD 84 255 971 2.21
SUSTAINABLE 287 200 LENZING AG EUR 35 038 400 0.92
540 247 HERC HOLDINGS INC USD 74 371 850 1.95
576 910 HUBBELL INC USD 105 656 918 2.79
Luxembourg 33 795 910 0.89
501 423 BEFESA SA EUR 33 795 910 0.89
395 206 IPG PHOTONICS CORP USD 59 823 040 1.57
699 217 ITRON INC USD 42 130 099 1.11 Hong Kong 32 420 633 0.85
VITASOY INTERNATIONAL
229 469 LENNOX INTERNATIONAL INC USD 65 450 725 1.72 18 246 000 HKD 32 420 633 0.85
HOLDINGS
316 278 LITTELFUSE INC USD 87 518 784 2.30
227 053 MONOLITHIC POWER SYSTEMS INC USD 98 498 115 2.59
Total securities portfolio 3 719 089 550 97.69
1 240 381 ORMAT TECHNOLOGIES INC USD 86 495 087 2.27
944 830 PTC INC USD 100 656 133 2.64
2 497 434 RAYONIER INC USD 88 635 628 2.33
328 976 REPLIGEN CORP USD 76 614 495 2.01
329 317 SOLAREDGE TECHNOLOGIES INC USD 81 249 095 2.13
1 219 603 TRIMBLE INC USD 93 507 901 2.46
3 442 096 VERTIV HOLDINGS CO USD 75 579 614 1.99
326 258 WATTS WATER TECHNOLOGIES - A USD 55 706 574 1.46
472 961 XYLEM INC USD 49 874 677 1.31
United Kingdom 329 617 354 8.66
498 448 APTIV PLC USD 72 299 505 1.90
2 048 860 HALMA PLC GBP 78 088 995 2.05
1 299 757 PENTAIR PLC USD 83 469 270 2.19
500 933 SPIRAX-SARCO ENGINEERING PLC GBP 95 759 584 2.52
Denmark 237 293 052 6.23
1 172 807 CHRISTIAN HANSEN HOLDING A/S DKK 81 271 476 2.13
835 846 NOVOZYMES A/S - B DKK 60 371 151 1.59
3 557 048 VESTAS WIND SYSTEMS A/S DKK 95 650 425 2.51
The Netherlands 171 524 544 4.50
465 965 KONINKLIJKE DSM NV EUR 92 261 070 2.42
1 943 685 SIGNIFY NV EUR 79 263 474 2.08
Japan 162 706 972 4.28
2 092 600 AZBIL CORP JPY 84 008 976 2.21
5 344 100 SEKISUI CHEMICAL CO LTD JPY 78 697 996 2.07
Norway 124 708 394 3.28
1 167 002 SALMAR ASA NOK 70 754 548 1.86
857 460 TOMRA SYSTEMS ASA NOK 53 953 846 1.42
Australia 98 498 675 2.59
14 493 575 BRAMBLES LTD AUD 98 498 675 2.59
Taiwan 96 132 157 2.52
DELTA ELECTRONIC
10 972 000 TWD 96 132 157 2.52
INDUSTRIAL CO
Spain 95 942 214 2.52
4 380 923 EDP RENOVAVEIS SA EUR 95 942 214 2.52
Sweden 89 010 291 2.34
6 701 645 NIBE INDUSTRIER AB-B SHS SEK 89 010 291 2.34
The accompanying notes form an integral part of these financial statements
Page 84
BNP PARIBAS FUNDS Consumer Innovators
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an China 51 208 488 3.26
official stock exchange listing and/or 1 548 866 431 98.43 100 522 ALIBABA GROUP HOLDING - ADR USD 10 500 359 0.67
traded on another regulated market 2 129 500 LI NING CO LTD HKD 20 535 165 1.31
1 548 866 431 98.43 390 700 TENCENT HOLDINGS LTD HKD 20 172 964 1.28
Shares
Argentina 39 483 267 2.51
United States of
33 299 MERCADOLIBRE INC USD 39 483 267 2.51
America 1 033 505 795 65.66
6 138 ALPHABET INC - A USD 15 636 679 0.99 Germany 31 469 215 2.00
48 456 AMAZON.COM INC USD 142 075 959 9.02 124 286 ADIDAS AG EUR 31 469 215 2.00
1 026 871 AMERICAN EAGLE OUTFITTERS USD 22 863 501 1.45 United Kingdom 29 194 206 1.86
159 459 APPLE INC USD 24 898 993 1.58 201 271 APTIV PLC USD 29 194 206 1.86
572 800 AZEK CO INC/THE USD 23 290 777 1.48
Australia 22 774 790 1.45
431 218 BALLYS CORP USD 14 432 076 0.92
301 678 DOMINOS PIZZA ENTERPRISES AUD 22 774 790 1.45
21 052 BEYOND MEAT INC USD 1 206 251 0.08
24 800 BOOKING HOLDINGS INC USD 52 322 286 3.33 Malta 20 726 939 1.32
181 314 BUMBLE INC-A USD 5 398 604 0.34 1 034 007 GVC HOLDINGS PLC GBP 20 726 939 1.32
145 961 CHEWY INC - CLASS A USD 7 568 871 0.48 Ireland 12 042 094 0.77
258 101 COLUMBIA SPORTSWEAR CO USD 22 115 161 1.41 85 974 FLUTTER ENTERTAINMENT PLC-DI GBP 12 042 094 0.77
200 558 DICKS SPORTING GOODS INC USD 20 279 779 1.29
Sweden 1 556 365 0.10
126 500 ELECTRONIC ARTS INC USD 14 672 309 0.93
222 349 OATLY GROUP AB USD 1 556 365 0.10
94 355 ESTEE LAUDER COMPANIES - A USD 30 715 988 1.95
113 709 FIVE BELOW USD 20 686 999 1.31 Total securities portfolio 1 548 866 431 98.43
215 135 FRONTDOOR INC USD 6 933 431 0.44
51 366 GENERAC HOLDINGS INC USD 15 895 817 1.01
284 389 HOLOGIC INC USD 19 145 992 1.22
336 941 HOME DEPOT INC USD 122 963 318 7.81
41 761 LENDINGTREE INC USD 4 502 197 0.29
72 925 MASIMO CORP USD 18 775 045 1.19
140 436 MERITAGE HOMES CORP USD 15 073 530 0.96
476 572 NIKE INC - B USD 69 847 218 4.44
98 501 PAYPAL HOLDINGS INC - W/I USD 16 334 258 1.04
252 745 PETMED EXPRESS INC USD 5 614 086 0.36
194 268 PINTEREST INC- CLASS A USD 6 209 674 0.39
220 198 PLANET FITNESS INC - A USD 17 539 162 1.11
216 327 REVOLVE GROUP INC USD 10 660 363 0.68
372 214 SPROUTS FARMERS MARKET INC USD 9 714 484 0.62
57 032 SQUARE INC - A USD 8 099 928 0.51
492 822 STARBUCKS CORP USD 50 690 634 3.22
235 884 TARGET CORP USD 48 006 501 3.05
52 153 TESLA INC USD 48 464 868 3.08
356 136 TWITTER INC USD 13 535 172 0.86
96 052 ULTA BEAUTY INC USD 34 827 719 2.21
45 082 VAIL RESORTS INC USD 12 998 934 0.83
173 346 WALT DISNEY CO USD 23 610 237 1.50
246 769 YETI HOLDINGS INC USD 17 973 862 1.14
408 998 YUM CHINA HOLDINGS INC USD 17 925 132 1.14
France 135 845 166 8.64
52 226 KERING EUR 36 918 559 2.35
71 661 LOREAL EUR 29 879 054 1.90
94 976 LVMH EUR 69 047 553 4.39
Japan 116 618 871 7.40
48 400 FAST RETAILING CO LTD JPY 24 208 718 1.54
271 500 MERCARI INC JPY 12 182 874 0.77
36 100 NINTENDO CO LTD JPY 14 859 050 0.94
588 300 SONY CORP JPY 65 368 229 4.15
Canada 54 441 235 3.46
86 617 LULULEMON ATHLETICA INC USD 29 815 533 1.89
345 626 MAGNA INTERNATIONAL INC CAD 24 625 702 1.57
The accompanying notes form an integral part of these financial statements
Page 85
BNP PARIBAS FUNDS Disruptive Technology
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an Denmark 57 443 378 1.60
official stock exchange listing and/or 3 532 054 551 98.58 162 449 GENMAB A/S DKK 57 443 378 1.60
traded on another regulated market Japan 39 237 801 1.10
Shares 3 532 054 551 98.58 70 800 KEYENCE CORP JPY 39 237 801 1.10
United States of Total securities portfolio 3 532 054 551 98.58
America 2 853 503 275 79.64
132 089 ADOBE SYSTEMS INC USD 65 865 625 1.84
951 115 ADVANCED MICRO DEVICES USD 120 353 015 3.36
63 527 ALPHABET INC - A USD 161 836 316 4.52
29 409 AMAZON.COM INC USD 86 228 988 2.41
240 315 AMERICAN TOWER CORP - A USD 61 811 588 1.73
1 569 233 APPLE INC USD 245 030 516 6.83
43 610 BOOKING HOLDINGS INC USD 92 007 053 2.57
283 903 CDW CORP/DE USD 51 123 511 1.43
1 711 837 CIENA CORP USD 115 863 607 3.23
612 082 COPART INC USD 81 607 345 2.28
603 363 ENTEGRIS INC USD 73 526 244 2.05
93 250 EPAM SYSTEMS INC USD 54 812 665 1.53
73 061 EQUINIX INC USD 54 342 170 1.52
303 339 EVERBRIDGE INC USD 17 959 739 0.50
117 707 FAIR ISAAC CORP USD 44 887 438 1.25
1 041 301 FIRST SOLAR INC USD 79 809 880 2.23
INTERCONTINENTAL
347 991 USD 41 852 558 1.17
EXCHANGE INC
195 170 IRHYTHM TECHNOLOGIES INC USD 20 198 344 0.56
229 840 MASIMO CORP USD 59 173 897 1.65
1 271 069 MICRON TECHNOLOGY INC USD 104 115 439 2.91
714 811 MICROSOFT CORP USD 211 401 015 5.89
939 393 NEW RELIC INC USD 90 833 322 2.54
607 202 NIKE INC - B USD 88 992 576 2.48
103 016 NVIDIA CORP USD 26 642 662 0.74
228 559 PALO ALTO NETWORKS INC USD 111 909 899 3.12
590 260 PLEXUS CORP USD 49 771 396 1.39
3 003 129 PURE STORAGE INC - CLASS A USD 85 958 362 2.40
402 923 RAPID7 INC USD 41 698 917 1.16
408 600 SALESFORCE.COM INC USD 91 309 812 2.55
217 632 SIGNATURE BANK USD 61 904 171 1.73
210 058 SNOWFLAKE INC-CLASS A USD 62 572 237 1.75
375 222 SQUARE INC - A USD 53 290 631 1.49
370 533 TRANE TECHNOLOGIES PLC USD 65 827 279 1.84
984 992 TWITTER INC USD 37 435 239 1.04
742 792 VISA INC - A USD 141 549 819 3.95
Switzerland 126 614 587 3.53
890 981 STMICROELECTRONICS NV-NY SHS USD 38 296 827 1.07
622 505 TE CONNECTIVITY LTD USD 88 317 760 2.46
Taiwan 120 805 015 3.37
1 141 879 TAIWAN SEMICONDUCTOR - ADR USD 120 805 015 3.37
Israel 102 945 493 2.87
560 721 CYBERARK SOFTWARE LTD/ISRAEL USD 85 439 443 2.38
670 299 JFROG LTD USD 17 506 050 0.49
The Netherlands 98 590 304 2.75
139 508 ASML HOLDING NV EUR 98 590 304 2.75
Germany 68 266 587 1.91
447 122 SIEMENS AG - REG EUR 68 266 587 1.91
China 64 648 111 1.81
191 572 ALIBABA GROUP HOLDING - ADR USD 20 011 289 0.56
12 972 000 CHINASOFT INTERNATIONAL LTD HKD 14 885 959 0.42
576 200 TENCENT HOLDINGS LTD HKD 29 750 863 0.83
The accompanying notes form an integral part of these financial statements
Page 86
BNP PARIBAS FUNDS Ecosystem Restoration
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an
Shares/Units in investment funds 1 880 756 0.89
official stock exchange listing and/or 207 699 119 98.69
traded on another regulated market Luxembourg 1 880 756 0.89
207 699 119 98.69 BNP PARIBAS INSTICASH EUR 3M
Shares 18 726.55 EUR 1 880 756 0.89
Standard VNAV - X CAP
United States of Total securities portfolio 209 579 875 99.58
America 115 562 201 54.90
1 906 250 APPHARVEST INC USD 6 520 676 3.10
1 301 523 AQUABOUNTY TECHNOLOGIES USD 2 403 446 1.14
655 059 ATLANTIC SAPPHIRE ASA NOK 2 759 855 1.31
273 693 CHARGEPOINT HOLDINGS INC USD 4 584 815 2.18
72 419 CLEAN HARBORS INC USD 6 353 538 3.02
297 354 DANIMER SCIENTIFIC INC USD 2 227 802 1.06
202 935 DARLING INGREDIENTS INC USD 12 364 901 5.88
33 513 DEERE & CO USD 10 104 883 4.80
1 073 985 GEVO INC USD 4 042 082 1.92
216 164 HYDROFARM HOLDINGS GROUP INC USD 5 377 488 2.55
161 487 ITRON INC USD 9 730 117 4.62
35 416 LINDSAY CORP USD 4 733 760 2.25
1 543 787 ORIGIN MATERIALS INC USD 8 756 091 4.16
568 258 PURECYCLE TECHNOLOGIES INC USD 4 782 122 2.27
SUNNOVA ENERGY
289 198 USD 7 100 253 3.37
INTERNATIONAL
198 567 SUNRUN INC USD 5 989 138 2.85
54 824 TRIMBLE INC USD 4 203 398 2.00
1 900 622 VIEW INC USD 6 534 851 3.10
740 449 WHOLE EARTH BRANDS INC USD 6 992 985 3.32
United Kingdom 28 055 734 13.34
624 171 CNH INDUSTRIAL NV USD 10 664 476 5.08
125 271 PENTAIR PLC USD 8 044 795 3.82
520 479 SMART METERING SYSTEMS PLC GBP 5 213 469 2.48
524 654 TATE & LYLE PLC GBP 4 132 994 1.96
Canada 21 187 994 10.07
357 380 ANAERGIA INC CAD 5 025 462 2.39
1 690 037 FARMERS EDGE INC CAD 3 717 728 1.77
714 479 LI-CYCLE HOLDINGS CORP USD 6 257 660 2.97
1 012 377 SUNOPTA INC USD 6 187 144 2.94
Denmark 10 713 562 5.09
59 053 CHRISTIAN HANSEN HOLDING A/S DKK 4 092 169 1.94
91 674 NOVOZYMES A/S - B DKK 6 621 393 3.15
France 7 903 119 3.75
244 982 VEOLIA ENVIRONNEMENT EUR 7 903 119 3.75
Sweden 6 390 845 3.04
685 737 OATLY GROUP AB USD 4 799 918 2.28
74 591 RE:NEWCELL AB SEK 1 590 927 0.76
Bahamas 5 175 615 2.46
912 513 LOCAL BOUNTI CORP USD 5 175 615 2.46
Spain 4 679 803 2.22
2 067 051 ENCE ENERGIA Y CELULOSA SA EUR 4 679 803 2.22
Japan 3 910 965 1.86
229 300 SUMITOMO FORESTRY CO LTD JPY 3 910 965 1.86
Brazil 2 791 071 1.33
440 000 CIA SANEAMENTO BASICO DE SP BRL 2 791 071 1.33
Norway 1 328 210 0.63
567 753 VOW ASA NOK 1 328 210 0.63
The accompanying notes form an integral part of these financial statements
Page 87
BNP PARIBAS FUNDS Emerging Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
REPUBLIC OF DOMINICAN 5.950% 17-
Transferable securities admitted to an 1 500 000
25/01/2027
USD 1 668 750 0.24
official stock exchange listing and/or 658 051 060 95.97
1 900 000
REPUBLIC OF DOMINICAN 6.400% 19-
USD 1 994 763 0.29
05/06/2049
traded on another regulated market REPUBLIC OF DOMINICAN 6.500% 18-
800 000 USD 849 400 0.12
1 169 962 0.17 15/02/2048
Shares REPUBLIC OF DOMINICAN 6.850% 15-
2 700 000 USD 2 972 194 0.43
27/01/2045
Jersey Island 1 169 962 0.17 REPUBLIC OF DOMINICAN 7.450% 14-
1 167 282 PETRA DIAMONDS LTD-DI GBP 1 169 962 0.17 2 210 000 USD 2 611 668 0.38
30/04/2044
Bonds 624 515 391 91.06 Indonesia 21 735 066 3.18
INDONESIA ASAHAN 5.710% 18-
2 000 000 USD 2 142 025 0.31
Ukraine 29 645 226 4.33 15/11/2023
4 612 000 UKRAINE GOVT 4.375% 20-27/01/2030 EUR 4 211 547 0.61 INDONESIA ASAHAN 6.757% 18-
1 000 000 USD 1 277 575 0.19
15/11/2048
3 350 000 UKRAINE GOVT 6.750% 19-20/06/2026 EUR 3 600 091 0.53 INDONESIA GOVT 5.125% 15-
2 600 000 USD 3 224 520 0.47
1 610 000 UKRAINE GOVT 6.876% 21-21/05/2029 USD 1 426 863 0.21 15/01/2045
7 107 000 UKRAINE GOVT 7.253% 20-15/03/2033 USD 6 236 392 0.91 4 000 000 INDONESIA GOVT 7.750% 17/01/2038 USD 6 078 249 0.89
INDONESIA GOVT 8.500% 05-
3 485 000 UKRAINE GOVT 7.375% 17-25/09/2032 USD 3 106 006 0.45 2 650 000 USD 4 223 934 0.62
12/10/2035
840 000 UKRAINE GOVT 7.750% 15-01/09/2022 USD 829 500 0.12 1 650 000 PERTAMINA 6.450% 14-30/05/2044 USD 2 154 075 0.31
4 500 000 UKRAINE GOVT 7.750% 15-01/09/2024 USD 4 357 406 0.64 1 500 000 PT PERTAMINA 4.175% 20-21/01/2050 USD 1 543 875 0.23
5 850 000 UKRAINE GOVT 9.750% 18-01/11/2028 USD 5 877 421 0.86 1 000 000 PT PERTAMINA 4.700% 19-30/07/2049 USD 1 090 813 0.16
Bahrain 28 472 197 4.16 Hong Kong 20 023 235 2.92
4 033 000 BAHRAIN 5.250% 21-25/01/2033 USD 3 779 677 0.55 CNAC HK FINBRID 3.875% 19-
2 900 000 USD 3 108 382 0.45
19/06/2029
2 000 000 BAHRAIN 5.625% 21-18/05/2034 USD 1 892 500 0.28
CNAC HK FINBRID 4.750% 19-
3 100 000 BAHRAIN 6.250% 21-25/01/2051 USD 2 827 781 0.41 1 800 000 USD 2 081 626 0.30
19/06/2049
16 325 000 BAHRAIN 7.500% 17-20/09/2047 USD 16 537 224 2.42 HUARONG FINANCE 2019 3.375% 20-
1 500 000 USD 1 429 050 0.21
24/02/2030
OIL & GAS HLDING 7.500% 17- HUARONG FINANCE 2019 3.750% 19-
2 100 000 USD 2 267 344 0.33
25/10/2027 3 550 000 USD 3 568 460 0.52
29/05/2024
OIL & GAS HLDING 7.625% 18- HUARONG FINANCE 2019 3.875% 19-
1 084 000 USD 1 167 671 0.17 3 100 000 USD 3 023 120 0.44
07/11/2024 13/11/2029
Mexico 28 035 864 4.08 SHIMAO GRP HLDGS 5.600% 19-
7 400 000 USD 4 515 480 0.66
MEXICAN UTD STS 7.500% 03- 15/07/2026
3 500 000 USD 4 885 344 0.71 SINOCHEM OVERSEA 6.300% 10-
08/04/2033 900 000 USD 1 214 325 0.18
MEXICO CITY ARPT 5.500% 17- 12/11/2040
1 200 000 USD 1 197 975 0.17 STUDIO CITY FIN 6.000% 20-
31/07/2047 1 117 000 USD 1 082 792 0.16
PETROLEOS MEXICA 5.950% 20- 15/07/2025
4 536 000 USD 4 402 528 0.64
28/01/2031 Egypt 19 405 080 2.83
PETROLEOS MEXICA 6.500% 18- ARAB REP EGYPT 3.875% 21-
600 000 USD 637 878 0.09 2 250 000 USD 2 102 625 0.31
13/03/2027 16/02/2026
PETROLEOS MEXICA 6.500% 18- ARAB REP EGYPT 5.250% 20-
1 000 000 USD 1 035 188 0.15 1 882 000 USD 1 896 115 0.28
23/01/2029 06/10/2025
PETROLEOS MEXICA 6.750% 17- ARAB REP EGYPT 5.875% 21-
2 600 000 USD 2 294 500 0.33 850 000 USD 752 420 0.11
21/09/2047 16/02/2031
PETROLEOS MEXICA 6.840% 20- ARAB REP EGYPT 7.053% 19-
2 600 000 USD 2 694 250 0.39 1 600 000 USD 1 473 760 0.21
23/01/2030 15/01/2032
PETROLEOS MEXICA 6.875% 17- ARAB REP EGYPT 7.500% 21-
727 000 USD 797 156 0.12 6 825 000 USD 5 555 550 0.81
04/08/2026 16/02/2061
PETROLEOS MEXICA 6.950% 20- ARAB REP EGYPT 7.625% 20-
5 060 000 USD 4 465 450 0.65 1 000 000 USD 944 400 0.14
28/01/2060 29/05/2032
PETROLEOS MEXICA 7.690% 20- ARAB REP EGYPT 8.700% 19-
2 250 000 USD 2 160 000 0.32 5 200 000 USD 4 599 400 0.67
23/01/2050 01/03/2049
UNITED MEXICAN 5.625% 14- ARAB REP EGYPT 8.875% 20-
800 000 GBP 1 167 201 0.17
19/03/2114 2 300 000 USD 2 080 810 0.30
29/05/2050
UNITED MEXICAN 6.050% 08-
1 850 000 USD 2 298 394 0.34
11/01/2040 Philippines 18 912 809 2.77
REPUBLIC OF PHILIPPINES 0.700% 20-
Brazil 26 422 413 3.86 3 160 000
03/02/2029
EUR 3 557 616 0.52
BANCO NAC DESENV 5.750% 13-
500 000 USD 539 000 0.08 REPUBLIC OF PHILIPPINES 1.750% 21-
26/09/2023 2 000 000 EUR 2 254 613 0.33
28/04/2041
CAIXA ECONOMICA 3.500% 12- REPUBLIC OF PHILIPPINES 2.950% 20-
500 000 USD 507 906 0.07 534 000 USD 526 090 0.08
07/11/2022 05/05/2045
REPUBLIC OF BRAZIL 3.875% 20-
2 333 000 USD 2 264 177 0.33 REPUBLIC OF PHILIPPINES 6.375% 09-
12/06/2030 4 000 000 USD 5 544 500 0.81
23/10/2034
REPUBLIC OF BRAZIL 4.750% 19- REPUBLIC OF PHILIPPINES 7.500% 06-
17 950 000 USD 15 978 865 2.34 400 000 USD 448 080 0.07
14/01/2050
25/09/2024
REPUBLIC OF BRAZIL 5.625% 09- REPUBLIC OF PHILIPPINES 7.750% 06-
1 500 000 USD 1 535 438 0.22 500 000 USD 727 594 0.11
07/01/2041
14/01/2031
REPUBLIC OF BRAZIL 5.625% 16- REPUBLIC OF PHILIPPINES 9.500% 05-
5 610 000 USD 5 597 027 0.82 3 775 000 USD 5 854 316 0.85
21/02/2047
02/02/2030
Dominican Republic 22 751 797 3.30 Panama 18 378 156 2.68
REPUBLIC OF DOMINICAN 4.500% 20-
1 000 000 USD 1 018 000 0.15 6 200 000 PANAMA 3.870% 19-23/07/2060 USD 6 185 662 0.90
30/01/2030
REPUBLIC OF DOMINICAN 4.875% 20- 1 000 000 PANAMA 4.300% 13-29/04/2053 USD 1 073 938 0.16
3 254 000 USD 3 306 471 0.48
23/09/2032
1 650 000 PANAMA 4.500% 18-16/04/2050 USD 1 816 341 0.26
REPUBLIC OF DOMINICAN 5.300% 21-
1 416 000 USD 1 398 566 0.20
21/01/2041
REPUBLIC OF DOMINICAN 5.875% 13-
1 500 000 USD 1 563 750 0.23
18/04/2024
REPUBLIC OF DOMINICAN 5.875% 20-
5 589 000 USD 5 368 235 0.78
30/01/2060
The accompanying notes form an integral part of these financial statements
Page 88
BNP PARIBAS FUNDS Emerging Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
2 960 000 PANAMA 6.700% 06-26/01/2036 USD 3 965 105 0.58 REPUBLIC OF GHANA 8.625% 21-
2 750 000 USD 2 227 500 0.32
07/04/2034
500 000 PANAMA 7.125% 05-29/01/2026 USD 597 906 0.09 REPUBLIC OF GHANA 8.750% 20-
7 797 000 USD 6 180 583 0.90
3 301 000 PANAMA 9.375% 99-01/04/2029 USD 4 739 204 0.69 11/03/2061
REPUBLIC OF GHANA 8.950% 19-
1 750 000 USD 1 399 234 0.20
Turkey 17 781 580 2.62 26/03/2051
REPUBLIC OF TURKEY 11.875% 00-
845 000
15/01/2030
USD 1 052 025 0.15 Russia 14 172 149 2.06
REPUBLIC OF TURKEY 5.750% 17- RUSSIA - EUROBOND 5.100% 19-
400 000 USD 323 500 0.05 5 200 000 USD 6 135 999 0.89
11/05/2047 28/03/2035
REPUBLIC OF TURKEY 5.875% 21- RUSSIA - EUROBOND 5.250% 17-
2 150 000 USD 1 897 375 0.28 2 200 000 USD 2 774 750 0.40
26/06/2031 23/06/2047
REPUBLIC OF TURKEY 6.000% 11- 3 330 000 RUSSIA 12.750% 98-24/06/2028 USD 5 261 400 0.77
2 200 000 USD 1 827 788 0.27
14/01/2041
700 000
REPUBLIC OF TURKEY 6.000% 17-
USD 657 475 0.10
The Netherlands 13 337 300 1.96
25/03/2027 MDGH - GMTN BV 2.875% 20-
1 000 000 USD 1 040 500 0.15
REPUBLIC OF TURKEY 6.375% 20- 21/05/2030
3 625 000 USD 3 536 188 0.52
14/10/2025 MDGH - GMTN BV 3.700% 19-
1 200 000 USD 1 321 800 0.19
REPUBLIC OF TURKEY 6.625% 14- 07/11/2049
4 000 000 USD 3 540 000 0.52
17/02/2045 600 000 METINVEST BV 7.650% 20-01/10/2027 USD 598 800 0.09
REPUBLIC OF TURKEY 7.375% 05-
1 500 000 USD 1 503 750 0.22 6 500 000 METINVEST BV 8.500% 18-23/04/2026 USD 6 767 312 1.00
05/02/2025
REPUBLIC OF TURKEY 7.625% 19- PETROBRAS GLOB 6.900% 19-
1 070 000 USD 1 065 854 0.16 3 400 000 USD 3 608 888 0.53
26/04/2029 19/03/2049
REPUBLIC OF TURKEY 8.000% 04-
2 300 000
14/02/2034
USD 2 377 625 0.35 Malaysia 13 115 750 1.92
1 313 000 PETRONAS 7.625% 96 -15/10/2026 USD 1 655 325 0.24
Chile 17 612 746 2.57 PETRONAS CAP LTD 4.500% 15-
700 000 CHILE 2.550% 21-27/07/2033 USD 680 531 0.10 1 750 000 USD 2 123 844 0.31
18/03/2045
1 000 000 CHILE 3.100% 21-07/05/2041 USD 977 688 0.14 PETRONAS CAP LTD 4.550% 20-
2 000 000 USD 2 464 750 0.36
21/04/2050
600 000 CHILE 3.250% 21-21/09/2071 USD 552 713 0.08 PETRONAS CAP LTD 7.875% 02-
6 703 000 USD 6 871 831 1.01
1 000 000 CHILE 3.500% 21-15/04/2053 USD 1 031 750 0.15 22/05/2022
200 000 CHILE 3.625% 12-30/10/2042 USD 211 288 0.03 Nigeria 12 705 534 1.85
3 200 000 CODELCO INC 3.000% 19-30/09/2029 USD 3 240 600 0.47 REPUBLIC OF NIGERIA 7.875% 17-
920 000 USD 903 946 0.13
16/02/2032
916 000 CODELCO INC 3.150% 20-14/01/2030 USD 932 488 0.14 REPUBLIC OF NIGERIA 8.250% 21-
5 945 000 USD 5 543 713 0.81
1 000 000 CODELCO INC 3.625% 17-01/08/2027 USD 1 063 313 0.16 28/09/2051
REPUBLIC OF NIGERIA 8.747% 18-
3 000 000 CODELCO INC 3.750% 20-15/01/2031 USD 3 187 500 0.46 3 200 000 USD 3 352 000 0.49
21/01/2031
330 000 CODELCO INC 4.500% 17-01/08/2047 USD 380 078 0.06 REPUBLIC OF NIGERIA 9.248% 18-
2 870 000 USD 2 905 875 0.42
EMPRESA NACIONAL 4.500% 17- 21/01/2049
3 750 000 USD 3 682 734 0.54
14/09/2047
EMPRESA NACIONAL 5.250% 18- Oman 12 375 750 1.80
1 550 000 USD 1 672 063 0.24 OMAN INTRNL BOND 5.375% 17-
06/11/2029 1 500 000 USD 1 568 100 0.23
08/03/2027
Colombia 17 132 487 2.49 700 000
OMAN INTRNL BOND 5.625% 18-
USD 740 950 0.11
REPUBLIC OF COLOMBIA 3.125% 20- 17/01/2028
1 500 000 USD 1 351 219 0.20 OMAN INTRNL BOND 6.750% 18-
15/04/2031 4 760 000 USD 4 831 400 0.70
REPUBLIC OF COLOMBIA 3.250% 21- 17/01/2048
3 400 000 USD 3 060 000 0.45 OMAN INTRNL BOND 7.375% 20-
22/04/2032 4 500 000 USD 5 235 300 0.76
REPUBLIC OF COLOMBIA 3.875% 21- 28/10/2032
1 000 000 USD 768 938 0.11
15/02/2061
REPUBLIC OF COLOMBIA 4.125% 20- Sri Lanka 12 281 982 1.79
2 400 000 USD 1 952 700 0.28 REPUBLIC OF SRI LANKA 5.875% 12-
15/05/2051 1 500 000 USD 1 010 906 0.15
REPUBLIC OF COLOMBIA 5.000% 15- 25/07/2022
2 600 000 USD 2 340 488 0.34 REPUBLIC OF SRI LANKA 6.750% 18-
15/06/2045 1 650 000 USD 828 403 0.12
REPUBLIC OF COLOMBIA 6.125% 09- 18/04/2028
2 166 000 USD 2 228 002 0.32 REPUBLIC OF SRI LANKA 6.825% 16-
18/01/2041 3 070 000 USD 1 557 641 0.23
REPUBLIC OF COLOMBIA 7.375% 06- 18/07/2026
4 680 000 USD 5 431 140 0.79 REPUBLIC OF SRI LANKA 6.850% 15-
18/09/2037 3 100 000 USD 1 593 206 0.23
03/11/2025
China 17 069 096 2.48 1 240 000
REPUBLIC OF SRI LANKA 6.850% 19-
USD 644 645 0.09
CHINA EVERGRANDE 7.500% 17- 14/03/2024
6 990 000 USD 1 041 073 0.15 REPUBLIC OF SRI LANKA 7.550% 19-
28/06/2023 10 100 000 USD 5 045 581 0.74
CHINA EVERGRANDE 8.250% 17- 28/03/2030
3 500 000 USD 637 219 0.09 REPUBLIC OF SRI LANKA 7.850% 19-
23/03/2022 3 200 000 USD 1 601 600 0.23
5 400 000 CHINA SCE GRP 7.250% 19-19/04/2023 USD 4 758 750 0.69 14/03/2029
4 500 000
COUNTRY GARDEN 3.125% 20-
USD 3 960 900 0.58 British Virgin Islands 12 183 329 1.77
22/10/2025 HUARONG FINANCE 4.250% 17-
GOLDEN EAGLE RETAIL 4.625% 13- 2 000 000 USD 2 010 400 0.29
5 087 000 USD 5 038 674 0.73 07/11/2027
21/05/2023 HUARONG FINANCE II 4.875% 16-
TIMES CN HLDG 6.750% 20-08/07/2025 3 550 000 USD 3 692 710 0.54
2 400 000 USD 1 632 480 0.24 22/11/2026
HUARONG FINANCE II 5.500% 15-
3 550 000 USD 3 709 750 0.54
16/01/2025
Ghana 15 428 355 2.23 MINMETALS BOUNTE 4.750% 15-
REPUBLIC OF GHANA 7.750% 21- 770 000 USD 832 834 0.12
1 600 000 USD 1 334 080 0.19 30/07/2025
07/04/2029 SCENERY JOURNEY 13.750% 18-
REPUBLIC OF GHANA 8.125% 14- 4 250 000 USD 549 313 0.08
2 900 000 USD 2 679 020 0.39 06/11/2023
18/01/2026 SINOPEC OVERSEAS 3.500% 16-
REPUBLIC OF GHANA 8.125% 19- 1 300 000 USD 1 388 322 0.20
1 979 000 USD 1 607 938 0.23 03/05/2026
26/03/2032
The accompanying notes form an integral part of these financial statements
Page 89
BNP PARIBAS FUNDS Emerging Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Peru 10 684 862 1.55 Paraguay 6 459 668 0.93
PETROLEOS DEL PERU 4.750% 17- 800 000 PARAGUAY 2.739% 21-29/01/2033 USD 771 900 0.11
3 400 000 USD 3 527 075 0.51
19/06/2032
PETROLEOS DEL PERU 5.625% 17- 1 000 000 PARAGUAY 4.700% 17-27/03/2027 USD 1 109 875 0.16
1 600 000 USD 1 591 800 0.23
19/06/2047 1 000 000 PARAGUAY 5.000% 16-15/04/2026 USD 1 109 875 0.16
REPUBLIC OF PERU 2.780% 20-
483 000 USD 424 225 0.06 500 000 PARAGUAY 5.400% 19-30/03/2050 USD 569 938 0.08
01/12/2060
REPUBLIC OF PERU 2.783% 20- 2 360 000 PARAGUAY 6.100% 14-11/08/2044 USD 2 898 080 0.42
2 000 000 USD 1 986 000 0.29
23/01/2031
2 030 000
REPUBLIC OF PERU 8.750% 03-
USD 3 155 762 0.46
Singapore 6 141 687 0.90
21/11/2033 6 250 000 MEDCO BELL 6.375% 20-30/01/2027 USD 6 141 687 0.90
Qatar 10 384 417 1.51 Tunisia 5 882 081 0.85
QATAR PETROLEUM 2.250% 21-
2 500 000 USD 2 471 094 0.36 BQ CENT TUNISIE 5.750% 15-
12/07/2031 1 480 000 USD 1 124 504 0.16
30/01/2025
STATE OF QATAR 4.625% 16-
2 500 000 USD 3 146 875 0.46 TUNISIA INT BOND 6.375% 19-
02/06/2046 3 835 000 EUR 3 307 505 0.48
15/07/2026
STATE OF QATAR 5.103% 18-
318 000 USD 429 698 0.06 TUNISIA INT BOND 6.750% 18-
23/04/2048 1 535 000 EUR 1 450 072 0.21
31/10/2023
STATE OF QATAR OF 4.817% 19-
3 320 000 USD 4 336 750 0.63
14/03/2049 Saudi Arabia 5 794 116 0.85
SAUDI INT BOND 3.250% 16-
Ivory Coast 10 069 712 1.47 1 200 000
26/10/2026
USD 1 276 125 0.19
IVORY COAST-PDI 4.875% 20-
7 673 000 EUR 8 397 429 1.23 SAUDI INT BOND 4.500% 16-
30/01/2032 2 100 000 USD 2 469 490 0.36
26/10/2046
IVORY COAST-PDI 6.125% 17-
1 590 000 USD 1 672 283 0.24 SAUDI INT BOND 4.500% 20-
15/06/2033 600 000 USD 736 313 0.11
22/04/2060
Kazakhstan 9 216 379 1.35 SAUDI INT BOND 5.250% 19-
1 000 000 USD 1 312 188 0.19
16/01/2050
500 000 KAZAKHSTAN 4.875% 14-14/10/2044 USD 612 800 0.09
1 000 000 KAZAKHSTAN 6.500% 15-21/07/2045 USD 1 431 300 0.21 Bolivia 5 719 367 0.83
KAZMUNAYGAS NAT 4.750% 17- 6 243 000 BOLIVIA GOVT 4.500% 17-20/03/2028 USD 5 719 367 0.83
856 000 USD 944 436 0.14
19/04/2027
KAZMUNAYGAS NAT 6.375% 18- Ireland 5 670 302 0.83
4 750 000 USD 6 227 843 0.91 GTLK EU CAPITAL 4.800% 20-
24/10/2048 2 344 000 USD 2 349 860 0.34
26/02/2028
South Africa 8 683 540 1.27
2 000 000
GTLK EU CAPITAL 4.949% 19-
USD 2 044 750 0.30
REPUBLIC OF SOUTH AFRICA 4.300% 18/02/2026
430 000 USD 434 945 0.06
16-12/10/2028 GTLK EUROPE DAC 5.125% 17-
1 222 000 USD 1 275 692 0.19
REPUBLIC OF SOUTH AFRICA 5.650% 31/05/2024
2 200 000 USD 2 107 600 0.31
17-27/09/2047
REPUBLIC OF SOUTH AFRICA 5.750% Pakistan 5 407 433 0.79
3 500 000 USD 3 360 656 0.49 REPUBLIC OF PAKISTAN 7.375% 21-
19-30/09/2049 3 827 000 USD 3 789 495 0.55
REPUBLIC OF SOUTH AFRICA 5.875% 08/04/2031
710 000 USD 789 564 0.12 REPUBLIC OF PAKISTAN 8.250% 15-
18-22/06/2030 1 500 000 USD 1 617 938 0.24
REPUBLIC OF SOUTH AFRICA 6.250% 30/09/2025
800 000 USD 848 150 0.12
11-08/03/2041
REPUBLIC OF SOUTH AFRICA 6.300% Azerbaijan 5 384 639 0.80
1 100 000 USD 1 142 625 0.17 REPUBLIC OF AZERBAIJAN 3.500%
18-22/06/2048 600 000 USD 606 113 0.09
17-01/09/2032
Angola 8 633 305 1.26 1 006 000
REPUBLIC OF AZERBAIJAN 4.750%
USD 1 062 776 0.16
ANGOLA REPUBLIC OF 9.125% 19- 14-18/03/2024
5 800 000 USD 5 543 713 0.81 REPUBLIC OF AZERBAIJAN 5.125%
26/11/2049 2 300 000 USD 2 512 750 0.37
ANGOLA REPUBLIC OF 9.375% 18- 17-01/09/2029
1 500 000 USD 1 463 719 0.21 STATE OIL CO AZE 6.950% 15-
08/05/2048 1 000 000 USD 1 203 000 0.18
REPUBLIC OF ANGOLA 8.250% 18- 18/03/2030
1 620 000 USD 1 625 873 0.24
09/05/2028
Benin 5 072 208 0.74
Uruguay 8 537 796 1.26 3 536 000
BENIN INTERNATIONAL BOND
EUR 3 837 172 0.56
600 000 URUGUAY 5.100% 14-18/06/2050 USD 794 550 0.12 4.950% 21-22/01/2035
BENIN INTERNATIONAL BOND
4 500 000 URUGUAY 7.625% 06-21/03/2036 USD 6 785 999 1.00 1 093 000 EUR 1 235 036 0.18
6.875% 21-19/01/2052
650 000 URUGUAY 7.875% 03-15/01/2033 USD 957 247 0.14
El Salvador 4 951 467 0.72
United Arab Emirates 7 719 983 1.11 EL SALVADOR REP 6.375% 14-
2 060 000 USD 1 222 868 0.18
ABU DHABI GOVT 2.700% 20- 18/01/2027
400 000 USD 363 000 0.05 EL SALVADOR REP 7.125% 19-
02/09/2070 2 108 000 USD 1 147 938 0.17
ABU DHABI GOVT 3.125% 17- 20/01/2050
543 000 USD 582 368 0.08 EL SALVADOR REP 7.625% 11-
11/10/2027 500 000 USD 275 406 0.04
ABU DHABI GOVT 4.125% 17- 01/02/2041
1 800 000 USD 2 160 000 0.32 EL SALVADOR REP 7.750% 02-
11/10/2047 900 000 USD 708 356 0.10
24/01/2023
1 350 000 DP WORLD PLC 4.700% 19-30/09/2049 USD 1 473 019 0.21 EL SALVADOR REP 8.250% 02-
DUBAI GOVT INTERNATIONAL 600 000 USD 366 113 0.05
1 400 000 USD 1 603 840 0.23 10/04/2032
5.250% 13-30/01/2043 EL SALVADOR REP 8.625% 17-
FIN DEPT SHARJAH 4.000% 20- 1 225 000 USD 742 886 0.11
1 700 000 USD 1 537 756 0.22 28/02/2029
28/07/2050 EL SALVADOR REP 9.500% 20-
800 000 USD 487 900 0.07
15/07/2052
Morocco 7 050 295 1.02
5 849 000
MOROCCO KINGDOM 4.000% 20-
USD 5 291 517 0.77 Costa Rica 4 558 806 0.66
15/12/2050 750 000 COSTA RICA 5.625% 13-30/04/2043 USD 641 859 0.09
MOROCCO KINGDOM 4.250% 12-
750 000 USD 766 078 0.11 1 500 000 COSTA RICA 6.125% 19-19/02/2031 USD 1 516 219 0.22
11/12/2022
MOROCCO KINGDOM 5.500% 12- 325 000 COSTA RICA 7.000% 14-04/04/2044 USD 318 053 0.05
900 000 USD 992 700 0.14
11/12/2042
2 100 000 COSTA RICA 7.158% 15-12/03/2045 USD 2 082 675 0.30
The accompanying notes form an integral part of these financial statements
Page 90
BNP PARIBAS FUNDS Emerging Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Guatemala 4 494 628 0.65 Senegal 2 502 350 0.37
REPUBLIC OF GUATEMALA 4.375% REPUBLIC OF SENEGAL 6.250% 17-
3 230 000 USD 3 381 003 0.49 2 250 000 USD 2 306 250 0.34
17-05/06/2027 23/05/2033
REPUBLIC OF GUATEMALA 5.375% REPUBLIC OF SENEGAL 6.750% 18-
1 000 000 USD 1 113 625 0.16 200 000 USD 196 100 0.03
20-24/04/2032 13/03/2048
Kenya 4 402 409 0.64 United Kingdom 2 439 639 0.36
REPUBLIC OF KENYA 6.875% 14- PETRA DIAMONDS 10.500% 21-
1 172 000 USD 1 237 984 0.18 2 295 000 USD 2 439 639 0.36
24/06/2024 08/03/2026
REPUBLIC OF KENYA 8.000% 19-
1 000 000 USD 1 088 800 0.16 Gabon 2 422 786 0.35
22/05/2032
REPUBLIC OF KENYA 8.250% 18- REPUBLIC OF GABON 6.625% 20-
2 050 000 USD 2 075 625 0.30 1 000 000 USD 966 750 0.14
28/02/2048 06/02/2031
REPUBLIC OF GABON 6.950% 15-
1 404 000 USD 1 456 036 0.21
Jamaica 4 395 022 0.64 16/06/2025
1 500 000 JAMAICA GOVT 6.750% 15-28/04/2028 USD 1 720 594 0.25
Macao 2 420 266 0.35
330 000 JAMAICA GOVT 7.875% 15-28/07/2045 USD 457 628 0.07 MGM CHINA HOLDIN 5.875% 19-
2 408 000 USD 2 420 266 0.35
1 600 000 JAMAICA GOVT 8.000% 07-15/03/2039 USD 2 216 800 0.32 15/05/2026
Surinam 3 938 452 0.57 Croatia 2 191 625 0.32
REPUBLIC OF SURINAME 9.250% 16- 2 000 000 CROATIA 6.000% 13-26/01/2024 USD 2 191 625 0.32
2 165 000 USD 1 592 358 0.23
26/10/2026
SURINAME INTERNATIONAL 9.875% Zambia 2 040 563 0.30
3 300 000 USD 2 346 094 0.34 REPUBLIC OF ZAMBIA 5.375% 12-
19-30/12/2023 2 100 000 USD 1 569 750 0.23
20/09/2022
Georgia 3 937 906 0.57
600 000
REPUBLIC OF ZAMBIA 8.500% 14-
USD 470 813 0.07
BGEO GROUP JSC 6.000% 16- 14/04/2024
1 260 000 USD 1 321 031 0.19
26/07/2023
2 500 000 TBC BANK JSC 5.750% 19-19/06/2024 USD 2 616 875 0.38 Kuwait 1 697 280 0.25
KUWAIT INTERNATIONAL BOND
1 560 000 USD 1 697 280 0.25
Romania 3 807 857 0.55 3.500% 17-20/03/2027
500 000 ROMANIA 3.375% 20-28/01/2050 EUR 537 043 0.08 Uzbekistan 1 369 500 0.20
800 000 ROMANIA 3.875% 15-29/10/2035 EUR 987 635 0.14 REPUB UZBEKISTAN 4.750% 19-
600 000 USD 624 000 0.09
20/02/2024
1 500 000 ROMANIA 4.000% 20-14/02/2051 USD 1 496 100 0.22 REPUB UZBEKISTAN 5.375% 19-
700 000 USD 745 500 0.11
650 000 ROMANIA 4.125% 18-11/03/2039 EUR 787 079 0.11 20/02/2029
Serbia 3 758 115 0.55 Namibia 1 125 038 0.16
SERBIA REPUBLIC 1.000% 21- REPUBLIC OF NAMIBIA 5.250% 15-
2 545 000 EUR 2 727 759 0.40 1 070 000 USD 1 125 038 0.16
23/09/2028 29/10/2025
SERBIA REPUBLIC 2.125% 20-
1 100 000
01/12/2030
USD 1 030 356 0.15 Vietnam 1 082 063 0.16
REPUBLIC OF VIETNAM 4.800% 14-
1 000 000 USD 1 082 063 0.16
India 3 612 375 0.53 19/11/2024
EX - IM BANK OF INDIA 3.875% 18-
1 100 000
01/02/2028
USD 1 176 571 0.17 Honduras 1 028 553 0.15
HONDURAS GOVT 6.250% 17-
2 392 000 EX-IM BK OF IN 3.250% 20-15/01/2030 USD 2 435 804 0.36 950 000 USD 1 028 553 0.15
19/01/2027
Cayman Islands 3 563 541 0.52 Luxembourg 840 733 0.12
ICD FUNDING LTD 4.625% 14- ECUADOR SOC BON 0.000% 20-
1 900 000 USD 1 991 200 0.29 1 063 378 USD 840 733 0.12
21/05/2024 30/01/2035
ICD SUKUK CO LTD 5.000% 17-
1 100 000 USD 1 194 531 0.17 Argentina 729 437 0.11
01/02/2027
SHARJAH SUKUK 3.234% 19- 2 012 239 ARGENTINA 1.000% 20-09/07/2029 USD 729 437 0.11
374 000 USD 377 810 0.06
23/10/2029
Mozambique 709 118 0.10
Hungary 3 119 727 0.46 MOZAMBIQUE REP O 5.000% 19-
REPUBLIC OF HUNGARY 0.500% 20- 844 000 USD 709 118 0.10
1 638 000 EUR 1 817 777 0.27 15/09/2031
18/11/2030
1 200 000
REPUBLIC OF HUNGARY 5.375% 14-
USD 1 301 950 0.19 Ethiopia 669 250 0.10
25/03/2024
1 000 000 ETHIOPIA 6.625% 14-11/12/2024 USD 669 250 0.10
Cameroon 3 037 797 0.44
REPUBLIC OF CAMEROON 5.950% 21- Armenia 659 288 0.09
2 857 000 EUR 3 037 797 0.44 450 000 ARMENIA 3.950% 19-26/09/2029 USD 436 500 0.06
07/07/2032
200 000 ARMENIA 7.150% 15-26/03/2025 USD 222 788 0.03
Trinidad & Tobago 2 939 584 0.43
TRINIDAD & TOBAGO 4.500% 16-
1 323 000
04/08/2026
USD 1 349 708 0.20 Tajikistan 505 397 0.07
TAJIKISTAN INT BOND 7.125% 17-
TRINIDAD GEN UNL 5.250% 16- 570 000 USD 505 397 0.07
500 000 USD 510 313 0.07 14/09/2027
04/11/2027
TRINIDAD PETROLE 9.750% 19- Lebanon 470 000 0.07
1 000 000 USD 1 079 563 0.16
15/06/2026 REPUBLIC OF LEBANON 6.600% 11-
4 700 000 USD 470 000 0.07
Poland 2 937 395 0.43 27/11/2026
REPUBLIC OF POLAND 3.250% 16- Papua New Guinea 463 692 0.07
2 000 000 USD 2 138 285 0.31
06/04/2026 PNG GOVT INTERNATIONAL BO
REPUBLIC OF POLAND 4.000% 14- 465 000 USD 463 692 0.07
755 000 USD 799 110 0.12 8.375% 18-04/10/2028
22/01/2024
Mongolia 204 040 0.03
200 000 MONGOLIA 5.125% 20-07/04/2026 USD 204 040 0.03
The accompanying notes form an integral part of these financial statements
Page 91
BNP PARIBAS FUNDS Emerging Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net
Quantity Denomination Market value
currency assets
Venezuela 1 0.00
VENEZUELA 0.000% 07-
12 150 000 USD 1 0.00
31/03/2038 DFLT
Floating rate bonds 32 365 707 4.74
Argentina 14 711 854 2.15
1 822 649 ARGENTINA 20-09/01/2038 SR USD 696 252 0.10
10 190 363 ARGENTINA 20-09/07/2030 SR USD 3 592 103 0.52
28 481 784 ARGENTINA 20-09/07/2035 SR USD 9 185 374 1.35
3 500 000 ARGENTINA 20-09/07/2041 SR USD 1 238 125 0.18
Ecuador 11 578 678 1.70
2 873 440 REPUBLIC OF ECUA 20-31/07/2030 SR USD 2 366 637 0.35
1 455 451 REPUBLIC OF ECUA 20-31/07/2030 SR USD 810 959 0.12
9 304 373 REPUBLIC OF ECUA 20-31/07/2035 SR USD 6 069 939 0.89
4 033 120 REPUBLIC OF ECUA 20-31/07/2040 SR USD 2 331 143 0.34
China 4 080 800 0.60
CHINA MINMETALS 17-
4 000 000 USD 4 080 800 0.60
31/12/2049 FRN
Mexico 1 994 375 0.29
PETROLEOS MEXICA 18-
2 000 000 USD 1 994 375 0.29
11/03/2022 FRN
Shares/Units in investment funds 9 958 483 1.46
Luxembourg 9 958 483 1.46
BNP PARIBAS INSTICASH USD 1D
75 931.56 USD 9 958 483 1.46
SHORT TERM XCA
Total securities portfolio 668 009 543 97.43
The accompanying notes form an integral part of these financial statements
Page 92
BNP PARIBAS FUNDS Emerging Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 440 230 000 RUSSIA-OFZ 7.650% 19-10/04/2030 RUB 5 646 858 1.11
39 480 000 RUSSIA-OFZ 7.700% 19-16/03/2039 RUB 498 143 0.10
official stock exchange listing and/or 403 128 920 79.35
92 580 000 RUSSIA-OFZ 8.500% 16-17/09/2031 RUB 1 248 257 0.25
traded on another regulated market
469 070 0.09 Brazil 24 870 032 4.90
Shares BRAZIL NTN-B 6.000% 10-
3 520 000 BRL 2 614 328 0.51
15/08/2050 FLAT
Jersey Island 468 143 0.09
BRAZIL NTN-F 10.000% 12-
467 070 PETRA DIAMONDS LTD-DI GBP 468 143 0.09 6 320 000 BRL 1 116 457 0.22
01/01/2023 FLAT
BRAZIL NTN-F 10.000% 14-
Kazakhstan 927 0.00 16 400 000
01/01/2025 FLAT
BRL 2 896 004 0.57
308 936 FORTEBANK JSC -SPON GDR REGS USD 927 0.00 BRAZIL NTN-F 10.000% 16-
10 310 000 BRL 1 804 065 0.36
01/01/2027 FLAT
Bonds 392 925 594 77.34 BRAZIL-LTN 0.000% 20-
14 000 BRL 2 037 974 0.40
01/01/2024 FLAT
Mexico 31 617 429 6.22 1 500 000
REPUBLIC OF BRAZIL 3.875% 20-
USD 1 455 750 0.29
MEXICAN BONOS 10.000% 05- 12/06/2030
40 000 000 MXN 2 094 424 0.41 REPUBLIC OF BRAZIL 4.750% 19-
05/12/2024 12 200 000 USD 10 860 287 2.14
MEXICAN BONOS 5.750% 15- 14/01/2050
1 015 000 MXN 4 769 736 0.94 REPUBLIC OF BRAZIL 5.625% 16-
05/03/2026 2 090 000 USD 2 085 167 0.41
MEXICAN BONOS 7.500% 07- 21/02/2047
71 000 000 MXN 3 482 894 0.69
03/06/2027
MEXICAN BONOS 7.750% 11- Indonesia 24 604 738 4.86
40 000 000 MXN 1 975 744 0.39 INDONESIA ASAHAN 6.757% 18-
29/05/2031 500 000 USD 638 788 0.13
MEXICAN BONOS 7.750% 12- 15/11/2048
107 900 000 MXN 5 133 184 1.01 INDONESIA GOVT 10.000% 07-
13/11/2042 36 860 000 000 IDR 3 135 783 0.62
MEXICAN BONOS 7.750% 14- 15/02/2028
21 500 000 MXN 1 055 824 0.21 INDONESIA GOVT 10.500% 09-
23/11/2034 25 968 000 000 IDR 2 295 715 0.45
MEXICAN BONOS 8.000% 19- 15/08/2030
52 500 000 MXN 2 609 845 0.51 INDONESIA GOVT 3.700% 19-
05/09/2024 500 000 USD 526 350 0.10
MEXICAN BONOS 8.500% 09- 30/10/2049
34 000 000 MXN 1 760 013 0.35 INDONESIA GOVT 5.125% 15-
31/05/2029 500 000 USD 620 100 0.12
MEXICO CITY ARPT 5.500% 17- 15/01/2045
250 000 USD 249 578 0.05 INDONESIA GOVT 7.500% 16-
31/07/2047 7 885 000 000 IDR 585 761 0.12
PETROLEOS MEXICA 5.950% 20- 15/08/2032
1 266 000 USD 1 228 748 0.24 INDONESIA GOVT 8.250% 11-
28/01/2031 34 430 000 000 IDR 2 698 355 0.53
PETROLEOS MEXICA 6.500% 18- 15/06/2032
365 000 USD 388 042 0.08 INDONESIA GOVT 8.250% 15-
13/03/2027 24 520 000 000 IDR 1 907 803 0.38
PETROLEOS MEXICA 6.840% 20- 15/05/2036
800 000 USD 829 000 0.16 INDONESIA GOVT 8.375% 13-
23/01/2030 19 485 000 000 IDR 1 533 057 0.30
PETROLEOS MEXICA 6.950% 20- 15/03/2034
2 388 000 USD 2 107 410 0.41 INDONESIA GOVT 8.375% 19-
28/01/2060 29 890 000 000 IDR 2 365 195 0.47
PETROLEOS MEXICA 7.690% 20- 15/04/2039
2 400 000 USD 2 304 000 0.45 INDONESIA GOVT 8.500% 05-
23/01/2050 798 000 USD 1 271 962 0.25
UNITED MEXICAN 4.500% 19- 12/10/2035
250 000 USD 265 359 0.05 INDONESIA GOVT 9.000% 13-
31/01/2050 34 840 000 000 IDR 2 825 114 0.56
UNITED MEXICAN 4.750% 20- 15/03/2029
1 000 000 USD 1 130 188 0.22 INDONESIA GOVT 9.500% 10-
27/04/2032 24 520 000 000 IDR 2 065 667 0.41
UNITED MEXICAN 5.625% 14- 15/07/2031
160 000 GBP 233 440 0.05
19/03/2114 1 000 000 PT PERTAMINA 2.300% 21-09/02/2031 USD 951 450 0.19
South Africa 28 659 066 5.65 1 150 000 PT PERTAMINA 4.175% 20-21/01/2050 USD 1 183 638 0.23
REPUBLIC OF SOUTH AFRICA
42 200 000
10.500% 98-21/12/2026
ZAR 2 926 887 0.58 Malaysia 22 429 225 4.41
REPUBLIC OF SOUTH AFRICA 5.750% MALAYSIA INVEST 3.729% 18-
2 900 000 USD 2 784 544 0.55 6 829 000 MYR 1 646 574 0.32
19-30/09/2049 31/03/2022
REPUBLIC OF SOUTH AFRICA 6.300% MALAYSIA INVEST 4.582% 13-
300 000 USD 311 625 0.06 6 910 000 MYR 1 773 170 0.35
18-22/06/2048 30/08/2033
REPUBLIC OF SOUTH AFRICA 7.000% MALAYSIA INVEST 4.638% 19-
47 540 000 ZAR 2 509 666 0.49 1 460 000 MYR 359 755 0.07
10-26/02/2031 15/11/2049
REPUBLIC OF SOUTH AFRICA 8.250% MALAYSIA INVEST 4.943% 13-
67 200 000 ZAR 3 789 451 0.75 5 880 000 MYR 1 534 339 0.30
13-31/03/2032 06/12/2028
REPUBLIC OF SOUTH AFRICA 8.500% MALAYSIAN GOVT 3.795% 15-
187 120 000 ZAR 9 945 785 1.96 7 912 000 MYR 1 928 117 0.38
13-31/01/2037 30/09/2022
REPUBLIC OF SOUTH AFRICA 8.750% MALAYSIAN GOVT 3.828% 19-
96 620 000 ZAR 5 074 743 1.00 10 620 000 MYR 2 532 191 0.50
14-31/01/2044 05/07/2034
REPUBLIC OF SOUTH AFRICA 9.000% MALAYSIAN GOVT 3.882% 18-
24 180 000 ZAR 1 316 365 0.26 5 260 000 MYR 1 299 653 0.26
15-31/01/2040 14/03/2025
MALAYSIAN GOVT 3.885% 19-
11 846 000 MYR 2 903 193 0.57
Russia 25 846 586 5.10 15/08/2029
RUSSIA - EUROBOND 5.100% 19- MALAYSIAN GOVT 3.899% 17-
600 000 USD 708 000 0.14 6 360 000 MYR 1 579 015 0.31
28/03/2035 16/11/2027
RUSSIA - EUROBOND 5.250% 17- MALAYSIAN GOVT 4.181% 14-
1 400 000 USD 1 765 750 0.35 8 980 000 MYR 2 222 829 0.44
23/06/2047 15/07/2024
200 620 000 RUSSIA-OFZ 4.500% 20-16/07/2025 RUB 2 365 949 0.47 MALAYSIAN GOVT 4.392% 11-
6 780 000 MYR 1 708 711 0.34
15/04/2026
152 650 000 RUSSIA-OFZ 5.700% 20-17/05/2028 RUB 1 763 470 0.35 MALAYSIAN GOVT 4.736% 16-
6 495 000 MYR 1 648 483 0.32
68 960 000 RUSSIA-OFZ 5.900% 20-12/03/2031 RUB 779 054 0.15 15/03/2046
537 000 PETRONAS 7.625% 96 -15/10/2026 USD 677 007 0.13
61 460 000 RUSSIA-OFZ 6.100% 20-18/07/2035 RUB 675 922 0.13
PETRONAS CAP LTD 4.550% 20-
48 000 000 RUSSIA-OFZ 6.500% 18-28/02/2024 RUB 616 422 0.12 500 000 USD 616 188 0.12
21/04/2050
251 230 000 RUSSIA-OFZ 7.050% 13-19/01/2028 RUB 3 141 252 0.62
155 170 000 RUSSIA-OFZ 7.250% 18-10/05/2034 RUB 1 907 046 0.38
362 440 000 RUSSIA-OFZ 7.400% 19-17/07/2024 RUB 4 730 463 0.93
The accompanying notes form an integral part of these financial statements
Page 93
BNP PARIBAS FUNDS Emerging Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Bahrain 16 439 597 3.24 Turkey 8 446 781 1.66
1 767 000 BAHRAIN 5.250% 21-25/01/2033 USD 1 656 010 0.33 REPUBLIC OF TURKEY 5.750% 17-
400 000 USD 323 500 0.06
11/05/2047
2 000 000 BAHRAIN 5.625% 21-18/05/2034 USD 1 892 500 0.37 REPUBLIC OF TURKEY 5.875% 21-
2 550 000 USD 2 250 375 0.44
2 400 000 BAHRAIN 6.250% 21-25/01/2051 USD 2 189 250 0.43 26/06/2031
REPUBLIC OF TURKEY 6.625% 14-
9 925 000 BAHRAIN 7.500% 17-20/09/2047 USD 10 054 024 1.98 2 450 000 USD 2 168 250 0.43
17/02/2045
OIL & GAS HLDING 7.500% 17- REPUBLIC OF TURKEY 7.625% 19-
600 000 USD 647 813 0.13 300 000 USD 298 838 0.06
25/10/2027 26/04/2029
TURKEY GOVT BOND 11.000% 17-
Colombia 15 041 411 2.95 12 300 000
24/02/2027
TRY 578 888 0.11
5 650 000 000 COLOMBIA TES 10.000% 09-24/07/2024 COP 1 487 078 0.29 TURKEY GOVT BOND 11.700% 20-
4 100 000 TRY 178 452 0.04
14 920 500 000 COLOMBIA TES 6.000% 12-28/04/2028 COP 3 307 612 0.65 13/11/2030
TURKEY GOVT BOND 7.100% 13-
9 856 700 000 COLOMBIA TES 7.000% 17-30/06/2032 COP 2 203 638 0.43 25 085 000 TRY 1 610 342 0.32
08/03/2023
1 290 000 000 COLOMBIA TES 7.250% 19-18/10/2034 COP 289 686 0.06 TURKEY GOVT BOND 8.000% 15-
20 700 000 TRY 1 038 136 0.20
12/03/2025
1 340 000 000 COLOMBIA TES 7.250% 20-26/10/2050 COP 282 325 0.06
4 020 000 000 COLOMBIA TES 7.750% 15-18/09/2030 COP 960 960 0.19 Ghana 8 313 461 1.64
REPUBLIC OF COLOMBIA 3.250% 21- REPUBLIC OF GHANA 8.125% 14-
800 000 USD 720 000 0.14 2 200 000 USD 2 032 360 0.40
22/04/2032 18/01/2026
REPUBLIC OF COLOMBIA 3.875% 21- REPUBLIC OF GHANA 8.125% 19-
500 000 USD 384 469 0.08 1 300 000 USD 1 056 250 0.21
15/02/2061 26/03/2032
REPUBLIC OF COLOMBIA 4.125% 20- REPUBLIC OF GHANA 8.625% 21-
2 400 000 USD 1 952 700 0.38 1 800 000 USD 1 458 000 0.29
15/05/2051 07/04/2034
REPUBLIC OF COLOMBIA 5.200% 19- REPUBLIC OF GHANA 8.750% 20-
1 400 000 USD 1 289 138 0.25 4 752 000 USD 3 766 851 0.74
15/05/2049 11/03/2061
REPUBLIC OF COLOMBIA 6.125% 09-
664 000
18/01/2041
USD 683 007 0.13 Egypt 7 887 675 1.55
ARAB REP EGYPT 3.875% 21-
REPUBLIC OF COLOMBIA 7.375% 06- 350 000 USD 327 075 0.06
1 276 000 USD 1 480 798 0.29 16/02/2026
18/09/2037
ARAB REP EGYPT 5.250% 20-
900 000 USD 906 750 0.18
Ukraine 12 641 316 2.49 06/10/2025
ARAB REP EGYPT 5.875% 21-
2 400 000 UKRAINE GOVT 4.375% 20-27/01/2030 EUR 2 191 612 0.43 675 000 USD 597 510 0.12
16/02/2031
2 300 000 UKRAINE GOVT 6.750% 19-20/06/2026 EUR 2 471 704 0.49 ARAB REP EGYPT 7.053% 19-
500 000 USD 460 550 0.09
15/01/2032
2 900 000 UKRAINE GOVT 6.876% 21-21/05/2029 USD 2 570 125 0.51
ARAB REP EGYPT 7.500% 21-
3 475 000 UKRAINE GOVT 7.375% 17-25/09/2032 USD 3 097 094 0.61 3 385 000 USD 2 755 390 0.54
16/02/2061
2 300 000 UKRAINE GOVT 9.750% 18-01/11/2028 USD 2 310 781 0.45 ARAB REP EGYPT 8.150% 19-
300 000 USD 255 300 0.05
20/11/2059
China 10 184 930 2.00 ARAB REP EGYPT 8.500% 17-
500 000 USD 442 100 0.09
CHINA EVERGRANDE 7.500% 17- 31/01/2047
4 150 000 USD 618 091 0.12 ARAB REP EGYPT 8.700% 19-
28/06/2023 1 400 000 USD 1 238 300 0.24
CHINA EVERGRANDE 8.250% 17- 01/03/2049
2 500 000 USD 455 156 0.09 ARAB REP EGYPT 8.875% 20-
23/03/2022 1 000 000 USD 904 700 0.18
29/05/2050
2 700 000 CHINA SCE GRP 7.250% 19-19/04/2023 USD 2 379 375 0.47
3 600 000
COUNTRY GARDEN 3.125% 20-
USD 3 168 720 0.62
Peru 7 307 656 1.43
22/10/2025 PETROLEOS DEL PERU 4.750% 17-
300 000 USD 311 213 0.06
GOLDEN EAGLE RETAIL 4.625% 13- 19/06/2032
2 396 000 USD 2 373 238 0.47
21/05/2023 PETROLEOS DEL PERU 5.625% 17-
450 000 USD 447 694 0.09
TIMES CN HLDG 6.750% 20-08/07/2025 19/06/2047
1 750 000 USD 1 190 350 0.23
REPUBLIC OF PERU 2.780% 20-
550 000 USD 483 072 0.10
01/12/2060
Dominican Republic 9 222 637 1.81 REPUBLIC OF PERU 5.350% 19-
REPUBLIC OF DOMINICAN 4.875% 20- 3 150 000 PEN 664 847 0.13
1 873 000 USD 1 903 202 0.37 12/08/2040
23/09/2032 REPUBLIC OF PERU 5.400% 19-
REPUBLIC OF DOMINICAN 5.300% 21- 3 895 000 PEN 885 451 0.17
869 000 USD 858 300 0.17 12/08/2034
21/01/2041 REPUBLIC OF PERU 5.940% 18-
REPUBLIC OF DOMINICAN 5.875% 20- 1 290 000 PEN 329 252 0.06
3 965 000 USD 3 808 383 0.75 12/02/2029
30/01/2060 REPUBLIC OF PERU 6.350% 16-
REPUBLIC OF DOMINICAN 6.400% 19- 1 920 000 PEN 503 546 0.10
1 000 000 USD 1 049 875 0.21 12/08/2028
05/06/2049 REPUBLIC OF PERU 6.900% 07-
REPUBLIC OF DOMINICAN 7.450% 14- 3 440 000 PEN 875 941 0.17
1 090 000 USD 1 288 108 0.25 12/08/2037
30/04/2044 REPUBLIC OF PERU 6.950% 08-
REPUBLIC OF DOMINICAN CBN 5 300 000 PEN 1 423 079 0.28
16 460 000 DOP 314 769 0.06 12/08/2031
11.000% 17-05/01/2024 REPUBLIC OF PERU 8.750% 03-
890 000 USD 1 383 561 0.27
21/11/2033
Hong Kong 9 140 662 1.79
1 300 000
CNAC HK FINBRID 3.875% 19-
USD 1 393 412 0.27 Kenya 6 782 554 1.34
19/06/2029 KENYA INFRASTRUC 11.750% 19-
CNAC HK FINBRID 4.125% 17- 611 500 000 KES 5 326 904 1.05
1 000 000 USD 1 077 836 0.21 08/10/2035
19/07/2027 REPUBLIC OF KENYA 8.000% 19-
CNAC HK FINBRID 4.750% 19- 500 000 USD 544 400 0.11
750 000 USD 867 344 0.17 22/05/2032
19/06/2049 REPUBLIC OF KENYA 8.250% 18-
HUARONG FINANCE 2019 3.750% 19- 900 000 USD 911 250 0.18
2 150 000 USD 2 161 180 0.43 28/02/2048
29/05/2024
4 950 000
SHIMAO GRP HLDGS 5.600% 19-
USD 3 020 490 0.59
Poland 6 328 616 1.24
15/07/2026 POLAND GOVT BOND 0.750% 20-
9 770 000 PLN 2 203 738 0.43
STUDIO CITY FIN 6.000% 20- 25/04/2025
640 000 USD 620 400 0.12
15/07/2025 POLAND GOVT BOND 2.750% 13-
3 205 000 PLN 749 342 0.15
25/04/2028
POLAND GOVT BOND 3.250% 14-
13 860 000 PLN 3 375 536 0.66
25/07/2025
The accompanying notes form an integral part of these financial statements
Page 94
BNP PARIBAS FUNDS Emerging Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
EMPRESA NACIONAL 5.250% 18-
Czech Republic 5 760 543 1.13 1 000 000 USD 1 078 750 0.21
06/11/2029
CZECH REPUBLIC 0.950% 15- TESORERIA PESOS 5.000% 15-
60 590 000 CZK 2 356 259 0.46 825 000 000 CLP 913 388 0.18
15/05/2030 01/03/2035 FLAT
CZECH REPUBLIC 1.200% 20- TESORERIA PESOS 5.100% 19-
20 540 000 CZK 807 729 0.16 535 000 000 CLP 564 366 0.11
13/03/2031 15/07/2050 FLAT
CZECH REPUBLIC 2.400% 14-
16 400 000 CZK 724 389 0.14
17/09/2025 Oman 4 397 400 0.87
CZECH REPUBLIC 2.500% 13- OMAN INTRNL BOND 6.750% 18-
16 200 000 CZK 713 753 0.14 2 040 000 USD 2 070 600 0.41
25/08/2028 17/01/2048
CZECH REPUBLIC 4.200% 06- OMAN INTRNL BOND 7.375% 20-
14 950 000 CZK 803 973 0.16 2 000 000 USD 2 326 800 0.46
04/12/2036 28/10/2032
CZECH REPUBLIC 4.850% 07-
5 620 000 CZK 354 440 0.07 Hungary 4 265 663 0.84
26/11/2057
REPUBLIC OF HUNGARY 0.500% 20-
812 000 EUR 901 120 0.18
The Netherlands 5 701 819 1.13 18/11/2030
300 000 METINVEST BV 7.650% 20-01/10/2027 USD 299 400 0.06 REPUBLIC OF HUNGARY 2.500% 18-
1 066 360 000 HUF 3 149 904 0.62
24/10/2024
3 150 000 METINVEST BV 8.500% 18-23/04/2026 USD 3 279 544 0.65 REPUBLIC OF HUNGARY 3.000% 20-
PETROBRAS GLOB 6.900% 19- 88 190 000 HUF 214 639 0.04
2 000 000 USD 2 122 875 0.42 25/04/2041
19/03/2049
Philippines 4 244 355 0.83
Kazakhstan 5 323 962 1.05 REPUBLIC OF PHILIPPINES 0.700% 20-
1 000 000 EUR 1 125 828 0.22
1 200 000 000 KAZAKHSTAN 5.300% 12-19/03/2022 KZT 2 737 655 0.54 03/02/2029
KAZMUNAYGAS NAT 5.375% 18- REPUBLIC OF PHILIPPINES 2.950% 20-
700 000 USD 816 288 0.16 244 000 USD 240 386 0.05
24/04/2030 05/05/2045
KAZMUNAYGAS NAT 6.375% 18- REPUBLIC OF PHILIPPINES 6.375% 09-
1 350 000 USD 1 770 019 0.35 1 000 000 USD 1 386 125 0.27
24/10/2048 23/10/2034
REPUBLIC OF PHILIPPINES 8.000% 11-
10 390 000 PHP 251 366 0.05
Romania 5 236 367 1.03 19/07/2031
700 000 ROMANIA 3.375% 20-28/01/2050 EUR 751 860 0.15 REPUBLIC OF PHILIPPINES 9.500% 05-
800 000 USD 1 240 650 0.24
02/02/2030
2 850 000 ROMANIA 3.650% 16-24/09/2031 RON 576 798 0.11
7 120 000 ROMANIA 4.000% 20-25/10/2023 RON 1 626 048 0.32 Panama 3 938 391 0.78
2 400 000 PANAMA 3.870% 19-23/07/2060 USD 2 394 450 0.47
3 880 000 ROMANIA 4.750% 14-24/02/2025 RON 893 149 0.18
450 000 PANAMA 4.300% 13-29/04/2053 USD 483 272 0.10
5 800 000 ROMANIA 5.800% 12-26/07/2027 RON 1 388 512 0.27
272 000 PANAMA 6.700% 06-26/01/2036 USD 364 361 0.07
South Korea 4 995 322 0.98 485 000 PANAMA 9.375% 99-01/04/2029 USD 696 308 0.14
EXP-IMP BK KOREA 7.250% 17-
68 100 000 000 IDR 4 995 322 0.98
07/12/2024 Tunisia 3 483 498 0.69
BQ CENT TUNISIE 5.750% 15-
Sri Lanka 4 922 527 0.97 380 000
30/01/2025
USD 288 724 0.06
REPUBLIC OF SRI LANKA 6.200% 17- TUNISIA INT BOND 6.375% 19-
600 000 USD 299 925 0.06 2 552 000 EUR 2 200 979 0.43
11/05/2027 15/07/2026
REPUBLIC OF SRI LANKA 6.750% 18- TUNISIA INT BOND 6.750% 18-
600 000 USD 301 238 0.06 1 052 000 EUR 993 795 0.20
18/04/2028 31/10/2023
REPUBLIC OF SRI LANKA 6.825% 16-
500 000 USD 253 688 0.05
18/07/2026 Benin 3 385 087 0.67
REPUBLIC OF SRI LANKA 6.850% 15- BENIN INTERNATIONAL BOND
1 000 000 USD 513 938 0.10 2 428 000 EUR 2 634 800 0.52
03/11/2025 4.950% 21-22/01/2035
REPUBLIC OF SRI LANKA 6.850% 19- BENIN INTERNATIONAL BOND
300 000 USD 155 963 0.03 664 000 EUR 750 287 0.15
14/03/2024 6.875% 21-19/01/2052
REPUBLIC OF SRI LANKA 7.550% 19-
6 000 000 USD 2 997 375 0.59
28/03/2030 Serbia 3 371 773 0.66
REPUBLIC OF SRI LANKA 7.850% 19- SERBIA REPUBLIC 1.000% 21-
800 000 USD 400 400 0.08 1 909 000 EUR 2 046 087 0.40
14/03/2029 23/09/2028
SERBIA T-BONDS 4.500% 19-
Nigeria 4 843 381 0.96 50 600 000
11/01/2026
RSD 505 300 0.10
REPUBLIC OF NIGERIA 7.875% 17- SERBIA T-BONDS 4.500% 20-
250 000 USD 245 638 0.05 41 800 000 RSD 414 477 0.08
16/02/2032 20/08/2032
REPUBLIC OF NIGERIA 8.250% 21- SERBIA T-BONDS 5.875% 18-
3 139 000 USD 2 927 118 0.58 37 860 000 RSD 405 909 0.08
28/09/2051 08/02/2028
REPUBLIC OF NIGERIA 9.248% 18-
1 650 000 USD 1 670 625 0.33
21/01/2049 Morocco 3 258 541 0.64
MOROCCO KINGDOM 4.000% 20-
British Virgin Islands 4 754 605 0.93 3 358 000
15/12/2050
USD 3 037 941 0.60
HUARONG FINANCE II 4.875% 16- MOROCCO KINGDOM 5.500% 12-
2 150 000 USD 2 236 430 0.44 200 000 USD 220 600 0.04
22/11/2026 11/12/2042
HUARONG FINANCE II 5.500% 15-
2 150 000 USD 2 246 750 0.44
16/01/2025 Singapore 2 948 010 0.58
SCENERY JOURNEY 13.750% 18- 3 000 000 MEDCO BELL 6.375% 20-30/01/2027 USD 2 948 010 0.58
2 100 000 USD 271 425 0.05
06/11/2023
Ivory Coast 4 714 861 0.93 Bolivia 2 839 935 0.56
IVORY COAST-PDI 4.875% 20- 2 644 000 BOLIVIA GOVT 4.500% 17-20/03/2028 USD 2 422 235 0.48
3 818 000 EUR 4 178 468 0.82
30/01/2032 400 000 BOLIVIA GOVT 5.950% 13-22/08/2023 USD 417 700 0.08
IVORY COAST-PDI 6.125% 17-
510 000 USD 536 393 0.11
15/06/2033 Angola 2 699 713 0.54
ANGOLA REPUBLIC OF 8.000% 19-
Chile 4 619 649 0.91 600 000
26/11/2029
USD 590 925 0.12
400 000 CHILE 3.250% 21-21/09/2071 USD 368 475 0.07 ANGOLA REPUBLIC OF 9.125% 19-
1 900 000 USD 1 816 044 0.36
350 000 CHILE 3.860% 17-21/06/2047 USD 387 363 0.08 26/11/2049
ANGOLA REPUBLIC OF 9.375% 18-
1 000 000 CODELCO INC 3.000% 19-30/09/2029 USD 1 012 688 0.20 300 000 USD 292 744 0.06
08/05/2048
EMPRESA NACIONAL 4.500% 17-
300 000 USD 294 619 0.06
14/09/2047
The accompanying notes form an integral part of these financial statements
Page 95
BNP PARIBAS FUNDS Emerging Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Paraguay 2 404 100 0.47 Senegal 840 500 0.17
600 000 PARAGUAY 2.739% 21-29/01/2033 USD 578 925 0.11 REPUBLIC OF SENEGAL 6.250% 17-
820 000 USD 840 500 0.17
23/05/2033
1 000 000 PARAGUAY 4.950% 20-28/04/2031 USD 1 123 625 0.22
400 000 PARAGUAY 5.400% 19-30/03/2050 USD 455 950 0.09 Gabon 787 130 0.15
REPUBLIC OF GABON 6.950% 15-
200 000 PARAGUAY 6.100% 14-11/08/2044 USD 245 600 0.05 759 000 USD 787 130 0.15
16/06/2025
Surinam 2 142 679 0.42 Ireland 476 036 0.09
REPUBLIC OF SURINAME 9.250% 16- GTLK EUROPE DAC 5.125% 17-
1 270 000 USD 934 085 0.18 456 000 USD 476 036 0.09
26/10/2026 31/05/2024
SURINAME INTERNATIONAL 9.875%
1 700 000 USD 1 208 594 0.24 Azerbaijan 424 279 0.08
19-30/12/2023
REPUBLIC OF AZERBAIJAN 3.500%
Cameroon 2 065 957 0.41 420 000 USD 424 279 0.08
17-01/09/2032
REPUBLIC OF CAMEROON 5.950% 21-
1 943 000 EUR 2 065 957 0.41 Zambia
07/07/2032 373 750 0.07
REPUBLIC OF ZAMBIA 5.375% 12-
Uruguay 2 040 282 0.40 500 000 USD 373 750 0.07
20/09/2022
100 000 URUGUAY 4.975% 18-20/04/2055 USD 130 956 0.03
Honduras 324 806 0.06
1 025 000 URUGUAY 7.625% 06-21/03/2036 USD 1 545 700 0.30 HONDURAS GOVT 6.250% 17-
300 000 USD 324 806 0.06
16 340 000 URUGUAY 8.500% 17-15/03/2028 UYU 363 626 0.07 19/01/2027
Thailand 2 015 605 0.40 Argentina 224 579 0.04
THAILAND GOVT 2.875% 16- 619 529 ARGENTINA 1.000% 20-09/07/2029 USD 224 579 0.04
18 440 000 THB 549 625 0.11
17/06/2046
12 325 000
THAILAND GOVT 3.600% 17-
THB 407 218 0.08
Cayman Islands 217 188 0.04
17/06/2067 ICD SUKUK CO LTD 5.000% 17-
200 000 USD 217 188 0.04
THAILAND GOVT 4.000% 15- 01/02/2027
29 610 000 THB 1 058 762 0.21
17/06/2066
Lebanon 190 000 0.04
Jamaica 1 846 523 0.36 1 900 000
REPUBLIC OF LEBANON 6.600% 11-
USD 190 000 0.04
800 000 JAMAICA GOVT 6.750% 15-28/04/2028 USD 917 650 0.18 27/11/2026
470 000 JAMAICA GOVT 7.875% 15-28/07/2045 USD 651 773 0.13 Ethiopia 133 850 0.03
200 000 JAMAICA GOVT 8.000% 07-15/03/2039 USD 277 100 0.05 200 000 ETHIOPIA 6.625% 14-11/12/2024 USD 133 850 0.03
Guatemala 1 742 548 0.34 Saudi Arabia 126 469 0.02
REPUBLIC OF GUATEMALA 4.375% SAUDI INT BOND 5.000% 18-
920 000 USD 963 010 0.19 100 000 USD 126 469 0.02
17-05/06/2027 17/04/2049
REPUBLIC OF GUATEMALA 5.375%
700 000 USD 779 538 0.15 Qatar 122 964 0.02
20-24/04/2032
STATE OF QATAR 5.103% 18-
91 000 USD 122 964 0.02
Pakistan 1 615 016 0.32 23/04/2048
REPUBLIC OF PAKISTAN 7.375% 21-
1 631 000
08/04/2031
USD 1 615 016 0.32 Venezuela 0 0.00
VENEZUELA 0.000% 07-
3 370 000 USD 0 0.00
United Arab Emirates 1 506 661 0.30 31/03/2038 DFLT
ABU DHABI GOVT 2.700% 20-
500 000
02/09/2070
USD 453 750 0.09 Floating rate bonds 9 734 256 1.92
650 000 DP WORLD PLC 4.700% 19-30/09/2049 USD 709 231 0.14
Argentina 6 497 694 1.28
DUBAI GOVT INTERNATIONAL
300 000 USD 343 680 0.07 420 611 ARGENTINA 20-09/01/2038 SR USD 160 673 0.03
5.250% 13-30/01/2043
2 418 796 ARGENTINA 20-09/07/2030 SR USD 852 626 0.17
Georgia 1 256 100 0.25
16 238 051 ARGENTINA 20-09/07/2035 SR USD 5 236 770 1.03
1 200 000 TBC BANK JSC 5.750% 19-19/06/2024 USD 1 256 100 0.25
700 000 ARGENTINA 20-09/07/2041 SR USD 247 625 0.05
Costa Rica 1 246 759 0.25
250 000 COSTA RICA 5.625% 13-30/04/2043 USD 213 953 0.04
Ecuador 3 236 562 0.64
691 600 REPUBLIC OF ECUA 20-31/07/2030 SR USD 569 619 0.11
650 000 COSTA RICA 7.000% 14-04/04/2044 USD 636 106 0.13
358 407 REPUBLIC OF ECUA 20-31/07/2030 SR USD 199 700 0.04
400 000 COSTA RICA 7.158% 15-12/03/2045 USD 396 700 0.08
2 773 680 REPUBLIC OF ECUA 20-31/07/2035 SR USD 1 809 479 0.36
Macao 1 228 225 0.24 1 138 000 REPUBLIC OF ECUA 20-31/07/2040 SR USD 657 764 0.13
MGM CHINA HOLDIN 5.875% 19-
1 222 000 USD 1 228 225 0.24
15/05/2026
Money Market Instruments 4 290 321 0.84
El Salvador 1 125 832 0.22
EL SALVADOR REP 6.375% 14-
500 000
18/01/2027
USD 296 813 0.06 Egypt 4 290 321 0.84
EL SALVADOR REP 7.125% 19- 73 000 000 EGYPT T-BILL 0.000% 21-30/08/2022 EGP 4 290 321 0.84
368 000 USD 200 399 0.04
20/01/2050
200 000
EL SALVADOR REP 7.625% 11-
USD 110 163 0.02 Shares/Units in investment funds 48 171 766 9.47
01/02/2041
EL SALVADOR REP 8.250% 02-
200 000 USD 122 038 0.02 Luxembourg 48 171 766 9.47
10/04/2032
EL SALVADOR REP 9.500% 20- BNP PARIBAS FUNDS RMB BOND -
650 000 USD 396 419 0.08 30 436.00 USD 38 867 380 7.64
15/07/2052 X CAP
BNP PARIBAS INSTICASH USD 1D
70 944.19 USD 9 304 386 1.83
United Kingdom 977 982 0.19 SHORT TERM XCA
PETRA DIAMONDS 10.500% 21-
920 000
08/03/2026
USD 977 982 0.19 Total securities portfolio 455 591 007 89.66
The accompanying notes form an integral part of these financial statements
Page 96
BNP PARIBAS FUNDS Emerging Equity
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an Russia 8 764 556 2.45
official stock exchange listing and/or 343 389 844 95.84 97 928 LUKOIL PJSC - ADR USD 8 764 556 2.45
traded on another regulated market The Netherlands 8 414 098 2.35
Shares 343 389 844 95.84 139 076 YANDEX NV - A USD 8 414 098 2.35
China 81 859 393 22.84 Mexico 5 965 493 1.66
223 932 51JOB INC - ADR USD 10 956 993 3.06 1 604 466 WALMART DE MEXICO SAB DE CV MXN 5 965 493 1.66
83 677 ALIBABA GROUP HOLDING - ADR USD 9 939 991 2.77 Hong Kong 5 637 655 1.57
316 900 ALIBABA GROUP HOLDING LTD HKD 4 728 990 1.32 558 600 AIA GROUP LTD HKD 5 637 655 1.57
37 659 BAIDU INC - ADR USD 5 603 283 1.56
HOLLYSYS AUTOMATION Malaysia 3 292 781 0.92
289 575 USD 4 077 216 1.14 5 236 200 DIALOG GROUP BHD MYR 3 292 781 0.92
TECHNOLO
91 550 JD.COM INC - CL A HKD 3 167 659 0.88
Bermuda 2 763 080 0.77
153 800 MEITUAN DIANPING-CLASS B HKD 4 507 165 1.26
241 317 GEOPARK LTD USD 2 763 080 0.77
212 200 NETEASE INC HKD 4 304 044 1.20
421 200 TENCENT HOLDINGS LTD HKD 24 731 560 6.90 Argentina 1 378 884 0.38
65 319 PAMPA ENERGIA SA-SPON ADR USD 1 378 884 0.38
37 394 TRIP.COM GROUP LTD-ADR USD 920 640 0.26
239 000 WUXI BIOLOGICS CAYMAN INC HKD 2 835 018 0.79 Total securities portfolio 343 389 844 95.84
96 847 ZAI LAB LTD-ADR USD 6 086 834 1.70
Taiwan 62 147 628 17.35
CHAILEASE HOLDING CO GDS
59 329 USD 2 812 195 0.78
RULE144A
639 209 CHAILEASE HOLDING CO LTD TWD 6 091 170 1.70
5 819 723 E.SUN FINANCIAL HOLDING CO TWD 5 910 538 1.65
156 000 MEDIATEK INC TWD 6 718 115 1.88
99 125 TAIWAN SEMICONDUCTOR - ADR USD 11 925 729 3.33
TAIWAN SEMICONDUCTOR
937 000 TWD 20 857 802 5.82
MANUFACTURING CO
388 000 UNIMICRON TECHNOLOGY CORP TWD 3 245 388 0.91
1 950 000 UNITED MICROELECTRONICS CORP TWD 4 586 691 1.28
South Korea 37 552 613 10.48
16 554 NAVER CORP KRW 5 270 850 1.47
358 430 SAMSUNG ELECTRONICS CO LTD KRW 23 615 233 6.59
78 581 SK HYNIX INC KRW 8 666 530 2.42
India 36 904 904 10.31
95 731 DIVIS LABORATORIES LTD INR 6 023 044 1.68
163 941 HDFC BANK LIMITED INR 3 259 734 0.91
218 973 HINDUSTAN UNILEVER LTD INR 6 948 944 1.94
223 257 HOUSING DEVELOPMENT FINANCE INR 7 759 949 2.17
113 372 JUBILANT FOODWORKS LTD INR 5 473 721 1.53
233 648 RELIANCE INDUSTRIES LTD INR 7 439 512 2.08
South Africa 20 550 615 5.73
91 605 ANGLO AMERICAN PLATINUM LTD ZAR 10 427 623 2.91
3 701 CAPITEC BANK HOLDINGS LTD ZAR 473 013 0.13
488 112 CLICKS GROUP LTD ZAR 9 649 979 2.69
Canada 19 102 366 5.33
8 751 528 GRAN TIERRA ENERGY INC USD 6 660 788 1.86
539 272 KINROSS GOLD CORP USD 3 133 170 0.87
101 704 PAN AMERICAN SILVER CORP USD 2 539 549 0.71
157 672 WHEATON PRECIOUS METALS CORP USD 6 768 859 1.89
United States of
America 18 836 801 5.26
140 842 BUNGE LTD USD 13 149 009 3.67
91 709 NEWMONT MINING CORP USD 5 687 792 1.59
Indonesia 16 230 842 4.54
16 116 100 BANK CENTRAL ASIA TBK PT IDR 8 260 646 2.31
20 895 400 TELEKOMUNIKASI INDONESIA PER IDR 5 938 749 1.66
7 041 500 UNILEVER INDONESIA TBK PT IDR 2 031 447 0.57
Brazil 13 988 135 3.90
1 520 463 HYPERA SA BRL 7 716 969 2.15
1 437 464 RAIA DROGASIL SA BRL 6 271 166 1.75
The accompanying notes form an integral part of these financial statements
Page 97
BNP PARIBAS FUNDS Emerging Multi-Asset Income
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 9 660 NOTRE DAME INTERMED PAR SA BRL 104 665 0.15
17 500 PET CENTER COMERCIO E PARTIC BRL 51 432 0.08
official stock exchange listing and/or 55 731 674 81.27
19 500 PETRO RIO SA BRL 72 364 0.11
traded on another regulated market
42 589 PETROLEO BRASILEIRO PETROBRAS BRL 234 737 0.34
Shares 38 419 204 56.03 PETROLEO BRASILEIRO PETROBRAS
49 400 BRL 252 322 0.37
- PREF
China 7 295 959 10.65 15 006 PORTO SEGURO SA BRL 56 360 0.08
70 800 ALIBABA GROUP HOLDING LTD HKD 1 056 524 1.54
25 878 SANTOS BRASIL PARTICIPACOES BRL 29 874 0.04
18 900 BEIJING ORIENTAL YUHONG - A CNY 156 351 0.23
20 353 SENDAS DISTRIBUIDORA SA BRL 47 356 0.07
880 721 CHINA CONSTRUCTION BANK - H HKD 610 823 0.89
46 823 SEQUOIA LOGISTICA E TRANSPOR BRL 118 865 0.17
72 000 CHINA MENGNIU DAIRY CO HKD 408 531 0.60
10 300 SUZANO PAPEL E CELULOSE SA BRL 111 155 0.16
3 554 GDS HOLDINGS LTD - ADR USD 167 607 0.24
40 934 VALE SA BRL 572 929 0.84
8 900 JD.COM INC - CL A HKD 307 943 0.45
45 479 VIBRA ENERGIA SA BRL 174 731 0.25
2 642 JOYY INC USD 120 026 0.18
15 707 WEG SA BRL 93 001 0.14
1 100 KWEICHOW MOUTAI CO LTD - A CNY 353 758 0.52
12 600 MEITUAN DIANPING-CLASS B HKD 369 248 0.54 Taiwan 4 213 169 6.15
146 000 CHUNGHWA TELECOM CO LTD TWD 615 115 0.90
29 200 NETEASE INC HKD 592 262 0.86
DELTA ELECTRONIC
54 290 PING AN INSURANCE GROUP CO - H HKD 391 636 0.57 45 000 TWD 448 366 0.65
INDUSTRIAL CO
28 400 S F HOLDING CO LTD - A CNY 307 297 0.45 TAIWAN SEMICONDUCTOR
95 292 TWD 2 121 217 3.10
MANUFACTURING CO
26 059 TENCENT HOLDINGS LTD HKD 1 530 103 2.23
49 000 UNIMICRON TECHNOLOGY CORP TWD 409 856 0.60
30 500 WUXI BIOLOGICS CAYMAN INC HKD 361 791 0.53
263 000 UNITED MICROELECTRONICS CORP TWD 618 615 0.90
YUNNAN ENERGY NEW MATERIAL-
14 300 CNY 562 059 0.82
A
South Korea 2 799 288 4.08
Russia 5 467 800 7.98 327 LG HOUSEHOLD & HEALTH CARE KRW 301 767 0.44
61 605 ALROSA PJSC RUB 100 860 0.15 1 276 NAVER CORP KRW 406 283 0.59
9 376 GAZPROM NEFT - ADR USD 341 755 0.50 22 847 SAMSUNG ELECTRONICS CO LTD KRW 1 505 279 2.20
105 715 GAZPROM PAO - ADR USD 976 807 1.42 5 313 SK HYNIX INC KRW 585 959 0.85
916 163 INTER RAO UES PJSC RUB 52 186 0.08
Mexico 2 792 912 4.05
9 301 LUKOIL PJSC - ADR USD 832 440 1.21
78 382 ALFA S.A.B.-A MXN 57 527 0.08
2 722 MAGNIT PJSC RUB 197 474 0.29
22 247 AMERICA MOVIL - ADR - L USD 469 634 0.68
11 565 MAIL.RU GROUP-GDR REGS USD 134 038 0.20
87 289 AMERICA MOVIL SAB DE C-SER L MXN 92 514 0.13
936 MMC NORILSK NICKEL PJSC RUB 284 870 0.42
6 800 ARCA CONTINENTAL SAB DE CV MXN 43 368 0.06
863 NOVATEK PJSC-SPONS GDR REG S USD 202 115 0.29
32 690 CEMEX SAB - ADR USD 221 638 0.32
30 466 POLYMETAL INTERNATIONAL - W/I GBP 541 188 0.79
49 100 FIBRA UNO ADMINISTRACION SA MXN 51 919 0.08
88 000 RENAISSANCE INSURANCE GROUP RUB 118 497 0.17
5 360 FOMENTO ECONOMICO MEX - ADR USD 416 526 0.61
199 508 SBERBANK OF RUSSIA PJSC RUB 780 996 1.14
7 690 GRUMA S.A.B. - B MXN 98 645 0.14
279 814 SISTEMA PJSFC RUB 87 455 0.13 GRUPO AEROPORTUARIO DE
2 800 MXN 57 842 0.08
210 105 SURGUTNEFTEGAS-PREFERENCE RUB 107 789 0.16 SURESTE - B
GRUPO AEROPORTUARIO DEL
53 528 TATNEFT PJSC RUB 357 180 0.52 6 240 MXN 86 034 0.13
PACIFIC - B
290 771 472 VTB BANK PJSC RUB 187 241 0.27 24 700 GRUPO BIMBO SAB - SERIES A MXN 76 001 0.11
6 306 X 5 RETAIL GROUP NV-REGS GDR RUB 164 909 0.24 71 860 GRUPO FINANCIERO BANORTE - O MXN 467 081 0.68
Brazil 5 257 742 7.67 25 500 GRUPO FINANCIERO INBURSA - O MXN 30 553 0.04
32 700 ANIMA HOLDING SA BRL 49 314 0.07 34 300 GRUPO TELEVISA SAB-SER CPO MXN 64 611 0.09
20 541 AREZZO INDUSTRIA E COMERCIO BRL 283 112 0.41 17 900 KIMBERLY-CLARK DE MEXICO - A MXN 27 123 0.04
25 515 ATACADAO DISTRIBUICAO COMERC BRL 69 857 0.10 12 600 ORBIA ADVANCE CORP SAB DE CV MXN 32 182 0.05
65 474 B3 SA-BRASIL BOLSA BALCAO BRL 130 948 0.19 2 500 PROMOTORA Y OPERADORA DE INF MXN 19 546 0.03
185 296 BANCO BRADESCO SA-PREF BRL 639 055 0.93 129 145 WALMART DE MEXICO SAB DE CV MXN 480 168 0.70
37 400 BB SEGURIDADE PARTICIPACOES BRL 139 327 0.20 India 2 289 527 3.34
62 588 BRADESPAR SA - PREF BRL 280 803 0.41 5 187 DIVIS LABORATORIES LTD INR 326 347 0.48
49 720 COSAN SA INDUSTRIA COMERCIO BRL 193 614 0.28 28 354 HDFC BANK LIMITED INR 563 779 0.82
24 272 DIRECIONAL ENGENHARIA SA BRL 55 386 0.08 43 281 HINDALCO INDUSTRIES LTD INR 276 573 0.40
1 500 ENERGISA SA - UNITS BRL 11 949 0.02 12 041 HINDUSTAN UNILEVER LTD INR 382 112 0.56
19 400 ENGIE BRASIL ENERGIA SA BRL 133 780 0.20 5 284 HOUSING DEVELOPMENT FINANCE INR 183 661 0.27
16 029 EQUATORIAL ENERGIA SA - ORD BRL 65 066 0.09 7 381 JUBILANT FOODWORKS LTD INR 356 363 0.52
25 684 FLEURY SA BRL 82 954 0.12 6 303 RELIANCE INDUSTRIES LTD INR 200 692 0.29
18 735 GERDAU SA - PREF BRL 91 691 0.13
Hong Kong 1 748 854 2.55
32 684 HOSPITAL MATER DEI SA BRL 79 216 0.12
87 000 AIA GROUP LTD HKD 878 045 1.28
40 077 HYPERA SA BRL 203 407 0.30
9 600 HONG KONG EXCHANGES & CLEAR HKD 561 790 0.82
95 800 ITAU UNIBANCO HOLDING S-PREF BRL 360 325 0.53
15 500 TECHTRONIC INDUSTRIES CO LTD HKD 309 019 0.45
30 800 KLABIN SA - UNIT BRL 141 890 0.21
18 000 LOCALIZA RENT A CAR BRL 171 275 0.25
22 590 MARFRIG GLOBAL FOODS SA BRL 89 508 0.13
14 341 NATURA &CO HOLDING SA BRL 65 474 0.10
The accompanying notes form an integral part of these financial statements
Page 98
BNP PARIBAS FUNDS Emerging Multi-Asset Income
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Poland 1 358 483 1.99 Czech Republic 131 003 0.19
17 172 ALLEGRO.EU SA PLN 165 568 0.24 30 535 MONETA MONEY BANK AS CZK 131 003 0.19
11 043 BANK PEKAO SA PLN 334 273 0.49
Cayman Islands 76 746 0.11
684 CD PROJEKT SA PLN 32 737 0.05 20 356 BANCO BTG PACTUAL SA-UNIT BRL 76 746 0.11
88 367 ECHO INVESTMENT S.A. PLN 89 126 0.13
1 270 KRUK SA PLN 103 040 0.15 Slovenia 56 650 0.08
3 310 NOVA LJUBLJANSKA B-GDR REG S EUR 56 650 0.08
20 788 PKO BANK POLSKI SA PLN 231 741 0.34
8 881 POLSKI KONCERN NAFTOWY ORLEN PLN 163 809 0.24 Colombia 56 200 0.08
20 130 POWSZECHNY ZAKLAD UBEZPIECZE PLN 176 558 0.26 4 360 ECOPETROL SA - ADR USD 56 200 0.08
5 997 WARSAW STOCK EXCHANGE PLN 61 631 0.09 Guernsey Island 46 681 0.07
Indonesia 875 811 1.27 42 827 ETALON GROUP-GDR REGS - W/I USD 46 681 0.07
1 502 080 BANK CENTRAL ASIA TBK PT IDR 769 923 1.12 17 022 508 24.81
Bonds
3 501 100 BUKALAPAK.COM PT TBK IDR 105 888 0.15
Russia 1 403 774 2.07
Hungary 706 837 1.04 285 000 RUSSIA 12.750% 98-24/06/2028 USD 450 300 0.66
18 406 MOL HUNGARIAN OIL AND GAS PL HUF 143 114 0.21 6 175 000 RUSSIA-OFZ 6.000% 19-06/10/2027 RUB 73 562 0.11
7 502 OTP BANK PLC HUF 384 245 0.56 3 580 000 RUSSIA-OFZ 6.100% 20-18/07/2035 RUB 39 372 0.06
5 520 RICHTER GEDEON NYRT HUF 148 603 0.22 8 800 000 RUSSIA-OFZ 7.050% 13-19/01/2028 RUB 110 031 0.16
4 240 WABERERS INTERNATIONAL NYRT HUF 30 875 0.05 4 810 000 RUSSIA-OFZ 7.250% 18-10/05/2034 RUB 59 115 0.09
The Netherlands 630 764 0.92 31 378 000 RUSSIA-OFZ 7.400% 19-17/07/2024 RUB 409 537 0.60
109 461 VEON LTD USD 187 178 0.27 11 518 000 RUSSIA-OFZ 7.650% 19-10/04/2030 RUB 147 742 0.22
7 332 YANDEX NV - A USD 443 586 0.65 1 970 000 RUSSIA-OFZ 7.700% 19-16/03/2039 RUB 24 857 0.04
6 620 000 RUSSIA-OFZ 8.500% 16-17/09/2031 RUB 89 258 0.13
Thailand 477 570 0.70
131 300 AIRPORTS OF THAILAND PCL-FOR THB 239 764 0.35 China 1 396 970 2.04
140 600 CENTRAL PATTANA PUB CO-FOREI THB 237 806 0.35 600 000 CHINA SCE GRP 7.250% 19-19/04/2023 USD 528 750 0.77
COUNTRY GARDEN 3.125% 20-
Chile 347 544 0.50 600 000 USD 528 120 0.77
22/10/2025
2 340 970 BANCO SANTANDER CHILE CLP 94 106 0.14 TIMES CN HLDG 6.750% 20-08/07/2025
500 000 USD 340 100 0.50
63 510 CENCOSUD SA CLP 106 223 0.15
450 CIA CERVECERIAS UNIDAS - ADR USD 7 385 0.01 Mexico 1 302 815 1.90
MEXICAN BONOS 10.000% 05-
15 630 EMPRESAS CMPC SA CLP 26 197 0.04 6 240 000 MXN 326 730 0.48
05/12/2024
13 714 ENEL AMERICAS SA - ADR USD 74 604 0.11 MEXICAN BONOS 10.000% 06-
959 000 MXN 56 342 0.08
8 610 ENEL CHILE SA USD 15 584 0.02 20/11/2036
MEXICAN BONOS 5.750% 15-
12 120 580 ITAU CORPBANCA CLP 23 445 0.03 15 470 MXN 72 697 0.11
05/03/2026
MEXICAN BONOS 7.750% 11-
Turkey 335 565 0.49 1 720 000 MXN 84 957 0.12
29/05/2031
101 068 AKBANK T.A.S. TRY 54 797 0.08 MEXICAN BONOS 7.750% 12-
3 453 000 MXN 164 271 0.24
13/11/2042
11 929 BIM BIRLESIK MAGAZALAR AS TRY 55 065 0.08 MEXICAN BONOS 8.000% 17-
428 000 MXN 20 721 0.03
34 285 TURK HAVA YOLLARI AO TRY 51 687 0.08 07/11/2047
MEXICAN BONOS 8.500% 09-
48 834 TURKCELL ILETISIM HIZMET AS TRY 67 883 0.10 400 000 MXN 20 611 0.03
18/11/2038
125 059 TURKIYE GARANTI BANKASI TRY 106 133 0.15 MEXICAN BONOS 8.500% 09-
3 907 000 MXN 202 246 0.29
1 TURKIYE SINAI KALKINMA BANK TRY 0 0.00 31/05/2029
PETROLEOS MEXICA 7.690% 20-
369 000 USD 354 240 0.52
Singapore 319 849 0.47 23/01/2050
78 500 SATS LTD SGD 226 562 0.33 Brazil 1 191 522 1.73
417 SEA LTD-ADR USD 93 287 0.14 BRAZIL NTN-F 10.000% 14-
2 580 000 BRL 455 591 0.66
01/01/2025 FLAT
United States of 780 000
BRAZIL NTN-F 10.000% 18-
BRL 135 075 0.20
01/01/2029 FLAT
America 308 609 0.45 BRAZIL NTN-F 10.000% 20-
6 192 YUM CHINA HOLDINGS INC USD 308 609 0.45 170 000 BRL 29 180 0.04
01/01/2031 FLAT
REPUBLIC OF BRAZIL 3.875% 20-
Greece 200 000 USD 194 100 0.28
286 702 0.42 12/06/2030
111 181 ALPHA BANK A.E. EUR 136 171 0.20 REPUBLIC OF BRAZIL 4.750% 19-
200 000 USD 178 038 0.26
14/01/2050
10 900 FF GROUP EUR 1 0.00 REPUBLIC OF BRAZIL 5.625% 16-
200 000 USD 199 538 0.29
10 615 OPAP SA EUR 150 530 0.22 21/02/2047
Cyprus 215 009 0.31 South Africa 1 152 954 1.68
REPUBLIC OF SOUTH AFRICA
10 549 GLOBALTRA-SPONS GDR REGS USD 89 877 0.13 2 620 000 ZAR 181 717 0.27
10.500% 98-21/12/2026
4 226 OZON HOLDINGS PLC - ADR USD 125 132 0.18 REPUBLIC OF SOUTH AFRICA 4.300%
300 000 USD 303 450 0.44
16-12/10/2028
Austria 169 756 0.25
4 280 000
REPUBLIC OF SOUTH AFRICA 8.250%
ZAR 241 352 0.35
5 768 RAIFFEISEN BANK INTERNATIONAL EUR 169 756 0.25 13-31/03/2032
REPUBLIC OF SOUTH AFRICA 8.500%
3 250 000 ZAR 172 744 0.25
Peru 154 174 0.22 13-31/01/2037
REPUBLIC OF SOUTH AFRICA 9.000%
1 263 CREDICORP LTD USD 154 174 0.22 4 660 000 ZAR 253 691 0.37
15-31/01/2040
The accompanying notes form an integral part of these financial statements
Page 99
BNP PARIBAS FUNDS Emerging Multi-Asset Income
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Malaysia 1 112 364 1.61 Poland 538 433 0.78
MALAYSIA INVEST 3.871% 13- POLAND GOVT BOND 1.250% 20-
120 000 MYR 29 380 0.04 210 000 PLN 42 868 0.06
08/08/2028 25/10/2030
MALAYSIA INVEST 4.119% 19- POLAND GOVT BOND 2.500% 15-
121 000 MYR 29 576 0.04 100 000 PLN 23 370 0.03
30/11/2034 25/07/2026
MALAYSIA INVEST 4.245% 15- POLAND GOVT BOND 2.500% 18-
279 000 MYR 69 732 0.10 1 255 000 PLN 304 270 0.44
30/09/2030 25/04/2024
MALAYSIA INVEST 4.582% 13- POLAND GOVT BOND 2.750% 19-
34 000 MYR 8 725 0.01 230 000 PLN 53 215 0.08
30/08/2033 25/10/2029
MALAYSIA INVEST 4.638% 19- POLAND GOVT BOND 3.250% 14-
26 000 MYR 6 407 0.01 471 000 PLN 114 710 0.17
15/11/2049 25/07/2025
MALAYSIAN GOVT 3.757% 18-
66 000 MYR 16 139 0.02 Ukraine 442 875 0.65
20/04/2023
MALAYSIAN GOVT 3.844% 13- 200 000 UKRAINE GOVT 7.253% 20-15/03/2033 USD 175 500 0.26
315 000 MYR 75 464 0.11
15/04/2033
300 000 UKRAINE GOVT 7.375% 17-25/09/2032 USD 267 375 0.39
MALAYSIAN GOVT 3.882% 17-
150 000 MYR 36 145 0.05
10/03/2022
MALAYSIAN GOVT 3.882% 18-
Turkey 382 183 0.57
540 000 MYR 133 424 0.19 REPUBLIC OF TURKEY 8.000% 04-
14/03/2025 250 000 USD 258 438 0.38
MALAYSIAN GOVT 3.885% 19- 14/02/2034
160 000 MYR 39 212 0.06 TURKEY GOVT BOND 11.000% 17-
15/08/2029 290 000 TRY 13 649 0.02
MALAYSIAN GOVT 3.955% 15- 24/02/2027
296 000 MYR 73 219 0.11 TURKEY GOVT BOND 11.700% 20-
15/09/2025 460 000 TRY 20 021 0.03
MALAYSIAN GOVT 4.059% 17- 13/11/2030
610 000 MYR 150 913 0.22 TURKEY GOVT BOND 7.100% 13-
30/09/2024 1 020 000 TRY 65 479 0.10
MALAYSIAN GOVT 4.065% 20- 08/03/2023
90 000 MYR 21 199 0.03 TURKEY GOVT BOND 9.000% 14-
15/06/2050 445 000 TRY 24 596 0.04
MALAYSIAN GOVT 4.736% 16- 24/07/2024
195 000 MYR 49 493 0.07
15/03/2046 Oman 349 020 0.51
MALAYSIAN GOVT 5.248% 08- OMAN INTRNL BOND 7.375% 20-
613 000 MYR 162 796 0.24
15/09/2028 300 000 USD 349 020 0.51
28/10/2032
167 000 PETRONAS 7.625% 96 -15/10/2026 USD 210 540 0.31
Dominican Republic 344 519 0.50
Hong Kong 898 711 1.31
150 000
REPUBLIC OF DOMINICAN 4.875% 20-
USD 152 419 0.22
CNAC HK FINBRID 5.125% 18- 23/09/2032
200 000 USD 227 491 0.33
14/03/2028 REPUBLIC OF DOMINICAN 5.875% 20-
200 000 USD 192 100 0.28
SHIMAO GRP HLDGS 5.600% 19- 30/01/2060
1 100 000 USD 671 220 0.98
15/07/2026
South Korea 322 752 0.47
Colombia 791 791 1.16
4 400 000 000
EXP-IMP BK KOREA 7.250% 17-
IDR 322 752 0.47
281 000 000 COLOMBIA TES 10.000% 09-24/07/2024 COP 73 959 0.11 07/12/2024
393 700 000 COLOMBIA TES 6.000% 12-28/04/2028 COP 87 276 0.13 Philippines 320 190 0.46
247 100 000 COLOMBIA TES 7.000% 17-30/06/2032 COP 55 244 0.08 REPUBLIC OF PHILIPPINES 8.125% 10-
390 000 PHP 10 027 0.01
16/12/2035
290 500 000 COLOMBIA TES 7.250% 19-18/10/2034 COP 65 235 0.10 REPUBLIC OF PHILIPPINES 9.500% 05-
200 000 USD 310 163 0.45
128 700 000 COLOMBIA TES 7.250% 20-26/10/2050 COP 27 116 0.04 02/02/2030
288 200 000 COLOMBIA TES 7.500% 11-26/08/2026 COP 70 217 0.10 Czech Republic 318 855 0.46
200 000 000 COLOMBIA TES 7.750% 15-18/09/2030 COP 47 809 0.07 CZECH REPUBLIC 0.950% 15-
1 480 000 CZK 57 555 0.08
REPUBLIC OF COLOMBIA 10.375% 03- 15/05/2030
254 000 USD 364 935 0.53 CZECH REPUBLIC 1.000% 15-
28/01/2033 330 000 CZK 13 646 0.02
26/06/2026
Indonesia 726 315 1.05 1 080 000
CZECH REPUBLIC 1.200% 20-
CZK 42 471 0.06
INDONESIA GOVT 6.125% 12- 13/03/2031
939 000 000 IDR 66 979 0.10 CZECH REPUBLIC 1.250% 20-
15/05/2028 500 000 CZK 21 430 0.03
INDONESIA GOVT 7.000% 19- 14/02/2025
1 605 000 000 IDR 116 813 0.17 CZECH REPUBLIC 2.000% 17-
15/09/2030 2 140 000 CZK 89 737 0.13
INDONESIA GOVT 8.250% 11- 13/10/2033
454 000 000 IDR 35 581 0.05 CZECH REPUBLIC 2.750% 18-
15/06/2032 2 100 000 CZK 94 016 0.14
INDONESIA GOVT 8.250% 15- 23/07/2029
808 000 000 IDR 62 867 0.09
15/05/2036
INDONESIA GOVT 8.375% 13- Thailand 306 066 0.45
1 525 000 000 IDR 119 985 0.17 THAILAND GOVT 2.875% 16-
15/03/2034 2 170 000 THB 64 679 0.09
INDONESIA GOVT 8.375% 19- 17/06/2046
1 432 000 000 IDR 113 314 0.17 THAILAND GOVT 3.400% 15-
15/04/2039 2 930 000 THB 97 351 0.14
INDONESIA GOVT 9.000% 13- 17/06/2036
1 389 000 000 IDR 112 632 0.16 THAILAND GOVT 3.600% 17-
15/03/2029 335 000 THB 11 068 0.02
INDONESIA GOVT 9.500% 10- 17/06/2067
1 165 000 000 IDR 98 144 0.14 THAILAND GOVT 3.650% 10-
15/07/2031 740 000 THB 25 504 0.04
20/06/2031
Peru 564 057 0.81 1 975 000
THAILAND GOVT 3.775% 12-
THB 69 025 0.10
PERU B SOBERANO 5.400% 19- 25/06/2032
75 000 PEN 17 135 0.02 THAILAND GOVT 4.000% 15-
12/08/2034 1 075 000 THB 38 439 0.06
PERU B SOBERANO 6.350% 16- 17/06/2066
350 000 PEN 92 246 0.13
12/08/2028
REPUBLIC OF PERU 6.900% 07- Bahrain 303 900 0.44
160 000 PEN 40 741 0.06 300 000 BAHRAIN 7.500% 17-20/09/2047 USD 303 900 0.44
12/08/2037
REPUBLIC OF PERU 6.950% 08-
210 000 PEN 56 386 0.08 Chile 296 702 0.43
12/08/2031
REPUBLIC OF PERU 8.750% 03- 200 000 CODELCO INC 4.375% 19-05/02/2049 USD 227 663 0.33
230 000 USD 357 549 0.52
21/11/2033 TESORERIA PESOS 5.000% 15-
30 000 000 CLP 33 214 0.05
01/03/2035 FLAT
TESORERIA PESOS 6.000% 13-
30 000 000 CLP 35 825 0.05
01/01/2043
The accompanying notes form an integral part of these financial statements
Page 100
BNP PARIBAS FUNDS Emerging Multi-Asset Income
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Saudi Arabia 292 781 0.43 Serbia 34 830 0.06
SAUDI INT BOND 2.250% 21- SERBIA T-BONDS 4.500% 19-
300 000 USD 292 781 0.43 1 170 000 RSD 11 684 0.02
02/02/2033 11/01/2026
SERBIA T-BONDS 4.500% 20-
Romania 262 928 0.38 1 080 000 RSD 10 709 0.02
20/08/2032
110 000 ROMANIA 3.650% 20-28/07/2025 RON 24 448 0.04 SERBIA T-BONDS 5.875% 18-
1 160 000 RSD 12 437 0.02
08/02/2028
510 000 ROMANIA 4.750% 14-24/02/2025 RON 117 398 0.17
45 000 ROMANIA 4.750% 19-11/10/2034 RON 9 752 0.01 British Virgin Islands 25 850 0.04
SCENERY JOURNEY 13.750% 18-
95 000 ROMANIA 4.850% 18-22/04/2026 RON 21 813 0.03 200 000 USD 25 850 0.04
06/11/2023
150 000 ROMANIA 5.000% 18-12/02/2029 RON 34 455 0.05
230 000 ROMANIA 5.800% 12-26/07/2027 RON 55 062 0.08
Uruguay 15 800 0.02
710 000 URUGUAY 8.500% 17-15/03/2028 UYU 15 800 0.02
Qatar 251 750 0.37
STATE OF QATAR 4.625% 16- Venezuela 0 0.00
200 000 USD 251 750 0.37 VENEZUELA 11.750% 11-
02/06/2046 820 000 USD 0 0.00
21/10/2026 DFLT
Egypt 244 200 0.36 289 962 0.43
ARAB REP EGYPT 7.500% 21- Floating rate bonds
300 000 USD 244 200 0.36
16/02/2061
Argentina 160 077 0.24
Morocco 190 538 0.28 224 485 ARGENTINA 20-09/07/2030 SR USD 79 131 0.12
MOROCCO KINGDOM 3.000% 20-
200 000 USD 190 538 0.28 250 996 ARGENTINA 20-09/07/2035 SR USD 80 946 0.12
15/12/2032
Nigeria 190 350 0.28 Ecuador 129 885 0.19
REPUBLIC OF NIGERIA 7.375% 21- 199 096 REPUBLIC OF ECUA 20-31/07/2035 SR USD 129 885 0.19
200 000 USD 190 350 0.28
28/09/2033
Hungary 175 076 0.25 Other transferable securities 264 744 0.38
REPUBLIC OF HUNGARY 1.000% 19-
9 870 000 HUF 27 064 0.04 264 744 0.38
26/11/2025 Shares
REPUBLIC OF HUNGARY 2.000% 20-
22 180 000 HUF 57 978 0.08
23/05/2029 Russia 264 744 0.38
REPUBLIC OF HUNGARY 2.250% 20- MAGNITOGORSK IRON & STEEL
2 960 000 HUF 7 382 0.01 186 359 RUB 172 529 0.25
20/04/2033 WORKS PJSC
REPUBLIC OF HUNGARY 3.000% 19- 529 POLYUS PJSC RUB 92 215 0.13
10 280 000 HUF 28 363 0.04
21/08/2030
REPUBLIC OF HUNGARY 3.000% 20-
8 200 000 HUF 19 957 0.03 Shares/Units in investment funds 6 367 683 9.31
25/04/2041
REPUBLIC OF HUNGARY 3.250% 15-
12 300 000 HUF 34 332 0.05
22/10/2031
Luxembourg 6 367 683 9.31
Ghana 158 538 0.23 3 751.33
BNP PARIBAS FUNDS ASIA EX-
USD 491 799 0.72
REPUBLIC OF GHANA 8.750% 20- JAPAN SMALL CAP - X CAP
200 000 USD 158 538 0.23 BNP PARIBAS FUNDS CHINA
11/03/2061 26 991.00 USD 2 587 896 3.78
EQUITY- X USD ACC XCA
Sri Lanka 149 869 0.22 987.00
BNP PARIBAS FUNDS RMB BOND -
USD 1 260 419 1.84
REPUBLIC OF SRI LANKA 7.550% 19- X CAP
300 000 USD 149 869 0.22 BNP PARIBAS INSTICASH USD 1D
28/03/2030 15 459.84 USD 2 027 569 2.97
SHORT TERM XCA
Surinam 147 100 0.21
200 000
REPUBLIC OF SURINAME 9.250% 16-
USD 147 100 0.21
Total securities portfolio 62 364 101 90.96
26/10/2026
Argentina 112 310 0.16
27 619 ARGENTINA 1.000% 20-09/07/2029 USD 10 012 0.01
PROVINCIA DE JUJ 8.625% 17-
152 783 USD 102 298 0.15
20/03/2027
Kenya 101 050 0.15
KENYA INFRASTRUC 11.750% 19-
11 600 000 KES 101 050 0.15
08/10/2035
Tunisia 86 245 0.13
TUNISIA INT BOND 6.375% 19-
100 000 EUR 86 245 0.13
15/07/2026
Lebanon 62 000 0.08
REPUBLIC OF LEBANON 6.600% 11-
100 000 USD 10 000 0.01
27/11/2026
REPUBLIC OF LEBANON 6.650% 15-
100 000 USD 10 000 0.01
03/11/2028
REPUBLIC OF LEBANON 7.250% 17-
400 000 USD 42 000 0.06
23/03/2037
Kazakhstan 54 525 0.08
23 900 000 KAZAKHSTAN 5.300% 12-19/03/2022 KZT 54 525 0.08
The accompanying notes form an integral part of these financial statements
Page 101
BNP PARIBAS FUNDS Energy Transition
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an South Korea 88 220 545 2.94
official stock exchange listing and/or 2 988 124 517 99.57 193 992 LG CHEM LTD KRW 88 220 545 2.94
traded on another regulated market Canada 73 309 959 2.44
Shares 2 988 124 517 99.57 1 671 211 ANAERGIA INC CAD 23 500 496 0.78
1 188 400 FORAN MINING CORPORATION CAD 2 093 040 0.07
United States of
1 730 010 GREENPOWER MOTOR CO INC USD 14 421 821 0.48
America 1 571 405 415 52.33
3 195 920 LI-CYCLE HOLDINGS CORP USD 27 990 998 0.93
4 793 697 ADVENT TECHNOLOGIES HOLDINGS USD 29 549 610 0.98
1 712 051 LOOP ENERGY INC CAD 5 303 604 0.18
1 606 443 AEYE INC USD 6 837 130 0.23
1 269 870
AMERICAN
USD 12 149 301 0.40 United Kingdom 58 265 711 1.94
SUPERCONDUCTOR CORP
3 433 624 CERES POWER HOLDINGS PLC GBP 40 752 815 1.36
3 024 826 APPHARVEST INC USD 10 346 969 0.34
3 731 936 ITM POWER PLC GBP 17 512 896 0.58
1 280 000 ARCHAEA ENERGY INC USD 20 575 448 0.69
2 301 281 DANIMER SCIENTIFIC INC USD 17 241 395 0.57 Denmark 55 900 855 1.87
598 732 DMY TECHNOLOGY GROUP INC IV USD 3 237 954 0.11 1 073 403 EVERFUEL A/S NOK 4 086 748 0.14
6 566 176 ELECTRIC LAST MILE SOLUTIONS USD 40 591 116 1.35 1 926 863 VESTAS WIND SYSTEMS A/S DKK 51 814 107 1.73
2 463 910 EOS ENERGY ENTERPRISES INC USD 16 293 179 0.54 Norway 49 274 758 1.65
3 142 283 FISKER INC USD 43 464 748 1.45 1 296 246 AGILYX AS NOK 4 646 923 0.15
3 007 162 FLUENCE ENERGY INC USD 94 033 311 3.13 5 005 819 AKER CARBON CAPTURE AS NOK 13 782 269 0.46
245 008 GENERAC HOLDINGS INC USD 75 820 626 2.53 5 077 022 AKER CLEAN HYDROGEN AS NOK 2 895 905 0.10
1 031 830 GENERAL MOTORS CO USD 53 197 496 1.77 1 884 224 CAMBI ASA NOK 1 747 409 0.06
3 124 735 GORES GUGGENHEIM INC -CL A USD 32 148 610 1.07 3 411 269 CIRCA GROUP AS NOK 2 952 670 0.10
1 030 555 GREEN PLAINS INC USD 31 500 257 1.05 515 983 FREYR BATTERY SA USD 5 072 714 0.17
3 219 680 HYLIION HOLDINGS CORP USD 17 553 655 0.58 3 037 302 OTOVO AS - A SHARES NOK 8 404 853 0.28
922 929 INDIE SEMICONDUCTOR INC-A USD 9 730 847 0.32 3 033 908 QUANTAFUEL AS NOK 9 772 015 0.33
563 053 INFRASTRUCTURE AND ENERGY AL USD 4 555 125 0.15
Portugal 47 671 850 1.59
831 053 NOVUS CAPITAL CORP II-A USD 7 234 809 0.24
9 865 863 EDP-ENERGIAS DE PORTUGAL SA EUR 47 671 850 1.59
7 891 330 ORIGIN MATERIALS INC USD 44 758 247 1.49
10 172 050 PLUG POWER INC USD 252 512 286 8.41 Australia 34 705 883 1.17
48 954 459 IONEER LTD AUD 25 066 254 0.84
3 161 719 PROTERRA INC USD 24 549 753 0.82
18 750 000 QUEENSLAND PACIFIC METALS LT AUD 1 979 889 0.07
3 327 245 PURECYCLE TECHNOLOGIES INC USD 28 000 118 0.93
1 149 476 VULCAN ENERGY RESOURCES LTD AUD 7 659 740 0.26
1 725 190 QUANTUMSCAPE CORP USD 33 663 354 1.12
987 864 RENEWABLE ENERGY GROUP INC USD 36 866 820 1.23 Israel 29 725 687 0.99
1 288 493 SHOALS TECHNOLOGIES GROUP -A USD 27 532 870 0.92 2 331 149 GENCELL LTD ILS 6 981 460 0.23
206 645 SOLAREDGE TECHNOLOGIES INC USD 50 983 457 1.70 6 323 896 OTONOMO TECHNOLOGIES LTD USD 22 744 227 0.76
SUNLIGHT FINANCIAL
5 147 453
HOLDINGS INC
USD 21 636 322 0.72 Brazil 28 092 775 0.94
SUNNOVA ENERGY 27 588 412 RAIZEN SA - PREFERENCE BRL 28 092 775 0.94
10 336 129 USD 253 767 781 8.46
INTERNATIONAL
7 149 720 SUNRUN INC USD 215 648 431 7.19 Sweden 24 737 929 0.82
2 514 361 TPI COMPOSITES INC USD 33 076 715 1.10 3 014 514 CELL IMPACT AB SEK 7 817 359 0.26
6 499 687 VIEW INC USD 22 347 675 0.74 824 930 CELL IMPACT AB - BTA SEK 2 121 615 0.07
1 651 170 OX2 AB SEK 9 493 907 0.32
Spain 269 542 564 8.99 701 935 SCANDINAVIAN BIOGAS FUELS IN SEK 2 181 616 0.07
2 574 968 CORP ACCIONA ENERGIAS RENOVA EUR 83 892 457 2.80
2 115 714 SWEDISH STIRLING AB SEK 3 123 432 0.10
1 761 628 EDP RENOVAVEIS SA EUR 38 579 653 1.29
6 980 088
SIEMENS GAMESA RENEWABLE
EUR 147 070 454 4.90
Luxembourg 23 522 268 0.78
ENERGY SA 3 605 057 ARRIVAL SA USD 23 522 268 0.78
France 203 049 337 6.76 The Netherlands 21 459 070 0.71
2 986 953 ALSTOM EUR 93 252 673 3.11
761 500 AMG ADVANCED METALLURGICAL EUR 21 459 070 0.71
6 998 927 ENGIE EUR 91 084 036 3.03
4 000 000 FARADAY FUTURE INTELLIGENT E USD 18 712 628 0.62 Ireland 9 459 427 0.32
1 299 186 FUSION FUEL GREEN PLC-A USD 9 459 427 0.32
China 193 631 628 6.46
1 237 477 BYD CO LTD - H HKD 37 561 577 1.25 Other transferable securities 9 028 802 0.30
2 562 042 DAQO NEW ENERGY CORP - ADR USD 90 838 492 3.03
4 253 300 LI AUTO INC-CLASS A HKD 58 982 228 1.97 Warrants, Rights 9 028 802 0.30
533 539 NUVVE HOLDING CORP USD 6 249 331 0.21 GOLDMAN SACHS INTERNATNAL
241 605 USD 9 028 802 0.30
WTS 19/10/2022
Italy 110 987 521 3.70
15 751 848 ENEL S.P.A. EUR 110 987 521 3.70 Shares/Units in investment funds 17 530 386 0.58
India 95 161 335 3.17 Luxembourg 17 530 386 0.58
1 378 194 AZURE POWER GLOBAL LTD USD 21 996 325 0.73 BNP PARIBAS INSTICASH EUR 3M
174 548.76 EUR 17 530 386 0.58
Standard VNAV - X CAP
10 694 505 RENEW ENERGY GLOBAL PLC-A USD 73 165 010 2.44
Total securities portfolio 3 014 683 705 100.45
The accompanying notes form an integral part of these financial statements
Page 102
BNP PARIBAS FUNDS Enhanced Bond 6M
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 5 000 000 LA MONDIALE 0.750% 20-20/04/2026 EUR 4 991 393 0.12
2 013 000 LVMH 0.750% 17-26/05/2024 EUR 2 050 881 0.05
official stock exchange listing and/or 3 477 596 804 83.92
6 200 000 MERCIALYS 1.800% 18-27/02/2026 EUR 6 416 736 0.15
traded on another regulated market
14 500 000 MERCIALYS 4.625% 20-07/07/2027 EUR 16 957 946 0.41
Bonds 2 978 842 719 71.90
11 700 000 NEXANS SA 2.750% 17-05/04/2024 EUR 12 157 470 0.29
PSA BANQUE FRANC 0.625% 19-
France 672 325 671 16.24 5 000 000
21/06/2024
EUR 5 059 020 0.12
AEROPORT PARIS 1.500% 15-
2 000 000 EUR 2 042 801 0.05 PSA BANQUE FRANCE 0.625% 17-
24/07/2023 4 000 000 EUR 4 028 846 0.10
10/10/2022
AGENCE FRANCAISE 0.000% 20-
12 800 000 EUR 12 847 315 0.31 PUBLICIS GROUPE 0.500% 16-
28/10/2027 2 000 000 EUR 2 021 794 0.05
03/11/2023
AIR FRANCE-KLM 3.750% 16-
7 000 000 EUR 7 080 990 0.17 9 200 000 RCI BANQUE 0.750% 17-26/09/2022 EUR 9 241 739 0.22
12/10/2022
5 000 000 ALD SA 0.375% 19-18/07/2023 EUR 5 036 780 0.12 5 604 000 RCI BANQUE 0.750% 19-10/04/2023 EUR 5 639 960 0.14
6 400 000 ALD SA 0.375% 20-19/10/2023 EUR 6 449 518 0.16 16 200 000 RCI BANQUE 1.625% 17-11/04/2025 EUR 16 744 242 0.40
11 000 000 ATOS SE 0.750% 18-07/05/2022 EUR 11 032 164 0.27 17 000 000 RENAULT 1.250% 19-24/06/2025 EUR 16 685 500 0.40
3 500 000 AUCHAN SA 2.375% 19-25/04/2025 EUR 3 692 860 0.09 3 500 000 RENAULT 2.375% 20-25/05/2026 EUR 3 524 941 0.09
3 600 000 AUCHAN SA 2.625% 19-30/01/2024 EUR 3 761 569 0.09 7 143 000 REXEL SA 2.125% 21-15/12/2028 EUR 7 182 490 0.17
4 300 000 AUCHAN SA 2.875% 20-29/01/2026 EUR 4 648 356 0.11 SOCIETE GENERALE 1.125% 18-
15 300 000 EUR 15 749 822 0.38
23/01/2025
5 600 000 AUCHAN SA 3.250% 20-23/07/2027 EUR 6 283 652 0.15 SOCIETE GENERALE 1.250% 19-
BANQUE FEDERATIVE DU CREDIT 18 900 000 EUR 19 399 559 0.47
7 400 000 EUR 7 785 754 0.19 15/02/2024
MUTUEL 1.875% 16-04/11/2026 SOCIETE GENERALE 2.625% 15-
BANQUE FEDERATIVE DU CREDIT 12 400 000 EUR 13 253 306 0.32
7 200 000 EUR 7 713 811 0.19 27/02/2025
MUTUEL 2.375% 16-24/03/2026 SOCIETE GENERALE 4.000% 13-
BANQUE FEDERATIVE DU CREDIT 3 400 000 EUR 3 589 937 0.09
20 960 000 EUR 22 346 554 0.54 07/06/2023
MUTUEL 3.000% 14-21/05/2024 10 000 000 UNEDIC 0.100% 20-25/11/2026 EUR 10 086 984 0.24
22 500 000 BNP PARIBAS 1.000% 17-29/11/2024 EUR 22 924 058 0.55
6 100 000 URW 0.625% 20-04/05/2027 EUR 6 116 946 0.15
3 000 000 BNP PARIBAS 1.125% 18-22/11/2023 EUR 3 070 121 0.07
6 600 000 VALEO SA 1.500% 18-18/06/2025 EUR 6 821 604 0.16
2 600 000 BNP PARIBAS 1.125% 19-28/08/2024 EUR 2 676 980 0.06
14 500 000 VALEO SA 3.250% 14-22/01/2024 EUR 15 444 707 0.37
29 000 000 BNP PARIBAS 2.375% 15-17/02/2025 EUR 30 847 775 0.74 VEOLIA ENVIRONNEMENT 0.314%
1 000 000 EUR 1 007 914 0.02
1 000 000 BNP PARIBAS 2.750% 15-27/01/2026 EUR 1 087 439 0.03 16-04/10/2023
VEOLIA ENVRNMT 0.892% 19-
21 500 000 BPCE 0.625% 19-26/09/2024 EUR 21 842 852 0.53 6 800 000 EUR 6 919 054 0.17
14/01/2024
11 800 000 BPCE 1.125% 17-18/01/2023 EUR 11 977 017 0.29 3 000 000 WENDEL SA 2.750% 14-02/10/2024 EUR 3 201 059 0.08
20 000 000 BPCE 4.625% 13-18/07/2023 EUR 21 391 142 0.52
CAISSE NA REA MU 3.375% 18- United States of
8 700 000 EUR 9 699 541 0.23
24/09/2028 America 376 472 671 9.11
9 200 000 CARMILA SA 1.625% 20-30/05/2027 EUR 9 426 550 0.23 5 198 000 ABBVIE INC 1.250% 20-01/06/2024 EUR 5 338 803 0.13
15 000 000 CARMILA SA 1.625% 21-01/04/2029 EUR 15 164 319 0.37 6 000 000 ABBVIE INC 1.500% 20-15/11/2023 EUR 6 177 995 0.15
CARREFOUR BANQUE 0.107% 21- AMERICAN INTERNATIONAL GROUP
4 500 000 EUR 4 467 013 0.11 2 392 000 EUR 2 434 683 0.06
14/06/2025 1.500% 16-08/06/2023
CASINO GUICHARD 2.798% 14- 7 775 000 AT&T INC 0.250% 19-04/03/2026 EUR 7 747 353 0.19
11 500 000 EUR 10 936 500 0.26
05/08/2026
CIE DE ST GOBAIN 0.625% 19- 13 000 000 AT&T INC 1.950% 19-15/09/2023 EUR 13 396 275 0.32
5 000 000 EUR 5 078 196 0.12
15/03/2024 7 000 000 AT&T INC 2.500% 13-15/03/2023 EUR 7 180 555 0.17
CIE DE ST GOBAIN 0.875% 18- BANK OF AMERICA CORP 2.375% 14-
4 300 000 EUR 4 383 079 0.11 16 000 000 EUR 16 938 541 0.41
21/09/2023 19/06/2024
700 000 CIE FIN FONCIER 0.375% 17-11/12/2024 EUR 711 583 0.02 BAXTER INTERNATIONAL 0.400% 19-
6 000 000 EUR 6 052 889 0.15
CNP ASSURANCES 0.375% 20- 15/05/2024
7 100 000 EUR 6 845 186 0.17 BOOKING HLDS INC 0.100% 21-
08/03/2028
4 598 000 EUR 4 597 850 0.11
CNP ASSURANCES 1.875% 16- 08/03/2025
14 200 000 EUR 14 407 446 0.35
20/10/2022 10 000 000 CITIGROUP INC 2.125% 14-10/09/2026 EUR 10 828 248 0.26
1 000 000 COFACE 4.125% 14-27/03/2024 EUR 1 084 412 0.03 17 908 000 COMCAST CORP 0.000% 21-14/09/2026 EUR 17 656 310 0.43
CREDIT AGRICOLE SA 2.800% 15-
16 600 000 EUR 17 817 977 0.43 29 500 000 DANAHER CORP 1.700% 20-30/03/2024 EUR 30 639 861 0.74
16/10/2025
CREDIT AGRICOLE SA 3.000% 15- EASTMAN CHEMICAL 1.500% 16-
3 000 000 EUR 3 262 088 0.08 12 000 000 EUR 12 203 032 0.29
21/12/2025 26/05/2023
CREDIT MUTUEL ARKEA 1.250% 17- 16 435 000 EXPEDIA INC 2.500% 15-03/06/2022 EUR 16 501 397 0.40
2 000 000 EUR 2 057 661 0.05
31/05/2024 FORD MOTOR CRED 1.744% 20-
CREDIT MUTUEL ARKEA 3.250% 16- 4 000 000 EUR 4 059 650 0.10
1 000 000 EUR 1 109 080 0.03 19/07/2024
01/06/2026 FORD MOTOR CRED 3.021% 19-
CTE CO TRANSP EL 0.875% 17- 15 950 000 EUR 16 619 103 0.40
4 200 000 EUR 4 272 541 0.10 06/03/2024
29/09/2024 GEN ELECTRIC CO 0.875% 17-
ELEC DE FRANCE 4.625% 09- 12 000 000 EUR 12 260 826 0.30
5 100 000 EUR 5 728 641 0.14 17/05/2025
11/09/2024 GEN ELECTRIC CO 1.250% 15-
14 291 000 EUR 14 518 071 0.35
10 000 000 EUTELSAT SA 2.000% 18-02/10/2025 EUR 10 343 500 0.25 26/05/2023
1 438 000 FNAC DARTY SA 1.875% 19-30/05/2024 EUR 1 442 793 0.03 GEN MOTORS FIN 0.200% 19-
6 940 000 EUR 6 957 915 0.17
02/09/2022
11 000 000 GROUPAMA SA 6.000% 17-23/01/2027 EUR 13 513 959 0.33 GEN MOTORS FIN 0.955% 16-
2 400 000 EUR 2 437 129 0.06
HOLDING DINFRA 0.625% 17- 07/09/2023
27 400 000 EUR 27 615 046 0.67 GEN MOTORS FIN 2.200% 19-
27/03/2023 5 898 000 EUR 6 172 182 0.15
5 000 000 ICADE 1.125% 16-17/11/2025 EUR 5 149 151 0.12 01/04/2024
GOLDMAN SACHS GROUP 1.375% 17-
22 600 000 IMERYS SA 2.000% 14-10/12/2024 EUR 23 681 132 0.57 9 022 000 EUR 9 204 812 0.22
15/05/2024
3 000 000 INFRA FOCH SAS 2.125% 14-16/04/2025 EUR 3 154 682 0.08 10 932 000 HJ HEINZ CO 2.000% 15-30/06/2023 EUR 11 186 925 0.27
23 400 000 JCDECAUX SA 2.000% 20-24/10/2024 EUR 24 459 798 0.59 HONEYWELL INTERNATIONAL
2 853 000 EUR 2 859 244 0.07
LA BANQUE POSTALE 1.000% 17- 0.000% 20-10/03/2024
15 300 000 EUR 15 680 439 0.38 JOHNSON CONTROLS 1.000% 17-
16/10/2024 12 601 000 EUR 12 811 703 0.31
15/09/2023
The accompanying notes form an integral part of these financial statements
Page 103
BNP PARIBAS FUNDS Enhanced Bond 6M
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
MCDONALDS CORP 1.000% 16- LOUIS DREYFUS CO 4.000% 17-
10 000 000 EUR 10 222 565 0.25 36 344 000 EUR 36 500 176 0.88
15/11/2023 07/02/2022
MORGAN STANLEY 1.750% 16- 8 000 000 RABOBANK 4.125% 12-14/09/2022 EUR 8 244 018 0.20
11 500 000 EUR 11 950 064 0.29
11/03/2024
REPSOL INTERNATIONAL FIN 0.125%
18 400 000 MYLAN INC 2.125% 18-23/05/2025 EUR 19 470 332 0.47 9 900 000 EUR 9 938 723 0.24
20-05/10/2024
27 900 000 MYLAN NV 2.250% 16-22/11/2024 EUR 29 459 529 0.71 SCHLUMBERGER FIN 0.000% 19-
6 355 000 EUR 6 356 864 0.15
15/10/2024
8 100 000 STRYKER CORP 0.250% 19-03/12/2024 EUR 8 134 873 0.20 UPJOHN FINANCE 0.816% 20-
12 482 000 EUR 12 546 053 0.30
10 427 000 STRYKER CORP 1.125% 18-30/11/2023 EUR 10 674 503 0.26 23/06/2022
4 619 000 THERMO FISHER 0.125% 19-01/03/2025 EUR 4 623 895 0.11 20 000 000 VOLKSBANK NV 0.010% 19-16/09/2024 EUR 20 047 124 0.48
UNITED PARCEL SERVICE 0.375% 17- 4 500 000 VONOVIA BV 0.875% 18-03/07/2023 EUR 4 552 718 0.11
6 191 000 EUR 6 257 454 0.15
15/11/2023 WINTERSHALL FIN 0.452% 19-
ZIMMER BIOMET HOLDINGS 1.414% 22 900 000 EUR 23 040 933 0.56
18 626 000 EUR 18 898 104 0.46 25/09/2023
16-13/12/2022
United Kingdom 227 776 410 5.48
Italy 306 025 279 7.39 ANZ NEW ZEALAND
4 193 000 ACEA SPA 0.000% 21-28/09/2025 EUR 4 169 533 0.10 2 220 000 INTERNATIONAL/LDN 0.400% 17- EUR 2 223 042 0.05
ACQUIRENTE UNI 2.800% 19- 01/03/2022
10 000 000 EUR 10 865 195 0.26 BARCLAYS BANK PLC 0.625% 17-
20/02/2026 2 850 000 EUR 2 868 309 0.07
AUTOSTRADE PER L 1.625% 15- 14/11/2023
9 768 000 EUR 9 886 486 0.24 BARCLAYS BANK PLC 1.500% 18-
12/06/2023 1 000 000 EUR 1 027 355 0.02
03/09/2023
20 856 000 BANCO BPM SPA 2.000% 19-08/03/2022 EUR 20 916 482 0.50
BARCLAYS BANK PLC 1.875% 16-
16 000 000 EUR 16 604 152 0.40
7 000 000 BANCO BPM SPA 2.500% 19-21/06/2024 EUR 7 274 625 0.18 08/12/2023
1 500 000 FERROVIE DEL 0.875% 17-07/12/2023 EUR 1 529 596 0.04 BARCLAYS BANK PLC 6.625% 11-
23 840 000 EUR 24 196 885 0.58
30/03/2022
INTESA SANPAOLO 0.625% 21- BRITISH TELECOMM PLC 1.000% 17-
5 137 000 EUR 5 098 455 0.12 21 000 000 EUR 21 371 316 0.52
24/02/2026 21/11/2024
INTESA SANPAOLO 1.000% 19-
8 613 000 EUR 8 787 410 0.21 5 000 000 DS SMITH PLC 1.375% 17-26/07/2024 EUR 5 139 400 0.12
04/07/2024
INTESA SANPAOLO 3.928% 14- 5 100 000 DS SMITH PLC 2.250% 15-16/09/2022 EUR 5 155 738 0.12
8 500 000 EUR 9 359 609 0.23
15/09/2026
940 000 FCE BANK PLC 1.615% 16-11/05/2023 EUR 957 687 0.02
INTESA SANPAOLO 6.625% 13-
7 739 000 EUR 8 516 734 0.21 GLAXOSMITHKLINE 0.000% 19-
13/09/2023 7 657 000 EUR 7 688 715 0.19
23/09/2023
30 000 000 ITALY BTPS 0.000% 20-15/01/2024 EUR 30 037 200 0.72
HAMMERSON PLC 1.750% 16-
15 700 000 EUR 15 869 560 0.38
20 000 000 ITALY BTPS 0.000% 21-01/04/2026 EUR 19 684 618 0.47 15/03/2023
5 000 000 ITALY BTPS 0.000% 21-01/08/2026 EUR 4 903 717 0.12 HEATHROW FNDG 1.500% 20-
7 900 000 EUR 8 179 249 0.20
12/10/2025
30 100 000 ITALY BTPS 0.000% 21-15/04/2024 EUR 30 075 959 0.73 HEATHROW FUNDING 1.875% 14-
28 820 000 EUR 29 048 254 0.70
25 000 000 ITALY BTPS 0.000% 21-15/08/2024 EUR 24 960 420 0.60 23/05/2022
HSBC HOLDINGS PLC 0.875% 16-
10 000 000 ITALY BTPS 0.000% 21-30/01/2024 EUR 10 010 850 0.24 14 620 000 EUR 14 924 562 0.36
06/09/2024
9 000 000 ITALY BTPS 0.300% 20-15/08/2023 EUR 9 082 614 0.22 INEOS FINANCE PL 2.875% 19-
3 188 000 EUR 3 219 402 0.08
01/05/2026
11 500 000 ITALY BTPS 1.750% 19-01/07/2024 EUR 11 993 190 0.29 NATWEST MARKETS 1.000% 19-
10 000 000 EUR 10 241 457 0.25
17 816 000 POSTE ITALIANE 0.000% 20-10/12/2024 EUR 17 751 718 0.43 28/05/2024
ROLLS-ROYCE PLC 0.875% 18-
8 000 000 TIM SPA 4.000% 19-11/04/2024 EUR 8 372 674 0.20 4 405 000 EUR 4 344 431 0.10
09/05/2024
UNICREDIT S.P.A. 1.000% 18- SANTANDER UK GRP 1.125% 16-
1 450 000 EUR 1 465 519 0.04 3 000 000 EUR 3 061 647 0.07
18/01/2023 08/09/2023
18 931 000 UNICREDIT SPA 6.950% 12-31/10/2022 EUR 19 967 188 0.48 STANDARD CHARTERED 3.125% 14-
18 175 000 EUR 19 606 816 0.47
UNIONE DI BANCHE 1.625% 19- 19/11/2024
10 672 000 EUR 11 036 995 0.27 STANDARD CHARTERED 3.625% 12-
21/04/2025 6 259 000 EUR 6 459 726 0.16
UNIONE DI BANCHE 2.625% 19- 23/11/2022
9 000 000 EUR 9 519 136 0.23 TESCO CORP TREAS 0.875% 19-
20/06/2024 2 669 000 EUR 2 713 379 0.07
UNIPOL GRUPPO FI 3.000% 15- 29/05/2026
10 000 000 EUR 10 759 356 0.26 TESCO CORP TREAS 1.375% 18-
18/03/2025 22 400 000 EUR 22 875 328 0.55
24/10/2023
The Netherlands 244 672 009 5.89
ABN AMRO BANK NV 1.250% 20- Germany 217 882 520 5.27
5 000 000 EUR 5 176 795 0.12
28/05/2025 2 500 000 ADIDAS AG 0.000% 20-09/09/2024 EUR 2 506 207 0.06
ABN AMRO BANK NV 2.875% 16-
1 900 000 EUR 1 952 493 0.05 28 000 000 ALSTRIA OFFICE 0.500% 19-26/09/2025 EUR 27 632 514 0.67
18/01/2028
ABN AMRO BANK NV 7.125% 12- 11 100 000 BAYER AG 0.375% 20-06/07/2024 EUR 11 193 407 0.27
17 500 000 EUR 18 121 338 0.44
06/07/2022 CLEARSTREAM BANK 0.000% 20-
ASML HOLDING NV 0.625% 16- 2 100 000 EUR 2 093 828 0.05
4 200 000 EUR 4 211 347 0.10 01/12/2025
07/07/2022 COMMERZBANK AG 0.250% 19-
DAIMLER INTERNATIONAL FINANCE 4 100 000 EUR 4 108 034 0.10
7 000 000 EUR 7 049 341 0.17 16/09/2024
0.250% 19-06/11/2023 COMMERZBANK AG 0.625% 19-
8 810 000 EUR 8 930 582 0.22
8 770 000 EASYJET FINCO 1.875% 21-03/03/2028 EUR 8 789 968 0.21 28/08/2024
EDP FINANCE BV 1.125% 16- COMMERZBANK AG 4.000% 16-
1 000 000 EUR 1 025 787 0.02 15 225 000 EUR 16 815 329 0.41
12/02/2024 23/03/2026
ENBW INTERNATIONAL FIN 4.875% CONTINENTAL AG 0.000% 19-
15 033 000 EUR 17 273 848 0.42 7 000 000 EUR 7 008 994 0.17
04-16/01/2025 12/09/2023
HEIMSTADEN BOST 0.250% 21- DT LUFTHANSA AG 2.875% 21-
22 252 000 EUR 22 271 729 0.54 8 400 000 EUR 8 419 020 0.20
13/10/2024 11/02/2025
1 400 000 ING GROEP NV 1.000% 18-20/09/2023 EUR 1 427 588 0.03 FRESENIUS MEDICA 0.250% 19-
7 092 000 EUR 7 128 320 0.17
29/11/2023
LEASEPLAN CORP 0.125% 19-
15 085 000 EUR 15 121 454 0.36 30 000 000 KFW 0.000% 19-30/09/2026 EUR 30 333 486 0.73
13/09/2023
LEASEPLAN CORP 0.250% 21- MERCK FIN SERVIC 0.005% 19-
4 846 000 EUR 4 807 053 0.12 10 000 000 EUR 10 043 960 0.24
23/02/2026 15/12/2023
LEASEPLAN CORP 0.750% 17- 6 400 000 METRO AG 1.125% 18-06/03/2023 EUR 6 483 701 0.16
5 900 000 EUR 5 943 572 0.14
03/10/2022
8 000 000 SCHAEFFLER AG 2.750% 20-12/10/2025 EUR 8 484 391 0.20
LEASEPLAN CORP 1.000% 18-
10 125 000 EUR 10 273 087 0.25 5 000 000 THYSSENKRUPP 1.875% 19-06/03/2023 EUR 5 065 879 0.12
02/05/2023
The accompanying notes form an integral part of these financial statements
Page 104
BNP PARIBAS FUNDS Enhanced Bond 6M
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
10 000 000 THYSSENKRUPP 2.875% 19-22/02/2024 EUR 10 277 600 0.25 MIZUHO FINANCIAL 0.523% 19-
20 600 000 EUR 20 872 519 0.50
10/06/2024
5 000 000 TLG IMMOBILEN 0.375% 19-23/09/2022 EUR 5 016 197 0.12 NISSAN MOTOR CO 1.940% 20-
VOLKSWAGEN BANK 1.250% 18- 22 000 000 EUR 22 658 643 0.55
12 000 000 EUR 12 342 852 0.30 15/09/2023
10/06/2024 NISSAN MOTOR CO 2.652% 20-
VOLKSWAGEN BANK 1.875% 19- 2 400 000 EUR 2 572 955 0.06
3 000 000 EUR 3 112 387 0.08 17/03/2026
31/01/2024 5 974 000 NTT FINANCE 0.010% 21-03/03/2025 EUR 5 957 587 0.14
VOLKSWAGEN FINANCIAL 0.000%
5 784 000 EUR 5 743 747 0.14 10 771 000 NTT FINANCE 0.082% 21-13/12/2025 EUR 10 738 859 0.26
21-12/02/2025
VOLKSWAGEN FINANCIAL 1.375% SUMITOMO MITSUI 0.819% 18-
10 000 000 EUR 10 244 814 0.25 30 150 000 EUR 30 614 201 0.74
18-16/10/2023 23/07/2023
VOLKSWAGEN LEAS 1.000% 18-
3 000 000 EUR 3 037 869 0.07 Ireland 125 197 665 3.02
16/02/2023
12 000 000 VONOVIA SE 0.000% 21-01/12/2025 EUR 11 859 402 0.29 19 262 000 AIB GROUP PLC 1.250% 19-28/05/2024 EUR 19 776 245 0.48
6 400 000 AIB GROUP PLC 2.250% 18-03/07/2025 EUR 6 832 284 0.16
Spain 192 446 967 4.64 BANK OF IRELAND 1.375% 18-
ABERTIS INFRAEST 0.625% 19- 1 250 000 EUR 1 278 098 0.03
3 100 000 EUR 3 135 569 0.08 29/08/2023
15/07/2025
BANK OF IRELAND 10.000% 12-
ABERTIS INFRAEST 1.125% 19- 22 051 000 EUR 24 069 370 0.58
12 800 000 EUR 12 946 885 0.31 19/12/2022
26/03/2028
DELL BANK INTERN 1.625% 20-
AMADEUS IT GROUP SA 0.875% 18- 10 000 000 EUR 10 339 334 0.25
4 400 000 EUR 4 457 843 0.11 24/06/2024
18/09/2023
15 603 000 FCA BANK IE 0.125% 20-16/11/2023 EUR 15 621 137 0.38
21 400 000 ARVAL SERVICE 0.000% 21-30/09/2024 EUR 21 396 403 0.52
BANCO BILBAO VIZCAYA 6 084 000 FCA BANK IE 0.250% 20-28/02/2023 EUR 6 105 893 0.15
8 000 000 EUR 8 050 769 0.19
ARGENTARIA 0.375% 19-02/10/2024 11 406 000 FCA BANK IE 0.500% 19-13/09/2024 EUR 11 502 506 0.28
BANCO BILBAO VIZCAYA HAMMERSON IRLND 1.750% 21-
7 200 000 EUR 7 366 165 0.18 10 250 000 EUR 10 063 329 0.24
ARGENTARIA 1.125% 19-28/02/2024 03/06/2027
BANCO SABADELL 1.125% 19- SMURFIT KAPPA AQ 2.750% 15-
7 000 000 EUR 7 038 249 0.17 11 293 000 EUR 12 094 521 0.29
27/03/2025 01/02/2025
BANCO SABADELL 1.750% 19- SMURFIT KAPPA AQ 2.875% 18-
17 000 000 EUR 17 394 040 0.42 6 880 000 EUR 7 514 948 0.18
10/05/2024 15/01/2026
BANCO SABADELL 2.500% 21-
4 000 000 EUR 3 962 603 0.10
15/04/2031 Romania 60 485 301 1.46
BANCO SANTANDER 2.125% 18- 12 967 000 NE PROPERTY 2.625% 19-22/05/2023 EUR 13 319 540 0.32
9 000 000 EUR 9 501 920 0.23
08/02/2028
NE PROPERTY COOP 1.750% 17-
12 500 000 CAIXABANK 0.625% 19-01/10/2024 EUR 12 637 458 0.30 7 875 000 EUR 8 086 641 0.20
23/11/2024
4 000 000 CAIXABANK 1.750% 18-24/10/2023 EUR 4 121 326 0.10 10 000 000 ROMANIA 2.750% 20-26/02/2026 EUR 10 744 000 0.26
15 000 000 CAIXABANK 2.375% 19-01/02/2024 EUR 15 692 583 0.38 26 400 000 ROMANIA 3.625% 14-24/04/2024 EUR 28 335 120 0.68
COMUNIDAD MADRID 4.125% 14-
6 500 000 EUR 7 189 510 0.17
21/05/2024 Belgium 48 084 613 1.15
FERROVIAL EMISIO 0.540% 20- BELFIUS BANK SA 1.000% 17-
1 800 000 EUR 1 789 580 0.04 23 600 000 EUR 24 222 792 0.58
12/11/2028 26/10/2024
INMOBILIARIA COL 1.350% 20- BELFIUS BANK SA 3.125% 16-
6 300 000 EUR 6 485 960 0.16 7 700 000 EUR 8 478 596 0.20
14/10/2028 11/05/2026
INMOBILIARIA COLONIAL 1.450% 16- 15 000 000 KBC GROUP NV 1.125% 19-25/01/2024 EUR 15 383 225 0.37
10 000 000 EUR 10 316 718 0.25
28/10/2024
11 700 000 KUTXABANK 0.500% 19-25/09/2024 EUR 11 797 358 0.28 Sweden 42 112 304 1.03
MERLIN PROPERTIES 1.750% 17- HEIMSTADEN BOSTA 2.125% 19-
2 000 000 EUR 2 084 130 0.05 2 680 000 EUR 2 767 367 0.07
26/05/2025 05/09/2023
SANTANDER ISSUAN 2.500% 15- MOLNLYCKE HLD 1.750% 15-
12 200 000 EUR 12 968 606 0.31 11 500 000 EUR 11 912 297 0.29
18/03/2025 28/02/2024
SANTANDER ISSUAN 3.250% 16- 4 875 000 SCANIA CV AB 0.000% 20-23/11/2022 EUR 4 881 743 0.12
11 000 000 EUR 12 113 292 0.29
04/04/2026 VOLVO TREAS AB 0.000% 21-
19 768 000 EUR 19 786 285 0.48
09/05/2024
Luxembourg 160 183 492 3.88 VOLVO TREAS AB 0.125% 20-
ALLERGAN FUNDING 1.500% 18- 2 755 000 EUR 2 764 612 0.07
18 919 000 EUR 18 969 088 0.46 17/09/2024
15/11/2023
AROUNDTOWN SA 1.000% 17- Denmark 40 121 139 0.96
10 000 000 EUR 10 192 083 0.25
07/01/2025
22 900 000 NYKREDIT 0.125% 19-10/07/2024 EUR 22 907 378 0.55
21 451 000 CK HUTCHISON 0.375% 19-17/10/2023 EUR 21 558 660 0.52
10 300 000 NYKREDIT 0.875% 19-17/01/2024 EUR 10 479 982 0.25
5 743 000 CNH IND FIN 0.000% 20-01/04/2024 EUR 5 726 913 0.14
6 725 000 SYDBANK A/S 1.250% 19-04/02/2022 EUR 6 733 779 0.16
10 000 000 EFSF 0.000% 19-19/04/2024 EUR 10 108 362 0.24
20 000 000 EFSF 0.200% 18-17/01/2024 EUR 20 285 024 0.49 Austria 32 061 481 0.77
10 100 000 ESM 0.000% 21-15/12/2026 EUR 10 189 591 0.25 21 065 000 OMV AG 0.000% 20-16/06/2023 EUR 21 131 715 0.51
RAIFFEISEN BANK INTERNATIONAL
13 886 000 EUROFINS SCIEN 2.125% 17-25/07/2024 EUR 14 519 992 0.35 9 900 000 EUR 10 929 766 0.26
6.000% 13-16/10/2023
HEIDELCEMENT FIN 2.500% 20-
2 546 000 EUR 2 709 246 0.07
09/10/2024 Portugal 22 236 487 0.53
29 859 000 LOGICOR FIN 0.750% 19-15/07/2024 EUR 30 192 023 0.73 BANCO SANTANDER TOTTA 0.875%
5 800 000 EUR 5 940 170 0.14
17-25/04/2024
15 577 000 LOGICOR FIN 1.500% 18-14/11/2022 EUR 15 732 510 0.38
BRISA CONCESSAO 1.875% 15-
2 300 000 EUR 2 411 266 0.06
30/04/2025
Japan 159 354 569 3.83 CAIXA GERAL DEPO 1.250% 19-
4 275 000 ASAHI GROUP 0.010% 21-19/04/2024 EUR 4 273 022 0.10 13 600 000 EUR 13 885 051 0.33
25/11/2024
31 999 000 ASAHI GROUP 0.155% 20-23/10/2024 EUR 32 052 738 0.77
Canada 19 686 559 0.48
MITSUBISHI UFJ FINANCE 0.980% 18- BANK NOVA SCOTIA 0.375% 18-
5 000 000 EUR 5 099 797 0.12 15 000 000 EUR 15 187 242 0.37
09/10/2023 23/10/2023
MIZUHO FINANCIAL 0.118% 19- CAN IMPERIAL BANK 0.750% 18-
11 261 000 EUR 11 286 185 0.27 1 500 000 EUR 1 519 020 0.04
06/09/2024 22/03/2023
MIZUHO FINANCIAL 0.184% 21- ROYAL BK CANADA 0.250% 19-
13 330 000 EUR 13 228 063 0.32 2 960 000 EUR 2 980 297 0.07
13/04/2026 02/05/2024
The accompanying notes form an integral part of these financial statements
Page 105
BNP PARIBAS FUNDS Enhanced Bond 6M
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Poland 16 179 312 0.39 The Netherlands 49 304 595 1.18
REPUBLIC OF POLAND 3.375% 12- DELTA LLOYD LEVE 12-
14 889 000 EUR 16 179 312 0.39 29 126 000 EUR 30 820 678 0.74
09/07/2024 29/08/2042 FRN
8 300 000 ING GROEP NV 17-11/04/2028 FRN EUR 8 595 389 0.21
Finland 11 144 076 0.27
CRH FINLAND SERV 0.875% 20- 8 500 000 ING GROEP NV 17-15/02/2029 FRN EUR 8 861 562 0.21
5 000 000 EUR 5 084 910 0.12
05/11/2023 1 000 000 ING GROEP NV 17-26/09/2029 FRN EUR 1 026 966 0.02
OP CORPORATE BK 0.100% 20-
6 151 000 EUR 6 059 166 0.15
16/11/2027 Spain 31 301 966 0.75
BANCO BILBAO VIZCAYA
Hong Kong 4 394 194 0.11 10 000 000 ARGENTARIACAYA ARGENTARIA EUR 10 031 093 0.24
4 322 000 CKH FIN 16 1.250% 16-06/04/2023 EUR 4 394 194 0.11 17-01/12/2023 FRN
23 547 264 0.57 2 300 000 BANCO SABADELL 18-12/12/2028 FRN EUR 2 482 264 0.06
Convertible bonds BANCO SANTANDER 17-
4 000 000 EUR 4 077 040 0.10
Italy 18 306 995 0.44 11/05/2024 FRN
5 000 000 ENI S.P.A. 0.000% 16-13/04/2022 CV EUR 4 998 350 0.12 13 600 000 BANKINTER SA 17-06/04/2027 FRN EUR 13 678 801 0.33
TELECOM ITALIA 1.125% 15- 1 000 000 CAIXABANK 17-14/07/2028 FRN EUR 1 032 768 0.02
13 300 000 EUR 13 308 645 0.32
26/03/2022 CV
Sweden 24 805 128 0.60
France 3 747 784 0.09 11 370 000 SWEDBANK AB 17-22/11/2027 FRN EUR 11 455 002 0.28
UNIBAIL-RODAMCO 0.000% 15-
10 810 EUR 3 747 784 0.09 13 089 000 SWEDBANK AB 18-18/09/2028 FRN EUR 13 350 126 0.32
01/01/2022 CV
Germany 1 492 485 0.04 Denmark 23 906 943 0.57
FRESENIUS SE & CO 0.000% 17- 16 552 000 JYSKE BANK A/S 19-20/06/2024 FRN EUR 16 688 825 0.40
1 500 000 EUR 1 492 485 0.04
31/01/2024 CV
7 060 000 NYKREDIT 15-17/11/2027 FRN EUR 7 218 118 0.17
Floating rate bonds 475 206 821 11.45
Luxembourg 16 403 880 0.40
United Kingdom 73 156 446 1.76 1 000 000
HANNOVER FINANCE 12-
EUR 1 070 895 0.03
30/06/2043 FRN
4 358 000 AVIVA PLC 13-05/07/2043 FRN EUR 4 740 791 0.11
14 800 000 TALANX FINANZ 12-15/06/2042 FRN EUR 15 332 985 0.37
BARCLAYS BANK PLC 17-
9 344 000 EUR 9 512 379 0.23
07/02/2028 FRN
Portugal 16 098 000 0.39
3 800 000 HSBC HOLDINGS 18-04/12/2024 FRN EUR 3 908 056 0.09 CAIXA GERAL DEPO 18-
LLOYDS BANKING GROUP PLC 18- 15 000 000 EUR 16 098 000 0.39
20 500 000 EUR 20 653 963 0.50 28/06/2028 FRN
15/01/2024 FRN
20 000 000
ROYAL BK SCOTLND 18-
EUR 20 783 364 0.50
Ireland 13 953 467 0.34
04/03/2025 FRN 13 370 000 CLOVERIE PLC 12-01/09/2042 FRN EUR 13 953 467 0.34
SANTANDER UK GRP 20-
5 000 000 EUR 5 030 484 0.12
28/02/2025 FRN Germany 13 611 356 0.33
8 475 000 STANDARD CHART 17-03/10/2023 FRN EUR 8 527 409 0.21 5 400 000 ALLIANZ SE 12-17/10/2042 FRN EUR 5 629 897 0.14
MUENCHENER
United States of 7 800 000 RUECKVERSICHERUNG 12- EUR 7 981 459 0.19
America 71 225 581 1.72 26/05/2042 FRN
7 600 000 AT&T INC 18-05/09/2023 FRN EUR 7 743 914 0.19
BANK OF AMERICA CORP 18-
Belgium 12 302 621 0.30
7 857 000 EUR 7 896 933 0.19 9 900 000 KBC GROEP NV 15-11/03/2027 FRN EUR 9 936 135 0.24
25/04/2024 FRN
BANK OF AMERICA CORP 21- 2 300 000 KBC GROUP NV 17-18/09/2029 FRN EUR 2 366 486 0.06
15 000 000 EUR 15 232 131 0.37
24/08/2025 FRN
5 000 000
GOLDMAN SACHS GROUP 21-
EUR 5 004 170 0.12 Norway 12 004 296 0.29
30/04/2024 FRN 12 000 000 DNB BANK ASA 17-01/03/2027 FRN EUR 12 004 296 0.29
GOLDMAN SACHS GROUP 21-
15 000 000 EUR 15 126 731 0.36
30/04/2024 FRN
20 000 000
MORGAN STANLEY 19-
EUR 20 221 702 0.49
Money Market Instruments 313 467 755 7.52
26/07/2024 FRN
France 62 082 014 1.50 France 114 318 000 2.74
3 500 000 AXA SA 13-04/07/2043 FRN EUR 3 761 438 0.09 10 000 000 ACCOR SA 0.000% 22/02/2022 NEUCP EUR 10 005 316 0.24
4 000 000 BNP PARIBAS 14-14/10/2027 FRN EUR 4 078 600 0.10 1 250 000 ALSTOM SA 0.000% 07/03/2022 NEUCP EUR 1 251 035 0.03
ARVAL SERVICE LEASE FRANCE
17 000 000 BNP PARIBAS 19-15/07/2025 FRN EUR 17 165 447 0.41 20 000 000 EUR 20 035 476 0.48
0.000% 24/05/2022
CASINO GUICHARD 13-
3 700 000 EUR 2 426 830 0.06 20 000 000 ENGIE SA 0.000% 24/01/2022 NEUCP EUR 20 006 225 0.48
31/01/2049 FRN
CREDIT LOGEMENT 17- 6 000 000 FAURECIA 0.000% 17/05/2022 NEUCP EUR 6 007 187 0.14
6 400 000 EUR 6 548 898 0.16
28/11/2029 FRN FRANCE(ELECTRICITE DE) 0.000%
LA BANQUE POSTALE 15- 20 000 000 EUR 20 013 179 0.48
23 800 000 EUR 24 402 140 0.59 21/02/2022 NEU
19/11/2027 FRN 10 000 000 NEXANS SA 0.000% 10/01/2022 NEUCP EUR 9 999 847 0.24
2 094 000 RCI BANQUE 17-04/11/2024 FRN EUR 2 097 810 0.05
10 000 000 NEXANS SA 0.000% 25/01/2022 NEUCP EUR 9 999 688 0.24
1 600 000 RCI BANQUE 19-18/02/2030 FRN EUR 1 600 851 0.04
17 000 000 REXEL SA 0.000% 10/01/2022 NEUCP EUR 17 000 047 0.41
Italy 55 050 528 1.32
ASSICURAZIONI GENERALI 12-
The Netherlands 70 059 339 1.68
6 600 000 EUR 7 065 631 0.17 ENBW INTERNATIONAL FINANCE
12/12/2042 FRN 10 000 000 EUR 10 012 178 0.24
CASSA DEPO PREST 15- BV 0.000% 08/04/2
9 750 000 EUR 9 720 595 0.23 ENEL FINANCE INTERNATIONAL NV
20/03/2022 FRN 30 000 000 EUR 30 017 959 0.72
0.000% 16/02/2
8 000 000 CASSA DEPOSITI E 16-26/07/2022 FRN EUR 8 004 160 0.19 ENEL FINANCE INTERNATIONAL NV
CREDITO EMILIANO 19- 10 000 000 EUR 10 007 067 0.24
19 685 000 EUR 20 062 121 0.48 0.000% 25/02/2
25/10/2025 FRN ENEL FINANCE INTERNATIONAL NV
20 000 000 EUR 20 022 135 0.48
2 400 000 UNICREDIT SPA 16-03/01/2027 FRN EUR 2 400 000 0.06 0.000% 30/03/2022
7 740 000 UNICREDIT SPA 19-23/09/2029 FRN EUR 7 798 021 0.19
The accompanying notes form an integral part of these financial statements
Page 106
BNP PARIBAS FUNDS Enhanced Bond 6M
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Spain 60 016 577 1.44
ACCIONA ENERGIA FINANC 0.000%
25 000 000 EUR 25 006 332 0.60
24/01/2022
20 000 000 FERROVIAL SA 0.000% 20/01/2022 EUR 20 005 187 0.48
INMOBILIARIA COLONIAL SA 0.000%
15 000 000 EUR 15 005 058 0.36
26/01/2022
United Kingdom 44 027 080 1.06
BP CAPITAL MARKETS PLC 0.000%
20 000 000 EUR 20 013 897 0.48
24/02/2022
24 000 000 SSE PLC 0.000% 24/02/2022 EUR 24 013 183 0.58
Sweden 15 009 884 0.36
15 000 000 SCANIA CV AB 0.000% 21/02/2022 EUR 15 009 884 0.36
Italy 10 036 875 0.24
10 000 000 ITALY CTZS 0.000% 20-28/09/2022 EUR 10 036 875 0.24
Shares/Units in investment funds 324 425 008 7.83
France 324 425 008 7.83
250.00 BNP PARIBAS LCR 1 FCP EUR 24 870 818 0.60
12 213.00 BNP PARIBAS MONEY 3M - IC EUR 280 126 907 6.76
5 854.00 BNP PARIBAS OBLI CT- 1 EUR 17 424 899 0.42
CAMGESTION OPPORTUNITE
18 182.00 EUR 2 002 384 0.05
OBLIGATAI 1 3 24C
Total securities portfolio 4 115 489 567 99.27
The accompanying notes form an integral part of these financial statements
Page 107
BNP PARIBAS FUNDS Environmental Absolute Return Thematic Equity (EARTH)
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net
Quantity Denomination Market value
currency assets
Transferable securities admitted to an
official stock exchange listing and/or 419 061 750 97.17
traded on another regulated market
Shares 419 061 750 97.17
United States of
America 256 103 771 59.41
820 487 ADVENT TECHNOLOGIES HOLDINGS USD 5 751 614 1.33
1 571 117 APPHARVEST INC USD 6 111 645 1.42
627 920 FLUENCE ENERGY INC USD 22 328 835 5.18
60 943 GENERAC HOLDINGS INC USD 21 447 061 4.97
335 467 GENERAL MOTORS CO USD 19 668 430 4.56
1 104 928 GEVO INC USD 4 729 092 1.10
1 323 431 GRAFTECH INTERNATIONAL LTD USD 15 656 189 3.63
234 881 GREEN PLAINS INC USD 8 164 464 1.89
2 083 498 ORIGIN MATERIALS INC USD 13 438 562 3.12
1 354 255 PLUG POWER INC USD 38 230 619 8.87
755 232 PURECYCLE TECHNOLOGIES INC USD 7 227 570 1.68
170 837 RENEWABLE ENERGY GROUP INC USD 7 250 322 1.68
SUNNOVA ENERGY
1 463 785 USD 40 868 877 9.49
INTERNATIONAL
1 042 153 SUNRUN INC USD 35 745 848 8.29
2 425 740 VIEW INC USD 9 484 643 2.20
China 26 788 205 6.21
664 390 DAQO NEW ENERGY CORP - ADR USD 26 788 205 6.21
Italy 21 230 351 4.92
2 649 584 ENEL S.P.A. EUR 21 230 351 4.92
France 21 145 496 4.90
595 591 ALSTOM EUR 21 145 496 4.90
Portugal 20 831 516 4.83
3 791 029 EDP-ENERGIAS DE PORTUGAL SA EUR 20 831 516 4.83
Canada 15 018 453 3.48
506 721 ANAERGIA INC CAD 8 103 106 1.88
707 766 FARMERS EDGE INC CAD 1 770 549 0.41
516 546 LI-CYCLE HOLDINGS CORP USD 5 144 798 1.19
Spain 13 734 610 3.18
150 192 CORP ACCIONA ENERGIAS RENOVA EUR 5 564 610 1.29
500 000 WALLBOX NV USD 8 170 000 1.89
South Korea 13 178 460 3.06
25 473 LG CHEM LTD KRW 13 178 460 3.06
United Kingdom 11 687 632 2.71
865 934 CERES POWER HOLDINGS PLC GBP 11 687 632 2.71
Israel 5 530 510 1.28
1 352 203 OTONOMO TECHNOLOGIES LTD USD 5 530 510 1.28
Sweden 4 625 667 1.07
581 114 OATLY GROUP AB USD 4 625 667 1.07
Brazil 4 331 883 1.00
3 740 864 RAIZEN SA - PREFERENCE BRL 4 331 883 1.00
Luxembourg 4 233 362 0.98
570 534 ARRIVAL SA USD 4 233 362 0.98
Norway 621 834 0.14
589 624 CAMBI ASA NOK 621 834 0.14
Total securities portfolio 419 061 750 97.17
The accompanying notes form an integral part of these financial statements
Page 108
BNP PARIBAS FUNDS Euro Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 1 400 000 LA POSTE SA 0.000% 21-18/07/2029 EUR 1 343 636 0.18
600 000 LA POSTE SA 0.375% 19-17/09/2027 EUR 602 170 0.08
official stock exchange listing and/or 697 436 857 93.14
LVMH MOET HENNES 0.750% 20-
traded on another regulated market 1 500 000 EUR 1 533 923 0.20
07/04/2025
634 337 504 84.74 2 100 000 MICHELIN 0.000% 20-02/11/2028 EUR 2 048 768 0.27
Bonds
5 000 000 ORANGE 1.125% 19-15/07/2024 EUR 5 139 814 0.69
France 236 132 046 31.55 3 031 000 RCI BANQUE 1.125% 20-15/01/2027 EUR 3 054 752 0.41
AEROPORT PARIS 1.125% 19-
3 000 000 EUR 3 008 413 0.40 4 500 000 RCI BANQUE 1.625% 17-11/04/2025 EUR 4 651 178 0.62
18/06/2034
1 268 000 AIRBUS SE 1.375% 20-09/06/2026 EUR 1 322 690 0.18 SCHNEIDER ELEC 1.000% 20-
600 000 EUR 624 885 0.08
09/04/2027
1 000 000 APRR SA 1.250% 20-14/01/2027 EUR 1 050 329 0.14 SOCIETE GENERALE 0.125% 21-
AXA HOME LOAN 0.050% 19- 2 000 000 EUR 1 956 638 0.26
2 000 000 EUR 1 999 153 0.27 18/02/2028
05/07/2027 1 741 000 SODEXO 2.500% 14-24/06/2026 EUR 1 915 999 0.26
BANQUE FEDERATIVE DU CREDIT
2 200 000 EUR 2 193 099 0.29 TOTAL CAP INTERNATIONAL 1.491%
MUTUEL 0.010% 21-07/03/2025 1 200 000 EUR 1 271 884 0.17
20-08/04/2027
BANQUE FEDERATIVE DU CREDIT
1 400 000 EUR 1 375 885 0.18 1 800 000 URW 0.625% 20-04/05/2027 EUR 1 805 000 0.24
MUTUEL 0.100% 20-08/10/2027
BANQUE FEDERATIVE DU CREDIT
3 800 000 EUR 3 705 065 0.49 Spain 80 771 901 10.77
MUTUEL 0.250% 21-19/07/2028
BANQUE FEDERATIVE DU CREDIT ACS SERVICIOS CO 1.875% 18-
500 000 EUR 510 466 0.07 2 300 000 EUR 2 413 518 0.32
MUTUEL 0.750% 18-17/07/2025 20/04/2026
1 000 000 BPCE 0.125% 19-04/12/2024 EUR 1 004 862 0.13 ADIF ALTA VELOCI 0.550% 21-
1 400 000 EUR 1 380 096 0.18
31/10/2031
1 400 000 BPCE 0.250% 20-15/01/2026 EUR 1 397 292 0.19 BANCO SANTANDER 1.125% 20-
1 700 000 EUR 1 745 846 0.23
14 000 000 BPCE 0.625% 19-26/09/2024 EUR 14 223 252 1.90 23/06/2027
CAJA RURAL NAV 0.875% 18-
2 100 000 BPCE SFH 0.010% 20-23/03/2028 EUR 2 089 399 0.28 1 800 000 EUR 1 850 045 0.25
08/05/2025
5 500 000 BPCE SFH 0.375% 16-10/02/2023 EUR 5 553 197 0.74 CELLNEX FINANCE 1.000% 21-
1 400 000 EUR 1 354 675 0.18
15/09/2027
7 500 000 BPCE SFH 0.625% 19-22/09/2027 EUR 7 741 074 1.03
1 700 000 KUTXABANK 0.500% 19-25/09/2024 EUR 1 714 146 0.23
500 000 BPCE SFH 2.375% 13-29/11/2023 EUR 525 911 0.07
8 800 000 SPANISH GOVT 0.000% 20-31/01/2026 EUR 8 854 076 1.18
CAISSE AMORT DET 1.375% 14-
5 000 000 EUR 5 244 612 0.70 2 200 000 SPANISH GOVT 0.100% 21-30/04/2031 EUR 2 120 415 0.28
25/11/2024
CAISSE FR DE FIN 0.500% 19- 7 550 000 SPANISH GOVT 0.600% 19-31/10/2029 EUR 7 741 015 1.03
2 600 000 EUR 2 662 589 0.36
19/02/2027
CAISSE FR DE FINANCEMENT 0.010% 4 000 000 SPANISH GOVT 0.850% 21-30/07/2037 EUR 3 898 440 0.52
1 700 000 EUR 1 706 551 0.23
20-07/05/2025 1 600 000 SPANISH GOVT 1.000% 20-31/10/2050 EUR 1 449 899 0.19
CAISSE FR DE FINANCEMENT 0.200%
8 300 000 EUR 8 369 322 1.12 493 000 SPANISH GOVT 1.000% 21-30/07/2042 EUR 479 965 0.06
15-27/04/2023
1 600 000 CAPGEMINI SE 1.625% 20-15/04/2026 EUR 1 693 641 0.23 5 200 000 SPANISH GOVT 1.200% 20-31/10/2040 EUR 5 247 684 0.70
CIE DE ST GOBAIN 1.375% 17- 23 700 000 SPANISH GOVT 1.400% 18-30/04/2028 EUR 25 634 156 3.43
1 200 000 EUR 1 271 884 0.17
14/06/2027
4 600 000 SPANISH GOVT 1.850% 19-30/07/2035 EUR 5 189 352 0.69
1 800 000 CIE FIN FONCIER 0.050% 20-16/04/2024 EUR 1 812 959 0.24
4 100 000 SPANISH GOVT 2.750% 14-31/10/2024 EUR 4 476 626 0.60
CNP ASSURANCES 0.375% 20-
3 000 000 EUR 2 892 332 0.39 TELEFONICA EMIS 1.201% 20-
08/03/2028 5 000 000 EUR 5 221 947 0.70
21/08/2027
3 900 000 COFIROUTE 0.375% 16-07/02/2025 EUR 3 943 527 0.53
1 100 000
CREDIT MUTUEL ARKEA 1.625% 19-
EUR 1 158 053 0.15 Italy 59 253 630 7.92
15/04/2026 550 000 ASSICURAZIONI 2.429% 20-14/07/2031 EUR 582 969 0.08
CSSE REFIN LHAB 0.010% 20-
3 000 000 EUR 2 987 532 0.40 CREDIT AGRICOLE 1.000% 19-
07/02/2028 2 300 000 EUR 2 408 776 0.32
25/03/2027
DEXIA CRED LOCAL 0.000% 19-
3 000 000 EUR 3 017 837 0.40 INTESA SANPAOLO 0.750% 21-
29/05/2024 1 819 000 EUR 1 813 545 0.24
16/03/2028
DEXIA CRED LOCAL 0.010% 20-
3 500 000 EUR 3 491 543 0.47 INTESA SANPAOLO 3.625% 12-
22/01/2027 1 700 000 EUR 1 764 834 0.24
05/12/2022
7 200 000 FRANCE O.A.T. 0.000% 19-25/11/2029 EUR 7 202 320 0.96
14 350 000 ITALY BTPS 0.250% 21-15/03/2028 EUR 13 983 093 1.87
1 450 000 FRANCE O.A.T. 0.000% 20-25/11/2030 EUR 1 435 301 0.19
6 400 000 ITALY BTPS 0.950% 20-15/09/2027 EUR 6 527 040 0.87
12 100 000 FRANCE O.A.T. 0.000% 21-25/11/2031 EUR 11 883 890 1.59
1 700 000 ITALY BTPS 1.250% 16-01/12/2026 EUR 1 767 252 0.24
7 980 511 FRANCE O.A.T. 0.100% 20-01/03/2026 EUR 8 770 358 1.17
3 000 000 ITALY BTPS 1.450% 20-01/03/2036 EUR 2 994 180 0.40
5 200 000 FRANCE O.A.T. 0.500% 19-25/05/2029 EUR 5 417 442 0.72
5 400 000 ITALY BTPS 1.700% 20-01/09/2051 EUR 5 045 013 0.67
10 490 000 FRANCE O.A.T. 0.750% 18-25/11/2028 EUR 11 124 330 1.49
1 300 000 ITALY BTPS 2.100% 19-15/07/2026 EUR 1 398 946 0.19
4 200 000 FRANCE O.A.T. 0.750% 20-25/05/2052 EUR 4 012 470 0.54
2 450 000 ITALY BTPS 2.950% 18-01/09/2038 EUR 2 933 446 0.39
1 200 000 FRANCE O.A.T. 1.250% 16-25/05/2036 EUR 1 329 528 0.18
600 000 ITALY BTPS 3.850% 19-01/09/2049 EUR 837 246 0.11
3 000 000 FRANCE O.A.T. 1.250% 18-25/05/2034 EUR 3 316 567 0.44
5 766 500 ITALY BTPS I/L 3.100% 11-15/09/2026 EUR 7 024 020 0.94
5 000 000 FRANCE O.A.T. 1.500% 15-25/05/2031 EUR 5 637 250 0.75
3 246 000 TERNA SPA 0.375% 21-23/06/2029 EUR 3 200 289 0.43
9 800 000 FRANCE O.A.T. 1.500% 19-25/05/2050 EUR 11 352 450 1.52
2 000 000 TERNA SPA 0.750% 20-24/07/2032 EUR 1 983 705 0.26
14 400 000 FRANCE O.A.T. 1.750% 17-25/06/2039 EUR 17 372 015 2.33
4 965 000 UNICREDIT SPA 0.500% 19-09/04/2025 EUR 4 989 276 0.67
1 300 000 FRANCE O.A.T. 4.000% 05-25/04/2055 EUR 2 435 576 0.33
1 000 000 FRANCE O.A.T. 4.000% 10-25/04/2060 EUR 1 962 740 0.26 Germany 56 765 163 7.59
BUNDESREPUBLIK DEUTSCHLAND
FRANCE O.A.T.I/L 0.100% 15- 5 000 000 EUR 5 114 300 0.68
15 235 220 EUR 16 309 223 2.18 0.000% 16-15/08/2026
01/03/2025
BUNDESREPUBLIK DEUTSCHLAND
HOLDING DINFRA 1.625% 20- 3 400 000 EUR 3 544 058 0.47
1 300 000 EUR 1 352 856 0.18 0.250% 18-15/08/2028
18/09/2029
BUNDESREPUBLIK DEUTSCHLAND
1 300 000 JCDECAUX SA 2.625% 20-24/04/2028 EUR 1 424 599 0.19 3 500 000 EUR 3 648 855 0.49
0.500% 16-15/02/2026
600 000 KERING 0.750% 20-13/05/2028 EUR 618 329 0.08 BUNDESREPUBLIK DEUTSCHLAND
1 600 000 EUR 2 063 312 0.28
LA BANQUE POSTALE 0.250% 19- 1.250% 17-15/08/2048
2 100 000 EUR 2 101 065 0.28 DEUTSCHLAND I/L 0.100% 21-
12/07/2026 5 840 408 EUR 7 370 275 0.98
LA BANQUE POSTALE 2.375% 14- 15/04/2033
6 800 000 EUR 7 172 621 0.96
15/01/2024
The accompanying notes form an integral part of these financial statements
Page 109
BNP PARIBAS FUNDS Euro Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
DEUTSCHLAND REP 0.000% 19-
4 300 000 EUR 4 095 664 0.55 United States of
15/08/2050
1 300 000
DEUTSCHLAND REP 0.000% 20-
EUR 1 331 148 0.18 America 20 396 384 2.73
15/02/2030 AIR PROD & CHEM 0.500% 20-
DEUTSCHLAND REP 0.000% 20- 1 675 000 EUR 1 690 981 0.23
11 300 000 EUR 11 619 112 1.55 05/05/2028
15/08/2030 COCA-COLA CO/THE 0.125% 20-
3 344 000 EUR 3 265 460 0.44
3 913 000 DZ HYP AG 0.010% 21-29/03/2030 EUR 3 857 403 0.52 15/03/2029
2 300 000 EVONIK 0.625% 20-18/09/2025 EUR 2 333 630 0.31 2 865 000 COMCAST CORP 0.000% 21-14/09/2026 EUR 2 824 734 0.38
4 000 000 KFW 0.625% 15-15/01/2025 EUR 4 125 800 0.55 GEN MOTORS FIN 0.600% 21-
780 000 EUR 772 568 0.10
20/05/2027
MERCK FIN SERVIC 0.375% 19- JOHNSON CONTROLS 0.375% 20-
2 500 000 EUR 2 527 269 0.34 1 502 000 EUR 1 485 452 0.20
05/07/2027 15/09/2027
2 000 000 SAP SE 0.125% 20-18/05/2026 EUR 2 005 765 0.27 4 000 000 MYLAN NV 2.250% 16-22/11/2024 EUR 4 223 588 0.56
664 000 UNICREDIT 0.010% 21-28/09/2026 EUR 665 628 0.09 TOYOTA MTR CRED 0.250% 20-
3 055 000 EUR 3 056 250 0.41
VOLKSWAGEN FIN 0.125% 21- 16/07/2026
902 000 EUR 881 690 0.12
12/02/2027 VERIZON COMMUNICATIONS INC
3 000 000 EUR 3 077 351 0.41
1 600 000 VONOVIA SE 0.000% 21-01/12/2025 EUR 1 581 254 0.21 0.875% 19-08/04/2027
Luxembourg 37 300 202 4.99 Austria 16 551 342 2.20
3 471 000 OMV AG 0.000% 19-03/07/2025 EUR 3 460 831 0.46
5 726 000 EIB 0.375% 16-14/04/2026 EUR 5 878 327 0.79
REPUBLIC OF AUSTRIA 0.500% 19-
5 000 000 EIB 1.125% 17-13/04/2033 EUR 5 479 832 0.73 5 500 000 EUR 5 736 969 0.77
20/02/2029
9 700 000 EIB 1.625% 14-15/03/2023 EUR 9 955 415 1.33 REPUBLIC OF AUSTRIA 0.750% 18-
3 000 000 EUR 3 177 854 0.42
20/02/2028
5 000 000 ESM 0.500% 19-05/03/2029 EUR 5 174 865 0.69
REPUBLIC OF AUSTRIA 1.200% 15-
LUXEMBOURG GOVT 0.000% 19- 2 000 000 EUR 2 129 885 0.28
3 400 000 EUR 3 421 032 0.46 20/10/2025
13/11/2026 REPUBLIC OF AUSTRIA 3.800% 12-
LUXEMBOURG GOVT 0.000% 20- 1 000 000 EUR 2 045 803 0.27
1 015 000 EUR 1 024 508 0.14 26/01/2062
28/04/2025
2 223 000
NESTLE FINANCE INTERNATIONAL
EUR 2 215 691 0.30 United Kingdom 12 555 317 1.68
0.125% 20-12/11/2027 2 975 000 DS SMITH PLC 0.875% 19-12/09/2026 EUR 3 014 958 0.40
NOVARTIS FINANCE 0.000% 20-
4 247 000 EUR 4 150 532 0.55 FIAT CHRYSLER AU 3.875% 20-
23/09/2028 4 000 000 EUR 4 504 298 0.60
05/01/2026
Belgium 33 801 827 4.50 HSBC HOLDINGS PLC 0.875% 16-
3 490 000 EUR 3 562 703 0.48
06/09/2024
550 000 AB INBEV SA/NV 2.125% 20-02/12/2027 EUR 602 046 0.08
1 483 000 STELLANTIS NV 0.625% 21-30/03/2027 EUR 1 473 358 0.20
BELFIUS BANK SA 0.750% 15-
2 600 000 EUR 2 672 687 0.36
10/02/2025
BELGIUM GOVERNMENT 0.800% 15-
Finland 10 184 002 1.36
2 000 000 EUR 2 090 240 0.28 7 000 000 FINNISH GOVT 0.000% 20-15/09/2030 EUR 6 997 045 0.93
22/06/2025
BELGIUM GOVERNMENT 1.600% 16- 2 200 000 FINNISH GOVT 2.625% 12-04/07/2042 EUR 3 186 957 0.43
2 000 000 EUR 2 332 660 0.31
22/06/2047
2 600 000
BELGIUM GOVERNMENT 1.900% 15-
EUR 3 157 570 0.42 Portugal 9 059 296 1.21
22/06/2038 BANCO SANTANDER TOTTA 1.250%
BELGIUM GOVERNMENT 3.000% 14- 1 700 000 EUR 1 815 034 0.24
980 000 EUR 1 302 195 0.17 17-26/09/2027
22/06/2034 PORTUGUESE OTS 2.875% 16-
BELGIUM GOVERNMENT 3.750% 13- 2 300 000 EUR 2 629 314 0.35
2 200 000 EUR 3 603 446 0.48 21/07/2026
22/06/2045 PORTUGUESE OTS 4.100% 15-
BNP PARIBAS FORTIS SA 0.625% 18- 2 850 000 EUR 4 614 948 0.62
600 000 EUR 615 798 0.08 15/02/2045
04/10/2025
2 250 000
EUROPEAN UNION 0.000% 20-
EUR 2 149 232 0.29 Ireland 8 953 958 1.19
04/07/2035 2 633 122 IRISH GOVT 0.000% 21-18/10/2031 EUR 2 570 164 0.34
EUROPEAN UNION 0.000% 20-
3 209 000 EUR 3 256 364 0.43 2 800 000 IRISH GOVT 1.350% 18-18/03/2031 EUR 3 106 927 0.41
04/11/2025
EUROPEAN UNION 0.000% 21- SMURFIT KAPPA AQ 2.875% 18-
1 260 202 EUR 1 270 496 0.17 3 000 000 EUR 3 276 867 0.44
04/10/2028 15/01/2026
EUROPEAN UNION 0.300% 20-
661 000 EUR 608 409 0.08 Sweden 6 931 252 0.94
04/11/2050
EUROPEAN UNION 0.400% 21- SKANDINAVISKA ENSKILDA BANK
2 521 590 EUR 2 543 342 0.34 2 030 000 EUR 2 065 215 0.28
04/02/2037 0.375% 19-09/02/2026
EUROPEAN UNION 0.625% 15- SVENSKA HANDELSBANKEN 0.010%
7 432 000 EUR 7 597 342 1.01 1 356 000 EUR 1 321 600 0.18
04/11/2023 20-02/12/202
SVENSKA HANDELSBANKEN 0.125%
1 771 000 EUR 1 762 328 0.24
The Netherlands 31 695 924 4.24 21-03/11/2026
BMW FINANCE NV 0.625% 19- VOLVO TREAS AB 1.625% 20-
2 844 000 EUR 2 885 826 0.39 1 700 000 EUR 1 782 109 0.24
06/10/2023 26/05/2025
7 000 000 BNG BANK NV 0.125% 19-11/04/2026 EUR 7 069 585 0.94
Canada 4 579 994 0.61
EDP FINANCE BV 0.375% 19- BANK NOVA SCOTIA 0.010% 20-
2 600 000 EUR 2 603 129 0.35 4 593 000 EUR 4 579 994 0.61
16/09/2026 14/01/2027
1 000 000 HEINEKEN NV 1.500% 17-03/10/2029 EUR 1 068 984 0.14
MONDELEZ INTERNATIONAL 0.625% Japan 3 298 162 0.44
1 129 000 EUR 1 095 729 0.15
21-09/09/2032 1 633 000 ASAHI GROUP 0.336% 21-19/04/2027 EUR 1 622 652 0.22
MONDELEZ INTERNATIONAL
3 616 000 EUR 3 570 800 0.48 682 000 ASAHI GROUP 0.541% 20-23/10/2028 EUR 678 494 0.09
HLDINGS NE 0.000% 20-22/09/2026
NETHERLANDS GOVERNMENT 1 000 000 NTT FINANCE 0.082% 21-13/12/2025 EUR 997 016 0.13
1 600 000 EUR 2 730 144 0.36
3.750% 10-15/01/2042
4 400 000 NIBC BANK NV 0.250% 21-09/09/2026 EUR 4 334 730 0.58 Norway 3 220 356 0.43
SCHLUMBERGER FIN 0.250% 19- 3 206 000 DNB BANK ASA 0.050% 19-14/11/2023 EUR 3 220 356 0.43
2 286 000 EUR 2 271 487 0.30
15/10/2027
SHELL INTERNATIONAL FIN 0.375% Ivory Coast 1 842 472 0.25
2 000 000 EUR 2 020 420 0.27 AFRICAN DEV BANK 0.500% 19-
16-15/02/2025 1 800 000 EUR 1 842 472 0.25
1 600 000 SIEMENS FINAN 0.375% 20-05/06/2026 EUR 1 622 841 0.22 21/03/2029
420 000 SWISSCOM FIN 0.375% 20-14/11/2028 EUR 422 249 0.06
The accompanying notes form an integral part of these financial statements
Page 110
BNP PARIBAS FUNDS Euro Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Latvia 1 044 276 0.14
REPUBLIC OF LATVIA 0.000% 21-
1 064 000 EUR 1 044 276 0.14
24/01/2029
Convertible bonds 3 001 950 0.40
Italy 3 001 950 0.40
TELECOM ITALIA 1.125% 15-
3 000 000 EUR 3 001 950 0.40
26/03/2022 CV
Floating rate bonds 60 097 403 8.00
France 28 359 731 3.78
2 200 000 BNP PARIBAS 19-23/01/2027 FRN EUR 2 344 074 0.31
2 600 000 BNP PARIBAS 20-14/10/2027 FRN EUR 2 579 480 0.34
1 900 000 BNP PARIBAS 21-30/05/2028 FRN EUR 1 886 327 0.25
2 100 000 BNP PARIBAS 21-31/08/2033 FRN EUR 2 046 252 0.27
LA BANQUE POSTALE 15-
6 800 000 EUR 6 972 040 0.93
19/11/2027 FRN
LA BANQUE POSTALE 20-
2 000 000 EUR 2 011 246 0.27
17/06/2026 FRN
1 800 000 LA POSTE 18-31/12/2049 FRN EUR 1 868 625 0.25
688 000 TOTAL SA 19-31/12/2049 FRN EUR 701 238 0.09
UNIBAIL-RODAMCO 18-
4 300 000 EUR 4 243 666 0.57
31/12/2049 FRN
3 700 000 VEOLIA ENVRNMT 20-20/04/2169 FRN EUR 3 706 783 0.50
The Netherlands 10 440 798 1.40
8 500 000 ING GROEP NV 17-11/04/2028 FRN EUR 8 802 507 1.18
1 700 000 ING GROEP NV 21-01/02/2030 FRN EUR 1 638 291 0.22
Germany 6 339 388 0.84
ENERGIE BADEN-WU 20-
2 300 000 EUR 2 348 658 0.31
29/06/2080 FRN
MUENCHENER
3 900 000 RUECKVERSICHERUNG 12- EUR 3 990 730 0.53
26/05/2042 FRN
Spain 5 677 222 0.75
BANCO SANTANDER 21-
2 300 000 EUR 2 273 422 0.30
24/06/2029 FRN
3 000 000 MAPFRE 17-31/03/2047 FRN EUR 3 403 800 0.45
Italy 2 797 223 0.37
2 724 000 UNICREDIT SPA 19-03/07/2025 FRN EUR 2 797 223 0.37
Luxembourg 2 784 327 0.37
HANNOVER FINANCE 12-
2 600 000 EUR 2 784 327 0.37
30/06/2043 FRN
Switzerland 1 939 697 0.26
1 938 000 UBS GROUP 20-29/01/2026 FRN EUR 1 939 697 0.26
Austria 1 759 017 0.23
1 700 000 OMV AG 20-31/12/2060 FRN EUR 1 759 017 0.23
Money Market Instruments 20 173 693 2.70
Italy 20 173 693 2.70
ITALY BTPS HYBRD 0.000% 07-
27 400 000 EUR 20 173 693 2.70
01/08/2039
Shares/Units in investment funds 22 670 349 3.02
France 22 670 349 3.02
147.00 BNP PARIBAS LCR 1 FCP EUR 14 624 040 1.95
354.00 BNP PARIBAS MONEY 3M - ID EUR EUR 8 046 309 1.07
Total securities portfolio 740 280 899 98.86
The accompanying notes form an integral part of these financial statements
Page 111
BNP PARIBAS FUNDS Euro Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
CIE DE ST GOBAIN 1.125% 18-
Transferable securities admitted to an 100 000
23/03/2026
EUR 104 241 0.04
official stock exchange listing and/or 234 821 691 90.76
300 000
CREDIT AGRICOLE ASSR 1.500% 21-
EUR 294 965 0.11
06/10/2031
traded on another regulated market CREDIT AGRICOLE SA 0.125% 20-
400 000 EUR 390 686 0.15
210 630 101 81.33 09/12/2027
Bonds 100 000 DANONE 0.000% 21-01/12/2025 EUR 99 766 0.04
Germany 50 087 047 19.35 200 000 ENGIE 1.375% 18-22/06/2028 EUR 211 201 0.08
300 000 BAYER AG 0.050% 21-12/01/2025 EUR 299 101 0.12 200 000 ENGIE 1.750% 20-27/03/2028 EUR 215 582 0.08
BUNDESREPUBLIK DEUTSCHLAND
540 000 EUR 840 953 0.33 4 390 000 FRANCE O.A.T. 0.000% 19-25/03/2025 EUR 4 455 483 1.71
2.500% 12-04/07/2044
BUNDESREPUBLIK DEUTSCHLAND 2 057 893 FRANCE O.A.T. 0.500% 21-25/05/2072 EUR 1 578 287 0.61
560 000 EUR 934 735 0.36
3.250% 10-04/07/2042 710 000 FRANCE O.A.T. 1.250% 18-25/05/2034 EUR 784 921 0.30
BUNDESREPUBLIK DEUTSCHLAND
1 490 000 EUR 2 821 732 1.08 419 999 FRANCE O.A.T. 1.750% 16-25/05/2066 EUR 523 952 0.20
4.750% 08-04/07/2040
274 000 DAIMLER AG 0.750% 21-11/03/2033 EUR 275 220 0.11 3 620 000 FRANCE O.A.T. 1.750% 17-25/06/2039 EUR 4 367 131 1.68
DEUTSCHE BOERSE 0.000% 21- 732 049 FRANCE O.A.T. 3.250% 13-25/05/2045 EUR 1 128 842 0.44
200 000 EUR 199 427 0.08
22/02/2026
DEUTSCHLAND REP 0.000% 20- 110 000 FRANCE O.A.T. 4.000% 05-25/04/2055 EUR 206 087 0.08
30 000 000 EUR 30 673 199 11.84
15/08/2030 110 000 FRANCE O.A.T. 4.500% 09-25/04/2041 EUR 187 999 0.07
DEUTSCHLAND REP 0.000% 21-
5 610 000 EUR 5 594 403 2.15 200 000 GECINA 0.875% 21-30/06/2036 EUR 194 316 0.08
15/05/2036
DT PFANDBRIEFBAN 0.100% 21- 100 000 GROUPAMA SA 6.000% 17-23/01/2027 EUR 122 854 0.05
200 000 EUR 197 802 0.08
02/02/2026 200 000 ICADE 0.625% 21-18/01/2031 EUR 191 321 0.07
218 000 E.ON SE 0.100% 21-19/12/2028 EUR 213 312 0.08 ICADE SANTE SAS 1.375% 20-
100 000 EUR 102 585 0.04
69 000 E.ON SE 1.000% 20-07/10/2025 EUR 71 186 0.03 17/09/2030
FRESENIUS SE & C 1.625% 20- 100 000 LA MONDIALE 0.750% 20-20/04/2026 EUR 99 828 0.04
200 000 EUR 212 144 0.08
08/10/2027 106 000 LA POSTE 4.375% 03-26/06/2023 EUR 113 527 0.04
FRESENIUS SE & C 2.875% 19-
200 000 EUR 228 138 0.09 100 000 MICHELIN 0.875% 18-03/09/2025 EUR 102 884 0.04
15/02/2029
100 000 INFINEON TECH 1.125% 20-24/06/2026 EUR 103 454 0.04 MUTUELLE ASSUR 0.625% 21-
100 000 EUR 97 882 0.04
21/06/2027
920 000 KFW 0.375% 21-20/05/2036 EUR 919 164 0.36
200 000 ORANGE 0.000% 21-29/06/2026 EUR 198 305 0.08
1 000 000 KFW 1.125% 17-15/06/2037 EUR 1 108 288 0.43
100 000 ORANGE 0.750% 21-29/06/2034 EUR 98 478 0.04
280 000 KFW 1.250% 16-04/07/2036 EUR 314 601 0.12
100 000 ORANGE 1.250% 20-07/07/2027 EUR 104 884 0.04
150 000 LANXESS 0.000% 21-08/09/2027 EUR 145 803 0.06 PERNOD RICARD SA 0.125% 21-
MERCK FIN SERVIC 0.375% 19- 200 000 EUR 194 426 0.08
300 000 EUR 303 272 0.12 04/10/2029
05/07/2027 PSA BANQUE FRANC 0.000% 21-
NORDRHEIN-WEST 1.000% 16- 100 000 EUR 99 320 0.04
260 000 EUR 282 145 0.11 22/01/2025
16/10/2046 700 000 SNCF RESEAU 0.750% 19-25/05/2036 EUR 705 220 0.27
NORDRHEIN-WEST 1.650% 17-
340 000 EUR 420 838 0.16 SOCIETE GENERALE 0.250% 21-
16/05/2047 300 000 EUR 296 689 0.11
NORDRHEIN-WEST 1.750% 17- 08/07/2027
480 000 EUR 623 050 0.24 400 000 SOCIETE PARIS 1.700% 19-25/05/2050 EUR 462 336 0.18
26/10/2057
1 850 000 UNICREDIT 0.010% 20-15/09/2028 EUR 1 839 839 0.71 TOTAL CAP INTERNATIONAL 0.625%
200 000 EUR 203 529 0.08
VOLKSWAGEN BANK 0.750% 17- 17-04/10/2024
130 000 EUR 131 494 0.05 3 500 000 UNEDIC 0.250% 20-25/11/2029 EUR 3 525 803 1.35
15/06/2023
VOLKSWAGEN BANK 1.875% 19- 300 000 URW 0.625% 20-04/05/2027 EUR 300 833 0.12
300 000 EUR 311 239 0.12
31/01/2024
223 000
VOLKSWAGEN LEAS 0.000% 21-
EUR 223 228 0.09 Italy 21 579 222 8.31
12/07/2023
240 000 A2A SPA 1.000% 21-02/11/2033 EUR 237 788 0.09
VOLKSWAGEN LEAS 0.375% 21-
298 000 EUR 297 106 0.11 AEROPORTI ROMA 1.625% 20-
20/07/2026 100 000 EUR 102 807 0.04
VOLKSWAGEN LEAS 2.625% 14- 02/02/2029
200 000 EUR 210 632 0.08 243 000 ASSICURAZIONI 1.713% 21-30/06/2032 EUR 239 483 0.09
15/01/2024
100 000 VONOVIA SE 0.000% 21-01/12/2025 EUR 98 828 0.04 130 000 ASSICURAZIONI 2.429% 20-14/07/2031 EUR 137 793 0.05
100 000 VONOVIA SE 0.750% 21-01/09/2032 EUR 96 567 0.04 100 000 ASSICURAZIONI 3.875% 19-29/01/2029 EUR 115 463 0.04
100 000 VONOVIA SE 1.500% 21-14/06/2041 EUR 96 147 0.04 AUTOSTRADA TORIN 1.000% 21-
100 000 EUR 100 216 0.04
25/11/2026
France 25 938 166 10.00 169 000 ENI SPA 0.375% 21-14/06/2028 EUR 167 326 0.06
211 000 AIRBUS SE 1.375% 20-09/06/2026 EUR 220 101 0.09 INTESA SANPAOLO 0.625% 21-
300 000 EUR 297 749 0.12
200 000 ALSTOM S 0.000% 21-11/01/2029 EUR 192 251 0.07 24/02/2026
INTESA SANPAOLO 3.928% 14-
300 000 ALSTOM S 0.125% 21-27/07/2027 EUR 295 614 0.11 400 000 EUR 440 452 0.17
15/09/2026
100 000 ARKEMA 0.125% 20-14/10/2026 EUR 100 028 0.04 479 000 ITALY BTPS 1.500% 21-30/04/2045 EUR 447 301 0.17
200 000 AUCHAN SA 2.375% 19-25/04/2025 EUR 211 021 0.08 3 470 000 ITALY BTPS 1.650% 15-01/03/2032 EUR 3 631 633 1.39
BANQUE FEDERATIVE DU CREDIT 1 560 000 ITALY BTPS 2.050% 17-01/08/2027 EUR 1 688 404 0.65
200 000 EUR 199 373 0.08
MUTUEL 0.010% 21-07/03/2025
BANQUE FEDERATIVE DU CREDIT 650 000 ITALY BTPS 2.450% 17-01/09/2033 EUR 730 243 0.28
300 000 EUR 296 457 0.11
MUTUEL 0.010% 21-11/05/2026 1 707 000 ITALY BTPS 2.800% 16-01/03/2067 EUR 1 928 347 0.75
BANQUE FEDERATIVE DU CREDIT
200 000 EUR 195 003 0.08 1 360 000 ITALY BTPS 2.950% 18-01/09/2038 EUR 1 628 362 0.63
MUTUEL 0.250% 21-19/07/2028
BANQUE FEDERATIVE DU CREDIT 310 000 ITALY BTPS 3.100% 19-01/03/2040 EUR 378 800 0.15
100 000 EUR 105 455 0.04
MUTUEL 1.875% 19-18/06/2029 440 000 ITALY BTPS 4.000% 05-01/02/2037 EUR 585 358 0.23
172 000 BNP PARIBAS 1.125% 18-22/11/2023 EUR 176 020 0.07
1 095 000 ITALY BTPS 5.000% 03-01/08/2034 EUR 1 555 803 0.60
200 000 BNP PARIBAS 1.625% 19-02/07/2031 EUR 205 292 0.08
907 000 ITALY BTPS 5.000% 09-01/09/2040 EUR 1 389 964 0.54
1 500 000 BPCE SFH 0.010% 20-27/05/2030 EUR 1 474 704 0.57
3 310 000 ITALY BTPS 9.000% 93-01/11/2023 EUR 3 865 170 1.48
CAISSE AMORT DET 0.000% 20-
200 000 EUR 195 165 0.08 374 835 ITALY BTPS I/L 0.550% 18-21/05/2026 EUR 396 166 0.15
25/11/2030
300 000 CARREFOUR SA 1.000% 19-17/05/2027 EUR 307 519 0.12
The accompanying notes form an integral part of these financial statements
Page 112
BNP PARIBAS FUNDS Euro Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
TELECOM ITALIA 1.625% 21- 330 000 SPANISH GOVT 0.500% 20-30/04/2030 EUR 334 155 0.13
218 000 EUR 199 303 0.08
18/01/2029
390 000 SPANISH GOVT 0.600% 19-31/10/2029 EUR 399 867 0.15
100 000 TERNA SPA 0.375% 21-23/06/2029 EUR 98 592 0.04
421 000 SPANISH GOVT 1.000% 21-30/07/2042 EUR 409 869 0.16
100 000 TERNA SPA 1.000% 19-10/04/2026 EUR 103 062 0.04
1 471 000 SPANISH GOVT 1.300% 16-31/10/2026 EUR 1 573 132 0.61
400 000 UNICREDIT SPA 0.850% 21-19/01/2031 EUR 387 332 0.15
2 020 000 SPANISH GOVT 1.400% 18-30/04/2028 EUR 2 184 852 0.84
466 000 UNICREDIT SPA 1.800% 20-20/01/2030 EUR 477 721 0.18
UNIONE DI BANCHE 1.500% 19- 190 000 SPANISH GOVT 1.850% 19-30/07/2035 EUR 214 343 0.08
241 000 EUR 248 584 0.10
10/04/2024 820 000 SPANISH GOVT 2.350% 17-30/07/2033 EUR 973 209 0.38
Luxembourg 20 849 662 8.03 539 000 SPANISH GOVT 2.700% 18-31/10/2048 EUR 707 621 0.27
BECTON DICKINSON 1.213% 21- 260 000 SPANISH GOVT 2.900% 16-31/10/2046 EUR 350 990 0.14
100 000 EUR 97 465 0.04
12/02/2036
403 000 SPANISH GOVT 3.450% 16-30/07/2066 EUR 605 769 0.23
153 000 CNH IND FIN 0.000% 20-01/04/2024 EUR 152 571 0.06
618 000 SPANISH GOVT 4.200% 05-31/01/2037 EUR 908 126 0.35
400 000 CNH IND FIN 1.625% 19-03/07/2029 EUR 419 093 0.16
174 000 SPANISH GOVT 4.700% 09-30/07/2041 EUR 285 531 0.11
13 420 000 EFSF 0.000% 19-19/04/2024 EUR 13 565 421 5.23
330 000 SPANISH GOVT 4.900% 07-30/07/2040 EUR 548 028 0.21
2 000 000 EIB 4.000% 05-15/10/2037 EUR 3 090 185 1.18
794 000 SPANISH GOVT 5.150% 13-31/10/2044 EUR 1 428 811 0.55
1 200 000 ESM 1.800% 17-02/11/2046 EUR 1 540 980 0.60
TELEFONICA EMIS 1.069% 19-
HEIDELCEMENT FIN 1.125% 19- 100 000 EUR 102 255 0.04
187 000 EUR 193 342 0.07 05/02/2024
01/12/2027
100 000 LOGICOR FIN 0.875% 21-14/01/2031 EUR 94 860 0.04 The Netherlands 15 216 122 5.88
LUXEMBOURG GOVT 0.000% 19- ABN AMRO BANK NV 0.500% 21-
322 000 EUR 323 992 0.13 100 000 EUR 98 740 0.04
13/11/2026 23/09/2029
MEDTRONIC GLOBAL 0.000% 20- ADECCO INTERNATIONAL
287 000 EUR 285 808 0.11 116 000 FINANCIAL SERVICES 0.125% 21- EUR 112 679 0.04
15/10/2025
MEDTRONIC GLOBAL 1.125% 19- 21/09/2028
200 000 EUR 208 450 0.08 AHOLD DELHAIZE 0.375% 21-
07/03/2027 175 000 EUR 171 926 0.07
NESTLE FINANCE INTERNATIONAL 18/03/2030
292 000 EUR 290 835 0.11 DANFOSS FIN I BV 0.125% 21-
0.000% 21-14/06/2026 100 000 EUR 99 124 0.04
PROLOGIS INTERNATIONAL II 1.876% 28/04/2026
150 000 EUR 158 561 0.06
15-17/04/2025 601 000 EASYJET FINCO 1.875% 21-03/03/2028 EUR 602 368 0.23
300 000 REPSOL EUROPE 0.375% 21-06/07/2029 EUR 294 908 0.11 ENEL FIN INTERNATIONAL NV
175 000 EUR 174 087 0.07
0.375% 19-17/06/2027
130 000 WHIRLPOOL FIN 1.100% 17-09/11/2027 EUR 133 191 0.05
ENEL FINANCE INTERNATIONAL NV
230 000 EUR 229 819 0.09
0.000% 19-17/06/2024
Belgium 18 264 665 7.05 ENEL FINANCE INTERNATIONAL NV
384 000 AB INBEV SA/NV 1.125% 19-01/07/2027 EUR 398 829 0.15 200 000 EUR 195 002 0.08
0.000% 21-17/06/2027
2 610 000 BELGIAN 0.000% 21-22/10/2031 EUR 2 563 177 0.99 124 000 EURONEXT NV 0.125% 21-17/05/2026 EUR 123 347 0.05
BELGIUM GOVERNMENT 0320 4.250% 1 700 000 ING BANK NV 0.750% 19-18/02/2029 EUR 1 776 366 0.69
420 000 EUR 691 681 0.27
10-28/03/2041
BELGIUM GOVERNMENT 0324 4.500% 196 000 JDE PEETS NV 0.000% 21-16/01/2026 EUR 192 671 0.07
700 000 EUR 849 345 0.33 KONINKLIJKE KPN 0.875% 20-
11-28/03/2026 100 000 EUR 98 042 0.04
BELGIUM GOVERNMENT 0338 2.250% 14/12/2032
240 000 EUR 330 588 0.13 LSEG NTHRLND BV 0.250% 21-
17-22/06/2057 100 000 EUR 98 988 0.04
BELGIUM GOVERNMENT 1.600% 16- 06/04/2028
830 000 EUR 968 054 0.37 MONDELEZ INTERNATIONAL 0.625%
22/06/2047 116 000 EUR 112 582 0.04
BELGIUM GOVERNMENT 1.700% 19- 21-09/09/2032
403 775 EUR 481 982 0.19 NATURGY ENERGY GROUP F 0.875%
22/06/2050 200 000 EUR 205 270 0.08
BELGIUM GOVERNMENT 1.900% 15- 17-15/05/2025
230 000 EUR 279 324 0.11 NED WATERSCHAPBK 0.000% 19-
22/06/2038 250 000 EUR 237 004 0.09
BELGIUM GOVERNMENT 3.750% 13- 02/10/2034
226 000 EUR 370 172 0.14 NETHERLANDS GOVERNMENT
22/06/2045 570 000 EUR 588 873 0.23
BELGIUM OLO 31 5.500% 98- 0.250% 19-15/07/2029
560 000 EUR 765 414 0.30 NETHERLANDS GOVERNMENT
28/03/2028 1 545 150 EUR 1 968 397 0.76
BELGIUM OLO 44 5.000% 04- 2.500% 12-15/01/2033
700 000 EUR 1 122 814 0.43 NETHERLANDS GOVERNMENT
28/03/2035 1 270 000 EUR 2 167 052 0.84
EUROPEAN UNION 0.000% 21- 3.750% 10-15/01/2042
8 488 000 EUR 8 565 281 3.30 NETHERLANDS GOVERNMENT
02/06/2028 620 000 EUR 980 394 0.38
EUROPEAN UNION 0.000% 21- 4.000% 05-15/01/2037
870 890 EUR 878 004 0.34 NETHERLANDS GOVERNMENT
04/10/2028 1 370 000 EUR 1 857 967 0.72
5.500% 98-15/01/2028
Spain 15 936 511 6.15 1 500 000 NN BANK NV 0.010% 20-08/07/2030 EUR 1 472 144 0.57
BANCO BILBAO VIZCAYA
200 000 ARGENTARIACAYA ARGENTARIA EUR 224 957 0.09 100 000 NN BANK NV 0.500% 21-21/09/2028 EUR 98 898 0.04
3.500% 17-10/02/2027 224 000 NN GROUP NV 1.625% 17-01/06/2027 EUR 238 475 0.09
BANCO SANTANDER 0.100% 20-
1 300 000 EUR 1 269 688 0.49 112 000 PHILIPS NV 0.500% 19-22/05/2026 EUR 113 674 0.04
27/02/2032
CELLNEX FINANCE 0.750% 21- RECKITT BEN TSY 0.375% 20-
100 000 EUR 98 080 0.04 190 000 EUR 191 118 0.07
15/11/2026 19/05/2026
CELLNEX FINANCE 1.000% 21- 161 000 THERMO FISHER 0.800% 21-18/10/2030 EUR 162 013 0.06
100 000 EUR 96 762 0.04
15/09/2027 150 000 UPJOHN INC 4.000% 21-22/06/2050 USD 140 715 0.05
INMOBILIARIA COL 0.750% 21-
100 000 EUR 97 924 0.04 VOLKSWAGEN INTFN 0.875% 20-
22/06/2029 200 000 EUR 205 508 0.08
MERLIN PROPERTIE 1.375% 21- 22/09/2028
300 000 EUR 295 383 0.11 300 000 VONOVIA BV 0.500% 19-14/09/2029 EUR 293 792 0.11
01/06/2030
NORTEGAS ENERGIA 2.065% 17- 200 000 VONOVIA BV 2.250% 15-15/12/2023 EUR 209 087 0.08
100 000 EUR 106 505 0.04
28/09/2027
SANTANDER CONSUMER FIN 0.000% Mexico 6 028 165 2.32
100 000 EUR 98 454 0.04
21-23/02/2026 AMERICA MOVIL SA 1.500% 16-
SANTANDER ISSUAN 2.500% 15- 400 000 EUR 411 700 0.16
200 000 EUR 212 600 0.08 10/03/2024
18/03/2025 PETROLEOS MEXICA 1.875% 15-
2 400 000 SPANISH GOVT 0.400% 17-30/04/2022 EUR 2 409 600 0.93 5 230 000 EUR 5 239 413 2.01
21/04/2022
UNITED MEXICAN 2.250% 21-
390 000 EUR 377 052 0.15
12/08/2036
The accompanying notes form an integral part of these financial statements
Page 113
BNP PARIBAS FUNDS Euro Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
211 000 STELLANTIS NV 0.625% 21-30/03/2027 EUR 209 628 0.08
United States of
179 000 STELLANTIS NV 1.250% 21-20/06/2033 EUR 174 059 0.07
America 5 381 569 2.10
TESCO CORP TREAS 0.375% 21-
300 000 ABBVIE INC 1.375% 16-17/05/2024 EUR 308 894 0.12 132 000 EUR 126 549 0.05
27/07/2029
180 000 ABBVIE INC 4.250% 20-21/11/2049 USD 189 748 0.07 210 000 UNILEVER NV 1.250% 20-25/03/2025 EUR 218 229 0.08
AIR PROD & CHEM 0.500% 20- VODAFONE GROUP 0.900% 19-
100 000 EUR 100 954 0.04 121 000 EUR 124 919 0.05
05/05/2028 24/11/2026
AMERICAN HONDA F 0.300% 21- VODAFONE GROUP 1.125% 17-
200 000 EUR 197 917 0.08 300 000 EUR 310 864 0.12
07/07/2028 20/11/2025
AMERICAN TOWER 0.450% 21- VODAFONE GROUP 4.250% 19-
300 000 EUR 296 288 0.11 130 000 USD 132 505 0.05
15/01/2027 17/09/2050
247 000 APPLE INC 0.875% 17-24/05/2025 EUR 254 332 0.10 WPP FINANCE 2016 1.375% 18-
200 000 EUR 207 818 0.08
BANK OF AMERICA CORP 1.375% 15- 20/03/2025
100 000 EUR 104 156 0.04 YORKSHRE BLD SOC 0.500% 21-
26/03/2025 372 000 EUR 368 872 0.14
BECTON DICKINSON 3.794% 20- 01/07/2028
110 000 USD 108 892 0.04
20/05/2050
BOOKING HLDS INC 0.500% 21-
China 4 045 179 1.57
100 000 EUR 100 407 0.04 CHINA EVERGRANDE 8.750% 17-
08/03/2028 1 600 000 USD 207 791 0.08
28/06/2025
240 000 BROADCOM INC 3.750% 21-15/02/2051 USD 220 822 0.09
2 750 000 CHINA SCE GRP 7.000% 20-02/05/2025 USD 1 959 242 0.76
CELANESE US HLDS 0.625% 21-
100 000 EUR 98 370 0.04 TIMES CN HLDG 6.750% 20-08/07/2025
10/09/2028 3 140 000 USD 1 878 146 0.73
CHARTER COMM OPT 3.700% 20-
240 000 USD 204 283 0.08
01/04/2051 Austria 3 739 541 1.44
179 000 COMCAST CORP 0.000% 21-14/09/2026 EUR 176 484 0.07 100 000 ERSTE GROUP 0.375% 19-16/04/2024 EUR 100 924 0.04
CVS HEALTH CORP 5.050% 18-
70 000 USD 80 369 0.03 211 000 OMV AG 1.000% 17-14/12/2026 EUR 219 017 0.08
25/03/2048
DIAMOND 1 FIN/DI 8.350% 21- RAIFFEISEN BK IN 0.050% 21-
80 000 USD 117 492 0.05 100 000 EUR 97 691 0.04
15/07/2046 01/09/2027
DISCOVERY COMMUN 4.650% 20- REPUBLIC OF AUSTRIA 1.500% 16-
150 000 USD 154 466 0.06 220 000 EUR 267 278 0.10
15/05/2050 20/02/2047
100 000 EQUINIX INC 0.250% 21-15/03/2027 EUR 97 990 0.04 REPUBLIC OF AUSTRIA 2.400% 13-
790 000 EUR 1 001 542 0.39
23/05/2034
140 000 FEDEX CORP 5.250% 20-15/05/2050 USD 165 103 0.06 REPUBLIC OF AUSTRIA 3.150% 12-
250 000 EUR 392 526 0.15
GEN MOTORS FIN 0.600% 21- 20/06/2044
212 000 EUR 209 980 0.08
20/05/2027 REPUBLIC OF AUSTRIA 3.800% 12-
530 000 EUR 1 084 275 0.42
GEN MOTORS FIN 0.650% 21- 26/01/2062
174 000 EUR 170 933 0.07
07/09/2028 REPUBLIC OF AUSTRIA 4.150% 07-
300 000 EUR 471 688 0.18
GOLDMAN SACHS GROUP 0.750% 21- 15/03/2037
181 000 EUR 174 912 0.07
23/03/2032 UNIQA INSURANCE 1.375% 20-
100 000 EUR 104 600 0.04
200 000 HARTFORD FINL 3.600% 19-19/08/2049 USD 192 452 0.07 09/07/2030
160 000 HCA INC 5.250% 19-15/06/2049 USD 181 267 0.07 Portugal 3 566 848 1.38
200 000 IBM CORP 0.950% 17-23/05/2025 EUR 205 829 0.08 PORTUGUESE OTS 1.950% 19-
2 000 000 EUR 2 266 580 0.88
15/06/2029
KEURIG DR PEPPER 3.800% 20-
140 000 USD 136 178 0.05 PORTUGUESE OTS 2.875% 16-
01/05/2050 250 000 EUR 285 795 0.11
21/07/2026
MCDONALDS CORP 4.200% 20-
160 000 USD 169 881 0.07 PORTUGUESE OTS 3.875% 14-
01/04/2050 70 000 EUR 90 697 0.04
15/02/2030
116 000 MET LIFE GLOB 0.375% 19-09/04/2024 EUR 117 196 0.05 PORTUGUESE OTS 4.100% 06-
110 000 EUR 162 714 0.06
130 000 MOSAIC CO 5.625% 13-15/11/2043 USD 151 647 0.06 15/04/2037
PORTUGUESE OTS 4.100% 15-
176 000 PROLOGIS EURO 0.375% 20-06/02/2028 EUR 175 006 0.07 470 000 EUR 761 062 0.29
15/02/2045
140 000 THERMO FISHER 0.500% 19-01/03/2028 EUR 140 288 0.05
TOYOTA MTR CRED 0.125% 21- Egypt 2 897 205 1.11
258 000 EUR 254 081 0.10 ARAB REP EGYPT 7.600% 19-
05/11/2027 3 330 000 USD 2 897 205 1.11
VERIZON COMMUNICATIONS INC 01/03/2029
150 000 USD 124 952 0.05
3.000% 20-20/11/2060
Finland 1 942 364 0.76
United Kingdom 4 359 402 1.67 CASTELLUM HELSIN 0.875% 21-
126 000 EUR 121 493 0.05
ASTRAZENECA PLC 0.375% 21- 17/09/2029
209 000 EUR 208 131 0.08 850 000 FINNISH GOVT 0.250% 20-15/09/2040 EUR 828 087 0.32
03/06/2029
COCA-COLA EURO 0.200% 20- 240 000 FINNISH GOVT 1.125% 18-15/04/2034 EUR 266 241 0.10
226 000 EUR 219 147 0.08
02/12/2028
COCA-COLA EURO 1.125% 19- 120 000 FINNISH GOVT 2.625% 12-04/07/2042 EUR 173 834 0.07
137 000 EUR 141 211 0.05
12/04/2029 NORDEA BANK ABP 0.500% 21-
200 000 EUR 198 790 0.08
CREDIT AGRICOLE 1.250% 16- 02/11/2028
200 000 EUR 209 077 0.08
14/04/2026 STORA ENSO OYJ 0.625% 20-
100 000 EUR 98 240 0.04
DIAGEO FINANCE PLC 1.000% 18- 02/12/2030
100 000 EUR 103 052 0.04
22/04/2025 UPM-KYMMENE OYJ 0.500% 21-
263 000 EUR 255 679 0.10
HEATHROW FNDG 1.125% 21- 22/03/2031
190 000 EUR 187 862 0.07
08/10/2030
HEATHROW FNDG 1.500% 20- British Virgin Islands 1 929 740 0.75
300 000 EUR 310 604 0.12 HUARONG FINANCE II 5.500% 15-
12/10/2025 2 100 000 USD 1 929 740 0.75
300 000 LINDE PLC 0.000% 21-30/09/2026 EUR 298 455 0.12 16/01/2025
187 000
NATIONAL GRID PLC 0.163% 21-
EUR 182 579 0.07 Hong Kong 1 544 363 0.60
20/01/2028 SHIMAO PROPERTY 5.200% 18-
NATIONAL GRID PLC 0.250% 21- 2 810 000 USD 1 544 363 0.60
100 000 EUR 98 080 0.04 30/01/2025
01/09/2028
300 000
NATIONWIDE BLDG 0.250% 21-
EUR 294 243 0.11 Dominican Republic 1 303 890 0.50
14/09/2028 REPUBLIC OF DOMINICAN 6.000% 18-
NATWEST MARKETS 0.125% 21- 1 330 000 USD 1 303 890 0.50
100 000 EUR 99 084 0.04 19/07/2028
18/06/2026
RENTOKIL INITIAL 0.875% 19-
132 000 EUR 134 434 0.05
30/05/2026
The accompanying notes form an integral part of these financial statements
Page 114
BNP PARIBAS FUNDS Euro Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
200 000 ORANGE 14-29/12/2049 FRN EUR 219 158 0.08
Ireland 1 257 926 0.50
CCEP FINANCE IRE 0.000% 21- 200 000 ORANGE 20-15/10/2169 FRN EUR 202 482 0.08
174 000 EUR 172 498 0.07
06/09/2025 100 000 ORANGE 21-31/12/2061 FRN EUR 98 244 0.04
CCEP FINANCE IRE 0.500% 21-
164 000 EUR 161 780 0.06 100 000 SCOR SE 20-17/09/2051 FRN EUR 98 205 0.04
06/09/2029
236 000 CLOVERIE PLC 1.500% 18-15/12/2028 EUR 251 591 0.10 SOCIETE GENERALE 20-
200 000 EUR 201 480 0.08
22/09/2028 FRN
145 000 FCA BANK IE 0.000% 21-16/04/2024 EUR 144 574 0.06 SOCIETE GENERALE 21-
200 000 EUR 199 195 0.08
FRESENIUS FIN IR 0.500% 21- 02/12/2027 FRN
132 000 EUR 129 985 0.05
01/10/2028 SOCIETE GENERALE 21-
200 000 EUR 195 468 0.08
HAMMERSON IRLND 1.750% 21- 12/06/2029 FRN
200 000 EUR 196 358 0.08
03/06/2027 300 000 SUEZ 19-31/12/2059 FRN EUR 301 504 0.12
103 000 RYANAIR DAC 0.875% 21-25/05/2026 EUR 102 940 0.04
229 000 TOTAL SE 21-31/12/2061 FRN EUR 226 962 0.09
100 000 SMURFIT KAPPA 0.500% 21-22/09/2029 EUR 98 200 0.04
The Netherlands 2 330 270 0.91
Sweden 1 064 791 0.42 200 000 ABERTIS FINANCE 21-31/12/2061 FRN EUR 195 625 0.08
SKANDINAVISKA ENSKILDA BANK ADECCO INTERNATIONAL
200 000 EUR 197 606 0.08
0.375% 21-21/06/2028
134 000 FINANCIAL SERVICES 21- EUR 131 962 0.05
300 000 SWEDBANK AB 0.250% 19-09/10/2024 EUR 301 347 0.12 21/03/2082 FRN
200 000 TELE2 AB 0.750% 21-23/03/2031 EUR 195 200 0.08 ASR NEDERLAND NV 19-
100 000 EUR 110 098 0.04
02/05/2049 FRN
249 000 TELIA CO AB 0.125% 20-27/11/2030 EUR 236 779 0.09 IBERDROLA INTERNATIONAL 21-
VOLVO TREAS AB 0.000% 21- 100 000 EUR 99 215 0.04
135 000 EUR 133 859 0.05 31/12/2061 FRN
18/05/2026 IBERDROLA INTERNATIONAL 21-
100 000 EUR 100 009 0.04
31/12/2061 FRN
Japan 1 010 868 0.40
100 000 ING GROEP NV 21-09/06/2032 FRN EUR 99 178 0.04
100 000 ASAHI GROUP 0.010% 21-19/04/2024 EUR 99 954 0.04
200 000 ING GROEP NV 21-29/11/2025 FRN EUR 199 772 0.08
100 000 NIDEC CORP 0.046% 21-30/03/2026 EUR 99 246 0.04
130 000 NN GROUP NV 17-13/01/2048 FRN EUR 151 805 0.06
NISSAN MOTOR CO 2.652% 20-
165 000 EUR 176 891 0.07 REPSOL INTERNATIONAL FIN 21-
17/03/2026 309 000 EUR 308 001 0.12
31/12/2061 FRN
710 000 TAKEDA PHARM 3.175% 20-09/07/2050 USD 634 777 0.25
TELEFONICA EUROP 21-
100 000 EUR 95 216 0.04
31/12/2061 FRN
Canada 548 479 0.21 VOLKSWAGEN INTERNATION FN 17-
TECK RESOURCES 6.250% 11- 300 000 EUR 305 405 0.12
470 000 USD 548 479 0.21 31/12/2049 FRN
15/07/2041 VOLKSWAGEN INTFN 15-
200 000 EUR 214 847 0.08
Slovakia 423 783 0.16 29/12/2049 FRN
VOLKSWAGEN INTFN 20-
SLOVAKIA GOVT 1.625% 16- 300 000 EUR 319 137 0.12
180 000 EUR 207 344 0.08 31/12/2060 FRN
21/01/2031
SLOVAKIA GOVT 3.625% 14- United States of
170 138 EUR 216 439 0.08
16/01/2029
America 1 535 852 0.60
Cyprus 389 853 0.15 100 000 AT&T INC 18-05/09/2023 FRN EUR 101 894 0.04
AROUNDTOWN SA 0.000% 20- BANK OF AMERICA CORP 21-
400 000 EUR 389 853 0.15
16/07/2026 271 000 EUR 266 761 0.10
22/03/2031 FRN
Romania 351 230 0.14 GOLDMAN SACHS GROUP 21-
259 000 EUR 259 216 0.10
30/04/2024 FRN
310 000 ROMANIA 4.625% 19-03/04/2049 EUR 351 230 0.14
313 000 JPMORGAN CHASE 21-17/02/2033 FRN EUR 301 451 0.12
Sri Lanka 286 969 0.11 101 000
MORGAN STANLEY 19-
EUR 102 120 0.04
REPUBLIC OF SRI LANKA 6.750% 18- 26/07/2024 FRN
650 000 USD 286 969 0.11 MORGAN STANLEY 21-
18/04/2028 237 000 EUR 229 252 0.09
07/02/2031 FRN
Australia 238 620 0.09 277 000
MORGAN STANLEY 21-
EUR 275 158 0.11
MACQUARIE GROUP 0.350% 20- 29/10/2027 FRN
242 000 EUR 238 620 0.09
03/03/2028
Germany 1 296 626 0.51
Slovenia 184 824 0.07 100 000 ALLIANZ SE 15-07/07/2045 FRN EUR 105 014 0.04
REPUBLIC OF SLOVENIA 1.750% 16-
160 000 EUR 184 824 0.07 200 000 ALLIANZ SE 21-31/12/2061 FRN EUR 196 065 0.08
03/11/2040
COMMERZBANK AG 20-
100 000 EUR 101 413 0.04
Liechtenstein 170 048 0.07 24/03/2026 FRN
175 000 SWISS LIFE FIN I 0.500% 21-15/09/2031 EUR 170 048 0.07 DEUTSCHE BANK AG 21-
200 000 EUR 199 584 0.08
17/02/2027 FRN
Switzerland 93 049 0.04 DEUTSCHE BANK AG 21-
300 000 EUR 299 020 0.12
17/02/2032 FRN
100 000 CREDIT SUISSE 0.625% 21-18/01/2033 EUR 93 049 0.04
100 000 EVONIK 21-02/09/2081 FRN EUR 99 296 0.04
Floating rate bonds 16 229 786 6.35 200 000 MUNICH RE 21-26/05/2042 FRN EUR 190 845 0.07
100 000 TALANX AG 17-05/12/2047 FRN EUR 105 389 0.04
France 3 184 300 1.26
200 000 ARKEMA 20-31/12/2060 FRN EUR 200 241 0.08 United Kingdom 1 086 691 0.42
347 000 AXA SA 21-07/10/2041 FRN EUR 338 670 0.13 BARCLAYS BANK PLC 21-
185 000 EUR 183 358 0.07
12/05/2032 FRN
100 000 BNP PARIBAS 21-13/04/2027 FRN EUR 98 815 0.04
366 000 BP CAPITAL PLC 20-22/06/2169 FRN EUR 387 068 0.15
CREDIT AGRICOLE ASSURANCES 18-
100 000 EUR 106 511 0.04 100 000 NATWEST GROUP 21-14/09/2032 FRN EUR 98 387 0.04
29/01/2048 FRN
CREDIT AGRICOLE SA 21- 132 000 NATWEST GROUP 21-26/02/2030 FRN EUR 130 155 0.05
100 000 EUR 98 568 0.04
21/09/2029 FRN
SANTANDER UK GRP 21-
100 000 DANONE 21-31/12/2061 FRN EUR 99 965 0.04 185 000 EUR 180 807 0.07
13/09/2029 FRN
300 000 ENGIE 20-31/12/2060 FRN EUR 298 647 0.12 100 000 SWISS RE FIN UK 20-04/06/2052 FRN EUR 106 916 0.04
200 000 MUTUELLE ASSUR 21-21/06/2052 FRN EUR 200 185 0.08
The accompanying notes form an integral part of these financial statements
Page 115
BNP PARIBAS FUNDS Euro Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
STACR 2016-DNA1 M3 16-
Spain 1 072 179 0.43 405 154 USD 371 004 0.14
25/07/2028 FRN
100 000 BANCO SABADELL 21-16/06/2028 FRN EUR 96 258 0.04 STACR 2016-DNA4 M3 16-
596 773 USD 540 722 0.21
BANCO SANTANDER 21- 25/03/2029 FRN
100 000 EUR 98 844 0.04 STACR 2017-DNA3 M2 17-
24/06/2029 FRN 1 092 972 USD 979 606 0.38
BANCO SANTANDER 21- 25/03/2030 FRN
200 000 EUR 185 672 0.07
31/12/2061 FRN
200 000 BANKINTER SA 21-23/12/2032 FRN EUR 197 970 0.08 Shares/Units in investment funds 18 730 626 7.23
200 000 CAIXABANK 20-18/11/2026 FRN EUR 198 825 0.08
200 000 CAIXABANK 21-09/02/2029 FRN EUR 195 581 0.08
Luxembourg 18 660 319 7.20
BNP PARIBAS FLEXI I ABS EUROPE
100 000 KUTXABANK 21-14/10/2027 FRN EUR 99 029 0.04 15 428.00 EUR 18 660 319 7.20
IG XCA
Italy 1 010 733 0.40 France 70 307 0.03
265 000 ENEL SPA 21-31/12/2061 FRN EUR 256 435 0.10 7.08 BNP PARIBAS INVEST 3 MOIS - X EUR 70 307 0.03
118 000 ENI SPA 20-31/12/2060 FRN EUR 122 160 0.05
Total securities portfolio 253 552 317 97.99
202 000 ENI SPA 21-31/12/2061 FRN EUR 200 689 0.08
200 000 UNICREDIT SPA 20-15/01/2032 FRN EUR 203 966 0.08
228 000 UNICREDIT SPA 21-05/07/2029 FRN EUR 227 483 0.09
Argentina 860 813 0.33
3 035 400 ARGENTINA 20-09/07/2035 SR USD 860 813 0.33
Sweden 633 273 0.24
HEIMSTADEN BOSTA 21-
266 000 EUR 263 671 0.10
13/10/2170 FRN
373 000 NORDEA BANK AB 21-18/08/2031 FRN EUR 369 602 0.14
Belgium 588 927 0.22
300 000 BELFIUS BANK SA 21-06/04/2034 FRN EUR 294 282 0.11
300 000 KBC GROUP NV 21-07/12/2031 FRN EUR 294 645 0.11
Cyprus 513 180 0.19
319 000 AROUNDTOWN SA 19-12/01/2168 FRN EUR 322 377 0.12
200 000 AROUNDTOWN SA 21-31/12/2061 FRN EUR 190 803 0.07
Japan 493 477 0.19
MITSUBISHI UFJ FINANCE 21-
300 000 EUR 297 536 0.11
08/06/2027 FRN
MIZUHO FINANCIAL 21-
200 000 EUR 195 941 0.08
06/09/2029 FRN
Austria 400 224 0.16
100 000 ERSTE GROUP 20-08/09/2031 FRN EUR 102 714 0.04
200 000 RAIFFEISEN BK IN 21-17/06/2033 FRN EUR 198 254 0.08
UNIQA INSURANCE 21-
100 000 EUR 99 256 0.04
09/12/2041 FRN
Australia 324 470 0.13
100 000 AUSNET SERVICES 21-11/03/2081 FRN EUR 100 158 0.04
228 000 AUST & NZ BANK 21-05/05/2031 FRN EUR 224 312 0.09
Denmark 297 040 0.12
200 000 DANSKE BANK A/S 21-09/06/2029 FRN EUR 198 078 0.08
100 000 NYKREDIT 21-28/07/2031 FRN EUR 98 962 0.04
Ireland 208 076 0.08
211 000 BANK OF IRELAND 21-10/05/2027 FRN EUR 208 076 0.08
Poland 197 240 0.08
200 000 MBANK 21-21/09/2027 FRN EUR 197 240 0.08
Switzerland 196 415 0.08
200 000 UBS GROUP 20-05/11/2028 FRN EUR 196 415 0.08
Floating rate notes 7 961 804 3.08
United States of
America 7 961 804 3.08
589 441 CAS 2016-C05 2M2 16-25/01/2029 FRN USD 536 891 0.21
742 397 CAS 2016-C06 1M2 16-25/04/2029 FRN USD 673 976 0.26
670 156 CAS 2017-C01 1M2 17-25/07/2029 FRN USD 603 444 0.23
2 300 000 FREMF 2016-K60 B 16-25/12/2049 FRN USD 2 144 721 0.83
900 000 FREMF 2017-K68 B 17-25/10/2049 FRN USD 853 410 0.33
1 300 000 FREMF 2018-K82 B 18-25/09/2028 FRN USD 1 258 030 0.49
The accompanying notes form an integral part of these financial statements
Page 116
BNP PARIBAS FUNDS Euro Corporate Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
VOLKSWAGEN LEAS 0.625% 21-
Transferable securities admitted to an 7 952 000
19/07/2029
EUR 7 815 530 0.47
official stock exchange listing and/or 1 590 567 485 95.31 5 000 000 VONOVIA SE 0.250% 21-01/09/2028 EUR 4 859 447 0.29
traded on another regulated market 10 000 000 VONOVIA SE 0.375% 21-16/06/2027 EUR 9 881 107 0.59
Bonds 1 087 531 789 65.16 United States of
France 165 509 460 9.91
America 131 503 150 7.88
2 000 000 ABBVIE INC 2.125% 16-17/11/2028 EUR 2 198 642 0.13
8 000 000 AIRBUS SE 2.000% 20-07/04/2028 EUR 8 699 600 0.52
AMERICAN INTERNATIONAL GROUP
3 500 000 ATOS SE 1.000% 21-12/11/2029 EUR 3 465 067 0.21 5 000 000 EUR 5 306 420 0.32
1.875% 17-21/06/2027
BANQUE FEDERATIVE DU CREDIT 7 200 000 AT&T INC 1.600% 20-19/05/2028 EUR 7 607 251 0.46
7 300 000 EUR 7 277 100 0.44
MUTUEL 0.010% 21-07/03/2025
BANQUE FEDERATIVE DU CREDIT 6 300 000 AT&T INC 1.800% 18-05/09/2026 EUR 6 686 887 0.40
5 700 000 EUR 5 557 598 0.33
MUTUEL 0.250% 21-19/07/2028 5 000 000 AT&T INC 2.350% 18-05/09/2029 EUR 5 554 176 0.33
BANQUE FEDERATIVE DU CREDIT BOOKING HLDS INC 0.100% 21-
5 000 000 EUR 5 192 914 0.31 4 800 000 EUR 4 799 843 0.29
MUTUEL 1.625% 17-15/11/2027 08/03/2025
BANQUE FEDERATIVE DU CREDIT BORGWARNER INC 1.000% 21-
6 000 000 EUR 6 554 520 0.39 5 000 000 EUR 4 906 898 0.29
MUTUEL 2.500% 18-25/05/2028 19/05/2031
2 500 000 BNP PARIBAS 1.000% 17-29/11/2024 EUR 2 547 118 0.15 BOSTON SCIENTIFC 0.625% 19-
5 000 000 EUR 4 982 823 0.30
2 800 000 BNP PARIBAS 1.625% 19-02/07/2031 EUR 2 874 089 0.17 01/12/2027
CELANESE US HLDS 0.625% 21-
5 800 000 BOUYGUES 0.500% 21-11/02/2030 EUR 5 744 107 0.34 2 305 000 EUR 2 267 422 0.14
10/09/2028
CAISSE NA REA MU 0.750% 21- 4 984 000 COMCAST CORP 0.000% 21-14/09/2026 EUR 4 913 952 0.29
5 000 000 EUR 4 839 978 0.29
07/07/2028
7 000 000 DANAHER CORP 2.100% 20-30/09/2026 EUR 7 576 154 0.45
4 100 000 CARMILA SA 1.625% 21-01/04/2029 EUR 4 144 914 0.25
DIGITAL EURO FIN 1.125% 19-
CARREFOUR BANQUE 0.107% 21- 6 000 000 EUR 6 077 783 0.36
9 500 000 EUR 9 430 360 0.57 09/04/2028
14/06/2025
GEN MOTORS FIN 0.650% 21-
CNP ASSURANCES 0.375% 20- 2 896 000 EUR 2 844 957 0.17
5 300 000 EUR 5 109 787 0.31 07/09/2028
08/03/2028
GEN MOTORS FIN 0.850% 20-
CRED AGRICOLE ASSR 2.000% 20- 5 000 000 EUR 5 048 240 0.30
3 000 000 EUR 3 096 375 0.19 26/02/2026
17/07/2030
GEN MOTORS FIN 1.694% 18-
CRED AGRICOLE SA 0.375% 21- 5 000 000 EUR 5 205 132 0.31
6 600 000 EUR 6 493 064 0.39 26/03/2025
20/04/2028
CRED AGRICOLE SA 2.000% 19- 5 900 000 IBM CORP 0.300% 20-11/02/2028 EUR 5 868 258 0.35
9 000 000 EUR 9 554 891 0.57
25/03/2029 1 000 000 IBM CORP 1.750% 19-31/01/2031 EUR 1 094 081 0.07
5 000 000 ENGIE 1.750% 20-27/03/2028 EUR 5 389 549 0.32 1 600 000 MYLAN INC 2.125% 18-23/05/2025 EUR 1 693 072 0.10
HOLDING DINFRA 0.625% 21-
3 600 000 EUR 3 509 658 0.21 3 900 000 MYLAN NV 2.250% 16-22/11/2024 EUR 4 117 999 0.25
14/09/2028
HOLDING DINFRA 1.625% 20- 9 500 000 MYLAN NV 3.125% 16-22/11/2028 EUR 10 796 960 0.65
7 700 000 EUR 8 013 069 0.48
18/09/2029
10 000 000 NETFLIX INC 3.625% 17-15/05/2027 EUR 11 472 526 0.69
ICADE SANTE SAS 0.875% 19-
10 000 000 EUR 9 938 576 0.60 2 500 000 STRYKER CORP 2.625% 18-30/11/2030 EUR 2 870 412 0.17
04/11/2029
10 000 000 JCDECAUX SA 2.625% 20-24/04/2028 EUR 10 958 451 0.66 2 500 000 THERMO FISHER 0.125% 19-01/03/2025 EUR 2 502 649 0.15
1 500 000 LA MONDIALE 2.125% 20-23/06/2031 EUR 1 554 692 0.09 TOYOTA MTR CRED 0.125% 21-
2 500 000 EUR 2 462 028 0.15
MUTUELLE ASSUR 0.625% 21- 05/11/2027
3 700 000 EUR 3 621 649 0.22 VERIZON COMMUNICATIONS INC
21/06/2027 2 500 000 EUR 2 455 865 0.15
0.375% 21-22/03/2029
1 600 000 ORANGE 0.625% 21-16/12/2033 EUR 1 556 161 0.09
ZIMMER BIOMET 1.164% 19-
10 000 000 EUR 10 192 720 0.61
4 506 000 RCI BANQUE 1.125% 20-15/01/2027 EUR 4 541 310 0.27 15/11/2027
3 736 000 RCI BANQUE 1.625% 18-26/05/2026 EUR 3 871 194 0.23 United Kingdom 122 398 026 7.33
10 500 000 RCI BANQUE 1.750% 19-10/04/2026 EUR 10 908 206 0.65 ANZ NEW ZEALAND INTL/LDN
8 682 000 EUR 8 581 853 0.51
SOCIETE FONCIERE 0.500% 21- 0.200% 21-23/09/2027
4 200 000 EUR 4 139 688 0.25
21/04/2028 3 000 000 BG ENERGY CAP 2.250% 14-21/11/2029 EUR 3 329 570 0.20
2 000 000 URW 1.375% 20-04/12/2031 EUR 2 042 337 0.12 COCA-COLA EURO 0.200% 20-
6 390 000 EUR 6 196 223 0.37
5 000 000 VALEO SA 1.000% 21-03/08/2028 EUR 4 883 438 0.29 02/12/2028
CREDIT SUISSE LD 0.250% 21-
10 000 000 EUR 9 685 152 0.58
01/09/2028
Germany 132 820 346 7.95
FIAT CHRYSLER AU 3.750% 16-
2 500 000 ALBEMARLE NH 1.625% 19-25/11/2028 EUR 2 652 311 0.16 7 000 000 EUR 7 551 446 0.45
29/03/2024
BERTELSMANN SE 2.000% 20- 3 600 000 LINDE PLC 0.000% 21-30/09/2026 EUR 3 581 455 0.21
2 000 000 EUR 2 186 776 0.13
01/04/2028
NATIONAL GRID PLC 0.163% 21-
COMMERZBANK AG 0.875% 20- 4 996 000 EUR 4 877 876 0.29
10 000 000 EUR 10 054 504 0.60 20/01/2028
22/01/2027
NATIONAL GRID PLC 0.250% 21-
COMMERZBANK AG 4.000% 16- 4 569 000 EUR 4 481 254 0.27
12 000 000 EUR 13 253 461 0.79 01/09/2028
23/03/2026
NATIONWIDE BLDG 0.250% 21-
COMMERZBANK AG 4.000% 17- 10 000 000 EUR 9 808 091 0.59
3 000 000 EUR 3 359 393 0.20 14/09/2028
30/03/2027
NATWEST MARKETS 0.125% 21-
DEUTSCHE BANK AG 1.625% 20- 2 687 000 EUR 2 669 476 0.16
12 500 000 EUR 13 012 446 0.78 12/11/2025
20/01/2027
NATWEST MARKETS 0.125% 21-
DEUTSCHE BANK AG 1.750% 18- 17 806 000 EUR 17 642 962 1.07
10 000 000 EUR 10 453 121 0.63 18/06/2026
17/01/2028
DEUTSCHE WOHNEN 1.000% 20- 10 212 000 STELLANTIS NV 0.625% 21-30/03/2027 EUR 10 145 605 0.61
2 500 000 EUR 2 547 342 0.15 TESCO CORP TREAS 0.875% 19-
30/04/2025 15 000 000 EUR 15 249 410 0.91
HOCHTIEF AKTIENG 0.625% 21- 29/05/2026
12 090 000 EUR 11 725 536 0.70 VODAFONE GROUP 1.875% 17-
26/04/2029 2 000 000 EUR 2 184 094 0.13
7 000 000 INFINEON TECH 1.125% 20-24/06/2026 EUR 7 241 804 0.43 20/11/2029
WESTPAC SEC NZ 0.427% 21-
10 000 000 INFINEON TECH 1.625% 20-24/06/2029 EUR 10 633 062 0.64 10 060 000 EUR 10 042 576 0.60
14/12/2026
6 900 000 LANXESS 0.625% 21-01/12/2029 EUR 6 854 782 0.41 YORKSHRE BLD SOC 0.500% 21-
6 425 000 EUR 6 370 983 0.38
VANTAGE TOWERS 0.375% 21- 01/07/2028
2 500 000 EUR 2 464 327 0.15
31/03/2027
VOLKSWAGEN FIN 0.125% 21-
10 268 000 EUR 10 036 802 0.60
12/02/2027
VOLKSWAGEN LEAS 0.375% 21-
3 800 000 EUR 3 788 595 0.23
20/07/2026
The accompanying notes form an integral part of these financial statements
Page 117
BNP PARIBAS FUNDS Euro Corporate Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
6 200 000 REPSOL EUROPE 0.375% 21-06/07/2029 EUR 6 094 762 0.37
Italy 108 303 417 6.51
AEROPORTI ROMA 1.625% 20- TRATON FINANCE 0.125% 21-
5 000 000 EUR 4 969 945 0.30
2 000 000 EUR 2 056 133 0.12 24/03/2025
02/02/2029
AEROPORTI ROMA 1.750% 21- TRATON FINANCE 1.250% 21-
5 000 000 EUR 5 095 685 0.31 1 000 000 EUR 986 224 0.06
30/07/2031 24/03/2033
TRATON FINANCE LUX 0.125% 21-
5 365 000 ASSICURAZIONI 1.713% 21-30/06/2032 EUR 5 287 342 0.32 3 700 000 EUR 3 691 265 0.22
10/11/2024
1 000 000 ASSICURAZIONI 3.875% 19-29/01/2029 EUR 1 154 625 0.07
AUTOSTRADA TORIN 1.000% 21-
Spain 70 368 648 4.23
6 055 000 EUR 6 068 076 0.36 ABERTIS INFRAEST 1.125% 19-
25/11/2026 5 000 000 EUR 5 057 377 0.30
26/03/2028
5 655 000 ENI SPA 0.375% 21-14/06/2028 EUR 5 598 995 0.34 ABERTIS INFRAEST 1.625% 19-
INTESA SANPAOLO 1.000% 19- 2 000 000 EUR 2 064 246 0.12
15 000 000 EUR 15 246 614 0.91 15/07/2029
19/11/2026 AMADEUS IT GROUP 1.875% 20-
INTESA SANPAOLO 1.350% 21- 5 000 000 EUR 5 304 944 0.32
5 250 000 EUR 5 149 623 0.31 24/09/2028
24/02/2031 BANCO BILBAO VIZCAYA
INTESA SANPAOLO 2.925% 20- 6 500 000 ARGENTARIACAYA ARGENTARIA EUR 7 311 086 0.44
16 000 000 EUR 16 637 585 1.01
14/10/2030 3.500% 17-10/02/2027
10 000 000 IREN SPA 0.875% 19-14/10/2029 EUR 10 056 851 0.60 BANCO SABADELL 5.625% 16-
5 000 000 EUR 5 722 259 0.34
06/05/2026
5 000 000 ITALGAS SPA 0.000% 21-16/02/2028 EUR 4 830 681 0.29
BANCO SANTANDER 0.300% 19-
10 000 000 EUR 9 994 823 0.60
2 275 000 ITALGAS SPA 0.250% 20-24/06/2025 EUR 2 279 262 0.14 04/10/2026
3 000 000 SNAM 0.000% 20-07/12/2028 EUR 2 882 138 0.17 BANCO SANTANDER 1.625% 20-
15 000 000 EUR 15 120 871 0.91
22/10/2030
6 774 000 SNAM SPA 0.875% 16-25/10/2026 EUR 6 955 266 0.42 2 000 000 BANKINTER SA 0.625% 20-06/10/2027 EUR 1 992 282 0.12
5 000 000 TERNA SPA 0.375% 20-25/09/2030 EUR 4 841 158 0.29 CELLNEX FINANCE 1.000% 21-
7 000 000 EUR 6 773 373 0.41
3 246 000 TERNA SPA 0.375% 21-23/06/2029 EUR 3 200 289 0.19 15/09/2027
MADRILENA RED FI 1.375% 17-
5 000 000 TERNA SPA 1.000% 19-10/04/2026 EUR 5 153 108 0.31 5 000 000 EUR 5 119 870 0.31
11/04/2025
6 000 000 UNICREDIT SPA 0.850% 21-19/01/2031 EUR 5 809 986 0.35 MERLIN PROPERTIE 1.375% 21-
4 000 000 EUR 3 938 434 0.24
01/06/2030
The Netherlands 102 668 171 6.16 2 000 000
SANTANDER CONSUMER FIN 0.000%
EUR 1 969 083 0.12
ABN AMRO BANK NV 0.500% 21- 21-23/02/2026
3 000 000 EUR 2 962 201 0.18
23/09/2029
ABN AMRO BANK NV 1.250% 20- Ireland 45 866 386 2.74
5 300 000 EUR 5 487 402 0.33 5 000 000 FCA BANK IE 0.250% 20-28/02/2023 EUR 5 017 993 0.30
28/05/2025
ADECCO INTERNATIONAL 2 500 000 FCA BANK IE 0.500% 20-18/09/2023 EUR 2 517 477 0.15
2 500 000 FINANCIAL SERVICES 0.125% 21- EUR 2 428 424 0.15
FRESENIUS FIN IR 0.000% 21-
21/09/2028 4 000 000 EUR 3 950 427 0.24
01/10/2025
CONTI-GUMMI FIN 2.125% 20-
3 002 000 EUR 3 118 014 0.19 FRESENIUS FIN IR 0.500% 21-
27/11/2023 7 000 000 EUR 6 893 167 0.41
01/10/2028
10 000 000 EASYJET FINCO 1.875% 21-03/03/2028 EUR 10 022 768 0.60 HAMMERSON IRLND 1.750% 21-
ENEL FINANCE INTERNATIONAL NV 4 783 000 EUR 4 695 893 0.28
15 025 000 EUR 14 649 520 0.88 03/06/2027
0.000% 21-17/06/2027 7 551 000 RYANAIR DAC 0.875% 21-25/05/2026 EUR 7 546 611 0.45
3 000 000 EURONEXT NV 0.750% 21-17/05/2031 EUR 2 968 255 0.18
3 000 000 RYANAIR DAC 2.875% 20-15/09/2025 EUR 3 229 639 0.19
4 000 000 FRESENIUS FIN 4.000% 14-01/02/2024 EUR 4 327 153 0.26 SMURFIT KAPPA AQ 2.875% 18-
HEIMSTADEN BOST 0.250% 21- 11 000 000 EUR 12 015 179 0.72
4 084 000 EUR 4 087 621 0.24 15/01/2026
13/10/2024
3 500 000
HEIMSTADEN BOST 0.750% 21-
EUR 3 342 653 0.20
Japan 30 215 565 1.82
06/09/2029 2 500 000 ASAHI GROUP 0.541% 20-23/10/2028 EUR 2 487 150 0.15
6 543 000 JDE PEETS NV 0.000% 21-16/01/2026 EUR 6 431 874 0.39 NISSAN MOTOR CO 2.652% 20-
6 000 000 EUR 6 432 388 0.39
4 792 000 JDE PEETS NV 0.625% 21-09/02/2028 EUR 4 744 103 0.28 17/03/2026
NISSAN MOTOR CO 3.201% 20-
10 000 000 NIBC BANK NV 0.250% 21-09/09/2026 EUR 9 851 659 0.59 5 400 000 EUR 6 007 197 0.36
17/09/2028
3 900 000 NN BANK NV 0.500% 21-21/09/2028 EUR 3 857 004 0.23 3 982 000 NTT FINANCE 0.010% 21-03/03/2025 EUR 3 971 060 0.24
4 960 000 PHILIPS NV 1.375% 20-30/03/2025 EUR 5 152 460 0.31 4 367 000 NTT FINANCE 0.082% 21-13/12/2025 EUR 4 353 969 0.26
2 796 000 THERMO FISHER 0.000% 21-18/11/2025 EUR 2 785 261 0.17 SUMITOMO MITSUI 0.303% 20-
5 000 000 EUR 4 928 635 0.30
28/10/2027
13 310 000 THERMO FISHER 0.800% 21-18/10/2030 EUR 13 393 762 0.80
2 000 000 TAKEDA PHARM 0.750% 20-09/07/2027 EUR 2 035 166 0.12
WINTERSHALL FIN 1.332% 19-
3 000 000 EUR 3 058 037 0.18
25/09/2028
Sweden 23 249 869 1.39
Luxembourg 73 322 216 4.40 9 820 000 ERICSSON LM 1.000% 21-26/05/2029 EUR 9 567 870 0.57
AROUNDTOWN SA 0.375% 21- MOLNLYCKE HLD 0.875% 19-
2 000 000 EUR 1 952 344 0.12 7 000 000 EUR 6 996 304 0.42
15/04/2027 05/09/2029
BECTON DICKINSON 0.334% 21- 2 500 000 SCANIA CV AB 2.250% 20-03/06/2025 EUR 2 659 012 0.16
5 000 000 EUR 4 908 606 0.29
13/08/2028
VOLVO TREAS AB 0.000% 21-
10 000 000 CNH IND FIN 0.000% 20-01/04/2024 EUR 9 971 988 0.60 4 061 000 EUR 4 026 683 0.24
18/05/2026
DH EUROPE FINANCE 1.200% 17-
2 500 000 EUR 2 610 823 0.16 Finland 21 330 527 1.27
30/06/2027
4 207 000 EUROFINS SCIEN 2.125% 17-25/07/2024 EUR 4 399 079 0.26 CASTELLUM HELSIN 0.875% 21-
6 315 000 EUR 6 089 135 0.36
17/09/2029
GRAND CITY PROP 0.125% 21-
2 000 000 EUR 1 916 885 0.11 5 000 000 NOKIA OYJ 2.000% 19-11/03/2026 EUR 5 220 390 0.31
11/01/2028
8 000 000 LOGICOR FIN 1.625% 19-15/07/2027 EUR 8 282 452 0.50 NORDEA BANK ABP 0.500% 21-
10 082 000 EUR 10 021 002 0.60
02/11/2028
5 500 000 LOGICOR FIN 3.250% 18-13/11/2028 EUR 6 239 100 0.37
MEDTRONIC GLOBAL 0.000% 20- Belgium 14 742 405 0.88
3 860 000 EUR 3 843 970 0.23
15/10/2025 2 500 000 AB INBEV SA/NV 2.125% 20-02/12/2027 EUR 2 736 571 0.16
MEDTRONIC GLOBAL 0.375% 20- ANHEUSER - BUSCH INBEV 1.500%
6 000 000 EUR 5 991 053 0.36 6 000 000 EUR 6 379 634 0.38
15/10/2028 15-18/04/2030
PROLOGIS INTERNATIONAL II 0.750%
7 829 000 EUR 7 463 720 0.45 5 000 000 SOLVAY SA 2.750% 15-02/12/2027 EUR 5 626 200 0.34
21-23/03/2033
The accompanying notes form an integral part of these financial statements
Page 118
BNP PARIBAS FUNDS Euro Corporate Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
TELEFONICA EUROP 21-
Switzerland 9 627 824 0.57 5 000 000 EUR 4 962 418 0.30
31/12/2061 FRN
ARGENTUM NETH 2.000% 18- VOLKSWAGEN INTERNATION FN 17-
5 000 000 EUR 5 572 598 0.33 3 900 000 EUR 4 223 531 0.25
17/09/2030 31/12/2049 FRN
4 080 000 UBS GROUP 0.875% 21-03/11/2031 EUR 4 055 226 0.24 VOLKSWAGEN INTFN 20-
5 100 000 EUR 5 533 033 0.33
31/12/2060 FRN
Australia 6 858 771 0.41
TELSTRA CORP LTD 1.375% 19- Spain 57 349 485 3.45
6 500 000 EUR 6 858 771 0.41 BANCO BILBAO VIZCAYA
26/03/2029 4 300 000 EUR 4 293 579 0.26
ARGENTARIA 20-16/01/2030 FRN
Cyprus 6 548 808 0.39 7 600 000
BANCO BILBAO VIZCAYA
EUR 7 497 249 0.45
AROUNDTOWN SA 1.450% 19- ARGENTARIA 21-24/03/2027 FRN
6 400 000 EUR 6 548 808 0.39
09/07/2028 3 400 000 BANCO SABADELL 20-11/03/2027 FRN EUR 3 459 182 0.21
Portugal 5 308 248 0.32 13 000 000 BANCO SABADELL 21-16/06/2028 FRN EUR 12 513 526 0.75
5 000 000 EDP SA 1.625% 20-15/04/2027 EUR 5 308 248 0.32 7 000 000 BANKIA 19-15/02/2029 FRN EUR 7 420 840 0.44
3 000 000 BANKINTER SA 21-23/12/2032 FRN EUR 2 969 545 0.18
Denmark 5 077 532 0.30
DANSKE BANK A/S 1.500% 20- 10 000 000 CAIXABANK 21-26/05/2028 FRN EUR 9 965 782 0.60
5 000 000 EUR 5 077 532 0.30
02/09/2030 7 000 000 IBERDROLA FIN SA 21-31/12/2061 FRN EUR 6 960 582 0.42
Canada 4 881 897 0.29 2 000 000 MAPFRE 17-31/03/2047 FRN EUR 2 269 200 0.14
BANK NOVA SCOTIA 0.250% 21-
5 000 000
01/11/2028
EUR 4 881 897 0.29 United States of
America 52 725 275 3.16
Norway 4 404 148 0.26
10 000 000 AT&T INC 20-31/12/2060 FRN EUR 10 006 094 0.60
SPAREBANK 1 SR 0.250% 21-
4 429 000 EUR 4 404 148 0.26 BANK OF AMERICA CORP 17-
09/11/2026 5 000 000 EUR 5 139 076 0.31
07/02/2025 FRN
Mexico 2 526 375 0.15 8 000 000 CITIGROUP INC 18-24/07/2026 FRN EUR 8 339 227 0.50
AMERICA MOVIL SA 0.750% 19-
2 500 000 EUR 2 526 375 0.15 13 000 000 CITIGROUP INC 20-06/07/2026 FRN EUR 13 426 760 0.80
26/06/2027
MORGAN STANLEY 21-
503 035 696 30.15 15 920 000 EUR 15 814 118 0.95
Floating rate bonds 29/10/2027 FRN
France 83 432 830 5.00 United Kingdom 50 840 553 3.04
BARCLAYS BANK PLC 21-
3 000 000 ARKEMA 20-31/12/2060 FRN EUR 3 003 617 0.18 10 000 000 EUR 9 760 183 0.58
09/08/2029 FRN
2 000 000 AXA SA 14-20/05/2049 FRN EUR 2 224 393 0.13 7 000 000 HSBC HOLDINGS 20-13/11/2026 FRN EUR 6 978 079 0.42
5 000 000 AXA SA 16-06/07/2047 FRN EUR 5 596 317 0.34 LLOYDS BANKING GROUP PLC 20-
3 200 000 EUR 3 582 762 0.21
7 000 000 BNP PARIBAS 20-15/01/2032 FRN EUR 6 998 527 0.42 18/03/2030 FRN
7 364 000 NATWEST GROUP 21-14/09/2032 FRN EUR 7 245 222 0.43
10 000 000 BNP PARIBAS 20-17/04/2029 FRN EUR 10 199 978 0.61
2 500 000 NATWEST GROUP 21-26/02/2030 FRN EUR 2 465 055 0.15
5 400 000 BNP PARIBAS 21-30/05/2028 FRN EUR 5 361 141 0.32
SANTANDER UK GRP 21-
2 500 000 BPCE 20-15/09/2027 FRN EUR 2 488 791 0.15 10 948 000 EUR 10 699 838 0.64
13/09/2029 FRN
3 500 000 CNP ASSURANCES 15-10/06/2047 FRN EUR 4 148 354 0.25 3 000 000 STANDARD CHART 21-23/09/2031 FRN EUR 2 992 483 0.18
CREDIT LOGEMENT 21- 7 000 000 VODAFONE GROUP 20-27/08/2080 FRN EUR 7 116 931 0.43
3 100 000 EUR 3 081 378 0.18
15/02/2034 FRN
SOCIETE GENERALE 20- Germany 44 654 280 2.68
10 000 000 EUR 10 073 976 0.60
22/09/2028 FRN
1 900 000 ALLIANZ SE 13-29/10/2049 FRN EUR 2 047 514 0.12
SOCIETE GENERALE 20-
3 000 000 EUR 2 995 648 0.18
24/11/2030 FRN 5 300 000 ALLIANZ SE 15-07/07/2045 FRN EUR 5 565 759 0.33
SOCIETE GENERALE 21- 11 000 000 BERTELSMANN SE 15-23/04/2075 FRN EUR 11 705 572 0.70
8 600 000 EUR 8 536 550 0.51
17/11/2026 FRN
SOCIETE GENERALE 21- 7 500 000 EVONIK 21-02/09/2081 FRN EUR 7 447 198 0.45
6 000 000 EUR 5 980 228 0.36
30/06/2031 FRN 10 000 000 INFINEON TECH 19-01/04/2168 FRN EUR 10 358 068 0.62
7 000 000 SOGECAP SA 14-29/12/2049 FRN EUR 7 788 433 0.47 MUENCHENER
5 000 000 TOTAL SE 21-31/12/2061 FRN EUR 4 955 499 0.30 2 000 000 RUECKVERSICHERUNG 18- EUR 2 260 702 0.14
26/05/2049 FRN
The Netherlands 71 601 133 4.29 5 000 000 TALANX AG 17-05/12/2047 FRN EUR 5 269 467 0.32
3 200 000 ABERTIS FINANCE 21-31/12/2061 FRN EUR 3 130 001 0.19
ASR NEDERLAND NV 19- Portugal 26 080 414 1.56
4 000 000 EUR 4 403 913 0.26 BANCO COMMERCIAL PORTUGUES
02/05/2049 FRN 13 000 000 EUR 12 673 050 0.76
COOPERATIEVE RAB 21- 21-12/02/2027 FRN
7 400 000 EUR 7 368 900 0.44 8 000 000 EDP SA 21-14/03/2082 FRN EUR 7 706 651 0.46
01/12/2027 FRN
1 500 000 ING GROEP NV 17-15/02/2029 FRN EUR 1 563 805 0.09 6 000 000 EDP SA 21-14/03/2082 FRN EUR 5 700 713 0.34
5 400 000 ING GROEP NV 21-29/09/2028 FRN EUR 5 305 248 0.32
Italy 21 806 454 1.31
2 700 000 ING GROEP NV 21-29/11/2025 FRN EUR 2 696 926 0.16
5 000 000 ENEL SPA 21-31/12/2061 FRN EUR 4 878 758 0.29
1 000 000 ING VERZEKERING 14-08/04/2044 FRN EUR 1 088 596 0.07
5 645 000 MEDIOBANCA SPA 21-02/11/2028 FRN EUR 5 538 473 0.33
NATURGY FINANCE 21-
2 500 000 EUR 2 503 671 0.15 6 000 000 UNICREDIT SPA 20-15/01/2032 FRN EUR 6 118 973 0.37
23/02/2170 FRN
2 500 000 NN GROUP NV 14-15/07/2049 FRN EUR 2 817 733 0.17 5 000 000 UNICREDIT SPA 20-22/07/2027 FRN EUR 5 270 250 0.32
8 800 000 NN GROUP NV 17-13/01/2048 FRN EUR 10 276 024 0.62
Denmark 20 881 406 1.25
REPSOL INTERNATIONAL FIN 21-
5 000 000 EUR 4 983 834 0.30 8 555 000 DANSKE BANK A/S 21-09/06/2029 FRN EUR 8 472 798 0.51
31/12/2061 FRN
TELEFONICA EUROP 19- 8 070 000 DANSKE BANK A/S 21-10/11/2024 FRN EUR 8 073 379 0.48
10 000 000 EUR 10 743 500 0.64
31/12/2049 FRN 4 394 000 JYSKE BANK A/S 21-17/02/2028 FRN EUR 4 335 229 0.26
The accompanying notes form an integral part of these financial statements
Page 119
BNP PARIBAS FUNDS Euro Corporate Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Switzerland 19 105 716 1.14
11 500 000 UBS GROUP 20-29/01/2026 FRN EUR 11 510 068 0.69
5 277 000 UBS GROUP 21-03/11/2026 FRN EUR 5 251 843 0.31
ZURICH INSURANCE 16-
2 100 000 EUR 2 343 805 0.14
01/10/2046 FRN
Belgium 18 133 647 1.08
5 100 000 KBC GROUP NV 19-03/12/2029 FRN EUR 5 073 450 0.30
5 000 000 KBC GROUP NV 21-07/12/2031 FRN EUR 4 910 757 0.29
8 000 000 SOLVAY SA 20-02/09/2169 FRN EUR 8 149 440 0.49
Austria 14 489 115 0.87
7 600 000 RAIFFEISEN BK IN 19-12/03/2030 FRN EUR 7 685 951 0.46
3 100 000 RAIFFEISEN BK IN 20-18/06/2032 FRN EUR 3 329 218 0.20
UNIQA INSURANCE 21-
3 500 000 EUR 3 473 946 0.21
09/12/2041 FRN
Ireland 9 905 790 0.59
10 045 000 BANK OF IRELAND 21-10/05/2027 FRN EUR 9 905 790 0.59
Japan 6 453 563 0.39
MITSUBISHI UFJ FINANCE 21-
6 507 000 EUR 6 453 563 0.39
08/06/2027 FRN
Poland 3 155 840 0.19
3 200 000 MBANK 21-21/09/2027 FRN EUR 3 155 840 0.19
Luxembourg 2 420 195 0.15
2 500 000 GRAND CITY PROP 20-31/12/2060 FRN EUR 2 420 195 0.15
Shares/Units in investment funds 59 053 008 3.56
Luxembourg 59 053 008 3.56
BNP PARIBAS FLEXI I ABS EUROPE
15 000.00 EUR 15 379 349 0.92
AAA XCA
BNP PARIBAS FUNDS EURO HIGH
165 455.65 YIELD SHORT DURATION BOND - EUR 20 288 171 1.23
I CAP
BNP PARIBAS FUNDS EURO SHORT
42 780.91 EUR 4 527 931 0.27
TERM CORPORATE BOND - X CAP
BNP PARIBAS INSTICASH EUR 1D
137 428.53 EUR 18 857 557 1.14
SHORT TERM VNAV - I CAP
Total securities portfolio 1 649 620 493 98.87
The accompanying notes form an integral part of these financial statements
Page 120
BNP PARIBAS FUNDS Euro Corporate Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an The Netherlands 24 576 899 9.66
official stock exchange listing and/or 243 371 155 95.47 510 000
CONTI-GUMMI FIN 2.125% 20-
EUR 529 709 0.21
27/11/2023
traded on another regulated market 2 280 000 DUFRY ONE BV 2.000% 19-15/02/2027 EUR 2 108 668 0.83
Bonds 164 849 967 64.65 1 500 000 DUFRY ONE BV 3.375% 21-15/04/2028 EUR 1 446 750 0.57
2 510 000 EASYJET FINCO 1.875% 21-03/03/2028 EUR 2 515 714 0.99
France 40 268 231 15.76
ENEL FINANCE INTERNATIONAL NV
AEROPORT PARIS 1.125% 19- 2 661 000 EUR 2 755 603 1.08
900 000 EUR 902 524 0.35 1.125% 18-16/09/2026
18/06/2034
GRUPO-ANTOLIN 3.375% 18-
AEROPORT PARIS 2.125% 20- 1 100 000 EUR 1 067 788 0.42
400 000 EUR 432 940 0.17 30/04/2026
02/10/2026
GRUPO-ANTOLIN 3.500% 21-
761 000 AIRBUS SE 1.375% 20-09/06/2026 EUR 793 822 0.31 1 550 000 EUR 1 456 622 0.57
30/04/2028
500 000 ALSTOM S 0.000% 21-11/01/2029 EUR 480 627 0.19 HEIMSTADEN BOST 0.250% 21-
571 000 EUR 571 506 0.22
BANQUE FEDERATIVE DU CREDIT 13/10/2024
1 100 000 EUR 1 081 241 0.42 2 400 000 IPD 3 BV 5.500% 20-01/12/2025 EUR 2 461 332 0.97
MUTUEL 0.625% 20-21/02/2031
BANQUE FEDERATIVE DU CREDIT 1 100 000 JAB HOLDINGS 2.500% 18-25/06/2029 EUR 1 215 006 0.48
600 000 EUR 597 754 0.23
MUTUEL 0.625% 21-03/11/2028
BANQUE FEDERATIVE DU CREDIT 662 000 JDE PEETS NV 0.500% 21-16/01/2029 EUR 644 114 0.25
400 000 EUR 392 188 0.15 KONINKLIJKE KPN 0.875% 20-
MUTUEL 1.125% 21-19/11/2031
300 000 EUR 294 125 0.12
1 100 000 BPCE 0.250% 20-15/01/2026 EUR 1 097 872 0.43 14/12/2032
KONINKLIJKE KPN 1.125% 16-
1 200 000 BPCE 0.250% 21-14/01/2031 EUR 1 146 543 0.45 700 000 EUR 720 018 0.28
11/09/2028
900 000 BPCE 0.625% 19-26/09/2024 EUR 914 352 0.36 995 000 MAXEDA DIY 5.875% 20-01/10/2026 EUR 1 012 258 0.40
1 200 000 BPCE 1.375% 18-23/03/2026 EUR 1 251 634 0.49 SAIPEM FIN INTERNATIONAL 3.125%
766 000 EUR 756 151 0.30
CAISSE NA REA MU 2.125% 19- 21-31/03/2028
400 000 EUR 412 511 0.16 SAIPEM FIN INTERNATIONAL 3.375%
16/09/2029 1 100 000 EUR 1 098 378 0.43
CARREFOUR BANQUE 0.107% 21- 20-15/07/2026
600 000 EUR 595 602 0.23 SHELL INTERNATIONAL FIN 0.875%
14/06/2025 1 470 000 EUR 1 343 935 0.53
CIE DE ST GOBAIN 1.875% 18- 19-08/11/2039
400 000 EUR 438 896 0.17 VOLKSWAGEN INTERNATION FN
21/09/2028 1 400 000 EUR 1 500 746 0.59
CREDIT AGRICOLE ASSR 1.500% 21- 1.875% 17-30/03/2027
900 000 EUR 884 894 0.35 1 067 000 WP/AP TELECOM 3.750% 21-15/01/2029 EUR 1 078 476 0.42
06/10/2031
CREDIT AGRICOLE SA 0.125% 20-
1 000 000 EUR 976 715 0.38 Germany 20 999 215 8.20
09/12/2027
ESSILORLUXOTTICA 0.750% 19- 335 000 COVESTRO AG 0.875% 20-03/02/2026 EUR 341 522 0.13
900 000 EUR 919 665 0.36
27/11/2031
1 178 000 DAIMLER AG 0.750% 21-11/03/2033 EUR 1 183 246 0.46
400 000 EUTELSAT SA 1.500% 20-13/10/2028 EUR 404 118 0.16
1 000 000 DAIMLER AG 1.000% 17-15/11/2027 EUR 1 045 970 0.41
445 000 FAURECIA 2.375% 19-15/06/2027 EUR 445 813 0.17
645 000 DAIMLER AG 2.625% 20-07/04/2025 EUR 700 288 0.27
1 200 000 FAURECIA 2.375% 21-15/06/2029 EUR 1 205 792 0.47
DEUTSCHE BANK AG 1.625% 20-
800 000 GECINA 1.375% 17-30/06/2027 EUR 845 380 0.33 1 200 000 EUR 1 249 195 0.49
20/01/2027
HOLDING DINFRA 0.625% 21- DT LUFTHANSA AG 2.875% 21-
200 000 EUR 194 981 0.08 1 000 000 EUR 979 025 0.38
14/09/2028 16/05/2027
HOLDING DINFRA 2.500% 20- FRESENIUS SE & C 0.750% 20-
1 200 000 EUR 1 308 027 0.51 632 000 EUR 637 283 0.25
04/05/2027 15/01/2028
700 000 ICADE 0.625% 21-18/01/2031 EUR 669 623 0.26 HOCHTIEF AKTIENG 0.625% 21-
825 000 EUR 800 130 0.31
26/04/2029
900 000 ICADE 1.625% 18-28/02/2028 EUR 945 796 0.37
1 500 000 HP PELZER 4.125% 17-01/04/2024 EUR 1 394 955 0.55
500 000 JCDECAUX SA 2.000% 20-24/10/2024 EUR 522 645 0.21 LEG IMMOBILIEN SE 1.000% 21-
1 800 000 EUR 1 766 074 0.69
400 000 LA MONDIALE 2.125% 20-23/06/2031 EUR 414 585 0.16 19/11/2032
200 000 MICHELIN 0.000% 20-02/11/2028 EUR 195 121 0.08 1 200 000 SCHAEFFLER AG 3.375% 20-12/10/2028 EUR 1 335 463 0.52
200 000 MICHELIN 0.625% 20-02/11/2040 EUR 187 584 0.07 1 234 000 STYROLUTION 2.250% 20-16/01/2027 EUR 1 203 109 0.47
MUTUELLE ASSUR 0.625% 21- TECHEM VERWALTUN 2.000% 20-
700 000 EUR 685 177 0.27 1 400 000 EUR 1 383 734 0.54
21/06/2027 15/07/2025
PERNOD RICARD SA 0.125% 21- VOLKSWAGEN FIN 0.125% 21-
1 500 000 EUR 1 458 192 0.57 632 000 EUR 617 770 0.24
04/10/2029 12/02/2027
VOLKSWAGEN FINANCIAL 0.000%
875 000 RCI BANQUE 0.500% 16-15/09/2023 EUR 881 068 0.35 540 000 EUR 536 242 0.21
21-12/02/2025
550 000 RCI BANQUE 1.625% 18-26/05/2026 EUR 569 903 0.22 VOLKSWAGEN LEAS 0.000% 21-
746 000 EUR 743 748 0.29
19/07/2024
440 000 RCI BANQUE 2.000% 19-11/07/2024 EUR 458 009 0.18
VOLKSWAGEN LEAS 0.625% 21-
900 000 RENAULT 1.125% 19-04/10/2027 EUR 836 657 0.33 541 000 EUR 531 716 0.21
19/07/2029
400 000 RENAULT 2.500% 21-02/06/2027 EUR 400 858 0.16 VOLKSWAGEN LEAS 1.375% 17-
1 210 000 EUR 1 251 800 0.49
20/01/2025
1 100 000 SANEF 1.875% 15-16/03/2026 EUR 1 159 074 0.45
800 000 VONOVIA SE 0.625% 21-24/03/2031 EUR 786 229 0.31
900 000 SUEZ 1.250% 20-14/05/2035 EUR 936 171 0.37 1 000 000 VONOVIA SE 1.000% 21-16/06/2033 EUR 976 860 0.38
TELEPERFORMANCE 1.500% 17-
1 100 000 EUR 1 129 849 0.44 800 000 ZF FINANCE 3.000% 20-21/09/2025 EUR 835 571 0.33
03/04/2024
TEREOS FIN GROUP 7.500% 20- ZF FINANCE GMBH 2.000% 21-
1 700 000 EUR 1 821 153 0.71 700 000 EUR 699 285 0.27
30/10/2025 06/05/2027
UNIBAIL-RODAMCO 1.500% 17-
1 500 000
22/02/2028
EUR 1 569 984 0.62 United Kingdom 20 993 644 8.22
1 800 000 URW 0.625% 20-04/05/2027 EUR 1 805 000 0.71 920 000 BP CAPITAL PLC 1.876% 20-07/04/2024 EUR 959 681 0.38
BRITISH TELECOMM 0.500% 19-
700 000 URW 0.750% 21-25/10/2028 EUR 698 016 0.27 437 000 EUR 438 594 0.17
12/09/2025
2 350 000 VALLOUREC SA 8.500% 21-30/06/2026 EUR 2 419 342 0.95 BRITISH TELECOMM 1.125% 19-
496 000 EUR 501 931 0.20
1 100 000 VIVENDI SA 0.875% 17-18/09/2024 EUR 1 120 721 0.44 12/09/2029
BRITISH TELECOMM PLC 1.000% 17-
800 000 VIVENDI SA 1.125% 19-11/12/2028 EUR 827 464 0.32 1 030 000 EUR 1 048 212 0.41
21/11/2024
755 000 WPP FINANCE 2.375% 20-19/05/2027 EUR 832 348 0.33 COCA-COLA EURO 0.200% 20-
491 000 EUR 476 110 0.19
02/12/2028
The accompanying notes form an integral part of these financial statements
Page 121
BNP PARIBAS FUNDS Euro Corporate Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
HEATHROW FUNDING 1.500% 15- MATTERHORN TELE 4.000% 17-
350 000 EUR 360 469 0.14 664 000 EUR 676 975 0.27
11/02/2030 15/11/2027
INTERNATIONAL CONSOLIDAT PROLOGIS INTERNATIONAL II 0.875%
1 500 000 EUR 1 330 538 0.52 1 037 000 EUR 1 049 569 0.41
1.500% 19-04/07/2027 19-09/07/2029
INTERNATIONAL CONSOLIDAT SUMMER BC HOLDCO 5.750% 19-
2 100 000 EUR 2 050 182 0.80 1 300 000 EUR 1 351 331 0.53
2.750% 21-25/03/2025 31/10/2026
INTERNATIONAL CONSOLIDAT TRATON FINANCE LUX 0.125% 21-
1 000 000 EUR 976 332 0.38 500 000 EUR 498 820 0.20
3.750% 21-25/03/2029 10/11/2024
1 200 000 ITV PLC 1.375% 19-26/09/2026 EUR 1 228 705 0.48
United States of
JAGUAR LAND ROVER 4.500% 21-
700 000 EUR 711 269 0.28 America 5 023 609 1.98
15/07/2028
NATIONAL GRID ELECT 0.823% 20- ARDAGH METAL PAC 2.000% 21-
550 000 EUR 546 361 0.21 638 000 EUR 630 258 0.25
07/07/2032 01/09/2028
NATIONWIDE BLDG 0.250% 20- MMS USA FIN INC 0.625% 19-
1 472 000 EUR 1 476 868 0.58 1 100 000 EUR 1 111 416 0.44
22/07/2025 13/06/2025
NATIONWIDE BLDG 0.250% 21- MMS USA FIN INC 1.250% 19-
1 200 000 EUR 1 176 971 0.46 900 000 EUR 933 241 0.37
14/09/2028 13/06/2028
NATWEST MARKETS 0.125% 21- SUPERIOR IND INT 6.000% 17-
1 400 000 EUR 1 387 181 0.54 2 440 000 EUR 2 348 694 0.92
18/06/2026 15/06/2025
ROLLS-ROYCE PLC 1.625% 18-
1 880 000
09/05/2028
EUR 1 792 933 0.70 Belgium 4 659 586 1.83
754 000 SSE PLC 1.250% 20-16/04/2025 EUR 779 123 0.31 601 000 AB INBEV SA/NV 2.125% 20-02/12/2027 EUR 657 872 0.26
1 080 000 STELLANTIS NV 0.750% 21-18/01/2029 EUR 1 064 482 0.42 600 000 ELIA SYSTEM OP 1.500% 18-05/09/2028 EUR 639 250 0.25
TESCO CORP TREAS 0.375% 21- 1 200 000 KBC GROUP NV 0.750% 21-31/05/2031 EUR 1 188 982 0.47
529 000 EUR 507 155 0.20
27/07/2029 1 980 000 ONTEX GROUP 3.500% 21-15/07/2026 EUR 1 881 297 0.74
609 000 VICTORIA PLC 3.625% 21-24/08/2026 EUR 616 805 0.24
300 000 PROXIMUS SADP 0.750% 21-17/11/2036 EUR 292 185 0.11
YORKSHRE BLD SOC 0.500% 21-
1 577 000 EUR 1 563 742 0.61
01/07/2028 Sweden 4 017 514 1.58
Spain 11 567 861 4.55 MOLNLYCKE HLD 0.625% 20-
1 451 000 EUR 1 395 081 0.55
15/01/2031
AEDAS HOMES OPCO 4.000% 21-
314 000 EUR 322 703 0.13 MOLNLYCKE HLD 0.875% 19-
15/08/2026 1 000 000 EUR 999 472 0.39
05/09/2029
AMADEUS IT GROUP SA 0.875% 18-
900 000 EUR 911 832 0.36 SCA HYGIENE AB 1.125% 17-
18/09/2023 442 000 EUR 452 496 0.18
27/03/2024
BANCO SANTANDER 0.250% 19-
900 000 EUR 906 147 0.36 1 145 000 TELE2 AB 1.125% 18-15/05/2024 EUR 1 170 465 0.46
19/06/2024
BANCO SANTANDER 0.500% 20-
1 100 000 EUR 1 093 446 0.43 Ireland 3 766 495 1.48
04/02/2027
1 200 000 CAIXABANK 1.125% 19-27/03/2026 EUR 1 238 197 0.49 400 000 CRH FINANCE 1.375% 16-18/10/2028 EUR 421 637 0.17
500 000 CAIXABANK 1.375% 19-19/06/2026 EUR 516 889 0.20 FRESENIUS FIN IR 1.500% 17-
750 000 EUR 770 479 0.30
30/01/2024
FCC AQUALIA SA 2.629% 17- HAMMERSON IRLND 1.750% 21-
1 030 000 EUR 1 129 246 0.44 956 000 EUR 938 590 0.37
08/06/2027 03/06/2027
1 300 000 GRIFOLS SA 2.250% 19-15/11/2027 EUR 1 296 624 0.51 331 000 SMURFIT KAPPA 0.500% 21-22/09/2029 EUR 325 042 0.13
INMOBILIARIA COL 1.350% 20-
800 000 EUR 823 614 0.32 SMURFIT KAPPA AQ 2.875% 18-
14/10/2028 1 200 000 EUR 1 310 747 0.51
15/01/2026
MERLIN PROPERTIE 2.375% 20-
1 300 000 EUR 1 398 929 0.55
13/07/2027 Denmark 1 905 094 0.75
NATURGY ENERGY GROUP CAP CARLSBERG BREW 0.375% 20-
1 000 000 EUR 1 023 824 0.40 1 400 000 EUR 1 399 255 0.55
1.125% 17-11/04/2024 30/06/2027
SANTANDER CONSUMER FIN 0.375%
900 000 EUR 906 410 0.36 500 000 DKT FINANCE 7.000% 18-17/06/2023 EUR 505 839 0.20
19-27/06/2024
Italy 10 455 078 4.10 Switzerland 1 830 858 0.72
1 215 000 ASSICURAZIONI 1.713% 21-30/06/2032 EUR 1 197 413 0.47 1 862 000 UBS GROUP 0.250% 21-24/02/2028 EUR 1 830 858 0.72
600 000 ASSICURAZIONI 2.124% 19-01/10/2030 EUR 628 025 0.25 Cyprus 1 783 511 0.70
AUTOSTRADA TORIN 1.000% 21- AROUNDTOWN SA 0.000% 20-
817 000 EUR 818 764 0.32 1 200 000 EUR 1 169 560 0.46
25/11/2026 16/07/2026
791 000 ENI SPA 0.375% 21-14/06/2028 EUR 783 166 0.31 AROUNDTOWN SA 1.450% 19-
600 000 EUR 613 951 0.24
09/07/2028
212 000 ERG SPA 0.875% 21-15/09/2031 EUR 208 674 0.08
802 000
GUALA CLOSURES 3.250% 21-
EUR 785 873 0.31 Austria 1 315 672 0.52
15/06/2028 200 000 BAWAG PSK 0.375% 19-03/09/2027 EUR 198 149 0.08
INTESA SANPAOLO 0.625% 21-
717 000 EUR 711 620 0.28 1 120 000 OMV AG 1.000% 19-03/07/2034 EUR 1 117 523 0.44
24/02/2026
INTESA SANPAOLO 1.000% 19-
1 210 000 EUR 1 229 894 0.48 Romania 1 273 838 0.50
19/11/2026
2 550 000 IREN SPA 1.500% 17-24/10/2027 EUR 2 680 419 1.05 1 300 000 RCS & RDS SA 3.250% 20-05/02/2028 EUR 1 273 838 0.50
700 000 UNICREDIT SPA 0.325% 21-19/01/2026 EUR 693 624 0.27
Poland 1 075 868 0.42
700 000 UNICREDIT SPA 1.800% 20-20/01/2030 EUR 717 606 0.28 1 110 000 SYNTHOS 2.500% 21-07/06/2028 EUR 1 075 868 0.42
Luxembourg 8 158 816 3.21 Finland 986 740 0.39
BLACKSTONE PROP 1.750% 19- STORA ENSO OYJ 0.625% 20-
400 000 EUR 406 520 0.16 325 000 EUR 319 279 0.13
12/03/2029 02/12/2030
1 103 000 CNH IND FIN 1.625% 19-03/07/2029 EUR 1 155 649 0.45 STORA ENSO OYJ 2.500% 18-
600 000 EUR 667 461 0.26
CPI PROPERTY GRO 2.125% 17- 21/03/2028
800 000 EUR 831 400 0.33
04/10/2024
GRAND CITY PROP 0.125% 21- Cayman Islands 191 438 0.08
1 200 000 EUR 1 150 131 0.45 CIE GNRL DES ESTABLI 0.250% 20-
11/01/2028 200 000 EUR 191 438 0.08
02/11/2032
399 000 LOGICOR FIN 0.875% 21-14/01/2031 EUR 378 491 0.15
MATTERHORN TELE 3.125% 19-
663 000 EUR 659 930 0.26
15/09/2026
The accompanying notes form an integral part of these financial statements
Page 122
BNP PARIBAS FUNDS Euro Corporate Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
SANTANDER UK GRP 21-
Floating rate bonds 78 521 188 30.82 865 000
13/09/2029 FRN
EUR 845 393 0.33
1 592 000 SSE PLC 20-31/12/2060 FRN EUR 1 701 591 0.67
France 18 111 853 7.09
1 200 000 ACCOR 19-31/12/2059 FRN EUR 1 138 102 0.45 626 000 STANDARD CHART 21-17/11/2029 FRN EUR 622 242 0.24
100 000 ARKEMA 20-31/12/2060 FRN EUR 100 121 0.04 Italy 8 295 825 3.25
811 000 AXA SA 21-07/10/2041 FRN EUR 791 532 0.31 755 000 ENEL SPA 21-31/12/2061 FRN EUR 736 692 0.29
600 000 BNP PARIBAS 19-04/06/2026 FRN EUR 604 974 0.24 481 000 ENI SPA 21-31/12/2061 FRN EUR 480 014 0.19
500 000 BNP PARIBAS 20-17/04/2029 FRN EUR 509 999 0.20 1 200 000 INTESA SANPAOLO 17-31/12/2049 FRN EUR 1 304 608 0.51
600 000 BPCE 21-13/01/2042 FRN EUR 594 991 0.23 673 000 MEDIOBANCA SPA 21-02/11/2028 FRN EUR 660 300 0.26
900 000 CNP ASSURANCES 20-30/06/2051 FRN EUR 951 395 0.37 900 000 UNICREDIT SPA 16-29/12/2049 FRN EUR 932 619 0.37
900 000 CNP ASSURANCES 21-12/10/2053 FRN EUR 889 658 0.35 1 230 000 UNICREDIT SPA 20-16/06/2026 FRN EUR 1 260 084 0.49
CRED AGRICOLE SA 20- 940 000 UNICREDIT SPA 20-20/01/2026 FRN EUR 954 318 0.37
500 000 EUR 512 026 0.20
22/04/2026 FRN
CREDIT AGRICOLE ASSURANCES 14- 1 305 000 UNICREDIT SPA 20-22/07/2027 FRN EUR 1 375 535 0.54
1 500 000 EUR 1 686 984 0.66
31/10/2049 FRN 593 000 UNICREDIT SPA 21-05/07/2029 FRN EUR 591 655 0.23
CREDIT AGRICOLE ASSURANCES 15-
500 000 EUR 547 910 0.21
29/01/2049 FRN Germany 7 311 580 2.87
CREDIT LOGEMENT 21- DEUTSCHE BANK AG 14-
700 000 EUR 695 795 0.27 1 000 000 EUR 1 010 081 0.40
15/02/2034 FRN 31/05/2049 FRN
1 000 000 ENGIE 20-31/12/2060 FRN EUR 995 491 0.39 DEUTSCHE BANK AG 20-
900 000 EUR 915 195 0.36
19/11/2025 FRN
600 000 LA MONDIALE 19-31/12/2059 FRN EUR 648 000 0.25
DEUTSCHE BANK AG 21-
400 000 MUTUELLE ASSUR 21-21/06/2052 FRN EUR 400 371 0.16 1 000 000 EUR 997 919 0.39
17/02/2027 FRN
800 000 SCOR SE 20-17/09/2051 FRN EUR 785 638 0.31 ENERGIE BADEN-W 21-
1 300 000 EUR 1 268 341 0.50
31/08/2081 FRN
SOCIETE GENERALE 20- HANNOVER RUECKV 21-
300 000 EUR 302 219 0.12 1 200 000 EUR 1 177 734 0.46
22/09/2028 FRN 30/06/2042 FRN
SOCIETE GENERALE 20-
1 200 000 EUR 1 198 259 0.47 1 000 000 MERCK 20-09/09/2080 FRN EUR 1 021 372 0.40
24/11/2030 FRN
SOCIETE GENERALE 21- MUENCHENER
700 000 EUR 697 184 0.27 900 000 RUECKVERSICHERUNG 12- EUR 920 938 0.36
02/12/2027 FRN
SOCIETE GENERALE 21- 26/05/2042 FRN
800 000 EUR 781 871 0.31
12/06/2029 FRN
SOCIETE GENERALE 21- Spain 4 610 935 1.81
1 100 000 EUR 1 096 375 0.43 300 000 BANCO SABADELL 20-11/03/2027 FRN EUR 305 222 0.12
30/06/2031 FRN
900 000 SOGECAP SA 14-29/12/2049 FRN EUR 1 001 370 0.39 BANCO SANTANDER 21-
1 200 000 EUR 1 114 033 0.44
31/12/2061 FRN
1 200 000 TOTAL SE 20-31/12/2060 FRN EUR 1 181 588 0.46
1 100 000 CAIXABANK 20-10/07/2026 FRN EUR 1 116 723 0.44
The Netherlands 13 245 363 5.22 1 100 000 CAIXABANK 21-09/02/2029 FRN EUR 1 075 693 0.42
650 000 ACHMEA BV 15-29/12/2049 FRN EUR 705 676 0.28 900 000 CAIXABANK 21-18/06/2031 FRN EUR 900 235 0.35
ADECCO INTERNATIONAL
100 000 KUTXABANK 21-14/10/2027 FRN EUR 99 029 0.04
809 000 FINANCIAL SERVICES 21- EUR 796 698 0.31
21/03/2082 FRN
COOPERATIEVE RAB 20-
Luxembourg 4 399 524 1.72
800 000 EUR 817 774 0.32 CPI PROPERTY GRO 20-
05/05/2028 FRN 810 000 EUR 828 322 0.32
31/12/2060 FRN
2 150 000 FERROVIAL NL 17-31/12/2049 FRN EUR 2 142 658 0.84 CPI PROPERTY GRO 21-
2 800 000 EUR 2 603 124 1.02
300 000 ING GROEP NV 21-09/06/2032 FRN EUR 297 535 0.12 31/12/2061 FRN
500 000 ING GROEP NV 21-16/11/2032 FRN EUR 495 339 0.19 1 000 000 GRAND CITY PROP 20-31/12/2060 FRN EUR 968 078 0.38
900 000 ING GROEP NV 21-29/09/2028 FRN EUR 884 208 0.35 Belgium 2 077 562 0.82
REPSOL INTERNATIONAL FIN 20- 1 200 000 AGEAS 20-24/11/2051 FRN EUR 1 194 717 0.47
1 600 000 EUR 1 727 867 0.68
31/12/2060 FRN
REPSOL INTERNATIONAL FIN 21- 900 000 BELFIUS BANK SA 21-06/04/2034 FRN EUR 882 845 0.35
866 000 EUR 863 200 0.34
31/12/2061 FRN
500 000 SWISS LIFE 16-29/12/2049 FRN EUR 579 907 0.23 Ireland 2 033 299 0.79
650 000 AIB GROUP PLC 21-17/11/2027 FRN EUR 644 245 0.25
1 000 000 SWISS RE 15-29/12/2049 FRN EUR 1 058 947 0.42
TELEFONICA EUROP 18- 888 000 BANK OF IRELAND 21-10/05/2027 FRN EUR 875 694 0.34
1 100 000 EUR 1 164 823 0.46
31/12/2049 FRN 500 000 ZURICH FINANCE 20-17/09/2050 FRN EUR 513 360 0.20
TELEFONICA EUROP 20-
900 000 EUR 905 055 0.36
31/12/2060 FRN United States of
VOLKSWAGEN INTFN 15-
750 000
29/12/2049 FRN
EUR 805 676 0.32 America 1 901 158 0.75
1 900 000 AT&T INC 20-31/12/2060 FRN EUR 1 901 158 0.75
United Kingdom 10 121 618 3.97
400 000 AVIVA PLC 14-03/07/2044 FRN EUR 432 180 0.17 Austria 1 768 216 0.70
BARCLAYS BANK PLC 19- 1 000 000 RAIFFEISEN BK IN 20-18/06/2032 FRN EUR 1 073 941 0.42
1 153 000 EUR 1 168 752 0.46
09/06/2025 FRN 400 000 RAIFFEISEN BK IN 21-17/06/2033 FRN EUR 396 508 0.16
BARCLAYS BANK PLC 21- UNIQA INSURANCE 21-
616 000 EUR 610 533 0.24 300 000 EUR 297 767 0.12
12/05/2032 FRN
09/12/2041 FRN
BARCLAYS BANK PLC 21-
686 000 EUR 684 516 0.27
22/03/2031 FRN Cyprus 1 751 169 0.69
BRITISH TELECOMM 20-
1 410 000 EUR 1 378 026 0.54 600 000 AROUNDTOWN SA 19-12/01/2168 FRN EUR 606 352 0.24
18/08/2080 FRN
700 000 NATWEST GROUP 21-14/09/2032 FRN EUR 688 709 0.27 1 200 000 AROUNDTOWN SA 21-31/12/2061 FRN EUR 1 144 817 0.45
462 000 NATWEST GROUP 21-26/02/2030 FRN EUR 455 542 0.18 Switzerland 1 377 219 0.54
ROYAL BK SCOTLND 19- 833 000 CREDIT SUISSE 19-24/06/2027 FRN EUR 842 933 0.33
1 514 000 EUR 1 534 134 0.60
15/11/2025 FRN
540 000 CREDIT SUISSE 20-14/01/2028 FRN EUR 534 286 0.21
The accompanying notes form an integral part of these financial statements
Page 123
BNP PARIBAS FUNDS Euro Corporate Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Denmark 828 520 0.33
800 000 ORSTED A/S 17-24/11/3017 FRN EUR 828 520 0.33
Portugal 687 347 0.27
CAIXA GERAL DEPO 21-
700 000 EUR 687 347 0.27
21/09/2027 FRN
Other transferable securities 1 036 125 0.41
Bonds 1 036 125 0.41
Iceland 1 036 125 0.41
TEVA PHARMACEUTICAL F 4.500%
1 000 000 EUR 1 036 125 0.41
18-01/03/2025
Shares/Units in investment funds 7 861 011 3.09
Luxembourg 7 861 011 3.09
BNP PARIBAS FUNDS EURO HIGH
26 790.00 EUR 4 712 628 1.85
YIELD BOND - X CAP
BNP PARIBAS FUNDS EURO HIGH
25 675.94 YIELD SHORT DURATION BOND - EUR 3 148 383 1.24
I CAP
Total securities portfolio 252 268 291 98.97
The accompanying notes form an integral part of these financial statements
Page 124
BNP PARIBAS FUNDS Euro Covered Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an Spain 6 255 013 11.90
official stock exchange listing and/or 51 987 359 98.88 BANCO BILBAO VIZCAYA
1 100 000 ARGENTARIACAYA ARGENTARIA EUR 1 244 078 2.37
traded on another regulated market 4.000% 05-25/02/2025
BANCO SANTANDER 1.500% 16-
Bonds 51 987 359 98.88 600 000
25/01/2026
EUR 636 999 1.21
1 500 000 BANKINTER SA 1.000% 15-05/02/2025 EUR 1 549 035 2.95
France 13 642 542 25.96
AXA HOME LOAN 0.050% 19- CAJA RURAL NAV 0.500% 15-
1 300 000 EUR 1 299 450 2.47 800 000 EUR 801 294 1.52
05/07/2027 16/03/2022
CAJA RURAL NAV 0.625% 16-
200 000 BPCE SFH 0.010% 21-18/03/2031 EUR 195 128 0.37 1 200 000 EUR 1 217 247 2.32
01/12/2023
200 000 BPCE SFH 0.010% 21-29/01/2036 EUR 186 181 0.35 800 000 IBERCAJA 0.250% 16-18/10/2023 EUR 806 360 1.53
200 000 BPCE SFH 0.125% 21-03/12/2030 EUR 197 785 0.38
The Netherlands 6 102 333 11.58
600 000 BPCE SFH 0.375% 16-10/02/2023 EUR 605 803 1.15 ABN AMRO BANK NV 1.125% 19-
500 000 EUR 547 643 1.04
300 000 BPCE SFH 0.375% 17-21/02/2024 EUR 304 325 0.58 23/04/2039
ABN AMRO BANK NV 1.250% 18-
100 000 BPCE SFH 0.750% 18-02/09/2025 EUR 103 080 0.20 500 000 EUR 548 003 1.04
10/01/2033
CAISSE FR DE FIN 0.010% 20- ABN AMRO BANK NV 1.500% 15-
700 000 EUR 696 734 1.33 600 000 EUR 666 880 1.27
22/02/2028 30/09/2030
CAISSE FR DE FIN 0.010% 20- ACHMEA BANK NV 0.250% 21-
500 000 EUR 490 700 0.93 200 000 EUR 191 408 0.36
24/06/2030 29/09/2036
CAISSE FR DE FIN 0.010% 21-
200 000 EUR 197 532 0.38 500 000 AEGON BANK 0.010% 20-16/11/2025 EUR 500 330 0.95
01/10/2029
CAISSE FR DE FIN 0.010% 21- 400 000 AEGON BANK 0.375% 21-09/06/2036 EUR 391 148 0.74
500 000 EUR 487 807 0.93
18/03/2031 COOPERATIEVE RAB 0.010% 20-
CAISSE FR DE FIN 0.010% 21- 900 000 EUR 884 919 1.68
300 000 EUR 297 267 0.57 02/07/2030
27/04/2029 COOPERATIEVE RAB 0.125% 21-
CAISSE FR DE FIN 0.125% 21- 300 000 EUR 294 807 0.56
200 000 EUR 196 752 0.37 01/12/2031
30/06/2031 200 000 ING BANK NV 0.125% 21-08/12/2031 EUR 196 583 0.37
CAISSE FR DE FIN 0.500% 21-
100 000 EUR 97 716 0.19 700 000 ING BANK NV 1.875% 13-22/05/2023 EUR 722 284 1.37
01/10/2046
CAISSE FR DE FIN 0.750% 17- 500 000 NN BANK NV 0.010% 20-08/07/2030 EUR 490 715 0.93
500 000 EUR 518 485 0.99
11/01/2027
CAISSE REFIN L HAB 4.300% 11- 300 000 NN BANK NV 0.050% 20-24/09/2035 EUR 282 537 0.54
700 000 EUR 738 636 1.40
24/02/2023 400 000 NN BANK NV 0.375% 21-04/03/2041 EUR 385 076 0.73
2 100 000 CIE FIN FONCIER 0.010% 19-10/11/2027 EUR 2 092 128 3.98
200 000 CIE FIN FONCIER 0.010% 21-16/04/2029 EUR 197 918 0.38
Italy 3 883 448 7.39
CASS RISP PARMA 0.875% 15-
CRED MUTUEL HOME 0.010% 21- 800 000 EUR 814 215 1.55
200 000 EUR 198 913 0.38 16/06/2023
20/07/2028 CREDIT AGRICOLE 0.125% 21-
CREDIT AG HOME L 0.010% 20- 500 000 EUR 484 247 0.92
1 100 000 EUR 1 067 496 2.03 15/03/2033
03/11/2031 CREDITO EMILIANO 1.125% 19-
CREDIT AGRICOLE 0.125% 21- 1 500 000 EUR 1 540 753 2.93
200 000 EUR 196 238 0.37 17/01/2024
08/12/2031 INTESA SANPAOLO 1.125% 18-
CSSE REFIN LHAB 0.010% 19- 1 000 000 EUR 1 044 233 1.99
300 000 EUR 296 059 0.56 14/07/2025
08/10/2029
1 700 000
LA BANQUE POSTALE 2.375% 14-
EUR 1 793 155 3.41 Canada 3 325 111 6.31
15/01/2024 BANK NOVA SCOTIA 0.010% 21-
LA BANQUE POSTALE H 0.010% 19- 200 000 EUR 198 315 0.38
1 000 000 EUR 986 818 1.88 15/12/2027
22/10/2029 BANK OF MONTREAL 0.050% 21-
SOCIETE GENERALE 0.010% 21- 300 000 EUR 294 688 0.56
200 000 EUR 200 436 0.38 08/06/2029
02/12/2026 CAN IMPERIAL BK 0.010% 21-
200 000 EUR 197 048 0.37
30/04/2029
Germany 6 833 241 13.00 NATIONAL BANK CANADA 0.010%
333 000 BERLIN HYP AG 0.010% 20-02/09/2030 EUR 327 562 0.62 240 000 EUR 238 017 0.45
21-25/03/2028
404 000 BERLIN HYP AG 0.010% 21-24/01/2028 EUR 403 429 0.77 NATIONAL BANK CANADA 0.010%
200 000 EUR 199 836 0.38
21-29/09/2026
200 000 BERLIN HYP AG 0.250% 21-19/05/2033 EUR 197 737 0.38 ROYAL BK CANADA 0.010% 21-
300 000 EUR 296 875 0.56
200 000 DZ HYP AG 0.010% 21-15/11/2030 EUR 196 288 0.37 05/10/2028
ROYAL BK CANADA 0.010% 21-
420 000 DZ HYP AG 0.010% 21-20/04/2029 EUR 416 838 0.79 346 000 EUR 337 353 0.64
27/01/2031
200 000 DZ HYP AG 0.010% 21-26/10/2026 EUR 200 496 0.38 ROYAL BK CANADA 0.050% 19-
400 000 EUR 400 641 0.76
19/06/2026
285 000 DZ HYP AG 0.010% 21-29/03/2030 EUR 280 951 0.53
ROYAL BK OF CANADA 0.250% 18-
200 000 ING-DIBA AG 0.010% 21-07/10/2028 EUR 199 134 0.38 451 000 EUR 455 392 0.87
28/06/2023
LANDBK HESSEN-TH 0.000% 19- TORONTO DOMINION BANK 0.375%
1 300 000 EUR 1 308 727 2.49 700 000 EUR 706 946 1.34
03/07/2024 16-27/04/2023
LB BADEN-WUERT 0.010% 20-
685 000
17/06/2026
EUR 686 966 1.31 Portugal 2 369 719 4.51
MUNCHEN HYPOBANK 0.010% 21- BANCO COMMERCIAL PORTUGUES
146 000 EUR 132 309 0.25 400 000 EUR 402 052 0.76
19/10/2039 0.750% 17-31/05/2022
MUNCHEN HYPOBANK 0.250% 21- BANCO SANTANDER TOTTA 0.875%
200 000 EUR 193 353 0.37 1 400 000 EUR 1 433 834 2.73
02/05/2036 17-25/04/2024
BANCO SANTANDER TOTTA 1.250%
775 000 UNICREDIT 0.010% 20-15/09/2028 EUR 770 743 1.47 500 000 EUR 533 833 1.02
17-26/09/2027
594 000 UNICREDIT 0.010% 20-24/06/2030 EUR 584 560 1.11
252 000 UNICREDIT 0.010% 21-10/03/2031 EUR 246 770 0.47
Norway 1 914 365 3.63
DNB BOLIGKREDITT 0.010% 20-
1 100 000 EUR 1 095 914 2.08
150 000 UNICREDIT 0.010% 21-21/01/2036 EUR 140 465 0.27 08/10/2027
300 000 UNICREDIT 0.010% 21-21/05/2029 EUR 297 353 0.57 DNB BOLIGKREDITT 0.010% 21-
212 000 EUR 207 237 0.39
21/01/2031
100 000 UNICREDIT 0.010% 21-28/09/2026 EUR 100 245 0.19 DNB BOLIGKREDITT 0.625% 18-
596 000 EUR 611 214 1.16
150 000 UNICREDIT 0.250% 20-15/01/2032 EUR 149 315 0.28 19/06/2025
The accompanying notes form an integral part of these financial statements
Page 125
BNP PARIBAS FUNDS Euro Covered Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Australia 1 681 541 3.20
COM BK AUSTRALIA 0.125% 21-
200 000 EUR 197 682 0.38
15/10/2029
NATIONAL AUSTRALIA BANK 0.010%
200 000 EUR 197 082 0.37
21-06/01/2029
NATIONAL AUSTRALIA BANK 0.750%
320 000 EUR 329 631 0.63
19-30/01/2026
WESTPAC BANKING 0.010% 21-
300 000 EUR 296 072 0.56
22/09/2028
WESTPAC BANKING 0.500% 17-
650 000 EUR 661 074 1.26
17/05/2024
United Kingdom 1 662 337 3.17
ASB FINANCE LTD 0.250% 21-
400 000 EUR 394 220 0.75
21/05/2031
NATIONWIDE BLDG 0.500% 21-
200 000 EUR 194 563 0.37
05/05/2041
SANTANDER UK PLC 0.050% 20-
680 000 EUR 679 031 1.29
12/01/2027
WESTPAC SEC NZ 0.010% 21-
200 000 EUR 197 268 0.38
08/06/2028
YORKSHRE BLD SOC 0.010% 21-
200 000 EUR 197 255 0.38
16/11/2028
South Korea 1 496 281 2.85
1 000 000 KHFC 0.010% 20-07/07/2025 EUR 998 625 1.90
200 000 KHFC 0.010% 21-29/06/2026 EUR 198 764 0.38
100 000 KHFC 0.258% 21-27/10/2028 EUR 99 612 0.19
200 000 KOOKMIN BANK 0.048% 21-19/10/2026 EUR 199 280 0.38
Sweden 1 015 328 1.93
STADSHYPOTEK AB 0.010% 20-
519 000 EUR 514 375 0.98
24/11/2028
STADSHYPOTEK AB 0.010% 21-
200 000 EUR 195 569 0.37
30/09/2030
STADSHYPOTEK AB 0.375% 19-
300 000 EUR 305 384 0.58
13/03/2026
Finland 903 713 1.72
OP CORPORATE BANK 0.250% 16-
730 000 EUR 736 824 1.40
11/05/2023
OP MORTGAGE BANK 0.050% 21-
170 000 EUR 166 889 0.32
25/03/2031
Belgium 605 592 1.16
BNP PARIBAS FORTIS SA 0.000% 16-
500 000 EUR 502 959 0.96
24/10/2023
BNP PARIBAS FORTIS SA 0.625% 18-
100 000 EUR 102 633 0.20
04/10/2025
New Zealand 197 349 0.38
BANK NEW ZEALAND 0.010% 21-
200 000 EUR 197 349 0.38
15/06/2028
Denmark 99 446 0.19
JYSKE REALKREDIT 0.010% 21-
100 000 EUR 99 446 0.19
01/10/2027
Shares/Units in investment funds 147 363 0.28
France 147 363 0.28
134.78 BNP PARIBAS MOIS - ISR - X CAP EUR 147 363 0.28
Total securities portfolio 52 134 722 99.16
The accompanying notes form an integral part of these financial statements
Page 126
BNP PARIBAS FUNDS Euro Defensive Equity
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an Belgium 7 724 164 5.51
official stock exchange listing and/or 133 436 951 95.16 26 348 AGEAS EUR 1 200 151 0.86
traded on another regulated market 45 634 COLRUYT SA EUR 1 700 323 1.21
133 436 951 95.16 11 725 KBC GROEP NV EUR 884 769 0.63
Shares
97 285 PROXIMUS EUR 1 667 465 1.19
France 37 680 351 26.86 5 258 SOFINA EUR 2 271 456 1.62
9 061 AMUNDI SA EUR 657 376 0.47
68 623 AXA SA EUR 1 796 893 1.28
Finland 7 691 574 5.49
36 211 ELISA OYJ EUR 1 959 739 1.40
35 630 BNP PARIBAS EUR 2 165 235 1.54
34 548 KESKO OYJ - B EUR 1 013 638 0.72
4 870 CAPGEMINI SE EUR 1 049 485 0.75
38 191 KONE OYJ - B EUR 2 407 561 1.72
75 998 CARREFOUR SA EUR 1 223 948 0.87
213 723 NOKIA OYJ EUR 1 191 292 0.85
22 895 COMPAGNIE DE SAINT GOBAIN EUR 1 416 514 1.01
25 405 SAMPO OYJ - A EUR 1 119 344 0.80
38 218 DANONE EUR 2 086 321 1.49
11 086 DASSAULT SYSTEMES SE EUR 579 909 0.41 Spain 5 202 014 3.71
2 131 HERMES INTERNATIONAL EUR 3 273 216 2.33 85 304 RED ELECTRICA CORPORACION SA EUR 1 622 909 1.16
23 471 IPSEN EUR 1 889 416 1.35 108 547 REPSOL SA EUR 1 132 796 0.81
730 KERING EUR 516 037 0.37 635 075 TELEFONICA SA EUR 2 446 309 1.74
10 196 LEGRAND SA EUR 1 049 168 0.75 Italy 4 994 386 3.56
11 278 LOREAL EUR 4 702 361 3.35 35 924 ASSICURAZIONI GENERALI EUR 669 264 0.48
4 493 LVMH EUR 3 266 411 2.33 147 810 ENI S.P.A. EUR 1 806 238 1.29
18 228 MICHELIN (CGDE) EUR 2 627 566 1.87 80 079 FINECOBANK S.P.A. EUR 1 236 019 0.88
126 108 ORANGE EUR 1 187 055 0.85 242 050 SNAM SPA EUR 1 282 865 0.91
34 884 SANOFI AVENTIS EUR 3 090 025 2.20
Austria 3 254 052 2.32
1 309 SARTORIUS STEDIM BIOTECH EUR 631 462 0.45
23 595 OMV AG EUR 1 178 570 0.84
70 024 TOTAL SA EUR 3 125 171 2.23
40 780 RAIFFEISEN BANK INTERNATIONAL EUR 1 055 386 0.75
50 669 VALEO SA EUR 1 346 782 0.96
31 878 VOESTALPINE AG EUR 1 020 096 0.73
Germany 31 248 324 22.29
United Kingdom 2 308 892 1.65
2 577 ADIDAS AG EUR 652 496 0.47
138 373 STELLANTIS NV EUR 2 308 892 1.65
19 131 BAYERISCHE MOTOREN WERKE AG EUR 1 692 902 1.21
13 005 BRENNTAG AG EUR 1 034 938 0.74 Portugal 2 214 397 1.58
4 674 CARL ZEISS MEDITEC AG - BR EUR 863 989 0.62 110 169 JERONIMO MARTINS EUR 2 214 397 1.58
14 029 COVESTRO AG EUR 760 372 0.54 Ireland 515 235 0.37
46 581 DAIMLER AG - REG EUR 3 148 410 2.25 4 907 KINGSPAN GROUP PLC EUR 515 235 0.37
22 313 DAIMLER TRUCK HOLDING AG EUR 720 487 0.51
Total securities portfolio 133 436 951 95.16
13 834 DEUTSCHE BOERSE AG EUR 2 034 981 1.45
28 860 DEUTSCHE POST AG - REG EUR 1 631 744 1.16
185 746 DEUTSCHE TELEKOM AG - REG EUR 3 027 660 2.16
49 640 FRESENIUS SE & CO KGAA EUR 1 757 256 1.25
32 112 GEA GROUP AG EUR 1 544 266 1.10
5 664 LEG IMMOBILIENILIEN AG EUR 694 973 0.50
12 588 MERCK KGAA EUR 2 857 476 2.04
22 029 SAP SE EUR 2 751 422 1.96
2 417 SARTORIUS AG - VORZUG EUR 1 438 598 1.03
11 691 SIEMENS AG - REG EUR 1 784 982 1.27
5 209 SYMRISE AG EUR 678 733 0.48
TELEFONICA DEUTSCHLAND
890 061 EUR 2 172 639 1.55
HOLDING
The Netherlands 30 603 562 21.82
500 587 AEGON NV EUR 2 199 079 1.57
1 783 ASM INTERNATIONAL NV EUR 693 052 0.49
12 516 ASML HOLDING NV EUR 8 845 056 6.31
77 293 CNH INDUSTRIAL NV EUR 1 319 392 0.94
3 832 FERRARI NV EUR 871 780 0.62
11 461 IMCD GROUP NV - W/I EUR 2 231 457 1.59
108 953 ING GROEP NV EUR 1 333 803 0.95
95 785 KONINKLIJKE AHOLD DELHAIZE NV EUR 2 886 481 2.06
13 116 KONINKLIJKE DSM NV EUR 2 596 968 1.85
860 779 KONINKLIJKE KPN NV EUR 2 349 927 1.68
52 131 NN GROUP NV - W/I EUR 2 481 957 1.77
26 975 WOLTERS KLUWER EUR 2 794 610 1.99
The accompanying notes form an integral part of these financial statements
Page 127
BNP PARIBAS FUNDS Euro Equity
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Transferable securities admitted to an
official stock exchange listing and/or 1 692 820 341 99.59
traded on another regulated market
Shares 1 692 820 341 99.59
France 577 675 885 33.98
321 367 AIR LIQUIDE SA EUR 49 271 988 2.90
3 629 335 CREDIT AGRICOLE SA EUR 45 548 154 2.68
325 314 ESSILORLUXOTTICA EUR 60 911 793 3.58
162 173 LVMH EUR 117 899 771 6.94
351 713 MICHELIN (CGDE) EUR 50 699 429 2.98
214 755 PERNOD RICARD SA EUR 45 420 683 2.67
781 429 SANOFI AVENTIS EUR 69 218 981 4.07
465 949 SCHNEIDER ELECTRIC SE EUR 80 357 565 4.73
1 307 361 TOTAL SA EUR 58 347 521 3.43
Germany 350 721 420 20.64
132 718 ADIDAS AG EUR 33 604 198 1.98
210 874 ALLIANZ SE - REG EUR 43 787 986 2.58
174 730 DEUTSCHE BOERSE AG EUR 25 702 783 1.51
3 090 036 DEUTSCHE TELEKOM AG - REG EUR 50 367 587 2.96
2 474 492 E.ON SE EUR 30 169 006 1.77
1 124 430 INFINEON TECHNOLOGIES AG EUR 45 831 767 2.70
537 374 SIEMENS AG - REG EUR 82 046 262 4.83
300 935 SYMRISE AG EUR 39 211 831 2.31
The Netherlands 290 757 145 17.10
167 705 ASML HOLDING NV EUR 118 517 124 6.96
296 831 KONINKLIJKE DSM NV EUR 58 772 538 3.46
932 968 PROSUS NV EUR 68 601 137 4.04
1 810 587 UNIVERSAL MUSIC GROUP NV EUR 44 866 346 2.64
Finland 124 363 906 7.31
1 024 527 NESTE OYJ EUR 44 423 491 2.61
3 072 176 NORDEA BANK ABP EUR 33 136 490 1.95
1 062 277 SAMPO OYJ - A EUR 46 803 925 2.75
Spain 123 708 605 7.28
695 695 AMADEUS IT GROUP SA EUR 41 491 250 2.44
16 838 314 BANCO SANTANDER SA EUR 49 513 062 2.91
1 890 440 GRIFOLS SA EUR 31 901 175 1.88
79 438 GRIFOLS SA - B EUR 803 118 0.05
Ireland 60 264 008 3.55
1 295 443 CRH PLC EUR 60 264 008 3.55
Switzerland 59 093 504 3.48
1 350 400 STMICROELECTRONICS NV EUR 59 093 504 3.48
United Kingdom 42 471 576 2.50
138 796 LINDE PLC EUR 42 471 576 2.50
Portugal 32 157 970 1.89
1 599 899 JERONIMO MARTINS EUR 32 157 970 1.89
Belgium 31 606 322 1.86
594 439 ANHEUSER - BUSCH INBEV SA/NV EUR 31 606 322 1.86
Shares/Units in investment funds 9 029 563 0.53
Luxembourg 9 029 563 0.53
BNP PARIBAS INSTICASH EUR 1D
75 691.55 EUR 9 029 563 0.53
SHORT TERM VNAV - X CAP
Total securities portfolio 1 701 849 904 100.12
The accompanying notes form an integral part of these financial statements
Page 128
BNP PARIBAS FUNDS Euro Government Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 1 160 000 FRANCE O.A.T. 0.500% 20-25/05/2040 EUR 1 132 569 0.09
3 876 651 FRANCE O.A.T. 0.500% 21-25/05/2072 EUR 2 973 172 0.24
official stock exchange listing and/or 1 196 767 137 95.57
6 160 356 FRANCE O.A.T. 0.500% 21-25/06/2044 EUR 5 899 188 0.47
traded on another regulated market
36 958 270 FRANCE O.A.T. 0.750% 17-25/05/2028 EUR 39 146 015 3.13
Bonds 1 196 767 137 95.57
463 100 FRANCE O.A.T. 0.750% 20-25/05/2052 EUR 442 423 0.04
Italy 283 246 298 22.62 868 000 FRANCE O.A.T. 0.750% 21-25/05/2053 EUR 819 590 0.07
ACQUIRENTE UNI 2.800% 19- 2 400 FRANCE O.A.T. 1.250% 16-25/05/2036 EUR 2 659 0.00
2 788 000 EUR 3 029 216 0.24
20/02/2026
2 868 813 FRANCE O.A.T. 1.250% 18-25/05/2034 EUR 3 171 536 0.25
35 608 000 ITALY BTPS 0.000% 21-01/08/2026 EUR 34 922 307 2.79
12 617 721 FRANCE O.A.T. 1.500% 19-25/05/2050 EUR 14 616 536 1.17
18 991 000 ITALY BTPS 0.350% 19-01/02/2025 EUR 19 112 729 1.53
810 000 FRANCE O.A.T. 1.750% 13-25/05/2023 EUR 836 908 0.07
17 306 000 ITALY BTPS 0.500% 20-01/02/2026 EUR 17 429 582 1.39
5 441 000 FRANCE O.A.T. 1.750% 16-25/05/2066 EUR 6 787 684 0.54
9 049 410 ITALY BTPS 0.500% I/L 15-20/04/2023 EUR 9 353 767 0.75
18 979 976 FRANCE O.A.T. 1.750% 17-25/06/2039 EUR 22 897 253 1.83
6 241 414 ITALY BTPS 0.650% 19-28/10/2027 EUR 6 683 965 0.53
17 910 000 ITALY BTPS 0.850% 19-15/01/2027 EUR 18 213 127 1.45 Belgium 171 315 992 13.69
32 924 000 ITALY BTPS 0.950% 20-15/09/2027 EUR 33 577 541 2.68 25 783 000 BELGIAN 0.000% 21-22/10/2031 EUR 25 320 453 2.02
12 395 000 ITALY BTPS 0.950% 21-01/03/2037 EUR 11 410 341 0.91 BELGIAN RETAIL 2.250% 13-
1 121 000 EUR 1 168 721 0.09
22/06/2023
17 949 000 ITALY BTPS 0.950% 21-01/06/2032 EUR 17 435 691 1.39 BELGIUM GOVERNMENT 0.200% 16-
7 000 000 EUR 7 101 570 0.57
10 790 000 ITALY BTPS 0.950% 21-01/12/2031 EUR 10 561 036 0.84 22/10/2023
BELGIUM GOVERNMENT 0324 4.500%
8 115 000 ITALY BTPS 1.500% 21-30/04/2045 EUR 7 577 976 0.61 4 488 000 EUR 5 445 515 0.43
11-28/03/2026
90 000 ITALY BTPS 1.650% 15-01/03/2032 EUR 94 192 0.01 BELGIUM GOVERNMENT 0338 2.250%
1 812 460 EUR 2 496 573 0.20
17-22/06/2057
10 340 000 ITALY BTPS 1.800% 20-01/03/2041 EUR 10 410 726 0.83 BELGIUM GOVERNMENT 1.600% 16-
1 837 000 EUR 2 142 548 0.17
8 323 000 ITALY BTPS 1.850% 17-15/05/2024 EUR 8 686 924 0.69 22/06/2047
BELGIUM GOVERNMENT 1.700% 19-
13 471 000 ITALY BTPS 1.850% 20-01/07/2025 EUR 14 231 236 1.14 6 262 264 EUR 7 475 202 0.60
22/06/2050
499 000 ITALY BTPS 2.150% 21-01/03/2072 EUR 476 590 0.04 BELGIUM GOVERNMENT 2.150% 16-
1 856 000 EUR 2 579 432 0.21
10 120 000 ITALY BTPS 2.450% 17-01/09/2033 EUR 11 369 314 0.91 22/06/2066
BELGIUM GOVERNMENT 3.750% 13-
6 953 000 ITALY BTPS 2.500% 14-01/12/2024 EUR 7 437 442 0.59 524 000 EUR 858 275 0.07
22/06/2045
9 067 000 ITALY BTPS 2.800% 16-01/03/2067 EUR 10 242 718 0.82 BELGIUM GOVERNMENT 4.250% 12-
44 867 000 EUR 46 509 581 3.71
28/09/2022
5 024 000 ITALY BTPS 3.100% 19-01/03/2040 EUR 6 139 001 0.49 COMM FRANC BELG 0.625% 21-
5 300 000 EUR 5 297 854 0.42
2 010 000 ITALY BTPS 3.350% 19-01/03/2035 EUR 2 470 019 0.20 11/06/2035
EUROPEAN UNION 0.000% 21-
18 000 000 ITALY BTPS 3.750% 14-01/09/2024 EUR 19 767 971 1.58 52 421 053 EUR 53 180 838 4.26
06/07/2026
1 705 000 ITALY BTPS 5.000% 09-01/09/2040 EUR 2 612 887 0.21 EUROPEAN UNION 0.400% 21-
11 639 029 EUR 11 739 430 0.94
04/02/2037
Germany 213 611 912 17.06
BUNDESREPUBLIK DEUTSCHLAND Spain 92 173 609 7.36
28 040 000 EUR 29 031 775 2.32 ADIF ALTA VELOCI 0.550% 21-
0.500% 15-15/02/2025 4 200 000 EUR 4 140 289 0.33
BUNDESREPUBLIK DEUTSCHLAND 31/10/2031
62 133 398 EUR 64 775 930 5.18 ADIF ALTA VELOCI 0.950% 19-
0.500% 16-15/02/2026 1 500 000 EUR 1 567 122 0.13
BUNDESREPUBLIK DEUTSCHLAND 30/04/2027
11 795 554 EUR 12 307 363 0.98
1.000% 14-15/08/2024 2 300 000 FADE 0.050% 19-17/09/2024 EUR 2 326 216 0.19
DEUTSCHLAND REP 0.000% 19- JUNTA ANDALUCIA 0.700% 21-
1 780 626 EUR 1 824 572 0.15 7 363 000 EUR 7 183 122 0.57
15/08/2029 30/07/2033
DEUTSCHLAND REP 0.000% 19-
29 212 893 EUR 27 824 696 2.22 20 746 000 SPANISH GOVT 0.000% 20-30/04/2023 EUR 20 914 665 1.67
15/08/2050
DEUTSCHLAND REP 0.000% 20- 15 078 000 SPANISH GOVT 0.500% 20-30/04/2030 EUR 15 267 832 1.22
43 763 459 EUR 44 999 339 3.59
15/08/2030 6 119 000 SPANISH GOVT 0.850% 21-30/07/2037 EUR 5 963 639 0.48
DEUTSCHLAND REP 0.000% 21-
1 831 143 EUR 1 763 519 0.14 13 603 000 SPANISH GOVT 1.000% 20-31/10/2050 EUR 12 326 858 0.98
15/08/2050
7 000 000 KFW 0.000% 19-30/06/2022 EUR 7 023 363 0.56 1 860 000 SPANISH GOVT 1.000% 21-30/07/2042 EUR 1 810 822 0.14
6 520 000 KFW 0.000% 21-15/06/2029 EUR 6 535 405 0.52 2 334 000 SPANISH GOVT 1.450% 21-31/10/2071 EUR 2 032 681 0.16
NIEDERSACHSEN 0.125% 19- 90 000 SPANISH GOVT 1.600% 15-30/04/2025 EUR 95 877 0.01
3 223 000 EUR 3 258 236 0.26
07/03/2025
NORDRHEIN-WEST 0.600% 21- 2 410 000 SPANISH GOVT 2.150% 15-31/10/2025 EUR 2 632 684 0.21
10 542 000 EUR 10 535 509 0.84
04/06/2041 4 075 000 SPANISH GOVT 2.900% 16-31/10/2046 EUR 5 501 087 0.44
3 703 000 RENTENBANK 0.050% 18-12/06/2023 EUR 3 732 205 0.30 646 000 SPANISH GOVT 3.450% 16-30/07/2066 EUR 971 035 0.08
France 210 966 950 16.85 322 000 SPANISH GOVT 4.200% 05-31/01/2037 EUR 473 166 0.04
CAISSE CENT IMMO 0.000% 19- 280 000 SPANISH GOVT 4.400% 13-31/10/2023 EUR 305 598 0.02
3 400 000 EUR 3 414 916 0.27
22/01/2023
120 000 SPANISH GOVT 4.650% 10-30/07/2025 EUR 141 396 0.01
CAISSE CENT IMMO 0.125% 18-
11 300 000 EUR 11 363 892 0.91
26/10/2022 8 000 000 SPANISH GOVT 5.400% 13-31/01/2023 EUR 8 519 520 0.68
DEXIA CRED LOCAL 0.000% 19-
5 100 000 EUR 5 130 322 0.41
29/05/2024 Austria 59 473 936 4.74
DEXIA CRED LOCAL 0.000% 21- HAA-BANK INTERNATIONAL AG
11 400 000 EUR 11 314 230 0.90 5 100 000 EUR 5 252 199 0.42
21/01/2028 2.375% 12-13/12/2022
DEXIA CRED LOCAL 1.250% 14- REPUBLIC OF AUSTRIA 0.000% 16-
5 000 000 EUR 5 181 244 0.41 6 435 000 EUR 6 498 735 0.52
26/11/2024 15/07/2023
DEXIA CRED LOCAL 1.250% 15- REPUBLIC OF AUSTRIA 0.000% 17-
100 000 EUR 104 935 0.01 280 000 EUR 281 213 0.02
27/10/2025 20/09/2022
DEXIA CREDIT LOCAL 0.250% 18- REPUBLIC OF AUSTRIA 0.000% 21-
6 300 000 EUR 6 359 578 0.51 8 738 000 EUR 8 662 807 0.69
01/06/2023 20/02/2031
6 495 639 FRANCE O.A.T. 0.000% 20-25/02/2023 EUR 6 545 417 0.52 REPUBLIC OF AUSTRIA 0.500% 17-
33 730 000 EUR 35 173 145 2.81
20/04/2027
10 259 000 FRANCE O.A.T. 0.000% 21-25/11/2031 EUR 10 075 771 0.80 REPUBLIC OF AUSTRIA 0.700% 21-
304 000 EUR 279 657 0.02
50 842 976 FRANCE O.A.T. 0.500% 16-25/05/2026 EUR 52 751 112 4.21 20/04/2071
The accompanying notes form an integral part of these financial statements
Page 129
BNP PARIBAS FUNDS Euro Government Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
REPUBLIC OF AUSTRIA 0.750% 20-
411 000 EUR 421 829 0.03
20/03/2051
REPUBLIC OF AUSTRIA 0.850% 20-
442 000 EUR 386 740 0.03
30/06/2120
REPUBLIC OF AUSTRIA 1.500% 16-
853 000 EUR 1 036 308 0.08
20/02/2047
REPUBLIC OF AUSTRIA 2.100% 17-
964 000 EUR 1 481 303 0.12
20/09/2117
Ireland 29 980 960 2.39
30 058 632 IRISH GOVT 0.000% 21-18/10/2031 EUR 29 339 930 2.34
657 500 IRISH GOVT 0.550% 21-22/04/2041 EUR 641 030 0.05
Greece 27 707 139 2.21
28 390 000 HELLENIC REP 0.000% 21-12/02/2026 EUR 27 704 759 2.21
HELLENIC REPUBLIC 0.000% 12-
4 606 900 EUR 2 380 0.00
15/10/2042
Luxembourg 25 805 604 2.06
2 403 000 DUCHY OF LUX 0.000% 20-14/09/2032 EUR 2 342 702 0.19
2 212 000 DUCHY OF LUX 0.625% 17-01/02/2027 EUR 2 293 742 0.18
594 000 EFSF 0.000% 20-15/10/2025 EUR 600 551 0.05
18 980 000 ESM 0.000% 21-15/12/2026 EUR 19 148 360 1.53
EUROPEAN INVT BK 0.000% 20-
1 410 000 EUR 1 420 249 0.11
28/03/2028
The Netherlands 25 147 007 2.00
BANK NEDERLANDSE GEMEENTEN
5 000 000 EUR 5 039 331 0.40
0.050% 18-11/07/2023
14 250 000 BNG BANK NV 0.000% 21-20/01/2031 EUR 13 962 251 1.11
NETHERLANDS GOVERNMENT
1 005 926 EUR 914 749 0.07
0.000% 20-15/01/2052
NETHERLANDS GOVERNMENT
4 520 000 EUR 4 829 891 0.39
0.750% 18-15/07/2028
NETHERLANDS GOVERNMENT
213 000 EUR 363 450 0.03
3.750% 10-15/01/2042
NETHERLANDS GOVERNMENT 7
37 069 EUR 37 335 0.00
1/223-PRN 0.000% 93-15/01/2023
Finland 22 471 173 1.80
128 000 FINNISH GOVT 0.250% 20-15/09/2040 EUR 124 700 0.01
20 350 000 FINNISH GOVT 0.500% 17-15/09/2027 EUR 21 256 389 1.70
880 000 FINNISH GOVT 1.375% 17-15/04/2047 EUR 1 090 084 0.09
Portugal 12 183 539 0.97
PORTUGUESE OTS 0.700% 20-
8 150 000 EUR 8 499 309 0.68
15/10/2027
PORTUGUESE OTS 1.000% 21-
4 061 055 EUR 3 684 230 0.29
12/04/2052
Latvia 10 717 251 0.86
REPUBLIC OF LATVIA 0.000% 21-
2 650 000 EUR 2 600 876 0.21
24/01/2029
REPUBLIC OF LATVIA 0.125% 20-
8 077 000 EUR 8 116 375 0.65
14/04/2023
Slovakia 7 061 216 0.56
SLOVAKIA GOVT 0.375% 21-
7 220 000 EUR 7 061 216 0.56
21/04/2036
Slovenia 4 207 684 0.34
REPUBLIC OF SLOVENIA 0.200% 20-
4 158 000 EUR 4 207 684 0.34
31/03/2023
Estonia 696 867 0.06
ESTONIA REPUBLIC OF 0.125% 20-
702 000 EUR 696 867 0.06
10/06/2030
Shares/Units in investment funds 44 172 597 3.53
France 44 172 597 3.53
76.22 BNP PARIBAS INVEST 3 MOIS - I - C EUR 44 172 597 3.53
Total securities portfolio 1 240 939 734 99.10
The accompanying notes form an integral part of these financial statements
Page 130
BNP PARIBAS FUNDS Euro High Quality Government Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Transferable securities admitted to an
official stock exchange listing and/or 236 930 714 97.64
traded on another regulated market
Bonds 236 930 714 97.64
Germany 165 283 650 68.12
BUNDESREPUBLIK DEUTSCHLAND
16 778 000 EUR 17 488 884 7.21
0.250% 18-15/08/2028
BUNDESREPUBLIK DEUTSCHLAND
5 230 000 EUR 5 414 985 2.23
0.500% 15-15/02/2025
BUNDESREPUBLIK DEUTSCHLAND
15 599 000 EUR 16 419 663 6.77
0.500% 17-15/08/2027
BUNDESREPUBLIK DEUTSCHLAND
8 120 000 EUR 8 575 451 3.53
0.500% 18-15/02/2028
BUNDESREPUBLIK DEUTSCHLAND
39 770 000 EUR 40 280 249 16.61
1.750% 12-04/07/2022
BUNDESREPUBLIK DEUTSCHLAND
4 762 000 EUR 7 415 958 3.06
2.500% 12-04/07/2044
BUNDESREPUBLIK DEUTSCHLAND
6 601 542 EUR 10 522 792 4.34
2.500% 14-15/08/2046
BUNDESREPUBLIK DEUTSCHLAND
3 772 000 EUR 6 296 109 2.59
3.250% 10-04/07/2042
BUNDESREPUBLIK DEUTSCHLAND
1 647 000 EUR 2 678 862 1.10
4.750% 03-04/07/2034
DEUTSCHLAND REP 0.000% 19-
5 990 000 EUR 5 705 355 2.35
15/08/2050
DEUTSCHLAND REP 0.000% 20-
20 283 398 EUR 20 320 922 8.37
15/05/2035
DEUTSCHLAND REP 0.000% 20-
7 974 940 EUR 8 200 152 3.38
15/08/2030
DEUTSCHLAND REP 0.000% 21-
7 100 000 EUR 7 080 262 2.92
15/05/2036
DEUTSCHLAND REP 0.000% 21-
658 975 EUR 634 639 0.26
15/08/2050
DEUTSCHLAND REP 0.250% 19-
5 370 000 EUR 5 604 132 2.31
15/02/2029
2 639 000 KFW 0.000% 21-15/06/2029 EUR 2 645 235 1.09
The Netherlands 51 251 273 21.12
NETHERLANDS GOVERNMENT
5 060 000 EUR 5 275 961 2.17
0.500% 16-15/07/2026
NETHERLANDS GOVERNMENT
21 010 000 EUR 22 313 250 9.20
0.750% 17-15/07/2027
NETHERLANDS GOVERNMENT
12 720 933 EUR 13 200 512 5.44
1.750% 13-15/07/2023
NETHERLANDS GOVERNMENT
8 760 000 EUR 9 342 102 3.85
2.000% 14-15/07/2024
NETHERLANDS GOVERNMENT
340 000 EUR 580 156 0.24
3.750% 10-15/01/2042
NETHERLANDS GOVERNMENT
341 048 EUR 539 292 0.22
4.000% 05-15/01/2037
Luxembourg 13 397 401 5.52
1 466 000 DUCHY OF LUX 0.000% 20-14/09/2032 EUR 1 429 214 0.59
8 000 000 DUCHY OF LUX 0.000% 21-24/03/2031 EUR 7 894 461 3.25
1 592 000 DUCHY OF LUX 0.625% 17-01/02/2027 EUR 1 650 831 0.68
LUXEMBOURG GOVT 0.000% 19-
2 408 000 EUR 2 422 895 1.00
13/11/2026
Belgium 6 998 390 2.88
EUROPEAN UNION 0.000% 21-
4 159 502 EUR 4 219 789 1.74
06/07/2026
EUROPEAN UNION 0.400% 21-
2 754 837 EUR 2 778 601 1.14
04/02/2037
Shares/Units in investment funds 3 503 875 1.44
France 3 503 875 1.44
6.05 BNP PARIBAS INVEST 3 MOIS - I - C EUR 3 503 875 1.44
Total securities portfolio 240 434 589 99.08
The accompanying notes form an integral part of these financial statements
Page 131
BNP PARIBAS FUNDS Euro High Yield Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 3 000 000 FAURECIA 2.375% 21-15/06/2029 EUR 3 014 480 0.44
3 299 000 FAURECIA 2.750% 21-15/02/2027 EUR 3 356 383 0.49
official stock exchange listing and/or 662 299 802 96.54
1 621 000 GETLINK SE 3.500% 20-30/10/2025 EUR 1 665 902 0.24
traded on another regulated market
3 106 000 ILIAD HOLDING 5.125% 21-15/10/2026 EUR 3 238 906 0.47
Bonds 566 647 709 82.58
2 619 000 ILIAD HOLDING 5.625% 21-15/10/2028 EUR 2 756 624 0.40
LABORATOIRE EIME 5.000% 21-
United Kingdom 157 814 632 23.00 1 338 000
01/02/2029
EUR 1 353 446 0.20
ARQIVA BROAD FIN 6.750% 18-
3 281 000 GBP 3 951 104 0.58 3 000 000 LOXAM SAS 3.250% 19-14/01/2025 EUR 2 998 665 0.44
30/09/2023
3 341 000 BCP MODULAR 4.750% 21-30/11/2028 EUR 3 366 254 0.49 1 000 000 ORANO SA 2.750% 20-08/03/2028 EUR 1 039 476 0.15
BELLIS ACQUISITI 4.500% 21- 4 731 000 QUATRIM 5.875% 19-15/01/2024 EUR 4 853 690 0.71
3 657 000 GBP 4 345 787 0.63
16/02/2026
CONSTELLATION 4.875% 21- 8 000 000 RENAULT 2.500% 21-01/04/2028 EUR 7 952 880 1.16
6 144 000 GBP 7 172 513 1.05
15/07/2027 4 700 000 RENAULT 2.500% 21-02/06/2027 EUR 4 710 082 0.69
4 900 000 DEUCE FINCO 5.500% 21-15/06/2027 GBP 5 792 304 0.84 RUBIS TERMINAL 5.625% 20-
2 649 000 EUR 2 753 371 0.40
1 797 000 EC FINANCE 3.000% 21-15/10/2026 EUR 1 835 983 0.27 15/05/2025
TEREOS FIN GROUP 4.125% 16-
GATWICK AIRPORT 4.375% 21- 5 600 000 EUR 5 663 840 0.83
2 457 000 GBP 2 866 159 0.42 16/06/2023
07/04/2026
HEATHROW FINANCE 4.750% 18- 7 150 000 VALLOUREC SA 8.500% 21-30/06/2026 EUR 7 360 979 1.07
1 895 000 GBP 2 302 461 0.34
01/03/2024
United States of
2 114 000 HEINZ (H.J) FIN 6.250% 00-18/02/2030 GBP 3 182 337 0.46
ICELAND BONDCO 4.625% 17- America 81 386 382 11.86
4 850 000 GBP 5 422 746 0.79 7 700 000 APL LTD 8.000% 94-15/01/2024 USD 7 561 533 1.10
15/03/2025
INEOS QUATTRO FI 2.500% 21- BANFF MERGER SUB 8.375% 18-
4 328 000 EUR 4 300 315 0.63 2 860 000 EUR 2 974 400 0.43
15/01/2026 01/09/2026
INTERNATIONAL GAME TECH 2.375% BOXER PARENT CO 6.500% 20-
3 373 000 EUR 3 306 619 0.48 8 000 000 EUR 8 382 670 1.22
19-15/04/2028 02/10/2025
INTERNATIONAL GAME TECH 3.500% CATALENT PHARMA 2.375% 20-
1 344 000 EUR 1 368 291 0.20 1 900 000 EUR 1 897 682 0.28
19-15/06/2026 01/03/2028
ITHACA ENERGY N 9.000% 21- 8 146 000 COTY INC 4.000% 18-15/04/2023 EUR 8 148 173 1.19
6 424 000 USD 5 800 919 0.85
15/07/2026
JAGUAR LAND ROVER 3.875% 15- 2 049 000 COTY INC 4.000% 18-15/04/2023 EUR 2 049 674 0.30
9 600 000 GBP 11 518 341 1.67
01/03/2023 FORD MOTOR CRED 2.386% 19-
3 250 000 EUR 3 399 825 0.50
JAGUAR LAND ROVER 4.500% 18- 17/02/2026
1 643 000 EUR 1 706 015 0.25
15/01/2026 FORD MOTOR CRED 2.748% 20-
11 789 000 GBP 14 109 277 2.05
JAGUAR LAND ROVER 4.500% 21- 14/06/2024
5 885 000 EUR 5 979 741 0.87
15/07/2028 GAMMA BONDCO 8.125% 21-
4 562 000 EUR 4 455 591 0.65
JAGUAR LAND ROVER 5.000% 14- 15/11/2026
6 618 000 GBP 7 909 387 1.15
15/02/2022 4 050 000 HJ HEINZ CO 4.125% 15-01/07/2027 GBP 5 290 979 0.77
KCA DEUTAG UK FI 9.875% 20-
7 500 000 USD 7 106 270 1.04 2 700 000 INTRALOT INC 7.090% 21-15/09/2025 USD 2 403 931 0.35
01/12/2025
LADBROKES GROUP 5.125% 16- 1 000 000 IQVIA INC 2.250% 21-15/03/2029 EUR 995 437 0.15
3 600 000 GBP 4 406 833 0.64
08/09/2023 KRATON POLYMERS 5.250% 18-
MAISON FINCO PLC 6.000% 21- 2 717 000 EUR 2 785 903 0.41
4 385 000 GBP 5 313 026 0.77 15/05/2026
31/10/2027 KRONOS INTERNATIONAL INC
MARKS & SPENCER 4.250% 16- 1 912 000 EUR 1 934 020 0.28
4 000 000 GBP 4 918 803 0.72 3.750% 17-15/09/2025
08/12/2023 OLYMPUS WTR HLDG 3.875% 21-
MORRISON(WM) SUP 4.625% 11- 1 184 000 EUR 1 186 623 0.17
730 000 GBP 896 948 0.13 01/10/2028
08/12/2023 OLYMPUS WTR HLDG 5.375% 21-
NEPTUNE ENERGY 6.625% 18- 2 000 000 EUR 1 931 847 0.28
7 034 000 USD 6 326 343 0.92 01/10/2029
15/05/2025
2 451 000 ORGANON FIN 1 2.875% 21-30/04/2028 EUR 2 464 511 0.36
OCADO GROUP PLC 3.875% 21-
3 920 000 GBP 4 530 966 0.66 3 316 000 QUINTILES IMS 2.875% 17-15/09/2025 EUR 3 337 620 0.49
08/10/2026
PINNACLE BIDCO P 6.375% 18- SCIENTIFIC GAMES 3.375% 18-
2 620 000 GBP 3 145 888 0.46 1 672 000 EUR 1 681 057 0.24
15/02/2025 15/02/2026
2 182 000 RAC BOND CO 5.250% 21-04/11/2027 GBP 2 533 440 0.37 SCIENTIFIC GAMES 5.500% 18-
1 937 000 EUR 1 974 529 0.29
STONEGATE PUB 8.250% 20- 15/02/2026
8 473 000 GBP 10 241 247 1.48 2 858 000 TENNECO INC 5.000% 16-15/07/2026 USD 2 421 100 0.35
31/07/2025
SYNTHOMER PLC 3.875% 20-
1 000 000 EUR 1 030 957 0.15
01/07/2025 The Netherlands 57 768 788 8.41
TALKTALK TELECOM 3.875% 20- ASHLAND SERVICES 2.000% 20-
1 975 000 GBP 2 240 576 0.33 3 230 000 EUR 3 282 928 0.48
20/02/2025 30/01/2028
7 741 000 TI AUTOMOTIVE 3.750% 21-15/04/2029 EUR 7 799 269 1.14 AXALTA COATING 3.750% 16-
1 450 000 EUR 1 455 953 0.21
15/01/2025
VIRGIN MEDIA SEC 4.250% 19-
6 210 000 GBP 7 309 728 1.07 1 397 000 INTERTRUST 3.375% 18-15/11/2025 EUR 1 420 138 0.21
15/01/2030
VIRGIN MEDIA SEC 5.000% 17- 1 571 000 IPD 3 BV 5.500% 20-01/12/2025 EUR 1 611 148 0.23
3 000 000 GBP 3 673 834 0.54
15/04/2027
1 349 000 METINVEST BV 7.750% 19-17/10/2029 USD 1 171 641 0.17
2 170 000 VMED O2 UK FIN 4.500% 21-15/07/2031 GBP 2 571 762 0.37
NOBIAN FINANCE B 3.625% 21-
1 336 000 WILLIAM HILL 4.750% 19-01/05/2026 GBP 1 641 466 0.24 4 240 000 EUR 4 196 514 0.61
15/07/2026
OI EUROPEAN GRP 3.125% 16-
France 86 740 054 12.65 3 000 000 EUR 3 077 640 0.45
15/11/2024
4 400 000 ACCOR 2.375% 21-29/11/2028 EUR 4 405 110 0.64 6 459 000 PROMONTORIA 6.750% 18-15/08/2023 EUR 6 433 625 0.94
6 715 000 CAB 3.375% 21-01/02/2028 EUR 6 699 278 0.98 Q-PARK HOLDING 2.000% 20-
5 581 000 EUR 5 262 573 0.77
CASINO GUICHARD 2.798% 14- 01/03/2027
7 800 000 EUR 7 417 800 1.08 SELECTA GROUP BV 8.000% 20-
05/08/2026 2 649 325 EUR 2 658 156 0.39
CHROME BIDCO SAS 3.500% 21- 01/04/2026
1 290 000 EUR 1 299 256 0.19 TEVA PHARM FNC 6.000% 20-
31/05/2028 3 382 000 EUR 3 634 170 0.53
ELIOR PARTICIPAT 3.750% 21- 31/01/2025
1 918 000 EUR 1 961 511 0.29 TEVA PHARMACEUTI 3.750% 21-
15/07/2026 3 191 000 EUR 3 172 652 0.46
09/05/2027
2 300 000 ERAMET 4.196% 17-28/02/2024 EUR 2 314 375 0.34
TEVA PHARMACEUTI 4.375% 21-
6 549 000 EUR 6 464 272 0.94
9 600 000 ERAMET 5.875% 19-21/05/2025 EUR 9 924 000 1.44 09/05/2030
The accompanying notes form an integral part of these financial statements
Page 132
BNP PARIBAS FUNDS Euro High Yield Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
UPC HOLDING BV 3.875% 17-
8 883 000 EUR 9 042 617 1.31 Poland 13 807 269 2.01
15/06/2029
2 900 000 ZF EUROPE 2.500% 19-23/10/2027 EUR 2 937 328 0.43 AUTOSTRADE PER L 2.000% 20-
5 000 000 EUR 5 169 052 0.75
04/12/2028
2 000 000 ZIGGO 3.375% 20-28/02/2030 EUR 1 947 433 0.28 AUTOSTRADE PER L 2.000% 21-
3 103 000 EUR 3 195 947 0.47
15/01/2030
Luxembourg 38 899 005 5.67 5 579 000 INPOST SA 2.250% 21-15/07/2027 EUR 5 442 270 0.79
ALBION FINANCING 5.250% 21-
1 733 000 EUR 1 746 439 0.25
15/10/2026 Sweden 11 062 118 1.61
2 285 000 B&M EUROPEAN 3.625% 20-15/07/2025 GBP 2 767 165 0.40 7 000 000 VOLVO CAR AB 2.125% 19-02/04/2024 EUR 7 229 542 1.05
CIRSA FINANCE IN 4.500% 21-
5 381 000 EUR 5 260 533 0.77 3 560 000 VOLVO CAR AB 2.500% 20-07/10/2027 EUR 3 832 576 0.56
15/03/2027
CONS ENERGY FIN 5.000% 21-
6 225 000
15/10/2028
EUR 5 925 474 0.86 Ireland 5 547 168 0.81
CRYSTAL ALMOND S 4.250% 19- ARDAGH PKG FIN 2.125% 19-
5 079 000 EUR 5 171 184 0.75 3 000 000 EUR 2 936 765 0.43
15/10/2024 15/08/2026
DANA FIN LUX SAR 3.000% 21- EIRCOM FINANCE 2.625% 19-
1 506 000 EUR 1 519 293 0.22 1 299 000 EUR 1 274 539 0.19
15/07/2029 15/02/2027
HSE FINANCE SARL 5.625% 21- MOTION BONDCO 4.500% 19-
1 061 000 EUR 1 084 048 0.16 1 400 000 EUR 1 335 864 0.19
15/10/2026 15/11/2027
INTRALOT CAPITAL 5.250% 17-
2 700 000
15/09/2024
EUR 2 369 250 0.35 Czech Republic 4 869 155 0.71
LUNE HOLDINGS SA 5.625% 21- SAZKA GROUP AS 3.875% 20-
3 179 000 EUR 3 179 000 0.46 2 865 000 EUR 2 849 780 0.42
15/11/2028 15/02/2027
OLIVETTI FINANCE 7.750% 03- SAZKA GROUP AS 4.125% 19-
1 445 000 EUR 1 920 631 0.28 2 000 000 EUR 2 019 375 0.29
24/01/2033 20/11/2024
1 431 000 ROSSINI SARL 6.750% 18-30/10/2025 EUR 1 480 817 0.22 Canada 3 264 623 0.48
STENA INTERNATIO 5.750% 14- PANTHER BF AGG 2 4.375% 19-
4 500 000 USD 4 089 551 0.60 3 186 000 EUR 3 264 623 0.48
01/03/2024 15/05/2026
SUMMER BC HOLDCO 5.750% 19-
2 295 000 EUR 2 385 620 0.35 Denmark 2 309 007 0.34
31/10/2026
1 831 000 TELE DANMARK 5.625% 11-23/02/2023 GBP 2 309 007 0.34
Italy 36 625 457 5.33
5 998 000 ALMAVIVA 4.875% 21-30/10/2026 EUR 5 996 036 0.87 Jersey Island 1 820 617 0.27
BRUNELLO BIDCO 3.500% 21- AA BOND CO LTD 6.500% 21-
1 693 000 EUR 1 677 218 0.24 1 506 000 GBP 1 820 617 0.27
15/02/2028 31/01/2026
GAMMA BIDCO SPA 5.125% 21- 5 859 678 0.86
2 588 000 EUR 2 602 579 0.38 Convertible bonds
15/07/2025
GUALA CLOSURES 3.250% 21-
1 712 000
15/06/2028
EUR 1 677 573 0.24 Italy 3 001 950 0.44
TELECOM ITALIA 1.125% 15-
3 006 000 KEDRION SPA 3.375% 21-15/05/2026 EUR 2 988 288 0.44 3 000 000 EUR 3 001 950 0.44
26/03/2022 CV
5 482 000 NEXI 2.125% 21-30/04/2029 EUR 5 368 640 0.78
3 242 000 PIAGGIO & C 3.625% 18-30/04/2025 EUR 3 293 956 0.48
France 2 857 728 0.42
53 722 ELIS SA 0.000% 17-06/10/2023 CV FLAT EUR 1 685 098 0.25
2 300 000 PRO-GEST SPA 3.250% 17-15/12/2024 EUR 2 176 728 0.32
MAISONS DU M 0.125% 17-06/12/23
24 490 EUR 1 172 630 0.17
2 643 000 REKEEP SPA 7.250% 21-01/02/2026 EUR 2 812 360 0.41 CV FLAT
SHIBA BIDCO SPA 4.500% 21- 89 792 415 13.10
3 620 000 EUR 3 657 447 0.53 Floating rate bonds
31/10/2028
VERDE BIDCO SPA 4.625% 21-
4 283 000
01/10/2026
EUR 4 374 632 0.64 The Netherlands 24 984 648 3.65
3 900 000 ABERTIS FINANCE 21-31/12/2061 FRN EUR 3 814 689 0.56
Germany 32 843 939 4.78
1 500 000 IPD 3 BV 20-01/12/2025 FRN EUR 1 513 999 0.22
CHEPLAPHARM ARZN 3.500% 20-
2 310 000 EUR 2 349 878 0.34 REPSOL INTERNATIONAL FIN 20-
11/02/2027 1 000 000 EUR 1 055 600 0.15
CHEPLAPHARM ARZN 4.375% 20- 31/12/2060 FRN
2 600 000 EUR 2 707 583 0.39 REPSOL INTERNATIONAL FIN 20-
15/01/2028 1 877 000 EUR 2 027 004 0.30
31/12/2060 FRN
1 288 000 CT INVESTMENT 5.500% 21-15/04/2026 EUR 1 299 609 0.19
3 200 000 STACK 14-29/12/2049 FRN EUR 4 393 248 0.64
GRUENENTHAL GMBH 3.625% 21-
970 000 EUR 994 406 0.14 TELEFONICA EUROP 17-
15/11/2026 3 000 000 EUR 3 058 200 0.45
HAPAG-LLOYD AG 2.500% 21- 31/12/2049 FRN
1 573 000 EUR 1 629 538 0.24 TELEFONICA EUROP 21-
15/04/2028 2 000 000 EUR 1 904 320 0.28
31/12/2061 FRN
6 000 000 MAHLE GMBH 2.375% 21-14/05/2028 EUR 5 819 107 0.85
1 379 000 UNITED GROUP 19-15/05/2025 FRN EUR 1 377 391 0.20
PLATIN 1426 GMBH 5.375% 17-
7 775 000 EUR 7 747 243 1.13 3 435 000 UNITED GROUP 20-15/02/2026 FRN EUR 3 389 916 0.49
15/06/2023
7 500 000 SCHAEFFLER AG 3.375% 20-12/10/2028 EUR 8 346 642 1.22 2 500 000 WINTERSHALL FIN 21-20/07/2169 FRN EUR 2 450 281 0.36
2 000 000 STYROLUTION 2.250% 20-16/01/2027 EUR 1 949 933 0.28
Italy 20 130 826 2.93
Spain 31 889 495 4.65 1 052 000 BRUNELLO BIDCO 21-15/02/2028 FRN EUR 1 049 559 0.15
EDREAMS ODIGEO SA 5.500% 18- CEDACRI MERGECO 21-
5 308 000 EUR 5 261 300 0.77 1 582 000 EUR 1 585 296 0.23
01/09/2023 15/05/2028 FRN
GRIFOLS ESCROW 3.875% 21- 1 100 000 FABRIC BC SPA 18-30/11/2024 FRN EUR 986 207 0.14
4 107 000 EUR 4 116 990 0.60
15/10/2028
3 610 000 FABRIC BC SPA 20-31/08/2026 FRN EUR 3 606 390 0.53
6 195 000 GRIFOLS SA 3.200% 17-01/05/2025 EUR 6 184 830 0.90
LORCA TELECOM 4.000% 20- 5 000 000 INTESA SANPAOLO 20-31/12/2060 FRN EUR 4 938 425 0.72
4 794 000 EUR 4 865 339 0.71
18/09/2027 3 000 000 UNICREDIT S.P.A. 17-31/12/2049 FRN EUR 3 175 157 0.46
MASARIA INVEST 5.000% 17-
2 000 000 EUR 1 978 500 0.29 5 000 000 UNICREDIT SPA 20-31/12/2060 FRN EUR 4 789 792 0.70
15/09/2024
3 119 000 NH HOTEL GRP 4.000% 21-02/07/2026 EUR 3 101 881 0.45
OHL OPERACIONES 6.600% 21-
6 880 000 EUR 6 380 655 0.93
31/03/2026
The accompanying notes form an integral part of these financial statements
Page 133
BNP PARIBAS FUNDS Euro High Yield Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
France 10 983 368 1.60
LA BANQUE POSTAL 21-
9 600 000 EUR 8 982 304 1.31
31/12/2061 FRN
2 000 000 RCI BANQUE 19-18/02/2030 FRN EUR 2 001 064 0.29
Spain 10 031 663 1.46
5 000 000 BANCO SABADELL 21-31/12/2061 FRN EUR 5 018 513 0.73
BANCO SANTANDER 21-
5 400 000 EUR 5 013 150 0.73
31/12/2061 FRN
Belgium 7 714 481 1.12
3 400 000 BELFIUS BANK SA 18-31/12/2049 FRN EUR 3 303 221 0.48
4 200 000 KBC GROUP NV 18-31/12/2049 FRN EUR 4 411 260 0.64
Luxembourg 7 054 537 1.04
3 000 000 CIRSA FINANCE IN 19-30/09/2025 FRN EUR 2 921 738 0.43
HELLAS TEL FIN 06-31/12/2049
2 228 783 EUR 223 0.00
FRN DFLT
PAPER INDUSTRIES 20-
1 666 666 EUR 1 417 187 0.21
01/03/2025 FRN
2 711 000 SES 21-31/12/2061 FRN EUR 2 715 389 0.40
Portugal 4 120 160 0.60
BANCO COMMERCIAL PORTUGUES
4 200 000 EUR 4 120 160 0.60
21-17/05/2032 FRN
Sweden 3 492 251 0.51
1 608 000 SAMHALLSBYGG 20-31/12/2060 FRN EUR 1 556 016 0.23
VERISURE HOLDING 20-
1 910 000 EUR 1 936 235 0.28
15/04/2025 FRN
United Kingdom 1 280 481 0.19
1 300 000 STONEGATE PUB 20-31/07/2025 FRN EUR 1 280 481 0.19
Other transferable securities 4 144 500 0.60
Bonds 4 144 500 0.60
Iceland 4 144 500 0.60
TEVA PHARMACEUTICAL F 4.500%
4 000 000 EUR 4 144 500 0.60
18-01/03/2025
Floating rate bonds 0 0.00
Luxembourg 0 0.00
3 000 000 HELLAS II 06-31/12/2049 FRN DFLT EUR 0 0.00
Shares/Units in investment funds 12 851 880 1.86
Luxembourg 12 851 880 1.86
BNP PARIBAS INSTICASH EUR 1D
107 732.66 EUR 12 851 880 1.86
SHORT TERM VNAV - X CAP
Total securities portfolio 679 296 182 99.00
The accompanying notes form an integral part of these financial statements
Page 134
BNP PARIBAS FUNDS Euro High Yield Short Duration Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
CLEVELAND-CLIFFS 9.875% 20-
Transferable securities admitted to an 728 000
17/10/2025
USD 724 089 0.28
official stock exchange listing and/or 228 291 223 87.52 950 000 COTY INC 4.000% 18-15/04/2023 EUR 950 253 0.36
traded on another regulated market 600 000 COTY INC 4.000% 18-15/04/2023 EUR 600 197 0.23
179 935 020 69.01 500 000 COTY INC 4.750% 18-15/04/2026 EUR 502 292 0.19
Bonds
1 000 000 COTY INC 5.000% 21-15/04/2026 USD 907 609 0.35
United Kingdom 49 765 097 19.08 FORD MOTOR CRED 2.748% 20-
ARQIVA BROAD FIN 6.750% 18- 3 422 000 GBP 4 095 507 1.57
1 119 000 GBP 1 347 542 0.52 14/06/2024
30/09/2023 FORD MOTOR CRED 5.584% 19-
1 500 000 USD 1 421 518 0.55
500 000 BAA SH PLC 5.750% 14-03/03/2025 GBP 629 764 0.24 18/03/2024
BELLIS ACQUISITI 4.500% 21- GAMMA BONDCO 8.125% 21-
897 000 GBP 1 065 948 0.41 1 544 000 EUR 1 507 986 0.58
16/02/2026 15/11/2026
CONSTELLATION 4.875% 21- GRAY ESCROW INC 7.000% 18-
2 000 000 GBP 2 334 802 0.90 2 000 000 USD 1 879 238 0.72
15/07/2027 15/05/2027
HILTON DOMESTIC 5.375% 20-
545 000 EC FINANCE 3.000% 21-15/10/2026 EUR 556 823 0.21 2 000 000 USD 1 827 817 0.70
01/05/2025
GATWICK AIRPORT 4.375% 21- 900 000 INTRALOT INC 7.090% 21-15/09/2025 USD 801 310 0.31
1 809 000 GBP 2 110 249 0.81
07/04/2026
HEATHROW FINANCE 4.750% 18- KRONOS INTERNATIONAL INC
800 000 GBP 972 015 0.37 400 000 EUR 404 607 0.16
01/03/2024 3.750% 17-15/09/2025
ICELAND BONDCO 4.625% 17- LIVE NATION ENTERTAINMENT
1 900 000 GBP 2 124 375 0.81 1 300 000 USD 1 174 629 0.45
15/03/2025 4.750% 19-15/10/2027
INEOS QUATTRO FI 2.500% 21- 2 000 000 RITE AID CORP 8.000% 20-15/11/2026 USD 1 799 173 0.69
275 000 EUR 273 241 0.10
15/01/2026 SCIENTIFIC GAMES 5.500% 18-
INEOS QUATTRO FI 3.750% 21- 938 000 EUR 956 174 0.37
229 000 EUR 230 094 0.09 15/02/2026
15/07/2026 TENET HEALTHCARE 6.750% 15-
INTERNATIONAL CONSOLIDAT 1 000 000 USD 941 878 0.36
1 800 000 EUR 1 732 950 0.66 15/06/2023
0.500% 19-04/07/2023 894 000 TENNECO INC 5.000% 16-15/07/2026 USD 757 335 0.29
INTERNATIONAL GAME TECH 3.500%
2 000 000 EUR 2 036 147 0.78 UNITED AIRLINES 4.375% 21-
19-15/06/2026 100 000 USD 91 369 0.04
15/04/2026
ITHACA ENERGY N 9.000% 21-
1 916 000 USD 1 730 162 0.66 UNITED CONT HLDG 4.875% 19-
15/07/2026 1 000 000 USD 909 108 0.35
15/01/2025
JAGUAR LAND ROVER 2.200% 17-
1 800 000 EUR 1 782 682 0.68
15/01/2024 France 22 808 344 8.74
JAGUAR LAND ROVER 3.875% 15-
1 800 000 GBP 2 159 689 0.83 500 000 ACCOR 2.375% 15-17/09/2023 EUR 529 392 0.20
01/03/2023
JAGUAR LAND ROVER 5.000% 14- BANIJAY ENTERTAI 3.500% 20-
2 125 000 GBP 2 539 657 0.97 1 500 000 EUR 1 504 850 0.58
15/02/2022 01/03/2025
KCA DEUTAG UK FI 9.875% 20- CASINO GUICHARD 3.248% 14-
1 530 000 USD 1 449 679 0.56 600 000 EUR 603 420 0.23
01/12/2025 07/03/2024
KCA DEUTAG UK FI 9.875% 20- CASINO GUICHARD 4.561% 13-
1 000 000 USD 947 503 0.36 2 300 000 EUR 2 310 091 0.89
01/12/2025 25/01/2023
LADBROKES GROUP 5.125% 16- CASINO GUICHARD 6.625% 20-
2 200 000 GBP 2 693 065 1.03 1 300 000 EUR 1 311 635 0.50
08/09/2023 15/01/2026
MAISON FINCO PLC 6.000% 21- 849 000 CGG SA 7.750% 21-01/04/2027 EUR 841 642 0.32
679 000 GBP 822 701 0.32
31/10/2027
1 500 000 CMA CGM SA 7.500% 20-15/01/2026 EUR 1 649 174 0.63
MARKS & SPENCER 4.250% 16-
1 700 000 GBP 2 090 491 0.80 ELIOR PARTICIPAT 3.750% 21-
08/12/2023 586 000 EUR 599 294 0.23
MORRISON(WM) SUP 4.625% 11- 15/07/2026
270 000 GBP 331 748 0.13 700 000 FAURECIA 2.625% 18-15/06/2025 EUR 708 904 0.27
08/12/2023
NEPTUNE ENERGY 6.625% 18- 500 000 FAURECIA 3.125% 19-15/06/2026 EUR 511 888 0.20
3 532 000 USD 3 176 661 1.22
15/05/2025
OCADO GROUP PLC 3.875% 21- 600 000 GETLINK SE 3.500% 20-30/10/2025 EUR 616 620 0.24
1 050 000 GBP 1 213 652 0.47
08/10/2026 1 373 000 ILIAD HOLDING 5.125% 21-15/10/2026 EUR 1 431 751 0.55
PINNACLE BIDCO P 6.375% 18-
880 000 GBP 1 056 634 0.41 300 000 LOXAM SAS 3.250% 19-14/01/2025 EUR 299 867 0.11
15/02/2025
705 000 RAC BOND CO 5.250% 21-04/11/2027 GBP 818 550 0.31 2 000 000 RENAULT 1.250% 19-24/06/2025 EUR 1 963 000 0.75
ROLLS-ROYCE PLC 0.875% 18- RUBIS TERMINAL 5.625% 20-
3 010 000 EUR 2 968 612 1.14 1 343 000 EUR 1 395 914 0.54
09/05/2024 15/05/2025
ROLLS-ROYCE PLC 3.375% 13- TEREOS FIN GROUP 4.125% 16-
400 000 GBP 477 286 0.18 3 200 000 EUR 3 236 479 1.24
18/06/2026 16/06/2023
ROLLS-ROYCE PLC 4.625% 20- 3 200 000 VALLOUREC SA 8.500% 21-30/06/2026 EUR 3 294 423 1.26
400 000 EUR 441 833 0.17
16/02/2026
527 000
STONEGATE PUB 8.250% 20-
GBP 636 981 0.24 The Netherlands 18 059 936 6.93
31/07/2025 AXALTA COATING 3.750% 16-
SYNTHOMER PLC 3.875% 20- 700 000 EUR 702 874 0.27
571 000 EUR 588 677 0.23 15/01/2025
01/07/2025 1 300 000 DUFRY ONE BV 2.000% 19-15/02/2027 EUR 1 202 312 0.46
TALKTALK TELECOM 3.875% 20-
940 000 GBP 1 066 401 0.41 1 800 000 DUFRY ONE BV 2.500% 17-15/10/2024 EUR 1 767 854 0.68
20/02/2025
TULLOW OIL PLC 10.250% 21- 300 000 INTERTRUST 3.375% 18-15/11/2025 EUR 304 969 0.12
2 000 000 USD 1 763 982 0.68
15/05/2026
414 000 IPD 3 BV 5.500% 20-01/12/2025 EUR 424 580 0.16
924 480 UNIQUE PUB FIN 7.395% 99-28/03/2024 GBP 1 153 398 0.44
NOBIAN FINANCE B 3.625% 21-
2 000 000 WILLIAM HILL 4.875% 16-07/09/2023 GBP 2 441 103 0.94 1 390 000 EUR 1 375 744 0.53
15/07/2026
OI EUROPEAN GRP 3.125% 16-
United States of 800 000 EUR 820 704 0.31
15/11/2024
America 29 587 359 11.37 2 244 000 PROMONTORIA 6.750% 18-15/08/2023 EUR 2 235 184 0.86
AMERICAN AXLE & MFG HOLDINGS SAIPEM FIN INTERNATIONAL 3.750%
1 800 000 USD 1 619 150 0.62 2 000 000 EUR 2 062 004 0.79
6.250% 18-15/03/2026 16-08/09/2023
AXALTA COAT/BV 4.750% 20- SELECTA GROUP BV 8.000% 20-
2 000 000 USD 1 839 987 0.71 831 192 EUR 859 190 0.33
15/06/2027 01/04/2026
BOXER PARENT CO 6.500% 20- TEVA PHARM FNC 6.000% 20-
2 300 000 EUR 2 410 018 0.92 3 000 000 EUR 3 223 687 1.24
02/10/2025 31/01/2025
BOYD GAMING CORP 4.750% 20- TEVA PHARMACEUTI 7.125% 20-
800 000 USD 722 534 0.28 500 000 USD 469 162 0.18
01/12/2027 31/01/2025
CLEVELAND-CLIFFS 6.750% 20-
800 000 USD 743 581 0.29
15/03/2026
The accompanying notes form an integral part of these financial statements
Page 135
BNP PARIBAS FUNDS Euro High Yield Short Duration Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
TEVA PHARMACEUTICAL 6.000% 18-
500 000 USD 462 430 0.18 Denmark 1 713 626 0.65
15/04/2024
TEVA PHARMACEUTICAL FNC 450 000 TDC A/S 3.750% 12-02/03/2022 EUR 452 563 0.17
1 600 000 EUR 1 543 800 0.59
1.125% 16-15/10/2024
1 000 000 TELE DANMARK 5.625% 11-23/02/2023 GBP 1 261 063 0.48
600 000 UNITED GROUP 4.875% 17-01/07/2024 EUR 605 442 0.23
Czech Republic 1 182 436 0.45
Luxembourg 15 403 995 5.91 SAZKA GROUP AS 3.875% 20-
ALBION FINANCING 5.250% 21- 667 000 EUR 663 457 0.25
1 816 000 EUR 1 830 083 0.70 15/02/2027
15/10/2026 SAZKA GROUP AS 4.125% 19-
CIRSA FINANCE IN 4.500% 21- 514 000 EUR 518 979 0.20
1 056 000 EUR 1 032 359 0.40 20/11/2024
15/03/2027
2 000 000
CIRSA FINANCE IN 4.750% 19-
EUR 1 982 927 0.76 Sweden 1 032 792 0.40
22/05/2025 1 000 000 VOLVO CAR AB 2.125% 19-02/04/2024 EUR 1 032 792 0.40
CRYSTAL ALMOND S 4.250% 19-
1 252 000 EUR 1 274 724 0.49
15/10/2024 Poland 1 029 570 0.39
GESTAMP AUTOMOCION 3.250% 18- AUTOSTRADE PER L 1.875% 15-
1 100 000 EUR 1 105 598 0.42
30/04/2026 1 000 000 EUR 1 029 570 0.39
04/11/2025
HSE FINANCE SARL 5.625% 21-
1 482 000 EUR 1 514 193 0.58
15/10/2026 Jersey Island 345 748 0.13
INTRALOT CAPITAL 5.250% 17- AA BOND CO LTD 6.500% 21-
860 000 EUR 754 650 0.29 286 000 GBP 345 748 0.13
15/09/2024 31/01/2026
2 000 000 MOTION FINCO 7.000% 20-15/05/2025 EUR 2 089 647 0.80
Convertible bonds 1 362 218 0.52
STENA INTERNATIO 3.750% 20-
600 000 EUR 599 843 0.23
01/02/2025
STENA INTERNATIO 5.750% 14- France 969 742 0.37
1 200 000 USD 1 090 547 0.42
30 916 ELIS SA 0.000% 17-06/10/2023 CV FLAT EUR 969 742 0.37
01/03/2024
STENA INTERNATIO 5.750% 14-
2 000 000 USD 1 817 578 0.70
01/03/2024 United Kingdom 392 476 0.15
SUMMER BC HOLDCO 5.750% 19- INTERNATIONAL CONSOLIDATED
300 000 EUR 311 846 0.12 400 000 EUR 392 476 0.15
31/10/2026 0.625% 15-17/11/2022 CV
Italy 14 983 332 5.74 Floating rate bonds 46 993 985 17.99
2 325 000 ALMAVIVA 4.875% 21-30/10/2026 EUR 2 324 239 0.89
The Netherlands 12 499 430 4.79
1 000 000 ATLANTIA 4.375% 10-16/09/2025 EUR 1 126 563 0.43
1 800 000 ABERTIS FINANCE 20-31/12/2060 FRN EUR 1 833 814 0.70
GAMMA BIDCO SPA 5.125% 21-
2 022 000 EUR 2 033 391 0.78 370 000 IPD 3 BV 20-01/12/2025 FRN EUR 373 453 0.14
15/07/2025
1 488 000 KEDRION SPA 3.375% 21-15/05/2026 EUR 1 479 232 0.57 1 000 000 KONINKLIJKE KPN 19-08/02/2168 FRN EUR 1 001 478 0.38
560 000 PRO-GEST SPA 3.250% 17-15/12/2024 EUR 529 986 0.20 1 500 000 Q-PARK HOLDING 20-01/03/2026 FRN EUR 1 447 873 0.56
2 164 000 REKEEP SPA 7.250% 21-01/02/2026 EUR 2 302 666 0.88 REPSOL INTERNATIONAL FINANCE
1 700 000 EUR 1 821 664 0.70
SALINI IMPREGILO 1.750% 17- 15-25/03/2075 FRN
2 400 000 EUR 2 415 072 0.93 TELEFONICA EUROP 14-
26/10/2024 1 000 000 EUR 1 095 760 0.42
TELECOM ITALIA 5.303% 14- 31/03/2049 FRN
3 000 000 USD 2 772 183 1.06 TELEFONICA EUROP 19-
30/05/2024 1 000 000 EUR 1 074 350 0.41
31/12/2049 FRN
Spain 10 465 752 4.02 1 690 000 UNITED GROUP 19-15/05/2025 FRN EUR 1 688 028 0.65
EDREAMS ODIGEO SA 5.500% 18- 1 000 000 UNITED GROUP 20-15/02/2026 FRN EUR 986 875 0.38
2 317 000 EUR 2 296 615 0.88
01/09/2023
2 000 000 GRIFOLS SA 3.200% 17-01/05/2025 EUR 1 996 717 0.77 1 200 000 WINTERSHALL FIN 21-20/07/2169 FRN EUR 1 176 135 0.45
LORCA TELECOM 4.000% 20- Italy 11 539 559 4.42
816 000 EUR 828 143 0.32
18/09/2027
MASARIA INVEST 5.000% 17- 1 000 000 ASSICURAZIONI 07-29/12/2049 FRN GBP 1 194 811 0.46
1 000 000 EUR 989 250 0.38
15/09/2024 1 200 000 BANCO BPM SPA 19-31/12/2049 FRN EUR 1 341 000 0.51
2 887 000 NH HOTEL GRP 4.000% 21-02/07/2026 EUR 2 871 154 1.10 500 000 BANCO BPM SPA 20-31/12/2060 FRN EUR 519 844 0.20
OHL OPERACIONES 6.600% 21-
1 600 000 EUR 1 483 873 0.57 1 500 000 FABRIC BC SPA 18-30/11/2024 FRN EUR 1 344 828 0.52
31/03/2026
1 000 000 FABRIC BC SPA 20-31/08/2026 FRN EUR 999 000 0.38
Germany 7 048 747 2.71
2 000 000 INTESA SANPAOLO 17-31/12/2049 FRN EUR 2 174 347 0.83
CHEPLAPHARM ARZN 3.500% 20-
900 000 EUR 915 537 0.35
11/02/2027 800 000 INTESA SANPAOLO 20-31/12/2060 FRN EUR 790 148 0.30
410 000 CT INVESTMENT 5.500% 21-15/04/2026 EUR 413 695 0.16 2 000 000 UNICREDIT S.P.A. 17-31/12/2049 FRN EUR 2 116 771 0.81
DT LUFTHANSA AG 2.875% 21- 1 000 000 UNICREDIT SPA 17-31/12/2049 FRN EUR 1 058 810 0.41
1 400 000 EUR 1 403 170 0.54
11/02/2025
GRUENENTHAL GMBH 3.625% 21-
349 000
15/11/2026
EUR 357 781 0.14 Spain 6 943 128 2.66
BANCO BILBAO VIZCAYA
NIDDA HEALTHCARE 3.500% 20- 1 400 000 EUR 1 421 896 0.55
765 000 EUR 757 414 0.29 ARGENTARIA 17-31/12/2049
30/09/2024
PLATIN 1426 GMBH 5.375% 17- 1 600 000 BANCO SABADELL 17-31/12/2049 EUR 1 627 939 0.62
2 409 000 EUR 2 400 400 0.92
15/06/2023 1 000 000 BANCO SABADELL 17-31/12/2049 FRN EUR 1 031 806 0.40
800 000 PRESTIGEBIDCO 6.250% 16-15/12/2023 EUR 800 750 0.31 1 000 000 BANCO SANTANDER 17-31/12/2049 EUR 1 020 329 0.39
Mexico 3 434 254 1.31 800 000 CAIXABANK 18-31/12/2049 FRN EUR 847 328 0.32
PETROLEOS MEXICA 5.125% 16- TENDAM BRANDS SAU 17-
2 200 000 EUR 2 281 422 0.87 1 000 000 EUR 993 830 0.38
15/03/2023 15/09/2024 FRN
PETROLEOS MEXICA 6.875% 20-
1 200 000
16/10/2025
USD 1 152 832 0.44 France 5 756 340 2.20
1 900 000 ACCOR 19-31/12/2059 FRN EUR 1 801 995 0.69
Canada 3 074 032 1.18 CASINO GUICHARD 14-
PANTHER BF AGG 2 4.375% 19- 1 300 000 EUR 1 251 828 0.48
3 000 000 EUR 3 074 032 1.18 07/02/2025 FRN
15/05/2026
1 600 000 ELEC DE FRANCE 13-29/12/2049 FRN GBP 2 067 207 0.79
600 000 ELEC DE FRANCE 18-31/12/2049 FRN EUR 635 310 0.24
The accompanying notes form an integral part of these financial statements
Page 136
BNP PARIBAS FUNDS Euro High Yield Short Duration Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
United Kingdom 5 352 157 2.05
500 000 BARCLAYS BANK PLC 17-31/12/2049 GBP 622 138 0.24
BARCLAYS BANK PLC 18-
1 500 000 USD 1 416 295 0.54
31/12/2049 FRN
1 600 000 DEUCE FINCO 21-15/06/2027 FRN EUR 1 590 000 0.61
1 750 000 STONEGATE PUB 20-31/07/2025 FRN EUR 1 723 724 0.66
Germany 1 742 110 0.67
COMMERZBANK AG 20-
1 600 000 EUR 1 742 110 0.67
31/12/2060 FRN
Belgium 1 680 480 0.64
1 600 000 KBC GROUP NV 18-31/12/2049 FRN EUR 1 680 480 0.64
Luxembourg 973 913 0.37
1 000 000 CIRSA FINANCE IN 19-30/09/2025 FRN EUR 973 913 0.37
Sweden 506 868 0.19
VERISURE HOLDING 20-
500 000 EUR 506 868 0.19
15/04/2025 FRN
Shares/Units in investment funds 25 256 103 9.69
Luxembourg 25 256 103 9.69
BNP PARIBAS INSTICASH EUR 1D
211 712.76 EUR 25 256 103 9.69
SHORT TERM VNAV - X CAP
Total securities portfolio 253 547 326 97.21
The accompanying notes form an integral part of these financial statements
Page 137
BNP PARIBAS FUNDS Euro Inflation-Linked Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Transferable securities admitted to an
official stock exchange listing and/or 285 040 092 96.73
traded on another regulated market
Bonds 285 040 092 96.73
France 116 149 367 39.42
4 731 171 FRANCE O.A.T. 0.100% 16-25/07/2047 EUR 6 627 932 2.25
8 510 104 FRANCE O.A.T. 0.100% 17-01/03/2028 EUR 9 594 323 3.26
3 813 092 FRANCE O.A.T. 0.100% 19-01/03/2029 EUR 4 379 455 1.49
6 157 659 FRANCE O.A.T. 0.100% 20-01/03/2026 EUR 6 767 095 2.30
4 336 145 FRANCE O.A.T. 0.100% 20-01/03/2036 EUR 5 327 160 1.81
13 063 733 FRANCE O.A.T. 0.100% 21-25/07/2031 EUR 15 440 551 5.24
FRANCE O.A.T. I/L 0.250% 13-
2 021 638 EUR 2 175 302 0.74
25/07/2024
FRANCE O.A.T.I/L 0.100% 15-
6 175 058 EUR 6 610 368 2.24
01/03/2025
FRANCE O.A.T.I/L 0.100% 21-
1 402 513 EUR 1 647 478 0.56
01/03/2032
FRANCE O.A.T.I/L 0.700% 14-
1 732 852 EUR 2 135 766 0.72
25/07/2030
FRANCE O.A.T.I/L 1.800% 07-
9 608 878 EUR 16 006 524 5.43
25/07/2040
FRANCE O.A.T.I/L 1.850% 11-
9 717 672 EUR 12 023 468 4.08
25/07/2027
FRANCE O.A.T.I/L 2.100% 07-
8 198 314 EUR 8 794 220 2.98
25/07/2023
FRANCE O.A.T.I/L 3.150% 02-
7 099 224 EUR 11 058 082 3.75
25/07/2032
FRANCE O.A.T.I/L 3.400% 99-
5 293 172 EUR 7 561 643 2.57
25/07/2029
Italy 92 833 612 31.50
9 043 080 ITALY BTPS 0.400% 19-15/05/2030 EUR 9 829 299 3.34
16 243 237 ITALY BTPS 0.650% 20-15/05/2026 EUR 17 575 271 5.96
3 238 813 ITALY BTPS I/L 0.150% 21-15/05/2051 EUR 3 257 887 1.11
3 763 012 ITALY BTPS I/L 1.250% 15-15/09/2032 EUR 4 490 963 1.52
8 290 906 ITALY BTPS I/L 1.300% 17-15/05/2028 EUR 9 498 276 3.22
12 809 294 ITALY BTPS I/L 2.350% 04-15/09/2035 EUR 17 681 414 6.00
17 715 747 ITALY BTPS I/L 2.350% 14-15/09/2024 EUR 19 777 473 6.72
3 223 296 ITALY BTPS I/L 2.550% 09-15/09/2041 EUR 5 051 835 1.71
4 655 872 ITALY BTPS I/L 3.100% 11-15/09/2026 EUR 5 671 194 1.92
Germany 40 752 053 13.83
DEUTSCHLAND I/L 0.100% 12-
7 575 997 EUR 7 847 158 2.66
15/04/2023
DEUTSCHLAND I/L 0.100% 15-
10 454 458 EUR 11 582 021 3.93
15/04/2026
DEUTSCHLAND I/L 0.100% 15-
3 267 328 EUR 5 366 228 1.82
15/04/2046
DEUTSCHLAND I/L 0.100% 21-
12 644 483 EUR 15 956 646 5.42
15/04/2033
Spain 35 305 060 11.98
2 062 250 SPAIN I/L BOND 0.150% 18-30/11/2023 EUR 2 182 475 0.74
8 478 188 SPAIN I/L BOND 0.650% 17-30/11/2027 EUR 9 734 766 3.30
5 800 145 SPAIN I/L BOND 0.700% 18-30/11/2033 EUR 7 092 517 2.41
6 991 539 SPAIN I/L BOND 1.000% 15-30/11/2030 EUR 8 524 946 2.89
6 852 888 SPAIN I/L BOND 1.800% 14-30/11/2024 EUR 7 770 356 2.64
Shares/Units in investment funds 8 360 966 2.84
France 8 360 966 2.84
14.43 BNP PARIBAS INVEST 3 MOIS - I - C EUR 8 360 966 2.84
Total securities portfolio 293 401 058 99.57
The accompanying notes form an integral part of these financial statements
Page 138
BNP PARIBAS FUNDS Euro Medium Term Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 700 000 SAFRAN SA 0.125% 21-16/03/2026 EUR 693 085 0.19
1 000 000 SANOFI 1.000% 20-01/04/2025 EUR 1 032 303 0.29
official stock exchange listing and/or 342 848 523 95.50
900 000 SFIL SA 0.000% 20-23/11/2028 EUR 895 884 0.25
traded on another regulated market SOCIETE GENERALE 0.010% 21-
700 000 EUR 701 525 0.20
Bonds 318 111 969 88.63 02/12/2026
SOCIETE GENERALE 0.125% 21-
2 000 000 EUR 1 956 638 0.54
France 83 716 295 23.35 18/02/2028
SOCIETE GENERALE 1.250% 19-
700 000 ATOS SE 0.750% 18-07/05/2022 EUR 702 047 0.20 1 000 000 EUR 1 026 432 0.29
15/02/2024
1 400 000 AUCHAN SA 3.250% 20-23/07/2027 EUR 1 570 913 0.44 900 000 SUEZ 0.000% 21-09/06/2026 EUR 892 559 0.25
BANQUE FEDERATIVE DU CREDIT 4 600 000 UNEDIC 0.100% 20-25/11/2026 EUR 4 640 013 1.29
900 000 EUR 897 177 0.25
MUTUEL 0.010% 21-07/03/2025
1 500 000 BNP PARIBAS 1.000% 17-29/11/2024 EUR 1 528 271 0.43 2 300 000 UNEDIC 1.250% 17-28/03/2027 EUR 2 461 185 0.69
2 786 000 BNP PARIBAS 1.000% 18-17/04/2024 EUR 2 851 700 0.79 300 000 VALEO SA 1.625% 16-18/03/2026 EUR 313 174 0.09
600 000 BNP PARIBAS 1.125% 19-28/08/2024 EUR 617 765 0.17 Italy 60 807 881 16.94
1 200 000 BPCE 0.010% 21-14/01/2027 EUR 1 178 261 0.33 1 400 000 2I RETE GAS SPA 3.000% 14-16/07/2024 EUR 1 504 384 0.42
700 000 BPCE 0.125% 19-04/12/2024 EUR 703 404 0.20 1 862 000 ACEA SPA 2.625% 14-15/07/2024 EUR 1 972 092 0.55
1 700 000 BPCE 0.875% 18-31/01/2024 EUR 1 731 590 0.48 ACQUIRENTE UNI 2.800% 19-
836 000 EUR 908 330 0.25
20/02/2026
900 000 BPCE 1.000% 19-01/04/2025 EUR 923 463 0.26
4 200 000 ENI S.P.A. 1.750% 15-18/01/2024 EUR 4 355 505 1.21
CAISSE FR DE FINANCEMENT 0.010%
600 000 EUR 602 312 0.17 INTESA SANPAOLO 0.625% 21-
20-07/05/2025 1 488 000 EUR 1 476 835 0.41
CAISSE FR DE FINANCEMENT 0.375% 24/02/2026
5 400 000 EUR 5 490 764 1.53 INTESA SANPAOLO 1.125% 15-
16-23/06/2025 115 000 EUR 115 304 0.03
04/03/2022
600 000 CAPGEMINI SE 1.625% 20-15/04/2026 EUR 635 116 0.18 INTESA SANPAOLO 2.125% 20-
1 800 000 EUR 1 904 733 0.53
1 900 000 CARMILA SA 1.625% 20-30/05/2027 EUR 1 946 788 0.54 26/05/2025
CARREFOUR BANQUE 0.107% 21- 10 020 000 ITALY BTPS 0.000% 21-01/04/2026 EUR 9 861 993 2.75
400 000 EUR 397 068 0.11
14/06/2025 3 100 000 ITALY BTPS 0.300% 20-15/08/2023 EUR 3 128 456 0.87
600 000 CARREFOUR SA 2.625% 20-15/12/2027 EUR 670 054 0.19
8 210 000 ITALY BTPS 0.350% 19-01/02/2025 EUR 8 262 623 2.30
CIE DE ST GOBAIN 1.750% 20-
1 000 000 EUR 1 022 971 0.28 8 800 000 ITALY BTPS 0.500% 20-01/02/2026 EUR 8 862 840 2.47
03/04/2023
1 400 000 CIE FIN FONCIER 0.010% 21-15/07/2026 EUR 1 402 385 0.39 1 714 000 ITALY BTPS 1.850% 17-15/05/2024 EUR 1 788 945 0.50
CREDIT AGRICOLE HOME 0.375% 16- 11 914 000 ITALY BTPS 1.850% 20-01/07/2025 EUR 12 586 366 3.51
800 000 EUR 808 175 0.23
24/03/2023
CREDIT MUTUEL ARKEA 0.875% 20- 1 947 535 ITALY BTPS I/L 0.550% 18-21/05/2026 EUR 2 058 365 0.57
1 300 000 EUR 1 331 321 0.37
07/05/2027 467 000 UNICREDIT SPA 6.950% 12-31/10/2022 EUR 492 561 0.14
CREDIT MUTUEL ARKEA 1.625% 19- UNIONE DI BANCHE 1.625% 19-
900 000 EUR 947 498 0.26 1 478 000 EUR 1 528 549 0.43
15/04/2026 21/04/2025
600 000 DANONE 0.000% 21-01/12/2025 EUR 598 598 0.17
DEXIA CRED LOCAL 0.000% 21- Spain 34 475 609 9.62
900 000 EUR 893 229 0.25
21/01/2028 1 500 000 ARVAL SERVICE 0.000% 21-30/09/2024 EUR 1 499 748 0.42
DEXIA CRED LOCAL 0.010% 20- BANCO SANTANDER 0.200% 21-
1 400 000 EUR 1 396 617 0.39 800 000 EUR 785 011 0.22
22/01/2027 11/02/2028
DEXIA CRED LOCAL 0.625% 19- BANCO SANTANDER 0.250% 19-
4 400 000 EUR 4 515 663 1.26 1 800 000 EUR 1 812 295 0.50
17/01/2026 19/06/2024
DEXIA CRED LOCAL 1.250% 14- BANCO SANTANDER 1.125% 14-
4 900 000 EUR 5 077 619 1.41 3 900 000 EUR 4 043 977 1.13
26/11/2024 27/11/2024
DEXIA CRED LOCAL 1.250% 15- BANCO SANTANDER 1.375% 20-
2 000 000 EUR 2 098 693 0.58 800 000 EUR 830 140 0.23
27/10/2025 05/01/2026
ELEC DE FRANCE 4.625% 09-
1 700 000 EUR 1 909 547 0.53 2 900 000 BANKIA 1.000% 15-25/09/2025 EUR 3 008 008 0.84
11/09/2024
ESSILORLUXOTTICA 0.250% 20- 700 000 BANKINTER SA 0.625% 20-06/10/2027 EUR 697 299 0.19
800 000 EUR 807 342 0.22
05/01/2024 2 400 000 BANKINTER SA 0.875% 19-05/03/2024 EUR 2 443 587 0.68
1 600 000 FRANCE O.A.T. 0.500% 16-25/05/2026 EUR 1 660 048 0.46
742 000 BASQUE GOVT 1.250% 15-13/04/2023 EUR 758 613 0.21
2 220 000 FRANCE O.A.T. 1.750% 14-25/11/2024 EUR 2 366 165 0.66 CAJA RURAL NAV 0.500% 15-
FRANCE O.A.T.I/L 0.100% 15- 2 100 000 EUR 2 103 398 0.59
5 646 620 EUR 6 044 676 1.68 16/03/2022
01/03/2025 CAJA RURAL NAV 0.625% 16-
200 000 EUR 202 875 0.06
1 000 000 HSBC FRANCE 0.250% 19-17/05/2024 EUR 1 007 128 0.28 01/12/2023
CELLNEX FINANCE 1.000% 21-
1 000 000 JCDECAUX SA 2.000% 20-24/10/2024 EUR 1 045 291 0.29 800 000 EUR 774 100 0.22
15/09/2027
LA BANQUE POSTALE 0.250% 19- FERROVIAL EMISIO 0.540% 20-
700 000 EUR 700 355 0.20 500 000 EUR 497 105 0.14
12/07/2026 12/11/2028
LA BANQUE POSTALE 0.500% 16- INSTIT CRDT OFCL 0.000% 21-
1 600 000 EUR 1 616 647 0.45 1 931 000 EUR 1 930 694 0.54
18/01/2023 30/04/2027
696 000 LA POSTE 4.375% 03-26/06/2023 EUR 745 425 0.21 900 000 KUTXABANK 0.500% 19-25/09/2024 EUR 907 489 0.25
900 000 LA POSTE SA 0.000% 21-18/07/2029 EUR 863 766 0.24 5 700 000 KUTXABANK 1.250% 15-22/09/2025 EUR 5 965 278 1.66
700 000 LA POSTE SA 0.375% 19-17/09/2027 EUR 702 531 0.20 860 000 SPANISH GOVT 0.600% 19-31/10/2029 EUR 881 758 0.25
900 000 ORANGE 0.000% 19-04/09/2026 EUR 891 341 0.25 1 100 000 SPANISH GOVT 0.800% 20-30/07/2027 EUR 1 147 212 0.32
1 000 000 ORANGE 0.000% 21-29/06/2026 EUR 991 524 0.28 2 590 000 SPANISH GOVT 2.150% 15-31/10/2025 EUR 2 829 316 0.79
500 000 ORANGE SA 3.375% 10-16/09/2022 EUR 513 170 0.14 TELEFONICA EMIS 1.201% 20-
1 300 000 EUR 1 357 706 0.38
PERNOD RICARD SA 0.000% 19- 21/08/2027
1 100 000 EUR 1 103 152 0.31
24/10/2023
PERNOD RICARD SA 1.125% 20- The Netherlands 27 055 237 7.54
1 100 000 EUR 1 136 007 0.32 ABN AMRO BANK NV 2.875% 16-
07/04/2025 200 000 EUR 205 526 0.06
PSA BANQUE FRANC 0.625% 19- 18/01/2028
563 000 EUR 569 646 0.16 BMW FINANCE NV 0.000% 20-
21/06/2024 1 000 000 EUR 1 003 650 0.28
14/04/2023
1 215 000 RCI BANQUE 1.125% 20-15/01/2027 EUR 1 224 521 0.34 BMW FINANCE NV 0.125% 19-
RESEAU FERRE FRA 2.625% 14- 465 000 EUR 466 293 0.13
600 000 EUR 665 753 0.19 13/07/2022
29/12/2025
The accompanying notes form an integral part of these financial statements
Page 139
BNP PARIBAS FUNDS Euro Medium Term Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
BMW FINANCE NV 0.500% 18-
1 424 000 EUR 1 435 571 0.40 Austria 7 836 578 2.18
22/11/2022
CONTI-GUMMI FIN 1.125% 20- HAA-BANK INTERNATIONAL AG
1 509 000 EUR 1 546 821 0.43 2 200 000 EUR 2 265 654 0.63
25/09/2024 2.375% 12-13/12/2022
COOPERATIEVE RAB 0.625% 19- REPUBLIC OF AUSTRIA 0.750% 16-
1 000 000 EUR 1 015 701 0.28 3 900 000 EUR 4 108 581 1.14
27/02/2024 20/10/2026
DANFOSS FIN I BV 0.125% 21- 1 400 000 VERBUND AG 1.500% 14-20/11/2024 EUR 1 462 343 0.41
528 000 EUR 523 377 0.15
28/04/2026
904 000 EASYJET FINCO 1.875% 21-03/03/2028 EUR 906 058 0.25 Japan 6 438 158 1.78
1 750 000 ENBW 0.125% 21-01/03/2028 EUR 1 717 849 0.48 655 000 ASAHI GROUP 0.010% 21-19/04/2024 EUR 654 697 0.18
ENEL FINANCE INTERNATIONAL NV 2 474 000 ASAHI GROUP 0.155% 20-23/10/2024 EUR 2 478 155 0.69
1 254 000 EUR 1 236 260 0.34
0.000% 21-28/05/2026 MITSUBISHI UFJ FINANCE 0.339% 19-
HEIMSTADEN BOST 0.250% 21- 1 538 000 EUR 1 551 541 0.43
1 633 000 EUR 1 634 448 0.46 19/07/2024
13/10/2024 MIZUHO FINANCIAL 0.184% 21-
1 066 000 EUR 1 057 848 0.29
1 200 000 ING GROEP NV 1.000% 18-20/09/2023 EUR 1 223 647 0.34 13/04/2026
LEASEPLAN CORP 0.125% 19- 698 000 NTT FINANCE 0.082% 21-13/12/2025 EUR 695 917 0.19
1 693 000 EUR 1 697 091 0.47
13/09/2023
1 298 000
LEASEPLAN CORP 0.250% 21-
EUR 1 280 083 0.36
Luxembourg 5 848 761 1.62
07/09/2026 1 952 000 CNH IND FIN 0.000% 20-01/04/2024 EUR 1 946 532 0.54
LEASEPLAN CORP 3.500% 20-
1 900 000 EUR 2 100 072 0.58 2 000 000 ESM 0.000% 21-15/12/2026 EUR 2 017 741 0.56
09/04/2025
NATURGY FINANCE 1.250% 20- LUXEMBOURG GOVT 0.000% 20-
1 000 000 EUR 1 041 428 0.29 1 867 000 EUR 1 884 488 0.52
15/01/2026 28/04/2025
2 400 000 NIBC BANK NV 0.250% 21-09/09/2026 EUR 2 364 398 0.66
Belgium 5 389 818 1.50
PACCAR FINANCIAL 0.125% 19-
189 000 EUR 189 171 0.05 2 254 000 AB INBEV SA/NV 2.125% 20-02/12/2027 EUR 2 467 293 0.69
07/03/2022
SHELL INTERNATIONAL FIN 1.250% BELFIUS BANK SA 0.750% 17-
3 000 000 EUR 3 009 892 0.84 1 000 000 EUR 1 011 011 0.28
15-15/03/2022 12/09/2022
BNP PARIBAS FORTIS SA 0.625% 18-
900 000 SIEMENS FINAN 0.125% 20-05/06/2022 EUR 902 135 0.25 800 000 EUR 821 064 0.23
04/10/2025
TOYOTA MOTOR FIN 0.000% 21- EUROPEAN UNION 0.000% 21-
601 000 EUR 596 699 0.17 1 074 871 EUR 1 090 450 0.30
27/10/2025 06/07/2026
TOYOTA MOTOR FIN 0.625% 18-
947 000 EUR 959 067 0.27
26/09/2023 United Kingdom 4 656 479 1.30
2 000 000 BP CAPITAL PLC 1.876% 20-07/04/2024 EUR 2 086 263 0.58
Germany 25 993 761 7.25
FIAT CHRYSLER AU 3.375% 20-
769 000 BERLIN HYP AG 0.010% 21-24/08/2026 EUR 771 451 0.21 1 675 000 EUR 1 745 380 0.49
07/07/2023
BUNDESREPUBLIK DEUTSCHLAND GLAXOSMITHKLINE 0.125% 20-
860 000 EUR 879 660 0.25 820 000 EUR 824 836 0.23
0.000% 16-15/08/2026 12/05/2023
BUNDESREPUBLIK DEUTSCHLAND
5 690 000 EUR 5 931 995 1.65
0.500% 16-15/02/2026 Portugal 4 560 545 1.27
575 000 E.ON SE 0.000% 19-24/10/2022 EUR 576 411 0.16 BANCO SANTANDER TOTTA 0.875%
1 500 000 EUR 1 536 251 0.43
17-25/04/2024
1 568 000 E.ON SE 0.375% 20-20/04/2023 EUR 1 579 526 0.44
PORTUGUESE OTS 0.700% 20-
2 900 000 EUR 3 024 294 0.84
4 000 000 KFW 0.000% 19-30/09/2026 EUR 4 044 465 1.13 15/10/2027
2 100 000 KFW 0.010% 19-05/05/2027 EUR 2 120 088 0.59
United States of
5 400 000 KFW 0.375% 18-23/04/2025 EUR 5 533 617 1.54 America 4 450 705 1.23
900 000 SCHAEFFLER AG 1.875% 19-26/03/2024 EUR 922 474 0.26 BOOKING HLDS INC 0.100% 21-
552 000 EUR 551 982 0.15
300 000 SCHAEFFLER AG 2.750% 20-12/10/2025 EUR 318 165 0.09 08/03/2025
1 492 000 COMCAST CORP 0.000% 21-14/09/2026 EUR 1 471 031 0.41
664 000 UNICREDIT 0.010% 21-28/09/2026 EUR 665 628 0.19
VANTAGE TOWERS 0.000% 21- 500 000 DANAHER CORP 1.700% 20-30/03/2024 EUR 519 320 0.14
800 000 EUR 791 535 0.22 FORD MOTOR CRED 3.021% 19-
31/03/2025 458 000 EUR 477 213 0.13
VOLKSWAGEN FINANCIAL 0.000% 06/03/2024
578 000 EUR 573 977 0.16 MCDONALDS CORP 1.000% 16-
21-12/02/2025 1 400 000 EUR 1 431 159 0.40
1 300 000 VONOVIA SE 0.000% 21-01/12/2025 EUR 1 284 769 0.36 15/11/2023
Norway 4 354 934 1.22
Ireland 17 529 365 4.87
1 841 000 DNB BANK ASA 0.250% 19-09/04/2024 EUR 1 857 131 0.52
320 000 FCA BANK IE 0.000% 21-16/04/2024 EUR 319 060 0.09
DNB BOLIGKREDITT 0.375% 18-
581 000 FCA BANK IE 0.125% 20-16/11/2023 EUR 581 675 0.16 771 000 EUR 781 022 0.22
14/11/2023
1 459 000 FCA BANK IE 0.250% 20-28/02/2023 EUR 1 464 250 0.41 1 700 000 STATOIL ASA 0.875% 15-17/02/2023 EUR 1 716 781 0.48
13 700 000 IRISH GOVT 0.200% 20-15/05/2027 EUR 13 962 862 3.88
Canada 3 053 990 0.85
SMURFIT KAPPA AQ 2.875% 18- ROYAL BK OF CANADA 0.250% 18-
1 100 000 EUR 1 201 518 0.33 1 294 000 EUR 1 306 603 0.36
15/01/2026 28/06/2023
TORONTO DOMINION BANK 0.625%
South Korea 8 413 845 2.35 1 724 000
18-20/07/2023
EUR 1 747 387 0.49
3 300 000 KHFC 0.010% 20-07/07/2025 EUR 3 295 463 0.92
1 182 000 KHFC 0.010% 21-29/06/2026 EUR 1 174 692 0.33 Denmark 2 534 030 0.71
CARLSBERG BREW 0.500% 17-
REPUBLIC OF KOREA 0.000% 20- 2 510 000 EUR 2 534 030 0.71
3 919 000 EUR 3 943 690 1.10 06/09/2023
16/09/2025
Finland 8 305 018 2.31 Sweden 1 993 849 0.55
SVENSKA HANDELSBANKEN 0.125%
3 300 000 FINNISH GOVT 0.500% 16-15/04/2026 EUR 3 432 425 0.96 991 000 EUR 986 147 0.27
21-03/11/2026
1 400 000 FORTUM OYJ 0.875% 19-27/02/2023 EUR 1 414 585 0.39 VOLVO TREAS AB 0.000% 20-
1 005 000 EUR 1 007 702 0.28
11/02/2023
2 400 000 FORTUM OYJ 1.625% 19-27/02/2026 EUR 2 525 202 0.70
570 000 FORTUM OYJ 2.250% 12-06/09/2022 EUR 579 902 0.16 Switzerland 697 111 0.19
OP CORPORATE BK 0.375% 19- 700 000 ZUERCHER KBK 0.000% 21-15/05/2026 EUR 697 111 0.19
349 000 EUR 352 904 0.10
26/02/2024
The accompanying notes form an integral part of these financial statements
Page 140
BNP PARIBAS FUNDS Euro Medium Term Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Floating rate bonds 24 736 554 6.87
France 9 133 555 2.53
700 000 BNP PARIBAS 21-30/05/2028 FRN EUR 694 963 0.19
CARREFOUR BANQUE 19-
900 000 EUR 905 028 0.25
12/09/2023 FRN
LA BANQUE POSTALE 15-
5 400 000 EUR 5 536 619 1.54
19/11/2027 FRN
LA BANQUE POSTALE 20-
900 000 EUR 905 061 0.25
17/06/2026 FRN
SOCIETE GENERALE 21-
1 100 000 EUR 1 091 884 0.30
17/11/2026 FRN
Italy 7 273 536 2.03
CREDITO EMILIANO 19-
2 017 000 EUR 2 055 641 0.57
25/10/2025 FRN
2 506 000 UNICREDIT SPA 16-03/01/2027 FRN EUR 2 506 000 0.70
800 000 UNICREDIT SPA 19-03/07/2025 FRN EUR 821 505 0.23
1 146 000 UNICREDIT SPA 20-22/07/2027 FRN EUR 1 207 941 0.34
684 000 UNICREDIT SPA 21-05/07/2029 FRN EUR 682 449 0.19
Spain 5 207 204 1.44
BANCO SANTANDER 21-
700 000 EUR 691 911 0.19
24/06/2029 FRN
1 400 000 BANKINTER SA 17-06/04/2027 FRN EUR 1 408 112 0.39
1 100 000 CAIXABANK 20-10/07/2026 FRN EUR 1 116 723 0.31
1 100 000 CAIXABANK 20-18/11/2026 FRN EUR 1 093 538 0.30
900 000 CAIXABANK 21-26/05/2028 FRN EUR 896 920 0.25
United States of
America 2 661 625 0.74
BANK OF AMERICA CORP 21-
1 600 000 EUR 1 624 761 0.45
24/08/2025 FRN
GOLDMAN SACHS GROUP 21-
1 036 000 EUR 1 036 864 0.29
30/04/2024 FRN
United Kingdom 460 634 0.13
459 000 VIRGIN MONEY 21-27/05/2024 FRN EUR 460 634 0.13
Shares/Units in investment funds 13 208 580 3.67
France 13 208 580 3.67
21.81 BNP PARIBAS MOIS - ISR - I - CAP EUR 496 269 0.14
11 626.49 BNP PARIBAS MOIS - ISR - X CAP EUR 12 712 311 3.53
Total securities portfolio 356 057 103 99.17
The accompanying notes form an integral part of these financial statements
Page 141
BNP PARIBAS FUNDS Euro Mid Cap
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Transferable securities admitted to an
official stock exchange listing and/or 32 583 609 95.94
traded on another regulated market
Shares 32 583 609 95.94
France 11 952 910 35.20
2 546 ADP EUR 288 462 0.85
11 699 ALSTOM EUR 365 243 1.08
8 534 ARKEMA EUR 1 056 936 3.11
6 792 BUREAU VERITAS SA EUR 198 191 0.58
6 213 CAPGEMINI SE EUR 1 338 902 3.94
25 962 EDENRED EUR 1 053 278 3.10
11 280 EIFFAGE SA EUR 1 020 389 3.00
16 514 FAURECIA EUR 690 781 2.03
8 090 GECINA SA EUR 994 261 2.93
7 527 ORPEA EUR 663 129 1.95
2 682 S.O.I.T.E.C. EUR 577 166 1.70
1 237 SEB SA EUR 169 345 0.50
13 524 SODEXO SA EUR 1 042 159 3.07
4 763 TELEPERFORMANCE EUR 1 867 095 5.51
12 805 WORLDLINE SA - W/I EUR 627 573 1.85
Germany 6 681 045 19.67
23 431 COVESTRO AG EUR 1 269 960 3.74
10 430 HELLOFRESH SE EUR 704 442 2.07
9 386 LEG IMMOBILIENILIEN AG EUR 1 151 662 3.39
5 895 MTU AERO ENGINES AG EUR 1 057 563 3.11
13 391 PUMA SE EUR 1 439 533 4.24
TELEFONICA DEUTSCHLAND
433 382 EUR 1 057 885 3.12
HOLDING
Italy 3 941 468 11.61
377 749 A2A SPA EUR 649 728 1.91
27 449 AMPLIFON SPA EUR 1 302 455 3.84
44 987 FINECOBANK S.P.A. EUR 694 374 2.04
13 988 MONCLER SPA EUR 895 512 2.64
7 069 RECORDATI SPA EUR 399 399 1.18
The Netherlands 3 687 633 10.85
6 256 AALBERTS INDUSTRIES NV EUR 364 475 1.07
22 136 ASR NEDERLAND NV EUR 896 508 2.64
36 435 CNH INDUSTRIAL NV EUR 621 945 1.83
37 906 NN GROUP NV - W/I EUR 1 804 705 5.31
Ireland 2 486 082 7.32
8 906 KINGSPAN GROUP PLC EUR 935 130 2.75
32 018 SMURFIT KAPPA GROUP PLC EUR 1 550 952 4.57
Luxembourg 1 380 306 4.06
163 622 AROUNDTOWN SA EUR 870 469 2.56
4 686 EUROFINS SCIENTIFIC EUR 509 837 1.50
Austria 1 265 833 3.73
25 342 OMV AG EUR 1 265 833 3.73
Finland 1 188 332 3.50
35 515 UPM-KYMMENE OYJ EUR 1 188 332 3.50
Shares/Units in investment funds 1 446 296 4.26
Luxembourg 1 446 296 4.26
BNP PARIBAS INSTICASH EUR 1D
12 123.77 EUR 1 446 296 4.26
SHORT TERM VNAV - X CAP
Total securities portfolio 34 029 905 100.20
The accompanying notes form an integral part of these financial statements
Page 142
BNP PARIBAS FUNDS Euro Money Market
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
PSA BANQUE FRANCE SA 0.000%
Transferable securities admitted to an 20 000 000
29/06/2022 NEUCP
EUR 20 044 725 2.40
official stock exchange listing and/or 33 341 823 4.00
5 000 000
REGION NORD PAS DE CALAIS
EUR 5 004 696 0.60
PICARDIE 0.000% 03
traded on another regulated market SCHNEIDER ELECTRIC SE 0.000%
6 000 000 EUR 6 000 990 0.72
33 341 823 4.00 13/01/2022 NEUC
Floating rate bonds 2 000 000 SEB SA 0.000% 17/01/2022 NEUCP EUR 2 000 432 0.24
The Netherlands 15 867 186 1.90 4 000 000 SEB SA 0.000% 25/01/2022 NEUCP EUR 4 001 270 0.48
9 800 000 BMW FINANCE NV 20-24/06/2022 FRN EUR 9 821 469 1.18 SOCIETE GENERALE SA
7 000 000 EUR 6 993 584 0.84
TOYOTA MOTOR FIN 21- ESTERCAP+0.05 08/12/2022
4 500 000 EUR 4 536 879 0.54 SUD RHONE ALPES(CAISSE
24/05/2023 FRN 10 000 000 EUR 10 035 684 1.20
TOYOTA MOTOR FIN 21- REGIONALE DE CRED
1 500 000 EUR 1 508 838 0.18
25/08/2023 FRN
United Kingdom 66 058 152 7.92
Spain 7 820 580 0.94 7 000 000
AGRICULTURAL BANK OF CHINA UK
EUR 7 005 848 0.84
BANCO BILBAO VIZCAYA 0.000% 24/02/2022
6 000 000 EUR 6 096 287 0.73 BARCLAYS BANK PLC
ARGENTARIA 21-03/12/2023 FRN 5 000 000 EUR 4 999 420 0.60
BANCO BILBAO VIZCAYA ESTERCAP+0.08 12/08/2022
1 700 000 EUR 1 724 293 0.21 BARCLAYS BANK PLC
ARGENTARIA 21-09/09/2023 FRN 5 000 000 EUR 4 998 952 0.60
ESTERCAP+0.09 01/12/2022
Sweden 5 251 813 0.63 3 000 000
BP CAPITAL MARKETS PLC 0.000%
EUR 3 009 965 0.36
3 200 000 VOLVO TREAS AB 21-15/11/2023 FRN EUR 3 233 600 0.39 05/10/2022
BP CAPITAL MARKETS PLC 0.000%
2 000 000 VOLVO TREAS AB 21-27/09/2023 FRN EUR 2 018 213 0.24 3 000 000 EUR 3 009 021 0.36
08/09/2022
GOLDMAN SACHS INTERNATIONAL
France 4 402 244 0.53 5 000 000 EUR 5 020 590 0.60
BANK 0.000% 01/1
LVMH MOET HENNES 20- GOLDMAN SACHS INTERNATIONAL
4 400 000 EUR 4 402 244 0.53 3 000 000 EUR 3 012 462 0.36
11/02/2022 FRN BANK 0.000% 05/1
GOLDMAN SACHS INTERNATIONAL
2 000 000 EUR 2 008 326 0.24
Other transferable securities 35 008 789 4.21 BANK 0.000% 06/1
MITSUBISHI CORPORATION
8 000 000 EUR 8 014 148 0.96
FINANCE 0.000% 10/05/2022
Floating rate bonds 35 008 789 4.21
UNICREDITO ITALIANO SPA
10 000 000 EUR 9 992 510 1.20
(LONDON BRANCH)
France 35 008 789 4.21 UNICREDITO ITALIANO SPA
CA CONSUMER FINANCE 15 000 000 EUR 14 986 910 1.80
5 000 000 EUR 5 000 000 0.60 (LONDON BRANCH)
ESTERCAP+0.265 01/12
30 000 000
SOCIETE GENERALE SA
EUR 30 008 789 3.61 Sweden 53 112 968 6.37
ESTERCAP+0.07 22/08/ 6 000 000 SCANIA CV AB 0.000% 09/05/2022 EUR 6 009 596 0.72
2 000 000 SCANIA CV AB 0.000% 14/04/2022 EUR 2 002 587 0.24
Money Market Instruments 671 329 831 80.49
5 000 000 SCANIA CV AB 0.000% 23/06/2022 EUR 5 010 624 0.60
France 305 760 426 36.67 5 000 000 SCANIA CV AB 0.000% 23/09/2022 EUR 5 015 876 0.60
ANJOU ET DU MAINE (CAISSE SVENSKA HANDELSBANKEN AB
12 000 000 EUR 12 000 105 1.44 5 000 000 EUR 5 005 931 0.60
REGIONALE DE C 0.000% 15/03/2022
ARCELORMITTAL SA 0.000% SVENSKA HANDELSBANKEN AB
5 000 000 EUR 5 002 322 0.60 25 000 000 EUR 25 064 630 3.01
15/02/2022 NEUCP 0.000% 28/06/2022 N
ARVAL SERVICE LEASE FRANCE VOLVO TREASURY AB 0.000%
5 000 000 EUR 5 008 889 0.60 5 000 000 EUR 5 003 724 0.60
0.000% 24/05/2022 28/02/2022
5 000 000 ATOS SE 0.000% 14/10/2022 NEUCP EUR 5 009 748 0.60
Luxembourg 50 077 764 6.00
5 000 000 ATOS SE 0.000% 31/08/2022 NEUCP EUR 5 008 837 0.60 ARCELORMITTAL 0.000% 07/02/2022
5 000 000 EUR 5 001 936 0.60
AXA BANQUE SA ESTERCAP+0.055 NEUCP
15 000 000 EUR 14 999 910 1.80 BANK OF CHINA LIMITED 0.000%
24/08/2022 15 000 000 EUR 15 016 303 1.80
BNP PARIBAS SA ESTERCAP+0.07 14/03/2022
10 000 000 EUR 9 999 201 1.20 INDUSTRIAL + COMMERCIAL BANK
04/08/2022 25 000 000 EUR 25 055 412 3.00
CHARENTE - PERIGORD (CAISSE OF CHINA LT
10 000 000 EUR 9 997 786 1.20 INTESA SANPAOLO BANK
REGIONALE DE 5 000 000 EUR 5 004 113 0.60
5 000 000 COFACE SA 0.000% 21/03/2022 NEUCP EUR 5 005 256 0.60 LUXEMBOURG S.A. 0.000% 08/03/2022
3 500 000 COFACE SA 0.000% 28/06/2022 NEUCP EUR 3 507 787 0.42 Germany 49 062 046 5.88
2 000 000 COVIVIO 0.000% 28/01/2022 NEUCP EUR 2 000 711 0.24 10 000 000 E.ON SE 0.000% 12/01/2022 EUR 10 001 524 1.20
CREDIT INDUSTRIEL ET 15 000 000 SAP SE 0.000% 10/02/2022 EUR 15 008 030 1.80
25 000 000 COMMERCIAL ESTERCAP 0.000% EUR 24 999 990 3.00
5 000 000 VOLKSWAGEN AG 0.000% 04/02/2022 EUR 5 002 220 0.60
18/01/2022
CREDIT MUTUEL ARKEA SA 5 000 000 VOLKSWAGEN AG 0.000% 17/08/2022 EUR 5 013 789 0.60
10 000 000 EUR 9 994 543 1.20
ESTERCAP+0.06 06/12/2022 VOLKSWAGEN FINANCIAL
4 000 000 EUR 4 010 620 0.48
10 000 000 DANONE SA 0.000% 27/01/2022 NEUCP EUR 10 003 429 1.20 SERVICES AG 0.000% 08/0
VOLKSWAGEN LEASING GMBH
15 000 000 ENGIE SA 0.000% 24/01/2022 NEUCP EUR 15 004 571 1.80 10 000 000 EUR 10 025 863 1.20
0.000% 02/08/2022
FRANCE(ELECTRICITE DE) 0.000%
5 000 000 EUR 5 000 889 0.60
14/01/2022 NEU Ireland 37 048 332 4.44
FRANCE(ELECTRICITE DE) 0.000% BANK OF AMERICA MERRILL
5 000 000 EUR 5 003 287 0.60 10 000 000 EUR 10 002 908 1.20
21/02/2022 NEU LYNCH INT 0.000% 20/
10 000 000 GECINA SA 0.000% 11/03/2022 NEUCP EUR 10 008 795 1.20 INTESA SANPAOLO BANK IRELAND
7 000 000 EUR 7 002 340 0.84
KLEPIERREERRE 0.000% 12/09/2022 PLC 0.000% 26/0
10 000 000 EUR 10 030 519 1.20 INTESA SANPAOLO BANK IRELAND
NEUCP 20 000 000 EUR 20 043 084 2.40
KLEPIERREERRE 0.000% 25/02/2022 PLC 0.000% 27/0
16 000 000 EUR 16 011 319 1.92
NEUCP
KLEPIERREERRE 0.000% 29/04/2022
2 000 000 EUR 2 002 958 0.24
NEUCP
LAGARDERE SCA 0.000% 04/05/2022
1 000 000 EUR 1 001 114 0.12
NEUCP
20 000 000 LOREAL SA 0.000% 09/12/2022 NEUCP EUR 20 089 067 2.41
NATIXIS SA ESTERCAP+0.07
25 000 000 EUR 24 995 055 3.00
31/08/2022 NEUC
PALATINE SA ESTERCAP+0.075
20 000 000 EUR 19 992 957 2.40
02/12/2022 NE
The accompanying notes form an integral part of these financial statements
Page 143
BNP PARIBAS FUNDS Euro Money Market
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
The Netherlands 36 079 243 4.33
ENEL FINANCE INTERNATIONAL NV
9 000 000 EUR 9 003 200 1.08
0.000% 28/01/2
KONINKLIJKE KPN NV 0.000%
2 000 000 EUR 2 000 206 0.24
10/01/2022
NATWEST MARKETS NV 0.000%
20 000 000 EUR 20 074 948 2.41
06/12/2022
REPSOL INTERNATIONAL FINANCE
5 000 000 EUR 5 000 889 0.60
BV 0.000% 14/01
Australia 25 007 456 3.00
AGRICULTURAL BANK OF CHINA
15 000 000 EUR 15 004 194 1.80
LTD/SYDNEY 0.000%
AGRICULTURAL BANK OF CHINA
10 000 000 EUR 10 003 262 1.20
LTD/SYDNEY 0.000%
Italy 22 042 427 2.64
5 000 000 ITALY BOTS 0.000% 21-29/04/2022 EUR 5 009 955 0.60
10 000 000 SNAM SPA 0.000% 01/06/2022 EUR 10 018 720 1.20
7 000 000 SNAM SPA 0.000% 09/06/2022 EUR 7 013 752 0.84
Spain 15 051 688 1.80
ACS ACTIVIDADES DE
5 000 000 EUR 5 010 418 0.60
CONSTRUCCION Y SERVIC
BANCO SANTANDER SA 0.000%
10 000 000 EUR 10 041 270 1.20
02/12/2022
Qatar 8 027 656 0.96
QATAR NATIONAL BANK SAQ -
8 000 000 EUR 8 027 656 0.96
LONDON BRANCH
Finland 4 001 673 0.48
OP CORPORATE BANK PLC 0.000%
4 000 000 EUR 4 001 673 0.48
26/01/2022
Shares/Units in investment funds 32 602 962 3.91
France 32 602 231 3.91
BNP PARIBAS CASH INVEST - I PLUS
24.02 EUR 23 630 057 2.83
- CAP
172.00 BNP PARIBAS MONE ETAT I EUR 8 972 174 1.08
Luxembourg 731 0.00
BNP PARIBAS INSTICASH EUR 1D
5.33 EUR 731 0.00
SHORT TERM VNAV - I CAP
Total securities portfolio 772 283 405 92.61
The accompanying notes form an integral part of these financial statements
Page 144
BNP PARIBAS FUNDS Euro Short Term Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 353 000 IREN SPA 0.875% 16-04/11/2024 EUR 360 164 0.18
6 317 425 ITALY BTPS 0.100% I/L 18-15/05/2023 EUR 6 522 102 3.32
official stock exchange listing and/or 192 894 264 98.11
1 244 772 ITALY BTPS 0.650% 20-15/05/2026 EUR 1 346 850 0.69
traded on another regulated market
100 498 ITALY BTPS I/L 0.450% 17-22/05/2023 EUR 104 128 0.05
Bonds 164 680 521 83.78
2 300 000 POSTE ITALIANE 0.000% 20-10/12/2024 EUR 2 291 701 1.17
Germany 30 469 189 15.51 2 220 000 UNICREDIT SPA 0.500% 19-09/04/2025 EUR 2 230 855 1.13
1 800 000 DAIMLER AG 1.625% 20-22/08/2023 EUR 1 854 809 0.94 UNIONE DI BANCHE 0.750% 17-
4 000 000 EUR 4 032 990 2.05
17/10/2022
DEUTSCHLAND I/L 0.100% 12-
9 008 320 EUR 9 330 746 4.75
15/04/2023 United States of
DEUTSCHLAND I/L 0.100% 15-
5 589 447
15/04/2026
EUR 6 192 295 3.15 America 21 509 016 10.95
DT LUFTHANSA AG 3.000% 20- 1 519 000 ABBOTT IL FIN 0.875% 18-27/09/2023 EUR 1 547 832 0.79
800 000 EUR 798 000 0.41
29/05/2026 BOOKING HLDS INC 0.100% 21-
MERCK FIN SERVIC 0.005% 19- 644 000 EUR 643 979 0.33
1 400 000 EUR 1 406 154 0.72 08/03/2025
15/12/2023 FORD MOTOR CRED 1.514% 19-
3 000 000 EUR 3 031 487 1.54
650 000 METRO AG 1.500% 15-19/03/2025 EUR 674 381 0.34 17/02/2023
1 800 000 SCHAEFFLER AG 1.125% 19-26/03/2022 EUR 1 799 277 0.92 FORD MOTOR CRED 2.330% 19-
1 000 000 EUR 1 040 536 0.53
25/11/2025
1 200 000 SCHAEFFLER AG 3.375% 20-12/10/2028 EUR 1 335 463 0.68 FORD MOTOR CRED 3.021% 19-
1 000 000 EUR 1 041 950 0.53
VANTAGE TOWERS 0.000% 21- 06/03/2024
1 000 000 EUR 989 419 0.50 GEN ELECTRIC CO 0.875% 17-
31/03/2025 1 200 000 EUR 1 226 083 0.62
VANTAGE TOWERS 0.375% 21- 17/05/2025
1 400 000 EUR 1 380 023 0.70 GEN MOTORS FIN 0.850% 20-
31/03/2027 1 300 000 EUR 1 312 542 0.67
VOLKSWAGEN BANK 1.875% 19- 26/02/2026
1 000 000 EUR 1 037 462 0.53 GEN MOTORS FIN 2.200% 19-
31/01/2024 786 000 EUR 822 539 0.42
VOLKSWAGEN FINANCIAL 0.000% 01/04/2024
964 000 EUR 957 291 0.49
21-12/02/2025 1 222 000 IBM CORP 0.375% 19-31/01/2023 EUR 1 230 441 0.63
VOLKSWAGEN LEAS 0.000% 21- KRAFT HEINZ FOOD 2.250% 16-
1 332 000 EUR 1 327 979 0.68 800 000 EUR 856 921 0.44
19/07/2024 25/05/2028
1 100 000 VONOVIA SE 0.000% 21-01/12/2025 EUR 1 087 112 0.55 MCDONALDS CORP 1.000% 16-
700 000 EUR 715 580 0.36
300 000 VONOVIA SE 0.000% 21-16/09/2024 EUR 298 778 0.15 15/11/2023
MMS USA FIN INC 0.625% 19-
3 000 000 EUR 3 031 134 1.54
France 28 553 782 14.52 13/06/2025
AEROPORT PARIS 2.125% 20- 1 500 000 MYLAN NV 2.250% 16-22/11/2024 EUR 1 583 846 0.81
500 000 EUR 541 176 0.28
02/10/2026 1 591 000 STRYKER CORP 0.250% 19-03/12/2024 EUR 1 597 850 0.81
1 200 000 AUCHAN SA 3.250% 20-23/07/2027 EUR 1 346 497 0.68 ZIMMER BIOMET HOLDINGS 1.414%
1 800 000 EUR 1 826 296 0.93
2 000 000 BNP PARIBAS 1.000% 17-29/11/2024 EUR 2 037 694 1.04 16-13/12/2022
CASINO GUICHARD 3.248% 14-
1 000 000
07/03/2024
EUR 1 005 700 0.51 The Netherlands 20 094 865 10.22
ASML HOLDING NV 1.625% 16-
CIE DE ST GOBAIN 0.875% 18- 1 800 000 EUR 1 937 828 0.99
600 000 EUR 611 592 0.31 28/05/2027
21/09/2023
BMW FINANCE NV 0.625% 19-
CIE DE ST GOBAIN 1.750% 20- 3 000 000 EUR 3 044 120 1.55
300 000 EUR 306 891 0.16 06/10/2023
03/04/2023
COOPERATIEVE RAB 0.750% 18-
CRED AGRICOLE SA 2.700% 15- 700 000 EUR 710 909 0.36
3 000 000 EUR 3 203 916 1.63 29/08/2023
15/07/2025
DAIMLER INTERNATIONAL FINANCE
700 000 DANONE 0.000% 21-01/12/2025 EUR 698 364 0.36 2 280 000 EUR 2 305 445 1.17
0.625% 19-27/02/2023
DASSAULT SYSTEME 0.000% 19- HEIMSTADEN BOST 0.250% 21-
1 400 000 EUR 1 402 773 0.71 1 143 000 EUR 1 144 013 0.58
16/09/2024 13/10/2024
ESSILORLUXOTTICA 0.000% 19- 1 636 000 JDE PEETS NV 0.000% 21-16/01/2026 EUR 1 608 214 0.82
1 400 000 EUR 1 404 809 0.71
27/05/2023
LEASEPLAN CORP 0.125% 19-
FRANCE O.A.T.I/L 0.100% 15- 2 822 000 EUR 2 828 820 1.44
2 130 800 EUR 2 281 010 1.16 13/09/2023
01/03/2025
LEASEPLAN CORP 0.250% 21-
FRANCE O.A.T.I/L 2.100% 07- 424 000 EUR 418 147 0.21
3 155 895 EUR 3 385 286 1.72 07/09/2026
25/07/2023
LEASEPLAN CORP 1.000% 19-
300 000 JCDECAUX SA 2.000% 20-24/10/2024 EUR 313 587 0.16 1 001 000 EUR 1 002 994 0.51
25/02/2022
1 900 000 MERCIALYS 4.625% 20-07/07/2027 EUR 2 222 076 1.13 1 000 000 LOUIS DREYF 2.375% 20-27/11/2025 EUR 1 064 159 0.54
MUTUELLE ASSUR 0.625% 21- 1 500 000 NIBC BANK NV 0.250% 21-09/09/2026 EUR 1 477 749 0.75
700 000 EUR 685 177 0.35
21/06/2027
SCHLUMBERGER FIN 0.000% 19-
PERNOD RICARD SA 1.125% 20- 1 273 000 EUR 1 273 373 0.65
700 000 EUR 722 913 0.37 15/10/2024
07/04/2025
TOYOTA MOTOR FIN 0.625% 18-
1 500 000 RCI BANQUE 1.000% 16-17/05/2023 EUR 1 514 223 0.77 1 263 000 EUR 1 279 094 0.65
26/09/2023
700 000 RENAULT 2.500% 21-01/04/2028 EUR 695 877 0.35
SOCIETE GENERALE 1.250% 19-
United Kingdom 10 040 920 5.11
1 300 000 EUR 1 334 361 0.68 1 200 000 BP CAPITAL PLC 1.876% 20-07/04/2024 EUR 1 251 758 0.64
15/02/2024
TEREOS FIN GROUP 4.125% 16- GLAXOSMITHKLINE 0.000% 19-
1 500 000 EUR 1 517 100 0.77 946 000 EUR 949 918 0.48
16/06/2023 23/09/2023
VEOLIA ENVRNMT 0.892% 19- HAMMERSON PLC 1.750% 16-
1 300 000 EUR 1 322 760 0.67 3 000 000 EUR 3 032 400 1.54
14/01/2024 15/03/2023
INTERNATIONAL CONSOLIDAT
Italy 23 327 285 11.87 800 000 EUR 770 200 0.39
0.500% 19-04/07/2023
419 000 ACEA SPA 0.000% 21-28/09/2025 EUR 416 655 0.21 INTERNATIONAL CONSOLIDAT
700 000 EUR 683 394 0.35
2.750% 21-25/03/2025
661 000 ACEA SPA 2.625% 14-15/07/2024 EUR 700 082 0.36 ROLLS-ROYCE PLC 0.875% 18-
AEROPORTI ROMA 1.625% 17- 3 400 000 EUR 3 353 250 1.71
1 300 000 EUR 1 339 150 0.68 09/05/2024
08/06/2027
1 400 000 ATLANTIA 5.875% 04-09/06/2024 EUR 1 570 621 0.80
AUTOSTRADE PER L 1.625% 15-
1 275 000 EUR 1 290 466 0.66
12/06/2023
INTESA SANPAOLO 0.625% 21-
1 130 000 EUR 1 121 521 0.57
24/02/2026
The accompanying notes form an integral part of these financial statements
Page 145
BNP PARIBAS FUNDS Euro Short Term Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
TELEFONICA EUROP 18-
Ireland 7 073 152 3.59 600 000 EUR 618 117 0.31
31/12/2049 FRN
CCEP FINANCE IRE 0.000% 21- TELEFONICA EUROP 21-
1 336 000 EUR 1 324 467 0.67 600 000 EUR 595 490 0.30
06/09/2025 31/12/2061 FRN
DELL BANK INTERN 0.500% 21- VOLKSWAGEN INTERNATION FN 18-
2 127 000 EUR 2 111 851 1.07 1 000 000 EUR 1 052 987 0.54
27/10/2026 31/12/2049 FRN
DELL BANK INTERN 1.625% 20-
600 000 EUR 620 360 0.32
24/06/2024 United Kingdom 3 395 392 1.72
700 000 FCA BANK IE 0.625% 19-24/11/2022 EUR 704 355 0.36 2 350 000 STANDARD CHART 17-03/10/2023 FRN EUR 2 364 532 1.20
970 000 FCA BANK IE 1.000% 18-21/02/2022 EUR 970 996 0.49 1 000 000 VODAFONE GROUP 18-03/01/2079 FRN EUR 1 030 860 0.52
HAMMERSON IRLND 1.750% 21-
1 366 000 EUR 1 341 123 0.68 Austria 2 175 238 1.11
03/06/2027
VIENNA INSURANCE 13-
2 000 000 EUR 2 175 238 1.11
Japan 4 902 662 2.50 09/10/2043 FRN
798 000 ASAHI GROUP 0.010% 21-19/04/2024 EUR 797 631 0.41
Australia 2 126 662 1.08
249 000 ASAHI GROUP 0.155% 20-23/10/2024 EUR 249 418 0.13 1 100 000 AUSNET SERVICES 21-11/03/2081 FRN EUR 1 101 742 0.56
500 000 ASAHI GROUP 0.336% 21-19/04/2027 EUR 496 831 0.25 900 000 BHP BILLITON FIN 15-22/10/2079 FRN EUR 1 024 920 0.52
MIZUHO FINANCIAL 0.184% 21-
2 000 000 EUR 1 984 706 1.01
13/04/2026 Ireland 2 021 139 1.03
796 000 NTT FINANCE 0.010% 21-03/03/2025 EUR 793 813 0.40 2 000 000 BANK OF IRELAND 19-08/07/2024 FRN EUR 2 021 139 1.03
582 000 NTT FINANCE 0.082% 21-13/12/2025 EUR 580 263 0.30
France 1 878 157 0.96
Denmark 3 891 580 1.98 600 000 DANONE 21-31/12/2061 FRN EUR 599 789 0.31
2 000 000 ISS GLOBAL A/S 0.875% 19-18/06/2026 EUR 2 015 935 1.03 688 000 TOTAL SE 21-31/12/2061 FRN EUR 681 877 0.35
1 833 000 SYDBANK A/S 1.375% 18-18/09/2023 EUR 1 875 645 0.95 600 000 VEOLIA ENVRNMT 21-31/12/2061 FRN EUR 596 491 0.30
Luxembourg 3 740 758 1.90 Japan 1 797 742 0.91
1 000 000 CK HUTCHISON 0.375% 19-17/10/2023 EUR 1 005 019 0.51 TAKEDA PHARMACEUTICAL 18-
1 783 000 EUR 1 797 742 0.91
1 000 000 LOGICOR FIN 0.750% 19-15/07/2024 EUR 1 011 153 0.51 21/11/2022 FRN
1 300 000 LOGICOR FIN 1.500% 18-14/11/2022 EUR 1 312 978 0.67 Luxembourg 1 036 013 0.53
390 000 LOGICOR FIN 2.250% 18-13/05/2025 EUR 411 608 0.21 1 000 000 TALANX FINANZ 12-15/06/2042 FRN EUR 1 036 013 0.53
Spain 3 398 382 1.72 Switzerland 746 425 0.38
900 000 ARVAL SERVICE 0.000% 21-01/10/2025 EUR 892 011 0.45 750 000 UBS GROUP 21-03/11/2026 FRN EUR 746 425 0.38
1 700 000 ARVAL SERVICE 0.000% 21-30/09/2024 EUR 1 699 714 0.86 Spain 497 184 0.25
800 000 KUTXABANK 0.500% 19-25/09/2024 EUR 806 657 0.41 500 000 IBERDROLA FIN SA 21-31/12/2061 FRN EUR 497 184 0.25
Sweden 3 139 271 1.60
645 000 SCANIA CV AB 0.000% 20-23/11/2022 EUR 645 892 0.33
Shares/Units in investment funds 1 909 571 0.97
VATTENFALL AB 0.050% 20-
548 000 EUR 546 475 0.28 France 1 909 571 0.97
15/10/2025
VOLVO TREAS AB 0.000% 20- 3.30 BNP PARIBAS INVEST 3 MOIS - I - C EUR 1 909 571 0.97
627 000 EUR 628 686 0.32
11/02/2023
1 317 000
VOLVO TREAS AB 0.000% 21-
EUR 1 318 218 0.67 Total securities portfolio 194 803 835 99.08
09/05/2024
Canada 1 825 476 0.93
TORONTO DOMINION BANK 0.375%
1 809 000 EUR 1 825 476 0.93
19-25/04/2024
Finland 1 711 016 0.87
1 200 000 FORTUM OYJ 0.875% 19-27/02/2023 EUR 1 212 501 0.62
483 000 NOKIA OYJ 2.000% 17-15/03/2024 EUR 498 515 0.25
Austria 1 003 167 0.51
1 000 000 OMV AG 0.000% 20-16/06/2023 EUR 1 003 167 0.51
Floating rate bonds 28 213 743 14.33
United States of
America 6 364 705 3.23
1 200 000 AT&T INC 20-31/12/2060 FRN EUR 1 200 731 0.61
BANK OF AMERICA CORP 21-
2 000 000 EUR 2 030 951 1.03
24/08/2025 FRN
GOLDMAN SACHS GROUP 21-
1 619 000 EUR 1 620 350 0.82
30/04/2024 FRN
GOLDMAN SACHS GROUP 21-
1 500 000 EUR 1 512 673 0.77
30/04/2024 FRN
The Netherlands 6 175 086 3.13
ADECCO INTERNATIONAL
1 000 000 FINANCIAL SERVICES 21- EUR 984 793 0.50
21/03/2082 FRN
700 000 FERROVIAL NL 17-31/12/2049 FRN EUR 697 610 0.35
2 200 000 ING GROEP NV 18-20/09/2023 FRN EUR 2 226 089 1.13
The accompanying notes form an integral part of these financial statements
Page 146
BNP PARIBAS FUNDS Euro Short Term Corporate Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
NATURGY ENERGY GROUP F 0.875%
Transferable securities admitted to an 100 000
17-15/05/2025
EUR 102 635 0.25
official stock exchange listing and/or 37 950 229 92.66 300 000 NIBC BANK NV 0.250% 21-09/09/2026 EUR 295 550 0.72
traded on another regulated market 100 000
OI EUROPEAN GRP 2.875% 19-
EUR 100 781 0.25
15/02/2025
Bonds 26 961 443 65.85 100 000 PHILIPS NV 0.750% 18-02/05/2024 EUR 101 808 0.25
SAIPEM FIN INTERNATIONAL 3.125%
France 5 859 102 14.32 100 000
21-31/03/2028
EUR 98 714 0.24
100 000 ALSTOM S 0.125% 21-27/07/2027 EUR 98 538 0.24 TEVA PHARMACEUTI 3.750% 21-
100 000 EUR 99 425 0.24
09/05/2027
200 000 AUCHAN SA 2.250% 13-06/04/2023 EUR 205 625 0.50
112 000 THERMO FISHER 0.000% 21-18/11/2025 EUR 111 570 0.27
BANQUE FEDERATIVE DU CREDIT
200 000 EUR 199 373 0.49 TOYOTA MOTOR FIN 0.000% 21-
MUTUEL 0.010% 21-07/03/2025 129 000 EUR 128 077 0.31
BANQUE FEDERATIVE DU CREDIT 27/10/2025
100 000 EUR 98 819 0.24 UPJOHN FINANCE 0.816% 20-
MUTUEL 0.010% 21-11/05/2026 100 000 EUR 100 513 0.25
BANQUE FEDERATIVE DU CREDIT 23/06/2022
100 000 EUR 107 136 0.26 UPJOHN FINANCE 1.023% 20-
MUTUEL 2.375% 16-24/03/2026 300 000 EUR 306 473 0.75
23/06/2024
500 000 BNP PARIBAS 2.750% 15-27/01/2026 EUR 543 720 1.33
300 000 VOLKSBANK NV 0.250% 21-22/06/2026 EUR 297 617 0.73
100 000 BOUYGUES 3.625% 12-16/01/2023 EUR 104 134 0.25
100 000 BPCE 0.125% 19-04/12/2024 EUR 100 486 0.25 United Kingdom 3 135 500 7.68
CREDIT AGRICOLE 0.500% 19-
200 000 BPCE 0.625% 18-26/09/2023 EUR 202 831 0.50 100 000 EUR 101 400 0.25
24/06/2024
100 000 CAPGEMINI SE 1.000% 18-18/10/2024 EUR 102 507 0.25 CREDIT AGRICOLE 0.750% 18-
800 000 EUR 814 494 2.00
200 000 CARMILA 2.375% 15-18/09/2023 EUR 207 280 0.51 05/12/2023
CREDIT SUISSE LD 0.250% 21-
100 000 CARREFOUR SA 0.875% 18-12/06/2023 EUR 101 171 0.25 100 000 EUR 99 656 0.24
05/01/2026
CNP ASSURANCES 1.875% 16- 100 000 EASYJET PLC 1.750% 16-09/02/2023 EUR 101 431 0.25
100 000 EUR 101 461 0.25
20/10/2022
FIAT CHRYSLER AU 3.375% 20-
CRED AGRICOLE SA 2.800% 16- 100 000 EUR 104 202 0.25
5 000 EUR 5 371 0.01 07/07/2023
27/01/2026
HAMMERSON PLC 1.750% 16-
100 000 DANONE 0.000% 21-01/12/2025 EUR 99 766 0.24 100 000 EUR 101 080 0.25
15/03/2023
ELIOR PARTICIPAT 3.750% 21- HEATHROW FNDG 1.500% 20-
100 000 EUR 102 269 0.25 100 000 EUR 103 535 0.25
15/07/2026 12/10/2025
HOLDING DINFRA 0.625% 17- 100 000 LINDE PLC 0.000% 21-30/09/2026 EUR 99 485 0.24
100 000 EUR 100 785 0.25
27/03/2023
NATWEST MARKETS 0.125% 21-
100 000 ILIAD 0.750% 21-11/02/2024 EUR 98 958 0.24 100 000 EUR 99 348 0.24
12/11/2025
100 000 LA MONDIALE 0.750% 20-20/04/2026 EUR 99 828 0.24 NATWEST MARKETS 0.125% 21-
395 000 EUR 391 383 0.96
18/06/2026
100 000 LOXAM SAS 3.500% 17-15/04/2022 EUR 99 884 0.24
900 000 OTE PLC 2.375% 18-18/07/2022 EUR 911 467 2.24
100 000 MERCIALYS 1.787% 14-31/03/2023 EUR 101 768 0.25
100 000 UNILEVER NV 0.500% 18-12/08/2023 EUR 101 204 0.25
100 000 MERCIALYS 1.800% 18-27/02/2026 EUR 103 496 0.25 WESTPAC SEC NZ 0.427% 21-
MUTUELLE ASSUR 0.625% 21- 107 000 EUR 106 815 0.26
100 000 EUR 97 882 0.24 14/12/2026
21/06/2027
400 000 ORANGE 0.000% 21-29/06/2026 EUR 396 610 0.97 Germany 2 902 947 7.06
PAPREC HOLDING 3.500% 21- COMMERZBANK AG 0.100% 21-
100 000 EUR 101 267 0.25 110 000 EUR 109 433 0.27
01/07/2028 11/09/2025
COMMERZBANK AG 1.250% 18-
200 000 PEUGEOT 2.000% 17-23/03/2024 EUR 208 206 0.51 100 000 EUR 102 159 0.25
23/10/2023
700 000 PEUGEOT 2.000% 18-20/03/2025 EUR 735 511 1.80 DEUTSCHE KREDIT 0.010% 21-
59 000 EUR 58 561 0.14
23/02/2026
800 000 PEUGEOT 2.375% 16-14/04/2023 EUR 824 895 2.02
DEUTSCHE WOHNEN 1.000% 20-
PSA BANQUE FRANC 0.000% 21- 100 000 EUR 101 894 0.25
100 000 EUR 99 320 0.24 30/04/2025
22/01/2025 DT LUFTHANSA AG 1.625% 21-
SOCIETE FONCIERE 0.500% 21- 100 000 EUR 99 706 0.24
100 000 EUR 98 564 0.24 16/11/2023
21/04/2028 DT LUFTHANSA AG 2.000% 21-
SOCIETE GENERALE 2.625% 15- 100 000 EUR 99 214 0.24
100 000 EUR 106 882 0.26 14/07/2024
27/02/2025 DT LUFTHANSA AG 2.875% 21-
SOCIETE GENERALE 4.000% 13- 100 000 EUR 100 226 0.24
100 000 EUR 105 586 0.26 11/02/2025
07/06/2023 DT LUFTHANSA AG 2.875% 21-
100 000 EUR 97 903 0.24
100 000 SUEZ 0.000% 21-09/06/2026 EUR 99 173 0.24 16/05/2027
DT PFANDBRIEFBAN 0.100% 21-
100 000 EUR 98 901 0.24
The Netherlands 3 882 289 9.50 02/02/2026
ABN AMRO BANK NV 2.875% 16- 14 000 E.ON SE 1.000% 20-07/10/2025 EUR 14 444 0.04
100 000 EUR 102 763 0.25
18/01/2028 HAPAG-LLOYD AG 2.500% 21-
AHOLD DELHAIZE 0.250% 19- 100 000 EUR 103 594 0.25
100 000 EUR 100 665 0.25 15/04/2028
26/06/2025
ALLIANZ FINANCE 0.250% 17- 100 000 INFINEON TECH 0.750% 20-24/06/2023 EUR 101 172 0.25
100 000 EUR 100 631 0.25 NIDDA HEALTHCARE HOLDING
06/06/2023 100 000 EUR 99 801 0.24
DAIMLER INTERNATIONAL FINANCE 3.500% 17-30/09/2024
100 000 EUR 100 705 0.25 VANTAGE TOWERS 0.000% 21-
0.250% 19-06/11/2023 100 000 EUR 98 942 0.24
100 000 DIGITAL DUTCH 0.625% 20-15/07/2025 EUR 101 098 0.25 31/03/2025
VOLKSWAGEN LEAS 0.000% 21-
ENEL FINANCE INTERNATIONAL NV 100 000 EUR 100 102 0.24
100 000 EUR 99 921 0.24 12/07/2023
0.000% 19-17/06/2024 VOLKSWAGEN LEAS 0.000% 21-
ENEL FINANCE INTERNATIONAL NV 426 000 EUR 424 714 1.04
100 000 EUR 98 585 0.24 19/07/2024
0.000% 21-28/05/2026 VOLKSWAGEN LEAS 0.375% 21-
GRUPO-ANTOLIN 3.500% 21- 199 000 EUR 198 403 0.48
100 000 EUR 93 976 0.23 20/07/2026
30/04/2028
HEIMSTADEN BOST 0.250% 21- 100 000 VONOVIA SE 0.000% 21-01/09/2023 EUR 100 212 0.24
163 000 EUR 163 145 0.40
13/10/2024 200 000 VONOVIA SE 0.000% 21-01/12/2025 EUR 197 657 0.48
654 000 JDE PEETS NV 0.000% 21-16/01/2026 EUR 642 893 1.57 300 000 VONOVIA SE 0.000% 21-16/09/2024 EUR 298 778 0.73
142 000 JDE PEETS NV 0.500% 21-16/01/2029 EUR 138 163 0.34 200 000 VONOVIA SE 0.375% 21-16/06/2027 EUR 197 622 0.48
LEASEPLAN CORP 0.250% 21- ZF FINANCE GMBH 2.250% 21-
302 000 EUR 297 831 0.73 100 000 EUR 99 509 0.24
07/09/2026 03/05/2028
MONDELEZ INTERNATIONAL
100 000 EUR 98 750 0.24
HLDINGS NE 0.000% 20-22/09/2026
The accompanying notes form an integral part of these financial statements
Page 147
BNP PARIBAS FUNDS Euro Short Term Corporate Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Italy 2 258 983 5.53 Sweden 1 237 166 3.01
100 000 ALMAVIVA 4.875% 21-30/10/2026 EUR 99 967 0.24 HOIST FINANCE AB 3.375% 20-
100 000 EUR 104 371 0.25
INTESA SANPAOLO 0.625% 21- 27/11/2024
250 000 EUR 248 124 0.61 MOLNLYCKE HLD 1.750% 15-
24/02/2026 500 000 EUR 517 926 1.26
INTESA SANPAOLO 0.750% 19- 28/02/2024
140 000 EUR 142 230 0.35 SVENSKA HANDELSBANKEN 0.125%
04/12/2024 100 000 EUR 99 510 0.24
INTESA SANPAOLO 0.875% 17- 21-03/11/2026
500 000 EUR 503 059 1.23 SVENSKA HANDELSBANKEN 0.500%
27/06/2022 100 000 EUR 100 999 0.25
INTESA SANPAOLO 1.000% 19- 18-21/03/2023
172 000 EUR 175 483 0.43 VOLVO TREAS AB 0.000% 21-
04/07/2024 200 000 EUR 200 185 0.49
INTESA SANPAOLO 2.125% 18- 09/05/2024
100 000 EUR 103 669 0.25 VOLVO TREAS AB 0.000% 21-
30/08/2023 216 000 EUR 214 175 0.52
INTESA SANPAOLO 2.125% 20- 18/05/2026
100 000 EUR 105 819 0.26
26/05/2025 Japan 907 273 2.20
INTESA SANPAOLO 6.625% 13-
200 000 EUR 220 099 0.54 100 000 ASAHI GROUP 0.010% 21-19/04/2024 EUR 99 954 0.24
13/09/2023
200 000 SNAM SPA 1.000% 18-18/09/2023 EUR 203 620 0.50 100 000 ASAHI GROUP 0.155% 20-23/10/2024 EUR 100 168 0.24
100 000 TERNA S.P.A. 1.000% 18-23/07/2023 EUR 101 805 0.25 MIZUHO FINANCIAL 0.184% 21-
100 000 EUR 99 235 0.24
13/04/2026
UNICREDIT S.P.A. 1.000% 18- MIZUHO FINANCIAL 0.214% 20-
250 000 EUR 252 676 0.62 100 000 EUR 99 865 0.24
18/01/2023 07/10/2025
UNICREDIT S.P.A. 2.000% 16-
100 000 EUR 102 432 0.25 100 000 NIDEC CORP 0.046% 21-30/03/2026 EUR 99 246 0.24
04/03/2023
119 000 NTT FINANCE 0.010% 21-03/03/2025 EUR 118 673 0.29
Luxembourg 1 800 162 4.40
291 000 NTT FINANCE 0.082% 21-13/12/2025 EUR 290 132 0.71
600 000 CNH IND FIN 0.000% 20-01/04/2024 EUR 598 319 1.46
100 000 EUROFINS SCIEN 2.125% 17-25/07/2024 EUR 104 566 0.26 Ireland 623 318 1.51
MEDTRONIC GLOBAL 0.000% 20- 100 000 AIB GROUP PLC 1.500% 18-29/03/2023 EUR 101 971 0.25
100 000 EUR 100 305 0.24
15/03/2023 CCEP FINANCE IRE 0.000% 21-
NESTLE FINANCE INTERNATIONAL 100 000 EUR 99 137 0.24
600 000 EUR 597 607 1.46 06/09/2025
0.000% 21-14/06/2026
100 000 FCA BANK IE 0.000% 21-16/04/2024 EUR 99 706 0.24
NOVARTIS FINANCE 0.125% 16-
100 000 EUR 100 803 0.25
20/09/2023 111 000 FCA BANK IE 0.125% 20-16/11/2023 EUR 111 129 0.27
TRATON FINANCE 0.125% 21- 103 000 FCA BANK IE 0.500% 20-18/09/2023 EUR 103 720 0.25
200 000 EUR 198 798 0.49
24/03/2025
TRATON FINANCE LUX 0.125% 21- 100 000 RYANAIR DAC 2.875% 20-15/09/2025 EUR 107 655 0.26
100 000 EUR 99 764 0.24
10/11/2024
Belgium 334 426 0.82
Spain 1 728 727 4.23 100 000 KBC GROUP NV 0.875% 18-27/06/2023 EUR 101 639 0.25
100 000 ABERTIS 3.750% 13-20/06/2023 EUR 105 501 0.26
245 000 ONTEX GROUP 3.500% 21-15/07/2026 EUR 232 787 0.57
ACS ACTIVIDADES 1.375% 20-
100 000 EUR 100 977 0.25
17/06/2025 Cyprus 194 927 0.48
100 000 ARVAL SERVICE 0.000% 21-30/09/2024 EUR 99 983 0.24 AROUNDTOWN SA 0.000% 20-
200 000 EUR 194 927 0.48
200 000 BANKINTER SA 0.875% 19-05/03/2024 EUR 203 632 0.50 16/07/2026
100 000 CAIXABANK 0.375% 20-03/02/2025 EUR 100 497 0.25 Iceland 181 048 0.44
200 000 CAIXABANK 0.625% 19-01/10/2024 EUR 202 199 0.49 180 000 ISLANDSBANKI 0.500% 20-20/11/2023 EUR 181 048 0.44
100 000 CAIXABANK 1.125% 17-12/01/2023 EUR 101 280 0.25
Finland 102 229 0.25
100 000 CAIXABANK 1.750% 18-24/10/2023 EUR 103 033 0.25 UPM-KYMMENE OYJ 0.125% 20-
105 000 EUR 102 229 0.25
CELLNEX FINANCE 0.750% 21- 19/11/2028
100 000 EUR 98 080 0.24
15/11/2026
MERLIN PROPERTIE 2.225% 16- Portugal 102 096 0.25
100 000 EUR 102 270 0.25 CAIXA GERAL DEPO 1.250% 19-
25/04/2023 100 000 EUR 102 096 0.25
TELEFONICA EMIS 1.069% 19- 25/11/2024
500 000 EUR 511 275 1.25
05/02/2024
Norway 99 439 0.24
United States of 100 000
SPAREBANK 1 SR 0.250% 21-
EUR 99 439 0.24
09/11/2026
America 1 551 296 3.78
100 000
AMERICAN HONDA F 0.300% 21-
EUR 98 959 0.24 Austria 60 515 0.15
07/07/2028 50 000 OMV AG 0.000% 20-16/06/2023 EUR 50 158 0.12
AMERICAN INTERNATIONAL GROUP
100 000 EUR 101 784 0.25 10 000 OMV AG 1.500% 20-09/04/2024 EUR 10 357 0.03
1.500% 16-08/06/2023
AMERICAN TOWER 0.450% 21-
331 000 EUR 326 904 0.80 10 988 786 26.81
15/01/2027 Floating rate bonds
100 000 BALL CORP 0.875% 19-15/03/2024 EUR 100 334 0.24
France 2 364 188 5.76
BECTON DICKINSON 0.000% 21-
167 000 EUR 167 122 0.41 200 000 ARKEMA 20-31/12/2060 FRN EUR 200 241 0.49
13/08/2023
200 000 COMCAST CORP 0.000% 21-14/09/2026 EUR 197 189 0.48 200 000 AXA SA 13-04/07/2043 FRN EUR 214 939 0.52
100 000 DANAHER CORP 1.700% 20-30/03/2024 EUR 103 864 0.25 300 000 AXA SA 14-29/11/2049 FRN EUR 327 937 0.80
FORD MOTOR CRED 3.250% 20- 100 000 BNP PARIBAS 21-13/04/2027 FRN EUR 98 815 0.24
200 000 EUR 214 346 0.52
15/09/2025 CRED AGRICOLE SA 20-
GEN MOTORS FIN 0.955% 16- 100 000 EUR 102 945 0.25
100 000 EUR 101 547 0.25 05/06/2030 FRN
07/09/2023
100 000 ENGIE 18-31/12/2049 FRN EUR 100 814 0.25
GOLDMAN SACHS GROUP 3.375% 20-
35 000 EUR 38 556 0.09 LA BANQUE POSTAL 20-
27/03/2025 100 000 EUR 98 767 0.24
26/01/2031 FRN
100 000 IBM CORP 0.375% 19-31/01/2023 EUR 100 691 0.25
100 000 ORANGE 14-29/12/2049 FRN EUR 109 579 0.27
100 000 ORANGE 19-31/12/2049 FRN EUR 104 067 0.25
SOCIETE GENERALE 18-
100 000 EUR 101 247 0.25
23/02/2028 FRN
The accompanying notes form an integral part of these financial statements
Page 148
BNP PARIBAS FUNDS Euro Short Term Corporate Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
SOCIETE GENERALE 20-
100 000 EUR 99 855 0.24 Ireland 568 502 1.38
24/11/2030 FRN
SOCIETE GENERALE 21- 200 000 AIB GROUP PLC 21-17/11/2027 FRN EUR 198 229 0.48
100 000 EUR 99 262 0.24
17/11/2026 FRN
100 000 AQUARIUS + INV 13-02/10/2043 FRN EUR 106 925 0.26
SOCIETE GENERALE 21-
100 000 EUR 99 670 0.24
30/06/2031 FRN 156 000 BANK OF IRELAND 19-25/11/2025 FRN EUR 158 984 0.39
400 000 TOTAL SA 16-29/12/2049 FRN EUR 404 691 0.99 100 000 CLOVERIE PLC 12-01/09/2042 FRN EUR 104 364 0.25
100 000 TOTAL SA 16-29/12/2049 FRN EUR 102 669 0.25
UNIBAIL-RODAMCO 18-
Spain 499 709 1.22
100 000 EUR 98 690 0.24 BANCO BILBAO VIZCAYA
31/12/2049 FRN 100 000 EUR 101 421 0.25
ARGENTARIA 21-09/09/2023 FRN
The Netherlands 2 249 089 5.50 200 000 CAIXABANK 20-18/11/2026 FRN EUR 198 825 0.49
200 000 ABERTIS FINANCE 20-31/12/2060 FRN EUR 203 757 0.50 100 000 CAIXABANK 21-18/06/2031 FRN EUR 100 026 0.24
100 000 ACHMEA BV 13-04/04/2043 FRN EUR 106 986 0.26 100 000 IBERDROLA FIN SA 21-31/12/2061 FRN EUR 99 437 0.24
DELTA LLOYD LEVE 12-
100 000 EUR 105 818 0.26
29/08/2042 FRN United Kingdom 422 931 1.03
IBERDROLA INTERNATIONAL 17- BARCLAYS BANK PLC 17-
1 000 000 EUR 1 019 322 2.50 100 000 EUR 101 802 0.25
31/12/2049 FRN 07/02/2028 FRN
IBERDROLA INTERNATIONAL 18- BARCLAYS BANK PLC 21-
100 000 EUR 104 790 0.26 100 000 EUR 99 784 0.24
31/12/2049 FRN 22/03/2031 FRN
100 000 ING GROEP NV 17-11/04/2028 FRN EUR 103 559 0.25 ROYAL BK SCOTLND 19-
120 000 EUR 121 596 0.30
15/11/2025 FRN
100 000 ING GROEP NV 18-20/09/2023 FRN EUR 101 186 0.25
100 000 STANDARD CHART 21-23/09/2031 FRN EUR 99 749 0.24
100 000 ING GROEP NV 21-29/11/2025 FRN EUR 99 886 0.24
100 000
NATURGY FINANCE 21-
EUR 100 147 0.24
Denmark 358 892 0.88
23/02/2170 FRN 264 000 JYSKE BANK A/S 21-02/09/2026 FRN EUR 260 230 0.64
TELEFONICA EUROP 21-
100 000 EUR 99 248 0.24 100 000 JYSKE BANK A/S 21-17/02/2028 FRN EUR 98 662 0.24
31/12/2061 FRN
VOLKSWAGEN INTFN 20-
100 000
31/12/2060 FRN
EUR 106 379 0.26 United States of
100 000 WINTERSHALL FIN 21-20/07/2169 FRN EUR 98 011 0.24 America 232 002 0.57
100 000 AT&T INC 18-05/09/2023 FRN EUR 101 894 0.25
Italy 1 385 699 3.38 GOLDMAN SACHS GROUP 21-
ASSICURAZIONI GENERALI 12- 130 000 EUR 130 108 0.32
300 000 EUR 321 165 0.78 30/04/2024 FRN
12/12/2042 FRN
100 000 BPER BANCA 21-31/03/2027 FRN EUR 97 917 0.24 Luxembourg 210 691 0.51
HANNOVER FINANCE 12-
100 000 ENEL S.P.A. 18-24/11/2078 FRN EUR 103 158 0.25 100 000 EUR 107 090 0.26
30/06/2043 FRN
100 000 ENEL SPA 21-31/12/2061 FRN EUR 97 575 0.24 100 000 TALANX FINANZ 12-15/06/2042 FRN EUR 103 601 0.25
300 000 ENI SPA 20-31/12/2060 FRN EUR 310 577 0.76
200 000 UNICREDIT SPA 19-23/09/2029 FRN EUR 201 499 0.49
Austria 208 986 0.51
100 000 ERSTE GROUP 21-15/11/2032 FRN EUR 98 648 0.24
250 000 UNICREDIT SPA 20-20/01/2026 FRN EUR 253 808 0.62
UNIQA INSURANCE 13-
100 000 EUR 110 338 0.27
31/07/2043 FRN
Germany 874 682 2.14
200 000 ALLIANZ SE 12-17/10/2042 FRN EUR 208 515 0.51 Norway 197 856 0.48
100 000 ALLIANZ SE 13-29/10/2049 FRN EUR 107 764 0.26 200 000 SPAREBANK 1 SR 21-15/07/2027 FRN EUR 197 856 0.48
COMMERZBANK AG 20-
100 000
24/03/2026 FRN
EUR 101 413 0.25 Poland 98 620 0.24
COMMERZBANK AG 21- 100 000 MBANK 21-21/09/2027 FRN EUR 98 620 0.24
100 000 EUR 97 986 0.24
29/12/2031 FRN
DEUTSCHE BANK AG 20- Shares/Units in investment funds 2 187 314 5.35
100 000 EUR 101 688 0.25
19/11/2025 FRN
ENERGIE BADEN-WU 16-
155 000 EUR 154 990 0.38
05/04/2077 FRN Luxembourg 2 187 314 5.35
MUENCHENER BNP PARIBAS INSTICASH EUR 1D
15 940.53 EUR 2 187 314 5.35
100 000 RUECKVERSICHERUNG 12- EUR 102 326 0.25 SHORT TERM VNAV - I CAP
26/05/2042 FRN
Total securities portfolio 40 137 543 98.01
Sweden 704 102 1.72
HEIMSTADEN BOSTA 21-
100 000 EUR 99 124 0.24
13/10/2170 FRN
200 000 NORDEA BANK AB 21-18/08/2031 FRN EUR 198 178 0.48
SKANDINAVISKA ENSKILDA BANK
200 000 EUR 198 837 0.49
21-03/11/2031 FRN
100 000 TELIA CO AB 17-04/04/2078 FRN EUR 102 905 0.25
100 000 VOLVO TREAS AB 14-10/03/2078 FRN EUR 105 058 0.26
Portugal 612 837 1.49
BANCO COMMERCIAL PORTUGUES
100 000 EUR 95 629 0.23
21-07/04/2028 FRN
BANCO COMMERCIAL PORTUGUES
100 000 EUR 97 485 0.24
21-12/02/2027 FRN
CAIXA GERAL DEPO 18-
100 000 EUR 107 320 0.26
28/06/2028 FRN
200 000 EDP SA 19-30/04/2079 FRN EUR 213 480 0.52
100 000 EDP SA 21-02/08/2081 FRN EUR 98 923 0.24
The accompanying notes form an integral part of these financial statements
Page 149
BNP PARIBAS FUNDS Euro Short Term Corporate Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
SAIPEM FIN INTERNATIONAL 3.125%
Transferable securities admitted to an 1 039 000
21-31/03/2028
EUR 1 025 641 0.22
official stock exchange listing and/or 416 833 426 90.60
1 600 000
SAIPEM FIN INTERNATIONAL 3.375%
EUR 1 597 640 0.35
20-15/07/2026
traded on another regulated market 660 000 THERMO FISHER 0.000% 21-18/11/2025 EUR 657 465 0.14
Bonds 258 255 710 56.16 UPJOHN FINANCE 1.023% 20-
1 725 000 EUR 1 762 217 0.38
23/06/2024
France 55 813 365 12.12 1 600 000 WP/AP TELECOM 3.750% 21-15/01/2029 EUR 1 617 208 0.35
1 468 000 AIRBUS SE 1.375% 20-09/06/2026 EUR 1 531 316 0.33
United Kingdom 37 627 933 8.18
700 000 ALSTOM S 0.000% 21-11/01/2029 EUR 672 878 0.15
1 885 000 BP CAPITAL PLC 1.876% 20-07/04/2024 EUR 1 966 303 0.43
3 400 000 ALTAREA 2.250% 17-05/07/2024 EUR 3 549 770 0.77 COCA-COLA EURO 0.200% 20-
BANQUE FEDERATIVE DU CREDIT 818 000 EUR 793 194 0.17
1 700 000 EUR 1 694 667 0.37 02/12/2028
MUTUEL 0.010% 21-07/03/2025 HEATHROW FUNDING 1.500% 15-
BANQUE FEDERATIVE DU CREDIT 360 000 EUR 370 768 0.08
3 400 000 EUR 3 427 357 0.74 11/02/2030
MUTUEL 0.500% 18-16/11/2022 INTERNATIONAL CONSOLIDAT
BANQUE FEDERATIVE DU CREDIT 2 300 000 EUR 2 040 158 0.44
1 500 000 EUR 1 494 384 0.32 1.500% 19-04/07/2027
MUTUEL 0.625% 21-03/11/2028 INTERNATIONAL CONSOLIDAT
BANQUE FEDERATIVE DU CREDIT 3 600 000 EUR 3 514 598 0.76
600 000 EUR 588 281 0.13 2.750% 21-25/03/2025
MUTUEL 1.125% 21-19/11/2031 INTERNATIONAL CONSOLIDAT
1 400 000 EUR 1 366 865 0.30
2 000 000 BPCE 1.125% 15-14/12/2022 EUR 2 029 765 0.44 3.750% 21-25/03/2029
CARREFOUR BANQUE 0.107% 21- 2 410 000 ITV PLC 1.375% 19-26/09/2026 EUR 2 467 649 0.54
1 000 000 EUR 992 670 0.22
14/06/2025 4 710 000 ITV PLC 2.125% 15-21/09/2022 EUR 4 757 794 1.03
CREDIT AGRICOLE ASSR 1.500% 21-
1 300 000 EUR 1 278 181 0.28 JAGUAR LAND ROVER 4.500% 21-
06/10/2031 1 000 000 EUR 1 016 099 0.22
CREDIT AGRICOLE SA 0.125% 20- 15/07/2028
1 600 000 EUR 1 562 744 0.34 1 600 000 LINDE PLC 0.000% 21-30/09/2026 EUR 1 591 758 0.35
09/12/2027
700 000 EUTELSAT SA 1.500% 20-13/10/2028 EUR 707 207 0.15 MONDI FINANCE PL 1.625% 18-
1 500 000 EUR 1 578 106 0.34
27/04/2026
753 000 FAURECIA 2.375% 19-15/06/2027 EUR 754 376 0.16 NATIONWIDE BLDG 0.250% 20-
3 130 000 EUR 3 140 350 0.68
2 000 000 FAURECIA 2.375% 21-15/06/2029 EUR 2 009 653 0.44 22/07/2025
NATWEST MARKETS 0.125% 21-
1 200 000 GECINA 1.375% 17-30/06/2027 EUR 1 268 070 0.28 2 450 000 EUR 2 434 022 0.53
12/11/2025
HOLDING DINFRA 0.625% 21- ROLLS-ROYCE PLC 1.625% 18-
300 000 EUR 292 472 0.06 3 000 000 EUR 2 861 063 0.62
14/09/2028 09/05/2028
HOLDING DINFRA 2.500% 20-
2 000 000 EUR 2 180 046 0.47 1 582 000 SSE PLC 1.250% 20-16/04/2025 EUR 1 634 712 0.36
04/05/2027
1 500 000 ICADE 1.625% 18-28/02/2028 EUR 1 576 327 0.34 1 666 000 STELLANTIS NV 0.750% 21-18/01/2029 EUR 1 642 062 0.36
TESCO CORP TREAS 0.375% 21-
1 100 000 JCDECAUX SA 2.000% 20-24/10/2024 EUR 1 149 820 0.25 890 000 EUR 853 248 0.19
27/07/2029
800 000 LA MONDIALE 2.125% 20-23/06/2031 EUR 829 169 0.18 827 000 VICTORIA PLC 3.625% 21-24/08/2026 EUR 837 598 0.18
MUTUELLE ASSUR 0.625% 21- YORKSHRE BLD SOC 0.500% 21-
1 000 000 EUR 978 824 0.21 2 785 000 EUR 2 761 586 0.60
21/06/2027 01/07/2028
PSA BANQUE FRANC 0.000% 21-
1 600 000 EUR 1 589 123 0.35
22/01/2025 Germany 29 295 135 6.37
PSA BANQUE FRANCE 0.625% 17- 680 000 COVESTRO AG 0.875% 20-03/02/2026 EUR 693 240 0.15
5 910 000 EUR 5 952 618 1.29
10/10/2022
845 000 RCI BANQUE 1.625% 18-26/05/2026 EUR 875 578 0.19 1 382 000 DAIMLER AG 2.625% 20-07/04/2025 EUR 1 500 462 0.33
DEUTSCHE BANK AG 1.625% 20-
1 200 000 RCI BANQUE 2.000% 19-11/07/2024 EUR 1 249 114 0.27 2 500 000 EUR 2 602 489 0.57
20/01/2027
1 300 000 RENAULT 1.125% 19-04/10/2027 EUR 1 208 505 0.26 DT LUFTHANSA AG 1.625% 21-
1 300 000 EUR 1 296 174 0.28
16/11/2023
1 000 000 RENAULT 2.500% 21-02/06/2027 EUR 1 002 145 0.22
DT LUFTHANSA AG 2.875% 21-
TEREOS FIN GROUP 7.500% 20- 1 500 000 EUR 1 468 538 0.32
2 650 000 EUR 2 838 857 0.62 16/05/2027
30/10/2025 FRESENIUS SE & C 0.750% 20-
3 100 000 URW 0.625% 20-04/05/2027 EUR 3 108 612 0.68 1 153 000 EUR 1 162 638 0.25
15/01/2028
1 700 000 URW 0.750% 21-25/10/2028 EUR 1 695 182 0.37 HOCHTIEF AKTIENG 0.625% 21-
1 379 000 EUR 1 337 429 0.29
26/04/2029
3 800 000 VALLOUREC SA 8.500% 21-30/06/2026 EUR 3 912 128 0.85
2 400 000 HP PELZER 4.125% 17-01/04/2024 EUR 2 231 928 0.48
1 645 000 WPP FINANCE 2.375% 20-19/05/2027 EUR 1 813 526 0.39 LB BADEN-WUERT 0.250% 21-
1 000 000 EUR 980 520 0.21
21/07/2028
The Netherlands 38 192 137 8.29 1 700 000 SCHAEFFLER AG 3.375% 20-12/10/2028 EUR 1 891 906 0.41
800 000 ACHMEA BV 1.500% 20-26/05/2027 EUR 846 929 0.18
2 390 000 STYROLUTION 2.250% 20-16/01/2027 EUR 2 330 170 0.51
BMW FINANCE NV 0.500% 18-
750 000 EUR 756 095 0.16 TECHEM VERWALTUN 2.000% 20-
22/11/2022 2 375 000 EUR 2 347 406 0.51
CONTI-GUMMI FIN 2.125% 20- 15/07/2025
1 550 000 EUR 1 609 901 0.35 VOLKSWAGEN FIN 0.125% 21-
27/11/2023 1 002 000 EUR 979 439 0.21
DAIMLER INTERNATIONAL FINANCE 12/02/2027
2 300 000 EUR 2 325 668 0.51 VOLKSWAGEN FINANCIAL 0.000%
0.625% 19-27/02/2023 1 742 000 EUR 1 729 877 0.38
21-12/02/2025
3 900 000 DUFRY ONE BV 2.000% 19-15/02/2027 EUR 3 606 935 0.78 VOLKSWAGEN LEAS 0.000% 21-
2 431 000 EUR 2 423 661 0.53
2 100 000 DUFRY ONE BV 3.375% 21-15/04/2028 EUR 2 025 450 0.44 19/07/2024
VOLKSWAGEN LEAS 0.625% 21-
4 500 000 EASYJET FINCO 1.875% 21-03/03/2028 EUR 4 510 245 0.98 911 000 EUR 895 366 0.19
19/07/2029
ENEL FINANCE INTERNATIONAL NV
1 900 000 EUR 1 967 549 0.43 1 400 000 VONOVIA SE 0.625% 21-24/03/2031 EUR 1 375 901 0.30
1.125% 18-16/09/2026
GRUPO-ANTOLIN 3.375% 18- 1 100 000 ZF FINANCE 3.000% 20-21/09/2025 EUR 1 148 910 0.25
1 500 000 EUR 1 456 074 0.32
30/04/2026 ZF FINANCE GMBH 2.000% 21-
GRUPO-ANTOLIN 3.500% 21- 900 000 EUR 899 081 0.20
2 450 000 EUR 2 302 403 0.50 06/05/2027
30/04/2028
HEIMSTADEN BOST 0.250% 21-
916 000 EUR 916 812 0.20
13/10/2024
3 930 000 IPD 3 BV 5.500% 20-01/12/2025 EUR 4 030 433 0.88
2 500 000 JAB HOLDINGS 2.500% 18-25/06/2029 EUR 2 761 377 0.60
1 500 000 MAXEDA DIY 5.875% 20-01/10/2026 EUR 1 526 017 0.33
900 000 NN BANK NV 0.500% 21-21/09/2028 EUR 890 078 0.19
The accompanying notes form an integral part of these financial statements
Page 150
BNP PARIBAS FUNDS Euro Short Term Corporate Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Italy 16 174 937 3.53 Cyprus 4 497 672 0.98
1 948 000 ASSICURAZIONI 1.713% 21-30/06/2032 EUR 1 919 803 0.42 AROUNDTOWN SA 0.000% 20-
2 200 000 EUR 2 144 194 0.47
16/07/2026
AUTOSTRADA TORIN 1.000% 21-
1 411 000 EUR 1 414 047 0.31 AROUNDTOWN SA 1.450% 19-
25/11/2026 2 300 000 EUR 2 353 478 0.51
CAMPARI MILANO 1.250% 20- 09/07/2028
1 000 000 EUR 1 005 933 0.22
06/10/2027 Belgium 4 424 924 0.97
1 795 000 ENI SPA 1.250% 20-18/05/2026 EUR 1 866 002 0.41 1 204 000 AB INBEV SA/NV 2.125% 20-02/12/2027 EUR 1 317 933 0.29
GUALA CLOSURES 3.250% 21-
1 233 000 EUR 1 208 205 0.26 3 270 000 ONTEX GROUP 3.500% 21-15/07/2026 EUR 3 106 991 0.68
15/06/2028
INTESA SANPAOLO 0.625% 21-
250 000
24/02/2026
EUR 248 124 0.05 Austria 4 020 664 0.88
INTESA SANPAOLO 1.000% 19- 2 400 000 BAWAG PSK 0.375% 19-03/09/2027 EUR 2 377 788 0.52
2 610 000 EUR 2 652 911 0.58
19/11/2026 1 600 000 ERSTE GROUP 0.875% 19-22/05/2026 EUR 1 642 876 0.36
INTESA SANPAOLO 1.750% 18-
3 400 000 EUR 3 580 860 0.78
20/03/2028 Singapore 3 407 449 0.74
2 300 000 UNICREDIT SPA 0.325% 21-19/01/2026 EUR 2 279 052 0.50
3 400 000 ING GROEP NV 0.750% 17-09/03/2022 EUR 3 407 449 0.74
Luxembourg 14 585 280 3.18 Australia 3 235 886 0.70
CPI PROPERTY GRO 2.125% 17-
1 400 000 EUR 1 454 950 0.32 SYDNEY AIRPORT F 1.750% 18-
04/10/2024 3 100 000 EUR 3 235 886 0.70
26/04/2028
EUROCLEAR BANK 0.500% 18-
1 800 000 EUR 1 821 179 0.40
10/07/2023 Japan 2 915 815 0.64
GRAND CITY PROP 0.125% 21-
2 200 000 EUR 2 108 574 0.46 1 364 000 NTT FINANCE 0.082% 21-13/12/2025 EUR 1 359 930 0.30
11/01/2028
678 000 LOGICOR FIN 0.875% 21-14/01/2031 EUR 643 151 0.14 1 529 000 TAKEDA PHARM 0.750% 20-09/07/2027 EUR 1 555 885 0.34
MATTERHORN TELE 3.125% 19-
1 000 000
15/09/2026
EUR 995 369 0.22 Denmark 2 585 838 0.56
MATTERHORN TELE 4.000% 17- CARLSBERG BREW 0.375% 20-
1 000 000 EUR 1 019 540 0.22 1 575 000 EUR 1 574 161 0.34
15/11/2027 30/06/2027
MEDTRONIC GLOBAL 0.000% 20- 1 000 000 DKT FINANCE 7.000% 18-17/06/2023 EUR 1 011 677 0.22
3 280 000 EUR 3 266 379 0.71
15/10/2025
SUMMER BC HOLDCO 5.750% 19- Romania 2 057 738 0.45
2 000 000 EUR 2 078 971 0.45
31/10/2026 2 100 000 RCS & RDS SA 3.250% 20-05/02/2028 EUR 2 057 738 0.45
TRATON FINANCE LUX 0.125% 21-
1 200 000 EUR 1 197 167 0.26
10/11/2024 Switzerland 1 645 019 0.36
United States of 1 673 000 UBS GROUP 0.250% 21-24/02/2028 EUR 1 645 019 0.36
America 11 468 062 2.49 Norway 1 400 627 0.30
ARDAGH METAL PAC 2.000% 21- SANTANDER CONSUM 0.125% 19-
808 000 EUR 798 195 0.17 1 400 000 EUR 1 400 627 0.30
01/09/2028 11/09/2024
GOLDMAN SACHS GROUP 0.250% 21-
1 400 000 EUR 1 363 394 0.30
26/01/2028 Finland 564 878 0.12
MMS USA FIN INC 1.250% 19- STORA ENSO OYJ 0.625% 20-
1 800 000 EUR 1 866 482 0.41 575 000 EUR 564 878 0.12
13/06/2028 02/12/2030
SCIENTIFIC GAMES 5.500% 18-
2 000 000 EUR 2 038 750 0.44 158 577 716 34.44
15/02/2026 Floating rate bonds
SUPERIOR IND INT 6.000% 17-
4 450 000 EUR 4 283 480 0.93 France 35 585 212 7.74
15/06/2025
TOYOTA MTR CRED 0.125% 21- 1 800 000 ACCOR 19-31/12/2059 FRN EUR 1 707 153 0.37
1 135 000 EUR 1 117 761 0.24
05/11/2027
1 101 000 AXA SA 21-07/10/2041 FRN EUR 1 074 571 0.23
Spain 8 498 632 1.85 1 500 000 BNP PARIBAS 19-04/06/2026 FRN EUR 1 512 434 0.33
AEDAS HOMES OPCO 4.000% 21-
448 000 EUR 460 417 0.10 2 000 000 BNP PARIBAS 20-15/01/2032 FRN EUR 1 999 579 0.43
15/08/2026
BANCO SANTANDER 0.500% 20- 900 000 BNP PARIBAS 20-17/04/2029 FRN EUR 917 998 0.20
2 200 000 EUR 2 186 893 0.48
04/02/2027 1 000 000 BPCE 21-13/01/2042 FRN EUR 991 652 0.22
FCC AQUALIA SA 2.629% 17-
2 200 000 EUR 2 411 981 0.52 1 200 000 CNP ASSURANCES 14-29/11/2049 FRN EUR 1 315 087 0.29
08/06/2027
1 900 000 GRIFOLS SA 2.250% 19-15/11/2027 EUR 1 895 065 0.41 1 400 000 CNP ASSURANCES 20-30/06/2051 FRN EUR 1 479 948 0.32
INMOBILIARIA COL 1.350% 20- CRED AGRICOLE SA 20-
1 500 000 EUR 1 544 276 0.34 1 000 000 EUR 1 024 052 0.22
14/10/2028 22/04/2026 FRN
CREDIT AGRICOLE ASSURANCES 14-
Sweden 5 803 663 1.27 2 300 000
31/10/2049 FRN
EUR 2 586 708 0.56
MOLNLYCKE HLD 0.625% 20- CREDIT AGRICOLE ASSURANCES 15-
2 484 000 EUR 2 388 271 0.52 700 000 EUR 767 073 0.17
15/01/2031 29/01/2049 FRN
2 730 000 TELE2 AB 1.125% 18-15/05/2024 EUR 2 790 717 0.61 CREDIT LOGEMENT 21-
1 100 000 EUR 1 093 392 0.24
VOLVO TREAS AB 0.000% 20- 15/02/2034 FRN
623 000 EUR 624 675 0.14 CREDIT MUTUEL ARKEA 20-
11/02/2023 1 100 000 EUR 1 136 234 0.25
11/06/2029 FRN
Poland 5 045 157 1.10 1 200 000 LA MONDIALE 19-31/12/2059 FRN EUR 1 296 000 0.28
AUTOSTRADE PER L 2.000% 20-
2 000 000 EUR 2 067 621 0.45 600 000 MUTUELLE ASSUR 21-21/06/2052 FRN EUR 600 556 0.13
04/12/2028
3 072 000 SYNTHOS 2.500% 21-07/06/2028 EUR 2 977 536 0.65 1 200 000 SCOR SE 20-17/09/2051 FRN EUR 1 178 457 0.26
SOCIETE GENERALE 20-
700 000 EUR 705 178 0.15
Ireland 4 994 899 1.08 22/09/2028 FRN
HAMMERSON IRLND 1.750% 21- SOCIETE GENERALE 20-
1 498 000 EUR 1 470 719 0.32 1 800 000 EUR 1 797 389 0.39
03/06/2027 24/11/2030 FRN
808 000 SMURFIT KAPPA 0.500% 21-22/09/2029 EUR 793 457 0.17 SOCIETE GENERALE 21-
1 200 000 EUR 1 195 172 0.26
02/12/2027 FRN
SMURFIT KAPPA AQ 2.875% 18-
2 500 000 EUR 2 730 723 0.59 SOCIETE GENERALE 21-
15/01/2026 1 400 000 EUR 1 368 275 0.30
12/06/2029 FRN
The accompanying notes form an integral part of these financial statements
Page 151
BNP PARIBAS FUNDS Euro Short Term Corporate Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
SOCIETE GENERALE 21-
4 000 000 EUR 3 970 487 0.86 United States of
17/11/2026 FRN
1 600 000
SOCIETE GENERALE 21-
EUR 1 594 728 0.35 America 10 421 518 2.26
30/06/2031 FRN
4 000 000 AT&T INC 20-31/12/2060 FRN EUR 4 002 437 0.87
1 400 000 SOGECAP SA 14-29/12/2049 FRN EUR 1 557 687 0.34
BANK OF AMERICA CORP 21-
1 600 000 EUR 1 596 485 0.35
1 950 000 TOTAL SE 20-31/12/2060 FRN EUR 1 920 080 0.42 24/08/2028 FRN
800 000 VEOLIA ENVRNMT 21-31/12/2061 FRN EUR 795 322 0.17 1 485 000 CITIGROUP INC 20-06/07/2026 FRN EUR 1 533 749 0.33
MORGAN STANLEY 21-
3 400 000 EUR 3 288 847 0.71
United Kingdom 22 111 956 4.79 07/02/2031 FRN
600 000 AVIVA PLC 14-03/07/2044 FRN EUR 648 270 0.14
Spain 8 468 258 1.83
BARCLAYS BANK PLC 19-
2 563 000 EUR 2 598 014 0.56 600 000 BANCO SABADELL 20-11/03/2027 FRN EUR 610 444 0.13
09/06/2025 FRN
BARCLAYS BANK PLC 21- BANCO SANTANDER 21-
948 000 EUR 945 949 0.21 1 800 000 EUR 1 671 050 0.36
22/03/2031 FRN 31/12/2061 FRN
BRITISH TELECOMM 20- 2 300 000 CAIXABANK 20-10/07/2026 FRN EUR 2 334 967 0.51
3 300 000 EUR 3 225 167 0.70
18/08/2080 FRN
1 800 000 CAIXABANK 21-09/02/2029 FRN EUR 1 760 225 0.38
2 300 000 HSBC HOLDINGS 18-04/12/2024 FRN EUR 2 365 402 0.51
1 200 000 CAIXABANK 21-18/06/2031 FRN EUR 1 200 313 0.26
1 040 000 NATWEST GROUP 21-14/09/2032 FRN EUR 1 023 225 0.22
900 000 KUTXABANK 21-14/10/2027 FRN EUR 891 259 0.19
727 000 NATWEST GROUP 21-26/02/2030 FRN EUR 716 838 0.16
3 407 000
ROYAL BK SCOTLND 19-
EUR 3 452 307 0.75 Luxembourg 7 376 963 1.61
15/11/2025 FRN CPI PROPERTY GRO 20-
1 430 000 EUR 1 462 347 0.32
2 900 000 SSE PLC 20-31/12/2060 FRN EUR 3 099 632 0.67 31/12/2060 FRN
CPI PROPERTY GRO 21-
993 000 STANDARD CHART 21-17/11/2029 FRN EUR 987 039 0.21 4 800 000 EUR 4 462 499 0.97
31/12/2061 FRN
3 000 000 VODAFONE GROUP 20-27/08/2080 FRN EUR 3 050 113 0.66 1 500 000 GRAND CITY PROP 20-31/12/2060 FRN EUR 1 452 117 0.32
The Netherlands 21 754 555 4.73 Ireland 6 980 839 1.52
1 100 000 ACHMEA BV 15-29/12/2049 FRN EUR 1 194 221 0.26 3 200 000 AIB GROUP PLC 21-17/11/2027 FRN EUR 3 171 667 0.69
ADECCO INTERNATIONAL
1 426 000 BANK OF IRELAND 21-10/05/2027 FRN EUR 1 406 238 0.31
1 349 000 FINANCIAL SERVICES 21- EUR 1 328 486 0.29
21/03/2082 FRN 1 600 000 BANK OF IRELAND 21-11/08/2031 FRN EUR 1 581 558 0.34
COOPERATIEVE RAB 20- 800 000 ZURICH FINANCE 20-17/09/2050 FRN EUR 821 376 0.18
3 200 000 EUR 3 271 095 0.71
05/05/2028 FRN
4 300 000 FERROVIAL NL 17-31/12/2049 FRN EUR 4 285 318 0.93 Portugal 5 793 344 1.26
400 000 ING GROEP NV 21-09/06/2032 FRN EUR 396 713 0.09 BANCO COMMERCIAL PORTUGUES
1 800 000 EUR 1 721 322 0.37
21-07/04/2028 FRN
700 000 ING GROEP NV 21-16/11/2032 FRN EUR 693 474 0.15 CAIXA GERAL DEPO 21-
NATURGY FINANCE 21- 1 400 000 EUR 1 374 694 0.30
1 600 000 EUR 1 602 350 0.35 21/09/2027 FRN
23/02/2170 FRN 2 800 000 EDP SA 21-14/03/2082 FRN EUR 2 697 328 0.59
REPSOL INTERNATIONAL FIN 20-
2 600 000 EUR 2 807 784 0.61
31/12/2060 FRN Belgium 3 166 856 0.69
REPSOL INTERNATIONAL FIN 21-
1 176 000 EUR 1 172 198 0.25 1 900 000 AGEAS 20-24/11/2051 FRN EUR 1 891 636 0.41
31/12/2061 FRN
1 300 000 SWISS RE 15-29/12/2049 FRN EUR 1 376 631 0.30 1 300 000 BELFIUS BANK SA 21-06/04/2034 FRN EUR 1 275 220 0.28
TELEFONICA EUROP 18-
2 000 000
31/12/2049 FRN
EUR 2 117 860 0.46 Switzerland 2 857 731 0.62
TELEFONICA EUROP 20- 1 465 000 CREDIT SUISSE 20-14/01/2028 FRN EUR 1 449 499 0.31
1 500 000 EUR 1 508 425 0.33
31/12/2060 FRN 1 407 000 UBS GROUP 20-29/01/2026 FRN EUR 1 408 232 0.31
Italy 15 980 024 3.46
Austria 2 718 230 0.59
1 619 000 ENEL SPA 21-31/12/2061 FRN EUR 1 579 742 0.34
1 700 000 RAIFFEISEN BK IN 20-18/06/2032 FRN EUR 1 825 700 0.40
810 000 ENI SPA 21-31/12/2061 FRN EUR 804 742 0.17
600 000 RAIFFEISEN BK IN 21-17/06/2033 FRN EUR 594 763 0.13
2 000 000 INTESA SANPAOLO 17-31/12/2049 FRN EUR 2 174 347 0.47 UNIQA INSURANCE 21-
300 000 EUR 297 767 0.06
962 000 MEDIOBANCA SPA 21-02/11/2028 FRN EUR 943 846 0.21 09/12/2041 FRN
1 500 000 UNICREDIT SPA 16-29/12/2049 FRN EUR 1 554 365 0.34 Cyprus 1 908 028 0.41
2 300 000 UNICREDIT SPA 19-23/09/2029 FRN EUR 2 317 241 0.50 2 000 000 AROUNDTOWN SA 21-31/12/2061 FRN EUR 1 908 028 0.41
2 400 000 UNICREDIT SPA 20-16/06/2026 FRN EUR 2 458 701 0.53
Denmark 1 139 215 0.25
3 020 000 UNICREDIT SPA 20-22/07/2027 FRN EUR 3 183 231 0.69
1 100 000 ORSTED A/S 17-24/11/3017 FRN EUR 1 139 215 0.25
966 000 UNICREDIT SPA 21-05/07/2029 FRN EUR 963 809 0.21
Norway 1 073 654 0.23
Germany 11 241 333 2.45 1 100 000 DNB BANK ASA 21-23/02/2029 FRN EUR 1 073 654 0.23
COMMERZBANK AG 20-
800 000 EUR 870 874 0.19
05/12/2030 FRN
COMMERZBANK AG 21- Other transferable securities 1 469 225 0.32
1 200 000 EUR 1 175 835 0.26
29/12/2031 FRN
DEUTSCHE BANK AG 14- 1 469 225 0.32
1 500 000
31/05/2049 FRN
EUR 1 515 121 0.33 Bonds
DEUTSCHE BANK AG 20-
1 500 000
19/11/2025 FRN
EUR 1 525 325 0.33 Iceland 1 469 225 0.32
TEVA PHARMACEUTICAL F 4.500%
DEUTSCHE BANK AG 21- 1 418 000 EUR 1 469 225 0.32
1 500 000 EUR 1 496 878 0.33 18-01/03/2025
17/02/2027 FRN
ENERGIE BADEN-W 21- United States of
1 700 000 EUR 1 658 600 0.36
31/08/2081 FRN
HANNOVER RUECKV 21- America 0 0.00
1 700 000 EUR 1 668 457 0.36 LEHMAN BROS HLDG 07-31/12/2049
30/06/2042 FRN 8 000 000 EUR 0 0.00
MUENCHENER SR DFLT
1 300 000 RUECKVERSICHERUNG 12- EUR 1 330 243 0.29
26/05/2042 FRN
The accompanying notes form an integral part of these financial statements
Page 152
BNP PARIBAS FUNDS Euro Short Term Corporate Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Shares/Units in investment funds 35 823 373 7.76
Luxembourg 35 823 373 7.76
BNP PARIBAS FUNDS EURO HIGH
68 043.47 EUR 11 969 526 2.59
YIELD BOND - X CAP
BNP PARIBAS FUNDS EURO HIGH
32 328.90 YIELD SHORT DURATION BOND - EUR 3 964 168 0.86
I CAP
BNP PARIBAS INSTICASH EUR 1D
144 950.34 EUR 19 889 679 4.31
SHORT TERM VNAV - I CAP
Total securities portfolio 454 126 024 98.68
The accompanying notes form an integral part of these financial statements
Page 153
BNP PARIBAS FUNDS Europe Convertible
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an Italy 8 832 652 7.73
official stock exchange listing and/or 110 205 990 96.45 300 000 DIASORIN 0.000% 21-05/05/2028 CV EUR 330 165 0.29
traded on another regulated market 1 300 000 ENI S.P.A. 0.000% 16-13/04/2022 CV EUR 1 299 571 1.14
110 205 990 96.45 1 600 000 NEXI 0.000% 21-24/02/2028 CV EUR 1 502 128 1.31
Convertible bonds
1 100 000 NEXI 1.750% 20-24/04/2027 CV EUR 1 222 804 1.07
France 38 731 932 33.89 1 600 000
PIRELLI & C SPA 0.000% 20-
EUR 1 865 040 1.63
21 213 ACCOR 0.700% 20-07/12/2027 CV FLAT EUR 1 095 630 0.96 22/12/2025 CV
PRYSMIAN SPA 0.000% 21-
ARCHER OBLIGATIONS 0.000% 17- 1 600 000 EUR 1 734 448 1.52
700 000 EUR 1 205 022 1.05 02/02/2026 CV
31/03/2023 CV
800 000 SNAM 0.000% 17-20/03/2022 EUR 878 496 0.77
1 600 000 ATOS SE 0.000% 19-06/11/2024 CV EUR 1 704 672 1.49
CARREFOUR SA 0.000% 18- Spain 6 306 903 5.52
4 400 000 USD 3 990 644 3.49
27/03/2024 CV AMADEUS IT GROUP 1.500% 20-
26 809 EDENRED 0.000% 19-06/09/2024 CV EUR 1 653 767 1.45 1 200 000 EUR 1 611 156 1.41
09/04/2025 CV
ELEC DE FRANCE 0.000% 20- CELLNEX TELECOM 0.500% 19-
391 101 EUR 5 349 479 4.68 1 300 000 EUR 1 726 816 1.51
14/09/2024 CV 05/07/2028 CV
76 942 ELIS SA 0.000% 17-06/10/2023 CV FLAT EUR 2 413 440 2.11 CELLNEX TELECOM 1.500% 18-
1 700 000 EUR 2 968 931 2.60
16/01/2026 CV
2 200 000 KERING 0.000% 19-30/09/2022 CV EUR 2 627 680 2.30
KORIAN SA 21-31/12/2061 CV United Kingdom 5 093 821 4.46
63 276 EUR 2 687 458 2.35 BP CAPITAL PLC 1.000% 16-
FRN FLAT 1 000 000 GBP 1 211 922 1.06
MAISONS DU MONDE 0.125% 17- 28/04/2023 CV
467 654 EUR 459 045 0.40 INTERNATIONAL CONSOLIDAT
06/12/23 CV FLAT 2 400 000 EUR 2 183 520 1.91
600 000 MICHELIN 0.000% 18-10/11/2023 CV USD 546 046 0.48 1.125% 21-18/05/2028 CV
OCADO GROUP PLC 0.875% 19-
NEXITY 0.875% 21-19/04/2028 500 000 GBP 684 100 0.60
21 831 EUR 1 247 904 1.09 09/12/2025 CV
CV FLAT
900 000 WH SMITH 1.625% 21-07/05/2026 CV GBP 1 014 279 0.89
600 000 ORPAR 0.000% 17-20/06/2024 CV EUR 894 270 0.78
13 736 ORPEA 0.375% 19-17/05/2027 CV FLAT EUR 1 923 232 1.68 United States of
SAFRAN SA 0.875% 20-15/05/2027 America 4 044 571 3.54
23 687 EUR 3 239 031 2.84
CV FLAT JP MORGAN CHASE 0.000% 21-
SCHNEIDER 0.000% 20-15/06/26 1 800 000 EUR 2 078 640 1.82
5 730 EUR 1 278 965 1.12 10/06/2024 CV
CV FLAT JP MORGAN CHASE 0.000% 21-
4 000 SOITEC 0.000% 20-01/10/2025 CV EUR 972 864 0.85 1 700 000 EUR 1 965 931 1.72
18/02/2024 CV
4 000 000 TOTAL SA 0.500% 15-02/12/2022 CV USD 3 583 187 3.14
Sweden 2 906 158 2.54
VEOLIA ENVRNMT 0.000% 19- GEELY SWEDEN FIN 0.000% 19-
49 300 EUR 1 859 596 1.63 2 200 000 EUR 2 906 158 2.54
01/01/2025 CV 19/06/2024 CV
Germany 17 650 138 15.46 Luxembourg 2 568 993 2.25
800 000 ADIDAS AG 0.050% 18-12/09/2023 CV EUR 908 728 0.80 GRAND CITY PROPERTIES 0.250% 16-
1 900 000 EUR 1 899 088 1.66
DELIVERY HERO AG 0.250% 20- 02/03/2022 CV
3 700 000 EUR 4 288 966 3.75
23/01/2024 CV 600 000 IWG GROUP 0.500% 20-09/12/2027 CV GBP 669 905 0.59
DELIVERY HERO AG 0.875% 20-
1 000 000 EUR 965 082 0.84
15/07/2025 CV Denmark 883 584 0.77
DEUTSCHE POST AG 0.050% 17- GN STORE NORD 0.000% 19-
2 900 000 EUR 3 469 502 3.04 800 000 EUR 883 584 0.77
30/06/2025 CV 21/05/2024 CV
HELLOFRESH SE 0.750% 20-
300 000 EUR 452 391 0.40
13/05/2025 CV Austria 861 352 0.75
LEG IMMOBILIENILIEN 0.400% 20- 1 000 000 AMS AG 0.875% 17-28/09/2022 CV USD 861 352 0.75
700 000 EUR 728 546 0.64
30/06/2028 CV
LEG IMMOBILIENILIEN 0.875% 17- Jersey Island 831 034 0.73
1 100 000 EUR 1 327 920 1.16
01/09/2025 CV CORNWALL JERSEY 0.750% 21-
MORPHOSYS AG 0.625% 20- 800 000 GBP 831 034 0.73
500 000 EUR 385 045 0.34 16/04/2026 CV
16/10/2025 CV
800 000
MTU AERO ENGINES 0.050% 19-
EUR 767 616 0.67 Belgium 787 480 0.69
18/03/2027 CV 800 000 UMICORE SA 0.000% 20-23/06/2025 CV EUR 787 480 0.69
RAG STIFTUNG 0.000% 20-
2 100 000 EUR 2 382 954 2.09
17/06/2026 CV
700 000 ZALANDO SE 0.050% 20-06/08/2025 CV EUR 761 705 0.67 Shares/Units in investment funds 3 040 538 2.67
1 100 000 ZALANDO SE 0.625% 20-06/08/2027 CV EUR 1 211 683 1.06
France 3 040 538 2.67
The Netherlands 10 808 364 9.46 53.00 BNP PARIBAS CASH INVEST - I - CAP EUR 2 965 433 2.60
AMERICA MOVIL BV 0.000% 21- BNP PARIBAS CASH INVEST -
3 400 000 EUR 3 499 300 3.06 33.39 EUR 75 105 0.07
02/03/2024 CV PRIVILEGE - CAP
BASIC-FIT NV 1.500% 21-
200 000 EUR 215 726 0.19
17/06/2028 CV Total securities portfolio 113 246 528 99.12
BRENNTAG FINANCE 1.875% 15-
500 000 USD 516 374 0.45
02/12/2022 CV
DUFRY ONE BV 0.750% 21-
800 000 CHF 729 416 0.64
30/03/2026 CV
IBERDROLA INTERNATIONAL 0.000%
800 000 EUR 1 007 344 0.88
15-11/11/2022 CV
JUST EAT TAKEA 1.250% 20-
300 000 EUR 268 878 0.24
30/04/2026 CV
2 200 000 QIAGEN NV 0.000% 20-17/12/2027 CV USD 2 066 263 1.81
2 200 000 QIAGEN NV 1.000% 18-13/11/2024 CV USD 2 505 063 2.19
Switzerland 9 899 008 8.66
3 080 000 SIKA AG 0.150% 18-05/06/2025 CV CHF 5 965 209 5.22
STMICROELECTRON 0.000% 20-
3 400 000 USD 3 933 799 3.44
04/08/25 CV
The accompanying notes form an integral part of these financial statements
Page 154
BNP PARIBAS FUNDS Europe Dividend
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 25 205 SIEMENS AG - REG EUR 3 848 299 1.96
38 911 SIEMENS HEALTHINEERS AG EUR 2 561 122 1.31
official stock exchange listing and/or 193 399 117 98.69
1 475 VITESCO TECHNOLOGIES GROUP A EUR 63 720 0.03
traded on another regulated market
193 399 117 98.69 Switzerland 24 360 221 12.43
Shares
19 488 CIE FINANCIERE RICHEMONT - REG CHF 2 575 768 1.31
France 65 109 051 33.24 63 980 NESTLE SA - REG CHF 7 869 141 4.03
16 016 AIR LIQUIDE SA EUR 2 455 573 1.25 44 802 NOVARTIS AG - REG CHF 3 471 220 1.77
24 405 AIRBUS SE EUR 2 742 146 1.40 14 883 ROCHE HOLDING AG GENUSSCHEIN CHF 5 445 298 2.78
9 896 ARKEMA EUR 1 225 620 0.63 5 725 SIKA AG - REG CHF 2 100 705 1.07
129 225 AXA SA EUR 3 383 757 1.73 18 135 STMICROELECTRONICS NV EUR 793 588 0.40
75 189 BNP PARIBAS EUR 4 569 236 2.33 5 446 ZURICH INSURANCE GROUP AG CHF 2 104 501 1.07
12 060 CAPGEMINI SE EUR 2 598 930 1.33
231 158 CREDIT AGRICOLE SA EUR 2 901 033 1.48
The Netherlands 23 022 589 11.75
9 261 ASML HOLDING NV EUR 6 544 748 3.34
24 135 DANONE EUR 1 317 530 0.67
19 516 ASR NEDERLAND NV EUR 790 398 0.40
15 631 EDENRED EUR 634 150 0.32
224 919 ING GROEP NV EUR 2 753 458 1.41
13 208 ESSILORLUXOTTICA EUR 2 473 066 1.26
58 112 KONINKLIJKE AHOLD DELHAIZE NV EUR 1 751 205 0.89
12 646 EURAZEO SA EUR 971 213 0.50
10 449 KONINKLIJKE DSM NV EUR 2 068 902 1.06
628 HERMES INTERNATIONAL EUR 964 608 0.49
645 024 KONINKLIJKE KPN NV EUR 1 760 916 0.90
3 572 KERING EUR 2 525 047 1.29
58 470 NN GROUP NV - W/I EUR 2 783 757 1.42
29 531 LEGRAND SA EUR 3 038 740 1.55
17 265 RANDSTAD HOLDING NV EUR 1 036 591 0.53
10 838 LOREAL EUR 4 518 904 2.31
134 292 ROYAL DUTCH SHELL PLC - A EUR 2 593 179 1.32
7 995 LVMH EUR 5 812 364 2.97
37 911 UNIVERSAL MUSIC GROUP NV EUR 939 435 0.48
13 053 MICHELIN (CGDE) EUR 1 881 590 0.96
8 398 PERNOD RICARD SA EUR 1 776 177 0.91 Italy 10 151 152 5.17
14 377 PUBLICIS GROUPE EUR 851 118 0.43 55 029 ASSICURAZIONI GENERALI EUR 1 025 190 0.52
23 926 ROTHSCHILD + CO EUR 965 414 0.49 151 432 ENEL S.P.A. EUR 1 066 990 0.54
41 262 SANOFI AVENTIS EUR 3 654 988 1.87 155 970 ENI S.P.A. EUR 1 905 953 0.97
26 970 SCHNEIDER ELECTRIC SE EUR 4 651 246 2.37 1 514 459 INTESA SANPAOLO EUR 3 443 880 1.76
3 746 TELEPERFORMANCE EUR 1 468 432 0.75 200 025 UNICREDIT S.P.A. EUR 2 709 139 1.38
85 854 TOTAL SA EUR 3 831 664 1.96 Ireland 2 529 381 1.30
17 422 VINCI SA EUR 1 618 678 0.83 8 915 KERRY GROUP PLC - A EUR 1 009 624 0.52
191 575 VIVENDI EUR 2 277 827 1.16 31 374 SMURFIT KAPPA GROUP PLC EUR 1 519 757 0.78
United Kingdom 33 818 109 17.24 Sweden 2 325 418 1.19
84 397 3I GROUP PLC GBP 1 456 542 0.74 50 886 ASSA ABLOY AB - B SEK 1 365 065 0.70
60 727 ASTRAZENECA PLC GBP 6 276 665 3.20 99 086 ERICSSON LM - B SEK 960 353 0.49
194 925 BAE SYSTEMS PLC GBP 1 276 438 0.65
Belgium 2 275 982 1.16
548 960 BP PLC GBP 2 160 925 1.10
14 835 KBC GROEP NV EUR 1 119 449 0.57
95 412 DIAGEO PLC GBP 4 586 503 2.34
27 419 WAREHOUSES DE PAUW SCA EUR 1 156 533 0.59
231 516 DS SMITH PLC GBP 1 058 312 0.54
113 758 GLAXOSMITHKLINE PLC GBP 2 176 794 1.11 Spain 2 139 436 1.09
10 386 LINDE PLC EUR 3 178 116 1.62 74 989 INDUSTRIA DE DISENO TEXTIL EUR 2 139 436 1.09
250 002 NATIONAL GRID PLC GBP 3 155 695 1.61 Denmark 1 785 520 0.91
103 721 RELX PLC GBP 2 967 340 1.51 18 068 NOVO NORDISK A/S - B DKK 1 785 520 0.91
74 616 SEGRO PLC GBP 1 276 630 0.65
106 959 SSE PLC GBP 2 100 707 1.07 Shares/Units in investment funds 3 038 615 1.55
621 936 TESCO PLC GBP 2 147 442 1.10
Luxembourg 3 038 615 1.55
Germany 25 882 258 13.21 30 255.27
BNP PARIBAS INSTICASH EUR 3M
EUR 3 038 615 1.55
11 023 ALLIANZ SE - REG EUR 2 288 926 1.17 Standard VNAV - X CAP
17 374 BAYERISCHE MOTOREN WERKE AG EUR 1 537 425 0.78 Total securities portfolio 196 437 732 100.24
9 848 CONTINENTAL AG EUR 916 947 0.47
19 455 DAIMLER AG - REG EUR 1 314 963 0.67
9 727 DAIMLER TRUCK HOLDING AG EUR 314 085 0.16
32 211 DEUTSCHE POST AG - REG EUR 1 821 210 0.93
194 496 DEUTSCHE TELEKOM AG - REG EUR 3 170 285 1.62
48 570 INFINEON TECHNOLOGIES AG EUR 1 979 713 1.01
14 742 KION GROUP AG EUR 1 422 308 0.73
5 436 MERCK KGAA EUR 1 233 972 0.63
20 862 SAP SE EUR 2 605 664 1.33
13 084 SCOUT24 AG EUR 803 619 0.41
The accompanying notes form an integral part of these financial statements
Page 155
BNP PARIBAS FUNDS Europe Emerging Equity
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an Austria 935 122 1.89
official stock exchange listing and/or 47 592 045 96.17 36 133 RAIFFEISEN BANK INTERNATIONAL EUR 935 122 1.89
traded on another regulated market Czech Republic 626 080 1.27
Shares 47 592 045 96.17 165 953 MONETA MONEY BANK AS CZK 626 080 1.27
Russia 27 327 284 55.22 Lithuania 533 000 1.08
211 233 ALROSA PJSC RUB 304 107 0.61 26 000 AB IGNITIS GRUPE - REG S GDR EUR 533 000 1.08
49 069 GAZPROM NEFT - ADR USD 1 572 780 3.18 Slovenia 388 757 0.79
577 740 GAZPROM PAO - ADR USD 4 694 264 9.49 25 831 NOVA LJUBLJANSKA B-GDR REG S EUR 388 757 0.79
279 789 GLOBALTRUCK MANAGEMENT PJSC RUB 94 797 0.19
Guernsey Island 221 539 0.45
2 023 461 INTER RAO UES PJSC RUB 101 354 0.20
231 132 ETALON GROUP-GDR REGS - W/I USD 221 539 0.45
58 406 LUKOIL PJSC - ADR USD 4 596 673 9.29
16 261 MAGNIT PJSC RUB 1 037 365 2.10 Other transferable securities 1 252 858 2.53
75 254 MAIL.RU GROUP-GDR REGS USD 766 966 1.55
5 704 MMC NORILSK NICKEL PJSC RUB 1 526 557 3.08 Shares 1 252 858 2.53
5 904 NOVATEK PJSC-SPONS GDR REG S USD 1 215 896 2.46
Russia 1 252 858 2.53
172 814 POLYMETAL INTERNATIONAL - W/I GBP 2 699 447 5.45 MAGNITOGORSK IRON & STEEL
959 205 RUB 780 885 1.58
592 000 RENAISSANCE INSURANCE GROUP RUB 700 985 1.42 WORKS PJSC
3 079 POLYUS PJSC RUB 471 973 0.95
1 054 849 SBERBANK OF RUSSIA PJSC RUB 3 631 129 7.34
1 833 854 SISTEMA PJSFC RUB 504 015 1.02 Slovakia 0 0.00
611 229 SURGUTNEFTEGAS-PREFERENCE RUB 275 743 0.56 107 150 POVAZSKE STROJARNE EUR 0 0.00
328 909 TATNEFT PJSC RUB 1 929 948 3.90
Total securities portfolio 48 844 903 98.70
1 366 985 258 VTB BANK PJSC RUB 774 064 1.56
39 189 X 5 RETAIL GROUP NV-REGS GDR RUB 901 194 1.82
Poland 6 815 509 13.76
99 653 ALLEGRO.EU SA PLN 844 909 1.71
49 040 BANK PEKAO SA PLN 1 305 351 2.64
6 933 CD PROJEKT SA PLN 291 790 0.59
532 588 ECHO INVESTMENT S.A. PLN 472 355 0.95
8 071 KRUK SA PLN 575 827 1.16
136 994 PKO BANK POLSKI SA PLN 1 342 935 2.71
39 681 POLSKI KONCERN NAFTOWY ORLEN PLN 643 609 1.30
114 221 POWSZECHNY ZAKLAD UBEZPIECZE PLN 880 952 1.78
50 656 WARSAW STOCK EXCHANGE PLN 457 781 0.92
Hungary 3 619 314 7.31
76 185 MOL HUNGARIAN OIL AND GAS PL HUF 520 902 1.05
43 340 OTP BANK PLC HUF 1 952 014 3.94
37 652 RICHTER GEDEON NYRT HUF 891 332 1.80
39 834 WABERERS INTERNATIONAL NYRT HUF 255 066 0.52
The Netherlands 2 901 584 5.86
437 199 VEON LTD USD 657 413 1.33
42 183 YANDEX NV - A USD 2 244 171 4.53
Turkey 1 624 574 3.29
579 508 AKBANK T.A.S. TRY 276 290 0.56
75 888 BIM BIRLESIK MAGAZALAR AS TRY 308 039 0.62
1 ENKA INSAAT VE SANAYI AS TRY 1 0.00
215 194 TURK HAVA YOLLARI AO TRY 285 278 0.58
1 TURK SISE VE CAM FABRIKALARI TRY 1 0.00
201 006 TURKCELL ILETISIM HIZMET AS TRY 245 705 0.50
682 406 TURKIYE GARANTI BANKASI TRY 509 260 1.03
1 TURKIYE IS BANKASI - C TRY 0 0.00
1 TURKIYE SINAI KALKINMA BANK TRY 0 0.00
Greece 1 612 236 3.26
590 660 ALPHA BANK A.E. EUR 636 141 1.29
61 332 FF GROUP EUR 6 0.00
78 275 OPAP SA EUR 976 089 1.97
Cyprus 987 046 1.99
45 831 GLOBALTRA-SPONS GDR REGS USD 343 370 0.69
24 721 OZON HOLDINGS PLC - ADR USD 643 676 1.30
The accompanying notes form an integral part of these financial statements
Page 156
BNP PARIBAS FUNDS Europe Equity
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an Denmark 21 096 238 1.44
official stock exchange listing and/or 1 464 694 975 99.69 292 080 NOVOZYMES A/S - B DKK 21 096 238 1.44
traded on another regulated market Norway 19 568 323 1.33
Shares 1 464 694 975 99.69 391 005 SCHIBSTED ASA - A NOK 13 260 751 0.90
212 974 SCHIBSTED ASA - B NOK 6 307 572 0.43
France 326 639 151 22.23
242 469 AIR LIQUIDE SA EUR 37 175 347 2.53 Shares/Units in investment funds 3 892 708 0.26
2 455 156 CREDIT AGRICOLE SA EUR 30 812 208 2.10
265 059 ESSILORLUXOTTICA EUR 49 629 647 3.38 Luxembourg 3 892 708 0.26
80 908 LVMH EUR 58 820 116 4.01 BNP PARIBAS INSTICASH EUR 1D
32 631.16 EUR 3 892 708 0.26
SHORT TERM VNAV - X CAP
274 568 MICHELIN (CGDE) EUR 39 578 977 2.69
470 037 SANOFI AVENTIS EUR 41 635 877 2.83 Total securities portfolio 1 468 587 683 99.95
188 488 SCHNEIDER ELECTRIC SE EUR 32 506 640 2.21
817 395 TOTAL SA EUR 36 480 339 2.48
Germany 208 419 182 14.17
89 940 ADIDAS AG EUR 22 772 808 1.55
120 169 DEUTSCHE BOERSE AG EUR 17 676 860 1.20
1 957 659 DEUTSCHE TELEKOM AG - REG EUR 31 909 842 2.17
1 788 319 E.ON SE EUR 21 803 185 1.48
787 581 INFINEON TECHNOLOGIES AG EUR 32 101 802 2.18
365 778 SIEMENS AG - REG EUR 55 846 985 3.80
201 901 SYMRISE AG EUR 26 307 700 1.79
The Netherlands 185 294 723 12.62
89 737 ASML HOLDING NV EUR 63 417 137 4.33
181 680 KONINKLIJKE DSM NV EUR 35 972 640 2.45
683 994 PROSUS NV EUR 50 294 079 3.42
1 437 081 UNIVERSAL MUSIC GROUP NV EUR 35 610 867 2.42
United Kingdom 172 580 723 11.74
1 643 879 GLAXOSMITHKLINE PLC GBP 31 456 122 2.14
122 066 LINDE PLC EUR 37 352 196 2.54
2 580 656 PRUDENTIAL PLC GBP 39 173 965 2.67
498 602 RECKITT BENCKISER GROUP PLC GBP 37 662 385 2.56
5 043 602 STANDARD CHARTERED PLC GBP 26 936 055 1.83
Switzerland 160 789 125 10.96
49 343 LONZA GROUP AG - REG CHF 36 268 522 2.47
619 304 NESTLE SA - REG CHF 76 170 536 5.19
62 326 SCHINDLER HOLDING - PART CERT CHF 14 767 199 1.01
767 433 STMICROELECTRONICS NV EUR 33 582 868 2.29
Spain 90 537 745 6.15
431 948 AMADEUS IT GROUP SA EUR 25 761 379 1.75
12 802 332 BANCO SANTANDER SA EUR 37 645 257 2.56
1 578 386 GRIFOLS SA EUR 26 635 264 1.81
49 045 GRIFOLS SA - B EUR 495 845 0.03
Sweden 88 708 616 6.04
383 170 ATLAS COPCO AB - A SEK 23 289 412 1.59
1 597 760 EPIROC AB-A SEK 35 567 851 2.42
947 148 LUNDIN PETROLEUM AB SEK 29 851 353 2.03
Ireland 70 468 159 4.80
678 268 CRH PLC EUR 31 553 027 2.15
899 591 EXPERIAN PLC GBP 38 915 132 2.65
Finland 67 665 580 4.61
815 622 NESTE OYJ EUR 35 365 370 2.41
733 096 SAMPO OYJ - A EUR 32 300 210 2.20
Portugal 27 308 403 1.86
1 358 627 JERONIMO MARTINS EUR 27 308 403 1.86
Belgium 25 619 007 1.74
481 832 ANHEUSER - BUSCH INBEV SA/NV EUR 25 619 007 1.74
The accompanying notes form an integral part of these financial statements
Page 157
BNP PARIBAS FUNDS Europe Growth
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an Portugal 5 945 882 1.73
official stock exchange listing and/or 343 049 004 99.80 295 815 JERONIMO MARTINS EUR 5 945 882 1.73
traded on another regulated market Denmark 5 177 852 1.51
Shares 343 049 004 99.80 71 688 NOVOZYMES A/S - B DKK 5 177 852 1.51
The Netherlands 54 832 129 15.95 Poland 3 962 027 1.15
21 538 ASML HOLDING NV EUR 15 220 906 4.42 467 302 ALLEGRO.EU SA PLN 3 962 027 1.15
306 091 CTP NV EUR 5 723 902 1.67
54 810 KONINKLIJKE DSM NV EUR 10 852 380 3.16
Shares/Units in investment funds 535 716 0.16
186 189 PROSUS NV EUR 13 690 477 3.98
Luxembourg 535 716 0.16
377 097 UNIVERSAL MUSIC GROUP NV EUR 9 344 464 2.72 BNP PARIBAS INSTICASH EUR 1D
4 490.72 EUR 535 716 0.16
SHORT TERM VNAV - X CAP
Germany 52 852 992 15.39
28 471 ADIDAS AG EUR 7 208 857 2.10 Total securities portfolio 343 584 720 99.96
68 145 CTS EVENTIM AG + CO KGAA EUR 4 385 812 1.28
33 473 DEUTSCHE BOERSE AG EUR 4 923 878 1.43
473 689 DEUTSCHE TELEKOM AG - REG EUR 7 721 131 2.25
230 037 INFINEON TECHNOLOGIES AG EUR 9 376 308 2.73
82 292 SIEMENS AG - REG EUR 12 564 343 3.66
51 210 SYMRISE AG EUR 6 672 663 1.94
France 48 830 056 14.19
64 560 ESSILORLUXOTTICA EUR 12 088 214 3.52
19 530 LVMH EUR 14 198 310 4.12
50 867 MICHELIN (CGDE) EUR 7 332 478 2.13
85 164 SANOFI AVENTIS EUR 7 543 827 2.19
44 458 SCHNEIDER ELECTRIC SE EUR 7 667 227 2.23
United Kingdom 39 518 472 11.50
376 754 GLAXOSMITHKLINE PLC GBP 7 209 302 2.10
31 704 LINDE PLC EUR 9 701 424 2.82
622 139 PRUDENTIAL PLC GBP 9 443 975 2.75
96 302 RECKITT BENCKISER GROUP PLC GBP 7 274 265 2.12
1 102 772 STANDARD CHARTERED PLC GBP 5 889 506 1.71
Switzerland 36 400 443 10.58
12 480 LONZA GROUP AG - REG CHF 9 173 158 2.67
146 477 NESTLE SA - REG CHF 18 015 760 5.23
14 044 SCHINDLER HOLDING - PART CERT CHF 3 327 512 0.97
134 461 STMICROELECTRONICS NV EUR 5 884 013 1.71
Sweden 23 095 163 6.72
125 745 ATLAS COPCO AB - A SEK 7 642 892 2.22
353 585 EPIROC AB-A SEK 7 871 181 2.29
240 539 LUNDIN PETROLEUM AB SEK 7 581 090 2.21
Spain 21 929 964 6.38
117 239 AMADEUS IT GROUP SA EUR 6 992 134 2.03
2 162 975 BANCO SANTANDER SA EUR 6 360 228 1.85
478 765 GRIFOLS SA EUR 8 079 159 2.35
49 302 GRIFOLS SA - B EUR 498 443 0.15
Ireland 17 274 069 5.03
155 578 CRH PLC EUR 7 237 489 2.11
232 013 EXPERIAN PLC GBP 10 036 580 2.92
Finland 13 992 611 4.07
189 344 NESTE OYJ EUR 8 209 956 2.39
131 245 SAMPO OYJ - A EUR 5 782 655 1.68
Italy 6 677 567 1.94
477 310 NEXI SPA EUR 6 677 567 1.94
Norway 6 588 680 1.92
563 276 ADEVINTA ASA NOK 6 588 680 1.92
Belgium 5 971 097 1.74
112 302 ANHEUSER - BUSCH INBEV SA/NV EUR 5 971 097 1.74
The accompanying notes form an integral part of these financial statements
Page 158
BNP PARIBAS FUNDS Europe High Conviction Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an United Kingdom 30 556 660 9.53
official stock exchange listing and/or 314 177 654 97.99 3 000 000
BAA FUNDING LTD 4.625% 13-
GBP 4 639 733 1.45
31/10/2046
traded on another regulated market 2 000 000
BARCLAYS BANK PLC 3.250% 18-
GBP 2 585 894 0.81
17/01/2033
Bonds 194 812 865 60.76 GKN HOLDINGS PLC 4.625% 17-
2 000 000 GBP 2 536 329 0.79
12/05/2032
United States of INTERMEDIATE CAP 1.625% 20-
1 500 000 EUR 1 525 823 0.48
America 36 206 998 11.30 17/02/2027
MARKS & SPENCER 7.125% 07-
2 000 000 AT&T INC 2.450% 15-15/03/2035 EUR 2 206 185 0.69 2 000 000 USD 2 058 794 0.64
01/12/2037
2 000 000 AT&T INC 2.600% 20-19/05/2038 EUR 2 237 626 0.70 RECKITT BEN TSY 1.750% 20-
1 500 000 GBP 1 791 883 0.56
1 000 000 AT&T INC 3.150% 17-04/09/2036 EUR 1 187 313 0.37 19/05/2032
ROLLS-ROYCE PLC 1.625% 18-
CHUBB INA HLDGS 2.500% 18- 2 000 000 EUR 1 907 375 0.59
1 000 000 EUR 1 166 750 0.36 09/05/2028
15/03/2038
EXXON MOBIL CORP 1.408% 20- 5 000 000 TESCO PLC 5.125% 07-10/04/2047 EUR 7 398 811 2.30
1 600 000 EUR 1 535 621 0.48 VODAFONE GROUP 1.600% 16-
26/06/2039 2 000 000 EUR 2 116 556 0.66
FIDELITY NATIONAL IN 2.950% 19- 29/07/2031
2 000 000 EUR 2 392 242 0.75 VODAFONE GROUP 5.900% 02-
21/05/2039 2 472 000 GBP 3 995 462 1.25
FIDELITY NATIONAL IN 3.360% 19- 26/11/2032
1 000 000 GBP 1 312 071 0.41
21/05/2031
GEN ELEC CAP CRP 4.125% 05- The Netherlands 18 355 255 5.73
1 500 000 EUR 2 038 486 0.64
19/09/2035 1 400 000 DIGITAL DUTCH 1.500% 20-15/03/2030 EUR 1 450 641 0.45
1 208 000 IBM CORP 1.200% 20-11/02/2040 EUR 1 215 508 0.38 1 000 000 ENBW 6.125% 09-07/07/2039 EUR 1 791 034 0.56
MCKESSON CORP 3.125% 17- GLOBAL SWITCH 1.375% 20-
2 000 000 GBP 2 546 668 0.79 2 000 000 EUR 1 979 161 0.62
17/02/2029 07/10/2030
MONDELEZ INTERNATIONAL INC 2 000 000 HEINEKEN NV 1.750% 20-07/05/2040 EUR 2 100 141 0.66
3 917 000 EUR 4 444 278 1.39
2.375% 15-06/03/2035
2 000 000 MYLAN NV 3.125% 16-22/11/2028 EUR 2 273 044 0.71 3 000 000 JAB HOLDINGS 3.375% 20-17/04/2035 EUR 3 578 870 1.12
TEVA PHARMACEUTICAL FNC
2 000 000 THERMO FISHER 1.875% 19-01/10/2049 EUR 2 051 177 0.64 3 000 000 EUR 2 758 688 0.86
1.875% 15-31/03/2027
3 667 000 THERMO FISHER 2.875% 17-24/07/2037 EUR 4 437 265 1.38 VOLKSWAGEN INTFN 1.500% 21-
2 000 000 EUR 1 931 437 0.60
VERIZON COMMUNICATIONS INC 21/01/2041
1 425 000 EUR 1 490 025 0.46 VOLKSWAGEN INTFN 4.125% 18-
1.850% 20-18/05/2040 2 000 000 EUR 2 765 283 0.86
VERIZON COMMUNICATIONS INC 16/11/2038
1 800 000 EUR 2 148 721 0.67
2.875% 17-15/01/2038
VERIZON COMMUNICATIONS INC Spain 12 773 342 3.99
1 000 000 GBP 1 524 018 0.48 BANCO SANTANDER 2.125% 18-
4.750% 14-17/02/2034 2 000 000 EUR 2 111 538 0.66
08/02/2028
Italy 32 486 770 10.10 2 400 000
CELLNEX FINANCE 2.000% 21-
EUR 2 280 702 0.71
15/02/2033
800 000 ASSICURAZIONI 3.875% 19-29/01/2029 EUR 923 700 0.29
CELLNEX TELECOM 1.750% 20-
INTESA SANPAOLO 2.375% 20- 2 700 000 EUR 2 593 553 0.81
2 000 000 EUR 1 952 797 0.61 23/10/2030
22/12/2030 CELLNEX TELECOM 1.900% 19-
INTESA SANPAOLO 2.925% 20- 1 100 000 EUR 1 077 758 0.34
3 400 000 EUR 3 535 487 1.10 31/07/2029
14/10/2030 MERLIN PROPERTIE 1.875% 19-
1 000 000 ITALY 6.000% 98-04/08/2028 GBP 1 484 012 0.46 2 700 000 EUR 2 646 978 0.83
04/12/2034
6 000 000 ITALY BTPS 1.650% 15-01/03/2032 EUR 6 279 479 1.95 MERLIN PROPERTIES 2.375% 17-
900 000 EUR 967 432 0.30
18/09/2029
5 000 000 ITALY BTPS 2.450% 17-01/09/2033 EUR 5 617 250 1.75 TELEFONICA EMIS 1.957% 19-
1 000 000 EUR 1 095 381 0.34
5 000 000 ITALY BTPS 2.800% 16-01/03/2067 EUR 5 648 350 1.75 01/07/2039
TELECOM ITALIA 5.250% 05- Japan 7 711 791 2.40
4 000 000 EUR 4 209 960 1.31
17/03/2055
SOFTBANK GROUP CORP 3.125% 17-
2 500 000 UNIPOL GRUPPO 3.250% 20-23/09/2030 EUR 2 835 735 0.88 2 000 000 EUR 2 002 047 0.62
19/09/2025
2 000 000 TAKEDA PHARM 2.000% 20-09/07/2040 EUR 2 157 356 0.67
France 32 348 067 10.10
TAKEDA PHARMACEUTICAL 3.000%
1 300 000 ALTAREA 1.750% 20-16/01/2030 EUR 1 271 316 0.40 3 000 000 EUR 3 552 388 1.11
18-21/11/2030
2 000 000 BPCE 3.850% 14-25/06/2026 EUR 2 242 761 0.70
CAISSE NA REA MU 3.375% 18-
Germany 6 825 641 2.14
1 400 000 EUR 1 560 846 0.49 DEUTSCHE BANK AG 4.500% 16-
24/09/2028 1 400 000 EUR 1 590 169 0.50
ELEC DE FRANCE 4.500% 10- 19/05/2026
3 000 000 EUR 4 463 703 1.39 DT LUFTHANSA AG 3.000% 20-
12/11/2040 1 000 000 EUR 997 500 0.31
ELEC DE FRANCE 6.000% 14- 29/05/2026
1 000 000 GBP 2 127 228 0.66 DT PFANDBRIEFBAN 4.600% 17-
23/01/2114 2 000 000 EUR 2 133 593 0.67
FRANCE TELECOM 5.375% 10- 22/02/2027
2 000 000 GBP 3 853 265 1.20 INNOGY FINANCE II BV 5.750% 03-
22/11/2050 1 000 000 EUR 1 507 327 0.47
GIE PSA TRESORER 6.000% 03- 14/02/2033
2 000 000 EUR 2 893 164 0.90 ZF FINANCE GMBH 2.250% 21-
19/09/2033 600 000 EUR 597 052 0.19
03/05/2028
2 000 000 GROUPAMA SA 6.000% 17-23/01/2027 EUR 2 457 083 0.77
2 600 000 INFRA PARK SAS 2.000% 17-06/07/2029 EUR 2 725 242 0.85 Belgium 6 816 971 2.12
500 000 IXIS CIB 5.400% 03-09/01/2033 EUR 634 455 0.20 5 900 000 ETHIAS 5.000% 15-14/01/2026 EUR 6 816 971 2.12
900 000 LA MONDIALE 2.125% 20-23/06/2031 EUR 932 815 0.29 Luxembourg 4 660 148 1.46
1 000 000 MERCIALYS 2.000% 17-03/11/2027 EUR 986 323 0.31 2 000 000 DH EUROPE 1.800% 19-18/09/2049 EUR 2 104 238 0.66
TIKEHAU CAPITAL 2.250% 19- MEDTRONIC GLOBAL 1.750% 19-
3 600 000 EUR 3 746 977 1.17 1 000 000 EUR 1 021 570 0.32
14/10/2026 02/07/2049
TOTAL CAP INTERNATIONAL 1.618% PROLOGIS INTERNATIONAL II 1.625%
900 000 EUR 958 333 0.30 389 000 EUR 406 287 0.13
20-18/05/2040 20-17/06/2032
UNIBAIL-RODAMCO 1.750% 19- RICHEMONT INTERNATIONAL
1 600 000 EUR 1 494 556 0.47 1 000 000 EUR 1 128 053 0.35
01/07/2049 2.000% 18-26/03/2038
The accompanying notes form an integral part of these financial statements
Page 159
BNP PARIBAS FUNDS Europe High Conviction Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Australia 2 504 697 0.78 United Kingdom 6 181 550 1.92
BHP BILLITON FIN 3.125% 13- 2 000 000 AVIVA PLC 20-03/06/2055 FRN GBP 2 565 944 0.80
400 000 EUR 484 101 0.15
29/04/2033
TRANSURBAN FIN 1.701% 19- 1 300 000 SWISS RE FIN UK 20-04/06/2052 FRN EUR 1 389 912 0.43
2 000 000 EUR 2 020 596 0.63
03/07/2034 2 210 000 VODAFONE GROUP 20-27/08/2080 FRN EUR 2 225 694 0.69
Jersey Island 2 317 250 0.72 Austria 4 423 064 1.38
2 000 000 PHOENIX GROUP 4.375% 18-24/01/2029 EUR 2 317 250 0.72 UNIQA INSURANCE 15-
2 000 000 EUR 2 437 952 0.76
27/07/2046 FRN
Ireland 1 249 275 0.39
2 000 000
UNIQA INSURANCE 21-
EUR 1 985 112 0.62
GE CAP EUR FUND 3.650% 12- 09/12/2041 FRN
1 000 000 EUR 1 249 275 0.39
23/08/2032
Luxembourg 2 789 063 0.87
Floating rate bonds 119 364 789 37.23 CPI PROPERTY GRO 21-
3 000 000 EUR 2 789 063 0.87
31/12/2061 FRN
France 65 642 512 20.48
2 000 000 AXA SA 18-28/05/2049 FRN EUR 2 240 567 0.70 Spain 2 730 531 0.86
1 400 000 MAPFRE 17-31/03/2047 FRN EUR 1 588 440 0.50
6 600 000 BNP PARIBAS 14-31/12/2049 FRN EUR 7 371 517 2.29
1 000 000 MAPFRE 18-07/09/2048 FRN EUR 1 142 091 0.36
1 300 000 CNP ASSURANCES 15-10/06/2047 FRN EUR 1 540 817 0.48
3 000 000 CNP ASSURANCES 18-31/12/2049 FRN EUR 3 385 838 1.06 United States of
2 100 000 CNP ASSURANCES 19-27/07/2050 FRN EUR 2 169 930 0.68 America 2 018 760 0.63
1 400 000 CNP ASSURANCES 20-30/06/2051 FRN EUR 1 479 948 0.46 2 000 000 JPMORGAN CHASE 19-04/11/2032 FRN EUR 2 018 760 0.63
1 900 000 CNP ASSURANCES 21-12/10/2053 FRN EUR 1 878 166 0.59
Cyprus 995 184 0.31
2 000 000 CNP ASSURANCES 21-31/12/2061 FRN USD 1 791 298 0.56 1 000 000 AROUNDTOWN SA 18-31/12/2049 FRN EUR 995 184 0.31
CREDIT AGRICOLE ASSURANCES 16-
2 900 000 EUR 3 485 892 1.09
27/09/2048 FRN Total securities portfolio 314 177 654 97.99
CREDIT AGRICOLE ASSURANCES 18-
4 000 000 EUR 4 260 455 1.33
29/01/2048 FRN
CREDIT AGRICOLE SA 14-
1 000 000 USD 967 833 0.30
29/12/2049 FRN
1 000 000 ELEC DE FRANCE 13-29/01/2049 FRN EUR 1 096 610 0.34
1 000 000 ELEC DE FRANCE 14-22/01/2049 FRN EUR 1 105 967 0.34
800 000 ELEC DE FRANCE 18-31/12/2049 FRN EUR 847 080 0.26
2 800 000 LA MONDIALE 14-29/12/2049 FRN EUR 3 225 524 1.01
2 800 000 LA POSTE 18-31/12/2049 FRN EUR 2 906 750 0.91
900 000 MUTUELLE ASSUR 21-21/06/2052 FRN EUR 900 834 0.28
2 400 000 MUTUELLE ASSUR 21-21/12/2169 FRN EUR 2 392 962 0.75
3 600 000 ORANGE 14-29/10/2049 FRN EUR 4 219 322 1.32
4 000 000 RCI BANQUE 19-18/02/2030 FRN EUR 4 002 128 1.25
1 700 000 SCOR SE 16-27/05/2048 FRN EUR 1 964 575 0.61
1 100 000 SCOR SE 20-17/09/2051 FRN EUR 1 080 253 0.34
3 300 000 SOGECAP SA 14-29/12/2049 FRN EUR 3 671 690 1.15
900 000 TOTAL SA 16-29/12/2049 FRN EUR 978 885 0.31
6 000 000 TOTAL SE 21-31/12/2061 FRN EUR 5 776 315 1.79
UNIBAIL-RODAMCO 18-
900 000 EUR 901 356 0.28
31/12/2049 FRN
The Netherlands 16 012 298 4.99
1 000 000 ACHMEA BV 19-24/03/2168 FRN EUR 1 059 892 0.33
4 000 000 AEGON NV 95-29/06/2049 SR NLG 1 750 977 0.55
ASR NEDERLAND NV 19-
1 000 000 EUR 1 100 978 0.34
02/05/2049 FRN
2 000 000 NN GROUP NV 14-15/07/2049 FRN EUR 2 254 187 0.70
TELEFONICA EUROP 18-
2 000 000 EUR 2 117 860 0.66
31/12/2049 FRN
VOLKSWAGEN INTFN 15-
800 000 EUR 859 388 0.27
29/12/2049 FRN
VOLKSWAGEN INTFN 18-
5 200 000 EUR 5 888 903 1.83
31/12/2049 FRN
1 000 000 WINTERSHALL FIN 21-20/07/2169 FRN EUR 980 113 0.31
Italy 10 807 153 3.36
ASSICURAZIONI GENERALI 15-
5 300 000 EUR 6 440 162 2.00
27/10/2047 FRN
2 000 000 ENI SPA 20-31/12/2060 FRN EUR 2 094 302 0.65
2 369 000 POSTE ITALIANE 21-31/12/2061 FRN EUR 2 272 689 0.71
Germany 7 764 674 2.43
COMMERZBANK AG 20-
1 000 000 EUR 1 088 593 0.34
05/12/2030 FRN
DEUTSCHE BANK AG 20-
3 000 000 EUR 3 514 401 1.10
19/05/2031 FRN
3 000 000 TALANX AG 17-05/12/2047 FRN EUR 3 161 680 0.99
The accompanying notes form an integral part of these financial statements
Page 160
BNP PARIBAS FUNDS Europe Multi-Asset Income
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 10 988 PHOENIX GROUP HOLDINGS PLC GBP 85 485 0.07
39 513 PRUDENTIAL PLC GBP 599 801 0.47
official stock exchange listing and/or 108 373 463 85.20
7 170 RECKITT BENCKISER GROUP PLC GBP 541 593 0.43
traded on another regulated market
4 082 RELX PLC GBP 116 781 0.09
Shares 50 569 387 39.72
32 229 RESTAURANT GROUP PLC GBP 36 198 0.03
France 7 243 002 5.69 2 876 RIO TINTO PLC GBP 167 573 0.13
3 446 AIR LIQUIDE SA EUR 528 341 0.42 2 360 SCHRODERS PLC GBP 100 067 0.08
7 118 BOUYGUES SA EUR 224 146 0.18 2 713 SEVERN TRENT PLC GBP 95 226 0.07
3 845 CARREFOUR SA EUR 61 924 0.05 214 SPIRAX-SARCO ENGINEERING PLC GBP 40 909 0.03
14 919 CNP ASSURANCES EUR 324 488 0.26 72 526 STANDARD CHARTERED PLC GBP 387 335 0.30
35 304 CREDIT AGRICOLE SA EUR 443 065 0.35 10 129 TATE & LYLE PLC GBP 79 792 0.06
3 200 DANONE EUR 174 688 0.14 27 100 TESCO PLC GBP 93 572 0.07
3 811 ESSILORLUXOTTICA EUR 713 572 0.56 1 474 UNILEVER PLC GBP 69 267 0.05
1 185 GAZTRANSPORT ET TECHNIGA SA EUR 97 466 0.08 13 366 UNITED UTILITIES GROUP PLC GBP 173 363 0.14
636 GECINA SA EUR 78 164 0.06 6 175 WH SMITH PLC GBP 108 849 0.09
109 HERMES INTERNATIONAL EUR 167 424 0.13
Switzerland 6 047 379 4.77
2 739 KORIAN EUR 76 254 0.06 1 764 ABB LTD-REG SEK 59 177 0.05
1 244 LVMH EUR 904 387 0.70 1 461 ADECCO GROUP AG - REG CHF 65 707 0.05
4 940 MICHELIN (CGDE) EUR 712 101 0.56 452 ALLREAL HOLDING AG - REG CHF 88 119 0.07
6 830 ORANGE EUR 64 291 0.05 668 BALOISE HOLDING AG - REG CHF 96 124 0.08
373 ORPEA EUR 32 861 0.03 BANQUE CANTONALE VAUDOIS-
1 167 CHF 79 741 0.06
2 819 PLASTIC OMNIUM EUR 64 442 0.05 REG
577 BKW AG CHF 66 045 0.05
7 624 REXEL SA EUR 135 936 0.11
798 CEMBRA MONEY BANK AG CHF 51 177 0.04
2 963 RUBIS EUR 77 808 0.06
1 347 CIE FINANCIERE RICHEMONT - REG CHF 178 036 0.14
903 S.O.I.T.E.C. EUR 194 326 0.15
132 FISCHER (GEORG) - REG CHF 176 442 0.14
9 090 SANOFI AVENTIS EUR 805 192 0.63
216 GEBERIT AG - REG CHF 155 347 0.12
2 690 SCHNEIDER ELECTRIC SE EUR 463 917 0.36
24 GIVAUDAN - REG CHF 110 996 0.09
809 SOPRA STERIA GROUP EUR 127 418 0.10
1 216 HELVETIA HOLDING AG-REG CHF 126 042 0.10
2 942 SPIE SA - W/I EUR 66 842 0.05
KUEHNE & NAGEL INTERNATIONAL
15 773 TOTAL SA EUR 703 949 0.55 312 CHF 88 648 0.07
AG - REG
701 LONZA GROUP AG - REG CHF 515 255 0.40
United Kingdom 7 221 314 5.66
9 861 3I GROUP PLC GBP 170 183 0.13 2 089 MEDMIX AG CHF 91 048 0.07
1 979 ADMIRAL GROUP PLC GBP 74 413 0.06 11 566 NESTLE SA - REG CHF 1 422 545 1.11
4 508 ANTOFAGASTA PLC GBP 71 867 0.06 3 494 NOVARTIS AG - REG CHF 270 712 0.21
850 ASHTEAD GROUP PLC GBP 60 156 0.05 576 PSP SWISS PROPERTY AG - REG CHF 63 206 0.05
4 525 BELLWAY PLC GBP 179 793 0.14 1 147 ROCHE HOLDING AG GENUSSCHEIN CHF 419 657 0.33
4 302 BHP GROUP PLC GBP 112 699 0.09 1 149 SCHINDLER HOLDING - PART CERT CHF 272 238 0.21
48 991 BP PLC GBP 192 848 0.15 33 SGS SA - REG CHF 97 043 0.08
5 235 BRITVIC PLC GBP 57 363 0.05 116 SIEGFRIED HOLDING AG - REG CHF 99 582 0.08
70 638 BT GROUP PLC GBP 142 647 0.11 1 892 SIG COMBIBLOC GROUP AG CHF 46 490 0.04
3 844 246 CARILLION PLC GBP 46 0.00 226 SIKA AG - REG CHF 82 927 0.07
17 497 CONVATEC GROUP PLC GBP 40 252 0.03 10 954 STMICROELECTRONICS NV EUR 479 347 0.38
12 249 COUNTRYSIDE PROPERTIES PLC GBP 65 651 0.05 79 STRAUMANN HOLDING AG - REG CHF 147 684 0.12
1 143 CRODA INTERNATIONAL PLC GBP 137 770 0.11 2 089 SULZER AG - REG CHF 181 148 0.14
1 105 DIAGEO PLC GBP 53 118 0.04 274 SWISS LIFE HOLDING AG - REG CHF 147 822 0.12
25 339 DS SMITH PLC GBP 115 830 0.09 427 SWISSCOM AG - REG CHF 212 068 0.17
1 589 FEVERTREE DRINKS PLC GBP 51 194 0.04 2 080 UBS GROUP AG - REG CHF 32 962 0.03
41 954 GLAXOSMITHKLINE PLC GBP 802 802 0.63 321 ZURICH INSURANCE GROUP AG CHF 124 044 0.10
5 008 GREGGS PLC GBP 199 044 0.16 Germany 5 251 586 4.14
14 640 HOMESERVE SHS GBP 152 485 0.12 1 278 ADIDAS AG EUR 323 590 0.25
19 895 HOWDEN JOINERY GROUP PLC GBP 213 547 0.17 441 ALLIANZ SE - REG EUR 91 574 0.07
22 170 IG GROUP HOLDINGS PLC GBP 214 676 0.17 1 750 BAYERISCHE MOTOREN WERKE AG EUR 154 858 0.12
18 445 KINGFISHER PLC GBP 74 320 0.06 2 886 CANCOM SE EUR 170 909 0.13
44 762 LEGAL & GENERAL GROUP PLC GBP 158 608 0.12 381 CARL ZEISS MEDITEC AG - BR EUR 70 428 0.06
1 745 LINDE PLC EUR 533 970 0.42 733 CTS EVENTIM AG + CO KGAA EUR 47 176 0.04
61 633 LLOYDS BANKING GROUP PLC GBP 35 089 0.03 2 584 DAIMLER AG - REG EUR 174 653 0.14
53 697 MAN GROUP PLC/JERSEY GBP 145 435 0.11 1 707 DEUTSCHE BOERSE AG EUR 251 100 0.20
15 837 MICHAEL PAGE INTERNATIONAL GBP 119 494 0.09 2 692 DEUTSCHE POST AG - REG EUR 152 206 0.12
17 220 NATIONAL EXPRESS GROUP PLC GBP 52 751 0.04 27 819 DEUTSCHE TELEKOM AG - REG EUR 453 450 0.36
10 427 NATIONAL GRID PLC GBP 131 617 0.10 35 360 E.ON SE EUR 431 109 0.34
29 943 PETS AT HOME GROUP PLC GBP 165 835 0.13
The accompanying notes form an integral part of these financial statements
Page 161
BNP PARIBAS FUNDS Europe Multi-Asset Income
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
2 931 EVONIK INDUSTRIES AG EUR 83 446 0.07 2 837 SKF AB-B SHARES SEK 59 104 0.05
3 678 FRESENIUS SE & CO KGAA EUR 130 201 0.10 31 103 TELIA CO AB SEK 106 954 0.08
1 231 FUCHS PETROLUB SE-PREF EUR 49 142 0.04 3 028 WIHLBORGS FASTIGHETER AB SEK 60 407 0.05
1 288 GEA GROUP AG EUR 61 940 0.05
Spain 2 618 293 2.06
448 HANNOVER RUECK SE EUR 74 883 0.06 ACS ACTIVIDADES DE
6 881 EUR 162 185 0.13
11 280 INFINEON TECHNOLOGIES AG EUR 459 773 0.36 CONSTRUCCION Y SERVICIOS
6 124 AMADEUS IT GROUP SA EUR 365 235 0.29
2 928 JENOPTIK AG EUR 108 746 0.09
5 143 APPLUS SERVICES SA EUR 41 581 0.03
1 165 LEG IMMOBILIENILIEN AG EUR 142 946 0.11
2 885 ATLANTICA SUSTAINABLE INFRAS USD 90 721 0.07
447 MERCK KGAA EUR 101 469 0.08
MUENCHENER 184 094 BANCO SANTANDER SA EUR 541 328 0.43
371 EUR 96 646 0.08
RUECKVERSICHERUNG AG - REG 4 329 ENAGAS SA EUR 88 312 0.07
558 PORSCHE AUTOMOBIL HLDG-PRF EUR 46 560 0.04 9 873 ENDESA SA EUR 199 435 0.16
5 197 SIEMENS AG - REG EUR 793 478 0.62 5 210 FLUIDRA SA EUR 183 392 0.14
2 042 STROEER SE & CO KGAA EUR 141 511 0.11 22 565 GRIFOLS SA EUR 380 784 0.30
2 869 SYMRISE AG EUR 373 831 0.29 6 442 IBERDROLA SA EUR 67 061 0.05
2 438 TAG IMMOBILIEN AG EUR 59 999 0.05 80 282 MAPFRE SA EUR 144 949 0.11
2 453 TALANX AG EUR 104 351 0.08 7 611 MERLIN PROPERTIES SOCIMI SA EUR 72 837 0.06
TELEFONICA DEUTSCHLAND
19 867 EUR 48 495 0.04 6 797 RED ELECTRICA CORPORACION SA EUR 129 313 0.10
HOLDING
740 VONOVIA SE EUR 35 801 0.03 39 242 TELEFONICA SA EUR 151 160 0.12
357 VONOVIA SE EUR 17 315 0.01
Russia 2 264 327 1.76
The Netherlands 5 094 972 3.98 29 031 ALROSA PJSC RUB 41 795 0.03
4 036 AALBERTS INDUSTRIES NV EUR 235 137 0.18 4 053 GAZPROM NEFT - ADR USD 129 908 0.10
29 515 AEGON NV EUR 129 659 0.10 48 975 GAZPROM PAO - ADR USD 397 933 0.31
1 708 ASML HOLDING NV EUR 1 207 043 0.94 468 928 INTER RAO UES PJSC RUB 23 488 0.02
6 580 ASR NEDERLAND NV EUR 266 490 0.21 4 709 LUKOIL PJSC - ADR USD 370 608 0.29
3 204 CNH INDUSTRIAL NV EUR 54 692 0.04 1 223 MAGNIT PJSC RUB 78 021 0.06
1 801 CORBION NV EUR 74 633 0.06 5 461 MAIL.RU GROUP-GDR REGS USD 55 657 0.04
724 IMCD GROUP NV - W/I EUR 140 963 0.11 426 MMC NORILSK NICKEL PJSC RUB 114 010 0.09
7 894 KONINKLIJKE AHOLD DELHAIZE NV EUR 237 886 0.19 420 NOVATEK PJSC-SPONS GDR REG S USD 86 497 0.07
3 076 KONINKLIJKE DSM NV EUR 609 048 0.48 13 934 POLYMETAL INTERNATIONAL - W/I GBP 217 657 0.17
78 993 KONINKLIJKE KPN NV EUR 215 651 0.17 45 000 RENAISSANCE INSURANCE GROUP RUB 53 284 0.04
2 441 NN GROUP NV - W/I EUR 116 216 0.09 94 049 SBERBANK OF RUSSIA PJSC RUB 323 747 0.25
9 814 PROSUS NV EUR 721 623 0.57 142 639 SISTEMA PJSFC RUB 39 203 0.03
9 972 SBM OFFSHORE NV EUR 130 583 0.10 49 563 SURGUTNEFTEGAS-PREFERENCE RUB 22 359 0.02
20 665 UNIVERSAL MUSIC GROUP NV EUR 512 079 0.40 27 104 TATNEFT PJSC RUB 159 039 0.12
34 887 VEON LTD USD 52 459 0.04 137 124 379 VTB BANK PJSC RUB 77 648 0.06
1 734 VOPAK EUR 53 407 0.04 3 195 X 5 RETAIL GROUP NV-REGS GDR RUB 73 473 0.06
1 518 WOLTERS KLUWER EUR 157 265 0.12
Finland 2 141 481 1.69
3 386 YANDEX NV - A USD 180 138 0.14 854 CARGOTEC OYJ - B SHARE EUR 37 439 0.03
Sweden 3 665 283 2.89 2 442 ELISA OYJ EUR 132 161 0.10
3 202 AAK AB SEK 60 737 0.05 4 397 FORTUM OYJ EUR 118 675 0.09
8 250 ATLAS COPCO AB - A SEK 501 442 0.39 3 827 HUHTAMAKI OYJ EUR 148 832 0.12
5 214 AXFOOD AB SEK 131 869 0.10 766 KONE OYJ - B EUR 48 289 0.04
2 988 BILLERUDKORSNAS AB SEK 49 539 0.04 6 702 METSA BOARD OYJ EUR 57 704 0.05
4 168 BOLIDEN AB SEK 141 686 0.11 11 660 NESTE OYJ EUR 505 578 0.40
9 329 CASTELLUM AB SEK 220 902 0.17 28 776 NOKIA OYJ EUR 160 397 0.13
22 746 EPIROC AB-A SEK 506 350 0.40 2 465 ORION OYJ - B EUR 90 022 0.07
10 550 FABEGE AB SEK 155 289 0.12 5 178 OUTOTEC OYJ EUR 48 404 0.04
9 451 GETINGE AB - B SEK 362 674 0.29 10 419 SAMPO OYJ - A EUR 459 061 0.36
11 473 HEXPOL AB SEK 135 167 0.11 1 556 TIETO OYJ EUR 42 759 0.03
1 514 ICA GRUPPEN AB SEK 78 582 0.06 2 590 UPM-KYMMENE OYJ EUR 86 661 0.07
3 345 INTRUM JUSTITIA AB SEK 75 828 0.06 5 448 VALMET OYJ EUR 205 499 0.16
2 761 INVESTOR AB-B SHS SEK 61 074 0.05
Italy 2 020 402 1.59
6 979 LOOMIS AB SEK 163 155 0.13 140 080 A2A SPA EUR 240 938 0.19
13 565 LUNDIN PETROLEUM AB SEK 427 529 0.34 26 486 ANIMA HOLDING SPA EUR 118 922 0.09
11 352 PEAB AB SEK 125 913 0.10 13 047 ASSICURAZIONI GENERALI EUR 243 066 0.19
5 181 SANDVIK AB SEK 127 110 0.10 13 700 AUTOGRILL SPA EUR 85 570 0.07
9 414 SECURITAS AB - B SEK 113 972 0.09 3 582 BANCA GENERALI S.P.A. EUR 138 803 0.11
10 587 BREMBO SPA EUR 132 655 0.10
11 709 ENEL S.P.A. EUR 82 502 0.06
The accompanying notes form an integral part of these financial statements
Page 162
BNP PARIBAS FUNDS Europe Multi-Asset Income
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
9 938 ENI S.P.A. EUR 121 442 0.10
Hungary 284 361 0.23
2 558 ERG S.P.A. EUR 72 750 0.06 9 318 MOL HUNGARIAN OIL AND GAS PL HUF 63 710 0.05
4 557 FINECOBANK S.P.A. EUR 70 337 0.06 3 533 OTP BANK PLC HUF 159 125 0.13
17 530 HERA SPA EUR 64 177 0.05 2 599 RICHTER GEDEON NYRT HUF 61 526 0.05
67 491 IREN SPA EUR 179 121 0.14
19 408 ITALGAS SPA EUR 117 457 0.09 Luxembourg 215 711 0.17
10 331 GRAND CITY PROPERTIES EUR 215 711 0.17
7 935 POSTE ITALIANE SPA EUR 91 570 0.07
13 723 TERNA S.P.A. EUR 97 625 0.08 Jersey Island 162 026 0.13
65 914 UNIPOLSAI ASSICURAZIONI SPA EUR 163 467 0.13 153 160 CENTAMIN PLC GBP 162 026 0.13
Ireland 1 450 417 1.13 Turkey 148 380 0.12
9 638 CRH PLC EUR 448 360 0.35 47 582 AKBANK T.A.S. TRY 22 685 0.02
12 781 EXPERIAN PLC GBP 552 889 0.43 6 044 BIM BIRLESIK MAGAZALAR AS TRY 24 533 0.02
9 280 GLANBIA PLC EUR 114 144 0.09 17 360 TURK HAVA YOLLARI AO TRY 23 014 0.02
7 051 GRAFTON GROUP PLC - UTS GBP 103 548 0.08 25 014 TURKCELL ILETISIM HIZMET AS TRY 30 576 0.02
49 729 GREENCORE GROUP PLC GBP 76 702 0.06 63 746 TURKIYE GARANTI BANKASI TRY 47 572 0.04
4 417 KEYWORDS STUDIOS PLC GBP 154 774 0.12 Greece 124 158 0.09
Norway 900 247 0.71 52 341 ALPHA BANK A.E. EUR 56 371 0.04
3 773 KONGSBERG GRUPPEN ASA NOK 107 605 0.08 5 436 OPAP SA EUR 67 787 0.05
7 190 LEROY SEAFOOD GROUP ASA NOK 49 443 0.04
Cyprus 80 981 0.06
2 950 NORDIC SEMICONDUCTOR ASA NOK 87 546 0.07 4 939 GLOBALTRA-SPONS GDR REGS USD 37 003 0.03
8 511 ORKLA ASA NOK 74 992 0.06 1 689 OZON HOLDINGS PLC - ADR USD 43 978 0.03
5 524 SCHIBSTED ASA - A NOK 187 344 0.15
Czech Republic 59 902 0.05
3 010 SCHIBSTED ASA - B NOK 89 146 0.07
15 878 MONETA MONEY BANK AS CZK 59 902 0.05
10 848 STOREBRAND ASA NOK 95 757 0.08
9 130 TELENOR ASA NOK 126 187 0.10 Slovenia 28 535 0.02
1 853 YARA INTERNATIONAL ASA NOK 82 227 0.06 1 896 NOVA LJUBLJANSKA B-GDR REG S EUR 28 535 0.02
Denmark 884 188 0.68 Guernsey Island 22 831 0.02
2 015 DFDS A/S DKK 94 551 0.07 23 820 ETALON GROUP-GDR REGS - W/I USD 22 831 0.02
2 751 NOVO NORDISK A/S - B DKK 271 860 0.21 Bonds 52 048 207 40.96
5 161 NOVOZYMES A/S - B DKK 372 767 0.29
United Kingdom 8 111 312 6.37
1 463 ROYAL UNIBREW DKK 145 010 0.11
200 000 BCP MODULAR 4.750% 21-30/11/2028 EUR 201 512 0.16
Belgium 858 553 0.68 148 000
BELLIS ACQUISITI 4.500% 21-
GBP 175 875 0.14
3 220 AGEAS EUR 146 671 0.12 16/02/2026
CONSTELLATION 4.875% 21-
6 847 ANHEUSER - BUSCH INBEV SA/NV EUR 364 055 0.29 328 000 GBP 382 908 0.30
15/07/2027
494 COFINIMMO EUR 69 407 0.05 200 000 DEUCE FINCO 5.500% 21-15/06/2027 GBP 236 421 0.19
861 COLRUYT SA EUR 32 081 0.03 101 000 EC FINANCE 3.000% 21-15/10/2026 EUR 103 191 0.08
556 GROUPE BRUXELLES LAMBERT SA EUR 54 577 0.04 196 081 ENQUEST PLC 7.000% 16-15/10/2023 USD 161 095 0.13
11 188 PROXIMUS EUR 191 762 0.15 GATWICK AIRPORT 4.375% 21-
169 000 GBP 197 143 0.15
07/04/2026
Austria 603 738 0.48 HEATHROW FINANCE 4.750% 18-
130 000 GBP 157 952 0.12
01/03/2024
2 895 BAWAG GROUP AG EUR 156 909 0.12
123 000 HEINZ (H.J) FIN 6.250% 00-18/02/2030 GBP 185 160 0.15
3 035 OMV AG EUR 151 598 0.12 ICELAND BONDCO 4.625% 17-
125 000 GBP 139 761 0.11
4 711 RAIFFEISEN BANK INTERNATIONAL EUR 121 921 0.10 15/03/2025
INEOS QUATTRO FI 2.500% 21-
5 359 WIENERBERGER AG EUR 173 310 0.14 270 000 EUR 268 273 0.21
15/01/2026
INEOS QUATTRO FI 3.750% 21-
Poland 591 959 0.45 100 000
15/07/2026
EUR 100 478 0.08
8 095 ALLEGRO.EU SA PLN 68 634 0.05 INTERNATIONAL GAME TECH 2.375%
397 000 EUR 389 187 0.31
5 624 BANK PEKAO SA PLN 149 700 0.12 19-15/04/2028
ITHACA ENERGY N 9.000% 21-
385 CD PROJEKT SA PLN 16 204 0.01 360 000 USD 325 083 0.26
15/07/2026
44 774 ECHO INVESTMENT S.A. PLN 39 710 0.03 JAGUAR LAND ROVER 3.875% 15-
400 000 GBP 479 931 0.38
01/03/2023
579 KRUK SA PLN 41 309 0.03
JAGUAR LAND ROVER 4.500% 18-
10 796 PKO BANK POLSKI SA PLN 105 832 0.08 100 000 EUR 103 835 0.08
15/01/2026
4 305 POLSKI KONCERN NAFTOWY ORLEN PLN 69 825 0.05 JAGUAR LAND ROVER 4.500% 21-
343 000 EUR 348 522 0.27
15/07/2028
9 478 POWSZECHNY ZAKLAD UBEZPIECZE PLN 73 101 0.06 JAGUAR LAND ROVER 5.000% 14-
323 000 GBP 386 028 0.30
3 059 WARSAW STOCK EXCHANGE PLN 27 644 0.02 15/02/2022
KCA DEUTAG UK FI 9.875% 20-
300 000 USD 284 251 0.22
Portugal 585 361 0.47 01/12/2025
LADBROKES GROUP 5.125% 16-
19 941 EDP-ENERGIAS DE PORTUGAL SA EUR 96 355 0.08 200 000 GBP 244 824 0.19
08/09/2023
5 699 GALP ENERGIA SGPS SA EUR 48 555 0.04 MAISON FINCO PLC 6.000% 21-
240 000 GBP 290 793 0.23
21 913 JERONIMO MARTINS EUR 440 451 0.35 31/10/2027
NEPTUNE ENERGY 6.625% 18-
352 000 USD 316 587 0.25
15/05/2025
The accompanying notes form an integral part of these financial statements
Page 163
BNP PARIBAS FUNDS Europe Multi-Asset Income
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
PINNACLE BIDCO P 6.375% 18- 257 000 QUINTILES IMS 2.875% 17-15/09/2025 EUR 258 676 0.20
146 000 GBP 175 305 0.14
15/02/2025 SCIENTIFIC GAMES 3.375% 18-
190 000 RAC BOND CO 5.250% 21-04/11/2027 GBP 220 602 0.17 162 000 EUR 162 878 0.13
15/02/2026
ROLLS-ROYCE PLC 0.875% 18- 222 000 TENNECO INC 5.000% 16-15/07/2026 USD 188 063 0.15
300 000 EUR 295 875 0.23
09/05/2024
490 000
STONEGATE PUB 8.250% 20-
GBP 592 259 0.47 The Netherlands 4 043 018 3.19
31/07/2025 ASHLAND SERVICES 2.000% 20-
SYNTHOMER PLC 3.875% 20- 190 000 EUR 193 113 0.15
228 000 EUR 235 058 0.18 30/01/2028
01/07/2025 AXALTA COATING 3.750% 16-
242 000 TI AUTOMOTIVE 3.750% 21-15/04/2029 EUR 243 822 0.19 100 000 EUR 100 411 0.08
15/01/2025
VIRGIN MEDIA SEC 4.125% 20- 200 000 DUFRY ONE BV 2.000% 19-15/02/2027 EUR 184 971 0.15
250 000 GBP 293 221 0.23
15/08/2030
100 000 DUFRY ONE BV 3.375% 21-15/04/2028 EUR 96 450 0.08
VIRGIN MEDIA SEC 4.250% 19-
150 000 GBP 176 563 0.14
15/01/2030 228 000 INTERTRUST 3.375% 18-15/11/2025 EUR 231 776 0.18
130 000 VMED O2 UK FIN 4.500% 21-15/07/2031 GBP 154 069 0.12 114 000 IPD 3 BV 5.500% 20-01/12/2025 EUR 116 913 0.09
200 000 WILLIAM HILL 4.750% 19-01/05/2026 GBP 245 728 0.19 236 000 METINVEST BV 7.750% 19-17/10/2029 USD 204 972 0.16
NOBIAN FINANCE B 3.625% 21-
France 5 180 213 4.08 267 000
15/07/2026
EUR 264 262 0.21
200 000 ACCOR 2.375% 21-29/11/2028 EUR 200 232 0.16 OI EUROPEAN GRP 3.125% 16-
100 000 EUR 102 588 0.08
BANIJAY ENTERTAI 3.500% 20- 15/11/2024
100 000 EUR 100 323 0.08
01/03/2025 194 000 PROMONTORIA 6.750% 18-15/08/2023 EUR 193 238 0.15
481 000 CAB 3.375% 21-01/02/2028 EUR 479 874 0.38 Q-PARK HOLDING 2.000% 20-
299 000 EUR 281 940 0.22
CASINO GUICHARD 2.798% 14- 01/03/2027
300 000 EUR 285 300 0.22 SELECTA GROUP BV 8.000% 20-
05/08/2026 158 176 EUR 163 504 0.13
CHROME BIDCO SAS 3.500% 21- 01/04/2026
100 000 EUR 100 718 0.08 TEVA PHARM FNC 6.000% 20-
31/05/2028 763 000 EUR 819 890 0.64
173 000 CMA CGM SA 7.500% 20-15/01/2026 EUR 190 205 0.15 31/01/2025
ELIOR PARTICIPAT 3.750% 21- 150 000 UNITED GROUP 4.000% 20-15/11/2027 EUR 148 697 0.12
114 000 EUR 116 586 0.09
15/07/2026 146 000 UNITED GROUP 4.875% 17-01/07/2024 EUR 147 324 0.12
200 000 ERAMET 4.196% 17-28/02/2024 EUR 201 250 0.16 UPC HOLDING BV 3.875% 17-
382 000 EUR 388 864 0.31
500 000 ERAMET 5.875% 19-21/05/2025 EUR 516 875 0.41 15/06/2029
100 000 ZF EUROPE 2.000% 19-23/02/2026 EUR 100 243 0.08
174 000 FAURECIA 2.750% 21-15/02/2027 EUR 177 027 0.14
300 000 ZF EUROPE 2.500% 19-23/10/2027 EUR 303 862 0.24
100 000 FAURECIA 3.125% 19-15/06/2026 EUR 102 378 0.08
234 000 GETLINK SE 3.500% 20-30/10/2025 EUR 240 482 0.19 Poland 3 916 443 3.08
181 000 ILIAD HOLDING 5.125% 21-15/10/2026 EUR 188 745 0.15 AUTOSTRADE PER L 2.000% 21-
284 000 EUR 292 507 0.23
15/01/2030
152 000 ILIAD HOLDING 5.625% 21-15/10/2028 EUR 159 987 0.13 BANK GOSPODARSTW 1.625% 17-
320 000 EUR 341 360 0.27
LABORATOIRE EIME 5.000% 21- 30/04/2028
100 000 EUR 101 154 0.08
01/02/2029 266 000 INPOST SA 2.250% 21-15/07/2027 EUR 259 481 0.20
100 000 ORANO SA 2.750% 20-08/03/2028 EUR 103 948 0.08 300 000 POLAND GOVT 1.500% 16-19/01/2026 EUR 317 131 0.25
376 000 QUATRIM 5.875% 19-15/01/2024 EUR 385 751 0.30 POLAND GOVT BOND 0.750% 20-
1 245 000 PLN 246 944 0.19
400 000 RENAULT 2.500% 21-01/04/2028 EUR 397 644 0.31 25/04/2025
POLAND GOVT BOND 1.250% 20-
100 000 RENAULT 2.500% 21-02/06/2027 EUR 100 215 0.08 1 275 000 PLN 228 870 0.18
25/10/2030
RUBIS TERMINAL 5.625% 20- POLAND GOVT BOND 2.500% 15-
207 000 EUR 215 156 0.17 1 072 000 PLN 220 296 0.17
15/05/2025 25/07/2026
TEREOS FIN GROUP 4.125% 16- POLAND GOVT BOND 2.500% 16-
400 000 EUR 404 560 0.32 935 000 PLN 189 350 0.15
16/06/2023 25/07/2027
400 000 VALLOUREC SA 8.500% 21-30/06/2026 EUR 411 803 0.32 POLAND GOVT BOND 2.500% 18-
2 560 000 PLN 545 781 0.43
25/04/2024
United States of 1 290 000
POLAND GOVT BOND 2.750% 13-
PLN 265 219 0.21
25/04/2028
America 4 208 240 3.31 POLAND GOVT BOND 2.750% 19-
450 000 APL LTD 8.000% 94-15/01/2024 USD 441 908 0.35 1 165 000 PLN 237 026 0.19
25/10/2029
BANFF MERGER SUB 8.375% 18- POLAND GOVT BOND 3.250% 14-
380 000 EUR 395 200 0.31 2 680 000 PLN 573 955 0.45
01/09/2026 25/07/2025
CATALENT PHARMA 2.375% 20- POLAND GOVT BOND 4.000% 12-
100 000 EUR 99 878 0.08 900 000 PLN 198 523 0.16
01/03/2028 25/10/2023
100 000 COTY INC 4.000% 18-15/04/2023 EUR 100 027 0.08
Russia 3 634 869 2.89
126 000 COTY INC 4.000% 18-15/04/2023 EUR 126 041 0.10 280 000 RUSSIA 12.750% 98-24/06/2028 USD 389 026 0.31
FORD MOTOR CRED 2.386% 19-
339 000 EUR 354 628 0.28 5 670 000 RUSSIA-OFZ 5.700% 20-17/05/2028 RUB 57 599 0.05
17/02/2026
FORD MOTOR CRED 2.748% 20- 23 700 000 RUSSIA-OFZ 6.000% 19-06/10/2027 RUB 248 272 0.20
312 000 GBP 373 407 0.29
14/06/2024
23 645 000 RUSSIA-OFZ 6.100% 20-18/07/2035 RUB 228 669 0.18
GAMMA BONDCO 8.125% 21-
293 000 EUR 286 166 0.22 54 985 000 RUSSIA-OFZ 6.500% 18-28/02/2024 RUB 620 933 0.49
15/11/2026
250 000 HJ HEINZ CO 4.125% 15-01/07/2027 GBP 326 604 0.26 1 900 000 RUSSIA-OFZ 6.900% 18-23/05/2029 RUB 20 554 0.02
INTERNATIONAL FIN CORP 2.625% 12 770 000 RUSSIA-OFZ 6.900% 21-23/07/2031 RUB 135 825 0.11
50 000 000 HUF 130 858 0.10
21-09/11/2023
57 806 000 RUSSIA-OFZ 7.050% 13-19/01/2028 RUB 635 576 0.50
160 000 INTRALOT INC 7.090% 21-15/09/2025 USD 142 455 0.11
KRATON POLYMERS 5.250% 18- 17 210 000 RUSSIA-OFZ 7.250% 18-10/05/2034 RUB 185 993 0.15
301 000 EUR 308 633 0.24
15/05/2026 48 515 000 RUSSIA-OFZ 7.400% 19-17/07/2024 RUB 556 810 0.44
KRONOS INTERNATIONAL INC
213 000 EUR 215 453 0.17 30 684 000 RUSSIA-OFZ 7.650% 19-10/04/2030 RUB 346 101 0.27
3.750% 17-15/09/2025
OLYMPUS WTR HLDG 3.875% 21- 10 270 000 RUSSIA-OFZ 7.700% 19-16/03/2039 RUB 113 949 0.09
100 000 EUR 100 222 0.08
01/10/2028
8 060 000 RUSSIA-OFZ 8.500% 16-17/09/2031 RUB 95 562 0.08
OLYMPUS WTR HLDG 5.375% 21-
100 000 EUR 96 592 0.08
01/10/2029
100 000 ORGANON FIN 1 2.875% 21-30/04/2028 EUR 100 551 0.08
The accompanying notes form an integral part of these financial statements
Page 164
BNP PARIBAS FUNDS Europe Multi-Asset Income
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
CZECH REPUBLIC 2.750% 18-
Italy 3 196 395 2.52 4 530 000 CZK 178 338 0.14
23/07/2029
352 000 ALMAVIVA 4.875% 21-30/10/2026 EUR 351 885 0.28 CZECH REPUBLIC 4.850% 07-
790 000 CZK 43 812 0.03
BRUNELLO BIDCO 3.500% 21- 26/11/2057
150 000 EUR 148 602 0.12 CZECH REPUBLIC 5.700% 09-
15/02/2028 2 850 000 CZK 120 062 0.09
GAMMA BIDCO SPA 5.125% 21- 25/05/2024
280 000 EUR 281 577 0.22 SAZKA GROUP AS 3.875% 20-
15/07/2025 465 000 EUR 462 530 0.36
GUALA CLOSURES 3.250% 21- 15/02/2027
100 000 EUR 97 989 0.08
15/06/2028
Spain 1 765 134 1.39
209 000 KEDRION SPA 3.375% 21-15/05/2026 EUR 207 769 0.16 EDREAMS ODIGEO SA 5.500% 18-
292 000 EUR 289 431 0.23
262 000 NEXI 2.125% 21-30/04/2029 EUR 256 582 0.20 01/09/2023
GRIFOLS ESCROW 3.875% 21-
492 000 PIAGGIO & C 3.625% 18-30/04/2025 EUR 499 885 0.39 182 000 EUR 182 443 0.14
15/10/2028
160 000 PRO-GEST SPA 3.250% 17-15/12/2024 EUR 151 425 0.12 432 000 GRIFOLS SA 3.200% 17-01/05/2025 EUR 431 291 0.34
200 000 REKEEP SPA 7.250% 21-01/02/2026 EUR 212 816 0.17 LORCA TELECOM 4.000% 20-
300 000 EUR 304 464 0.24
SHIBA BIDCO SPA 4.500% 21- 18/09/2027
210 000 EUR 212 172 0.17 MASARIA INVEST 5.000% 17-
31/10/2028 100 000 EUR 98 925 0.08
SOFIMA HOLDING 3.750% 20- 15/09/2024
300 000 EUR 297 333 0.23
15/01/2028 200 000 NH HOTEL GRP 4.000% 21-02/07/2026 EUR 198 902 0.16
VERDE BIDCO SPA 4.625% 21- OHL OPERACIONES 6.600% 21-
200 000 EUR 204 279 0.16 280 000 EUR 259 678 0.20
01/10/2026 31/03/2026
252 000 WEBUILD SPA 5.875% 20-15/12/2025 EUR 274 081 0.22
Croatia 1 410 600 1.11
Romania 2 664 733 2.11 600 000 CROATIA 1.500% 20-17/06/2031 EUR 621 000 0.49
325 000 ROMANIA 2.750% 20-26/02/2026 EUR 349 180 0.27 350 000 CROATIA 2.750% 17-27/01/2030 EUR 395 500 0.31
150 000 ROMANIA 3.375% 18-08/02/2038 EUR 150 135 0.12 350 000 CROATIA 3.000% 17-20/03/2027 EUR 394 100 0.31
600 000 ROMANIA 3.375% 20-28/01/2050 EUR 566 700 0.45
575 000 ROMANIA 3.650% 16-24/09/2031 RON 102 332 0.08
Germany 1 290 418 1.01
CHEPLAPHARM ARZN 3.500% 20-
295 000 EUR 300 093 0.24
165 000 ROMANIA 3.650% 20-28/07/2025 RON 32 247 0.03 11/02/2027
300 000 ROMANIA 3.875% 15-29/10/2035 EUR 325 680 0.26 100 000 CT INVESTMENT 5.500% 21-15/04/2026 EUR 100 901 0.08
855 000 ROMANIA 4.000% 20-25/10/2023 RON 171 705 0.13 GRUENENTHAL GMBH 3.625% 21-
100 000 EUR 102 516 0.08
15/11/2026
150 000 ROMANIA 4.125% 18-11/03/2039 EUR 159 720 0.13 200 000 MAHLE GMBH 2.375% 21-14/05/2028 EUR 193 970 0.15
275 000 ROMANIA 4.150% 20-26/01/2028 RON 53 384 0.04 PLATIN 1426 GMBH 5.375% 17-
260 000 EUR 259 072 0.20
275 000 ROMANIA 4.500% 19-17/06/2024 RON 55 499 0.04 15/06/2023
300 000 SCHAEFFLER AG 3.375% 20-12/10/2028 EUR 333 866 0.26
1 485 000 ROMANIA 4.750% 14-24/02/2025 RON 300 595 0.24
190 000 ROMANIA 4.750% 19-11/10/2034 RON 36 207 0.03 Serbia 1 146 205 0.89
985 000 ROMANIA 4.850% 18-22/04/2026 RON 198 879 0.16 SERBIA REPUBLIC 1.650% 21-
500 000 EUR 462 500 0.36
03/03/2033
450 000 ROMANIA 5.000% 18-12/02/2029 RON 90 895 0.07 SERBIA REPUBLIC 3.125% 20-
533 000 EUR 566 579 0.45
340 000 ROMANIA 5.800% 12-26/07/2027 RON 71 575 0.06 15/05/2027
SERBIA T-BONDS 4.500% 19-
3 530 000 RSD 30 998 0.02
Luxembourg 2 543 288 1.99 11/01/2026
ALBION FINANCING 5.250% 21- SERBIA T-BONDS 4.500% 20-
103 000 EUR 103 799 0.08 4 850 000 RSD 42 289 0.03
15/10/2026 20/08/2032
SERBIA T-BONDS 5.875% 18-
250 000 B&M EUROPEAN 3.625% 20-15/07/2025 GBP 302 753 0.24 4 650 000 RSD 43 839 0.03
08/02/2028
CIRSA FINANCE IN 4.500% 21-
197 000 EUR 192 590 0.15
15/03/2027 Turkey 1 115 886 0.87
CONS ENERGY FIN 5.000% 21- TURKEY GOVT BOND 10.500% 17-
314 000 EUR 298 891 0.23 370 000 TRY 14 553 0.01
15/10/2028 11/08/2027
CRYSTAL ALMOND S 4.250% 19- TURKEY GOVT BOND 10.700% 17-
505 000 EUR 514 166 0.40 5 630 000 TRY 350 585 0.28
15/10/2024 17/08/2022
HSE FINANCE SARL 5.625% 21- TURKEY GOVT BOND 11.000% 17-
100 000 EUR 102 172 0.08 2 749 000 TRY 113 770 0.09
15/10/2026 24/02/2027
INTRALOT CAPITAL 5.250% 17- TURKEY GOVT BOND 11.700% 20-
160 000 EUR 140 400 0.11 943 000 TRY 36 092 0.03
15/09/2024 13/11/2030
LUNE HOLDINGS SA 5.625% 21- TURKEY GOVT BOND 12.200% 18-
187 000 EUR 187 000 0.15 1 782 653 TRY 108 009 0.08
15/11/2028 18/01/2023
OLIVETTI FINANCE 7.750% 03- TURKEY GOVT BOND 12.400% 18-
87 000 EUR 115 637 0.09 330 000 TRY 13 941 0.01
24/01/2033 08/03/2028
306 000 ROSSINI SARL 6.750% 18-30/10/2025 EUR 316 653 0.25 TURKEY GOVT BOND 12.600% 20-
110 000 TRY 5 352 0.00
SUMMER BC HOLDCO 5.750% 19- 01/10/2025
259 000 EUR 269 227 0.21 TURKEY GOVT BOND 16.200% 18-
31/10/2026 725 000 TRY 44 407 0.03
14/06/2023
Czech Republic 2 200 612 1.73 570 000
TURKEY GOVT BOND 7.100% 13-
TRY 32 177 0.03
CZECH REPUBLIC 0.250% 17- 08/03/2023
4 240 000 CZK 146 876 0.12
10/02/2027 400 000 TURKEY REP 5.200% 18-16/02/2026 EUR 397 000 0.31
CZECH REPUBLIC 0.950% 15-
10 280 000 CZK 351 543 0.28
15/05/2030 Hungary 1 061 018 0.84
CZECH REPUBLIC 1.000% 15- REPUBLIC OF HUNGARY 1.000% 19-
2 200 000 CZK 79 996 0.06 82 620 000 HUF 199 215 0.16
26/06/2026 26/11/2025
CZECH REPUBLIC 1.200% 20- REPUBLIC OF HUNGARY 1.500% 20-
4 980 000 CZK 172 210 0.14 82 110 000 HUF 198 526 0.16
13/03/2031 22/04/2026
CZECH REPUBLIC 1.250% 20- REPUBLIC OF HUNGARY 2.000% 20-
6 090 000 CZK 229 526 0.18 53 060 000 HUF 121 965 0.10
14/02/2025 23/05/2029
CZECH REPUBLIC 2.000% 17- REPUBLIC OF HUNGARY 2.250% 20-
6 850 000 CZK 252 587 0.20 5 520 000 HUF 12 106 0.01
13/10/2033 20/04/2033
CZECH REPUBLIC 2.400% 14- REPUBLIC OF HUNGARY 2.250% 21-
4 200 000 CZK 163 132 0.13 19 900 000 HUF 41 913 0.03
17/09/2025 22/06/2034
The accompanying notes form an integral part of these financial statements
Page 165
BNP PARIBAS FUNDS Europe Multi-Asset Income
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
REPUBLIC OF HUNGARY 3.000% 16-
47 770 000 HUF 120 250 0.09 France 1 378 624 1.08
27/10/2027
REPUBLIC OF HUNGARY 3.000% 19- 200 000 ACCOR 19-31/12/2059 FRN EUR 189 684 0.15
31 400 000 HUF 76 181 0.06
21/08/2030
400 000 ELEC DE FRANCE 20-31/12/2060 FRN EUR 412 907 0.32
REPUBLIC OF HUNGARY 3.000% 20-
21 790 000 HUF 46 635 0.04
25/04/2041 400 000 ELEC DE FRANCE 21-31/12/2061 FRN EUR 401 770 0.32
REPUBLIC OF HUNGARY 3.250% 15- LA BANQUE POSTAL 21-
54 410 000 HUF 133 549 0.10 400 000 EUR 374 263 0.29
22/10/2031 31/12/2061 FRN
REPUBLIC OF HUNGARY 6.750% 11-
36 080 000 HUF 110 678 0.09
22/10/2028 Italy 1 155 208 0.91
CEDACRI MERGECO 21-
Macedonia 899 453 0.71 100 000 EUR 100 208 0.08
15/05/2028 FRN
MACEDONIA-C BOND 5.625% 16- 100 000 FABRIC BC SPA 18-30/11/2024 FRN EUR 89 655 0.07
250 000 EUR 266 453 0.21
26/07/2023
N MACEDONIA BOND 3.675% 20- 260 000 FABRIC BC SPA 20-31/08/2026 FRN EUR 259 740 0.20
600 000 EUR 633 000 0.50
03/06/2026 500 000 INTESA SANPAOLO 20-31/12/2060 FRN EUR 493 843 0.39
Ukraine 734 532 0.58 200 000 UNICREDIT SPA 17-31/12/2049 FRN EUR 211 762 0.17
444 000 UKRAINE GOVT 4.375% 20-27/01/2030 EUR 356 532 0.28
Sweden 349 326 0.28
400 000 UKRAINE GOVT 6.750% 19-20/06/2026 EUR 378 000 0.30
141 000 SAMHALLSBYGG 20-31/12/2060 FRN EUR 136 442 0.11
Bulgaria 524 750 0.41 VERISURE HOLDING 20-
210 000 EUR 212 884 0.17
BGARIA-FLIRB-REG 2.950% 14- 15/04/2025 FRN
200 000 EUR 216 000 0.17
03/09/2024 Luxembourg 270 437 0.21
250 000 BULGARIA REP 3.125% 15-26/03/2035 EUR 308 750 0.24
270 000 SES 21-31/12/2061 FRN EUR 270 437 0.21
Ireland 509 744 0.40 Spain 200 741 0.16
MOTION BONDCO 4.500% 19-
100 000 EUR 95 419 0.07 200 000 BANCO SABADELL 21-31/12/2061 FRN EUR 200 741 0.16
15/11/2027
400 000 RUSSIAN RAIL 2.200% 19-23/05/2027 EUR 414 325 0.33
Portugal 196 198 0.15
BANCO COMMERCIAL PORTUGUES
Sweden 424 672 0.33 200 000
21-17/05/2032 FRN
EUR 196 198 0.15
VERISURE HOLDING 3.875% 20-
100 000 EUR 101 702 0.08
15/07/2026
300 000 VOLVO CAR AB 2.500% 20-07/10/2027 EUR 322 970 0.25
Other transferable securities 116 059 0.09
Lithuania 414 450 0.33 Shares 116 059 0.09
400 000 LITHUANIA 0.750% 20-06/05/2030 EUR 414 450 0.33
Russia 116 059 0.09
Kazakhstan 348 571 0.27 95 489
MAGNITOGORSK IRON & STEEL
RUB 77 737 0.06
319 000 KAZAKHSTAN 2.375% 18-09/11/2028 EUR 348 571 0.27 WORKS PJSC
250 POLYUS PJSC RUB 38 322 0.03
Montenegro 238 954 0.19
271 000
MONTENEGRO REP 2.550% 19-
EUR 238 954 0.19 Money Market Instruments 9 499 027 7.46
03/10/2029
Denmark 232 036 0.18 Italy 9 499 027 7.46
184 000 TELE DANMARK 5.625% 11-23/02/2023 GBP 232 036 0.18 9 493 000 ITALY BOTS 0.000% 21-31/01/2022 EUR 9 499 027 7.46
Jersey Island 128 144 0.10 Shares/Units in investment funds 4 917 150 3.84
AA BOND CO LTD 6.500% 21-
106 000 GBP 128 144 0.10
31/01/2026
United Kingdom 3 670 743 2.87
Canada 104 517 0.08 SEQUOIA ECONOMIC
PANTHER BF AGG 2 4.375% 19- 2 858 958.00 INFRASTRUCTURE INCOME FUND GBP 3 670 743 2.87
102 000 EUR 104 517 0.08
15/05/2026 LIMITED - ORD NPV
Convertible bonds 396 463 0.31
Luxembourg 1 246 407 0.97
831.36 BNP PARIBAS FLEXI ABS OPP XCA EUR 1 246 407 0.97
France 200 225 0.16
3 718 ELIS SA 0.000% 17-06/10/2023 CV FLAT EUR 116 623 0.09 Total securities portfolio 122 905 699 96.59
MAISONS DU M 0.125% 17-06/12/23
1 746 EUR 83 602 0.07
CV FLAT
United Kingdom 196 238 0.15
INTERNATIONAL CONSOLIDATED
200 000 EUR 196 238 0.15
0.625% 15-17/11/2022 CV
Floating rate bonds 5 359 406 4.21
The Netherlands 1 808 872 1.42
200 000 ABERTIS FINANCE 20-31/12/2060 FRN EUR 203 757 0.16
200 000 ABERTIS FINANCE 21-31/12/2061 FRN EUR 195 625 0.15
110 000 IPD 3 BV 20-01/12/2025 FRN EUR 111 027 0.09
REPSOL INTERNATIONAL FIN 20-
200 000 EUR 215 983 0.17
31/12/2060 FRN
TELEFONICA EUROP 19-
400 000 EUR 429 740 0.34
31/12/2049 FRN
261 000 UNITED GROUP 19-15/05/2025 FRN EUR 260 695 0.20
400 000 WINTERSHALL FIN 21-20/07/2169 FRN EUR 392 045 0.31
The accompanying notes form an integral part of these financial statements
Page 166
BNP PARIBAS FUNDS Europe Real Estate Securities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Transferable securities admitted to an
official stock exchange listing and/or 321 170 896 99.29
traded on another regulated market
Shares 321 170 896 99.29
United Kingdom 86 082 907 26.59
359 981 BIG YELLOW GROUP PLC GBP 7 318 813 2.26
2 502 603 GRAINGER PLC GBP 9 389 232 2.90
1 321 472 GREAT PORTLAND ESTATES PLC GBP 11 458 214 3.54
1 477 733 LAND SECURITIES GROUP PLC GBP 13 664 982 4.22
1 857 114 SEGRO PLC GBP 31 773 990 9.81
943 382 UNITE GROUP PLC GBP 12 477 676 3.86
Germany 53 116 170 16.42
232 926 ALSTRIA OFFICE REIT AG EUR 4 549 045 1.41
156 934 LEG IMMOBILIENILIEN AG EUR 19 255 802 5.95
515 241 VONOVIA SE EUR 24 927 359 7.70
90 391 VONOVIA SE EUR 4 383 964 1.36
Sweden 46 710 595 14.45
427 524 CASTELLUM AB SEK 10 123 383 3.13
770 748 FABEGE AB SEK 11 344 878 3.51
612 122 HUFVUDSTADEN AB - A SEK 8 037 966 2.49
337 294 PANDOX AB - W/I SEK 4 782 918 1.48
SAMHALLSBYGGNADSBOLAGET I N
1 925 493 SEK 12 421 450 3.84
O
Belgium 41 659 240 12.88
115 189 AEDIFICA EUR 13 235 216 4.09
81 239 COFINIMMO EUR 11 414 080 3.53
65 358 SHURGARD SELF STORAGE SA EUR 3 758 085 1.16
314 174 WAREHOUSES DE PAUW SCA EUR 13 251 859 4.10
France 32 415 980 10.02
125 370 GECINA SA EUR 15 407 973 4.76
110 835 ICADE EUR 6 993 689 2.16
480 303 KLEPIERREERRE EUR 10 014 318 3.10
Spain 20 744 139 6.42
1 187 081 INMOBILIARIA COLONIAL SOCIMI EUR 9 793 418 3.03
1 144 276 MERLIN PROPERTIES SOCIMI SA EUR 10 950 721 3.39
The Netherlands 10 856 458 3.36
176 184 UNIBAIL-RODAMCO-WESTFIELD EUR 10 856 458 3.36
Switzerland 10 184 772 3.15
92 814 PSP SWISS PROPERTY AG - REG CHF 10 184 772 3.15
Norway 8 866 456 2.74
448 382 ENTRA ASA NOK 8 866 456 2.74
Luxembourg 6 781 617 2.10
1 274 740 AROUNDTOWN SA EUR 6 781 617 2.10
Austria 3 752 562 1.16
113 714 CA IMMOBILIEN ANLAGEN AG EUR 3 752 562 1.16
Shares/Units in investment funds 2 088 022 0.65
Luxembourg 2 088 022 0.65
BNP PARIBAS INSTICASH EUR 1D
17 503.13 EUR 2 088 022 0.65
SHORT TERM VNAV - X CAP
Total securities portfolio 323 258 918 99.94
The accompanying notes form an integral part of these financial statements
Page 167
BNP PARIBAS FUNDS Europe Small Cap
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an Germany 77 889 875 6.66
official stock exchange listing and/or 1 146 026 077 98.04 407 056 CANCOM SE EUR 24 105 856 2.06
traded on another regulated market 81 176 CTS EVENTIM AG + CO KGAA EUR 5 224 487 0.45
1 146 026 077 98.04 385 071 JENOPTIK AG EUR 14 301 537 1.22
Shares
108 551 LEG IMMOBILIENILIEN AG EUR 13 319 208 1.14
United Kingdom 256 090 018 21.90 302 147 STROEER SE & CO KGAA EUR 20 938 787 1.79
642 268 BELLWAY PLC GBP 25 519 367 2.18
715 664 BRITVIC PLC GBP 7 841 959 0.67
Finland 66 715 418 5.70
129 680 CARGOTEC OYJ - B SHARE EUR 5 685 171 0.49
2 370 751 CONVATEC GROUP PLC GBP 5 453 913 0.47
515 558 HUHTAMAKI OYJ EUR 20 050 051 1.72
1 560 280 COUNTRYSIDE PROPERTIES PLC GBP 8 362 625 0.72
929 517 METSA BOARD OYJ EUR 8 003 141 0.68
3 404 126 DS SMITH PLC GBP 15 561 024 1.33
592 638 OUTOTEC OYJ EUR 5 539 980 0.47
204 319 FEVERTREE DRINKS PLC GBP 6 582 693 0.56
213 829 TIETO OYJ EUR 5 876 021 0.50
665 981 GREGGS PLC GBP 26 469 493 2.26
571 608 VALMET OYJ EUR 21 561 054 1.84
2 158 111 HOMESERVE SHS GBP 22 478 181 1.92
2 668 103 HOWDEN JOINERY GROUP PLC GBP 28 638 571 2.45 Ireland 64 358 431 5.50
3 070 595 IG GROUP HOLDINGS PLC GBP 29 733 131 2.54 1 392 417 GLANBIA PLC EUR 17 126 729 1.47
2 248 265 MICHAEL PAGE INTERNATIONAL GBP 16 963 743 1.45 982 077 GRAFTON GROUP PLC - UTS GBP 14 422 355 1.23
2 398 259 NATIONAL EXPRESS GROUP PLC GBP 7 346 739 0.63 6 768 453 GREENCORE GROUP PLC GBP 10 439 670 0.89
4 223 199 PETS AT HOME GROUP PLC GBP 23 389 561 2.00 638 395 KEYWORDS STUDIOS PLC GBP 22 369 677 1.91
1 441 914 PHOENIX GROUP HOLDINGS PLC GBP 11 217 940 0.96 Austria 46 735 953 4.00
5 099 949 RESTAURANT GROUP PLC GBP 5 728 028 0.49 408 188 BAWAG GROUP AG EUR 22 123 790 1.89
839 773 WH SMITH PLC GBP 14 803 050 1.27 761 044 WIENERBERGER AG EUR 24 612 163 2.11
Sweden 155 870 336 13.35 Norway 39 971 593 3.42
434 736 AAK AB SEK 8 246 304 0.71 524 449 KONGSBERG GRUPPEN ASA NOK 14 957 137 1.28
326 650 AXFOOD AB SEK 8 261 428 0.71 409 978 NORDIC SEMICONDUCTOR ASA NOK 12 166 696 1.04
935 650 CASTELLUM AB SEK 22 155 349 1.90 1 455 482 STOREBRAND ASA NOK 12 847 760 1.10
971 633 FABEGE AB SEK 14 301 766 1.22
Denmark 34 153 850 2.92
841 273 GETINGE AB - B SEK 32 283 115 2.76
264 952 DFDS A/S DKK 12 432 538 1.06
1 594 607 HEXPOL AB SEK 18 786 502 1.61
219 146 ROYAL UNIBREW DKK 21 721 312 1.86
975 516 LOOMIS AB SEK 22 805 624 1.95
1 642 038 PEAB AB SEK 18 212 970 1.56 Spain 31 421 961 2.69
862 701 TELE2 AB - B SEK 10 817 278 0.93 730 616 APPLUS SERVICES SA EUR 5 907 030 0.51
724 856 FLUIDRA SA EUR 25 514 931 2.18
France 96 148 559 8.23
369 131 KORIAN EUR 10 276 607 0.88 Luxembourg 21 675 841 1.85
24 796 ORPEA EUR 2 184 528 0.19 1 038 115 GRAND CITY PROPERTIES EUR 21 675 841 1.85
401 251 PLASTIC OMNIUM EUR 9 172 598 0.78 United Arab Emirates 5 0.00
1 022 126 REXEL SA EUR 18 224 507 1.56 422 910 NMC HEALTH PLC GBP 5 0.00
129 564 S.O.I.T.E.C. EUR 27 882 173 2.39
123 669 SOPRA STERIA GROUP EUR 19 477 868 1.67 Shares/Units in investment funds 28 344 562 2.42
393 058 SPIE SA - W/I EUR 8 930 278 0.76
Luxembourg 28 344 562 2.42
Switzerland 89 516 286 7.66 237 602.18
BNP PARIBAS INSTICASH EUR 1D
EUR 28 344 562 2.42
18 678 FISCHER (GEORG) - REG CHF 24 966 491 2.14 SHORT TERM VNAV - X CAP
164 287 HELVETIA HOLDING AG-REG CHF 17 028 832 1.46 Total securities portfolio 1 174 370 639 100.46
229 055 MEDMIX AG CHF 9 983 230 0.85
16 090 SIEGFRIED HOLDING AG - REG CHF 13 812 725 1.18
231 474 SIG COMBIBLOC GROUP AG CHF 5 687 717 0.49
208 006 SULZER AG - REG CHF 18 037 291 1.54
Italy 85 042 735 7.28
11 251 588 A2A SPA EUR 19 352 731 1.66
2 051 268 AUTOGRILL SPA EUR 12 812 220 1.10
505 906 BANCA GENERALI S.P.A. EUR 19 603 858 1.68
1 636 904 BREMBO SPA EUR 20 510 407 1.75
4 809 163 IREN SPA EUR 12 763 519 1.09
The Netherlands 80 435 216 6.88
563 564 AALBERTS INDUSTRIES NV EUR 32 833 238 2.81
901 479 ASR NEDERLAND NV EUR 36 509 899 3.12
267 666 CORBION NV EUR 11 092 079 0.95
The accompanying notes form an integral part of these financial statements
Page 168
BNP PARIBAS FUNDS Europe Small Cap Convertible
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an Germany 16 659 369 4.75
official stock exchange listing and/or 345 895 240 98.57 200 000
ARCANDOR AG 8.875% 08-31/12/2099
EUR 20 0.00
CV DFLT
traded on another regulated market 8 300 000 DUERR AG 0.750% 20-15/01/2026 CV EUR 11 153 374 3.18
Convertible bonds 345 895 240 98.57 1 700 000
HELLOFRESH SE 0.750% 20-
EUR 2 563 549 0.73
13/05/2025 CV
France 92 453 481 26.35 MBT SYSTEMS 3.500% 21-
1 500 000 EUR 1 479 255 0.42
BIGBEN INTERACT 1.125% 21- 08/07/2027 CV
4 500 000 EUR 3 970 575 1.13 MORPHOSYS AG 0.625% 20-
19/02/2026 CV 1 900 000 EUR 1 463 171 0.42
CARREFOUR SA 0.000% 17- 16/10/2025 CV
16 600 000 USD 14 368 225 4.10
14/06/2023 CV
Jersey Island 16 598 862 4.73
81 598 ENGIE 0.000% 21-02/06/2024 CV EUR 7 539 982 2.15 DERWENT CAP 3 1.500% 19-
6 300 000 GBP 7 588 589 2.16
FIGEAC AERO 1.125% 17-18/10/2022 12/06/2025 CV
1 588 879 EUR 1 402 068 0.40
CV FLAT 6 648 000 PHP FIN JERS 2.875% 19-15/07/2025 CV GBP 9 010 273 2.57
FNAC DART SA 0.250% 21-23/03/2027
120 300 EUR 10 227 425 2.91
CV FLAT Norway 10 495 955 2.99
KORIAN SA 21-31/12/2061 CV BORR DRILLING 3.875% 18-
189 473 EUR 8 047 297 2.29 1 600 000 USD 745 691 0.21
FRN FLAT 23/05/2023 CV
MAISONS DU MONDE 0.125% 17- BW OFFSHORE LTD 2.500% 19-
10 679 357 EUR 10 482 758 2.99 12 600 000 USD 9 750 264 2.78
06/12/23 CV FLAT 12/11/2024 CV
NEOEN SAS 2.000% 20-02/06/2025
92 737 EUR 4 957 720 1.41
CV FLAT Finland 10 240 722 2.92
NEXITY 0.875% 21-19/04/2028 OUTOKUMPU OYJ 5.000% 20-
181 435 EUR 10 371 187 2.96 5 400 000 EUR 10 240 722 2.92
CV FLAT 09/07/2025 CV
8 100 000 ORPAR 0.000% 17-20/06/2024 CV EUR 12 072 645 3.44
VOLTALIA SA 1.000% 21-13/01/2025 Mauritius 7 979 890 2.27
297 400 EUR 9 013 599 2.57 HTA GROUP LTD 2.875% 21-
CV FLAT 8 600 000 USD 7 979 890 2.27
18/03/2027 CV
Italy 46 600 960 13.29
Belgium 6 963 846 1.98
14 500 000 ENI S.P.A. 0.000% 16-13/04/2022 CV EUR 14 495 216 4.14 BIOCARTIS NV 4.000% 19-
FALCK RENEWABLES 0.000% 20- 800 000 EUR 636 000 0.18
6 100 000 EUR 9 005 735 2.57 09/05/2024 CV
23/09/2025 CV MITHRA PHARMA 4.250% 20-
PRYSMIAN SPA 0.000% 17- 6 300 000 EUR 6 327 846 1.80
12 200 000 EUR 12 192 924 3.47 17/12/2025 CV
17/01/2022 CV
10 900 000
TELECOM ITALIA 1.125% 15-
EUR 10 907 085 3.11
Denmark 3 976 128 1.13
26/03/2022 CV GN STORE NORD 0.000% 19-
3 600 000 EUR 3 976 128 1.13
21/05/2024 CV
The Netherlands 45 146 723 12.86
2 700 000
BASIC-FIT NV 1.500% 21-
EUR 2 912 301 0.83
United Kingdom 3 899 025 1.11
17/06/2028 CV TRAINLINE PLC 1.000% 21-
3 900 000 GBP 3 899 025 1.11
BE SEMICONDUCTOR 0.750% 20- 14/01/2026 CV
4 100 000 EUR 6 640 032 1.89
05/08/2027 CV
2 500 000
BE SEMICONDUCTOR INDUSTRIES
EUR 3 884 000 1.11 Shares/Units in investment funds 442 326 0.13
0.500% 17-06/12/2024 CV
4 100 000 CM.COM NV 2.000% 21-09/09/2026 CV EUR 3 588 197 1.02
ENCAVIS FINANCE 21-31/12/2061
France 442 326 0.13
2 400 000 EUR 2 357 736 0.67 BNP PARIBAS CASH INVEST -
CV FRN 196.66 EUR 442 326 0.13
PRIVILEGE - CAP
4 300 000 FUGRO NV 4.500% 17-02/11/2024 CV EUR 4 297 721 1.22
7 400 000
JUST EAT TAKEA 1.250% 20-
EUR 6 632 324 1.89
Total securities portfolio 346 337 566 98.70
30/04/2026 CV
PHARMING NV 3.000% 20-
2 700 000 EUR 2 347 434 0.67
21/01/2025 CV
SHOP APOTHEKE 0.000% 21-
10 400 000 EUR 9 494 056 2.71
21/01/2028 CV
ZUR ROSE FINANCE 2.750% 20-
1 690 000 CHF 2 992 922 0.85
31/03/2025 CV
Switzerland 23 824 543 6.79
BASILEA PHARM 3.250% 20-
5 770 000 CHF 5 457 318 1.56
28/07/2027 CV
CEMBRA MONEY BAN 0.000% 19-
9 000 000 CHF 8 458 341 2.41
09/07/2026 CV
7 165 000 IMPLENIA 0.500% 15-30/06/2022 CV CHF 6 820 324 1.94
SWISS PRIME SITE 0.325% 18-
3 150 000 CHF 3 088 560 0.88
16/01/2025 CV
Spain 22 857 754 6.52
CRITERIA CAIXA 0.000% 21-
5 800 000 EUR 6 020 574 1.72
22/06/2025 CV
ENCE ENERGIA Y CELULOSA 1.250%
8 500 000 EUR 8 372 500 2.39
18-05/03/2023 CV
INDRA SISTEMAS S 1.250% 16-
8 400 000 EUR 8 464 680 2.41
07/10/2023
Austria 21 424 822 6.10
8 800 000 AMS AG 0.875% 17-28/09/2022 CV USD 7 579 902 2.16
5 900 000 DO & CO AG 1.750% 21-28/01/2026 CV EUR 6 539 088 1.86
6 200 000 IMMOFINANZ 1.500% 17-24/01/2024 EUR 7 305 832 2.08
Luxembourg 16 773 160 4.78
GRAND CITY PROPERTIES 0.250% 16-
7 900 000 EUR 7 896 208 2.25
02/03/2022 CV
KLOECKNER & CO 2.000% 16-
8 400 000 EUR 8 876 952 2.53
08/09/2023 CV
The accompanying notes form an integral part of these financial statements
Page 169
BNP PARIBAS FUNDS Flexible Global Credit
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 23 GEBERIT AG - REG CHF 16 542 0.05
7 GIVAUDAN - REG CHF 32 374 0.09
official stock exchange listing and/or 30 523 934 85.83
KUEHNE & NAGEL INTERNATIONAL
traded on another regulated market 54
AG - REG
CHF 15 343 0.04
3 624 539 10.15 422 NESTLE SA - REG CHF 51 903 0.15
Shares
278 NOVARTIS AG - REG CHF 21 539 0.06
United States of 63 ROCHE HOLDING AG GENUSSCHEIN CHF 23 050 0.06
America 643 693 1.80 63 SCHINDLER HOLDING AG - REG CHF 14 860 0.04
97 3M CO USD 15 151 0.04
5 SGS SA - REG CHF 14 703 0.04
155 AGILENT TECHNOLOGIES INC USD 21 760 0.06
91 SIKA AG - REG CHF 33 391 0.09
143 AKAMAI TECHNOLOGIES INC USD 14 717 0.04
113 SWISS PRIME SITE - REG CHF 9 777 0.03
7 AMAZON.COM INC USD 20 524 0.06
118 SWISSCOM AG - REG CHF 58 604 0.16
290 BAXTER INTERNATIONAL INC USD 21 890 0.06
101 BECTON DICKINSON AND CO USD 22 335 0.06 Japan 408 293 1.13
500 BRIDGESTONE CORP JPY 18 965 0.05
413 BRISTOL-MYERS SQUIBB CO USD 22 644 0.06
BROADRIDGE FINANCIAL 300 FUJIFILM HOLDINGS CORP JPY 19 584 0.06
111 USD 17 845 0.05
SOLUTIONS 100 HIROSE ELECTRIC CO LTD JPY 14 810 0.04
297 CISCO SYSTEMS INC USD 16 550 0.05 500 ITOCHU TECHNO-SOLUTIONS CORP JPY 14 160 0.04
681 COLGATE-PALMOLIVE CO USD 51 105 0.14 1 700 KANSAI PAINT CO LTD JPY 32 535 0.09
75 DANAHER CORP USD 21 699 0.06 300 KYOCERA CORP JPY 16 515 0.05
100 DOLLAR GENERAL CORP USD 20 738 0.06 500 MCDONALDS HOLDINGS CO JAPAN JPY 19 444 0.05
1 198 HORMEL FOODS CORP USD 51 420 0.14 1 000 MEIJI HOLDINGS CO LTD JPY 52 445 0.15
152 JOHNSON & JOHNSON USD 22 865 0.06 500 MITSUBISHI CORP JPY 13 984 0.04
98 MCDONALDS CORP USD 23 101 0.06 MS&AD INSURANCE GROUP
300 JPY 8 135 0.02
349 MERCK & CO INC USD 23 520 0.07 HOLDING
200 NITORI HOLDINGS CO LTD JPY 26 335 0.07
56 MICROSOFT CORP USD 16 562 0.05
100 ORIENTAL LAND CO LTD JPY 14 846 0.04
216 ORACLE CORP USD 16 565 0.05
200 SECOM CO LTD JPY 12 234 0.03
349 PROCTER & GAMBLE CO. USD 50 202 0.14
1 200 SEKISUI HOUSE LTD JPY 22 694 0.06
36 REPUBLIC SERVICES INC USD 4 415 0.01
5 200 SOFTBANK CORP JPY 57 803 0.16
35 ROPER TECHNOLOGIES INC USD 15 138 0.04
400 SOHGO SECURITY SERVICES CO JPY 13 991 0.04
96 TEXAS INSTRUMENTS INC USD 15 910 0.04
200 TOKIO MARINE HOLDINGS INC JPY 9 813 0.03
35 TYLER TECHNOLOGIES INC USD 16 557 0.05
1 200 TOYOTA MOTOR CORP JPY 19 376 0.05
74 VERISIGN INC USD 16 517 0.05
1 500 USS CO LTD JPY 20 624 0.06
1 253 VERIZON COMMUNICATIONS INC USD 57 251 0.16
85 VISA INC - A USD 16 198 0.05 United Kingdom 294 390 0.82
50 WASTE MANAGEMENT INC USD 7 338 0.02 287 ADMIRAL GROUP PLC GBP 10 792 0.03
108 ZOETIS INC USD 23 176 0.07 437 BUNZL PLC GBP 15 016 0.04
273 CRODA INTERNATIONAL PLC GBP 32 906 0.09
Canada 537 278 1.51
1 183 GLAXOSMITHKLINE PLC GBP 22 637 0.06
176 BANK OF NOVA SCOTIA CAD 10 972 0.03
444 HALMA PLC GBP 16 922 0.05
1 297 BCE INC CAD 59 419 0.17
CAN APARTMENT PROP REAL 5 278 NATIONAL GRID PLC GBP 66 622 0.19
244 CAD 10 185 0.03
ESTATE 515 RELX PLC GBP 14 734 0.04
CAN IMPERIAL BANK OF
110 CAD 11 291 0.03 1 746 SAGE GROUP PLC/THE GBP 17 730 0.05
COMMERCE
131 CANADIAN NATIONAL RAILWAY CO CAD 14 170 0.04 528 SEGRO PLC GBP 9 034 0.03
229 CANADIAN PACIFIC RAILWAY LTD CAD 14 504 0.04 2 055 SEVERN TRENT PLC GBP 72 131 0.20
227 CGI INC CAD 17 675 0.05 83 SPIRAX-SARCO ENGINEERING PLC GBP 15 866 0.04
479 DOLLARAMA INC CAD 21 111 0.06 Australia 291 292 0.82
396 GREAT-WEST LIFECO INC CAD 10 464 0.03 5 298 AMPOL LTD AUD 100 490 0.28
3 128 HYDRO ONE LTD CAD 71 662 0.20 162 ASX LTD AUD 9 625 0.03
93 INTACT FINANCIAL CORP CAD 10 645 0.03 2 152 BRAMBLES LTD AUD 14 625 0.04
711 LOBLAW COMPANIES LTD CAD 51 297 0.14 COMMONWEALTH BANK OF
162 AUD 10 466 0.03
1 078 METRO INC CAD 50 519 0.14 AUSTRALIA
116 CSL LTD AUD 21 568 0.06
397 OPEN TEXT CORP CAD 16 593 0.05
1 163 DEXUS/AU AUD 8 269 0.02
1 411 ROGERS COMMUNICATIONS INC - B CAD 59 161 0.17
4 617 MEDIBANK PRIVATE LTD AUD 9 890 0.03
114 ROYAL BANK OF CANADA CAD 10 654 0.03
532 WESFARMERS LTD AUD 20 180 0.06
2 898 TELUS CORP CAD 60 098 0.17
6 856 WOODSIDE PETROLEUM LTD AUD 96 179 0.27
113 TMX GROUP LTD CAD 10 089 0.03
187 TOROMONT INDUSTRIES LTD CAD 14 887 0.04 Hong Kong 224 948 0.64
176 TORONTO DOMINION BANK CAD 11 882 0.03 700 HANG SENG BANK LTD HKD 11 271 0.03
51 500 HK ELECTRIC INVESTMENTS -SS HKD 44 445 0.13
Switzerland 412 886 1.15
49 000 HKT TRUST AND HKT LTD HKD 57 929 0.16
24 BARRY CALLEBAUT AG - REG CHF 51 328 0.14
1 300 LINK REIT HKD 10 073 0.03
4 CHOCOLADEFABRIKEN LINDT - PC CHF 48 757 0.14
173 GARMIN LTD USD 20 715 0.06
The accompanying notes form an integral part of these financial statements
Page 170
BNP PARIBAS FUNDS Flexible Global Credit
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
3 500 MTR CORP HKD 16 527 0.05
Belgium 7 362 0.02
13 500 POWER ASSETS HOLDINGS LTD HKD 74 024 0.21 75 GROUPE BRUXELLES LAMBERT SA EUR 7 362 0.02
1 000 SUN HUNG KAI PROPERTIES HKD 10 679 0.03
Bonds 24 988 803 70.32
France 172 201 0.48
142 AIR LIQUIDE SA EUR 21 771 0.06 United States of
526 BUREAU VERITAS SA EUR 15 349 0.04 America 8 548 848 24.06
374 000 AT&T INC 2.400% 14-15/03/2024 EUR 391 613 1.10
290 DASSAULT SYSTEMES SE EUR 15 170 0.04
600 000 AT&T INC 3.900% 14-11/03/2024 USD 555 521 1.57
110 ESSILORLUXOTTICA EUR 20 596 0.06
AVANTOR FUNDING 2.625% 20-
13 HERMES INTERNATIONAL EUR 19 968 0.06 289 000 EUR 295 130 0.83
01/11/2025
28 LVMH EUR 20 356 0.06 AVERY DENNISON 1.250% 17-
400 000 EUR 412 691 1.16
03/03/2025
146 MICHELIN (CGDE) EUR 21 046 0.06
BAE SYSTEMS HLDG 3.800% 14-
400 000 USD 373 158 1.05
256 SANOFI AVENTIS EUR 22 676 0.06 07/10/2024
145 THOMSON REUTERS CORP CAD 15 269 0.04 BANK OF AMERICA CORP 4.125% 14-
424 000 USD 396 279 1.11
22/01/2024
BERRY GLOBAL ESC 5.625% 19-
Norway 142 117 0.40 337 000
15/07/2027
USD 309 681 0.87
479 GJENSIDIGE FORSIKRING ASA NOK 10 222 0.03
221 000 CALPINE CORP 5.250% 16-01/06/2026 USD 199 574 0.56
5 756 ORKLA ASA NOK 50 717 0.14 CELANESE US HLDS 3.500% 19-
600 000 USD 551 359 1.55
4 159 TELENOR ASA NOK 57 482 0.16 08/05/2024
DARLING INGREDIE 5.250% 19-
534 YARA INTERNATIONAL ASA NOK 23 696 0.07 462 000 USD 420 048 1.18
15/04/2027
Denmark 87 527 0.24 665 000 EBAY INC 3.450% 14-01/08/2024 USD 613 549 1.74
143 COLOPLAST - B DKK 22 130 0.06 333 000 HAT HOLDINGS I 6.000% 20-15/04/2025 USD 305 151 0.86
226 NOVO NORDISK A/S - B DKK 22 334 0.06 455 000 HP ENTERPRISE 1.450% 20-01/04/2024 USD 402 781 1.13
451 NOVOZYMES A/S - B DKK 32 575 0.09 JOHNSON CONTROLS 1.375% 16-
380 000 EUR 392 018 1.10
25/02/2025
483 TRYG A/S DKK 10 488 0.03 388 000 KELLOGG CO 1.000% 16-17/05/2024 EUR 396 968 1.12
MASONITE INTERNATIONAL 5.375%
Germany 75 337 0.21 339 000
19-01/02/2028
USD 313 598 0.88
79 LEG IMMOBILIENILIEN AG EUR 9 693 0.03 MORGAN STANLEY 3.750% 13-
343 000 USD 311 690 0.88
95 MERCK KGAA EUR 21 565 0.06 25/02/2023
NATIONAL GRID NA INC 0.750% 18-
259 SYMRISE AG EUR 33 748 0.09 295 000 EUR 298 960 0.84
08/08/2023
213 VONOVIA SE EUR 10 331 0.03 342 000 ORACLE CORP 2.950% 17-15/11/2024 USD 312 871 0.88
SCHLUMBERGER HLD 3.750% 19-
Spain 72 371 0.20 545 000
01/05/2024
USD 503 368 1.42
3 804 RED ELECTRICA CORPORACION SA EUR 72 371 0.20 482 000 SYSCO CORP 1.250% 16-23/06/2023 EUR 490 069 1.38
WILLIAM CARTER 5.625% 19-
Singapore 66 989 0.19 333 000
15/03/2027
USD 302 771 0.85
500 DBS GROUP HOLDINGS LTD SGD 10 649 0.03
1 400 OVERSEA-CHINESE BANKING CORP SGD 10 421 0.03 France 5 852 860 16.46
400 000 BNP PARIBAS 1.000% 18-17/04/2024 EUR 409 433 1.15
1 700 SINGAPORE EXCHANGE LTD SGD 10 317 0.03
547 000 BNP PARIBAS 3.800% 17-10/01/2024 USD 505 144 1.42
600 UNITED OVERSEAS BANK LTD SGD 10 534 0.03
391 000 CARREFOUR SA 0.750% 16-26/04/2024 EUR 396 323 1.11
1 800 UOL GROUP LTD SGD 8 329 0.02
CREDIT MUTUEL ARKEA 1.375% 19-
1 400 VENTURE CORP LTD SGD 16 739 0.05 400 000 EUR 415 629 1.17
17/01/2025
CROWN EUROPEAN 0.750% 19-
The Netherlands 58 583 0.17 600 000 EUR 600 629 1.70
15/02/2023
114 EURONEXT NV - W/I EUR 10 403 0.03 497 000 DANONE 2.589% 16-02/11/2023 USD 447 949 1.26
157 KONINKLIJKE DSM NV EUR 31 086 0.09 ELEC DE FRANCE 4.625% 09-
300 000 EUR 336 979 0.95
11/09/2024
165 WOLTERS KLUWER EUR 17 094 0.05
483 000 FAURECIA 3.125% 19-15/06/2026 EUR 494 483 1.39
Finland 45 191 0.13 290 000 FNAC DARTY SA 2.625% 19-30/05/2026 EUR 295 438 0.83
262 KONE OYJ - B EUR 16 516 0.05 PERNOD RICARD SA 1.125% 20-
400 000 EUR 413 093 1.16
857 UPM-KYMMENE OYJ EUR 28 675 0.08 07/04/2025
PUBLICIS GROUPE 0.500% 16-
400 000 EUR 404 359 1.14
Israel 36 907 0.11 03/11/2023
SOCIETE GENERALE 1.250% 19-
1 123 BANK HAPOALIM BM ILS 10 185 0.03 400 000 EUR 410 573 1.15
15/02/2024
1 038 BANK LEUMI LE-ISRAEL ILS 9 810 0.03 400 000 SPIE SA 3.125% 17-22/03/2024 EUR 416 675 1.17
CHECK POINT SOFTWARE 300 000 VIVENDI SA 1.125% 16-24/11/2023 EUR 306 153 0.86
165 USD 16 912 0.05
TECHNOLOGIE
Italy 22 374 0.06 The Netherlands 3 532 006 9.94
COOPERATIEVE RAB 3.875% 18-
396 RECORDATI SPA EUR 22 374 0.06 317 000 USD 292 507 0.82
26/09/2023
DEUTSCHE TEL FIN 2.485% 16-
Ireland 16 040 0.05 567 000
19/09/2023
USD 509 001 1.43
44 ACCENTURE PLC - A USD 16 040 0.05 468 000 HEINEKEN NV 1.625% 20-30/03/2025 EUR 490 882 1.38
Sweden 8 760 0.02 686 000 HEINEKEN NV 2.750% 12-01/04/2023 USD 616 280 1.74
396 INVESTOR AB-B SHS SEK 8 760 0.02 KONINKLIJKE KPN 0.625% 16-
400 000 EUR 405 821 1.14
09/04/2025
The accompanying notes form an integral part of these financial statements
Page 171
BNP PARIBAS FUNDS Flexible Global Credit
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
NATURGY ENERGY GROUP F 1.375%
400 000 EUR 416 135 1.17
15-21/01/2025 Shares/Units in investment funds 3 452 375 9.73
ZIGGO SECURED FINANCE 4.250% 16-
600 000 EUR 489 156 1.38
15/01/2027
ZIGGO SECURED FINANCE 5.500% 16- France 3 452 375 9.73
345 000 USD 312 224 0.88
15/01/2027 31.17 BNP PARIBAS MOIS - ISR - I - CAP EUR 709 124 2.00
United Kingdom 1 906 163 5.37 31.51 T Q FI HIGH VOL PARTS SUPER X EUR 2 743 251 7.73
BRITISH TELECOMM 1.125% 16-
300 000
10/03/2023
EUR 304 109 0.86 Total securities portfolio 33 976 309 95.56
CREDIT AGRICOLE 3.250% 17-
600 000 USD 553 707 1.57
04/10/2024
INTERNATIONAL GAME TECH 6.500%
327 000 USD 314 282 0.88
15-15/02/2025
SYNTHOMER PLC 3.875% 20-
300 000 EUR 309 287 0.87
01/07/2025
VODAFONE GROUP 1.875% 14-
400 000 EUR 424 778 1.19
11/09/2025
Ireland 1 086 649 3.06
FRESENIUS FIN IR 1.500% 17-
288 000 EUR 295 864 0.83
30/01/2024
JAMES HARDIE INDUSTRIES 3.625%
244 000 EUR 247 886 0.70
18-01/10/2026
SHIRE ACQ INV IE 2.875% 16-
600 000 USD 542 899 1.53
23/09/2023
Canada 847 124 2.38
BANK OF MONTREAL 3.300% 19-
600 000 USD 552 102 1.55
05/02/2024
CAN IMPERIAL BK 2.250% 20-
328 000 USD 295 022 0.83
28/01/2025
Japan 804 830 2.27
MITSUBISHI UFJ FINANCE 2.193% 20-
328 000 USD 294 291 0.83
25/02/2025
PANASONIC CORP 2.679% 19-
563 000 USD 510 539 1.44
19/07/2024
Luxembourg 529 938 1.49
MILLICOM INTERNATIONAL 6.625%
642 000 USD 529 938 1.49
18-15/10/2026
Sweden 494 470 1.39
SCA HYGIENE AB 1.125% 17-
483 000 EUR 494 470 1.39
27/03/2024
Belgium 406 933 1.14
400 000 KBC GROUP NV 0.750% 16-18/10/2023 EUR 406 933 1.14
Germany 354 790 1.00
COMMERZBANK AG 0.625% 19-
350 000 EUR 354 790 1.00
28/08/2024
Italy 322 288 0.91
INTESA SANPAOLO 4.000% 13-
300 000 EUR 322 288 0.91
30/10/2023
Spain 301 904 0.85
BANCO BILBAO VIZCAYA
300 000 EUR 301 904 0.85
ARGENTARIA 0.375% 19-02/10/2024
Floating rate bonds 1 910 592 5.36
United States of
America 708 626 1.99
340 000 CITIGROUP INC 19-24/04/2025 FRN USD 312 281 0.88
MORGAN STANLEY 19-
392 000 EUR 396 345 1.11
26/07/2024 FRN
United Kingdom 505 611 1.42
LLOYDS BANKING GROUP PLC 20-
563 000 USD 505 611 1.42
05/02/2026 FRN
The Netherlands 399 565 1.12
400 000 ING GROEP NV 19-03/09/2025 FRN EUR 399 565 1.12
Japan 296 790 0.83
MIZUHO FINANCIAL 20-
333 000 USD 296 790 0.83
25/05/2026 FRN
The accompanying notes form an integral part of these financial statements
Page 172
BNP PARIBAS FUNDS Flexible Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Money Market Instruments 731 464 8.40
Italy 731 464 8.40
731 000 ITALY BOTS 0.000% 21-31/01/2022 EUR 731 464 8.40
Shares/Units in investment funds 7 601 790 87.27
Luxembourg 5 490 909 63.04
37.29 ALLIANZ GL ARTIF INT-WTH2EUR EUR 97 384 1.12
BNP PARIBAS EASY ENERGY &
76 643.00 USD 786 844 9.03
METAL UCITS
BNP PARIBAS FUNDS EMERGING
11 182.10 USD 1 206 018 13.85
MULTI-ASSET INCOME - X CAP
BNP PARIBAS FUNDS ENERGY
175.31 EUR 228 403 2.62
TRANSITION ICA
BNP PARIBAS FUNDS GLOBAL
651.42 EUR 244 294 2.80
ENVIRONMENT - I CAP
BNP PARIBAS FUNDS SUSTAINABLE
15 241.96 EUR 1 599 949 18.37
ENHANCED BOND 12M XCA
BNP PARIBAS INSTICASH EUR 3M
13 291.51 EUR 1 328 017 15.25
Standard VNAV - I CAP
France 1 678 091 19.26
73.75 BNP PARIBAS MOIS - ISR - I - CAP EUR 1 678 091 19.26
Ireland 432 790 4.97
2 251.00 SOURCE NASDAQ BIOTECH UCITS USD 96 428 1.11
6 106.00 SPDR RUSSELL 2000 US S/C USD 336 362 3.86
Total securities portfolio 8 333 254 95.67
The accompanying notes form an integral part of these financial statements
Page 173
BNP PARIBAS FUNDS Frontiers Equity
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an Pakistan 1 081 469 1.68
official stock exchange listing and/or 57 279 690 89.06 1 422 794 MEEZAN BANK LTD PKR 1 081 469 1.68
traded on another regulated market Jersey Island 819 423 1.27
Shares 57 279 690 89.06 637 683 INTEGRATED DIAGNOSTICS HOLDI USD 819 423 1.27
Canada 7 274 794 11.31 Shares/Units in investment funds 4 059 671 6.32
521 653 B2GOLD CORP USD 2 050 096 3.19
2 668 229 GRAN TIERRA ENERGY INC CAD 2 027 802 3.15 Luxembourg 4 059 671 6.32
81 398 PAN AMERICAN SILVER CORP USD 2 032 508 3.16 BNP PARIBAS INSTICASH USD 1D
30 954.22 USD 4 059 671 6.32
SHORT TERM XCA
65 692 SSR MINING INC CAD 1 164 388 1.81
Total securities portfolio 61 339 361 95.38
Indonesia 6 231 644 9.69
5 699 600 BANK CENTRAL ASIA TBK PT IDR 2 921 450 4.54
TELEKOMUNIKASI INDONESIA -
114 184 USD 3 310 194 5.15
ADR
Vietnam 4 291 836 6.67
335 960 SAIGON BEER ALCOHOL BEVERAGE VND 2 225 846 3.46
544 964 VIETNAM DAIRY PRODUCTS JSC VND 2 065 990 3.21
Egypt 4 256 758 6.63
COMMERCIAL INTERNATIONAL
1 289 927 USD 4 256 758 6.63
BANK-GDR REG
China 3 453 584 5.37
44 553 51JOB INC - ADR USD 2 179 978 3.39
HOLLYSYS AUTOMATION
90 455 USD 1 273 606 1.98
TECHNOLO
Bermuda 3 233 938 5.03
282 440 GEOPARK LTD USD 3 233 938 5.03
Kazakhstan 3 025 294 4.70
10 200 JSC KASPI.KZ GDR-REG S USD 1 183 200 1.84
50 125 NAC KAZATOMPROM JSC-GDR USD 1 842 094 2.86
Thailand 2 912 227 4.53
5 946 700 THAI BEVERAGE PCL SGD 2 912 227 4.53
Kenya 2 857 466 4.44
8 519 691 SAFARICOM PLC KES 2 857 466 4.44
Spain 2 334 455 3.63
143 306 BANCO SANTANDER CHILE - ADR USD 2 334 455 3.63
Peru 2 178 827 3.39
17 849 CREDICORP LTD USD 2 178 827 3.39
United Kingdom 1 884 170 2.93
55 910 ANTOFAGASTA PLC GBP 1 013 613 1.58
373 684 HELIOS TOWERS PLC GBP 870 557 1.35
Qatar 1 826 242 2.84
329 335 QATAR NATIONAL BANK QAR 1 826 242 2.84
Russia 1 608 709 2.50
213 074 FIX PRICE GROUP LTD-GDR REGS USD 1 608 709 2.50
Philippines 1 479 587 2.30
2 472 700 WILCON DEPOT INC PHP 1 479 587 2.30
Singapore 1 445 390 2.25
6 461 SEA LTD-ADR USD 1 445 390 2.25
Poland 1 403 628 2.18
15 402 DINO POLSKA SA PLN 1 403 628 2.18
Argentina 1 299 858 2.02
964 MERCADOLIBRE INC USD 1 299 858 2.02
Hungary 1 285 152 2.00
22 656 WIZZ AIR HOLDINGS PLC GBP 1 285 152 2.00
Malaysia 1 095 239 1.70
1 264 000 MR DIY GROUP M BHD MYR 1 095 239 1.70
The accompanying notes form an integral part of these financial statements
Page 174
BNP PARIBAS FUNDS Germany Multi-Factor Equity
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Transferable securities admitted to an
official stock exchange listing and/or 65 912 633 97.50
traded on another regulated market
Shares 65 912 633 97.50
Germany 65 912 633 97.50
9 598 ADIDAS AG EUR 2 430 214 3.60
12 995 ALLIANZ SE - REG EUR 2 698 412 3.99
24 300 BASF SE EUR 1 501 254 2.22
29 878 BAYERISCHE MOTOREN WERKE AG EUR 2 643 904 3.91
27 944 BEIERSDORF AG EUR 2 525 579 3.74
10 207 BRENNTAG AG EUR 812 273 1.20
9 610 CARL ZEISS MEDITEC AG - BR EUR 1 776 409 2.63
50 923 COVESTRO AG EUR 2 760 027 4.08
30 738 DAIMLER AG - REG EUR 2 077 581 3.07
15 571 DAIMLER TRUCK HOLDING AG EUR 502 788 0.74
181 237 DEUTSCHE BANK AG - REG EUR 1 996 869 2.95
19 484 DEUTSCHE BOERSE AG EUR 2 866 095 4.25
49 621 DEUTSCHE POST AG - REG EUR 2 805 571 4.15
169 349 DEUTSCHE TELEKOM AG - REG EUR 2 760 389 4.08
156 723 E.ON SE EUR 1 910 767 2.83
41 199 EVONIK INDUSTRIES AG EUR 1 172 936 1.74
4 715 FRESENIUS MEDICAL CARE AG EUR 269 415 0.40
77 354 FRESENIUS SE & CO KGAA EUR 2 738 332 4.05
27 272 FUCHS PETROLUB SE-PREF EUR 1 088 698 1.61
42 467 GEA GROUP AG EUR 2 042 238 3.02
6 689 HANNOVER RUECK SE EUR 1 118 066 1.65
15 278 HELLOFRESH SE EUR 1 031 876 1.53
35 845 HENKEL AG & CO KGAA VORZUG EUR 2 550 013 3.77
7 878 INFINEON TECHNOLOGIES AG EUR 321 107 0.48
26 964 KION GROUP AG EUR 2 601 487 3.85
4 545 LEG IMMOBILIENILIEN AG EUR 557 672 0.82
12 005 MERCK KGAA EUR 2 725 135 4.03
MUENCHENER
9 341 EUR 2 433 331 3.60
RUECKVERSICHERUNG AG - REG
22 754 SAP SE EUR 2 841 974 4.20
3 725 SARTORIUS AG - VORZUG EUR 2 217 120 3.28
17 541 SIEMENS AG - REG EUR 2 678 160 3.96
20 861 SYMRISE AG EUR 2 718 188 4.02
TELEFONICA DEUTSCHLAND
1 121 980 EUR 2 738 753 4.05
HOLDING
Total securities portfolio 65 912 633 97.50
The accompanying notes form an integral part of these financial statements
Page 175
BNP PARIBAS FUNDS Global Absolute Return Multi-Factor Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Transferable securities admitted to an
official stock exchange listing and/or 1 806 636 11.70
traded on another regulated market
Bonds 1 806 636 11.70
United States of
America 805 119 5.21
TOYOTA MOTOR CRED 0.750% 15-
800 000 EUR 805 119 5.21
21/07/2022
The Netherlands 501 390 3.25
BMW FINANCE NV 0.125% 19-
500 000 EUR 501 390 3.25
13/07/2022
France 500 127 3.24
SOCIETE GENERALE 0.250% 18-
500 000 EUR 500 127 3.24
18/01/2022
Money Market Instruments 12 021 464 77.86
France 8 516 123 55.16
AXA BANQUE SA 0.000% 03/06/2022
500 000 EUR 501 146 3.25
NEUCP
AXA BANQUE SA 0.000% 04/05/2022
500 000 EUR 500 942 3.24
NEUCP
BANQUE FEDERATIVE DU CREDIT
500 000 EUR 500 971 3.24
MUTUEL SA 0.000%
BANQUE PALATINE SA 0.000%
500 000 EUR 501 372 3.25
13/07/2022 NEUCP
BNP PARIBAS 0.000% 31/05/2022
500 000 EUR 501 110 3.25
NEUCP
500 000 BPCE SA 0.000% 21/04/2022 NEUCP EUR 500 768 3.24
BPIFRANCE FINANCEMENT SA
500 000 EUR 500 385 3.24
0.000% 23/02/2022 N
CREDIT AGRICOLE SA 0.000%
500 000 EUR 501 488 3.25
29/07/2022 NEUCP
CREDIT INDUSTRIEL ET
500 000 EUR 500 359 3.24
COMMERCIAL 0.000% 16/02
CREDIT MUTUEL ARKEA SA 0.000%
500 000 EUR 500 336 3.24
16/02/2022 NEU
CREDIT MUTUEL ARKEA SA 0.000%
500 000 EUR 501 053 3.25
23/05/2022 NEU
JYSKE BANK 0.000% 07/04/2022
500 000 EUR 500 690 3.24
NEUCP
KERING FINANCE 0.000% 05/01/2022
150 000 EUR 150 009 0.97
NEUCP
KERING FINANCE 0.000% 12/01/2022
350 000 EUR 350 059 2.27
NEUCP
500 000 NATIXIS SA 0.000% 17/01/2022 NEUCP EUR 500 120 3.24
500 000 SEB SA 0.000% 28/11/2022 NEUCP EUR 502 310 3.25
SVENSKA HANDELSBANKEN AB
1 000 000 EUR 1 003 005 6.50
0.000% 29/07/2022 N
United Kingdom 1 000 874 6.48
BARCLAYS BANK PLC 0.000%
500 000 EUR 500 620 3.24
23/03/2022 NEUCP
ROYAL BANK OF CANADA/LONDON
500 000 EUR 500 254 3.24
0.000% 02/02/2022
Spain 1 000 280 6.48
BANCO SANTANDER SA 0.000%
500 000 EUR 500 151 3.24
20/01/2022
500 000 FERROVIAL SA 0.000% 20/01/2022 EUR 500 129 3.24
Finland 502 118 3.25
NORDEA BANK ABP 0.000%
500 000 EUR 502 118 3.25
04/10/2022
Luxembourg 501 589 3.25
BGL BNP PARIBAS SA 0.000%
500 000 EUR 501 589 3.25
10/08/2022
The Netherlands 500 480 3.24
IBERDROLA INTERNATIONAL BV
500 000 EUR 500 480 3.24
0.000% 09/03/2022
Shares/Units in investment funds 1 539 296 9.98
France 1 539 296 9.98
67.65 BNP PARIBAS MOIS - ISR - I - CAP EUR 1 539 296 9.98
Total securities portfolio 15 367 396 99.54
The accompanying notes form an integral part of these financial statements
Page 176
BNP PARIBAS FUNDS Global Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 340 000 FEDEX CORP 5.250% 20-15/05/2050 USD 400 963 0.10
36 531 FG G16742 2.500% 19-01/08/2032 USD 33 368 0.01
official stock exchange listing and/or 364 898 779 91.70
7 833 FG G61843 5.000% 19-01/02/2042 USD 7 801 0.00
traded on another regulated market
329 373 FG U99114 3.500% 14-01/02/2044 USD 311 477 0.08
Bonds 308 866 049 77.56
830 000 FHMS K079 A2 3.926% 18-25/06/2028 USD 830 880 0.21
United States of 23 312 FN 555880 5.500% 03-01/11/2033 USD 22 970 0.01
America 76 280 411 19.13 592 163 FN 762740 6.000% 03-01/11/2033 USD 598 418 0.15
ABBOTT LABORATORIES 4.900% 16- 187 756 FN AK6370 3.500% 12-01/04/2027 USD 174 455 0.04
650 000 USD 785 202 0.20
30/11/2046
301 601 FN AL8571 5.500% 16-01/03/2040 USD 300 448 0.08
300 000 ABBVIE INC 1.375% 16-17/05/2024 EUR 308 894 0.08
218 247 FN AL8867 5.000% 16-01/09/2041 USD 217 466 0.05
900 000 ABBVIE INC 4.250% 20-21/11/2049 USD 948 742 0.24
207 683 FN AP0203 3.500% 12-01/07/2027 USD 193 121 0.05
500 000 ABBVIE INC 4.875% 18-14/11/2048 USD 568 469 0.14
256 524 FN AS8822 4.000% 17-01/02/2047 USD 243 091 0.06
100 000 000 AFLAC INC 2.108% 17-23/10/2047 JPY 806 641 0.20
AGILENT TECH INC 2.750% 19- 7 906 FN BJ4628 3.500% 18-01/03/2033 USD 7 370 0.00
600 000 USD 547 443 0.14
15/09/2029 431 707 FN BK7624 4.500% 18-01/09/2048 USD 413 782 0.10
150 000 AIR LEASE CORP 3.750% 19-01/06/2026 USD 140 621 0.04 262 726 FN BM1099 3.000% 17-01/03/2032 USD 243 680 0.06
AIR PROD & CHEM 0.500% 20-
160 000 EUR 161 527 0.04 296 925 FN BM6605 3.500% 21-01/01/2038 USD 277 659 0.07
05/05/2028
ALLY FINANCIAL 5.800% 20- 195 797 FN BT7199 2.500% 21-01/08/2051 USD 176 622 0.04
500 000 USD 496 139 0.12
01/05/2025 25 665 FN CA0891 3.500% 17-01/12/2037 USD 24 660 0.01
AMAZON.COM INC 4.050% 18-
50 000 USD 53 547 0.01 889 699 FN CA5308 3.500% 20-01/03/2050 USD 839 399 0.21
22/08/2047
AMER INTERNATIONAL GROUP 552 171 FN CB0333 2.500% 21-01/04/2036 USD 508 901 0.13
500 000 USD 562 035 0.14
4.750% 18-01/04/2048
AMERICAN HONDA F 0.300% 21- 498 672 FN CB2282 2.000% 21-01/12/2051 USD 437 842 0.11
300 000 EUR 296 876 0.07
07/07/2028 159 810 FN FM3759 4.500% 20-01/11/2038 USD 152 932 0.04
940 000 AON CORP 3.750% 19-02/05/2029 USD 905 537 0.23 721 300 FN FM5044 2.000% 20-01/12/2050 USD 634 257 0.16
2 000 000 AT&T INC 2.750% 20-01/06/2031 USD 1 795 317 0.45 271 929 FN FM6266 2.000% 21-01/03/2051 USD 239 535 0.06
300 000 AT&T INC 4.500% 16-09/03/2048 USD 309 163 0.08 546 195 FN FM6267 2.000% 21-01/02/2051 USD 481 130 0.12
BANK 2020-BN29 A4 1.997% 20-
900 000 USD 780 975 0.20 539 937 FN FM6268 2.000% 21-01/02/2051 USD 474 299 0.12
15/11/2053
BECTON DICKINSON 2.823% 20- 377 021 FN FM6269 2.000% 21-01/02/2051 USD 331 546 0.08
1 000 000 USD 910 279 0.23
20/05/2030 557 917 FN FM6270 2.000% 21-01/03/2051 USD 490 558 0.12
BECTON DICKINSON 3.794% 20-
250 000 USD 247 482 0.06 323 204 FN FM6647 3.000% 21-01/05/2047 USD 299 572 0.08
20/05/2050
BOARDWALK PIPELI 4.450% 17- 1 220 530 FN FM6650 3.000% 21-01/02/2047 USD 1 130 766 0.28
130 000 USD 125 379 0.03
15/07/2027
BOOKING HLDS INC 0.500% 21- 706 802 FN FM6657 3.500% 21-01/11/2049 USD 667 723 0.17
100 000 EUR 100 407 0.03
08/03/2028 1 218 704 FN FM6694 3.500% 21-01/07/2047 USD 1 151 486 0.29
560 000 BROADCOM INC 3.750% 21-15/02/2051 USD 515 251 0.13 278 815 FN FM7114 2.000% 21-01/05/2036 USD 252 492 0.06
796 000 BROADCOM INC 4.110% 20-15/09/2028 USD 770 030 0.19 470 358 FN FM7171 2.000% 21-01/05/2036 USD 425 502 0.11
CHARTER COMM OPT 2.800% 20-
2 000 000 USD 1 746 082 0.44 496 288 FN FM9199 2.500% 21-01/10/2051 USD 448 068 0.11
01/04/2031
CHARTER COMM OPT 3.700% 20- 700 000 FN FM9871 2.500% 21-01/12/2051 USD 630 948 0.16
580 000 USD 493 684 0.12
01/04/2051
600 000 FN FM9882 2.500% 21-01/12/2051 USD 539 239 0.14
250 000 COMCAST CORP 2.800% 20-15/01/2051 USD 210 934 0.05
194 264 FN MA4354 1.500% 21-01/06/2051 USD 165 186 0.04
CRH AMERICA FIN 3.400% 17-
250 000 USD 235 180 0.06 497 061 FN MA4494 3.000% 21-01/12/2051 USD 454 243 0.11
09/05/2027
CROWN CASTLE INTERNATIONAL 130 000 FNA 2019-M22 A2 2.522% 19-25/08/2029 USD 120 452 0.03
300 000 USD 287 040 0.07
3.800% 18-15/02/2028
CVS HEALTH CORP 5.050% 18- 7 461 008 FNR 2013-33 BI 3.000% 13-25/04/2033 USD 616 768 0.16
470 000 USD 539 620 0.14
25/03/2048 4 388 274 FNR 2020-62 HI 2.000% 20-25/09/2050 USD 485 642 0.12
150 000 DELL INT / EMC 4.900% 21-01/10/2026 USD 148 646 0.04 4 049 671 FNR 2020-70 QI 2.500% 20-25/10/2050 USD 521 286 0.13
750 000 DELL INT / EMC 6.020% 21-15/06/2026 USD 764 406 0.19 4 007 365 FNR 2021-18 LI 2.000% 21-25/04/2051 USD 411 225 0.10
DIAMOND 1 FIN/DI 8.350% 21-
180 000 USD 264 357 0.07 3 367 618 FNR 2021-2 NI 2.000% 21-25/02/2051 USD 369 288 0.09
15/07/2046
DIGITAL REALTY 3.600% 19- 662 820 FR QB2743 3.000% 20-01/08/2050 USD 605 726 0.15
1 010 000 USD 964 581 0.24
01/07/2029
285 981 FR QB8977 2.000% 21-01/03/2051 USD 251 487 0.06
DISCOVERY COMMUN 4.650% 20-
380 000 USD 391 314 0.10 187 674 FR QB9079 2.000% 21-01/03/2051 USD 165 037 0.04
15/05/2050
DOMINION RESOURCES 5.250% 03- 682 232 FR RA3722 2.500% 20-01/10/2050 USD 617 015 0.16
71 000 USD 76 729 0.02
01/08/2033
DOMINION RESOURCES 6.300% 03- 565 725 FR RA5098 2.000% 21-01/04/2051 USD 496 630 0.12
700 000 USD 810 276 0.20
15/03/2033 595 112 FR RA5696 2.500% 21-01/08/2051 USD 535 216 0.13
DOW CHEMICAL CO 2.100% 20-
750 000 USD 647 706 0.16 99 682 FR RB0708 2.000% 21-01/11/2041 USD 88 757 0.02
15/11/2030
DUKE ENERGY COR 3.750% 16- 400 000 FR RB0711 2.000% 21-01/12/2041 USD 358 670 0.09
750 000 USD 707 061 0.18
01/09/2046
216 857 FR SB0217 3.000% 19-01/01/2033 USD 200 559 0.05
DUKE ENERGY COR 4.200% 19-
30 000 USD 30 170 0.01
15/06/2049 805 943 FR ZT1449 3.000% 18-01/06/2038 USD 749 590 0.19
ENTERPRISE PRODU 4.850% 13- 1 263 837 G2 784472 3.500% 18-20/02/2048 USD 1 192 920 0.30
100 000 USD 105 903 0.03
15/03/2044
100 000 EQUINIX INC 0.250% 21-15/03/2027 EUR 97 990 0.02 134 925 G2 785140 4.500% 20-20/02/2050 USD 128 448 0.03
1 000 000 EQUINIX INC 2.150% 20-15/07/2030 USD 855 320 0.21 452 884 G2 785201 3.500% 20-20/10/2050 USD 429 101 0.11
425 000 EXELON CORP 4.950% 16-15/06/2035 USD 449 380 0.11 272 647 G2 785402 3.000% 21-20/03/2051 USD 253 533 0.06
190 000 FEDEX CORP 4.050% 18-15/02/2048 USD 188 777 0.05 645 339 G2 AD1744 3.000% 13-20/02/2043 USD 604 321 0.15
500 000 FEDEX CORP 4.250% 20-15/05/2030 USD 500 261 0.13 1 288 808 G2 BS1728 4.000% 20-20/01/2050 USD 1 227 526 0.31
The accompanying notes form an integral part of these financial statements
Page 177
BNP PARIBAS FUNDS Global Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
395 951 G2 CE1947 3.000% 21-20/06/2051 USD 367 386 0.09 US TREASURY N/B 1.500% 19-
400 000 USD 357 320 0.09
30/09/2024
593 292 G2 MA7588 2.000% 21-20/09/2051 USD 527 251 0.13 US TREASURY N/B 1.500% 20-
700 000 USD 618 817 0.16
1 677 125 G2 MA7589 2.500% 21-20/09/2051 USD 1 513 012 0.38 15/02/2030
GEN MOTORS FIN 0.600% 21- US TREASURY N/B 1.750% 19-
213 000 EUR 210 970 0.05 400 000 USD 360 562 0.09
20/05/2027 15/11/2029
GEN MOTORS FIN 5.100% 19- US TREASURY N/B 2.375% 19-
400 000 USD 377 304 0.09 300 000 USD 290 145 0.07
17/01/2024 15/11/2049
GENERAL MOTORS C 6.125% 20- US TREASURY N/B 2.750% 18-
500 000 USD 505 428 0.13 300 000 USD 271 535 0.07
01/10/2025 30/04/2023
GENERAL MOTORS CO 5.200% 14- VERIZON COMMUNICATIONS INC
200 000 USD 219 315 0.06 1 250 000 USD 1 041 225 0.26
01/04/2045 1.750% 20-20/01/2031
VERIZON COMMUNICATIONS INC
9 767 GN 719222 4.500% 10-15/07/2040 USD 9 642 0.00 350 000 USD 291 554 0.07
3.000% 20-20/11/2060
47 945 GN 723337 4.500% 09-15/09/2039 USD 47 854 0.01 VERIZON COMMUNICATIONS INC
250 000 USD 236 197 0.06
65 624 GN 784177 3.000% 16-15/05/2046 USD 61 300 0.02 3.550% 21-22/03/2051
VIRGINIA EL&PWR 4.000% 13-
20 604 GN AI8393 3.500% 14-15/09/2044 USD 19 231 0.00 500 000 USD 505 927 0.13
15/01/2043
231 161 GN BS8470 3.000% 20-15/07/2050 USD 209 967 0.05 WELLTOWER INC 3.100% 19-
500 000 USD 461 473 0.12
15/01/2030
244 258 GN BS8482 3.000% 20-15/08/2050 USD 221 863 0.06 WESTERN DIGITAL 2.850% 21-
400 000 USD 355 128 0.09
3 434 544 GNR 2020-127 IK 2.500% 20-20/08/2050 USD 309 149 0.08 01/02/2029
WESTERN DIGITAL 4.750% 18-
470 000 HARTFORD FINL 3.600% 19-19/08/2049 USD 452 262 0.11 500 000 USD 481 778 0.12
15/02/2026
970 000 HCA INC 4.500% 16-15/02/2027 USD 940 676 0.24 WHIRLPOOL CORP 4.500% 16-
300 000 USD 314 180 0.08
01/06/2046
410 000 HCA INC 5.250% 19-15/06/2049 USD 464 496 0.12
HUNTSMAN INT LLC 4.500% 19- 1 000 000 WRKCO INC 4.900% 19-15/03/2029 USD 1 023 051 0.26
150 000 USD 146 798 0.04
01/05/2029
Germany 48 672 399 12.23
500 000 IBM CORP 2.950% 20-15/05/2050 USD 430 643 0.11 BUNDESREPUBLIK DEUTSCHLAND
INTERAMER DEV BK 7.875% 16- 100 000 EUR 128 957 0.03
10 730 000 000 IDR 686 869 0.17 1.250% 17-15/08/2048
14/03/2023 BUNDESREPUBLIK DEUTSCHLAND
INTERNATIONAL FIN CORP 2.625% 100 000 EUR 175 959 0.04
100 000 000 HUF 261 716 0.07 4.250% 07-04/07/2039
21-09/11/2023 BUNDESREPUBLIK DEUTSCHLAND
INTERNATIONAL FIN CORP 7.500% 670 000 EUR 1 268 833 0.32
6 000 000 MXN 257 812 0.06 4.750% 08-04/07/2040
18-18/01/2028 228 000 DAIMLER AG 0.750% 21-11/03/2033 EUR 229 015 0.06
INTERNATIONAL PAPER CO 4.350%
266 000 USD 287 264 0.07 DEUTSCHLAND REP 0.000% 20-
17-15/08/2048 45 000 000 EUR 46 009 799 11.57
15/08/2030
500 000 KELLOGG CO 2.100% 20-01/06/2030 USD 431 191 0.11 FRESENIUS SE & C 1.625% 20-
KEURIG DR PEPPER 3.200% 20- 200 000 EUR 212 144 0.05
400 000 USD 372 350 0.09 08/10/2027
01/05/2030 150 000 LANXESS 0.000% 21-08/09/2027 EUR 145 803 0.04
KEURIG DR PEPPER 3.350% 21-
250 000 USD 229 164 0.06 NORDRHEIN-WEST 1.100% 19-
15/03/2051 100 000 EUR 108 216 0.03
KEURIG DR PEPPER 3.800% 20- 13/03/2034
640 000 USD 622 527 0.16 VOLKSWAGEN LEAS 0.375% 21-
01/05/2050 298 000 EUR 297 106 0.07
20/07/2026
163 000 LEAR CORP 3.800% 17-15/09/2027 USD 156 218 0.04
100 000 VONOVIA SE 0.750% 21-01/09/2032 EUR 96 567 0.02
1 250 000 LOWES COS INC 4.500% 20-15/04/2030 USD 1 274 992 0.32
120 000
MACYS RETAIL HLD 2.875% 12-
USD 106 881 0.03
Japan 38 909 915 9.77
15/02/2023 DEV BANK JAPAN 2.300% 06-
MARRIOTT INTERNATIONAL 3.500% 100 000 000 JPY 835 182 0.21
19/03/2026
500 000 USD 460 469 0.12
20-15/10/2032 JAPAN GOVT 10-YR 0.100% 16-
325 450 000 JPY 2 507 942 0.63
300 000 MCCORMICK 1.850% 21-15/02/2031 USD 252 509 0.06 20/09/2026
MCDONALDS CORP 3.625% 19- JAPAN GOVT 10-YR 0.400% 15-
500 000 USD 487 095 0.12 663 150 000 JPY 5 152 042 1.29
01/09/2049 20/06/2025
MCDONALDS CORP 4.200% 20- JAPAN GOVT 10-YR 0.400% 15-
380 000 USD 403 468 0.10 629 150 000 JPY 4 893 920 1.23
01/04/2050 20/09/2025
JAPAN GOVT 10-YR 0.600% 14-
750 000 MICRON TECH 4.663% 19-15/02/2030 USD 759 652 0.19 200 000 000 JPY 1 553 649 0.39
20/06/2024
300 000 MOSAIC CO 5.625% 13-15/11/2043 USD 349 955 0.09 JAPAN GOVT 10-YR 0.800% 13-
244 000 000 JPY 1 887 724 0.47
NEWELL BRANDS 4.200% 16- 20/06/2023
350 000 USD 335 636 0.08 JAPAN GOVT 20-YR 0.400% 16-
01/04/2026 124 750 000 JPY 969 498 0.24
OMNICOM GROUP 2.450% 20- 20/03/2036
1 000 000 USD 880 027 0.22 JAPAN GOVT 20-YR 0.500% 18-
30/04/2030 189 150 000 JPY 1 478 468 0.37
20/03/2038
750 000 ORACLE CORP 2.875% 21-25/03/2031 USD 662 499 0.17
JAPAN GOVT 20-YR 1.500% 14-
500 000 ORACLE CORP 3.600% 20-01/04/2050 USD 430 686 0.11 55 000 000 JPY 487 215 0.12
20/06/2034
900 000 PRINCIPAL FINL 2.125% 20-15/06/2030 USD 783 778 0.20 JAPAN GOVT 30-YR 0.800% 16-
480 600 000 JPY 3 858 097 0.97
20/03/2046
176 000 PROLOGIS EURO 0.375% 20-06/02/2028 EUR 175 006 0.04 JAPAN GOVT 30-YR 0.800% 17-
551 800 000 JPY 4 405 586 1.11
PRUDENTIAL FIN 3.700% 19- 20/12/2047
1 000 000 USD 1 003 052 0.25
13/03/2051 JAPAN GOVT 30-YR 2.000% 10-
428 250 000 JPY 4 184 759 1.05
500 000 REPUBLIC SVCS 1.750% 20-15/02/2032 USD 415 099 0.10 20/09/2040
ROPER TECHNOLOGI 4.200% 18- JAPAN GOVT 30-YR 2.200% 11-
100 000 USD 98 677 0.02 236 900 000 JPY 2 387 458 0.60
15/09/2028 20/03/2041
STEEL DYNAMICS 3.250% 20- JAPAN GOVT 30-YR 2.300% 07-
600 000 USD 556 623 0.14 20 000 000 JPY 197 254 0.05
15/01/2031 20/12/2036
JAPAN GOVT 40-YR 0.900% 17-
663 000 SYSCO CORP 5.950% 20-01/04/2030 USD 728 634 0.18 225 100 000 JPY 1 813 638 0.46
20/03/2057
TOYOTA MTR CRED 0.125% 21- JAPAN GOVT 5-YR 0.100% 18-
258 000 EUR 254 081 0.06 15 000 000 JPY 114 819 0.03
05/11/2027 20/03/2023
UNION PAC CORP 3.250% 20- 825 000 TAKEDA PHARM 2.050% 20-31/03/2030 USD 707 479 0.18
400 000 USD 377 712 0.09
05/02/2050
30 000 UNITED PARCEL 4.250% 19-15/03/2049 USD 33 922 0.01 1 650 000 TAKEDA PHARM 3.175% 20-09/07/2050 USD 1 475 185 0.37
US TREASURY N/B 1.250% 20-
250 000 USD 186 983 0.05
15/05/2050
The accompanying notes form an integral part of these financial statements
Page 178
BNP PARIBAS FUNDS Global Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
DEXIA CRED LOCAL 1.250% 14-
United Kingdom 19 417 768 4.88 100 000 EUR 103 625 0.03
26/11/2024
1 000 000 APTIV PLC 3.100% 21-01/12/2051 USD 839 108 0.21 ELEC DE FRANCE 6.250% 08-
50 000 GBP 75 354 0.02
ASTRAZENECA PLC 0.375% 21- 30/05/2028
209 000 EUR 208 131 0.05 200 000 ENGIE 1.750% 20-27/03/2028 EUR 215 582 0.05
03/06/2029
50 000 CENTRICA PLC 7.000% 08-19/09/2033 GBP 87 151 0.02 2 130 000 FRANCE O.A.T. 0.000% 18-25/03/2024 EUR 2 156 582 0.54
CNH INDUSTRIAL N 3.850% 17- 1 895 000 FRANCE O.A.T. 1.250% 16-25/05/2036 EUR 2 099 546 0.53
665 000 USD 636 476 0.16
15/11/2027
GATWICK AIRPORT 4.375% 21- 220 000 FRANCE O.A.T. 1.500% 19-25/05/2050 EUR 254 851 0.06
127 000 GBP 148 149 0.04
07/04/2026 440 000 FRANCE O.A.T. 3.250% 13-25/05/2045 EUR 678 493 0.17
GLAXOSMITHKLINE 6.375% 08-
50 000 GBP 96 889 0.02 570 000 FRANCE O.A.T. 4.000% 05-25/04/2055 EUR 1 067 906 0.27
09/03/2039
HEATHROW FNDG 1.125% 21- 500 000 KLEPIERRE 0.625% 19-01/07/2030 EUR 489 008 0.12
190 000 EUR 187 862 0.05
08/10/2030
200 000 LA MONDIALE 2.125% 20-23/06/2031 EUR 207 292 0.05
HEATHROW FNDG 1.500% 20-
500 000 EUR 517 674 0.13 MUTUELLE ASSUR 0.625% 21-
12/10/2025 200 000 EUR 195 765 0.05
HSBC HLDGS PLC 6.500% 06- 21/06/2027
41 000 USD 48 950 0.01 PSA BANQUE FRANC 0.000% 21-
02/05/2036 100 000 EUR 99 320 0.02
HSBC HOLDINGS PLC 6.500% 09- 22/01/2025
50 000 GBP 66 395 0.02 SNCF MOBILITES 1.500% 17-
20/05/2024 100 000 EUR 108 461 0.03
02/02/2029
211 000 STELLANTIS NV 0.625% 21-30/03/2027 EUR 209 628 0.05
SOCIETE GENERALE 0.125% 20-
TALKTALK TELECOM 3.875% 20- 400 000 EUR 398 210 0.10
225 000 GBP 255 255 0.06 24/02/2026
20/02/2025 UNIBAIL-RODAMCO 1.875% 18-
THAMES WATER UTL 5.125% 06- 100 000 EUR 107 147 0.03
50 000 GBP 80 771 0.02 15/01/2031
28/09/2037
200 000 URW 0.625% 20-04/05/2027 EUR 200 556 0.05
1 120 000 UK TREASURY 1.500% 16-22/07/2026 GBP 1 379 857 0.35
810 000 UK TREASURY 4.000% 09-22/01/2060 GBP 1 874 538 0.47 Mexico 10 690 664 2.70
MEXICAN BONOS 10.000% 05-
910 000 UK TREASURY 4.250% 05-07/12/2055 GBP 2 055 889 0.52 10 370 000 MXN 477 471 0.12
05/12/2024
670 000 UK TREASURY 4.250% 08-07/12/2049 GBP 1 389 316 0.35 MEXICAN BONOS 7.500% 07-
2 300 000 MXN 99 214 0.02
60 000 UK TREASURY 4.250% 09-07/09/2039 GBP 106 932 0.03 03/06/2027
MEXICAN BONOS 7.750% 12-
1 000 000 UK TREASURY 4.750% 04-07/12/2038 GBP 1 856 336 0.47 5 600 000 MXN 234 270 0.06
13/11/2042
130 000 UK TREASURY 4.750% 07-07/12/2030 GBP 205 792 0.05 MEXICAN BONOS 7.750% 14-
1 700 000 MXN 73 412 0.02
23/11/2034
UK TREASURY GILT 1.250% 17-
550 000 GBP 672 433 0.17 MEXICAN BONOS 8.500% 09-
22/07/2027 2 300 000 MXN 104 695 0.03
31/05/2029
UK TREASURY GILT 1.750% 16-
2 000 000 GBP 2 581 491 0.65 PETROLEOS MEXICA 1.875% 15-
07/09/2037 8 080 000 EUR 8 094 543 2.04
21/04/2022
UNITED KINGDOM G 3.500% 14-
1 850 000 GBP 3 226 196 0.81 PETROLEOS MEXICA 4.875% 12-
22/01/2045 250 000 USD 219 673 0.06
24/01/2022
VODAFONE GROUP 0.900% 19-
122 000 EUR 125 952 0.03 PETROLEOS MEXICA 5.350% 18-
24/11/2026 250 000 USD 218 849 0.06
12/02/2028
VODAFONE GROUP 4.250% 19-
550 000 USD 560 597 0.14 PETROLEOS MEXICA 6.500% 18-
17/09/2050 80 000 USD 74 789 0.02
13/03/2027
Belgium 18 056 390 4.54 300 000
UNITED MEXICAN 4.750% 20-
USD 298 150 0.07
BELGIUM GOVERNMENT 0.400% 20- 27/04/2032
310 000 EUR 294 776 0.07 UNITED MEXICAN 5.000% 20-
22/06/2040 500 000 USD 500 627 0.13
BELGIUM GOVERNMENT 0.800% 18- 27/04/2051
350 000 EUR 373 013 0.09 UNITED MEXICAN 6.050% 08-
22/06/2028 270 000 USD 294 971 0.07
BELGIUM GOVERNMENT 0320 4.250% 11/01/2040
180 000 EUR 296 435 0.07
10-28/03/2041
BELGIUM GOVERNMENT 1.250% 18-
Italy 10 376 967 2.60
380 000 EUR 425 349 0.11 AEROPORTI ROMA 1.625% 20-
22/04/2033 100 000 EUR 102 807 0.03
BELGIUM GOVERNMENT 1.600% 16- 02/02/2029
200 000 EUR 233 266 0.06 243 000 ASSICURAZIONI 1.713% 21-30/06/2032 EUR 239 483 0.06
22/06/2047
BELGIUM GOVERNMENT 2.150% 16- 500 000 ASSICURAZIONI 2.429% 20-14/07/2031 EUR 529 972 0.13
120 000 EUR 166 774 0.04
22/06/2066
AUTOSTRADA TORIN 1.000% 21-
BELGIUM OLO 31 5.500% 98- 100 000 EUR 100 216 0.03
150 000 EUR 205 022 0.05 25/11/2026
28/03/2028
INTESA SANPAOLO 0.625% 21-
BELGIUM OLO 44 5.000% 04- 300 000 EUR 297 749 0.07
300 000 EUR 481 206 0.12 24/02/2026
28/03/2035 INTESA SANPAOLO 1.750% 19-
EUROPEAN UNION 0.000% 21- 800 000 EUR 845 248 0.21
14 100 000 EUR 14 228 378 3.59 04/07/2029
02/06/2028
EUROPEAN UNION 0.000% 21- 200 000 ITALY BTPS 0.650% 16-15/10/2023 EUR 202 927 0.05
1 341 215 EUR 1 352 171 0.34
04/10/2028 1 672 000 ITALY BTPS 1.500% 21-30/04/2045 EUR 1 561 353 0.39
France 10 877 359 2.74 839 000 ITALY BTPS 2.500% 14-01/12/2024 EUR 897 456 0.23
200 000 ALSTOM S 0.000% 21-11/01/2029 EUR 192 251 0.05 440 000 ITALY BTPS 2.800% 16-01/03/2067 EUR 497 055 0.12
300 000 ALSTOM S 0.125% 21-27/07/2027 EUR 295 614 0.07 880 000 ITALY BTPS 2.950% 18-01/09/2038 EUR 1 053 646 0.26
600 000 BPCE 1.375% 20-23/12/2026 GBP 706 257 0.18 210 000 ITALY BTPS 5.000% 07-01/08/2039 EUR 317 951 0.08
100 000 BPCE 4.625% 13-18/07/2023 EUR 106 956 0.03 180 000 ITALY BTPS 5.000% 09-01/09/2040 EUR 275 847 0.07
100 000 BPIFRANCE 0.125% 17-25/11/2023 EUR 101 114 0.03 130 000 ITALY BTPS 5.250% 98-01/11/2029 EUR 173 911 0.04
CAISSE FR DE FINANCEMENT 3.000% 1 600 000 ITALY BTPS 9.000% 93-01/11/2023 EUR 1 868 360 0.47
100 000 EUR 119 429 0.03
13-02/10/2028 TELECOM ITALIA 1.625% 21-
CAISSE NA REA MU 2.125% 19- 218 000 EUR 199 303 0.05
100 000 EUR 103 128 0.03 18/01/2029
16/09/2029
100 000 TERNA SPA 1.000% 19-10/04/2026 EUR 103 062 0.03
100 000 CIE FIN FONCIER 1.250% 17-15/11/2032 EUR 109 261 0.03
300 000 UNICREDIT SPA 0.850% 21-19/01/2031 EUR 290 499 0.07
CREDIT AGRICOLE ASSR 1.500% 21-
300 000 EUR 294 965 0.07
06/10/2031 800 000 UNICREDIT SPA 1.800% 20-20/01/2030 EUR 820 122 0.21
CREDIT AGRICOLE SA 0.125% 20-
400 000 EUR 390 686 0.10
09/12/2027
The accompanying notes form an integral part of these financial statements
Page 179
BNP PARIBAS FUNDS Global Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Spain 10 006 469 2.50 South Korea 4 901 950 1.22
BANCO POPULAR ESPANOL 1.000% KOREA TRSY BD 1.125% 19-
300 000 EUR 310 625 0.08 771 530 000 KRW 471 661 0.12
15-07/04/2025 10/09/2039 FLAT
BANCO SANTANDER 1.125% 14- KOREA TRSY BD 2.250% 15-
4 200 000 EUR 4 355 052 1.09 659 120 000 KRW 493 177 0.12
27/11/2024 10/06/2025 FLAT
CELLNEX FINANCE 0.750% 21- 1 177 500 000 KOREA TRSY BD 2.250% 15-10/12/2025 KRW 880 224 0.22
100 000 EUR 98 080 0.02
15/11/2026
KOREA TRSY BD 2.375% 18-
CELLNEX FINANCE 1.000% 21- 1 444 390 000 KRW 1 080 780 0.27
100 000 EUR 96 762 0.02 10/09/2038 FLAT
15/09/2027
KOREA TRSY BD 2.375% 18-
129 000 SPANISH GOVT 1.000% 21-30/07/2042 EUR 125 589 0.03 600 000 000 KRW 448 806 0.11
10/12/2028 FLAT
400 000 SPANISH GOVT 1.400% 18-30/04/2028 EUR 432 644 0.11 KOREA TRSY BD 2.625% 15-
230 600 000 KRW 178 147 0.04
10/09/2035 FLAT
2 890 000 SPANISH GOVT 1.450% 19-30/04/2029 EUR 3 145 765 0.79 KOREA TRSY BD 2.625% 18-
87 200 000 KRW 68 734 0.02
150 000 SPANISH GOVT 2.350% 17-30/07/2033 EUR 178 026 0.04 10/03/2048 FLAT
330 000 SPANISH GOVT 2.700% 18-31/10/2048 EUR 433 237 0.11 95 000 000 KOREA TRSY BD 3.000% 12-10/12/2042 KRW 78 076 0.02
KOREA TRSY BD 3.000% 14-
182 000 SPANISH GOVT 4.200% 05-31/01/2037 EUR 267 442 0.07 692 700 000 KRW 532 234 0.13
10/09/2024 FLAT
313 000 SPANISH GOVT 5.150% 13-31/10/2044 EUR 563 247 0.14 KOREA TRSY BD 4.000% 11-
630 770 000 KRW 538 297 0.14
10/12/2031 FLAT
China 6 252 837 1.57 148 430 000
KOREA TRSY BD 4.750% 10-
KRW 131 814 0.03
CHINA EVERGRANDE 8.750% 17- 10/12/2030 FLAT
3 100 000 USD 402 595 0.10
28/06/2025
4 190 000 CHINA SCE GRP 7.000% 20-02/05/2025 USD 2 985 172 0.75 Hong Kong 4 816 989 1.21
TIMES CN HLDG 6.750% 20-08/07/2025 600 000 CN CINDA 2020 I 3.000% 20-18/03/2027 USD 532 162 0.13
4 790 000 USD 2 865 070 0.72 CNAC HK FINBRID 3.875% 19-
700 000 USD 659 778 0.17
19/06/2029
Canada 6 145 791 1.55 400 000
CNAC HK FINBRID 4.125% 17-
USD 379 119 0.10
ALBERTA PROVINCE 3.300% 15- 19/07/2027
100 000 CAD 78 742 0.02
01/12/2046 HK GOVT BOND PRO 0.510% 20-
250 000 HKD 28 154 0.01
125 000 BRIT COLUMBIA 3.300% 13-18/12/2023 CAD 90 660 0.02 23/10/2023
HK GOVT BOND PRO 1.680% 16-
1 390 000 CANADA GOVT 2.750% 14-01/12/2048 CAD 1 192 120 0.30 150 000 HKD 17 334 0.00
21/01/2026
1 190 000 CANADA GOVT 3.500% 11-01/12/2045 CAD 1 126 130 0.28 HK GOVT BOND PRO 1.970% 19-
100 000 HKD 11 812 0.00
17/01/2029
130 000 CANADA GOVT 5.000% 04-01/06/2037 CAD 132 127 0.03
HK GOVT BOND PRO 2.020% 19-
50 000 HKD 5 942 0.00
1 080 000 CANADA-GOVT 1.000% 16-01/06/2027 CAD 741 753 0.19 07/03/2034
970 000 CANADA-GOVT 2.000% 17-01/12/2051 CAD 725 491 0.18 HK GOVT BOND PRO 2.130% 15-
50 000 HKD 5 981 0.00
16/07/2030
ONTARIO PROVINCE 4.650% 10- HK GOVT BOND PRO 2.220% 14-
200 000 CAD 186 044 0.05 200 000 HKD 23 374 0.01
02/06/2041 07/08/2024
QUEBEC PROVINCE 6.000% 98- HUARONG FINANCE 2019 3.375% 20-
200 000 CAD 180 171 0.05 700 000 USD 586 432 0.15
01/10/2029 24/02/2030
200 000 TECK COMINCO 6.125% 05-01/10/2035 USD 227 998 0.06 SHIMAO GRP HLDGS 5.600% 19-
400 000 USD 214 632 0.05
TECK RESOURCES 6.250% 11- 15/07/2026
1 255 000 USD 1 464 555 0.37 SHIMAO PROPERTY 5.200% 18-
15/07/2041 4 280 000 USD 2 352 269 0.59
30/01/2025
Egypt 5 566 977 1.40
ARAB REP EGYPT 6.588% 18- British Virgin Islands 4 117 244 1.04
4 886 000 USD 4 174 926 1.05 HUARONG FINANCE 4.250% 17-
21/02/2028 800 000 USD 707 140 0.18
ARAB REP EGYPT 7.600% 19- 07/11/2027
1 600 000 USD 1 392 051 0.35 HUARONG FINANCE II 5.500% 15-
01/03/2029 3 200 000 USD 2 940 556 0.74
16/01/2025
The Netherlands 5 545 751 1.36 SINOPEC OVERSEAS 3.500% 16-
ABN AMRO BANK NV 0.500% 21- 500 000 USD 469 548 0.12
03/05/2026
100 000 EUR 98 740 0.02
23/09/2029
BMW FINANCE NV 0.875% 16- Indonesia 3 288 952 0.84
150 000 GBP 178 956 0.04 HUTAMA KARYA PER 3.750% 20-
16/08/2022 200 000 USD 186 898 0.05
DAIMLER INTERNATIONAL FINANCE 11/05/2030
50 000 EUR 52 950 0.01 INDONESIA GOVT 10.000% 07-
1.375% 19-26/06/2026 2 020 000 000 IDR 151 114 0.04
DEUTSCHE BAHN FIN 1.125% 19- 15/02/2028
100 000 EUR 106 261 0.03 INDONESIA GOVT 10.250% 07-
18/12/2028 2 530 000 000 IDR 189 757 0.05
DEUTSCHE BAHN FIN 3.500% 17- 15/07/2027
200 000 AUD 133 922 0.03 INDONESIA GOVT 10.500% 09-
27/09/2024 3 245 000 000 IDR 252 265 0.06
901 000 EASYJET FINCO 1.875% 21-03/03/2028 EUR 903 051 0.23 15/08/2030
INDONESIA GOVT 2.850% 20-
ENEL FIN INTERNATIONAL NV 500 000 USD 458 533 0.12
200 000 EUR 198 957 0.05 14/02/2030
0.375% 19-17/06/2027
INDONESIA GOVT 7.000% 11-
124 000 EURONEXT NV 0.125% 21-17/05/2026 EUR 123 347 0.03 5 818 000 000 IDR 363 813 0.09
15/05/2022
NETHERLANDS GOVERNMENT INDONESIA GOVT 7.500% 16-
910 000 EUR 1 159 267 0.29 3 770 000 000 IDR 246 277 0.06
2.500% 12-15/01/2033 15/08/2032
NETHERLANDS GOVERNMENT INDONESIA GOVT 8.250% 15-
130 000 EUR 210 904 0.05 2 800 000 000 IDR 191 573 0.05
2.750% 14-15/01/2047 15/05/2036
NETHERLANDS GOVERNMENT INDONESIA GOVT 8.375% 19-
150 000 EUR 255 951 0.06 3 780 000 000 IDR 263 024 0.07
3.750% 10-15/01/2042 15/04/2039
NETHERLANDS GOVERNMENT INDONESIA GOVT 9.500% 10-
150 000 EUR 237 192 0.06 1 500 000 000 IDR 111 121 0.03
4.000% 05-15/01/2037 15/07/2031
NETHERLANDS GOVT 0.500% 19- 500 000 PERTAMINA 4.300% 13-20/05/2023 USD 456 247 0.11
340 000 EUR 361 400 0.09
15/01/2040
500 000 PT PERTAMINA 2.300% 21-09/02/2031 USD 418 330 0.11
100 000 NN BANK NV 0.500% 21-21/09/2028 EUR 98 898 0.02
1 000 000 UPJOHN INC 2.700% 21-22/06/2030 USD 882 730 0.22 Dominican Republic 2 592 094 0.65
360 000 UPJOHN INC 4.000% 21-22/06/2050 USD 337 717 0.08 REPUBLIC OF DOMINICAN 6.000% 18-
2 644 000 USD 2 592 094 0.65
19/07/2028
VOLKSWAGEN INTFN 0.875% 20-
200 000 EUR 205 508 0.05
22/09/2028
The accompanying notes form an integral part of these financial statements
Page 180
BNP PARIBAS FUNDS Global Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Austria 2 202 617 0.55 Singapore 1 146 203 0.30
RAIFFEISEN BK IN 0.050% 21- SINGAPORE GOVT 2.250% 16-
100 000 EUR 97 691 0.02 120 000 SGD 81 428 0.02
01/09/2027 01/08/2036
REPUBLIC OF AUSTRIA 0.500% 19- SINGAPORE GOVT 2.375% 19-
50 000 EUR 52 154 0.01 265 000 SGD 182 033 0.05
20/02/2029 01/07/2039
REPUBLIC OF AUSTRIA 2.100% 17- SINGAPORE GOVT 2.625% 18-
80 000 EUR 122 930 0.03 90 000 SGD 62 573 0.02
20/09/2117 01/05/2028
REPUBLIC OF AUSTRIA 4.150% 07- SINGAPORE GOVT 2.750% 13-
860 000 EUR 1 352 173 0.34 930 000 SGD 624 822 0.16
15/03/2037 01/07/2023
SUZANO AUSTRIA 5.000% 19- SINGAPORE GOVT 2.875% 10-
600 000 USD 577 669 0.15 180 000 SGD 128 470 0.03
15/01/2030 01/09/2030
SINGAPORE GOVT 3.500% 07-
Luxembourg 1 381 842 0.35 93 000 SGD 66 877 0.02
01/03/2027
229 000 CNH IND FIN 0.000% 20-01/04/2024 EUR 228 359 0.06
Portugal 1 077 813 0.27
480 000 EFSF 0.000% 19-19/04/2024 EUR 485 201 0.12 PORTUGUESE OTS 0.475% 20-
EUROPEAN INVT BK 1.500% 17- 550 000 EUR 558 602 0.14
1 000 000 SEK 100 534 0.03 18/10/2030
02/03/2027 PORTUGUESE OTS 0.900% 20-
MEDTRONIC GLOBAL 1.125% 19- 90 000 EUR 91 601 0.02
300 000 EUR 312 676 0.08 12/10/2035
07/03/2027 PORTUGUESE OTS 2.875% 16-
NOVARTIS FINANCE 0.000% 20- 200 000 EUR 228 636 0.06
261 000 EUR 255 072 0.06 21/07/2026
23/09/2028 PORTUGUESE OTS 4.100% 06-
60 000 EUR 88 753 0.02
15/04/2037
Israel 1 319 583 0.35 PORTUGUESE OTS 4.950% 08-
ISRAEL FIXED 1.000% 19- 100 000 EUR 110 221 0.03
250 000 ILS 71 011 0.02 25/10/2023
31/03/2030 FLAT
145 000
ISRAEL FIXED 1.500% 20-
ILS 39 585 0.01 Poland 1 017 697 0.26
31/05/2037 FLAT POLAND GOVT BOND 2.500% 18-
ISRAEL FIXED 2.000% 16- 1 690 000 PLN 360 301 0.09
368 000 ILS 113 283 0.03 25/04/2024
31/03/2027 FLAT POLAND GOVT BOND 2.750% 13-
ISRAEL FIXED 3.750% 14- 1 075 000 PLN 221 016 0.06
1 350 000 ILS 423 472 0.11 25/04/2028
31/03/2024 FLAT POLAND GOVT BOND 2.750% 19-
ISRAEL FIXED 3.750% 17- 520 000 PLN 105 797 0.03
285 000 ILS 106 056 0.03 25/10/2029
31/03/2047 FLAT REPUBLIC OF POLAND 1.000% 19-
STATE OF ISRAEL 1.500% 19- 50 000 EUR 52 875 0.01
100 000 EUR 108 500 0.03 07/03/2029
16/01/2029 REPUBLIC OF POLAND 3.375% 12-
STATE OF ISRAEL 2.500% 20- 50 000 EUR 54 333 0.01
500 000 USD 457 676 0.12 09/07/2024
15/01/2030 REPUBLIC OF POLAND 4.000% 14-
240 000 USD 223 375 0.06
22/01/2024
Romania 1 318 524 0.34
500 000 ROMANIA 2.124% 19-16/07/2031 EUR 477 450 0.12 Colombia 964 178 0.24
70 000 ROMANIA 2.750% 15-29/10/2025 EUR 75 369 0.02 628 000 000 COLOMBIA TES 10.000% 09-24/07/2024 COP 145 348 0.04
200 000 ROMANIA 3.650% 16-24/09/2031 RON 35 594 0.01 837 500 000 COLOMBIA TES 5.750% 20-03/11/2027 COP 163 279 0.04
170 000 ROMANIA 3.875% 15-29/10/2035 EUR 184 552 0.05 355 000 000 COLOMBIA TES 6.250% 21-09/07/2036 COP 62 961 0.02
200 000 ROMANIA 4.000% 20-14/02/2051 USD 175 413 0.04 268 000 000 COLOMBIA TES 7.250% 19-18/10/2034 COP 52 922 0.01
1 500 000 ROMANIA 4.250% 18-28/06/2023 RON 302 507 0.08 282 000 000 COLOMBIA TES 7.750% 15-18/09/2030 COP 59 278 0.01
REPUBLIC OF COLOMBIA 3.875% 17-
335 000 ROMANIA 4.850% 18-22/04/2026 RON 67 639 0.02 300 000 USD 265 751 0.07
25/04/2027
REPUBLIC OF COLOMBIA 4.125% 20-
Ireland 1 288 666 0.32 300 000
15/05/2051
USD 214 639 0.05
AERCAP IRELAND 2.875% 19-
500 000 USD 451 718 0.11
14/08/2024 Chile 911 277 0.23
AERCAP IRELAND 3.000% 21-
200 000 USD 178 218 0.04 300 000 CODELCO INC 3.625% 17-01/08/2027 USD 280 508 0.07
29/10/2028
EMPRESA NACIONAL 3.750% 16-
145 000 FCA BANK IE 0.000% 21-16/04/2024 EUR 144 574 0.04 200 000 USD 180 245 0.05
05/08/2026
HAMMERSON IRLND 1.750% 21- EMPRESA NACIONAL 5.250% 18-
200 000 EUR 196 358 0.05 300 000 USD 284 581 0.07
03/06/2027 06/11/2029
100 000 IRISH GOVT 2.400% 14-15/05/2030 EUR 119 656 0.03 TESORERIA PESOS 4.500% 15-
55 000 000 CLP 55 463 0.01
100 000 RYANAIR DAC 0.875% 21-25/05/2026 EUR 99 942 0.03 01/03/2026 FLAT
TESORERIA PESOS 4.700% 18-
100 000 SMURFIT KAPPA 0.500% 21-22/09/2029 EUR 98 200 0.02 30 000 000 CLP 29 533 0.01
01/09/2030 FLAT
TESORERIA PESOS 5.000% 15-
Thailand 1 254 376 0.31 40 000 000 CLP 38 943 0.01
01/03/2035 FLAT
THAILAND GOVT 2.400% 18- TESORERIA PESOS 6.000% 13-
11 315 000 THB 307 930 0.08 40 000 000 CLP 42 004 0.01
17/12/2023 01/01/2043
THAILAND GOVT 2.875% 16-
6 065 000 THB 158 964 0.04 Russia 805 608 0.19
17/06/2046
THAILAND GOVT 2.875% 18- 12 090 000 RUSSIA-OFZ 6.900% 18-23/05/2029 RUB 130 790 0.03
4 705 000 THB 133 946 0.03
17/12/2028
THAILAND GOVT 3.650% 10- 9 160 000 RUSSIA-OFZ 7.250% 18-10/05/2034 RUB 98 995 0.02
4 918 000 THB 149 050 0.04
20/06/2031 28 500 000 RUSSIA-OFZ 7.400% 19-17/07/2024 RUB 327 096 0.08
THAILAND GOVT 3.775% 12-
6 200 000 THB 190 544 0.05 1 650 000 RUSSIA-OFZ 7.700% 19-16/03/2039 RUB 18 307 0.00
25/06/2032
THAILAND GOVT 3.850% 10- 19 990 000 RUSSIA-OFZ 7.950% 18-07/10/2026 RUB 230 420 0.06
6 130 000 THB 178 737 0.04
12/12/2025
THAILAND GOVT 4.000% 15-
4 300 000 THB 135 205 0.03
17/06/2066
Jersey Island 1 170 008 0.29
GATWICK FND LTD 2.500% 21-
1 000 000 GBP 1 170 008 0.29
15/04/2030
The accompanying notes form an integral part of these financial statements
Page 181
BNP PARIBAS FUNDS Global Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Australia 737 703 0.18 Hungary 179 446 0.05
AUSTRALIAN GOVT. 1.750% 20- REPUBLIC OF HUNGARY 2.750% 17-
150 000 AUD 82 557 0.02 28 770 000 HUF 72 555 0.02
21/06/2051 22/12/2026
AUSTRALIAN GOVT. 3.000% 16- REPUBLIC OF HUNGARY 3.000% 16-
140 000 AUD 99 190 0.02 25 500 000 HUF 64 191 0.02
21/03/2047 27/10/2027
AUSTRALIAN GOVT. 3.250% 15- REPUBLIC OF HUNGARY 3.000% 19-
230 000 AUD 169 887 0.04 17 600 000 HUF 42 700 0.01
21/06/2039 21/08/2030
BHP BILLITON FIN 3.250% 12-
100 000 EUR 115 962 0.03 Malaysia 148 555 0.04
24/09/2027
QUEENSLAND TREAS 4.250% 12- 134 000 PETRONAS 7.625% 96 -15/10/2026 USD 148 555 0.04
400 000 AUD 270 107 0.07
21/07/2023
Panama 100 998 0.03
Sweden 600 631 0.15
80 000 PANAMA 9.375% 99-01/04/2029 USD 100 998 0.03
STADSHYPOTEK AB 0.375% 16-
100 000 EUR 100 966 0.03
22/02/2023
SWEDISH GOVERNMENT 1.500% 12-
Finland 98 240 0.02
500 000 SEK 50 101 0.01 STORA ENSO OYJ 0.625% 20-
13/11/2023 100 000 EUR 98 240 0.02
02/12/2030
332 000 TELIA CO AB 0.125% 20-27/11/2030 EUR 315 705 0.08
VOLVO TREAS AB 0.000% 21- Floating rate bonds 18 461 215 4.68
135 000 EUR 133 859 0.03
18/05/2026
United States of
Sri Lanka 582 767 0.15
America 7 888 980 2.01
REPUBLIC OF SRI LANKA 6.750% 18-
1 320 000 USD 582 767 0.15 BANK OF AMERICA CORP 19-
18/04/2028 150 000 USD 145 382 0.04
07/02/2030 FRN
Czech Republic 567 473 0.13 750 000
BANK OF AMERICA CORP 19-
USD 818 350 0.21
CZECH REPUBLIC 0.450% 15- 15/03/2050 FRN
4 400 000 CZK 167 110 0.04 BANK OF AMERICA CORP 20-
25/10/2023 750 000 USD 634 492 0.16
CZECH REPUBLIC 1.000% 15- 19/06/2041 FRN
3 730 000 CZK 135 629 0.03 BANK OF AMERICA CORP 21-
26/06/2026 500 000 USD 431 310 0.11
CZECH REPUBLIC 2.000% 17- 21/07/2032 FRN
1 520 000 CZK 56 049 0.01 1 250 000 CITIGROUP INC 19-05/11/2030 FRN USD 1 142 246 0.29
13/10/2033
CZECH REPUBLIC 2.500% 13- 500 000 CITIGROUP INC 21-01/05/2032 FRN USD 441 757 0.11
2 220 000 CZK 86 010 0.02
25/08/2028
CZECH REPUBLIC 2.750% 18- GOLDMAN SACHS GROUP 21-
2 130 000 CZK 83 854 0.02 1 500 000 USD 1 298 982 0.33
23/07/2029 21/07/2032 FRN
CZECH REPUBLIC 4.850% 07- GOLDMAN SACHS GROUP 21-
700 000 CZK 38 821 0.01 500 000 USD 436 848 0.11
26/11/2057 21/07/2042 FRN
GOLDMAN SACHS GROUP 21-
259 000 EUR 259 216 0.07
Peru 491 590 0.13 30/04/2024 FRN
PERU B SOBERANO 5.350% 19- MORGAN STANLEY 20-
226 000 PEN 42 462 0.01 1 750 000 USD 1 574 616 0.40
12/08/2040 22/01/2031 FRN
PERU B SOBERANO 5.400% 19- MORGAN STANLEY 21-
250 000 PEN 50 226 0.01 500 000 USD 430 623 0.11
12/08/2034 25/01/2052 FRN
PERU B SOBERANO 6.350% 16- MORGAN STANLEY 21-
326 000 PEN 75 554 0.02 277 000 EUR 275 158 0.07
12/08/2028 29/10/2027 FRN
REPUBLIC OF PERU 2.783% 20-
300 000
23/01/2031
USD 261 959 0.07 The Netherlands 1 983 929 0.49
REPUBLIC OF PERU 6.950% 08- 200 000 ABERTIS FINANCE 21-31/12/2061 FRN EUR 195 625 0.05
260 000 PEN 61 389 0.02
12/08/2031 ADECCO INTERNATIONAL
134 000 FINANCIAL SERVICES 21- EUR 131 962 0.03
Saudi Arabia 477 877 0.12 21/03/2082 FRN
300 000 SAUDI ARAB OIL 2.250% 20-24/11/2030 USD 256 799 0.06 IBERDROLA INTERNATIONAL 21-
100 000 EUR 100 009 0.03
SAUDI INT BOND 4.625% 17- 31/12/2061 FRN
210 000 USD 221 078 0.06
04/10/2047 100 000 ING GROEP NV 21-09/06/2032 FRN EUR 99 178 0.02
200 000 ING GROEP NV 21-29/11/2025 FRN EUR 199 772 0.05
Uruguay 405 667 0.10
REPSOL INTERNATIONAL FIN 21-
400 760 URUGUAY 4.375% 19-23/01/2031 USD 405 667 0.10 309 000 EUR 308 001 0.08
31/12/2061 FRN
TELEFONICA EUROP 21-
Qatar 402 029 0.10 100 000
31/12/2061 FRN
EUR 95 216 0.02
STATE OF QATAR OF 4.817% 19-
350 000 USD 402 029 0.10 VOLKSWAGEN INTFN 15-
14/03/2049 300 000 EUR 322 271 0.08
29/12/2049 FRN
Cyprus 389 853 0.10 VOLKSWAGEN INTFN 20-
500 000 EUR 531 895 0.13
AROUNDTOWN SA 0.000% 20- 31/12/2060 FRN
400 000 EUR 389 853 0.10
16/07/2026 France 1 872 071 0.48
Cayman Islands 355 324 0.09 200 000 ARKEMA 20-31/12/2060 FRN EUR 200 241 0.05
SHARJAH SUKUK 3.234% 19- 347 000 AXA SA 21-07/10/2041 FRN EUR 338 670 0.09
400 000 USD 355 324 0.09
23/10/2029
100 000 DANONE 21-31/12/2061 FRN EUR 99 965 0.03
United Arab Emirates 263 806 0.07 300 000 ENGIE 20-31/12/2060 FRN EUR 298 647 0.08
ABU DHABI GOVT 4.125% 17-
250 000 USD 263 806 0.07 200 000 MUTUELLE ASSUR 21-21/06/2052 FRN EUR 200 185 0.05
11/10/2047
400 000 ORANGE 14-29/12/2049 FRN EUR 438 316 0.11
Philippines 248 498 0.06
ASIAN DEV BANK 1.400% 17- 100 000 ORANGE 21-31/12/2061 FRN EUR 98 244 0.02
220 000 EUR 248 498 0.06
06/02/2037 100 000 SCOR SE 20-17/09/2051 FRN EUR 98 205 0.02
SOCIETE GENERALE 21-
India 234 306 0.06 100 000
02/12/2027 FRN
EUR 99 598 0.03
POWER FIN CORP 4.500% 19-
250 000 USD 234 306 0.06
18/06/2029 Argentina 1 713 742 0.43
Venezuela 205 967 0.05 6 043 000 ARGENTINA 20-09/07/2035 SR USD 1 713 742 0.43
CORP ANDINA FOM 1.125% 18-
200 000 EUR 205 967 0.05
13/02/2025
The accompanying notes form an integral part of these financial statements
Page 182
BNP PARIBAS FUNDS Global Bond Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
2 455 531 GNR 2011-123 SD 11-20/09/2041 FRN USD 479 417 0.12
Germany 1 408 432 0.36
400 000 ALLIANZ SE 19-25/09/2049 FRN EUR 398 367 0.10 500 000 HMIR 2021-1 M1C 21-25/07/2033 FRN USD 431 564 0.11
200 000 ALLIANZ SE 21-31/12/2061 FRN EUR 196 065 0.05 17 511 MLMI 2005-A1 2A1 05-25/12/2034 FRN USD 16 034 0.00
DEUTSCHE BANK AG 21- STACR 2016-DNA1 M3 16-
300 000 EUR 299 020 0.08 540 206 USD 494 672 0.12
17/02/2032 FRN 25/07/2028 FRN
STACR 2016-DNA4 M3 16-
100 000 EVONIK 21-02/09/2081 FRN EUR 99 296 0.02 671 370 USD 608 312 0.15
25/03/2029 FRN
200 000 LB RHEINLD-PFALZ 98-23/02/2028 SR USD 224 839 0.06 STACR 2017-DNA3 M2 17-
1 589 778 USD 1 424 881 0.36
25/03/2030 FRN
200 000 MUNICH RE 21-26/05/2042 FRN EUR 190 845 0.05
STACR 2018-HRP1 B1 18-
524 212 USD 472 106 0.12
25/04/2043 FRN
United Kingdom 775 729 0.20 STACR 2019-DNA3 M2 19-
BARCLAYS BANK PLC 21- 390 381 USD 345 616 0.09
185 000 EUR 183 358 0.05 25/07/2049 FRN
12/05/2032 FRN STACR 2020-DNA5 M2 20-
366 000 BP CAPITAL PLC 20-22/06/2169 FRN EUR 387 068 0.10 425 079 USD 376 737 0.09
25/10/2050 FRN
100 000 NATWEST GROUP 21-14/09/2032 FRN EUR 98 387 0.02 STACR 2020-HQA2 B1 20-
200 000 USD 181 943 0.05
25/03/2050 FRN
100 000 SWISS RE FIN UK 20-04/06/2052 FRN EUR 106 916 0.03 STACR 2020-HQA4 M2 20-
158 619 USD 139 919 0.04
25/09/2050 FRN
Switzerland 763 796 0.19
100 000 000 CREDIT SUISSE 17-27/10/2023 FRN JPY 763 796 0.19 To be Announced ("TBA") 17 904 532 4.52
Mortgage Backed Securities
Italy 531 698 0.14
100 000 ENI SPA 20-31/12/2060 FRN EUR 103 526 0.03 United States of
202 000 ENI SPA 21-31/12/2061 FRN EUR 200 689 0.05 America 17 904 532 4.52
228 000 UNICREDIT SPA 21-05/07/2029 FRN EUR 227 483 0.06 1 300 000 FNCI 1.5 1/21 1.500% 21-31/12/2060 USD 1 146 731 0.29
800 000 FNCI 2 1/21 2.000% 21-31/12/2060 USD 720 630 0.18
Portugal 483 272 0.12
BANCO COMMERCIAL PORTUGUES 100 000 FNCI 2.5 1/13 2.500% 13-25/11/2027 USD 90 920 0.02
300 000 EUR 286 887 0.07
21-07/04/2028 FRN (600 000) FNCI 3 1/15 3.000% 15-25/06/2029 USD (551 787) (0.14)
CAIXA GERAL DEPO 21-
200 000 EUR 196 385 0.05 200 000 FNCL 1.5 1/21 1.500% 21-31/12/2060 USD 169 921 0.04
21/09/2027 FRN
3 300 000 FNCL 2 1/21 2.000% 21-31/12/2060 USD 2 894 383 0.73
Spain 283 462 0.07
8 500 000 FNCL 2.5 1/15 2.500% 15-25/03/2044 USD 7 629 535 1.93
BANCO SANTANDER 21-
200 000 EUR 185 672 0.05 2 600 000 FNCL 3 1/13 3.000% 13-25/10/2042 USD 2 369 643 0.60
31/12/2061 FRN
100 000 CAIXABANK 21-09/02/2029 FRN EUR 97 790 0.02 1 400 000 FNCL 4.000% 10-25/09/2039 USD 1 309 768 0.33
1 600 000 G2SF 2 1/21 2.000% 21-31/12/2060 USD 1 420 375 0.36
Sweden 263 671 0.07
HEIMSTADEN BOSTA 21- 1 000 000 G2SF 2.5 1/20 2.500% 20-31/12/2059 USD 901 027 0.23
266 000 EUR 263 671 0.07
13/10/2170 FRN 1 100 000 G2SF 3 1/13 3.000% 13-20/05/2042 USD 1 001 181 0.25
Austria 198 254 0.05 (600 000) G2SF 3.5 1/12 3.500% 12-20/09/2041 USD (549 499) (0.14)
200 000 RAIFFEISEN BK IN 21-17/06/2033 FRN EUR 198 254 0.05 (700 000) G2SF 4 1/11 4.000% 11-20/09/2040 USD (648 296) (0.16)
Australia 100 158 0.03
100 000 AUSNET SERVICES 21-11/03/2081 FRN EUR 100 158 0.03
Money Market Instruments 202 237 0.05
Poland 98 620 0.02 France 202 237 0.05
100 000 MBANK 21-21/09/2027 FRN EUR 98 620 0.02 UNEDIC 0.125% 17-25/11/2024
200 000 EUR 202 237 0.05
NEUMTN
Cyprus 95 401 0.02
100 000 AROUNDTOWN SA 21-31/12/2061 FRN EUR 95 401 0.02 Shares/Units in investment funds 38 483 882 9.68
Floating rate notes 19 666 983 4.94
Luxembourg 38 178 916 9.60
BNP PARIBAS FLEXI I US
United States of 1 159.63
MORTGAGE - X - CAP
USD 3 468 898 0.87
America 19 666 983 4.94 30 909.64
BNP PARIBAS FUNDS RMB BOND -
USD 34 710 018 8.73
300 000 BMIR 2020-3A M1B 20-25/10/2030 FRN USD 265 011 0.07 X CAP
1 586 030 CAS 2016-C06 1M2 16-25/04/2029 FRN USD 1 439 858 0.36 France 304 966 0.08
374 482 CAS 2016-C07 2M2 16-25/04/2029 FRN USD 341 864 0.09 30.71 BNP PARIBAS INVEST 3 MOIS - X EUR 304 966 0.08
1 340 312 CAS 2017-C01 1M2 17-25/07/2029 FRN USD 1 206 888 0.30
Total securities portfolio 403 584 898 101.43
500 465 CAS 2018-C03 1M2 18-25/10/2030 FRN USD 445 378 0.11
13 205 FH 1J0352 07-01/04/2037 FRN USD 12 292 0.00
1 408 253 FHR 4993 LS 5.897% 20-25/07/2050 FRN USD 281 047 0.07
3 340 FNR 2003-106 FA 03-25/11/2033 FRN USD 3 013 0.00
2 039 567 FNR 2016-75 SC 16-25/10/2046 FRN USD 312 779 0.08
FNR 2019-54 SB 4.277% 19-
2 750 577 USD 414 357 0.10
25/09/2049 FRN
2 400 000 FREMF 2016-K54 B 16-25/04/2048 FRN USD 2 256 094 0.57
220 000 FREMF 2016-K58 C 16-25/09/2049 FRN USD 203 224 0.05
200 000 FREMF 2017-K68 B 17-25/10/2049 FRN USD 189 647 0.05
4 884 841 FREMF 2017-K69 B 17-25/10/2049 FRN USD 4 632 814 1.16
2 475 000 FREMF 2017-K726 C 17-25/07/2049 FRN USD 2 256 950 0.57
482 463 FSPC T-62 1A1 04-25/10/2044 FRN USD 434 566 0.11
The accompanying notes form an integral part of these financial statements
Page 183
BNP PARIBAS FUNDS Global Convertible
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
EVERBRIDGE INC 0.125% 19-
Transferable securities admitted to an 2 000 000
15/12/2024 CV
USD 1 945 600 0.16
official stock exchange listing and/or 1 137 072 185 93.58
5 000 000
EXACT SCIENCES 0.375% 20-
USD 4 820 950 0.40
01/03/2028 CV
traded on another regulated market EXACT SCIENCES 1.000% 18-
2 000 000 USD 2 539 960 0.21
2 150 997 0.18 15/01/2025 CV
Shares EXPEDIA GRP INC 0.000% 21-
8 000 000 USD 9 198 960 0.76
15/02/2026 CV
United States of
4 000 000 FIREEYE INC 0.875% 18-01/06/2024 CV USD 4 169 760 0.34
America 2 150 997 0.18 FORD MOTOR CO 0.000% 21-
28 195 FORTIVE CORP USD 2 150 997 0.18 28 000 000 USD 38 543 959 3.16
15/03/2026 CV
FORTIVE CORP 0.875% 19-
1 134 921 188 93.40 2 001 000 USD 2 001 900 0.16
Convertible bonds 15/02/2022 CV
GUARDANT HEALTH 0.000% 20-
United States of 8 300 000 USD 8 373 455 0.69
15/11/2027 CV
America 627 744 907 51.61 HAEMONETICS CORP 0.000% 21-
5 000 000 USD 4 155 680 0.34
1LIFE HEALTHCARE 3.000% 20- 01/03/2026 CV
2 125 000 USD 1 913 873 0.16 IAC FINANCECO 2 0.875% 19-
15/06/2025 CV 3 500 000 USD 5 679 800 0.47
3D SYSTEMS CORP 0.000% 21- 15/06/2026 CV
5 500 000 USD 5 228 185 0.43 ILLUMINA INC 0.000% 18-
15/11/2026 CV 7 500 000 USD 8 634 900 0.71
AFFRIM HOLDINGS 0.000% 21- 15/08/2023 CV
1 333 000 USD 1 192 229 0.10 1 975 000 INSMED INC 1.750% 18-15/01/2025 CV USD 2 026 074 0.17
15/11/2026 CV
12 000 000 AIRBNB INC 0.000% 21-15/03/2026 CV USD 11 761 344 0.97 INSULET CORP 0.375% 19-
4 000 000 USD 5 282 640 0.43
AKAMAI TECH 0.125% 18- 01/09/2026 CV
14 700 000 USD 19 274 786 1.58 INTEGRA LIFESCIE 0.500% 20-
01/05/2025 CV 4 500 000 USD 4 917 960 0.40
15/08/2025 CV
3 000 000 ALARM.COM 0.000% 21-15/01/2026 CV USD 2 706 639 0.22 JETBLUE AIRWAYS 0.500% 21-
ALLEGHENY TECH 3.500% 20- 5 000 000 USD 4 661 620 0.38
4 000 000 USD 5 225 600 0.43 01/04/2026 CV
15/06/2025 CV JP MORGAN CHASE 0.000% 21-
ALTERYX INC 1.000% 19- 2 700 000 EUR 3 545 744 0.29
3 000 000 USD 2 672 067 0.22 10/06/2024 CV
01/08/2026 CV JP MORGAN CHASE 0.000% 21-
AVALARA INC 0.250% 21- 4 300 000 EUR 5 654 896 0.47
3 000 000 USD 2 733 564 0.22 18/02/2024 CV
01/08/2026 CV JP MORGAN CHASE FIN 0.250% 18-
BANK OF AMERICA FINANCE LLC 8 000 000 USD 8 866 960 0.73
3 729 000 USD 4 066 102 0.33 01/05/2023 CV
0.250% 18-01/05/2023 CV LENDINGTREE 0.500% 20-
BENTLEY SYSTEMS 0.125% 21- 7 000 000 USD 5 781 405 0.48
5 000 000 USD 5 128 600 0.42 15/07/2025 CV
15/01/2026 CV LIBERTY BROAD 2.750% 20-
BENTLEY SYSTEMS 0.375% 21- 6 000 000 USD 6 087 540 0.50
2 500 000 USD 2 300 533 0.19 30/09/2050 CV
01/07/2027 CV LIBERTY INTERACT 1.750% 16-
BEYOND MEAT INC 0.000% 21- 2 000 000 USD 3 849 000 0.32
6 500 000 USD 4 504 110 0.37 30/09/2046 CV
15/03/2027 CV LIBERTY MEDIA 1.000% 17-
4 000 000 USD 6 861 840 0.56
6 000 000 BILL.COM 0.000% 20-01/12/2025 CV USD 10 266 660 0.84 30/01/2023 CV
BIOMARIN PHARM 0.599% 17- LIBERTY MEDIA 1.375% 13-
2 500 000 USD 2 610 600 0.21 6 000 000 USD 8 895 900 0.73
01/08/2024 CV 15/10/2023 CV
BIOMARIN PHARM 1.250% 20- LIGAND PHARMACEU 0.750% 18-
4 000 000 USD 4 161 800 0.34 2 000 000 USD 2 006 480 0.17
15/05/2027 CV 15/05/2023 CV
BOOKING HLDS INC 0.750% 20- LIVE NATION ENT 2.500% 18-
4 000 000 USD 5 896 880 0.49 3 500 000 USD 6 357 715 0.52
01/05/2025 CV 15/03/2023 CV
LIVENT CORP 4.125% 20-
3 626 000 BOX INC 0.000% 21-15/01/2026 CV USD 4 358 307 0.36 2 667 000 USD 7 830 899 0.64
15/07/2025 CV
BRIDGEBIO PHARMA 2.250% 21- LUMENTUM HOLDING 0.250% 17-
2 500 000 USD 1 439 278 0.12 3 000 000 USD 5 323 080 0.44
01/02/2029 CV 15/03/2024 CV
CALLAWAY GOLF CO 2.750% 20- LUMENTUM HOLDING 0.500% 19-
2 000 000 USD 3 449 740 0.28 2 500 000 USD 3 101 800 0.26
01/05/2026 CV 15/12/2026 CV
1 176 000 CHEGG INC 0.000% 20-01/09/2026 CV USD 977 334 0.08 MARRIOTT VACATIO 0.000% 21-
8 100 000 USD 9 538 560 0.78
6 300 000 CHEGG INC 0.125% 19-15/03/2025 CV USD 6 205 500 0.51 15/01/2026 CV
MICROCHIP TECHNOLOGY 1.625%
CLOUDFLARE 0.000% 21- 2 500 000 USD 6 363 750 0.52
10 000 000 USD 10 591 100 0.87 17-15/02/2027 CV
15/08/2026 CV
MIDDLEBY CORP 1.000% 20-
COINBASE GLOBAL 0.500% 21- 4 000 000 USD 6 370 120 0.52
9 000 000 USD 9 543 150 0.79 01/09/2025 CV
01/06/2026 CV
MONGODB INC 0.250% 20-
COUPA SOFTWARE 0.125% 19- 2 500 000 USD 6 362 775 0.52
2 200 000 USD 2 689 918 0.22 15/01/2026 CV
15/06/2025 CV
MP MATERIALS 0.250% 21-
COUPA SOFTWARE 0.375% 20- 2 083 000 USD 2 634 703 0.22
4 000 000 USD 3 777 172 0.31 01/04/2026 CV
15/06/2026 CV
NEUROCRINE BIO 2.250% 17-
DATADOG INC 0.125% 20- 1 500 000 USD 1 865 535 0.15
4 000 000 USD 8 019 800 0.66 15/05/2024 CV
15/06/2025 CV
NEW RELIC INC 0.500% 18-
4 000 000 DEXCOM INC 0.250% 20-15/11/2025 CV USD 4 709 720 0.39 3 500 000 USD 4 180 610 0.34
01/05/2023 CV
DIGITALOCEAN HLD 0.000% 21- NEXTERA ENGY PTR 0.000% 20-
3 000 000 USD 2 670 093 0.22 3 800 000 USD 4 327 212 0.36
01/12/2026 CV 15/11/2025 CV
DISH NETWORK 2.375% 17- NUANCE COMMUNICATIONS 1.000%
9 000 000 USD 8 611 335 0.71 3 000 000 USD 6 887 100 0.57
15/03/2024 CV 15-15/12/2035 CV
DOCUSIGN INC 0.500% 18- NUTANIX INC 0.000% 18-
1 000 000 USD 2 150 110 0.18 4 000 000 USD 4 033 920 0.33
15/09/2023 CV 15/01/2023 CV
DRAFTKINGS INC 0.000% 21- NUVASIVE INC 1.000% 20-
2 000 000 USD 1 494 722 0.12 3 000 000 USD 2 994 207 0.25
15/03/2028 CV 01/06/2023 CV
3 500 000 DROPBOX 0.000% 21-01/03/2026 CV USD 3 396 015 0.28 3 000 000 OKTA INC 0.125% 19-01/09/2025 CV USD 4 048 050 0.33
3 000 000 DROPBOX 0.000% 21-01/03/2028 CV USD 2 949 279 0.24 2 143 000 OKTA INC 0.375% 20-15/06/2026 CV USD 2 568 621 0.21
ENPHASE ENERGY 0.000% 21- OMNICELL INC 0.250% 20-
8 000 000 USD 7 998 784 0.66 667 000 USD 1 252 139 0.10
01/03/2026 CV 15/09/2025 CV
ENPHASE ENERGY 0.000% 21- PALO ALTO NET 0.750% 18-
1 250 000 USD 1 288 800 0.11 3 000 000 USD 6 315 780 0.52
01/03/2028 CV 01/07/2023 CV
ENVESTNET INC 0.750% 20- PEGASYSTEMS INC 0.750% 20-
1 471 000 USD 1 472 942 0.12 4 500 000 USD 4 775 040 0.39
15/08/2025 CV 01/03/2025 CV
10 000 000 ETSY INC 0.250% 21-15/06/2028 CV USD 11 715 300 0.96 PELOTON INTERACT 0.000% 21-
4 586 000 USD 3 871 354 0.32
EURONET WORLDWID 0.750% 19- 15/02/2026 CV
4 800 000 USD 5 200 944 0.43
15/03/2049 CV
The accompanying notes form an integral part of these financial statements
Page 184
BNP PARIBAS FUNDS Global Convertible
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
PURE STORAGE 0.125% 18- DT LUFTHANSA AG 2.000% 20-
5 000 000 USD 6 634 750 0.55 3 400 000 EUR 4 049 210 0.33
15/04/2023 CV 17/11/2025 CV
REALOGY GRP / CO 0.250% 21- LEG IMMOBILIENILIEN 0.875% 17-
5 000 000 USD 4 950 765 0.41 6 100 000 EUR 8 374 250 0.69
15/06/2026 CV 01/09/2025 CV
REDFIN CORP 0.000% 20- RAG STIFTUNG 0.000% 20-
4 000 000 USD 3 540 076 0.29 6 000 000 EUR 7 742 558 0.64
15/10/2025 CV 17/06/2026 CV
RINGCENTRAL INC 0.000% 20- 3 400 000 ZALANDO SE 0.050% 20-06/08/2025 CV EUR 4 207 310 0.35
8 500 000 USD 8 011 123 0.66
01/03/2025 CV
SAILPOINT TECH 0.125% 19- 3 100 000 ZALANDO SE 0.625% 20-06/08/2027 CV EUR 3 883 246 0.32
2 000 000 USD 3 568 440 0.29
15/09/2024 CV
SHIFT4 PAYMENTS 0.000% 20- Japan 50 322 045 4.14
5 500 000 USD 5 789 355 0.48 CYBERAGENT INC 0.000% 18-
15/12/2025 CV 250 000 000 JPY 2 705 593 0.22
SILICON LABS 0.625% 20- 17/02/2023 CV
6 000 000 USD 10 453 620 0.86 DMG MORI CO LTD 0.000% 21-
15/06/2025 CV 860 000 000 JPY 7 915 018 0.65
16/07/2024 CV
9 500 000 SNAP INC 0.000% 21-01/05/2027 CV USD 9 236 841 0.76
KANSAI PAINT 0.000% 16-
SOUTHWEST AIR 1.250% 20- 560 000 000 JPY 4 875 996 0.40
11 500 000 USD 15 329 155 1.26 17/06/2022 CV
01/05/2025 CV KONAMI HOLDINGS 0.000% 15-
SPIRIT AIRLINES 1.000% 21- 200 000 000 JPY 2 251 748 0.19
4 000 000 USD 3 456 752 0.28 22/12/2022 CV
15/05/2026 CV LIXIL GROUP CORP 0.000% 15-
3 900 000 SPLUNK INC 0.500% 18-15/09/2023 CV USD 4 162 353 0.34 320 000 000 JPY 2 777 558 0.23
04/03/2022 CV
3 000 000 SPLUNK INC 1.125% 18-15/09/2025 CV USD 3 303 600 0.27 MITSUBISHI CHEMICAL 0.000% 17-
880 000 000 JPY 7 810 608 0.64
29/03/2024 CV
3 333 000 SPLUNK INC 1.125% 20-15/06/2027 CV USD 3 122 211 0.26 240 000 000 NIPRO CORP 0.000% 21-25/09/2026 CV JPY 2 130 353 0.18
2 500 000 SQUARE INC 0.000% 20-01/05/2026 CV USD 2 584 625 0.21 ROHM COMPANY LTD 0.000% 19-
300 000 000 JPY 2 824 489 0.23
2 500 000 SQUARE INC 0.125% 20-01/03/2025 CV USD 3 693 975 0.30 05/12/2024 CV
SYMANTEC CORP 2.000% 16- 400 000 000 SONY CORP 0.000% 15-30/09/2022 CV JPY 10 110 131 0.83
2 000 000 USD 2 557 660 0.21
15/08/2022 CV SUMITOMO METAL MINING 0.000%
800 000 000 JPY 6 920 551 0.57
TELADOC HEALTH 1.250% 20- 18-15/03/2023 CV
7 000 000 USD 6 384 133 0.53
01/06/2027 CV
TRIPADVISOR INC 0.250% 21- The Netherlands 44 633 810 3.68
5 000 000 USD 4 401 815 0.36 AMERICA MOVIL BV 0.000% 21-
01/04/2026 CV 9 700 000 EUR 11 353 007 0.93
12 500 000 TWITTER INC 0.250% 18-15/06/2024 CV USD 13 589 500 1.12 02/03/2024 CV
BRENNTAG FINANCE 1.875% 15-
TYLER TECHNOLOG 0.250% 21- 3 000 000 USD 3 523 320 0.29
3 600 000 USD 4 389 588 0.36 02/12/2022 CV
15/03/2026 CV IBERDROLA INTERNATIONAL 0.000%
UBER TECHNOLOGIE 0.000% 20- 7 700 000 EUR 11 025 934 0.91
10 100 000 USD 9 984 193 0.82 15-11/11/2022 CV
15/12/2025 CV JUST EAT TAKEA 0.000% 21-
UNDER ARMOUR INC 1.500% 20- 2 800 000 EUR 2 779 199 0.23
3 077 000 USD 5 783 037 0.48 09/08/2025 CV
01/06/2024 CV
UNITY SOFTWARE I 0.000% 21- 12 600 000 QIAGEN NV 0.000% 20-17/12/2027 CV USD 13 457 682 1.11
9 500 000 USD 8 634 835 0.71
15/11/2026 CV 2 200 000 YANDEX NV 0.750% 20-03/03/2025 CV USD 2 494 668 0.21
1 950 000 UPWORK INC 0.250% 21-15/08/2026 CV USD 1 774 258 0.15
VAIL RESORTS 0.000% 20- Singapore 32 135 883 2.65
3 000 000 USD 3 210 270 0.26 19 500 000 SEA LTD 0.250% 21-15/09/2026 CV USD 17 928 299 1.48
01/01/2026 CV
VIACOMCBS INC 5.750% 21- SGX TREASURY 0.000% 21-
50 000 USD 2 511 000 0.21 4 000 000 EUR 4 611 755 0.38
01/04/2024 CV 01/03/2024 CV
WAYFAIR INC 0.625% 20- SINGAPORE AIR 1.625% 20-
11 825 000 USD 10 700 171 0.88 12 000 000 SGD 9 595 829 0.79
01/10/2025 CV 03/12/2025 CV
WESTERN DIGITAL 18-01/02/2024
6 000 000 USD 6 037 500 0.50
FRN CV United Kingdom 31 187 399 2.57
WORKDAY INC 0.250% 17- BP CAPITAL PLC 1.000% 16-
2 200 000 USD 4 090 438 0.34 7 000 000 GBP 9 647 387 0.79
01/10/2022 CV 28/04/2023 CV
FARFETCH LTD 3.750% 20-
France 98 859 254 8.14 5 000 000 USD 11 370 100 0.94
01/05/2027 CV
64 000 ACCOR 0.700% 20-07/12/2027 CV FLAT EUR 3 759 056 0.31 4 500 000 JET2 PLC 1.625% 21-10/06/2026 CV GBP 5 968 939 0.49
5 100 000 ATOS SE 0.000% 19-06/11/2024 CV EUR 6 179 138 0.51 OCADO GROUP PLC 0.875% 19-
2 700 000 GBP 4 200 973 0.35
CARREFOUR SA 0.000% 18- 09/12/2025 CV
8 600 000 USD 8 870 040 0.73
27/03/2024 CV
Switzerland 30 020 344 2.47
87 500 EDENRED 0.000% 19-06/09/2024 CV EUR 6 138 165 0.51
6 820 000 SIKA AG 0.150% 18-05/06/2025 CV CHF 15 020 908 1.24
ELEC DE FRANCE 0.000% 20-
1 463 481 EUR 22 763 892 1.86 STMICROELECTRON 0.000% 20-
14/09/2024 CV 11 400 000 USD 14 999 436 1.23
04/08/25 CV
7 300 000 KERING 0.000% 19-30/09/2022 CV EUR 9 915 383 0.82
45 593
KORIAN SA 0.875% 20-06/03/2027
EUR 2 958 260 0.24
Italy 29 083 740 2.40
CV FLAT 1 700 000 DIASORIN 0.000% 21-05/05/2028 CV EUR 2 127 627 0.18
3 600 000 MICHELIN 0.000% 18-10/11/2023 CV USD 3 725 784 0.31 12 700 000 NEXI 0.000% 21-24/02/2028 CV EUR 13 558 996 1.12
21 819 ORPEA 0.375% 19-17/05/2027 CV FLAT EUR 3 474 107 0.29 PRYSMIAN SPA 0.000% 21-
5 600 000 EUR 6 903 450 0.57
SAFRAN SA 0.875% 20-15/05/2027 02/02/2026 CV
74 855 EUR 11 640 262 0.96
CV FLAT 5 200 000 SNAM 0.000% 17-20/03/2022 EUR 6 493 667 0.53
SCHNEIDER 0.000% 20-15/06/26
26 000 EUR 6 599 547 0.54
CV FLAT Hong Kong 20 027 478 1.65
12 600 000 TOTAL SA 0.500% 15-02/12/2022 CV USD 12 835 620 1.06 ANLLIAN CAPITAL 0.000% 20-
3 500 000 EUR 4 967 290 0.41
05/02/2025 CV
Germany 54 527 432 4.49
4 000 000
BOSIDENG INTERNA 1.000% 19-
USD 4 854 000 0.40
DELIVERY HERO AG 0.250% 20- 17/12/2024 CV
1 500 000 EUR 1 977 329 0.16
23/01/2024 CV HANSOH PHAR 0.000% 21-
5 000 000 USD 4 515 000 0.37
DELIVERY HERO AG 0.875% 20- 22/01/2026 CV
4 400 000 EUR 4 828 960 0.40
15/07/2025 CV SINO BIOPHARMA 0.000% 20-
5 250 000 EUR 5 691 188 0.47
DELIVERY HERO AG 1.000% 20- 17/02/2025 CV
1 400 000 EUR 1 913 819 0.16
23/01/2027 CV
DEUTSCHE POST AG 0.050% 17- India 16 880 499 1.39
12 900 000 EUR 17 550 750 1.44 BHARTI AIRTEL 1.500% 20-
30/06/2025 CV 13 000 000 USD 16 880 499 1.39
17/02/2025 CV
The accompanying notes form an integral part of these financial statements
Page 185
BNP PARIBAS FUNDS Global Convertible
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Spain 15 216 786 1.25 Convertible bonds 20 726 684 1.71
AMADEUS IT GROUP 1.500% 20-
2 200 000 EUR 3 359 045 0.28
09/04/2025 CV United States of
CELLNEX TELECOM 0.500% 19- America 20 726 684 1.71
4 300 000 EUR 6 495 432 0.53
05/07/2028 CV CER PERPASKO HEALTH GRP 0.000%
CELLNEX TELECOM 1.500% 18- 6 000 000 USD 5 501 940 0.45
2 700 000 EUR 5 362 309 0.44 15/12/2026 CV
16/01/2026 CV
5 000 000 ETSY INC 0.125% 20-01/10/2026 USD 12 721 900 1.05
Canada 12 541 400 1.03 1 875 000 LYFT INC 1.500% CNV SNR 15/05/2025 USD 2 502 844 0.21
10 000 000 SHOPIFY INC 0.125% 20-01/11/2025 CV USD 12 541 400 1.03
Sweden 9 914 647 0.82
Shares/Units in investment funds 40 427 705 3.32
GEELY SWEDEN FIN 0.000% 19-
6 600 000 EUR 9 914 647 0.82
19/06/2024 CV Luxembourg 40 427 705 3.32
BNP PARIBAS INSTICASH USD 1D
Jersey Island 9 759 012 0.80 308 253.60
SHORT TERM XCA
USD 40 427 705 3.32
CORNWALL JERSEY 0.750% 21-
5 900 000 GBP 6 969 756 0.57
16/04/2026 CV Total securities portfolio 1 198 226 574 98.61
NOVOCURE LTD 0.000% 20-
3 000 000 USD 2 789 256 0.23
01/11/2025 CV
British Virgin Islands 8 646 645 0.71
ADM AG HOLDING 0.000% 20-
3 000 000 USD 3 089 520 0.25
26/08/2023 CV
CRYSTAL IDEA GRP 2.250% 21-
50 000 000 HKD 5 557 125 0.46
31/10/2022 CV
China 8 552 528 0.71
4 565 000 LI AUTO INC 0.250% 21-01/05/2028 CV USD 6 025 800 0.50
LUYE PHARMA 1.500% 19-
1 300 000 USD 1 301 300 0.11
09/07/2024 CV
WUXI APPTEC CO 0.000% 19-
600 000 USD 1 225 428 0.10
17/09/2024 CV
Ireland 7 004 375 0.58
JAZZ INVT I LTD 1.500% 17-
7 000 000 USD 7 004 375 0.58
15/08/2024 CV
Vietnam 5 056 250 0.42
VINGROUP JSC 3.000% 21-
5 000 000 USD 5 056 250 0.42
20/04/2026 CV
South Korea 4 806 000 0.40
KAKAO CORP 0.000% 20-
4 000 000 USD 4 806 000 0.40
28/04/2023 CV
Israel 4 573 125 0.38
CAMTEK LTD 0.000% 21-
750 000 USD 793 125 0.07
01/12/2026 CV
CYBERARK SFTWARE 0.000% 19-
3 000 000 USD 3 780 000 0.31
15/11/2024 CV
Cayman Islands 4 473 165 0.37
TRANSOCEAN INC 0.500% 18-
5 000 000 USD 4 473 165 0.37
30/01/2023 CV
Belgium 4 029 850 0.33
3 600 000 UMICORE SA 0.000% 20-23/06/2025 CV EUR 4 029 850 0.33
Luxembourg 3 447 332 0.29
CITIGROUP GLOB L 0.000% 20-
24 000 000 HKD 3 255 145 0.27
25/07/2024 CV
ESPIRITO SANTO 5.050% 05-31/12/2049
33 800 000 EUR 192 187 0.02
CV SR DFLT
Mauritius 1 477 282 0.12
HTA GROUP LTD 2.875% 21-
1 400 000 USD 1 477 282 0.12
18/03/2027 CV
Other transferable securities 20 726 684 1.71
Shares 0 0.00
United States of
America 0 0.00
97 581 ALDER BIOPHARMACEUTICALS INC. USD 0 0.00
The accompanying notes form an integral part of these financial statements
Page 186
BNP PARIBAS FUNDS Global Enhanced Bond 36M
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an Ireland 405 895 3.64
official stock exchange listing and/or 10 041 290 90.07 100 000 AIB GROUP PLC 2.250% 18-03/07/2025 EUR 106 754 0.96
traded on another regulated market 100 000 FCA BANK IE 0.125% 20-16/11/2023 EUR 100 116 0.90
6 585 849 59.08 100 000 FCA BANK IE 0.500% 19-13/09/2024 EUR 100 846 0.90
Bonds HAMMERSON IRLND 1.750% 21-
100 000 EUR 98 179 0.88
03/06/2027
France 1 659 612 14.89
AIR FRANCE-KLM 3.000% 21- The Netherlands 321 532 2.89
100 000 EUR 97 902 0.88
01/07/2024
AIR FRANCE-KLM 3.750% 16- 100 000 EASYJET FINCO 1.875% 21-03/03/2028 EUR 100 228 0.90
100 000 EUR 101 157 0.91 HEIMSTADEN BOST 0.250% 21-
12/10/2022 122 000 EUR 122 108 1.10
100 000 AUCHAN SA 3.250% 20-23/07/2027 EUR 112 208 1.01 13/10/2024
LEASEPLAN CORP 0.250% 21-
100 000 BNP PARIBAS 1.000% 17-29/11/2024 EUR 101 885 0.91 100 000 EUR 99 196 0.89
23/02/2026
100 000 CARMILA SA 1.625% 20-30/05/2027 EUR 102 463 0.92
United Kingdom 317 200 2.85
CASINO GUICHARD 2.798% 14- HEATHROW FNDG 1.500% 20-
100 000 EUR 95 100 0.85 100 000 EUR 103 535 0.93
05/08/2026 12/10/2025
CNP ASSURANCES 0.375% 20- ROLLS-ROYCE PLC 4.625% 20-
100 000 EUR 96 411 0.86 100 000 EUR 110 458 0.99
08/03/2028 16/02/2026
CNP ASSURANCES 1.875% 16- STANDARD CHARTERED 3.625% 12-
100 000 EUR 101 461 0.91 100 000 EUR 103 207 0.93
20/10/2022 23/11/2022
CREDIT AGRICOLE SA 2.800% 15-
100 000 EUR 107 337 0.96
16/10/2025 Germany 309 500 2.78
100 000 GROUPAMA SA 6.000% 17-23/01/2027 EUR 122 854 1.10 COMMERZBANK AG 4.000% 16-
100 000 EUR 110 446 0.99
23/03/2026
100 000 IMERYS SA 2.000% 14-10/12/2024 EUR 104 784 0.94
DT LUFTHANSA AG 2.875% 21-
100 000 JCDECAUX SA 2.000% 20-24/10/2024 EUR 104 529 0.94 100 000 EUR 100 226 0.90
11/02/2025
100 000 MERCIALYS 1.800% 18-27/02/2026 EUR 103 496 0.93 100 000 VONOVIA SE 0.000% 21-01/12/2025 EUR 98 828 0.89
100 000 RCI BANQUE 1.625% 17-11/04/2025 EUR 103 360 0.93
Luxembourg 214 568 1.92
100 000 RENAULT 1.250% 19-24/06/2025 EUR 98 150 0.88 114 000 CNH IND FIN 0.000% 20-01/04/2024 EUR 113 681 1.02
100 000 VALEO SA 3.250% 14-22/01/2024 EUR 106 515 0.96 100 000 ESM 0.000% 21-15/12/2026 EUR 100 887 0.90
United States of Japan 199 656 1.79
America 1 411 062 12.66 100 000 ASAHI GROUP 0.010% 21-19/04/2024 EUR 99 954 0.90
764 536 FHR 5039 CI 2.000% 20-25/11/2050 USD 77 208 0.69 100 000 NTT FINANCE 0.082% 21-13/12/2025 EUR 99 702 0.89
647 485 FHR 5050 IE 2.000% 20-25/12/2050 USD 58 695 0.53
618 172 FHR 5053 MI 2.000% 20-25/12/2050 USD 55 975 0.50
Romania 107 330 0.96
100 000 ROMANIA 3.625% 14-24/04/2024 EUR 107 330 0.96
467 576 FHR 5065 NI 2.500% 20-25/01/2051 USD 64 040 0.57
727 146 FNR 2020-100 BI 2.000% 20-25/01/2051 USD 73 055 0.66 Finland 104 408 0.94
548 534 FNR 2020-62 HI 2.000% 20-25/09/2050 USD 60 705 0.54 100 000 NOKIA OYJ 2.000% 19-11/03/2026 EUR 104 408 0.94
509 157 FNR 2020-68 QI 3.000% 20-25/10/2050 USD 71 375 0.64 Mexico 102 925 0.92
476 961 FNR 2020-70 QI 2.500% 20-25/10/2050 USD 61 396 0.55 AMERICA MOVIL SA 1.500% 16-
100 000 EUR 102 925 0.92
10/03/2024
711 666 FNR 2020-75 KI 2.000% 20-25/11/2050 USD 65 746 0.59
506 627 FNR 2020-89 TI 2.500% 20-25/12/2050 USD 68 932 0.62 Cyprus 97 463 0.87
AROUNDTOWN SA 0.000% 20-
771 765 FNR 2021-10 BI 2.000% 21-25/03/2051 USD 73 872 0.66 100 000 EUR 97 463 0.87
16/07/2026
663 089 FNR 2021-18 LI 2.000% 21-25/04/2051 USD 68 044 0.61
Floating rate bonds 259 626 2.33
639 180 FNR 2021-2 NI 2.000% 21-25/02/2051 USD 70 091 0.63
100 000
FORD MOTOR CRED 3.250% 20-
EUR 107 173 0.96 Italy 157 096 1.41
15/09/2025
161 000 ENEL SPA 21-31/12/2061 FRN EUR 157 096 1.41
656 579 GNR 2020-127 IK 2.500% 20-20/08/2050 USD 59 100 0.53
673 060 GNR 2021-7 AI 2.000% 21-20/01/2051 USD 61 916 0.56 France 102 530 0.92
LA BANQUE POSTALE 15-
100 000 HJ HEINZ CO 2.000% 15-30/06/2023 EUR 102 332 0.92 100 000 EUR 102 530 0.92
19/11/2027 FRN
100 000 MYLAN INC 2.125% 18-23/05/2025 EUR 105 817 0.95
Floating rate notes 1 221 112 10.96
100 000 MYLAN NV 2.250% 16-22/11/2024 EUR 105 590 0.95
United States of
Italy 828 135 7.42
100 000 ASSICURAZIONI 1.713% 21-30/06/2032 EUR 98 553 0.88
America 1 221 112 10.96
AUTOSTRADE PER L 1.625% 15- 79 391 CAS 2017-C07 1M2 17-25/05/2030 FRN USD 70 923 0.64
75 000 EUR 75 910 0.68
12/06/2023 70 427 CAS 2018-C01 1M2 18-25/07/2030 FRN USD 62 630 0.56
INTESA SANPAOLO 0.625% 21-
300 000 EUR 297 749 2.67 71 495 CAS 2018-C03 1M2 18-25/10/2030 FRN USD 63 625 0.57
24/02/2026
100 000 ITALY BTPS 0.000% 21-01/08/2026 EUR 98 074 0.88 23 829 CAS 2019-R01 2M2 19-25/07/2031 FRN USD 21 048 0.19
100 000 POSTE ITALIANE 0.000% 20-10/12/2024 EUR 99 639 0.89 86 CWL 2005-7 AF6 05-25/10/2035 FRN USD 76 0.00
150 000 UNICREDIT SPA 6.950% 12-31/10/2022 EUR 158 210 1.42 313 544 FNR 2006-8 WN 06-25/03/2036 FRN USD 53 693 0.48
212 796 FNR 2013-26 DS 13-25/11/2038 FRN USD 2 142 0.02
Spain 506 563 4.55
150 000 FREMF 2017-K728 B 17-25/11/2050 FRN USD 138 236 1.24
AMADEUS IT GROUP SA 0.875% 18-
100 000 EUR 101 315 0.91 861 443 GNR 2003-98 SC 6.508% 03-20/11/2033 USD 120 193 1.08
18/09/2023
100 000 ARVAL SERVICE 0.000% 21-30/09/2024 EUR 99 983 0.90 293 056 GNR 2006-20 S 06-20/02/2036 FRN USD 6 714 0.06
BANCO SABADELL 2.500% 21- 311 878 GNR 2014-131 BS 6.110% 14-16/09/2044 USD 61 887 0.56
100 000 EUR 99 065 0.89
15/04/2031
GNR 2018-124 JS 6.029% 18-
100 000 CAIXABANK 1.750% 18-24/10/2023 EUR 103 033 0.92 817 638 USD 121 831 1.09
20/03/2037 FRN
INMOBILIARIA COLONIAL 1.450% 16-
100 000 EUR 103 167 0.93
28/10/2024
The accompanying notes form an integral part of these financial statements
Page 187
BNP PARIBAS FUNDS Global Enhanced Bond 36M
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
516 683 GNR 2021-116 IE 3.500% 21-20/09/2050 USD 41 661 0.37
579 919 GNR 2021-83 TI 2.500% 21-20/05/2051 USD 30 720 0.28
STACR 2016-DNA4 M3 16-
74 597 USD 67 590 0.61
25/03/2029 FRN
STACR 2018-DNA3 M2 18-
100 000 USD 88 906 0.80
25/09/2048 FRN
STACR 2018-HRP1 B1 18-
100 000 USD 90 060 0.81
25/04/2043 FRN
STACR 2020-DNA5 M2 20-
70 847 USD 62 790 0.56
25/10/2050 FRN
STACR 2020-DNA6 M2 20-
100 000 USD 88 403 0.79
25/12/2050 FRN
STACR 2020-HQA4 M2 20-
31 724 USD 27 984 0.25
25/09/2050 FRN
To be Announced ("TBA") 1 974 703 17.70
Mortgage Backed Securities
United States of
America 1 974 703 17.70
2 200 000 FNCL 2.5 1/15 2.500% 15-25/03/2044 USD 1 974 703 17.70
Other transferable securities 8 0.00
Floating rate notes 8 0.00
United States of
America 8 0.00
VENDE 1994 - 3A 1IO 94 -
882 617 USD 8 0.00
15/09/2024 FRN
Shares/Units in investment funds 967 563 8.67
Luxembourg 967 563 8.67
645.37 BNP PARIBAS FLEXI ABS OPP XCA EUR 967 563 8.67
Total securities portfolio 11 008 861 98.74
The accompanying notes form an integral part of these financial statements
Page 188
BNP PARIBAS FUNDS Global Environment
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an Switzerland 130 435 297 3.19
official stock exchange listing and/or 4 055 161 741 99.15 45 697 FISCHER (GEORG) - REG CHF 61 082 223 1.49
traded on another regulated market 488 833 TE CONNECTIVITY LTD USD 69 353 074 1.70
Shares 4 055 161 741 99.15 Hong Kong 20 696 894 0.51
VITASOY INTERNATIONAL
11 648 000 HKD 20 696 894 0.51
United States of HOLDINGS
America 2 020 504 048 49.40 Total securities portfolio 4 055 161 741 99.15
960 461 AGILENT TECHNOLOGIES INC USD 134 837 846 3.30
825 289 AMERICAN WATER WORKS CO INC USD 137 059 516 3.35
289 866 ANSYS INC USD 102 243 273 2.50
400 333 AUTODESK INC USD 98 988 424 2.42
196 831 DEERE & CO USD 59 348 735 1.45
459 753 ECOLAB INC USD 94 841 238 2.32
115 342 EQUINIX INC USD 85 790 430 2.10
622 199 HUBBELL INC USD 113 951 271 2.79
521 125 IDEX CORP USD 108 294 284 2.65
METTLER - TOLEDO
42 361 USD 63 221 520 1.55
INTERNATIONAL
307 146 MICROSOFT CORP USD 90 836 566 2.22
815 148 PTC INC USD 86 840 644 2.12
281 356 ROCKWELL AUTOMATION INC USD 86 309 392 2.11
588 575 TEXAS INSTRUMENTS INC USD 97 545 489 2.38
618 651 TRANE TECHNOLOGIES PLC USD 109 906 843 2.69
987 900 TRIMBLE INC USD 75 743 054 1.85
502 165 VERISK ANALYTICS INC USD 101 002 638 2.47
991 958 WASTE MANAGEMENT INC USD 145 583 707 3.56
277 485 WATERS CORP USD 90 917 087 2.22
2 087 725 WESTROCK CO USD 81 438 165 1.99
529 188 XYLEM INC USD 55 803 926 1.36
United Kingdom 743 577 631 18.17
542 729 APTIV PLC USD 78 722 431 1.92
516 971 CRODA INTERNATIONAL PLC GBP 62 312 369 1.52
451 570 FERGUSON PLC GBP 70 483 860 1.72
2 264 701 HALMA PLC GBP 86 315 426 2.11
1 524 827 INTERTEK GROUP PLC GBP 102 248 404 2.50
498 899 LINDE PLC USD 151 981 693 3.72
4 138 329 PENNON GROUP PLC GBP 57 520 604 1.41
1 435 887 PENTAIR PLC USD 92 211 421 2.25
218 565 SPIRAX-SARCO ENGINEERING PLC GBP 41 781 423 1.02
Germany 268 914 957 6.58
2 344 015 GEA GROUP AG EUR 112 723 681 2.76
439 493 SAP SE EUR 54 892 676 1.34
663 470 SIEMENS AG - REG EUR 101 298 600 2.48
France 265 780 620 6.49
526 319 AIR LIQUIDE SA EUR 80 695 229 1.97
766 140 SCHNEIDER ELECTRIC SE EUR 132 128 504 3.23
1 641 565 VEOLIA ENVIRONNEMENT EUR 52 956 887 1.29
The Netherlands 175 656 713 4.30
84 896 ASML HOLDING NV EUR 59 996 003 1.47
584 145 KONINKLIJKE DSM NV EUR 115 660 710 2.83
Japan 154 747 514 3.79
99 300 KEYENCE CORP JPY 55 032 679 1.35
5 097 400 KUBOTA CORP JPY 99 714 835 2.44
Denmark 142 156 244 3.48
713 525 ORSTED A/S DKK 80 124 782 1.96
2 306 826 VESTAS WIND SYSTEMS A/S DKK 62 031 462 1.52
Taiwan 132 691 823 3.24
DELTA ELECTRONIC
7 468 525 TWD 65 436 148 1.60
INDUSTRIAL CO
1 776 000 MEDIATEK INC TWD 67 255 675 1.64
The accompanying notes form an integral part of these financial statements
Page 189
BNP PARIBAS FUNDS Global High Yield Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
MASONITE INTERNATIONAL 5.375%
Transferable securities admitted to an 700 000
19-01/02/2028
USD 647 547 0.63
official stock exchange listing and/or 100 936 976 97.89 600 000 MATTEL INC 3.750% 21-01/04/2029 USD 548 600 0.53
traded on another regulated market 1 250 000
MATTHEWS INTERNA 5.250% 17-
USD 1 128 249 1.09
01/12/2025
Bonds 97 512 901 94.54 2 380 000 MERITOR INC 4.500% 20-15/12/2028 USD 2 108 404 2.03
118 000 MGM RESORTS 5.500% 19-15/04/2027 USD 111 284 0.11
United States of
MPT OP PTNR/FINL 2.500% 21-
America 62 130 986 60.17 131 000
24/03/2026
GBP 155 527 0.15
ADAPTHEALTH LLC 4.625% 21- MPT OP PTNR/FINL 3.692% 19-
1 500 000 USD 1 321 509 1.28 240 000 GBP 298 707 0.29
01/08/2029 05/06/2028
ADVANTAGE SALES 6.500% 20- NEW ENTERPRISE 5.250% 21-
1 300 000 USD 1 200 308 1.16 1 000 000 USD 893 697 0.87
15/11/2028 15/07/2028
AMER AXLE & MFG 6.875% 20- NEXSTAR BROADC 4.750% 20-
500 000 USD 475 008 0.46 1 000 000 USD 898 521 0.87
01/07/2028 01/11/2028
1 750 000 ATKORE INC 4.250% 21-01/06/2031 USD 1 582 933 1.54 NGL ENRGY PART/F 7.500% 17-
175 000 USD 152 733 0.15
AVIS BUDGET CAR 5.375% 21- 01/11/2023
750 000 USD 695 669 0.67
01/03/2029 500 000 NOVELIS CORP 4.750% 20-30/01/2030 USD 463 126 0.45
BANFF MERGER SUB 8.375% 18- OLYMPUS WTR HLDG 3.875% 21-
210 000 EUR 218 400 0.21 100 000 EUR 100 222 0.10
01/09/2026 01/10/2028
BEACON ROOFING S 4.125% 21- OLYMPUS WTR HLDG 5.375% 21-
1 000 000 USD 877 154 0.85 100 000 EUR 96 592 0.09
15/05/2029 01/10/2029
BLOOMIN BRANDS 5.125% 21- OPTION CARE HEAL 4.375% 21-
750 000 USD 668 195 0.65 500 000 USD 441 765 0.43
15/04/2029 31/10/2029
BOXER PARENT CO 6.500% 20-
210 000 EUR 220 045 0.21 100 000 ORGANON FIN 1 2.875% 21-30/04/2028 EUR 100 551 0.10
02/10/2025
BOYD GAMING CORP 4.750% 20- 1 250 000 ORGANON FIN 1 4.125% 21-30/04/2028 USD 1 124 734 1.09
1 450 000 USD 1 309 593 1.27
01/12/2027 OUTFRONT MEDIA C 4.625% 19-
BOYD GAMING CORP 4.750% 21- 250 000 USD 220 160 0.21
1 000 000 USD 902 453 0.88 15/03/2030
15/06/2031 OWENS-BROCKWAY 5.375% 14-
300 000 USD 275 182 0.27
1 000 000 BOYNE USA 4.750% 21-15/05/2029 USD 906 305 0.88 15/01/2025
BUILDERS FIRSTSO 4.250% 21- OWENS-BROCKWAY 6.375% 15-
2 150 000 USD 1 966 115 1.90 500 000 USD 476 067 0.46
01/02/2032 15/08/2025
OWENS-BROCKWAY 6.625% 20-
1 000 000 CABLE ONE INC 4.000% 20-15/11/2030 USD 867 393 0.84 300 000 USD 278 810 0.27
13/05/2027
CATALENT PHARMA 2.375% 20- PARK-OHIO INDUST 6.625% 17-
160 000 EUR 159 805 0.15 1 250 000 USD 1 063 467 1.03
01/03/2028 15/04/2027
CCO HOLDINGS LLC 4.750% 19- PATRICK INDS INC 4.750% 21-
1 000 000 USD 916 562 0.89 1 000 000 USD 879 499 0.85
01/03/2030 01/05/2029
500 000 CEDAR FAIR LP 5.250% 20-15/07/2029 USD 451 899 0.44 PENN NATIONAL GAMING 4.125% 21-
600 000 USD 513 697 0.50
CLEVELAND-CLIFFS 4.875% 21- 01/07/2029
1 000 000 USD 915 916 0.89 PENN NATIONAL GAMING 5.625% 17-
01/03/2031 415 000 USD 375 206 0.36
104 000 COTY INC 4.000% 18-15/04/2023 EUR 104 028 0.10 15/01/2027
PERFORMANCE FOOD 5.500% 19-
125 000 COTY INC 4.000% 18-15/04/2023 EUR 125 041 0.12 500 000 USD 459 642 0.45
15/10/2027
900 000 DANA INC 4.250% 21-01/09/2030 USD 806 168 0.78 PITNEY BOWES INC 6.875% 21-
1 200 000 USD 1 095 586 1.06
15/03/2027
EMERGENT BIOSOLU 3.875% 20-
150 000 USD 126 631 0.12 PRESTIGE BRANDS 3.750% 21-
15/08/2028 500 000 USD 426 904 0.41
01/04/2031
ENERGIZER HLDGS 4.375% 20-
600 000 USD 515 057 0.50 108 000 QUINTILES IMS 2.875% 17-15/09/2025 EUR 108 704 0.11
31/03/2029
FORD MOTOR CO 9.000% 20- RAYONIER AM PROD 7.625% 20-
750 000 USD 804 752 0.78 1 283 000 USD 1 195 902 1.16
22/04/2025 15/01/2026
FORD MOTOR CRED 2.330% 19- RITCHIE BROS HLD 4.750% 21-
335 000 EUR 348 580 0.34 700 000 USD 642 092 0.62
25/11/2025 15/12/2031
FORD MOTOR CRED 2.386% 19- 750 000 RITE AID CORP 8.000% 20-15/11/2026 USD 674 690 0.65
200 000 EUR 209 220 0.20
17/02/2026 SCIENTIFIC GAMES 3.375% 18-
FORD MOTOR CRED 2.748% 20- 100 000 EUR 100 542 0.10
373 000 GBP 446 413 0.43 15/02/2026
14/06/2024 SCIENTIFIC GAMES 5.500% 18-
FORD MOTOR CRED 3.250% 20- 245 000 EUR 249 747 0.24
174 000 EUR 186 481 0.18 15/02/2026
15/09/2025 SCIENTIFIC GAMES 7.250% 19-
FOXTROT ESCROW 12.250% 19- 700 000 USD 689 413 0.67
750 000 USD 742 444 0.72 15/11/2029
15/11/2026 SIRIUS XM RADIO 3.875% 21-
GAMMA BONDCO 8.125% 21- 500 000 USD 432 092 0.42
260 000 EUR 253 936 0.25 01/09/2031
15/11/2026 SIRIUS XM RADIO 4.125% 20-
GENESIS ENERGY 7.750% 20- 300 000 USD 263 806 0.26
800 000 USD 714 386 0.69 01/07/2030
01/02/2028 SPECIALTY BUILD 6.375% 20-
GRAY ESCROW INC 7.000% 18- 150 000 USD 138 145 0.13
375 000 USD 352 357 0.34 30/09/2026
15/05/2027
800 000 STERICYCLE INC 3.875% 20-15/01/2029 USD 693 787 0.67
2 000 000 GRAY TELE INC 4.750% 20-15/10/2030 USD 1 755 424 1.70
SUMMIT MATERIALS 5.250% 20-
GREAT LAKES DRED 5.250% 21- 150 000 USD 138 034 0.13
500 000 USD 454 874 0.44 15/01/2029
01/06/2029 SWF ESCROW ISSUE 6.500% 21-
500 000 HARSCO CORP 5.750% 19-31/07/2027 USD 449 597 0.44 500 000 USD 421 332 0.41
01/10/2029
HERTZ CORP/THE 5.000% 21- SYNEOS HEALTH IN 3.625% 20-
875 000 USD 772 252 0.75 2 500 000 USD 2 173 065 2.10
01/12/2029 15/01/2029
HILCORP ENERGY I 6.000% 21- TAYLOR MORRISON 5.750% 19-
1 000 000 USD 911 966 0.88 175 000 USD 171 516 0.17
01/02/2031 15/01/2028
HILCORP ENERGY I 6.250% 18- TENET HEALTHCARE 6.250% 19-
400 000 USD 374 228 0.36 1 500 000 USD 1 366 142 1.32
01/11/2028 01/02/2027
300 000 HJ HEINZ CO 4.125% 15-01/07/2027 GBP 391 924 0.38 242 000 TENNECO INC 5.000% 16-15/07/2026 USD 205 006 0.20
IRON MOUNTAIN 4.500% 20- 1 000 000 TENNECO INC 5.125% 21-15/04/2029 USD 862 692 0.84
500 000 USD 442 774 0.43
15/02/2031 TERRAFORM POWER 4.750% 19-
KRATON POLYMERS 5.250% 18- 600 000 USD 550 563 0.53
121 000 EUR 124 069 0.12 15/01/2030
15/05/2026
150 000 TOPBUILD CORP 4.125% 21-15/02/2032 USD 135 424 0.13
195 000 L BRANDS INC 6.694% 18-15/01/2027 USD 197 602 0.19
1 000 000 MANITOWOC CO 9.000% 19-01/04/2026 USD 931 353 0.90
The accompanying notes form an integral part of these financial statements
Page 190
BNP PARIBAS FUNDS Global High Yield Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
TREEHOUSE FOODS 4.000% 20- VIRGIN MEDIA SEC 5.250% 19-
75 000 USD 63 560 0.06 230 000 GBP 284 898 0.28
01/09/2028 15/05/2029
2 000 000 TRONOX INC 4.625% 21-15/03/2029 USD 1 756 507 1.69 100 000 VMED O2 UK FIN 4.500% 21-15/07/2031 GBP 118 514 0.11
UNITED AIRLINES 4.625% 21- 200 000 WILLIAM HILL 4.750% 19-01/05/2026 GBP 245 728 0.24
125 000 USD 113 608 0.11
15/04/2029
120 000 VIASAT INC 5.625% 17-15/09/2025 USD 106 126 0.10 The Netherlands 6 810 064 6.64
VIAVI SOLUTIONS 3.750% 21- ASHLAND SERVICES 2.000% 20-
600 000 USD 527 668 0.51 150 000 EUR 152 458 0.15
01/10/2029 30/01/2028
VM CONSOLIDATED 5.500% 21- AXALTA COATING 3.750% 16-
1 000 000 USD 886 948 0.86 100 000 EUR 100 411 0.10
15/04/2029 15/01/2025
WABASH NATIONAL 4.500% 21- 190 000 DUFRY ONE BV 2.000% 19-15/02/2027 EUR 175 722 0.17
1 000 000 USD 886 476 0.86
15/10/2028
200 000 DUFRY ONE BV 2.500% 17-15/10/2024 EUR 196 428 0.19
WHITE CAP BUYER 6.875% 20-
1 125 000 USD 1 036 839 1.01
15/10/2028 196 000 INTERTRUST 3.375% 18-15/11/2025 EUR 199 246 0.19
WILLIAMS SCOTSM 4.625% 20- 108 000 IPD 3 BV 5.500% 20-01/12/2025 EUR 110 760 0.11
500 000 USD 451 768 0.44
15/08/2028
WOLVERINE WORLD 4.000% 21- 200 000 METINVEST BV 7.750% 19-17/10/2029 USD 173 705 0.17
750 000 USD 639 136 0.62
15/08/2029 NOBIAN FINANCE B 3.625% 21-
245 000 EUR 242 487 0.24
WYNDHAM HOTELS & 4.375% 20- 15/07/2026
750 000 USD 680 460 0.66
15/08/2028 OI EUROPEAN GRP 2.875% 19-
150 000 EUR 151 172 0.15
YUM! BRANDS INC 4.750% 19- 15/02/2025
250 000 USD 237 898 0.23
15/01/2030 OI EUROPEAN GRP 3.125% 16-
116 000 EUR 119 002 0.12
15/11/2024
United Kingdom 9 447 708 9.19 OI EUROPEAN GRP 4.750% 21-
BELLIS ACQUISITI 4.500% 21- 900 000 USD 801 780 0.78
118 000 GBP 140 225 0.14 15/02/2030
16/02/2026 203 000 PROMONTORIA 6.750% 18-15/08/2023 EUR 202 202 0.20
CONSTELLATION 4.875% 21-
228 000 GBP 266 167 0.26 Q-PARK HOLDING 2.000% 20-
15/07/2027 311 000 EUR 293 256 0.28
01/03/2027
200 000 DEUCE FINCO 5.500% 21-15/06/2027 GBP 236 421 0.23 SELECTA GROUP BV 8.000% 20-
163 025 EUR 168 516 0.16
100 000 EC FINANCE 3.000% 21-15/10/2026 EUR 102 169 0.10 01/04/2026
SENSATA TECH BV 4.375% 19-
424 350 ENQUEST PLC 7.000% 16-15/10/2023 USD 348 634 0.34 650 000 USD 607 795 0.59
15/02/2030
GATWICK AIRPORT 4.375% 21- TEVA PHARMACEUTI 3.750% 21-
169 000 GBP 197 143 0.19 206 000 EUR 204 816 0.20
07/04/2026 09/05/2027
HEATHROW FINANCE 4.750% 18- TEVA PHARMACEUTI 4.375% 21-
125 000 GBP 151 877 0.15 206 000 EUR 203 335 0.20
01/03/2024 09/05/2030
203 000 HEINZ (H.J) FIN 6.250% 00-18/02/2030 GBP 305 589 0.30 TRIVIUM PACK FIN 5.500% 19-
500 000 USD 459 024 0.45
ICELAND BONDCO 4.625% 17- 15/08/2026
225 000 GBP 251 571 0.24
15/03/2025 100 000 UNITED GROUP 4.875% 17-01/07/2024 EUR 100 907 0.10
INEOS QUATTRO FI 2.500% 21- UPC HOLDING BV 3.875% 17-
100 000 EUR 99 360 0.10 475 000 EUR 483 535 0.47
15/01/2026 15/06/2029
INEOS QUATTRO FI 3.375% 21-
1 000 000 USD 882 593 0.86 100 000 ZF EUROPE 2.000% 19-23/02/2026 EUR 100 243 0.10
15/01/2026
INEOS QUATTRO FI 3.750% 21- 300 000 ZF EUROPE 2.500% 19-23/10/2027 EUR 303 862 0.29
100 000 EUR 100 478 0.10
15/07/2026 250 000 ZIGGO 5.125% 20-28/02/2030 USD 222 278 0.22
INTERNATIONAL GAME TECH 2.375%
200 000 EUR 196 064 0.19 1 150 000 ZIGGO BV 4.875% 19-15/01/2030 USD 1 037 124 1.01
19-15/04/2028
INTERNATIONAL GAME TECH 5.250%
500 000 USD 466 318 0.45 France 4 104 821 3.96
20-15/01/2029
JAGUAR LAND ROVER 3.875% 15- 200 000 ACCOR 2.375% 21-29/11/2028 EUR 200 232 0.19
450 000 GBP 539 922 0.52
01/03/2023
170 000 CAB 3.375% 21-01/02/2028 EUR 169 602 0.16
JAGUAR LAND ROVER 4.500% 18-
155 000 EUR 160 945 0.16 CASINO GUICHARD 2.798% 14-
15/01/2026 200 000 EUR 190 200 0.18
JAGUAR LAND ROVER 4.500% 21- 05/08/2026
256 000 EUR 260 121 0.25 CHROME BIDCO SAS 3.500% 21-
15/07/2028 100 000 EUR 100 718 0.10
JAGUAR LAND ROVER 5.000% 14- 31/05/2028
100 000 GBP 119 513 0.12 ELIOR PARTICIPAT 3.750% 21-
15/02/2022 112 000 EUR 114 541 0.11
KCA DEUTAG UK FI 9.875% 20- 15/07/2026
325 000 USD 307 938 0.30
01/12/2025 600 000 ERAMET 5.875% 19-21/05/2025 EUR 620 250 0.60
LADBROKES GROUP 5.125% 16- 160 000 FAURECIA 2.750% 21-15/02/2027 EUR 162 783 0.16
200 000 GBP 244 824 0.24
08/09/2023
MAISON FINCO PLC 6.000% 21- 100 000 FAURECIA 3.125% 19-15/06/2026 EUR 102 378 0.10
196 000 GBP 237 481 0.23
31/10/2027 112 000 GETLINK SE 3.500% 20-30/10/2025 EUR 115 102 0.11
NEPTUNE ENERGY 6.625% 18-
1 000 000 USD 899 395 0.87 153 000 ILIAD HOLDING 5.125% 21-15/10/2026 EUR 159 547 0.15
15/05/2025
OCADO GROUP PLC 3.875% 21- 146 000 ILIAD HOLDING 5.625% 21-15/10/2028 EUR 153 672 0.15
130 000 GBP 150 262 0.15
08/10/2026 LABORATOIRE EIME 5.000% 21-
PINNACLE BIDCO P 6.375% 18- 101 000 EUR 102 166 0.10
154 000 GBP 184 911 0.18 01/02/2029
15/02/2025
100 000 ORANO SA 2.750% 20-08/03/2028 EUR 103 948 0.10
170 000 RAC BOND CO 5.250% 21-04/11/2027 GBP 197 381 0.19
STONEGATE PUB 8.250% 20- 205 000 QUATRIM 5.875% 19-15/01/2024 EUR 210 316 0.20
450 000 GBP 543 911 0.53
31/07/2025 300 000 RENAULT 1.125% 19-04/10/2027 EUR 278 886 0.27
SYNTHOMER PLC 3.875% 20-
220 000 EUR 226 811 0.22 200 000 RENAULT 2.500% 21-01/04/2028 EUR 198 822 0.19
01/07/2025
TALKTALK TELECOM 3.875% 20- 100 000 RENAULT 2.500% 21-02/06/2027 EUR 100 215 0.10
170 000 GBP 192 860 0.19
20/02/2025 RUBIS TERMINAL 5.625% 20-
100 000 EUR 103 940 0.10
215 000 TI AUTOMOTIVE 3.750% 21-15/04/2029 EUR 216 618 0.21 15/05/2025
TEREOS FIN GROUP 4.125% 16-
100 000 VICTORIA PLC 3.625% 21-24/08/2026 EUR 101 282 0.10 500 000 EUR 505 700 0.49
16/06/2023
VIRGIN MEDIA SEC 4.125% 20-
250 000 GBP 293 221 0.28 400 000 VALLOUREC SA 8.500% 21-30/06/2026 EUR 411 803 0.40
15/08/2030
VIRGIN MEDIA SEC 4.250% 19-
150 000 GBP 176 563 0.17
15/01/2030
The accompanying notes form an integral part of these financial statements
Page 191
BNP PARIBAS FUNDS Global High Yield Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Canada 3 321 134 3.22 Spain 1 349 221 1.32
MERCER INTERNATIONAL INC EDREAMS ODIGEO SA 5.500% 18-
1 925 000 USD 1 726 186 1.67 271 000 EUR 268 616 0.26
5.125% 21-01/02/2029 01/09/2023
OPEN TEXT CORP 4.125% 21- GRIFOLS ESCROW 3.875% 21-
600 000 USD 534 817 0.52 160 000 EUR 160 389 0.16
01/12/2031 15/10/2028
RESOLUTE FOREST 4.875% 21- 218 000 GRIFOLS SA 3.200% 17-01/05/2025 EUR 217 642 0.21
500 000 USD 447 233 0.43
01/03/2026
LORCA TELECOM 4.000% 20-
TASEKO MINES LTD 7.000% 21- 160 000 EUR 162 381 0.16
500 000 USD 458 999 0.45 18/09/2027
15/02/2026
MASARIA INVEST 5.000% 17-
135 000 TECK COMINCO 6.125% 05-01/10/2035 USD 153 899 0.15 120 000 EUR 118 710 0.12
15/09/2024
200 000 NH HOTEL GRP 4.000% 21-02/07/2026 EUR 198 902 0.19
Italy 2 422 595 2.36
OHL OPERACIONES 6.600% 21-
309 000 ALMAVIVA 4.875% 21-30/10/2026 EUR 308 899 0.30 240 000 EUR 222 581 0.22
31/03/2026
BRUNELLO BIDCO 3.500% 21-
200 000 EUR 198 136 0.19
15/02/2028 Poland 1 349 082 1.31
GAMMA BIDCO SPA 5.125% 21- AUTOSTRADE PER L 2.000% 20-
300 000 EUR 301 690 0.29 313 000 EUR 323 583 0.31
15/07/2025 04/12/2028
GUALA CLOSURES 3.250% 21- AUTOSTRADE PER L 2.000% 21-
100 000 EUR 97 989 0.10 757 000 EUR 779 675 0.76
15/06/2028 15/01/2030
205 000 KEDRION SPA 3.375% 21-15/05/2026 EUR 203 792 0.20 252 000 INPOST SA 2.250% 21-15/07/2027 EUR 245 824 0.24
117 000 NEXI 2.125% 21-30/04/2029 EUR 114 581 0.11
Mexico 399 083 0.39
200 000 PIAGGIO & C 3.625% 18-30/04/2025 EUR 203 205 0.20 PETROLEOS MEXICA 2.750% 15-
430 000 EUR 399 083 0.39
170 000 PRO-GEST SPA 3.250% 17-15/12/2024 EUR 160 889 0.16 21/04/2027
205 000 REKEEP SPA 7.250% 21-01/02/2026 EUR 218 136 0.21 Sweden 209 359 0.20
SHIBA BIDCO SPA 4.500% 21- VERISURE HOLDING 3.875% 20-
200 000 EUR 202 069 0.20 100 000 EUR 101 702 0.10
31/10/2028 15/07/2026
SOFIMA HOLDING 3.750% 20- 100 000 VOLVO CAR AB 2.500% 20-07/10/2027 EUR 107 657 0.10
200 000 EUR 198 222 0.19
15/01/2028
104 000
VERDE BIDCO SPA 4.625% 21-
EUR 106 225 0.10 Denmark 165 199 0.16
01/10/2026
131 000 TELE DANMARK 5.625% 11-23/02/2023 GBP 165 199 0.16
100 000 WEBUILD SPA 5.875% 20-15/12/2025 EUR 108 762 0.11
Greece 131 769 0.13
Luxembourg 2 195 516 2.12
132 000 MYTILINEOS SA 2.250% 21-30/10/2026 EUR 131 769 0.13
ALBION FINANCING 5.250% 21-
100 000 EUR 100 776 0.10
15/10/2026
Jersey Island 123 309 0.12
200 000 B&M EUROPEAN 3.625% 20-15/07/2025 GBP 242 203 0.23 AA BOND CO LTD 6.500% 21-
CIRSA FINANCE IN 4.500% 21- 102 000 GBP 123 309 0.12
180 000 EUR 175 970 0.17 31/01/2026
15/03/2027
422 000
CONS ENERGY FIN 5.000% 21-
EUR 401 695 0.39
Czech Republic 99 469 0.10
15/10/2028 SAZKA GROUP AS 3.875% 20-
100 000 EUR 99 469 0.10
CRYSTAL ALMOND S 4.250% 19- 15/02/2027
463 000 EUR 471 403 0.46
15/10/2024
DANA FIN LUX SAR 3.000% 21- Convertible bonds 117 626 0.11
166 000 EUR 167 465 0.16
15/07/2029
HSE FINANCE SARL 5.625% 21- France 117 626 0.11
100 000 EUR 102 172 0.10
15/10/2026 3 750 ELIS SA 0.000% 17-06/10/2023 CV FLAT EUR 117 626 0.11
INTRALOT CAPITAL 5.250% 17-
120 000 EUR 105 300 0.10 3 306 449 3.24
15/09/2024 Floating rate bonds
LUNE HOLDINGS SA 5.625% 21-
159 000 EUR 159 000 0.15
15/11/2028 The Netherlands 1 293 737 1.27
OLIVETTI FINANCE 7.750% 03- 200 000 ABERTIS FINANCE 20-31/12/2060 FRN EUR 203 757 0.20
80 000 EUR 106 333 0.10
24/01/2033
SUMMER BC HOLDCO 5.750% 19- 200 000 ABERTIS FINANCE 21-31/12/2061 FRN EUR 195 625 0.19
157 000 EUR 163 199 0.16
31/10/2026 170 000 IPD 3 BV 20-01/12/2025 FRN EUR 171 587 0.17
Ireland 1 658 868 1.60 REPSOL INTERNATIONAL FIN 20-
200 000 EUR 215 983 0.21
EIRCOM FINANCE 2.625% 19- 31/12/2060 FRN
110 000 EUR 107 929 0.10 213 000 UNITED GROUP 19-15/05/2025 FRN EUR 212 751 0.21
15/02/2027
JAZZ SECURITIES 4.375% 21- 300 000 WINTERSHALL FIN 21-20/07/2169 FRN EUR 294 034 0.29
1 600 000 USD 1 455 520 1.41
15/01/2029
100 000
MOTION BONDCO 4.500% 19-
EUR 95 419 0.09 France 914 730 0.89
15/11/2027
400 000 ELEC DE FRANCE 20-31/12/2060 FRN EUR 412 907 0.40
Germany 1 594 718 1.55 400 000 ELEC DE FRANCE 21-31/12/2061 FRN EUR 401 770 0.39
CHEPLAPHARM ARZN 3.500% 20-
200 000 EUR 203 453 0.20 100 000 RCI BANQUE 19-18/02/2030 FRN EUR 100 053 0.10
11/02/2027
CHEPLAPHARM ARZN 4.375% 20-
200 000
15/01/2028
EUR 208 276 0.20 Italy 489 431 0.48
100 000 CT INVESTMENT 5.500% 21-15/04/2026 EUR 100 901 0.10 100 000 BRUNELLO BIDCO 21-15/02/2028 FRN EUR 99 768 0.10
GRUENENTHAL GMBH 3.625% 21- CEDACRI MERGECO 21-
100 000 EUR 102 516 0.10 100 000 EUR 100 208 0.10
15/11/2026 15/05/2028 FRN
HAPAG-LLOYD AG 2.500% 21- 100 000 FABRIC BC SPA 18-30/11/2024 FRN EUR 89 655 0.09
114 000 EUR 118 097 0.11
15/04/2028 200 000 FABRIC BC SPA 20-31/08/2026 FRN EUR 199 800 0.19
200 000 MAHLE GMBH 2.375% 21-14/05/2028 EUR 193 970 0.19
NIDDA HEALTHCARE 3.500% 20- Sweden 324 906 0.32
232 000 EUR 229 699 0.22
30/09/2024 231 000 SAMHALLSBYGG 20-31/12/2060 FRN EUR 223 532 0.22
PLATIN 1426 GMBH 5.375% 17- VERISURE HOLDING 20-
216 000 EUR 215 229 0.21 100 000 EUR 101 374 0.10
15/06/2023 15/04/2025 FRN
200 000 SCHAEFFLER AG 3.375% 20-12/10/2028 EUR 222 577 0.22
The accompanying notes form an integral part of these financial statements
Page 192
BNP PARIBAS FUNDS Global High Yield Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
United States of
America 183 483 0.18
185 000 VIACOM INC 17-28/02/2057 FRN USD 183 483 0.18
Luxembourg 100 162 0.10
100 000 SES 21-31/12/2061 FRN EUR 100 162 0.10
Other transferable securities 0 0.00
Bonds 0 0.00
United States of
America 0 0.00
450 000 CONTRA GCB144A 5.000% 15/10/2025 USD 0 0.00
700 000 CONTRA GCB144A 7.250% 15/11/2029 USD 0 0.00
Total securities portfolio 100 936 976 97.89
The accompanying notes form an integral part of these financial statements
Page 193
BNP PARIBAS FUNDS Global Inflation-Linked Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
UK TREASURY I/L GILT 0.750% 07-
Transferable securities admitted to an 1 131 875
22/11/2047
GBP 2 852 597 0.49
official stock exchange listing and/or 569 589 800 98.17
1 874 870
UK TREASURY I/L GILT 0.750% 11-
GBP 3 383 204 0.58
22/03/2034
traded on another regulated market UK TREASURY I/L GILT 1.125% 07-
5 286 524 GBP 11 101 310 1.91
567 923 207 97.88 22/11/2037
Bonds UK TREASURY I/L GILT 1.250% 05-
4 469 026 GBP 14 787 112 2.55
22/11/2055
United States of UK TREASURY I/L STOCK 0.125% 15-
840 853 GBP 1 818 140 0.31
America 267 433 248 46.11 22/03/2046
US TREASURY INFL IX N/B 0.125% 14- 2 988 958 UK TSY I/L GILT 0.125% 18-10/08/2028 GBP 4 428 637 0.76
2 871 756 USD 2 693 980 0.46
15/07/2024
US TREASURY INFL IX N/B 0.125% 16- 2 812 042 UK TSY I/L GILT 0.125% 18-10/08/2041 GBP 5 629 529 0.97
4 479 351 USD 4 283 382 0.74
15/07/2026 7 304 306 UK TSY I/L GILT 0.125% 21-10/08/2031 GBP 11 714 892 2.02
US TREASURY INFL IX N/B 0.125% 20-
1 867 172 USD 1 834 235 0.32 869 569 UK TSY I/L GILT 0.125% 21-22/03/2051 GBP 2 077 222 0.36
15/07/2030
US TREASURY INFL IX N/B 0.250% 15-
3 657 621
15/01/2025
USD 3 448 254 0.59 France 40 147 808 6.93
US TREASURY INFL IX N/B 0.375% 15- 4 508 728 FRANCE O.A.T. 0.100% 17-01/03/2028 EUR 5 083 157 0.88
21 997 156 USD 21 034 550 3.63
15/07/2025 2 597 202 FRANCE O.A.T. 0.100% 20-01/03/2036 EUR 3 190 786 0.55
US TREASURY INFL IX N/B 0.500% 18-
2 136 645 USD 2 104 728 0.36 3 991 264 FRANCE O.A.T. 0.100% 21-25/07/2031 EUR 4 717 435 0.81
15/01/2028
US TREASURY INFL IX N/B 0.625% 13- FRANCE O.A.T. I/L 0.250% 13-
724 031 USD 791 596 0.14 6 304 637 EUR 6 783 853 1.17
15/02/2043 25/07/2024
US TREASURY INFL IX N/B 0.625% 16- FRANCE O.A.T.I/L 0.100% 15-
846 032 USD 818 041 0.14 2 642 192 EUR 2 828 453 0.49
15/01/2026 01/03/2025
US TREASURY INFL IX N/B 0.625% 18- FRANCE O.A.T.I/L 0.100% 21-
56 471 424 USD 51 934 684 8.96 355 740 EUR 417 873 0.07
15/04/2023 01/03/2032
US TREASURY INFL IX N/B 0.750% 15- FRANCE O.A.T.I/L 0.700% 14-
10 592 647 USD 11 991 310 2.07 1 061 086 EUR 1 307 804 0.23
15/02/2045 25/07/2030
US TREASURY INFL IX N/B 0.750% 18- FRANCE O.A.T.I/L 1.850% 11-
5 168 063 USD 5 211 223 0.90 6 339 331 EUR 7 843 518 1.35
15/07/2028 25/07/2027
US TREASURY INFL IX N/B 0.875% 17- FRANCE O.A.T.I/L 3.150% 02-
1 381 473 USD 1 640 746 0.28 4 165 416 EUR 6 488 246 1.12
15/02/2047 25/07/2032
US TREASURY INFL IX N/B 1.000% 16- FRANCE O.A.T.I/L 3.400% 99-
8 576 356 USD 10 294 608 1.77 1 040 683 EUR 1 486 683 0.26
15/02/2046 25/07/2029
US TREASURY INFL IX N/B 1.000% 18-
2 817 902
15/02/2048
USD 3 473 206 0.60 Italy 34 705 640 5.98
US TREASURY INFL IX N/B 1.375% 14- 5 608 589 ITALY BTPS 0.100% I/L 18-15/05/2023 EUR 5 790 300 1.00
5 897 893 USD 7 397 575 1.28
15/02/2044 1 647 163 ITALY BTPS 0.400% 19-15/05/2030 EUR 1 790 369 0.31
US TREASURY INFL IX N/B 2.125% 11-
1 905 384 USD 2 593 462 0.45 9 655 281 ITALY BTPS 0.650% 20-15/05/2026 EUR 10 447 067 1.80
15/02/2041
US TSY INFL IX N/B 0.125% 19- 1 468 206 ITALY BTPS I/L 0.150% 21-15/05/2051 EUR 1 476 853 0.25
16 690 191 USD 15 686 681 2.70
15/10/2024
US TSY INFL IX N/B 0.125% 20- 324 810 ITALY BTPS I/L 1.250% 15-15/09/2032 EUR 387 644 0.07
22 758 827 USD 21 430 560 3.69
15/04/2025 2 090 646 ITALY BTPS I/L 1.300% 17-15/05/2028 EUR 2 395 098 0.41
US TSY INFL IX N/B 0.125% 20-
13 001 844 USD 12 342 568 2.13 5 055 856 ITALY BTPS I/L 2.350% 04-15/09/2035 EUR 6 978 892 1.20
15/10/2025
US TSY INFL IX N/B 0.125% 21- 1 615 193 ITALY BTPS I/L 2.550% 09-15/09/2041 EUR 2 531 473 0.44
2 091 000 USD 2 059 314 0.35
15/01/2031 2 387 331 ITALY BTPS I/L 3.100% 11-15/09/2026 EUR 2 907 944 0.50
US TSY INFL IX N/B 0.125% 21-
9 995 329 USD 10 418 536 1.80
15/02/2051 Germany 14 626 390 2.52
US TSY INFL IX N/B 0.125% 21-
35 161 130 USD 34 763 262 5.99 DEUTSCHLAND I/L 0.100% 15-
15/07/2031 4 976 800 EUR 5 513 571 0.95
15/04/2026
US TSY INFL IX N/B 0.125% 21-
19 965 182 USD 19 119 241 3.30 DEUTSCHLAND I/L 0.100% 21-
15/10/2026 7 221 247 EUR 9 112 819 1.57
15/04/2033
US TSY INFL IX N/B 0.875% 19-
16 012 443 USD 16 302 834 2.81
15/01/2029 Spain 13 307 115 2.29
US TSY INFL IX N/B 1.000% 19-
3 017 497 USD 3 764 672 0.65 3 114 201 SPAIN I/L BOND 0.150% 18-30/11/2023 EUR 3 295 752 0.57
15/02/2049
3 464 112 SPAIN I/L BOND 0.650% 17-30/11/2027 EUR 3 977 539 0.69
United Kingdom 174 801 221 30.10
1 578 460 SPAIN I/L BOND 0.700% 18-30/11/2033 EUR 1 930 168 0.33
NETWRK RAIL INFR 1.125% 07-
372 987 GBP 1 000 259 0.17
22/11/2047 2 961 467 SPAIN I/L BOND 1.000% 15-30/11/2030 EUR 3 610 986 0.62
UK TREASURY I/L GILT 0.125% 12- 434 499 SPAIN I/L BOND 1.800% 14-30/11/2024 EUR 492 670 0.08
21 182 088 GBP 27 619 567 4.76
22/03/2024
UK TREASURY I/L GILT 0.125% 12-
2 436 745
22/03/2044
GBP 5 067 486 0.87 Canada 9 170 458 1.58
CANADA GOVT I/L 1.250% 13-
UK TREASURY I/L GILT 0.125% 13- 696 639 CAD 655 515 0.11
2 900 317 GBP 10 115 230 1.74 01/12/2047
22/03/2068
CANADA GOVT I/L 1.500% 10-
UK TREASURY I/L GILT 0.125% 14- 2 347 184 CAD 2 254 341 0.39
169 422 GBP 463 868 0.08 01/12/2044
22/03/2058
CANADA GOVT I/L 2.000% 07-
UK TREASURY I/L GILT 0.125% 15- 954 647 CAD 959 513 0.17
4 634 098 GBP 6 397 204 1.10 01/12/2041
22/03/2026
CANADA GOVT I/L 3.000% 03-
UK TREASURY I/L GILT 0.125% 16- 2 290 900 CAD 2 396 963 0.41
3 596 071 GBP 6 523 239 1.12 01/12/2036
22/11/2036
CANADA GOVT I/L 4.000% 99-
UK TREASURY I/L GILT 0.125% 16- 1 070 558 CAD 1 091 049 0.19
1 700 252 GBP 4 518 342 0.78 01/12/2031
22/11/2056
CANADA GOVT I/L 4.250% 95-
UK TREASURY I/L GILT 0.125% 17- 401 337 CAD 352 908 0.06
7 812 205 GBP 17 818 178 3.07 01/12/2026
10/08/2048
CANADA-GOVT RRB 0.500% 17-
UK TREASURY I/L GILT 0.250% 12- 1 763 387 CAD 1 460 169 0.25
1 453 473 GBP 3 641 129 0.63 01/12/2050
22/03/2052
UK TREASURY I/L GILT 0.375% 11-
4 614 307 GBP 14 524 506 2.50
22/03/2062
UK TREASURY I/L GILT 0.500% 09-
1 942 373 GBP 4 925 320 0.85
22/03/2050
UK TREASURY I/L GILT 0.625% 09-
5 639 902 GBP 12 477 892 2.15
22/11/2042
UK TREASURY I/L GILT 0.625% 10-
923 328 GBP 1 916 358 0.33
22/03/2040
The accompanying notes form an integral part of these financial statements
Page 194
BNP PARIBAS FUNDS Global Inflation-Linked Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Japan 6 909 895 1.19
81 176 664 JAPAN I/L-10YR 0.005% 21-10/03/2031 JPY 643 555 0.11
56 546 100 JAPAN I/L-10YR 0.100% 13-10/09/2023 JPY 436 950 0.08
4 188 000 JAPAN I/L-10YR 0.100% 14-10/03/2024 JPY 32 521 0.01
120 242 000 JAPAN I/L-10YR 0.100% 14-10/09/2024 JPY 936 884 0.16
9 189 000 JAPAN I/L-10YR 0.100% 15-10/03/2025 JPY 71 878 0.01
301 974 624 JAPAN I/L-10YR 0.100% 16-10/03/2026 JPY 2 372 367 0.41
38 215 359 JAPAN I/L-10YR 0.100% 18-10/03/2028 JPY 301 948 0.05
90 600 300 JAPAN I/L-10YR 0.100% 19-10/03/2029 JPY 719 054 0.12
170 093 937 JAPAN I/L-10YR 0.200% 20-10/03/2030 JPY 1 394 738 0.24
New Zealand 3 897 920 0.67
NEW ZEALAND I/L 2.500% 14-
1 120 000 NZD 947 891 0.16
20/09/2035 FLAT
NEW ZEALAND I/L 2.500% 17-
3 347 000 NZD 2 945 805 0.51
20/09/2040 FLAT
NEW ZEALAND I/L 3.000% 13-
5 000 NZD 4 224 0.00
20/09/2030 FLAT
Sweden 2 397 107 0.42
4 165 000 SWEDEN I/L 0.125% 15-01/06/2032 SEK 562 710 0.10
15 185 000 SWEDEN I/L 0.125% 20-01/06/2030 SEK 1 834 397 0.32
Australia 285 261 0.05
321 000 AUSTRALIAN I/L 1.250% 15-21/08/2040 AUD 285 261 0.05
Denmark 241 144 0.04
DENMARK I/L GOVT 0.100% 12-
1 699 585 DKK 241 144 0.04
15/11/2023
Floating rate bonds 1 666 593 0.29
United Kingdom 1 666 593 0.29
UK TREASURY I/L STOCK 2.829% 02-
453 000 GBP 1 666 593 0.29
26/01/2035
Total securities portfolio 569 589 800 98.17
The accompanying notes form an integral part of these financial statements
Page 195
BNP PARIBAS FUNDS Global Low Vol Equity
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an United Kingdom 39 730 042 4.38
official stock exchange listing and/or 891 175 036 98.39 34 501 ADMIRAL GROUP PLC GBP 1 297 280 0.14
traded on another regulated market 36 716 BUNZL PLC GBP 1 261 621 0.14
891 175 036 98.39 1 673 133 SAGE GROUP PLC/THE GBP 16 990 391 1.88
Shares
1 018 581 SEGRO PLC GBP 17 427 246 1.92
United States of 14 404 SPIRAX-SARCO ENGINEERING PLC GBP 2 753 504 0.30
America 329 625 204 36.38
115 161 AKAMAI TECHNOLOGIES INC USD 11 852 307 1.31
France 37 371 011 4.12
339 975 DASSAULT SYSTEMES SE EUR 17 784 092 1.96
94 118 BLACK KNIGHT INC USD 6 860 219 0.76
17 885 ESSILORLUXOTTICA EUR 3 348 787 0.37
258 499 BRISTOL-MYERS SQUIBB CO USD 14 172 892 1.56
BROADRIDGE FINANCIAL 6 098 HERMES INTERNATIONAL EUR 9 366 528 1.03
112 477 USD 18 082 171 2.00
SOLUTIONS 9 452 LVMH EUR 6 871 604 0.76
342 714 CISCO SYSTEMS INC USD 19 097 595 2.12
Australia 36 117 432 3.99
207 972 COLGATE-PALMOLIVE CO USD 15 607 044 1.72
91 109 CSL LTD AUD 16 940 060 1.87
10 369 DANAHER CORP USD 2 999 916 0.33
461 328 ORICA LTD AUD 4 041 712 0.45
115 398 FIDELITY NATIONAL INFO SERV USD 11 076 057 1.22
8 085 SONIC HEALTHCARE LTD AUD 241 121 0.03
INTERCONTINENTAL
148 353 USD 17 842 279 1.97 392 665 WESFARMERS LTD AUD 14 894 539 1.64
EXCHANGE INC
76 053 JACK HENRY & ASSOCIATES INC USD 11 167 860 1.23
Switzerland 32 504 681 3.59
81 256 JOHNSON & JOHNSON USD 12 223 412 1.35
375 CHOCOLADEFABRIKEN LINDT - PC CHF 4 571 008 0.50
76 438 MCDONALDS CORP USD 18 018 585 1.99
115 592 GARMIN LTD USD 13 841 156 1.53
59 727 MICROSOFT CORP USD 17 663 898 1.95
38 406 SIKA AG - REG CHF 14 092 517 1.56
179 859 ORACLE CORP USD 13 793 091 1.52
251 279 PFIZER INC USD 13 047 859 1.44 Israel 29 198 480 3.22
1 192 397 BANK HAPOALIM BM ILS 10 814 246 1.19
84 517 PROCTER & GAMBLE CO. USD 12 157 308 1.34
CHECK POINT SOFTWARE
42 569 ROPER TECHNOLOGIES INC USD 18 411 879 2.03 179 363 USD 18 384 234 2.03
TECHNOLOGIE
98 425 TEXAS INSTRUMENTS INC USD 16 312 135 1.80
Ireland 19 380 904 2.15
17 790 THERMO FISHER SCIENTIFIC INC USD 10 438 093 1.15
53 166 ACCENTURE PLC - A USD 19 380 904 2.15
34 695 TYLER TECHNOLOGIES INC USD 16 412 395 1.81
82 759 VERISIGN INC USD 18 471 588 2.04 Hong Kong 15 966 226 1.76
35 100 HANG SENG BANK LTD HKD 565 176 0.06
398 927 VERIZON COMMUNICATIONS INC USD 18 227 442 2.01
1 987 700 LINK REIT HKD 15 401 050 1.70
82 330 VISA INC - A USD 15 689 179 1.73
Canada 178 833 791 19.76
The Netherlands 5 918 185 0.65
26 014 FERRARI NV EUR 5 918 185 0.65
178 327 BANK OF MONTREAL CAD 16 906 616 1.87
284 057 BANK OF NOVA SCOTIA CAD 17 707 835 1.96
Shares/Units in investment funds 12 805 509 1.42
CAN IMPERIAL BANK OF
181 791 CAD 18 659 995 2.06
COMMERCE
284 791 CANADIAN PACIFIC RAILWAY LTD CAD 18 037 094 1.99 Luxembourg 12 805 509 1.42
BNP PARIBAS FUNDS GLOBAL
345 071 DOLLARAMA INC CAD 15 208 107 1.68 45 652.85 USD 8 469 383 0.94
MULTI FACTOR EQUITY XCA
428 944 OPEN TEXT CORP CAD 17 928 157 1.98 BNP PARIBAS INSTICASH EUR 1D
36 348.17 EUR 4 336 126 0.48
SHORT TERM VNAV - X CAP
200 355 ROYAL BANK OF CANADA CAD 18 724 440 2.07
208 182 TMX GROUP LTD CAD 18 586 385 2.05 Total securities portfolio 903 980 545 99.81
235 964 TOROMONT INDUSTRIES LTD CAD 18 785 132 2.08
270 918 TORONTO DOMINION BANK CAD 18 290 030 2.02
Japan 84 639 267 9.35
307 300 BRIDGESTONE CORP JPY 11 655 761 1.29
242 100 KYOCERA CORP JPY 13 327 466 1.47
26 700 MEIJI HOLDINGS CO LTD JPY 1 400 283 0.15
641 300 MITSUBISHI CORP JPY 17 935 606 1.98
68 600 NITORI HOLDINGS CO LTD JPY 9 032 910 1.00
687 300 SEKISUI HOUSE LTD JPY 12 997 900 1.44
1 132 700 TOYOTA MOTOR CORP JPY 18 289 341 2.02
Singapore 81 889 813 9.04
863 800 DBS GROUP HOLDINGS LTD SGD 18 397 984 2.03
2 435 100 OVERSEA-CHINESE BANKING CORP SGD 18 126 204 2.00
2 951 900 SINGAPORE EXCHANGE LTD SGD 17 914 839 1.98
1 017 700 UNITED OVERSEAS BANK LTD SGD 17 866 684 1.97
801 600 VENTURE CORP LTD SGD 9 584 102 1.06
The accompanying notes form an integral part of these financial statements
Page 196
BNP PARIBAS FUNDS Green Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 1 782 000 E.ON SE 1.000% 20-07/10/2025 EUR 1 838 468 0.17
7 100 000 ING-DIBA AG 0.010% 21-07/10/2028 EUR 7 069 269 0.64
official stock exchange listing and/or 1 050 901 034 95.86
1 000 000 KFW 0.000% 20-15/09/2028 EUR 1 006 092 0.09
traded on another regulated market
100 000 KFW 0.000% 21-15/06/2029 EUR 100 236 0.01
Bonds 904 308 236 82.48
18 800 000 KFW 0.010% 19-05/05/2027 EUR 18 979 836 1.73
France 176 495 170 16.10 1 000 000 KFW 0.050% 16-30/05/2024 EUR 1 012 645 0.09
2 000 000 AIR LIQUIDE SA 0.375% 21-27/05/2031 EUR 1 998 469 0.18 4 000 000 KFW 0.750% 20-30/09/2030 USD 3 287 730 0.30
BANQUE FEDERATIVE DU CREDIT 30 500 000 KFW 0.875% 19-15/09/2026 GBP 36 048 282 3.28
3 700 000 EUR 3 636 269 0.33
MUTUEL 0.100% 20-08/10/2027 LB BADEN-WUERT 0.250% 21-
BANQUE FEDERATIVE DU CREDIT 400 000 EUR 392 208 0.04
1 300 000 EUR 1 280 729 0.12 21/07/2028
MUTUEL 0.250% 21-29/06/2028 LB BADEN-WUERT 0.375% 19-
1 914 000 BNP PARIBAS 1.000% 18-17/04/2024 EUR 1 959 136 0.18 500 000 EUR 502 661 0.05
29/07/2026
1 000 000 BNP PARIBAS 1.125% 19-28/08/2024 EUR 1 029 608 0.09 500 000 NRW BANK 0.500% 17-13/09/2027 EUR 512 752 0.05
9 600 000 BPCE 0.125% 19-04/12/2024 EUR 9 646 679 0.88 5 341 000 NRW BANK 0.750% 18-30/06/2028 EUR 5 571 763 0.51
2 600 000 BPCE SFH 0.010% 20-27/05/2030 EUR 2 556 154 0.23 2 100 000 NRW BANK 0.875% 15-10/11/2025 EUR 2 179 055 0.20
700 000 BPCE SFH 0.125% 21-03/12/2030 EUR 692 246 0.06 2 100 000 VONOVIA SE 0.625% 21-24/03/2031 EUR 2 063 851 0.19
8 500 000 BPIFRANCE 0.000% 21-25/05/2028 EUR 8 497 556 0.78
The Netherlands 138 438 481 12.62
CAISSE FR DE FIN 0.100% 19- ABN AMRO BANK NV 0.500% 19-
4 200 000 EUR 4 175 877 0.38 1 000 000 EUR 1 016 213 0.09
13/11/2029 15/04/2026
CAISSE NA REA MU 0.750% 21- ABN AMRO BANK NV 0.875% 18-
3 800 000 EUR 3 678 383 0.34 4 700 000 EUR 4 834 661 0.44
07/07/2028 22/04/2025
CRED AGRICOLE SA 0.375% 19-
1 000 000 EUR 1 007 054 0.09 2 709 000 ALLIANDER 0.375% 20-10/06/2030 EUR 2 695 055 0.25
21/10/2025
ELEC DE FRANCE 1.000% 16- 7 000 000 ALLIANDER 0.875% 16-22/04/2026 EUR 7 214 061 0.66
1 800 000 EUR 1 862 294 0.17
13/10/2026
100 000 ALLIANDER 0.875% 19-24/06/2032 EUR 102 837 0.01
ELEC DE FRANCE 1.000% 21-
3 300 000 EUR 3 266 997 0.30 COOPERATIEVE RAB 0.250% 19-
29/11/2033 3 800 000 EUR 3 813 491 0.35
ELEC DE FRANCE 3.625% 15- 30/10/2026
5 000 000 USD 4 702 790 0.43 EDP FINANCE BV 0.375% 19-
13/10/2025 1 951 000 EUR 1 953 348 0.18
16/09/2026
2 500 000 ENGIE 0.500% 19-24/10/2030 EUR 2 470 343 0.23
EDP FINANCE BV 1.710% 20-
19 700 000 USD 16 863 836 1.54
2 558 000 FAURECIA 2.375% 21-15/06/2029 EUR 2 570 347 0.23 24/01/2028
30 259 672 FRANCE O.A.T. 0.500% 21-25/06/2044 EUR 28 976 812 2.63 1 481 000 ENBW 1.875% 18-31/10/2033 EUR 1 635 543 0.15
23 602 466 FRANCE O.A.T. 1.750% 17-25/06/2039 EUR 28 473 778 2.60 ENEL FIN INTERNATIONAL NV
1 600 000 EUR 1 671 622 0.15
1.500% 19-21/07/2025
3 500 000 ICADE 1.500% 17-13/09/2027 EUR 3 675 183 0.34 ENEL FINANCE INTERNATIONAL NV
9 000 000 EUR 9 231 087 0.84
1 200 000 ILE DE FRANCE 0.500% 16-14/06/2025 EUR 1 229 148 0.11 1.000% 17-16/09/2024
ENEXIS HOLDING 0.625% 20-
ILE DE FRANCE MB 0.400% 21- 1 000 000 EUR 998 858 0.09
6 300 000 EUR 6 393 888 0.58 17/06/2032
28/05/2031
LA BANQUE POSTAL 1.375% 19- 400 000 ING GROEP NV 2.500% 18-15/11/2030 EUR 463 683 0.04
1 000 000 EUR 1 048 138 0.10
24/04/2029 LEASEPLAN CORP 0.250% 21-
5 130 000 EUR 5 059 186 0.46
5 000 000 LA POSTE 1.450% 18-30/11/2028 EUR 5 356 274 0.49 07/09/2026
LEASEPLAN CORP 1.375% 19-
2 800 000 R.A.T.P. 0.875% 17-25/05/2027 EUR 2 930 886 0.27 3 200 000 EUR 3 295 642 0.30
07/03/2024
4 800 000 SFIL SA 0.000% 20-23/11/2028 EUR 4 778 047 0.44 LEASEPLAN CORP 3.500% 20-
8 100 000 EUR 8 952 941 0.82
09/04/2025
2 700 000 SNCF RESEAU 0.750% 19-25/05/2036 EUR 2 720 134 0.25 MONDELEZ INTERNATIONAL 0.625%
3 272 000 EUR 3 175 575 0.29
3 000 000 SNCF RESEAU 0.875% 19-22/01/2029 EUR 3 149 172 0.29 21-09/09/2032
NATURGY ENERGY GROUP F 0.875%
1 900 000 SNCF RESEAU 1.000% 16-09/11/2031 EUR 2 003 308 0.18 9 300 000 EUR 9 545 046 0.87
17-15/05/2025
1 100 000 SNCF RESEAU 1.875% 17-30/03/2034 EUR 1 263 115 0.12 NED WATERSCHAPBK 1.000% 15-
1 100 000 EUR 1 146 950 0.10
1 500 000 SNCF RESEAU 2.250% 17-20/12/2047 EUR 1 874 765 0.17 03/09/2025
NED WATERSCHAPBK 2.375% 16-
SOCIETE NATIONAL 0.625% 20- 750 000 USD 690 489 0.06
4 600 000 EUR 4 710 197 0.43 24/03/2026
17/04/2030
NETHERLANDS GOVT 0.500% 19-
3 300 000 SOCIETE PARIS 0.000% 20-25/11/2030 EUR 3 207 165 0.29 15 800 948 EUR 16 795 460 1.53
15/01/2040
3 400 000 SOCIETE PARIS 0.300% 21-25/11/2031 EUR 3 359 476 0.31 6 100 000 NIBC BANK NV 0.250% 21-09/09/2026 EUR 6 009 512 0.55
1 000 000 SOCIETE PARIS 0.700% 20-15/10/2060 EUR 846 391 0.08 3 300 000 NN BANK NV 0.500% 21-21/09/2028 EUR 3 263 618 0.30
500 000 SOCIETE PARIS 1.000% 20-18/02/2070 EUR 448 171 0.04 4 321 000 PHILIPS NV 0.500% 19-22/05/2026 EUR 4 385 568 0.40
3 700 000 SOCIETE PARIS 1.125% 18-22/10/2028 EUR 3 967 048 0.36 STEDIN HOLDING 0.000% 21-
2 819 000 EUR 2 794 259 0.25
16/11/2026
1 700 000 SOCIETE PARIS 1.125% 19-25/05/2034 EUR 1 806 421 0.16
2 157 000 SWISSCOM FIN 0.375% 20-14/11/2028 EUR 2 168 549 0.20
8 000 000 SOCIETE PARIS 1.700% 19-25/05/2050 EUR 9 246 722 0.84
6 969 000 TENNET HLD BV 0.500% 20-30/11/2040 EUR 6 213 751 0.57
Germany 152 072 110 13.87 362 000 TENNET HLD BV 0.875% 19-03/06/2030 EUR 371 828 0.03
1 833 000 BERLIN HYP AG 0.010% 20-02/09/2030 EUR 1 803 067 0.16 1 500 000 TENNET HLD BV 1.000% 16-13/06/2026 EUR 1 554 527 0.14
11 800 000 BUNDESOBL-120 0.000% 20-10/10/2025 EUR 12 070 692 1.10 4 400 000 TENNET HLD BV 1.500% 19-03/06/2039 EUR 4 668 145 0.43
9 686 000 DAIMLER AG 0.750% 20-10/09/2030 EUR 9 948 933 0.91 5 900 000 VOLKSBANK NV 0.250% 21-22/06/2026 EUR 5 853 140 0.53
4 062 000 DAIMLER AG 0.750% 21-11/03/2033 EUR 4 080 088 0.37
DEUTSCHE WOHNEN 0.500% 21-
United States of
5 400 000 EUR 5 363 152 0.49
07/04/2031 America 82 512 207 7.52
DEUTSCHLAND REP 0.000% 20- 5 600 000 APPLE INC 2.850% 16-23/02/2023 USD 5 030 828 0.46
17 299 317 EUR 17 787 849 1.62
15/08/2030
DEUTSCHLAND REP 0.000% 21- 9 995 000 APPLE INC 3.000% 17-20/06/2027 USD 9 421 639 0.86
2 500 893 EUR 2 408 535 0.22
15/08/2050 2 098 000 EQUINIX INC 1.000% 21-15/03/2033 EUR 2 010 856 0.18
3 200 000 DZ BANK AG 0.050% 20-08/12/2027 EUR 3 144 317 0.29 INT BANK RECON & DEV 2.125% 15-
16 100 000 USD 14 621 181 1.33
12 000 000 E.ON SE 0.350% 19-28/02/2030 EUR 11 882 440 1.08 03/03/2025
3 000 000 E.ON SE 0.375% 20-29/09/2027 EUR 3 018 189 0.28
The accompanying notes form an integral part of these financial statements
Page 197
BNP PARIBAS FUNDS Green Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
INT BK RECON&DEV 2.900% 18- 4 500 000 FLUVIUS 0.250% 20-02/12/2030 EUR 4 335 897 0.40
10 000 000 AUD 6 716 135 0.61
26/11/2025
INTERNATIONAL FIN CORP 1.250% 300 000 KBC GROUP NV 0.875% 18-27/06/2023 EUR 304 917 0.03
5 000 000 GBP 5 992 337 0.55
18-15/12/2023 1 400 000 PROXIMUS SADP 0.750% 21-17/11/2036 EUR 1 363 530 0.12
INTERNATIONAL FIN CORP 2.125%
3 000 000 USD 2 730 725 0.25
16-07/04/2026 Sweden 34 445 547 3.14
JOHNSON CONTROLS 1.750% 20- 100 000 SBAB BANK AB 0.125% 21-27/08/2026 EUR 99 493 0.01
15 805 000 USD 13 306 889 1.21
15/09/2030
TOYOTA MTR CRED 2.150% 20- 1 500 000 SBAB BANK AB 0.500% 20-13/05/2025 EUR 1 524 870 0.14
25 658 000 USD 22 681 617 2.07
13/02/2030 SVENSKA HANDELSBANKEN 0.010%
4 898 000 EUR 4 773 744 0.44
20-02/12/202
Luxembourg 61 741 099 5.63 SWEDEN KINGDOM 0.125% 20-
151 460 000 SEK 14 623 186 1.33
5 100 000 EIB 2.125% 16-13/04/2026 USD 4 646 783 0.42 09/09/2030
VATTENFALL AB 0.050% 20-
27 700 000 EIB 2.375% 17-24/05/2027 USD 25 636 807 2.34 5 000 000 EUR 4 986 090 0.45
15/10/2025
500 000 EIB 1.250% 14-13/11/2026 EUR 535 445 0.05 VATTENFALL AB 0.125% 21-
4 092 000 EUR 3 982 256 0.36
8 800 000 EIB 2.500% 14-15/10/2024 USD 8 064 712 0.74 12/02/2029
EUROPEAN INVT BK 1.000% 19- 4 139 000 VOLVO CAR AB 2.500% 20-07/10/2027 EUR 4 455 908 0.41
2 900 000 EUR 3 187 823 0.29
14/11/2042
EUROPEAN INVT BK 1.500% 17- Canada 31 334 393 2.86
5 697 000 EUR 6 960 951 0.63
15/11/2047 2 880 000 CDP FINANCIAL 1.000% 21-26/05/2026 USD 2 493 626 0.23
EUROPEAN INVT BK 3.300% 17- 11 000 000 CPPIB CAPITAL 3.000% 18-15/06/2028 CAD 8 252 079 0.75
18 450 000 AUD 12 708 578 1.16
03/02/2028
ONTARIO PROVINCE 2.650% 18-
21 200 000 CAD 15 311 794 1.40
Spain 61 170 959 5.60 05/02/2025
ACS SERVICIOS CO 1.875% 18- ROYAL BK CANADA 0.250% 19-
3 200 000 EUR 3 357 939 0.31 1 000 000 EUR 1 006 857 0.09
20/04/2026 02/05/2024
ADIF ALTA VELOCI 0.550% 21- TORONTO DOMINION BANK 1.250%
4 000 000 EUR 3 943 133 0.36 4 846 000 USD 4 270 037 0.39
31/10/2031 21-13/12/2024
ADIF ALTA VELOCI 0.950% 19-
4 800 000
30/04/2027
EUR 5 014 790 0.46 Chile 25 996 844 2.38
AUTONOMOUS COMMU 0.160% 21- 12 800 000 CHILE 0.830% 19-02/07/2031 EUR 12 778 240 1.17
4 649 000 EUR 4 628 324 0.42
30/07/2028 1 300 000 CHILE 1.250% 20-29/01/2040 EUR 1 268 540 0.12
BANCO BILBAO VIZCAYA
2 000 000 EUR 2 047 851 0.19 13 100 000 CHILE 3.500% 19-25/01/2050 USD 11 950 064 1.09
ARGENTARIA 1.000% 19-21/06/2026
BANCO SANTANDER 0.300% 19-
4 500 000
04/10/2026
EUR 4 497 670 0.41 Finland 17 530 546 1.60
MUNI FINANCE PLC 0.750% 17-
7 100 000 BANKINTER SA 0.625% 20-06/10/2027 EUR 7 072 601 0.65 5 400 000 EUR 5 635 641 0.51
07/09/2027
COMUNIDAD MADRID 0.827% 20- NORDEA BANK ABP 0.500% 21-
4 141 000 EUR 4 300 376 0.39 200 000 EUR 198 505 0.02
30/07/2027 19/03/2031
IBERDROLA FIN SA 0.875% 20- NORDIC INVESTMENT BANK 0.000%
500 000 EUR 513 853 0.05 4 000 000 EUR 4 018 367 0.37
16/06/2025 19-25/09/2026
IBERDROLA FIN SA 1.000% 16- NORDIC INVESTMENT BANK 0.500%
500 000 EUR 511 121 0.05 100 000 EUR 102 612 0.01
07/03/2024 18-03/11/2025
IBERDROLA FIN SA 1.000% 17- OP CORPORATE BK 0.375% 19-
5 100 000 EUR 5 253 131 0.48 1 746 000 EUR 1 765 532 0.16
07/03/2025 26/02/2024
IBERDROLA FIN SA 1.250% 18- STORA ENSO OYJ 0.625% 20-
600 000 EUR 631 662 0.06 5 914 000 EUR 5 809 889 0.53
28/10/2026 02/12/2030
INSTIT CRDT OFCL 0.000% 20-
7 198 000 EUR 7 228 199 0.66
30/04/2026 Japan 10 605 817 0.96
INSTIT CRDT OFCL 0.200% 19- JPN FIN ORG MUNI 0.010% 21-
1 000 000 EUR 1 013 699 0.09 2 691 000 EUR 2 661 563 0.24
31/01/2024 02/02/2028
6 208 000 SPANISH GOVT 1.000% 21-30/07/2042 EUR 6 043 860 0.55 MITSUBISHI UFJ FINANCE 0.680% 18-
745 000 EUR 752 334 0.07
TELEFONICA EMIS 1.069% 19- 26/01/2023
5 000 000 EUR 5 112 750 0.47 MITSUBISHI UFJ FINANCE 0.848% 19-
05/02/2024 1 500 000 EUR 1 524 122 0.14
19/07/2029
Italy 50 028 330 4.57 740 000
MITSUBISHI UFJ FINANCE 0.980% 18-
EUR 754 770 0.07
2 390 000 ACEA SPA 0.000% 21-28/09/2025 EUR 2 376 624 0.22 09/10/2023
2 026 000 NIDEC CORP 0.046% 21-30/03/2026 EUR 2 010 714 0.18
547 000 ACEA SPA 0.250% 21-28/07/2030 EUR 524 660 0.05
2 911 000 NTT FINANCE 0.082% 21-13/12/2025 EUR 2 902 314 0.26
514 000 ASSICURAZIONI 2.124% 19-01/10/2030 EUR 538 008 0.05
6 955 000 ASSICURAZIONI 2.429% 20-14/07/2031 EUR 7 371 906 0.67 Ireland 8 917 610 0.82
CREDIT AGRICOLE 0.125% 21- 6 782 626 IRISH GOVT 1.350% 18-18/03/2031 EUR 7 526 115 0.69
1 000 000 EUR 968 494 0.09
15/03/2033
1 417 000 SMURFIT KAPPA 0.500% 21-22/09/2029 EUR 1 391 495 0.13
1 181 000 FERROVIE DEL 0.375% 21-25/03/2028 EUR 1 176 182 0.11
2 247 000
INTESA SANPAOLO 0.750% 21-
EUR 2 240 261 0.20 Denmark 4 774 391 0.43
16/03/2028 KOMMUNEKREDIT 0.125% 20-
2 600 000 EUR 2 347 314 0.21
20 267 000 ITALY BTPS 1.500% 21-30/04/2045 EUR 18 925 796 1.73 26/09/2040
1 200 000 TERNA S.P.A. 1.000% 18-23/07/2023 EUR 1 221 659 0.11 1 900 000 ORSTED A/S 2.500% 19-16/05/2033 GBP 2 427 077 0.22
2 937 000 TERNA SPA 0.750% 20-24/07/2032 EUR 2 913 071 0.27 Norway 3 269 900 0.29
5 433 000 TERNA SPA 1.000% 19-10/04/2026 EUR 5 599 367 0.51 DNB BOLIGKREDITT 0.010% 21-
500 000 EUR 488 765 0.04
UNIONE DI BANCHE 1.500% 19- 21/01/2031
5 984 000 EUR 6 172 302 0.56 DNB BOLIGKREDITT 0.625% 18-
10/04/2024 1 000 000 EUR 1 025 527 0.09
19/06/2025
Belgium 38 800 414 3.53 1 793 000
SPAREBANK 1 OEST 0.125% 21-
EUR 1 755 608 0.16
BELFIUS BANK SA 0.375% 21- 03/03/2028
4 000 000 EUR 3 971 512 0.36
08/06/2027
BELGIUM GOVERNMENT 1.250% 18- Austria 2 615 944 0.24
23 062 641 EUR 25 814 936 2.35 RAIFFEISEN BK IN 0.375% 19-
22/04/2033 1 500 000 EUR 1 505 698 0.14
EUROPEAN UNION 0.400% 21- 25/09/2026
2 983 882 EUR 3 009 622 0.27
04/02/2037 1 100 000 VERBUND AG 0.900% 21-01/04/2041 EUR 1 110 246 0.10
The accompanying notes form an integral part of these financial statements
Page 198
BNP PARIBAS FUNDS Green Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Supranational 2 027 248 0.18 Denmark 2 210 077 0.20
2 000 000 EIB 0.500% 16-13/11/2037 EUR 2 027 248 0.18 2 134 000 ORSTED A/S 17-24/11/3017 FRN EUR 2 210 077 0.20
United Kingdom 1 531 226 0.14 Belgium 2 202 750 0.20
CREDIT AGRICOLE 0.750% 18- 2 200 000 KBC GROUP NV 20-16/06/2027 FRN EUR 2 202 750 0.20
500 000 EUR 509 059 0.05
05/12/2023
1 000 000 SSE PLC 0.875% 17-06/09/2025 EUR 1 022 167 0.09
Shares/Units in investment funds 39 218 460 3.57
Floating rate bonds 146 592 798 13.38
France 39 218 460 3.57
The Netherlands 31 355 992 2.85 1 723.65 BNP PARIBAS MOIS - ISR - I - CAP EUR 39 218 460 3.57
IBERDROLA INTERNATIONAL 17-
1 200 000 EUR 1 223 188 0.11
31/12/2049 FRN
IBERDROLA INTERNATIONAL 18-
Total securities portfolio 1 090 119 494 99.43
4 800 000 EUR 5 029 932 0.46
31/12/2049 FRN
IBERDROLA INTERNATIONAL 19-
3 100 000 EUR 3 324 464 0.30
31/12/2049 FRN
IBERDROLA INTERNATIONAL 21-
2 200 000 EUR 2 200 194 0.20
31/12/2061 FRN
10 000 000 ING GROEP NV 21-07/12/2028 FRN GBP 11 442 722 1.04
1 200 000 ING GROEP NV 21-09/06/2032 FRN EUR 1 190 138 0.11
6 700 000 TENNET HLD BV 20-22/10/2168 FRN EUR 6 945 354 0.63
France 26 669 438 2.44
7 000 000 BNP PARIBAS 20-14/10/2027 FRN EUR 6 944 753 0.63
3 600 000 BNP PARIBAS 21-30/05/2028 FRN EUR 3 574 094 0.33
11 000 000 CNP ASSURANCES 19-27/07/2050 FRN EUR 11 366 300 1.04
1 500 000 ENGIE 20-31/12/2060 FRN EUR 1 493 236 0.14
2 000 000 ENGIE 21-31/12/2061 FRN EUR 1 981 438 0.18
SOCIETE GENERALE 20-
1 300 000 EUR 1 309 617 0.12
22/09/2028 FRN
Spain 16 939 943 1.55
BANCO SANTANDER 21-
3 200 000 EUR 3 163 021 0.29
24/06/2029 FRN
2 000 000 CAIXABANK 20-18/11/2026 FRN EUR 1 988 250 0.18
3 200 000 CAIXABANK 21-09/02/2029 FRN EUR 3 129 288 0.29
4 400 000 CAIXABANK 21-18/06/2031 FRN EUR 4 401 148 0.40
4 300 000 KUTXABANK 21-14/10/2027 FRN EUR 4 258 236 0.39
Germany 16 777 786 1.54
COMMERZBANK AG 20-
1 600 000 EUR 1 622 603 0.15
24/03/2026 FRN
ENERGIE BADEN-W 21-
2 200 000 EUR 2 146 423 0.20
31/08/2081 FRN
ENERGIE BADEN-WU 19-
4 200 000 EUR 4 193 070 0.38
05/08/2079 FRN
ENERGIE BADEN-WU 19-
1 700 000 EUR 1 707 948 0.16
05/11/2079 FRN
5 900 000 MUNICH RE 20-26/05/2041 FRN EUR 5 815 285 0.53
1 300 000 TALANX AG 21-01/12/2042 FRN EUR 1 292 457 0.12
United Kingdom 16 489 959 1.50
13 784 000 NATWEST GROUP 21-09/11/2028 FRN GBP 16 489 959 1.50
Ireland 12 311 543 1.13
6 283 000 AIB GROUP PLC 21-17/11/2027 FRN EUR 6 227 370 0.57
3 764 000 BANK OF IRELAND 21-10/05/2027 FRN EUR 3 711 836 0.34
2 400 000 BANK OF IRELAND 21-11/08/2031 FRN EUR 2 372 337 0.22
Italy 6 503 217 0.59
6 518 000 UNICREDIT SPA 21-05/07/2029 FRN EUR 6 503 217 0.59
Australia 6 003 699 0.55
WESTPAC BANKING 21-
6 084 000 EUR 6 003 699 0.55
13/05/2031 FRN
Portugal 5 950 088 0.54
1 000 000 EDP SA 19-30/04/2079 FRN EUR 1 067 400 0.10
600 000 EDP SA 20-20/07/2080 FRN EUR 594 831 0.05
1 900 000 EDP SA 21-02/08/2081 FRN EUR 1 879 528 0.17
2 500 000 EDP SA 21-14/03/2082 FRN EUR 2 408 329 0.22
Austria 3 178 306 0.29
UNIQA INSURANCE 20-
3 000 000 EUR 3 178 306 0.29
09/10/2035 FRN
The accompanying notes form an integral part of these financial statements
Page 199
BNP PARIBAS FUNDS Green Tigers
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net
Quantity Denomination Market value
currency assets
Transferable securities admitted to an
official stock exchange listing and/or 1 913 813 367 96.91
traded on another regulated market
Shares 1 913 813 367 96.91
Taiwan 418 814 455 21.21
4 088 404 ADVANTECH CO LTD TWD 58 552 075 2.96
1 891 517 AIRTAC INTERNATIONAL GROUP TWD 69 723 212 3.53
5 739 000 CHROMA ATE INC TWD 41 438 692 2.10
DELTA ELECTRONIC
7 833 000 TWD 78 045 501 3.96
INDUSTRIAL CO
4 301 000 GIANT MANUFACTURING TWD 53 672 503 2.72
3 919 102 SINBON ELECTRONICS CO LTD TWD 40 184 116 2.03
TAIWAN SEMICONDUCTOR
3 468 000 TWD 77 198 356 3.91
MANUFACTURING CO
Japan 398 019 725 20.16
496 400 DAIFUKU CO LTD JPY 40 673 283 2.06
661 100 DENSO CORP JPY 54 901 205 2.78
78 900 KEYENCE CORP JPY 49 726 198 2.52
2 751 628 KUBOTA CORP JPY 61 212 150 3.10
503 100 KURITA WATER INDUSTRIES LTD JPY 23 919 575 1.21
1 190 900 MISUMI GROUP INC JPY 48 967 669 2.48
630 600 MURATA MANUFACTURING CO LTD JPY 50 311 075 2.55
145 400 NIDEC CORP JPY 17 142 765 0.87
3 055 300 SEKISUI CHEMICAL CO LTD JPY 51 165 805 2.59
China 317 914 819 16.10
CENTRE TESTING INTERNATIONAL
11 629 315 CNY 49 025 208 2.48
GROUP-A
CHINA LONGYUAN POWER GROUP -
22 919 000 HKD 53 577 350 2.71
H
2 755 200 ENN ENERGY HOLDINGS LTD HKD 51 927 049 2.63
3 892 735 GLODON SOFTWARE CO LTD - A CNY 39 097 965 1.98
12 317 871 JOYOUNG CO LTD -A CNY 44 849 651 2.27
11 693 000 KINGDEE INTERNATIONAL SFTWR HKD 36 084 884 1.83
25 512 000 XINYI SOLAR HOLDINGS LTD HKD 43 352 712 2.20
India 232 571 175 11.77
CROMPTON GREAVES
8 502 657 INR 50 014 426 2.53
CONSUMER EL
7 626 719 DABUR INDIA LTD INR 59 499 219 3.01
7 232 930 INDRAPRASTHA GAS LTD INR 45 744 607 2.32
14 118 709 PETRONET LNG LTD INR 41 086 942 2.08
2 209 276 VOLTAS LTD INR 36 225 981 1.83
Hong Kong 202 934 767 10.27
26 586 000 BEIJING ENTERPRISES WATER GR HKD 10 335 840 0.52
CHINA EVERBRIGHT
20 011 147 HKD 16 079 543 0.81
INTERNATIONAL LTD
LEE & MAN PAPER
31 275 000 HKD 21 752 825 1.10
MANUFACTURING
12 899 500 MTR CORP HKD 69 269 817 3.51
VITASOY INTERNATIONAL
16 132 069 HKD 32 597 233 1.65
HOLDINGS
21 107 000 XINYI GLASS HOLDINGS LTD HKD 52 899 509 2.68
Australia 190 053 853 9.62
4 968 395 ALS LTD AUD 47 294 469 2.39
7 509 921 BRAMBLES LTD AUD 58 039 957 2.94
CLEANAWAY WASTE
24 659 891 AUD 56 147 754 2.84
MANAGEMENT L
670 612 WISETECH GLOBAL LTD AUD 28 571 673 1.45
South Korea 153 504 573 7.78
620 317 COWAY CO LTD KRW 38 809 737 1.97
73 263 LG CHEM LTD KRW 37 888 504 1.92
343 434 SAMSUNG ELECTRO-MECHANICS CO KRW 57 098 853 2.89
649 300 SFA ENGINEERING CORP KRW 19 707 479 1.00
Total securities portfolio 1 913 813 367 96.91
The accompanying notes form an integral part of these financial statements
Page 200
BNP PARIBAS FUNDS Harmony
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Transferable securities admitted to an
official stock exchange listing and/or 24 456 808 11.61
traded on another regulated market
Bonds 24 456 808 11.61
United States of
America 24 456 808 11.61
US TREASURY N/B 1.750% 19-
7 878 600 USD 7 101 812 3.37
15/11/2029
US TREASURY N/B 2.875% 18-
4 528 300 USD 4 351 239 2.07
15/08/2028
US TREASURY N/B 5.375% 01-
8 143 500 USD 9 590 718 4.55
15/02/2031
US TSY INFL IX N/B 0.125% 20-
3 492 938 USD 3 413 039 1.62
15/01/2030
Shares/Units in investment funds 183 746 249 87.20
Luxembourg 123 303 006 58.51
BNP PARIBAS EASY EUR CORP BOND
2 836 698.00 EUR 30 537 906 14.48
SRI FOSSIL FREE
BNP PARIBAS EASY EUR HIGH
1 310 667.00 EUR 13 228 431 6.28
YIELD SRI FOSS FREE 9UE
BNP PARIBAS EASY FTSE EPRA /
264 739.00 NAREIT DEVELOPED EUROPE EX UK EUR 2 845 282 1.35
GREEN ETF 9UC
BNP PARIBAS EASY JPM ESG EMBI
150.76 GLOBAL DIVERSIFIED COMPOSITE EUR 19 271 389 9.15
TRACK - IH EUR CAP
BNP PARIBAS EASY JPM ESG EMU
892 985.00 EUR 8 839 659 4.20
Government Bond IG 3-5Y ETF C
BNP PARIBAS EASY LOW CARBON
21 646.00 EUR 4 961 735 2.35
100 EUROPE - UCITS ETF H EUR CAP
BNP PARIBAS EASY MSCI CHINAS
498 503.00 SELECT SRI S-SERIES 10% EUR 4 174 265 1.98
CAPPED 9UE
BNP PARIBAS EASY MSCI EM SRI
42 051.00 USD 5 761 397 2.73
SRS 5PC CP UCITS ETF CAP
BNP PARIBAS EASY MSCI EUROPE
225 504.00 EUR 6 880 826 3.27
SRI SRS 5PC CP 9DU
BNP PARIBAS EASY MSCI JAPAN SRI
150 892.00 EUR 3 792 746 1.80
SRS 5PC CP
BNP PARIBAS EASY MSCI USA SRI
655 826.00 EUR 12 797 985 6.07
SRS 5PC CP
BNP PARIBAS FUNDS SUSTAINABLE
104 175.00 US MULTI-FACTOR CORPORATE USD 10 211 385 4.85
BOND XCA
France 48 689 413 23.11
1 275.15 BNP PARIBAS MOIS - ISR - I - CAP EUR 29 014 872 13.77
373.00 BNP PARIBAS OBLI ETAT-IC EUR 19 674 541 9.34
Ireland 11 753 830 5.58
2 362 104.00 ISHARES USD HY CORP ESG USDA EUR 11 753 830 5.58
Total securities portfolio 208 203 057 98.81
The accompanying notes form an integral part of these financial statements
Page 201
BNP PARIBAS FUNDS Health Care Innovators
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an Canada 5 809 053 0.44
official stock exchange listing and/or 1 313 611 144 99.17 403 054 ZYMEWORKS INC USD 5 809 053 0.44
traded on another regulated market Total securities portfolio 1 313 611 144 99.17
Shares 1 313 611 144 99.17
United States of
America 973 445 322 73.48
545 094 ABBOTT LABORATORIES USD 67 460 895 5.09
462 464 AGIOS PHARMACEUTICALS INC USD 13 367 210 1.01
394 953 ARCUS BIOSCIENCES INC USD 14 055 353 1.06
182 872 ARENA PHARMACEUTICALS INC USD 14 945 589 1.13
210 821 ATRICURE INC USD 12 889 891 0.97
196 271 AXONICS INC USD 9 665 121 0.73
983 956 BIOCRYST PHARMACEUTICALS INC USD 11 983 636 0.90
1 272 241 BOSTON SCIENTIFIC CORP USD 47 524 444 3.59
1 356 092 BRISTOL-MYERS SQUIBB CO USD 74 351 333 5.61
565 562 CENTENE CORP USD 40 979 871 3.09
115 321 CHARLES RIVER LABORATORIES USD 38 208 447 2.88
128 673 CONMED CORP USD 16 039 997 1.21
67 826 COOPER COS INC/THE USD 24 986 831 1.89
282 485 CRYOPORT INC USD 14 698 063 1.11
354 622 CYTOKINETICS INC USD 14 213 569 1.07
238 493 DECIPHERA PHARMACEUTICALS IN USD 2 048 959 0.15
84 054 EDWARDS LIFESCIENCES CORP USD 9 575 445 0.72
349 568 ELI LILLY & CO USD 84 908 260 6.41
88 959 GUARDANT HEALTH INC USD 7 824 199 0.59
585 487 HOLOGIC INC USD 39 416 888 2.98
441 235 HORIZON THERAPEUTICS PLC USD 41 811 013 3.16
29 196 INSULET CORP USD 6 830 971 0.52
83 172 IRHYTHM TECHNOLOGIES INC USD 8 607 556 0.65
104 492 MASIMO CORP USD 26 902 188 2.03
25 896 MODERNA INC USD 5 783 561 0.44
309 213 NEUROCRINE BIOSCIENCES INC USD 23 158 346 1.75
74 212 NEVRO CORP USD 5 290 509 0.40
197 352 ORGANOGENESIS HOLDINGS INC USD 1 603 528 0.12
722 280 PFIZER INC USD 37 504 954 2.83
292 589 PULMONX CORP USD 8 251 257 0.62
78 316 REPLIGEN CORP USD 18 238 841 1.38
110 621 SEAGEN INC USD 15 038 697 1.14
26 030 SHOCKWAVE MEDICAL INC USD 4 081 894 0.31
233 399 SILK ROAD MEDICAL INC USD 8 745 279 0.66
146 868 SPRINGWORKS THERAPEUTICS INC USD 8 004 642 0.60
88 508 THERMO FISHER SCIENTIFIC INC USD 51 931 127 3.92
156 006 TURNING POINT THERAPEUTICS I USD 6 543 692 0.49
285 921 UNITEDHEALTH GROUP INC USD 126 250 767 9.54
281 334 VERICEL CORP USD 9 722 499 0.73
Switzerland 111 831 612 8.45
358 187 ALCON INC CHF 27 911 034 2.11
30 815 LONZA GROUP AG - REG CHF 22 649 910 1.71
167 464 ROCHE HOLDING AG GENUSSCHEIN CHF 61 270 668 4.63
United Kingdom 78 046 290 5.89
755 101 ASTRAZENECA PLC GBP 78 046 290 5.89
Ireland 41 497 760 3.13
370 418 JAZZ PHARMACEUTICALS PLC USD 41 497 760 3.13
Japan 37 593 028 2.84
1 677 900 DAIICHI SANKYO CO LTD JPY 37 593 028 2.84
Denmark 34 960 938 2.64
98 869 GENMAB A/S DKK 34 960 938 2.64
France 30 427 141 2.30
343 499 SANOFI AVENTIS EUR 30 427 141 2.30
The accompanying notes form an integral part of these financial statements
Page 202
BNP PARIBAS FUNDS Inclusive Growth
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an Switzerland 22 840 744 5.13
official stock exchange listing and/or 440 412 257 98.79 68 871 NESTLE SA - REG CHF 8 470 704 1.90
traded on another regulated market 18 837 ROCHE HOLDING AG GENUSSCHEIN CHF 6 891 962 1.55
440 412 257 98.79 52 709 TE CONNECTIVITY LTD USD 7 478 078 1.68
Shares
Germany 14 339 802 3.22
United States of
31 011 ADIDAS AG EUR 7 851 985 1.76
America 253 883 715 56.94
31 244 ALLIANZ SE - REG EUR 6 487 817 1.46
45 920 ABBOTT LABORATORIES USD 5 683 064 1.27
19 515 ADOBE SYSTEMS INC USD 9 731 073 2.18 Ireland 9 233 689 2.07
69 843 ALLSTATE CORP USD 7 225 667 1.62 25 330 ACCENTURE PLC - A USD 9 233 689 2.07
45 047 AMERICAN WATER WORKS CO INC USD 7 481 161 1.68 Canada 6 807 664 1.53
54 652 APPLE INC USD 8 533 728 1.91 405 608 MANULIFE FINANCIAL CORP CAD 6 807 664 1.53
19 922 BIOGEN INC USD 4 203 030 0.94
Spain 5 574 930 1.25
67 672 BRIGHT HORIZONS FAMILY SOLUT USD 7 490 812 1.68
535 536 IBERDROLA SA EUR 5 574 930 1.25
94 750 BRISTOL-MYERS SQUIBB CO USD 5 194 920 1.17
175 021 COMCAST CORP - A USD 7 746 049 1.74 Shares/Units in investment funds 8 166 860 1.83
22 268 DEERE & CO USD 6 714 276 1.51
45 680 EDWARDS LIFESCIENCES CORP USD 5 203 873 1.17 France 8 166 860 1.83
30 626 ELI LILLY & CO USD 7 438 897 1.67 358.92 BNP PARIBAS MOIS - ISR - I - CAP EUR 8 166 860 1.83
92 845 FIRST SOLAR INC USD 7 116 048 1.60
Total securities portfolio 448 579 117 100.62
108 343 HARTFORD FINANCIAL SVCS GRP USD 6 577 560 1.48
126 097 HOLOGIC INC USD 8 489 260 1.90
432 005 KEYCORP USD 8 786 736 1.97
50 647 KEYSIGHT TECHNOLOGIES IN-W/I USD 9 197 249 2.06
119 273 KROGER CO USD 4 747 007 1.06
119 508 MERCK & CO INC USD 8 054 074 1.81
106 771 MICRON TECHNOLOGY INC USD 8 745 796 1.96
78 145 MICROSOFT CORP USD 23 110 909 5.19
114 644 NEXTERA ENERGY INC USD 9 411 857 2.11
46 834 NIKE INC - B USD 6 864 072 1.54
25 692 NVIDIA CORP USD 6 644 631 1.49
18 154 PALO ALTO NETWORKS INC USD 8 888 787 1.99
22 239 S&P GLOBAL INC USD 9 229 029 2.07
37 589 SALESFORCE.COM INC USD 8 400 011 1.88
25 651 UNITEDHEALTH GROUP INC USD 11 326 409 2.54
64 128 WALT DISNEY CO USD 8 734 423 1.96
53 588 WASTE MANAGEMENT INC USD 7 864 788 1.76
85 807 XYLEM INC USD 9 048 519 2.03
France 46 184 230 10.37
40 068 AIR LIQUIDE SA EUR 6 143 226 1.38
194 366 ALSTOM EUR 6 068 107 1.36
288 713 AXA SA EUR 7 559 950 1.70
134 736 DASSAULT SYSTEMES SE EUR 7 048 040 1.58
186 824 EDENRED EUR 7 579 450 1.70
40 632 ESSILORLUXOTTICA EUR 7 607 936 1.71
47 161 SANOFI AVENTIS EUR 4 177 521 0.94
United Kingdom 32 131 040 7.20
58 538 APTIV PLC USD 8 490 893 1.90
68 326 ASTRAZENECA PLC GBP 7 062 089 1.58
386 601 COMPASS GROUP PLC GBP 7 602 171 1.71
313 745 RELX PLC GBP 8 975 887 2.01
Japan 24 838 268 5.56
75 900 EAST JAPAN RAILWAY CO JPY 4 108 608 0.92
347 400 KUBOTA CORP JPY 6 795 804 1.52
16 700 NINTENDO CO LTD JPY 6 873 854 1.54
189 800 TERUMO CORP JPY 7 060 002 1.58
The Netherlands 24 578 175 5.52
14 684 ASML HOLDING NV EUR 10 377 182 2.33
37 789 KONINKLIJKE DSM NV EUR 7 482 222 1.68
64 853 WOLTERS KLUWER EUR 6 718 771 1.51
The accompanying notes form an integral part of these financial statements
Page 203
BNP PARIBAS FUNDS India Equity
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net
Quantity Denomination Market value
currency assets
Transferable securities admitted to an
official stock exchange listing and/or 248 730 696 95.64
traded on another regulated market
Shares 248 730 696 95.64
India 246 136 919 94.64
87 598 APOLLO HOSPITALS ENTERPRISE INR 5 906 047 2.27
2 269 500 ASHOK LEYLAND LTD INR 3 735 919 1.44
729 509 AXIS BANK LTD INR 6 653 555 2.56
62 350 BAJAJ FINANCE LTD INR 5 847 787 2.25
BHARAT PETROLEUM
500 349 INR 2 593 229 1.00
CORPORATION LTD
43 295 BHARTI AIRTEL - PARTLY PAID INR 205 392 0.08
827 939 BHARTI AIRTEL LTD INR 7 614 113 2.93
164 746 CHEMPLAST SANMAR LTD INR 1 223 975 0.47
CHOLAMANDALAM
319 700 INR 2 237 229 0.86
INVESTMENT AND
211 000 CIPLA LTD INR 2 679 371 1.03
378 606 EMAMI LTD INR 2 641 669 1.02
3 213 800 FEDERAL BANK LTD INR 3 586 210 1.38
173 275 FINO PAYMENTS BANK LTD INR 864 561 0.33
660 203 FORTIS HEALTHCARE LTD INR 2 638 729 1.01
282 534 GUJARAT GAS LTD INR 2 411 226 0.93
480 840 HCL TECHNOLOGIES LTD INR 8 527 917 3.28
184 812 HDFC BANK LIMITED INR 3 674 724 1.41
645 000 HINDALCO INDUSTRIES LTD INR 4 121 662 1.58
221 124 HINDUSTAN UNILEVER LTD INR 7 017 205 2.70
404 623 HOUSING DEVELOPMENT FINANCE INR 14 063 854 5.41
2 119 165 ICICI BANK LTD INR 21 105 329 8.11
268 200 INDUSIND BANK LTD INR 3 202 608 1.23
977 788 INFOSYS LTD INR 24 850 989 9.55
766 132 INOX LEISURE LTD INR 3 640 883 1.40
164 039 KOTAK MAHINDRA BANK LTD INR 3 961 281 1.52
334 900 MAHINDRA & MAHINDRA LTD INR 3 769 403 1.45
891 110 MAHINDRA HOLIDAYS & RESORTS INR 2 251 653 0.87
362 027 MARICO LTD INR 2 495 957 0.96
35 035 MARUTI SUZUKI INDIA LTD INR 3 498 524 1.35
136 947 MUTHOOT FINANCE LTD INR 2 753 838 1.06
383 000 NUVOCO VISTAS CORP LTD INR 2 572 269 0.99
1 571 200 POWER GRID CORP OF INDIA LTD INR 4 318 543 1.66
730 415 RELIANCE INDUSTRIES LTD INR 23 256 911 8.93
170 000 SIEMENS LTD INR 5 398 433 2.08
1 632 800 STATE BANK OF INDIA INR 10 107 254 3.89
SUN PHARMACEUTICAL
541 493 INR 6 158 886 2.37
INDUSTRIES
166 106 TATA CONSULTANCY SVCS LTD INR 8 350 159 3.21
1 095 200 TATA MOTORS LTD INR 3 523 670 1.35
279 200 TECH MAHINDRA LTD INR 6 720 799 2.58
177 669 TRENT LTD INR 2 543 678 0.98
187 650 TTK PRESTIGE LTD INR 2 490 594 0.96
112 167 TUBE INVESTMENTS OF INDIA INR 2 647 154 1.02
53 189 ULTRATECH CEMENT LTD INR 5 429 411 2.09
296 200 WIPRO LTD INR 2 844 319 1.09
Switzerland 2 593 777 1.00
86 352 ABB INDIA LTD INR 2 593 777 1.00
Shares/Units in investment funds 5 000 090 1.92
Luxembourg 5 000 090 1.92
BNP PARIBAS INSTICASH USD 1D
38 124.74 USD 5 000 090 1.92
SHORT TERM XCA
Total securities portfolio 253 730 786 97.56
The accompanying notes form an integral part of these financial statements
Page 204
BNP PARIBAS FUNDS Japan Equity
Securities portfolio at 31/12/2021
Expressed in JPY
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 48 100 SUMITOMO WAREHOUSE CO LTD JPY 93 697 661 0.50
41 900 SUSHIRO GLOBAL HOLDINGS LTD JPY 182 817 700 0.97
official stock exchange listing and/or 18 529 145 400 98.03
62 700 SUZUKI MOTOR CORP JPY 278 672 993 1.47
traded on another regulated market
225 000 TOKAI CARBON CO LTD JPY 272 876 899 1.44
Shares 18 529 145 400 98.03
65 100 TOKIO MARINE HOLDINGS INC JPY 418 304 949 2.21
Japan 18 529 145 400 98.03 2 900 TOKYO ELECTRON LTD JPY 193 061 250 1.02
66 000 ABC-MART INC JPY 326 000 109 1.72 26 700 TOKYO OHKA KOGYO CO LTD JPY 182 200 526 0.96
79 900 AJINOMOTO CO INC JPY 279 945 985 1.48 397 300 TORAY INDUSTRIES INC JPY 271 977 392 1.44
164 100 AMADA HOLDINGS CO LTD JPY 187 617 148 0.99 79 600 TOSHIBA CORP JPY 377 258 004 2.00
170 000 ASAHI KASEI CORP JPY 184 435 431 0.98 37 700 TOYO SUISAN KAISHA LTD JPY 184 024 531 0.97
63 400 CHARM CARE CORP JPY 92 665 470 0.49 394 200 TOYOTA MOTOR CORP JPY 833 526 422 4.42
47 600 CYBERAGENT INC JPY 91 454 190 0.48 76 700 TOYOTA TSUSHO CORP JPY 408 155 024 2.16
120 300 DAI-ICHI LIFE HOLDINGS INC JPY 280 723 765 1.49 31 810 WEST HOLDINGS CORP JPY 182 830 982 0.97
206 200 DAIICHI SANKYO CO LTD JPY 604 991 811 3.21 278 600 YAHOO JAPAN CORP JPY 186 491 660 0.99
22 200 EARTH CHEMICAL CO LTD JPY 136 401 379 0.72
Total securities portfolio 18 529 145 400 98.03
28 400 EBARA CORP JPY 182 195 788 0.96
48 100 EISAI CO LTD JPY 314 844 493 1.67
37 700 FUJIFILM HOLDINGS CORP JPY 322 291 054 1.71
18 600 FUJITSU LTD JPY 368 253 689 1.95
81 600 FURUKAWA ELECTRIC CO LTD JPY 189 948 869 1.00
59 700 HITACHI LTD JPY 373 216 728 1.97
43 100 HONDA MOTOR CO LTD JPY 140 033 744 0.74
40 700 IBIDEN CO LTD JPY 279 507 036 1.48
80 100 IHI CORP JPY 186 311 415 0.99
INFO SERVICES INTERNATIONAL
47 600 JPY 184 969 079 0.98
DENTSU
223 500 INFRONEER HOLDINGS INC JPY 234 704 209 1.24
136 100 INPEX CORP JPY 136 913 748 0.72
259 900 JAPAN POST HOLDINGS CO LTD JPY 233 561 119 1.24
21 800 KATITAS CO LTD JPY 96 816 200 0.51
66 600 KAWASAKI HEAVY INDUSTRIES JPY 138 858 519 0.73
103 100 KEISEI ELECTRIC RAILWAY CO JPY 321 592 727 1.70
77 200 KYOWA EXEO CORP JPY 187 551 060 0.99
86 100 KYOWA HAKKO KIRIN CO LTD JPY 270 443 238 1.43
89 700 LIXIL GROUP CORP JPY 275 854 816 1.46
37 700 MAKITA CORP JPY 184 697 864 0.98
28 000 MARUZEN SHOWA UNYU CO LTD JPY 89 824 717 0.48
126 700 MITSUBISHI CORP JPY 464 035 309 2.46
80 200 MITSUBISHI LOGISNEXT CO LTD JPY 85 244 355 0.45
661 260 MITSUBISHI UFJ FINANCIAL GROUP JPY 416 614 335 2.20
29 800 MURATA MANUFACTURING CO LTD JPY 273 784 366 1.45
75 100 NET ONE SYSTEMS CO LTD JPY 233 453 627 1.24
36 800 NEXTAGE CO LTD JPY 87 684 866 0.46
228 300 NIKON CORP JPY 284 134 288 1.50
53 100 NIPPON PILLAR PACKING CO LTD JPY 198 061 070 1.05
117 600 NIPPON TELEGRAPH & TELEPHONE JPY 371 086 529 1.96
78 800 NS SOLUTIONS CORP JPY 280 046 991 1.48
14 200 ORIENTAL LAND CO LTD JPY 276 068 880 1.46
101 300 ORIX CORP JPY 238 483 646 1.26
115 600 POINT JPY 187 295 510 0.99
116 300 POLA ORBIS HOLDINGS INC JPY 223 595 475 1.18
79 300 RECRUIT HOLDINGS CO LTD JPY 555 539 725 2.94
321 600 RENESAS ELECTRONICS CORP JPY 460 007 038 2.43
59 500 SBI HOLDINGS INC JPY 187 204 614 0.99
75 800 SEKISUI HOUSE LTD JPY 187 722 206 0.99
97 500 SENKO CO LTD JPY 90 550 648 0.48
23 300 SHIN-ETSU CHEMICAL CO LTD JPY 465 999 181 2.47
33 300 SHINKO ELECTRIC INDUSTRIES JPY 183 605 124 0.97
77 000 SOFTBANK GROUP CORP JPY 420 226 905 2.22
54 700 SONY CORP JPY 795 929 857 4.22
63 300 SUMITOMO METAL MINING CO LTD JPY 276 491 610 1.46
82 100 SUMITOMO MITSUI FINANCIAL GR JPY 323 757 852 1.71
The accompanying notes form an integral part of these financial statements
Page 205
BNP PARIBAS FUNDS Japan Small Cap
Securities portfolio at 31/12/2021
Expressed in JPY
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 480 000 NEC NETWORKS & SYSTEM INTEGR JPY 868 777 575 0.70
1 125 000 NHK SPRING CO LTD JPY 1 104 207 379 0.89
official stock exchange listing and/or 115 665 885 257 93.74
382 000 NICHIAS CORP JPY 1 062 823 691 0.86
traded on another regulated market
85 000 NICHIREI CORP JPY 226 720 609 0.18
Shares 115 665 885 257 93.74
147 500 NICHIRIN CO LTD JPY 243 576 466 0.20
Japan 115 665 885 257 93.74 150 000 NIHON UNISYS LTD JPY 485 712 558 0.39
1 000 000 ADEKA CORP JPY 2 576 957 136 2.09 300 000 NIPPON CHEMICAL INDUSTRIAL JPY 818 754 681 0.66
60 000 ADVANTEST CORP JPY 656 915 336 0.53 62 000 NIPPON SEISEN CO LTD JPY 308 983 811 0.25
360 000 ANRITSU CORP JPY 641 367 471 0.52 707 000 NIPPON SYSTEMWARE CO LTD JPY 1 627 772 254 1.32
204 000 ARGO GRAPHICS INC JPY 659 579 553 0.53 1 000 000 NISHIMATSUYA CHAIN CO LTD JPY 1 383 616 581 1.12
540 000 ASKUL CORP JPY 830 017 217 0.67 2 160 000 NISSIN ELECTRIC CO LTD JPY 3 413 235 149 2.77
220 000 BELC CO LTD JPY 1 240 712 061 1.01 574 500 NITTO SEIKO CO LTD JPY 374 175 024 0.30
290 000 BELLSYSTEM24 HOLDINGS INC JPY 363 829 212 0.29 175 000 NTT DATA INTRAMART CORP JPY 407 305 180 0.33
139 000 BUYSELL TECHNOLOGIES CO LTD JPY 459 989 452 0.37 200 000 OKAMOTO MACHINE TOOL WORKS JPY 983 118 261 0.80
105 000 CAPCOM CO LTD JPY 285 086 193 0.23 245 300 OPTEX CO LTD JPY 404 554 812 0.33
1 745 000 COMPUTER ENGINEER & CONSULT JPY 1 900 028 829 1.54 470 000 OSAKA SODA CO LTD JPY 1 431 829 628 1.16
110 000 COMSYS HOLDINGS CORP JPY 282 261 447 0.23 508 000 OUTSOURCING INC JPY 790 534 639 0.64
40 000 COSMOS PHARMACEUTICAL CORP JPY 677 834 943 0.55 595 000 PACIFIC INDUSTRIAL CO LTD JPY 725 696 694 0.59
445 000 CREEK & RIVER CO LTD JPY 908 990 593 0.74 496 000 PAL GROUP HOLDINGS CO LTD JPY 852 905 597 0.69
935 000 CRESCO LTD JPY 1 959 326 753 1.59 200 000 PEOPLE DREAMS & TECHNOLOGIES JPY 380 928 767 0.31
504 000 DAI-ICHI KOGYO SEIYAKU CO JPY 1 623 770 696 1.32 320 000 RASA INDUSTRIES LTD JPY 537 776 431 0.44
356 000 DAIKO DENSHI TSUSHIN LTD JPY 157 929 233 0.13 2 580 000 RIKEN TECHNOS CORP JPY 1 344 867 064 1.09
280 000 DAISEKI CO LTD JPY 1 434 645 847 1.16 399 000 RORZE CORPORATION JPY 4 974 320 274 4.04
477 500 DEXERIALS CORP JPY 1 991 511 670 1.61 320 000 ROUND ONE CORP JPY 437 785 905 0.35
150 000 DIC CORP JPY 435 680 481 0.35 360 000 SAIZERIYA CO LTD JPY 1 084 200 514 0.88
267 000 ENIGMO INC JPY 204 553 904 0.17 240 000 SBI HOLDINGS INC JPY 755 111 048 0.61
55 000 FANCL CORP JPY 189 042 864 0.15 45 000 SCREEN HOLDINGS CO LTD JPY 559 345 411 0.45
515 000 FERROTEC HOLDINGS CORP JPY 2 194 473 419 1.78 560 000 SEIREN CO LTD JPY 1 413 491 041 1.15
90 000 FUJI OIL HOLDINGS INC JPY 209 216 556 0.17 1 400 000 SEVEN BANK LTD JPY 333 640 124 0.27
860 000 FUJIMORI KOGYO CO LTD JPY 3 544 732 991 2.87 218 000 SHIBAURA ELECTRONICS CO LTD JPY 1 909 166 864 1.55
460 000 FUKUOKA FINANCIAL GROUP INC JPY 909 589 418 0.74 50 000 SHIMAMURA CO LTD JPY 483 845 685 0.39
365 000 FULLCAST HOLDINGS CO LTD JPY 901 250 585 0.73 230 000 SHIP HEALTHCARE HOLDINGS INC JPY 618 012 626 0.50
185 000 FURUYA METAL CO LTD JPY 2 239 622 724 1.82 875 000 SINFONIA TECHNOLOGY CO LTD JPY 1 151 313 931 0.93
270 000 GUNGHO ONLINE ENTERTAINMENT JPY 700 498 166 0.57 130 000 STRIKE CO LTD JPY 668 007 342 0.54
175 000 HODOGAYA CHEMICAL CO LTD JPY 1 038 576 221 0.84 530 000 STUDIO ALICE CO LTD JPY 1 137 417 474 0.92
1 278 000 HOKKO CHEMICAL INDUSTRY CO JPY 1 189 552 507 0.96 400 000 SUMITOMO FORESTRY CO LTD JPY 893 427 716 0.72
140 000 IBIDEN CO LTD JPY 961 449 265 0.78 1 320 000 SWCC SHOWA HOLDINGS CO LTD JPY 2 202 924 500 1.79
1 000 000 IDOM INC JPY 724 932 001 0.59 170 000 TAIYO YUDEN CO LTD JPY 1 130 753 978 0.92
294 500 IHARA SCIENCE CORP JPY 764 989 511 0.62 300 000 TAZMO CO JPY 460 236 599 0.37
348 000 INTER ACTION CORP JPY 867 678 311 0.70 245 000 TECHNOPRO HOLDINGS INC JPY 858 295 941 0.70
205 000 INTERNET INITIATIVE JAPAN JPY 976 691 894 0.79 70 000 TEIJIN LTD JPY 99 274 655 0.08
139 500 ISB CORP JPY 142 097 385 0.12 150 000 THK CO LTD JPY 418 179 575 0.34
960 000 J FRONT RETAILING CO LTD JPY 1 008 187 626 0.82 175 000 TOKAI CARBON CO LTD JPY 212 237 588 0.17
240 000 JAPAN LIFELINE CO LTD JPY 263 739 844 0.21 90 000 TOKYO OHKA KOGYO CO LTD JPY 614 159 075 0.50
150 000 JSB CO LTD JPY 474 806 511 0.38 385 000 TOKYO TATEMONO CO LTD JPY 648 920 210 0.53
180 000 KAKAKU.COM INC JPY 554 552 612 0.45 325 000 TOTOKU ELECTRIC CO LTD JPY 955 900 526 0.77
77 000 KOBE BUSSAN CO LTD JPY 343 528 799 0.28 257 700 TOYO TANSO CO LTD JPY 826 941 983 0.67
700 000 KONICA MINOLTA INC JPY 367 883 858 0.30 257 500 TOYODA GOSEI CO LTD JPY 646 296 947 0.52
110 000 KS HOLDINGS CORP JPY 123 206 406 0.10 270 000 TRANSACTION CO LTD JPY 292 230 818 0.24
82 000 KURITA WATER INDUSTRIES LTD JPY 448 947 693 0.36 470 000 TS TECH JPY 666 524 827 0.54
25 000 KYORITSU MAINTENANCE CO LTD JPY 101 229 777 0.08 300 000 TSUGAMI CORP JPY 529 171 187 0.43
155 000 KYUDENKO CORP JPY 551 602 074 0.45 125 000 ULVAC INC JPY 903 562 650 0.73
330 000 KYUSHU RAILWAY COMPANY JPY 791 419 519 0.64 595 000 WEST HOLDINGS CORP JPY 3 419 818 750 2.77
302 500 LEGS CO LTD JPY 424 349 290 0.34 272 500 WINGARC1ST INC JPY 627 618 128 0.51
326 000 MARUWA CO LTD JPY 5 332 521 580 4.33 800 000 WORLD HOLDINGS CO LTD JPY 2 077 928 018 1.68
195 000 MARUZEN SHOWA UNYU CO LTD JPY 625 564 992 0.51 796 000 YAKUODO HOLDINGS CO LTD JPY 1 790 288 013 1.45
310 000 MEIDENSHA CORP JPY 852 216 525 0.69 140 000 YOKOHAMA RUBBER CO LTD JPY 258 902 635 0.21
1 120 000 MEIKO ELECTRONICS CO LTD JPY 5 352 991 280 4.35 1 000 000 YOKOWO CO LTD JPY 2 967 910 896 2.41
190 000 MITSUBISHI GAS CHEMICAL CO JPY 371 556 806 0.30 87 000 ZENKOKU HOSHO CO LTD JPY 437 249 834 0.35
135 000 MONOGATARI CORP JPY 913 617 792 0.74
Total securities portfolio 115 665 885 257 93.74
58 000 MORINAGA MILK INDUSTRY CO JPY 317 121 420 0.26
105 000 NABTESCO CORP JPY 359 172 869 0.29
The accompanying notes form an integral part of these financial statements
Page 206
BNP PARIBAS FUNDS Latin America Equity
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 106 000 GRUPO BIMBO SAB - SERIES A MXN 326 158 0.78
322 571 GRUPO FINANCIERO BANORTE - O MXN 2 096 671 5.02
official stock exchange listing and/or 39 245 024 93.92
153 000 GRUPO FINANCIERO INBURSA - O MXN 183 316 0.44
traded on another regulated market
130 900 GRUPO TELEVISA SAB-SER CPO MXN 246 577 0.59
Shares 39 124 335 93.63
9 500 INDUSTRIAS PENOLES SAB DE CV MXN 109 349 0.26
Brazil 23 212 564 55.55 102 300 KIMBERLY-CLARK DE MEXICO - A MXN 155 012 0.37
147 400 ANIMA HOLDING SA BRL 222 291 0.53 70 200 ORBIA ADVANCE CORP SAB DE CV MXN 179 299 0.43
86 698 AREZZO INDUSTRIA E COMERCIO BRL 1 194 939 2.86 1 265 PROMOTORA Y OPERADORA DE INF MXN 9 890 0.02
107 690 ATACADAO DISTRIBUICAO COMERC BRL 294 843 0.71 84 300 TELESITES SAB DE CV MXN 86 339 0.21
275 825 B3 SA-BRASIL BOLSA BALCAO BRL 551 650 1.32 558 000 WALMART DE MEXICO SAB DE CV MXN 2 074 675 4.97
11 356 BANCO BRADESCO - ADR USD 38 838 0.09
Chile 1 558 920 3.72
149 562 BANCO BRADESCO SA BRL 434 724 1.04 11 953 300 BANCO SANTANDER CHILE CLP 480 517 1.15
677 001 BANCO BRADESCO SA-PREF BRL 2 334 864 5.59 109 975 CENCOSUD SA CLP 183 937 0.44
158 000 BB SEGURIDADE PARTICIPACOES BRL 588 600 1.41 200 EMPRESA NACIONAL DE TELECOM CLP 676 0.00
274 322 BRADESPAR SA - PREF BRL 1 230 756 2.95 97 300 EMPRESAS CMPC SA CLP 163 080 0.39
1 300 CIA DE SANEAMENTO DO PA-UNIT BRL 4 474 0.01 2 222 263 ENEL AMERICAS SA CLP 242 571 0.58
220 600 COSAN SA INDUSTRIA COMERCIO BRL 859 034 2.06 248 900 ENEL CHILE SA CLP 8 706 0.02
85 236 DIRECIONAL ENGENHARIA SA BRL 194 497 0.47 46 445 ENEL CHILE SA USD 84 065 0.20
13 185 ENERGISA SA - UNITS BRL 105 030 0.25 3 500 QUIMICA Y MINERA CHIL - ADR USD 176 505 0.42
69 900 ENGIE BRASIL ENERGIA SA BRL 482 022 1.15 67 100 S.A.C.I. FALABELLA CLP 218 863 0.52
68 878 EQUATORIAL ENERGIA SA - ORD BRL 279 593 0.67
115 236 FLEURY SA BRL 372 190 0.89
Peru 1 014 819 2.43
16 900 CIA DE MINAS BUENAVENTUR - ADR USD 123 708 0.30
700 GERDAU SA - ADR USD 3 444 0.01
7 300 CREDICORP LTD USD 891 111 2.13
83 175 GERDAU SA - PREF BRL 407 065 0.97
141 561 HOSPITAL MATER DEI SA BRL 343 101 0.82 Colombia 485 814 1.17
131 276 HYPERA SA BRL 666 279 1.59 18 021 ECOPETROL SA - ADR USD 232 291 0.56
424 700 ITAU UNIBANCO HOLDING S-PREF BRL 1 597 391 3.82 18 600 GRUPO AVAL ACCIONES Y VALORE USD 95 046 0.23
136 100 KLABIN SA - UNIT BRL 626 989 1.50 21 500 GRUPO DE INV SURAMERICANA COP 158 477 0.38
41 847 LOCALIZA RENT A CAR BRL 398 185 0.95 Cayman Islands 344 340 0.82
97 200 MARFRIG GLOBAL FOODS SA BRL 385 136 0.92 91 332 BANCO BTG PACTUAL SA-UNIT BRL 344 340 0.82
63 881 NATURA &CO HOLDING SA BRL 291 651 0.70
Floating rate bonds 120 689 0.29
60 999 NOTRE DAME INTERMED PAR SA BRL 660 914 1.58
87 551 PET CENTER COMERCIO E PARTIC BRL 257 309 0.62 Brazil 120 689 0.29
VALE DO RIO DOCE 97-29/12/2049
84 900 PETRO RIO SA BRL 315 060 0.75 10 800 BRL 120 689 0.29
FRN FLAT
194 104 PETROLEO BRASILEIRO PETROBRAS BRL 1 069 838 2.56
PETROLEO BRASILEIRO PETROBRAS Total securities portfolio 39 245 024 93.92
36 845 USD 372 503 0.89
- ADR
PETROLEO BRASILEIRO PETROBRAS
211 630 BRL 1 080 947 2.59
- PREF
66 744 PORTO SEGURO SA BRL 250 680 0.60
116 446 SANTOS BRASIL PARTICIPACOES BRL 134 425 0.32
90 314 SENDAS DISTRIBUIDORA SA BRL 210 138 0.50
202 478 SEQUOIA LOGISTICA E TRANSPOR BRL 514 011 1.23
43 200 SUZANO PAPEL E CELULOSE SA BRL 466 204 1.12
204 405 VALE SA BRL 2 860 937 6.85
189 012 VIBRA ENERGIA SA BRL 726 187 1.74
65 162 WEG SA BRL 385 825 0.92
Mexico 12 507 878 29.94
339 895 ALFA S.A.B.-A MXN 249 461 0.60
108 134 AMERICA MOVIL - ADR - L USD 2 282 708 5.46
105 141 AMERICA MOVIL SAB DE C-SER L MXN 111 435 0.27
29 700 ARCA CONTINENTAL SAB DE CV MXN 189 418 0.45
119 349 CEMEX SAB - ADR USD 809 186 1.94
173 640 CEMEX SAB - CPO MXN 118 701 0.28
12 661 COCA-COLA FEMSA SAB DE CV MXN 69 105 0.17
2 700 COCA-COLA FEMSA SAB-SP ADR USD 147 933 0.35
209 900 FIBRA UNO ADMINISTRACION SA MXN 221 951 0.53
22 346 FOMENTO ECONOMICO MEX - ADR USD 1 736 508 4.16
FOMENTO ECONOMICO MEXICA-
1 000 MXN 7 785 0.02
UBD
33 500 GRUMA S.A.B. - B MXN 429 730 1.03
2 900 GRUPO AEROPORTUARIO PAC - ADR USD 398 663 0.95
GRUPO AEROPORTUARIO SURESTE -
1 300 USD 268 008 0.64
ADR - B
The accompanying notes form an integral part of these financial statements
Page 207
BNP PARIBAS FUNDS Local Emerging Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 352 465 000 RUSSIA-OFZ 7.050% 13-19/01/2028 RUB 4 407 043 1.55
254 220 000 RUSSIA-OFZ 7.250% 18-10/05/2034 RUB 3 124 375 1.10
official stock exchange listing and/or 240 904 405 84.69
399 760 000 RUSSIA-OFZ 7.400% 19-17/07/2024 RUB 5 217 552 1.83
traded on another regulated market
368 500 000 RUSSIA-OFZ 7.650% 19-10/04/2030 RUB 4 726 774 1.66
Bonds 240 904 405 84.69
33 800 000 RUSSIA-OFZ 7.700% 19-16/03/2039 RUB 426 475 0.15
United States of 105 020 000 RUSSIA-OFZ 8.500% 16-17/09/2031 RUB 1 415 986 0.50
America 31 773 138 11.17 Indonesia 21 929 435 7.71
INTERNATIONAL FIN CORP 2.625% INDONESIA GOVT 10.000% 07-
1 150 000 000 HUF 3 422 673 1.20 17 788 000 000 IDR 1 513 275 0.53
21-09/11/2023 15/02/2028
US TREASURY N/B 0.125% 20- INDONESIA GOVT 10.500% 09-
8 530 000 USD 8 529 999 3.00 19 775 000 000 IDR 1 748 220 0.61
30/04/2022 15/08/2030
US TREASURY N/B 1.750% 12- INDONESIA GOVT 7.500% 16-
5 640 000 USD 5 673 487 1.99 30 570 000 000 IDR 2 270 985 0.80
15/05/2022 15/08/2032
US TREASURY N/B 1.750% 17- INDONESIA GOVT 8.250% 11-
5 640 000 USD 5 677 012 2.00 24 985 000 000 IDR 1 958 130 0.69
31/05/2022 15/06/2032
US TREASURY N/B 2.125% 15- INDONESIA GOVT 8.250% 15-
8 390 000 USD 8 469 967 2.98 7 200 000 000 IDR 560 203 0.20
30/06/2022 15/05/2036
Mexico 26 952 479 9.47 33 160 000 000 INDONESIA GOVT 8.375% 13-
IDR 2 531 816 0.89
15/03/2024
MEXICAN BONOS 10.000% 05-
94 500 000 MXN 4 948 077 1.74 INDONESIA GOVT 8.375% 13-
05/12/2024 15 180 000 000 IDR 1 194 345 0.42
15/03/2034
MEXICAN BONOS 10.000% 06-
15 400 000 MXN 904 770 0.32 INDONESIA GOVT 8.375% 19-
20/11/2036 38 800 000 000 IDR 3 070 243 1.08
15/04/2039
MEXICAN BONOS 5.750% 15-
545 000 MXN 2 561 090 0.90 INDONESIA GOVT 8.750% 15-
05/03/2026 20 475 000 000 IDR 1 656 776 0.58
15/05/2031
MEXICAN BONOS 7.500% 07-
134 900 000 MXN 6 617 498 2.33 INDONESIA GOVT 9.000% 13-
03/06/2027 36 400 000 000 IDR 2 951 612 1.04
15/03/2029
MEXICAN BONOS 7.750% 11-
46 900 000 MXN 2 316 560 0.81 INDONESIA GOVT 9.500% 10-
29/05/2031 29 365 000 000 IDR 2 473 830 0.87
15/07/2031
MEXICAN BONOS 7.750% 12-
122 100 000 MXN 5 808 728 2.04
13/11/2042 Poland 12 271 823 4.32
MEXICAN BONOS 7.750% 14- POLAND GOVT BOND 0.250% 21-
13 520 000 MXN 663 942 0.23 3 320 000 PLN 692 513 0.24
23/11/2034 25/10/2026
MEXICAN BONOS 8.000% 19- POLAND GOVT BOND 0.750% 20-
63 000 000 MXN 3 131 814 1.10 11 470 000 PLN 2 587 193 0.91
05/09/2024 25/04/2025
South Africa POLAND GOVT BOND 2.500% 16-
25 990 949 9.14 9 710 000 PLN 2 236 196 0.79
25/07/2027
REPUBLIC OF SOUTH AFRICA
49 570 000 ZAR 3 438 052 1.21 POLAND GOVT BOND 2.750% 13-
10.500% 98-21/12/2026 9 510 000 PLN 2 223 478 0.78
25/04/2028
REPUBLIC OF SOUTH AFRICA 7.000%
60 345 000 ZAR 3 185 650 1.12 POLAND GOVT BOND 2.750% 19-
10-26/02/2031 2 655 000 PLN 614 288 0.22
25/10/2029
REPUBLIC OF SOUTH AFRICA 8.250%
53 875 000 ZAR 3 038 046 1.07 POLAND GOVT BOND 3.250% 14-
13-31/03/2032 16 088 000 PLN 3 918 155 1.38
25/07/2025
REPUBLIC OF SOUTH AFRICA 8.500%
130 314 800 ZAR 6 926 480 2.43
13-31/01/2037 Colombia 11 397 045 4.00
REPUBLIC OF SOUTH AFRICA 8.750%
138 660 000 ZAR 7 282 796 2.56 10 010 000 000 COLOMBIA TES 10.000% 09-24/07/2024 COP 2 634 628 0.93
14-31/01/2044
REPUBLIC OF SOUTH AFRICA 8.875% 15 070 000 000 COLOMBIA TES 6.000% 12-28/04/2028 COP 3 340 754 1.17
37 660 000 ZAR 2 119 925 0.75
15-28/02/2035
16 585 600 000 COLOMBIA TES 7.000% 17-30/06/2032 COP 3 708 002 1.30
Malaysia 24 014 097 8.45 1 865 000 000 COLOMBIA TES 7.250% 20-26/10/2050 COP 392 938 0.14
MALAYSIA INVEST 3.655% 19-
12 040 000 MYR 2 947 184 1.04 5 525 000 000 COLOMBIA TES 7.750% 15-18/09/2030 COP 1 320 723 0.46
15/10/2024
MALAYSIA INVEST 3.726% 19-
10 830 000
31/03/2026
MYR 2 652 790 0.93 Brazil 10 475 703 3.67
BRAZIL NTN-B 6.000% 10-
MALAYSIA INVEST 4.130% 19- 3 000 000 BRL 2 228 121 0.78
1 560 000 MYR 388 392 0.14 15/08/2050 FLAT
09/07/2029
MALAYSIA INVEST 4.245% 15- BRAZIL NTN-F 10.000% 14-
15 700 000 BRL 2 772 394 0.97
2 150 000 MYR 537 358 0.19 01/01/2025 FLAT
30/09/2030
BRAZIL NTN-F 10.000% 16-
MALAYSIA INVEST 4.582% 13- 31 290 000 BRL 5 475 188 1.92
9 940 000 MYR 2 550 697 0.90 01/01/2027 FLAT
30/08/2033
MALAYSIA INVEST 4.943% 13- Czech Republic 7 596 602 2.67
4 990 000 MYR 1 302 101 0.46
06/12/2028 CZECH REPUBLIC 0.950% 15-
MALAYSIAN GOVT 3.478% 19- 31 280 000 CZK 1 216 435 0.43
2 690 000 MYR 655 502 0.23 15/05/2030
14/06/2024 CZECH REPUBLIC 1.000% 15-
MALAYSIAN GOVT 3.733% 13- 6 990 000 CZK 289 041 0.10
5 850 000 MYR 1 432 302 0.50 26/06/2026
15/06/2028 CZECH REPUBLIC 1.200% 20-
MALAYSIAN GOVT 3.828% 19- 29 000 000 CZK 1 140 416 0.40
8 190 000 MYR 1 952 792 0.69 13/03/2031
05/07/2034 CZECH REPUBLIC 2.000% 17-
MALAYSIAN GOVT 3.882% 17- 33 140 000 CZK 1 389 665 0.49
10 966 000 MYR 2 642 434 0.93 13/10/2033
10/03/2022 CZECH REPUBLIC 2.500% 13-
MALAYSIAN GOVT 3.885% 19- 49 910 000 CZK 2 198 976 0.77
12 122 000 MYR 2 970 835 1.04 25/08/2028
15/08/2029 CZECH REPUBLIC 2.750% 18-
MALAYSIAN GOVT 4.065% 20- 19 400 000 CZK 868 529 0.31
2 760 000 MYR 650 114 0.23 23/07/2029
15/06/2050 CZECH REPUBLIC 4.200% 06-
MALAYSIAN GOVT 4.392% 11- 1 320 000 CZK 70 986 0.02
7 328 000 MYR 1 846 819 0.65 04/12/2036
15/04/2026 CZECH REPUBLIC 4.850% 07-
MALAYSIAN GOVT 4.736% 16- 6 700 000 CZK 422 554 0.15
5 850 000 MYR 1 484 777 0.52 26/11/2057
15/03/2046
Russia 23 678 081 8.32
130 130 000 RUSSIA-OFZ 5.700% 20-17/05/2028 RUB 1 503 310 0.53
168 360 000 RUSSIA-OFZ 6.500% 18-28/02/2024 RUB 2 162 101 0.76
56 450 000 RUSSIA-OFZ 6.900% 18-23/05/2029 RUB 694 465 0.24
The accompanying notes form an integral part of these financial statements
Page 208
BNP PARIBAS FUNDS Local Emerging Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Thailand 7 406 477 2.61 Serbia 983 151 0.34
THAILAND GOVT 2.875% 16- SERBIA T-BONDS 4.500% 19-
34 230 000 THB 1 020 264 0.36 23 000 000 RSD 229 682 0.08
17/06/2046 11/01/2026
THAILAND GOVT 3.400% 15- SERBIA T-BONDS 4.500% 20-
82 135 000 THB 2 728 978 0.96 38 360 000 RSD 380 367 0.13
17/06/2036 20/08/2032
THAILAND GOVT 3.600% 17- SERBIA T-BONDS 5.875% 18-
11 130 000 THB 367 735 0.13 34 800 000 RSD 373 102 0.13
17/06/2067 08/02/2028
THAILAND GOVT 3.775% 12-
66 600 000 THB 2 327 640 0.82 Uruguay 743 762 0.26
25/06/2032
THAILAND GOVT 4.000% 15- 21 850 000 URUGUAY 8.500% 17-15/03/2028 UYU 486 245 0.17
26 900 000 THB 961 860 0.34
17/06/2066
11 385 000 URUGUAY 9.875% 17-20/06/2022 UYU 257 517 0.09
South Korea 7 181 233 2.52
EXP-IMP BK KOREA 7.250% 17- Philippines 602 280 0.21
97 900 000 000 IDR 7 181 233 2.52 PHILIPPINE GOVT 2.375% 21-
07/12/2024 7 900 000 PHP 153 475 0.05
09/03/2024
Romania 6 992 302 2.46 9 630 000
PHILIPPINE GOVT 4.750% 17-
PHP 193 085 0.07
2 550 000 ROMANIA 4.150% 20-26/01/2028 RON 562 932 0.20 04/05/2027
REPUBLIC OF PHILIPPINES 8.000% 11-
10 445 000 ROMANIA 4.500% 19-17/06/2024 RON 2 397 165 0.84 10 570 000 PHP 255 720 0.09
19/07/2031
9 840 000 ROMANIA 4.750% 14-24/02/2025 RON 2 265 099 0.80
2 680 000 ROMANIA 5.000% 18-12/02/2029 RON 615 599 0.22 Money Market Instruments 2 762 262 0.97
4 810 000 ROMANIA 5.800% 12-26/07/2027 RON 1 151 507 0.40
Egypt 2 762 262 0.97
Peru 5 885 745 2.07 47 000 000 EGYPT T-BILL 0.000% 21-30/08/2022 EGP 2 762 262 0.97
REPUBLIC OF PERU 5.350% 19-
1 950 000 PEN 411 572 0.14
12/08/2040
REPUBLIC OF PERU 5.400% 19-
Shares/Units in investment funds 27 605 340 9.69
6 000 000 PEN 1 363 981 0.48
12/08/2034
7 882 000
REPUBLIC OF PERU 6.350% 16-
PEN 2 067 160 0.73 Luxembourg 27 605 340 9.69
12/08/2028 BNP PARIBAS FUNDS RMB BOND -
REPUBLIC OF PERU 6.850% 10- 21 617.00 USD 27 605 340 9.69
590 000 PEN 148 529 0.05 X CAP
12/02/2042
4 440 000
REPUBLIC OF PERU 6.950% 08-
PEN 1 192 164 0.42
Total securities portfolio 271 272 007 95.35
12/08/2031
REPUBLIC OF PERU 8.200% 06-
2 460 000 PEN 702 339 0.25
12/08/2026
Hungary 3 622 267 1.28
REPUBLIC OF HUNGARY 2.000% 20-
96 400 000 HUF 251 988 0.09
23/05/2029
REPUBLIC OF HUNGARY 2.250% 21-
130 000 000 HUF 311 368 0.11
22/06/2034
REPUBLIC OF HUNGARY 3.000% 15-
403 800 000 HUF 1 213 249 0.43
26/06/2024
REPUBLIC OF HUNGARY 3.000% 19-
255 900 000 HUF 706 030 0.25
21/08/2030
REPUBLIC OF HUNGARY 3.000% 20-
124 190 000 HUF 302 257 0.11
25/04/2041
REPUBLIC OF HUNGARY 3.250% 15-
300 000 000 HUF 837 375 0.29
22/10/2031
Kenya 2 978 363 1.05
KENYA INFRASTRUC 11.750% 19-
341 900 000 KES 2 978 363 1.05
08/10/2035
Kazakhstan 2 532 331 0.89
1 110 000 000 KAZAKHSTAN 5.300% 12-19/03/2022 KZT 2 532 331 0.89
Turkey 2 003 567 0.71
TURKEY GOVT BOND 11.000% 17-
2 290 000 TRY 107 777 0.04
24/02/2027
TURKEY GOVT BOND 11.700% 20-
8 730 000 TRY 379 972 0.13
13/11/2030
TURKEY GOVT BOND 7.100% 13-
12 730 000 TRY 817 208 0.29
08/03/2023
TURKEY GOVT BOND 8.000% 15-
13 930 000 TRY 698 610 0.25
12/03/2025
Chile 1 584 289 0.56
TESORERIA PESOS 5.000% 15-
845 000 000 CLP 935 531 0.33
01/03/2035 FLAT
TESORERIA PESOS 5.100% 19-
615 000 000 CLP 648 758 0.23
15/07/2050 FLAT
China 1 254 063 0.44
ASIAN INFRASTRUC 17.700% 21-
19 550 000 TRY 1 254 063 0.44
21/09/2023
Dominican Republic 1 055 223 0.37
REPUBLIC OF DOMINICAN CBN
55 180 000 DOP 1 055 223 0.37
11.000% 17-05/01/2024
The accompanying notes form an integral part of these financial statements
Page 209
BNP PARIBAS FUNDS Multi-Asset Income
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 1 332 CITIZENS FINANCIAL GROUP USD 55 344 0.01
388 CITRIX SYSTEMS INC USD 32 273 0.01
official stock exchange listing and/or 296 147 642 79.12
384 CLOROX COMPANY USD 58 876 0.02
traded on another regulated market
1 123 CME GROUP INC USD 225 607 0.06
Shares 149 751 419 39.97
12 828 COCA-COLA USD 667 909 0.18
United States of 4 416 COLGATE-PALMOLIVE CO USD 331 394 0.09
America 61 984 446 16.54 4 698 COLUMBIA BANKING SYSTEM INC USD 135 173 0.04
1 809 3M CO USD 282 565 0.08 2 548 COLUMBIA SPORTSWEAR CO USD 218 323 0.06
8 865 ABBVIE INC USD 1 055 506 0.28 14 317 COMCAST CORP - A USD 633 639 0.17
164 ADOBE SYSTEMS INC USD 81 778 0.02 1 489 CONAGRA BRANDS INC USD 44 715 0.01
197 ADVANCE AUTO PARTS INC USD 41 555 0.01 1 752 CONMED CORP USD 218 399 0.06
1 992 AFLAC INC USD 102 280 0.03 1 105 CONSOLIDATED EDISON INC USD 82 904 0.02
4 548 AGIOS PHARMACEUTICALS INC USD 131 457 0.04 2 536 CORNING INC USD 83 024 0.02
AIR PRODUCTS AND 1 021 COSTCO WHOLESALE CORP USD 509 692 0.14
692 USD 185 146 0.05
CHEMICALS INC
3 241 CRYOPORT INC USD 168 633 0.05
1 346 AKAMAI TECHNOLOGIES INC USD 138 530 0.04
2 974 CSG SYSTEMS INTERNATIONAL INC USD 150 688 0.04
2 567 ALLSTATE CORP USD 265 571 0.07
449 CUMMINS INC USD 86 128 0.02
1 127 ALLY FINANCIAL INC USD 47 183 0.01
10 292 CUSHMAN & WAKEFIELD PLC USD 201 279 0.05
266 AMAZON.COM INC USD 779 928 0.21
1 427 CUSTOMERS BANCORP INC USD 82 029 0.02
9 005 AMERICAN EAGLE OUTFITTERS USD 200 498 0.05
4 125 CVS HEALTH CORP USD 374 195 0.10
225 AMERICAN FINANCIAL GROUP INC USD 27 169 0.01
5 483 CYTOKINETICS INC USD 219 764 0.06
814 AMERICAN STATES WATER CO USD 74 042 0.02
407 DARDEN RESTAURANTS INC USD 53 914 0.01
356 AMERIPRISE FINANCIAL INC USD 94 435 0.03
3 007 DECIPHERA PHARMACEUTICALS IN USD 25 834 0.01
2 676 AMGEN INC USD 529 388 0.14
1 327 DICKS SPORTING GOODS INC USD 134 182 0.04
1 680 ANALOG DEVICES INC USD 259 667 0.07
16 722 DIGITALBRIDGE GROUP INC USD 122 489 0.03
206 ANTHEM INC USD 83 969 0.02
1 731 DIODES INC USD 167 148 0.04
9 368 APPLE INC USD 1 462 782 0.38
936 DISCOVER FINANCIAL SERVICES USD 95 114 0.03
1 901 APPLIED MATERIALS INC USD 263 051 0.07
2 331 DOW INC USD 116 263 0.03
1 748 ARCHER DANIELS MIDLAND CO USD 103 893 0.03
424 EASTMAN CHEMICAL CO USD 45 081 0.01
5 248 ARCUS BIOSCIENCES INC USD 186 763 0.05
1 246 EATON CORP PLC USD 189 354 0.05
1 981 ARENA PHARMACEUTICALS INC USD 161 901 0.04
1 187 EDISON INTERNATIONAL USD 71 239 0.02
4 122 ARTISAN PARTNERS ASSET MA -A USD 172 680 0.05
3 848 ELI LILLY & CO USD 934 659 0.25
22 318 AT&T INC USD 482 785 0.13
2 042 EMCOR GROUP INC USD 228 746 0.06
408 ATMOS ENERGY CORP USD 37 589 0.01
1 869 EMERSON ELECTRIC CO USD 152 797 0.04
2 886 ATRICURE INC USD 176 454 0.05
79 ERIE INDEMNITY COMPANY-CL A USD 13 384 0.00
1 322 AUTOMATIC DATA PROCESSING USD 286 650 0.08
730 ESSENTIAL UTILITIES INC USD 34 465 0.01
206 AUTOZONE INC USD 379 754 0.10
1 117 EVERBRIDGE INC USD 66 134 0.02
1 138 AXCELIS TECHNOLOGIES INC USD 74 612 0.02
3 056 EXELON CORP USD 155 219 0.04
2 037 AXONICS INC USD 100 310 0.03
EXPEDITORS INTERNATIONAL
6 383 AZEK CO INC/THE USD 259 541 0.07 2 192 USD 258 850 0.07
WASH INC
10 672 BAKER HUGHES A GE CO USD 225 696 0.06 195 FACTSET RESEARCH SYSTEMS INC USD 83 338 0.02
3 755 BALLYS CORP USD 125 673 0.03 1 796 FASTENAL CO USD 101 171 0.03
2 563 BANK OF NEW YORK MELLON CORP USD 130 900 0.03 847 FIDELITY NATIONAL FINANCIAL USD 38 864 0.01
705 BEST BUY CO INC USD 62 986 0.02 2 159 FIFTH THIRD BANCORP USD 82 681 0.02
10 253 BIOCRYST PHARMACEUTICALS INC USD 124 872 0.03 2 849 FIRST MERCHANTS CORP USD 104 946 0.03
4 520 BJS RESTAURANTS INC USD 137 325 0.04 881 FIRST REPUBLIC BANK/SAN FRAN USD 159 985 0.04
708 BLACKROCK INC USD 570 011 0.15 1 306 FIRST SOLAR INC USD 100 098 0.03
2 144 BLACKSTONE GROUP INC/THE-A USD 243 943 0.07 402 FMC CORP USD 38 846 0.01
2 320 BOK FINANCIAL CORPORATION USD 215 210 0.06 500 FORTINET INC USD 158 020 0.04
423 BOOZ ALLEN HAMILTON HOLDINGS USD 31 539 0.01 943 FRANKLIN RESOURCES INC USD 27 771 0.01
13 329 BRISTOL-MYERS SQUIBB CO USD 730 798 0.20 3 936 FRONTDOOR INC USD 126 851 0.03
1 213 BROOKS AUTOMATION INC USD 109 983 0.03 1 299 GARTNER INC USD 381 887 0.10
443 BUNGE LTD USD 36 369 0.01 8 133 GENERAL MILLS INC USD 481 887 0.13
412 C.H. ROBINSON WORLDWIDE INC USD 38 994 0.01 448 GENUINE PARTS CO USD 55 232 0.01
3 994 CAMPBELL SOUP CO USD 152 637 0.04 10 222 GILEAD SCIENCES INC USD 652 673 0.17
908 CARDINAL HEALTH INC USD 41 112 0.01 4 245 GLOBAL BLOOD THERAPEUTICS IN USD 109 261 0.03
2 720 CASELLA WASTE SYSTEMS INC-A USD 204 311 0.05 476 GOLDMAN SACHS GROUP INC USD 160 125 0.04
347 CELANESE CORP SERIES A USD 51 281 0.01 1 888 HAMILTON LANE INC-CLASS A USD 172 032 0.05
7 834 CHAMPIONX CORP USD 139 224 0.04 1 085 HARTFORD FINANCIAL SVCS GRP USD 65 871 0.02
1 028 CHART INDUSTRIES INC USD 144 175 0.04 409 HASBRO INC USD 36 606 0.01
2 637 CIENA CORP USD 178 482 0.05 8 786 HEALTHCARE REALTY TRUST INC USD 244 450 0.07
1 463 CIGNA CORP USD 295 417 0.08 1 504 HERC HOLDINGS INC USD 207 045 0.06
21 343 CISCO SYSTEMS INC USD 1 189 330 0.32
The accompanying notes form an integral part of these financial statements
Page 210
BNP PARIBAS FUNDS Multi-Asset Income
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
455 HERSHEY CO/THE USD 77 408 0.02 619 NORTHERN TRUST CORP USD 65 106 0.02
HEWLETT - PACKARD ENTERPRISE - 475 NORTHROP GRUMMAN CORP USD 161 676 0.04
4 082 USD 56 607 0.02
W/I
1 818 NORTONLIFELOCK INC USD 41 533 0.01
3 752 HEXCEL CORP USD 170 905 0.05
3 596 NUCOR CORP USD 360 960 0.10
5 031 HOME DEPOT INC USD 1 836 014 0.48
1 700 NVIDIA CORP USD 439 665 0.12
2 158 HONEYWELL INTERNATIONAL INC USD 395 678 0.11
836 OLD DOMINION FREIGHT LINE USD 263 459 0.07
932 HORMEL FOODS CORP USD 40 003 0.01
3 357 OMNICOM GROUP USD 216 292 0.06
3 755 HP INC USD 124 385 0.03
4 857 ORACLE CORP USD 372 475 0.10
4 615 HUNTINGTON BANCSHARES INC USD 62 578 0.02
633 OREILLY AUTOMOTIVE INC USD 393 109 0.10
138 HUNTINGTON INGALLS INDUSTRIE USD 22 661 0.01
5 349 ORGANOGENESIS HOLDINGS INC USD 43 462 0.01
2 462 ILLINOIS TOOL WORKS USD 534 314 0.14
2 261 OSHKOSH CORP USD 224 092 0.06
3 138 INDEPENDENT BANK CORP/MA USD 224 975 0.06
1 085 PACCAR INC USD 84 209 0.02
3 162 INGEVITY CORP USD 199 363 0.05
297 PACKAGING CORP OF AMERICA USD 35 558 0.01
12 681 INTEL CORP USD 574 280 0.15
INTERCONTINENTAL 1 012 PAYCHEX INC USD 121 472 0.03
1 343 USD 161 521 0.04
EXCHANGE INC 5 441 PEPSICO INC USD 831 126 0.22
INTERNATIONAL BUSINESS
6 489 USD 762 680 0.20 3 706 PETMED EXPRESS INC USD 82 319 0.02
MACHINES CORP
INTERNATIONAL FLAVORS & 26 948 PFIZER INC USD 1 399 296 0.36
779 USD 103 198 0.03
FRAGRANCES 7 788 PGT INNOVATIONS INC USD 154 021 0.04
1 161 INTERNATIONAL PAPER CO USD 47 963 0.01
2 295 PLEXUS CORP USD 193 517 0.05
1 230 INTERPUBLIC GROUP OF COS INC USD 40 506 0.01
2 458 PNC FINANCIAL SERVICES GROUP USD 433 414 0.12
610 INTUIT INC USD 345 027 0.09
839 PRINCIPAL FINANCIAL GROUP USD 53 363 0.01
1 051 IRHYTHM TECHNOLOGIES INC USD 108 769 0.03
7 590 PROCTER & GAMBLE CO. USD 1 091 780 0.29
1 842 ITT INC USD 165 524 0.04
1 829 PROGRESSIVE CORP USD 165 096 0.04
1 717 JACK IN THE BOX INC USD 132 082 0.04
3 263 PRUDENTIAL FINANCIAL INC USD 310 576 0.08
2 411 JM SMUCKER CO/THE USD 287 955 0.08
2 417 PTC THERAPEUTICS INC USD 84 655 0.02
11 989 JOHNSON & JOHNSON USD 1 803 516 0.47
1 580 PUBLIC SERVICE ENTERPRISE GP USD 92 713 0.02
JOHNSON CONTROLS
2 226 USD 159 159 0.04 2 983 PULMONX CORP USD 84 123 0.02
INTERNATIONAL
10 128 JUNIPER NETWORKS INC USD 318 036 0.08 8 052 PURE STORAGE INC - CLASS A USD 230 472 0.06
3 757 KELLOGG CO USD 212 826 0.06 3 526 QUALCOMM INC USD 567 006 0.15
2 989 KEYCORP USD 60 795 0.02 382 QUEST DIAGNOSTICS INC USD 58 116 0.02
696 KEYSIGHT TECHNOLOGIES IN-W/I USD 126 390 0.03 11 296 RADIAN GROUP INC USD 209 888 0.06
2 688 KIMBERLY-CLARK CORP USD 337 820 0.09 1 552 RAPID7 INC USD 160 618 0.04
6 676 KROGER CO USD 265 702 0.07 2 415 RAYMOND JAMES FINANCIAL INC USD 213 213 0.06
628 L3HARRIS TECHNOLOGIES INC USD 117 758 0.03 2 984 REGIONS FINANCIAL CORP USD 57 203 0.02
LABORATORY CORP AMERICA 3 001 REXFORD INDUSTRIAL REALTY IN USD 214 044 0.06
887 USD 245 079 0.07
HOLDINGS
18 264 RLJ LODGING TRUST USD 223 723 0.06
758 LENDINGTREE INC USD 81 719 0.02
1 567 ROBERT HALF INTERNATIONAL INC USD 153 669 0.04
558 LINCOLN NATIONAL CORP USD 33 494 0.01
406 RPM INTERNATIONAL INC USD 36 059 0.01
1 326 LIVE OAK BANCSHARES INC USD 101 782 0.03
430 S&P GLOBAL INC USD 178 447 0.05
836 LYONDELLBASELL INDU - A USD 67 802 0.02
2 994 SCHNITZER STEEL INDS INC - A USD 136 694 0.04
402 M & T BANK CORP USD 54 291 0.01
2 227 SCHWAB (CHARLES) CORP USD 164 695 0.04
1 502 MARSH & MCLENNAN COS USD 229 579 0.06
998 SEMPRA ENERGY USD 116 088 0.03
2 334 MCDONALDS CORP USD 550 189 0.15
2 021 SEMTECH CORP USD 158 044 0.04
4 206 MEDTRONIC PLC USD 382 616 0.10
1 244 SENSIENT TECHNOLOGIES CORP USD 109 457 0.03
14 480 MERCK & CO INC USD 975 859 0.26
344 SHERWIN-WILLIAMS CO/THE USD 106 527 0.03
2 138 MERITAGE HOMES CORP USD 229 480 0.06
514 SHOCKWAVE MEDICAL INC USD 80 603 0.02
2 024 METLIFE INC USD 111 220 0.03
922 SIGNATURE BANK USD 262 258 0.07
5 175 MICROSOFT CORP USD 1 530 475 0.40
2 776 SILK ROAD MEDICAL INC USD 104 015 0.03
1 040 MODERNA INC USD 232 272 0.06
169 SNAP - ON INC USD 32 008 0.01
595 MOLSON COORS BREWING CO - B USD 24 251 0.01
1 900 SPRINGWORKS THERAPEUTICS INC USD 103 554 0.03
4 369 MONDELEZ INTERNATIONAL INC - A USD 254 756 0.07
7 824 SPROUTS FARMERS MARKET INC USD 204 200 0.05
1 618 MORGAN STANLEY USD 139 661 0.04
3 553 STATE STREET CORP USD 290 564 0.08
272 MORNINGSTAR INC USD 81 799 0.02
SUNNOVA ENERGY
8 651 MOSAIC CO/THE USD 298 890 0.08 6 324 USD 155 264 0.04
INTERNATIONAL
1 504 MSA SAFETY INC USD 199 652 0.05 472 SVB FINANCIAL GROUP USD 281 507 0.08
649 MSCI INC USD 349 662 0.09 1 781 SYNCHRONY FINANCIAL USD 72 653 0.02
837 NASDAQ OMX GROUP/THE USD 154 571 0.04 709 T ROWE PRICE GROUP INC USD 122 597 0.03
3 329 NETAPP INC USD 269 288 0.07 303 TESLA INC USD 281 573 0.08
1 195 NEVRO CORP USD 85 191 0.02 4 128 TEXAS INSTRUMENTS INC USD 684 140 0.18
2 448 NEW RELIC INC USD 236 706 0.06 516 THERMO FISHER SCIENTIFIC INC USD 302 758 0.08
1 661 NEXSTAR MEDIA GROUP INC - A USD 220 522 0.06 704 TRACTOR SUPPLY COMPANY USD 147 709 0.04
6 132 NEXTERA ENERGY INC USD 503 415 0.13 780 TRAVELERS COS INC/THE USD 107 295 0.03
The accompanying notes form an integral part of these financial statements
Page 211
BNP PARIBAS FUNDS Multi-Asset Income
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
4 172 TRUIST FINANCIAL CORP USD 214 800 0.06 49 103 PETS AT HOME GROUP PLC GBP 271 950 0.07
2 491 TURNING POINT THERAPEUTICS I USD 104 485 0.03 18 018 PHOENIX GROUP HOLDINGS PLC GBP 140 178 0.04
922 TYSON FOODS INC - A USD 70 666 0.02 53 116 PRUDENTIAL PLC GBP 806 293 0.22
647 UGI CORP USD 26 120 0.01 9 389 RECKITT BENCKISER GROUP PLC GBP 709 207 0.19
2 038 UNION PACIFIC CORP USD 451 489 0.12 7 856 RELX PLC GBP 224 751 0.06
5 801 UNITED BANKSHARES INC USD 185 069 0.05 52 858 RESTAURANT GROUP PLC GBP 59 368 0.02
6 676 UNITED COMMUNITY BANKS/GA USD 210 988 0.06 5 043 RIO TINTO PLC GBP 293 835 0.08
4 139 UNITED PARCEL SERVICE- B USD 780 121 0.21 4 120 SCHRODERS PLC GBP 174 693 0.05
497 UNITEDHEALTH GROUP INC USD 219 454 0.06 4 463 SEVERN TRENT PLC GBP 156 652 0.04
4 403 US BANCORP USD 217 478 0.06 413 SPIRAX-SARCO ENGINEERING PLC GBP 78 950 0.02
3 713 VERICEL CORP USD 128 316 0.03 94 971 STANDARD CHARTERED PLC GBP 507 206 0.14
1 315 VERISIGN INC USD 293 504 0.08 16 661 TATE & LYLE PLC GBP 131 248 0.04
17 727 VERIZON COMMUNICATIONS INC USD 809 967 0.22 52 159 TESCO PLC GBP 180 096 0.05
1 043 VF CORP USD 67 155 0.02 2 435 UNILEVER PLC GBP 114 427 0.03
1 894 VIACOMCBS INC - CLASS B USD 50 265 0.01 23 576 UNITED UTILITIES GROUP PLC GBP 305 792 0.08
755 VISA INC - A USD 143 876 0.04 10 127 WH SMITH PLC GBP 178 513 0.05
2 298 WALGREENS BOOTS ALLIANCE INC USD 105 402 0.03
France 10 678 296 2.82
1 105 WATTS WATER TECHNOLOGIES - A USD 188 672 0.05 4 521 AIR LIQUIDE SA EUR 693 160 0.19
637 WEST PHARMACEUTICAL SERVICES USD 262 715 0.07 11 758 BOUYGUES SA EUR 370 259 0.10
1 411 WESTERN UNION CO USD 22 135 0.01 6 352 CARREFOUR SA EUR 102 299 0.03
196 WHIRLPOOL CORP USD 40 444 0.01 24 619 CNP ASSURANCES EUR 535 463 0.14
2 642 WINTRUST FINANCIAL CORP USD 210 998 0.06 46 231 CREDIT AGRICOLE SA EUR 580 199 0.15
1 566 WOODWARD INC USD 150 734 0.04 5 815 DANONE EUR 317 441 0.08
1 303 WORTHINGTON INDUSTRIES USD 62 629 0.02 4 991 ESSILORLUXOTTICA EUR 934 515 0.25
321 WW GRAINGER INC USD 146 285 0.04 1 074 EVERSOURCE ENERGY USD 85 924 0.02
1 683 XCEL ENERGY INC USD 100 193 0.03 1 956 GAZTRANSPORT ET TECHNIGA SA EUR 160 881 0.04
1 990 YETI HOLDINGS INC USD 144 945 0.04 1 052 GECINA SA EUR 129 291 0.03
4 221 YUM CHINA HOLDINGS INC USD 184 994 0.05 209 HERMES INTERNATIONAL EUR 321 024 0.09
United Kingdom 11 774 778 3.16 4 478 KORIAN EUR 124 668 0.03
17 670 3I GROUP PLC GBP 304 953 0.08 1 686 LVMH EUR 1 225 722 0.32
3 268 ADMIRAL GROUP PLC GBP 122 881 0.03 7 118 MICHELIN (CGDE) EUR 1 026 060 0.27
4 808 AMCOR PLC USD 50 777 0.01 13 160 ORANGE EUR 123 875 0.03
8 686 ANTOFAGASTA PLC GBP 138 473 0.04 515 ORPEA EUR 45 372 0.01
371 AON PLC-CLASS A USD 98 055 0.03 4 609 PLASTIC OMNIUM EUR 105 362 0.03
1 638 ASHTEAD GROUP PLC GBP 115 924 0.03 12 505 REXEL SA EUR 222 964 0.06
7 397 BELLWAY PLC GBP 293 907 0.08 4 872 RUBIS EUR 127 939 0.03
7 066 BHP GROUP PLC GBP 185 108 0.05 1 479 S.O.I.T.E.C. EUR 318 281 0.08
94 294 BP PLC GBP 371 179 0.10 13 164 SANOFI AVENTIS EUR 1 166 067 0.31
8 585 BRITVIC PLC GBP 94 071 0.03 3 529 SCHNEIDER ELECTRIC SE EUR 608 611 0.16
135 957 BT GROUP PLC GBP 274 553 0.07 1 326 SOPRA STERIA GROUP EUR 208 845 0.06
3 593 384 CARILLION PLC GBP 43 0.00 4 810 SPIE SA - W/I EUR 109 283 0.03
28 696 CONVATEC GROUP PLC GBP 66 015 0.02 23 186 TOTAL SA EUR 1 034 791 0.28
18 702 COUNTRYSIDE PROPERTIES PLC GBP 100 237 0.03
Switzerland 10 024 103 2.69
2 200 CRODA INTERNATIONAL PLC GBP 265 174 0.07 2 914 ABB LTD - REG CHF 98 150 0.03
2 127 DIAGEO PLC GBP 102 246 0.03 2 413 ADECCO GROUP AG - REG CHF 108 523 0.03
2 527 DOMINION ENERGY INC USD 174 570 0.05 744 ALLREAL HOLDING AG - REG CHF 145 045 0.04
41 557 DS SMITH PLC GBP 189 966 0.05 1 099 BALOISE HOLDING AG - REG CHF 158 144 0.04
2 605 FEVERTREE DRINKS PLC GBP 83 927 0.02 BANQUE CANTONALE VAUDOIS-
1 926 CHF 131 603 0.04
64 394 GLAXOSMITHKLINE PLC GBP 1 232 199 0.32 REG
954 BKW AG CHF 109 197 0.03
7 819 GREGGS PLC GBP 310 767 0.08
1 319 CEMBRA MONEY BANK AG CHF 84 590 0.02
24 002 HOMESERVE SHS GBP 249 997 0.07
1 371 CHUBB LTD USD 233 053 0.06
32 632 HOWDEN JOINERY GROUP PLC GBP 350 262 0.09
2 593 CIE FINANCIERE RICHEMONT - REG CHF 342 722 0.09
36 354 IG GROUP HOLDINGS PLC GBP 352 022 0.09
217 FISCHER (GEORG) - REG CHF 290 059 0.08
35 501 KINGFISHER PLC GBP 143 044 0.04
481 GARMIN LTD USD 57 596 0.02
74 054 LEGAL & GENERAL GROUP PLC GBP 262 400 0.07
416 GEBERIT AG - REG CHF 299 188 0.08
2 289 LINDE PLC EUR 700 434 0.19
46 GIVAUDAN - REG CHF 212 741 0.06
118 626 LLOYDS BANKING GROUP PLC GBP 67 536 0.02
1 993 HELVETIA HOLDING AG-REG CHF 206 580 0.06
88 888 MAN GROUP PLC/JERSEY GBP 240 747 0.06
KUEHNE & NAGEL INTERNATIONAL
25 970 MICHAEL PAGE INTERNATIONAL GBP 195 950 0.05 601 CHF 170 761 0.05
AG - REG
28 150 NATIONAL EXPRESS GROUP PLC GBP 86 234 0.02 932 LONZA GROUP AG - REG CHF 685 047 0.18
17 268 NATIONAL GRID PLC GBP 217 968 0.06
The accompanying notes form an integral part of these financial statements
Page 212
BNP PARIBAS FUNDS Multi-Asset Income
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
3 432 MEDMIX AG CHF 149 582 0.04 12 851 PROSUS NV EUR 944 934 0.25
16 873 NESTLE SA - REG CHF 2 075 273 0.54 16 401 SBM OFFSHORE NV EUR 214 771 0.06
6 460 NOVARTIS AG - REG CHF 500 515 0.13 27 060 UNIVERSAL MUSIC GROUP NV EUR 670 547 0.18
947 PSP SWISS PROPERTY AG - REG CHF 103 917 0.03 2 865 VOPAK EUR 88 242 0.02
2 165 ROCHE HOLDING AG GENUSSCHEIN CHF 792 116 0.21 2 922 WOLTERS KLUWER EUR 302 719 0.08
1 668 SCHINDLER HOLDING - PART CERT CHF 395 207 0.11
Sweden 5 856 586 1.58
58 SGS SA - REG CHF 170 560 0.05 5 250 AAK AB SEK 99 585 0.03
189 SIEGFRIED HOLDING AG - REG CHF 162 250 0.04 12 637 ATLAS COPCO AB - A SEK 768 088 0.21
3 104 SIG COMBIBLOC GROUP AG CHF 76 271 0.02 8 578 AXFOOD AB SEK 216 949 0.06
434 SIKA AG - REG CHF 159 250 0.04 4 936 BILLERUDKORSNAS AB SEK 81 835 0.02
14 370 STMICROELECTRONICS NV EUR 628 831 0.17 8 022 BOLIDEN AB SEK 272 698 0.07
151 STRAUMANN HOLDING AG - REG CHF 282 282 0.08 15 329 CASTELLUM AB SEK 362 977 0.10
3 432 SULZER AG - REG CHF 297 607 0.08 29 868 EPIROC AB-A SEK 664 894 0.18
453 SWISS LIFE HOLDING AG - REG CHF 244 392 0.07 17 286 FABEGE AB SEK 254 438 0.07
774 SWISSCOM AG - REG CHF 384 404 0.10 16 591 GETINGE AB - B SEK 636 665 0.17
4 004 UBS GROUP AG - REG CHF 63 452 0.02 18 756 HEXPOL AB SEK 220 970 0.06
531 ZURICH INSURANCE GROUP AG CHF 205 195 0.05 2 913 ICA GRUPPEN AB SEK 151 195 0.04
Germany 7 899 422 2.09 5 526 INTRUM JUSTITIA AB SEK 125 269 0.03
1 699 ADIDAS AG EUR 430 187 0.11 5 314 INVESTOR AB-B SHS SEK 117 547 0.03
726 ALLIANZ SE - REG EUR 150 754 0.04 11 447 LOOMIS AB SEK 267 608 0.07
3 368 BAYERISCHE MOTOREN WERKE AG EUR 298 034 0.08 17 765 LUNDIN PETROLEUM AB SEK 559 901 0.15
4 718 CANCOM SE EUR 279 400 0.07 18 616 PEAB AB SEK 206 483 0.06
734 CARL ZEISS MEDITEC AG - BR EUR 135 680 0.04 9 973 SANDVIK AB SEK 244 676 0.07
1 012 CTS EVENTIM AG + CO KGAA EUR 65 132 0.02 16 642 SECURITAS AB - B SEK 201 479 0.05
4 973 DAIMLER AG - REG EUR 336 125 0.09 4 688 SKF AB-B SHARES SEK 97 667 0.03
2 240 DEUTSCHE BOERSE AG EUR 329 504 0.09 59 864 TELIA CO AB SEK 205 855 0.05
4 744 DEUTSCHE POST AG - REG EUR 268 226 0.07 5 003 WIHLBORGS FASTIGHETER AB SEK 99 807 0.03
36 493 DEUTSCHE TELEKOM AG - REG EUR 594 836 0.16
China 4 388 482 1.17
49 561 E.ON SE EUR 604 248 0.16 46 400 ALIBABA GROUP HOLDING LTD HKD 608 874 0.16
4 822 EVONIK INDUSTRIES AG EUR 137 282 0.04 22 345 BEIJING ORIENTAL YUHONG - A CNY 162 548 0.04
7 079 FRESENIUS SE & CO KGAA EUR 250 597 0.07 602 000 CHINA CONSTRUCTION BANK - H HKD 367 144 0.10
2 035 FUCHS PETROLUB SE-PREF EUR 81 237 0.02 49 000 CHINA MENGNIU DAIRY CO HKD 244 485 0.07
2 479 GEA GROUP AG EUR 119 215 0.03 2 572 GDS HOLDINGS LTD - ADR USD 106 662 0.03
741 HANNOVER RUECK SE EUR 123 858 0.03 5 800 JD.COM INC - CL A HKD 176 470 0.05
14 771 INFINEON TECHNOLOGIES AG EUR 602 066 0.16 1 791 JOYY INC USD 71 549 0.02
4 360 JENOPTIK AG EUR 161 930 0.04 800 KWEICHOW MOUTAI CO LTD - A CNY 226 238 0.06
2 253 LEG IMMOBILIENILIEN AG EUR 276 443 0.07 9 000 MEITUAN DIANPING-CLASS B HKD 231 928 0.06
861 MERCK KGAA EUR 195 447 0.05 19 100 NETEASE INC HKD 340 665 0.09
MUENCHENER
614 EUR 159 947 0.04 37 000 PING AN INSURANCE GROUP CO - H HKD 234 708 0.06
RUECKVERSICHERUNG AG - REG
922 PORSCHE AUTOMOBIL HLDG-PRF EUR 76 932 0.02 20 000 S F HOLDING CO LTD - A CNY 190 298 0.05
6 819 SIEMENS AG - REG EUR 1 041 125 0.28 17 000 TENCENT HOLDINGS LTD HKD 877 759 0.23
3 349 STROEER SE & CO KGAA EUR 232 086 0.06 21 500 WUXI BIOLOGICS CAYMAN INC HKD 224 264 0.06
3 814 SYMRISE AG EUR 496 964 0.13 YUNNAN ENERGY NEW MATERIAL-
9 400 CNY 324 890 0.09
A
4 028 TAG IMMOBILIEN AG EUR 99 129 0.03
4 035 TALANX AG EUR 171 649 0.05 Spain 3 927 064 1.05
ACS ACTIVIDADES DE
TELEFONICA DEUTSCHLAND 11 384 EUR 268 321 0.07
38 237 EUR 93 337 0.02 CONSTRUCCION Y SERVICIOS
HOLDING
8 112 AMADEUS IT GROUP SA EUR 483 800 0.13
1 820 VONOVIA SE EUR 88 052 0.02
8 407 APPLUS SERVICES SA EUR 67 971 0.02
The Netherlands 7 454 127 1.98 4 746 ATLANTICA SUSTAINABLE INFRAS USD 149 241 0.04
6 617 AALBERTS INDUSTRIES NV EUR 385 506 0.10 241 069 BANCO SANTANDER SA EUR 708 863 0.19
56 808 AEGON NV EUR 249 558 0.07 7 122 ENAGAS SA EUR 145 289 0.04
2 492 ASML HOLDING NV EUR 1 761 096 0.46 16 315 ENDESA SA EUR 329 563 0.09
10 792 ASR NEDERLAND NV EUR 437 076 0.12 8 519 FLUIDRA SA EUR 299 869 0.08
6 173 CNH INDUSTRIAL NV EUR 105 373 0.03 29 602 GRIFOLS SA EUR 499 534 0.13
2 929 CORBION NV EUR 121 378 0.03 10 644 IBERDROLA SA EUR 110 804 0.03
1 393 IMCD GROUP NV - W/I EUR 271 217 0.07 132 879 MAPFRE SA EUR 239 913 0.06
14 372 KONINKLIJKE AHOLD DELHAIZE NV EUR 433 100 0.12 12 575 MERLIN PROPERTIES SOCIMI SA EUR 120 343 0.03
4 342 KONINKLIJKE DSM NV EUR 859 716 0.23 11 175 RED ELECTRICA CORPORACION SA EUR 212 604 0.06
141 107 KONINKLIJKE KPN NV EUR 385 222 0.10 75 532 TELEFONICA SA EUR 290 949 0.08
4 698 NN GROUP NV - W/I EUR 223 672 0.06
The accompanying notes form an integral part of these financial statements
Page 213
BNP PARIBAS FUNDS Multi-Asset Income
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
3 817 HOUSING DEVELOPMENT FINANCE INR 116 665 0.03
Italy 3 409 136 0.92
230 204 A2A SPA EUR 395 951 0.11 5 011 JUBILANT FOODWORKS LTD INR 212 747 0.06
43 532 ANIMA HOLDING SPA EUR 195 459 0.05 4 445 RELIANCE INDUSTRIES LTD INR 124 456 0.03
23 188 ASSICURAZIONI GENERALI EUR 431 992 0.12 Denmark 1 447 176 0.38
22 468 AUTOGRILL SPA EUR 140 335 0.04 3 306 DFDS A/S DKK 155 130 0.04
5 873 BANCA GENERALI S.P.A. EUR 227 579 0.06 5 296 NOVO NORDISK A/S - B DKK 523 362 0.14
17 362 BREMBO SPA EUR 217 546 0.06 7 349 NOVOZYMES A/S - B DKK 530 801 0.14
19 257 ENEL S.P.A. EUR 135 685 0.04 2 400 ROYAL UNIBREW DKK 237 883 0.06
19 128 ENI S.P.A. EUR 233 744 0.06
Canada 1 429 687 0.38
4 226 ERG S.P.A. EUR 120 187 0.03 3 798 BANK OF NOVA SCOTIA CAD 236 764 0.06
8 771 FINECOBANK S.P.A. EUR 135 380 0.04 218 BCE INC CAD 9 987 0.00
28 964 HERA SPA EUR 106 037 0.03 CAN IMPERIAL BANK OF
1 407 CAD 144 422 0.04
110 665 IREN SPA EUR 293 705 0.08 COMMERCE
2 213 CANADIAN NATIONAL RAILWAY CO CAD 239 371 0.06
31 888 ITALGAS SPA EUR 192 986 0.05
175 CANADIAN TIRE CORP - A CAD 22 104 0.01
13 141 POSTE ITALIANE SPA EUR 151 647 0.04
854 GREAT-WEST LIFECO INC CAD 22 567 0.01
22 562 TERNA S.P.A. EUR 160 506 0.04
1 005 HYDRO ONE LTD CAD 23 024 0.01
109 031 UNIPOLSAI ASSICURAZIONI SPA EUR 270 397 0.07
255 IGM FINANCIAL INC CAD 8 098 0.00
Finland 3 274 293 0.89 377 INDUSTRIAL ALLIANCE INSURANC CAD 18 996 0.01
1 401 CARGOTEC OYJ - B SHARE EUR 61 420 0.02
550 INTACT FINANCIAL CORP CAD 62 952 0.02
4 282 ELISA OYJ EUR 231 742 0.06
893 MAGNA INTERNATIONAL INC CAD 63 626 0.02
7 227 FORTUM OYJ EUR 195 057 0.05
6 071 MANULIFE FINANCIAL CORP CAD 101 895 0.03
6 277 HUHTAMAKI OYJ EUR 244 113 0.07
1 784 NUTRIEN LTD CAD 118 081 0.03
1 265 KONE OYJ - B EUR 79 746 0.02
1 749 POWER CORP OF CANADA CAD 50 893 0.01
10 988 METSA BOARD OYJ EUR 94 607 0.03
1 108 ROGERS COMMUNICATIONS INC - B CAD 46 457 0.01
15 297 NESTE OYJ EUR 663 278 0.18
776 SAPUTO INC CAD 15 396 0.00
55 386 NOKIA OYJ EUR 308 722 0.08
1 415 SHAW COMMUNICATIONS INC - B CAD 37 815 0.01
4 055 ORION OYJ - B EUR 148 089 0.04
1 831 SUN LIFE FINANCIAL INC CAD 89 746 0.02
10 247 OUTOTEC OYJ EUR 95 789 0.03
1 468 TELUS CORP CAD 30 443 0.01
13 668 SAMPO OYJ - A EUR 602 212 0.16
169 TMX GROUP LTD CAD 15 088 0.00
2 551 TIETO OYJ EUR 70 101 0.02
4 993 ZYMEWORKS INC USD 71 962 0.02
4 260 UPM-KYMMENE OYJ EUR 142 540 0.04
8 931 VALMET OYJ EUR 336 877 0.09 Norway 1 387 086 0.38
6 169 KONGSBERG GRUPPEN ASA NOK 175 938 0.05
Ireland 2 798 906 0.75 11 880 LEROY SEAFOOD GROUP ASA NOK 81 695 0.02
1 454 ACCENTURE PLC - A USD 530 035 0.14
4 822 NORDIC SEMICONDUCTOR ASA NOK 143 100 0.04
12 814 CRH PLC EUR 596 107 0.16
14 062 ORKLA ASA NOK 123 903 0.03
16 769 EXPERIAN PLC GBP 725 405 0.19
7 248 SCHIBSTED ASA - A NOK 245 813 0.07
15 212 GLANBIA PLC EUR 187 108 0.05
3 947 SCHIBSTED ASA - B NOK 116 897 0.03
11 562 GRAFTON GROUP PLC - UTS GBP 169 795 0.05
17 788 STOREBRAND ASA NOK 157 017 0.04
81 548 GREENCORE GROUP PLC GBP 125 780 0.03
15 011 TELENOR ASA NOK 207 468 0.06
7 222 KEYWORDS STUDIOS PLC GBP 253 062 0.07
3 048 YARA INTERNATIONAL ASA NOK 135 255 0.04
2 130 SEAGATE TECHNOLOGY HOLDINGS USD 211 614 0.06
Belgium 1 334 753 0.36
Taiwan 2 597 631 0.68 5 757 AGEAS EUR 262 231 0.07
109 000 CHUNGHWA TELECOM CO LTD TWD 403 825 0.11
8 983 ANHEUSER - BUSCH INBEV SA/NV EUR 477 626 0.13
DELTA ELECTRONIC
31 000 TWD 271 609 0.07 815 COFINIMMO EUR 114 508 0.03
INDUSTRIAL CO
TAIWAN SEMICONDUCTOR 1 658 COLRUYT SA EUR 61 777 0.02
68 000 TWD 1 331 070 0.35
MANUFACTURING CO
919 GROUPE BRUXELLES LAMBERT SA EUR 90 209 0.02
32 000 UNIMICRON TECHNOLOGY CORP TWD 235 368 0.06
19 160 PROXIMUS EUR 328 402 0.09
172 000 UNITED MICROELECTRONICS CORP TWD 355 759 0.09
South Korea 1 651 372 0.44
Hong Kong 1 051 058 0.28
60 000 AIA GROUP LTD HKD 532 491 0.14
223 LG HOUSEHOLD & HEALTH CARE KRW 180 964 0.05
6 500 HONG KONG EXCHANGES & CLEAR HKD 334 487 0.09
866 NAVER CORP KRW 242 470 0.06
10 500 TECHTRONIC INDUSTRIES CO LTD HKD 184 080 0.05
15 530 SAMSUNG ELECTRONICS CO LTD KRW 899 751 0.24
3 384 SK HYNIX INC KRW 328 187 0.09 Austria 898 578 0.24
4 734 BAWAG GROUP AG EUR 256 583 0.07
India 1 450 736 0.38
5 380 OMV AG EUR 268 731 0.07
3 888 DIVIS LABORATORIES LTD INR 215 106 0.06
3 445 RAIFFEISEN BANK INTERNATIONAL EUR 89 157 0.02
22 135 HDFC BANK LIMITED INR 387 023 0.10
8 785 WIENERBERGER AG EUR 284 107 0.08
29 377 HINDALCO INDUSTRIES LTD INR 165 076 0.04
8 230 HINDUSTAN UNILEVER LTD INR 229 663 0.06
The accompanying notes form an integral part of these financial statements
Page 214
BNP PARIBAS FUNDS Multi-Asset Income
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
CDW LLC/CDW FIN 4.250% 19-
Portugal 867 477 0.22 270 000 USD 245 607 0.07
01/04/2028
32 802 EDP-ENERGIAS DE PORTUGAL SA EUR 158 499 0.04 CDW LLC/CDW FIN 5.500% 14-
275 000 USD 264 364 0.07
01/12/2024
10 969 GALP ENERGIA SGPS SA EUR 93 456 0.02
CHARLES RIVER LA 3.750% 21-
310 000 USD 275 825 0.07
30 623 JERONIMO MARTINS EUR 615 522 0.16 15/03/2029
CHARLES RIVER LA 4.250% 19-
300 000 USD 275 314 0.07
Indonesia 495 278 0.13 01/05/2028
946 500 BANK CENTRAL ASIA TBK PT IDR 426 617 0.11 CHARTER COMM OPT 2.800% 20-
400 000 USD 349 216 0.09
01/04/2031
2 581 700 BUKALAPAK.COM PT TBK IDR 68 661 0.02
320 000 CHEMOURS CO 5.375% 17-15/05/2027 USD 299 261 0.08
Israel 357 325 0.10 320 000 CHEMOURS CO 5.750% 20-15/11/2028 USD 294 441 0.08
1 655 CYBERARK SOFTWARE LTD/ISRAEL USD 252 179 0.07 CHURCHILL DOWNS 4.750% 17-
300 000 USD 274 716 0.07
15/01/2028
4 026 JFROG LTD USD 105 146 0.03
CHURCHILL DOWNS 5.500% 19-
350 000 USD 319 124 0.09
01/04/2027
Luxembourg 354 668 0.09 CLEAN HARBORS IN 4.875% 19-
16 986 GRAND CITY PROPERTIES EUR 354 668 0.09 320 000 USD 290 721 0.08
15/07/2027
COGENT COMMUNICA 3.500% 21-
Thailand 289 822 0.08 320 000 USD 285 805 0.08
01/05/2026
91 200 AIRPORTS OF THAILAND PCL-FOR THB 146 446 0.04 COMPASS MIN INTERNATIONAL
300 000 USD 279 755 0.07
6.750% 19-01/12/2027
96 400 CENTRAL PATTANA PUB CO-FOREI THB 143 376 0.04
250 000 COTY INC 4.000% 18-15/04/2023 EUR 250 067 0.07
Jersey Island 268 051 0.07 100 000 COTY INC 4.000% 18-15/04/2023 EUR 100 033 0.03
253 384 CENTAMIN PLC GBP 268 051 0.07 COVANTA HOLDING 5.000% 20-
340 000 USD 305 268 0.08
01/09/2030
Bermuda 208 310 0.06 210 000
COVANTA HOLDING 6.000% 18-
USD 191 085 0.05
4 349 AXIS CAPITAL HOLDINGS LTD USD 208 310 0.06 01/01/2027
CTR PARTNERSHIP 3.875% 21-
320 000 USD 288 002 0.08
Singapore 192 772 0.06 30/06/2028
CUSHMAN & WAKE 6.750% 20-
53 400 SATS LTD SGD 135 526 0.04 300 000 USD 284 040 0.08
15/05/2028
291 SEA LTD-ADR USD 57 246 0.02 300 000 DANA INC 4.250% 21-01/09/2030 USD 268 723 0.07
140 810 799 37.61 320 000 DAVITA INC 4.625% 20-01/06/2030 USD 288 979 0.08
Bonds
120 000 DELUXE CORP 8.000% 21-01/06/2029 USD 110 558 0.03
United States of 330 000 DYCOM INDS 4.500% 21-15/04/2029 USD 296 275 0.08
America 74 457 362 19.87
330 000 ELASTIC NV 4.125% 21-15/07/2029 USD 286 742 0.08
AECOM TECHNOLOGY 5.125% 17-
300 000 USD 287 023 0.08 ELEMENT SOLN INC 3.875% 20-
15/03/2027 320 000 USD 285 121 0.08
01/09/2028
400 000 AIR LEASE CORP 3.125% 20-01/12/2030 USD 358 285 0.10
320 000 ENTEGRIS INC 3.625% 21-01/05/2029 USD 284 598 0.08
ALBERTSONS COS 5.875% 19-
330 000 USD 308 731 0.08 350 000 ENTEGRIS INC 4.375% 20-15/04/2028 USD 317 761 0.08
15/02/2028
70 000 ALLISON TRANS 3.750% 20-30/01/2031 USD 59 954 0.02 FOOT LOCKER INC 4.000% 21-
340 000 USD 298 178 0.08
01/10/2029
240 000 ALLISON TRANS 4.750% 17-01/10/2027 USD 219 722 0.06
FORD MOTOR CRED 2.748% 20-
474 000 GBP 567 291 0.15
340 000 ALLISON TRANS 5.875% 19-01/06/2029 USD 326 036 0.09 14/06/2024
350 000 APL LTD 8.000% 94-15/01/2024 USD 343 706 0.09 FORD MOTOR CRED 3.087% 20-
1 900 000 USD 1 697 694 0.44
09/01/2023
ARCHROCK LP/FIN 6.250% 19- GAMMA BONDCO 8.125% 21-
150 000 USD 137 719 0.04 212 000 EUR 207 055 0.06
01/04/2028 15/11/2026
320 000 ASGN INC 4.625% 19-15/05/2028 USD 292 253 0.08 GARTNER GROUP 3.750% 20-
320 000 USD 286 903 0.08
340 000 ATKORE INC 4.250% 21-01/06/2031 USD 307 541 0.08 01/10/2030
GARTNER GROUP 4.500% 20-
AVANTOR FUNDING 4.625% 20- 360 000 USD 331 046 0.09
330 000 USD 304 212 0.08 01/07/2028
15/07/2028
AXALTA COAT/BV 4.750% 20- 310 000 GLATFELTER CO 4.750% 21-15/11/2029 USD 282 208 0.08
230 000 USD 211 599 0.06
15/06/2027 GLOB PART/GLP FI 7.000% 20-
140 000 USD 128 113 0.03
330 000 BALL CORP 2.875% 20-15/08/2030 USD 282 363 0.08 01/08/2027
GO DADDY OP/FIN 5.250% 19-
290 000 BALL CORP 4.875% 18-15/03/2026 USD 280 463 0.07 300 000 USD 273 185 0.07
01/12/2027
BANFF MERGER SUB 8.375% 18- 320 000 HCA INC 3.500% 20-01/09/2030 USD 297 131 0.08
140 000 EUR 145 600 0.04
01/09/2026
BOISE CASCADE CO 4.875% 20- 290 000 HCA INC 5.875% 15-15/02/2026 USD 287 705 0.08
300 000 USD 278 204 0.07
01/07/2030 HECLA MINING CO 7.250% 20-
220 000 USD 207 985 0.06
BOXER PARENT CO 6.500% 20- 15/02/2028
150 000 EUR 157 175 0.04
02/10/2025 140 000 HERBALIFE/HLF 7.875% 20-01/09/2025 USD 131 081 0.03
BOYD GAMING CORP 4.750% 20- HILL-ROM HLDGS 4.375% 19-
110 000 USD 99 348 0.03 320 000 USD 294 002 0.08
01/12/2027 15/09/2027
BOYD GAMING CORP 4.750% 21- HILTON DOMESTIC 3.750% 20-
330 000 USD 297 810 0.08 90 000 USD 80 024 0.02
15/06/2031 01/05/2029
BUILDERS FIRSTSO 5.000% 20- HILTON DOMESTIC 4.875% 19-
310 000 USD 291 493 0.08 190 000 USD 179 213 0.05
01/03/2030 15/01/2030
BWX TECHNOLOGIES 4.125% 20- HILTON DOMESTIC 5.750% 20-
300 000 USD 267 717 0.07 310 000 USD 290 264 0.08
30/06/2028 01/05/2028
CARPENTER TECH 6.375% 20-
320 000 USD 298 927 0.08 200 000 HJ HEINZ CO 4.125% 15-01/07/2027 GBP 261 283 0.07
15/07/2028
320 000 CARS.COM INC 6.375% 20-01/11/2028 USD 299 992 0.08 HLF FIN SARL LLC 4.875% 21-
350 000 USD 300 772 0.08
01/06/2029
CATALENT PHARMA 2.375% 20-
100 000 EUR 99 878 0.03 330 000 HOLLY PAR/FIN 5.000% 20-01/02/2028 USD 290 997 0.08
01/03/2028
CDK GLOBAL INC 5.250% 19- 350 000 HOLOGIC INC 3.250% 20-15/02/2029 USD 309 189 0.08
300 000 USD 279 295 0.07
15/05/2029
310 000 HOLOGIC INC 4.625% 18-01/02/2028 USD 286 914 0.08
CDW LLC/CDW FIN 3.250% 20-
90 000 USD 79 905 0.02 HORIZON PHARMA 5.500% 19-
15/02/2029 300 000 USD 277 573 0.07
01/08/2027
The accompanying notes form an integral part of these financial statements
Page 215
BNP PARIBAS FUNDS Multi-Asset Income
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
INTERNATIONAL FIN CORP 2.625% SEALED AIR CORP 4.000% 19-
50 000 000 HUF 130 858 0.03 320 000 USD 293 976 0.08
21-09/11/2023 01/12/2027
120 000 INTRALOT INC 7.090% 21-15/09/2025 USD 106 841 0.03 SENSATA TECHNOLO 3.750% 20-
300 000 USD 263 509 0.07
15/02/2031
IRON MOUNTAIN 4.500% 20-
300 000 USD 265 664 0.07 290 000 SERVICE CORP 3.375% 20-15/08/2030 USD 250 373 0.07
15/02/2031
IRON MOUNTAIN 4.875% 17- 300 000 SERVICE CORP 5.125% 19-01/06/2029 USD 284 661 0.08
290 000 USD 263 938 0.07
15/09/2027
IRON MOUNTAIN 5.000% 20- 320 000 STERICYCLE INC 3.875% 20-15/01/2029 USD 277 515 0.07
150 000 USD 135 961 0.04
15/07/2028 320 000 STERICYCLE INC 5.375% 19-15/07/2024 USD 288 674 0.08
IRON MOUNTAIN 5.250% 17- SUBURBAN PROPANE 5.000% 21-
90 000 USD 82 664 0.02 330 000 USD 294 198 0.08
15/03/2028 01/06/2031
IRON MOUNTAIN 5.625% 20- SYMANTEC CORP 5.000% 17-
60 000 USD 56 403 0.02 300 000 USD 266 354 0.07
15/07/2032 15/04/2025
320 000 ISTAR INC 5.500% 20-15/02/2026 USD 292 179 0.08 330 000 SYNAPTICS INC 4.000% 21-15/06/2029 USD 296 995 0.08
320 000 J2 GLOBAL 4.625% 20-15/10/2030 USD 288 160 0.08 320 000 TEGNA INC 4.625% 20-15/03/2028 USD 284 190 0.08
750 000 KOHLS CORP 3.375% 21-01/05/2031 USD 672 296 0.18 340 000 TEGNA INC 5.000% 19-15/09/2029 USD 307 106 0.08
KORN/FERRY INTERNATIONAL TEMPUR SEALY INT 3.875% 21-
300 000 USD 271 993 0.07 320 000 USD 282 096 0.08
4.625% 19-15/12/2027 15/10/2031
KRAFT HEINZ FOOD 4.250% 21- TEMPUR SEALY INT 4.000% 21-
300 000 USD 300 135 0.08 330 000 USD 295 945 0.08
01/03/2031 15/04/2029
KRATON POLYMERS 5.250% 18-
200 000 EUR 205 072 0.05 133 000 TENNECO INC 5.000% 16-15/07/2026 USD 112 668 0.03
15/05/2026
KRONOS INTERNATIONAL INC 320 000 TEREX CORP 5.000% 21-15/05/2029 USD 290 105 0.08
100 000 EUR 101 152 0.03
3.750% 17-15/09/2025 350 000 TOPBUILD CORP 3.625% 21-15/03/2029 USD 310 601 0.08
290 000 L BRANDS INC 7.500% 19-15/06/2029 USD 290 134 0.08
330 000 TRIMAS CORP 4.125% 21-15/04/2029 USD 291 603 0.08
LAMAR MEDIA CORP 3.750% 20-
320 000 USD 282 931 0.08 TRINET GROUP INC 3.500% 21-
15/02/2028 350 000 USD 307 629 0.08
LAMAR MEDIA CORP 4.000% 20- 01/03/2029
340 000 USD 302 746 0.08 UNITED RENTAL NA 4.875% 17-
15/02/2030 580 000 USD 534 939 0.14
LIVE NATION ENT 4.750% 19- 15/01/2028
330 000 USD 298 175 0.08 UNITED RENTAL NA 5.250% 19-
15/10/2027 290 000 USD 276 667 0.07
LIVE NATION ENTERTAINMENT 15/01/2030
310 000 USD 276 015 0.07 US TREASURY N/B 0.125% 21-
4.875% 16-01/11/2024 260 000 USD 227 113 0.06
LUMEN TECH INC 4.500% 20- 30/06/2023
350 000 USD 297 980 0.08 US TREASURY N/B 0.375% 21-
15/01/2029 8 700 000 USD 7 404 122 1.97
LUMEN TECH INC 5.375% 21- 31/01/2026
200 000 USD 176 831 0.05 US TREASURY N/B 0.500% 20-
15/06/2029 3 500 000 USD 3 027 240 0.80
MASONITE INTERNATIONAL 5.375% 31/03/2025
320 000 USD 296 022 0.08 US TREASURY N/B 0.875% 20-
19-01/02/2028 1 500 000 USD 1 254 314 0.32
15/11/2030
350 000 MASTEC INC 4.500% 20-15/08/2028 USD 320 354 0.09 US TREASURY N/B 1.250% 20-
MERITAGE HOMES 6.000% 15- 2 350 000 USD 1 757 637 0.46
50 000 USD 49 173 0.01 15/05/2050
01/06/2025 US TREASURY N/B 1.250% 21-
1 250 000 USD 1 088 714 0.29
10 000 MGM RESORTS 7.750% 12-15/03/2022 USD 8 901 0.00 30/06/2028
MINERALS TECHNOL 5.000% 20- US TREASURY N/B 1.500% 19-
310 000 USD 283 648 0.08 150 000 USD 134 005 0.04
01/07/2028 30/11/2024
MOLINA HEALTHCAR 3.875% 20- US TREASURY N/B 2.000% 21-
30 000 USD 27 380 0.01 815 000 USD 731 398 0.20
15/11/2030 15/08/2051
MOLINA HEALTHCAR 4.375% 20- US TREASURY N/B 2.250% 16-
320 000 USD 291 483 0.08 2 380 000 USD 2 214 670 0.58
15/06/2028 15/08/2046
US TREASURY N/B 2.375% 19-
300 000 MOOG INC 4.250% 19-15/12/2027 USD 266 242 0.07 5 000 000 USD 4 547 215 1.20
29/02/2024
MUELLER WATER 4.000% 21- US TREASURY N/B 2.625% 19-
340 000 USD 302 826 0.08 5 000 000 USD 4 755 374 1.26
15/06/2029 15/02/2029
300 000 NCR CORP 6.125% 19-01/09/2029 USD 283 003 0.08 US TREASURY N/B 4.500% 09-
5 650 000 USD 7 020 889 1.86
330 000 NEWS CORP 3.875% 21-15/05/2029 USD 293 764 0.08 15/08/2039
NIELSEN FINANCE 5.625% 20- 300 000 VAIL RESORTS 6.250% 20-15/05/2025 USD 276 264 0.07
340 000 USD 309 206 0.08 VIAVI SOLUTIONS 3.750% 21-
01/10/2028 330 000 USD 290 218 0.08
NIELSEN FINANCE 5.875% 20- 01/10/2029
300 000 USD 277 603 0.07 VISTA OUTDOOR 4.500% 21-
01/10/2030 330 000 USD 293 959 0.08
NUANCE COMMUNIC 5.625% 16- 15/03/2029
250 000 USD 226 721 0.06 WABASH NATIONAL 4.500% 21-
15/12/2026 350 000 USD 310 266 0.08
100 000 ORGANON FIN 1 2.875% 21-30/04/2028 EUR 100 551 0.03 15/10/2028
WILLIAM CARTER 5.625% 19-
PAPA JOHNS INTERNATIONAL 300 000 USD 272 767 0.07
340 000 USD 296 948 0.08 15/03/2027
3.875% 21-15/09/2029
WYNDHAM HOTELS & 4.375% 20-
PITNEY BOWES INC 6.875% 21- 290 000 USD 263 111 0.07
120 000 USD 109 559 0.03 15/08/2028
15/03/2027
YUM! BRANDS INC 3.625% 20-
330 000 PTC INC 3.625% 20-15/02/2025 USD 295 078 0.08 330 000 USD 289 693 0.08
15/03/2031
300 000 PTC INC 4.000% 20-15/02/2028 USD 269 063 0.07 YUM! BRANDS INC 4.750% 19-
100 000 USD 95 159 0.03
15/01/2030
262 000 QUINTILES IMS 2.875% 17-15/09/2025 EUR 263 708 0.07 YUM! BRANDS INC 7.750% 20-
RENEWABLE NRG 5.875% 21- 150 000 USD 139 198 0.04
330 000 USD 298 874 0.08 01/04/2025
01/06/2028
320 000 RENT-A-CENTER 6.375% 21-15/02/2029 USD 294 086 0.08 United Kingdom 5 917 204 1.59
ARQIVA BROAD FIN 6.750% 18-
RHP HOTEL PPTY 4.750% 20- 213 000 GBP 256 503 0.07
230 000 USD 207 552 0.06 30/09/2023
15/10/2027
SBA COMMUNICATIO 3.125% 21- 140 000 BCP MODULAR 4.750% 21-30/11/2028 EUR 141 058 0.04
350 000 USD 295 272 0.08
01/02/2029 BELLIS ACQUISITI 4.500% 21-
180 000 GBP 213 903 0.06
SBA COMMUNICATIO 3.875% 20- 16/02/2026
310 000 USD 281 578 0.08
15/02/2027 CONSTELLATION 4.875% 21-
250 000 GBP 291 850 0.08
SCIENTIFIC GAMES 3.375% 18- 15/07/2027
120 000 EUR 120 650 0.03
15/02/2026 100 000 DEUCE FINCO 5.500% 21-15/06/2027 GBP 118 210 0.03
SCIENTIFIC GAMES 5.500% 18-
191 000 EUR 194 701 0.05
15/02/2026
The accompanying notes form an integral part of these financial statements
Page 216
BNP PARIBAS FUNDS Multi-Asset Income
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
153 686 ENQUEST PLC 7.000% 16-15/10/2023 USD 126 264 0.03 ELIOR PARTICIPAT 3.750% 21-
100 000 EUR 102 269 0.03
GATWICK AIRPORT 4.375% 21- 15/07/2026
122 000 GBP 142 316 0.04 100 000 ERAMET 4.196% 17-28/02/2024 EUR 100 625 0.03
07/04/2026
HEATHROW FINANCE 4.750% 18- 300 000 ERAMET 5.875% 19-21/05/2025 EUR 310 125 0.08
100 000 GBP 121 502 0.03
01/03/2024
198 000 FAURECIA 2.750% 21-15/02/2027 EUR 201 444 0.05
89 000 HEINZ (H.J) FIN 6.250% 00-18/02/2030 GBP 133 977 0.04
ICELAND BONDCO 4.625% 17- 100 000 FAURECIA 3.125% 19-15/06/2026 EUR 102 378 0.03
100 000 GBP 111 809 0.03
15/03/2025 100 000 GETLINK SE 3.500% 20-30/10/2025 EUR 102 770 0.03
INEOS QUATTRO FI 2.500% 21-
260 000 EUR 258 337 0.07 131 000 ILIAD HOLDING 5.125% 21-15/10/2026 EUR 136 605 0.04
15/01/2026
ITHACA ENERGY N 9.000% 21- 110 000 ILIAD HOLDING 5.625% 21-15/10/2028 EUR 115 780 0.03
300 000 USD 270 902 0.07
15/07/2026 LABORATOIRE EIME 5.000% 21-
JAGUAR LAND ROVER 3.875% 15- 100 000 EUR 101 154 0.03
200 000 GBP 239 965 0.06 01/02/2029
01/03/2023 100 000 ORANO SA 2.750% 20-08/03/2028 EUR 103 948 0.03
JAGUAR LAND ROVER 4.500% 21-
214 000 EUR 217 445 0.06 250 000 QUATRIM 5.875% 19-15/01/2024 EUR 256 483 0.07
15/07/2028
JAGUAR LAND ROVER 5.000% 14- 300 000 RENAULT 2.500% 21-01/04/2028 EUR 298 233 0.08
404 000 GBP 482 834 0.13
15/02/2022
KCA DEUTAG UK FI 9.875% 20- 100 000 RENAULT 2.500% 21-02/06/2027 EUR 100 215 0.03
230 000 USD 217 926 0.06 RUBIS TERMINAL 5.625% 20-
01/12/2025 100 000 EUR 103 940 0.03
LADBROKES GROUP 5.125% 16- 15/05/2025
200 000 GBP 244 824 0.07 TEREOS FIN GROUP 4.125% 16-
08/09/2023 300 000 EUR 303 420 0.08
NEPTUNE ENERGY 6.625% 18- 16/06/2023
250 000 USD 224 849 0.06
15/05/2025 250 000 VALLOUREC SA 8.500% 21-30/06/2026 EUR 257 377 0.07
PINNACLE BIDCO P 6.375% 18-
100 000 GBP 120 072 0.03
15/02/2025 Mexico 3 474 986 0.94
140 000 RAC BOND CO 5.250% 21-04/11/2027 GBP 162 549 0.04 MEXICAN BONOS 10.000% 05-
11 000 000 MXN 506 478 0.14
ROLLS-ROYCE PLC 0.875% 18- 05/12/2024
250 000 EUR 246 563 0.07 MEXICAN BONOS 10.000% 06-
09/05/2024 3 960 000 MXN 204 586 0.05
STONEGATE PUB 8.250% 20- 20/11/2036
360 000 GBP 435 129 0.12 MEXICAN BONOS 5.750% 15-
31/07/2025 3 000 000 MXN 121 508 0.03
SYNTHOMER PLC 3.875% 20- 05/03/2026
100 000 EUR 103 096 0.03 MEXICAN BONOS 5.750% 15-
01/07/2025 100 000 MXN 413 230 0.11
05/03/2026
278 000 TI AUTOMOTIVE 3.750% 21-15/04/2029 EUR 280 093 0.07
MEXICAN BONOS 7.500% 07-
VIRGIN MEDIA SEC 4.125% 20- 12 655 000 MXN 545 893 0.15
150 000 GBP 175 932 0.05 03/06/2027
15/08/2030 MEXICAN BONOS 7.750% 11-
VIRGIN MEDIA SEC 4.250% 19- 5 670 000 MXN 246 273 0.07
140 000 GBP 164 793 0.04 29/05/2031
15/01/2030 MEXICAN BONOS 7.750% 12-
100 000 VMED O2 UK FIN 4.500% 21-15/07/2031 GBP 118 514 0.03 13 668 000 MXN 571 786 0.15
13/11/2042
WEIR GROUP PLC 2.200% 21- MEXICAN BONOS 8.000% 19-
340 000 USD 295 989 0.08 3 000 000 MXN 131 141 0.04
13/05/2026 05/09/2024
MEXICAN BONOS 8.500% 09-
Malaysia 3 591 315 0.96 2 600 000 MXN 118 351 0.03
31/05/2029
MALAYSIA INVEST 3.422% 20- PETROLEOS MEXICA 6.950% 20-
840 000 MYR 178 092 0.05 280 000 USD 217 288 0.06
30/09/2027 28/01/2060
MALAYSIA INVEST 4.119% 19- PETROLEOS MEXICA 7.690% 20-
550 000 MYR 118 217 0.03 472 000 USD 398 452 0.11
30/11/2034 23/01/2050
MALAYSIA INVEST 4.130% 19-
290 000 MYR 63 490 0.02 China 3 410 860 0.89
09/07/2029
MALAYSIA INVEST 4.258% 17- 1 800 000 CHINA SCE GRP 7.250% 19-19/04/2023 USD 1 394 873 0.36
2 694 000 MYR 594 385 0.16
26/07/2027 COUNTRY GARDEN 3.125% 20-
MALAYSIAN GOVT 3.757% 18- 1 600 000 USD 1 238 410 0.32
1 592 000 MYR 342 322 0.09 22/10/2025
20/04/2023 TIMES CN HLDG 6.750% 20-08/07/2025
MALAYSIAN GOVT 3.757% 19- 1 300 000 USD 777 577 0.21
315 000 MYR 63 697 0.02
22/05/2040
424 000
MALAYSIAN GOVT 3.828% 19-
MYR 88 900 0.02 Indonesia 2 963 705 0.79
05/07/2034 INDONESIA GOVT 10.500% 09-
MALAYSIAN GOVT 3.882% 17- 5 010 000 000 IDR 389 476 0.10
530 000 MYR 112 304 0.03 15/08/2030
10/03/2022 INDONESIA GOVT 11.000% 06-
MALAYSIAN GOVT 3.955% 15- 6 505 000 000 IDR 483 779 0.13
2 613 000 MYR 568 378 0.15 15/09/2025
15/09/2025 INDONESIA GOVT 6.125% 12-
MALAYSIAN GOVT 4.065% 20- 1 780 000 000 IDR 111 650 0.03
450 000 MYR 93 209 0.02 15/05/2028
15/06/2050 INDONESIA GOVT 7.500% 16-
MALAYSIAN GOVT 4.127% 12- 4 165 000 000 IDR 272 080 0.07
210 000 MYR 45 728 0.01 15/08/2032
15/04/2032 INDONESIA GOVT 7.500% 19-
MALAYSIAN GOVT 4.498% 10- 1 585 000 000 IDR 102 389 0.03
934 000 MYR 209 401 0.06 15/06/2035
15/04/2030 INDONESIA GOVT 8.250% 15-
MALAYSIAN GOVT 4.736% 16- 3 280 000 000 IDR 224 414 0.06
300 000 MYR 66 956 0.02 15/05/2036
15/03/2046 INDONESIA GOVT 8.250% 18-
MALAYSIAN GOVT 4.762% 17- 6 070 000 000 IDR 417 408 0.11
395 000 MYR 90 188 0.02 15/05/2029
07/04/2037 INDONESIA GOVT 8.375% 13-
MY SUKUK GLOBAL 4.080% 16- 820 000 000 IDR 56 733 0.02
270 000 USD 287 552 0.08 15/03/2034
27/04/2046 INDONESIA GOVT 8.375% 19-
4 356 000 000 IDR 303 104 0.08
603 000 PETRONAS 7.625% 96 -15/10/2026 USD 668 496 0.18 15/04/2039
INDONESIA GOVT 9.500% 10-
3 400 000 000 IDR 251 873 0.07
France 3 494 729 0.96 15/07/2031
100 000 ACCOR 2.375% 21-29/11/2028 EUR 100 116 0.03 300 000 PERTAMINA 6.500% 18-07/11/2048 USD 350 799 0.09
BANIJAY ENTERTAI 3.500% 20-
100 000
01/03/2025
EUR 100 323 0.03 South Africa 2 883 748 0.77
REPUBLIC OF SOUTH AFRICA
119 000 CAB 3.375% 21-01/02/2028 EUR 118 721 0.03 6 690 000 ZAR 408 021 0.11
10.500% 98-21/12/2026
CASINO GUICHARD 2.798% 14- REPUBLIC OF SOUTH AFRICA 5.750%
300 000 EUR 285 300 0.08 350 000 USD 295 520 0.08
05/08/2026 19-30/09/2049
176 000 CMA CGM SA 7.500% 20-15/01/2026 EUR 193 503 0.05 REPUBLIC OF SOUTH AFRICA 7.000%
12 335 000 ZAR 572 610 0.15
10-26/02/2031
The accompanying notes form an integral part of these financial statements
Page 217
BNP PARIBAS FUNDS Multi-Asset Income
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
REPUBLIC OF SOUTH AFRICA 7.750%
3 844 000 ZAR 217 831 0.06 Italy 2 057 485 0.55
12-28/02/2023
REPUBLIC OF SOUTH AFRICA 8.250% 282 000 ALMAVIVA 4.875% 21-30/10/2026 EUR 281 908 0.08
1 560 000 ZAR 77 356 0.02
13-31/03/2032 BRUNELLO BIDCO 3.500% 21-
REPUBLIC OF SOUTH AFRICA 8.500% 100 000 EUR 99 068 0.03
11 170 000 ZAR 522 078 0.14 15/02/2028
13-31/01/2037 GAMMA BIDCO SPA 5.125% 21-
REPUBLIC OF SOUTH AFRICA 8.750% 130 000 EUR 130 732 0.03
14 360 000 ZAR 663 231 0.18 15/07/2025
14-31/01/2044 GUALA CLOSURES 3.250% 21-
REPUBLIC OF SOUTH AFRICA 9.000% 100 000 EUR 97 989 0.03
2 655 000 ZAR 127 101 0.03 15/06/2028
15-31/01/2040
150 000 KEDRION SPA 3.375% 21-15/05/2026 EUR 149 116 0.04
Russia 2 879 379 0.76 194 000 NEXI 2.125% 21-30/04/2029 EUR 189 988 0.05
RUSSIA - EUROBOND 5.250% 17-
200 000 USD 221 817 0.06 300 000 PIAGGIO & C 3.625% 18-30/04/2025 EUR 304 808 0.08
23/06/2047
28 393 000 RUSSIA-OFZ 6.000% 19-06/10/2027 RUB 297 434 0.08 120 000 PRO-GEST SPA 3.250% 17-15/12/2024 EUR 113 568 0.03
47 230 000 RUSSIA-OFZ 6.500% 18-28/02/2024 RUB 533 357 0.14 134 000 REKEEP SPA 7.250% 21-01/02/2026 EUR 142 587 0.04
SHIBA BIDCO SPA 4.500% 21-
37 395 000 RUSSIA-OFZ 7.050% 13-19/01/2028 RUB 411 157 0.11 150 000 EUR 151 552 0.04
31/10/2028
31 930 000 RUSSIA-OFZ 7.250% 18-10/05/2034 RUB 345 077 0.09 SOFIMA HOLDING 3.750% 20-
200 000 EUR 198 222 0.05
36 520 000 RUSSIA-OFZ 7.400% 19-17/07/2024 RUB 419 142 0.11 15/01/2028
182 000 WEBUILD SPA 5.875% 20-15/12/2025 EUR 197 947 0.05
38 090 000 RUSSIA-OFZ 7.650% 19-10/04/2030 RUB 429 637 0.11
5 160 000 RUSSIA-OFZ 7.700% 19-16/03/2039 RUB 57 252 0.02 Hong Kong 1 967 650 0.51
13 875 000 RUSSIA-OFZ 8.500% 16-17/09/2031 RUB 164 506 0.04 CNAC HK FINBRID 5.125% 18-
200 000 USD 200 045 0.05
14/03/2028
The Netherlands 2 878 769 0.78 HUARONG FINANCE 2019 3.750% 19-
300 000 USD 265 178 0.07
AXALTA COATING 3.750% 16- 29/05/2024
100 000 EUR 100 411 0.03 SHIMAO GRP HLDGS 5.600% 19-
15/01/2025 2 800 000 USD 1 502 427 0.39
15/07/2026
180 000 DUFRY ONE BV 2.000% 19-15/02/2027 EUR 166 474 0.04
100 000 DUFRY ONE BV 2.500% 17-15/10/2024 EUR 98 214 0.03 Colombia 1 825 091 0.49
375 500 000 COLOMBIA TES 5.750% 20-03/11/2027 COP 73 207 0.02
100 000 IPD 3 BV 5.500% 20-01/12/2025 EUR 102 556 0.03
MDGH - GMTN BV 3.700% 19- 1 161 300 000 COLOMBIA TES 6.000% 12-28/04/2028 COP 226 380 0.06
200 000 USD 193 721 0.05
07/11/2049 1 261 600 000 COLOMBIA TES 6.250% 17-26/11/2025 COP 262 091 0.07
200 000 METINVEST BV 7.750% 19-17/10/2029 USD 173 705 0.05 592 300 000 COLOMBIA TES 7.000% 17-30/06/2032 COP 116 443 0.03
NOBIAN FINANCE B 3.625% 21-
211 000 EUR 208 836 0.06 910 000 000 COLOMBIA TES 7.250% 19-18/10/2034 COP 179 698 0.05
15/07/2026
OI EUROPEAN GRP 3.125% 16- 315 200 000 COLOMBIA TES 7.250% 20-26/10/2050 COP 58 397 0.02
100 000 EUR 102 588 0.03
15/11/2024
766 900 000 COLOMBIA TES 7.750% 15-18/09/2030 COP 161 206 0.04
Q-PARK HOLDING 2.000% 20-
244 000 EUR 230 078 0.06 REPUBLIC OF COLOMBIA 3.250% 21-
01/03/2027 300 000 USD 237 425 0.06
SELECTA GROUP BV 8.000% 20- 22/04/2032
77 269 EUR 77 527 0.02 REPUBLIC OF COLOMBIA 7.375% 06-
01/04/2026 500 000 USD 510 244 0.14
TEVA PHARM FNC 6.000% 20- 18/09/2037
500 000 EUR 537 281 0.14
31/01/2025
Germany 1 691 328 0.46
100 000 UNITED GROUP 4.000% 20-15/11/2027 EUR 99 131 0.03 CHEPLAPHARM ARZN 3.500% 20-
UPC HOLDING BV 3.875% 17- 400 000 EUR 406 905 0.11
329 000 EUR 334 912 0.09 11/02/2027
15/06/2029 100 000 CT INVESTMENT 5.500% 21-15/04/2026 EUR 100 901 0.03
400 000 UPJOHN INC 2.700% 21-22/06/2030 USD 353 092 0.09 GRUENENTHAL GMBH 3.625% 21-
100 000 EUR 102 516 0.03
100 000 ZF EUROPE 2.000% 19-23/02/2026 EUR 100 243 0.03 15/11/2026
200 000 MAHLE GMBH 2.375% 21-14/05/2028 EUR 193 970 0.05
Poland 2 722 563 0.73 NIDDA HEALTHCARE 3.500% 20-
AUTOSTRADE PER L 2.000% 21- 262 000 EUR 259 402 0.07
205 000 EUR 211 141 0.06 30/09/2024
15/01/2030 PLATIN 1426 GMBH 5.375% 17-
186 000 INPOST SA 2.250% 21-15/07/2027 EUR 181 442 0.05 190 000 EUR 189 322 0.05
15/06/2023
POLAND GOVT BOND 1.250% 20- 300 000 SCHAEFFLER AG 3.375% 20-12/10/2028 EUR 333 866 0.09
830 000 PLN 148 990 0.04
25/10/2030
100 000 ZF FINANCE 3.000% 20-21/09/2025 EUR 104 446 0.03
POLAND GOVT BOND 2.250% 16-
2 840 000 PLN 620 260 0.17
25/04/2022
POLAND GOVT BOND 2.500% 15-
Luxembourg 1 508 670 0.41
520 000 PLN 106 860 0.03 ALBION FINANCING 5.250% 21-
25/07/2026 100 000 EUR 100 776 0.03
POLAND GOVT BOND 2.500% 16- 15/10/2026
250 000 PLN 50 628 0.01 100 000 B&M EUROPEAN 3.625% 20-15/07/2025 GBP 121 101 0.03
25/07/2027
POLAND GOVT BOND 2.500% 18- CONS ENERGY FIN 5.000% 21-
2 510 000 PLN 535 121 0.14 260 000 EUR 247 490 0.07
25/04/2024 15/10/2028
POLAND GOVT BOND 2.750% 13- CRYSTAL ALMOND S 4.250% 19-
805 000 PLN 165 505 0.04 357 000 EUR 363 480 0.10
25/04/2028 15/10/2024
POLAND GOVT BOND 2.750% 19- HSE FINANCE SARL 5.625% 21-
125 000 PLN 25 432 0.01 100 000 EUR 102 172 0.03
25/10/2029 15/10/2026
POLAND GOVT BOND 4.000% 12- LUNE HOLDINGS SA 5.625% 21-
3 070 000 PLN 677 184 0.18 212 000 EUR 212 000 0.06
25/10/2023 15/11/2028
OLIVETTI FINANCE 7.750% 03-
Brazil 2 333 931 0.63 63 000 EUR 83 737 0.02
24/01/2033
BRAZIL NTN-B 6.000% 10- 143 000 ROSSINI SARL 6.750% 18-30/10/2025 EUR 147 978 0.04
280 000 BRL 182 868 0.05
15/08/2050 FLAT
BRAZIL NTN-F 10.000% 12- SUMMER BC HOLDCO 5.750% 19-
3 870 000 BRL 601 173 0.16 125 000 EUR 129 936 0.03
01/01/2023 FLAT 31/10/2026
BRAZIL NTN-F 10.000% 16-
3 610 000 BRL 555 474 0.15
01/01/2027 FLAT
REPUBLIC OF BRAZIL 4.750% 19-
1 000 000 USD 782 789 0.21
14/01/2050
REPUBLIC OF BRAZIL 7.125% 06-
200 000 USD 211 627 0.06
20/01/2037
The accompanying notes form an integral part of these financial statements
Page 218
BNP PARIBAS FUNDS Multi-Asset Income
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Ukraine 1 412 193 0.37 Cayman Islands 853 872 0.23
800 000 UKRAINE GOVT 6.750% 19-20/06/2026 EUR 756 000 0.20 ICD SUKUK CO LTD 5.000% 17-
280 000 USD 267 378 0.07
01/02/2027
409 000 UKRAINE GOVT 7.253% 20-15/03/2033 USD 315 598 0.08 SEAGATE HDD CAYM 3.125% 20-
90 000 USD 77 559 0.02
400 000 UKRAINE GOVT 7.750% 15-01/09/2024 USD 340 595 0.09 15/07/2029
SEAGATE HDD CAYM 4.125% 20-
330 000 USD 301 730 0.08
Czech Republic 1 189 099 0.31 15/01/2031
CZECH REPUBLIC 0.950% 15- SEAGATE HDD CAYM 4.750% 14-
7 790 000 CZK 266 393 0.07 220 000 USD 207 205 0.06
15/05/2030 01/01/2025
CZECH REPUBLIC 1.200% 20-
1 940 000
13/03/2031
CZK 67 086 0.02 Bahrain 815 182 0.21
CZECH REPUBLIC 2.000% 17- 200 000 BAHRAIN 5.250% 21-25/01/2033 USD 164 824 0.04
2 320 000 CZK 85 548 0.02
13/10/2033 200 000 BAHRAIN 6.250% 21-25/01/2051 USD 160 427 0.04
CZECH REPUBLIC 2.400% 14-
4 320 000 CZK 167 793 0.04 550 000 BAHRAIN 7.500% 17-20/09/2047 USD 489 931 0.13
17/09/2025
CZECH REPUBLIC 2.500% 13-
5 280 000 CZK 204 564 0.05 Romania 792 436 0.21
25/08/2028
CZECH REPUBLIC 2.750% 18- 255 000 ROMANIA 3.650% 16-24/09/2031 RON 45 382 0.01
1 740 000 CZK 68 501 0.02
23/07/2029
2 180 000 ROMANIA 4.000% 20-25/10/2023 RON 437 797 0.12
CZECH REPUBLIC 4.200% 06-
670 000 CZK 31 684 0.01
04/12/2036 605 000 ROMANIA 4.150% 20-26/01/2028 RON 117 445 0.03
CZECH REPUBLIC 4.850% 07- 950 000 ROMANIA 4.850% 18-22/04/2026 RON 191 812 0.05
1 150 000 CZK 63 778 0.02
26/11/2057
SAZKA GROUP AS 3.875% 20- Australia 751 163 0.20
235 000 EUR 233 752 0.06
15/02/2027
FMG RES AUG 2006 4.500% 19-
320 000 USD 300 452 0.08
Peru 904 995 0.23 15/09/2027
REPUBLIC OF PERU 5.350% 19- FMG RES AUG 2006 5.125% 17-
263 000 PEN 48 812 0.01 270 000 USD 252 413 0.07
12/08/2040 15/05/2024
REPUBLIC OF PERU 5.400% 19- MINERAL RESOURCE 8.125% 19-
731 000 PEN 146 129 0.04 210 000 USD 198 298 0.05
12/08/2034 01/05/2027
REPUBLIC OF PERU 6.350% 16- Kazakhstan 688 729 0.18
889 000 PEN 205 023 0.05
12/08/2028
REPUBLIC OF PERU 6.850% 10- 250 000 KAZAKHSTAN 2.375% 18-09/11/2028 EUR 273 175 0.07
235 000 PEN 52 022 0.01
12/02/2042 92 200 000 KAZAKHSTAN 5.300% 12-19/03/2022 KZT 184 966 0.05
REPUBLIC OF PERU 6.950% 08- KAZMUNAYGAS NAT 6.375% 18-
587 000 PEN 138 597 0.04 200 000 USD 230 588 0.06
12/08/2031 24/10/2048
REPUBLIC OF PERU 8.750% 03-
230 000 USD 314 412 0.08
21/11/2033 Saudi Arabia 588 736 0.16
SAUDI INT BOND 2.000% 19-
Spain 899 834 0.24 200 000
09/07/2039
EUR 210 438 0.06
EDREAMS ODIGEO SA 5.500% 18- SAUDI INT BOND 3.250% 20-
212 000 EUR 210 135 0.06 400 000 USD 378 298 0.10
01/09/2023 22/10/2030
GRIFOLS ESCROW 3.875% 21-
140 000 EUR 140 341 0.04
15/10/2028 Chile 587 000 0.16
300 000 GRIFOLS SA 3.200% 17-01/05/2025 EUR 299 507 0.08 200 000 CHILE 3.625% 12-30/10/2042 USD 185 796 0.05
130 000 NH HOTEL GRP 4.000% 21-02/07/2026 EUR 129 286 0.03 EMPRESA NACIONAL 4.500% 17-
300 000 USD 259 074 0.07
OHL OPERACIONES 6.600% 21- 14/09/2047
130 000 EUR 120 565 0.03 TESORERIA PESOS 5.000% 15-
31/03/2026 65 000 000 CLP 63 282 0.02
01/03/2035 FLAT
Thailand 894 785 0.24 85 000 000
TESORERIA PESOS 5.100% 19-
CLP 78 848 0.02
THAILAND GOVT 2.875% 16- 15/07/2050 FLAT
5 460 000 THB 143 107 0.04
17/06/2046
THAILAND GOVT 3.400% 15- Hungary 585 518 0.16
8 780 000 THB 256 525 0.07 REPUBLIC OF HUNGARY 1.000% 19-
17/06/2036 17 130 000 HUF 41 304 0.01
THAILAND GOVT 3.600% 17- 26/11/2025
1 170 000 THB 33 993 0.01 REPUBLIC OF HUNGARY 2.000% 20-
17/06/2067 39 210 000 HUF 90 129 0.02
THAILAND GOVT 3.650% 10- 23/05/2029
7 570 000 THB 229 424 0.06 REPUBLIC OF HUNGARY 2.250% 21-
20/06/2031 18 070 000 HUF 38 058 0.01
THAILAND GOVT 3.775% 12- 22/06/2034
3 000 000 THB 92 199 0.02 REPUBLIC OF HUNGARY 2.500% 18-
25/06/2032 94 790 000 HUF 246 218 0.07
THAILAND GOVT 4.000% 15- 24/10/2024
2 460 000 THB 77 350 0.02 REPUBLIC OF HUNGARY 3.000% 20-
17/06/2066 17 160 000 HUF 36 726 0.01
THAILAND GOVT 4.875% 09- 25/04/2041
1 940 000 THB 62 187 0.02 REPUBLIC OF HUNGARY 3.250% 15-
22/06/2029 54 220 000 HUF 133 083 0.04
22/10/2031
Turkey 861 914 0.23
REPUBLIC OF TURKEY 8.000% 04- Sweden 579 591 0.16
500 000 USD 454 515 0.12 VERISURE HOLDING 3.875% 20-
14/02/2034 100 000 EUR 101 702 0.03
TURKEY GOVT BOND 10.500% 17- 15/07/2026
1 020 000 TRY 40 120 0.01
11/08/2027 150 000 VOLVO CAR AB 2.125% 19-02/04/2024 EUR 154 919 0.04
TURKEY GOVT BOND 11.000% 17- 300 000 VOLVO CAR AB 2.500% 20-07/10/2027 EUR 322 970 0.09
740 000 TRY 30 626 0.01
24/02/2027
TURKEY GOVT BOND 11.700% 20- Panama 567 617 0.15
915 000 TRY 35 020 0.01
13/11/2030
TURKEY GOVT BOND 12.600% 20- 200 000 PANAMA 4.300% 13-29/04/2053 USD 188 874 0.05
200 000 TRY 9 731 0.00
01/10/2025 300 000 PANAMA 9.375% 99-01/04/2029 USD 378 743 0.10
TURKEY GOVT BOND 16.200% 18-
2 010 000 TRY 123 115 0.03
14/06/2023 Dominican Republic 548 710 0.14
TURKEY GOVT BOND 7.100% 13- REPUBLIC OF DOMINICAN 5.875% 20-
2 990 000 TRY 168 787 0.05 313 000 USD 264 366 0.07
08/03/2023 30/01/2060
REPUBLIC OF DOMINICAN 7.450% 14-
230 000 USD 239 010 0.06
30/04/2044
REPUBLIC OF DOMINICAN CBN
2 650 000 DOP 45 334 0.01
10.500% 17-04/10/2024
The accompanying notes form an integral part of these financial statements
Page 219
BNP PARIBAS FUNDS Multi-Asset Income
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Egypt 533 629 0.14 United Arab Emirates 211 045 0.06
ARAB REP EGYPT 6.375% 19- ABU DHABI GOVT 4.125% 17-
200 000 EUR 184 118 0.05 200 000 USD 211 045 0.06
11/04/2031 11/10/2047
ARAB REP EGYPT 7.500% 21-
266 000 USD 190 401 0.05 Kuwait 210 482 0.06
16/02/2061
ARAB REP EGYPT 8.875% 20- KUWAIT INTERNATIONAL BOND
200 000 USD 159 110 0.04 220 000 USD 210 482 0.06
29/05/2050 3.500% 17-20/03/2027
Canada 500 693 0.13 Argentina 201 382 0.06
OPEN TEXT CORP 3.875% 20- 100 241 ARGENTINA 1.000% 20-09/07/2029 USD 31 953 0.01
330 000 USD 295 757 0.08
15/02/2028 PROV BUENOS AIRE 3.000% 21-
PANTHER BF AGG 2 4.375% 19- 600 000 USD 169 429 0.05
200 000 EUR 204 936 0.05 01/09/2037
15/05/2026
Denmark 168 982 0.05
Sri Lanka 474 719 0.12
134 000 TELE DANMARK 5.625% 11-23/02/2023 GBP 168 982 0.05
REPUBLIC OF SRI LANKA 6.850% 15-
370 000 USD 167 215 0.04
03/11/2025
REPUBLIC OF SRI LANKA 7.550% 19-
Angola 168 099 0.04
700 000 USD 307 504 0.08 ANGOLA REPUBLIC OF 9.125% 19-
28/03/2030 200 000 USD 168 099 0.04
26/11/2049
Qatar 459 462 0.12
STATE OF QATAR OF 4.817% 19-
Serbia 111 232 0.03
400 000 USD 459 462 0.12 SERBIA T-BONDS 4.500% 19-
14/03/2049 4 830 000 RSD 42 414 0.01
11/01/2026
Morocco 434 800 0.12 4 000 000
SERBIA T-BONDS 4.500% 20-
RSD 34 878 0.01
MOROCCO KINGDOM 1.500% 19- 20/08/2032
200 000 EUR 183 475 0.05 SERBIA T-BONDS 5.875% 18-
27/11/2031 3 600 000 RSD 33 940 0.01
MOROCCO KINGDOM 3.000% 20- 08/02/2028
300 000 USD 251 325 0.07
15/12/2032
El Salvador 99 125 0.03
Ghana 430 890 0.12 207 000
EL SALVADOR REP 7.125% 19-
USD 99 125 0.03
REPUBLIC OF GHANA 7.750% 21- 20/01/2050
300 000 USD 219 961 0.06
07/04/2029
REPUBLIC OF GHANA 8.950% 19-
Venezuela 0 0.00
300 000 USD 210 929 0.06 VENEZUELA 11.750% 11-
26/03/2051 3 480 000 USD 0 0.00
21/10/2026 DFLT
British Virgin Islands 426 269 0.12 341 170 0.09
SCENERY JOURNEY 13.750% 18- Convertible bonds
500 000 USD 56 828 0.02
06/11/2023
SINOPEC GRP OVER 3.250% 15-
United Kingdom 196 238 0.05
400 000 USD 369 441 0.10 INTERNATIONAL CONSOLIDATED
28/04/2025 200 000 EUR 196 238 0.05
0.625% 15-17/11/2022 CV
Philippines 382 914 0.10
REPUBLIC OF PHILIPPINES 3.700% 17-
France 144 932 0.04
400 000 USD 382 914 0.10 2 691 ELIS SA 0.000% 17-06/10/2023 CV FLAT EUR 84 409 0.02
02/02/2042
MAISONS DU M 0.125% 17-06/12/23
Uruguay 351 960 0.09 1 264 EUR 60 523 0.02
CV FLAT
230 000 URUGUAY 7.625% 06-21/03/2036 USD 304 995 0.08
Floating rate bonds 5 244 254 1.45
2 400 000 URUGUAY 8.500% 17-15/03/2028 UYU 46 965 0.01
The Netherlands 1 351 559 0.37
Nigeria 293 814 0.08
100 000 ABERTIS FINANCE 20-31/12/2060 FRN EUR 101 879 0.03
REPUBLIC OF NIGERIA 9.248% 18-
330 000 USD 293 814 0.08
21/01/2049 200 000 ABERTIS FINANCE 21-31/12/2061 FRN EUR 195 625 0.05
100 000 IPD 3 BV 20-01/12/2025 FRN EUR 100 933 0.03
Surinam 291 044 0.08
REPUBLIC OF SURINAME 9.250% 16- REPSOL INTERNATIONAL FIN 20-
450 000 USD 291 044 0.08 200 000 EUR 215 983 0.06
26/10/2026 31/12/2060 FRN
REPSOL INTERNATIONAL FINANCE
200 000 EUR 214 313 0.06
Kenya 269 640 0.07 15-25/03/2075 FRN
KENYA INFRASTRUC 11.750% 19- TELEFONICA EUROP 17-
35 200 000 KES 269 640 0.07 100 000 EUR 101 940 0.03
08/10/2035 31/12/2049 FRN
127 000 UNITED GROUP 19-15/05/2025 FRN EUR 126 852 0.03
Oman 267 763 0.07
OMAN INTRNL BOND 6.750% 18- 300 000 WINTERSHALL FIN 21-20/07/2169 FRN EUR 294 034 0.08
300 000 USD 267 763 0.07
17/01/2048
France 1 182 722 0.33
South Korea 258 012 0.07 200 000 ELEC DE FRANCE 20-31/12/2060 FRN EUR 206 453 0.06
EXP-IMP BK KOREA 7.250% 17-
4 000 000 000 IDR 258 012 0.07 400 000 ELEC DE FRANCE 21-31/12/2061 FRN EUR 401 770 0.11
07/12/2024
LA BANQUE POSTAL 21-
400 000 EUR 374 263 0.10
Ireland 229 092 0.06 31/12/2061 FRN
JAMES HARDIE INDUSTRIES 5.000% 100 000 RCI BANQUE 19-18/02/2030 FRN EUR 100 053 0.03
250 000 USD 229 092 0.06
17-15/01/2028
100 000 VEOLIA ENVRNMT 20-20/04/2169 FRN EUR 100 183 0.03
Lebanon 228 082 0.06
REPUBLIC OF LEBANON 6.600% 11- Italy 859 648 0.24
750 000 USD 65 951 0.02
27/11/2026 200 000 BANCO BPM SPA 21-31/12/2061 FRN EUR 214 500 0.06
REPUBLIC OF LEBANON 6.650% 15-
400 000 USD 35 174 0.01 100 000 FABRIC BC SPA 18-30/11/2024 FRN EUR 89 655 0.02
03/11/2028
REPUBLIC OF LEBANON 7.250% 17- 100 000 FABRIC BC SPA 20-31/08/2026 FRN EUR 99 900 0.03
1 375 000 USD 126 957 0.03
23/03/2037 250 000 INTESA SANPAOLO 20-31/12/2060 FRN EUR 243 831 0.07
Tunisia 227 520 0.06 200 000 UNICREDIT SPA 17-31/12/2049 FRN EUR 211 762 0.06
TUNISIA INT BOND 6.375% 19-
300 000 EUR 227 520 0.06
15/07/2026
The accompanying notes form an integral part of these financial statements
Page 220
BNP PARIBAS FUNDS Multi-Asset Income
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Ecuador 418 253 0.11
350 580 REPUBLIC OF ECUA 20-31/07/2030 SR USD 253 910 0.07
323 340 REPUBLIC OF ECUA 20-31/07/2040 SR USD 164 343 0.04
Argentina 348 299 0.10
440 861 ARGENTINA 20-09/07/2030 SR USD 136 655 0.04
746 298 ARGENTINA 20-09/07/2035 SR USD 211 644 0.06
Belgium 210 060 0.06
200 000 KBC GROUP NV 18-31/12/2049 FRN EUR 210 060 0.06
Spain 200 741 0.05
200 000 BANCO SABADELL 21-31/12/2061 FRN EUR 200 741 0.05
Sweden 199 109 0.06
101 000 SAMHALLSBYGG 20-31/12/2060 FRN EUR 97 735 0.03
VERISURE HOLDING 20-
100 000 EUR 101 374 0.03
15/04/2025 FRN
Portugal 196 198 0.05
BANCO COMMERCIAL PORTUGUES
200 000 EUR 196 198 0.05
21-17/05/2032 FRN
Cayman Islands 177 503 0.05
200 000 SOAR WISE LTD 19-31/12/2059 FRN USD 177 503 0.05
Luxembourg 100 162 0.03
100 000 SES 21-31/12/2061 FRN EUR 100 162 0.03
Money Market Instruments 20 005 695 5.33
Italy 20 005 695 5.33
19 993 000 ITALY BOTS 0.000% 21-31/01/2022 EUR 20 005 695 5.33
Shares/Units in investment funds 45 941 233 12.21
Luxembourg 34 944 948 9.28
ALPHA UCITS SICAV FAIR OAKS
5 712.70 DYNAMIC CREDIT FUND - M EUR 6 479 912 1.72
EUR CAP
1 188.95 BNP PARIBAS FLEXI ABS OPP XCA EUR 1 782 523 0.47
BNP PARIBAS FUNDS CHINA
48 615.50 USD 4 098 886 1.08
EQUITY- X USD ACC XCA
BNP PARIBAS FUNDS EMERGING
175 177.43 USD 18 854 833 5.02
MULTI-ASSET INCOME - X CAP
BNP PARIBAS FUNDS RMB BOND -
3 320.47 USD 3 728 722 0.99
X CAP
BNP PARIBAS INSTICASH USD 1D
0.51 USD 72 0.00
SHORT TERM VNAV - I CAP
United Kingdom 10 996 285 2.93
SEQUOIA ECONOMIC
8 564 454.00 INFRASTRUCTURE INCOME FUND GBP 10 996 285 2.93
LIMITED - ORD NPV
Total securities portfolio 362 094 570 96.66
The accompanying notes form an integral part of these financial statements
Page 221
BNP PARIBAS FUNDS Multi-Asset Thematic
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Shares/Units in investment funds 215 523 164 98.96
Luxembourg 191 918 671 88.12
3 155.39 ALLIANZ GL ARTIF INT-WTH2EUR EUR 8 241 284 3.78
BNP PARIBAS EASY ECPI GLOBAL
196.12 EUR 28 289 177 12.99
ESG BLUE ECONOMY 9XD
BNP PARIBAS EASY EUR High Yield
119.21 EUR 12 053 591 5.53
SRI Fossil Free 9XC
BNP PARIBAS FUNDS CHINA
107 399.84 USD 9 061 743 4.16
EQUITY- X USD ACC XCA
BNP PARIBAS FUNDS DISRUPTIVE
113 648.12 EUR 20 681 685 9.50
TECHNOLOGY XCA
BNP PARIBAS FUNDS ENERGY
8 728.98 EUR 23 361 882 10.73
TRANSITION XCA
BNP PARIBAS FUNDS GLOBAL
88.05 EUR 10 511 140 4.83
ENVIRONMENT XDI
BNP PARIBAS FUNDS GREEN BOND -
147 995.90 EUR 15 427 093 7.08
X CAP
BNP PARIBAS FUNDS HEALTH CARE
197 161.20 EUR 24 840 339 11.41
INNOVATORS XCA
BNP PARIBAS FUNDS INCLUSIVE
183 010.26 EUR 29 080 332 13.35
GROWTH - X CAP
BNP PARIBAS FUNDS SOCIAL
104.00 EUR 10 370 405 4.76
BOND XCA
France 15 795 948 7.25
694.20 BNP PARIBAS MOIS - ISR - I - CAP EUR 15 795 948 7.25
United Kingdom 7 808 545 3.59
SEQUOIA ECONOMIC
6 081 683.00 INFRASTRUCTURE INCOME FUND GBP 7 808 545 3.59
LIMITED - ORD NPV
Total securities portfolio 215 523 164 98.96
The accompanying notes form an integral part of these financial statements
Page 222
BNP PARIBAS FUNDS Nordic Small Cap
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 483 341 VICORE PHARMA HOLDING AB SEK 653 468 0.21
93 093 VITEC SOFTWARE GROUP AB - B SEK 5 036 208 1.59
official stock exchange listing and/or 306 180 025 96.86
301 152 VNV GLOBAL AB SEK 3 062 414 0.97
traded on another regulated market
170 637 XSPRAY PHARMA AB SEK 1 062 338 0.34
Shares 306 180 025 96.86
Finland 43 307 675 13.69
Sweden 200 611 650 63.47 164 362 FISKARS OYJ ABP EUR 3 780 326 1.20
278 422 ACADEMEDIA AB SEK 1 500 818 0.47 42 944 HARVIA OYJ EUR 2 520 813 0.80
75 000 ADDTECH AB-B SHARES SEK 1 573 427 0.50 82 223 KONECRANES OYJ EUR 2 890 961 0.91
70 427 AF POYRY AB SEK 1 744 258 0.55 43 550 MARIMEKKO OYJ EUR 3 688 685 1.17
80 191 ANNEHEM FASTIGHETER AB-B SEK 290 513 0.09 269 679 METSA BOARD OYJ EUR 2 321 936 0.73
148 668 AVANZA BANK HOLDING AB SEK 4 796 767 1.52 50 213 MUSTI GROUP OY EUR 1 554 594 0.49
857 642 AZELIO AB SEK 1 979 174 0.63 904 500 OUTOKUMPU OYJ EUR 4 974 750 1.57
162 984 BEIJER ALMA AB SEK 4 345 290 1.37 337 720 OUTOTEC OYJ EUR 3 157 007 1.00
51 141 BOLIDEN AB SEK 1 738 476 0.55 47 365 PONSSE OYJ EUR 1 998 803 0.63
220 582 BUFAB HOLDING AB SEK 9 576 549 3.02 30 141 QT GROUP OYJ EUR 4 026 838 1.27
160 182 CANTARGIA AB SEK 287 195 0.09 115 104 TIETO OYJ EUR 3 163 058 1.00
217 624 CASTELLUM AB SEK 5 153 140 1.63 64 760 TOKMANNI GROUP CORP EUR 1 272 534 0.40
822 951 COLLECTOR AB SEK 3 035 711 0.96 69 287 UPONOR OYJ EUR 1 450 870 0.46
479 598 COOR SERVICE MANAGEMENT - WI SEK 3 849 920 1.22 29 570 VAISALA OYJ- A EUR 1 576 081 0.50
1 013 298 COREM PROPERTY GROUP-B SHARE SEK 3 213 304 1.02 130 711 VALMET OYJ EUR 4 930 419 1.56
330 500 DIOS FASTIGHETER AB SEK 3 813 462 1.21
257 034 DOMETIC GROUP AB SEK 2 969 522 0.94
Norway 35 716 294 11.29
192 231 ATEA ASA NOK 3 143 739 0.99
675 212 ELECTROLUX PROFESSIONAL AB-B SEK 4 115 147 1.30
290 519 AUSTEVOLL SEAFOOD ASA NOK 3 082 445 0.98
117 244 ELEKTA AB - B SEK 1 304 419 0.41
424 849 B2 HOLDING ASA NOK 438 908 0.14
459 000 FAGERHULT AB SEK 2 714 948 0.86
224 267 BORREGAARD ASA NOK 4 964 752 1.57
715 639 GAPWAVES AB SEK 3 447 523 1.09
172 329 EDDA WIND ASA NOK 582 555 0.18
164 090 GARO AB SEK 3 442 448 1.09
2 118 679 ELKEM ASA NOK 6 300 166 1.99
99 432 GETINGE AB - B SEK 3 815 616 1.21
232 106 EUROPRIS ASA NOK 1 631 754 0.52
185 933 GRANGES AB SEK 1 916 035 0.61
409 740 LEROY SEAFOOD GROUP ASA NOK 2 817 635 0.89
46 767 HEBA FASTIGHETS AB-B SEK 715 859 0.23
341 391 SPAREBANK 1 SMN NOK 5 072 447 1.60
101 138 HEXATRONIC GROUP AB SEK 4 950 811 1.57
155 000 SPAREBANKEN VEST NOK 1 548 740 0.49
395 823 HEXPOL AB SEK 4 663 299 1.48
558 636 STOREBRAND ASA NOK 4 931 165 1.56
84 433 HMS NETWORKS AB SEK 4 575 914 1.45
223 217 ZALARIS ASA NOK 1 201 988 0.38
413 561 HUMANA AB - W/I SEK 2 920 152 0.92
308 331 HUSQVARNA AB - B SEK 4 337 776 1.37 Denmark 26 544 406 8.41
47 454 INSTALCO AB SEK 2 002 138 0.63 3 824 ALK-ABELLO A/S DKK 1 763 515 0.56
389 031 INTERVACC AB SEK 2 010 145 0.64 10 400 CHEMOMETEC A/S DKK 1 164 784 0.37
285 401 INWIDO AB SEK 5 189 109 1.64 16 734 NETCOMPANY GROUP AS DKK 1 585 068 0.50
2 177 399 ISOFOL MEDICAL AB SEK 1 954 076 0.62 49 232 NTG NORDIC TRANSPORT GROUP A DKK 3 534 727 1.12
40 000 JM AB SEK 1 587 413 0.50 26 695 SCHOUW & CO DKK 2 042 252 0.65
65 612 JOHN MATTSON FASTIGHETSFORET SEK 1 270 691 0.40 55 665 SOLAR A/S - B DKK 5 949 994 1.88
253 993 LINDAB INTERNATIONAL AB SEK 7 928 647 2.51 275 000 SPAR NORD BANK A/S DKK 3 091 051 0.98
215 658 MEDICOVER AB - B SHARE SEK 7 749 948 2.45 118 160 SYDBANK A/S DKK 3 285 400 1.04
184 532 MEKONOMEN AB SEK 2 815 654 0.89 83 650 TOPDANMARK A/S DKK 4 127 615 1.31
33 066 MIPS AB SEK 3 812 096 1.21
562 301 NOBINA AB SEK 5 843 649 1.85
Other transferable securities 0 0.00
36 415 NORDIC ENTERTAINMENT GROUP-B SEK 1 659 471 0.52 0 0.00
Shares
196 521 NP3 FASTIGHETER AB SEK 6 919 081 2.19
48 625 NP3 FASTIGHETER AB - PREF SEK 160 336 0.05 Denmark 0 0.00
101 328 SJAELSO GRUPPEN DKK 0 0.00
229 000 NYFOSA AB SEK 3 469 697 1.10
489 072 OVZON AB SEK 2 983 073 0.94 Total securities portfolio 306 180 025 96.86
112 882 PEAB AB SEK 1 252 052 0.40
198 508 PLATZER FASTIGHETER HOLD - B SEK 2 614 383 0.83
270 000 QLEANAIR HOLDING AB SEK 1 725 524 0.55
SAMHALLSBYGGNADSBOLAGET I N
1 342 136 SEK 8 658 185 2.74
O
90 714 SDIPTECH AB - B SEK 4 154 201 1.31
526 543 SEDANA MEDICAL AB SEK 5 014 330 1.59
127 620 SINCH AB SEK 1 426 677 0.45
966 119 SIVERS IMA HOLDING AB SEK 1 819 449 0.58
165 749 THULE GROUP AB/THE SEK 8 821 916 2.78
223 750 TRELLEBORG AB - B SEK 5 167 808 1.63
The accompanying notes form an integral part of these financial statements
Page 223
BNP PARIBAS FUNDS Premia Opportunities
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Shares/Units in investment funds 11 308 002 94.79
Luxembourg 10 958 758 91.86
BNP PARIBAS EASY EQUITY LOW
7 971.00 EUR 1 333 111 11.17
VOL EUROPE UCITS ETF CAP
BNP PARIBAS EASY EQUITY
2 500.00 MOMENTUM EUROPE UCITS EUR 385 451 3.23
ETF CAP
BNP PARIBAS EASY EQUITY
8 258.00 EUR 1 334 384 11.19
QUALITY EUROPE UCITS ETF CAP
BNP PARIBAS EASY EQUITY VALUE
9 727.00 EUR 1 382 002 11.58
EUROPE UCITS ETF CAP
BNP PARIBAS FUNDS EUROPE MULTI
16 758.34 EUR 2 302 261 19.30
FACTOR EQUITY XCA
BNP PARIBAS FUNDS GLOBAL
13 375.00 ABSOLUTE RETURN MULTI FACTOR EUR 1 222 408 10.25
BOND XCA
BNP PARIBAS FUNDS US MULTI
13 055.43 USD 2 344 857 19.66
FACTOR EQUITY XCA
BNP PARIBAS INSTICASH EUR 3M
6 548.42 EUR 654 284 5.48
Standard VNAV - I CAP
France 349 244 2.93
4.00 T Q FI HIGH VOL PARTS SUPER X EUR 349 244 2.93
Total securities portfolio 11 308 002 94.79
The accompanying notes form an integral part of these financial statements
Page 224
BNP PARIBAS FUNDS RMB Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
CHINA GOVT BOND 3.250% 18-
Transferable securities admitted to an 30 000 000
22/11/2028
CNY 4 837 239 1.65
official stock exchange listing and/or 286 115 305 97.62
30 000 000
CHINA GOVT BOND 3.270% 16-
CNY 4 683 445 1.60
22/08/2046
traded on another regulated market CHINA GOVT BOND 3.390% 20-
30 000 000 CNY 4 681 505 1.60
286 115 305 97.62 16/03/2050
Bonds CHINA GOVT BOND 3.610% 18-
20 000 000 CNY 3 258 959 1.11
07/06/2025
China 284 514 442 97.07 CHINA GOVT BOND 3.770% 17-
AGRICUL DEV BANK 2.250% 20- 10 000 000 CNY 1 662 261 0.57
30 000 000 CNY 4 642 451 1.58 20/02/2047
22/04/2025 CHINA GOVT BOND 4.000% 19-
AGRICUL DEV BANK 2.960% 20- 20 000 000 CNY 3 547 669 1.21
50 000 000 CNY 7 738 477 2.64 24/06/2069
17/04/2030 CHINA GOVT BOND 4.050% 17-
AGRICUL DEV BANK 3.240% 19- 20 000 000 CNY 3 484 823 1.19
40 000 000 CNY 6 372 368 2.17 24/07/2047
14/08/2024 CHINA GOVT BOND 4.080% 18-
AGRICUL DEV BANK 3.330% 16- 20 000 000 CNY 3 516 847 1.20
50 000 000 CNY 7 994 675 2.73 22/10/2048
06/01/2026 CHINA GOVT BOND 4.500% 11-
AGRICUL DEV BANK 3.450% 20- 20 000 000 CNY 3 797 047 1.30
20 000 000 CNY 3 216 109 1.10 23/06/2041
23/09/2025 EXP - IMP BANK CHINA 3.330% 16-
AGRICUL DEV BANK 3.630% 19- 70 000 000 CNY 11 196 687 3.82
30 000 000 CNY 4 862 031 1.66 22/02/2026
19/07/2026 EXP - IMP BANK CHINA 3.990% 15-
AGRICUL DEV BANK 3.740% 19- 20 000 000 CNY 3 258 952 1.11
55 000 000 CNY 8 993 679 3.07 09/02/2025
12/07/2029 EXP-IMP BK CHINA 2.930% 20-
AGRICUL DEV BANK 3.750% 19- 10 000 000 CNY 1 579 725 0.54
20 000 000 CNY 3 271 953 1.12 02/03/2025
25/01/2029 EXP-IMP BK CHINA 3.180% 16-
AGRICUL DEV BANK 3.790% 20- 20 000 000 CNY 3 177 134 1.08
10 000 000 CNY 1 644 013 0.56 05/09/2026
26/10/2030 EXP-IMP BK CHINA 3.230% 20-
AGRICUL DEV BANK 3.850% 17- 50 000 000 CNY 7 906 159 2.70
10 000 000 CNY 1 640 619 0.56 23/03/2030
06/01/2027 EXP-IMP BK CHINA 3.280% 19-
AGRICUL DEV BANK 3.970% 15- 20 000 000 CNY 3 181 904 1.09
50 000 000 CNY 8 135 998 2.78 11/02/2024
27/02/2025 EXP-IMP BK CHINA 3.740% 20-
AGRICUL DEV BANK 4.650% 18- 10 000 000 CNY 1 642 738 0.56
40 000 000 CNY 6 866 606 2.34 16/11/2030
11/05/2028 EXP-IMP BK CHINA 3.860% 19-
AGRICUL DEV BANK 4.980% 18- 20 000 000 CNY 3 298 574 1.13
40 000 000 CNY 6 687 115 2.28 20/05/2029
12/01/2025 EXP-IMP BK CHINA 3.870% 15-
AGRICULTURAL DEV BANK 3.580% 40 000 000 CNY 6 505 717 2.22
10 000 000 CNY 1 615 311 0.55 14/09/2025
16-22/04/2026 EXP-IMP BK CHINA 3.870% 19-
CENTRAL HUIJIN 3.450% 19- 30 000 000 CNY 4 828 559 1.65
20 000 000 CNY 3 146 993 1.07 19/12/2029
22/05/2022 EXP-IMP BK CHINA 4.110% 17-
CHINA DEV BANK 3.070% 20- 40 000 000 CNY 6 588 775 2.25
40 000 000 CNY 6 244 417 2.13 20/03/2027
10/03/2030 EXP-IMP BK CHINA 4.290% 15-
CHINA DEV BANK 3.090% 20- 10 000 000 CNY 1 644 906 0.56
40 000 000 CNY 6 220 957 2.12 07/04/2025
18/06/2030 EXP-IMP BK CHINA 4.890% 18-
CHINA DEV BANK 3.180% 16- 10 000 000 CNY 1 738 638 0.59
30 000 000 CNY 4 772 032 1.63 26/03/2028
05/04/2026
20 000 000
CHINA DEV BANK 3.230% 20-
CNY 3 192 865 1.09 Hong Kong 1 600 863 0.55
10/01/2025 10 000 000 ICBC FIN LEASE 3.950% 19-04/03/2024 CNY 1 600 863 0.55
CHINA DEV BANK 3.300% 19-
30 000 000 CNY 4 779 384 1.63
01/02/2024
CHINA DEV BANK 3.450% 19-
Total securities portfolio 286 115 305 97.62
10 000 000 CNY 1 608 677 0.55
20/09/2029
CHINA DEV BANK 3.480% 19-
40 000 000 CNY 6 444 336 2.20
08/01/2029
CHINA DEV BANK 3.500% 16-
20 000 000 CNY 3 142 976 1.07
04/11/2046
CHINA DEV BANK 3.650% 19-
50 000 000 CNY 8 127 862 2.77
21/05/2029
CHINA DEV BANK 3.680% 19-
30 000 000 CNY 4 865 317 1.66
26/02/2026
CHINA DEV BANK 3.700% 20-
50 000 000 CNY 8 171 474 2.79
20/10/2030
CHINA DEV BANK 3.800% 16-
40 000 000 CNY 6 578 124 2.24
25/01/2036
CHINA DEV BANK 3.810% 15-
10 000 000 CNY 1 621 289 0.55
05/02/2025
CHINA DEV BANK 3.900% 20-
40 000 000 CNY 6 728 939 2.30
03/08/2040
CHINA DEV BANK 4.040% 17-
30 000 000 CNY 4 969 918 1.70
10/04/2027
CHINA DEV BANK 4.040% 18-
40 000 000 CNY 6 665 067 2.27
06/07/2028
CHINA DEV BANK 4.150% 18-
10 000 000 CNY 1 645 560 0.56
26/10/2025
CHINA DEV BANK 4.210% 15-
30 000 000 CNY 4 926 462 1.68
13/04/2025
CHINA DEV BANK 4.300% 17-
30 000 000 CNY 4 906 782 1.67
21/08/2024
CHINA DEV BANK 4.730% 18-
10 000 000 CNY 1 666 384 0.57
02/04/2025
CHINA GOVERNMNT BOND 1.990%
30 000 000 CNY 4 623 947 1.58
20-09/04/2025
CHINA GOVT BOND 2.680% 20-
40 000 000 CNY 6 183 865 2.11
21/05/2030
CHINA GOVT BOND 2.850% 20-
20 000 000 CNY 3 167 782 1.08
04/06/2027
CHINA GOVT BOND 3.020% 20-
10 000 000 CNY 1 594 785 0.54
22/10/2025
CHINA GOVT BOND 3.120% 19-
30 000 000 CNY 4 818 580 1.64
05/12/2026
The accompanying notes form an integral part of these financial statements
Page 225
BNP PARIBAS FUNDS Russia Equity
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Transferable securities admitted to an
official stock exchange listing and/or 655 182 092 91.80
traded on another regulated market
Shares 655 182 092 91.80
Russia 466 172 414 65.34
3 041 176 AEROFLOT RUSSIAN AIRLINES RUB 2 102 155 0.29
10 515 397 ALROSA PJSC RUB 15 138 742 2.12
1 700 080 GAZPROM NEFT PJSC RUB 10 858 559 1.52
15 754 909 GAZPROM PJSC RUB 63 405 967 8.89
660 834 GLOBALTRUCK MANAGEMENT PJSC RUB 223 901 0.03
353 110 784 INTER RAO UES PJSC RUB 17 687 188 2.48
54 LUGA ABRASIVE PLANT-BRD USD 284 910 0.04
571 021 LUKOIL PJSC RUB 43 982 831 6.16
1 709 408 MAIL.RU GROUP-GDR REGS USD 17 421 772 2.44
315 160 NOVATEK PJSC RUB 6 355 142 0.89
26 669 NOVATEK PJSC-SPONS GDR REG S USD 5 492 332 0.77
12 740 996 NOVOLIPETSK STEEL OAO RUB 32 509 316 4.56
3 977 243 POLYMETAL INTERNATIONAL - W/I GBP 62 126 658 8.71
8 272 684 RENAISSANCE INSURANCE GROUP RUB 9 795 656 1.37
18 981 962 SBERBANK OF RUSSIA PJSC RUB 65 342 006 9.17
151 189 257 SEGEZHA GROUP PJSC RUB 19 657 044 2.75
35 513 251 SISTEMA PJSFC RUB 9 760 439 1.37
1 207 154 SPB EXCHANGE PJSC RUB 13 962 704 1.96
4 776 069 TATNEFT PJSC RUB 28 024 664 3.93
186 TRANSNEFT PJSC RUB 346 281 0.05
57 067 181 794 VTB BANK PJSC RUB 32 314 638 4.53
402 961 X 5 RETAIL GROUP NV-REGS GDR USD 9 379 509 1.31
The Netherlands 61 263 700 8.58
18 793 495 VEON LTD USD 28 259 652 3.96
620 367 YANDEX NV - A USD 33 004 048 4.62
Cyprus 48 848 282 6.84
300 000 CIAN PLC-ADR USD 3 252 726 0.46
2 657 727 GLOBAL PORTS INV-REGS W/I USD 8 740 678 1.22
1 327 419 GLOBALTRA-SPONS GDR REGS USD 9 945 137 1.39
1 033 494 OZON HOLDINGS PLC - ADR USD 26 909 741 3.77
Canada 36 216 833 5.07
7 088 775 KINROSS GOLD CORP USD 36 216 833 5.07
Kazakhstan 28 602 066 4.00
HALYK SAVINGS BK-GDR REP
291 696 USD 4 232 311 0.59
40 REGS
754 103 NAC KAZATOMPROM JSC-GDR USD 24 369 755 3.41
United States of
America 8 663 549 1.21
1 453 125 MHP SA - GDR REGS USD 8 663 549 1.21
Luxembourg 4 505 415 0.63
18 885 158 NOVOROSSIYSK COMMERCIAL SEA RUB 1 494 480 0.21
5 803 450 OKEY GROUP SA - GDR REG USD 3 010 935 0.42
Guernsey Island 909 833 0.13
949 231 ETALON GROUP-GDR REGS - W/I USD 909 833 0.13
Other transferable securities 51 107 225 7.16
Shares 51 107 225 7.16
Russia 51 107 225 7.16
MAGNITOGORSK IRON & STEEL
36 264 882 RUB 29 523 084 4.14
WORKS PJSC
140 808 POLYUS PJSC RUB 21 584 141 3.02
Total securities portfolio 706 289 317 98.96
The accompanying notes form an integral part of these financial statements
Page 226
BNP PARIBAS FUNDS Seasons
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Transferable securities admitted to an
official stock exchange listing and/or 389 887 284 80.15
traded on another regulated market
Shares 389 887 284 80.15
France 196 679 682 40.44
30 000 AIR LIQUIDE SA EUR 4 599 600 0.95
147 619 AIRBUS SE EUR 16 586 471 3.41
12 305 ATOS SE EUR 460 084 0.09
475 000 AXA SA EUR 12 437 875 2.56
132 743 BNP PARIBAS EUR 8 066 792 1.66
33 000 CAPGEMINI SE EUR 7 111 500 1.46
90 000 CARREFOUR SA EUR 1 449 450 0.30
445 000 CREDIT AGRICOLE SA EUR 5 584 750 1.15
60 000 DANONE EUR 3 275 400 0.67
430 919 ENGIE EUR 5 607 980 1.15
7 000 KERING EUR 4 948 300 1.02
40 000 LEGRAND SA EUR 4 116 000 0.85
9 000 LVMH EUR 6 543 000 1.35
47 835 MICHELIN (CGDE) EUR 6 895 415 1.42
1 143 511 ORANGE EUR 10 763 869 2.21
26 000 PERNOD RICARD SA EUR 5 499 000 1.13
115 000 PUBLICIS GROUPE EUR 6 808 000 1.40
131 691 SANOFI AVENTIS EUR 11 665 189 2.40
536 768 SOCIETE GENERALE SA EUR 16 213 077 3.33
31 680 SODEXO SA EUR 2 441 261 0.50
850 677 TOTAL SA EUR 37 965 716 7.80
100 000 VALEO SA EUR 2 658 000 0.55
170 000 VEOLIA ENVIRONNEMENT EUR 5 484 200 1.13
45 000 VINCI SA EUR 4 180 950 0.86
447 250 VIVENDI EUR 5 317 803 1.09
Germany 88 958 390 18.29
67 183 ALLIANZ SE - REG EUR 13 950 550 2.87
297 305 BASF SE EUR 18 367 503 3.78
31 268 BAYERISCHE MOTOREN WERKE AG EUR 2 766 905 0.57
965 333 COMMERZBANK AG EUR 6 457 112 1.33
45 704 DELIVERY HERO SE EUR 4 478 992 0.92
302 230 DEUTSCHE TELEKOM AG - REG EUR 4 926 349 1.01
196 547 EVONIK INDUSTRIES AG EUR 5 595 693 1.15
157 348 SAP SE EUR 19 652 765 4.04
83 590 SIEMENS AG - REG EUR 12 762 521 2.62
The Netherlands 88 690 985 18.22
13 370 ADYEN NV EUR 30 904 755 6.34
36 186 ASML HOLDING NV EUR 25 572 646 5.25
233 485 ING GROEP NV EUR 2 858 323 0.59
250 358 KONINKLIJKE AHOLD DELHAIZE NV EUR 7 544 538 1.55
124 734 KONINKLIJKE PHILIPS NV EUR 4 086 910 0.84
203 158 NN GROUP NV - W/I EUR 9 672 352 1.99
109 499 PROSUS NV EUR 8 051 461 1.66
United Kingdom 15 558 227 3.20
932 412 STELLANTIS NV EUR 15 558 227 3.20
Shares/Units in investment funds 1 320 311 0.27
France 1 320 311 0.27
58.03 BNP PARIBAS MOIS - ISR - I - CAP EUR 1 320 311 0.27
Total securities portfolio 391 207 595 80.42
The accompanying notes form an integral part of these financial statements
Page 227
BNP PARIBAS FUNDS SMaRT Food
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an Denmark 42 859 302 2.49
official stock exchange listing and/or 1 691 605 491 98.11 325 787 CHRISTIAN HANSEN HOLDING A/S DKK 22 575 914 1.31
traded on another regulated market 280 826 NOVOZYMES A/S - B DKK 20 283 388 1.18
Shares 1 691 605 491 98.11 Portugal 42 362 639 2.46
2 107 594 JERONIMO MARTINS EUR 42 362 639 2.46
United States of
America 564 833 466 32.75 France 40 084 181 2.32
280 744 AGCO CORP USD 28 642 208 1.66 734 277 DANONE EUR 40 084 181 2.32
492 928 BALL CORP USD 41 728 965 2.42 Austria 27 608 600 1.60
211 285 BEYOND MEAT INC USD 12 106 341 0.70 226 300 LENZING AG EUR 27 608 600 1.60
742 652 DARLING INGREDIENTS INC USD 45 250 050 2.62
Hong Kong 25 046 654 1.45
55 187 DEERE & CO USD 16 640 055 0.97 VITASOY INTERNATIONAL
14 096 000 HKD 25 046 654 1.45
149 648 ECOLAB INC USD 30 870 493 1.79 HOLDINGS
2 765 201 GRAPHIC PACKAGING HOLDING CO USD 47 415 951 2.75 Philippines 23 984 102 1.39
INTERNATIONAL FLAVORS & 35 392 500 PUREGOLD PRICE CLUB INC PHP 23 984 102 1.39
159 959 USD 21 190 488 1.23
FRAGRANCES
424 599 MCCORMICK & CO-NON VTG SHRS USD 36 071 500 2.09 South Korea 21 126 200 1.23
1 235 418 RAYONIER INC USD 43 845 824 2.54 384 000 COWAY CO LTD KRW 21 126 200 1.23
775 348 SEALED AIR CORP USD 46 001 345 2.67
Canada 20 932 050 1.21
883 613 SONOCO PRODUCTS CO USD 44 980 968 2.61
330 500 CANADIAN PACIFIC RAILWAY LTD CAD 20 932 050 1.21
333 851 STARBUCKS CORP USD 34 339 212 1.99
580 418 TRIMBLE INC USD 44 501 095 2.58 China 19 342 054 1.12
6 041 100 JOYOUNG CO LTD -A CNY 19 342 054 1.12
174 098 VALMONT INDUSTRIES USD 38 349 938 2.22
843 390 WESTROCK CO USD 32 899 033 1.91 Total securities portfolio 1 691 605 491 98.11
Ireland 169 633 914 9.84
3 437 944 DOLE PLC USD 40 268 567 2.34
2 565 838 GLANBIA PLC EUR 31 559 807 1.83
442 958 KERRY GROUP PLC - A EUR 50 164 994 2.91
983 496 SMURFIT KAPPA GROUP PLC EUR 47 640 546 2.76
United Kingdom 130 766 042 7.59
2 784 796 COMPASS GROUP PLC GBP 54 760 578 3.18
7 600 993 DS SMITH PLC GBP 34 745 845 2.02
872 112 UNILEVER PLC EUR 41 259 619 2.39
The Netherlands 109 470 056 6.34
879 371 CORBION NV EUR 36 441 134 2.11
1 070 310 KONINKLIJKE AHOLD DELHAIZE NV EUR 32 253 792 1.87
205 935 KONINKLIJKE DSM NV EUR 40 775 130 2.36
Germany 97 325 438 5.65
1 190 094 GEA GROUP AG EUR 57 231 619 3.32
176 009 HELLOFRESH SE EUR 11 887 648 0.69
216 471 SYMRISE AG EUR 28 206 171 1.64
Norway 93 202 382 5.41
1 523 692 BORREGAARD ASA NOK 33 731 010 1.96
5 104 000 LEROY SEAFOOD GROUP ASA NOK 35 098 382 2.04
402 000 SALMAR ASA NOK 24 372 990 1.41
Switzerland 91 616 311 5.32
327 836 NESTLE SA - REG CHF 40 321 787 2.34
17 443 SGS SA - REG CHF 51 294 524 2.98
Japan 74 507 358 4.32
1 765 700 KUBOTA CORP JPY 34 540 449 2.00
1 047 500 SAKATA SEED CORP JPY 26 327 197 1.53
1 491 600 YUKIGUNI MAITAKE CO LTD JPY 13 639 712 0.79
Australia 48 913 774 2.84
7 197 411 BRAMBLES LTD AUD 48 913 774 2.84
India 47 990 968 2.78
7 743 138 BANDHAN BANK LTD INR 23 139 008 1.34
3 622 630 DABUR INDIA LTD INR 24 851 960 1.44
The accompanying notes form an integral part of these financial statements
Page 228
BNP PARIBAS FUNDS Social Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an United States of
official stock exchange listing and/or 109 291 947 85.58 America 2 755 115 2.15
traded on another regulated market 900 000 ELI LILLY & CO 0.500% 21-14/09/2033 EUR 887 203 0.69
97 046 901 75.99 1 900 000 FEDEX CORP 0.450% 21-04/05/2029 EUR 1 867 912 1.46
Bonds
Japan 2 048 605 1.60
France 38 364 621 30.03 MITSUBISHI UFJ FINANCE 0.978% 20-
AGENCE FRANCAISE 0.000% 20- 2 000 000 EUR 2 048 605 1.60
2 000 000 EUR 1 997 786 1.56 09/06/2024
20/09/2027
600 000
AGENCE FRANCAISE 0.000% 20-
EUR 602 218 0.47 Slovenia 1 950 309 1.53
28/10/2027 REPUBLIC OF SLOVENIA 0.125% 21-
2 000 000 EUR 1 950 309 1.53
3 100 000 BPCE 0.625% 18-26/09/2023 EUR 3 143 883 2.46 01/07/2031
CAISSE AMORT DET 0.000% 20-
5 600 000
25/02/2026
EUR 5 649 227 4.42 Finland 1 801 776 1.41
CAISSE AMORT DET 0.000% 21- KUNTARAHOITUS 0.050% 20-
500 000 EUR 485 920 0.38 1 900 000 EUR 1 801 776 1.41
25/05/2031 10/09/2035
CAISSE DES DEPOT 0.010% 21-
2 000 000
01/06/2026
EUR 2 017 431 1.58 Mexico 1 222 560 0.96
UNITED MEXICAN 1.350% 20-
CAISSE FR DE FIN 0.500% 19- 1 200 000 EUR 1 222 560 0.96
300 000 EUR 307 222 0.24 18/09/2027
19/02/2027
CAISSE FR DE FINANCEMENT 0.010% Chile 901 300 0.71
900 000 EUR 903 468 0.71
20-07/05/2025
1 000 000 CHILE 1.250% 21-22/01/2051 EUR 901 300 0.71
COUNCIL OF EUROP 0.000% 21-
5 500 000 EUR 5 507 792 4.31
15/04/2028
CREDIT AGRICOLE SA 0.125% 20- United Kingdom 586 922 0.46
3 200 000 EUR 3 125 488 2.45 MOTABILITY OPS 0.125% 21-
09/12/2027 600 000 EUR 586 922 0.46
ICADE SANTE SAS 1.375% 20- 20/07/2028
1 200 000 EUR 1 231 020 0.96
17/09/2030
Latvia 565 399 0.44
2 500 000 ILE DE FRANCE 0.000% 21-20/04/2028 EUR 2 492 538 1.95 REPUBLIC OF LATVIA 0.250% 21-
566 000 EUR 565 399 0.44
LA BANQUE POSTAL 0.750% 21- 23/01/2030
3 200 000 EUR 3 123 452 2.45
23/06/2031
Floating rate bonds 12 245 046 9.59
2 500 000 ORANGE 0.125% 20-16/09/2029 EUR 2 449 340 1.92
5 000 000 UNEDIC 0.100% 20-25/11/2026 EUR 5 043 492 3.95 France 4 371 411 3.42
300 000 UNEDIC 0.100% 21-25/05/2034 EUR 284 344 0.22 CREDIT MUTUEL ARKEA 20-
2 400 000 EUR 2 479 055 1.94
11/06/2029 FRN
Belgium 14 157 956 11.09 1 900 000
SOCIETE GENERALE 21-
EUR 1 892 356 1.48
COMM FRANC BELG 0.625% 21- 02/12/2027 FRN
600 000 EUR 599 757 0.47
11/06/2035
EUROPEAN UNION 0.000% 20-
United Kingdom 3 097 582 2.43
2 500 000 EUR 2 491 974 1.95 1 600 000 NATWEST GROUP 21-26/02/2030 FRN EUR 1 577 635 1.24
04/10/2030
EUROPEAN UNION 0.000% 20- ROYAL BK SCOTLND 19-
7 600 000 EUR 7 712 174 6.05 1 500 000 EUR 1 519 947 1.19
04/11/2025 15/11/2025 FRN
FLEMISH COMMUNIT 0.375% 20-
1 800 000 EUR 1 830 176 1.43 United States of
15/04/2030
REGION WALLONNE 0.250% 19- America 2 437 567 1.91
1 500 000 EUR 1 523 875 1.19
03/05/2026
1 400 000 CITIGROUP INC 20-30/10/2024 FRN USD 1 223 576 0.96
Spain 12 207 077 9.55 1 400 000
MORGAN STANLEY 20-
USD 1 213 991 0.95
BANCO BILBAO VIZCAYA 21/10/2025 FRN
3 000 000 EUR 3 054 815 2.39
ARGENTARIA 0.750% 20-04/06/2025
600 000 BASQUE GOVT 0.450% 21-30/04/2032 EUR 586 943 0.46
Spain 1 195 894 0.94
1 200 000 CAIXABANK 21-26/05/2028 FRN EUR 1 195 894 0.94
1 200 000 BASQUE GOVT 1.450% 18-30/04/2028 EUR 1 294 670 1.01
1 200 000 CAIXABANK 0.625% 19-01/10/2024 EUR 1 213 196 0.95 The Netherlands 1 142 592 0.89
COMUNIDAD MADRID 0.420% 21- TELEFONICA EUROP 21-
1 900 000 EUR 1 866 883 1.46 1 200 000 EUR 1 142 592 0.89
30/04/2031 31/12/2061 FRN
COMUNIDAD MADRID 0.747% 17-
3 000 000 EUR 3 013 090 2.36
30/04/2022 Shares/Units in investment funds 19 222 581 15.07
JUNTA ANDALUCIA 0.500% 21-
1 200 000 EUR 1 177 480 0.92
30/04/2031
France 12 646 581 9.91
Italy 8 084 719 6.34 11 566.37 BNP PARIBAS MOIS - ISR - X CAP EUR 12 646 581 9.91
1 900 000 ASSICURAZIONI 1.713% 21-30/06/2032 EUR 1 872 498 1.47
CASSA DEPOSITI E 0.750% 17- Luxembourg 6 576 000 5.16
2 500 000 EUR 2 523 100 1.98 60 000.00 RESPONSABILITY GB MIC-HIIEUR EUR 6 576 000 5.16
21/11/2022
CASSA DEPOSITI E 1.000% 20-
3 000 000
21/09/2028
EUR 3 046 007 2.39 Total securities portfolio 128 514 528 100.65
CASSA DEPOSITI E 2.125% 19-
600 000 EUR 643 114 0.50
21/03/2026
Germany 4 676 837 3.67
1 900 000 ADIDAS AG 0.000% 20-05/10/2028 EUR 1 879 998 1.47
LB BADEN-WUERT 0.375% 20-
1 000 000 EUR 1 002 959 0.79
18/02/2027
NORDRHEIN-WEST 0.000% 20-
600 000 EUR 561 436 0.44
12/10/2035
1 300 000 NRW BANK 0.100% 20-09/07/2035 EUR 1 232 444 0.97
South Korea 4 000 350 3.13
4 000 000 KHFC 0.010% 20-05/02/2025 EUR 4 000 350 3.13
Luxembourg 3 723 355 2.92
EUROPEAN INVT BK 0.000% 20-
3 700 000 EUR 3 723 355 2.92
15/05/2028
The accompanying notes form an integral part of these financial statements
Page 229
BNP PARIBAS FUNDS Sustainable Enhanced Bond 12M
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
ELEC DE FRANCE 3.875% 12-
Transferable securities admitted to an 1 200 000
18/01/2022
EUR 1 201 980 0.03
official stock exchange listing and/or 3 392 161 253 86.82
7 800 000
ELEC DE FRANCE 4.625% 09-
EUR 8 761 451 0.22
11/09/2024
traded on another regulated market ESSILORLUXOTTICA 0.000% 19-
10 600 000 EUR 10 636 411 0.27
2 821 767 843 72.24 27/05/2023
Bonds ESSILORLUXOTTICA 0.125% 19-
4 700 000 EUR 4 720 210 0.12
27/05/2025
France 634 161 115 16.24 ESSILORLUXOTTICA 0.250% 20-
AEROPORT PARIS 1.500% 15- 1 800 000 EUR 1 816 521 0.05
4 900 000 EUR 5 004 862 0.13 05/01/2024
24/07/2023
4 400 000 FAURECIA 2.375% 19-15/06/2027 EUR 4 408 037 0.11
AEROPORT PARIS 3.875% 11-
2 900 000 EUR 2 914 141 0.07
15/02/2022 2 342 000 FAURECIA 2.375% 21-15/06/2029 EUR 2 353 304 0.06
AGENCE FRANCAISE 0.000% 20- 10 425 000 FAURECIA 2.625% 18-15/06/2025 EUR 10 557 607 0.27
15 100 000 EUR 15 244 685 0.39
25/03/2025
AGENCE FRANCAISE 0.000% 20- FRANCE O.A.T.I/L 0.100% 15-
13 000 000 EUR 13 048 055 0.33 15 767 920 EUR 16 879 477 0.43
28/10/2027 01/03/2025
HOLDING DINFRA 0.625% 21-
7 400 000 AIR LIQUIDE FIN 0.500% 16-13/06/2022 EUR 7 413 206 0.19 1 400 000 EUR 1 364 867 0.03
14/09/2028
14 600 000 ALD SA 0.375% 19-18/07/2023 EUR 14 707 398 0.38 HOLDING DINFRA 2.250% 14-
8 600 000 EUR 9 143 136 0.23
24/03/2025
5 800 000 ALD SA 0.375% 20-19/10/2023 EUR 5 844 876 0.15
7 900 000 IMERYS SA 2.000% 14-10/12/2024 EUR 8 277 918 0.21
12 300 000 ATOS SE 0.750% 18-07/05/2022 EUR 12 335 965 0.32
12 600 000 JC DECAUX SA 1.000% 16-01/06/2023 EUR 12 751 434 0.33
BANQUE FEDERATIVE DU CREDIT
18 000 000 EUR 17 943 534 0.46
MUTUEL 0.010% 21-07/03/2025 18 800 000 JCDECAUX SA 2.000% 20-24/10/2024 EUR 19 651 461 0.50
800 000 BNP PARIBAS 0.500% 16-01/06/2022 EUR 803 147 0.02 7 600 000 JCDECAUX SA 2.625% 20-24/04/2028 EUR 8 328 423 0.21
6 800 000 BNP PARIBAS 0.750% 16-11/11/2022 EUR 6 869 603 0.18 1 600 000 KLEPIERREERRE 1.000% 15-17/04/2023 EUR 1 619 639 0.04
6 000 000 BNP PARIBAS 1.000% 17-27/06/2024 EUR 6 145 409 0.16 LA BANQUE POSTALE 1.000% 17-
8 500 000 EUR 8 711 355 0.22
16/10/2024
12 800 000 BNP PARIBAS 1.000% 17-29/11/2024 EUR 13 041 242 0.33
2 000 000 LA POSTE SA 0.000% 21-18/07/2029 EUR 1 919 480 0.05
5 000 000 BNP PARIBAS 1.125% 19-28/08/2024 EUR 5 148 038 0.13
500 000 LA POSTE SA 0.375% 19-17/09/2027 EUR 501 808 0.01
800 000 BNP PARIBAS 2.750% 15-27/01/2026 EUR 869 951 0.02
4 900 000 LA POSTE SA 2.750% 12-26/11/2024 EUR 5 322 357 0.14
1 000 000 BPCE 0.125% 19-04/12/2024 EUR 1 004 862 0.03
10 200 000 MERCIALYS 4.625% 20-07/07/2027 EUR 11 929 038 0.31
24 400 000 BPCE 0.625% 19-26/09/2024 EUR 24 789 097 0.63
7 900 000 ORANGE 1.125% 19-15/07/2024 EUR 8 120 906 0.21
2 400 000 BPCE 1.000% 19-01/04/2025 EUR 2 462 568 0.06
2 100 000 ORANGE SA 3.375% 10-16/09/2022 EUR 2 155 315 0.06
5 000 000 BPCE 1.125% 17-18/01/2023 EUR 5 075 007 0.13
5 500 000 OSEO SA 2.375% 12-25/04/2022 EUR 5 547 923 0.14
1 000 000 BPCE 2.875% 13-16/01/2024 EUR 1 064 158 0.03
4 486 000 PEUGEOT 2.000% 17-23/03/2024 EUR 4 670 068 0.12
1 500 000 BPCE 4.625% 13-18/07/2023 EUR 1 604 336 0.04
PUBLICIS GROUPE 0.500% 16-
17 000 000 BPCE SFH 0.500% 15-11/10/2022 EUR 17 127 041 0.44 1 100 000 EUR 1 111 986 0.03
03/11/2023
14 000 000 BPIFRANCE 0.125% 17-25/11/2023 EUR 14 155 959 0.36 2 900 000 RCI BANQUE 0.250% 19-08/03/2023 EUR 2 907 131 0.07
CAISSE AMORT DET 0.125% 18- 9 300 000 RCI BANQUE 2.000% 19-11/07/2024 EUR 9 680 636 0.25
11 700 000 EUR 11 813 215 0.30
25/10/2023
7 000 000 RENAULT 1.250% 19-24/06/2025 EUR 6 870 500 0.18
CAISSE AMORT DET 4.125% 11-
2 600 000 EUR 2 755 899 0.07 RTE EDF TRANSPOR 3.875% 10-
25/04/2023 4 550 000 EUR 4 644 426 0.12
CAISSE FR DE FINANCEMENT 0.375% 28/06/2022
12 600 000 EUR 12 791 116 0.33 RTE RESEAU DE TR 1.625% 14-
17-11/05/2024 800 000 EUR 833 974 0.02
1 900 000 CAPGEMINI SA 2.500% 15-01/07/2023 EUR 1 964 539 0.05 08/10/2024
5 700 000 SFIL SA 0.100% 17-18/10/2022 EUR 5 724 721 0.15
4 100 000 CARMILA SA 1.625% 20-30/05/2027 EUR 4 200 963 0.11
SOCIETE GENERALE 1.250% 19-
CARREFOUR BANQUE 0.107% 21- 8 500 000 EUR 8 724 669 0.22
10 700 000 EUR 10 621 564 0.27 15/02/2024
14/06/2025 SOCIETE GENERALE 4.000% 13-
10 000 000 CARREFOUR SA 0.750% 16-26/04/2024 EUR 10 136 134 0.26 1 400 000 EUR 1 478 209 0.04
07/06/2023
15 100 000 CARREFOUR SA 1.750% 14-15/07/2022 EUR 15 186 736 0.39 8 700 000 VALEO SA 1.500% 18-18/06/2025 EUR 8 992 114 0.23
CIE DE ST GOBAIN 0.625% 19- 18 000 000 VIVENDI SA 0.000% 19-13/06/2022 EUR 18 013 972 0.46
1 000 000 EUR 1 015 639 0.03
15/03/2024
3 200 000
CIE DE ST GOBAIN 1.000% 17-
EUR 3 295 825 0.08 Spain 336 987 931 8.62
17/03/2025 ADIF ALTA VELOCI 1.875% 15-
CIE DE ST GOBAIN 1.750% 20- 31 200 000 EUR 31 717 950 0.81
4 400 000 EUR 4 501 074 0.12 22/09/2022
03/04/2023 ADIF ALTA VELOCI 3.500% 14-
13 900 000 EUR 15 172 651 0.39
5 100 000 CIE FIN FONCIER 0.375% 17-11/12/2024 EUR 5 184 392 0.13 27/05/2024
CNP ASSURANCES 1.875% 16- 9 700 000 ARVAL SERVICE 0.000% 21-01/10/2025 EUR 9 613 893 0.25
7 900 000 EUR 8 015 410 0.21
20/10/2022 17 200 000 ARVAL SERVICE 0.000% 21-30/09/2024 EUR 17 197 109 0.44
CRED AGRICOLE SA 2.700% 15-
3 700 000 EUR 3 951 496 0.10 BANCO SANTANDER 0.250% 19-
15/07/2025 2 700 000 EUR 2 718 442 0.07
CREDIT AGRICOLE HOME 0.375% 16- 19/06/2024
10 000 000 EUR 10 102 183 0.26 BANCO SANTANDER 1.125% 14-
24/03/2023 15 500 000 EUR 16 072 215 0.41
CREDIT AGRICOLE HOME L 0.050% 27/11/2024
1 000 000 EUR 1 003 800 0.03 3 000 000 BANKIA 1.000% 19-25/06/2024 EUR 3 061 619 0.08
18-29/08/2022
CREDIT AGRICOLE SA 2.800% 15- 1 000 000 BANKINTER SA 0.625% 20-06/10/2027 EUR 996 141 0.03
3 500 000 EUR 3 756 802 0.10
16/10/2025
CREDIT MUTUEL ARKEA 1.250% 17- 11 700 000 BANKINTER SA 0.875% 19-05/03/2024 EUR 11 912 485 0.30
16 700 000 EUR 17 181 468 0.44
31/05/2024 4 900 000 BANKINTER SA 0.875% 19-08/07/2026 EUR 4 966 659 0.13
3 300 000 DANONE 0.424% 16-03/11/2022 EUR 3 316 425 0.08 5 408 000 BASQUE GOVT 1.250% 15-13/04/2023 EUR 5 529 082 0.14
DEXIA CRED LOCAL 1.000% 17-
150 000 EUR 157 928 0.00 5 300 000 CAIXABANK 0.750% 18-18/04/2023 EUR 5 360 038 0.14
18/10/2027
DEXIA CRED LOCAL 1.250% 14- 10 000 000 CAIXABANK 1.125% 17-12/01/2023 EUR 10 127 992 0.26
30 000 000 EUR 31 087 460 0.80
26/11/2024
2 800 000 CAIXABANK 1.125% 17-17/05/2024 EUR 2 866 004 0.07
DEXIA CREDIT LOCAL 0.250% 17-
20 900 000 EUR 20 971 332 0.54 5 300 000 CAIXABANK 1.750% 18-24/10/2023 EUR 5 460 756 0.14
02/06/2022
DEXIA CREDIT LOCAL 0.625% 15- CAJA RURAL NAV 0.500% 15-
1 000 000 EUR 1 000 644 0.03 20 900 000 EUR 20 933 818 0.54
21/01/2022 16/03/2022
DEXIA CREDIT LOCAL 0.750% 16-
15 000 000 EUR 15 199 467 0.39
25/01/2023
The accompanying notes form an integral part of these financial statements
Page 230
BNP PARIBAS FUNDS Sustainable Enhanced Bond 12M
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
CAJA RURAL NAV 0.625% 16- BMW FINANCE NV 0.125% 19-
4 600 000 EUR 4 666 115 0.12 5 236 000 EUR 5 250 557 0.13
01/12/2023 13/07/2022
CELLNEX FINANCE 1.000% 21- BMW FINANCE NV 0.250% 18-
7 500 000 EUR 7 257 185 0.19 2 427 000 EUR 2 427 432 0.06
15/09/2027 14/01/2022
COMUNIDAD MADRID 0.747% 17- BMW FINANCE NV 0.500% 18-
12 860 000 EUR 12 916 111 0.33 8 820 000 EUR 8 891 671 0.23
30/04/2022 22/11/2022
FERROVIAL EMISIO 0.375% 16- BMW FINANCE NV 0.625% 19-
4 200 000 EUR 4 217 959 0.11 5 013 000 EUR 5 086 725 0.13
14/09/2022 06/10/2023
INMOBILIARIA COLONIAL 1.450% 16- CONTI-GUMMI FIN 1.125% 20-
9 000 000 EUR 9 285 046 0.24 7 886 000 EUR 8 083 653 0.21
28/10/2024 25/09/2024
SANTANDER ISSUAN 3.250% 16- CONTI-GUMMI FIN 2.125% 20-
500 000 EUR 550 604 0.01 10 779 000 EUR 11 195 561 0.29
04/04/2026 27/11/2023
95 000 000 SPANISH GOVT 0.000% 21-31/05/2024 EUR 95 956 649 2.44 DEUTSCHE BAHN FIN 3.375% 10-
5 000 000 EUR 5 152 800 0.13
04/11/2022
30 000 000 SPANISH GOVT 5.850% 11-31/01/2022 EUR 30 149 999 0.77 EDP FINANCE BV 1.125% 16-
TELEFONICA EMIS 2.242% 14- 1 000 000 EUR 1 025 787 0.03
8 200 000 EUR 8 281 409 0.21 12/02/2024
27/05/2022 EDP FINANCE BV 1.875% 17-
5 322 000 EUR 5 516 327 0.14
29/09/2023
United States of EDP FINANCE BV 2.000% 15-
2 943 000 EUR 3 131 104 0.08
America 314 474 022 8.07 22/04/2025
23 969 000 ABBVIE INC 1.250% 20-01/06/2024 EUR 24 618 272 0.63 ENBW INTERNATIONAL FIN 4.875%
10 313 000 EUR 11 850 275 0.30
04-16/01/2025
17 861 000 ABBVIE INC 1.375% 16-17/05/2024 EUR 18 390 547 0.47 HEIMSTADEN BOST 0.250% 21-
12 252 000 EUR 12 262 863 0.31
9 600 000 ABBVIE INC 1.500% 20-15/11/2023 EUR 9 884 792 0.25 13/10/2024
LEASEPLAN CORP 0.125% 19-
AMERICAN HONDA F 0.350% 19- 8 222 000 EUR 8 241 869 0.21
15 600 000 EUR 15 662 420 0.40 13/09/2023
26/08/2022
LEASEPLAN CORP 0.250% 21-
11 224 000 APPLE INC 1.000% 14-10/11/2022 EUR 11 362 302 0.29 15 211 000 EUR 15 001 029 0.38
07/09/2026
5 000 000 AT&T INC 1.450% 14-01/06/2022 EUR 5 013 253 0.13 LEASEPLAN CORP 0.750% 17-
3 290 000 EUR 3 314 297 0.08
03/10/2022
9 900 000 AT&T INC 2.400% 14-15/03/2024 EUR 10 366 239 0.27
LEASEPLAN CORP 1.000% 18-
3 095 000 EUR 3 140 267 0.08
1 000 000 AT&T INC 2.500% 13-15/03/2023 EUR 1 025 794 0.03 02/05/2023
BANK OF AMERICA CORP 0.750% 16- LEASEPLAN CORP 1.000% 19-
10 620 000 EUR 10 766 835 0.28 5 134 000 EUR 5 144 226 0.13
26/07/2023 25/02/2022
BANK OF AMERICA CORP 1.625% 15- LEASEPLAN CORP 3.500% 20-
10 500 000 EUR 10 652 965 0.27 8 700 000 EUR 9 616 121 0.25
14/09/2022 09/04/2025
BANK OF AMERICA CORP 2.375% 14- LSEG NTHRLND BV 0.000% 21-
15 000 000 EUR 15 879 882 0.41 968 000 EUR 965 116 0.02
19/06/2024 06/04/2025
BOOKING HLDS INC 0.100% 21- NED WATERSCHAPBK 0.125% 18-
4 989 000 EUR 4 988 837 0.13 950 000 EUR 958 996 0.02
08/03/2025 25/09/2023
9 165 000 CITIGROUP INC 0.750% 16-26/10/2023 EUR 9 295 375 0.24 9 800 000 NIBC BANK NV 0.250% 21-09/09/2026 EUR 9 654 626 0.25
12 323 000 CITIGROUP INC 2.125% 14-10/09/2026 EUR 13 343 650 0.34 4 500 000 NN BANK NV 0.250% 19-27/02/2024 EUR 4 547 936 0.12
10 498 000 COMCAST CORP 0.000% 21-14/09/2026 EUR 10 350 455 0.26 9 100 000 NN BANK NV 0.375% 19-31/05/2023 EUR 9 165 277 0.23
6 845 000 DANAHER CORP 1.700% 20-30/03/2024 EUR 7 109 487 0.18 5 000 000 RABOBANK 2.375% 13-22/05/2023 EUR 5 186 257 0.13
FORD MOTOR CRED 3.021% 19- REPSOL INTERNATIONAL FIN 0.125%
6 400 000 EUR 6 668 480 0.17 2 300 000 EUR 2 308 996 0.06
06/03/2024 20-05/10/2024
GEN ELECTRIC CO 0.375% 17- REPSOL INTERNATIONAL FINANCE
8 700 000 EUR 8 713 137 0.22 1 100 000 EUR 1 103 449 0.03
17/05/2022 0.500% 17-23/05/2022
6 112 000 IBM CORP 0.375% 19-31/01/2023 EUR 6 154 218 0.16 SHELL INTERNATIONAL FIN 1.250%
3 550 000 EUR 3 561 706 0.09
15-15/03/2022
JOHNSON CONTROLS 1.000% 17-
7 200 000 EUR 7 320 392 0.19 4 000 000 SIEMENS FINAN 0.000% 20-20/02/2023 EUR 4 014 469 0.10
15/09/2023
MCDONALDS CORP 0.625% 17- 12 500 000 SIEMENS FINAN 0.125% 20-05/06/2022 EUR 12 529 651 0.32
1 000 000 EUR 1 015 342 0.03
29/01/2024
1 500 000 TENNET BV 4.500% 10-09/02/2022 EUR 1 507 290 0.04
MCDONALDS CORP 1.000% 16-
10 000 000 EUR 10 222 565 0.26 TOYOTA MOTOR FIN 0.000% 21-
15/11/2023 8 658 000 EUR 8 596 039 0.22
MCDONALDS CORP 1.125% 15- 27/10/2025
5 800 000 EUR 5 834 353 0.15 TOYOTA MOTOR FIN 0.625% 18-
26/05/2022 7 157 000 EUR 7 248 198 0.19
MCDONALDS CORP 2.000% 13- 26/09/2023
4 200 000 EUR 4 332 717 0.11 UPJOHN FINANCE 0.816% 20-
01/06/2023 1 973 000 EUR 1 983 125 0.05
MCDONALDS CORP 2.375% 12- 23/06/2022
1 000 000 EUR 1 073 136 0.03 UPJOHN FINANCE 1.023% 20-
27/11/2024 10 900 000 EUR 11 135 171 0.28
MMS USA FIN INC 0.625% 19- 23/06/2024
13 000 000 EUR 13 134 914 0.34 100 000 VOLKSBANK NV 0.250% 21-22/06/2026 EUR 99 206 0.00
13/06/2025
MORGAN STANLEY 1.000% 16- 4 600 000 VONOVIA BV 0.875% 16-10/06/2022 EUR 4 625 766 0.12
13 179 000 EUR 13 349 157 0.34
02/12/2022
WINTERSHALL FIN 0.452% 19-
28 000 000 MYLAN NV 2.250% 16-22/11/2024 EUR 29 565 118 0.76 10 300 000 EUR 10 363 389 0.27
25/09/2023
5 000 000 THERMO FISHER 0.125% 19-01/03/2025 EUR 5 005 299 0.13
Italy 226 047 149 5.79
1 886 000 THERMO FISHER 0.750% 16-12/09/2024 EUR 1 922 272 0.05
1 640 000 ACEA SPA 0.000% 21-28/09/2025 EUR 1 630 822 0.04
TOYOTA MOTOR CRED 0.625% 17-
10 700 000 EUR 10 884 633 0.28 6 600 000 ACEA SPA 2.625% 14-15/07/2024 EUR 6 990 230 0.18
21/11/2024
TOYOTA MOTOR CRED 0.750% 15- 797 000 ASSICURAZIONI 3.875% 19-29/01/2029 EUR 920 236 0.02
10 500 000 EUR 10 567 184 0.27
21/07/2022 CASS RISP PARMA 0.250% 16-
2 900 000 EUR 2 931 286 0.07
The Netherlands 266 474 572 6.79 30/09/2024
CASS RISP PARMA 0.875% 14-
ABN AMRO BANK NV 2.875% 16- 10 000 000 EUR 10 010 071 0.26
24 400 000 EUR 25 074 121 0.64 31/01/2022
18/01/2028
CASS RISP PARMA 0.875% 15-
ABN AMRO BANK NV 7.125% 12- 8 400 000 EUR 8 549 255 0.22
6 500 000 EUR 6 730 783 0.17 16/06/2023
06/07/2022
CASSA DEPO PREST 1.500% 15-
AHOLD DELHAIZE 0.875% 17- 10 000 000 EUR 10 372 644 0.27
6 000 000 EUR 6 141 060 0.16 09/04/2025
19/09/2024
CASSA DEPOSITI E 0.750% 17-
1 300 000 ALLIANDER 2.250% 12-14/11/2022 EUR 1 329 335 0.03 2 400 000 EUR 2 422 176 0.06
21/11/2022
BMW FINANCE NV 0.000% 20- CASSA DEPOSITI E 1.500% 17-
3 300 000 EUR 3 312 046 0.08 8 600 000 EUR 8 892 041 0.23
14/04/2023 21/06/2024
The accompanying notes form an integral part of these financial statements
Page 231
BNP PARIBAS FUNDS Sustainable Enhanced Bond 12M
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
CASSA DEPOSITI E 1.500% 20- CONTINENTAL AG 0.000% 19-
25 300 000 EUR 25 880 390 0.66 5 600 000 EUR 5 607 195 0.14
20/04/2023 12/09/2023
8 000 000 ENI SPA 1.250% 20-18/05/2026 EUR 8 316 445 0.21 DT LUFTHANSA AG 3.000% 20-
6 000 000 EUR 5 985 000 0.15
29/05/2026
1 000 000 FERROVIE DEL 0.375% 21-25/03/2028 EUR 995 920 0.03
5 122 000 E.ON SE 0.000% 19-24/10/2022 EUR 5 134 566 0.13
17 480 000 FERROVIE DEL 0.875% 17-07/12/2023 EUR 17 824 894 0.46
5 635 000 E.ON SE 0.000% 20-18/12/2023 EUR 5 652 497 0.14
INTESA SANPAOLO 0.625% 21-
6 781 000 EUR 6 730 119 0.17 10 431 000 E.ON SE 0.375% 20-20/04/2023 EUR 10 507 673 0.27
24/02/2026
INTESA SANPAOLO 0.750% 21- 1 000 000 SCHAEFFLER AG 1.125% 19-26/03/2022 EUR 999 598 0.03
6 548 000 EUR 6 528 362 0.17
16/03/2028
INTESA SANPAOLO 0.875% 17- 4 100 000 SCHAEFFLER AG 2.750% 20-12/10/2025 EUR 4 348 250 0.11
361 000 EUR 363 209 0.01 VANTAGE TOWERS 0.000% 21-
27/06/2022 6 400 000 EUR 6 332 279 0.16
INTESA SANPAOLO 1.125% 15- 31/03/2025
498 000 EUR 499 314 0.01
04/03/2022 12 000 000 VONOVIA SE 0.000% 21-01/12/2025 EUR 11 859 402 0.30
INTESA SANPAOLO 1.375% 17-
287 000 EUR 294 570 0.01
18/01/2024 Ireland 128 170 545 3.28
INTESA SANPAOLO 2.125% 20- 22 000 000 AIB GROUP PLC 1.250% 19-28/05/2024 EUR 22 587 343 0.58
5 000 000 EUR 5 290 926 0.14
26/05/2025
INTESA SANPAOLO 2.855% 15- 5 382 000 AIB GROUP PLC 1.500% 18-29/03/2023 EUR 5 488 100 0.14
250 000 EUR 263 412 0.01
23/04/2025 BANK OF IRELAND 1.375% 18-
23 372 000 EUR 23 897 363 0.61
INTESA SANPAOLO 3.500% 14- 29/08/2023
10 097 000 EUR 10 109 319 0.26
17/01/2022 BANK OF IRELAND 10.000% 12-
4 695 000 EUR 5 124 742 0.13
INTESA SANPAOLO 6.625% 13- 19/12/2022
3 000 000 EUR 3 301 486 0.08
13/09/2023 16 500 000 FCA BANK IE 0.125% 20-16/11/2023 EUR 16 519 180 0.42
537 000 ITALGAS SPA 0.000% 21-16/02/2028 EUR 518 815 0.01
15 120 000 FCA BANK IE 0.250% 20-28/02/2023 EUR 15 174 409 0.39
500 000 ITALGAS SPA 0.250% 20-24/06/2025 EUR 500 937 0.01 HAMMERSON IRLND 1.750% 21-
9 400 000 EUR 9 228 809 0.24
1 380 000 ITALGAS SPA 1.125% 17-14/03/2024 EUR 1 414 826 0.04 03/06/2027
MEDIOBANCA SPA 0.625% 17- 30 000 000 IRISH GOVT 0.000% 17-18/10/2022 EUR 30 150 599 0.77
3 000 000 EUR 3 018 966 0.08
27/09/2022
31 728 000 POSTE ITALIANE 0.000% 20-10/12/2024 EUR 31 613 521 0.81 Luxembourg 89 806 231 2.31
TELECOM ITALIA 2.500% 17- 15 486 000 CNH IND FIN 0.000% 20-01/04/2024 EUR 15 442 621 0.40
540 000 EUR 552 214 0.01
19/07/2023 10 000 000 EFSF 0.000% 19-19/04/2024 EUR 10 108 362 0.26
TELECOM ITALIA 3.625% 16-
2 600 000 EUR 2 698 219 0.07 200 000 EFSF 0.625% 18-16/10/2026 EUR 208 055 0.01
19/01/2024
560 000 TERNA S.P.A. 0.875% 15-02/02/2022 EUR 560 565 0.01 9 800 000 ESM 0.000% 21-15/12/2026 EUR 9 886 930 0.25
FIAT FIN & TRADE 4.750% 14-
500 000 TERNA SPA 0.125% 19-25/07/2025 EUR 499 363 0.01 5 000 000 EUR 5 131 466 0.13
15/07/2022
22 308 000 TIM SPA 4.000% 19-11/04/2024 EUR 23 347 203 0.60 20 000 000 LOGICOR FIN 0.750% 19-15/07/2024 EUR 20 223 064 0.52
2 414 000 UNICREDIT SPA 0.500% 19-09/04/2025 EUR 2 425 803 0.06 28 521 000 LOGICOR FIN 1.500% 18-14/11/2022 EUR 28 805 733 0.74
7 229 000 UNICREDIT SPA 6.950% 12-31/10/2022 EUR 7 624 679 0.20
UNIONE DI BANCHE 1.750% 18- Austria 89 534 478 2.29
1 027 000 EUR 1 049 252 0.03 HAA-BANK INTERNATIONAL AG
12/04/2023 20 000 000 EUR 20 596 858 0.53
UNIONE DI BANCHE 2.625% 19- 2.375% 12-13/12/2022
10 500 000 EUR 11 105 659 0.28
20/06/2024 13 500 000 OMV AG 0.000% 20-16/06/2023 EUR 13 542 756 0.35
RAIFFEISEN BANK INTERNATIONAL
United Kingdom 202 473 805 5.19 13 400 000
6.000% 13-16/10/2023
EUR 14 793 825 0.38
BARCLAYS BANK PLC 1.875% 16- REPUBLIC OF AUSTRIA 0.000% 21-
23 545 000 EUR 24 434 047 0.63 40 000 000 EUR 40 601 039 1.03
08/12/2023 20/04/2025
BRITISH TELECOMM PLC 1.000% 17-
7 326 000 EUR 7 455 536 0.19
21/11/2024 Canada 52 070 266 1.34
CREDIT AGRICOLE 0.500% 19- BANK NOVA SCOTIA 0.125% 17-
20 000 000 EUR 20 280 000 0.52 1 500 000 EUR 1 500 238 0.04
24/06/2024 13/01/2022
7 300 000 FCE BANK PLC 1.134% 15-10/02/2022 EUR 7 296 350 0.19 BANK NOVA SCOTIA 0.375% 18-
20 000 000 EUR 20 249 656 0.52
23/10/2023
9 410 000 FCE BANK PLC 1.615% 16-11/05/2023 EUR 9 587 059 0.25
ROYAL BK CANADA 0.125% 19-
FIAT CHRYSLER AU 3.375% 20- 22 077 000 EUR 22 145 059 0.57
25 875 000 EUR 26 962 216 0.69 23/07/2024
07/07/2023 ROYAL BK CANADA 0.250% 19-
FIAT CHRYSLER AU 3.750% 16- 1 000 000 EUR 1 006 857 0.03
7 400 000 EUR 7 982 957 0.20 02/05/2024
29/03/2024 TORONTO DOMINION BANK 0.250%
GLAXOSMITHKLINE 0.125% 20- 100 000 EUR 100 244 0.00
10 668 000 EUR 10 730 912 0.27 15-27/04/2022
12/05/2023 TORONTO DOMINION BANK 0.375%
HAMMERSON PLC 1.750% 16- 6 000 000 EUR 6 054 647 0.15
17 000 000 EUR 17 183 600 0.44 19-25/04/2024
15/03/2023 TORONTO DOMINION BANK 0.625%
HEATHROW FUNDING 1.875% 14- 1 000 000 EUR 1 013 565 0.03
9 124 000 EUR 9 196 262 0.24 18-20/07/2023
23/05/2022
28 039 000
SANTANDER UK GRP 1.125% 16-
EUR 28 615 175 0.73 Belgium 50 669 098 1.29
08/09/2023 BELFIUS BANK SA 0.750% 17-
10 400 000 EUR 10 514 510 0.27
5 765 000 STELLANTIS NV 0.625% 21-30/03/2027 EUR 5 727 518 0.15 12/09/2022
TESCO CORP TREAS 1.375% 18- BELFIUS BANK SA 1.000% 17-
21 900 000 EUR 22 364 718 0.57 6 900 000 EUR 7 082 088 0.18
24/10/2023 26/10/2024
TESCO CORP TREAS 2.500% 14- EUROPEAN UNION 0.000% 21-
4 400 000 EUR 4 657 455 0.12 32 600 000 EUR 33 072 500 0.84
01/07/2024 06/07/2026
Germany 156 799 884 3.99 Japan 44 865 594 1.15
MITSUBISHI UFJ FINANCE 0.339% 19-
6 200 000 ADIDAS AG 0.000% 20-09/09/2024 EUR 6 215 393 0.16 5 789 000 EUR 5 839 968 0.15
19/07/2024
16 800 000 ALSTRIA OFFICE 0.500% 19-26/09/2025 EUR 16 579 508 0.42 MIZUHO FINANCIAL 0.184% 21-
1 000 000 EUR 992 353 0.03
45 000 000 BUNDESOBL-120 0.000% 20-10/10/2025 EUR 46 032 299 1.17 13/04/2026
COMMERZBANK AG 0.500% 16- 1 000 000 NTT FINANCE 0.010% 21-03/03/2025 EUR 997 253 0.03
16 669 000 EUR 16 816 129 0.43
13/09/2023
COMMERZBANK AG 1.125% 17-
5 000 000 EUR 5 127 171 0.13
19/09/2025
COMMERZBANK AG 1.250% 18-
9 400 000 EUR 9 602 924 0.25
23/10/2023
The accompanying notes form an integral part of these financial statements
Page 232
BNP PARIBAS FUNDS Sustainable Enhanced Bond 12M
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
4 861 000 NTT FINANCE 0.082% 21-13/12/2025 EUR 4 846 495 0.12 CREDIT AGRICOLE ASSURANCES 18-
8 000 000 EUR 8 520 910 0.22
SUMITOMO MITSUI 0.819% 18- 29/01/2048 FRN
10 000 000 EUR 10 153 964 0.26 CREDIT MUTUEL ARKEA 17-
23/07/2023 6 000 000 EUR 6 187 561 0.16
25/10/2029 FRN
SUMITOMO MITSUI 0.934% 17-
21 500 000 EUR 22 035 561 0.56 500 000 DANONE 17-31/12/2049 FRN EUR 506 796 0.01
11/10/2024
5 800 000 ELEC DE FRANCE 20-31/12/2060 FRN EUR 5 987 147 0.15
Finland 43 525 011 1.12
LA BANQUE POSTAL 21-
10 327 000 FORTUM OYJ 0.875% 19-27/02/2023 EUR 10 434 583 0.27 1 000 000 EUR 966 763 0.02
02/08/2032 FRN
16 482 000 FORTUM OYJ 2.250% 12-06/09/2022 EUR 16 768 324 0.43 LA BANQUE POSTALE 15-
29 400 000 EUR 30 143 819 0.77
NORDIC INVST BNK 0.125% 16- 19/11/2027 FRN
5 726 000 EUR 5 788 030 0.15 LA BANQUE POSTALE 20-
10/06/2024 1 000 000 EUR 1 005 623 0.03
OP CORPORATE BK 0.375% 19- 17/06/2026 FRN
5 000 000 EUR 5 038 481 0.13 21 900 000 LA POSTE 18-31/12/2049 FRN EUR 22 734 938 0.58
19/06/2024
OP CORPORATE BK 0.375% 19- 7 068 000 ORANGE 14-29/12/2049 FRN EUR 7 745 041 0.20
1 187 000 EUR 1 200 278 0.03
26/02/2024
POHJOLA BANK PLC 5.750% 12- 800 000 ORANGE 19-31/12/2049 FRN EUR 832 536 0.02
4 260 000 EUR 4 295 315 0.11
28/02/2022 5 000 000 RCI BANQUE 19-18/02/2030 FRN EUR 5 002 661 0.13
Norway 40 211 458 1.03 SOCIETE GENERALE 20-
5 000 000 EUR 4 992 747 0.13
24/11/2030 FRN
21 011 000 DNB BANK ASA 0.050% 19-14/11/2023 EUR 21 105 081 0.54 SOCIETE GENERALE 21-
SPAREBANK 1 SR 0.375% 16- 9 000 000 EUR 8 963 793 0.23
13 978 000 EUR 13 980 044 0.36 02/12/2027 FRN
10/02/2022 SOCIETE GENERALE 21-
14 100 000 EUR 13 995 972 0.36
5 000 000 STATKRAFT AS 2.500% 12-28/11/2022 EUR 5 126 333 0.13 17/11/2026 FRN
300 000 TOTAL SA 16-29/12/2049 FRN EUR 326 295 0.01
Sweden 38 571 789 0.99
2 000 000 TOTAL SA 16-29/12/2049 FRN EUR 2 053 383 0.05
AKZO NOBEL SWEDEN 2.625% 12-
1 200 000 EUR 1 220 669 0.03
27/07/2022 2 000 000 TOTAL SA 19-31/12/2049 FRN EUR 2 038 484 0.05
SVENSKA HANDELSBANKEN 0.375% 4 436 000 TOTAL SE 20-31/12/2060 FRN EUR 4 367 935 0.11
2 500 000 EUR 2 523 309 0.06
18-03/07/2023
SVENSKA HANDELSBANKEN 1.125% 3 758 000 TOTAL SE 21-31/12/2061 FRN EUR 3 617 898 0.09
974 000 EUR 988 858 0.03
15-14/12/2022
VOLVO TREAS AB 0.000% 20- Italy 78 464 905 2.00
12 304 000 EUR 12 337 082 0.32 ASSICURAZIONI GENERALI 12-
11/02/2023 5 000 000 EUR 5 352 751 0.14
VOLVO TREAS AB 0.000% 21- 12/12/2042 FRN
21 482 000 EUR 21 501 871 0.55 ASSICURAZIONI GENERALI 15-
09/05/2024 3 950 000 EUR 4 799 744 0.12
27/10/2047 FRN
Portugal 34 802 441 0.89
500 000
ASSICURAZIONI GENERALI 16-
EUR 598 606 0.02
BANCO SANTANDER TOTTA 0.875% 08/06/2048 FRN
28 000 000 EUR 28 676 683 0.73
17-25/04/2024 CASSA DEPO PREST 15-
24 200 000 EUR 24 127 015 0.62
CAIXA GERAL DEPO 1.250% 19- 20/03/2022 FRN
6 000 000 EUR 6 125 758 0.16
25/11/2024 3 670 000 ENEL SPA 21-31/12/2061 FRN EUR 3 581 008 0.09
South Korea 30 056 654 0.77 3 684 000 UNICREDIT SPA 16-03/01/2027 FRN EUR 3 684 000 0.09
15 000 000 KHFC 0.010% 20-05/02/2025 EUR 15 001 313 0.38 14 181 000 UNICREDIT SPA 19-03/07/2025 FRN EUR 14 562 197 0.37
15 149 000 KHFC 0.010% 21-29/06/2026 EUR 15 055 341 0.39 2 000 000 UNICREDIT SPA 19-20/02/2029 FRN EUR 2 145 758 0.05
3 000 000 UNICREDIT SPA 19-23/09/2029 FRN EUR 3 022 489 0.08
Australia 19 047 517 0.50
COMMONWEALTH BANK OF 5 600 000 UNICREDIT SPA 19-25/06/2025 FRN EUR 5 731 635 0.15
5 000 000 EUR 5 020 252 0.13
AUSTRALIA 0.500% 17-11/07/2022 3 175 000 UNICREDIT SPA 20-15/01/2032 FRN EUR 3 237 957 0.08
NATIONAL AUSTRALIA BANK 0.350%
1 000 000 EUR 1 005 591 0.03 100 000 UNICREDIT SPA 20-16/06/2026 FRN EUR 102 446 0.00
17-07/09/2022
NATIONAL AUSTRALIA BANK 0.625% 4 239 000 UNICREDIT SPA 21-05/07/2029 FRN EUR 4 229 386 0.11
1 000 000 EUR 1 014 228 0.03
18-30/08/2023 UNIONE DI BANCHE 19-
NATIONAL AUSTRALIA BANK 0.875% 3 000 000 EUR 3 289 913 0.08
12 000 000 EUR 12 007 446 0.31 04/03/2029 FRN
15-20/01/2022
The Netherlands 71 936 556 1.83
Supranational 18 893 852 0.48 ASR NEDERLAND NV 15-
18 492 000 EFSF 0.375% 17-11/10/2024 EUR 18 893 852 0.48 6 100 000 EUR 7 054 841 0.18
29/09/2045 FRN
DELTA LLOYD LEVE 12-
Romania 3 723 555 0.10 12 000 000 EUR 12 698 213 0.32
29/08/2042 FRN
3 625 000 NE PROPERTY 2.625% 19-22/05/2023 EUR 3 723 555 0.10 IBERDROLA INTERNATIONAL 17-
1 700 000 EUR 1 732 850 0.04
31/12/2049 FRN
Singapore 400 876 0.01 4 200 000
IBERDROLA INTERNATIONAL 20-
EUR 4 276 503 0.11
400 000 ING GROEP NV 0.750% 17-09/03/2022 EUR 400 876 0.01 31/12/2060 FRN
IBERDROLA INTERNATIONAL 21-
4 000 000 EUR 4 000 352 0.10
6 933 920 0.18 31/12/2061 FRN
Convertible bonds
1 000 000 ING GROEP NV 17-26/09/2029 FRN EUR 1 026 966 0.03
France 6 933 920 0.18 100 000 ING GROEP NV 21-09/06/2032 FRN EUR 99 178 0.00
UNIBAIL-RODAMCO 0.000% 15-
20 000 EUR 6 933 920 0.18 13 700 000 ING GROEP NV 21-29/11/2025 FRN EUR 13 684 400 0.35
01/01/2022 CV
TELEFONICA EUROP 17-
563 459 490 14.40 100 000 EUR 101 940 0.00
Floating rate bonds 31/12/2049 FRN
TELEFONICA EUROP 18-
5 600 000 EUR 5 769 089 0.15
France 164 041 746 4.19 31/12/2049 FRN
15 000 000 AXA SA 13-04/07/2043 FRN EUR 16 120 449 0.41 TELEFONICA EUROP 19-
3 700 000 EUR 3 975 095 0.10
31/12/2049 FRN
500 000 BNP PARIBAS 14-14/10/2027 FRN EUR 509 825 0.01 TELEFONICA EUROP 20-
3 400 000 EUR 3 419 097 0.09
6 700 000 BPCE 15-30/11/2027 FRN EUR 6 863 963 0.18 31/12/2060 FRN
500 000 BPCE 17-09/03/2022 FRN EUR 500 846 0.01 13 600 000 TENNET HLD BV 20-22/10/2168 FRN EUR 14 098 032 0.36
CARREFOUR BANQUE 19-
3 400 000 EUR 3 418 995 0.09
12/09/2023 FRN
5 600 000 CNP ASSURANCES 15-10/06/2047 FRN EUR 6 637 366 0.17
The accompanying notes form an integral part of these financial statements
Page 233
BNP PARIBAS FUNDS Sustainable Enhanced Bond 12M
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Spain 61 755 929 1.58 Money Market Instruments 241 372 629 6.16
BANCO BILBAO VIZCAYA
6 200 000 EUR 6 230 777 0.16
ARGENTARIA 18-09/03/2023 FRN
5 000 000
BANCO SANTANDER 17-
EUR 5 009 750 0.13
France 115 312 559 2.94
21/03/2022 FRN 15 000 000 ACCOR SA 0.000% 22/02/2022 NEUCP EUR 15 007 975 0.38
14 600 000 BANKINTER SA 17-06/04/2027 FRN EUR 14 684 595 0.38 ARVAL SERVICE LEASE FRANCE
10 000 000 EUR 10 017 738 0.26
8 300 000 CAIXABANK 17-14/07/2028 FRN EUR 8 571 977 0.22 0.000% 24/05/2022
ELECTRICITE DE FRANCE SA 0.000%
5 500 000 CAIXABANK 17-15/02/2027 FRN EUR 5 525 300 0.14 20 000 000 EUR 20 050 563 0.51
26/07/2022 N
4 400 000 CAIXABANK 20-18/11/2026 FRN EUR 4 374 150 0.11 40 000 000 FRENCH BTF 0.000% 21-30/11/2022 EUR 40 220 399 1.02
15 300 000 MAPFRE 17-31/03/2047 FRN EUR 17 359 380 0.44 6 000 000 NEXANS SA 0.000% 10/01/2022 NEUCP EUR 5 999 908 0.15
United States of 13 500 000 NEXANS SA 0.000% 20/01/2022 NEUCP EUR 13 499 663 0.35
UNEDIC 0.125% 17-25/11/2024
America 48 724 824 1.25 10 400 000
NEUMTN
EUR 10 516 313 0.27
17 600 000 AT&T INC 18-05/09/2023 FRN EUR 17 933 274 0.46
BANK OF AMERICA CORP 21- United Kingdom 50 023 233 1.28
2 000 000 EUR 2 030 951 0.05 AON GLOBAL HOLDINGS PLC 0.000%
24/08/2025 FRN 30 000 000 EUR 30 009 336 0.77
8 497 000 CITIGROUP INC 18-21/03/2023 FRN EUR 8 538 897 0.22 24/01/2022
BP CAPITAL MARKETS PLC 0.000%
MORGAN STANLEY 19- 20 000 000 EUR 20 013 897 0.51
20 000 000 EUR 20 221 702 0.52 24/02/2022
26/07/2024 FRN
The Netherlands 41 030 814 1.05
United Kingdom 36 539 169 0.94 ENEL FINANCE INTERNATIONAL NV
BARCLAYS BANK PLC 20- 20 000 000 EUR 20 011 972 0.51
1 800 000 EUR 1 929 652 0.05 0.000% 16/02/2
02/04/2025 FRN ENEL FINANCE INTERNATIONAL NV
4 800 000 CREDIT AGRICOLE 17-20/04/2022 FRN EUR 4 810 106 0.12 11 000 000 EUR 11 007 774 0.28
0.000% 25/02/2022
LLOYDS BANKING GROUP PLC 18- ENEL FINANCE INTERNATIONAL NV
8 000 000 EUR 8 060 083 0.21 10 000 000 EUR 10 011 068 0.26
15/01/2024 FRN 0.000% 30/03/2022
ROYAL BANK OF SCOTLAND 17-
2 400 000
08/03/2023 FRN
EUR 2 409 743 0.06 Sweden 20 001 296 0.51
SANTANDER UK GRP 18- 20 000 000 VATTENFALL AB 0.000% 05/01/2022 EUR 20 001 296 0.51
7 187 000 EUR 7 236 531 0.19
27/03/2024 FRN
9 161 000
SANTANDER UK GRP 20-
EUR 9 216 853 0.24
Belgium 15 004 727 0.38
28/02/2025 FRN ELIA TRANSMISSION BELGIUM SA
15 000 000 EUR 15 004 727 0.38
2 866 000 VIRGIN MONEY 21-27/05/2024 FRN EUR 2 876 201 0.07 0.000% 23/02/2022
Ireland 22 424 203 0.57 Shares/Units in investment funds 164 692 363 4.19
7 222 000 AIB GROUP PLC 21-17/11/2027 FRN EUR 7 158 056 0.18
12 300 000 BANK OF IRELAND 19-08/07/2024 FRN EUR 12 430 004 0.32 France 164 692 363 4.19
2 876 000 BANK OF IRELAND 21-10/05/2027 FRN EUR 2 836 143 0.07 5 480.00 BNP PARIBAS MOIS - ISR - I - CAP EUR 124 692 878 3.18
36 582.92 BNP PARIBAS MOIS - ISR - X CAP EUR 39 999 485 1.01
Portugal 21 940 982 0.56
5 200 000
CAIXA GERAL DEPO 18-
EUR 5 580 640 0.14 Total securities portfolio 3 798 226 245 97.17
28/06/2028 FRN
7 000 000 EDP SA 19-30/04/2079 FRN EUR 7 471 800 0.19
1 000 000 EDP SA 21-02/08/2081 FRN EUR 989 225 0.03
8 200 000 EDP SA 21-14/03/2082 FRN EUR 7 899 317 0.20
Australia 20 280 396 0.52
10 000 000 AUST & NZ BANK 19-21/11/2029 FRN EUR 10 158 094 0.26
COM BK AUSTRALIA 17-
5 000 000 EUR 5 188 295 0.13
03/10/2029 FRN
WESTPAC BANKING 21-
5 000 000 EUR 4 934 007 0.13
13/05/2031 FRN
Belgium 12 719 296 0.32
1 100 000 BELFIUS BANK SA 18-15/03/2028 FRN EUR 1 113 265 0.03
7 500 000 KBC GROEP NV 15-11/03/2027 FRN EUR 7 527 375 0.19
4 100 000 KBC GROUP NV 19-03/12/2029 FRN EUR 4 078 656 0.10
Sweden 10 132 396 0.26
SVENSKA HANDELSBANKEN 18-
10 000 000 EUR 10 132 396 0.26
02/03/2028 FRN
Denmark 8 126 878 0.21
3 897 000 NYKREDIT 15-17/11/2027 FRN EUR 3 984 278 0.10
4 000 000 ORSTED A/S 17-24/11/3017 FRN EUR 4 142 600 0.11
Finland 2 747 982 0.07
1 700 000 NORDEA BANK 19-27/06/2029 FRN EUR 1 725 064 0.04
1 000 000 OP CORPORATE BK 20-09/06/2030 FRN EUR 1 022 918 0.03
Luxembourg 2 175 626 0.06
2 100 000 TALANX FINANZ 12-15/06/2042 FRN EUR 2 175 626 0.06
Austria 1 448 602 0.04
1 400 000 OMV AG 20-31/12/2060 FRN EUR 1 448 602 0.04
The accompanying notes form an integral part of these financial statements
Page 234
BNP PARIBAS FUNDS Sustainable Euro Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
LA BANQUE POSTALE 1.000% 17-
Transferable securities admitted to an 1 900 000
16/10/2024
EUR 1 947 244 0.23
official stock exchange listing and/or 821 205 097 95.81 1 171 000 LA POSTE 4.375% 03-26/06/2023 EUR 1 254 156 0.15
traded on another regulated market 2 300 000 LA POSTE SA 0.000% 21-18/07/2029 EUR 2 207 402 0.26
722 689 566 84.30 1 800 000 LA POSTE SA 0.375% 19-17/09/2027 EUR 1 806 509 0.21
Bonds
500 000 LA POSTE SA 1.375% 20-21/04/2032 EUR 532 205 0.06
France 165 851 131 19.37 2 300 000 LA POSTE SA 2.750% 12-26/11/2024 EUR 2 498 249 0.29
600 000 ATOS SE 0.750% 18-07/05/2022 EUR 601 754 0.07
1 100 000 ORANGE 0.000% 19-04/09/2026 EUR 1 089 416 0.13
BANQUE FEDERATIVE DU CREDIT
3 200 000 EUR 3 189 962 0.37 400 000 ORANGE SA 3.375% 10-16/09/2022 EUR 410 536 0.05
MUTUEL 0.010% 21-07/03/2025
BANQUE FEDERATIVE DU CREDIT RESEAU FERRE FRANCE 5.000% 03-
1 100 000 EUR 1 081 053 0.13 31 000 EUR 46 572 0.01
MUTUEL 0.100% 20-08/10/2027 10/10/2033
1 400 000 BNP PARIBAS 0.500% 16-01/06/2022 EUR 1 405 507 0.16 RTE RESEAU DE TR 1.625% 15-
500 000 EUR 527 562 0.06
27/11/2025
2 100 000 BNP PARIBAS 1.000% 17-29/11/2024 EUR 2 139 579 0.25
900 000 SANOFI 1.000% 20-01/04/2025 EUR 929 072 0.11
1 000 000 BNP PARIBAS 1.125% 19-28/08/2024 EUR 1 029 608 0.12
1 300 000 SFIL SA 0.000% 20-23/11/2028 EUR 1 294 054 0.15
1 000 000 BPCE 0.125% 19-04/12/2024 EUR 1 004 862 0.12
2 000 000 SFIL SA 0.750% 18-06/02/2026 EUR 2 073 858 0.24
1 000 000 BPCE SFH 0.010% 20-23/03/2028 EUR 994 952 0.12
500 000 SNCF RESEAU 1.000% 16-09/11/2031 EUR 527 186 0.06
3 700 000 BPCE SFH 0.125% 21-03/12/2030 EUR 3 659 014 0.43
500 000 SNCF RESEAU 1.875% 17-30/03/2034 EUR 574 143 0.07
2 200 000 BPCE SFH 0.625% 19-22/09/2027 EUR 2 270 715 0.26
800 000 SNCF RESEAU 2.250% 17-20/12/2047 EUR 999 874 0.12
1 800 000 BPCE SFH 0.750% 18-27/11/2026 EUR 1 865 335 0.22 SOCIETE GENERALE 0.250% 18-
CAISSE DES DEPOT 0.200% 17- 700 000 EUR 707 492 0.08
500 000 EUR 500 492 0.06 11/09/2023
01/03/2022 SOCIETE GENERALE 1.250% 19-
CAISSE FR DE FIN 0.010% 20- 1 200 000 EUR 1 231 718 0.14
6 800 000 EUR 6 768 276 0.79 15/02/2024
22/02/2028 SOCIETE NATIONAL 0.875% 20-
CAISSE FR DE FIN 0.010% 21- 1 700 000 EUR 1 493 264 0.17
5 500 000 EUR 5 449 888 0.64 28/02/2051
27/04/2029 2 800 000 SOCIETE PARIS 0.000% 20-25/11/2030 EUR 2 721 231 0.32
CAISSE FR DE FIN 0.500% 19-
3 000 000 EUR 3 072 218 0.36 740 000 SODEXO 2.500% 14-24/06/2026 EUR 814 382 0.10
19/02/2027
CAISSE FR DE FIN 1.450% 19- 6 200 000 UNEDIC 0.100% 20-25/11/2026 EUR 6 253 930 0.73
2 500 000 EUR 2 802 769 0.33
16/01/2034
9 300 000
CAISSE FR DE FINANCEMENT 0.375%
EUR 9 456 315 1.10 Germany 98 093 339 11.44
16-23/06/2025
9 800 000 BUNDESOBL-120 0.000% 20-10/10/2025 EUR 10 024 812 1.17
500 000 CAPGEMINI SE 1.625% 20-15/04/2026 EUR 529 263 0.06
BUNDESREPUBLIK DEUTSCHLAND
18 250 000 EUR 19 026 172 2.21
1 500 000 CARMILA SA 1.625% 20-30/05/2027 EUR 1 536 938 0.18 0.500% 16-15/02/2026
CARREFOUR BANQUE 0.107% 21- DEUTSCHLAND REP 0.000% 19-
1 000 000 EUR 992 670 0.12 3 800 000 EUR 3 893 784 0.45
14/06/2025 15/08/2029
386 000 CARREFOUR SA 0.750% 16-26/04/2024 EUR 391 255 0.05 DEUTSCHLAND REP 0.000% 19-
3 200 000 EUR 3 047 936 0.36
15/08/2050
1 700 000 CARREFOUR SA 2.625% 20-15/12/2027 EUR 1 898 487 0.22 DEUTSCHLAND REP 0.000% 20-
16 400 000 EUR 16 863 135 1.96
CIE DE ST GOBAIN 1.000% 17- 15/08/2030
500 000 EUR 514 973 0.06
17/03/2025 DEUTSCHLAND REP 0.000% 21-
9 400 000 EUR 9 373 868 1.09
CIE DE ST GOBAIN 1.750% 20- 15/05/2036
700 000 EUR 716 080 0.08
03/04/2023 DEUTSCHLAND REP 0.250% 19-
1 000 000 EUR 1 043 600 0.12
200 000 CIE FIN FONCIER 0.375% 17-11/12/2024 EUR 203 309 0.02 15/02/2029
CRED AGRICOLE SA 2.700% 15- 766 000 E.ON SE 0.000% 19-24/10/2022 EUR 767 879 0.09
1 000 000 EUR 1 067 972 0.12
15/07/2025 2 045 000 E.ON SE 0.375% 20-20/04/2023 EUR 2 060 032 0.24
DEXIA CRED LOCAL 0.000% 21-
1 300 000 EUR 1 290 219 0.15 10 000 000 KFW 0.000% 20-15/12/2027 EUR 10 084 161 1.18
21/01/2028
DEXIA CRED LOCAL 0.010% 20- 5 000 000 KFW 0.000% 20-17/09/2030 EUR 4 968 847 0.58
2 700 000 EUR 2 693 476 0.31
22/01/2027
2 500 000 KFW 0.000% 21-15/06/2029 EUR 2 505 907 0.29
DEXIA CRED LOCAL 1.000% 17-
50 000 EUR 52 643 0.01 2 000 000 KFW 0.750% 18-28/06/2028 EUR 2 110 576 0.25
18/10/2027
ELEC DE FRANCE 1.000% 16- NORDRHEIN-WEST 0.000% 17-
1 000 000 EUR 1 034 608 0.12 1 593 000 EUR 1 601 349 0.19
13/10/2026 05/12/2022
ELEC DE FRANCE 1.000% 21- NORDRHEIN-WEST 0.000% 20-
1 800 000 EUR 1 781 998 0.21 8 200 000 EUR 7 672 960 0.90
29/11/2033 12/10/2035
ELEC DE FRANCE 4.625% 09- 400 000 SCHAEFFLER AG 2.750% 20-12/10/2025 EUR 424 220 0.05
1 700 000 EUR 1 909 547 0.22
11/09/2024
ESSILORLUXOTTICA 0.250% 20- 2 700 000 VONOVIA SE 0.250% 21-01/09/2028 EUR 2 624 101 0.31
2 000 000 EUR 2 018 356 0.24
05/01/2024
4 600 000 FRANCE O.A.T. 0.500% 21-25/05/2072 EUR 3 527 939 0.41 Spain 94 131 193 10.98
ACS SERVICIOS CO 1.875% 18-
6 540 835 FRANCE O.A.T. 0.500% 21-25/06/2044 EUR 6 263 536 0.73 1 100 000 EUR 1 154 291 0.13
20/04/2026
5 300 000 FRANCE O.A.T. 0.750% 20-25/05/2052 EUR 5 063 355 0.59 ADIF ALTA VELOCI 0.550% 21-
2 900 000 EUR 2 858 771 0.33
31/10/2031
7 900 000 FRANCE O.A.T. 1.500% 15-25/05/2031 EUR 8 906 855 1.04
2 400 000 ARVAL SERVICE 0.000% 21-01/10/2025 EUR 2 378 695 0.28
7 800 000 FRANCE O.A.T. 1.500% 19-25/05/2050 EUR 9 035 624 1.05 AUTONOMOUS COMMU 0.160% 21-
3 152 000 EUR 3 137 982 0.37
9 300 000 FRANCE O.A.T. 1.750% 17-25/06/2039 EUR 11 219 427 1.31 30/07/2028
BANCO SANTANDER 0.250% 19-
867 541 FRANCE O.A.T. 2.000% 17-25/05/2048 EUR 1 114 034 0.13 1 600 000 EUR 1 610 928 0.19
19/06/2024
FRANCE O.A.T.I/L 0.100% 15- BANCO SANTANDER 1.125% 14-
12 678 260 EUR 13 572 012 1.58 3 900 000 EUR 4 043 977 0.47
01/03/2025 27/11/2024
FRANCE O.A.T.I/L 1.850% 11- BANCO SANTANDER 1.375% 20-
1 976 318 EUR 2 445 256 0.29 1 100 000 EUR 1 141 443 0.13
25/07/2027 05/01/2026
HOLDING DINFRA 0.625% 21- 1 000 000 BANKINTER SA 0.875% 15-03/08/2022 EUR 1 007 898 0.12
1 100 000 EUR 1 072 396 0.13
14/09/2028
1 700 000 ICADE 0.625% 21-18/01/2031 EUR 1 626 226 0.19 700 000 BANKINTER SA 0.875% 19-08/07/2026 EUR 709 523 0.08
CAJA RURAL NAV 0.625% 16-
2 500 000 JCDECAUX SA 2.625% 20-24/04/2028 EUR 2 739 613 0.32 600 000 EUR 608 624 0.07
01/12/2023
LA BANQUE POSTALE 0.250% 19-
1 400 000 EUR 1 400 710 0.16
12/07/2026
The accompanying notes form an integral part of these financial statements
Page 235
BNP PARIBAS FUNDS Sustainable Euro Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
CELLNEX FINANCE 1.000% 21- BELGIUM GOVERNMENT 1.900% 15-
1 300 000 EUR 1 257 912 0.15 1 800 000 EUR 2 186 010 0.26
15/09/2027 22/06/2038
COMUNIDAD MADRID 0.419% 20- BNP PARIBAS FORTIS SA 0.625% 18-
2 535 000 EUR 2 530 098 0.30 1 300 000 EUR 1 334 229 0.16
30/04/2030 04/10/2025
COMUNIDAD MADRID 0.827% 20- EUROPEAN UNION 0.000% 21-
507 000 EUR 526 513 0.06 8 900 000 EUR 9 028 695 1.05
30/07/2027 04/03/2026
SANTANDER INTERNATIONAL EUROPEAN UNION 0.000% 21-
500 000 EUR 508 520 0.06 3 960 635 EUR 3 992 989 0.47
1.375% 15-14/12/2022 04/10/2028
8 000 000 SPANISH GOVT 0.000% 21-31/01/2027 EUR 8 008 721 0.93 EUROPEAN UNION 0.000% 21-
13 449 862 EUR 13 644 802 1.59
06/07/2026
13 700 000 SPANISH GOVT 0.000% 21-31/01/2028 EUR 13 603 004 1.59 EUROPEAN UNION 0.400% 21-
1 281 808 EUR 1 292 865 0.15
9 700 000 SPANISH GOVT 0.100% 21-30/04/2031 EUR 9 349 103 1.09 04/02/2037
200 000 SPANISH GOVT 0.450% 17-31/10/2022 EUR 201 848 0.02 The Netherlands 52 573 603 6.13
13 961 000 SPANISH GOVT 0.850% 21-30/07/2037 EUR 13 606 530 1.59 ABN AMRO BANK NV 2.875% 16-
200 000 EUR 205 526 0.02
18/01/2028
1 900 000 SPANISH GOVT 1.000% 20-31/10/2050 EUR 1 721 755 0.20
BANK NEDERLANDSE GEMEENTEN
515 000 EUR 518 281 0.06
4 768 000 SPANISH GOVT 1.000% 21-30/07/2042 EUR 4 641 934 0.54 0.050% 16-13/07/2024
6 000 000 SPANISH GOVT 1.200% 20-31/10/2040 EUR 6 055 020 0.71 BANK NEDERLANDSE GEMEENTEN
1 700 000 EUR 1 713 373 0.20
0.050% 18-11/07/2023
3 400 000 SPANISH GOVT 1.450% 19-30/04/2029 EUR 3 700 900 0.43 CONTI-GUMMI FIN 1.125% 20-
1 127 000 EUR 1 155 247 0.13
474 000 SPANISH GOVT 1.850% 19-30/07/2035 EUR 534 729 0.06 25/09/2024
EDP FINANCE BV 0.375% 19-
5 100 000 SPANISH GOVT 4.650% 10-30/07/2025 EUR 6 009 330 0.70 2 129 000 EUR 2 131 562 0.25
16/09/2026
50 000 SPANISH GOVT 5.150% 13-31/10/2044 EUR 89 976 0.01 EDP FINANCE BV 1.875% 18-
950 000 EUR 1 010 761 0.12
TELEFONICA EMIS 1.201% 20- 13/10/2025
3 000 000 EUR 3 133 168 0.37 ENEL FIN INTERNATIONAL NV
21/08/2027 4 718 000 EUR 4 929 195 0.58
1.500% 19-21/07/2025
Italy 88 582 155 10.34 1 674 000
HEIMSTADEN BOST 0.250% 21-
EUR 1 675 484 0.20
13/10/2024
2 463 000 A2A SPA 0.625% 20-28/10/2032 EUR 2 355 149 0.27
900 000 ING GROEP NV 1.000% 18-20/09/2023 EUR 917 735 0.11
733 000 ACEA SPA 0.000% 21-28/09/2025 EUR 728 898 0.09
LEASEPLAN CORP 0.125% 19-
782 000 ACEA SPA 0.250% 21-28/07/2030 EUR 750 062 0.09 2 399 000 EUR 2 404 797 0.28
13/09/2023
2 241 000 ASSICURAZIONI 1.713% 21-30/06/2032 EUR 2 208 562 0.26 LEASEPLAN CORP 0.250% 21-
2 535 000 EUR 2 500 007 0.29
07/09/2026
1 325 000 ASSICURAZIONI 2.124% 19-01/10/2030 EUR 1 386 888 0.16 LEASEPLAN CORP 1.000% 19-
867 000 EUR 868 727 0.10
2 947 000 ASSICURAZIONI 3.875% 19-29/01/2029 EUR 3 402 680 0.40 25/02/2022
CASSA DEPOSITI E 0.750% 21- LEASEPLAN CORP 1.375% 19-
800 000 EUR 790 888 0.09 719 000 EUR 740 490 0.09
30/06/2029 07/03/2024
CASSA DEPOSITI E 1.000% 20- LEASEPLAN CORP 3.500% 20-
6 000 000 EUR 5 981 306 0.70 1 700 000 EUR 1 879 012 0.22
11/02/2030 09/04/2025
CASSA DEPOSITI E 1.000% 20- MONDELEZ INTERNATIONAL 0.625%
12 000 000 EUR 12 184 026 1.42 1 636 000 EUR 1 587 788 0.19
21/09/2028 21-09/09/2032
CASSA DEPOSITI E 1.500% 20- NED WATERSCHAPBK 0.000% 21-
2 700 000 EUR 2 761 939 0.32 2 500 000 EUR 2 440 647 0.28
20/04/2023 08/09/2031
CASSA DEPOSITI E 2.000% 20- NETHERLANDS GOVT 0.500% 19-
3 500 000 EUR 3 760 688 0.44 6 600 000 EUR 7 015 404 0.82
20/04/2027 15/01/2040
4 693 000 FERROVIE DEL 0.875% 17-07/12/2023 EUR 4 785 597 0.56 3 100 000 NIBC BANK NV 0.250% 21-09/09/2026 EUR 3 054 014 0.36
4 418 000 FERROVIE DEL 1.500% 17-27/06/2025 EUR 4 626 290 0.54 1 500 000 NN BANK NV 0.010% 20-08/07/2030 EUR 1 472 144 0.17
1 358 000 HERA SPA 0.875% 16-14/10/2026 EUR 1 386 341 0.16 1 600 000 NN BANK NV 0.500% 21-21/09/2028 EUR 1 582 360 0.18
4 200 000 HERA SPA 0.875% 19-05/07/2027 EUR 4 281 971 0.50 375 000 PHILIPS NV 0.500% 19-22/05/2026 EUR 380 604 0.04
INTESA SANPAOLO 0.750% 21- 500 000 RABOBANK 4.000% 12-11/01/2022 EUR 500 089 0.06
3 118 000 EUR 3 108 649 0.36
16/03/2028 STEDIN HOLDING 0.000% 21-
1 475 000 EUR 1 462 055 0.17
INTESA SANPAOLO 1.750% 18- 16/11/2026
5 760 000 EUR 6 066 398 0.71
20/03/2028 519 000 TENNET HLD BV 0.500% 20-30/11/2040 EUR 462 755 0.05
INTESA SANPAOLO 1.750% 19-
3 700 000 EUR 3 909 274 0.46 1 900 000 TENNET HLD BV 0.750% 17-26/06/2025 EUR 1 944 991 0.23
04/07/2029
2 866 000 ITALGAS SPA 0.250% 20-24/06/2025 EUR 2 871 369 0.33 TOYOTA MOTOR FIN 0.000% 21-
3 815 000 EUR 3 787 698 0.44
27/10/2025
3 291 000 POSTE ITALIANE 0.500% 20-10/12/2028 EUR 3 256 672 0.38 TOYOTA MOTOR FIN 0.625% 18-
947 000 EUR 959 067 0.11
TELECOM ITALIA 2.875% 18- 26/09/2023
1 900 000 EUR 1 940 700 0.23
28/01/2026 3 300 000 VOLKSBANK NV 0.250% 21-22/06/2026 EUR 3 273 790 0.38
TELECOM ITALIA 3.625% 16-
1 200 000 EUR 1 245 332 0.15
19/01/2024 Luxembourg 34 791 279 4.06
453 000 TERNA S.P.A. 0.875% 15-02/02/2022 EUR 453 457 0.05 2 680 000 CNH IND FIN 0.000% 20-01/04/2024 EUR 2 672 493 0.31
8 959 000 TERNA SPA 0.375% 21-23/06/2029 EUR 8 832 837 1.03 618 000 DH EUROPE 0.450% 19-18/03/2028 EUR 617 441 0.07
1 327 000 TERNA SPA 0.750% 20-24/07/2032 EUR 1 316 189 0.15 3 700 000 EFSF 0.400% 19-26/01/2026 EUR 3 800 392 0.44
3 300 000 TERNA SPA 1.000% 19-10/04/2026 EUR 3 401 051 0.40 1 300 000 EFSF 0.625% 18-16/10/2026 EUR 1 352 360 0.16
748 000 UNICREDIT SPA 6.950% 12-31/10/2022 EUR 788 942 0.09 1 160 000 EIB 1.750% 14-15/09/2045 EUR 1 455 832 0.17
Belgium 55 449 686 6.46 1 500 000 EIB 4.500% 09-15/10/2025 EUR 1 780 706 0.21
BELFIUS BANK SA 0.750% 17- 8 900 000 ESM 0.000% 21-15/12/2026 EUR 8 978 947 1.05
1 300 000 EUR 1 314 314 0.15
12/09/2022
2 500 000 ESM 1.200% 18-23/05/2033 EUR 2 751 632 0.32
14 700 000 BELGIAN 0.000% 21-22/10/2031 EUR 14 436 281 1.67
EUROPEAN INVT BK 1.500% 17-
BELGIUM GOVERNMENT 0.400% 20- 1 800 000 EUR 2 199 353 0.26
1 600 000 EUR 1 521 424 0.18 15/11/2047
22/06/2040
3 633 000 LOGICOR FIN 0.875% 21-14/01/2031 EUR 3 446 264 0.40
BELGIUM GOVERNMENT 1.000% 15-
406 224 EUR 439 920 0.05 LUXEMBOURG GOVT 0.000% 19-
22/06/2031 2 973 000 EUR 2 991 390 0.35
BELGIUM GOVERNMENT 1.600% 16- 13/11/2026
2 500 000 EUR 2 915 825 0.34 LUXEMBOURG GOVT 0.000% 20-
22/06/2047 2 719 000 EUR 2 744 469 0.32
BELGIUM GOVERNMENT 1.700% 19- 28/04/2025
2 800 000 EUR 3 342 332 0.39
22/06/2050
The accompanying notes form an integral part of these financial statements
Page 236
BNP PARIBAS FUNDS Sustainable Euro Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Austria 26 498 184 3.09 Latvia 4 120 412 0.48
REPUBLIC OF AUSTRIA 0.000% 21- REPUBLIC OF LATVIA 0.000% 21-
14 400 000 EUR 14 276 083 1.67 1 498 000 EUR 1 470 231 0.17
20/02/2031 24/01/2029
REPUBLIC OF AUSTRIA 0.750% 18- REPUBLIC OF LATVIA 0.250% 21-
9 400 000 EUR 9 957 275 1.16 2 653 000 EUR 2 650 181 0.31
20/02/2028 23/01/2030
REPUBLIC OF AUSTRIA 0.750% 20-
1 700 000 EUR 1 744 792 0.20 Slovenia 3 647 079 0.43
20/03/2051
REPUBLIC OF AUSTRIA 0.850% 20- REPUBLIC OF SLOVENIA 0.125% 21-
143 000 EUR 125 122 0.01 3 740 000 EUR 3 647 079 0.43
30/06/2120 01/07/2031
REPUBLIC OF AUSTRIA 2.100% 17-
257 000
20/09/2117
EUR 394 912 0.05 South Korea 3 602 588 0.42
3 625 000 KHFC 0.010% 21-29/06/2026 EUR 3 602 588 0.42
Finland 14 915 447 1.73
4 500 000 FINNISH GOVT 0.000% 20-15/09/2030 EUR 4 498 100 0.52 Switzerland 2 888 033 0.34
8 500 000 FINNISH GOVT 0.500% 16-15/04/2026 EUR 8 841 096 1.03 2 900 000 ZUERCHER KBK 0.000% 21-15/05/2026 EUR 2 888 033 0.34
1 560 000 FORTUM OYJ 0.875% 19-27/02/2023 EUR 1 576 251 0.18 Canada 1 258 848 0.15
TORONTO DOMINION BANK 0.625%
Slovakia 14 542 610 1.69 1 242 000
18-20/07/2023
EUR 1 258 848 0.15
SLOVAKIA GOVT 0.375% 21-
8 787 800 EUR 8 594 536 1.00
21/04/2036 Norway 625 020 0.07
SLOVAKIA GOVT 1.375% 15- DNB BOLIGKREDITT 0.375% 18-
5 456 000 EUR 5 948 074 0.69 617 000 EUR 625 020 0.07
21/01/2027 14/11/2023
United States of Floating rate bonds 98 515 531 11.51
America 13 975 082 1.62
AIR PROD & CHEM 0.500% 20- France 39 235 947 4.59
360 000 EUR 363 435 0.04
05/05/2028 1 800 000 AXA SA 13-04/07/2043 FRN EUR 1 934 454 0.23
800 000 AT&T INC 3.150% 17-04/09/2036 EUR 949 850 0.11 2 400 000 BNP PARIBAS 21-30/05/2028 FRN EUR 2 382 729 0.28
BOOKING HLDS INC 0.100% 21- 2 500 000 CNP ASSURANCES 19-27/07/2050 FRN EUR 2 583 250 0.30
1 403 000 EUR 1 402 954 0.16
08/03/2025
2 447 000 COMCAST CORP 0.000% 21-14/09/2026 EUR 2 412 608 0.28 400 000 DANONE 17-31/12/2049 FRN EUR 405 437 0.05
1 405 000 DANAHER CORP 1.700% 20-30/03/2024 EUR 1 459 288 0.17 3 000 000 ELEC DE FRANCE 20-31/12/2060 FRN EUR 3 096 800 0.36
FORD MOTOR CRED 3.021% 19- LA BANQUE POSTAL 21-
458 000 EUR 477 213 0.06 900 000 EUR 870 086 0.10
06/03/2024 02/08/2032 FRN
LA BANQUE POSTALE 15-
1 943 000 KELLOGG CO 0.500% 21-20/05/2029 EUR 1 913 743 0.22 5 000 000 EUR 5 126 500 0.60
19/11/2027 FRN
MCDONALDS CORP 1.000% 16- LA BANQUE POSTALE 20-
3 800 000 EUR 3 884 575 0.45 1 200 000 EUR 1 206 748 0.14
15/11/2023 17/06/2026 FRN
MMS USA FIN INC 0.625% 19- 5 000 000 LA POSTE 18-31/12/2049 FRN EUR 5 190 625 0.61
1 100 000 EUR 1 111 416 0.13
13/06/2025
2 000 000 ORANGE 14-29/12/2049 FRN EUR 2 191 579 0.26
Portugal 13 293 076 1.55 300 000 ORANGE 19-31/12/2049 FRN EUR 312 201 0.04
BANCO SANTANDER TOTTA 0.875%
1 300 000 EUR 1 331 417 0.16 SOCIETE GENERALE 21-
17-25/04/2024 3 600 000 EUR 3 585 517 0.42
BANCO SANTANDER TOTTA 1.250% 02/12/2027 FRN
600 000 EUR 640 600 0.07 SOCIETE GENERALE 21-
17-26/09/2027 3 900 000 EUR 3 871 226 0.45
PORTUGUESE OTS 0.900% 20- 17/11/2026 FRN
2 100 000 EUR 2 137 359 0.25 SOCIETE GENERALE 21-
12/10/2035 3 300 000 EUR 3 289 126 0.38
PORTUGUESE OTS 1.000% 21- 30/06/2031 FRN
10 123 014 EUR 9 183 700 1.07 1 632 000 TOTAL SE 20-31/12/2060 FRN EUR 1 606 959 0.19
12/04/2052
1 644 000 TOTAL SE 21-31/12/2061 FRN EUR 1 582 710 0.18
United Kingdom 9 641 196 1.12
ANZ NEW ZEALAND Italy 19 159 093 2.24
700 000 INTERNATIONAL/LDN 0.400% 17- EUR 700 959 0.08
ASSICURAZIONI GENERALI 12-
01/03/2022 2 300 000 EUR 2 462 265 0.29
12/12/2042 FRN
2 152 000 DS SMITH PLC 0.875% 19-12/09/2026 EUR 2 180 904 0.25 ASSICURAZIONI GENERALI 15-
1 600 000 EUR 1 944 200 0.23
FIAT CHRYSLER AU 3.375% 20- 27/10/2047 FRN
3 804 000 EUR 3 963 836 0.46
07/07/2023 1 010 000 ENI SPA 20-31/12/2060 FRN EUR 1 045 611 0.12
GLAXOSMITHKLINE 0.125% 20-
1 105 000 EUR 1 111 517 0.13 3 958 000 UNICREDIT SPA 16-03/01/2027 FRN EUR 3 958 000 0.46
12/05/2023
1 695 000 STELLANTIS NV 0.625% 21-30/03/2027 EUR 1 683 980 0.20 3 400 000 UNICREDIT SPA 19-03/07/2025 FRN EUR 3 491 395 0.41
1 700 000 UNICREDIT SPA 19-23/09/2029 FRN EUR 1 712 744 0.20
Ireland 7 230 214 0.84
1 600 000 UNICREDIT SPA 20-15/01/2032 FRN EUR 1 631 726 0.19
2 900 000 IRISH GOVT 0.000% 21-18/10/2031 EUR 2 830 661 0.33
1 555 000 UNICREDIT SPA 20-22/07/2027 FRN EUR 1 639 048 0.19
4 200 000 SMURFIT KAPPA 1.500% 19-15/09/2027 EUR 4 399 553 0.51
1 277 000 UNICREDIT SPA 21-05/07/2029 FRN EUR 1 274 104 0.15
Japan 6 117 046 0.72
MITSUBISHI UFJ FINANCE 0.339% 19- Spain 16 390 372 1.91
1 449 000 EUR 1 461 757 0.17 BANCO SANTANDER 21-
19/07/2024 100 000 EUR 98 844 0.01
MIZUHO FINANCIAL 0.184% 21- 24/06/2029 FRN
2 732 000 EUR 2 711 108 0.32
13/04/2026 4 000 000 BANKINTER SA 17-06/04/2027 FRN EUR 4 023 177 0.47
1 950 000 NTT FINANCE 0.082% 21-13/12/2025 EUR 1 944 181 0.23 2 300 000 BANKINTER SA 21-23/12/2032 FRN EUR 2 276 651 0.27
Sweden 5 866 080 0.69 1 400 000 CAIXABANK 20-18/11/2026 FRN EUR 1 391 775 0.16
VOLVO TREAS AB 0.000% 20- 900 000 CAIXABANK 21-09/02/2029 FRN EUR 880 112 0.10
1 509 000 EUR 1 513 057 0.18
11/02/2023
VOLVO TREAS AB 0.000% 21- 2 500 000 CAIXABANK 21-18/06/2031 FRN EUR 2 500 653 0.29
4 349 000 EUR 4 353 023 0.51
09/05/2024 4 600 000 MAPFRE 17-31/03/2047 FRN EUR 5 219 160 0.61
Supranational 4 996 265 0.58
4 890 000 EFSF 0.375% 17-11/10/2024 EUR 4 996 265 0.58
The accompanying notes form an integral part of these financial statements
Page 237
BNP PARIBAS FUNDS Sustainable Euro Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
The Netherlands 10 490 773 1.23
IBERDROLA INTERNATIONAL 17-
700 000 EUR 713 526 0.08
31/12/2049 FRN
IBERDROLA INTERNATIONAL 20-
1 500 000 EUR 1 527 323 0.18
31/12/2060 FRN
IBERDROLA INTERNATIONAL 21-
1 000 000 EUR 1 000 088 0.12
31/12/2061 FRN
1 200 000 ING GROEP NV 17-15/02/2029 FRN EUR 1 251 044 0.15
1 000 000 ING GROEP NV 21-09/06/2032 FRN EUR 991 782 0.12
TELEFONICA EUROP 18-
1 400 000 EUR 1 482 502 0.17
31/12/2049 FRN
3 400 000 TENNET HLD BV 20-22/10/2168 FRN EUR 3 524 508 0.41
Ireland 3 601 286 0.42
1 950 000 AIB GROUP PLC 21-17/11/2027 FRN EUR 1 932 735 0.23
1 692 000 BANK OF IRELAND 21-10/05/2027 FRN EUR 1 668 551 0.19
Australia 3 104 477 0.36
WESTPAC BANKING 21-
3 146 000 EUR 3 104 477 0.36
13/05/2031 FRN
Finland 2 274 969 0.27
2 224 000 OP CORPORATE BK 20-09/06/2030 FRN EUR 2 274 969 0.27
Portugal 1 733 997 0.20
1 800 000 EDP SA 21-14/03/2082 FRN EUR 1 733 997 0.20
Belgium 1 492 191 0.17
1 500 000 KBC GROUP NV 19-03/12/2029 FRN EUR 1 492 191 0.17
Austria 827 773 0.10
800 000 OMV AG 20-31/12/2060 FRN EUR 827 773 0.10
Germany 204 653 0.02
MUENCHENER
200 000 RUECKVERSICHERUNG 12- EUR 204 653 0.02
26/05/2042 FRN
Shares/Units in investment funds 30 265 679 3.52
Luxembourg 30 265 679 3.52
BNP PARIBAS FUNDS GREEN BOND -
100 000.00 EUR 10 322 000 1.20
I CAP
BNP PARIBAS FUNDS SOCIAL
200.00 EUR 19 943 679 2.32
BOND XCA
Total securities portfolio 851 470 776 99.33
The accompanying notes form an integral part of these financial statements
Page 238
BNP PARIBAS FUNDS Sustainable Euro Corporate Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
ESSILORLUXOTTICA 0.375% 19-
Transferable securities admitted to an 500 000
27/11/2027
EUR 504 013 0.02
official stock exchange listing and/or 1 912 208 620 92.53
2 000 000
ESSILORLUXOTTICA 0.375% 20-
EUR 2 023 300 0.10
05/01/2026
traded on another regulated market 500 000 FAURECIA 2.375% 19-15/06/2027 EUR 500 913 0.02
Bonds 1 300 916 807 62.94 600 000 FAURECIA 2.375% 21-15/06/2029 EUR 602 896 0.03
742 000 FAURECIA 2.750% 21-15/02/2027 EUR 754 906 0.04
France 273 878 470 13.22
900 000 ACCOR 1.750% 19-04/02/2026 EUR 937 510 0.05 500 000 FAURECIA 3.125% 19-15/06/2026 EUR 511 888 0.02
FONCIERE DES REGIONS 1.875% 16-
1 700 000 ACCOR 2.375% 21-29/11/2028 EUR 1 701 974 0.08 1 000 000 EUR 1 068 853 0.05
20/05/2026
AIR FRANCE-KLM 3.000% 21- FRANCE O.A.T.I/L 0.100% 21-
300 000 EUR 293 707 0.01 511 120 EUR 600 393 0.03
01/07/2024 01/03/2032
5 400 000 AIR LIQUIDE SA 0.375% 21-27/05/2031 EUR 5 395 866 0.26 1 400 000 GECINA 1.000% 16-30/01/2029 EUR 1 452 479 0.07
700 000 ALD SA 1.250% 18-11/10/2022 EUR 707 491 0.03 HOLDING DINFRA 0.625% 21-
1 900 000 EUR 1 852 320 0.09
14/09/2028
2 000 000 ATOS SE 1.000% 21-12/11/2029 EUR 1 980 038 0.10
HOLDING DINFRA 1.625% 20-
BANQUE FEDERATIVE DU CREDIT 8 000 000 EUR 8 325 266 0.40
8 400 000 EUR 8 255 313 0.40 18/09/2029
MUTUEL 0.100% 20-08/10/2027 HOLDING DINFRA 2.500% 20-
BANQUE FEDERATIVE DU CREDIT 2 000 000 EUR 2 180 046 0.11
2 300 000 EUR 2 265 904 0.11 04/05/2027
MUTUEL 0.250% 21-29/06/2028
13 000 000 ICADE 1.500% 17-13/09/2027 EUR 13 650 680 0.67
BANQUE FEDERATIVE DU CREDIT
2 000 000 EUR 1 960 938 0.09 ICADE SANTE SAS 1.375% 20-
MUTUEL 1.125% 21-19/11/2031 1 700 000 EUR 1 743 945 0.08
BANQUE FEDERATIVE DU CREDIT 17/09/2030
200 000 EUR 214 273 0.01
MUTUEL 2.375% 16-24/03/2026 500 000 ILIAD 0.750% 21-11/02/2024 EUR 494 788 0.02
9 000 000 BNP PARIBAS 0.500% 16-01/06/2022 EUR 9 035 405 0.44 500 000 ILIAD 2.375% 20-17/06/2026 EUR 500 701 0.02
500 000 BNP PARIBAS 1.000% 17-29/11/2024 EUR 509 424 0.02 843 000 ILIAD HOLDING 5.125% 21-15/10/2026 EUR 879 072 0.04
10 100 000 BNP PARIBAS 1.000% 18-17/04/2024 EUR 10 338 179 0.50 2 200 000 JCDECAUX SA 2.000% 20-24/10/2024 EUR 2 299 639 0.11
7 500 000 BNP PARIBAS 1.125% 19-28/08/2024 EUR 7 722 057 0.37 1 500 000 JCDECAUX SA 2.625% 20-24/04/2028 EUR 1 643 768 0.08
1 000 000 BNP PARIBAS 2.750% 15-27/01/2026 EUR 1 087 439 0.05 LA BANQUE POSTAL 0.750% 21-
2 700 000 EUR 2 635 412 0.13
23/06/2031
300 000 BNP PARIBAS 2.875% 16-01/10/2026 EUR 330 584 0.02
LA BANQUE POSTAL 1.375% 19-
4 300 000 BOUYGUES 0.500% 21-11/02/2030 EUR 4 258 562 0.21 4 100 000 EUR 4 297 365 0.21
24/04/2029
3 000 000 BOUYGUES 1.125% 20-24/07/2028 EUR 3 129 131 0.15 300 000 LA MONDIALE 0.750% 20-20/04/2026 EUR 299 484 0.01
3 800 000 BPCE 0.125% 19-04/12/2024 EUR 3 818 477 0.18 200 000 LA MONDIALE 2.125% 20-23/06/2031 EUR 207 292 0.01
500 000 BPCE 0.250% 21-14/01/2031 EUR 477 726 0.02 1 100 000 LA POSTE 1.450% 18-30/11/2028 EUR 1 178 380 0.06
10 000 000 BPCE 1.125% 15-14/12/2022 EUR 10 148 826 0.49 3 200 000 LEGRAND SA 0.375% 21-06/10/2031 EUR 3 171 752 0.15
CAISSE NA REA MU 0.750% 21- 1 000 000 MERCIALYS 1.800% 18-27/02/2026 EUR 1 034 957 0.05
3 000 000 EUR 2 903 987 0.14
07/07/2028
500 000 MERCIALYS 4.625% 20-07/07/2027 EUR 584 757 0.03
CAISSE NA REA MU 2.125% 19-
500 000 EUR 515 638 0.02
16/09/2029 3 500 000 ORANGE 0.000% 21-29/06/2026 EUR 3 470 334 0.17
500 000 CARMILA SA 1.625% 20-30/05/2027 EUR 512 313 0.02 1 300 000 ORANGE 0.625% 21-16/12/2033 EUR 1 264 381 0.06
2 000 000 CARREFOUR SA 0.750% 16-26/04/2024 EUR 2 027 227 0.10 700 000 ORPEA 2.000% 21-01/04/2028 EUR 697 976 0.03
3 000 000 CARREFOUR SA 1.250% 15-03/06/2025 EUR 3 093 248 0.15 PAPREC HOLDING 3.500% 21-
1 573 000 EUR 1 592 933 0.08
CASINO GUICHARD 5.250% 21- 01/07/2028
500 000 EUR 473 392 0.02
15/04/2027 8 000 000 PEUGEOT 1.125% 19-18/09/2029 EUR 8 062 209 0.39
CHROME BIDCO SAS 3.500% 21-
300 000 EUR 302 153 0.01 4 000 000 PEUGEOT 2.000% 17-23/03/2024 EUR 4 164 126 0.20
31/05/2028
CIE DE ST GOBAIN 0.875% 18- 9 100 000 PEUGEOT 2.000% 18-20/03/2025 EUR 9 561 649 0.46
1 400 000 EUR 1 427 049 0.07
21/09/2023 4 000 000 PEUGEOT 2.375% 16-14/04/2023 EUR 4 124 475 0.20
CIE DE ST GOBAIN 1.125% 18-
1 000 000 EUR 1 042 410 0.05 7 000 000 PEUGEOT 2.750% 20-15/05/2026 EUR 7 641 182 0.37
23/03/2026
CIE DE ST GOBAIN 1.875% 18- 200 000 R.A.T.P. 0.875% 17-25/05/2027 EUR 209 349 0.01
200 000 EUR 219 448 0.01
21/09/2028
400 000 RCI BANQUE 0.500% 16-15/09/2023 EUR 402 774 0.02
5 000 000 COVIVIO 1.125% 19-17/09/2031 EUR 5 075 986 0.25
CRED AGRICOLE ASSR 2.000% 20- 1 000 000 RCI BANQUE 1.375% 17-08/03/2024 EUR 1 023 391 0.05
2 500 000 EUR 2 580 313 0.12
17/07/2030 200 000 RCI BANQUE 2.000% 19-11/07/2024 EUR 208 186 0.01
CRED AGRICOLE SA 0.375% 19-
10 000 000 EUR 10 070 536 0.49 1 200 000 RENAULT 1.000% 17-08/03/2023 EUR 1 207 602 0.06
21/10/2025
CRED AGRICOLE SA 2.000% 19- 3 000 000 RENAULT 1.000% 18-18/04/2024 EUR 2 991 945 0.14
4 000 000 EUR 4 246 618 0.21
25/03/2029 1 000 000 RENAULT 1.125% 19-04/10/2027 EUR 929 619 0.04
CREDIT AGRICOLE ASSR 1.500% 21-
3 500 000 EUR 3 441 256 0.17 1 000 000 RENAULT 1.250% 19-24/06/2025 EUR 981 500 0.05
06/10/2031
CREDIT AGRICOLE SA 0.125% 20- 2 000 000 RENAULT 2.375% 20-25/05/2026 EUR 2 014 252 0.10
13 800 000 EUR 13 478 667 0.66
09/12/2027
CREDIT MUTUEL ARKEA 0.875% 21- 1 400 000 RENAULT 2.500% 21-01/04/2028 EUR 1 391 754 0.07
2 000 000 EUR 1 987 582 0.10
11/03/2033 1 500 000 REXEL SA 2.125% 21-15/06/2028 EUR 1 512 550 0.07
1 700 000 DANONE 0.520% 21-09/11/2030 EUR 1 701 829 0.08 400 000 REXEL SA 2.125% 21-15/12/2028 EUR 402 211 0.02
3 600 000 DANONE 1.000% 18-26/03/2025 EUR 3 706 810 0.18 200 000 SEB SA 1.375% 20-16/06/2025 EUR 204 467 0.01
DASSAULT SYSTEME 0.125% 19-
1 000 000 EUR 997 861 0.05 200 000 SNCF RESEAU 1.000% 16-09/11/2031 EUR 210 875 0.01
16/09/2026
SOCIETE FONCIERE 0.500% 21-
446 000 DERICHEBOURG 2.250% 21-15/07/2028 EUR 455 600 0.02 1 800 000 EUR 1 774 152 0.09
21/04/2028
ELEC DE FRANCE 1.000% 16- SOCIETE GENERALE 2.625% 15-
9 000 000 EUR 9 311 468 0.45 300 000 EUR 320 645 0.02
13/10/2026 27/02/2025
ELEC DE FRANCE 1.000% 21- SOCIETE NATIONAL 0.625% 20-
800 000 EUR 791 999 0.04 2 000 000 EUR 2 047 912 0.10
29/11/2033 17/04/2030
ELIOR PARTICIPAT 3.750% 21-
294 000 EUR 300 670 0.01 400 000 SUEZ 0.000% 21-09/06/2026 EUR 396 693 0.02
15/07/2026
100 000 ELIS SA 1.000% 19-03/04/2025 EUR 99 306 0.00 1 600 000 SUEZ 1.250% 20-02/04/2027 EUR 1 677 355 0.08
500 000 ELIS SA 1.750% 19-11/04/2024 EUR 509 136 0.02
The accompanying notes form an integral part of these financial statements
Page 239
BNP PARIBAS FUNDS Sustainable Euro Corporate Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
UNIBAIL-RODAMCO 1.000% 15- 218 000 ING GROEP NV 4.625% 18-06/01/2026 USD 213 222 0.01
8 000 000 EUR 8 193 507 0.40
14/03/2025
200 000 ING GROEP NV 6.500% 15-29/12/2049 USD 191 836 0.01
1 000 000 VALEO SA 1.000% 21-03/08/2028 EUR 976 688 0.05
INNOGY FINANCE 1.250% 17-
2 500 000 VALEO SA 3.250% 14-22/01/2024 EUR 2 662 881 0.13 1 000 000 EUR 1 052 607 0.05
19/10/2027
200 000 VILLE DE PARIS 1.750% 15-25/05/2031 EUR 224 027 0.01 692 000 IPD 3 BV 5.500% 20-01/12/2025 EUR 709 684 0.03
500 000 VINCI SA 0.500% 21-09/01/2032 EUR 494 279 0.02 LEASEPLAN CORP 0.250% 21-
3 018 000 EUR 2 976 340 0.14
07/09/2026
The Netherlands 225 773 299 10.96 2 700 000
LEASEPLAN CORP 0.250% 21-
EUR 2 678 300 0.13
ABB FINANCE BV 0.000% 21- 23/02/2026
1 700 000 EUR 1 632 472 0.08 LEASEPLAN CORP 1.375% 19-
19/01/2030 1 000 000 EUR 1 029 888 0.05
ABN AMRO BANK NV 0.500% 19- 07/03/2024
3 800 000 EUR 3 861 608 0.19 LEASEPLAN CORP 3.500% 20-
15/04/2026 300 000 EUR 331 590 0.02
ABN AMRO BANK NV 0.500% 21- 09/04/2025
5 000 000 EUR 4 937 002 0.24 LSEG NTHRLND BV 0.250% 21-
23/09/2029 485 000 EUR 480 093 0.02
ABN AMRO BANK NV 0.875% 18- 06/04/2028
10 000 000 EUR 10 286 511 0.50 193 000 MAXEDA DIY 5.875% 20-01/10/2026 EUR 196 348 0.01
22/04/2025
ADECCO INTERNATIONAL MONDELEZ INTERNATIONAL 0.250%
1 700 000 FINANCIAL SERVICES 0.125% 21- EUR 1 651 328 0.08 2 489 000 EUR 2 429 023 0.12
21-09/09/2029
21/09/2028 MONDELEZ INTERNATIONAL 0.625%
AHOLD DELHAIZE 0.250% 19- 1 000 000 EUR 970 530 0.05
2 360 000 EUR 2 375 688 0.11 21-09/09/2032
26/06/2025 5 100 000 NIBC BANK NV 0.250% 21-09/09/2026 EUR 5 024 346 0.24
AHOLD DELHAIZE 1.125% 18-
2 000 000 EUR 2 073 003 0.10 3 100 000 NN BANK NV 0.500% 21-21/09/2028 EUR 3 065 823 0.15
19/03/2026
1 200 000 ALLIANDER 0.375% 20-10/06/2030 EUR 1 193 823 0.06 OI EUROPEAN GRP 2.875% 19-
1 600 000 EUR 1 612 500 0.08
15/02/2025
200 000 ALLIANDER 0.875% 16-22/04/2026 EUR 206 116 0.01
6 000 000 PHILIPS NV 0.500% 19-22/05/2026 EUR 6 089 657 0.29
1 426 000 ALLIANDER 0.875% 19-24/06/2032 EUR 1 466 454 0.07
1 623 000 PHILIPS NV 0.750% 18-02/05/2024 EUR 1 652 344 0.08
ASHLAND SERVICES 2.000% 20-
400 000 EUR 406 555 0.02 535 000 PHILIPS NV 1.375% 20-30/03/2025 EUR 555 759 0.03
30/01/2028
CITYCON TREASURY 1.625% 21- 4 000 000 POSTNL 0.625% 19-23/09/2026 EUR 4 057 094 0.20
667 000 EUR 664 052 0.03
12/03/2028
ROYAL SCHIPHOL 1.500% 18-
COCA-COLA HBC BV 0.625% 19- 1 663 000 EUR 1 785 358 0.09
2 000 000 EUR 1 980 848 0.10 05/11/2030
21/11/2029
SAIPEM FIN INTERNATIONAL 3.125%
COCA-COLA HBC BV 1.000% 19- 547 000 EUR 539 967 0.03
1 636 000 EUR 1 674 767 0.08 21-31/03/2028
14/05/2027
SAIPEM FIN INTERNATIONAL 3.375%
CONTI-GUMMI FIN 2.125% 20- 340 000 EUR 339 499 0.02
500 000 EUR 519 323 0.03 20-15/07/2026
27/11/2023
SHELL INTERNATIONAL FIN 0.125%
COOPERATIEVE RAB 0.250% 19- 2 000 000 EUR 1 972 842 0.10
18 700 000 EUR 18 766 388 0.92 19-08/11/2027
30/10/2026
STEDIN HOLDING 0.000% 21-
1 500 000 DIGITAL DUTCH 0.625% 20-15/07/2025 EUR 1 516 469 0.07 491 000 EUR 486 691 0.02
16/11/2026
DIGITAL INTREPID 0.625% 21- 1 000 000 SWISSCOM FIN 0.375% 20-14/11/2028 EUR 1 005 354 0.05
5 500 000 EUR 5 183 274 0.25
15/07/2031
EDP FINANCE BV 0.375% 19- 750 000 TENNET HLD BV 0.125% 20-30/11/2032 EUR 702 587 0.03
4 400 000 EUR 4 405 296 0.21
16/09/2026 5 069 000 TENNET HLD BV 0.125% 21-09/12/2027 EUR 5 031 479 0.24
EDP FINANCE BV 1.500% 17-
2 000 000 EUR 2 124 354 0.10 557 000 TENNET HLD BV 0.500% 20-30/11/2040 EUR 496 636 0.02
22/11/2027
EDP FINANCE BV 1.625% 18- 717 000 TENNET HLD BV 0.875% 19-03/06/2030 EUR 736 465 0.04
2 338 000 EUR 2 474 723 0.12
26/01/2026 1 190 000 TENNET HLD BV 0.875% 21-16/06/2035 EUR 1 172 206 0.06
EDP FINANCE BV 1.875% 18-
3 000 000 EUR 3 191 876 0.15 800 000 TENNET HLD BV 1.375% 18-05/06/2028 EUR 851 296 0.04
13/10/2025
2 193 000 ENBW 1.875% 18-31/10/2033 EUR 2 421 841 0.12 TEVA PHARMACEUTI 3.750% 21-
1 000 000 EUR 994 250 0.05
ENEL FIN INTERNATIONAL NV 09/05/2027
14 322 000 EUR 14 963 103 0.73 2 796 000 THERMO FISHER 0.000% 21-18/11/2025 EUR 2 785 261 0.13
1.500% 19-21/07/2025
ENEL FINANCE INTERNATIONAL NV 4 000 000 THERMO FISHER 0.800% 21-18/10/2030 EUR 4 025 173 0.19
1 800 000 EUR 1 798 586 0.09
0.000% 19-17/06/2024
ENEL FINANCE INTERNATIONAL NV 1 000 000 THERMO FISHER 1.625% 21-18/10/2041 EUR 1 018 605 0.05
7 000 000 EUR 6 825 068 0.33
0.000% 21-17/06/2027 930 000 THERMO FISHER 2.000% 21-18/10/2051 EUR 957 142 0.05
ENEL FINANCE INTERNATIONAL NV TOYOTA MOTOR FIN 0.000% 21-
400 000 EUR 394 341 0.02 4 000 000 EUR 3 869 347 0.19
0.000% 21-28/05/2026 25/02/2028
ENEL FINANCE INTERNATIONAL NV TOYOTA MOTOR FIN 0.000% 21-
1 500 000 EUR 1 471 578 0.07 858 000 EUR 851 860 0.04
0.375% 21-28/05/2029 27/10/2025
ENEL FINANCE INTERNATIONAL NV UPC HOLDING BV 3.875% 17-
1 000 000 EUR 977 294 0.05 200 000 EUR 203 594 0.01
0.875% 21-28/09/2034 15/06/2029
ENEL FINANCE INTERNATIONAL NV UPJOHN FINANCE 1.023% 20-
8 000 000 EUR 8 205 410 0.40 3 500 000 EUR 3 575 514 0.17
1.000% 17-16/09/2024 23/06/2024
ENEL FINANCE INTERNATIONAL NV UPJOHN FINANCE 1.362% 20-
7 337 000 EUR 7 597 845 0.37 3 400 000 EUR 3 502 084 0.17
1.125% 18-16/09/2026 23/06/2027
ENEXIS HOLDING 0.375% 21- UPJOHN FINANCE 1.908% 20-
1 000 000 EUR 961 166 0.05 700 000 EUR 732 935 0.04
14/04/2033 23/06/2032
ENEXIS HOLDING 0.625% 20-
768 000 EUR 767 123 0.04 1 500 000 VOLKSBANK NV 0.010% 19-16/09/2024 EUR 1 503 534 0.07
17/06/2032
GOODYEAR EUROPE 2.750% 21- 2 300 000 VOLKSBANK NV 0.250% 21-22/06/2026 EUR 2 281 733 0.11
295 000 EUR 299 206 0.01
15/08/2028 VOLKSWAGEN INTFN 0.875% 20-
GRUPO-ANTOLIN 3.500% 21- 1 500 000 EUR 1 541 307 0.07
1 280 000 EUR 1 202 888 0.06 22/09/2028
30/04/2028 VOLKSWAGEN INTFN 1.250% 20-
HEIMSTADEN BOST 0.250% 21- 1 000 000 EUR 1 039 587 0.05
816 000 EUR 816 723 0.04 23/09/2032
13/10/2024
500 000 VZ VENDOR 2.875% 20-15/01/2029 EUR 482 754 0.02
HEIMSTADEN BOST 1.000% 21-
1 000 000 EUR 994 709 0.05 500 000 ZIGGO 3.375% 20-28/02/2030 EUR 486 858 0.02
13/04/2028
IBERDROLA INTERNATIONAL 0.375% 500 000 ZIGGO BV 2.875% 19-15/01/2030 EUR 496 880 0.02
6 500 000 EUR 6 583 566 0.32
16-15/09/2025
ZIGGO SECURED FINANCE 4.250% 16-
IBERDROLA INTERNATIONAL 1.125% 400 000 EUR 326 104 0.02
9 000 000 EUR 9 413 388 0.46 15/01/2027
16-21/04/2026
5 500 000 ING GROEP NV 2.500% 18-15/11/2030 EUR 6 375 648 0.31
The accompanying notes form an integral part of these financial statements
Page 240
BNP PARIBAS FUNDS Sustainable Euro Corporate Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
1 993 000 AT&T INC 1.800% 19-14/09/2039 EUR 1 991 713 0.10
Spain 136 412 552 6.63
ACS SERVICIOS CO 1.875% 18- 700 000 AT&T INC 2.050% 20-19/05/2032 EUR 760 079 0.04
4 500 000 EUR 4 722 101 0.23
20/04/2026 1 000 000 AT&T INC 2.450% 15-15/03/2035 EUR 1 103 093 0.05
178 000 ALMIRALL SA 2.125% 21-30/09/2026 EUR 179 167 0.01
1 000 000 AT&T INC 2.600% 14-17/12/2029 EUR 1 134 182 0.05
AMADEUS IT GROUP 1.875% 20-
500 000 EUR 530 494 0.03 2 000 000 AT&T INC 3.150% 17-04/09/2036 EUR 2 374 626 0.11
24/09/2028
BANCO BILBAO VIZCAYA 1 000 000 BALL CORP 0.875% 19-15/03/2024 EUR 1 003 344 0.05
6 500 000 EUR 6 655 517 0.32
ARGENTARIA 1.000% 19-21/06/2026
400 000 BALL CORP 1.500% 19-15/03/2027 EUR 404 797 0.02
BANCO BILBAO VIZCAYA
10 000 000 ARGENTARIACAYA ARGENTARIA EUR 10 367 128 0.50 500 000 BALL CORP 4.375% 15-15/12/2023 EUR 538 105 0.03
1.375% 18-14/05/2025 BANK OF AMERICA CORP 4.250% 14-
BANCO SANTANDER 0.300% 19- 2 000 000 USD 1 941 223 0.09
2 000 000 EUR 1 998 965 0.10 22/10/2026
04/10/2026 BAXTER INTERNATIONAL 0.400% 19-
BANCO SANTANDER 0.500% 20- 500 000 EUR 504 407 0.02
1 000 000 EUR 994 042 0.05 15/05/2024
04/02/2027 300 000 BELDEN INC 3.375% 21-15/07/2031 EUR 307 314 0.01
BANCO SANTANDER 1.125% 20-
8 400 000 EUR 8 626 531 0.42 BOOKING HLDS INC 0.100% 21-
23/06/2027 2 299 000 EUR 2 298 925 0.11
BANCO SANTANDER 1.625% 20- 08/03/2025
2 000 000 EUR 2 016 116 0.10 BOOKING HLDS INC 0.500% 21-
22/10/2030 1 768 000 EUR 1 775 199 0.09
BANCO SANTANDER 2.125% 18- 08/03/2028
800 000 EUR 844 615 0.04 BORGWARNER INC 1.000% 21-
08/02/2028 5 000 000 EUR 4 906 898 0.24
19/05/2031
7 000 000 BANKINTER SA 0.625% 20-06/10/2027 EUR 6 972 987 0.34 BOSTON SCIENTIFC 0.625% 19-
4 000 000 EUR 3 986 258 0.19
3 000 000 CAIXABANK 0.625% 19-01/10/2024 EUR 3 032 990 0.15 01/12/2027
CELLNEX FINANCE 0.750% 21- COLGATE-PALM CO 0.300% 21-
4 700 000 EUR 4 609 750 0.22 1 366 000 EUR 1 357 388 0.07
15/11/2026 10/11/2029
CELLNEX FINANCE 1.000% 21- 3 581 000 COMCAST CORP 0.000% 21-14/09/2026 EUR 3 530 670 0.17
1 500 000 EUR 1 451 437 0.07
15/09/2027 2 000 000 COMCAST CORP 0.250% 21-14/09/2029 EUR 1 953 694 0.09
CELLNEX FINANCE 2.000% 21-
2 400 000 EUR 2 306 038 0.11 3 000 000 DANAHER CORP 2.500% 20-30/03/2030 EUR 3 432 712 0.17
15/09/2032
CELLNEX TELECOM 1.750% 20- 5 000 000 ELI LILLY & CO 0.500% 21-14/09/2033 EUR 4 928 908 0.24
200 000 EUR 192 115 0.01
23/10/2030
500 000 ELI LILLY & CO 1.700% 19-01/11/2049 EUR 546 707 0.03
700 000 GRIFOLS SA 2.250% 19-15/11/2027 EUR 698 182 0.03
IBERDROLA FIN SA 0.875% 20- 500 000 EQUINIX INC 0.250% 21-15/03/2027 EUR 489 949 0.02
4 000 000 EUR 4 110 822 0.20
16/06/2025 5 300 000 FEDEX CORP 0.450% 21-04/05/2029 EUR 5 210 491 0.25
IBERDROLA FIN SA 1.000% 16- HARLEY-DAVIDSON 0.900% 19-
2 800 000 EUR 2 862 275 0.14 400 000 EUR 407 413 0.02
07/03/2024 19/11/2024
IBERDROLA FIN SA 1.000% 17-
7 700 000 EUR 7 931 197 0.38 1 000 000 IBM CORP 0.950% 17-23/05/2025 EUR 1 029 144 0.05
07/03/2025
IBERDROLA FIN SA 1.250% 17- 300 000 IQVIA INC 1.750% 21-15/03/2026 EUR 302 307 0.01
3 000 000 EUR 3 183 355 0.15
13/09/2027 JOHNSON CONTROLS 0.375% 20-
IBERDROLA FIN SA 1.250% 18- 1 000 000 EUR 988 983 0.05
3 900 000 EUR 4 105 802 0.20 15/09/2027
28/10/2026
3 430 000 KELLOGG CO 0.500% 21-20/05/2029 EUR 3 378 352 0.16
INMOBILIARIA COL 0.750% 21-
1 000 000 EUR 979 242 0.05 3 500 000 KELLOGG CO 0.800% 17-17/11/2022 EUR 3 535 245 0.17
22/06/2029
INMOBILIARIA COL 1.350% 20- 400 000 KELLOGG CO 1.000% 16-17/05/2024 EUR 409 246 0.02
900 000 EUR 926 566 0.04
14/10/2028
MCDONALDS CORP 0.625% 17-
INMOBILIARIA COLONIAL 2.000% 18- 3 500 000 EUR 3 553 698 0.17
4 000 000 EUR 4 236 676 0.21 29/01/2024
17/04/2026
MONDELEZ INT INC 0.250% 21-
MERLIN PROPERTIE 1.375% 21- 5 000 000 EUR 4 914 842 0.24
4 300 000 EUR 4 233 816 0.20 17/03/2028
01/06/2030
MERLIN PROPERTIE 2.375% 20- 9 000 000 MYLAN NV 3.125% 16-22/11/2028 EUR 10 228 698 0.50
900 000 EUR 968 489 0.05
13/07/2027 2 122 000 PEPSICO INC 0.750% 21-14/10/2033 EUR 2 108 492 0.10
MERLIN PROPERTIES 1.875% 16- PROCTER & GAMBLE 0.350% 21-
1 000 000 EUR 1 052 390 0.05 1 458 000 EUR 1 450 123 0.07
02/11/2026 05/05/2030
NORTEGAS ENERGIA 2.065% 17- PROCTER & GAMBLE 0.625% 18-
300 000 EUR 319 515 0.02 3 000 000 EUR 3 061 898 0.15
28/09/2027 30/10/2024
RED ELECTRICA FI 0.375% 20- PROCTER & GAMBLE 0.900% 21-
1 600 000 EUR 1 617 287 0.08 1 333 000 EUR 1 302 355 0.06
24/07/2028 04/11/2041
RED ELECTRICA FI 0.500% 21- PROCTER & GAMBLE 1.200% 18-
4 700 000 EUR 4 663 244 0.23 4 000 000 EUR 4 243 725 0.21
24/05/2033 30/10/2028
SANTANDER ISSUAN 3.125% 17-
2 000 000 EUR 2 211 906 0.11 1 000 000 PROLOGIS EURO 0.375% 20-06/02/2028 EUR 994 351 0.05
19/01/2027
TELEFONICA EMIS 1.069% 19- 2 000 000 STRYKER CORP 2.625% 18-30/11/2030 EUR 2 296 330 0.11
36 000 000 EUR 36 811 795 1.79
05/02/2024
8 000 000 THERMO FISHER 0.750% 16-12/09/2024 EUR 8 153 856 0.39
United States of 900 000 THERMO FISHER 1.400% 17-23/01/2026 EUR 941 274 0.05
America 130 104 638 6.31 2 000 000 THERMO FISHER 1.750% 20-15/04/2027 EUR 2 145 272 0.10
2 380 000 ABBOTT IL FIN 0.100% 19-19/11/2024 EUR 2 392 698 0.12 TOYOTA MTR CRED 2.150% 20-
200 000 USD 176 800 0.01
2 000 000 ABBVIE INC 1.250% 19-18/11/2031 EUR 2 071 968 0.10 13/02/2030
VERIZON COMMUNICATIONS INC
5 000 000 ABBVIE INC 1.375% 16-17/05/2024 EUR 5 148 241 0.25 500 000 USD 412 785 0.02
1.500% 20-18/09/2030
500 000 ABBVIE INC 2.125% 16-17/11/2028 EUR 549 661 0.03 2 136 000 VF CORP 0.250% 20-25/02/2028 EUR 2 090 569 0.10
5 000 000 APPLE INC 0.000% 19-15/11/2025 EUR 5 003 536 0.24 ZIMMER BIOMET 1.164% 19-
1 500 000 EUR 1 528 908 0.07
15/11/2027
1 200 000 APPLE INC 0.500% 19-15/11/2031 EUR 1 202 553 0.06
2 000 000 APPLE INC 2.850% 16-23/02/2023 USD 1 796 724 0.09 Italy 119 865 554 5.75
2 000 000 A2A SPA 0.625% 21-15/07/2031 EUR 1 928 840 0.09
400 000 APPLE INC 3.000% 17-20/06/2027 USD 377 054 0.02
ARDAGH METAL PAC 2.000% 21- 791 000 A2A SPA 1.000% 19-16/07/2029 EUR 812 424 0.04
1 996 000 EUR 1 971 778 0.10
01/09/2028 1 200 000 A2A SPA 1.000% 21-02/11/2033 EUR 1 188 942 0.06
ARDAGH METAL PAC 3.000% 21-
954 000 EUR 933 908 0.05 1 257 000 ACEA SPA 0.000% 21-28/09/2025 EUR 1 249 965 0.06
01/09/2029
2 000 000 AT&T INC 0.250% 19-04/03/2026 EUR 1 992 888 0.10
500 000 AT&T INC 1.600% 20-19/05/2028 EUR 528 281 0.03
The accompanying notes form an integral part of these financial statements
Page 241
BNP PARIBAS FUNDS Sustainable Euro Corporate Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
1 564 000 ACEA SPA 0.250% 21-28/07/2030 EUR 1 500 123 0.07 DEUTSCHE WOHNEN 1.000% 20-
2 000 000 EUR 2 037 874 0.10
AEROPORTI ROMA 1.625% 20- 30/04/2025
3 000 000 EUR 3 084 199 0.15 DT LUFTHANSA AG 1.625% 21-
02/02/2029 600 000 EUR 598 234 0.03
16/11/2023
AEROPORTI ROMA 1.750% 21-
500 000 EUR 509 569 0.02 DT LUFTHANSA AG 2.000% 21-
30/07/2031 1 000 000 EUR 992 143 0.05
14/07/2024
300 000 ALMAVIVA 4.875% 21-30/10/2026 EUR 299 902 0.01 DT LUFTHANSA AG 2.875% 21-
700 000 EUR 685 318 0.03
3 500 000 ASSICURAZIONI 1.713% 21-30/06/2032 EUR 3 449 338 0.17 16/05/2027
8 000 000 ASSICURAZIONI 2.124% 19-01/10/2030 EUR 8 373 662 0.41 2 000 000 E.ON SE 0.000% 19-28/08/2024 EUR 2 004 669 0.10
4 500 000 ASSICURAZIONI 2.429% 20-14/07/2031 EUR 4 769 745 0.23 2 000 000 E.ON SE 0.350% 19-28/02/2030 EUR 1 980 407 0.10
AUTOSTRADA TORIN 1.000% 21- 3 195 000 E.ON SE 0.375% 20-29/09/2027 EUR 3 214 371 0.16
5 000 000 EUR 5 010 798 0.24
25/11/2026 2 871 000 E.ON SE 0.600% 21-01/10/2032 EUR 2 861 824 0.14
5 655 000 ENI SPA 0.375% 21-14/06/2028 EUR 5 598 995 0.27
2 388 000 E.ON SE 0.875% 20-20/08/2031 EUR 2 458 838 0.12
907 000 ERG SPA 0.875% 21-15/09/2031 EUR 892 772 0.04
965 000 E.ON SE 1.000% 20-07/10/2025 EUR 995 579 0.05
500 000 FERROVIE DEL 0.375% 21-25/03/2028 EUR 497 960 0.02 EUROGRID GMBH 1.113% 20-
GUALA CLOSURES 3.250% 21- 500 000 EUR 518 496 0.03
100 000 EUR 97 989 0.00 15/05/2032
15/06/2028 FRESENIUS SE & C 1.625% 20-
240 000 EUR 254 572 0.01
1 000 000 HERA SPA 0.875% 19-05/07/2027 EUR 1 019 517 0.05 08/10/2027
HAPAG-LLOYD AG 2.500% 21-
1 519 000 HERA SPA 1.000% 21-25/04/2034 EUR 1 514 853 0.07 693 000 EUR 717 908 0.03
15/04/2028
INTESA SANPAOLO 0.750% 19- HOCHTIEF AKTIENG 0.625% 21-
12 000 000 EUR 12 191 177 0.59 4 000 000 EUR 3 879 416 0.19
04/12/2024 26/04/2029
INTESA SANPAOLO 0.750% 21-
11 500 000 EUR 11 465 509 0.55 800 000 INFINEON TECH 1.125% 20-24/06/2026 EUR 827 635 0.04
16/03/2028
INTESA SANPAOLO 0.875% 17- 500 000 INFINEON TECH 1.625% 20-24/06/2029 EUR 531 653 0.03
4 000 000 EUR 4 024 473 0.19
27/06/2022 2 300 000 LANXESS 0.625% 21-01/12/2029 EUR 2 284 927 0.11
INTESA SANPAOLO 1.000% 19-
1 494 000 EUR 1 518 563 0.07 LB BADEN-WUERT 0.250% 21-
19/11/2026 4 100 000 EUR 4 020 130 0.19
INTESA SANPAOLO 2.925% 20- 21/07/2028
2 500 000 EUR 2 599 623 0.13 LB BADEN-WUERT 0.375% 19-
14/10/2030 1 700 000 EUR 1 716 202 0.08
24/05/2024
1 000 000 ITALGAS SPA 0.000% 21-16/02/2028 EUR 966 136 0.05 LB BADEN-WUERT 0.375% 19-
2 900 000 EUR 2 915 433 0.14
400 000 ITALGAS SPA 0.250% 20-24/06/2025 EUR 400 749 0.02 29/07/2026
MEDIOBANCA SPA 1.000% 20- LB BADEN-WUERT 0.375% 21-
809 000 EUR 821 558 0.04 1 800 000 EUR 1 742 941 0.08
08/09/2027 21/02/2031
LEG IMMOBILIEN SE 0.750% 21-
5 887 000 SNAM 0.000% 20-07/12/2028 EUR 5 655 716 0.27 2 100 000 EUR 2 050 535 0.10
30/06/2031
2 370 000 SNAM 0.625% 21-30/06/2031 EUR 2 335 896 0.11 215 000 NOVELIS SHEET 3.375% 21-15/04/2029 EUR 220 913 0.01
1 500 000 SNAM 0.750% 20-17/06/2030 EUR 1 505 977 0.07 400 000 STYROLUTION 2.250% 20-16/01/2027 EUR 389 987 0.02
TELECOM ITALIA 1.625% 21- VOLKSWAGEN FIN 0.125% 21-
8 000 000 EUR 7 313 872 0.35 9 024 000 EUR 8 820 812 0.43
18/01/2029 12/02/2027
3 500 000 TERNA S.P.A. 1.000% 18-23/07/2023 EUR 3 563 173 0.17 6 800 000 VONOVIA SE 0.625% 21-24/03/2031 EUR 6 682 945 0.32
3 246 000 TERNA SPA 0.375% 21-23/06/2029 EUR 3 200 289 0.15 1 000 000 VONOVIA SE 0.750% 21-01/09/2032 EUR 965 672 0.05
2 500 000 TERNA SPA 1.000% 19-10/04/2026 EUR 2 576 554 0.12 600 000 VONOVIA SE 1.500% 21-14/06/2041 EUR 576 880 0.03
1 000 000 UNICREDIT SPA 0.500% 19-09/04/2025 EUR 1 004 890 0.05
5 500 000 UNICREDIT SPA 0.850% 21-19/01/2031 EUR 5 325 821 0.26
United Kingdom 80 946 098 3.93
ASTRAZENECA PLC 1.250% 16-
800 000 EUR 849 580 0.04
330 000 UNICREDIT SPA 1.800% 20-20/01/2030 EUR 338 300 0.02 12/05/2028
UNIONE DI BANCHE 1.000% 19- 500 000 BG ENERGY CAP 2.250% 14-21/11/2029 EUR 554 928 0.03
500 000 EUR 503 614 0.02
22/07/2022
3 000 000 BP CAP MKY BV 0.933% 20-04/12/2040 EUR 2 686 244 0.13
UNIONE DI BANCHE 1.500% 19-
6 800 000 EUR 7 013 979 0.34 1 760 000 BP CAPITAL PLC 1.876% 20-07/04/2024 EUR 1 835 912 0.09
10/04/2024
3 000 000 UNIPOL GRUPPO 3.250% 20-23/09/2030 EUR 3 402 882 0.16 COCA-COLA EUROPEAN PARTNERS
2 000 000 EUR 2 110 420 0.10
1.500% 18-08/11/2027
300 000 UNIPOL GRUPPO 3.500% 17-29/11/2027 EUR 337 210 0.02
CREDIT AGRICOLE 0.750% 18-
19 000 000 EUR 19 344 226 0.95
05/12/2023
Germany 99 180 040 4.81
257 000 EC FINANCE 3.000% 21-15/10/2026 EUR 262 575 0.01
4 000 000 ADIDAS AG 0.000% 20-05/10/2028 EUR 3 957 891 0.19
GATWICK AIRPORT 4.375% 21-
1 625 000 ALBEMARLE NH 1.125% 19-25/11/2025 EUR 1 678 579 0.08 847 000 GBP 988 049 0.05
07/04/2026
500 000 ALBEMARLE NH 1.625% 19-25/11/2028 EUR 530 462 0.03 GLAXOSMITHKLINE 0.125% 20-
4 000 000 EUR 4 023 589 0.19
12/05/2023
BAYERISCHE LNDBK 0.125% 21-
3 200 000 EUR 3 138 123 0.15 GLAXOSMITHKLINE 1.000% 17-
10/02/2028 1 800 000 EUR 1 872 918 0.09
12/09/2026
2 400 000 BERLIN HYP AG 0.375% 21-21/04/2031 EUR 2 375 650 0.11 HEATHROW FNDG 1.125% 21-
1 000 000 EUR 988 749 0.05
1 000 000 BERLIN HYP AG 0.500% 16-26/09/2023 EUR 1 011 127 0.05 08/10/2030
HEATHROW FNDG 1.500% 20-
11 100 000 BERLIN HYP AG 0.500% 19-05/11/2029 EUR 11 199 824 0.54 1 000 000 EUR 1 035 348 0.05
12/10/2025
2 700 000 BERLIN HYP AG 1.125% 17-25/10/2027 EUR 2 810 189 0.14 HEATHROW FUNDING 1.500% 15-
935 000 EUR 962 967 0.05
11/02/2030
3 000 000 BERLIN HYP AG 1.500% 18-18/04/2028 EUR 3 178 644 0.15
INTERNATIONAL CONSOLIDAT
COMMERZBANK AG 1.250% 18- 400 000 EUR 390 511 0.02
2 500 000 EUR 2 553 969 0.12 2.750% 21-25/03/2025
23/10/2023 INTERNATIONAL PERSONAL FI
CONTINENTAL AG 0.000% 19- 100 000 EUR 106 766 0.01
400 000 EUR 400 514 0.02 9.750% 20-12/11/2025
12/09/2023 JAGUAR LAND ROVER 2.200% 17-
160 000 COVESTRO AG 0.875% 20-03/02/2026 EUR 163 115 0.01 1 400 000 EUR 1 386 530 0.07
15/01/2024
DEUTSCHE KREDIT 0.010% 21- JAGUAR LAND ROVER 4.500% 21-
1 765 000 EUR 1 751 878 0.08 1 500 000 EUR 1 524 148 0.07
23/02/2026 15/07/2028
DEUTSCHE POST AG 0.375% 20- 2 200 000 LINDE PLC 0.000% 21-30/09/2026 EUR 2 188 667 0.11
2 000 000 EUR 2 022 003 0.10
20/05/2026
1 000 000 LINDE PLC 0.375% 21-30/09/2033 EUR 975 002 0.05
DEUTSCHE POST AG 1.000% 17-
1 700 000 EUR 1 787 006 0.09
13/12/2027 800 000 LINDE PLC 1.000% 21-30/09/2051 EUR 758 585 0.04
DEUTSCHE WOHNEN 0.500% 21- NATIONAL GRID ELECT 0.190% 20-
3 700 000 EUR 3 674 752 0.18 2 000 000 EUR 2 003 940 0.10
07/04/2031 20/01/2025
The accompanying notes form an integral part of these financial statements
Page 242
BNP PARIBAS FUNDS Sustainable Euro Corporate Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
NATIONAL GRID PLC 0.250% 21- PROLOGIS INTERNATIONAL II 1.750%
5 483 000 EUR 5 377 701 0.26 500 000 EUR 536 771 0.03
01/09/2028 18-15/03/2028
NATIONWIDE BLDG 0.250% 21- 2 000 000 REPSOL EUROPE 0.375% 21-06/07/2029 EUR 1 966 052 0.10
2 000 000 EUR 1 961 618 0.09
14/09/2028
NATWEST MARKETS 0.125% 21- 2 000 000 WHIRLPOOL FIN 1.100% 17-09/11/2027 EUR 2 049 086 0.10
1 074 000 EUR 1 066 996 0.05
12/11/2025
NOMAD FOODS BOND 2.500% 21- Japan 35 878 530 1.73
400 000 EUR 399 645 0.02 MITSUBISHI UFJ FINANCE 0.848% 19-
24/06/2028 2 000 000 EUR 2 032 162 0.10
19/07/2029
500 000 OTE PLC 0.875% 19-24/09/2026 EUR 511 583 0.02
MITSUBISHI UFJ FINANCE 0.980% 18-
513 000 RAC BOND CO 5.250% 21-04/11/2027 GBP 595 625 0.03 1 560 000 EUR 1 591 137 0.08
09/10/2023
3 000 000 SSE PLC 0.875% 17-06/09/2025 EUR 3 066 502 0.15 MIZUHO FINANCIAL 0.214% 20-
898 000 EUR 896 787 0.04
07/10/2025
2 000 000 SSE PLC 1.375% 18-04/09/2027 EUR 2 106 377 0.10 MIZUHO FINANCIAL 0.956% 17-
3 200 000 EUR 3 279 271 0.16
1 193 000 STELLANTIS NV 1.250% 21-20/06/2033 EUR 1 160 069 0.06 16/10/2024
TESCO CORP TREAS 0.375% 21- 1 200 000 NIDEC CORP 0.046% 21-30/03/2026 EUR 1 190 946 0.06
3 500 000 EUR 3 355 470 0.16
27/07/2029 1 000 000 NTT FINANCE 0.010% 21-03/03/2025 EUR 997 253 0.05
TESCO CORP TREAS 0.875% 19-
2 000 000 EUR 2 033 255 0.10 4 367 000 NTT FINANCE 0.082% 21-13/12/2025 EUR 4 353 969 0.21
29/05/2026
TITAN GLOBAL FIN 2.750% 20- 203 000 NTT FINANCE 0.399% 21-13/12/2028 EUR 201 924 0.01
665 000 EUR 689 572 0.03
09/07/2027 SUMITOMO MITSUI 0.465% 19-
VIRGIN MEDIA FIN 3.750% 20- 5 800 000 EUR 5 869 273 0.28
300 000 EUR 299 158 0.01 30/05/2024
15/07/2030 SUMITOMO MITSUI 0.934% 17-
400 000 VMED O2 UK FIN 3.250% 20-31/01/2031 EUR 396 141 0.02 6 300 000 EUR 6 456 932 0.31
11/10/2024
VODAFONE GROUP 0.900% 19- 1 500 000 TAKEDA PHARM 0.750% 20-09/07/2027 EUR 1 526 375 0.07
6 000 000 EUR 6 194 351 0.30
24/11/2026
5 000 000 TAKEDA PHARM 1.000% 20-09/07/2029 EUR 5 114 243 0.25
WESTPAC SEC NZ 0.427% 21-
3 000 000 EUR 2 994 804 0.14 TAKEDA PHARMACEUTICAL 3.000%
14/12/2026 2 000 000 EUR 2 368 258 0.11
YORKSHRE BLD SOC 0.500% 21- 18-21/11/2030
1 700 000 EUR 1 685 708 0.08
01/07/2028
YORKSHRE BLD SOC 0.625% 20-
Sweden 34 517 659 1.67
199 000 EUR 201 869 0.01 3 500 000 ERICSSON LM 1.000% 21-26/05/2029 EUR 3 410 137 0.17
21/09/2025
HOIST FINANCE AB 3.375% 20-
Luxembourg 68 739 055 3.32 400 000 EUR 417 483 0.02
27/11/2024
AROUNDTOWN SA 0.375% 21- MOLNLYCKE HLD 0.625% 20-
2 000 000 EUR 1 952 344 0.09 6 000 000 EUR 5 768 771 0.28
15/04/2027 15/01/2031
BECTON DICKINSON 0.632% 19- MOLNLYCKE HLD 0.875% 19-
1 000 000 EUR 1 009 303 0.05 1 500 000 EUR 1 499 208 0.07
04/06/2023 05/09/2029
BECTON DICKINSON 1.208% 19- MOLNLYCKE HLD 1.750% 15-
1 000 000 EUR 1 033 419 0.05 5 000 000 EUR 5 179 260 0.25
04/06/2026 28/02/2024
9 000 000 CNH IND FIN 0.000% 20-01/04/2024 EUR 8 974 789 0.43 400 000 SBAB BANK AB 0.500% 20-13/05/2025 EUR 406 632 0.02
3 000 000 CNH IND FIN 1.625% 19-03/07/2029 EUR 3 143 198 0.15 500 000 SECURITAS AB 0.250% 21-22/02/2028 EUR 480 418 0.02
5 000 000 CNH IND FIN 1.750% 19-25/03/2027 EUR 5 264 680 0.25 SKANDINAVISKA ENSKILDA BANK
1 000 000 EUR 988 028 0.05
0.375% 21-21/06/2028
300 000 CNH IND FIN 1.875% 18-19/01/2026 EUR 315 008 0.02
1 892 000 SKF AB 0.250% 21-15/02/2031 EUR 1 796 016 0.09
CNH INDUSTRIAL FIN 1.750% 17-
1 500 000 EUR 1 569 000 0.08
12/09/2025 2 000 000 SKF AB 0.875% 19-15/11/2029 EUR 2 044 172 0.10
CPI PROPERTY GRO 1.625% 19- SVENSKA HANDELSBANKEN 0.010%
3 200 000 EUR 3 254 600 0.16 5 000 000 EUR 4 873 156 0.24
23/04/2027 20-02/12/202
2 800 000 EUROFINS SCIEN 0.875% 21-19/05/2031 EUR 2 750 574 0.13 SVENSKA HANDELSBANKEN 0.375%
1 000 000 EUR 1 009 323 0.05
18-03/07/2023
1 300 000 EUROFINS SCIEN 2.125% 17-25/07/2024 EUR 1 359 354 0.07
500 000 TELIA CO AB 0.125% 20-27/11/2030 EUR 475 460 0.02
KLEOPATRA FINCO 4.250% 21-
464 000 EUR 447 112 0.02 VATTENFALL AB 0.125% 21-
01/03/2026 1 500 000 EUR 1 459 771 0.07
KLEOPATRA HLDING 6.500% 21- 12/02/2029
219 000 EUR 199 811 0.01
01/09/2026 1 000 000 VOLVO CAR AB 2.500% 20-07/10/2027 EUR 1 076 566 0.05
3 315 000 LOGICOR FIN 0.875% 21-14/01/2031 EUR 3 144 609 0.15 VOLVO TREAS AB 0.000% 21-
658 000 EUR 658 609 0.03
09/05/2024
3 000 000 LOGICOR FIN 3.250% 18-13/11/2028 EUR 3 403 146 0.16
VOLVO TREAS AB 0.000% 21-
MEDTRONIC GLOBAL 0.000% 20- 3 000 000 EUR 2 974 649 0.14
600 000 EUR 597 508 0.03 18/05/2026
15/10/2025
2 500 000
MEDTRONIC GLOBAL 0.375% 20-
EUR 2 496 272 0.12 Finland 22 096 528 1.07
15/10/2028 CASTELLUM HELSIN 0.875% 21-
MEDTRONIC GLOBAL 1.125% 19- 1 000 000 EUR 964 234 0.05
2 500 000 EUR 2 605 630 0.13 17/09/2029
07/03/2027 500 000 NESTE 0.750% 21-25/03/2028 EUR 496 316 0.02
MEDTRONIC GLOBAL 1.375% 20-
1 000 000 EUR 995 711 0.05 2 000 000 NOKIA OYJ 2.000% 17-15/03/2024 EUR 2 064 243 0.10
15/10/2040
NESTLE FINANCE INTERNATIONAL 3 000 000 NOKIA OYJ 2.000% 19-11/03/2026 EUR 3 132 234 0.15
913 000 EUR 910 997 0.04
0.000% 20-03/12/2025
NESTLE FINANCE INTERNATIONAL 4 300 000 NORDEA BANK 0.375% 19-28/05/2026 EUR 4 355 617 0.21
5 000 000 EUR 4 980 058 0.24 NORDEA BANK ABP 0.500% 21-
0.000% 21-14/06/2026 2 000 000 EUR 1 987 900 0.10
NESTLE FINANCE INTERNATIONAL 02/11/2028
4 000 000 EUR 3 986 849 0.19 NORDEA BANK ABP 0.500% 21-
0.125% 20-12/11/2027 1 136 000 EUR 1 127 507 0.05
NESTLE FINANCE INTERNATIONAL 19/03/2031
2 000 000 EUR 1 957 728 0.09 OP CORPORATE BK 0.375% 19-
0.375% 20-12/05/2032 2 400 000 EUR 2 426 848 0.12
NESTLE FINANCE INTERNATIONAL 26/02/2024
1 000 000 EUR 1 042 563 0.05 UPM-KYMMENE OYJ 0.125% 20-
1.125% 20-01/04/2026 200 000 EUR 194 722 0.01
NOVARTIS FINANCE 0.000% 20- 19/11/2028
3 000 000 EUR 2 931 857 0.14 UPM-KYMMENE OYJ 0.500% 21-
23/09/2028 5 500 000 EUR 5 346 907 0.26
PROLOGIS INTERNATIONAL II 0.750% 22/03/2031
2 331 000 EUR 2 222 242 0.11
21-23/03/2033
PROLOGIS INTERNATIONAL II 0.875%
1 000 000 EUR 1 012 121 0.05
19-09/07/2029
PROLOGIS INTERNATIONAL II 1.625%
600 000 EUR 626 663 0.03
20-17/06/2032
The accompanying notes form an integral part of these financial statements
Page 243
BNP PARIBAS FUNDS Sustainable Euro Corporate Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Australia 13 253 237 0.64 Floating rate bonds 611 291 813 29.59
NATIONAL AUSTRALIA BANK 0.350%
5 800 000 EUR 5 832 430 0.28
17-07/09/2022 France 126 967 209 6.17
NATIONAL AUSTRALIA BANK 0.625% 300 000 ARKEMA 19-31/12/2049 FRN EUR 313 009 0.02
2 600 000 EUR 2 636 992 0.13
18-30/08/2023
WESTPAC BANKING 0.625% 17- 2 000 000 ARKEMA 20-31/12/2060 FRN EUR 2 002 411 0.10
4 700 000 EUR 4 783 815 0.23
22/11/2024 11 590 000 AXA SA 21-07/10/2041 FRN EUR 11 311 785 0.55
Ireland 12 259 434 0.59 1 000 000 BNP PARIBAS 14-31/12/2049 FRN EUR 1 116 897 0.05
CCEP FINANCE IRE 0.000% 21- 1 300 000 BNP PARIBAS 19-04/06/2026 FRN EUR 1 310 776 0.06
1 000 000 EUR 991 368 0.05
06/09/2025
200 000 BNP PARIBAS 19-31/12/2049 FRN USD 189 506 0.01
FRESENIUS FIN IR 1.500% 17-
350 000 EUR 359 557 0.02
30/01/2024 10 000 000 BNP PARIBAS 20-14/10/2027 FRN EUR 9 921 075 0.48
HAMMERSON IRLND 1.750% 21- 400 000 BNP PARIBAS 20-31/12/2060 FRN USD 349 770 0.02
2 733 000 EUR 2 683 227 0.13
03/06/2027
3 000 000 SMURFIT KAPPA 0.500% 21-22/09/2029 EUR 2 946 002 0.14 3 000 000 BNP PARIBAS 21-30/05/2028 FRN EUR 2 978 412 0.14
928 000 SMURFIT KAPPA 1.000% 21-22/09/2033 EUR 910 124 0.04 8 000 000 BNP PARIBAS 21-31/08/2033 FRN EUR 7 795 245 0.38
SMURFIT KAPPA AQ 2.875% 18- 300 000 BNP PARIBAS 21-31/12/2061 FRN USD 265 092 0.01
4 000 000 EUR 4 369 156 0.21
15/01/2026 5 000 000 BPCE 21-13/01/2042 FRN EUR 4 958 262 0.24
Norway 11 488 558 0.55 200 000 CNP ASSURANCES 14-05/06/2045 FRN EUR 224 299 0.01
SPAREBANK 1 OEST 0.125% 21- 500 000 CNP ASSURANCES 18-31/12/2049 FRN EUR 564 306 0.03
3 000 000 EUR 2 937 437 0.14
03/03/2028
SPAREBANK 1 SMN 0.010% 21- 4 000 000 CNP ASSURANCES 19-27/07/2050 FRN EUR 4 133 200 0.20
1 650 000 EUR 1 598 604 0.08
18/02/2028 400 000 CNP ASSURANCES 20-30/06/2051 FRN EUR 422 842 0.02
SPAREBANK 1 SMN 0.125% 19-
4 000 000 EUR 3 969 351 0.19 2 000 000 CNP ASSURANCES 21-12/10/2053 FRN EUR 1 977 017 0.10
11/09/2026
SPAREBANK 1 SR 0.250% 21- CRED AGRICOLE SA 14-
3 000 000 EUR 2 983 166 0.14 200 000 USD 192 900 0.01
09/11/2026 29/12/2049 FRN
CRED AGRICOLE SA 16-
200 000 USD 208 562 0.01
Belgium 8 722 428 0.43 29/12/2049 FRN
BELFIUS BANK SA 0.375% 21- CRED AGRICOLE SA 19-
2 100 000 EUR 2 085 044 0.10 800 000 USD 768 816 0.04
08/06/2027 31/12/2049 FRN
5 000 000 KBC GROUP NV 0.875% 18-27/06/2023 EUR 5 081 951 0.25 CRED AGRICOLE SA 19-
200 000 USD 192 204 0.01
31/12/2049 FRN
817 000 ONTEX GROUP 3.500% 21-15/07/2026 EUR 776 273 0.04 CRED AGRICOLE SA 20-
5 500 000 EUR 5 661 948 0.27
800 000 PROXIMUS SADP 0.750% 21-17/11/2036 EUR 779 160 0.04 05/06/2030 FRN
CRED AGRICOLE SA 20-
1 800 000 EUR 1 951 386 0.09
Austria 7 189 374 0.34 31/12/2060 FRN
6 000 000 ERSTE GROUP 0.125% 21-17/05/2028 EUR 5 861 970 0.28 CREDIT AGRICOLE ASSURANCES 14-
900 000 EUR 1 012 190 0.05
31/10/2049 FRN
500 000 ERSTE GROUP 0.250% 21-14/09/2029 EUR 485 668 0.02 CREDIT AGRICOLE ASSURANCES 15-
700 000 EUR 767 073 0.04
SAPPI PAPIER HOL 3.625% 21- 29/01/2049 FRN
333 000 EUR 337 079 0.02 CREDIT AGRICOLE ASSURANCES 18-
15/03/2028 1 000 000 EUR 1 065 114 0.05
500 000 VERBUND AG 0.900% 21-01/04/2041 EUR 504 657 0.02 29/01/2048 FRN
CREDIT AGRICOLE SA 21-
1 100 000 EUR 1 084 247 0.05
Canada 5 144 224 0.25 21/09/2029 FRN
BANK NOVA SCOTIA 0.250% 21- 1 300 000 DANONE 17-31/12/2049 FRN EUR 1 317 669 0.06
3 000 000 EUR 2 929 138 0.14
01/11/2028 2 000 000 DANONE 21-31/12/2061 FRN EUR 1 999 298 0.10
ROYAL BK CANADA 0.250% 19-
2 200 000 EUR 2 215 086 0.11 600 000 ELEC DE FRANCE 20-31/12/2060 FRN EUR 619 360 0.03
02/05/2024
3 000 000 ELEC DE FRANCE 21-31/12/2061 FRN EUR 3 013 275 0.15
Denmark 4 047 043 0.19
1 500 000 GACM 21-21/04/2042 FRN EUR 1 498 102 0.07
250 000 DKT FINANCE 7.000% 18-17/06/2023 EUR 252 919 0.01
LA BANQUE POSTAL 21-
1 000 000 ISS GLOBAL A/S 0.875% 19-18/06/2026 EUR 1 007 968 0.05 800 000 EUR 748 525 0.04
31/12/2061 FRN
2 586 000 ORSTED A/S 1.500% 17-26/11/2029 EUR 2 786 156 0.13 400 000 LA MONDIALE 19-31/12/2059 FRN EUR 432 000 0.02
2 000 000 ORANGE 14-29/10/2049 FRN EUR 2 344 068 0.11
Liechtenstein 3 400 966 0.16
3 500 000 SWISS LIFE FIN I 0.500% 21-15/09/2031 EUR 3 400 966 0.16 5 000 000 ORANGE 14-29/12/2049 FRN EUR 5 478 948 0.27
1 000 000 ORANGE 19-31/12/2049 FRN EUR 1 040 669 0.05
Cyprus 3 334 109 0.17 1 000 000 ORANGE 20-15/10/2169 FRN EUR 1 012 412 0.05
AROUNDTOWN SA 0.000% 20-
3 100 000 EUR 3 021 364 0.15 3 100 000 ORANGE 21-31/12/2061 FRN EUR 3 045 566 0.15
16/07/2026
AROUNDTOWN SA 1.500% 19- 500 000 SCOR SE 16-27/05/2048 FRN EUR 577 816 0.03
300 000 EUR 312 745 0.02
28/05/2026
400 000 SCOR SE 18-31/12/2049 FRN USD 366 730 0.02
Portugal 2 315 284 0.11 600 000 SCOR SE 20-17/09/2051 FRN EUR 589 229 0.03
CAIXA GERAL DEPO 1.250% 19-
500 000 EUR 510 480 0.02 SOCIETE GENERALE 15-
25/11/2024 200 000 USD 203 783 0.01
29/12/2049 FRN
1 700 000 EDP SA 1.625% 20-15/04/2027 EUR 1 804 804 0.09 SOCIETE GENERALE 20-
5 000 000 EUR 5 036 988 0.24
22/09/2028 FRN
Mexico 1 734 840 0.08 SOCIETE GENERALE 20-
NEMAK SAB DE CV 2.250% 21- 4 000 000 EUR 3 994 198 0.19
1 800 000 EUR 1 734 840 0.08 24/11/2030 FRN
20/07/2028 SOCIETE GENERALE 20-
800 000 USD 742 017 0.04
31/12/2060 FRN
Greece 634 887 0.03 SOCIETE GENERALE 21-
636 000 MYTILINEOS SA 2.250% 21-30/10/2026 EUR 634 887 0.03 1 600 000 EUR 1 593 563 0.08
02/12/2027 FRN
SOCIETE GENERALE 21-
2 000 000 EUR 1 985 244 0.10
17/11/2026 FRN
SOCIETE GENERALE 21-
5 000 000 EUR 4 983 524 0.24
30/06/2031 FRN
900 000 SOGECAP SA 14-29/12/2049 FRN EUR 1 001 370 0.05
500 000 SOLVAY FIN 15-29/06/2049 FRN EUR 549 958 0.03
The accompanying notes form an integral part of these financial statements
Page 244
BNP PARIBAS FUNDS Sustainable Euro Corporate Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
1 819 000 TOTAL SA 15-29/12/2049 FRN EUR 1 902 288 0.09 VOLKSWAGEN INTERNATION FN 17-
2 000 000 EUR 2 165 913 0.10
31/12/2049 FRN
4 000 000 TOTAL SA 16-29/12/2049 FRN EUR 4 046 912 0.20 VOLKSWAGEN INTFN 15-
2 000 000 EUR 2 148 470 0.10
900 000 TOTAL SA 16-29/12/2049 FRN EUR 978 885 0.05 29/12/2049 FRN
VOLKSWAGEN INTFN 20-
3 300 000 TOTAL SA 16-29/12/2049 FRN EUR 3 388 083 0.16 1 900 000 EUR 2 021 203 0.10
31/12/2060 FRN
2 718 000 TOTAL SA 19-31/12/2049 FRN EUR 2 770 299 0.13 VOLKSWAGEN INTFN 20-
8 000 000 EUR 8 679 267 0.42
1 078 000 TOTAL SE 20-31/12/2060 FRN EUR 1 061 459 0.05 31/12/2060 FRN
3 500 000 WINTERSHALL FIN 21-20/07/2169 FRN EUR 3 430 394 0.17
4 590 000 TOTAL SE 21-31/12/2061 FRN EUR 4 549 148 0.22
1 000 000 TOTAL SE 21-31/12/2061 FRN EUR 962 719 0.05 Spain 62 953 439 3.03
UNIBAIL-RODAMCO 18- BANCO BILBAO VIZCAYA
400 000 EUR 394 760 0.02 200 000 EUR 214 326 0.01
31/12/2049 FRN ARGENTARIA 19-31/12/2049 FRN
BANCO BILBAO VIZCAYA
500 000 EUR 499 253 0.02
The Netherlands 110 764 960 5.37 ARGENTARIA 20-16/01/2030 FRN
6 500 000 ABERTIS FINANCE 20-31/12/2060 FRN EUR 6 622 106 0.32 BANCO BILBAO VIZCAYA
2 600 000 EUR 2 890 552 0.14
ARGENTARIA 20-31/12/2060 FRN
5 500 000 ABERTIS FINANCE 21-31/12/2061 FRN EUR 5 379 689 0.26
2 100 000 BANCO SABADELL 20-11/03/2027 FRN EUR 2 136 553 0.10
ABN AMRO BANK NV 17-
200 000 EUR 216 617 0.01 5 000 000 BANCO SABADELL 21-16/06/2028 FRN EUR 4 812 895 0.23
31/12/2049 FRN
ABN AMRO BANK NV 20- 200 000 BANCO SABADELL 21-31/12/2061 FRN EUR 200 741 0.01
200 000 EUR 214 185 0.01
31/12/2060 FRN
ADECCO INTERNATIONAL 200 000 BANCO SANTANDER 17-31/12/2049 EUR 204 066 0.01
1 000 000 FINANCIAL SERVICES 21- EUR 984 793 0.05 BANCO SANTANDER 17-
200 000 EUR 209 069 0.01
21/03/2082 FRN 31/12/2049 FRN
2 000 000 ARGENTUM NET 19-19/02/2049 FRN EUR 2 186 840 0.11 BANCO SANTANDER 19-
200 000 USD 189 829 0.01
31/12/2049 FRN
ASR NEDERLAND NV 15- BANCO SANTANDER 20-
400 000 EUR 462 613 0.02 200 000 EUR 205 740 0.01
29/09/2045 FRN 31/12/2060 FRN
ASR NEDERLAND NV 17- BANCO SANTANDER 21-
200 000 EUR 217 449 0.01 4 000 000 EUR 3 953 777 0.19
31/12/2049 FRN 24/06/2029 FRN
ASR NEDERLAND NV 19- BANCO SANTANDER 21-
700 000 EUR 770 685 0.04 800 000 EUR 742 689 0.04
02/05/2049 FRN 31/12/2061 FRN
COOPERATIEVE RAB 18-
400 000 EUR 437 000 0.02 3 000 000 BANKINTER SA 21-23/12/2032 FRN EUR 2 969 545 0.14
31/12/2049 FRN
COOPERATIEVE RAB 19- 7 200 000 CAIXABANK 20-10/07/2026 FRN EUR 7 309 461 0.35
200 000 EUR 204 957 0.01
31/12/2059 FRN
5 000 000 CAIXABANK 20-18/11/2026 FRN EUR 4 970 625 0.24
COOPERATIEVE RAB 20-
600 000 EUR 659 982 0.03 10 900 000 CAIXABANK 21-09/02/2029 FRN EUR 10 659 136 0.52
31/12/2060 FRN
1 150 000 FERROVIAL NL 17-31/12/2049 FRN EUR 1 146 074 0.06 400 000 CAIXABANK 21-14/12/2169 FRN EUR 379 161 0.02
IBERDROLA INTERNATIONAL 17- 13 000 000 CAIXABANK 21-18/06/2031 FRN EUR 13 003 392 0.63
6 700 000 EUR 6 829 466 0.33
31/12/2049 FRN
IBERDROLA INTERNATIONAL 18- 1 500 000 CAIXABANK 21-26/05/2028 FRN EUR 1 494 867 0.07
4 300 000 EUR 4 505 981 0.22
31/12/2049 FRN 200 000 IBERCAJA 20-23/07/2030 FRN EUR 199 065 0.01
IBERDROLA INTERNATIONAL 19-
3 000 000 EUR 3 217 224 0.16 4 600 000 IBERDROLA FIN SA 21-31/12/2061 FRN EUR 4 574 097 0.22
31/12/2049 FRN
IBERDROLA INTERNATIONAL 21- 1 000 000 MAPFRE 17-31/03/2047 FRN EUR 1 134 600 0.05
4 900 000 EUR 4 861 535 0.24
31/12/2061 FRN
5 000 000
IBERDROLA INTERNATIONAL 21-
EUR 5 000 441 0.24 Germany 61 854 118 3.02
31/12/2061 FRN 1 000 000 ALLIANZ SE 19-25/09/2049 FRN EUR 995 917 0.05
300 000 ING GROEP NV 19-31/12/2059 FRN USD 283 827 0.01
1 500 000 ALLIANZ SE 20-08/07/2050 FRN EUR 1 573 774 0.08
200 000 ING GROEP NV 20-31/12/2060 FRN USD 177 727 0.01
1 400 000 ALLIANZ SE 20-30/04/2169 FRN EUR 1 388 415 0.07
1 400 000 ING GROEP NV 21-07/12/2028 FRN GBP 1 601 981 0.08
2 400 000 ALLIANZ SE 21-31/12/2061 FRN EUR 2 352 775 0.11
6 000 000 ING GROEP NV 21-09/06/2032 FRN EUR 5 950 690 0.29 BAYERISCHE LNDBK 21-
2 100 000 EUR 2 087 377 0.10
4 300 000 ING GROEP NV 21-16/11/2032 FRN EUR 4 259 911 0.21 23/09/2031 FRN
COMMERZBANK AG 19-
2 500 000 ING GROEP NV 21-29/09/2028 FRN EUR 2 456 133 0.12 200 000 USD 189 054 0.01
09/04/2168 FRN
1 100 000 ING GROEP NV 21-29/11/2025 FRN EUR 1 098 747 0.05 COMMERZBANK AG 20-
1 600 000 EUR 1 741 749 0.08
500 000 ING GROEP NV 21-31/12/2061 FRN USD 416 794 0.02 05/12/2030 FRN
COMMERZBANK AG 20-
1 000 000 NN GROUP NV 14-29/06/2049 FRN EUR 1 085 550 0.05 5 000 000 EUR 5 070 633 0.25
24/03/2026 FRN
2 000 000 NN GROUP NV 17-13/01/2048 FRN EUR 2 335 460 0.11 COMMERZBANK AG 20-
1 000 000 EUR 1 088 819 0.05
31/12/2060 FRN
REPSOL INTERNATIONAL FIN 20-
1 500 000 EUR 1 583 400 0.08 COMMERZBANK AG 20-
31/12/2060 FRN 1 000 000 EUR 1 150 313 0.06
31/12/2060 FRN
REPSOL INTERNATIONAL FIN 20-
1 000 000 EUR 1 079 917 0.05 COMMERZBANK AG 21-
31/12/2060 FRN 4 700 000 EUR 4 605 354 0.22
29/12/2031 FRN
REPSOL INTERNATIONAL FIN 21-
1 857 000 EUR 1 850 996 0.09 COMMERZBANK AG 21-
31/12/2061 FRN 1 200 000 EUR 1 193 660 0.06
31/12/2061 FRN
REPSOL INTERNATIONAL FINANCE
3 500 000 EUR 3 750 485 0.18 DEUTSCHE BOERSE 20-
15-25/03/2075 FRN 500 000 EUR 509 892 0.02
16/06/2047 FRN
809 000 STEDIN HOLDING 21-31/12/2061 FRN EUR 811 989 0.04 ENERGIE BADEN-W 21-
TELEFONICA EUROP 18- 3 500 000 EUR 3 414 764 0.17
300 000 EUR 309 058 0.01 31/08/2081 FRN
31/12/2049 FRN ENERGIE BADEN-WU 19-
TELEFONICA EUROP 18- 2 000 000 EUR 1 996 700 0.10
400 000 EUR 423 572 0.02 05/08/2079 FRN
31/12/2049 FRN ENERGIE BADEN-WU 20-
TELEFONICA EUROP 20- 2 700 000 EUR 2 757 120 0.13
5 000 000 EUR 5 028 084 0.24 29/06/2080 FRN
31/12/2060 FRN 4 900 000 EVONIK 21-02/09/2081 FRN EUR 4 865 503 0.24
TELEFONICA EUROP 21-
5 300 000 EUR 5 046 448 0.24 HANNOVER RUECKV 20-
31/12/2061 FRN 300 000 EUR 306 205 0.01
08/10/2040 FRN
TELEFONICA EUROP 21-
2 000 000 EUR 1 984 967 0.10 HANNOVER RUECKV 21-
31/12/2061 FRN 1 800 000 EUR 1 766 601 0.09
30/06/2042 FRN
3 300 000 TENNET HLD BV 17-31/12/2049 FRN EUR 3 447 133 0.17
1 500 000 INFINEON TECH 19-01/04/2168 FRN EUR 1 553 710 0.08
2 000 000 TENNET HLD BV 20-22/10/2168 FRN EUR 2 073 240 0.10
700 000 MERCK 14-12/12/2074 SR EUR 756 293 0.04
1 300 000 VOLKSBANK NV 20-22/10/2030 FRN EUR 1 345 967 0.07
The accompanying notes form an integral part of these financial statements
Page 245
BNP PARIBAS FUNDS Sustainable Euro Corporate Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
2 300 000 MERCK 19-25/06/2079 FRN EUR 2 358 938 0.11
Portugal 28 052 307 1.36
3 000 000 MERCK 20-09/09/2080 FRN EUR 3 064 116 0.15 CAIXA GERAL DEPO 18-
1 000 000 EUR 1 073 200 0.05
MUENCHENER 28/06/2028 FRN
1 000 000 RUECKVERSICHERUNG 12- EUR 1 023 264 0.05 CAIXA GERAL DEPO 21-
4 100 000 EUR 4 025 890 0.19
26/05/2042 FRN 21/09/2027 FRN
5 000 000 MUNICH RE 20-26/05/2041 FRN EUR 4 928 208 0.24 7 300 000 EDP SA 19-30/04/2079 FRN EUR 7 792 020 0.38
9 000 000 MUNICH RE 21-26/05/2042 FRN EUR 8 588 017 0.42 2 500 000 EDP SA 20-20/07/2080 FRN EUR 2 478 462 0.12
500 000 TALANX AG 17-05/12/2047 FRN EUR 526 947 0.03 3 100 000 EDP SA 21-02/08/2081 FRN EUR 3 066 598 0.15
8 700 000 EDP SA 21-14/03/2082 FRN EUR 8 380 983 0.41
Italy 46 982 682 2.28
545 000 BPER BANCA 21-31/03/2027 FRN EUR 533 647 0.03 1 300 000 EDP SA 21-14/03/2082 FRN EUR 1 235 154 0.06
1 200 000 ENEL S.P.A. 18-24/11/2078 FRN EUR 1 237 894 0.06 United Kingdom 24 127 764 1.16
200 000 ENEL SPA 19-24/05/2080 FRN EUR 214 393 0.01 BARCLAYS BANK PLC 17-
500 000 EUR 509 010 0.02
07/02/2028 FRN
1 000 000 ENEL SPA 20-31/12/2060 FRN EUR 1 031 290 0.05 BARCLAYS BANK PLC 21-
1 000 000 EUR 976 018 0.05
4 000 000 ENEL SPA 21-31/12/2061 FRN EUR 3 903 006 0.19 09/08/2029 FRN
BARCLAYS BANK PLC 21-
4 700 000 ENEL SPA 21-31/12/2061 FRN EUR 4 548 085 0.22 2 000 000 EUR 1 995 672 0.10
22/03/2031 FRN
5 000 000 ENI SPA 20-31/12/2060 FRN EUR 5 235 756 0.25 5 940 000 BP CAPITAL PLC 20-22/06/2169 FRN EUR 6 281 916 0.30
1 500 000 ENI SPA 20-31/12/2060 FRN EUR 1 552 887 0.08 BRITISH TELECOMM 20-
1 500 000 EUR 1 465 985 0.07
3 241 000 ENI SPA 21-31/12/2061 FRN EUR 3 219 961 0.16 18/08/2080 FRN
200 000 LLOYDS BANKING 14-27/06/2049 FRN EUR 217 875 0.01
200 000 INTESA SANPAOLO 17-31/12/2049 FRN EUR 217 435 0.01
200 000 LLOYDS BANKING 14-30/04/2049 FRN USD 194 654 0.01
700 000 INTESA SANPAOLO 20-01/03/2169 FRN EUR 762 395 0.04
LLOYDS BANKING GROUP PLC 18-
1 350 000 INTESA SANPAOLO 20-31/12/2060 FRN EUR 1 333 375 0.06 218 000 USD 217 099 0.01
31/12/2049 FRN
1 050 000 INTESA SANPAOLO 20-31/12/2060 FRN EUR 1 024 089 0.05 LLOYDS BANKING GROUP PLC 19-
200 000 GBP 246 844 0.01
31/12/2059 FRN
2 000 000 MEDIOBANCA SPA 21-02/11/2028 FRN EUR 1 962 258 0.09
1 718 000 NATWEST GROUP 21-14/09/2032 FRN EUR 1 690 289 0.08
1 269 000 POSTE ITALIANE 21-31/12/2061 FRN EUR 1 217 409 0.06
200 000 NGG FINANCE 19-05/12/2079 FRN EUR 201 174 0.01
200 000 UNICREDIT S.P.A. 17-31/12/2049 FRN EUR 211 677 0.01 SANTANDER UK GRP 21-
1 000 000 EUR 977 333 0.05
600 000 UNICREDIT SPA 16-29/12/2049 FRN EUR 621 746 0.03 13/09/2029 FRN
2 096 000 UNICREDIT SPA 19-03/07/2025 FRN EUR 2 152 342 0.10 200 000 STANDARD CHART 20-31/12/2060 FRN USD 188 212 0.01
200 000 UNICREDIT SPA 19-20/02/2029 FRN EUR 214 576 0.01 893 000 STANDARD CHART 21-17/11/2029 FRN EUR 887 639 0.04
1 000 000 UNICREDIT SPA 19-25/06/2025 FRN EUR 1 023 506 0.05 4 555 000 STANDARD CHART 21-23/09/2031 FRN EUR 4 543 587 0.22
200 000 UNICREDIT SPA 19-31/12/2049 FRN EUR 234 606 0.01 2 500 000 VODAFONE GROUP 20-27/08/2080 FRN EUR 2 517 753 0.12
1 000 000 UNICREDIT SPA 20-15/01/2032 FRN EUR 1 019 829 0.05 1 000 000 VODAFONE GROUP 20-27/08/2080 FRN EUR 1 016 704 0.05
4 000 000 UNICREDIT SPA 20-16/06/2026 FRN EUR 4 097 834 0.20 Ireland 23 290 708 1.12
1 170 000 UNICREDIT SPA 20-20/01/2026 FRN EUR 1 187 821 0.06 265 000 AIB GROUP PLC 19-31/12/2059 FRN EUR 281 463 0.01
1 000 000 UNICREDIT SPA 20-22/07/2027 FRN EUR 1 054 050 0.05 3 500 000 AIB GROUP PLC 20-30/05/2031 FRN EUR 3 689 454 0.18
1 000 000 UNICREDIT SPA 20-31/12/2060 FRN EUR 957 958 0.05 255 000 AIB GROUP PLC 20-31/12/2060 FRN EUR 282 344 0.01
4 558 000 UNICREDIT SPA 21-05/07/2029 FRN EUR 4 547 662 0.22 7 000 000 AIB GROUP PLC 21-17/11/2027 FRN EUR 6 938 022 0.34
300 000 UNICREDIT SPA 21-31/12/2061 FRN EUR 303 788 0.01 200 000 BANK OF IRELAND 20-31/12/2060 FRN EUR 218 153 0.01
1 200 000 UNIPOLSAI ASSICU 20-31/12/2060 FRN EUR 1 361 407 0.07 8 000 000 BANK OF IRELAND 21-10/05/2027 FRN EUR 7 889 131 0.38
3 000 000 BANK OF IRELAND 21-11/08/2031 FRN EUR 2 965 421 0.14
United States of
1 000 000 ZURICH FINANCE 20-17/09/2050 FRN EUR 1 026 720 0.05
America 46 625 172 2.23
2 500 000 AT&T INC 18-05/09/2023 FRN EUR 2 547 340 0.12 Belgium 16 330 320 0.79
5 000 000 AT&T INC 20-31/12/2060 FRN EUR 5 003 047 0.24 4 000 000 AGEAS 20-24/11/2051 FRN EUR 3 982 392 0.19
BANK OF AMERICA CORP 13- 200 000 KBC GROUP NV 19-31/12/2049 FRN EUR 212 184 0.01
500 000 USD 455 966 0.02
29/12/2049 FRN
BANK OF AMERICA CORP 17- 6 500 000 KBC GROUP NV 20-16/06/2027 FRN EUR 6 508 125 0.32
1 000 000 EUR 1 056 949 0.05
04/05/2027 FRN 4 000 000 SOLVAY SA 18-31/12/2049 FRN EUR 4 201 467 0.20
BANK OF AMERICA CORP 17-
2 800 000 EUR 2 877 882 0.14 1 400 000 SOLVAY SA 20-02/09/2169 FRN EUR 1 426 152 0.07
07/02/2025 FRN
BANK OF AMERICA CORP 18-
2 000 000
25/04/2028 FRN
EUR 2 109 876 0.10 Denmark 14 091 835 0.68
BANK OF AMERICA CORP 19- 5 000 000 JYSKE BANK A/S 21-02/09/2026 FRN EUR 4 928 589 0.24
1 586 000 EUR 1 613 564 0.08
09/05/2026 FRN 1 318 000 JYSKE BANK A/S 21-17/02/2028 FRN EUR 1 300 371 0.06
BANK OF AMERICA CORP 20-
248 000 EUR 292 266 0.01 600 000 NYKREDIT 20-31/12/2060 FRN EUR 638 504 0.03
31/03/2029 FRN
BANK OF AMERICA CORP 21- 2 500 000 NYKREDIT 21-28/07/2031 FRN EUR 2 474 055 0.12
1 086 000 EUR 1 069 015 0.05
22/03/2031 FRN
2 400 000 ORSTED A/S 17-24/11/3017 FRN EUR 2 485 560 0.12
500 000 CITIGROUP INC 05-25/02/2030 SR EUR 560 000 0.03
1 170 000 ORSTED A/S 19-09/12/3019 FRN EUR 1 194 878 0.06
90 000 CITIGROUP INC 12-29/07/2049 FRN USD 81 652 0.00
1 088 000 ORSTED A/S 21-18/02/3021 FRN EUR 1 069 878 0.05
2 800 000 CITIGROUP INC 20-06/07/2026 FRN EUR 2 891 918 0.14
4 080 000
MORGAN STANLEY 20-
EUR 4 003 135 0.19 Sweden 13 534 774 0.66
26/10/2029 FRN HEIMSTADEN BOSTA 21-
MORGAN STANLEY 21- 1 000 000 EUR 991 244 0.05
12 000 000 EUR 11 607 694 0.56 13/10/2170 FRN
07/02/2031 FRN
200 000 NORDEA BANK AB 17-31/12/2049 FRN EUR 207 140 0.01
MORGAN STANLEY 21-
3 555 000 EUR 3 554 071 0.17 5 700 000 NORDEA BANK AB 21-18/08/2031 FRN EUR 5 648 069 0.27
29/04/2033 FRN
MORGAN STANLEY 21-
6 947 000 EUR 6 900 797 0.33
29/10/2027 FRN
The accompanying notes form an integral part of these financial statements
Page 246
BNP PARIBAS FUNDS Sustainable Euro Corporate Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
SKANDINAVISKA ENSKILDA BANK
200 000 USD 178 893 0.01
17-31/12/2049
SKANDINAVISKA ENSKILDA BANK
2 481 000 EUR 2 466 575 0.12
21-03/11/2031 FRN
4 000 000 TELIA CO AB 20-11/05/2081 FRN EUR 4 042 853 0.20
Austria 11 070 281 0.53
200 000 ERSTE GROUP 17-31/12/2049 EUR 220 241 0.01
200 000 ERSTE GROUP 20-31/12/2060 FRN EUR 193 145 0.01
600 000 ERSTE GROUP 20-31/12/2060 FRN EUR 628 045 0.03
2 100 000 ERSTE GROUP 21-15/11/2032 FRN EUR 2 071 616 0.10
600 000 LENZING AG 20-31/12/2060 FRN EUR 630 240 0.03
400 000 OMV AG 18-31/12/2049 FRN EUR 417 830 0.02
1 000 000 RAIFFEISEN BK IN 20-18/06/2032 FRN EUR 1 073 941 0.05
800 000 RAIFFEISEN BK IN 20-31/12/2060 FRN EUR 878 868 0.04
5 000 000 RAIFFEISEN BK IN 21-17/06/2033 FRN EUR 4 956 355 0.24
Australia 7 967 314 0.39
1 061 000 AUSNET SERVICES 21-11/03/2081 FRN EUR 1 062 680 0.05
1 000 000 AUST & NZ BANK 21-05/05/2031 FRN EUR 983 826 0.05
WESTPAC BANKING 21-
6 000 000 EUR 5 920 808 0.29
13/05/2031 FRN
Norway 6 791 371 0.33
200 000 DNB BANK ASA 16-29/12/2049 FRN USD 178 179 0.01
200 000 DNB BANK ASA 19-31/12/2059 FRN USD 182 859 0.01
6 500 000 SPAREBANK 1 SR 21-15/07/2027 FRN EUR 6 430 333 0.31
Poland 3 155 840 0.15
3 200 000 MBANK 21-21/09/2027 FRN EUR 3 155 840 0.15
Cyprus 3 155 310 0.15
479 000 AROUNDTOWN SA 19-12/01/2168 FRN EUR 484 071 0.02
2 800 000 AROUNDTOWN SA 21-31/12/2061 FRN EUR 2 671 239 0.13
Luxembourg 2 226 003 0.10
EUROCLEAR INVSTS 21-
300 000 EUR 292 263 0.01
16/06/2051 FRN
1 800 000 SWISS RE FIN 19-30/04/2050 FRN EUR 1 933 740 0.09
Japan 982 678 0.05
1 000 000 RAKUTEN GROUP 21-22/04/2170 FRN EUR 982 678 0.05
Finland 367 728 0.02
200 000 NORDEA BANK 19-31/12/2049 FRN USD 200 264 0.01
NORDEA BANK ABP 21-
200 000 USD 167 464 0.01
31/12/2061 FRN
Other transferable securities 103 613 0.01
Bonds 103 613 0.01
Iceland 103 613 0.01
TEVA PHARMACEUTICAL F 4.500%
100 000 EUR 103 613 0.01
18-01/03/2025
Shares/Units in investment funds 119 743 519 5.82
Luxembourg 119 743 519 5.82
BNP PARIBAS FUNDS SOCIAL
200.00 EUR 19 943 679 0.98
BOND XCA
BNP PARIBAS INSTICASH EUR 1D
727 312.91 EUR 99 799 840 4.84
SHORT TERM VNAV - I CAP
Total securities portfolio 2 032 055 752 98.36
The accompanying notes form an integral part of these financial statements
Page 247
BNP PARIBAS FUNDS Sustainable Euro Low Vol Equity
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an Spain 4 731 559 5.97
official stock exchange listing and/or 78 959 233 99.61 586 410 000 FERROVIAL SA EUR 1 616 145 2.04
traded on another regulated market 540 240 000 INDUSTRIA DE DISENO TEXTIL EUR 1 541 305 1.94
78 959 233 99.61 827 390 000 RED ELECTRICA CORPORACION SA EUR 1 574 109 1.99
Shares
Italy 3 440 736 4.34
France 26 882 969 33.91
841 250 000 ASSICURAZIONI GENERALI EUR 1 567 249 1.98
487 890 000 ALSTOM EUR 1 523 193 1.92
925 160 000 FINECOBANK S.P.A. EUR 1 427 984 1.80
200 450 000 AMUNDI SA EUR 1 454 265 1.83
78 850 000 RECORDATI SPA EUR 445 503 0.56
539 860 000 BUREAU VERITAS SA EUR 1 575 311 1.99
293 400 000 DANONE EUR 1 601 671 2.02 Belgium 3 204 943 4.05
290 930 000 DASSAULT SYSTEMES SE EUR 1 521 855 1.92 936 550 000 PROXIMUS EUR 1 605 247 2.03
391 220 000 EDENRED EUR 1 587 180 2.00 37 030 000 SOFINA EUR 1 599 696 2.02
84 490 000 ESSILORLUXOTTICA EUR 1 581 991 2.00 Ireland 1 407 131 1.78
133 320 000 GECINA SA EUR 1 638 502 2.06 124 250 000 KERRY GROUP PLC - A EUR 1 407 131 1.78
9 870 000 HERMES INTERNATIONAL EUR 1 516 032 1.91
3 300 000 LEGRAND SA EUR 33 957 0.04
Total securities portfolio 78 959 233 99.61
37 200 000 LOREAL EUR 1 551 054 1.96
21 200 000 LVMH EUR 1 541 240 1.94
111 140 000 MICHELIN (CGDE) EUR 1 602 083 2.02
1 682 040 000 ORANGE EUR 1 583 304 2.00
125 650 000 SANOFI AVENTIS EUR 1 113 008 1.40
93 560 000 SCHNEIDER ELECTRIC SE EUR 1 613 535 2.04
113 230 000 SEB SA EUR 1 550 119 1.96
225 160 000 TOTAL SA EUR 1 004 889 1.27
122 370 000 WENDEL EUR 1 289 780 1.63
Germany 22 912 851 28.89
75 950 000 ALLIANZ SE - REG EUR 1 577 102 1.99
163 020 000 BAYERISCHE MOTOREN WERKE AG EUR 1 442 564 1.82
237 340 000 DEUTSCHE POST AG - REG EUR 1 341 920 1.69
685 150 000 DEUTSCHE TELEKOM AG - REG EUR 1 116 795 1.41
1 365 010 000 E.ON SE EUR 1 664 219 2.09
554 490 000 EVONIK INDUSTRIES AG EUR 1 578 633 1.99
185 840 000 FRESENIUS MEDICAL CARE AG EUR 1 061 890 1.34
49 590 000 HANNOVER RUECK SE EUR 828 897 1.05
229 310 000 HENKEL AG & CO KGAA EUR 1 575 360 1.99
173 460 000 KNORR-BREMSE AG EUR 1 507 367 1.90
39 780 000 LEG IMMOBILIENILIEN AG EUR 488 101 0.62
68 510 000 MERCK KGAA EUR 1 555 177 1.96
100 300 000 SAP SE EUR 1 252 747 1.58
266 060 000 SCOUT24 AG EUR 1 634 140 2.06
79 450 000 SIEMENS AG - REG EUR 1 213 043 1.53
120 710 000 SYMRISE AG EUR 1 572 851 1.98
309 700 000 VONOVIA SE EUR 1 502 045 1.89
The Netherlands 10 994 743 13.87
154 180 000 AKZO NOBEL N.V. EUR 1 487 837 1.88
21 470 000 ASML HOLDING NV EUR 1 517 285 1.91
178 740 000 EURONEXT NV - W/I EUR 1 631 002 2.06
23 590 000 FERRARI NV EUR 536 673 0.68
14 850 000 IMCD GROUP NV - W/I EUR 289 130 0.36
519 760 000 KONINKLIJKE AHOLD DELHAIZE NV EUR 1 566 297 1.98
50 160 000 KONINKLIJKE DSM NV EUR 993 168 1.25
445 240 000 KONINKLIJKE PHILIPS NV EUR 1 458 829 1.84
318 110 000 NN GROUP NV - W/I EUR 1 514 522 1.91
Finland 5 384 301 6.80
125 450 000 ELISA OYJ EUR 678 935 0.86
252 660 000 KONE OYJ - B EUR 1 592 769 2.01
352 890 000 SAMPO OYJ - A EUR 1 554 833 1.96
465 560 000 UPM-KYMMENE OYJ EUR 1 557 764 1.97
The accompanying notes form an integral part of these financial statements
Page 248
BNP PARIBAS FUNDS Sustainable Euro Multi-Factor Corporate Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
PROCTER & GAMBLE 0.500% 17-
Transferable securities admitted to an 1 970 000
25/10/2024
EUR 2 004 948 0.64
official stock exchange listing and/or 300 087 394 95.20
2 070 000
PROCTER & GAMBLE 0.625% 18-
EUR 2 112 710 0.67
30/10/2024
traded on another regulated market PROCTER & GAMBLE 1.125% 15-
1 720 000 EUR 1 765 103 0.56
300 087 394 95.20 02/11/2023
Bonds PROCTER & GAMBLE 4.875% 07-
1 260 000 EUR 1 576 052 0.50
11/05/2027
United States of
2 550 000 PROLOGIS EURO 1.000% 20-06/02/2035 EUR 2 467 518 0.78
America 106 970 537 33.94 PUBLIC STORAGE 0.500% 21-
2 370 000 ABBOTT IL FIN 0.100% 19-19/11/2024 EUR 2 382 644 0.76 2 590 000 EUR 2 501 451 0.79
09/09/2030
650 000 ABBOTT IL FIN 0.375% 19-19/11/2027 EUR 653 404 0.21 PUBLIC STORAGE 0.875% 20-
2 520 000 EUR 2 444 578 0.78
24/01/2032
1 500 000 ABBOTT IL FIN 0.875% 18-27/09/2023 EUR 1 528 471 0.48
1 710 000 RELX CAPITAL 1.300% 15-12/05/2025 EUR 1 773 698 0.56
1 710 000 ABBOTT IL FIN 1.500% 18-27/09/2026 EUR 1 814 778 0.58
790 000 THERMO FISHER 0.125% 19-01/03/2025 EUR 790 837 0.25
1 920 000 APPLE INC 0.875% 17-24/05/2025 EUR 1 976 995 0.63
2 110 000 THERMO FISHER 0.875% 19-01/10/2031 EUR 2 126 715 0.67
920 000 APPLE INC 1.375% 15-17/01/2024 EUR 952 465 0.30
1 760 000 THERMO FISHER 1.400% 17-23/01/2026 EUR 1 840 713 0.58
1 880 000 APPLE INC 1.375% 17-24/05/2029 EUR 2 019 481 0.64
1 350 000 THERMO FISHER 1.450% 17-16/03/2027 EUR 1 425 949 0.45
1 920 000 APPLE INC 1.625% 14-10/11/2026 EUR 2 062 550 0.65
450 000 APPLE INC 2.000% 15-17/09/2027 EUR 495 692 0.16 The Netherlands 55 217 277 17.52
ABB FINANCE BV 0.000% 21-
160 000 AT&T INC 3.150% 17-04/09/2036 EUR 189 970 0.06 2 610 000 EUR 2 506 324 0.80
19/01/2030
1 040 000 AT&T INC 3.375% 14-15/03/2034 EUR 1 268 450 0.40 ADECCO INTERNATIONAL
AVERY DENNISON 1.250% 17- 1 500 000 FINANCIAL SERVICES 1.000% 16- EUR 1 536 725 0.49
2 340 000 EUR 2 414 243 0.77 02/12/2024
03/03/2025
BAXTER INTERNATIONAL 1.300% 19- ADECCO INTERNATIONAL
1 750 000 EUR 1 821 647 0.58 36 000 FINANCIAL SERVICES 1.500% 15- EUR 36 402 0.01
15/05/2029
BLACKSTONE HLDGS 1.000% 16- 22/11/2022
2 420 000 EUR 2 484 314 0.79 AKZO NOBEL NV 1.625% 20-
05/10/2026 2 290 000 EUR 2 469 625 0.78
BLACKSTONE HLDGS 1.500% 19- 14/04/2030
2 440 000 EUR 2 574 466 0.82 AKZO NOBEL NV 1.750% 14-
10/04/2029 1 460 000 EUR 1 536 525 0.49
COCA-COLA CO/THE 0.950% 21- 07/11/2024
2 480 000 EUR 2 448 284 0.78 ASML HOLDING NV 0.250% 20-
06/05/2036 590 000 EUR 582 186 0.18
COCA-COLA CO/THE 1.625% 15- 25/02/2030
2 300 000 EUR 2 501 862 0.79 ASML HOLDING NV 0.625% 20-
09/03/2035 740 000 EUR 754 349 0.24
COLGATE-PALM CO 0.500% 19- 07/05/2029
2 460 000 EUR 2 502 832 0.79 ASML HOLDING NV 1.375% 16-
06/03/2026 250 000 EUR 264 259 0.08
COLGATE-PALM CO 1.375% 19- 07/07/2026
2 290 000 EUR 2 433 354 0.77 ASML HOLDING NV 1.625% 16-
06/03/2034 1 820 000 EUR 1 959 359 0.62
28/05/2027
2 560 000 DOVER CORP 0.750% 19-04/11/2027 EUR 2 583 498 0.82 ASML HOLDING NV 3.375% 13-
1 620 000 EUR 1 720 324 0.55
2 480 000 DOVER CORP 1.250% 16-09/11/2026 EUR 2 578 406 0.82 19/09/2023
DOW CHEMICAL CO 0.500% 20- BRENNTAG FINANCE 0.500% 21-
1 510 000 EUR 1 503 234 0.48 2 500 000 EUR 2 476 189 0.79
15/03/2027 06/10/2029
BRENNTAG FINANCE 1.125% 17-
1 520 000 ECOLAB INC 2.625% 15-08/07/2025 EUR 1 643 513 0.52 2 500 000 EUR 2 577 063 0.82
27/09/2025
EMERSON ELECTRIC 0.375% 19- COCA-COLA HBC BV 1.000% 19-
2 520 000 EUR 2 542 496 0.81 1 200 000 EUR 1 228 435 0.39
22/05/2024 14/05/2027
EMERSON ELECTRIC 1.250% 19-
2 420 000 EUR 2 508 606 0.80 990 000 DSM NV 0.250% 20-23/06/2028 EUR 989 948 0.31
15/10/2025
EMERSON ELECTRIC 2.000% 19- 690 000 DSM NV 0.625% 20-23/06/2032 EUR 686 603 0.22
2 290 000 EUR 2 519 098 0.80
15/10/2029 1 900 000 DSM NV 0.750% 16-28/09/2026 EUR 1 956 751 0.62
ILLINOIS TOOL WK 0.250% 19-
1 560 000 EUR 1 569 906 0.50 1 820 000 DSM NV 1.000% 15-09/04/2025 EUR 1 880 683 0.60
05/12/2024
ILLINOIS TOOL WK 0.625% 19- 2 620 000 DSV PANALPINA 0.875% 21-17/09/2036 EUR 2 513 305 0.80
650 000 EUR 657 040 0.21
05/12/2027
ENEL FIN INTERNATIONAL NV
ILLINOIS TOOL WK 1.000% 19- 170 000 EUR 177 610 0.06
1 470 000 EUR 1 514 136 0.48 1.500% 19-21/07/2025
05/06/2031
ENEL FINANCE INTERNATIONAL NV
ILLINOIS TOOL WK 2.125% 15- 2 520 000 EUR 2 584 705 0.82
1 500 000 EUR 1 682 526 0.53 1.000% 17-16/09/2024
22/05/2030
ENEL FINANCE INTERNATIONAL NV
ILLINOIS TOOL WK 3.000% 14- 2 480 000 EUR 2 568 169 0.81
1 570 000 EUR 1 944 740 0.62 1.125% 18-16/09/2026
19/05/2034
GAS NAT FENOSA F 1.375% 17-
JOHNSON & JOHNSON 0.650% 16- 2 300 000 EUR 2 422 698 0.77
2 460 000 EUR 2 506 925 0.80 19/01/2027
20/05/2024
KONINKLIJKE KPN 1.125% 16-
JOHNSON & JOHNSON 1.150% 16- 2 400 000 EUR 2 468 634 0.78
2 230 000 EUR 2 369 802 0.75 11/09/2028
20/11/2028
NATURGY ENERGY GROUP F 1.250%
JOHNSON CONTROLS 0.375% 20- 200 000 EUR 208 353 0.07
2 520 000 EUR 2 492 236 0.79 16-19/04/2026
15/09/2027
JOHNSON CONTROLS 1.375% 16- 1 100 000 PHILIPS NV 0.500% 19-22/05/2026 EUR 1 116 437 0.35
2 500 000 EUR 2 579 063 0.82
25/02/2025 500 000 RELX FINANCE 0.000% 20-18/03/2024 EUR 500 712 0.16
500 000 KELLOGG CO 1.250% 15-10/03/2025 EUR 516 878 0.16 1 200 000 RELX FINANCE 0.500% 20-10/03/2028 EUR 1 202 910 0.38
MANPOWERGROUP 1.750% 18-
2 410 000 EUR 2 556 995 0.81 1 010 000 RELX FINANCE 0.875% 20-10/03/2032 EUR 1 014 913 0.32
22/06/2026
MCDONALDS CORP 1.500% 17- 1 300 000 RELX FINANCE 1.375% 16-12/05/2026 EUR 1 363 300 0.43
500 000 EUR 530 947 0.17
28/11/2029 1 550 000 RELX FINANCE 1.500% 18-13/05/2027 EUR 1 643 179 0.52
MICROSOFT CORP 2.625% 13-
2 000 000 EUR 2 457 105 0.78 SCHLUMBERGER FIN 2.000% 20-
02/05/2033 220 000 EUR 243 472 0.08
MICROSOFT CORP 3.125% 13- 06/05/2032
2 050 000 EUR 2 459 831 0.78 1 000 000 SWISSCOM FIN 0.375% 20-14/11/2028 EUR 1 005 354 0.32
06/12/2028
MMS USA FIN INC 0.625% 19- WOLTERS KLUWER 2.875% 13-
2 500 000 EUR 2 525 945 0.80 2 470 000 EUR 2 563 915 0.81
13/06/2025 21/03/2023
MMS USA FIN INC 1.250% 19- WOLTERS KLUWER N 0.750% 20-
2 100 000 EUR 2 177 562 0.69 1 200 000 EUR 1 202 903 0.38
13/06/2028 03/07/2030
MMS USA FIN INC 1.750% 19-
1 300 000 EUR 1 389 157 0.44
13/06/2031
1 760 000 PPG INDUSTRIES 0.875% 16-03/11/2025 EUR 1 804 718 0.57
The accompanying notes form an integral part of these financial statements
Page 249
BNP PARIBAS FUNDS Sustainable Euro Multi-Factor Corporate Bond
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
WOLTERS KLUWER N 1.500% 17-
1 710 000 EUR 1 804 381 0.57 France 14 677 587 4.66
22/03/2027
WOLTERS KLUWER-C 2.500% 14- 200 000 APRR SA 0.125% 20-18/01/2029 EUR 196 619 0.06
1 880 000 EUR 1 981 331 0.63
13/05/2024
2 300 000 APRR SA 1.250% 19-18/01/2028 EUR 2 425 885 0.77
1 520 000 WPC EUROBOND 0.950% 21-01/06/2030 EUR 1 469 246 0.47
2 200 000 APRR SA 1.500% 18-25/01/2030 EUR 2 384 769 0.76
United Kingdom 29 817 437 9.45 2 300 000
AUTOROUTES PARIS 1.125% 16-
EUR 2 392 064 0.76
ANGLO AMERICAN 1.625% 19- 09/01/2026
1 100 000 EUR 1 137 070 0.36 SCHNEIDER ELECTRIC 1.500% 15-
11/03/2026 2 200 000 EUR 2 256 956 0.72
ASB FINANCE LTD 0.500% 19- 08/09/2023
2 410 000 EUR 2 372 162 0.75 TECHNIP ENERGIES 1.125% 21-
24/09/2029 2 436 000 EUR 2 441 486 0.77
ASB FINANCE LTD 0.750% 19- 28/05/2028
2 020 000 EUR 2 055 248 0.65 TIKEHAU CAPITAL 1.625% 21-
13/03/2024 1 500 000 EUR 1 476 043 0.47
BRAMBLES FINANCE 1.500% 17- 31/03/2029
2 230 000 EUR 2 346 150 0.74
04/10/2027 1 000 000 WENDEL SA 2.500% 15-09/02/2027 EUR 1 103 765 0.35
EXPERIAN FINANCE 1.375% 17-
1 880 000 EUR 1 968 737 0.62
25/06/2026 Luxembourg 11 202 781 3.55
INTERMEDIATE CAP 1.625% 20- NESTLE FINANCE INTERNATIONAL
1 460 000 EUR 1 485 134 0.47 2 270 000 EUR 2 262 537 0.72
17/02/2027 0.125% 20-12/11/2027
2 380 000 ITV PLC 1.375% 19-26/09/2026 EUR 2 436 931 0.77 NESTLE FINANCE INTERNATIONAL
600 000 EUR 606 645 0.19
OMNICOM FIN HOL 0.800% 19- 0.375% 17-18/01/2024
2 360 000 EUR 2 383 520 0.76 NESTLE FINANCE INTERNATIONAL
08/07/2027 1 100 000 EUR 1 085 256 0.34
OMNICOM FIN HOL 1.400% 19- 0.625% 21-14/02/2034
1 850 000 EUR 1 926 690 0.61 NESTLE FINANCE INTERNATIONAL
08/07/2031 1 750 000 EUR 1 770 590 0.56
0.750% 15-16/05/2023
2 540 000 OTE PLC 0.875% 19-24/09/2026 EUR 2 598 840 0.83
NESTLE FINANCE INTERNATIONAL
SMITHS GROUP PLC 2.000% 17- 1 710 000 EUR 1 782 783 0.57
1 510 000 EUR 1 603 527 0.51 1.125% 20-01/04/2026
23/02/2027 PROLOGIS INTERNATIONAL II 0.750%
2 480 000 SSE PLC 0.875% 17-06/09/2025 EUR 2 534 975 0.80 1 250 000 EUR 1 191 678 0.38
21-23/03/2033
1 220 000 SSE PLC 1.250% 20-16/04/2025 EUR 1 260 650 0.40 TYCO ELECTRONICS 0.000% 21-
2 610 000 EUR 2 503 292 0.79
16/02/2029
1 190 000 SSE PLC 1.375% 18-04/09/2027 EUR 1 253 294 0.40
2 280 000 SSE PLC 1.750% 20-16/04/2030 EUR 2 454 509 0.78 Italy 8 334 280 2.64
AUTOSTRADA TORIN 2.375% 21-
1 490 000 EUR 1 480 949 0.47
Sweden 24 491 578 7.78 25/11/2033
ENEL (ENTNZENEL) 5.625% 07-
2 550 000 EQT 0.875% 21-14/05/2031 EUR 2 495 652 0.79 330 000 EUR 420 410 0.13
21/06/2027
1 420 000 ERICSSON LM 1.875% 17-01/03/2024 EUR 1 467 681 0.47 2 510 000 ERG SPA 0.500% 20-11/09/2027 EUR 2 500 816 0.79
2 520 000 SANDVIK AB 0.375% 21-25/11/2028 EUR 2 491 041 0.79 2 500 000 ERG SPA 0.875% 21-15/09/2031 EUR 2 460 784 0.78
SCA HYGIENE AB 1.125% 17- INTESA SANPAOLO 1.350% 21-
1 870 000 EUR 1 914 406 0.61 1 500 000 EUR 1 471 321 0.47
27/03/2024 24/02/2031
1 920 000 TELE2 AB 1.125% 18-15/05/2024 EUR 1 962 702 0.62
Norway 6 711 831 2.13
1 760 000 TELE2 AB 2.125% 18-15/05/2028 EUR 1 902 311 0.60
2 420 000 STATKRAFT AS 1.125% 17-20/03/2025 EUR 2 493 665 0.79
TELIASONERA AB 1.625% 15-
2 280 000 EUR 2 429 941 0.77 1 610 000 STATKRAFT AS 1.500% 15-21/09/2023 EUR 1 648 554 0.52
23/02/2035
TELIASONERA AB 3.625% 12- 2 390 000 STATKRAFT AS 1.500% 15-26/03/2030 EUR 2 569 612 0.82
2 067 000 EUR 2 229 089 0.71
14/02/2024
1 040 000
VATTENFALL AB 0.050% 20-
EUR 1 037 107 0.33 Jersey Island 2 500 500 0.79
15/10/2025 SWISS RE ADMIN 1.375% 16-
VATTENFALL AB 0.125% 21- 2 450 000 EUR 2 500 500 0.79
2 560 000 EUR 2 491 343 0.79 27/05/2023
12/02/2029
2 560 000
VATTENFALL AB 0.500% 19-
EUR 2 593 951 0.83 Belgium 2 481 588 0.79
24/06/2026 BARRY CALLEBAUT SVCS 2.375% 16-
VATTENFALL TREAS 5.375% 04- 2 370 000 EUR 2 481 588 0.79
1 310 000 EUR 1 476 354 0.47 24/05/2024
29/04/2024
Ireland 2 479 206 0.79
Denmark 15 387 790 4.88 2 380 000 SWISSCOM AG 1.125% 18-12/10/2026 EUR 2 479 206 0.79
1 980 000 AP MOLLER 1.750% 18-16/03/2026 EUR 2 094 092 0.66
1 760 000
CARLSBERG BREW 0.375% 20-
EUR 1 759 063 0.56
Germany 2 333 630 0.74
30/06/2027 2 300 000 EVONIK 0.625% 20-18/09/2025 EUR 2 333 630 0.74
CARLSBERG BREW 0.500% 17-
1 980 000 EUR 1 998 956 0.63
06/09/2023 Romania 1 488 969 0.47
CARLSBERG BREW 2.500% 14- NE PROPERTY COOP 1.750% 17-
1 500 000 EUR 1 580 752 0.50 1 450 000 EUR 1 488 969 0.47
28/05/2024 23/11/2024
250 000 DSV PANALPINA 0.375% 20-26/02/2027 EUR 250 302 0.08
NOVO NORDISK FIN 0.000% 21- Spain 1 126 206 0.36
2 570 000 EUR 2 575 712 0.82 NATURGY ENERGY GROUP CAP
04/06/2024 1 100 000 EUR 1 126 206 0.36
NOVO NORDISK FIN 0.125% 21- 1.125% 17-11/04/2024
2 580 000 EUR 2 550 285 0.81
04/06/2028
Finland 110 160 0.03
2 520 000 SYDBANK A/S 1.375% 18-18/09/2023 EUR 2 578 628 0.82
100 000 FORTUM OYJ 2.125% 19-27/02/2029 EUR 110 160 0.03
Australia 14 756 037 4.68
2 060 000
BHP BILLITON FIN 3.125% 13-
EUR 2 493 120 0.79
Shares/Units in investment funds 9 054 160 2.88
29/04/2033
BHP BILLITON FIN 3.250% 12-
1 530 000
24/09/2027
EUR 1 774 220 0.56 France 9 054 160 2.88
BRAMBLES FINANCE 2.375% 14- 397.91 BNP PARIBAS MOIS - ISR - I - CAP EUR 9 054 160 2.88
1 940 000 EUR 2 038 537 0.65
12/06/2024
2 350 000
TELSTRA CORP LTD 1.375% 19-
EUR 2 479 710 0.79
Total securities portfolio 309 141 554 98.08
26/03/2029
TELSTRA CORPORATION LTD 1.125%
2 400 000 EUR 2 485 741 0.79
16-14/04/2026
TELSTRA CORPORATION LTD 2.500%
2 390 000 EUR 2 497 355 0.79
13-15/09/2023
WESFARMERS LTD 0.954% 21-
1 000 000 EUR 987 354 0.31
21/10/2033
The accompanying notes form an integral part of these financial statements
Page 250
BNP PARIBAS FUNDS Sustainable Euro Multi-Factor Equity
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an Finland 5 928 162 5.38
official stock exchange listing and/or 108 038 649 98.03 29 911 ELISA OYJ EUR 1 618 783 1.47
traded on another regulated market 37 495 KESKO OYJ - B EUR 1 100 103 1.00
108 038 649 98.03 29 104 KONE OYJ - B EUR 1 834 716 1.66
Shares
246 602 NOKIA OYJ EUR 1 374 560 1.25
France 29 379 905 26.68
8 057 AMUNDI SA EUR 584 535 0.53
Belgium 5 838 634 5.29
8 319 AGEAS EUR 378 930 0.34
68 890 AXA SA EUR 1 803 885 1.64
30 864 COLRUYT SA EUR 1 149 993 1.04
25 467 BNP PARIBAS EUR 1 547 630 1.40
9 940 KBC GROEP NV EUR 750 072 0.68
5 994 CAPGEMINI SE EUR 1 291 707 1.17
100 638 PROXIMUS EUR 1 724 935 1.57
47 535 CARREFOUR SA EUR 765 551 0.69
4 247 SOFINA EUR 1 834 704 1.66
31 807 CNP ASSURANCES EUR 691 802 0.63
17 282 COMPAGNIE DE SAINT GOBAIN EUR 1 069 237 0.97 Spain 4 779 693 4.34
25 421 DANONE EUR 1 387 732 1.26 87 384 RED ELECTRICA CORPORACION SA EUR 1 662 481 1.51
1 691 HERMES INTERNATIONAL EUR 2 597 376 2.36 98 116 REPSOL SA EUR 1 023 939 0.93
15 188 IPSEN EUR 1 222 634 1.11 543 425 TELEFONICA SA EUR 2 093 273 1.90
761 KERING EUR 537 951 0.49 Italy 4 034 580 3.66
7 908 LOREAL EUR 3 297 241 3.00 49 739 ASSICURAZIONI GENERALI EUR 926 638 0.84
3 619 LVMH EUR 2 631 013 2.40 112 192 ENI S.P.A. EUR 1 370 986 1.24
14 849 MICHELIN (CGDE) EUR 2 140 483 1.94 84 248 FINECOBANK S.P.A. EUR 1 300 368 1.18
97 441 ORANGE EUR 917 212 0.83 82 375 SNAM SPA EUR 436 588 0.40
22 616 SANOFI AVENTIS EUR 2 003 325 1.82
Austria 2 496 345 2.26
1 048 SARTORIUS STEDIM BIOTECH EUR 505 555 0.46
24 422 OMV AG EUR 1 219 879 1.11
5 431 SCHNEIDER ELECTRIC SE EUR 936 630 0.85
26 967 RAIFFEISEN BANK INTERNATIONAL EUR 697 906 0.63
50 328 TOTAL SA EUR 2 246 139 2.04
18 080 VOESTALPINE AG EUR 578 560 0.52
45 232 VALEO SA EUR 1 202 267 1.09
United Kingdom 1 908 828 1.73
Germany 26 743 573 24.25 114 397 STELLANTIS NV EUR 1 908 828 1.73
2 096 ADIDAS AG EUR 530 707 0.48
18 584 BAYERISCHE MOTOREN WERKE AG EUR 1 644 498 1.49 Portugal 1 787 815 1.62
13 886 BRENNTAG AG EUR 1 105 048 1.00 88 946 JERONIMO MARTINS EUR 1 787 815 1.62
4 294 CARL ZEISS MEDITEC AG - BR EUR 793 746 0.72 Total securities portfolio 108 038 649 98.03
15 704 COVESTRO AG EUR 851 157 0.77
36 919 DAIMLER AG - REG EUR 2 495 355 2.26
18 987 DAIMLER TRUCK HOLDING AG EUR 613 090 0.56
8 049 DEUTSCHE BOERSE AG EUR 1 184 008 1.07
26 002 DEUTSCHE POST AG - REG EUR 1 470 153 1.33
153 327 DEUTSCHE TELEKOM AG - REG EUR 2 499 230 2.27
68 448 E.ON SE EUR 834 518 0.76
42 948 FRESENIUS SE & CO KGAA EUR 1 520 359 1.38
33 248 GEA GROUP AG EUR 1 598 896 1.45
6 191 HENKEL AG & CO KGAA VORZUG EUR 440 428 0.40
3 463 LEG IMMOBILIENILIEN AG EUR 424 910 0.39
9 934 MERCK KGAA EUR 2 255 018 2.05
14 949 SAP SE EUR 1 867 130 1.69
2 405 SARTORIUS AG - VORZUG EUR 1 431 456 1.30
4 797 SIEMENS AG - REG EUR 732 406 0.66
5 445 SYMRISE AG EUR 709 484 0.64
TELEFONICA DEUTSCHLAND
713 632 EUR 1 741 976 1.58
HOLDING
The Netherlands 25 141 114 22.82
423 500 AEGON NV EUR 1 860 436 1.69
4 900 AKZO NOBEL N.V. EUR 472 850 0.43
1 253 ASM INTERNATIONAL NV EUR 487 041 0.44
11 043 ASML HOLDING NV EUR 7 804 087 7.09
67 701 CNH INDUSTRIAL NV EUR 1 155 656 1.05
9 194 IMCD GROUP NV - W/I EUR 1 790 072 1.62
68 709 ING GROEP NV EUR 841 136 0.76
75 367 KONINKLIJKE AHOLD DELHAIZE NV EUR 2 271 185 2.06
11 776 KONINKLIJKE DSM NV EUR 2 331 648 2.12
705 253 KONINKLIJKE KPN NV EUR 1 925 341 1.75
42 192 NN GROUP NV - W/I EUR 2 008 761 1.82
21 167 WOLTERS KLUWER EUR 2 192 901 1.99
The accompanying notes form an integral part of these financial statements
Page 251
BNP PARIBAS FUNDS Sustainable Europe Multi-Factor Equity
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 43 207 MICHELIN (CGDE) EUR 6 228 289 1.69
289 101 ORANGE EUR 2 721 308 0.74
official stock exchange listing and/or 359 038 564 97.53
64 605 SANOFI AVENTIS EUR 5 722 711 1.55
traded on another regulated market
171 327 TOTAL SA EUR 7 646 324 2.08
Shares 359 038 564 97.53
Germany 33 330 214 9.05
Switzerland 79 740 258 21.64 71 194 BAYERISCHE MOTOREN WERKE AG EUR 6 299 957 1.71
55 673 CIE FINANCIERE RICHEMONT - REG CHF 7 358 411 2.00 15 803 CARL ZEISS MEDITEC AG - BR EUR 2 921 185 0.79
9 032 GEBERIT AG - REG CHF 6 495 822 1.76 105 019 DAIMLER AG - REG EUR 7 098 234 1.93
996 GIVAUDAN - REG CHF 4 606 314 1.25 47 409 DEUTSCHE POST AG - REG EUR 2 680 505 0.73
KUEHNE & NAGEL INTERNATIONAL
13 404 CHF 3 808 462 1.03 155 341 FRESENIUS SE & CO KGAA EUR 5 499 071 1.49
AG - REG
113 483 NESTLE SA - REG CHF 13 957 702 3.78 53 646 GEA GROUP AG EUR 2 579 836 0.70
110 809 NOVARTIS AG - REG CHF 8 585 384 2.33 18 506 MERCK KGAA EUR 4 200 862 1.14
40 774 ROCHE HOLDING AG GENUSSCHEIN CHF 14 918 132 4.04 TELEFONICA DEUTSCHLAND
840 051 EUR 2 050 564 0.56
HOLDING
10 956 SCHINDLER HOLDING - PART CERT CHF 2 595 858 0.71
458 SGS SA - REG CHF 1 346 838 0.37
Denmark 14 148 149 3.84
113 659 NOVO NORDISK A/S - B DKK 11 232 032 3.05
9 601 SIKA AG - REG CHF 3 522 946 0.96
40 374 NOVOZYMES A/S - B DKK 2 916 117 0.79
3 122 STRAUMANN HOLDING AG - REG CHF 5 836 331 1.59
10 685 SWISSCOM AG - REG CHF 5 306 665 1.44 Italy 12 710 974 3.45
88 432 UBS GROUP AG - REG CHF 1 401 393 0.38 247 488 ASSICURAZIONI GENERALI EUR 4 610 701 1.25
421 349 ENI S.P.A. EUR 5 148 885 1.40
United Kingdom 64 357 514 17.51
191 214 FINECOBANK S.P.A. EUR 2 951 388 0.80
218 857 3I GROUP PLC GBP 3 777 082 1.03
193 876 ANTOFAGASTA PLC GBP 3 090 794 0.84 Finland 8 635 732 2.35
36 699 ASHTEAD GROUP PLC GBP 2 597 254 0.71 38 581 ELISA OYJ EUR 2 088 004 0.57
2 035 388 BP PLC GBP 8 012 098 2.18 1 174 691 NOKIA OYJ EUR 6 547 728 1.78
2 991 835 BT GROUP PLC GBP 6 041 754 1.64 Spain 6 275 239 1.70
47 279 CRODA INTERNATIONAL PLC GBP 5 698 707 1.55 1 629 086 TELEFONICA SA EUR 6 275 239 1.70
46 584 DIAGEO PLC GBP 2 239 317 0.61
Belgium 6 007 489 1.64
463 698 GLAXOSMITHKLINE PLC GBP 8 873 001 2.41
67 651 AGEAS EUR 3 081 503 0.84
782 098 KINGFISHER PLC GBP 3 151 307 0.86
36 362 COLRUYT SA EUR 1 354 848 0.37
2 700 013 LLOYDS BANKING GROUP PLC GBP 1 537 168 0.42
91 665 PROXIMUS EUR 1 571 138 0.43
101 013 PRUDENTIAL PLC GBP 1 533 362 0.42
170 203 RELX PLC GBP 4 869 314 1.32 Austria 4 916 639 1.34
49 164 RIO TINTO PLC GBP 2 864 582 0.78 59 505 OMV AG EUR 2 972 275 0.81
33 889 SCHRODERS PLC GBP 1 436 932 0.39 75 130 RAIFFEISEN BANK INTERNATIONAL EUR 1 944 364 0.53
8 808 SPIRAX-SARCO ENGINEERING PLC GBP 1 683 759 0.46 Portugal 4 354 861 1.19
1 131 348 TESCO PLC GBP 3 906 358 1.06 244 573 GALP ENERGIA SGPS SA EUR 2 083 762 0.57
234 743 UNITED UTILITIES GROUP PLC GBP 3 044 725 0.83 112 990 JERONIMO MARTINS EUR 2 271 099 0.62
The Netherlands 51 569 965 14.00 Total securities portfolio 359 038 564 97.53
1 261 892 AEGON NV EUR 5 543 492 1.51
16 887 ASML HOLDING NV EUR 11 934 042 3.23
138 600 CNH INDUSTRIAL NV EUR 2 365 902 0.64
29 921 IMCD GROUP NV - W/I EUR 5 825 619 1.58
198 538 KONINKLIJKE AHOLD DELHAIZE NV EUR 5 982 943 1.63
20 777 KONINKLIJKE DSM NV EUR 4 113 846 1.12
1 685 810 KONINKLIJKE KPN NV EUR 4 602 261 1.25
103 611 NN GROUP NV - W/I EUR 4 932 920 1.34
60 511 WOLTERS KLUWER EUR 6 268 940 1.70
Sweden 36 670 118 9.96
119 178 ATLAS COPCO AB - A SEK 7 243 744 1.97
171 868 BOLIDEN AB SEK 5 842 444 1.59
154 582 GETINGE AB - B SEK 5 931 949 1.61
63 044 ICA GRUPPEN AB SEK 3 272 214 0.89
114 589 INVESTOR AB-B SHS SEK 2 534 736 0.69
221 040 SANDVIK AB SEK 5 422 951 1.47
164 733 SECURITAS AB - B SEK 1 994 364 0.54
1 287 608 TELIA CO AB SEK 4 427 716 1.20
France 36 321 412 9.86
82 474 DANONE EUR 4 502 256 1.22
4 434 HERMES INTERNATIONAL EUR 6 810 624 1.85
3 700 LVMH EUR 2 689 900 0.73
The accompanying notes form an integral part of these financial statements
Page 252
BNP PARIBAS FUNDS Sustainable Europe Value
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 950 168 DS SMITH PLC GBP 4 343 431 0.84
548 458 KINGFISHER PLC GBP 2 209 902 0.43
official stock exchange listing and/or 505 544 486 98.01
586 172 NATIONAL GRID PLC GBP 7 399 060 1.43
traded on another regulated market
421 764 STELLANTIS NV EUR 7 037 554 1.36
Shares 505 544 486 98.01
2 233 470 TESCO PLC GBP 7 711 803 1.50
France 175 306 324 34.00 387 730 WPP PLC GBP 5 169 887 1.00
22 061 ALTEN EUR 3 496 669 0.68
Italy 41 863 574 8.11
32 885 ARKEMA EUR 4 072 807 0.79 130 405 ACEA SPA EUR 2 446 398 0.47
588 551 AXA SA EUR 15 411 208 2.99 355 213 ASSICURAZIONI GENERALI EUR 6 617 618 1.28
327 808 BNP PARIBAS EUR 19 920 891 3.85 779 757 ENI S.P.A. EUR 9 528 631 1.85
43 250 CAPGEMINI SE EUR 9 320 375 1.81 5 534 090 INTESA SANPAOLO EUR 12 584 521 2.44
301 404 CARREFOUR SA EUR 4 854 111 0.94 789 014 UNICREDIT S.P.A. EUR 10 686 406 2.07
217 655 COMPAGNIE DE SAINT GOBAIN EUR 13 466 315 2.61
854 157 CREDIT AGRICOLE SA EUR 10 719 670 2.08
Austria 11 379 794 2.21
199 183 ERSTE GROUP BANK AG EUR 8 236 217 1.60
555 077 EDF EUR 5 733 945 1.11
97 204 WIENERBERGER AG EUR 3 143 577 0.61
503 539 ENGIE EUR 6 553 057 1.27
103 096 KLEPIERREERRE EUR 2 149 552 0.42 Belgium 10 632 349 2.07
94 516 NEXANS SA EUR 8 114 199 1.57 76 223 KBC GROEP NV EUR 5 751 788 1.12
72 944 PUBLICIS GROUPE EUR 4 318 285 0.84 47 755 SOLVAY SA EUR 4 880 561 0.95
167 468 RENAULT SA EUR 5 115 310 0.99 Luxembourg 9 922 269 1.92
201 613 REXEL SA EUR 3 594 760 0.70 208 276 APERAM EUR 9 922 269 1.92
179 684 SANOFI AVENTIS EUR 15 916 409 3.09
Finland 8 845 403 1.71
261 472 SOCIETE GENERALE SA EUR 7 897 762 1.53
1 586 904 NOKIA OYJ EUR 8 845 403 1.71
18 294 SOPRA STERIA GROUP EUR 2 881 305 0.56
88 438 SPIE SA - W/I EUR 2 009 311 0.39 Spain 8 328 244 1.62
427 154 TOTAL SA EUR 19 063 882 3.70 75 557 CONSTRUCC Y AUX DE FERROCARR EUR 2 765 386 0.54
57 650 VINCI SA EUR 5 356 262 1.04 533 045 REPSOL SA EUR 5 562 858 1.08
449 137 VIVENDI EUR 5 340 239 1.04
Shares/Units in investment funds 10 936 463 2.12
Germany 78 124 880 15.14
47 981 ALLIANZ SE - REG EUR 9 963 255 1.93 Luxembourg 10 936 463 2.12
85 059 BAYERISCHE MOTOREN WERKE AG EUR 7 526 871 1.46 BNP PARIBAS INSTICASH EUR 1D
91 676.40 EUR 10 936 463 2.12
SHORT TERM VNAV - X CAP
41 625 CONTINENTAL AG EUR 3 875 704 0.75
111 997 COVESTRO AG EUR 6 070 237 1.18
Total securities portfolio 516 480 949 100.13
49 153 DAIMLER AG - REG EUR 3 322 251 0.64
24 576 DAIMLER TRUCK HOLDING AG EUR 793 559 0.15
534 217 DEUTSCHE TELEKOM AG - REG EUR 8 707 737 1.69
225 000 EVONIK INDUSTRIES AG EUR 6 405 750 1.24
51 588 KION GROUP AG EUR 4 977 210 0.96
42 656 MERCK KGAA EUR 9 682 912 1.88
83 617 SIEMENS AG - REG EUR 12 766 644 2.48
30 644 WACKER CHEMIE AG EUR 4 032 750 0.78
The Netherlands 55 407 036 10.74
63 772 ASR NEDERLAND NV EUR 2 582 766 0.50
967 996 ING GROEP NV EUR 11 850 207 2.30
323 418 KONINKLIJKE AHOLD DELHAIZE NV EUR 9 746 201 1.89
41 514 KONINKLIJKE PHILIPS NV EUR 1 360 206 0.26
251 159 NN GROUP NV - W/I EUR 11 957 680 2.32
79 733 RANDSTAD HOLDING NV EUR 4 787 169 0.93
679 363 ROYAL DUTCH SHELL PLC - A GBP 13 122 807 2.54
Switzerland 54 671 033 10.59
77 102 NESTLE SA - REG CHF 9 483 066 1.84
287 196 NOVARTIS AG - REG CHF 22 251 695 4.30
16 035 ROCHE HOLDING AG GENUSSCHEIN CHF 5 866 784 1.14
102 548 STMICROELECTRONICS NV EUR 4 447 507 0.86
32 663 ZURICH INSURANCE GROUP AG CHF 12 621 981 2.45
United Kingdom 51 063 580 9.90
250 227 3I GROUP PLC GBP 4 318 472 0.84
45 820 ASTRAZENECA PLC GBP 4 735 898 0.92
2 065 907 BARCLAYS BANK PLC GBP 4 601 294 0.89
898 354 BP PLC GBP 3 536 279 0.69
The accompanying notes form an integral part of these financial statements
Page 253
BNP PARIBAS FUNDS Sustainable Global Corporate Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
COLGATE-PALM CO 0.300% 21-
Transferable securities admitted to an 274 000
10/11/2029
EUR 309 628 0.06
official stock exchange listing and/or 456 574 113 94.77 716 000 COMCAST CORP 0.000% 21-14/09/2026 EUR 802 791 0.17
traded on another regulated market 300 000 COMCAST CORP 0.250% 21-14/09/2029 EUR 333 261 0.07
356 986 235 74.12 1 750 000 COMCAST CORP 1.950% 20-15/01/2031 USD 1 710 790 0.36
Bonds
750 000 COMCAST CORP 2.450% 20-15/08/2052 USD 672 123 0.14
United States of 500 000 COMCAST CORP 2.800% 20-15/01/2051 USD 479 747 0.10
America 197 488 175 41.11 CONAGRA BRANDS 5.400% 18-
500 000 USD 673 171 0.14
200 000 ABBVIE INC 1.250% 19-18/11/2031 EUR 235 624 0.05 01/11/2048
CONSOLIDATED EDISON 3.850% 16-
400 000 ABBVIE INC 1.375% 16-17/05/2024 EUR 468 366 0.10 1 000 000 USD 1 096 107 0.23
15/06/2046
2 500 000 ABBVIE INC 3.200% 20-21/11/2029 USD 2 673 695 0.56 CRH AMERICA FIN 3.400% 17-
1 250 000 USD 1 337 234 0.28
500 000 ABBVIE INC 4.250% 20-21/11/2049 USD 599 394 0.12 09/05/2027
500 000 CSX CORP 4.100% 12-15/03/2044 USD 581 854 0.12
1 200 000 ABBVIE INC 4.450% 16-14/05/2046 USD 1 453 200 0.30
CVS HEALTH CORP 3.625% 20-
275 000 ABBVIE INC 4.550% 20-15/03/2035 USD 329 311 0.07 500 000 USD 542 655 0.11
01/04/2027
56 000 ABBVIE INC 4.750% 20-15/03/2045 USD 69 451 0.01 CVS HEALTH CORP 3.750% 20-
1 000 000 USD 1 096 579 0.23
01/04/2030
300 000 AFLAC INC 3.625% 14-15/11/2024 USD 320 488 0.07 CVS HEALTH CORP 4.300% 18-
1 000 000 USD 1 122 731 0.23
AGILENT TECH INC 2.100% 20- 25/03/2028
500 000 USD 489 780 0.10
04/06/2030 CVS HEALTH CORP 5.050% 18-
500 000 USD 652 825 0.14
AGILENT TECH INC 2.750% 19- 25/03/2048
1 500 000 USD 1 556 380 0.32
15/09/2029 100 000 DANAHER CORP 2.500% 20-30/03/2030 EUR 130 123 0.03
2 500 000 AIR LEASE CORP 3.125% 20-01/12/2030 USD 2 546 510 0.53
1 000 000 DANAHER CORP 2.600% 20-01/10/2050 USD 954 553 0.20
ALLY FINANCIAL 5.800% 20-
2 500 000 USD 2 821 045 0.59 450 000 DEERE & CO 3.750% 20-15/04/2050 USD 540 079 0.11
01/05/2025
AMAZON.COM INC 4.050% 18- 2 000 000 DELL INT / EMC 5.300% 21-01/10/2029 USD 2 352 717 0.49
600 000 USD 730 718 0.15
22/08/2047 DIGITAL REALTY 3.600% 19-
AMERICAN EXPRESS 4.050% 13- 1 640 000 USD 1 781 140 0.37
500 000 USD 592 447 0.12 01/07/2029
03/12/2042 DISCOVER BANK 2.700% 20-
1 000 000 AMGEN INC 3.150% 20-21/02/2040 USD 1 023 103 0.21 1 500 000 USD 1 521 516 0.32
06/02/2030
1 100 000 AMGEN INC 4.400% 15-01/05/2045 USD 1 313 564 0.27 DISCOVER BANK 3.450% 16-
500 000 USD 529 920 0.11
27/07/2026
1 000 000 AON CORP 2.800% 20-15/05/2030 USD 1 035 309 0.21 DOMINION ENERGY 3.375% 20-
750 000 USD 798 906 0.17
1 435 000 AON CORP 3.750% 19-02/05/2029 USD 1 572 052 0.33 01/04/2030
DOMINION ENERGY 4.250% 18-
285 000 APPLE INC 0.000% 19-15/11/2025 EUR 324 331 0.07 500 000 USD 559 527 0.12
01/06/2028
300 000 APPLE INC 0.500% 19-15/11/2031 EUR 341 886 0.07 DOMINION RESOURCES 4.700% 14-
500 000 USD 619 088 0.13
01/12/2044
300 000 APPLE INC 3.450% 15-09/02/2045 USD 335 184 0.07
DOMINION RESOURCES 5.250% 03-
ARDAGH METAL PAC 2.000% 21- 50 000 USD 61 448 0.01
200 000 EUR 224 680 0.05 01/08/2033
01/09/2028 DOW CHEMICAL CO 2.100% 20-
3 650 000 AT&T INC 2.750% 20-01/06/2031 USD 3 725 984 0.78 750 000 USD 736 571 0.15
15/11/2030
100 000 AT&T INC 3.150% 17-04/09/2036 EUR 135 021 0.03 1 000 000 DUKE REALTY 2.875% 19-15/11/2029 USD 1 041 869 0.22
1 500 000 AT&T INC 3.300% 20-01/02/2052 USD 1 471 400 0.31 750 000 EATON CORP 4.000% 13-02/11/2032 USD 862 208 0.18
2 030 000 AT&T INC 3.800% 19-15/02/2027 USD 2 206 803 0.46 800 000 ELI LILLY & CO 0.500% 21-14/09/2033 EUR 896 825 0.19
1 500 000 AT&T INC 4.750% 15-15/05/2046 USD 1 810 117 0.38 ENTERPRISE PRODU 4.200% 19-
1 500 000 USD 1 691 144 0.35
31/01/2050
BANK OF AMERICA CORP 4.183% 16-
1 000 000 USD 1 094 450 0.23 100 000 EQUINIX INC 0.250% 21-15/03/2027 EUR 111 434 0.02
25/11/2027
BANK OF AMERICA CORP 4.750% 15- 150 000 EXELON CORP 3.950% 16-15/06/2025 USD 160 629 0.03
500 000 USD 623 470 0.13
21/04/2045
1 500 000 EXELON CORP 4.450% 16-15/04/2046 USD 1 807 571 0.38
BECTON DICKINSON 1.957% 21-
1 000 000 USD 962 919 0.20
11/02/2031 1 250 000 EXELON CORP 4.700% 20-15/04/2050 USD 1 584 402 0.33
BECTON DICKINSON 2.823% 20- 479 000 FEDEX CORP 0.450% 21-04/05/2029 EUR 535 519 0.11
1 500 000 USD 1 552 755 0.32
20/05/2030
BECTON DICKINSON 3.700% 17- 1 000 000 FEDEX CORP 4.050% 18-15/02/2048 USD 1 129 880 0.23
1 514 000 USD 1 650 177 0.34
06/06/2027 1 000 000 FEDEX CORP 4.250% 20-15/05/2030 USD 1 137 795 0.24
BECTON DICKINSON 3.794% 20-
1 000 000 USD 1 125 748 0.23 500 000 FEDEX CORP 4.400% 17-15/01/2047 USD 590 856 0.12
20/05/2050
1 000 000 BIOGEN INC 2.250% 20-01/05/2030 USD 985 886 0.20 FIFTH THIRD BANK 3.850% 16-
500 000 USD 540 756 0.11
15/03/2026
BOOKING HLDS INC 0.100% 21-
184 000 EUR 209 238 0.04 FORD MOTOR CO 4.346% 16-
08/03/2025 2 500 000 USD 2 726 875 0.57
08/12/2026
BOOKING HLDS INC 0.500% 21-
100 000 EUR 114 183 0.02 2 250 000 FOX CORP 4.709% 20-25/01/2029 USD 2 571 176 0.53
08/03/2028
BORGWARNER AUTO 4.375% 15- HALLIBURTON CO 2.920% 20-
90 000 USD 104 501 0.02 1 000 000 USD 1 033 418 0.21
15/03/2045 01/03/2030
BORGWARNER INC 1.000% 21- HALLIBURTON CO 5.000% 15-
500 000 EUR 558 012 0.12 1 000 000 USD 1 203 821 0.25
19/05/2031 15/11/2045
BOSTON SCIENTIFC 0.625% 19- HARLEY-DAVIDSON 0.900% 19-
300 000 EUR 339 988 0.07 102 000 EUR 118 144 0.02
01/12/2027 19/11/2024
BP CAP MKTS AMER 2.939% 20- 2 000 000 HARTFORD FINL 2.800% 19-19/08/2029 USD 2 073 685 0.43
1 500 000 USD 1 451 976 0.30
04/06/2051
BP CAP MKTS AMER 3.000% 20- 2 000 000 HCA INC 2.375% 21-15/07/2031 USD 1 964 543 0.41
3 000 000 USD 2 948 703 0.62
24/02/2050 2 000 000 HCA INC 4.500% 16-15/02/2027 USD 2 205 642 0.46
500 000 BRISTOL-MYERS 4.550% 20-20/02/2048 USD 639 607 0.13 HIGH ST FDG TR I 4.111% 18-
350 000 USD 390 549 0.08
CF INDUSTRIES IN 4.500% 16- 15/02/2028
500 000 USD 555 340 0.12 HOME DEPOT INC 3.350% 20-
01/12/2026 500 000 USD 547 848 0.11
350 000 CISCO SYSTEMS 5.900% 09-15/02/2039 USD 503 713 0.10 15/04/2050
HOME DEPOT INC 4.250% 15-
1 250 000 CITIGROUP INC 4.125% 16-25/07/2028 USD 1 373 298 0.29 700 000 USD 862 318 0.18
01/04/2046
500 000 CITIGROUP INC 4.650% 18-23/07/2048 USD 643 175 0.13 HUNTSMAN INT LLC 4.500% 19-
900 000 USD 1 001 629 0.21
01/05/2029
The accompanying notes form an integral part of these financial statements
Page 254
BNP PARIBAS FUNDS Sustainable Global Corporate Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
1 000 000 IBM CORP 1.950% 20-15/05/2030 USD 976 555 0.20 PRUDENTIAL FIN 3.935% 18-
500 000 USD 579 034 0.12
07/12/2049
500 000 INTEL CORP 4.100% 17-11/05/2047 USD 598 580 0.12 REGENERON PHARM 1.750% 20-
INTERNATIONAL FL 4.375% 17- 2 100 000 USD 1 982 866 0.41
250 000 USD 294 508 0.06 15/09/2030
01/06/2047 1 000 000 REPUBLIC SVCS 1.450% 20-15/02/2031 USD 930 198 0.19
INTERNATIONAL PAPER CO 4.350%
399 000 USD 490 016 0.10 SCHLUMBERGER HLD 3.900% 19-
17-15/08/2048 1 673 000 USD 1 811 526 0.38
17/05/2028
100 000 IQVIA INC 1.750% 21-15/03/2026 EUR 114 594 0.02 SCHLUMBERGER HLD 4.000% 15-
77 000 USD 82 983 0.02
343 000 KELLOGG CO 0.500% 21-20/05/2029 EUR 384 186 0.08 21/12/2025
SCHLUMBERGER HLD 4.300% 19-
200 000 KELLOGG CO 1.000% 16-17/05/2024 EUR 232 697 0.05 250 000 USD 278 012 0.06
01/05/2029
1 000 000 KELLOGG CO 2.100% 20-01/06/2030 USD 980 701 0.20 SENSATA TECHNOLO 3.750% 20-
3 500 000 USD 3 496 062 0.74
500 000 KELLOGG CO 4.500% 16-01/04/2046 USD 618 293 0.13 15/02/2031
KEURIG DR PEPPER 3.200% 20- 2 500 000 SOUTHWEST AIR 2.625% 20-10/02/2030 USD 2 495 329 0.52
1 700 000 USD 1 799 605 0.37 STEEL DYNAMICS 3.250% 20-
01/05/2030 2 250 000 USD 2 373 720 0.49
KEURIG DR PEPPER 3.350% 21- 15/01/2031
500 000 USD 521 211 0.11
15/03/2051 1 725 000 SYSCO CORP 2.400% 20-15/02/2030 USD 1 732 268 0.36
KEURIG DR PEPPER 4.597% 19-
1 000 000 USD 1 137 897 0.24 900 000 SYSCO CORP 3.300% 16-15/07/2026 USD 956 733 0.20
25/05/2028
TERRAFORM POWER 5.000% 17-
500 000 KEYCORP 2.550% 19-01/10/2029 USD 511 768 0.11 2 000 000 USD 2 124 823 0.44
31/01/2028
1 000 000 KOHLS CORP 3.375% 21-01/05/2031 USD 1 019 380 0.21 300 000 THERMO FISHER 0.750% 16-12/09/2024 EUR 347 721 0.07
750 000 LAM RESEARCH 2.875% 20-15/06/2050 USD 756 169 0.16 200 000 THERMO FISHER 1.400% 17-23/01/2026 EUR 237 870 0.05
330 000 LEAR CORP 3.800% 17-15/09/2027 USD 359 662 0.07 100 000 THERMO FISHER 1.750% 20-15/04/2027 EUR 121 980 0.03
750 000 LOWES COS INC 2.625% 21-01/04/2031 USD 767 378 0.16 UNION PAC CORP 3.250% 20-
500 000 USD 536 918 0.11
1 000 000 LOWES COS INC 3.650% 19-05/04/2029 USD 1 097 608 0.23 05/02/2050
UNION PAC CORP 3.799% 16-
750 000 LOWES COS INC 4.500% 20-15/04/2030 USD 869 952 0.18 500 000 USD 586 398 0.12
01/10/2051
MACYS RETAIL HLD 2.875% 12- UNITED RENTAL NA 3.750% 21-
90 000 USD 91 159 0.02 750 000 USD 755 400 0.16
15/02/2023 15/01/2032
MARRIOTT INTERNATIONAL 2.850% UNITED RENTAL NA 3.875% 20-
1 500 000 USD 1 496 121 0.31 1 000 000 USD 1 018 238 0.21
21-15/04/2031 15/02/2031
MARRIOTT INTERNATIONAL 3.125% 2 000 000 US BANCORP 1.375% 20-22/07/2030 USD 1 883 758 0.39
1 920 000 USD 2 008 154 0.42
16-15/06/2026
MARVELL TECH INC 4.200% 21- 2 000 000 US BANCORP 3.000% 19-30/07/2029 USD 2 111 067 0.44
215 000 USD 223 992 0.05 VENTAS REALTY LP 3.000% 19-
22/06/2023 1 000 000 USD 1 035 153 0.21
MARVELL TECH INC 4.875% 21- 15/01/2030
500 000 USD 576 159 0.12 VERIZON COMMUNICATIONS INC
22/06/2028 1 000 000 USD 1 010 086 0.21
1 000 000 MATTEL INC 3.750% 21-01/04/2029 USD 1 039 780 0.22 2.550% 21-21/03/2031
VERIZON COMMUNICATIONS INC
700 000 MCCORMICK 1.850% 21-15/02/2031 USD 670 025 0.14 3 500 000 USD 3 760 443 0.79
3.550% 21-22/03/2051
MCDONALDS CORP 0.625% 17- VERIZON COMMUNICATIONS INC
100 000 EUR 115 465 0.02 1 000 000 USD 1 148 416 0.24
29/01/2024 4.000% 20-22/03/2050
MCDONALDS CORP 3.625% 19- 144 000 VF CORP 0.250% 20-25/02/2028 EUR 160 274 0.03
500 000 USD 553 924 0.12
01/09/2049 VIRGINIA EL&PWR 2.450% 20-
MCDONALDS CORP 4.450% 18- 1 250 000 USD 1 152 677 0.24
500 000 USD 616 641 0.13 15/12/2050
01/09/2048
2 500 000 VMWARE INC 2.200% 21-15/08/2031 USD 2 457 307 0.51
1 500 000 MICRON TECH 4.185% 19-15/02/2027 USD 1 645 134 0.34
WALGREENS BOOTS 3.450% 16-
1 250 000 MICRON TECH 4.663% 19-15/02/2030 USD 1 439 794 0.30 851 000 USD 906 493 0.19
01/06/2026
MONDELEZ INT INC 0.250% 21- WALT DISNEY CO 3.000% 16-
200 000 EUR 223 566 0.05 1 500 000 USD 1 536 264 0.32
17/03/2028 30/07/2046
MORGAN STANLEY 3.950% 15- WASTE MANAGEMENT 2.500% 20-
2 500 000 USD 2 746 813 0.57 700 000 USD 664 048 0.14
23/04/2027 15/11/2050
MORGAN STANLEY 4.375% 17- WELLTOWER INC 3.100% 19-
1 250 000 USD 1 564 324 0.32 500 000 USD 524 788 0.11
22/01/2047 15/01/2030
2 750 000 MOSAIC CO 4.050% 17-15/11/2027 USD 3 035 266 0.64 WESTERN DIGITAL 2.850% 21-
1 600 000 USD 1 615 408 0.34
01/02/2029
NEWELL BRANDS 4.200% 16-
1 000 000 USD 1 090 530 0.23 WESTERN DIGITAL 4.750% 18-
01/04/2026 1 850 000 USD 2 027 147 0.42
15/02/2026
NEWELL RUBBERMAI 5.875% 16-
1 000 000 USD 1 228 880 0.26 WHIRLPOOL CORP 4.500% 16-
01/04/2036 250 000 USD 297 738 0.06
01/06/2046
320 000 NVIDIA CORP 2.850% 20-01/04/2030 USD 339 315 0.07 WHIRLPOOL CORP 4.750% 19-
250 000 USD 288 897 0.06
1 250 000 NVIDIA CORP 3.500% 20-01/04/2050 USD 1 428 633 0.30 26/02/2029
OMNICOM GROUP 2.450% 20- 3 000 000 WRKCO INC 4.900% 19-15/03/2029 USD 3 490 240 0.73
2 500 000 USD 2 501 916 0.52
30/04/2030 1 000 000 XYLEM INC 2.250% 20-30/01/2031 USD 990 548 0.21
1 100 000 ORACLE CORP 2.875% 21-25/03/2031 USD 1 104 977 0.23 ZIMMER BIOMET 1.164% 19-
100 000 EUR 115 912 0.02
2 900 000 ORACLE CORP 2.950% 20-01/04/2030 USD 2 925 849 0.62 15/11/2027
PACKAGING CORP 3.000% 19-
1 000 000
15/12/2029
USD 1 044 129 0.22 The Netherlands 34 451 934 7.11
ABN AMRO BANK NV 0.500% 19-
PARKER-HANNIFIN 4.200% 14- 400 000 EUR 462 255 0.10
500 000 USD 573 163 0.12 15/04/2026
21/11/2034
ABN AMRO BANK NV 0.500% 21-
212 000 PEPSICO INC 0.750% 21-14/10/2033 EUR 239 552 0.05 500 000 EUR 561 436 0.12
23/09/2029
1 760 000 PRINCIPAL FINL 2.125% 20-15/06/2030 USD 1 743 012 0.36 ABN AMRO BANK NV 0.875% 18-
1 000 000 EUR 1 169 782 0.24
PROCTER & GAMBLE 0.350% 21- 22/04/2025
364 000 EUR 411 704 0.09 ADECCO INTERNATIONAL
05/05/2030
PROCTER & GAMBLE 0.900% 21- 155 000 FINANCIAL SERVICES 0.125% 21- EUR 171 219 0.04
100 000 EUR 111 106 0.02 21/09/2028
04/11/2041
ALCOA NEDERLAND 5.500% 20-
300 000 PROLOGIS EURO 0.375% 20-06/02/2028 EUR 339 233 0.07 1 500 000 USD 1 607 170 0.33
15/12/2027
1 000 000 PROLOGIS LP 2.125% 20-15/10/2050 USD 862 748 0.18 156 000 ALLIANDER 0.375% 20-10/06/2030 EUR 176 490 0.04
PRUDENTIAL FIN 3.700% 19-
1 500 000 USD 1 711 006 0.36
13/03/2051
The accompanying notes form an integral part of these financial statements
Page 255
BNP PARIBAS FUNDS Sustainable Global Corporate Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
100 000 ALLIANDER 0.875% 16-22/04/2026 EUR 117 198 0.02 100 000 TENNET HLD BV 0.875% 19-03/06/2030 EUR 116 807 0.02
123 000 ALLIANDER 0.875% 19-24/06/2032 EUR 143 844 0.03 238 000 TENNET HLD BV 0.875% 21-16/06/2035 EUR 266 606 0.06
CITYCON TREASURY 1.625% 21- 200 000 TENNET HLD BV 1.375% 18-05/06/2028 EUR 242 024 0.05
100 000 EUR 113 217 0.02
12/03/2028
TEVA PHARMACEUTI 3.750% 21-
CONTI-GUMMI FIN 2.125% 20- 200 000 EUR 226 132 0.05
50 000 EUR 59 057 0.01 09/05/2027
27/11/2023
COOPERATIEVE RAB 0.250% 19- 559 000 THERMO FISHER 0.000% 21-18/11/2025 EUR 633 253 0.13
900 000 EUR 1 027 114 0.21
30/10/2026 431 000 THERMO FISHER 0.800% 21-18/10/2030 EUR 493 218 0.10
200 000 DIGITAL DUTCH 0.625% 20-15/07/2025 EUR 229 937 0.05 100 000 THERMO FISHER 1.625% 21-18/10/2041 EUR 115 836 0.02
DIGITAL INTREPID 0.625% 21-
1 200 000 EUR 1 286 055 0.27 186 000 THERMO FISHER 2.000% 21-18/10/2051 EUR 217 692 0.05
15/07/2031
EDP FINANCE BV 0.375% 19- TOYOTA MOTOR FIN 0.000% 21-
600 000 EUR 683 141 0.14 500 000 EUR 550 028 0.11
16/09/2026 25/02/2028
EDP FINANCE BV 1.500% 17- TOYOTA MOTOR FIN 0.000% 21-
100 000 EUR 120 791 0.03 100 000 EUR 112 906 0.02
22/11/2027 27/10/2025
EDP FINANCE BV 1.625% 18- UPC HOLDING BV 3.875% 17-
156 000 EUR 187 777 0.04 100 000 EUR 115 763 0.02
26/01/2026 15/06/2029
EDP FINANCE BV 1.875% 18- UPJOHN FINANCE 1.023% 20-
500 000 EUR 604 967 0.13 300 000 EUR 348 521 0.07
13/10/2025 23/06/2024
UPJOHN FINANCE 1.362% 20-
307 000 ENBW 1.875% 18-31/10/2033 EUR 385 551 0.08 100 000 EUR 117 134 0.02
23/06/2027
ENEL FIN INTERNATIONAL NV UPJOHN FINANCE 1.908% 20-
600 000 EUR 712 863 0.15 100 000 EUR 119 071 0.02
1.500% 19-21/07/2025 23/06/2032
ENEL FINANCE INTERNATIONAL NV
500 000 EUR 554 391 0.12 3 000 000 UPJOHN INC 2.700% 21-22/06/2030 USD 3 011 522 0.64
0.000% 21-17/06/2027
ENEL FINANCE INTERNATIONAL NV 1 500 000 UPJOHN INC 4.000% 21-22/06/2050 USD 1 600 217 0.33
100 000 EUR 112 111 0.02
0.000% 21-28/05/2026 200 000 VOLKSBANK NV 0.010% 19-16/09/2024 EUR 227 976 0.05
ENEL FINANCE INTERNATIONAL NV
200 000 EUR 223 131 0.05 100 000 VOLKSBANK NV 0.250% 21-22/06/2026 EUR 112 817 0.02
0.375% 21-28/05/2029
ENEL FINANCE INTERNATIONAL NV VOLKSWAGEN INTFN 0.875% 20-
100 000 EUR 111 138 0.02 2 300 000 EUR 2 687 587 0.56
0.875% 21-28/09/2034 22/09/2028
ENEL FINANCE INTERNATIONAL NV VOLKSWAGEN INTFN 1.250% 20-
500 000 EUR 583 200 0.12 100 000 EUR 118 222 0.02
1.000% 17-16/09/2024 23/09/2032
ENEL FINANCE INTERNATIONAL NV 100 000 ZIGGO 3.375% 20-28/02/2030 EUR 110 731 0.02
1 211 000 EUR 1 426 110 0.30
1.125% 18-16/09/2026
ENEXIS HOLDING 0.375% 21- 100 000 ZIGGO BV 2.875% 19-15/01/2030 EUR 113 010 0.02
100 000 EUR 109 304 0.02
14/04/2033
ENEXIS HOLDING 0.625% 20- France 30 501 439 6.29
256 000 EUR 290 791 0.06
17/06/2032 200 000 ACCOR 2.375% 21-29/11/2028 EUR 227 704 0.05
100 000 EURONEXT NV 0.125% 21-17/05/2026 EUR 113 121 0.02 400 000 AIR LIQUIDE SA 0.375% 21-27/05/2031 EUR 454 532 0.09
GRUPO-ANTOLIN 3.500% 21- 100 000 ALD SA 1.250% 18-11/10/2022 EUR 114 937 0.02
128 000 EUR 136 792 0.03
30/04/2028
HEIMSTADEN BOST 0.250% 21- 600 000 ATOS SE 1.000% 21-12/11/2029 EUR 675 510 0.14
122 000 EUR 138 861 0.03
13/10/2024 BANQUE FEDERATIVE DU CREDIT
HEIMSTADEN BOST 1.000% 21- 1 100 000 EUR 1 229 373 0.26
100 000 EUR 113 118 0.02 MUTUEL 0.100% 20-08/10/2027
13/04/2028 BANQUE FEDERATIVE DU CREDIT
IBERDROLA INTERNATIONAL 0.375% 100 000 EUR 112 034 0.02
1 000 000 EUR 1 151 820 0.24 MUTUEL 0.250% 21-29/06/2028
16-15/09/2025 BANQUE FEDERATIVE DU CREDIT
IBERDROLA INTERNATIONAL 1.125% 200 000 EUR 222 998 0.05
400 000 EUR 475 774 0.10 MUTUEL 1.125% 21-19/11/2031
16-21/04/2026 BANQUE FEDERATIVE DU CREDIT
100 000 EUR 121 835 0.03
300 000 ING GROEP NV 2.500% 18-15/11/2030 EUR 395 476 0.08 MUTUEL 2.375% 16-24/03/2026
INNOGY FINANCE 1.250% 17- 600 000 BNP PARIBAS 0.500% 16-01/06/2022 EUR 685 004 0.14
500 000 EUR 598 512 0.12
19/10/2027 600 000 BNP PARIBAS 1.000% 18-17/04/2024 EUR 698 411 0.14
133 000 IPD 3 BV 5.500% 20-01/12/2025 EUR 155 113 0.03
300 000 BNP PARIBAS 1.125% 19-28/08/2024 EUR 351 261 0.07
LEASEPLAN CORP 0.250% 21-
604 000 EUR 677 387 0.14 100 000 BNP PARIBAS 2.750% 15-27/01/2026 EUR 123 664 0.03
07/09/2026
LEASEPLAN CORP 0.250% 21- 100 000 BNP PARIBAS 2.875% 16-01/10/2026 EUR 125 313 0.03
970 000 EUR 1 094 219 0.23
23/02/2026
LEASEPLAN CORP 1.375% 19- 900 000 BOUYGUES 0.500% 21-11/02/2030 EUR 1 013 617 0.21
100 000 EUR 117 119 0.02
07/03/2024 100 000 BOUYGUES 1.125% 20-24/07/2028 EUR 118 615 0.02
LSEG NTHRLND BV 0.250% 21-
100 000 EUR 112 569 0.02 400 000 BPCE 0.125% 19-04/12/2024 EUR 457 092 0.09
06/04/2028
MONDELEZ INTERNATIONAL 0.250% 800 000 BPCE 1.125% 15-14/12/2022 EUR 923 300 0.19
398 000 EUR 441 699 0.09
21-09/09/2029 CAISSE NA REA MU 0.750% 21-
MONDELEZ INTERNATIONAL 0.625% 300 000 EUR 330 241 0.07
100 000 EUR 110 369 0.02 07/07/2028
21-09/09/2032 100 000 CARMILA SA 1.625% 20-30/05/2027 EUR 116 520 0.02
1 000 000 NIBC BANK NV 0.250% 21-09/09/2026 EUR 1 120 331 0.23
100 000 CARREFOUR SA 1.250% 15-03/06/2025 EUR 117 255 0.02
300 000 NN BANK NV 0.500% 21-21/09/2028 EUR 337 399 0.07 CHROME BIDCO SAS 3.500% 21-
OI EUROPEAN GRP 2.875% 19- 100 000 EUR 114 536 0.02
100 000 EUR 114 608 0.02 31/05/2028
15/02/2025 CIE DE ST GOBAIN 1.125% 18-
100 000 EUR 118 543 0.02
500 000 PHILIPS NV 0.500% 19-22/05/2026 EUR 577 096 0.12 23/03/2026
400 000 POSTNL 0.625% 19-23/09/2026 EUR 461 373 0.10 600 000 COVIVIO 1.125% 19-17/09/2031 EUR 692 689 0.14
ROYAL SCHIPHOL 1.500% 18- CRED AGRICOLE ASSR 2.000% 20-
237 000 EUR 289 347 0.06 200 000 EUR 234 747 0.05
05/11/2030 17/07/2030
SAIPEM FIN INTERNATIONAL 3.125% CRED AGRICOLE SA 0.375% 19-
100 000 EUR 112 258 0.02 1 200 000 EUR 1 374 266 0.29
21-31/03/2028 21/10/2025
STEDIN HOLDING 0.000% 21- CRED AGRICOLE SA 2.000% 19-
100 000 EUR 112 722 0.02 100 000 EUR 120 731 0.03
16/11/2026 25/03/2029
CREDIT AGRICOLE ASSR 1.500% 21-
100 000 SWISSCOM FIN 0.375% 20-14/11/2028 EUR 114 329 0.02 400 000 EUR 447 245 0.09
06/10/2031
151 000 TENNET HLD BV 0.125% 20-30/11/2032 EUR 160 862 0.03 CREDIT AGRICOLE SA 0.125% 20-
1 300 000 EUR 1 443 937 0.30
194 000 TENNET HLD BV 0.125% 21-09/12/2027 EUR 218 984 0.05 09/12/2027
112 000 TENNET HLD BV 0.500% 20-30/11/2040 EUR 113 563 0.02
The accompanying notes form an integral part of these financial statements
Page 256
BNP PARIBAS FUNDS Sustainable Global Corporate Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
CREDIT MUTUEL ARKEA 0.875% 21- 600 000 BP CAPITAL PLC 1.876% 20-07/04/2024 EUR 711 750 0.15
200 000 EUR 226 028 0.05
11/03/2033 CNH INDUSTRIAL N 3.850% 17-
300 000 DANONE 0.520% 21-09/11/2030 EUR 341 527 0.07 1 175 000 USD 1 278 895 0.27
15/11/2027
100 000 DERICHEBOURG 2.250% 21-15/07/2028 EUR 116 168 0.02 COCA-COLA EUROPEAN PARTNERS
153 000 EUR 183 598 0.04
ELEC DE FRANCE 1.000% 16- 1.500% 18-08/11/2027
700 000 EUR 823 589 0.17 CREDIT AGRICOLE 0.750% 18-
13/10/2026 1 200 000 EUR 1 389 363 0.29
05/12/2023
ELEC DE FRANCE 1.000% 21-
100 000 EUR 112 583 0.02 100 000 EC FINANCE 3.000% 21-15/10/2026 EUR 116 187 0.02
29/11/2033
ELIOR PARTICIPAT 3.750% 21- GATWICK AIRPORT 4.375% 21-
100 000 EUR 116 300 0.02 100 000 GBP 132 658 0.03
15/07/2026 07/04/2026
100 000 ELIS SA 1.000% 19-03/04/2025 EUR 112 931 0.02 HEATHROW FNDG 1.125% 21-
100 000 EUR 112 441 0.02
08/10/2030
100 000 ELIS SA 1.750% 19-11/04/2024 EUR 115 798 0.02 HEATHROW FNDG 1.500% 20-
100 000 EUR 117 740 0.02
100 000 FAURECIA 2.375% 19-15/06/2027 EUR 113 928 0.02 12/10/2025
JAGUAR LAND ROVER 4.500% 21-
100 000 FAURECIA 2.375% 21-15/06/2029 EUR 114 269 0.02 100 000 EUR 115 551 0.02
15/07/2028
200 000 FAURECIA 2.750% 21-15/02/2027 EUR 231 396 0.05 400 000 LINDE PLC 0.000% 21-30/09/2026 EUR 452 537 0.09
200 000 FAURECIA 3.125% 19-15/06/2026 EUR 232 847 0.05 100 000 LINDE PLC 0.375% 21-30/09/2033 EUR 110 877 0.02
FONCIERE DES REGIONS 1.875% 16-
100 000 EUR 121 550 0.03 100 000 LINDE PLC 1.000% 21-30/09/2051 EUR 107 833 0.02
20/05/2026
FRANCE O.A.T.I/L 0.100% 21- LLOYDS BANKING 4.650% 16-
511 120 EUR 682 767 0.14 500 000 USD 550 581 0.11
01/03/2032 24/03/2026
NATIONAL GRID ELECT 0.190% 20-
200 000 GECINA 1.000% 16-30/01/2029 EUR 235 966 0.05 115 000 EUR 131 036 0.03
20/01/2025
HOLDING DINFRA 0.625% 21- NATIONAL GRID PLC 0.250% 21-
200 000 EUR 221 732 0.05 731 000 EUR 815 329 0.17
14/09/2028 01/09/2028
HOLDING DINFRA 1.625% 20- NATIONWIDE BLDG 0.250% 21-
800 000 EUR 946 749 0.20 200 000 EUR 223 075 0.05
18/09/2029 14/09/2028
1 500 000 ICADE 1.500% 17-13/09/2027 EUR 1 791 179 0.37 NATWEST MARKETS 0.125% 21-
207 000 EUR 233 865 0.05
ICADE SANTE SAS 1.375% 20- 12/11/2025
200 000 EUR 233 319 0.05
17/09/2030 160 000 OTE PLC 0.875% 19-24/09/2026 EUR 186 167 0.04
100 000 ILIAD 0.750% 21-11/02/2024 EUR 112 535 0.02 100 000 RAC BOND CO 5.250% 21-04/11/2027 GBP 132 036 0.03
100 000 ILIAD HOLDING 5.125% 21-15/10/2026 EUR 118 586 0.02 200 000 SSE PLC 0.875% 17-06/09/2025 EUR 232 482 0.05
100 000 JCDECAUX SA 2.000% 20-24/10/2024 EUR 118 870 0.02 400 000 SSE PLC 1.375% 18-04/09/2027 EUR 479 074 0.10
100 000 JCDECAUX SA 2.625% 20-24/04/2028 EUR 124 620 0.03 100 000 STELLANTIS NV 1.250% 21-20/06/2033 EUR 110 581 0.02
LA BANQUE POSTAL 0.750% 21- TESCO CORP TREAS 0.375% 21-
200 000 EUR 221 999 0.05 200 000 EUR 218 048 0.05
23/06/2031 27/07/2029
LA BANQUE POSTAL 1.375% 19- TESCO CORP TREAS 0.875% 19-
300 000 EUR 357 583 0.07 200 000 EUR 231 222 0.05
24/04/2029 29/05/2026
100 000 LA MONDIALE 0.750% 20-20/04/2026 EUR 113 524 0.02 TITAN GLOBAL FIN 2.750% 20-
100 000 EUR 117 922 0.02
100 000 LA POSTE 1.450% 18-30/11/2028 EUR 121 823 0.03 09/07/2027
153 000 VMED O2 UK FIN 3.250% 20-31/01/2031 EUR 172 313 0.04
400 000 LEGRAND SA 0.375% 21-06/10/2031 EUR 450 865 0.09
VODAFONE GROUP 0.900% 19-
100 000 MERCIALYS 1.800% 18-27/02/2026 EUR 117 695 0.02 700 000 EUR 821 825 0.17
24/11/2026
300 000 ORANGE 0.000% 21-29/06/2026 EUR 338 268 0.07 VODAFONE GROUP 4.375% 13-
500 000 USD 583 777 0.12
19/02/2043
200 000 ORANGE 0.625% 21-16/12/2033 EUR 221 208 0.05 VODAFONE GROUP 4.375% 18-
2 000 000 USD 2 251 184 0.47
100 000 ORPEA 2.000% 21-01/04/2028 EUR 113 391 0.02 30/05/2028
PAPREC HOLDING 3.500% 21- WESTPAC SEC NZ 0.427% 21-
118 000 EUR 135 890 0.03 536 000 EUR 608 483 0.13
01/07/2028 14/12/2026
YORKSHRE BLD SOC 0.500% 21-
500 000 PEUGEOT 1.125% 19-18/09/2029 EUR 573 021 0.12 186 000 EUR 209 741 0.04
01/07/2028
400 000 PEUGEOT 2.000% 17-23/03/2024 EUR 473 544 0.10
Italy 14 688 935 3.05
2 600 000 PEUGEOT 2.000% 18-20/03/2025 EUR 3 106 716 0.65
109 000 A2A SPA 1.000% 19-16/07/2029 EUR 127 312 0.03
400 000 PEUGEOT 2.375% 16-14/04/2023 EUR 469 035 0.10
200 000 A2A SPA 1.000% 21-02/11/2033 EUR 225 344 0.05
400 000 PEUGEOT 2.750% 20-15/05/2026 EUR 496 546 0.10
419 000 ACEA SPA 0.000% 21-28/09/2025 EUR 473 820 0.10
100 000 RCI BANQUE 1.375% 17-08/03/2024 EUR 116 380 0.02
336 000 ACEA SPA 0.250% 21-28/07/2030 EUR 366 494 0.08
200 000 RENAULT 1.000% 17-08/03/2023 EUR 228 881 0.05 AEROPORTI ROMA 1.625% 20-
600 000 EUR 701 470 0.15
200 000 RENAULT 1.000% 18-18/04/2024 EUR 226 829 0.05 02/02/2029
AEROPORTI ROMA 1.750% 21-
100 000 RENAULT 1.250% 19-24/06/2025 EUR 111 616 0.02 100 000 EUR 115 896 0.02
30/07/2031
300 000 RENAULT 2.375% 20-25/05/2026 EUR 343 591 0.07 100 000 ALMAVIVA 4.875% 21-30/10/2026 EUR 113 683 0.02
100 000 RENAULT 2.500% 21-01/04/2028 EUR 113 050 0.02 292 000 ASSICURAZIONI 1.713% 21-30/06/2032 EUR 327 256 0.07
169 000 REXEL SA 2.125% 21-15/06/2028 EUR 193 795 0.04 1 100 000 ASSICURAZIONI 2.124% 19-01/10/2030 EUR 1 309 348 0.27
100 000 REXEL SA 2.125% 21-15/12/2028 EUR 114 349 0.02 260 000 ASSICURAZIONI 2.429% 20-14/07/2031 EUR 313 396 0.07
SOCIETE FONCIERE 0.500% 21- AUTOSTRADA TORIN 1.000% 21-
200 000 EUR 224 174 0.05 272 000 EUR 309 986 0.06
21/04/2028 25/11/2026
SOCIETE GENERALE 2.625% 15-
100 000 EUR 121 546 0.03 565 000 ENI SPA 0.375% 21-14/06/2028 EUR 636 155 0.13
27/02/2025
UNIBAIL-RODAMCO 1.000% 15- 181 000 ERG SPA 0.875% 21-15/09/2031 EUR 202 604 0.04
800 000 EUR 931 766 0.19
14/03/2025 100 000 FERROVIE DEL 0.375% 21-25/03/2028 EUR 113 256 0.02
300 000 VALEO SA 1.000% 21-03/08/2028 EUR 333 207 0.07
300 000 HERA SPA 0.875% 19-05/07/2027 EUR 347 818 0.07
United Kingdom 19 071 886 3.98 152 000 HERA SPA 1.000% 21-25/04/2034 EUR 172 382 0.04
ANGLO AMERICAN 2.625% 20- INTESA SANPAOLO 0.625% 21-
3 000 000 USD 2 944 802 0.62 250 000 EUR 282 167 0.06
10/09/2030 24/02/2026
3 000 000 APTIV PLC 3.100% 21-01/12/2051 USD 2 862 700 0.60 INTESA SANPAOLO 0.750% 19-
1 200 000 EUR 1 386 381 0.29
04/12/2024
100 000 BG ENERGY CAP 2.250% 14-21/11/2029 EUR 126 213 0.03
The accompanying notes form an integral part of these financial statements
Page 257
BNP PARIBAS FUNDS Sustainable Global Corporate Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
INTESA SANPAOLO 0.750% 21- 300 000 BERLIN HYP AG 1.125% 17-25/10/2027 EUR 355 083 0.07
1 039 000 EUR 1 178 007 0.24
16/03/2028
INTESA SANPAOLO 1.000% 19- 300 000 BERLIN HYP AG 1.500% 18-18/04/2028 EUR 361 475 0.08
100 000 EUR 115 590 0.02 COMMERZBANK AG 1.250% 18-
19/11/2026 1 000 000 EUR 1 161 750 0.24
INTESA SANPAOLO 2.925% 20- 23/10/2023
200 000 EUR 236 503 0.05 DEUTSCHE KREDIT 0.010% 21-
14/10/2030 1 176 000 EUR 1 327 405 0.28
100 000 ITALGAS SPA 0.000% 21-16/02/2028 EUR 109 869 0.02 23/02/2026
DEUTSCHE POST AG 0.375% 20-
MEDIOBANCA SPA 1.000% 20- 208 000 EUR 239 140 0.05
405 000 EUR 467 715 0.10 20/05/2026
08/09/2027
DEUTSCHE WOHNEN 0.500% 21-
700 000 SNAM 0.000% 20-07/12/2028 EUR 764 766 0.16 400 000 EUR 451 776 0.09
07/04/2031
237 000 SNAM 0.625% 21-30/06/2031 EUR 265 638 0.06 DT LUFTHANSA AG 1.625% 21-
200 000 EUR 226 771 0.05
16/11/2023
300 000 SNAM 0.750% 20-17/06/2030 EUR 342 519 0.07 DT LUFTHANSA AG 2.000% 21-
TELECOM ITALIA 1.625% 21- 100 000 EUR 112 826 0.02
900 000 EUR 935 700 0.19 14/07/2024
18/01/2029 DT LUFTHANSA AG 2.875% 21-
100 000 EUR 111 335 0.02
510 000 TERNA S.P.A. 1.000% 18-23/07/2023 EUR 590 440 0.12 16/05/2027
100 000 TERNA SPA 0.375% 21-23/06/2029 EUR 112 119 0.02 300 000 E.ON SE 0.000% 19-28/08/2024 EUR 341 956 0.07
400 000 TERNA SPA 1.000% 19-10/04/2026 EUR 468 809 0.10 400 000 E.ON SE 0.350% 19-28/02/2030 EUR 450 424 0.09
100 000 UNICREDIT SPA 0.500% 19-09/04/2025 EUR 114 276 0.02 320 000 E.ON SE 0.375% 20-29/09/2027 EUR 366 110 0.08
200 000 UNICREDIT SPA 0.850% 21-19/01/2031 EUR 220 237 0.05 359 000 E.ON SE 0.600% 21-01/10/2032 EUR 406 950 0.08
UNIONE DI BANCHE 1.500% 19- 143 000 E.ON SE 0.875% 20-20/08/2031 EUR 167 444 0.03
400 000 EUR 469 194 0.10
10/04/2024 69 000 E.ON SE 1.000% 20-07/10/2025 EUR 80 953 0.02
500 000 UNIPOL GRUPPO 3.250% 20-23/09/2030 EUR 644 960 0.13 EUROGRID GMBH 1.113% 20-
100 000 EUR 117 927 0.02
100 000 UNIPOL GRUPPO 3.500% 17-29/11/2027 EUR 127 825 0.03 15/05/2032
HAPAG-LLOYD AG 2.500% 21-
100 000 EUR 117 807 0.02
Spain 14 320 561 2.98 15/04/2028
ACS SERVICIOS CO 1.875% 18- HOCHTIEF AKTIENG 0.625% 21-
400 000 EUR 477 331 0.10 236 000 EUR 260 289 0.05
20/04/2026 26/04/2029
AMADEUS IT GROUP 1.875% 20- 100 000 INFINEON TECH 1.625% 20-24/06/2029 EUR 120 919 0.03
100 000 EUR 120 656 0.03
24/09/2028 LB BADEN-WUERT 0.250% 21-
BANCO BILBAO VIZCAYA 100 000 EUR 111 505 0.02
300 000 EUR 349 322 0.07 21/07/2028
ARGENTARIA 1.000% 19-21/06/2026 LB BADEN-WUERT 0.375% 19-
BANCO BILBAO VIZCAYA 200 000 EUR 229 608 0.05
24/05/2024
700 000 ARGENTARIACAYA ARGENTARIA EUR 825 265 0.17 LB BADEN-WUERT 0.375% 19-
1.375% 18-14/05/2025 200 000 EUR 228 650 0.05
29/07/2026
BANCO SANTANDER 0.300% 19- LB BADEN-WUERT 0.375% 21-
400 000 EUR 454 645 0.09 200 000 EUR 220 230 0.05
04/10/2026 21/02/2031
BANCO SANTANDER 1.125% 20- LEG IMMOBILIEN SE 0.750% 21-
800 000 EUR 934 294 0.19 200 000 EUR 222 083 0.05
23/06/2027 30/06/2031
BANCO SANTANDER 1.625% 20- VOLKSWAGEN FIN 0.125% 21-
200 000 EUR 229 273 0.05 100 000 EUR 111 159 0.02
22/10/2030 12/02/2027
1 100 000 BANKINTER SA 0.625% 20-06/10/2027 EUR 1 246 093 0.26 VOLKSWAGEN LEAS 1.500% 19-
2 000 000 EUR 2 378 676 0.49
CELLNEX FINANCE 0.750% 21- 19/06/2026
400 000 EUR 446 145 0.09
15/11/2026 100 000 VONOVIA SE 0.625% 21-24/03/2031 EUR 111 762 0.02
CELLNEX FINANCE 1.000% 21-
300 000 EUR 330 115 0.07 100 000 VONOVIA SE 0.750% 21-01/09/2032 EUR 109 816 0.02
15/09/2027
CELLNEX FINANCE 2.000% 21-
500 000
15/09/2032
EUR 546 339 0.11 Japan 9 696 896 2.05
CELLNEX TELECOM 1.750% 20- MITSUBISHI UFJ FINANCE 0.848% 19-
400 000 EUR 462 195 0.10
100 000 EUR 109 237 0.02 19/07/2029
23/10/2030
IBERDROLA FIN SA 0.875% 20- MITSUBISHI UFJ FINANCE 0.980% 18-
118 000 EUR 136 868 0.03
100 000 EUR 116 871 0.02 09/10/2023
16/06/2025
MITSUBISHI UFJ FINANCE 2.048% 20-
IBERDROLA FIN SA 1.000% 16- 1 500 000 USD 1 459 107 0.30
700 000 EUR 813 745 0.17 17/07/2030
07/03/2024
MIZUHO FINANCIAL 0.214% 20-
IBERDROLA FIN SA 1.000% 17- 157 000 EUR 178 299 0.04
400 000 EUR 468 538 0.10 07/10/2025
07/03/2025
MIZUHO FINANCIAL 0.956% 17-
IBERDROLA FIN SA 1.250% 17- 325 000 EUR 378 746 0.08
200 000 EUR 241 341 0.05 16/10/2024
13/09/2027
IBERDROLA FIN SA 1.250% 18- 200 000 NIDEC CORP 0.046% 21-30/03/2026 EUR 225 724 0.05
200 000 EUR 239 442 0.05
28/10/2026 200 000 NTT FINANCE 0.010% 21-03/03/2025 EUR 226 815 0.05
INMOBILIARIA COL 0.750% 21-
100 000 EUR 111 359 0.02 582 000 NTT FINANCE 0.082% 21-13/12/2025 EUR 659 875 0.14
22/06/2029
INMOBILIARIA COL 1.350% 20- SUMITOMO MITSUI 0.465% 19-
200 000 EUR 234 153 0.05 822 000 EUR 945 943 0.20
14/10/2028 30/05/2024
INMOBILIARIA COLONIAL 2.000% 18- SUMITOMO MITSUI 0.934% 17-
300 000 EUR 361 346 0.08 700 000 EUR 815 869 0.17
17/04/2026 11/10/2024
MERLIN PROPERTIE 1.375% 21- 200 000 TAKEDA PHARM 0.750% 20-09/07/2027 EUR 231 439 0.05
300 000 EUR 335 909 0.07
01/06/2030
400 000 TAKEDA PHARM 1.000% 20-09/07/2029 EUR 465 273 0.10
RED ELECTRICA FI 0.375% 20-
200 000 EUR 229 897 0.05
24/07/2028 3 600 000 TAKEDA PHARM 2.050% 20-31/03/2030 USD 3 510 743 0.74
RED ELECTRICA FI 0.500% 21-
500 000 EUR 564 153 0.12
24/05/2033 Luxembourg 8 154 973 1.67
TELEFONICA EMIS 1.069% 19- AROUNDTOWN SA 0.375% 21-
3 900 000 EUR 4 535 092 0.95 200 000 EUR 222 021 0.05
05/02/2024 15/04/2027
BECTON DICKINSON 0.632% 19-
Germany 12 880 549 2.65 100 000 EUR 114 778 0.02
04/06/2023
600 000 ADIDAS AG 0.000% 20-05/10/2028 EUR 675 137 0.14 BECTON DICKINSON 1.208% 19-
100 000 EUR 117 520 0.02
BAYERISCHE LNDBK 0.125% 21- 04/06/2026
500 000 EUR 557 605 0.12
10/02/2028 1 600 000 CNH IND FIN 0.000% 20-01/04/2024 EUR 1 814 423 0.38
100 000 BERLIN HYP AG 0.375% 21-21/04/2031 EUR 112 566 0.02 300 000 CNH IND FIN 1.625% 19-03/07/2029 EUR 357 444 0.07
300 000 BERLIN HYP AG 0.500% 16-26/09/2023 EUR 344 956 0.07 385 000 CNH IND FIN 1.750% 19-25/03/2027 EUR 460 999 0.10
600 000 BERLIN HYP AG 0.500% 19-05/11/2029 EUR 688 456 0.14
The accompanying notes form an integral part of these financial statements
Page 258
BNP PARIBAS FUNDS Sustainable Global Corporate Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
100 000 CNH IND FIN 1.875% 18-19/01/2026 EUR 119 409 0.02
Finland 1 590 169 0.33
CNH INDUSTRIAL FIN 1.750% 17- CASTELLUM HELSIN 0.875% 21-
100 000 EUR 118 951 0.02 168 000 EUR 184 216 0.04
12/09/2025 17/09/2029
CPI PROPERTY GRO 1.625% 19-
300 000 EUR 346 981 0.07 100 000 NESTE 0.750% 21-25/03/2028 EUR 112 882 0.02
23/04/2027
198 000 EUROFINS SCIEN 2.125% 17-25/07/2024 EUR 235 446 0.05 268 000 NOKIA OYJ 2.000% 19-11/03/2026 EUR 318 203 0.07
INGERSOLL-RAND 3.800% 19- 100 000 NORDEA BANK 0.375% 19-28/05/2026 EUR 115 191 0.02
1 300 000 USD 1 417 965 0.29
21/03/2029 NORDEA BANK ABP 0.500% 21-
KLEOPATRA FINCO 4.250% 21- 200 000 EUR 226 064 0.05
100 000 EUR 109 581 0.02 02/11/2028
01/03/2026 NORDEA BANK ABP 0.500% 21-
224 000 LOGICOR FIN 0.875% 21-14/01/2031 EUR 241 640 0.05 100 000 EUR 112 870 0.02
19/03/2031
300 000 LOGICOR FIN 3.250% 18-13/11/2028 EUR 387 006 0.08 OP CORPORATE BK 0.375% 19-
200 000 EUR 229 984 0.05
26/02/2024
MEDTRONIC GLOBAL 0.000% 20- UPM-KYMMENE OYJ 0.500% 21-
100 000 EUR 113 248 0.02 263 000 EUR 290 759 0.06
15/10/2025 22/03/2031
MEDTRONIC GLOBAL 0.375% 20-
100 000 EUR 113 550 0.02
15/10/2028 Ireland 1 254 337 0.25
MEDTRONIC GLOBAL 1.125% 19- CCEP FINANCE IRE 0.000% 21-
100 000 EUR 118 525 0.02 100 000 EUR 112 738 0.02
07/03/2027 06/09/2025
MEDTRONIC GLOBAL 1.375% 20- HAMMERSON IRLND 1.750% 21-
100 000 EUR 113 232 0.02 300 000 EUR 334 947 0.07
15/10/2040 03/06/2027
NESTLE FINANCE INTERNATIONAL
91 000 EUR 103 258 0.02 400 000 SMURFIT KAPPA 0.500% 21-22/09/2029 EUR 446 693 0.09
0.000% 20-03/12/2025
NESTLE FINANCE INTERNATIONAL 100 000 SMURFIT KAPPA 1.000% 21-22/09/2033 EUR 111 529 0.02
300 000 EUR 339 799 0.07
0.000% 21-14/06/2026 SMURFIT KAPPA AQ 2.875% 18-
NESTLE FINANCE INTERNATIONAL 200 000 EUR 248 430 0.05
198 000 EUR 224 425 0.05 15/01/2026
0.125% 20-12/11/2027
100 000
NESTLE FINANCE INTERNATIONAL
EUR 111 316 0.02
Australia 1 230 170 0.25
0.375% 20-12/05/2032 NATIONAL AUSTRALIA BANK 0.350%
300 000 EUR 343 068 0.07
PROLOGIS INTERNATIONAL II 0.750% 17-07/09/2022
200 000 EUR 216 828 0.05
21-23/03/2033 NATIONAL AUSTRALIA BANK 0.625%
167 000 EUR 192 614 0.04
PROLOGIS INTERNATIONAL II 0.875% 18-30/08/2023
200 000 EUR 230 197 0.05
19-09/07/2029 WESTPAC BANKING 0.625% 17-
600 000 EUR 694 488 0.14
PROLOGIS INTERNATIONAL II 1.625% 22/11/2024
146 000 EUR 173 409 0.04
20-17/06/2032
200 000 WHIRLPOOL FIN 1.100% 17-09/11/2027 EUR 233 022 0.05 Belgium 906 965 0.19
BELFIUS BANK SA 0.375% 21-
200 000 EUR 225 820 0.05
Sweden 3 996 405 0.83 08/06/2027
400 000 KBC GROUP NV 0.875% 18-27/06/2023 EUR 462 336 0.10
100 000 ERICSSON LM 1.000% 21-26/05/2029 EUR 110 800 0.02
HOIST FINANCE AB 3.375% 20- 100 000 ONTEX GROUP 3.500% 21-15/07/2026 EUR 108 051 0.02
100 000 EUR 118 690 0.02
27/11/2024 100 000 PROXIMUS SADP 0.750% 21-17/11/2036 EUR 110 758 0.02
MOLNLYCKE HLD 0.625% 20-
600 000 EUR 656 025 0.14
15/01/2031 Austria 896 515 0.18
MOLNLYCKE HLD 0.875% 19-
106 000 EUR 120 480 0.03 600 000 ERSTE GROUP 0.125% 21-17/05/2028 EUR 666 623 0.14
05/09/2029
MOLNLYCKE HLD 1.750% 15- SAPPI PAPIER HOL 3.625% 21-
500 000 EUR 588 985 0.12 100 000 EUR 115 113 0.02
28/02/2024 15/03/2028
100 000 SBAB BANK AB 0.500% 20-13/05/2025 EUR 115 605 0.02 100 000 VERBUND AG 0.900% 21-01/04/2041 EUR 114 779 0.02
378 000 SKF AB 0.250% 21-15/02/2031 EUR 408 054 0.08 Liechtenstein 645 333 0.13
300 000 SKF AB 0.875% 19-15/11/2029 EUR 348 695 0.07 584 000 SWISS LIFE FIN I 0.500% 21-15/09/2031 EUR 645 333 0.13
SVENSKA HANDELSBANKEN 0.010%
500 000 EUR 554 175 0.12
20-02/12/202 Cyprus 443 341 0.09
VATTENFALL AB 0.125% 21- AROUNDTOWN SA 0.000% 20-
262 000 EUR 289 956 0.06 400 000 EUR 443 341 0.09
12/02/2029 16/07/2026
100 000 VOLVO CAR AB 2.500% 20-07/10/2027 EUR 122 427 0.03
Denmark 253 620 0.05
VOLVO TREAS AB 0.000% 21-
197 000 EUR 224 236 0.05 207 000 ORSTED A/S 1.500% 17-26/11/2029 EUR 253 620 0.05
09/05/2024
VOLVO TREAS AB 0.000% 21-
300 000
18/05/2026
EUR 338 277 0.07 Portugal 116 104 0.02
CAIXA GERAL DEPO 1.250% 19-
100 000 EUR 116 104 0.02
Norway 2 395 607 0.50 25/11/2024
SPAREBANK 1 OEST 0.125% 21-
600 000
03/03/2028
EUR 668 091 0.14 Greece 113 521 0.02
SPAREBANK 1 SMN 0.010% 21- 100 000 MYTILINEOS SA 2.250% 21-30/10/2026 EUR 113 521 0.02
440 000 EUR 484 782 0.10
18/02/2028
500 000
SPAREBANK 1 SMN 0.125% 19-
EUR 564 243 0.12
Mexico 109 603 0.02
11/09/2026 NEMAK SAB DE CV 2.250% 21-
100 000 EUR 109 603 0.02
SPAREBANK 1 SR 0.250% 21- 20/07/2028
600 000 EUR 678 491 0.14
09/11/2026
Floating rate bonds 99 587 878 20.65
Canada 1 779 197 0.37
100 000
BANK NOVA SCOTIA 0.250% 21-
EUR 111 034 0.02
United States of
01/11/2028 America 26 324 228 5.49
BROOKFIELD FIN 4.250% 16-
600 000 USD 659 042 0.14 1 000 000 ALLSTATE CORP 13-15/08/2053 FRN USD 1 041 294 0.22
02/06/2026
ROYAL BANK OF CANADA 4.650% 16- 100 000 AT&T INC 18-05/09/2023 FRN EUR 115 873 0.02
600 000 USD 665 622 0.14
27/01/2026
600 000 AT&T INC 20-31/12/2060 FRN EUR 682 736 0.14
ROYAL BK CANADA 0.250% 19-
300 000 EUR 343 499 0.07 BANK OF AMERICA CORP 18-
02/05/2024 400 000 EUR 479 870 0.10
25/04/2028 FRN
BANK OF AMERICA CORP 19-
1 000 000 USD 1 240 836 0.26
15/03/2050 FRN
BANK OF AMERICA CORP 20-
1 000 000 USD 958 655 0.20
24/10/2031 FRN
The accompanying notes form an integral part of these financial statements
Page 259
BNP PARIBAS FUNDS Sustainable Global Corporate Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
BANK OF AMERICA CORP 20- SOCIETE GENERALE 21-
3 000 000 USD 2 938 229 0.62 300 000 EUR 338 643 0.07
24/10/2051 FRN 17/11/2026 FRN
BANK OF AMERICA CORP 20- SOCIETE GENERALE 21-
1 000 000 USD 1 011 144 0.21 500 000 EUR 566 726 0.12
29/04/2031 FRN 30/06/2031 FRN
BANK OF AMERICA CORP 20- 100 000 SOGECAP SA 14-29/12/2049 FRN EUR 126 529 0.03
102 000 EUR 136 699 0.03
31/03/2029 FRN
BANK OF AMERICA CORP 21- 100 000 SOLVAY FIN 15-29/06/2049 FRN EUR 125 083 0.03
100 000 EUR 111 941 0.02
22/03/2031 FRN 300 000 TOTAL SA 16-29/12/2049 FRN EUR 345 161 0.07
BANK OF AMERICA CORP 21-
1 000 000 USD 1 012 869 0.21 200 000 TOTAL SA 16-29/12/2049 FRN EUR 247 375 0.05
22/04/2032 FRN
20 000 CITIGROUP INC 05-25/02/2030 SR EUR 25 473 0.01 100 000 TOTAL SA 16-29/12/2049 FRN EUR 116 755 0.02
2 250 000 CITIGROUP INC 20-03/06/2031 FRN USD 2 266 481 0.47 100 000 TOTAL SA 19-31/12/2049 FRN EUR 115 908 0.02
300 000 CITIGROUP INC 20-06/07/2026 FRN EUR 352 360 0.07 300 000 TOTAL SE 20-31/12/2060 FRN EUR 335 925 0.07
3 000 000 CITIGROUP INC 20-29/01/2031 FRN USD 3 047 902 0.64 459 000 TOTAL SE 21-31/12/2061 FRN EUR 517 329 0.11
2 000 000 HP ENTERPRISE 16-15/10/2025 FRN USD 2 219 421 0.46 100 000 TOTAL SE 21-31/12/2061 FRN EUR 109 480 0.02
UNIBAIL-RODAMCO 18-
200 000 METLIFE INC 06-15/12/2066 FRN USD 246 592 0.05 100 000 EUR 112 230 0.02
31/12/2049 FRN
MORGAN STANLEY 19-
1 000 000 USD 1 137 782 0.24
23/01/2030 FRN The Netherlands 14 549 275 3.03
MORGAN STANLEY 20- 1 100 000 ABERTIS FINANCE 20-31/12/2060 FRN EUR 1 274 419 0.26
340 000 EUR 379 364 0.08
26/10/2029 FRN
MORGAN STANLEY 21- 500 000 ABERTIS FINANCE 21-31/12/2061 FRN EUR 556 162 0.12
318 000 EUR 349 807 0.07
07/02/2031 FRN ABN AMRO BANK NV 20-
200 000 EUR 243 571 0.05
MORGAN STANLEY 21- 31/12/2060 FRN
1 500 000 USD 1 469 114 0.31
25/01/2052 FRN ADECCO INTERNATIONAL
MORGAN STANLEY 21- 359 000 FINANCIAL SERVICES 21- EUR 402 047 0.08
1 000 000 USD 955 282 0.20
28/04/2032 FRN 21/03/2082 FRN
MORGAN STANLEY 21- 100 000 ARGENTUM NET 19-19/02/2049 FRN EUR 124 344 0.03
355 000 EUR 403 600 0.08
29/04/2033 FRN
ASR NEDERLAND NV 15-
MORGAN STANLEY 21- 100 000 EUR 131 521 0.03
694 000 EUR 783 968 0.16 29/09/2045 FRN
29/10/2027 FRN
ASR NEDERLAND NV 19-
3 000 000 TRUIST FINANCIAL 21-07/06/2029 FRN USD 2 956 936 0.62 114 000 EUR 142 732 0.03
02/05/2049 FRN
100 000 FERROVIAL NL 17-31/12/2049 FRN EUR 113 332 0.02
France 15 937 511 3.29
IBERDROLA INTERNATIONAL 17-
300 000 ARKEMA 20-31/12/2060 FRN EUR 341 571 0.07 500 000 EUR 579 587 0.12
31/12/2049 FRN
100 000 AXA SA 16-06/07/2047 FRN EUR 127 283 0.03 IBERDROLA INTERNATIONAL 18-
300 000 EUR 357 502 0.07
31/12/2049 FRN
1 159 000 AXA SA 21-07/10/2041 FRN EUR 1 286 376 0.27
IBERDROLA INTERNATIONAL 19-
100 000 BNP PARIBAS 14-31/12/2049 FRN EUR 127 013 0.03 400 000 EUR 487 817 0.10
31/12/2049 FRN
300 000 BNP PARIBAS 19-04/06/2026 FRN EUR 343 988 0.07 IBERDROLA INTERNATIONAL 21-
500 000 EUR 564 136 0.12
31/12/2061 FRN
200 000 BNP PARIBAS 19-31/12/2049 FRN USD 215 506 0.04 IBERDROLA INTERNATIONAL 21-
500 000 EUR 568 650 0.12
900 000 BNP PARIBAS 20-14/10/2027 FRN EUR 1 015 402 0.21 31/12/2061 FRN
200 000 ING GROEP NV 20-26/05/2031 FRN EUR 237 964 0.05
200 000 BNP PARIBAS 21-30/05/2028 FRN EUR 225 803 0.05
200 000 ING GROEP NV 21-07/12/2028 FRN GBP 260 253 0.05
1 000 000 BNP PARIBAS 21-31/08/2033 FRN EUR 1 108 094 0.23
600 000 ING GROEP NV 21-09/06/2032 FRN EUR 676 712 0.14
600 000 BPCE 21-13/01/2042 FRN EUR 676 624 0.14
500 000 CNP ASSURANCES 19-27/07/2050 FRN EUR 587 534 0.12 800 000 ING GROEP NV 21-16/11/2032 FRN EUR 901 278 0.19
CRED AGRICOLE SA 19- 300 000 ING GROEP NV 21-29/09/2028 FRN EUR 335 174 0.07
200 000 USD 218 574 0.05
31/12/2049 FRN 200 000 ING GROEP NV 21-29/11/2025 FRN EUR 227 181 0.05
CRED AGRICOLE SA 20-
400 000 EUR 468 274 0.10 200 000 NN GROUP NV 17-13/01/2048 FRN EUR 265 589 0.06
05/06/2030 FRN
CRED AGRICOLE SA 20- REPSOL INTERNATIONAL FIN 20-
200 000 EUR 246 568 0.05 300 000 EUR 360 129 0.07
31/12/2060 FRN 31/12/2060 FRN
CREDIT AGRICOLE ASSURANCES 15- REPSOL INTERNATIONAL FIN 21-
100 000 EUR 124 617 0.03 200 000 EUR 226 705 0.05
29/01/2049 FRN 31/12/2061 FRN
CREDIT AGRICOLE ASSURANCES 18- REPSOL INTERNATIONAL FINANCE
100 000 EUR 121 125 0.03 700 000 EUR 853 010 0.18
29/01/2048 FRN 15-25/03/2075 FRN
CREDIT AGRICOLE SA 21- 100 000 STEDIN HOLDING 21-31/12/2061 FRN EUR 114 140 0.02
100 000 EUR 112 091 0.02
21/09/2029 FRN TELEFONICA EUROP 20-
100 000 DANONE 17-31/12/2049 FRN EUR 115 266 0.02 600 000 EUR 686 152 0.14
31/12/2060 FRN
400 000 DANONE 21-31/12/2061 FRN EUR 454 720 0.09 TELEFONICA EUROP 21-
700 000 EUR 757 957 0.16
31/12/2061 FRN
400 000 ELEC DE FRANCE 21-31/12/2061 FRN EUR 456 893 0.09 TELEFONICA EUROP 21-
300 000 EUR 338 596 0.07
100 000 GACM 21-21/04/2042 FRN EUR 113 576 0.02 31/12/2061 FRN
LA BANQUE POSTAL 21- 400 000 TENNET HLD BV 17-31/12/2049 FRN EUR 475 161 0.10
200 000 EUR 212 806 0.04
31/12/2061 FRN 300 000 TENNET HLD BV 20-22/10/2168 FRN EUR 353 653 0.07
200 000 ORANGE 14-29/10/2049 FRN EUR 266 567 0.06
100 000 VOLKSBANK NV 20-22/10/2030 FRN EUR 117 741 0.02
500 000 ORANGE 14-29/12/2049 FRN EUR 623 066 0.13 VOLKSWAGEN INTERNATION FN 17-
500 000 EUR 615 769 0.13
100 000 ORANGE 19-31/12/2049 FRN EUR 118 345 0.02 31/12/2049 FRN
VOLKSWAGEN INTFN 15-
100 000 ORANGE 20-15/10/2169 FRN EUR 115 131 0.02 200 000 EUR 244 324 0.05
29/12/2049 FRN
300 000 ORANGE 21-31/12/2061 FRN EUR 335 170 0.07 VOLKSWAGEN INTFN 20-
300 000 EUR 362 923 0.08
31/12/2060 FRN
200 000 SCOR SE 18-31/12/2049 FRN USD 208 523 0.04
VOLKSWAGEN INTFN 20-
300 000 EUR 370 127 0.08
100 000 SCOR SE 20-17/09/2051 FRN EUR 111 678 0.02 31/12/2060 FRN
SOCIETE GENERALE 20- 200 000 WINTERSHALL FIN 21-20/07/2169 FRN EUR 222 917 0.05
1 800 000 EUR 2 062 103 0.43
22/09/2028 FRN
SOCIETE GENERALE 20-
100 000 EUR 113 555 0.02
24/11/2030 FRN
SOCIETE GENERALE 21-
200 000 EUR 226 525 0.05
02/12/2027 FRN
The accompanying notes form an integral part of these financial statements
Page 260
BNP PARIBAS FUNDS Sustainable Global Corporate Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
250 000 UNICREDIT SPA 19-03/07/2025 FRN EUR 291 942 0.06
Spain 8 544 896 1.76
BANCO BILBAO VIZCAYA 200 000 UNICREDIT SPA 19-31/12/2049 FRN EUR 266 794 0.06
200 000 EUR 243 732 0.05
ARGENTARIA 19-31/12/2049 FRN 200 000 UNICREDIT SPA 20-15/01/2032 FRN EUR 231 950 0.05
BANCO BILBAO VIZCAYA
100 000 EUR 113 550 0.02 600 000 UNICREDIT SPA 20-16/06/2026 FRN EUR 699 009 0.15
ARGENTARIA 20-16/01/2030 FRN
BANCO BILBAO VIZCAYA 250 000 UNICREDIT SPA 20-20/01/2026 FRN EUR 288 630 0.06
200 000 EUR 252 857 0.05
ARGENTARIA 20-31/12/2060 FRN
250 000 UNICREDIT SPA 20-22/07/2027 FRN EUR 299 666 0.06
300 000 BANCO SABADELL 20-11/03/2027 FRN EUR 347 098 0.07
456 000 UNICREDIT SPA 21-05/07/2029 FRN EUR 517 387 0.11
300 000 BANCO SABADELL 21-16/06/2028 FRN EUR 328 393 0.07
200 000 UNICREDIT SPA 21-31/12/2061 FRN EUR 230 312 0.05
200 000 BANCO SABADELL 21-31/12/2061 FRN EUR 228 282 0.05
200 000 UNIPOLSAI ASSICU 20-31/12/2060 FRN EUR 258 032 0.05
BANCO SANTANDER 20-
200 000 EUR 233 967 0.05
31/12/2060 FRN
BANCO SANTANDER 21-
Portugal 4 059 750 0.84
600 000 EUR 674 435 0.14 CAIXA GERAL DEPO 18-
24/06/2029 FRN 100 000 EUR 122 044 0.03
BANCO SANTANDER 21- 28/06/2028 FRN
200 000 EUR 211 146 0.04 CAIXA GERAL DEPO 21-
31/12/2061 FRN 400 000 EUR 446 658 0.09
21/09/2027 FRN
200 000 BANKINTER SA 21-23/12/2032 FRN EUR 225 131 0.05
600 000 EDP SA 19-30/04/2079 FRN EUR 728 308 0.15
600 000 CAIXABANK 20-10/07/2026 FRN EUR 692 693 0.14
200 000 EDP SA 20-20/07/2080 FRN EUR 225 481 0.05
1 000 000 CAIXABANK 20-18/11/2026 FRN EUR 1 130 519 0.23
700 000 EDP SA 21-02/08/2081 FRN EUR 787 463 0.16
1 200 000 CAIXABANK 21-09/02/2029 FRN EUR 1 334 485 0.28
1 400 000 EDP SA 21-14/03/2082 FRN EUR 1 533 701 0.32
1 300 000 CAIXABANK 21-18/06/2031 FRN EUR 1 478 746 0.31
200 000 EDP SA 21-14/03/2082 FRN EUR 216 095 0.04
100 000 CAIXABANK 21-26/05/2028 FRN EUR 113 331 0.02
600 000 IBERDROLA FIN SA 21-31/12/2061 FRN EUR 678 478 0.14 United Kingdom 3 141 451 0.63
BARCLAYS BANK PLC 17-
200 000 MAPFRE 17-31/03/2047 FRN EUR 258 053 0.05 100 000 EUR 115 769 0.02
07/02/2028 FRN
BARCLAYS BANK PLC 21-
Germany 7 377 023 1.51 100 000
09/08/2029 FRN
EUR 110 993 0.02
200 000 ALLIANZ SE 20-30/04/2169 FRN EUR 225 558 0.05 BARCLAYS BANK PLC 21-
300 000 EUR 340 422 0.07
400 000 ALLIANZ SE 21-31/12/2061 FRN EUR 445 929 0.09 22/03/2031 FRN
BAYERISCHE LNDBK 21- 600 000 BP CAPITAL PLC 20-22/06/2169 FRN EUR 721 595 0.15
100 000 EUR 113 036 0.02
23/09/2031 FRN 343 000 NATWEST GROUP 21-14/09/2032 FRN EUR 383 768 0.08
COMMERZBANK AG 20-
100 000 EUR 123 795 0.03 100 000 NGG FINANCE 19-05/12/2079 FRN EUR 114 388 0.02
05/12/2030 FRN
COMMERZBANK AG 20- SANTANDER UK GRP 21-
100 000 EUR 115 326 0.02 100 000 EUR 111 142 0.02
24/03/2026 FRN 13/09/2029 FRN
COMMERZBANK AG 20- 179 000 STANDARD CHART 21-17/11/2029 FRN EUR 202 337 0.04
200 000 EUR 247 641 0.05
31/12/2060 FRN 100 000 STANDARD CHART 21-23/09/2031 FRN EUR 113 435 0.02
COMMERZBANK AG 20-
200 000 EUR 261 627 0.05 300 000 VODAFONE GROUP 18-03/01/2079 FRN EUR 351 688 0.07
31/12/2060 FRN
COMMERZBANK AG 21- 200 000 VODAFONE GROUP 20-27/08/2080 FRN EUR 229 055 0.05
800 000 EUR 891 440 0.19
29/12/2031 FRN
DEUTSCHE BOERSE 20- 300 000 VODAFONE GROUP 20-27/08/2080 FRN EUR 346 859 0.07
100 000 EUR 115 970 0.02
16/06/2047 FRN
ENERGIE BADEN-W 21- Ireland 3 140 409 0.65
400 000 EUR 443 802 0.09
31/08/2081 FRN 1 000 000 AIB GROUP PLC 20-30/05/2031 FRN EUR 1 198 756 0.25
ENERGIE BADEN-WU 19- 900 000 AIB GROUP PLC 21-17/11/2027 FRN EUR 1 014 418 0.21
300 000 EUR 340 597 0.07
05/08/2079 FRN
ENERGIE BADEN-WU 20- 422 000 BANK OF IRELAND 21-10/05/2027 FRN EUR 473 248 0.10
300 000 EUR 348 377 0.07
29/06/2080 FRN 300 000 BANK OF IRELAND 21-11/08/2031 FRN EUR 337 228 0.07
600 000 EVONIK 21-02/09/2081 FRN EUR 677 516 0.14
100 000 ZURICH FINANCE 20-17/09/2050 FRN EUR 116 759 0.02
100 000 INFINEON TECH 19-01/04/2168 FRN EUR 117 792 0.02
100 000 MERCK 14-12/12/2074 SR EUR 122 865 0.03 Belgium 2 772 703 0.58
400 000 AGEAS 20-24/11/2051 FRN EUR 452 878 0.09
300 000 MERCK 19-25/06/2079 FRN EUR 349 902 0.07
200 000 KBC GROUP NV 19-31/12/2049 FRN EUR 241 296 0.05
300 000 MERCK 20-09/09/2080 FRN EUR 348 451 0.07
700 000 KBC GROUP NV 20-16/06/2027 FRN EUR 797 035 0.17
400 000 MUNICH RE 20-26/05/2041 FRN EUR 448 349 0.09
200 000 SOLVAY SA 18-31/12/2049 FRN EUR 238 895 0.05
1 400 000 MUNICH RE 21-26/05/2042 FRN EUR 1 519 201 0.32
900 000 SOLVAY SA 20-02/09/2169 FRN EUR 1 042 599 0.22
100 000 TALANX AG 17-05/12/2047 FRN EUR 119 849 0.02
Italy 6 662 603 1.39 Denmark 1 942 829 0.41
800 000 JYSKE BANK A/S 21-02/09/2026 FRN EUR 896 767 0.19
100 000 BPER BANCA 21-31/03/2027 FRN EUR 111 351 0.02
200 000 JYSKE BANK A/S 21-17/02/2028 FRN EUR 224 398 0.05
200 000 ENEL S.P.A. 18-24/11/2078 FRN EUR 234 622 0.05
100 000 NYKREDIT 21-28/07/2031 FRN EUR 112 540 0.02
100 000 ENEL SPA 19-24/05/2080 FRN EUR 121 904 0.03
400 000 ORSTED A/S 17-24/11/3017 FRN EUR 471 096 0.10
200 000 ENEL SPA 20-31/12/2060 FRN EUR 234 557 0.05
100 000 ORSTED A/S 19-09/12/3019 FRN EUR 116 138 0.02
300 000 ENEL SPA 21-31/12/2061 FRN EUR 332 887 0.07
109 000 ORSTED A/S 21-18/02/3021 FRN EUR 121 890 0.03
100 000 ENEL SPA 21-31/12/2061 FRN EUR 110 044 0.02
900 000 ENI SPA 20-31/12/2060 FRN EUR 1 071 738 0.22 Sweden 1 463 515 0.31
200 000 ENI SPA 20-31/12/2060 FRN EUR 235 459 0.05 HEIMSTADEN BOSTA 21-
199 000 EUR 224 321 0.05
13/10/2170 FRN
162 000 ENI SPA 21-31/12/2061 FRN EUR 183 030 0.04
500 000 NORDEA BANK AB 21-18/08/2031 FRN EUR 563 420 0.12
200 000 INTESA SANPAOLO 17-31/12/2049 FRN EUR 247 267 0.05 SKANDINAVISKA ENSKILDA BANK
248 000 EUR 280 386 0.06
250 000 INTESA SANPAOLO 20-01/03/2169 FRN EUR 309 641 0.06 21-03/11/2031 FRN
250 000 INTESA SANPAOLO 20-31/12/2060 FRN EUR 277 284 0.06 344 000 TELIA CO AB 20-11/05/2081 FRN EUR 395 388 0.08
100 000 POSTE ITALIANE 21-31/12/2061 FRN EUR 109 097 0.02
The accompanying notes form an integral part of these financial statements
Page 261
BNP PARIBAS FUNDS Sustainable Global Corporate Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net
Quantity Denomination Market value
currency assets
Austria 1 288 721 0.26
200 000 ERSTE GROUP 20-31/12/2060 FRN EUR 238 071 0.05
200 000 ERSTE GROUP 21-15/11/2032 FRN EUR 224 366 0.05
100 000 LENZING AG 20-31/12/2060 FRN EUR 119 451 0.02
100 000 OMV AG 18-31/12/2049 FRN EUR 118 789 0.02
200 000 RAIFFEISEN BK IN 20-31/12/2060 FRN EUR 249 862 0.05
300 000 RAIFFEISEN BK IN 21-17/06/2033 FRN EUR 338 182 0.07
Australia 853 085 0.17
100 000 AUSNET SERVICES 21-11/03/2081 FRN EUR 113 900 0.02
100 000 AUST & NZ BANK 21-05/05/2031 FRN EUR 111 881 0.02
WESTPAC BANKING 21-
559 000 EUR 627 304 0.13
13/05/2031 FRN
Norway 562 506 0.12
500 000 SPAREBANK 1 SR 21-15/07/2027 FRN EUR 562 506 0.12
Poland 336 452 0.07
300 000 MBANK 21-21/09/2027 FRN EUR 336 452 0.07
Japan 223 500 0.05
200 000 RAKUTEN GROUP 21-22/04/2170 FRN EUR 223 500 0.05
Cyprus 216 981 0.05
200 000 AROUNDTOWN SA 21-31/12/2061 FRN EUR 216 981 0.05
Finland 190 440 0.04
NORDEA BANK ABP 21-
200 000 USD 190 440 0.04
31/12/2061 FRN
Shares/Units in investment funds 11 102 151 2.33
Luxembourg 11 102 151 2.33
BNP PARIBAS FUNDS GREEN BOND -
50 000.00 EUR 5 869 090 1.23
I CAP
BNP PARIBAS INSTICASH USD 1D
32 882.18 USD 5 233 061 1.10
SHORT TERM VNAV INC
Total securities portfolio 467 676 264 97.10
The accompanying notes form an integral part of these financial statements
Page 262
BNP PARIBAS FUNDS Sustainable Global Equity
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net
Quantity Denomination Market value
currency assets
Transferable securities admitted to an
official stock exchange listing and/or 474 173 243 99.79
traded on another regulated market
Shares 474 173 243 99.79
United States of
America 334 206 429 70.33
14 738 ADOBE SYSTEMS INC USD 8 357 330 1.76
4 633 ALPHABET INC - A USD 13 421 986 2.82
8 855 AMAZON.COM INC USD 29 525 581 6.20
231 214 BERRY GLOBAL GROUP INC USD 17 058 969 3.59
6 399 BOOKING HOLDINGS INC USD 15 352 673 3.23
165 864 BRUNSWICK CORP USD 16 707 481 3.52
146 257 CENTENE CORP USD 12 051 577 2.54
298 080 CISCO SYSTEMS INC USD 18 889 330 3.98
268 754 COMCAST CORP - A USD 13 526 389 2.85
505 242 FRONTDOOR INC USD 18 517 119 3.90
138 549 HASBRO INC USD 14 101 517 2.97
317 615 HOLOGIC INC USD 24 316 604 5.12
86 382 INSTALLED BUILDING PRODUCTS USD 12 069 293 2.54
91 524 MARSH & MCLENNAN COS USD 15 908 702 3.35
428 459 PREMIER INC - A USD 17 639 657 3.71
35 950 S&P GLOBAL INC USD 16 965 884 3.57
24 955 TELEDYNE TECHNOLOGIES INC USD 10 902 590 2.29
96 400 TJX COMPANIES INC USD 7 318 688 1.54
71 135 TRIMBLE INC USD 6 202 261 1.31
60 245 UNITEDHEALTH GROUP INC USD 30 251 424 6.36
69 777 VISA INC - A USD 15 121 374 3.18
France 34 639 584 7.29
523 094 ALSTOM EUR 18 571 607 3.91
258 828 DANONE EUR 16 067 977 3.38
China 31 177 699 6.56
125 789 ALIBABA GROUP HOLDING - ADR USD 14 942 475 3.14
276 500 TENCENT HOLDINGS LTD HKD 16 235 224 3.42
United Kingdom 21 986 565 4.63
73 152 AON PLC-CLASS A USD 21 986 565 4.63
Taiwan 19 366 369 4.08
TAIWAN SEMICONDUCTOR
870 000 TWD 19 366 369 4.08
MANUFACTURING CO
Hong Kong 16 196 400 3.41
1 604 800 AIA GROUP LTD HKD 16 196 400 3.41
The Netherlands 9 136 802 1.92
11 369 ASML HOLDING NV EUR 9 136 802 1.92
Spain 7 463 395 1.57
388 916 GRIFOLS SA EUR 7 463 395 1.57
Other transferable securities 0 0.00
Shares 0 0.00
China 0 0.00
1 522 104 CHINA ANIMAL HEALTHCARE LTD HKD 0 0.00
Total securities portfolio 474 173 243 99.79
The accompanying notes form an integral part of these financial statements
Page 263
BNP PARIBAS FUNDS Sustainable Global Multi-Factor Corporate Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
COLGATE-PALM CO 1.375% 19-
Transferable securities admitted to an 150 000
06/03/2034
EUR 181 258 0.31
official stock exchange listing and/or 55 984 689 94.89
330 000
COSTCO COMPANIES 1.375% 20-
USD 327 623 0.56
20/06/2027
traded on another regulated market COSTCO COMPANIES 1.600% 20-
340 000 USD 329 340 0.56
55 654 901 94.33 20/04/2030
Bonds 160 000 DOVER CORP 0.750% 19-04/11/2027 EUR 183 622 0.31
United States of 160 000 DOVER CORP 1.250% 16-09/11/2026 EUR 189 172 0.32
America 43 654 258 73.99 330 000
EAGLE MATERIALS 2.500% 21-
USD 325 860 0.55
310 000 3M CO 2.650% 20-15/04/2025 USD 323 553 0.55 01/07/2031
330 000 ECOLAB INC 2.750% 21-18/08/2055 USD 323 523 0.55
320 000 ADOBE INC 1.900% 20-01/02/2025 USD 327 628 0.56
EMERSON ELECTRIC 0.375% 19-
320 000 ADOBE INC 2.300% 20-01/02/2030 USD 326 950 0.55 170 000 EUR 195 050 0.33
22/05/2024
310 000 ADOBE SYS INC 3.250% 15-01/02/2025 USD 327 943 0.56 EMERSON ELECTRIC 1.250% 19-
160 000 EUR 188 614 0.32
15/10/2025
AGILENT TECH INC 2.100% 20-
330 000 USD 323 255 0.55 EMERSON ELECTRIC 2.000% 19-
04/06/2030 150 000 EUR 187 645 0.32
15/10/2029
AGILENT TECH INC 2.300% 21-
330 000 USD 326 464 0.55 ERP OPERATING LP 3.375% 15-
12/03/2031 300 000 USD 317 355 0.54
01/06/2025
370 000 ALPHABET INC 1.900% 20-15/08/2040 USD 337 584 0.57
80 000 FOX CORP 4.030% 20-25/01/2024 USD 84 522 0.14
380 000 ALPHABET INC 2.050% 20-15/08/2050 USD 340 192 0.58 GENUINE PARTS CO 1.875% 20-
340 000 USD 319 313 0.54
380 000 ALPHABET INC 2.250% 20-15/08/2060 USD 340 089 0.58 01/11/2030
AMERISOURCEBERGE 2.700% 21- 320 000 HARTFORD FINL 2.800% 19-19/08/2029 USD 331 790 0.56
320 000 USD 323 071 0.55
15/03/2031 HEWLETT-PACK CO 6.000% 11-
150 000 USD 199 451 0.34
AMERISOURCEBERGE 2.800% 20- 15/09/2041
180 000 USD 185 031 0.31
15/05/2030 340 000 HUMANA INC 1.350% 21-03/02/2027 USD 330 979 0.56
290 000 AON CORP 3.750% 19-02/05/2029 USD 317 697 0.54
280 000 HUMANA INC 4.875% 20-01/04/2030 USD 328 497 0.56
170 000 APPLE INC 0.500% 19-15/11/2031 EUR 193 735 0.33
250 000 HUMANA INC 4.950% 14-01/10/2044 USD 323 317 0.55
150 000 APPLE INC 1.375% 17-24/05/2029 EUR 183 236 0.31 ILLINOIS TOOL WK 0.250% 19-
170 000 EUR 194 552 0.33
150 000 APPLE INC 2.000% 15-17/09/2027 EUR 187 900 0.32 05/12/2024
ILLINOIS TOOL WK 0.625% 19-
280 000 APPLE INC 3.850% 13-04/05/2043 USD 330 891 0.56 160 000 EUR 183 923 0.31
05/12/2027
260 000 APPLE INC 4.375% 15-13/05/2045 USD 328 136 0.56 ILLINOIS TOOL WK 2.125% 15-
150 000 EUR 191 337 0.32
22/05/2030
250 000 APPLE INC 4.650% 16-23/02/2046 USD 328 587 0.56
330 000 ILLUMINA INC 2.550% 21-23/03/2031 USD 330 405 0.56
ARROW ELECTRONIC 3.250% 17-
310 000 USD 323 074 0.55
08/09/2024 340 000 INTUIT INC 1.350% 20-15/07/2027 USD 333 009 0.56
ASHTEAD CAPITAL 1.500% 21- 300 000 INTUIT INC 1.650% 20-15/07/2030 USD 289 402 0.49
330 000 USD 323 798 0.55
12/08/2026
ASHTEAD CAPITAL 2.450% 21- JOHNSON CONTROLS 0.375% 20-
340 000 USD 331 901 0.56 170 000 EUR 191 194 0.32
12/08/2031 15/09/2027
JOHNSON CONTROLS 1.000% 20-
190 000 AT&T INC 3.800% 21-01/12/2057 USD 198 264 0.34 170 000 EUR 193 186 0.33
15/09/2032
330 000 AUTODESK INC 2.400% 21-15/12/2031 USD 329 289 0.56 JOHNSON CONTROLS 1.375% 16-
160 000 EUR 187 706 0.32
25/02/2025
310 000 AUTOZONE INC 3.625% 20-15/04/2025 USD 330 695 0.56
JOHNSON&JOHNSON 2.900% 17-
AVERY DENNISON 1.250% 17- 300 000 USD 319 828 0.54
160 000 EUR 187 725 0.32 15/01/2028
03/03/2025 JOHNSON&JOHNSON 3.400% 17-
AVERY DENNISON 2.250% 21- 290 000 USD 325 048 0.55
340 000 USD 330 365 0.56 15/01/2038
15/02/2032 JOHNSON&JOHNSON 3.625% 17-
290 000 AVNET INC 4.625% 16-15/04/2026 USD 317 941 0.54 290 000 USD 334 114 0.57
03/03/2037
BLACKROCK INC 2.400% 20- MANPOWERGROUP 1.750% 18-
320 000 USD 328 854 0.56 160 000 EUR 193 050 0.33
30/04/2030 22/06/2026
BLACKROCK INC 3.250% 19- MARSH & MCLENNAN 2.250% 20-
300 000 USD 326 471 0.55 330 000 USD 328 968 0.56
30/04/2029 15/11/2030
BLACKROCK INC 3.500% 14- MARSH & MCLENNAN 3.750% 15-
310 000 USD 327 213 0.55 300 000 USD 324 556 0.55
18/03/2024 14/03/2026
BLACKSTONE HLDGS 1.000% 16- MARVELL TECH INC 1.650% 21-
160 000 EUR 186 788 0.32 330 000 USD 326 314 0.55
05/10/2026 15/04/2026
BLACKSTONE HLDGS 1.500% 19- MARVELL TECH INC 2.450% 21-
160 000 EUR 191 979 0.33 320 000 USD 324 723 0.55
10/04/2029 15/04/2028
BLACKSTONE HLDGS 1.625% 21- MARVELL TECH INC 2.950% 21-
340 000 USD 330 206 0.56 320 000 USD 327 477 0.56
05/08/2028 15/04/2031
BLACKSTONE HLDGS 2.000% 21- 340 000 MASCO CORP 1.500% 21-15/02/2028 USD 329 146 0.56
340 000 USD 327 122 0.55
30/01/2032
340 000 MASCO CORP 2.000% 21-15/02/2031 USD 326 597 0.55
BLACKSTONE HLDGS 5.000% 14-
250 000 USD 326 703 0.55 MICROSOFT CORP 2.525% 20-
15/06/2044 340 000 USD 333 379 0.57
CBRE SERVICES IN 2.500% 21- 01/06/2050
330 000 USD 332 032 0.56 MICROSOFT CORP 2.625% 13-
01/04/2031 130 000 EUR 181 624 0.31
CBRE SERVICES IN 4.875% 15- 02/05/2033
290 000 USD 324 393 0.55 MICROSOFT CORP 2.700% 15-
01/03/2026 310 000 USD 323 905 0.55
12/02/2025
310 000 CISCO SYSTEMS 3.625% 14-04/03/2024 USD 328 855 0.56
MICROSOFT CORP 2.921% 21-
240 000 CISCO SYSTEMS 5.500% 09-15/01/2040 USD 335 399 0.57 320 000 USD 338 994 0.57
17/03/2052
230 000 CISCO SYSTEMS 5.900% 09-15/02/2039 USD 331 011 0.56 MICROSOFT CORP 3.125% 13-
140 000 EUR 191 036 0.32
06/12/2028
CITRIX SYSTEMS 4.500% 17-
180 000 USD 195 441 0.33 MMS USA FIN INC 0.625% 19-
01/12/2027 200 000 EUR 229 800 0.39
13/06/2025
230 000 CME GROUP INC 5.300% 13-15/09/2043 USD 318 789 0.54 MMS USA FIN INC 1.250% 19-
200 000 EUR 235 840 0.40
69 000 COACH INC 4.125% 17-15/07/2027 USD 74 669 0.13 13/06/2028
COCA-COLA CO/THE 0.950% 21- MMS USA FIN INC 1.750% 19-
170 000 EUR 190 852 0.32 200 000 EUR 243 038 0.41
06/05/2036 13/06/2031
COCA-COLA CO/THE 1.625% 15- MOTOROLA SOLUTIO 2.300% 20-
150 000 EUR 185 551 0.31 330 000 USD 319 815 0.54
09/03/2035 15/11/2030
COLGATE-PALM CO 0.500% 19-
160 000 EUR 185 120 0.31
06/03/2026
The accompanying notes form an integral part of these financial statements
Page 264
BNP PARIBAS FUNDS Sustainable Global Multi-Factor Corporate Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
MOTOROLA SOLUTIO 4.600% 18- SHERWIN-WILLIAMS 4.500% 17-
290 000 USD 327 312 0.55 270 000 USD 336 411 0.57
23/02/2028 01/06/2047
MOTOROLA SOLUTIO 4.600% 19- SKYWORKS SOLUT 1.800% 21-
280 000 USD 319 955 0.54 320 000 USD 316 746 0.54
23/05/2029 01/06/2026
NESTLE HOLDINGS 0.875% 17- SKYWORKS SOLUT 3.000% 21-
160 000 EUR 187 244 0.32 320 000 USD 322 468 0.55
18/07/2025 01/06/2031
OREILLY AUTOMOT 3.600% 17- SYNCHRONY FINANC 4.375% 19-
300 000 USD 325 808 0.55 190 000 USD 200 662 0.34
01/09/2027 19/03/2024
OREILLY AUTOMOT 3.900% 19- SYNCHRONY FINANCIAL 4.250% 14-
290 000 USD 320 123 0.54 10 000 USD 10 588 0.02
01/06/2029 15/08/2024
OREILLY AUTOMOT 4.200% 20- TEXAS INSTRUMENT 2.250% 19-
290 000 USD 327 594 0.56 320 000 USD 327 517 0.56
01/04/2030 04/09/2029
OTIS WORLDWIDE 2.056% 20- TEXAS INSTRUMENT 2.700% 21-
320 000 USD 326 160 0.55 340 000 USD 343 985 0.58
05/04/2025 15/09/2051
OTIS WORLDWIDE 2.565% 20- TEXAS INSTRUMENT 4.150% 18-
320 000 USD 324 653 0.55 260 000 USD 326 866 0.55
15/02/2030 15/05/2048
OTIS WORLDWIDE 3.112% 20- 280 000 TRIMBLE INC 4.900% 18-15/06/2028 USD 319 251 0.54
320 000 USD 327 929 0.56
15/02/2040
PACKAGING CORP 3.400% 17- 180 000 VERISIGN INC 5.250% 15-01/04/2025 USD 198 861 0.34
300 000 USD 323 774 0.55 WAL-MART STORES 2.550% 14-
15/12/2027 150 000 EUR 187 300 0.32
PACKAGING CORP 3.650% 14- 08/04/2026
310 000 USD 327 480 0.56 WAL-MART STORES 4.875% 09-
15/09/2024 120 000 EUR 182 293 0.31
PARKER HANNIFIN CORP 4.100% 21/09/2029
290 000 USD 339 240 0.57 WESTERN UNION CO 1.350% 21-
01/03/2047 340 000 USD 332 543 0.56
210 000 PFIZER INC 7.200% 09-15/03/2039 USD 338 205 0.57 15/03/2026
WESTERN UNION CO 2.850% 19-
PROCTER & GAMBLE 0.625% 18- 310 000 USD 320 954 0.54
160 000 EUR 185 706 0.31 10/01/2025
30/10/2024 WEYERHAEUSER CO 7.375% 02-
PROCTER & GAMBLE 1.250% 17- 230 000 USD 323 705 0.55
150 000 EUR 181 346 0.31 15/03/2032
25/10/2029
PROCTER & GAMBLE 2.700% 16- 290 000 WYETH 6.450% 03-01/02/2024 USD 321 584 0.55
310 000 USD 326 815 0.55
02/02/2026
PROCTER & GAMBLE 2.800% 20- The Netherlands 2 904 676 4.92
310 000 USD 328 431 0.56 ABB FINANCE BV 0.000% 21-
25/03/2027 170 000 EUR 185 645 0.31
PROCTER & GAMBLE 3.000% 20- 19/01/2030
300 000 USD 326 055 0.55 BRENNTAG FINANCE 0.500% 21-
25/03/2030 200 000 EUR 225 274 0.38
PROCTER & GAMBLE 4.875% 07- 06/10/2029
130 000 EUR 184 918 0.31 BRENNTAG FINANCE 1.125% 17-
11/05/2027 160 000 EUR 187 561 0.32
27/09/2025
170 000 PROLOGIS EURO 1.000% 20-06/02/2035 EUR 187 071 0.32
170 000 DSV PANALPINA 0.875% 21-17/09/2036 EUR 185 451 0.31
PUBLIC STORAGE 0.500% 21-
170 000 EUR 186 714 0.32 ENEL FIN INTERNATIONAL NV
09/09/2030 160 000 EUR 190 097 0.32
PUBLIC STORAGE 0.875% 20- 1.500% 19-21/07/2025
170 000 EUR 187 538 0.32 ENEL FINANCE INTERNATIONAL NV
24/01/2032 160 000 EUR 188 421 0.32
PUBLIC STORAGE 1.850% 21- 1.125% 18-16/09/2026
320 000 USD 319 461 0.54 INNOGY FINANCE BV 1.000% 17-
01/05/2028 160 000 EUR 187 166 0.32
PUBLIC STORAGE 2.300% 21- 13/04/2025
320 000 USD 323 304 0.55 NATURGY ENERGY GROUP F 0.875%
01/05/2031 200 000 EUR 233 433 0.40
PUBLIC STORAGE 3.385% 19- 17-15/05/2025
300 000 USD 327 542 0.56 NATURGY ENERGY GROUP F 2.875%
01/05/2029 200 000 EUR 241 847 0.41
14-11/03/2024
190 000 QORVO INC 3.375% 20-01/04/2031 USD 193 665 0.33
NXP BV/NXP FDG 2.700% 20-
QUANTA SERVICES 2.350% 21- 310 000 USD 320 036 0.54
340 000 USD 330 159 0.56 01/05/2025
15/01/2032
170 000 RELX FINANCE 0.000% 20-18/03/2024 EUR 193 599 0.33
QUANTA SERVICES 2.900% 20-
320 000 USD 326 743 0.55 WOLTERS KLUWER N 0.750% 20-
01/10/2030 160 000 EUR 182 392 0.31
QUANTA SERVICES 3.050% 21- 03/07/2030
330 000 USD 319 622 0.54 WOLTERS KLUWER N 1.500% 17-
01/10/2041 160 000 EUR 191 995 0.33
QUEST DIAGNOSTIC 3.450% 16- 22/03/2027
300 000 USD 321 007 0.54 WOLTERS KLUWER-C 2.500% 14-
01/06/2026 160 000 EUR 191 759 0.32
QUEST DIAGNOSTIC 3.500% 15- 13/05/2024
310 000 USD 327 450 0.55
30/03/2025
QUEST DIAGNOSTIC 4.200% 19-
United Kingdom 2 651 063 4.50
290 000 USD 327 660 0.56 300 000 AON PLC 3.875% 16-15/12/2025 USD 324 522 0.55
30/06/2029
REGENERON PHARM 1.750% 20- 260 000 AON PLC 4.750% 15-15/05/2045 USD 324 118 0.55
350 000 USD 330 478 0.56
15/09/2030
ASB FINANCE LTD 0.250% 21-
REGENERON PHARM 2.800% 20- 170 000 EUR 188 576 0.32
360 000 USD 338 873 0.57 08/09/2028
15/09/2050
BRAMBLES FINANCE 1.500% 17-
RELIANCE STEEL 2.150% 20- 160 000 EUR 191 429 0.32
340 000 USD 331 397 0.56 04/10/2027
15/08/2030
170 000 DIAGEO FIN PLC 0.125% 19-12/10/2023 EUR 194 306 0.33
160 000 RELX CAPITAL 1.300% 15-12/05/2025 EUR 188 730 0.32
RELX CAPITAL INC 4.000% 19- 160 000 DIAGEO FIN PLC 1.750% 14-23/09/2024 EUR 190 097 0.32
290 000 USD 321 636 0.55 DIAGEO FINANCE PLC 0.500% 17-
18/03/2029 160 000 EUR 184 236 0.31
310 000 REPUBLIC SVCS 2.900% 16-01/07/2026 USD 324 912 0.55 19/06/2024
INTERMEDIATE CAP 1.625% 20-
ROCKWELL AUTOMAT 1.750% 21- 100 000 EUR 115 678 0.20
340 000 USD 331 166 0.56 17/02/2027
15/08/2031
ROCKWELL AUTOMAT 2.800% 21- 160 000 ITV PLC 1.375% 19-26/09/2026 EUR 186 304 0.32
350 000 USD 345 788 0.58
15/08/2061 160 000 OTE PLC 0.875% 19-24/09/2026 EUR 186 167 0.32
S&P GLOBAL INC 1.250% 20-
350 000 USD 327 066 0.55 160 000 SSE PLC 0.875% 17-06/09/2025 EUR 185 985 0.32
15/08/2030
S&P GLOBAL INC 2.500% 19- 160 000 SSE PLC 1.250% 20-16/04/2025 EUR 188 015 0.32
320 000 USD 330 308 0.56
01/12/2029 160 000 SSE PLC 1.375% 18-04/09/2027 EUR 191 630 0.32
S&P GLOBAL INC 3.250% 19-
310 000 USD 336 753 0.57
01/12/2049
SHERWIN-WILLIAMS 2.300% 20-
330 000 USD 330 948 0.56
15/05/2030
SHERWIN-WILLIAMS 2.950% 19-
310 000 USD 326 446 0.55
15/08/2029
The accompanying notes form an integral part of these financial statements
Page 265
BNP PARIBAS FUNDS Sustainable Global Multi-Factor Corporate Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Australia 1 141 642 1.93 Floating rate bonds 329 788 0.56
BRAMBLES FINANCE 2.375% 14-
160 000 EUR 191 194 0.32
12/06/2024 United States of
TELSTRA CORP LTD 1.375% 19- America 329 788 0.56
160 000 EUR 191 995 0.33
26/03/2029
TELSTRA CORPORATION LTD 1.125% 270 000 JOHNSON CONTROLS 16-02/07/2044 USD 329 788 0.56
160 000 EUR 188 452 0.32
16-14/04/2026
160 000
TELSTRA CORPORATION LTD 2.500%
EUR 190 125 0.32 Other transferable securities 186 217 0.32
13-15/09/2023
WESFARMERS LTD 0.954% 21-
170 000
21/10/2033
EUR 190 879 0.32 Bonds 186 217 0.32
WOOLWORTHS GROUP 0.375% 21-
170 000
15/11/2028
EUR 188 997 0.32 United States of
America 186 217 0.32
Canada 1 010 414 1.70 PARKER-HANNIFIN 1.125% NOTE-
340 000 BELL CANADA 2.150% 21-15/02/2032 USD 332 597 0.56 160 000 EUR 186 217 0.32
01.03.25 REG
310 000 BELL CANADA 3.650% 21-17/03/2051 USD 339 205 0.57
280 000 BELL CANADA 4.300% 19-29/07/2049 USD 338 612 0.57
Shares/Units in investment funds 1 781 619 3.01
France 897 669 1.52 Luxembourg 1 781 619 3.01
200 000 APRR SA 1.250% 16-06/01/2027 EUR 238 875 0.40 BNP PARIBAS INSTICASH USD 1D
11 194.88 USD 1 781 619 3.01
SHORT TERM VNAV - I CAP
200 000 APRR SA 1.250% 19-18/01/2028 EUR 239 888 0.41
200 000
AUTOROUTES PARIS 1.125% 16-
EUR 236 544 0.40 Total securities portfolio 57 952 525 98.22
09/01/2026
TECHNIP ENERGIES 1.125% 21-
160 000 EUR 182 362 0.31
28/05/2028
Denmark 571 036 0.97
NOVO NORDISK FIN 0.000% 21-
170 000 EUR 193 754 0.33
04/06/2024
NOVO NORDISK FIN 0.125% 21-
170 000 EUR 191 097 0.32
04/06/2028
160 000 SYDBANK A/S 1.375% 18-18/09/2023 EUR 186 185 0.32
Luxembourg 568 016 0.96
NESTLE FINANCE INTERNATIONAL
170 000 EUR 192 900 0.33
0.000% 20-03/12/2025
NESTLE FINANCE INTERNATIONAL
160 000 EUR 189 696 0.32
1.125% 20-01/04/2026
TYCO ELECTRONICS 0.000% 21-
170 000 EUR 185 420 0.31
16/02/2029
Mexico 511 143 0.87
AMERICA MOVIL SA 1.500% 16-
160 000 EUR 187 274 0.32
10/03/2024
AMERICA MOVIL SA 3.625% 19-
300 000 USD 323 869 0.55
22/04/2029
Italy 495 937 0.84
AUTOSTRADA TORIN 2.375% 21-
100 000 EUR 113 029 0.19
25/11/2033
170 000 ERG SPA 0.500% 20-11/09/2027 EUR 192 617 0.33
170 000 ERG SPA 0.875% 21-15/09/2031 EUR 190 291 0.32
Germany 306 948 0.52
DEUTSCHE POST AG 2.750% 13-
160 000 EUR 191 565 0.32
09/10/2023
100 000 EVONIK 0.625% 20-18/09/2025 EUR 115 383 0.20
Sweden 255 485 0.44
130 000 EQT 0.875% 21-14/05/2031 EUR 144 685 0.25
100 000 ERICSSON LM 1.000% 21-26/05/2029 EUR 110 800 0.19
Japan 191 865 0.33
170 000 NIDEC CORP 0.046% 21-30/03/2026 EUR 191 865 0.33
Belgium 190 519 0.32
BARRY CALLEBAUT SVCS 2.375% 16-
160 000 EUR 190 519 0.32
24/05/2024
Brazil 187 801 0.32
VALE OVERSEAS 6.875% 09-
140 000 USD 187 801 0.32
10/11/2039
Spain 116 429 0.20
NATURGY ENERGY GROUP CAP
100 000 EUR 116 429 0.20
1.125% 17-11/04/2024
The accompanying notes form an integral part of these financial statements
Page 266
BNP PARIBAS FUNDS Sustainable Global Multi-Factor Equity
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 221 OREILLY AUTOMOTIVE INC USD 156 077 1.12
764 PERKINELMER INC USD 153 610 1.10
official stock exchange listing and/or 13 689 249 98.02
3 577 PFIZER INC USD 211 221 1.52
traded on another regulated market
64 POOL CORP USD 36 224 0.26
Shares 13 689 249 98.02
564 PROCTER & GAMBLE CO. USD 92 259 0.66
United States of 1 042 PROGRESSIVE CORP USD 106 961 0.77
America 8 414 355 60.29 269 ROBERT HALF INTERNATIONAL INC USD 29 999 0.21
38 ALPHABET INC - A USD 110 088 0.79 1 568 STATE STREET CORP USD 145 824 1.04
316 AMERISOURCE BERGEN CORP USD 41 993 0.30 2 368 STEEL DYNAMICS INC USD 146 982 1.05
225 AMGEN INC USD 50 618 0.36 363 TRACTOR SUPPLY COMPANY USD 86 612 0.62
1 608 APPLE INC USD 285 532 2.05 830 UNITED PARCEL SERVICE- B USD 177 902 1.27
531 APPLIED MATERIALS INC USD 83 558 0.60 408 WATERS CORP USD 152 021 1.09
76 AUTOZONE INC USD 159 326 1.14 169 WEST PHARMACEUTICAL SERVICES USD 79 263 0.57
617 BATH & BODY WORKS INC USD 43 060 0.31 287 WHIRLPOOL CORP USD 67 347 0.48
115 BLACKROCK INC USD 105 289 0.75 295 WW GRAINGER INC USD 152 881 1.09
1 076 BLACKSTONE GROUP INC/THE-A USD 139 224 1.00
Japan 1 200 005 8.58
1 113 BORGWARNER INC USD 50 163 0.36 1 400 AISIN SEIKI CO LTD JPY 53 790 0.39
1 915 BRISTOL-MYERS SQUIBB CO USD 119 400 0.85 4 000 CANON INC JPY 97 616 0.70
992 CENTENE CORP USD 81 741 0.59 7 200 DAI-ICHI LIFE HOLDINGS INC JPY 145 903 1.04
217 CIGNA CORP USD 49 830 0.36 15 400 DAIWA SECURITIES GROUP INC JPY 87 027 0.62
577 CINCINNATI FINANCIAL CORP USD 65 738 0.47 1 700 FUJIFILM HOLDINGS CORP JPY 126 204 0.90
3 195 CISCO SYSTEMS INC USD 202 466 1.46 10 700 INPEX CORP JPY 93 474 0.67
1 134 CONAGRA BRANDS INC USD 38 726 0.28 4 300 JAPAN POST BANK CO LTD JPY 39 480 0.28
351 COSTCO WHOLESALE CORP USD 199 263 1.44 1 100 MEIJI HOLDINGS CO LTD JPY 65 605 0.47
1 667 CVS HEALTH CORP USD 171 968 1.23 1 600 MINEBEA MITSUMI INC JPY 45 562 0.33
86 DEERE & CO USD 29 489 0.21 4 700 MIZUHO FINANCIAL GROUP INC JPY 59 848 0.43
843 DELL TECHNOLOGIES - C USD 47 351 0.34 500 NISSIN FOODS HOLDINGS CO LTD JPY 36 469 0.26
118 DOMINOS PIZZA INC USD 66 591 0.48 7 600 RESONA HOLDINGS INC JPY 29 610 0.21
702 ELI LILLY & CO USD 193 906 1.39 2 400 SOFTBANK CORP JPY 30 338 0.22
EXPEDITORS INTERNATIONAL
1 149 USD 154 299 1.10 900 SONY CORP JPY 113 723 0.81
WASH INC
85 FACTSET RESEARCH SYSTEMS INC USD 41 311 0.30 SUMITOMO MITSUI TRUST
3 900 JPY 130 452 0.93
HOLDINGS
440 FORTINET INC USD 158 136 1.13 3 500 T&D HOLDINGS INC JPY 44 904 0.32
3 115 FRANKLIN RESOURCES INC USD 104 321 0.75
466 GARTNER INC USD 155 793 1.12
Switzerland 1 000 259 7.15
186 GEBERIT AG - REG CHF 152 125 1.09
1 702 GENERAL MILLS INC USD 114 681 0.82
29 GIVAUDAN - REG CHF 152 521 1.09
2 208 GILEAD SCIENCES INC USD 160 323 1.15
KUEHNE & NAGEL INTERNATIONAL
322 HCA HEALTHCARE INC USD 82 728 0.59 126 CHF 40 712 0.29
AG - REG
HEWLETT - PACKARD ENTERPRISE - 830 NESTLE SA - REG CHF 116 091 0.83
4 974 USD 78 440 0.56
W/I
70 PARTNERS GROUP HOLDING AG CHF 116 200 0.83
586 HOME DEPOT INC USD 243 195 1.75
379 SIKA AG - REG CHF 158 149 1.13
656 ILLINOIS TOOL WORKS USD 161 901 1.16
INTERNATIONAL BUSINESS 71 STRAUMANN HOLDING AG - REG CHF 150 939 1.08
1 089 USD 145 556 1.04
MACHINES CORP 201 SWISSCOM AG - REG CHF 113 522 0.81
2 665 INTERPUBLIC GROUP OF COS INC USD 99 804 0.71
Canada 595 051 4.26
885 JM SMUCKER CO/THE USD 120 201 0.86
CAN IMPERIAL BANK OF
931 CAD 108 674 0.78
3 805 JUNIPER NETWORKS INC USD 135 877 0.97 COMMERCE
1 676 KNIGHT-SWIFT TRANSPORTATION USD 102 135 0.73 1 813 LOBLAW COMPANIES LTD CAD 148 750 1.07
3 393 KROGER CO USD 153 567 1.10 913 NATIONAL BANK OF CANADA CAD 69 704 0.50
660 LOWES COS INC USD 170 597 1.22 2 441 SUN LIFE FINANCIAL INC CAD 136 061 0.97
1 147 MASCO CORP USD 80 542 0.58 727 TORONTO DOMINION BANK CAD 55 815 0.40
METTLER - TOLEDO 796 WEST FRASER TIMBER CO LTD CAD 76 047 0.54
93 USD 157 841 1.13
INTERNATIONAL
1 376 MICROSOFT CORP USD 462 775 3.32 The Netherlands 458 046 3.28
199 MODERNA INC USD 50 542 0.36 135 ASML HOLDING NV EUR 108 494 0.78
1 719 MORGAN STANLEY USD 168 737 1.21 4 128 KONINKLIJKE AHOLD DELHAIZE NV EUR 141 465 1.01
228 MSCI INC USD 139 693 1.00 1 045 NN GROUP NV - W/I EUR 56 578 0.41
682 NASDAQ OMX GROUP/THE USD 143 227 1.03 1 286 WOLTERS KLUWER EUR 151 509 1.08
1 550 NETAPP INC USD 142 585 1.02 Ireland 355 690 2.56
1 299 NUCOR CORP USD 148 281 1.06 492 ACCENTURE PLC - A USD 203 958 1.47
163 NVIDIA CORP USD 47 940 0.34 1 343 SEAGATE TECHNOLOGY HOLDINGS USD 151 732 1.09
299 OLD DOMINION FREIGHT LINE USD 107 156 0.77
ON SEMICONDUCTOR
1 285 USD 87 277 0.62
CORPORATION
1 885 ORACLE CORP USD 164 391 1.18
The accompanying notes form an integral part of these financial statements
Page 267
BNP PARIBAS FUNDS Sustainable Global Multi-Factor Equity
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net
Quantity Denomination Market value
currency assets
Germany 314 945 2.25
401 CARL ZEISS MEDITEC AG - BR EUR 84 295 0.60
2 200 DEUTSCHE POST AG - REG EUR 141 454 1.01
1 631 GEA GROUP AG EUR 89 196 0.64
United Kingdom 276 026 1.97
3 356 ANTOFAGASTA PLC GBP 60 842 0.44
1 564 GLAXOSMITHKLINE PLC GBP 34 034 0.24
18 646 KINGFISHER PLC GBP 85 438 0.61
581 PENTAIR PLC USD 42 430 0.30
1 105 SCHRODERS PLC GBP 53 282 0.38
Sweden 254 333 1.82
2 908 BOLIDEN AB SEK 112 417 0.80
2 013 GETINGE AB - B SEK 87 845 0.63
13 827 TELIA CO AB SEK 54 071 0.39
Denmark 250 904 1.79
1 683 NOVO NORDISK A/S - B DKK 189 137 1.35
752 NOVOZYMES A/S - B DKK 61 767 0.44
Spain 139 392 1.00
31 821 TELEFONICA SA EUR 139 392 1.00
Hong Kong 123 438 0.88
15 000 POWER ASSETS HOLDINGS LTD HKD 93 533 0.67
1 500 TECHTRONIC INDUSTRIES CO LTD HKD 29 905 0.21
Australia 101 618 0.72
1 684 BHP BILLITON LTD AUD 50 929 0.36
3 622 FORTESCUE METALS GROUP LTD AUD 50 689 0.36
France 86 105 0.61
2 932 CARREFOUR SA EUR 53 698 0.38
354 IPSEN EUR 32 407 0.23
Portugal 66 630 0.48
2 915 JERONIMO MARTINS EUR 66 630 0.48
Singapore 52 452 0.38
7 600 SINGAPORE EXCHANGE LTD SGD 52 452 0.38
Total securities portfolio 13 689 249 98.02
The accompanying notes form an integral part of these financial statements
Page 268
BNP PARIBAS FUNDS Sustainable Japan Multi-Factor Equity
Securities portfolio at 31/12/2021
Expressed in JPY
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 1 600 SHIN-ETSU CHEMICAL CO LTD JPY 31 999 944 1.62
1 400 SHIONOGI & CO LTD JPY 11 395 622 0.58
official stock exchange listing and/or 1 960 691 718 99.19
9 400 SHIZUOKA BANK LTD/THE JPY 7 746 302 0.39
traded on another regulated market
200 SMC CORP JPY 15 578 717 0.79
Shares 1 960 691 718 99.19
30 600 SOFTBANK CORP JPY 44 543 658 2.25
Japan 1 960 691 718 99.19 3 200 SOHGO SECURITY SERVICES CO JPY 14 657 679 0.74
1 500 ADVANTEST CORP JPY 16 422 883 0.83 4 800 SOMPO HOLDINGS INC JPY 23 377 926 1.18
2 900 AISIN SEIKI CO LTD JPY 12 830 835 0.65 5 600 SONY CORP JPY 81 484 592 4.12
6 600 AJINOMOTO CO INC JPY 23 124 449 1.17 8 600 SUMITOMO MITSUI FINANCIAL GR JPY 33 913 734 1.72
13 900 ASTELLAS PHARMA INC JPY 26 046 043 1.32 SUMITOMO MITSUI TRUST
7 600 JPY 29 273 979 1.48
HOLDINGS
6 400 BRIDGESTONE CORP JPY 31 789 057 1.61 SUNTORY BEVERAGE AND
4 500 JPY 18 752 256 0.95
14 700 CANON INC JPY 41 310 655 2.09 FOOD LTD
13 200 DAI-ICHI LIFE HOLDINGS INC JPY 30 802 608 1.56 1 800 SYSMEX CORP JPY 28 064 515 1.42
1 400 DAIKIN INDUSTRIES LTD JPY 36 668 583 1.86 9 600 T&D HOLDINGS INC JPY 14 183 187 0.72
54 DAIWA HOUSE REIT INVESTMENT JPY 18 834 580 0.95 3 600 TAISEI CORP JPY 12 610 913 0.64
52 000 DAIWA SECURITIES GROUP INC JPY 33 839 214 1.71 9 700 TAKEDA PHARMACEUTICAL CO LTD JPY 30 533 323 1.54
2 500 DENSO CORP JPY 23 907 682 1.21 4 900 TERUMO CORP JPY 23 868 453 1.21
500 FANUC CORP JPY 12 240 062 0.62 600 TOKYO ELECTRON LTD JPY 39 943 707 2.02
100 FAST RETAILING CO LTD JPY 6 550 071 0.33 10 100 TOKYO GAS CO LTD JPY 20 858 860 1.06
4 700 FUJIFILM HOLDINGS CORP JPY 40 179 521 2.03 61 800 TOYOTA MOTOR CORP JPY 130 674 614 6.62
600 FUJITSU LTD JPY 11 879 151 0.60 1 300 TREND MICRO INC JPY 8 322 449 0.42
4 000 HITACHI LTD JPY 25 006 146 1.27 3 200 UNICHARM CORP JPY 16 016 790 0.81
11 100 HONDA MOTOR CO LTD JPY 36 064 375 1.82 4 100 YAMAHA MOTOR CO LTD JPY 11 350 351 0.57
3 300 HOYA CORP JPY 56 611 419 2.86 Total securities portfolio 1 960 691 718 99.19
8 900 HULIC CO LTD JPY 9 746 229 0.49
12 000 INPEX CORP JPY 12 071 749 0.61
2 600 ITOCHU TECHNO-SOLUTIONS CORP JPY 9 642 692 0.49
8 500 JAPAN EXCHANGE GROUP INC JPY 21 466 424 1.09
28 300 JAPAN POST BANK CO LTD JPY 29 920 775 1.51
5 700 KAO CORP JPY 34 364 703 1.74
14 100 KDDI CORP JPY 47 426 793 2.40
10 300 KOMATSU LTD JPY 27 822 642 1.41
8 900 KUBOTA CORP JPY 22 799 255 1.15
1 200 KURITA WATER INDUSTRIES LTD JPY 6 569 966 0.33
2 500 KYOCERA CORP JPY 18 022 391 0.91
2 200 MEIJI HOLDINGS CO LTD JPY 15 109 389 0.76
13 600 MITSUBISHI CORP JPY 49 809 631 2.52
18 100 MITSUBISHI ELECTRIC CORP JPY 26 480 232 1.34
83 000 MITSUBISHI UFJ FINANCIAL GROUP JPY 52 292 577 2.65
29 560 MIZUHO FINANCIAL GROUP INC JPY 43 344 825 2.19
MS&AD INSURANCE GROUP
9 300 JPY 33 022 797 1.67
HOLDING
2 200 MURATA MANUFACTURING CO LTD JPY 20 212 269 1.02
1 500 NEC CORP JPY 7 989 229 0.40
400 NINTENDO CO LTD JPY 21 560 729 1.09
14 300 NIPPON TELEGRAPH & TELEPHONE JPY 45 123 617 2.28
2 200 NISSAN CHEMICAL INDUSTRIES JPY 14 746 087 0.75
7 100 NISSHIN SEIFUN GROUP INC JPY 11 788 146 0.60
1 700 NISSIN FOODS HOLDINGS CO LTD JPY 14 278 530 0.72
1 100 NITORI HOLDINGS CO LTD JPY 18 967 751 0.96
2 500 NOMURA RESEARCH INSTITUTE LTD JPY 12 372 072 0.63
3 500 NTT DATA CORP JPY 8 651 267 0.44
16 700 OBAYASHI CORP JPY 14 902 207 0.75
1 000 OMRON CORP JPY 11 498 151 0.58
1 200 ORACLE CORP JAPAN JPY 10 519 082 0.53
6 800 RECRUIT HOLDINGS CO LTD JPY 47 637 707 2.41
52 500 RESONA HOLDINGS INC JPY 23 553 998 1.19
7 700 RYOHIN KEIKAKU CO LTD JPY 13 557 618 0.69
2 800 SECOM CO LTD JPY 22 428 945 1.13
8 900 SEIKO EPSON CORP JPY 18 486 829 0.94
9 900 SEKISUI CHEMICAL CO LTD JPY 19 091 669 0.97
4 100 SEKISUI HOUSE LTD JPY 10 153 840 0.51
The accompanying notes form an integral part of these financial statements
Page 269
BNP PARIBAS FUNDS Sustainable Multi-Asset Balanced
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Shares/Units in investment funds 1 194 885 342 98.10
Luxembourg 1 044 675 553 85.78
BNP PARIBAS EASY ECPI GLOBAL
518 000.00 ESG INFRASTRUCTURE UCITS EUR 37 252 643 3.06
ETF 9UC
BNP PARIBAS EASY ECPI GLOBAL
60.75 EUR 6 119 004 0.50
ESG MED TECH 9XC
BNP PARIBAS EASY EUR CORP BOND
30.13 EUR 3 249 718 0.27
SRI FOSSIL FREE 9XC
BNP PARIBAS EASY LOW CARBON
202 800.00 EUR 46 414 126 3.81
100 EUROPE - UCITS ETF H EUR CAP
BNP PARIBAS EASY MSCI EM SRI
247 402.00 USD 33 896 489 2.78
SRS 5PC CP UCITS ETF CAP
BNP PARIBAS EASY MSCI JAPAN SRI
61.10 EUR 8 221 620 0.68
SRS 5PC CP - X CAP
BNP PARIBAS EASY MSCI Japan SRI S-
938 000.00 EUR 25 845 464 2.12
Series PAB 5% Capped ETC
BNP PARIBAS EASY MSCI USA SRI
1 995 000.00 USD 34 891 097 2.86
SRS 5PC CP - UCITS ETF CAP
BNP PARIBAS EASY MSCI USA SRI
85.00 USD 21 024 740 1.73
SRS 5PC CP 9XC
BNP PARIBAS FUNDS CLIMATE
211 900.00 EUR 44 304 052 3.64
IMPACT - X CAP
BNP PARIBAS FUNDS ECOSYSTEM
438.00 EUR 35 426 277 2.91
RESTORATION XCA
BNP PARIBAS FUNDS ENERGY
11 820.00 EUR 31 634 575 2.60
TRANSITION XCA
BNP PARIBAS FUNDS GLOBAL
275 400.00 EUR 65 878 434 5.42
ENVIRONMENT - X CAP
BNP PARIBAS FUNDS GREEN BOND -
167 500.00 EUR 17 460 200 1.43
X CAP
BNP PARIBAS FUNDS GREEN TIGERS
3 335.00 EUR 48 344 060 3.97
- X CAP
BNP PARIBAS FUNDS HEALTH CARE
348 500.00 EUR 43 907 515 3.60
INNOVATORS XCA
BNP PARIBAS FUNDS INCLUSIVE
312 200.00 EUR 49 608 580 4.07
GROWTH - X CAP
BNP PARIBAS FUNDS SOCIAL
180.00 EUR 17 948 777 1.47
BOND XCA
BNP PARIBAS FUNDS SUSTAINABLE
600 000.00 EUR 62 982 000 5.17
ENHANCED BOND 12M XCA
BNP PARIBAS FUNDS SUSTAINABLE
1 671 000.00 EUR 216 979 350 17.82
EURO BOND - X CAP
BNP PARIBAS FUNDS SUSTAINABLE
552 000.00 EUR 79 868 880 6.57
EURO CORPORATE BOND - X CAP
BNP PARIBAS FUNDS SUSTAINABLE
183.00 US VALUE MULTI-FACTOR USD 18 938 946 1.55
EQUITY XCA
2 440 000.00 LO FD-GOLDN AGE-XIAEURACC EUR 24 415 616 2.00
SPARINVEST ETHICAL GLOBAL
90 500.00 EUR 24 313 730 2.00
VALUE - I EUR ACC
349 500.00 TEMP GLB CLI CHANGE-I ACC EUR 11 732 715 0.96
THEAM QUANT WORLD CLIMATE
2 480.00 EUR 34 016 945 2.79
CARBON OFFSET PLAN XEC
France 102 948 616 8.45
57 690.29 BNP PARIBAS MOIS - ISR - X CAP EUR 63 075 146 5.18
301 000.00 BNP PARIBAS OBLI RESPONS - M EUR 39 873 470 3.27
Ireland 47 261 173 3.87
IMPAX GLOBAL EQUITY
16 685 000.00 EUR 24 376 785 2.00
OPPORTUNITIES FD BAC
1 617 000.00 ISHARES AGEING POPULATION USD 10 644 800 0.87
735 000.00 LIONTRUST-SUST FUT GB GRW-A8 EUR 12 239 588 1.00
Total securities portfolio 1 194 885 342 98.10
The accompanying notes form an integral part of these financial statements
Page 270
BNP PARIBAS FUNDS Sustainable Multi-Asset Growth
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Shares/Units in investment funds 716 845 146 97.26
Luxembourg 620 994 425 84.26
BNP PARIBAS EASY ECPI GLOBAL
466 150.00 ESG INFRASTRUCTURE UCITS EUR 33 523 783 4.55
ETF 9UC
BNP PARIBAS EASY ECPI GLOBAL
55.00 EUR 5 539 839 0.75
ESG MED TECH 9XC
BNP PARIBAS EASY LOW CARBON
149 300.00 EUR 34 169 768 4.64
100 EUROPE - UCITS ETF H EUR CAP
BNP PARIBAS EASY MSCI EM SRI
186 050.00 USD 25 490 666 3.46
SRS 5PC CP UCITS ETF CAP
BNP PARIBAS EASY MSCI JAPAN SRI
39.97 EUR 5 378 138 0.73
SRS 5PC CP - X CAP
BNP PARIBAS EASY MSCI Japan SRI S-
680 000.00 EUR 18 736 584 2.54
Series PAB 5% Capped ETC
BNP PARIBAS EASY MSCI USA SRI
2 179 000.00 USD 38 109 123 5.17
SRS 5PC CP - UCITS ETF CAP
BNP PARIBAS EASY MSCI USA SRI
55.00 USD 13 604 243 1.85
SRS 5PC CP 9XC
BNP PARIBAS FUNDS CLIMATE
197 920.00 EUR 41 381 114 5.61
IMPACT - X CAP
BNP PARIBAS FUNDS ECOSYSTEM
395.00 EUR 31 948 354 4.33
RESTORATION XCA
BNP PARIBAS FUNDS ENERGY
11 060.00 EUR 29 600 542 4.02
TRANSITION XCA
BNP PARIBAS FUNDS GLOBAL
237 200.00 EUR 56 740 613 7.69
ENVIRONMENT - X CAP
BNP PARIBAS FUNDS GREEN TIGERS
3 035.00 EUR 43 995 269 5.97
- X CAP
BNP PARIBAS FUNDS HEALTH CARE
301 075.00 EUR 37 932 439 5.15
INNOVATORS XCA
BNP PARIBAS FUNDS INCLUSIVE
297 300.00 EUR 47 240 970 6.41
GROWTH - X CAP
BNP PARIBAS FUNDS SUSTAINABLE
369 710.00 EUR 53 493 340 7.26
EURO CORPORATE BOND - X CAP
BNP PARIBAS FUNDS SUSTAINABLE
149.00 US VALUE MULTI-FACTOR USD 15 420 234 2.09
EQUITY XCA
2 230 000.00 LO FD-GOLDN AGE-XIAEURACC EUR 22 314 272 3.03
SPARINVEST ETHICAL GLOBAL
82 500.00 EUR 22 164 450 3.01
VALUE - I EUR ACC
320 000.00 TEMP GLB CLI CHANGE-I ACC EUR 10 742 400 1.46
THEAM QUANT WORLD CLIMATE
2 440.00 EUR 33 468 284 4.54
CARBON OFFSET PLAN XEC
France 62 525 264 8.47
57 187.36 BNP PARIBAS MOIS - ISR - X CAP EUR 62 525 264 8.47
Ireland 33 325 457 4.53
IMPAX GLOBAL EQUITY
15 415 000.00 EUR 22 521 315 3.06
OPPORTUNITIES FD BAC
648 800.00 LIONTRUST-SUST FUT GB GRW-A8 EUR 10 804 142 1.47
Total securities portfolio 716 845 146 97.26
The accompanying notes form an integral part of these financial statements
Page 271
BNP PARIBAS FUNDS Sustainable Multi-Asset Stability
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 1 200 000 ICADE 0.625% 21-18/01/2031 EUR 1 147 924 0.07
2 000 000 JCDECAUX SA 2.625% 20-24/04/2028 EUR 2 191 690 0.13
official stock exchange listing and/or 733 649 640 42.89
LA BANQUE POSTALE 0.500% 16-
traded on another regulated market 1 500 000
18/01/2023
EUR 1 515 607 0.09
672 605 786 39.29 700 000 LA POSTE 1.450% 18-30/11/2028 EUR 749 878 0.04
Bonds
1 000 000 LA POSTE SA 0.000% 21-18/07/2029 EUR 959 740 0.06
France 173 996 013 10.21 1 100 000 LA POSTE SA 0.625% 21-18/01/2036 EUR 1 037 325 0.06
AEROPORTS DE PARIS 1.500% 14-
1 000 000 EUR 1 044 309 0.06 1 100 000 MICHELIN 0.000% 20-02/11/2028 EUR 1 073 164 0.06
07/04/2025
AGENCE FRANCAISE 0.125% 17- 700 000 MICHELIN 0.875% 18-03/09/2025 EUR 720 186 0.04
600 000 EUR 605 835 0.04
15/11/2023
1 700 000 ORANGE 0.000% 19-04/09/2026 EUR 1 683 643 0.10
2 200 000 ALSTOM S 0.500% 21-27/07/2030 EUR 2 159 289 0.13
RESEAU FERRE FRANCE 4.500% 09-
AXA BANK EUROPE 0.375% 16- 100 000 EUR 110 105 0.01
1 250 000 EUR 1 262 531 0.07 30/01/2024
23/03/2023 RESEAU FERRE FRANCE 5.000% 03-
BANQUE FEDERATIVE DU CREDIT 69 000 EUR 103 661 0.01
5 800 000 EUR 5 781 805 0.34 10/10/2033
MUTUEL 0.010% 21-07/03/2025 RTE RESEAU DE TR 1.625% 15-
BANQUE FEDERATIVE DU CREDIT 1 300 000 EUR 1 371 660 0.08
1 300 000 EUR 1 277 608 0.07 27/11/2025
MUTUEL 0.100% 20-08/10/2027
BANQUE FEDERATIVE DU CREDIT 1 500 000 SFIL 0.125% 16-18/10/2024 EUR 1 516 901 0.09
2 600 000 EUR 2 535 045 0.15
MUTUEL 0.250% 21-19/07/2028 1 300 000 SFIL SA 0.000% 20-23/11/2028 EUR 1 294 054 0.08
BANQUE FEDERATIVE DU CREDIT
2 300 000 EUR 2 291 389 0.13 2 200 000 SFIL SA 0.750% 18-06/02/2026 EUR 2 281 244 0.13
MUTUEL 0.625% 21-03/11/2028
3 000 000 BPCE 0.010% 21-14/01/2027 EUR 2 945 653 0.17 1 000 000 SNCF RESEAU 1.000% 16-09/11/2031 EUR 1 054 373 0.06
SOCIETE GENERALE 0.010% 21-
2 400 000 BPCE 0.375% 16-05/10/2023 EUR 2 424 233 0.14 2 200 000 EUR 2 204 791 0.13
02/12/2026
1 400 000 BPCE 0.625% 19-26/09/2024 EUR 1 422 325 0.08 SOCIETE GENERALE 0.125% 21-
2 100 000 EUR 2 054 470 0.12
1 600 000 BPCE 0.875% 18-31/01/2024 EUR 1 629 732 0.10 18/02/2028
SOCIETE GENERALE 0.250% 18-
4 200 000 BPCE SFH 0.375% 16-10/02/2023 EUR 4 240 623 0.25 800 000 EUR 808 562 0.05
11/09/2023
2 700 000 BPCE SFH 0.750% 18-27/11/2026 EUR 2 798 003 0.16 SOCIETE GENERALE 0.500% 18-
2 800 000 EUR 2 856 909 0.17
30/01/2025
3 000 000 BPIFRANCE 0.000% 21-25/05/2028 EUR 2 999 138 0.18 SOCIETE GENERALE 1.250% 19-
CAISSE FR DE FIN 0.500% 19- 1 000 000 EUR 1 026 432 0.06
800 000 EUR 819 258 0.05 15/02/2024
19/02/2027 3 400 000 SOCIETE PARIS 0.000% 20-25/11/2030 EUR 3 304 352 0.19
CAISSE FR DE FINANCEMENT 0.375%
6 700 000 EUR 6 812 614 0.40 2 100 000 SOCIETE PARIS 0.875% 21-10/05/2046 EUR 2 058 789 0.12
16-23/06/2025
CAISSE FR DE FINANCEMENT 0.625% 1 700 000 SOCIETE PARIS 1.125% 18-22/10/2028 EUR 1 822 698 0.11
1 500 000 EUR 1 517 704 0.09
15-26/01/2023 TOTAL CAP INTERNATIONAL 0.625%
CIE DE ST GOBAIN 0.875% 18- 1 400 000 EUR 1 424 701 0.08
500 000 EUR 509 660 0.03 17-04/10/2024
21/09/2023
CIE FINANCEMENT FONCIER 0.250% 2 000 000 UNEDIC 0.100% 20-25/11/2026 EUR 2 017 397 0.12
1 800 000 EUR 1 802 807 0.11
16-16/03/2022 1 800 000 URW 0.625% 20-04/05/2027 EUR 1 805 000 0.11
CNP ASSURANCES 2.750% 19-
600 000 EUR 670 803 0.04 2 900 000 URW 0.750% 21-25/10/2028 EUR 2 891 781 0.17
05/02/2029
1 000 000 COFIROUTE 0.375% 16-07/02/2025 EUR 1 011 161 0.06 Spain 78 942 458 4.60
CRED AGRICOLE SA 0.375% 21- ADIF ALTA VELOCI 0.550% 20-
3 100 000 EUR 3 049 773 0.18 4 100 000 EUR 4 124 439 0.24
20/04/2028 30/04/2030
CREDIT AGRICOLE HOME L 0.875% ADIF ALTA VELOCI 0.550% 21-
2 000 000 EUR 2 102 925 0.12 4 600 000 EUR 4 534 603 0.26
18-11/08/2028 31/10/2031
CREDIT AGRICOLE SA 0.125% 20- ADIF ALTA VELOCI 0.950% 19-
1 100 000 EUR 1 074 387 0.06 700 000 EUR 731 324 0.04
09/12/2027 30/04/2027
CREDIT MUTUEL ARKEA 0.010% 20- 3 000 000 ARVAL SERVICE 0.000% 21-01/10/2025 EUR 2 973 369 0.17
1 300 000 EUR 1 284 534 0.08
28/01/2026
CREDIT MUTUEL ARKEA 0.875% 21- 4 200 000 ARVAL SERVICE 0.000% 21-30/09/2024 EUR 4 199 294 0.25
2 200 000 EUR 2 190 139 0.13
25/10/2031 AUTONOMOUS COMMU 0.160% 21-
3 152 000 EUR 3 137 982 0.18
DEXIA CRED LOCAL 0.000% 21- 30/07/2028
1 300 000 EUR 1 290 219 0.08
21/01/2028 BANCO SANTANDER 1.125% 14-
2 000 000 EUR 2 073 834 0.12
DEXIA CRED LOCAL 0.010% 20- 27/11/2024
7 400 000 EUR 7 382 119 0.43
22/01/2027 300 000 BANKINTER SA 0.875% 15-03/08/2022 EUR 302 369 0.02
DEXIA CREDIT LOCAL 0.250% 18-
1 200 000 EUR 1 211 348 0.07 2 300 000 CAIXABANK 1.000% 18-17/01/2028 EUR 2 418 303 0.14
01/06/2023
ELEC DE FRANCE 1.000% 21- CAJA RURAL NAV 0.625% 16-
1 400 000 EUR 1 385 999 0.08 1 500 000 EUR 1 521 559 0.09
29/11/2033 01/12/2023
3 000 000 FRANCE O.A.T. 0.000% 21-25/11/2031 EUR 2 946 419 0.17 1 200 000 FADE 0.050% 19-17/09/2024 EUR 1 213 678 0.07
1 850 000 FRANCE O.A.T. 0.500% 19-25/05/2029 EUR 1 927 359 0.11 FERROVIAL EMISIO 0.540% 20-
600 000 EUR 596 527 0.03
12/11/2028
2 268 199 FRANCE O.A.T. 0.500% 21-25/05/2072 EUR 1 739 580 0.10 6 500 000 SPANISH GOVT 0.000% 21-31/01/2027 EUR 6 507 086 0.38
2 430 626 FRANCE O.A.T. 0.500% 21-25/06/2044 EUR 2 327 580 0.14 19 775 000 SPANISH GOVT 0.100% 21-30/04/2031 EUR 19 059 639 1.11
9 970 000 FRANCE O.A.T. 0.750% 20-25/05/2052 EUR 9 524 840 0.56 10 410 000 SPANISH GOVT 0.850% 21-30/07/2037 EUR 10 145 690 0.59
400 000 FRANCE O.A.T. 1.250% 16-25/05/2036 EUR 443 176 0.03 3 168 000 SPANISH GOVT 1.000% 20-31/10/2050 EUR 2 870 799 0.17
2 600 000 FRANCE O.A.T. 1.250% 18-25/05/2034 EUR 2 874 358 0.17 1 708 000 SPANISH GOVT 1.000% 21-30/07/2042 EUR 1 662 840 0.10
7 511 620 FRANCE O.A.T. 1.500% 15-25/05/2031 EUR 8 468 976 0.49 755 000 SPANISH GOVT 1.400% 18-30/04/2028 EUR 816 616 0.05
544 252 FRANCE O.A.T. 1.750% 16-25/05/2066 EUR 678 958 0.04 692 000 SPANISH GOVT 1.850% 19-30/07/2035 EUR 780 659 0.05
7 500 000 FRANCE O.A.T. 1.750% 17-25/06/2039 EUR 9 047 925 0.53 374 000 SPANISH GOVT 1.950% 15-30/07/2030 EUR 423 548 0.02
800 000 FRANCE O.A.T. 2.500% 14-25/05/2030 EUR 967 677 0.06 900 000 SPANISH GOVT 2.150% 15-31/10/2025 EUR 983 160 0.06
117 000 FRANCE O.A.T. 4.000% 10-25/04/2060 EUR 229 641 0.01 726 000 SPANISH GOVT 2.350% 17-30/07/2033 EUR 861 646 0.05
FRANCE O.A.T.I/L 0.100% 15-
17 472 560 EUR 18 704 285 1.09 32 000 SPANISH GOVT 2.900% 16-31/10/2046 EUR 43 199 0.00
01/03/2025
HOLDING DINFRA 0.625% 21- 1 127 000 SPANISH GOVT 3.450% 16-30/07/2066 EUR 1 694 050 0.10
1 000 000 EUR 974 905 0.06
14/09/2028 TELEFONICA EMIS 1.447% 18-
HOLDING DINFRA 1.625% 20- 5 000 000 EUR 5 266 245 0.31
500 000 EUR 520 329 0.03 22/01/2027
18/09/2029
The accompanying notes form an integral part of these financial statements
Page 272
BNP PARIBAS FUNDS Sustainable Multi-Asset Stability
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
BANK NEDERLANDSE GEMEENTEN
Italy 68 017 363 3.97 1 210 000 EUR 1 239 086 0.07
0.500% 18-16/04/2025
838 000 ACEA SPA 0.000% 21-28/09/2025 EUR 833 310 0.05 BMW FINANCE NV 0.375% 18-
2 609 000 EUR 2 634 315 0.15
10/07/2023
894 000 ACEA SPA 0.250% 21-28/07/2030 EUR 857 487 0.05
BMW FINANCE NV 0.500% 18-
AEROPORTI ROMA 1.750% 21- 83 000 EUR 83 674 0.00
2 353 000 EUR 2 398 029 0.14 22/11/2022
30/07/2031 BMW FINANCE NV 0.625% 19-
1 231 000 EUR 1 249 104 0.07
3 000 000 ASSICURAZIONI 3.875% 19-29/01/2029 EUR 3 463 875 0.20 06/10/2023
CASS RISP PARMA 0.875% 14- COOPERATIEVE RAB 1.250% 16-
2 000 000 EUR 2 002 014 0.12 1 820 000 EUR 1 907 854 0.11
31/01/2022 23/03/2026
CASSA DEPOSITI E 0.750% 21- ENEL FIN INTERNATIONAL NV
2 500 000 EUR 2 471 526 0.14 2 500 000 EUR 2 384 358 0.14
30/06/2029 0.875% 21-17/06/2036
CASSA DEPOSITI E 1.000% 20- ENEL FIN INTERNATIONAL NV
4 800 000 EUR 4 873 610 0.28 2 800 000 EUR 2 808 663 0.16
21/09/2028 1.125% 19-17/10/2034
CASSA DEPOSITI E 2.000% 20- ENEL FIN INTERNATIONAL NV
4 000 000 EUR 4 297 929 0.25 3 686 000 EUR 3 850 999 0.23
20/04/2027 1.500% 19-21/07/2025
5 300 000 HERA SPA 0.875% 19-05/07/2027 EUR 5 403 440 0.32 ENEL FINANCE INTERNATIONAL NV
3 010 000 EUR 2 967 418 0.17
0.000% 21-28/05/2026
INTESA SANPAOLO 0.750% 21- ENEL FINANCE INTERNATIONAL NV
3 898 000 EUR 3 886 310 0.23 1 210 000 EUR 1 241 068 0.07
16/03/2028 1.000% 17-16/09/2024
INTESA SANPAOLO 1.125% 18- HEIMSTADEN BOST 1.625% 21-
1 700 000 EUR 1 775 195 0.10 1 963 000 EUR 1 965 353 0.11
14/07/2025 13/10/2031
INTESA SANPAOLO 1.750% 18- IBERDROLA INTERNATIONAL 0.375%
4 000 000 EUR 4 212 776 0.25 1 000 000 EUR 1 012 856 0.06
20/03/2028 16-15/09/2025
INTESA SANPAOLO 2.125% 20-
2 500 000 EUR 2 645 463 0.15 700 000 ING GROEP NV 1.000% 18-20/09/2023 EUR 713 794 0.04
26/05/2025
2 600 000 ITALGAS SPA 0.250% 20-24/06/2025 EUR 2 604 870 0.15 LEASEPLAN CORP 0.250% 21-
2 837 000 EUR 2 797 838 0.16
07/09/2026
5 992 000 POSTE ITALIANE 0.000% 20-10/12/2024 EUR 5 970 380 0.35 MONDELEZ INTERNATIONAL 0.625%
934 000 EUR 906 475 0.05
4 231 000 POSTE ITALIANE 0.500% 20-10/12/2028 EUR 4 186 867 0.24 21-09/09/2032
MONDELEZ INTERNATIONAL
2 649 000 SNAM 0.000% 20-07/12/2028 EUR 2 544 928 0.15 3 364 000 EUR 3 321 950 0.19
HLDINGS NE 0.000% 20-22/09/2026
2 000 000 SNAM 0.000% 21-15/08/2025 EUR 1 985 773 0.12 NED WATERSCHAPBK 0.000% 21-
2 000 000 EUR 1 952 517 0.11
08/09/2031
2 073 000 SNAM 0.625% 21-30/06/2031 EUR 2 043 170 0.12
NETHERLANDS GOVERNMENT
5 300 000 EUR 5 475 483 0.32
2 090 000 TERNA S.P.A. 0.875% 15-02/02/2022 EUR 2 092 107 0.12 0.250% 19-15/07/2029
5 400 000 UNICREDIT SPA 0.850% 21-19/01/2031 EUR 5 228 987 0.31 NETHERLANDS GOVERNMENT
100 000 EUR 162 234 0.01
2.750% 14-15/01/2047
UNIONE DI BANCHE 0.750% 17- NETHERLANDS GOVT 0.500% 19-
2 221 000 EUR 2 239 317 0.13 3 469 100 EUR 3 687 445 0.22
17/10/2022 15/01/2040
Germany 63 639 084 3.73 3 700 000 NIBC BANK NV 0.250% 21-09/09/2026 EUR 3 645 114 0.21
8 000 000 BUNDESOBL-120 0.000% 20-10/10/2025 EUR 8 183 520 0.48 1 800 000 NN BANK NV 0.500% 21-21/09/2028 EUR 1 780 156 0.10
BUNDESREPUBLIK DEUTSCHLAND 1 500 000 TENNET HLD BV 0.500% 21-09/06/2031 EUR 1 484 022 0.09
1 400 000 EUR 1 459 318 0.09
0.250% 18-15/08/2028
BUNDESREPUBLIK DEUTSCHLAND 944 000 THERMO FISHER 1.625% 21-18/10/2041 EUR 961 563 0.06
8 480 000 EUR 8 840 654 0.52
0.500% 16-15/02/2026
BUNDESREPUBLIK DEUTSCHLAND Belgium 51 092 955 2.99
1 300 000 EUR 1 676 441 0.10 6 500 000 BELGIAN 0.000% 21-22/10/2031 EUR 6 383 390 0.37
1.250% 17-15/08/2048
BUNDESREPUBLIK DEUTSCHLAND 2 389 655 BELGIAN 0.900% 19-22/06/2029 EUR 2 567 207 0.15
1 420 000 EUR 2 263 466 0.13
2.500% 14-15/08/2046
BELGIUM GOVERNMENT 0320 4.250%
DEUTSCHLAND I/L 0.100% 21- 600 000 EUR 988 116 0.06
4 484 599 EUR 5 659 318 0.33 10-28/03/2041
15/04/2033
BELGIUM GOVERNMENT 0338 2.250%
DEUTSCHLAND REP 0.000% 19- 2 155 000 EUR 2 968 405 0.17
4 000 000 EUR 4 098 720 0.24 17-22/06/2057
15/08/2029
BELGIUM GOVERNMENT 1.250% 18-
DEUTSCHLAND REP 0.000% 19- 1 097 585 EUR 1 228 570 0.07
800 000 EUR 761 984 0.04 22/04/2033
15/08/2050
BELGIUM GOVERNMENT 1.600% 16-
DEUTSCHLAND REP 0.000% 20- 1 600 000 EUR 1 866 128 0.11
2 000 000 EUR 2 003 700 0.12 22/06/2047
15/05/2035
BELGIUM GOVERNMENT 2.150% 16-
DEUTSCHLAND REP 0.250% 19- 400 000 EUR 555 912 0.03
2 000 000 EUR 2 087 200 0.12 22/06/2066
15/02/2029
BNP PARIBAS FORTIS SA 0.625% 18-
3 668 000 DZ HYP AG 0.010% 21-29/03/2030 EUR 3 615 884 0.21 1 700 000 EUR 1 744 761 0.10
04/10/2025
1 500 000 KFW 0.000% 17-15/12/2022 EUR 1 508 962 0.09 EUROPEAN UNION 0.000% 20-
2 250 000 EUR 2 149 232 0.13
04/07/2035
172 000 KFW 0.000% 19-04/07/2024 EUR 173 995 0.01
EUROPEAN UNION 0.000% 20-
2 975 000 EUR 3 018 910 0.18
3 000 000 KFW 0.000% 19-30/06/2022 EUR 3 010 013 0.18 04/11/2025
4 000 000 KFW 0.010% 19-05/05/2027 EUR 4 038 263 0.24 EUROPEAN UNION 0.000% 21-
6 590 000 EUR 6 685 292 0.39
04/03/2026
3 000 000 KFW 0.050% 19-29/09/2034 EUR 2 899 973 0.17 EUROPEAN UNION 0.000% 21-
7 237 987 EUR 7 297 113 0.43
800 000 KFW 0.625% 15-04/07/2022 EUR 804 968 0.05 04/10/2028
EUROPEAN UNION 0.000% 21-
2 132 000 KFW 0.625% 18-07/01/2028 EUR 2 225 734 0.13 7 899 701 EUR 8 014 198 0.47
06/07/2026
2 373 000 KFW 1.125% 18-09/05/2033 EUR 2 607 026 0.15 EUROPEAN UNION 0.000% 21-
1 598 174 EUR 1 586 655 0.09
22/04/2031
2 524 000 NRW BANK 0.750% 18-30/06/2028 EUR 2 633 052 0.15 EUROPEAN UNION 0.400% 21-
VOLKSWAGEN FIN 0.125% 21- 2 311 458 EUR 2 331 397 0.14
3 158 000 EUR 3 086 893 0.18 04/02/2037
12/02/2027 EUROPEAN UNION 0.450% 21-
599 545 EUR 595 794 0.03
04/07/2041
The Netherlands 54 235 771 3.15
600 000 KBC BANK NV 0.375% 16-01/09/2022 EUR 603 680 0.04
ABN AMRO BANK NV 0.500% 21-
1 300 000 EUR 1 283 621 0.08
23/09/2029 500 000 KBC GROUP NV 0.875% 18-27/06/2023 EUR 508 195 0.03
ABN AMRO BANK NV 0.625% 16-
427 000 EUR 428 985 0.03
31/05/2022 Luxembourg 44 346 846 2.59
ABN AMRO BANK NV 1.500% 15- 2 565 000 CNH IND FIN 0.000% 20-01/04/2024 EUR 2 557 815 0.15
700 000 EUR 778 027 0.05
30/09/2030
BANK NEDERLANDSE GEMEENTEN 462 000 DUCHY OF LUX 0.625% 17-01/02/2027 EUR 479 073 0.03
1 500 000 EUR 1 511 799 0.09
0.050% 18-11/07/2023 7 800 000 EFSF 0.000% 19-19/04/2024 EUR 7 884 522 0.46
The accompanying notes form an integral part of these financial statements
Page 273
BNP PARIBAS FUNDS Sustainable Multi-Asset Stability
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
2 000 000 EFSF 0.125% 17-17/10/2023 EUR 2 023 289 0.12
United Kingdom 6 414 481 0.37
7 000 000 EFSF 0.875% 17-26/07/2027 EUR 7 394 678 0.43 HEATHROW FNDG 1.125% 21-
2 666 000 EUR 2 636 004 0.15
3 600 000 EFSF 1.750% 14-27/06/2024 EUR 3 796 976 0.22 08/10/2030
1 907 000 STELLANTIS NV 0.625% 21-30/03/2027 EUR 1 894 601 0.11
1 000 000 EIB 0.000% 16-16/10/2023 EUR 1 009 328 0.06
1 850 000 UNILEVER NV 1.000% 15-03/06/2023 EUR 1 883 876 0.11
4 500 000 EIB 0.375% 15-15/03/2022 EUR 4 508 656 0.26
3 500 000 EIB 1.625% 14-15/03/2023 EUR 3 592 160 0.21 Latvia 6 180 242 0.36
2 709 091 ESM 0.000% 18-17/01/2022 EUR 2 707 960 0.16 REPUBLIC OF LATVIA 0.000% 21-
3 007 000 EUR 2 900 379 0.17
17/03/2031
7 100 000 ESM 0.000% 21-15/12/2026 EUR 7 162 980 0.42 REPUBLIC OF LATVIA 0.000% 21-
LUXEMBOURG GOVT 0.000% 20- 1 066 000 EUR 1 046 239 0.06
1 218 000 EUR 1 229 409 0.07 24/01/2029
28/04/2025 REPUBLIC OF LATVIA 0.250% 21-
2 236 000 EUR 2 233 624 0.13
23/01/2030
Ireland 25 879 927 1.50
2 870 000
HAMMERSON IRLND 1.750% 21-
EUR 2 817 732 0.16 Japan 6 022 947 0.35
03/06/2027 MIZUHO FINANCIAL 0.184% 21-
2 999 000 EUR 2 976 066 0.17
10 600 000 IRISH GOVT 0.000% 21-18/10/2031 EUR 10 346 554 0.60 13/04/2026
3 200 000 IRISH GOVT 1.100% 19-15/05/2029 EUR 3 457 952 0.20 3 056 000 NTT FINANCE 0.082% 21-13/12/2025 EUR 3 046 881 0.18
2 000 000 IRISH GOVT 1.700% 17-15/05/2037 EUR 2 340 320 0.14 Slovakia 4 670 204 0.27
5 200 000 IRISH GOVT 2.400% 14-15/05/2030 EUR 6 222 112 0.36 SLOVAKIA GOVT 0.375% 21-
3 500 000 EUR 3 423 027 0.20
21/04/2036
708 000 SMURFIT KAPPA 0.500% 21-22/09/2029 EUR 695 257 0.04
SLOVAKIA GOVT 1.375% 15-
1 144 000 EUR 1 247 177 0.07
21/01/2027
Austria 22 746 010 1.33
17 100 000
REPUBLIC OF AUSTRIA 0.500% 17-
EUR 17 831 627 1.04 South Korea 4 600 403 0.27
20/04/2027
4 600 000 KHFC 0.010% 20-05/02/2025 EUR 4 600 403 0.27
REPUBLIC OF AUSTRIA 1.500% 16-
2 600 000 EUR 3 158 736 0.18
20/02/2047
REPUBLIC OF AUSTRIA 2.100% 17-
Canada 2 133 579 0.12
400 000 EUR 614 649 0.04 ROYAL BK OF CANADA 0.250% 18-
20/09/2117 2 113 000 EUR 2 133 579 0.12
28/06/2023
REPUBLIC OF AUSTRIA 2.400% 13-
900 000 EUR 1 140 998 0.07
23/05/2034 Norway 1 730 063 0.10
DNB BOLIGKREDITT 0.625% 18-
Portugal 19 300 611 1.11 1 687 000
19/06/2025
EUR 1 730 063 0.10
BANCO SANTANDER TOTTA 1.250%
700 000 EUR 747 367 0.04
17-26/09/2027
Floating rate bonds 61 043 854 3.60
PORTUGUESE OTS 0.300% 21-
2 100 000 EUR 2 067 219 0.12
17/10/2031 France 26 461 275 1.58
PORTUGUESE OTS 0.700% 20-
1 000 000 EUR 1 042 860 0.06 500 000 BNP PARIBAS 19-23/01/2027 FRN EUR 532 744 0.03
15/10/2027
PORTUGUESE OTS 0.900% 20- 2 700 000 BNP PARIBAS 20-14/10/2027 FRN EUR 2 678 690 0.16
4 600 000 EUR 4 681 834 0.27
12/10/2035
3 600 000 BNP PARIBAS 21-19/01/2030 FRN EUR 3 509 731 0.21
PORTUGUESE OTS 1.000% 21-
2 500 000 EUR 2 268 025 0.13 2 500 000 BNP PARIBAS 21-30/05/2028 FRN EUR 2 482 010 0.15
12/04/2052
PORTUGUESE OTS 4.100% 06- 1 700 000 BNP PARIBAS 21-31/08/2033 FRN EUR 1 656 490 0.10
2 600 000 EUR 3 845 972 0.22
15/04/2037
CREDIT AGRICOLE SA 21-
PORTUGUESE OTS 4.100% 15- 1 500 000 EUR 1 478 518 0.09
2 870 000 EUR 4 647 334 0.27 21/09/2029 FRN
15/02/2045
3 828 000 ORANGE 14-29/12/2049 FRN EUR 4 194 683 0.25
Finland 18 675 949 1.09 300 000 ORANGE 19-31/12/2049 FRN EUR 312 201 0.02
9 000 000 FINNISH GOVT 0.000% 20-15/09/2030 EUR 8 996 200 0.53 SOCIETE GENERALE 21-
4 100 000 EUR 4 083 506 0.24
3 000 000 FINNISH GOVT 0.125% 20-15/04/2036 EUR 2 915 340 0.17 02/12/2027 FRN
SOCIETE GENERALE 21-
1 000 000 FINNISH GOVT 0.500% 16-15/04/2026 EUR 1 040 129 0.06 1 700 000 EUR 1 661 476 0.10
12/06/2029 FRN
4 000 000 FINNISH GOVT 0.500% 17-15/09/2027 EUR 4 178 160 0.24 SOCIETE GENERALE 21-
3 900 000 EUR 3 871 226 0.23
200 000 FINNISH GOVT 1.375% 17-15/04/2047 EUR 247 746 0.01 17/11/2026 FRN
1 234 000 FORTUM OYJ 1.625% 19-27/02/2026 EUR 1 298 374 0.08 United States of
America 8 113 740 0.47
United States of BANK OF AMERICA CORP 21-
2 623 000 EUR 2 666 909 0.16
America 13 385 785 0.79 22/09/2026 FRN
700 000 AT&T INC 3.150% 17-04/09/2036 EUR 831 119 0.05 MORGAN STANLEY 20-
2 176 000 EUR 2 135 005 0.12
26/10/2029 FRN
COLGATE-PALM CO 0.500% 19-
554 000 EUR 563 646 0.03 MORGAN STANLEY 21-
06/03/2026 3 334 000 EUR 3 311 826 0.19
29/10/2027 FRN
2 387 000 COMCAST CORP 0.000% 21-14/09/2026 EUR 2 353 452 0.14
1 912 000 ELI LILLY & CO 0.500% 21-14/09/2033 EUR 1 884 814 0.11 The Netherlands 6 419 099 0.38
IBERDROLA INTERNATIONAL 20-
JOHNSON CONTROLS 0.375% 20- 1 300 000 EUR 1 323 680 0.08
985 000 EUR 974 148 0.06 31/12/2060 FRN
15/09/2027
IBERDROLA INTERNATIONAL 21-
1 672 000 KELLOGG CO 0.500% 21-20/05/2029 EUR 1 646 823 0.10 1 000 000 EUR 1 000 088 0.06
31/12/2061 FRN
MCDONALDS CORP 1.000% 16- 4 100 000 ING GROEP NV 21-29/11/2025 FRN EUR 4 095 331 0.24
2 700 000 EUR 2 760 093 0.16
15/11/2023
1 364 000 PEPSICO INC 0.400% 20-09/10/2032 EUR 1 317 444 0.08 Italy 5 902 940 0.34
1 061 000 PEPSICO INC 0.750% 21-14/10/2033 EUR 1 054 246 0.06 891 000 ENI SPA 20-31/12/2060 FRN EUR 922 415 0.05
1 000 000 UNICREDIT SPA 19-03/07/2025 FRN EUR 1 026 881 0.06
Sweden 6 595 095 0.39
VOLVO TREAS AB 0.000% 21- 2 456 000 UNICREDIT SPA 20-22/07/2027 FRN EUR 2 588 747 0.15
6 589 000 EUR 6 595 095 0.39
09/05/2024 1 368 000 UNICREDIT SPA 21-05/07/2029 FRN EUR 1 364 897 0.08
The accompanying notes form an integral part of these financial statements
Page 274
BNP PARIBAS FUNDS Sustainable Multi-Asset Stability
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Spain 3 438 354 0.20 Ireland 40 303 917 2.35
1 200 000 CAIXABANK 20-18/11/2026 FRN EUR 1 192 950 0.07 IMPAX GLOBAL EQUITY
10 808 000.00 EUR 15 790 488 0.92
OPPORTUNITIES FD BAC
1 600 000 CAIXABANK 21-09/02/2029 FRN EUR 1 564 644 0.09
2 402 000.00 ISHARES AGEING POPULATION USD 15 812 498 0.92
600 000 MAPFRE 17-31/03/2047 FRN EUR 680 760 0.04
522 500.00 LIONTRUST-SUST FUT GB GRW-A8 EUR 8 700 931 0.51
Australia 2 760 083 0.16
Total securities portfolio 1 673 576 964 97.80
WESTPAC BANKING 21-
2 797 000 EUR 2 760 083 0.16
13/05/2031 FRN
Ireland 2 505 617 0.15
2 528 000 AIB GROUP PLC 21-17/11/2027 FRN EUR 2 505 617 0.15
Belgium 2 455 378 0.14
2 500 000 KBC GROUP NV 21-07/12/2031 FRN EUR 2 455 378 0.14
Germany 1 292 457 0.08
1 300 000 TALANX AG 21-01/12/2042 FRN EUR 1 292 457 0.08
United Kingdom 1 006 570 0.06
1 003 000 VIRGIN MONEY 21-27/05/2024 FRN EUR 1 006 570 0.06
Denmark 688 341 0.04
700 000 ORSTED A/S 21-18/02/3021 FRN EUR 688 341 0.04
Shares/Units in investment funds 939 927 324 54.91
Luxembourg 732 955 682 42.82
BNP PARIBAS EASY ECPI GLOBAL
360 000.00 ESG INFRASTRUCTURE UCITS EUR 25 889 868 1.51
ETF 9UC
BNP PARIBAS EASY ECPI GLOBAL
43.20 EUR 4 351 292 0.25
ESG MED TECH 9XC
BNP PARIBAS EASY EUR CORP BOND
82.64 EUR 8 913 830 0.52
SRI FOSSIL FREE 9XC
BNP PARIBAS EASY LOW CARBON
210 500.00 EUR 48 176 398 2.82
100 EUROPE - UCITS ETF H EUR CAP
BNP PARIBAS EASY MSCI EM SRI
260 000.00 USD 35 622 538 2.08
SRS 5PC CP UCITS ETF CAP
BNP PARIBAS EASY MSCI JAPAN SRI
55.00 EUR 7 401 045 0.43
SRS 5PC CP - X CAP
BNP PARIBAS EASY MSCI Japan SRI S-
1 201 000.00 EUR 33 092 114 1.93
Series PAB 5% Capped ETC
BNP PARIBAS EASY MSCI USA SRI
2 206 000.00 USD 38 581 334 2.25
SRS 5PC CP - UCITS ETF CAP
BNP PARIBAS FUNDS CLIMATE
125 035.00 EUR 26 142 318 1.53
IMPACT - X CAP
BNP PARIBAS FUNDS ECOSYSTEM
312.00 EUR 25 235 156 1.47
RESTORATION XCA
BNP PARIBAS FUNDS ENERGY
9 820.00 EUR 26 281 855 1.54
TRANSITION XCA
BNP PARIBAS FUNDS GLOBAL
204 800.00 EUR 48 990 208 2.86
ENVIRONMENT - X CAP
BNP PARIBAS FUNDS GREEN BOND -
223 000.00 EUR 23 245 520 1.36
X CAP
BNP PARIBAS FUNDS GREEN TIGERS
2 350.00 EUR 34 065 530 1.99
- X CAP
BNP PARIBAS FUNDS HEALTH CARE
257 000.00 EUR 32 379 430 1.89
INNOVATORS XCA
BNP PARIBAS FUNDS INCLUSIVE
219 600.00 EUR 34 894 440 2.04
GROWTH - X CAP
BNP PARIBAS FUNDS SOCIAL
250.00 EUR 24 928 858 1.46
BOND XCA
BNP PARIBAS FUNDS SUSTAINABLE
635 500.00 EUR 66 708 435 3.91
ENHANCED BOND 12M XCA
BNP PARIBAS FUNDS SUSTAINABLE
731 400.00 EUR 105 826 265 6.19
EURO CORPORATE BOND - X CAP
BNP PARIBAS FUNDS SUSTAINABLE
146.00 US VALUE MULTI-FACTOR USD 15 109 760 0.88
EQUITY XCA
1 700 000.00 LO FD-GOLDN AGE-XIAEURACC EUR 17 010 880 0.99
SPARINVEST ETHICAL GLOBAL
64 000.00 EUR 17 194 240 1.00
VALUE - I EUR ACC
245 000.00 TEMP GLB CLI CHANGE-I ACC EUR 8 224 650 0.48
THEAM QUANT WORLD CLIMATE
1 800.00 EUR 24 689 718 1.44
CARBON OFFSET PLAN XEC
France 166 667 725 9.74
97 431.98 BNP PARIBAS MOIS - ISR - X CAP EUR 106 526 345 6.23
454 000.00 BNP PARIBAS OBLI RESPONS - M EUR 60 141 380 3.51
The accompanying notes form an integral part of these financial statements
Page 275
BNP PARIBAS FUNDS Sustainable US Multi-Factor Corporate Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
EAGLE MATERIALS 2.500% 21-
Transferable securities admitted to an 1 930 000
01/07/2031
USD 1 905 787 0.94
official stock exchange listing and/or 192 236 908 95.04 980 000 EBAY INC 1.900% 20-11/03/2025 USD 991 222 0.49
traded on another regulated market 1 580 000
ELECTRONIC ARTS 1.850% 21-
USD 1 513 976 0.75
15/02/2031
Bonds 192 236 908 95.04 ELECTRONIC ARTS 2.950% 21-
1 600 000 USD 1 521 121 0.75
15/02/2051
United States of 1 270 000
ELECTRONIC ARTS 4.800% 16-
USD 1 417 612 0.70
01/03/2026
America 174 696 963 86.35
520 000 ELI LILLY & CO 3.375% 19-15/03/2029 USD 570 234 0.28
600 000 ADOBE INC 1.700% 20-01/02/2023 USD 606 760 0.30
GENUINE PARTS CO 1.875% 20-
150 000 ADOBE INC 1.900% 20-01/02/2025 USD 153 576 0.08 1 990 000 USD 1 868 918 0.92
01/11/2030
830 000 ADOBE INC 2.150% 20-01/02/2027 USD 854 711 0.42 1 000 000 HARTFORD FINL 2.800% 19-19/08/2029 USD 1 036 843 0.51
1 850 000 ADOBE INC 2.300% 20-01/02/2030 USD 1 890 177 0.93 HEWLETT-PACK CO 6.000% 11-
840 000 USD 1 116 925 0.55
15/09/2041
1 280 000 ADOBE SYS INC 3.250% 15-01/02/2025 USD 1 354 089 0.67
1 960 000 HUMANA INC 1.350% 21-03/02/2027 USD 1 907 999 0.94
AGILENT TECH INC 2.100% 20-
1 940 000 USD 1 900 347 0.94 940 000 HUMANA INC 3.150% 12-01/12/2022 USD 955 795 0.47
04/06/2030
AGILENT TECH INC 2.300% 21- 1 620 000 HUMANA INC 4.875% 20-01/04/2030 USD 1 900 587 0.94
1 930 000 USD 1 909 318 0.94
12/03/2031
420 000 HUMANA INC 4.950% 14-01/10/2044 USD 543 172 0.27
2 040 000 ALPHABET INC 1.900% 20-15/08/2040 USD 1 861 272 0.92
1 510 000 ILLUMINA INC 0.550% 21-23/03/2023 USD 1 502 325 0.74
1 910 000 ALPHABET INC 2.250% 20-15/08/2060 USD 1 709 396 0.85
1 910 000 ILLUMINA INC 2.550% 21-23/03/2031 USD 1 912 342 0.95
1 500 000 AON CORP 2.800% 20-15/05/2030 USD 1 552 963 0.77
INTERPUBLIC GRP 5.400% 18-
1 670 000 AON CORP 3.750% 19-02/05/2029 USD 1 829 496 0.90 520 000 USD 708 596 0.35
01/10/2048
940 000 APPLE INC 3.000% 17-09/02/2024 USD 977 679 0.48 1 920 000 INTUIT INC 1.350% 20-15/07/2027 USD 1 880 523 0.93
760 000 APPLE INC 3.750% 17-12/09/2047 USD 887 711 0.44 1 960 000 INTUIT INC 1.650% 20-15/07/2030 USD 1 890 759 0.93
1 450 000 APPLE INC 3.850% 13-04/05/2043 USD 1 713 544 0.85 JOHNSON&JOHNSON 2.100% 20-
880 000 USD 835 475 0.41
01/09/2040
650 000 APPLE INC 3.850% 16-04/08/2046 USD 769 374 0.38 JOHNSON&JOHNSON 2.900% 17-
1 700 000 USD 1 812 357 0.90
90 000 APPLE INC 4.375% 15-13/05/2045 USD 113 586 0.06 15/01/2028
JOHNSON&JOHNSON 3.400% 17-
870 000 APPLE INC 4.650% 16-23/02/2046 USD 1 143 484 0.57 520 000 USD 582 845 0.29
15/01/2038
ASHTEAD CAPITAL 1.500% 21- JOHNSON&JOHNSON 3.500% 17-
580 000 USD 569 099 0.28 210 000 USD 242 011 0.12
12/08/2026 15/01/2048
1 050 000 AT&T INC 3.800% 21-01/12/2057 USD 1 095 668 0.54 JOHNSON&JOHNSON 3.625% 17-
420 000 USD 483 889 0.24
03/03/2037
1 920 000 AUTODESK INC 2.400% 21-15/12/2031 USD 1 915 865 0.95
JOHNSON&JOHNSON 3.750% 17-
AUTOMATIC DATA 1.250% 20- 1 320 000 USD 1 575 871 0.78
1 840 000 USD 1 738 556 0.86 03/03/2047
01/09/2030 LAZARD GROUP LLC 4.500% 18-
AUTOMATIC DATA 1.700% 21- 1 460 000 USD 1 669 306 0.83
1 720 000 USD 1 716 170 0.85 19/09/2028
15/05/2028 MARVELL TECH INC 1.650% 21-
BEST BUY CO INC 1.950% 20- 1 890 000 USD 1 868 886 0.92
1 280 000 USD 1 229 556 0.61 15/04/2026
01/10/2030 MARVELL TECH INC 2.450% 21-
BEST BUY CO INC 4.450% 18- 1 870 000 USD 1 897 602 0.94
1 410 000 USD 1 598 120 0.79 15/04/2028
01/10/2028 MARVELL TECH INC 2.950% 21-
BLACKROCK INC 1.900% 20- 1 820 000 USD 1 862 527 0.92
440 000 USD 433 760 0.21 15/04/2031
28/01/2031
1 970 000 MASCO CORP 1.500% 21-15/02/2028 USD 1 907 110 0.94
BLACKROCK INC 2.400% 20-
1 420 000 USD 1 459 289 0.72
30/04/2030 1 980 000 MASCO CORP 2.000% 21-15/02/2031 USD 1 901 946 0.94
BLACKROCK INC 3.250% 19- MICROSOFT CORP 2.400% 16-
1 270 000 USD 1 382 062 0.68 420 000 USD 439 658 0.22
30/04/2029 08/08/2026
BLACKROCK INC 3.500% 14- MICROSOFT CORP 2.525% 20-
860 000 USD 907 753 0.45 1 910 000 USD 1 872 805 0.93
18/03/2024 01/06/2050
BLACKSTONE HLDGS 1.600% 20- MICROSOFT CORP 2.675% 20-
80 000 USD 74 898 0.04 1 400 000 USD 1 399 087 0.69
30/03/2031 01/06/2060
BLACKSTONE HLDGS 1.625% 21- MICROSOFT CORP 2.921% 21-
750 000 USD 728 397 0.36 1 790 000 USD 1 896 246 0.94
05/08/2028 17/03/2052
BLACKSTONE HLDGS 2.800% 20- MOTOROLA SOLUTIO 4.600% 19-
1 600 000 USD 1 538 077 0.76 1 350 000 USD 1 542 639 0.76
30/09/2050 23/05/2029
BLACKSTONE HLDGS 3.500% 19- 1 540 000 NASDAQ INC 3.250% 20-28/04/2050 USD 1 567 731 0.78
1 420 000 USD 1 539 204 0.76
10/09/2049
BLACKSTONE HLDGS 5.000% 14- NESTLE HOLDINGS 0.375% 20-
1 280 000 USD 1 672 722 0.83 980 000 USD 968 064 0.48
15/06/2044 15/01/2024
CBRE SERVICES IN 2.500% 21- NORFOLK SOUTHERN 3.155% 20-
1 000 000 USD 1 006 156 0.50 1 670 000 USD 1 700 667 0.84
01/04/2031 15/05/2055
CBRE SERVICES IN 4.875% 15- OREILLY AUTOMOT 3.600% 17-
1 700 000 USD 1 901 613 0.94 1 320 000 USD 1 433 554 0.71
01/03/2026 01/09/2027
CINTAS CORP NO.2 3.700% 17- OREILLY AUTOMOT 3.900% 19-
890 000 USD 969 720 0.48 1 700 000 USD 1 876 581 0.93
01/04/2027 01/06/2029
OREILLY AUTOMOT 4.200% 20-
370 000 CISCO SYSTEMS 2.950% 16-28/02/2026 USD 393 853 0.19 1 610 000 USD 1 818 713 0.90
01/04/2030
1 300 000 CISCO SYSTEMS 5.500% 09-15/01/2040 USD 1 816 745 0.90 OTIS WORLDWIDE 2.056% 20-
1 570 000 USD 1 600 223 0.79
05/04/2025
1 270 000 CISCO SYSTEMS 5.900% 09-15/02/2039 USD 1 827 758 0.90
OTIS WORLDWIDE 2.565% 20-
CITRIX SYSTEMS 4.500% 17- 1 790 000 USD 1 816 030 0.90
980 000 USD 1 064 069 0.53 15/02/2030
01/12/2027 OTIS WORLDWIDE 3.112% 20-
1 360 000 CME GROUP INC 3.000% 15-15/03/2025 USD 1 428 250 0.71 1 220 000 USD 1 250 231 0.62
15/02/2040
1 166 000 CME GROUP INC 5.300% 13-15/09/2043 USD 1 616 122 0.80 OTIS WORLDWIDE 3.362% 20-
720 000 USD 760 763 0.38
15/02/2050
395 000 COACH INC 4.125% 17-15/07/2027 USD 427 452 0.21 PROCTER & GAMBLE 2.850% 17-
1 780 000 USD 1 898 395 0.94
COSTCO COMPANIES 1.600% 20- 11/08/2027
1 960 000 USD 1 898 550 0.94
20/04/2030 PUBLIC STORAGE 1.850% 21-
1 870 000 USD 1 866 851 0.92
DOLLAR GENERAL 3.250% 13- 01/05/2028
1 250 000 USD 1 280 402 0.63
15/04/2023 PUBLIC STORAGE 2.300% 21-
1 890 000 USD 1 909 511 0.94
DOLLAR GENERAL 3.500% 20- 01/05/2031
1 380 000 USD 1 491 855 0.74
03/04/2030
The accompanying notes form an integral part of these financial statements
Page 276
BNP PARIBAS FUNDS Sustainable US Multi-Factor Corporate Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
PUBLIC STORAGE 3.385% 19-
1 760 000 USD 1 921 582 0.95 Canada 5 015 258 2.48
01/05/2029
540 000 QORVO INC 3.375% 20-01/04/2031 USD 550 416 0.27 1 920 000 BELL CANADA 0.750% 21-17/03/2024 USD 1 902 280 0.94
1 770 000 QORVO INC 4.375% 20-15/10/2029 USD 1 889 723 0.93 540 000 BELL CANADA 2.150% 21-15/02/2032 USD 528 242 0.26
QUANTA SERVICES 2.350% 21- 1 410 000 BELL CANADA 3.650% 21-17/03/2051 USD 1 542 835 0.76
1 960 000 USD 1 903 269 0.94
15/01/2032 CANADIAN PAC RR 2.900% 15-
QUANTA SERVICES 2.900% 20- 1 000 000 USD 1 041 901 0.52
1 870 000 USD 1 909 402 0.94 01/02/2025
01/10/2030
1 860 000
QUANTA SERVICES 3.050% 21-
USD 1 801 508 0.89 British Virgin Islands 3 626 719 1.80
01/10/2041 TSMC GLOBAL LTD 1.250% 21-
REGENERON PHARM 1.750% 20- 1 850 000 USD 1 813 555 0.90
2 020 000 USD 1 907 328 0.94 23/04/2026
15/09/2030 TSMC GLOBAL LTD 2.250% 21-
REGENERON PHARM 2.800% 20- 1 830 000 USD 1 813 164 0.90
1 980 000 USD 1 863 802 0.92 23/04/2031
15/09/2050
530 000 REGIONS FINL 2.250% 20-18/05/2025 USD 541 452 0.27 Brazil 1 062 773 0.53
RELIANCE STEEL 2.150% 20- VALE OVERSEAS 6.250% 16-
500 000 USD 487 348 0.24 920 000 USD 1 062 773 0.53
15/08/2030 10/08/2026
ROCKWELL AUTOMAT 1.750% 21-
1 950 000
15/08/2031
USD 1 899 334 0.94 Shares/Units in investment funds 6 713 797 3.32
ROCKWELL AUTOMAT 2.800% 21-
700 000 USD 691 576 0.34
15/08/2061
S&P GLOBAL INC 1.250% 20-
Luxembourg 6 713 797 3.32
1 590 000 USD 1 485 813 0.73 BNP PARIBAS INSTICASH USD 1D
15/08/2030 42 186.46 USD 6 713 797 3.32
SHORT TERM VNAV INC
S&P GLOBAL INC 2.300% 20-
560 000 USD 484 739 0.24
15/08/2060
S&P GLOBAL INC 2.500% 19-
Total securities portfolio 198 950 705 98.36
1 750 000 USD 1 806 370 0.89
01/12/2029
S&P GLOBAL INC 3.250% 19-
1 660 000 USD 1 803 257 0.89
01/12/2049
SHERWIN-WILLIAMS 2.950% 19-
500 000 USD 526 525 0.26
15/08/2029
SHERWIN-WILLIAMS 3.450% 17-
1 770 000 USD 1 916 918 0.95
01/06/2027
SKYWORKS SOLUT 1.800% 21-
300 000 USD 296 950 0.15
01/06/2026
SKYWORKS SOLUT 3.000% 21-
1 670 000 USD 1 682 882 0.83
01/06/2031
SYNCHRONY FINANC 4.375% 19-
1 670 000 USD 1 763 710 0.87
19/03/2024
SYNCHRONY FINANC 4.500% 15-
780 000 USD 844 249 0.42
23/07/2025
TEXAS INSTRUMENT 1.750% 20-
280 000 USD 274 836 0.14
04/05/2030
TEXAS INSTRUMENT 1.900% 21-
100 000 USD 99 021 0.05
15/09/2031
TEXAS INSTRUMENT 2.250% 19-
1 470 000 USD 1 504 533 0.74
04/09/2029
TEXAS INSTRUMENT 2.700% 21-
260 000 USD 263 048 0.13
15/09/2051
TEXAS INSTRUMENT 2.900% 17-
270 000 USD 289 099 0.14
03/11/2027
TEXAS INSTRUMENT 3.875% 19-
1 090 000 USD 1 287 540 0.64
15/03/2039
TEXAS INSTRUMENT 4.150% 18-
1 530 000 USD 1 923 479 0.95
15/05/2048
1 650 000 TRIMBLE INC 4.900% 18-15/06/2028 USD 1 881 301 0.93
1 610 000 VERISIGN INC 5.250% 15-01/04/2025 USD 1 778 703 0.88
VERISK ANALYTICS 4.125% 19-
1 150 000 USD 1 282 430 0.63
15/03/2029
WEYERHAEUSER CO 7.375% 02-
1 000 000 USD 1 407 412 0.70
15/03/2032
WW GRAINGER INC 1.850% 20-
1 120 000 USD 1 140 764 0.56
15/02/2025
WW GRAINGER INC 4.600% 15-
1 300 000 USD 1 657 618 0.82
15/06/2045
1 510 000 XILINX INC 2.375% 20-01/06/2030 USD 1 531 750 0.76
500 000 ZOETIS INC 2.000% 20-15/05/2030 USD 490 807 0.24
500 000 ZOETIS INC 3.900% 18-20/08/2028 USD 554 935 0.27
United Kingdom 7 835 195 3.88
1 340 000 AON PLC 3.875% 16-15/12/2025 USD 1 449 530 0.72
640 000 AON PLC 4.750% 15-15/05/2045 USD 797 830 0.39
1 770 000 IHS MARKIT LTD 4.000% 17-01/03/2026 USD 1 912 785 0.95
330 000 IHS MARKIT LTD 4.125% 18-01/08/2023 USD 344 850 0.17
1 420 000 IHS MARKIT LTD 4.250% 19-01/05/2029 USD 1 615 250 0.80
1 480 000 IHS MARKIT LTD 4.750% 18-01/08/2028 USD 1 714 950 0.85
The accompanying notes form an integral part of these financial statements
Page 277
BNP PARIBAS FUNDS Sustainable US Multi-Factor Equity
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 122 417 OMNICOM GROUP USD 8 969 494 0.72
221 271 ORACLE CORP USD 19 297 044 1.55
official stock exchange listing and/or 1 229 466 784 98.45
28 836 OREILLY AUTOMOTIVE INC USD 20 364 848 1.63
traded on another regulated market
50 860 PEPSICO INC USD 8 834 891 0.71
Shares 1 229 466 784 98.45
429 246 PFIZER INC USD 25 346 976 2.03
United States of 51 867 PNC FINANCIAL SERVICES GROUP USD 10 400 371 0.83
America 1 189 240 153 95.23 94 341 PRUDENTIAL FINANCIAL INC USD 10 211 470 0.82
152 203 ABBVIE INC USD 20 608 286 1.65 110 019 RAYMOND JAMES FINANCIAL INC USD 11 045 908 0.88
7 456 ADOBE SYSTEMS INC USD 4 227 999 0.34 55 839 ROBERT HALF INTERNATIONAL INC USD 6 227 165 0.50
61 057 AKAMAI TECHNOLOGIES INC USD 7 146 111 0.57 19 492 S&P GLOBAL INC USD 9 198 860 0.74
74 552 ALLSTATE CORP USD 8 771 043 0.70 101 003 SCHWAB (CHARLES) CORP USD 8 494 352 0.68
12 130 AMAZON.COM INC USD 40 445 545 3.24 15 786 SHERWIN-WILLIAMS CO/THE USD 5 559 198 0.45
40 873 AMGEN INC USD 9 195 199 0.74 42 005 SIGNATURE BANK USD 13 587 357 1.09
9 338 ANTHEM INC USD 4 328 537 0.35 110 626 STATE STREET CORP USD 10 288 218 0.82
426 748 APPLE INC USD 75 777 643 6.06 21 654 SVB FINANCIAL GROUP USD 14 686 609 1.18
87 219 APPLIED MATERIALS INC USD 13 724 782 1.10 13 812 TESLA INC USD 14 596 245 1.17
9 378 AUTOZONE INC USD 19 659 945 1.57 56 580 TEXAS INSTRUMENTS INC USD 10 663 633 0.85
372 203 BAKER HUGHES A GE CO USD 8 951 482 0.72 23 692 THERMO FISHER SCIENTIFIC INC USD 15 808 250 1.27
10 559 BLACKROCK INC USD 9 667 398 0.77 31 942 TRACTOR SUPPLY COMPANY USD 7 621 361 0.61
290 779 BRISTOL-MYERS SQUIBB CO USD 18 130 071 1.45 84 872 UNITED PARCEL SERVICE- B USD 18 191 464 1.46
153 812 CAMPBELL SOUP CO USD 6 684 670 0.54 22 826 UNITEDHEALTH GROUP INC USD 11 461 848 0.92
18 345 CIGNA CORP USD 4 212 562 0.34 59 900 VERISIGN INC USD 15 203 818 1.22
372 227 CISCO SYSTEMS INC USD 23 588 025 1.89 219 656 VERIZON COMMUNICATIONS INC USD 11 413 326 0.91
86 673 COLGATE-PALMOLIVE CO USD 7 396 674 0.59 34 167 VISA INC - A USD 7 404 331 0.59
46 492 COSTCO WHOLESALE CORP USD 26 393 508 2.11 29 244 WEST PHARMACEUTICAL SERVICES USD 13 715 728 1.10
59 288 ELI LILLY & CO USD 16 376 531 1.31 14 620 WW GRAINGER INC USD 7 576 669 0.61
EXPEDITORS INTERNATIONAL
100 596 USD 13 509 037 1.08 Ireland 35 177 223 2.82
WASH INC
8 877 FACTSET RESEARCH SYSTEMS INC USD 4 314 311 0.35 66 219 ACCENTURE PLC - A USD 27 451 086 2.20
39 959 FIRST REPUBLIC BANK/SAN FRAN USD 8 251 933 0.66 68 385 SEAGATE TECHNOLOGY HOLDINGS USD 7 726 137 0.62
22 940 FORTINET INC USD 8 244 636 0.66 United Kingdom 5 049 408 0.40
59 164 GARTNER INC USD 19 779 708 1.58 16 800 AON PLC-CLASS A USD 5 049 408 0.40
284 155 GENERAL MILLS INC USD 19 146 364 1.53
287 131 GILEAD SCIENCES INC USD 20 848 582 1.67 Shares/Units in investment funds 12 255 339 0.98
21 588 GOLDMAN SACHS GROUP INC USD 8 258 489 0.66
78 924 HOME DEPOT INC USD 32 754 249 2.62 Luxembourg 12 255 339 0.98
BNP PARIBAS INSTICASH USD 1D
67 819 ILLINOIS TOOL WORKS USD 16 737 729 1.34 93 444.64 USD 12 255 339 0.98
SHORT TERM XCA
INTERCONTINENTAL
61 653
EXCHANGE INC
USD 8 432 281 0.68 Total securities portfolio 1 241 722 123 99.43
INTERNATIONAL BUSINESS
167 954 USD 22 448 732 1.80
MACHINES CORP
27 774 INTUIT INC USD 17 864 792 1.43
94 382 JM SMUCKER CO/THE USD 12 818 963 1.03
171 313 JOHNSON & JOHNSON USD 29 306 515 2.35
415 082 JUNIPER NETWORKS INC USD 14 822 578 1.19
134 175 KELLOGG CO USD 8 643 554 0.69
31 966 KEYSIGHT TECHNOLOGIES IN-W/I USD 6 601 299 0.53
74 460 KIMBERLY-CLARK CORP USD 10 641 823 0.85
203 062 KROGER CO USD 9 190 586 0.74
LABORATORY CORP AMERICA
40 692 USD 12 785 833 1.02
HOLDINGS
68 942 MARSH & MCLENNAN COS USD 11 983 498 0.96
299 188 MERCK & CO INC USD 22 929 768 1.84
91 569 METLIFE INC USD 5 722 147 0.46
235 727 MICROSOFT CORP USD 79 279 706 6.34
47 397 MODERNA INC USD 12 037 890 0.96
74 244 MORGAN STANLEY USD 7 287 791 0.58
394 076 MOSAIC CO/THE USD 15 483 246 1.24
29 544 MSCI INC USD 18 101 313 1.45
38 124 NASDAQ OMX GROUP/THE USD 8 006 421 0.64
120 662 NETAPP INC USD 11 099 697 0.89
122 915 NUCOR CORP USD 14 030 747 1.12
77 451 NVIDIA CORP USD 22 779 114 1.82
38 064 OLD DOMINION FREIGHT LINE USD 13 641 376 1.09
The accompanying notes form an integral part of these financial statements
Page 278
BNP PARIBAS FUNDS Sustainable US Value Multi-Factor Equity
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 12 313 MICROSOFT CORP USD 4 141 108 2.13
38 043 MOLSON COORS BREWING CO - B USD 1 763 293 0.91
official stock exchange listing and/or 191 053 843 98.64
31 369 MORGAN STANLEY USD 3 079 181 1.59
traded on another regulated market
1 850 MSCI INC USD 1 133 477 0.59
Shares 191 053 843 98.64
6 571 NASDAQ OMX GROUP/THE USD 1 379 976 0.71
United States of 17 871 NETAPP INC USD 1 643 953 0.85
America 182 507 741 94.23 24 315 NUCOR CORP USD 2 775 557 1.43
7 581 3M CO USD 1 346 613 0.70 3 210 NVIDIA CORP USD 944 093 0.49
7 532 ALLSTATE CORP USD 886 140 0.46 5 955 OLD DOMINION FREIGHT LINE USD 2 134 153 1.10
10 872 AMERICAN EXPRESS CO USD 1 778 659 0.92 29 493 OMNICOM GROUP USD 2 160 952 1.12
11 492 AMERISOURCE BERGEN CORP USD 1 527 172 0.79 36 613 ORACLE CORP USD 3 193 020 1.65
1 445 ANTHEM INC USD 669 815 0.35 4 264 OREILLY AUTOMOTIVE INC USD 3 011 365 1.55
20 035 APPLE INC USD 3 557 615 1.84 7 075 PEPSICO INC USD 1 228 998 0.63
12 465 APPLIED MATERIALS INC USD 1 961 492 1.01 80 294 PFIZER INC USD 4 741 361 2.44
200 608 AT&T INC USD 4 934 957 2.54 17 497 PNC FINANCIAL SERVICES GROUP USD 3 508 498 1.81
1 440 AUTOZONE INC USD 3 018 802 1.56 12 064 PROCTER & GAMBLE CO. USD 1 973 429 1.02
54 606 BANK OF NEW YORK MELLON CORP USD 3 171 516 1.64 30 092 PRUDENTIAL FINANCIAL INC USD 3 257 158 1.68
13 535 BLACKSTONE GROUP INC/THE-A USD 1 751 294 0.90 27 934 RAYMOND JAMES FINANCIAL INC USD 2 804 574 1.45
8 144 CBRE GROUP INC - A USD 883 705 0.46 20 332 ROBERT HALF INTERNATIONAL INC USD 2 267 425 1.17
19 272 CF INDUSTRIES HOLDINGS INC USD 1 364 072 0.70 75 721 SCHLUMBERGER LTD USD 2 267 844 1.17
7 472 CIGNA CORP USD 1 715 795 0.89 10 201 SCHWAB (CHARLES) CORP USD 857 904 0.44
14 179 CINCINNATI FINANCIAL CORP USD 1 615 413 0.83 4 782 SIGNATURE BANK USD 1 546 834 0.80
53 831 CISCO SYSTEMS INC USD 3 411 270 1.76 12 240 SMITH (A.O.) CORP USD 1 050 804 0.54
17 092 COLGATE-PALMOLIVE CO USD 1 458 631 0.75 6 875 SNAP - ON INC USD 1 480 738 0.76
24 236 COMCAST CORP - A USD 1 219 798 0.63 20 715 STATE STREET CORP USD 1 926 495 0.99
7 267 COSTCO WHOLESALE CORP USD 4 125 476 2.12 37 181 STEEL DYNAMICS INC USD 2 307 825 1.19
28 517 CVS HEALTH CORP USD 2 941 814 1.52 3 042 SVB FINANCIAL GROUP USD 2 063 206 1.07
4 289 ELI LILLY & CO USD 1 184 708 0.61 12 190 TEXAS INSTRUMENTS INC USD 2 297 449 1.19
EXPEDITORS INTERNATIONAL 6 777 TRANE TECHNOLOGIES PLC USD 1 369 157 0.71
17 372 USD 2 332 886 1.20
WASH INC
5 149 UNITED PARCEL SERVICE- B USD 1 103 637 0.57
2 579 FACTSET RESEARCH SYSTEMS INC USD 1 253 420 0.65
4 457 UNITEDHEALTH GROUP INC USD 2 238 038 1.16
13 594 FASTENAL CO USD 870 832 0.45
34 269 US BANCORP USD 1 924 890 0.99
2 151 FORTINET INC USD 773 069 0.40
45 025 VERIZON COMMUNICATIONS INC USD 2 339 499 1.21
5 976 GARTNER INC USD 1 997 896 1.03
8 822 WASTE MANAGEMENT INC USD 1 472 392 0.76
13 678 GENERAL MILLS INC USD 921 624 0.48
4 004 WATERS CORP USD 1 491 890 0.77
45 843 GILEAD SCIENCES INC USD 3 328 660 1.72
4 700 ZOETIS INC USD 1 146 941 0.59
4 432 GOLDMAN SACHS GROUP INC USD 1 695 462 0.88
4 788 HCA HEALTHCARE INC USD 1 230 133 0.64 Ireland 6 517 354 3.37
8 288 HERSHEY CO/THE USD 1 603 479 0.83 9 052 ACCENTURE PLC - A USD 3 752 507 1.94
HEWLETT - PACKARD ENTERPRISE - 24 472 SEAGATE TECHNOLOGY HOLDINGS USD 2 764 847 1.43
89 859 USD 1 417 076 0.73
W/I
9 766 HOME DEPOT INC USD 4 052 988 2.09 United Kingdom 2 028 748 1.04
10 043 ILLINOIS TOOL WORKS USD 2 478 612 1.28 2 725 AON PLC-CLASS A USD 819 026 0.42
24 100 INTEL CORP USD 1 241 150 0.64 22 035 CARLYLE GROUP INC/THE USD 1 209 722 0.62
70 114 INTERPUBLIC GROUP OF COS INC USD 2 625 769 1.36 Total securities portfolio 191 053 843 98.64
4 145 JACK HENRY & ASSOCIATES INC USD 692 174 0.36
21 789 JM SMUCKER CO/THE USD 2 959 382 1.53
14 573 JOHNSON & JOHNSON USD 2 493 003 1.29
JOHNSON CONTROLS
25 020 USD 2 034 376 1.05
INTERNATIONAL
16 725 JP MORGAN CHASE AND CO USD 2 648 404 1.37
85 320 JUNIPER NETWORKS INC USD 3 046 777 1.57
39 595 KELLOGG CO USD 2 550 710 1.32
23 781 KNIGHT-SWIFT TRANSPORTATION USD 1 449 214 0.75
39 128 KRAFT HJ HEINZ CORP USD 1 404 695 0.73
70 372 KROGER CO USD 3 185 037 1.64
2 015 LENNOX INTERNATIONAL INC USD 653 585 0.34
30 511 LKQ CORP USD 1 831 575 0.95
59 645 LUMEN TECHNOLOGIES INC USD 748 545 0.39
29 028 MASCO CORP USD 2 038 346 1.05
30 185 MERCK & CO INC USD 2 313 378 1.19
33 843 METLIFE INC USD 2 114 849 1.09
METTLER - TOLEDO
1 160 USD 1 968 764 1.02
INTERNATIONAL
The accompanying notes form an integral part of these financial statements
Page 279
BNP PARIBAS FUNDS Target Risk Balanced
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Shares/Units in investment funds 1 345 636 495 98.89
Luxembourg 920 743 419 67.66
BNP PARIBAS EASY ENERGY &
6 381 660.00 METALS ENHANCED ROLL - UCITS EUR 66 840 231 4.91
ETF RH EUR CAP
BNP PARIBAS EASY EUR CORP BOND
14 418 247.00 EUR 155 216 754 11.41
SRI FOSSIL FREE
BNP PARIBAS EASY EUR HIGH
1 592 777.00 EUR 16 172 261 1.19
YIELD SRI FOSSIL FREE UCITS ETF C
BNP PARIBAS EASY FTSE EPRA /
3 738 892.00 NAREIT DEVELOPED EUROPE EX UK EUR 40 183 742 2.95
GREEN ETF 9UC
BNP PARIBAS EASY FTSE
1 791 655.00 EPRA/NAREIT DEVELOPED EUROPE EUR 19 855 479 1.46
UCITS ETF - QD - DIS
BNP PARIBAS EASY JPM ESG EMBI
654.05 GLOBAL DIVERSIFIED COMPOSITE EUR 83 606 587 6.14
TRACK - IH EUR CAP
BNP PARIBAS EASY MSCI CHINAS
6 239 895.00 SELECT SRI S-SERIES 10% EUR 52 250 385 3.84
CAPPED 9UE
BNP PARIBAS EASY MSCI EM SRI
2 814 256.00 EUR 38 916 095 2.86
SRS 5PC CP
BNP PARIBAS EASY MSCI EUROPE
5 100 769.00 EUR 155 640 274 11.44
SRI SRS 5PC CP 9DU
BNP PARIBAS EASY MSCI JAPAN SRI
1 733 890.00 EUR 43 582 192 3.20
SRS 5PC CP
BNP PARIBAS EASY MSCI USA SRI
5 567 701.00 EUR 108 649 788 7.98
SRS 5PC CP
BNP PARIBAS FUNDS ABSOLUTE
172 000.00 EUR 15 493 760 1.14
RETURN MULTI-STRATEGY - X CAP
BNP PARIBAS FUNDS
ENVIRONMENTAL ABSOLUTE
413.00 USD 43 979 129 3.23
RETURN THEMATIC EQUITY
(EARTH) XCA
4 994 204.00 UBS ETF BM US LIQ. C. SUST.U EUR 80 356 742 5.91
Ireland 385 568 152 28.34
17 931 533.00 ISHARES EUR HY CORP ESG EURA EUR 94 032 959 6.91
15 304 874.00 ISHARES EURO CORP SRI UCITS EUR 80 036 839 5.88
81 322.00 ISHARES JPM ESG USD EM BD A EUR 425 509 0.03
18 391 865.00 ISHARES USD HY CORP ESG USDA EUR 91 517 920 6.73
343 577.00 SOURCE PHYSICAL GOLD P - ETC USD 53 165 006 3.91
SPDR BLOOMBERG BARCLAYS
1 163 103.00 EUR 66 389 919 4.88
EMERGING MARKETS LOCAL BOND
France 39 324 924 2.89
1 728.33 BNP PARIBAS MOIS - ISR - I - CAP EUR 39 324 924 2.89
Total securities portfolio 1 345 636 495 98.89
The accompanying notes form an integral part of these financial statements
Page 280
BNP PARIBAS FUNDS Turkey Equity
Securities portfolio at 31/12/2021
Expressed in EUR
Quotation % of net
Quantity Denomination Market value
currency assets
Transferable securities admitted to an
official stock exchange listing and/or 16 767 274 99.74
traded on another regulated market
Shares 16 767 274 99.74
Turkey 16 767 274 99.74
1 438 000 AKBANK T.A.S. TRY 685 590 4.08
202 000 ANADOLU EFES BIRACILIK VE TRY 396 194 2.36
40 000 ARCELIK AS TRY 128 197 0.76
409 000 ASELSAN ELEKTRONIK SANAYI TRY 565 492 3.36
394 000 BIM BIRLESIK MAGAZALAR AS TRY 1 599 297 9.50
238 000 BIOTREND CEVRE VE ENERJI YAT TRY 86 679 0.52
58 000 COCA-COLA ICECEK AS TRY 340 086 2.02
DOGAN SIRKETLER GRUBU
1 631 000 TRY 297 002 1.77
HOLDINGS
208 000 ENERJISA ENERJI AS TRY 177 399 1.06
260 000 EREGLI DEMIR VE CELIK FABRIK TRY 484 819 2.88
249 000 ESCORT TEKNOLOJI YATIRIM AS TRY 100 083 0.60
47 750 FORD OTOMOTIV SANAYI AS TRY 752 845 4.48
664 000 HACI OMER SABANCI HOLDING TRY 581 702 3.46
188 000 INDEKS BILGISAYAR TRY 82 661 0.49
653 000 KARDEMIR KARABUK DEMIR - A TRY 332 516 1.98
1 KAREL ELEKTRONIK SANAYI VE TRY 1 0.00
551 000 KOC HOLDING AS TRY 1 035 468 6.15
42 467 KORDSA TEKNIK TEKSTIL AS TRY 88 580 0.53
60 000 KOZA ALTIN ISLETMELERI AS TRY 459 685 2.73
95 500 LOGO YAZILIM SANAYI VE TICAR TRY 263 195 1.57
105 000 MAVI GIYIM SANAYI VE TICA - B TRY 484 613 2.88
193 000 MLP SAGLIK HIZMETLERI AS TRY 381 610 2.27
9 500 OTOKAR OTOBUS KAROSERI SAN TRY 223 318 1.33
1 122 000 PETKIM PETROKIMYA HOLDING AS TRY 579 509 3.45
263 000 TAV HAVALIMANLARI HOLDING AS TRY 569 477 3.39
178 000 TEKFEN HOLDING AS TRY 238 563 1.42
113 000 TOFAS TURK OTOMOBIL FABRIKASI TRY 566 431 3.37
79 500 TUPRAS-TURKIYE PETROL RAFINE TRY 812 806 4.84
546 000 TURK HAVA YOLLARI AO TRY 723 818 4.31
781 000 TURK SISE VE CAM FABRIKALARI TRY 691 958 4.12
491 000 TURKCELL ILETISIM HIZMET AS TRY 600 186 3.57
1 707 000 TURKIYE GARANTI BANKASI TRY 1 273 884 7.57
356 000 TURKIYE IS BANKASI - C TRY 169 493 1.01
3 685 000 YAPI VE KREDI BANKASI TRY 824 759 4.90
YATAS YATAK VE YORGAN SANAYI
230 000 TRY 169 358 1.01
TICARET
Total securities portfolio 16 767 274 99.74
The accompanying notes form an integral part of these financial statements
Page 281
BNP PARIBAS FUNDS US Growth
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an Ireland 11 357 583 0.88
official stock exchange listing and/or 1 276 584 021 99.45 89 149 JAZZ PHARMACEUTICALS PLC USD 11 357 583 0.88
traded on another regulated market Total securities portfolio 1 276 584 021 99.45
Shares 1 276 584 021 99.45
United States of
America 1 176 815 340 91.69
48 310 ADOBE SYSTEMS INC USD 27 394 669 2.13
233 286 ADVANCED MICRO DEVICES USD 33 569 855 2.62
30 767 ALPHABET INC - A USD 89 133 230 6.94
25 446 AMAZON.COM INC USD 84 845 616 6.61
63 650 AMERICAN TOWER CORP - A USD 18 617 625 1.45
694 225 APPLE INC USD 123 273 534 9.59
11 999 BOOKING HOLDINGS INC USD 28 788 361 2.24
42 576 CHARLES RIVER LABORATORIES USD 16 041 785 1.25
357 741 CIENA CORP USD 27 535 325 2.15
30 652 COOPER COS INC/THE USD 12 841 349 1.00
103 561 COPART INC USD 15 701 919 1.22
169 552 ENTEGRIS INC USD 23 496 516 1.83
195 526 FIRST SOLAR INC USD 17 042 046 1.33
57 248 GENERAC HOLDINGS INC USD 20 146 716 1.57
113 889 GUARDANT HEALTH INC USD 11 391 178 0.89
167 263 HOLOGIC INC USD 12 805 655 1.00
81 509 HOME DEPOT INC USD 33 827 050 2.64
93 260 HORIZON THERAPEUTICS PLC USD 10 049 698 0.78
INTERCONTINENTAL
89 917 USD 12 297 948 0.96
EXCHANGE INC
260 198 MICRON TECHNOLOGY INC USD 24 237 444 1.89
363 047 MICROSOFT CORP USD 122 099 967 9.51
52 007 NEUROCRINE BIOSCIENCES INC USD 4 429 436 0.35
178 052 NEW RELIC INC USD 19 578 598 1.53
173 077 NIKE INC - B USD 28 846 744 2.25
54 447 NVIDIA CORP USD 16 013 407 1.25
59 365 OLD DOMINION FREIGHT LINE USD 21 275 229 1.66
40 416 PALO ALTO NETWORKS INC USD 22 504 033 1.75
66 919 REPLIGEN CORP USD 17 722 828 1.38
101 119 SALESFORCE.COM INC USD 25 697 371 2.00
58 464 SIGNATURE BANK USD 18 911 350 1.47
45 033 SNOWFLAKE INC-CLASS A USD 15 254 929 1.19
79 009 SQUARE INC - A USD 12 760 744 0.99
193 498 STARBUCKS CORP USD 22 633 461 1.76
72 211 TARGET CORP USD 16 712 514 1.30
95 814 TRANE TECHNOLOGIES PLC USD 19 357 302 1.51
106 047 TREX COMPANY INC USD 14 319 526 1.12
277 697 TWITTER INC USD 12 002 064 0.94
50 325 ULTA BEAUTY INC USD 20 751 011 1.62
44 474 UNITED RENTALS INC USD 14 778 265 1.15
276 398 VISA INC - A USD 59 898 211 4.67
99 530 WALT DISNEY CO USD 15 416 202 1.20
154 710 YETI HOLDINGS INC USD 12 814 629 1.00
United Kingdom 28 268 289 2.20
50 033 AON PLC-CLASS A USD 15 037 918 1.17
112 561 ASTRAZENECA PLC GBP 13 230 371 1.03
Taiwan 23 994 626 1.87
199 440 TAIWAN SEMICONDUCTOR - ADR USD 23 994 626 1.87
Canada 21 235 422 1.65
39 114 LULULEMON ATHLETICA INC USD 15 311 175 1.19
361 455 ZYMEWORKS INC USD 5 924 247 0.46
Denmark 14 912 761 1.16
37 085 GENMAB A/S DKK 14 912 761 1.16
The accompanying notes form an integral part of these financial statements
Page 282
BNP PARIBAS FUNDS US High Yield Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
NESCO HOLDINGS 5.500% 21-
Transferable securities admitted to an 600 000
15/04/2029
USD 621 632 0.88
official stock exchange listing and/or 68 250 342 96.64
1 000 000
NEW ENTERPRISE 5.250% 21-
USD 1 016 313 1.44
15/07/2028
traded on another regulated market NEXSTAR BROADC 4.750% 20-
900 000 USD 919 619 1.30
68 024 767 96.32 01/11/2028
Bonds NGL ENRGY PART/F 7.500% 17-
175 000 USD 173 688 0.25
01/11/2023
United States of
1 000 000 NOVELIS CORP 4.750% 20-30/01/2030 USD 1 053 334 1.49
America 60 153 067 85.17 OPTION CARE HEAL 4.375% 21-
ADAPTHEALTH LLC 4.625% 21- 600 000 USD 602 850 0.85
1 000 000 USD 1 001 880 1.42 31/10/2029
01/08/2029
ADIENT GLOBAL HO 4.875% 16- 750 000 ORGANON FIN 1 4.125% 21-30/04/2028 USD 767 429 1.09
200 000 USD 204 726 0.29 OUTFRONT MEDIA C 4.625% 19-
15/08/2026 250 000 USD 250 366 0.35
ADVANTAGE SALES 6.500% 20- 15/03/2030
1 500 000 USD 1 574 987 2.23 OWENS-BROCKWAY 5.375% 14-
15/11/2028 600 000 USD 625 875 0.89
1 250 000 ATKORE INC 4.250% 21-01/06/2031 USD 1 285 794 1.82 15/01/2025
OWENS-BROCKWAY 6.625% 20-
BLOOMIN BRANDS 5.125% 21- 300 000 USD 317 063 0.45
750 000 USD 759 872 1.08 13/05/2027
15/04/2029 PARK-OHIO INDUST 6.625% 17-
BOYD GAMING CORP 4.750% 21- 1 250 000 USD 1 209 375 1.71
1 000 000 USD 1 026 270 1.45 15/04/2027
15/06/2031 PENN NATIONAL GAMING 4.125% 21-
1 000 000 BOYNE USA 4.750% 21-15/05/2029 USD 1 030 650 1.46 600 000 USD 584 176 0.83
01/07/2029
BUILDERS FIRSTSO 4.250% 21- PICASSO FIN SUB 6.125% 20-
1 650 000 USD 1 715 896 2.43 607 000 USD 635 724 0.90
01/02/2032 15/06/2025
500 000 CABLE ONE INC 4.000% 20-15/11/2030 USD 493 200 0.70 PITNEY BOWES INC 6.875% 21-
800 000 USD 830 600 1.18
15/03/2027
CCO HOLDINGS LLC 5.000% 17-
500 000 USD 519 087 0.74 PRESTIGE BRANDS 3.750% 21-
01/02/2028 750 000 USD 728 213 1.03
01/04/2031
CCO HOLDINGS LLC 5.125% 17-
990 000 USD 1 025 492 1.45 RAYONIER AM PROD 7.625% 20-
01/05/2027 1 045 000 USD 1 107 700 1.57
15/01/2026
CCO HOLDINGS LLC 5.375% 19-
500 000 USD 539 800 0.76 RITCHIE BROS HLD 4.750% 21-
01/06/2029 700 000 USD 730 188 1.03
15/12/2031
1 000 000 CEDAR FAIR LP 5.250% 20-15/07/2029 USD 1 027 800 1.46
750 000 RITE AID CORP 8.000% 20-15/11/2026 USD 767 258 1.09
CHARLES RIVER LA 4.250% 19-
300 000 USD 313 087 0.44 SCIENTIFIC GAMES 5.000% 17-
01/05/2028 300 000 USD 308 948 0.44
15/10/2025
CLEVELAND-CLIFFS 4.875% 21-
250 000 USD 260 395 0.37 SCIENTIFIC GAMES 7.000% 19-
01/03/2031 700 000 USD 750 706 1.06
15/05/2028
CRESTWOOD MIDSTREAM
195 000 USD 199 797 0.28 SCIENTIFIC GAMES 7.250% 19-
PARTNERS 5.750% 17-01/04/2025 500 000 USD 560 000 0.79
15/11/2029
900 000 DANA INC 4.250% 21-01/09/2030 USD 916 774 1.30 SENSATA TECHNOLO 3.750% 20-
1 000 000 USD 998 875 1.41
EMERGENT BIOSOLU 3.875% 20- 15/02/2031
350 000 USD 336 011 0.48
15/08/2028 SIRIUS XM RADIO 4.125% 20-
300 000 USD 300 000 0.42
ENERGIZER HLDGS 4.375% 20- 01/07/2030
600 000 USD 585 723 0.83
31/03/2029 SPECIALTY BUILD 6.375% 20-
150 000 USD 157 098 0.22
FORD MOTOR CO 9.000% 20- 30/09/2026
750 000 USD 915 164 1.30
22/04/2025 800 000 STERICYCLE INC 3.875% 20-15/01/2029 USD 788 975 1.12
FORD MOTOR CO 9.625% 20-
250 000 USD 366 056 0.52 SUMMIT MATERIALS 5.250% 20-
22/04/2030 150 000 USD 156 972 0.22
15/01/2029
FORD MOTOR CRED 4.000% 20-
750 000 USD 806 850 1.14 SWF ESCROW ISSUE 6.500% 21-
13/11/2030 500 000 USD 479 139 0.68
01/10/2029
FOXTROT ESCROW 12.250% 19-
500 000 USD 562 872 0.80 450 000 SYNAPTICS INC 4.000% 21-15/06/2029 USD 460 558 0.65
15/11/2026
GENESIS ENERGY 7.750% 20- SYNEOS HEALTH IN 3.625% 20-
430 000 USD 436 665 0.62 1 500 000 USD 1 482 726 2.10
01/02/2028 15/01/2029
GOODYEAR TIRE 4.875% 17- TAYLOR MORRISON 5.750% 19-
300 000 USD 318 064 0.45 150 000 USD 167 184 0.24
15/03/2027 15/01/2028
GPC MERGER SUB 7.125% 20- 800 000 TELEFLEX INC 4.250% 20-01/06/2028 USD 826 040 1.17
500 000 USD 515 792 0.73
15/08/2028 TENET HEALTHCARE 4.250% 21-
1 500 000 GRAY TELE INC 4.750% 20-15/10/2030 USD 1 497 200 2.12 500 000 USD 508 900 0.72
01/06/2029
GREAT LAKES DRED 5.250% 21- TENET HEALTHCARE 5.125% 19-
500 000 USD 517 283 0.73 250 000 USD 260 781 0.37
01/06/2029 01/11/2027
500 000 HCA INC 3.500% 20-01/09/2030 USD 527 965 0.75 TENET HEALTHCARE 6.250% 19-
1 400 000 USD 1 450 004 2.05
01/02/2027
HERTZ CORP/THE 5.000% 21-
875 000 USD 878 205 1.24 1 000 000 TENNECO INC 5.125% 21-15/04/2029 USD 981 054 1.39
01/12/2029
HILCORP ENERGY I 6.000% 21- TERRAFORM POWER 4.750% 19-
500 000 USD 518 544 0.73 500 000 USD 521 750 0.74
01/02/2031 15/01/2030
HILCORP ENERGY I 6.250% 18- 1 500 000 TOPBUILD CORP 3.625% 21-15/03/2029 USD 1 513 780 2.14
300 000 USD 319 179 0.45
01/11/2028
HILTON DOMESTIC 4.875% 19- 150 000 TOPBUILD CORP 4.125% 21-15/02/2032 USD 154 004 0.22
675 000 USD 724 030 1.03 TREEHOUSE FOODS 4.000% 20-
15/01/2030 75 000 USD 72 280 0.10
IRON MOUNTAIN 4.500% 20- 01/09/2028
500 000 USD 503 523 0.71
15/02/2031 1 000 000 TRONOX INC 4.625% 21-15/03/2029 USD 998 750 1.41
KFC HLD/PIZZA HU 4.750% 17- UNITED AIRLINES 4.625% 21-
240 000 USD 248 933 0.35 125 000 USD 129 195 0.18
01/06/2027 15/04/2029
200 000 L BRANDS INC 6.694% 18-15/01/2027 USD 230 475 0.33 125 000 VIASAT INC 5.625% 17-15/09/2025 USD 125 715 0.18
LAMAR MEDIA CORP 4.000% 20- VIAVI SOLUTIONS 3.750% 21-
100 000 USD 101 260 0.14 600 000 USD 600 064 0.85
15/02/2030 01/10/2029
500 000 MANITOWOC CO 9.000% 19-01/04/2026 USD 529 568 0.75 VM CONSOLIDATED 5.500% 21-
1 000 000 USD 1 008 638 1.43
MASONITE INTERNATIONAL 5.375% 15/04/2029
200 000 USD 210 397 0.30 WABASH NATIONAL 4.500% 21-
19-01/02/2028 800 000 USD 806 480 1.14
700 000 MATTEL INC 3.750% 21-01/04/2029 USD 727 846 1.03 15/10/2028
1 130 000 MERITOR INC 4.500% 20-15/12/2028 USD 1 138 393 1.61
118 000 MGM RESORTS 5.500% 19-15/04/2027 USD 126 552 0.18
394 000 MGM RESORTS 5.750% 18-15/06/2025 USD 425 253 0.60
The accompanying notes form an integral part of these financial statements
Page 283
BNP PARIBAS FUNDS US High Yield Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net
Quantity Denomination Market value
currency assets
WHITE CAP BUYER 6.875% 20-
1 125 000 USD 1 179 094 1.67
15/10/2028
WOLVERINE WORLD 4.000% 21-
750 000 USD 726 825 1.03
15/08/2029
WYNDHAM HOTELS & 4.375% 20-
750 000 USD 773 819 1.10
15/08/2028
The Netherlands 2 675 593 3.79
OI EUROPEAN GRP 4.750% 21-
900 000 USD 911 784 1.29
15/02/2030
SENSATA TECH BV 4.375% 19-
150 000 USD 159 504 0.23
15/02/2030
TRIVIUM PACK FIN 5.500% 19-
300 000 USD 313 201 0.44
15/08/2026
1 000 000 ZIGGO BV 4.875% 19-15/01/2030 USD 1 025 580 1.45
ZIGGO SECURED FINANCE 5.500% 16-
258 000 USD 265 524 0.38
15/01/2027
Canada 1 992 544 2.83
750 000 1011778 BC ULC / 3.875% 19-15/01/2028 USD 759 570 1.08
INTELLIGENT PACK 6.000% 20-
100 000 USD 102 806 0.15
15/09/2028
OPEN TEXT CORP 4.125% 21-
600 000 USD 608 194 0.86
01/12/2031
TASEKO MINES LTD 7.000% 21-
500 000 USD 521 974 0.74
15/02/2026
United Kingdom 1 665 223 2.36
INEOS QUATTRO FI 3.375% 21-
1 000 000 USD 1 003 685 1.42
15/01/2026
INTERNATIONAL GAME TECH 6.250%
200 000 USD 224 350 0.32
18-15/01/2027
INTERNATIONAL GAME TECH 6.500%
400 000 USD 437 188 0.62
15-15/02/2025
Ireland 1 344 863 1.90
JAZZ SECURITIES 4.375% 21-
1 300 000 USD 1 344 863 1.90
15/01/2029
France 193 477 0.27
200 000 SPCM SA 3.375% 21-15/03/2030 USD 193 477 0.27
Floating rate bonds 225 575 0.32
United States of
America 225 575 0.32
200 000 VIACOM INC 17-28/02/2057 FRN USD 225 575 0.32
Other transferable securities 0 0.00
Bonds 0 0.00
United States of
America 0 0.00
300 000 CONTRA GCB144A 5.000% 15/10/2025 USD 0 0.00
700 000 CONTRA GCB144A 7.000% 15/05/2028 USD 0 0.00
500 000 CONTRA GCB144A 7.250% 15/11/2029 USD 0 0.00
Shares/Units in investment funds 1 175 982 1.67
Luxembourg 1 175 982 1.67
BNP PARIBAS INSTICASH USD 1D
7 389.34 USD 1 175 982 1.67
SHORT TERM VNAV - I CAP
Total securities portfolio 69 426 324 98.31
The accompanying notes form an integral part of these financial statements
Page 284
BNP PARIBAS FUNDS US Mid Cap
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 16 031 REPUBLIC SERVICES INC USD 2 235 523 1.50
12 865 ROYAL GOLD INC USD 1 353 527 0.91
official stock exchange listing and/or 147 005 302 98.49
29 816 SCHNITZER STEEL INDS INC - A USD 1 548 047 1.04
traded on another regulated market
9 734 SIGNATURE BANK USD 3 148 657 2.11
Shares 147 005 302 98.49
14 500 SIMON PROPERTY GROUP INC USD 2 316 665 1.55
SUNNOVA ENERGY
United States of 61 213
INTERNATIONAL
USD 1 709 067 1.14
America 132 736 908 88.92 12 771 TRANE TECHNOLOGIES PLC USD 2 580 125 1.73
47 967 AMERICAN HOMES 4 RENT- A USD 2 091 841 1.40
32 629 TWITTER INC USD 1 410 225 0.94
14 546 ARTHUR J GALLAGHER & CO USD 2 468 020 1.65
5 865 ULTA BEAUTY INC USD 2 418 374 1.62
44 934 AZEK CO INC/THE USD 2 077 748 1.39
5 620 UNITED RENTALS INC USD 1 867 470 1.25
116 499 BAKER HUGHES A GE CO USD 2 801 801 1.88
45 966 US FOODS HOLDING CORP USD 1 600 996 1.07
25 509 BALL CORP USD 2 455 751 1.65
9 181 WATTS WATER TECHNOLOGIES - A USD 1 782 675 1.19
28 256 BALLYS CORP USD 1 075 423 0.72
32 371 YUM CHINA HOLDINGS INC USD 1 613 371 1.08
12 118 BOK FINANCIAL CORPORATION USD 1 278 328 0.86
18 218 CBRE GROUP INC - A USD 1 976 835 1.32 Israel 3 675 330 2.47
14 346 CYBERARK SOFTWARE LTD/ISRAEL USD 2 485 875 1.67
9 058 CDW CORP/DE USD 1 854 897 1.24
40 049 JFROG LTD USD 1 189 455 0.80
25 317 CENTENE CORP USD 2 086 121 1.40
6 266 CHARLES RIVER LABORATORIES USD 2 360 903 1.58 Switzerland 2 468 179 1.65
6 031 CHART INDUSTRIES INC USD 961 884 0.64 15 298 TE CONNECTIVITY LTD USD 2 468 179 1.65
39 861 CIENA CORP USD 3 068 101 2.06
Ireland 2 299 952 1.54
20 291 COLUMBIA SPORTSWEAR CO USD 1 977 155 1.32 18 053 JAZZ PHARMACEUTICALS PLC USD 2 299 952 1.54
3 541 COOPER COS INC/THE USD 1 483 467 0.99
13 662 COPART INC USD 2 071 432 1.39
Canada 2 028 494 1.36
5 182 LULULEMON ATHLETICA INC USD 2 028 494 1.36
14 434 CRYOPORT INC USD 854 060 0.57
17 176 CUSTOMERS BANCORP INC USD 1 122 795 0.75 Bermuda 1 949 699 1.31
16 974 DICKS SPORTING GOODS INC USD 1 951 840 1.31 35 794 AXIS CAPITAL HOLDINGS LTD USD 1 949 699 1.31
14 575 DIGITAL REALTY TRUST INC USD 2 577 880 1.73 Denmark 1 846 740 1.24
20 466 DR HORTON INC USD 2 219 538 1.49 46 682 GENMAB A/S -SP ADR USD 1 846 740 1.24
41 284 DUKE REALTY CORP USD 2 709 882 1.82
17 555 ENTEGRIS INC USD 2 432 772 1.63
Total securities portfolio 147 005 302 98.49
3 726 EPAM SYSTEMS INC USD 2 490 645 1.67
50 154 ESSENTIAL UTILITIES INC USD 2 692 768 1.80
6 195 FAIR ISAAC CORP USD 2 686 586 1.80
164 854 FIRST HORIZON CORP USD 2 692 066 1.80
25 475 FIRST SOLAR INC USD 2 220 401 1.49
10 373 FIVE BELOW USD 2 146 070 1.44
20 158 FORTUNE BRANDS HOME SECURITY USD 2 154 890 1.44
33 623 FRONTDOOR INC USD 1 232 283 0.83
6 820 GENERAC HOLDINGS INC USD 2 400 094 1.61
23 357 GLOBAL BLOOD THERAPEUTICS IN USD 683 659 0.46
165 225 GOHEALTH INC-CLASS A USD 626 203 0.42
11 002 HERSHEY CO/THE USD 2 128 557 1.43
32 214 HEXCEL CORP USD 1 668 685 1.12
33 315 HOLOGIC INC USD 2 550 596 1.71
15 643 HORIZON THERAPEUTICS PLC USD 1 685 690 1.13
10 096 IAC/INTERACTIVECORP USD 1 319 648 0.88
17 544 INGEVITY CORP USD 1 257 905 0.84
INTERCONTINENTAL
21 124 USD 2 889 129 1.94
EXCHANGE INC
INTERNATIONAL FLAVORS &
6 864 USD 1 034 062 0.69
FRAGRANCES
19 303 ITT INC USD 1 972 574 1.32
10 101 LENDINGTREE INC USD 1 238 383 0.83
5 831 MASIMO CORP USD 1 707 200 1.14
11 372 NEUROCRINE BIOSCIENCES INC USD 968 553 0.65
22 602 NEW RELIC INC USD 2 485 316 1.67
6 290 OLD DOMINION FREIGHT LINE USD 2 254 210 1.51
15 181 OSHKOSH CORP USD 1 711 051 1.15
6 377 PALO ALTO NETWORKS INC USD 3 550 777 2.37
25 395 PLEXUS CORP USD 2 435 127 1.63
78 923 PURE STORAGE INC - CLASS A USD 2 568 944 1.72
88 137 RADIAN GROUP INC USD 1 862 335 1.25
7 096 REPLIGEN CORP USD 1 879 305 1.26
The accompanying notes form an integral part of these financial statements
Page 285
BNP PARIBAS FUNDS US Short Duration Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 500 000 PFIZER INC 0.800% 20-28/05/2025 USD 493 383 0.36
309 000 PNC BANK NA 2.700% 12-01/11/2022 USD 313 130 0.23
official stock exchange listing and/or 126 686 147 92.04
PNC FUNDING CORP 3.300% 12-
traded on another regulated market 500 000
08/03/2022
USD 501 096 0.36
110 026 381 79.94 500 000 PPG INDUSTRIES 2.400% 19-15/08/2024 USD 514 494 0.37
Bonds PROCTER & GAMBLE 2.700% 16-
700 000 USD 737 970 0.54
United States of 02/02/2026
PUBLIC STORAGE 1.500% 21-
America 105 197 480 76.43 250 000
09/11/2026
USD 249 402 0.18
AIR PROD & CHEM 1.500% 20- RAYTHEON TECH 2.250% 20-
1 000 000 USD 1 003 996 0.73 1 000 000 USD 997 883 0.72
15/10/2025 01/07/2030
AMERICAN EXPRESS 2.500% 17- ROPER TECHNOLOGIES 3.650% 18-
500 000 USD 505 182 0.37 110 000 USD 114 700 0.08
01/08/2022 15/09/2023
AMERICAN HONDA F 2.050% 19-
500 000 USD 507 373 0.37 1 000 000 STRYKER CORP 1.950% 20-15/06/2030 USD 977 106 0.71
10/01/2023
610 000 APPLE INC 3.250% 16-23/02/2026 USD 652 497 0.47 696 730 TAOT 2018-B A4 3.110% 18-15/11/2023 USD 701 756 0.51
BANK OF AMERICA CORP 4.000% 15- 500 000 UNITED PARCEL 3.900% 20-01/04/2025 USD 539 967 0.39
375 000 USD 400 713 0.29
22/01/2025 US BANK NA OHIO 1.950% 19-
500 000 USD 506 240 0.37
700 000 BNY MELLON 2.600% 17-07/02/2022 USD 701 159 0.51 09/01/2023
US BANK NA OHIO 2.850% 18-
500 000 BOEING CO 4.875% 20-01/05/2025 USD 547 153 0.40 500 000 USD 510 909 0.37
23/01/2023
BRANCH BKG & TR 2.150% 19- US TREASURY N/B 0.250% 21-
750 000 USD 772 899 0.56 6 100 000 USD 6 011 360 4.37
06/12/2024 15/06/2024
500 000 BRISTOL-MYERS 2.600% 20-16/05/2022 USD 503 425 0.37 US TREASURY N/B 0.375% 20-
2 500 000 USD 2 425 195 1.76
CATERPILLAR FINL 1.950% 20- 30/11/2025
1 000 000 USD 1 011 161 0.73 US TREASURY N/B 0.375% 21-
18/11/2022 9 450 000 USD 9 334 089 6.79
CATERPILLAR FINL 2.150% 19- 15/07/2024
500 000 USD 514 169 0.37 US TREASURY N/B 0.375% 21-
08/11/2024 10 000 000 USD 9 869 530 7.18
1 000 000 CHEVRON CORP 1.141% 20-11/05/2023 USD 1 006 309 0.73 15/08/2024
US TREASURY N/B 0.375% 21-
500 000 CITIBANK NA 3.650% 19-23/01/2024 USD 527 260 0.38 9 300 000 USD 9 170 672 6.66
15/09/2024
500 000 CLOROX CO 1.800% 20-15/05/2030 USD 484 859 0.35 US TREASURY N/B 0.500% 21-
5 800 000 USD 5 778 703 4.20
30/11/2023
COMET 2019-A1 A1 2.840% 19-
500 000 USD 501 410 0.36 US TREASURY N/B 0.750% 21-
15/12/2024 5 800 000 USD 5 768 735 4.19
15/11/2024
DAIMLER FINANCE 1.450% 21-
500 000 USD 495 509 0.36 US TREASURY N/B 0.750% 21-
02/03/2026 5 300 000 USD 5 302 070 3.85
31/12/2023
DAIMLER FINANCE 3.350% 18-
500 000 USD 514 061 0.37 US TREASURY N/B 1.000% 21-
22/02/2023 4 900 000 USD 4 905 742 3.56
15/12/2024
DUKE ENERGY COR 2.450% 20-
500 000 USD 498 164 0.36 US TREASURY N/B 1.250% 21-
01/06/2030 12 000 000 USD 11 997 186 8.73
30/11/2026
DUKE ENERGY CORP 3.950% 13-
300 000 USD 313 091 0.23 US TREASURY N/B 1.250% 21-
15/10/2023 5 000 000 USD 4 996 094 3.63
31/12/2026
500 000 EBAY INC 1.900% 20-11/03/2025 USD 505 725 0.37 VENTAS REALTY LP 3.500% 15-
150 000 USD 158 129 0.11
EXXON MOBIL CORP 2.019% 19- 01/02/2025
500 000 USD 513 482 0.37
16/08/2024 WALT DISNEY CO 1.750% 20-
1 000 000 USD 1 011 849 0.74
EXXON MOBIL CORP 2.397% 15- 13/01/2026
500 000 USD 501 397 0.36
06/03/2022 WALT DISNEY CO 2.125% 17-
300 000 USD 303 183 0.22
41 369 FG Q59979 4.500% 18-01/11/2048 USD 44 430 0.03 13/09/2022
FIVE COR FND TRS 4.419% 13-
100 000
15/11/2023
USD 106 010 0.08 Canada 2 060 638 1.50
BANK NOVA SCOTIA 3.400% 19-
77 143 FN 745398 6.000% 06-01/06/2035 USD 87 446 0.06 500 000 USD 524 418 0.38
11/02/2024
79 654 FN AK6370 3.500% 12-01/04/2027 USD 84 166 0.06 BANK OF MONTREAL 3.300% 19-
500 000 USD 523 209 0.38
05/02/2024
158 588 FN AL8571 5.500% 16-01/03/2040 USD 179 657 0.13 ROYAL BK CANADA 1.950% 20-
1 000 000 USD 1 013 011 0.74
73 515 FN AL8867 5.000% 16-01/09/2041 USD 83 302 0.06 17/01/2023
88 153 FN AP0203 3.500% 12-01/07/2027 USD 93 219 0.07 Sweden 1 014 650 0.74
313 683 GN 783765 5.500% 13-15/09/2039 USD 363 122 0.26 SKANDINAVISKA ENSKILDA BANK
1 000 000 USD 1 014 650 0.74
2.200% 19-12/12/2022
53 200 GNR 2004-28 PC 5.500% 04-20/04/2034 USD 57 741 0.04
167 230 GNR 2008-50 KB 6.000% 08-20/06/2038 USD 188 693 0.14 France 526 986 0.38
HONEYWELL INTERNATIONAL TOTAL CAP INTERNATIONAL 3.700%
500 000 USD 501 643 0.36 500 000 USD 526 986 0.38
1.350% 20-01/06/2025 13-15/01/2024
500 000 IBM CORP 2.850% 19-13/05/2022 USD 503 673 0.37 United Kingdom 512 441 0.37
JOHN DEERE CAP 2.050% 20- 500 000 BP CAPITAL PLC 2.750% 13-10/05/2023 USD 512 441 0.37
1 000 000 USD 1 027 096 0.75
09/01/2025
JOHN DEERE CAP 2.800% 16- Luxembourg 502 586 0.37
500 000 USD 512 615 0.37
06/03/2023 SCHLUMBERGER INV 2.400% 12-
JOHNSON&JOHNSON 2.450% 16- 500 000 USD 502 586 0.37
1 000 000 USD 1 043 042 0.76 01/08/2022
01/03/2026
500 000
JP MORGAN CHASE 3.250% 12-
USD 510 113 0.37 Japan 211 600 0.15
23/09/2022 TAKEDA PHARMACEUTICAL 4.400%
KEURIG DR PEPPER 4.057% 19- 200 000 USD 211 600 0.15
63 000 USD 65 630 0.05 19-26/11/2023
25/05/2023
LIBERTY MUTUAL 4.250% 13-
34 000 USD 35 507 0.03
15/06/2023
MARVELL TECH INC 4.200% 21-
100 000 USD 104 182 0.08
22/06/2023
MORGAN STANLEY 3.125% 18-
500 000 USD 512 410 0.37
23/01/2023
900 717 NALT 2020-A A3 1.840% 20-17/01/2023 USD 903 458 0.66
PACCAR FINL CORP 0.500% 21-
500 000 USD 492 287 0.36
09/08/2024
500 000 PEPSICO INC 3.600% 14-01/03/2024 USD 526 471 0.38
The accompanying notes form an integral part of these financial statements
Page 286
BNP PARIBAS FUNDS US Short Duration Bond
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net
Quantity Denomination Market value
currency assets
Floating rate bonds 16 575 686 12.04
United States of
America 10 123 314 7.35
AMERICAN EXPRESS 21-
500 000 USD 498 607 0.36
03/11/2023 FRN
675 000 AT&T INC 21-25/03/2024 FRN USD 674 407 0.49
BANK OF AMERICA CORP 17-
400 000 USD 402 578 0.29
24/04/2023
BANK OF AMERICA CORP 18-
361 000 USD 362 379 0.26
05/03/2024 FRN
BANK OF NY MELLO 21-
500 000 USD 497 675 0.36
25/10/2024 FRN
1 000 000 CHARLES SCHWAB 21-18/03/2024 FRN USD 1 002 170 0.73
362 000 CITIGROUP INC 16-01/09/2023 FRN USD 364 588 0.26
1 000 000 GEN MOTORS FIN 21-08/03/2024 FRN USD 1 003 175 0.73
390 000 GENERAL MILLS 18-17/10/2023 FRN USD 394 636 0.29
GOLDMAN SACHS GROUP 17-
362 000 USD 363 103 0.26
24/07/2023 FRN
GOLDMAN SACHS GROUP 20-
500 000 USD 498 730 0.36
17/11/2023 FRN
310 000 JP MORGAN CHASE 18-23/04/2024 FRN USD 311 428 0.23
500 000 KEY BANK NA 21-14/06/2024 FRN USD 499 125 0.36
MORGAN STANLEY 16-
363 000 USD 366 165 0.27
24/10/2023 FRN
500 000 SOUTHERN CO 21-10/05/2023 FRN USD 503 372 0.37
TOYOTA MTR CRED 21-
1 000 000 USD 996 520 0.72
18/06/2024 FRN
WELLS FARGO & CO 16-
363 000 USD 365 815 0.27
31/10/2023 FRN
WELLS FARGO & CO 20-
1 000 000 USD 1 018 841 0.74
30/04/2026 FRN
Canada 3 995 661 2.90
BANK NOVA SCOTIA 21-
1 000 000 USD 997 803 0.72
02/03/2026 FRN
500 000 CAN IMPERIAL BK 21-22/06/2023 FRN USD 500 252 0.36
ROYAL BK CANADA 21-
1 000 000 USD 999 471 0.73
27/04/2026 FRN
TORONTO DOMINION BANK 21-
500 000 USD 499 823 0.36
02/06/2023 FRN
TORONTO DOMINION BANK 21-
1 000 000 USD 998 312 0.73
04/03/2024 FRN
The Netherlands 1 457 846 1.06
COOPERATIEVE RAB 21-
1 500 000 USD 1 457 846 1.06
24/02/2027 FRN
United Kingdom 998 865 0.73
1 000 000 UBS AG LONDON 21-09/02/2024 FRN USD 998 865 0.73
Floating rate notes 84 080 0.06
United States of
America 84 080 0.06
80 605 FH 840440 16-01/10/2043 FRN USD 84 080 0.06
Money Market Instruments 9 786 863 7.11
United States of
America 9 786 863 7.11
US TREASURY BILL 0.000% 21-
7 440 000 USD 7 439 182 5.40
10/03/2022
US TREASURY BILL 0.000% 21-
2 350 000 USD 2 347 681 1.71
14/07/2022
Total securities portfolio 136 473 010 99.15
The accompanying notes form an integral part of these financial statements
Page 287
BNP PARIBAS FUNDS US Small Cap
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Transferable securities admitted to an 164 210 OSHKOSH CORP USD 18 508 109 1.62
268 859 PETMED EXPRESS INC USD 6 791 378 0.59
official stock exchange listing and/or 1 133 762 794 99.03
586 500 PGT INNOVATIONS INC USD 13 190 385 1.15
traded on another regulated market
176 189 PLEXUS CORP USD 16 894 763 1.48
Shares 1 133 762 794 99.03
184 339 PTC THERAPEUTICS INC USD 7 342 222 0.64
United States of 225 885 PULMONX CORP USD 7 244 132 0.63
America 1 078 944 686 94.25 597 189 PURE STORAGE INC - CLASS A USD 19 438 502 1.70
338 185 AGIOS PHARMACEUTICALS INC USD 11 116 141 0.97 840 934 RADIAN GROUP INC USD 17 768 935 1.55
671 835 AMERICAN EAGLE OUTFITTERS USD 17 010 862 1.49 116 243 RAPID7 INC USD 13 680 639 1.19
59 439 AMERICAN STATES WATER CO USD 6 148 370 0.54 210 130 REXFORD INDUSTRIAL REALTY IN USD 17 043 644 1.49
395 172 ARCUS BIOSCIENCES INC USD 15 992 611 1.40 1 370 714 RLJ LODGING TRUST USD 19 094 046 1.67
141 403 ARENA PHARMACEUTICALS INC USD 13 141 995 1.15 225 682 SCHNITZER STEEL INDS INC - A USD 11 717 409 1.02
311 876 ARTISAN PARTNERS ASSET MA -A USD 14 857 773 1.30 152 488 SEMTECH CORP USD 13 560 758 1.18
213 710 ATRICURE INC USD 14 859 256 1.30 93 449 SENSIENT TECHNOLOGIES CORP USD 9 350 507 0.82
86 808 AXCELIS TECHNOLOGIES INC USD 6 472 404 0.57 39 031 SHOCKWAVE MEDICAL INC USD 6 960 398 0.61
153 224 AXONICS INC USD 8 580 544 0.75 206 825 SILK ROAD MEDICAL INC USD 8 812 813 0.77
475 701 AZEK CO INC/THE USD 21 996 414 1.91 142 230 SPRINGWORKS THERAPEUTICS INC USD 8 815 415 0.77
280 526 BALLYS CORP USD 10 676 820 0.93 583 507 SPROUTS FARMERS MARKET INC USD 17 318 488 1.51
774 861 BIOCRYST PHARMACEUTICALS INC USD 10 731 825 0.94 SUNNOVA ENERGY
473 328 USD 13 215 318 1.15
INTERNATIONAL
326 230 BJS RESTAURANTS INC USD 11 271 247 0.98
185 992 TURNING POINT THERAPEUTICS I USD 8 871 818 0.77
165 905 BOK FINANCIAL CORPORATION USD 17 501 318 1.53
430 796 UNITED BANKSHARES INC USD 15 629 279 1.37
88 984 BROOKS AUTOMATION INC USD 9 175 140 0.80
495 473 UNITED COMMUNITY BANKS/GA USD 17 807 300 1.56
200 744 CASELLA WASTE SYSTEMS INC-A USD 17 147 552 1.50
284 215 VERICEL CORP USD 11 169 650 0.98
617 823 CHAMPIONX CORP USD 12 486 203 1.09
82 264 WATTS WATER TECHNOLOGIES - A USD 15 973 201 1.40
76 973 CHART INDUSTRIES INC USD 12 276 424 1.07
196 420 WINTRUST FINANCIAL CORP USD 17 838 864 1.56
196 196 CIENA CORP USD 15 101 206 1.32
116 323 WOODWARD INC USD 12 732 716 1.11
351 017 COLUMBIA BANKING SYSTEM INC USD 11 485 276 1.00
95 747 WORTHINGTON INDUSTRIES USD 5 233 531 0.46
191 675 COLUMBIA SPORTSWEAR CO USD 18 676 812 1.63
149 910 YETI HOLDINGS INC USD 12 417 045 1.08
130 411 CONMED CORP USD 18 487 063 1.61
241 251 CRYOPORT INC USD 14 274 822 1.25 Israel 30 562 877 2.66
123 369 CYBERARK SOFTWARE LTD/ISRAEL USD 21 377 380 1.86
221 550 CSG SYSTEMS INTERNATIONAL INC USD 12 765 711 1.12
309 276 JFROG LTD USD 9 185 497 0.80
775 165 CUSHMAN & WAKEFIELD PLC USD 17 239 670 1.51
106 948 CUSTOMERS BANCORP INC USD 6 991 191 0.61 Bermuda 18 089 051 1.58
411 222 CYTOKINETICS INC USD 18 743 499 1.64 332 092 AXIS CAPITAL HOLDINGS LTD USD 18 089 051 1.58
222 304 DECIPHERA PHARMACEUTICALS IN USD 2 171 910 0.19
Canada 6 166 180 0.54
99 812 DICKS SPORTING GOODS INC USD 11 477 382 1.00 376 216 ZYMEWORKS INC USD 6 166 180 0.54
1 275 103 DIGITALBRIDGE GROUP INC USD 10 621 608 0.93
127 991 DIODES INC USD 14 054 692 1.23
Total securities portfolio 1 133 762 794 99.03
152 102 EMCOR GROUP INC USD 19 376 274 1.69
82 715 EVERBRIDGE INC USD 5 569 201 0.49
211 520 FIRST MERCHANTS CORP USD 8 860 573 0.77
97 661 FIRST SOLAR INC USD 8 512 133 0.74
293 842 FRONTDOOR INC USD 10 769 309 0.94
319 463 GLOBAL BLOOD THERAPEUTICS IN USD 9 350 682 0.82
142 064 HAMILTON LANE INC-CLASS A USD 14 720 672 1.29
650 801 HEALTHCARE REALTY TRUST INC USD 20 591 344 1.80
111 097 HERC HOLDINGS INC USD 17 392 235 1.52
279 197 HEXCEL CORP USD 14 462 405 1.26
237 937 INDEPENDENT BANK CORP/MA USD 19 399 004 1.69
236 538 INGEVITY CORP USD 16 959 775 1.48
80 449 IRHYTHM TECHNOLOGIES INC USD 9 468 043 0.83
136 727 ITT INC USD 13 972 132 1.22
127 453 JACK IN THE BOX INC USD 11 149 588 0.97
56 584 LENDINGTREE INC USD 6 937 198 0.61
97 444 LIVE OAK BANCSHARES INC USD 8 505 887 0.74
159 040 MERITAGE HOMES CORP USD 19 412 422 1.70
20 833 MORNINGSTAR INC USD 7 124 678 0.62
120 055 MSA SAFETY INC USD 18 123 503 1.58
88 812 NEVRO CORP USD 7 199 989 0.63
188 056 NEW RELIC INC USD 20 678 638 1.81
124 131 NEXSTAR MEDIA GROUP INC - A USD 18 741 298 1.64
401 807 ORGANOGENESIS HOLDINGS INC USD 3 712 697 0.32
The accompanying notes form an integral part of these financial statements
Page 288
BNP PARIBAS FUNDS USD Money Market
Securities portfolio at 31/12/2021
Expressed in USD
Quotation % of net Quotation % of net
Quantity Denomination Market value Quantity Denomination Market value
currency assets currency assets
Money Market Instruments 378 923 837 88.83 Spain 27 993 561 6.55
BANCO SANTANDER SA 0.000%
10 000 000 USD 9 995 067 2.34
21/03/2022
France 117 483 061 27.58 5 000 000
INSTITUTO DE CREDITO OFICIAL
USD 4 999 795 1.17
AGENCE CENTRALE DES 0.000% 10/01/2022
6 000 000 USD 5 999 506 1.41 INSTITUTO DE CREDITO OFICIAL
ORGANISMES DE SECURI 3 000 000 USD 2 999 766 0.70
AGENCE CENTRALE DES 0.000% 19/01/2022
8 000 000 USD 7 998 880 1.88 INSTITUTO DE CREDITO OFICIAL
ORGANISMES DE SECURI 10 000 000 USD 9 998 933 2.34
AGENCE FRANCE LOCALE 0.000% 0.000% 26/01/2022
10 000 000 USD 9 999 554 2.34
13/01/2022
BANQUE FEDERATIVE DU CREDIT The Netherlands 27 492 271 6.46
9 500 000 USD 9 491 088 2.23 ENEL FINANCE INTERNATIONAL NV
MUTUEL SA 0.000% 15 500 000 USD 15 494 767 3.64
0.000% 03/03/2022
12 000 000 COFACE SA 0.000% 09/02/2022 NEUCP USD 11 997 835 2.82
TOYOTA MOTOR FINANCE
2 000 000 DANONE SA 0.000% 04/02/2022 NEUCP USD 1 999 699 0.47 12 000 000 USD 11 997 504 2.82
NETHERLANDS BV 0.000% 23/02/2022
17 000 000 DANONE SA 0.000% 13/01/2022 NEUCP USD 16 999 092 4.00
Australia 22 994 659 5.38
HSBC FRANCE SA 0.000% 06/01/2022 BANK OF CHINA LIMITED 0.000%
15 000 000 USD 14 999 658 3.53 5 000 000 USD 4 997 080 1.17
NEUCP 17/03/2022
LYON METROPOLIS OF 0.000% BANK OF CHINA LTD/SYDNEY
10 000 000 USD 9 999 280 2.34 5 000 000 USD 4 998 630 1.17
21/01/2022 NEUCP 0.000% 24/02/2022
METROPOLE DE LYON 0.000% MIZUHO BANK LTD (SYDNEY
5 000 000 USD 4 999 794 1.17 10 000 000 USD 9 999 052 2.34
12/01/2022 NEUCP BRANCH) 0.000% 25/01/2022
NATIXIS SA FED CAP+0.12 25/03/2022 WESTERN AUSTRALIAN TREASURY
10 000 000 USD 9 999 911 2.34 3 000 000 USD 2 999 897 0.70
NEUCP CORP 0.000% 10/01/2022
VEOLIA ENVIRONNEMENT SA 0.000%
5 000 000 USD 4 999 158 1.17
07/02/2022 NE Denmark 16 995 574 3.98
VEOLIA ENVIRONNEMENT SA 0.000% JYSKE BANK A/S 0.000% 22/02/2022
8 000 000 USD 7 999 606 1.88 10 000 000 USD 9 997 427 2.34
12/01/2022 NE NEUCP
JYSKE BANK A/S 0.000% 23/02/2022
United Kingdom 79 988 101 18.73 7 000 000
NEUCP
USD 6 998 147 1.64
INDUSTRIAL & COMMERCIAL BANK
2 000 000 USD 1 999 760 0.47
OF CHINA LT Ireland 9 999 139 2.34
MITSUBISHI CORPORATION INTESA SANPAOLO BANK IRELAND
6 000 000 USD 5 999 454 1.41 10 000 000 USD 9 999 139 2.34
FINANCE 0.000% 24/01/2022 PLC 0.000% 21/01/2022
MITSUBISHI UFJ TRUST + BANKING
10 000 000 USD 9 998 702 2.34
CORPORATI Canada 7 999 260 1.88
MITSUBISHI UFJ TRUST + BANKING PROVINCE OF QUEBEC CANADA
5 000 000 USD 4 999 378 1.17 8 000 000 USD 7 999 260 1.88
CORPORATION 0.000% 01/02/2022 0.000% 27/01/2022
MITSUBISHI UFJ TRUST + BANKING
3 000 000 USD 2 999 471 0.70 Germany 6 996 475 1.64
CORPORATION 0.000% 10/02/2022
MIZUHO BANK LTD (LONDON DEKABANK DEUTSCHE
7 000 000 USD 6 997 775 1.64 7 000 000 USD 6 996 475 1.64
BRANCH) 0.000% 02/03 GIROZENTRALE 0.000% 22/03/2022
QATAR NATIONAL BANK SAQ -
10 000 000 USD 9 998 511 2.34
LONDON BRANCH Shares/Units in investment funds 14 709 401 3.46
THE NORINCHUKIN BANK LONDON
4 000 000 USD 3 999 712 0.94
BRANCH 0.000% 19
THE NORINCHUKIN BANK LONDON Luxembourg 14 709 401 3.46
5 000 000 USD 4 998 713 1.17 BNP PARIBAS INSTICASH USD 1D
BRANCH 0.000% 22/02/2022 92 427.20 USD 14 709 401 3.46
THE NORINCHUKIN BANK LONDON SHORT TERM VNAV INC
5 000 000 USD 4 999 469 1.17
BRANCH 0.000% 28/01/2022
THE NORINCHUKIN BANK, LONDON Total securities portfolio 393 633 238 92.29
5 000 000 USD 4 999 507 1.17
BRANCH 0.000% 2
THE TORONTO DOMINION BANK
3 000 000 USD 2 998 715 0.70
(LONDON) 0.000% 21
UNICREDIT (LONDON BRANCH)
10 000 000 USD 9 999 139 2.34
0.000% 21/01/2022
UNICREDITO ITALIANO SPA
5 000 000 USD 4 999 795 1.17
(LONDON BRANCH)
Luxembourg 31 992 017 7.49
AGRICULTURAL BANK OF CHINA
10 000 000 USD 9 999 066 2.34
LIMITED 0.000% 21
BANK OF CHINA LIMITED 0.000%
5 000 000 USD 4 998 811 1.17
18/02/2022
INDUSTRIAL + COMMERCIAL BANK
10 000 000 USD 9 997 259 2.34
OF CHINA LT
INTESA SANPAOLO BANK
7 000 000 USD 6 996 881 1.64
LUXEMBOURG S.A. 0.000%
Belgium 28 989 719 6.80
ENI FINANCE INTERNATIONAL SA
4 000 000 USD 3 999 836 0.94
0.000% 10/01/2022
ENI FINANCE INTERNATIONAL SA
4 000 000 USD 3 998 931 0.94
0.000% 22/02/2022
ENI FINANCE INTERNATIONAL SA
5 000 000 USD 4 998 440 1.17
0.000% 28/02/2022
6 000 000 KBC BANK NV 0.000% 28/02/2022 USD 5 998 183 1.41
SUMITOMO MITSUI BANKING
10 000 000 USD 9 994 329 2.34
CORP/BRUSSELS 0.000%
The accompanying notes form an integral part of these financial statements
Page 289
Notes to the financial statements
Page 290
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Note 1 - General information
Since 1 January 2021, the Company has proceeded to the following changes:
a) Absorbed, liquidated, merged and renamed sub-funds
Sub-fund Date Events
The sub-fund has been renamed “Sustainable Euro Multi-Factor
Euro Multi-Factor Corporate Bond 19 February 2021
Corporate Bond”
Euro Multi-Factor Equity 19 February 2021 The sub-fund has been renamed “Sustainable Euro Multi-Factor Equity”
The sub-fund has been renamed “Sustainable Europe Multi-Factor
Europe Multi-Factor Equity 19 February 2021
Equity”
Europe Value 19 February 2021 The sub-fund has been renamed “Sustainable Europe Value”
The sub-fund has been renamed “Sustainable Global Multi-Factor
Global Multi-Factor Equity 19 February 2021
Equity”
Japan Multi-Factor Equity 19 February 2021 The sub-fund has been renamed “Sustainable Japan Multi-Factor Equity”
The sub-fund has been renamed “Sustainable US Multi-Factor Corporate
US Multi-Factor Corporate Bond 19 February 2021
Bond”
US Multi-Factor Equity 19 February 2021 The sub-fund has been renamed “Sustainable US Multi-Factor Equity”
The sub-fund has been renamed “Sustainable US Value Multi-Factor
US Value Multi-Factor Equity 19 February 2021
Equity”
Pacific Real Estate Securities 26 February 2021 Liquidation of the sub-fund
Absorption of the sub-fund “Bond Euro Corporate” of the Belgian SICAV
Euro Corporate Bond 23 April 2021
BNP PARIBAS B CONTROL
Launch by transfer of the sub-fund “Euro Low Vol Equity” of the SICAV
Sustainable Euro Low Vol Equity 23 April 2021
BNP PARIBAS L1
Launch by transfer of the French UCITS “BNP Paribas Europe High
Europe High Conviction Bond 30 April 2021
Conviction Bond”
Multi-Asset Thematic 17 May 2021 Launch of the sub-fund
Ecosystem Restoration 1 June 2021 Launch of the sub-fund
Launch by absorption of the sub-fund “Absolute Return Low Vol Bond” of
Global Enhanced Bond 36M 4 June 2021
the SICAV BNP PARIBAS FUNDS
Sustainable Global Multi-Factor Corporate
6 October 2021 Launch of the sub-fund
Bond
Merged into the sub-fund “Europe Real Estate Securities” of the SICAV
Global Real Estate Securities 15 October 2021
BNP PARIBAS FUNDS
Social Bond 26 November 2021 Launch of the sub-fund
Global Equity 27 November 2021 The sub-fund has been renamed “Sustainable Global Equity”
b) Activated, liquidated and splited share classes
Sub-fund Date Events
Aqua 6 January 2021 Launch of the share class “K - Capitalisation”
Climate Impact 6 January 2021 Launch of the share class “U2 HKD - Distribution”
Environmental Absolute Return Thematic
6 January 2021 Liquidation of the share class “I - Capitalisation”
Equity (EARTH)
Euro Corporate Bond Opportunities 6 January 2021 Launch of the share class “K - Capitalisation”
Euro Equity 6 January 2021 Launch of the share class “K - Capitalisation”
Euro High Yield Bond 6 January 2021 Launch of the share class “K - Capitalisation”
Euro Short Term Corporate Bond
6 January 2021 Launch of the share class “K - Capitalisation”
Opportunities
Global Bond Opportunities 6 January 2021 Launch of the share class “K - Capitalisation”
Global Environment 6 January 2021 Launch of the share class “K - Capitalisation”
Global High Yield Bond 6 January 2021 Launch of the share class “K - Capitalisation”
Global Low Vol Equity 6 January 2021 Launch of the share class “K - Capitalisation”
Page 291
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Sub-fund Date Events
Green Bond 6 January 2021 Launch of the share class “K - Capitalisation”
Multi-Asset Income 6 January 2021 Launch of the share class “K - Capitalisation”
Sustainable Europe Multi-Factor Equity
6 January 2021 Launch of the share class “K - Capitalisation”
(formerly Europe Multi-Factor Equity)
Sustainable Global Corporate Bond 6 January 2021 Launch of the share class “K EUR - Capitalisation”
Sustainable Global Equity (formerly Global
6 January 2021 Launch of the share class “K EUR - Capitalisation”
Equity)
Sustainable US Multi-Factor Equity
6 January 2021 Launch of the share class “K EUR - Capitalisation”
(formerly US Multi-Factor Equity)
US High Yield Bond 6 January 2021 Launch of the share class “K EUR - Capitalisation”
Climate Impact 7 January 2021 Launch of the share class “U2 RH GBP - Distribution”
Sustainable Multi-Asset Balanced 7 January 2021 Launch of the share class “K - Capitalisation”
Sustainable Multi-Asset Growth 7 January 2021 Launch of the share class “K - Capitalisation”
Sustainable Multi-Asset Stability 7 January 2021 Launch of the share class “K - Capitalisation”
Environmental Absolute Return Thematic
8 January 2021 Launch of the share class “I RH EUR -Capitalisation”
Equity (EARTH)
Climate Impact 12 January 2021 Launch of the share class “U2 RH SGD - Capitalisation”
Climate Impact 13 January 2021 Launch of the share class “U2 RH CNH - Distribution”
China Equity 21 January 2021 Launch of the share class “Classic RH EUR - Capitalisation”
Climate Impact 22 January 2021 Launch of the share class “U2 USD - Distribution”
Europe Small Cap 25 January 2021 Launch of the share class “X2 - Capitalisation”
Global Low Vol Equity 25 January 2021 Launch of the share class “X2 - Capitalisation”
US Small Cap 25 January 2021 Launch of the share class “X2 EUR - Capitalisation”
Energy Transition 27 January 2021 Launch of the share class “Classic Solidarity H EUR - Capitalisation”
Energy Transition 29 January 2021 Launch of the share class “Classic RH SGD - Capitalisation”
Consumer Innovators 1 February 2021 Launch of the share class “K - Capitalisation”
Disruptive Technology 1 February 2021 Launch of the share class “K - Capitalisation”
Energy Transition 1 February 2021 Launch of the share class “K - Capitalisation”
Health Care Innovators 1 February 2021 Launch of the share class “K - Capitalisation”
Sustainable Euro Multi-Factor Corporate
Bond (formerly Euro Multi-Factor Corporate 1 February 2021 Launch of the share class “K - Capitalisation”
Bond)
Harmony 2 February 2021 Launch of the share class “K - Capitalisation”
Sustainable Euro Multi-Factor Corporate
Bond (formerly Euro Multi-Factor Corporate 4 February 2021 Launch of the share class “Privilege H CZK - Capitalisation”
Bond)
Environmental Absolute Return Thematic
5 February 2021 Launch of the share class “I - Capitalisation”
Equity (EARTH)
Climate Impact 8 February 2021 Launch of the share class “U2 RH AUD - Distribution”
Energy Transition 11 February 2021 Launch of the share class “Privilege H USD - Capitalisation”
Launch of the share classes “Privilege USD - Distribution” and “Privilege
Climate Impact 12 February 2021
RH EUR - Distribution”
Energy Transition 12 February 2021 Launch of the share class “Classic H EUR - Capitalisation”
Climate Impact 15 February 2021 Launch of the share class “Privilege RH GBP - Distribution”
Environmental Absolute Return Thematic
15 February 2021 Launch of the share class “U7 - Capitalisation”
Equity (EARTH)
Energy Transition 17 February 2021 Launch of the share class “I Plus - Capitalisation”
Euro Defensive Equity 18 February 2021 Launch of the share class “I - Distribution”
Europe Growth 18 February 2021 The share class “I - Distribution” was transformed in “X3 - Capitalisation”
Environmental Absolute Return Thematic
23 February 2021 Launch of the share class “I EUR - Capitalisation”
Equity (EARTH)
Environmental Absolute Return Thematic
26 February 2021 Launch of the share class “Privilege RH EUR - Capitalisation”
Equity (EARTH)
Launch of the share classes “Classic RH AUD MD - Distribution”, “Classic
Sustainable Multi-Asset Balanced 26 February 2021 RH CAD MD - Distribution”, “Classic RH HKD MD - Distribution” and
“Classic RH SGD MD - Distribution”
Page 292
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Sub-fund Date Events
Sustainable Multi-Asset Growth 26 February 2021 Launch of the share class “Classic RH SGD MD - Distribution”
The share class “I Plus - Capitalisation” was transformed in “UI10 H SGD
Global Inflation-Linked Bond 2 March 2021
-Capitalisation”
Japan Equity 11 March 2021 Liquidation of the share class “NH EUR - Distribution”
Green Tigers 12 March 2021 Launch of the share class “U2 - Capitalisation”
Green Tigers 22 March 2021 Launch of the share class “U2 RH SGD - Capitalisation”
Green Tigers 23 March 2021 Launch of the share class “U2 RH SGD - Distribution”
Sustainable US Value Multi-Factor Equity
7 April 2021 Launch of the share class “X - Capitalisation”
(formerly US Value Multi-Factor Equity)
Disruptive Technology 9 April 2021 Launch of the share class “B USD - Capitalisation”
Launch of the share classes “B MD - Distribution” and “BH AUD MD -
Emerging Bond 9 April 2021
Distribution”
Launch of the share classes “B MD - Distribution”, “B RH AUD MD -
Emerging Bond Opportunities 9 April 2021
Distribution” and “B RH ZAR MD - Distribution”
Emerging Equity 9 April 2021 Launch of the share class “B - Capitalisation”
Energy Transition 9 April 2021 Launch of the share class “B USD - Capitalisation”
Sustainable Global Equity (formerly Global
9 April 2021 Launch of the share class “B - Capitalisation”
Equity)
Launch of the share classes “BH AUD MD - Distribution” and “BH USD
Global High Yield Bond 9 April 2021
MD - Distribution”
Launch of the share class “B USD - Capitalisation” and “B USD MD -
Global Low Vol Equity 9 April 2021
Distribution”
Local Emerging Bond 9 April 2021 Launch of the share class “B MD - Distribution”
Launch of the share class “B USD - Capitalisation” and “B USD MD -
Russia Equity 9 April 2021
Distribution”
Sustainable Global Corporate Bond 9 April 2021 Launch of the share class “B MD Distribution”
Launch of the share classes “Classic RH SGD - Capitalisation” and
China Equity 16 April 2021
“Classic RH SGD MD - Distribution”
Launch of the share classes “I USD - Capitalisation” and “Privilege USD -
Energy Transition 16 April 2021
Capitalisation”
Environmental Absolute Return Thematic
16 April 2021 Launch of the share class “Classic RH SGD - Capitalisation”
Equity (EARTH)
Launch of the share classes “Classic RH SGD - Capitalisation” and
Green Tigers 16 April 2021
“Classic RH SGD MD - Distribution”
Sustainable Euro Corporate Bond 16 April 2021 Split by 5 of the share class “Classic - Capitalisation”
Sustainable Euro Corporate Bond 16 April 2021 Split by 2 of the share class “Classic - Distribution”
Energy Transition 19 April 2021 Launch of the share class “Classic RH CNH - Capitalisation”
Asia ex-Japan Bond 3 May 2021 Liquidation of the share class “N RH EUR - Distribution”
Aqua 4 May 2021 Launch of the share class “UI8 USD - Capitalisation”
Green Tigers 7 May 2021 Launch of the share class “U2 - Distribution”
RMB Bond 1 June 2021 Launch of the share class “Privilege RH EUR - Capitalisation”
Environmental Absolute Return Thematic
2 June 2021 Launch of the share class “IH JPY - Capitalisation”
Equity (EARTH)
Inclusive Growth 17 June 2021 Launch of the share class “Classic H EUR - Capitalisation”
RMB Bond 17 June 2021 Launch of the share class “I RH EUR Capitalisation”
China Equity 18 June 2021 Launch of the share class “Classic H EUR - Capitalisation”
Green Tigers 22 June 2021 Launch of the share class “U2 RH GBP - Distribution”
Green Tigers 5 July 2021 Launch of the share class “Privilege RH EUR Distribution
Climate Impact 22 July 2021 Launch of the share class “U2 RH CHF Distribution
Liquidation of the share classes “Classic RH USD - Capitalisation” and
Flexible Global Credit 26 July 2021
“Classic RH USD - Distribution”
Flexible Opportunities 26 July 2021 Liquidation of the share class “I RH GBP - Capitalisation”
Global Convertible 26 July 2021 Liquidation of the share class “Classic RH CHF - Capitalisation”
Global High Yield Bond 26 July 2021 Liquidation of the share class “Classic USD - Capitalisation”
Japan Small Cap 26 July 2021 Liquidation of the share class “NH EUR - Distribution”
Page 293
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Sub-fund Date Events
Liquidation of the share classes “Classic RH AUD MD - Distribution”,
“Classic RH CNH MD - Distribution”, “Classic RH HKD MD - Distribution”,
Multi-Asset Income 26 July 2021
“Classic RH SGD MD - Distribution”, “Classic RH USD - Capitalisation”,
“Classic RH USD - Distribution” and “X - Capitalisation
Launch of the share classes “B MD - Distribution” and “BH AUD MD -
US High Yield Bond 20 August 2021
Distribution”
20 August 2021 Launch of the share classes “B RH AUD MD - Distribution” and “B MD –
Emerging Multi-Asset Income
Distribution
Emerging Bond Opportunities 20 August 2021 Launch of the share class “Classic EUR - Distribution”
Aqua 3 September 2021 Launch of the share class “Classic RH CNH - Capitalisation”
Climate Impact 3 September 2021 Launch of the share class “Classic RH SGD - Capitalisation”
Consumer Innovators 3 September 2021 Launch of the share class “Classic RH SGD - Capitalisation”
Launch of the share classes “IH JPY - Capitalisation” and “I JPY -
Ecosystem Restoration 3 September 2021
Capitalisation”
Energy Transition 3 September 2021 Launch of the share class “Classic RH USD - Capitalisation”
Launch of the share classes “Classic RH CNH - Capitalisation” and
Green Tigers 3 September 2021
“Privilege - Distribution”
Sustainable Multi-Asset Balanced 3 September 2021 Launch of the share class “Classic RH SGD - Capitalisation”
Launch of the share classes “Classic RH SGD - Capitalisation” and
Sustainable Multi-Asset Growth 3 September 2021
“Classic RH USD - Capitalisation”
Launch of the share classes “Classic RH AUD MD - Distribution” and
”Classic RH CAD MD - Distribution” and ”Classic RH HKD MD -
Distribution” and “Classic RH SGD - Distribution” and ”Classic RH USD MD
Multi-Asset Thematic 6 September 2021
- Distribution” and ”Privilege RH USD MD - Distribution” and
“Classic RH SGD MD - Distribution” and “Classic MD - Distribution”
and “Classic RH USD - Capitalisation”
China Equity 7 September 2021 Launch of the share class “X AUD - Capitalisation”
Green Bond 7 September 2021 Launch of the share class “XH AUD QD - Distribution”
Sustainable Enhanced Bond 12M 9 September 2021 Launch of the share class “I Plus - Capitalisation”
Multi-Asset Thematic 17 September 2021 Launch of the share class “Classic RH CZK - Capitalisation”
Disruptive Technology 30 September 2021 Launch of the share class “X NOK - Capitalisation”
Environmental Absolute Return Thematic
4 October 2021 Launch of the share class “X AUD - Capitalisation”
Equity (EARTH)
Multi-Asset Income 8 October 2021 Liquidation of the share class “X - Distribution
Green Tigers 12 October 2021 Launch of the share class “I EUR - Capitalisation”
Climate Impact 18 October 2021 Launch of the share class “I - Distribution”
Sustainable Global Corporate Bond 18 October 2021 Launch of the share class “Classic MD - Distribution”
Aqua 17 November 2021 Launch of the share class “UI9 - Capitalisation”
Aqua 22 November 2021 Launch of the share class “U11 H EUR - Capitalisation”
SMaRT Food 22 November 2021 Launch of the share class “U11 H EUR - Capitalisation”
Green Tigers 24 November 2021 Launch of the share class “Privilege RH EUR - Capitalisation”
Green Tigers 25 November 2021 Launch of the share class “Classic H EUR - Capitalisation”
SMaRT Food 29 November 2021 Launch of the share class “Privilege H EUR - Capitalisation”
Sustainable Enhanced Bond 12M 29 November 2021 Launch of the share class “IH CHF - Capitalisation”
Launch of the share classes “I RH GBP - Capitalisation” and “Privilege
Energy Transition 6 December 2021
RH GBP - Capitalisation”
Launch of the share classes “Classic USD - Capitalisation” and “Privilege
Inclusive Growth 6 December 2021
H EUR - Capitalisation”
Launch of the share classes “I CNH - Capitalisation”,
RMB Bond 6 December 2021 “I EUR - Capitalisation”, “IH EUR - Capitalisation” and “NH EUR -
Capitalisation”
Sustainable Global Corporate Bond 6 December 2021 Launch of the share class “Privilege H CHF - Capitalisation”
RMB Bond 8 December 2021 Launch of the share class “Classic H EUR - Capitalisation”
US Growth 16 December 2021 Launch of the share class “IH EUR - Capitalisation”
Energy Transition 17 December 2021 Launch of the share class “Classic HKD - Capitalisation”
Sustainable Enhanced Bond 12M 17 December 2021 Launch of the share class “I Plus H USD - Capitalisation”
Page 294
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Note 2 - Principal accounting methods
a) Net asset value
This annual report is prepared on the basis of the last net asset value calculated as at 31 December 2021.
b) Globalised statements for the various sub-funds
BNP Paribas Funds’ (combined) financial statements are expressed in EUR by converting the financial statements of the sub-funds
denominated in currencies other than EUR at the exchange rate prevailing at the end of the financial year.
c) Currency conversion
The accounts of each sub-fund are kept in the currency in which its net asset value is expressed, and the financial statements are
expressed in that currency.
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of the
sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities.
The income and expenses denominated in a currency other than that of the sub-fund are converted into the currency of the sub-fund
on the basis of the exchange rates prevailing on the transaction date.
On the closing date, the market values of the securities (determined by the method described below), the claims, bank deposits and
debt denominated in a currency other than that of the sub-fund are converted into the currency of the sub-fund on the basis of the
exchange rates prevailing on that date, with any exchange differentials resulting from the conversion of the securities, claims, bank
deposits and debt being included in the net result for the financial year.
d) Presentation of the financial statements
The financial statements are presented on the basis of the latest net asset value calculated during the financial year. In accordance
with the prospectus, the net asset values were calculated using the latest exchange rates known at the time of calculation. The stock
market prices and exchange rates are the latest available as at 31 December 2021. This principle has been applied uniformly and
consistently for all the sub-funds. By way of information, a certain lead time is required before indicative prices become available for
certain illiquid securities, so that for these securities it was impossible for material reasons to use prices as at 31 December 2021 in
the last net asset value of the financial year.
However, these net asset values would not have been significantly different from those shown in the annual accounts.
The statement of operations and changes in net assets covers the financial year from 1 January 2021 to 31 December 2021.
For the Sub-Funds Europe Multi-Asset Income and Multi-Asset Income which are going to liquidate post year-end as it is detailed in
note 26, the Financial Statements have been prepared on a non-going concern basis of accounting.
e) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or any other regulated market, which functions regularly, which is recognised
and accessible to the public, is based on the last known closing price on the Valuation Day, and, if the securities concerned are traded
on several markets, on the basis of the last known closing price on the major market on which they are traded. If the last known closing
price is not a true reflection, the valuation shall be based on the probable sale price estimated by the Board of Directors in a prudent
and bona fide manner.
The Board of Directors uses this possibility for the valuation of the securities listed on East Asia, South Asia, Southeast Asia and
Oceania markets. In these cases, the aforesaid last known closing price is adjusted by using a method monitored by the Management
Company to reflect a fair value price of the concerned assets.
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular manner,
which is recognised and accessible to the public, shall be valued on the basis of the probable sale price estimated in a prudent and
bona fide manner by a qualified professional appointed for this purpose by the Board of Directors.
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BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
If permitted by market practice, liquid assets, money market instruments and all other instruments may be valued at their nominal value
plus accrued interest or according to the linear amortisation method. Any decision to value the assets in the portfolio using the linear
amortisation method must be approved by the Board of Directors, which will record the reasons for such a decision. The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments.
The value of shares or units in undertakings for collective investment shall be determined on the basis of the last net asset value
available on the Valuation Day. If this price is not a true reflection, the valuation shall be based on the probable sale price estimated
by the Board of Directors in a prudent and bona fide manner.
With regards to ETFs, the rule of thumb for valuation is based on the last known closing price, followed by the NAV as secondary
source. However, valuation of ETFs issued by BNP Paribas (internal ETF) shall follow the last NAV available as first priority. Some
exceptions may exist due to the mismatch between the investment zone and the quotation zone, as well as the low liquidity of some
instruments.
f) Valuation of forward foreign exchange contracts
Forward foreign exchange contracts remaining open at the closing date are valued by reference to the forward foreign exchange rate
corresponding to the remaining life of the contract. Any unrealised gains and losses are included when determining the result of the
transactions.
To calculate the net positions per currency, the positions are converted at the forward exchange rates corresponding to the remaining
life of the contract.
The unrealised appreciation/(depreciation) is disclosed in the Statement of net assets under “Net Unrealised gain on financial
instruments” or “Net Unrealised loss on financial instruments”. Realised gains/(losses) and change in unrealised
appreciation/(depreciation) as a result thereof are included in the Statement of operations and changes in net assets respectively
under “Net realised result on Financial instruments” and “Movement on net unrealised gain/(loss) on Financial instruments”.
g) Valuation of financial instruments
Financial futures are valued at their last-known market price. The other financial instruments are valued at the prices at which the
position would be able to be liquidated, depending on the conditions prevailing on the market at the valuation date.
The unrealised appreciation/(depreciation) is disclosed in the Statement of net assets under “Net Unrealised gain on financial
instruments” or “Net Unrealised loss on financial instruments”. Realised gains/(losses) and change in unrealised
appreciation/(depreciation) as a result thereof are included in the Statement of operations and changes in net assets respectively
under “Net realised result on Financial instruments” and “Movement on net unrealised gain/(loss) on Financial instruments”.
To calculate the net positions per currency on financial instruments, the positions are converted at the exchange rate effective on the
closing date.
h) Valuation of credit default swaps
The value of a Credit Default Swap (CDS) shall be determined by comparing the value of the protection swap leg and the value of the
premium swap leg. The value of the premium leg is obtained by discounting the future premium flows using the relevant risk-adjusted
discount. The value of the protection leg is the present value of the expected loss inherent to the contract. Default probabilities used
to compute the expected loss are derived from the structure of par market swap rates. Par market swap rates will be obtained from a
cross-section of market counterparties.
The unrealised appreciation/(depreciation) is disclosed in the Statement of net assets under “Net Unrealised gain on financial
instruments” or “Net Unrealised loss on financial instruments”. Realised gains/(losses) and change in unrealised
appreciation/(depreciation) as a result thereof are included in the Statement of operations and changes in net assets respectively
under “Net realised result on Financial instruments” and “Movement on net unrealised gain/(loss) on Financial instruments”.
i) Valuation of total return swaps and performance swaps
A Total Return Swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the performance of
an underlying instrument represented by a security, commodity, basket or index thereof for a fixed or variable rate. One party pays out
the total return of a specific reference asset, and in return, receives a regular stream of payments. The total performance will include
gains and losses on the underlying, as well as any interest or dividends during the contract period according to the type of underlying.
The cash flows to be exchanged are calculated by reference to an agreed upon notional amount or quantity.
Page 296
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Total return swaps are marked to market at each NAV calculation date.
The unrealised appreciation/(depreciation) is disclosed in the Statement of net assets under “Net Unrealised gain on financial
instruments” or “Net Unrealised loss on financial instruments”. Realised gains/(losses) and change in unrealised
appreciation/(depreciation) as a result thereof are included in the Statement of operations and changes in net assets respectively
under “Net realised result on Financial instruments” and “Movement on net unrealised gain/(loss) on Financial instruments”.
j) Valuation of options
Options contracts traded over-the-counter are valued at the prices at which the position could be liquidated under the market conditions
prevailing at the valuation date. The liquidation value of options contracts traded on regulated markets will be based on the latest
available settlement price of these contracts on the regulated markets on which these option contracts are traded by the Company;
provided that if an options contract cannot be liquidated on the day on which the net assets are valued, the basis that will be used to
determine the liquidation value of this contract will be determined fairly and reasonably by the Board of Directors.
Options are disclosed at market value in the Statement of net assets. The unrealised appreciation/(depreciation) is disclosed in the
caption “Options at market value”. Realised gains/(losses) and change in unrealised appreciation/(depreciation) as a result thereof are
included in the Statement of operations and changes in net assets respectively under “Net realised result on Financial instruments”
and “Movement on net unrealised gain/(loss) on Financial instruments”.
k) Valuation of securities lending, reverse repurchase and repurchase agreements
Securities lending attracts remuneration for the sub-fund according to the contracts and is accounted for in the Statement of operations
and changes in net assets under “Income on investments and assets, net”.
Securities that have been lent are shown in the net assets of the sub-fund in question, at their market value.
Securities reverse repurchase (or repurchase) transactions are treated as borrowing (or lending) transactions guaranteed by the
underlying securities. They are transactions by which the transferor transfers ownership of securities to another person (the transferee)
and by which the transferor irrevocably undertakes to repurchase them and the transferee irrevocably undertakes to retrocede them,
at an agreed price and date.
Securities reverse repurchase agreements are valued at their purchase price expressed in the original currency, irrespective of the
market value of the underlying securities, the interest accrued pro rata since the purchase date being shown under the heading “Other
assets” in the Statement of net assets.
Securities repurchase agreements are valued at their market value.
l) Valuation of inflation swaps
Inflation swaps (ILS) are bilateral agreements which allow investors looking to hedge an investment to secure an inflation-linked return
against an inflation index.
The inflation buyer (inflation receiver) pays a predetermined fixed or floating rate (minus a spread). In exchange, the inflation buyer
receives from the inflation seller (inflation payer) one or more inflation-linked payments.
The principal risk associated with an inflation swap lies in its sensitivity to interest rates and inflation: the inflation payer takes on the
risk of inflation or, in other words, of changes likely to affect the inflation curve. The payer also bears a risk relating to interest rates or,
in other words, to changes in the nominal yield curve. In order to value inflation swaps, a “forward zero coupon” swap curve (seasonally
adjusted for inflation) is constructed, facilitating the calculation of future inflation cash flows.
The unrealised appreciation/(depreciation) is disclosed in the Statement of net assets under “Net Unrealised gain on financial
instruments” or “Net Unrealised loss on financial instruments”. Realised gains/(losses) and change in unrealised
appreciation/(depreciation) as a result thereof are included in the Statement of operations and changes in net assets respectively
under “Net realised result on Financial instruments” and “Movement on net unrealised gain/(loss) on Financial instruments”.
m) Valuation of interest rate swaps
Interest rate swaps (IRS) are valued on the basis of the difference between the value of all future interest payable by the Company to
its counterparty on the valuation date at the zero coupon swap rate corresponding to the maturity of these payments and the value of
all future interest payable by the counterparty to the Company on the valuation date at the zero coupon swap rate corresponding to
the maturity of these payments.
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BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
The unrealised appreciation/(depreciation) is disclosed in the Statement of net assets under “Net Unrealised gain on financial
instruments” or “Net Unrealised loss on financial instruments”. Realised gains/(losses) and change in unrealised
appreciation/(depreciation) as a result thereof are included in the Statement of operations and changes in net assets respectively
under “Net realised result on Financial instruments” and “Movement on net unrealised gain/(loss) on Financial instruments”.
n) Valuation of CMS (Constant Maturity Swap) Spread Options
The OTC Pricing team is responsible for the daily valuation of CMS Spread Options with the use of Bloomberg's BVAL tool - DLIB
(Bloomberg Derivatives Library) specific pricing template. The valuation model used, in line with market practice, is the Gaussian model
(taking into account correlation and broker quotes). The valuations produced are checked against those provided daily by the
counterparties.
The unrealised appreciation/(depreciation) is disclosed in the Statement of net assets under “Net Unrealised gain on financial
instruments” or “Net Unrealised loss on financial instruments”. Realised gains/(losses) and change in unrealised
appreciation/(depreciation) as a result thereof are included in the Statement of operations and changes in net assets respectively
under “Net realised result on Financial instruments” and “Movement on net unrealised gain/(loss) on Financial instruments”.
o) Valuation of Contracts for Difference
Contracts for difference (CFD) are valued by reference to the market value of the underlying asset, taking into account the costs
inherent in the transaction. The unrealised appreciation/(depreciation) is disclosed in the Statement of net assets under “Net Unrealised
gain on financial instruments” or “Net Unrealised loss on financial instruments”. Realised gains/(losses) and change in unrealised
appreciation/(depreciation) as a result thereof are included in the Statement of operations and changes in net assets respectively
under “Net realised result on Financial instruments” and “Movement on net unrealised gain/(loss) on Financial instruments”.
p) Average maturity for floating rate bonds
The maturities disclosed in the security description in the securities portfolio are not the maturities used to calculate the average
maturity, the call maturity date is used.
q) Interest
Interest is recognised on a prorata basis after deduction of any withholding taxes that may be applicable. Due to negative interest rates
during the financial year, income on bonds can be negative in the caption “Income on investments and assets, net”.
r) Comparisons
Concerning the sub-funds that merged during the financial year and that were still open on 31 December 2021, mergers involving
absorption of the net assets of the absorbed sub-funds or funds were recorded in the accounts by means of a subscription in the
absorbing sub-funds at the merger dates. Consequently, the line “Net subscriptions/(redemptions)” in the “Statement of operations and
changes in net assets” includes the net assets of the absorbed sub-funds or funds at the merger dates.
s) Geographic distribution
The geographic distribution of the securities portfolio is based on the issuing country.
t) “To be announced”
The Mortgage Back Securities “To-be-announced” are subject to current commercial market practices in relation to securities
guaranteed by mortgages, according to which a party will buy/sell a basket of mortgage loans for a fixed price at a later date.
At the time of the purchase/sale, the exact security is not known but its principal features are. Even if a price is agreed at the time of
purchase/sale, the final face value will not yet have been fixed.
The “To-be-announced (“TBA”) Mortgage Back Securities” positions are shown in the securities portfolio as at 31 December 2021.
At the closing date, the purchase/sale of these securities had not yet been settled. As a result, the amounts relating to
payables/receivables on securities are included under “Other liabilities”/“Other assets” in the “Statement of net assets”.
Page 298
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
u) Valuation of reverse repurchase transactions
Reverse repurchase transactions are valued at their purchase value plus interest accrued since the purchase date.
v) Cross-investments
The value of the cross-investments of the sub-funds has not been deducted for the calculation of the combined total net assets of the
Company.
The total value of those cross-investments as at 31 December 2021 amounted to:
Sub-funds investing in other BNP Sub-funds held by other BNP Currency of the Market value
PARIBAS FUNDS sub-funds PARIBAS FUNDS sub-funds sub-fund investing (in EUR)
Asia ex-Japan Bond RMB Bond USD 2 393 008
Emerging Bond Opportunities RMB Bond USD 34 178 139
Emerging Multi-Asset Income Asia ex-Japan Small Cap USD 432 465
Emerging Multi-Asset Income China Equity USD 2 275 674
Emerging Multi-Asset Income RMB Bond USD 1 108 353
Euro Corporate Bond Euro High Yield Short Duration Bond EUR 20 288 171
Euro Corporate Bond Euro Short Term Corporate Bond EUR 4 527 931
Euro Corporate Bond Opportunities Euro High Yield Bond EUR 4 712 628
Euro Corporate Bond Opportunities Euro High Yield Short Duration Bond EUR 3 148 383
Euro Short Term Corporate Bond
Euro High Yield Bond EUR 11 969 526
Opportunities
Euro Short Term Corporate Bond
Euro High Yield Short Duration Bond EUR 3 964 168
Opportunities
Flexible Opportunities Emerging Multi-Asset Income EUR 1 206 018
Flexible Opportunities Energy Transition EUR 228 403
Flexible Opportunities Global Environment EUR 244 294
Flexible Opportunities Sustainable Enhanced Bond 12M EUR 1 599 949
Global Bond Opportunities RMB Bond EUR 34 710 018
Global Low Vol Equity Sustainable Global Multi-Factor Equity EUR 8 469 383
Sustainable US Multi-Factor
Harmony EUR 10 211 385
Corporate Bond
Local Emerging Bond RMB Bond USD 24 274 833
Multi-Asset Income China Equity EUR 4 098 886
Multi-Asset Income Emerging Multi-Asset Income EUR 18 854 833
Multi-Asset Income RMB Bond EUR 3 728 722
Multi-Asset Thematic China Equity EUR 9 061 743
Multi-Asset Thematic Disruptive Technology EUR 20 681 685
Multi-Asset Thematic Energy Transition EUR 23 361 882
Multi-Asset Thematic Global Environment EUR 10 511 140
Multi-Asset Thematic Green Bond EUR 15 427 093
Multi-Asset Thematic Health Care Innovators EUR 24 840 339
Multi-Asset Thematic Inclusive Growth EUR 29 080 332
Multi-Asset Thematic Social Bond EUR 10 370 405
Page 299
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Sub-funds investing in other BNP Sub-funds held by other BNP Currency of the Market value
PARIBAS FUNDS sub-funds PARIBAS FUNDS sub-funds sub-fund investing (in EUR)
Global Absolute Return Multi-
Premia Opportunities EUR 1 222 408
Factor Bond
Premia Opportunities Sustainable Europe Multi-Factor Equity EUR 2 302 261
Premia Opportunities Sustainable US Multi-Factor Equity EUR 2 344 857
Sustainable Euro Bond Green Bond EUR 10 322 000
Sustainable Euro Bond Social Bond EUR 19 943 679
Sustainable Euro Corporate Bond Social Bond EUR 19 943 679
Sustainable Global Corporate Bond Green Bond USD 5 161 001
Sustainable Multi-Asset Balanced Climate Impact EUR 44 304 052
Sustainable Multi-Asset Balanced Ecosystem Restoration EUR 35 426 277
Sustainable Multi-Asset Balanced Energy Transition EUR 31 634 575
Sustainable Multi-Asset Balanced Global Environment EUR 65 878 434
Sustainable Multi-Asset Balanced Green Bond EUR 17 460 200
Sustainable Multi-Asset Balanced Green Tigers EUR 48 344 060
Sustainable Multi-Asset Balanced Health Care Innovators EUR 43 907 515
Sustainable Multi-Asset Balanced Inclusive Growth EUR 49 608 580
Sustainable Multi-Asset Balanced Social Bond EUR 17 948 777
Sustainable Multi-Asset Balanced Sustainable Enhanced Bond 12M EUR 62 982 000
Sustainable Multi-Asset Balanced Sustainable Euro Bond EUR 216 979 350
Sustainable Multi-Asset Balanced Sustainable Euro Corporate Bond EUR 79 868 880
Sustainable US Value Multi-Factor
Sustainable Multi-Asset Balanced EUR 18 938 946
Equity
Sustainable Multi-Asset Growth Climate Impact EUR 41 381 114
Sustainable Multi-Asset Growth Ecosystem Restoration EUR 31 948 354
Sustainable Multi-Asset Growth Energy Transition EUR 29 600 542
Sustainable Multi-Asset Growth Global Environment EUR 56 740 613
Sustainable Multi-Asset Growth Green Tigers EUR 43 995 269
Sustainable Multi-Asset Growth Health Care Innovators EUR 37 932 439
Sustainable Multi-Asset Growth Inclusive Growth EUR 47 240 970
Sustainable Multi-Asset Growth Sustainable Euro Corporate Bond EUR 53 493 340
Sustainable US Value Multi-Factor
Sustainable Multi-Asset Growth EUR 15 420 234
Equity
Sustainable Multi-Asset Stability Climate Impact EUR 26 142 318
Sustainable Multi-Asset Stability Ecosystem Restoration EUR 25 235 156
Sustainable Multi-Asset Stability Energy Transition EUR 26 281 855
Sustainable Multi-Asset Stability Global Environment EUR 48 990 208
Sustainable Multi-Asset Stability Green Bond EUR 23 245 520
Sustainable Multi-Asset Stability Green Tigers EUR 34 065 530
Sustainable Multi-Asset Stability Health Care Innovators EUR 32 379 430
Sustainable Multi-Asset Stability Inclusive Growth EUR 34 894 440
Page 300
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Sub-funds investing in other BNP Sub-funds held by other BNP Currency of the Market value
PARIBAS FUNDS sub-funds PARIBAS FUNDS sub-funds sub-fund investing (in EUR)
Sustainable Multi-Asset Stability Social Bond EUR 24 928 858
Sustainable Multi-Asset Stability Sustainable Enhanced Bond 12M EUR 66 708 435
Sustainable Multi-Asset Stability Sustainable Euro Corporate Bond EUR 105 826 265
Sustainable US Value Multi-Factor
Sustainable Multi-Asset Stability EUR 15 109 760
Equity
Target Risk Balanced Absolute Return Multi-Strategy EUR 15 493 760
Environmental Absolute Return Thematic
Target Risk Balanced EUR 43 979 129
Equity (EARTH)
Total: 2 015 514 859
The net assets at the end of the financial year of combined figures would be EUR 73 812 162 643 without taking into account the
cross-investments values.
w) Technical performance provision
In order to achieve the management objective for money market funds as defined in the prospectus, the Management Company may
be required - on an ad hoc basis - to set aside amounts based on the performance of the net asset value in order to reduce the volatility
of certain securities held in the portfolio. This adjustment may not exceed 5 bps of the fund’s net assets. The amounts set aside will
be reinvested subject to how the assets perform, as well as the average performance of the portfolio.
The following sub-funds are concerned by this provision
• BNP Paribas Funds Euro Money Market
• BNP Paribas Funds USD Money Market
x) Swing Pricing
A sub-fund may suffer reduction of the net asset value due to investors purchasing, selling and/or switching in and out of the sub-fund
at a price that does not reflect the dealing costs associated with this sub-fund's portfolio trades undertaken by the Investment Manager
to accommodate such cash inflows or outflows. In order to mitigate this effect and enhance the protection of existing shareholders,
the mechanism known as “swing pricing” may be applied at the discretion of the Board of Directors of the Company.
Such Swing Pricing mechanism may be applied to a given sub-fund when its total capital activity (i.e. net amount of subscriptions and
redemptions) exceeds a pre-determined threshold determined as a percentage of the net assets value for a given Valuation Day. The
net asset value of the relevant sub-fund may then be adjusted by an amount (the “swing factor”) to compensate for the expected
transaction costs resulting from the capital activity. The level of thresholds, if and when applicable, will be decided on the basis of
certain parameters which may include the size of the sub-fund, the liquidity of the underlying market in which the respective sub-fund
invests, the cash management of the respective sub-fund or the type of instruments that are used to manage the capital activity. The
swing factor is, amongst others, based on the estimated transaction costs of the financial instruments in which the respective sub-fund
may invest. Typically, such adjustment will increase the net asset value when there are net subscriptions into the sub-fund and
decrease the net asset value when there are net redemptions. Swing pricing does not address the specific circumstances of each
individual investor transaction. An ad hoc internal committee is in charge of the implementation and periodic review of the operational
decisions associated with swing pricing. This committee is responsible for decisions relating to swing pricing and the ongoing approval
of swing factors which form the basis of pre-determined standing instructions.
In principle, the swing factor will not exceed 1% of the respective sub-fund’s net asset value. Such limit could however be raised
beyond this maximum level when necessary and on a temporary basis to protect the interests of shareholders, typically during
exceptional market conditions, situations such as a global pandemic, a financial crisis, a geopolitical crisis, or any other exceptional
event causing a severe deterioration of the liquidity.
The Swing Pricing mechanism may be applied across all sub-funds of the Company.
Page 301
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
During the year ending 31 December 2021, the below sub-funds have activated the Swing Pricing:
• Emerging Bond
• Emerging Bond Opportunities
• Enhanced Bond 6M
• Euro High Yield Bond
• Euro High Yield Short Duration Bond
• Euro Short Term Corporate Bond Opportunities
• Europe Convertible
• Europe Small Cap
• Europe Small Cap Convertible
• Global Convertible
• Global High Yield Bond
• Local Emerging Bond
• Sustainable Enhanced Bond 12M
• US High Yield Bond
During the year ending 31 December 2021, the below sub-funds have applied the Swing Pricing:
• Europe Small Cap
• US High Yield Bond
Note 3 - Management and advisory fees (maximum per annum)
The maximum annual fee payable monthly is calculated on the average net asset value of each share class for each sub-fund over
the past month. For certain sub-funds a reduced management fee was charged during the financial year. The fee is paid to the
Management Company and covers remuneration of the investment managers and also distributors in connection with the marketing
of the Company's stock.
The management fees applicable to the “Classic” category are applicable to all share sub-categories and classes with the word
“Classic” in their denomination, and to “N” category.
The management fees applicable to the “Privilege” category are also applicable to all share sub-categories and classes with the word
“Privilege” in their denomination.
The management fees applicable to the “I” category are also applicable to all share sub-categories and classes with the word “I” in
their denomination.
The management fees applicable to the “U” category are also applicable to all share sub-categories and classes with the word “U” in
their denomination.
The management fees applicable to the “UP” category are also applicable to all share sub-categories and classes with the word “UP”
in their denomination.
The management fees applicable to the “Life” category are also applicable to all share sub-categories and classes with the word “Life”
in their denomination.
The management fees applicable to the “UI” category are also applicable to all share sub-categories and classes with the word “UI” in
their denomination.
The management fees applicable to the “B” category are also applicable to all share sub-categories and classes with the word “B” in
their denomination.
The management fees applicable to the “K” category are also applicable to all share sub-categories and classes with the word “K” in
their denomination.
No management fee is charged for the “X” category.
A sub-fund may not invest in a UCITS, or other UCIS, with a management fee exceeding 3.00% per annum.
Page 302
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Notes to the financial statements at 31/12/2021
Sub-fund Classic Privilege I U UP Life UI B K
Absolute Return Global Opportunities 1.00% 0.50% 0.40% N/A N/A N/A N/A N/A N/A
Absolute Return Low Vol Bond 0.75% 0.40% 0.30% N/A N/A N/A N/A N/A N/A
Absolute Return Multi-Strategy 1.25% 0.65% 0.60% N/A N/A N/A N/A N/A N/A
Aqua 1.75% 0.90% 0.90% N/A N/A 1.615% 0.90% 1.75% 1.75%
Asia ex-Japan Bond 1.25% 0.75% 0.60% N/A N/A N/A N/A N/A N/A
Asia ex-Japan Equity 1.50% 0.75% 0.75% N/A N/A N/A N/A N/A N/A
Asia ex-Japan Small Cap 1.75% 0.90% 0.85% N/A N/A N/A N/A N/A N/A
Belgium Equity 1.25% 0.60% 0.60 N/A N/A N/A N/A N/A N/A
Brazil Equity 1.75% 0.90% 0.90% N/A N/A N/A N/A N/A N/A
China A-Shares 1.75% 0.90% 0.85% N/A N/A N/A N/A N/A N/A
China Equity 1.75% 0.90% 0.90% N/A N/A N/A N/A N/A 1.75%
Climate Impact 2.20% 1.10% 1.10%(1) 2.20% N/A N/A N/A N/A 2.20%
Consumer Innovators 1.50% 0.75% 0.75% N/A N/A N/A N/A 1.50% 1.50%
Disruptive Technology 1.50% 0.75% 0.75%(2) N/A 0.75% N/A 0.75%(3) 1.50% 1.50%
Ecosystem Restoration (launched on 1 June 2021) 1.50% 0.75% 0.75% N/A N/A N/A N/A N/A N/A
Emerging Bond 1.25% 0.65% 0.55% N/A N/A N/A N/A 1.25% N/A
Emerging Bond Opportunities 1.50% 0.75% 0.60% N/A N/A N/A N/A 1.50% N/A
Emerging Equity 1.75% 0.90% 0.90% N/A N/A N/A N/A 1.75% N/A
Emerging Multi-Asset Income 1.25% 0.65% 0.60% N/A N/A N/A N/A 1.25% N/A
Energy Transition 1.50%(4) 0.75%(5) 0.75%(2) N/A N/A N/A N/A 1.50% 1.50%
Enhanced Bond 6M 0.50% 0.25% 0.20%(6) N/A N/A N/A N/A N/A N/A
Environmental Absolute Return Thematic Equity
1.50% 0.75% 0.75% 0.75% N/A N/A N/A N/A N/A
(EARTH)
Euro Bond 0.75% 0.40% 0.30% N/A N/A N/A N/A N/A N/A
Euro Bond Opportunities 0.75% 0.40% 0.30% N/A N/A N/A N/A N/A N/A
Euro Corporate Bond 0.75% 0.40% 0.30% N/A N/A N/A N/A N/A N/A
Euro Corporate Bond Opportunities 0.75% 0.40% 0.30% N/A N/A N/A N/A N/A 0.75%
Euro Covered Bond 0.70% 0.35% 0.25% N/A N/A N/A N/A N/A N/A
Euro Defensive Equity 1.75% 0.90% 0.85% N/A N/A N/A N/A N/A N/A
Euro Equity 1.50% 0.75% 0.75% N/A N/A N/A N/A N/A 1.50%
Euro Government Bond 0.70% 0.35% 0.25% N/A N/A N/A N/A N/A N/A
Euro High Quality Government Bond 0.60% 0.30% 0.25% N/A N/A N/A N/A N/A N/A
Euro High Yield Bond 1.20% 0.60% 0.55% N/A N/A N/A N/A N/A 1.20%
Euro High Yield Short Duration Bond 0.80% 0.40% 0.40% N/A N/A N/A N/A N/A N/A
Euro Inflation-Linked Bond 0.75% 0.40% 0.30% N/A N/A N/A N/A N/A N/A
Euro Medium Term Bond 0.50% 0.25% 0.20% N/A N/A N/A N/A N/A N/A
Euro Mid Cap 1.50% 0.75% 0.75% N/A N/A N/A N/A N/A N/A
Euro Money Market 0.50% 0.25% 0.20% N/A N/A N/A N/A N/A N/A
Euro Short Term Bond Opportunities 0.50% 0.25% 0.20% N/A N/A N/A N/A N/A N/A
Euro Short Term Corporate Bond 0.50% 0.25% 0.20% N/A N/A N/A N/A N/A N/A
Euro Short Term Corporate Bond Opportunities 0.90% 0.45% 0.40% N/A N/A N/A N/A N/A 0.90%
Europe Convertible 1.20% 0.65% 0.60% N/A N/A N/A N/A N/A N/A
Europe Dividend 1.50% 0.75% 0.75% N/A N/A N/A N/A N/A N/A
Europe Emerging Equity 1.75% 0.90% 0.90% N/A N/A N/A N/A N/A N/A
Europe Equity 1.50% 0.75% 0.75%(2) N/A N/A N/A N/A N/A N/A
Europe Growth 1.50% 0.75% 0.75% N/A N/A N/A N/A N/A N/A
Europe High Conviction Bond (launched on
0.75% 0.40% 0.30%(7) N/A N/A N/A N/A N/A N/A
30 April 2021)
Europe Multi-Asset Income 1.25% 0.65% 0.60% N/A N/A N/A N/A N/A N/A
Europe Real Estate Securities 1.50% 0.75% 0.75% N/A N/A N/A N/A N/A N/A
Europe Small Cap 1.75% 0.90% 0.85% N/A N/A N/A 0.85% N/A N/A
Europe Small Cap Convertible 1.20% 0.65% 0.60% N/A N/A N/A N/A N/A N/A
Flexible Global Credit 0.80% 0.40% 0.40% N/A N/A N/A N/A N/A N/A
Flexible Opportunities 1.10% 0.55% 0.55% N/A N/A N/A N/A N/A N/A
Frontiers Equity 1.90% 0.95% 0.95% N/A N/A N/A N/A N/A N/A
Page 303
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Sub-fund Classic Privilege I U UP Life UI B K
Germany Multi-Factor Equity 1.50% 0.75% 0.75% N/A N/A N/A N/A N/A N/A
Global Absolute Return Multi-Factor Bond 0.75% 0.40% 0.35% N/A N/A N/A N/A N/A N/A
Global Bond Opportunities 0.75% 0.40% 0.30% N/A N/A N/A N/A N/A 0.75%
Global Convertible 1.20% 0.65% 0.60% N/A N/A N/A N/A N/A N/A
Global Enhanced Bond 36M (launched on
0.75% 0.40% 0.30% N/A N/A N/A N/A N/A N/A
4 June 2021)
Global Environment 1.75% 0.90% 0.85%(8) N/A N/A N/A 0.85% 1.75% 1.75%
Global High Yield Bond 1.20% 0.60% 0.55% N/A N/A N/A N/A 1.20% 1.20%
Global Inflation-Linked Bond 0.75% 0.40% 0.30% N/A N/A N/A 0.25% N/A N/A
Global Low Vol Equity 1.50% 0.75% 0.75%(2) N/A N/A N/A N/A 1.50% 1.50%
Global Real Estate Securities (liquidated
1.50% 0.75% N/A N/A N/A N/A N/A N/A N/A
15 October 2021)
Green Bond 0.75% 0.40% 0.30% N/A N/A N/A N/A N/A 0.75%
Green Tigers 1.75% 0.90% 0.90% 1.75% N/A N/A N/A N/A N/A
Harmony 0.90% 0.45% 0.40% 0.90% N/A N/A N/A N/A 0.90%
Health Care Innovators 1.50% 0.75% 0.75% N/A N/A N/A N/A N/A 1.50%
Inclusive Growth 1.50% 0.75% 0.75% N/A N/A N/A N/A N/A N/A
India Equity 1.75% 0.90% 0.90% N/A N/A N/A N/A N/A N/A
Japan Equity 1.50% 0.75% 0.75% N/A N/A N/A N/A N/A N/A
Japan Small Cap 1.75% 0.90% 0.85% N/A N/A N/A N/A N/A N/A
Latin America Equity 1.75% 0.90% 0.90% N/A N/A N/A N/A N/A N/A
Local Emerging Bond 1.40% 0.70% 0.60% N/A N/A N/A N/A 1.40% N/A
Multi-Asset Income 1.25% 0.65% 0.65% N/A N/A N/A N/A N/A 1.25%
Multi-Asset Thematic (launched on 17 May 2021) 1.25% 0.65% 0.60% N/A N/A N/A N/A N/A N/A
Nordic Small Cap 1.75% 0.90% 0.85% N/A N/A N/A N/A N/A N/A
Pacific Real Estate Securities (liquidated on
1.50% 0.75% 0.75% N/A N/A N/A N/A N/A N/A
26 February 2021)
Premia Opportunities 1.20% 0.60% 0.40% N/A N/A N/A N/A N/A N/A
RMB Bond 1.00% 0.50% 0.40% N/A N/A N/A N/A N/A N/A
Russia Equity 1.75% 0.90% 0.90% N/A N/A N/A N/A 1.75% N/A
Seasons 1.00% 0.50% 0.50% N/A N/A N/A N/A N/A 1.00%
SMaRT Food 1.75% 0.90% 0.85% 1.75% 0.90% N/A N/A N/A 1.75%
Social Bond (launched on 23 November 2021) 0.65% 0.35% 0.30% N/A N/A N/A N/A N/A N/A
Sustainable Enhanced Bond 12M 0.80% 0.50% 0.40% 0.80% N/A N/A N/A N/A N/A
Sustainable Euro Bond 0.75% 0.40% 0.30% N/A N/A N/A N/A N/A N/A
Sustainable Euro Corporate Bond 0.75% 0.40% 0.30% N/A N/A N/A N/A N/A N/A
Sustainable Euro Low Vol Equity (launched on
1.50% 0.75% 0.75% N/A N/A N/A N/A N/A N/A
23 April 2021)
Sustainable Euro Multi-Factor Corporate Bond
0.50% 0.25% 0.25% N/A N/A N/A N/A N/A 0.50%
(formerly Euro Multi-Factor Corporate Bond)
Sustainable Euro Multi-Factor Equity (formerly Euro
1.05% 0.50% 0.40% N/A N/A N/A N/A N/A N/A
Multi-Factor Equity)
Sustainable Europe Multi-Factor Equity (formerly
1.50% 0.75% 0.75% N/A N/A N/A N/A N/A 1.50%
Europe Multi-Factor Equity)
Sustainable Europe Value (formerly Europe Value) 1.50% 0.75% 0.75% N/A N/A N/A N/A N/A N/A
Sustainable Global Corporate Bond 0.75% 0.40% 0.30% N/A N/A N/A N/A 0.75% 0.75%
Sustainable Global Equity (formerly Global Equity) 1.50% 0.75% 0.75% N/A N/A 1.385% N/A 1.50% 1.50%
Sustainable Global Multi-Factor Corporate Bond
0.50% 0.25% 0.25% N/A N/A N/A N/A N/A N/A
(launched on 6 October 2021)
Sustainable Global Multi-Factor Equity (formerly
1.50% 0.75% 0.65% N/A N/A N/A N/A N/A 1.50%
Global Multi-Factor Equity)
Sustainable Japan Multi-Factor Equity (formerly
1.50% 0.75% 0.75% N/A N/A N/A N/A N/A N/A
Japan Multi-Factor Equity)
Sustainable Multi-Asset Balanced 1.30%(9) 0.65%(10) 0.50% N/A N/A N/A N/A N/A 1.30%
Sustainable Multi-Asset Growth 1.40%(11) 0.70%(12) 0.50% N/A N/A N/A N/A N/A 1.40%
Sustainable Multi-Asset Stability 1.10%(13) 0.55%(14) 0.40% N/A N/A N/A N/A N/A 1.10%
Page 304
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Sub-fund Classic Privilege I U UP Life UI B K
Sustainable US Multi-Factor Corporate Bond
0.50% 0.25% 0.25% N/A N/A N/A N/A N/A N/A
(formerly US Multi-Factor Corporate Bond)
Sustainable US Multi-Factor Equity (formerly US
1.50% 0.75% 0.75%(2) N/A N/A N/A N/A N/A 1.50%
Multi-Factor Equity)
Sustainable US Value Multi-Factor Equity (formerly
1.50% 0.75% 0.75% N/A N/A N/A N/A N/A N/A
US Value Multi-Factor Equity)
Target Risk Balanced 1.10% 0.55% 0.55% N/A N/A N/A N/A N/A N/A
Turkey Equity 1.75% 0.90% 0.90% N/A N/A N/A N/A N/A N/A
US Growth 1.50% 0.75% 0.75% N/A N/A N/A N/A N/A N/A
US High Yield Bond 1.20% 0.60% 0.55% N/A N/A N/A N/A 1.20% 1.20%
US Mid Cap 1.75% 0.90% 0.85% N/A N/A N/A N/A N/A N/A
US Short Duration Bond 0.50% 0.25% 0.20% N/A N/A N/A N/A N/A N/A
US Small Cap 1.75% 0.90% 0.85% N/A N/A N/A N/A N/A N/A
USD Money Market 0.50% 0.25% 0.20% N/A N/A N/A N/A N/A N/A
(1) 0.85% for “I Plus” Category.
(2) 0.60% for “I Plus” Category.
(3) With specific Entry fee of maximum 3% payable by the authorised investor.
(4) 1.45% for “Classic Solidarity”.
(5) 0.70% for “Privilege Solidarity BE”.
(6) 0.15% for the “I Plus” Category.
(7) 0.20% for “I Plus” Category.
(8) 0.70% for “I Plus” Category.
(9) 1.25% for “Classic Solidarity BE”.
(10) 0.60% for “Privilege Solidarity BE”.
(11) 1.35% for “Classic Solidarity BE”.
(12) 0.65% for “Privilege Solidarity BE”.
(13) 1.05% for “Classic Solidarity BE”.
(14) 0.50% for “Privilege Solidarity BE”.
A maximum advisory fee of 0.15% is applied to all the share classes of the sub-fund Japan Small Cap except for the “X” share class.
An indirect fee of maximum 1.00% is applied for the sub-funds Absolute Return Global Opportunities, Flexible Opportunities, Premia
Opportunities, Sustainable Multi-Asset Balanced, Sustainable Multi-Asset Growth and Target Risk Balanced.
An indirect fee of maximum 0.50% is applied for the sub-funds Harmony, Multi-Asset Thematic (launched on 17 May 2021) and
Sustainable Multi-Asset Stability.
A charity fee of 0.05% is applied for the share classes “Classic Solidarity BE” and “Privilege Solidarity BE” for the sub-funds Sustainable
Multi-Asset Balanced, Sustainable Multi-Asset Growth and Sustainable Multi-Asset Stability.
The maximum management fee applied for the underlying sub-funds is as follows:
Security Name Management Fee
BNP Paribas Easy ECPI Global ESG Blue Economy - TRACK X - DIS 0.00%
BNP Paribas Easy ECPI Global ESG Infrastructure - UCITS ETF - CAP 0.18%
BNP Paribas Easy ECPI Global ESG Med Tech - TRACK X - CAP 0.00%
BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF RH EUR - CAP 0.26%
BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF - CAP 0.26%
BNP Paribas Easy ESG Low Vol Europe UCITS ETF - CAP 0.18%
BNP Paribas Easy ESG Momentum Europe UCITS ETF - CAP 0.18%
BNP Paribas Easy ESG Quality Europe UCITS ETF - CAP 0.18%
BNP Paribas Easy ESG Value Europe UCITS ETF - CAP 0.18%
BNP Paribas Easy EUR Corp Bond Sri Fossil Free TRACK X - CAP 0.00%
BNP Paribas Easy EUR Corp Bond Sri Fossil Free UCITS ETF - CAP 0.08%
BNP Paribas Easy EUR High Yield Sri Foss Free TRACK X - CAP 0.00%
BNP Paribas Easy EUR High Yield Sri Foss Free UCITS ETF - CAP 0.23%
BNP Paribas Easy FTSE EPRA/NAREIT Developed Europe Ex UK Green CTB UCITS ETF - CAP 0.28%
BNP Paribas Easy FTSE EPRA/NAREIT Developed Europe UCITS ETF QD - DIS 0.28%
BNP Paribas Easy JPM ESG EMBI Global Diversified Composite TRACK IH EUR - CAP 0.07%
Page 305
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Security Name Management Fee
BNP Paribas Easy JPM ESG EMU Government Bond IG 3-5Y UCITS ETF - CAP 0.03%
BNP Paribas Easy Low Carbon 100 Europe PAB® UCITS ETF - CAP 0.18%
BNP Paribas Easy MSCI China Select SRI S-Series 10% Capped UCITS ETF EUR - CAP 0.33%
BNP Paribas Easy MSCI Emerging SRI S-Series 5% Capped UCITS ETF EUR - CAP 0.33%
BNP Paribas Easy MSCI Emerging SRI S-Series 5% Capped UCITS ETF - CAP 0.33%
BNP Paribas Easy MSCI Europe SRI S-Series 5% Capped UCITS ETF - DIS 0.18%
BNP Paribas Easy MSCI Japan SRI S-Series 5% Capped TRACK X - CAP 0.00%
BNP Paribas Easy MSCI Japan SRI S-Series 5% Capped UCITS ETF - CAP 0.18%
BNP Paribas Easy MSCI Japan SRI S-Series 5% Capped UCITS ETF - DIS 0.18%
BNP Paribas Easy MSCI USA SRI S-Series 5% Capped TRACK X - CAP 0.00%
BNP Paribas Easy MSCI USA SRI S-Series 5% Capped UCITS ETF EUR - DIS 0.18%
BNP Paribas Easy MSCI USA SRI S-Series 5% Capped UCITS ETF - CAP 0.18%
BNP Paribas Funds Absolute Return Multi-Strategy X - CAP 0.00%
BNP Paribas Funds China equity X- CAP 0.00%
BNP Paribas Funds Climate Impact X - CAP 0.00%
BNP Paribas Funds Disruptive Technology X - CAP 0.00%
BNP Paribas Funds Ecosystem Restoration X - CAP 0.00%
BNP Paribas Funds Emerging Multi-Asset Income X - CAP 0.00%
BNP Paribas Funds Energy Transition I - CAP 0.75%
BNP Paribas Funds Energy Transition X - CAP 0.00%
BNP Paribas Funds Environmental Absolute Return Thematic Equity (Earth) X - CAP 0.00%
BNP Paribas Funds Global Absolute Return Multi Factor Bond X - CAP 0.00%
BNP Paribas Funds Global Environment I - CAP 0.85%
BNP Paribas Funds Global Environment X - CAP 0.00%
BNP Paribas Funds Global Environment X - DIS 0.00%
BNP Paribas Funds Green Bond X - CAP 0.00%
BNP Paribas Funds Green Tigers X - CAP 0.00%
BNP Paribas Funds Health Care Innovators X - CAP 0.00%
BNP Paribas Funds Inclusive Growth X - CAP 0.00%
BNP Paribas Funds Social Bond X - CAP 0.00%
BNP Paribas Funds Sustainable Enhanced Bond 12M X - CAP 0.00%
BNP Paribas Funds Sustainable Euro Bond X - CAP 0.00%
BNP Paribas Funds Sustainable Euro Corporate Bond X - CAP 0.00%
BNP Paribas Funds Sustainable Europe Multi Factor Equity X - CAP 0.00%
BNP Paribas Funds Sustainable US Multi-Factor Corporate Bond X - CAP 0.00%
BNP Paribas Funds Sustainable US Multi-Factor Equity X - CAP 0.00%
BNP Paribas Funds Sustainable US Value Multi-Factor Equity X - CAP 0.00%
BNP Paribas Insticash EUR 3M Standard VNAV I - CAP 0.15%
BNP Paribas Mois ISR I - CAP 0.15%
BNP Paribas Mois ISR X - CAP 0.00%
BNP Paribas Obli Etat ISR I - CAP 0.60%
BNP Paribas Obli ISR M - CAP 0.05%
THEAM Quant World Climate Carbon Offset Plan X EUR - CAP 0.30%
Note 4 - Distribution fees
Distribution fees are calculated and deducted monthly from the average net assets of a sub-fund, share category, or share class, paid
to the Management Company and serve to cover remuneration of the distributors, supplemental to the share of the management fee
that they receive.
Page 306
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Notes to the financial statements at 31/12/2021
Note 5 - Performance fees: calculation method and summary table
The Company may apply 2 types of Performance Fee:
1. Relative Performance Fee:
The positive difference between the annual performance of the sub-fund/category/class (i.e. over the accounting year) and the hurdle
rate (this can be a reference index performance, a fixed rate or another reference). The performance fee will be calculated with the
application of the “High Water Mark (HWM) with Hurdle Rate” method. Hurdle Rate means the performance of a reference index (or
other references) as specified at the level of the sub-fund/category/class. Performance fee will be accrued if the performance of the
sub-fund/category/class exceeds the Hurdle Rate and the HWM. If the sub-fund/category/class underperforms the Hurdle Rate during
the performance period, a loss carry forward is provided.
2. Absolute Performance Fee:
The positive difference between NAV of the sub-fund/category/class at the end of the financial year and the HWM of the
sub-fund/category/class or the initial offer price per share. Performance fee will be accrued if the performance of the
sub-fund/category/class exceeds the HWM. If the sub-fund/category/class underperforms the HWM during the performance period, a
loss carry forward is provided which cannot exceed 3 years that means that after 3 years the HWM will be resetted.
High Water Mark (HWM) means the highest NAV of the sub-fund/category/class as at the end of any previous financial year on which
performance fees becomes payable, after deducting any performance fee.
Performance Fees are payable to the Management Company and will be calculated daily on the basis of the unswung (see Note 2.w)
NAV and provision will be adjusted on each Valuation Day during the financial year.
If shares are redeemed during the financial year, the fraction of the provisioned performance fee that corresponds to the total amount
redeemed shall be granted definitively to the Management Company.
Summary table of the sub-funds with Performance fee
Amount of
Annual performance fee Impact on the NAV of the share
Sub-fund Categories Currency Performance Hurdle Rate charged for the year class of the performance fee
Fee Rate (in share class charged for the year (in %)
currency)
Absolute Return Global Share “Classic -
EUR 15% €str + 2% 0.00 0.00%
Opportunities Capitalisation”
Absolute Return Global
Share “I - Capitalisation” EUR 15% €str + 2% 0.00 0.00%
Opportunities
Absolute Return Global
Share “N - Capitalisation” EUR 15% €str + 2% 0.00 0.00%
Opportunities
Absolute Return Global Share “Privilege -
EUR 15% €str + 2% 0.00 0.00%
Opportunities Capitalisation”
Absolute Return Multi- Share “Classic -
EUR 20% €str(1) 0.00 0.00%
Strategy Capitalisation”
Absolute Return Multi-
Share “I - Capitalisation” EUR 20% €str(1) 0.00 0.00%
Strategy
Absolute Return Multi- Share “Classic RH USD -
USD 20% €str(1) 0.00 0.00%
Strategy Capitalisation”
Environmental Absolute
Share “Classic -
Return Thematic Equity USD 20% N/A 88.55 0.00%
Capitalisation”
(EARTH)
Environmental Absolute
Return Thematic Equity Share “I - Capitalisation” USD 20% N/A 0.00 0.00%
(EARTH)
Page 307
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Amount of
Annual performance fee Impact on the NAV of the share
Sub-fund Categories Currency Performance Hurdle Rate charged for the year class of the performance fee
Fee Rate (in share class charged for the year (in %)
currency)
Environmental Absolute
Share “Classic -
Return Thematic Equity USD 20% N/A 555.57 0.03%
Distribution”
(EARTH)
Environmental Absolute
Return Thematic Equity Share “N - Capitalisation” USD 20% N/A 0.00 0.00%
(EARTH)
Environmental Absolute
Share “Classic RH CZK -
Return Thematic Equity CZK 20% N/A 0.00 0.00%
Capitalisation”
(EARTH)
Environmental Absolute
Share “Privilege -
Return Thematic Equity USD 20% N/A 12 268.51 0.03%
Capitalisation”
(EARTH)
Environmental Absolute
Share “Classic RH EUR -
Return Thematic Equity EUR 20% N/A 273 129.50 0.76%
Capitalisation”
(EARTH)
Environmental Absolute
Share “Privilege -
Return Thematic Equity USD 20% N/A 0.00 0.00%
Distribution”
(EARTH)
Environmental Absolute
Share “Classic RH SGD -
Return Thematic Equity SGD 20% N/A 0.00 0.00%
Capitalisation”
(EARTH)
Environmental Absolute
Share “U7 -
Return Thematic Equity USD 20% N/A 0.00 0.00%
Capitalisation”
(EARTH)
Environmental Absolute
Share “I EUR -
Return Thematic Equity EUR 20% N/A 0.00 0.00%
Capitalisation”
(EARTH)
Environmental Absolute
Share “I RH EUR -
Return Thematic Equity EUR 20% N/A 336.90 0.00%
Capitalisation”
(EARTH)
Environmental Absolute
Share “Privilege RH EUR
Return Thematic Equity EUR 20% N/A 0.00 0.00%
- Capitalisation”
(EARTH)
Environmental Absolute
Share “IH JPY -
Return Thematic Equity JPY 20% N/A 0.00 0.00%
Capitalisation”
(EARTH)
Environmental Absolute
Share “I Plus -
Return Thematic Equity USD 20% N/A 8 585.49 0.02%
Capitalisation”
(EARTH)
Share “Classic - €str or
Flexible Opportunities EUR 20% 0.00 0.00%
Capitalisation” CZEONIA(2)
€str or
Flexible Opportunities Share “I - Capitalisation” EUR 20% 0.00 0.00%
CZEONIA(2)
Share “Classic - €str or
Flexible Opportunities EUR 20% 0.00 0.00%
Distribution” CZEONIA(2)
€str or
Flexible Opportunities Share “N - Capitalisation” EUR 20% 0.00 0.00%
CZEONIA(2)
Page 308
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Amount of
Annual performance fee Impact on the NAV of the share
Sub-fund Categories Currency Performance Hurdle Rate charged for the year class of the performance fee
Fee Rate (in share class charged for the year (in %)
currency)
Share “Classic RH CZK - €str or
Flexible Opportunities CZK 20% 0.00 0.00%
Capitalisation” CZEONIA(2)
Global Absolute Return Share “Classic -
EUR 15% €str or Libor(3) 0.00 0.00%
Multi-Factor Bond Capitalisation”
Global Absolute Return
Share “I - Capitalisation” EUR 15% €str or Libor(3) 0.00 0.00%
Multi-Factor Bond
€str, CZEONIA,
Global Enhanced Share “Classic -
EUR 15% Libor or Libor USD 4.59 0.00%
Bond 36M Capitalisation”
Overnight(4)
€str, CZEONIA,
Global Enhanced
Share “I - Capitalisation” EUR 15% Libor or Libor USD 0.00 0.00%
Bond 36M
Overnight(4)
€str, CZEONIA,
Global Enhanced Share “Classic -
EUR 15% Libor or Libor USD 1.12 0.00%
Bond 36M Distribution”
Overnight(4)
€str, CZEONIA,
Global Enhanced
Share “N - Capitalisation” EUR 15% Libor or Libor USD 0.00 0.00%
Bond 36M
Overnight(4)
€str, CZEONIA,
Global Enhanced Share “Classic RH CZK -
CZK 15% Libor or Libor USD 0.60 0.00%
Bond 36M Capitalisation”
Overnight(4)
€str, CZEONIA,
Global Enhanced Share “Privilege -
EUR 15% Libor or Libor USD 0.30 0.00%
Bond 36M Capitalisation”
Overnight(4)
€str, CZEONIA,
Global Enhanced Share “Privilege -
EUR 15% Libor or Libor USD 0.00 0.00%
Bond 36M Distribution”
Overnight(4)
Share “Classic - €str or
Premia Opportunities EUR 15% 0.00 0.00%
Capitalisation” CZEONIA(5)
Share “Classic - €str or
Premia Opportunities EUR 15% 0.00 0.00%
Distribution” CZEONIA(5)
(1) 20% with €str + 4% (Libor USD Overnight + 4% for the “RH USD” classes) as hurdle rates (until 31 December 2021).
(2) 20% with €str + 4%, CZEONIA + 4% (“Classic RH CZK”) as hurdle rates.
(3) 15% with €str + 2% and Libor USD + 2 % (“RH USD”) as hurdle rates (until 31 December 2021).
(4) 15% with €str+ 2%, CZEONIA + 2% (“RH CZK”), Libor CHF 1M + 2% (“RH CHF”), and Libor USD Overnight + 2% (“RH USD”), as hurdle rates (until
31 December 2021).
(5) 15% with €str + 2% and CZEONIA + 2% (“Classic CZK”) as hurdle rates.
Note 6 - Other fees
Other fees are calculated and deducted monthly from the average net assets of a sub-fund, share category, or share class and serve
to cover general custody assets expenses (remuneration of the Depositary) and daily administration expenses (NAV calculation, record
and book keeping, notices to the shareholders, providing and printing the documents legally required for the shareholders,
domiciliation, auditors cost and fees...), except for brokerage fees, commissions for transactions not related to the depositary, director
fees, interest and bank fees, extraordinary expenses, reporting cost in relation with regulation requirements including the European
Market Infrastructure Regulation (EMIR), and the “taxe d’abonnement” in force in Luxembourg, as well as any other specific foreign
tax and other regulators levy.
Page 309
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Note 7 - Taxes
At the date of the Prospectus, the Company is not liable to any Luxembourg income tax or capital gains tax.
The Company is liable to an annual “taxe d’abonnement” in Luxembourg representing 0.05% of the net asset value. This rate is reduced
to 0.01% for:
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit institutions;
b) sub-funds with the exclusive objective of collective investments in deposits with credit institutions;
c) sub-funds, categories, or classes reserved for Institutional Investors, Managers, and UCIs.
The following are exempt from this “taxe d’abonnement”:
a) the value of assets represented by units or shares in other UCIs, provided that these units, or shares have already been subject
to the “taxe d’abonnement”;
b) sub-funds, share categories and/or classes:
(i) whose securities are reserved to Institutional Investors, Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with credit institutions,
and
(iii) whose weighted residual portfolio maturity does not exceed 90 days, and
(iv) that have obtained the highest possible rating from a recognised rating agency;
c) sub-funds, share categories and/or classes reserved to:
(i) institutions for occupational retirement pension or similar investment vehicles, set up at the initiative of one or more employers
for the benefit of their employees, and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees;
d) sub-funds whose main objective is investment in microfinance institutions;
e) sub-funds, shares categories and/or classes:
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating regularly that is
recognised and open to the public, and
(ii) whose exclusive object is to replicate the performance of one or several indices.
When due, the “taxe d’abonnement” is payable quarterly based on the relevant net assets and calculated at the end of the quarter for
which it is applicable.
In addition, the Company may be subject to foreign UCI’s tax, and/or other regulators levy in the country where the sub-fund is
registered for distribution.
Indian Tax
Each sub-fund may be subject to corporation taxes in certain countries in which it invests. Capital gains realised when disposing of
Indian securities held by a sub-fund are subject to capital gains tax in India, which is disclosed in the “Statement of operations and
changes in net assets” under the heading “Taxes”. The tax is computed on net realised gains, and net realised losses in excess of
gains at the end of the financial year in India may, under certain conditions, be carried forward for up to 8 subsequent financial years
to offset against future gains. In this respect, short term capital losses (i.e. when shares are held for less than 12 months) can be offset
either against long term or short term capital gains whereas long term capital losses may only be offset against long term capital gains.
Indian tax law imposes a tax of 15% (plus additional surcharge and health and education cess) on net realised gains from Indian
securities sold within one year from the date of purchase and a tax of 10% (plus additional surcharge and health and education cess)
if the Indian securities are sold more than 12 months after the acquisition. This tax of 10% on long term capital gains realised on Indian
securities has been introduced with effect from 1 April 2018.
If applicable, daily provisions are booked in the accounts of the sub-fund India Equity and are presented in the caption “Other liabilities”
of the Statement of net assets.
Page 310
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Note 8 - Dividends
For the “MD - Distribution” share classes, which pay monthly dividends, the following dividends were paid:
- Payment dates
Month Record Date (1) NAV ex-Dividend Date(2) Payment Date(3)
January 29 1 February 4 February
February 26 1 March 4 March
March 31 1 April 8 April
April 30 3 May 6 May
May 31 1 June 4 June
June 30 1 July 6 July
July 30 2 August 5 August
August 31 1 September 6 September
September 30 1 October 6 October
October 29 2 November 5 November
November 30 1 December 6 December
December 31 3 January 2022 6 January 2022
(1) If this day is not a bank business day in Luxembourg, the record date will be the next following bank business day.
(2) Dates are based on a valuation simulation. As a consequence, dates may change depending on the composition of the portfolio at this date. If for
a particular reason, the day in question the valuation was not possible, the ex-date would be put off to the Valuation Day possible immediately
afterwards.
(3) If this day is not a bank business day in Luxembourg, the payment date will be the next following bank business day. If for a particular reason, the
settlement is not possible (e.g. bank holiday on a specific currency or country), settlement will be made the 1st business day after or any other day
communicated by the local agent.
- Monthly amount since January 2021:
Sub-fund Class Currency Dividend
Aqua Classic RH SGD MD - Distribution SGD 0.22
Aqua Classic RH USD MD - Distribution USD 0.23
Asia ex-Japan Bond Classic MD - Distribution USD 0.25
Asia ex-Japan Bond Classic RH AUD MD - Distribution AUD 0.23
Asia ex-Japan Bond Classic RH SGD MD - Distribution SGD 0.25
Asia ex-Japan Equity Classic MD - Distribution USD 0.11
China Equity Classic RH SGD MD - Distribution SGD 0.21(1)
Emerging Bond B MD - Distribution USD 0.90(1)
Emerging Bond BH AUD MD - Distribution AUD 0.88(1)
Emerging Bond Classic MD - Distribution USD 0.80
Emerging Bond Classic H AUD MD - Distribution AUD 0.64
Emerging Bond Opportunities B MD - Distribution USD 0.90(1)
Emerging Bond Opportunities B RH AUD MD - Distribution AUD 0.88(1)
Emerging Bond Opportunities B RH ZAR MD - Distribution ZAR 11.67(1)
Emerging Bond Opportunities Classic MD - Distribution USD 0.15
Emerging Bond Opportunities Classic EUR MD - Distribution EUR 0.72
Emerging Bond Opportunities Classic HKD MD - Distribution HKD 0.68
Emerging Bond Opportunities Classic SGD MD - Distribution SGD 0.71
Emerging Bond Opportunities Classic RH AUD MD - Distribution AUD 0.66
Emerging Bond Opportunities Classic RH CNH MD - Distribution CNH 8.41
Emerging Bond Opportunities Classic RH HKD MD - Distribution HKD 0.72
Emerging Bond Opportunities Classic RH SGD MD - Distribution SGD 0.68
Emerging Bond Opportunities Classic RH ZAR MD - Distribution ZAR 8.55
Emerging Multi-Asset Income Classic MD - Distribution USD 0.49
Page 311
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Sub-fund Class Currency Dividend
Emerging Multi-Asset Income Classic HKD MD - Distribution HKD 0.49
Emerging Multi-Asset Income Classic RH AUD MD - Distribution AUD 0.48
Emerging Multi-Asset Income Classic RH CNH MD - Distribution CNH 0.68
Emerging Multi-Asset Income Classic RH SGD MD - Distribution SGD 0.50
Emerging Multi-Asset Income B MD - Distribution USD 0.63(2)
Emerging Multi-Asset Income B RH AUD MD - Distribution AUD 0.60(2)
Euro High Yield Bond Classic MD - Distribution EUR 0.38
Euro High Yield Bond Classic H USD MD - Distribution USD 0.47
Europe Dividend Classic RH USD MD - Distribution USD 0.24
Europe Growth Classic RH SGD MD - Distribution SGD 0.21
Europe Growth Classic RH USD MD - Distribution USD 0.21
Europe Multi-Asset Income Classic MD - Distribution EUR 0.31
Europe Multi-Asset Income Classic RH AUD MD - Distribution AUD 0.34
Europe Multi-Asset Income Classic RH CAD MD - Distribution CAD 0.36
Europe Multi-Asset Income Classic RH CNH MD - Distribution CNH 0.51
Europe Multi-Asset Income Classic RH HKD MD - Distribution HKD 0.38
Europe Multi-Asset Income Classic RH SGD MD - Distribution SGD 0.36
Europe Multi-Asset Income Classic RH USD MD - Distribution USD 0.36
Europe Multi-Asset Income I RH USD MD - Distribution USD 0.37
Europe Multi-Asset Income Privilege MD - Distribution EUR 0.34
Europe Multi-Asset Income Privilege RH USD MD - Distribution USD 0.40
Global Convertible Classic MD - Distribution USD 0.05
Global Environment Classic RH SGD MD - Distribution SGD 0.21
Global Environment Classic RH USD MD - Distribution USD 0.21
Global High Yield Bond BH AUD MD - Distribution AUD 0.73(1)
Global High Yield Bond BH USD MD - Distribution USD 0.75(1)
Global High Yield Bond Classic USD MD - Distribution USD 0.43
Global High Yield Bond Classic H AUD MD - Distribution AUD 0.53
Global High Yield Bond Classic H USD MD - Distribution USD 0.56
Global Low Vol Equity B USD MD - Distribution USD 0.17(1)
Global Low Vol Equity Classic USD MD - Distribution USD 0.18
Green Tigers Classic RH SGD MD - Distribution SGD 0.25(1)
Local Emerging Bond B MD - Distribution USD 0.90(1)
Local Emerging Bond Classic MD - Distribution USD 0.36
Multi-Asset Income Classic MD - Distribution EUR 0.23
Multi-Asset Income Classic RH AUD MD - Distribution AUD 0.26
Multi-Asset Income Classic RH CNH MD - Distribution CNH 0.47
Multi-Asset Income Classic RH HKD MD - Distribution HKD 0.32
Multi-Asset Income Classic RH SGD MD - Distribution SGD 0.29
Multi-Asset Income Classic RH USD MD - Distribution USD 0.29
Multi-Asset Thematic Classic MD - Distribution EUR 0.10(3)
Multi-Asset Thematic Classic RH AUD MD - Distribution AUD 0.14(3)
Multi-Asset Thematic Classic RH CAD MD - Distribution CAD 0.18(3)
Multi-Asset Thematic Classic RH HKD MD - Distribution HKD 0.16(3)
Multi-Asset Thematic Classic RH SGD MD - Distribution SGD 0.16(3)
Multi-Asset Thematic Classic RH USD MD - Distribution USD 0.16(3)
Multi-Asset Thematic Privilege RH USD MD - Distribution USD 0.16(3)
Page 312
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Sub-fund Class Currency Dividend
Russia Equity B USD MD - Distribution USD 0.50(1)
Russia Equity Classic USD MD - Distribution USD 0.48
Russia Equity Classic RH ZAR MD - Distribution ZAR 6.47
SmaRT Food Classic RH USD MD - Distribution USD 0.19
Sustainable Global Corporate Bond B MD - Distribution USD 0.38(4)
Sustainable Global Corporate Bond Classic MD - Distribution USD 0.38(1)
Sustainable Multi-Asset Balanced Classic RH AUD MD - Distribution AUD 0.31(4)
Sustainable Multi-Asset Balanced Classic RH CAD MD - Distribution CAD 0.35(4)
Sustainable Multi-Asset Balanced Classic RH USD MD - Distribution USD 0.34
Sustainable Multi-Asset Balanced Classic RH HKD MD - Distribution HKD 0.38(4)
Sustainable Multi-Asset Balanced Classic RH SGD MD - Distribution SGD 0.33(4)
Sustainable Multi-Asset Growth Classic RH USD MD - Distribution USD 0.38
Sustainable Multi-Asset Growth Classic RH SGD MD - Distribution SGD 0.38(4)
Target Risk Balanced Classic RH USD MD - Distribution USD 0.25
US High Yield Bond Classic MD - Distribution USD 0.25
US High Yield Bond Classic H AUD MD - Distribution AUD 0.28
US High Yield Bond B MD - Distribution USD 0.39(2)
US High Yield Bond BH AUD MD - Distribution AUD 0.37(2)
US Short Duration Bond Classic MD - Distribution USD 0.05
(1) Since May 2021
(2) Since September 2021
(3) Since October 2021
(4) Since March 2021
The following dividends were paid on 30 April 2021 for shares outstanding on 19 April 2021 with ex-date 20 April 2021:
Sub-Fund Class Currency Dividend
Aqua Classic - Distribution EUR 2.33
Aqua Classic USD - Distribution USD 2.41
Aqua Privilege - Distribution EUR 2.32
Asia ex-Japan Bond Classic - Distribution USD 3.76
Asia ex-Japan Bond Classic EUR - Distribution EUR 3.04
Asia ex-Japan Bond N RH EUR - Distribution EUR 2.60
Asia ex-Japan Bond Privilege - Distribution USD 3.23
Asia ex-Japan Equity Classic - Distribution USD 10.89
Asia ex-Japan Equity Classic EUR - Distribution EUR 8.92
Asia ex-Japan Equity N RH EUR - Distribution EUR 3.09
Asia ex-Japan Equity Privilege EUR - Distribution EUR 3.00
Asia ex-Japan Small Cap Classic - Distribution USD 12.57
Belgium Equity Classic - Distribution EUR 7.38
Brazil Equity Classic - Distribution USD 1.88
China A-Shares Classic - Distribution USD 2.02
China Equity Classic - Distribution USD 6.39
China Equity Classic EUR - Distribution EUR 2.91
China Equity Privilege - Distribution USD 3.01
Climate Impact Classic - Distribution EUR 3.43
Climate Impact Privilege - Distribution EUR 2.68
Climate Impact X - Distribution EUR 2.51
Consumer Innovators Classic - Distribution EUR 2.08
Page 313
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Sub-Fund Class Currency Dividend
Consumer Innovators Privilege - Distribution EUR 2.55
Disruptive Technology Classic - Distribution EUR 23.04
Disruptive Technology Classic USD - Distribution USD 8.75
Disruptive Technology Privilege - Distribution EUR 7.39
Disruptive Technology UP4 - Distribution EUR 2.49
Emerging Bond Classic - Distribution USD 3.05
Emerging Bond Classic EUR - Distribution EUR 10.08
Emerging Bond Classic H EUR - Distribution EUR 3.38
Emerging Bond Opportunities Classic - Distribution USD 5.47
Emerging Bond Opportunities Classic RH EUR - Distribution EUR 0.78
Emerging Bond Opportunities Privilege RH EUR - Distribution EUR 2.58
Emerging Equity Classic - Distribution USD 3.30
Emerging Equity Classic EUR - Distribution EUR 2.13
Emerging Multi-Asset Income Classic - Distribution USD 7.38
Emerging Multi-Asset Income Classic EUR - Distribution EUR 6.81
Emerging Multi-Asset Income Classic RH EUR - Distribution EUR 5.98
Emerging Multi-Asset Income Privilege EUR - Distribution EUR 6.17
Energy Transition Classic - Distribution EUR 12.50
Energy Transition Classic USD - Distribution USD 15.26
Energy Transition Privilege - Distribution EUR 3.20
Environmental Absolute Return Thematic
Classic - Distribution USD 8.11
Equity (EARTH)
Euro Corporate Bond Classic - Distribution EUR 0.54
Euro Corporate Bond Privilege - Distribution EUR 0.54
Euro Corporate Bond I - Distribution EUR 0.50
Euro Corporate Bond X - Distribution EUR 0.95
Euro Corporate Bond Opportunities Classic - Distribution EUR 0.50
Euro Defensive Equity Classic - Distribution EUR 2.50
Euro Equity Classic - Distribution EUR 6.43
Euro Equity Privilege - Distribution EUR 2.94
Euro Equity I - Distribution EUR 2.62
Euro High Yield Bond Classic - Distribution EUR 2.85
Euro High Yield Bond N - Distribution EUR 3.47
Euro High Yield Bond Privilege - Distribution EUR 2.95
Euro High Yield Bond I - Distribution EUR 2.91
Euro High Yield Short Duration Bond Classic - Distribution EUR 2.54
Euro High Yield Short Duration Bond Classic H USD - Distribution USD 2.62
Euro High Yield Short Duration Bond N - Distribution EUR 2.53
Euro Mid Cap Classic - Distribution EUR 8.75
Europe Convertible Classic - Distribution EUR 0.50
Europe Convertible N - Distribution EUR 0.72
Europe Convertible Privilege - Distribution EUR 0.59
Europe Convertible I - Distribution EUR 0.55
Europe Dividend Classic - Distribution EUR 1.04
Europe Dividend N - Distribution EUR 2.21
Europe Dividend Privilege - Distribution EUR 2.63
Europe Emerging Equity Classic - Distribution EUR 8.50
Page 314
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Sub-Fund Class Currency Dividend
Europe Equity Classic - Distribution EUR 3.63
Europe Equity Classic CHF - Distribution CHF 3.06
Europe Equity Privilege - Distribution EUR 2.86
Europe Growth Classic - Distribution EUR 3.99
Europe Growth Privilege - Distribution EUR 3.54
Europe Real Estate Securities Classic - Distribution EUR 5.10
Europe Real Estate Securities Privilege - Distribution EUR 5.08
Europe Real Estate Securities X - Distribution EUR 3.15
Europe Small Cap Classic - Distribution EUR 3.68
Europe Small Cap Privilege - Distribution EUR 3.48
Europe Small Cap Convertible Classic - Distribution EUR 0.70
Europe Small Cap Convertible N - Distribution EUR 0.82
Europe Small Cap Convertible Privilege - Distribution EUR 0.71
Europe Small Cap Convertible I - Distribution EUR 0.54
Europe Small Cap Convertible IH EUR - Distribution EUR 0.53
Frontiers Equity Classic - Distribution USD 3.23
Germany Multi-Factor Equity Classic - Distribution EUR 5.25
Global Convertible Classic - Distribution USD 0.69
Global Convertible Classic RH EUR - Distribution EUR 0.55
Global Convertible Classic RH PLN - Distribution PLN 3.00
Global Convertible N RH EUR - Distribution EUR 0.63
Global Convertible Privilege RH EUR - Distribution EUR 0.71
Global Environment Classic - Distribution EUR 3.40
Global Environment N - Distribution EUR 2.22
Global Environment Privilege - Distribution EUR 2.25
Global Environment Privilege GBP - Distribution GBP 2.28
Global Environment X - Distribution EUR 2.29
Global High Yield Bond Classic - Distribution EUR 0.87
Global High Yield Bond Classic H USD - Distribution USD 1.22
Global High Yield Bond N - Distribution EUR 2.64
Global High Yield Bond Privilege - Distribution EUR 2.78
Global Low Vol Equity Classic - Distribution EUR 1.52
Global Low Vol Equity Classic USD - Distribution USD 7.50
Global Real Estate Securities (liquidated
Classic - Distribution EUR 1.21
15 October 2021)
Green Bond Classic - Distribution EUR 0.51
Green Bond Privilege - Distribution EUR 0.51
Green Bond X - Distribution EUR 0.52
Green Tigers Classic - Distribution USD 2.66
Green Tigers Classic EUR - Distribution EUR 4.04
Green Tigers Privilege EUR - Distribution EUR 3.22
Health Care Innovators Classic - Distribution EUR 13.93
Health Care Innovators Privilege - Distribution EUR 3.27
Inclusive growth Classic - Distribution EUR 2.10
India Equity Classic - Distribution USD 1.15
India Equity Classic EUR - Distribution EUR 0.94
Japan Equity Classic - Distribution JPY 83.00
Page 315
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Sub-Fund Class Currency Dividend
Japan Equity NH EUR - Distribution EUR 2.23
Japan Equity Privilege - Distribution JPY 337.00
Japan Small Cap Classic - Distribution JPY 200.00
Japan Small Cap NH EUR - Distribution EUR 2.49
Latin America Equity Classic - Distribution USD 8.71
Local Emerging Bond Classic - Distribution USD 2.27
Local Emerging Bond Classic EUR - Distribution EUR 2.17
Local Emerging Bond Classic RH EUR - Distribution EUR 1.75
Local Emerging Bond Privilege - Distribution USD 2.15
Multi-Asset Income Classic - Distribution EUR 2.99
Multi-Asset Income Classic RH USD - Distribution USD 3.12
Multi-Asset Income Privilege - Distribution EUR 1.48
Multi-Asset Income X - Distribution EUR 3.31
Nordic Small Cap Classic - Distribution EUR 7.83
Nordic Small Cap Classic H NOK - Distribution NOK 27.54
RMB Bond Classic - Distribution USD 3.23
Russia Equity Classic - Distribution EUR 5.20
Russia Equity Classic USD - Distribution USD 4.79
Russia Equity Privilege - Distribution EUR 6.33
Russia Equity Privilege GBP - Distribution GBP 6.75
Russia Equity I - Distribution EUR 8.28
SmaRT Food Classic - Distribution EUR 1.98
SmaRT Food Privilege - Distribution EUR 2.12
SmaRT Food U - Distribution EUR 1.91
SmaRT Food U RH CHF - Distribution CHF 1.91
SmaRT Food U RH GBP - Distribution GBP 1.91
SmaRT Food U RH USD - Distribution USD 1.94
SmaRT Food UP - Distribution EUR 1.93
SMaRT Food UP RH CHF - Distribution CHF 1.93
SMaRT Food UP RH GBP - Distribution GBP 1.92
SMaRT Food UP RH USD - Distribution USD 1.94
Sustainable Europe Multi-Factor Equity
Classic - Distribution EUR 2.46
(formerly Europe Multi-Factor Equity)
Sustainable Europe Multi-Factor Equity
Privilege - Distribution EUR 2.45
(formerly Europe Multi-Factor Equity)
Sustainable Europe Value (formerly Europe
Classic - Distribution EUR 2.12
Value)
Sustainable Europe Value (formerly Europe
Privilege - Distribution EUR 2.17
Value)
Sustainable Global Corporate Bond Classic - Distribution USD 1.98
Sustainable Global Corporate Bond NH EUR - Distribution EUR 1.64
Sustainable Global Corporate Bond Privilege - Distribution USD 1.84
Sustainable Global Corporate Bond X - Distribution USD 1.77
Sustainable Global Equity (formerly Global
Classic - Distribution USD 2.38
Equity)
Sustainable Global Equity (formerly Global
Classic EUR - Distribution EUR 2.85
Equity)
Sustainable Multi-Asset Balanced Classic - Distribution EUR 1.10
Sustainable Multi-Asset Balanced Classic RH USD - Distribution USD 0.99
Page 316
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Sub-Fund Class Currency Dividend
Sustainable Multi-Asset Balanced Classic Solidarity BE - Distribution EUR 0.93
Sustainable Multi-Asset Balanced Privilege - Distribution EUR 1.05
Sustainable Multi-Asset Growth Classic - Distribution EUR 1.96
Sustainable Multi-Asset Growth Classic Solidarity BE- Distribution EUR 1.53
Sustainable Multi-Asset Growth Privilege - Distribution EUR 1.63
Sustainable Multi-Asset Stability Classic - Distribution EUR 1.15
Sustainable Multi-Asset Stability Classic Solidarity BE- Distribution EUR 0.51
Sustainable Multi-Asset Stability Privilege - Distribution EUR 0.50
Sustainable Multi-Asset Stability Privilege Solidarity BE- Distribution EUR 0.50
Sustainable US Multi-Factor Equity (formerly
Classic - Distribution USD 1.86
US Multi-Factor Equity)
Sustainable US Multi-Factor Equity (formerly
Classic EUR - Distribution EUR 1.52
US Multi-Factor Equity)
Sustainable US Multi-Factor Equity (formerly
Privilege - Distribution USD 1.74
US Multi-Factor Equity)
Sustainable US Value Multi-Factor Equity
Classic - Distribution USD 2.66
(formerly US Value Multi-Factor Equity)
Sustainable US Value Multi-Factor Equity
Classic H EUR - Distribution EUR 2.39
(formerly US Value Multi-Factor Equity)
Sustainable US Value Multi-Factor Equity
N - Distribution USD 2.48
(formerly US Value Multi-Factor Equity)
Sustainable US Value Multi-Factor Equity
Privilege H EUR- Distribution EUR 2.53
(formerly US Value Multi-Factor Equity)
Turkey Equity Classic - Distribution EUR 0.99
Turkey Equity Privilege - Distribution EUR 0.56
US Growth Classic - Distribution USD 0.53
US Growth Classic H EUR - Distribution EUR 1.88
US Growth Privilege - Distribution USD 1.22
US Growth Privilege H EUR - Distribution EUR 1.11
US High Yield Bond Classic - Distribution USD 4.43
US High Yield Bond NH EUR - Distribution EUR 3.89
US Mid Cap Classic - Distribution USD 3.42
US Mid Cap Privilege - Distribution USD 1.69
US Small Cap Classic - Distribution USD 3.33
US Small Cap Classic EUR - Distribution EUR 2.72
US Small Cap Privilege - Distribution USD 2.83
The following dividends were paid on 6 October 2021 for shares outstanding on 30 September 2021 with ex-date 10 October 2021:
Sub-Fund Class Currency Dividend
Green Bond XH AUD QD - Distribution AUD 200.00
It has been decided not to pay dividends for the share classes of the following sub-funds this year:
Sub-fund Class
Absolute Return Low Vol Bond Classic - Distribution
Absolute Return Low Vol Bond Privilege - Distribution
Enhanced Bond 6M Classic - Distribution
Enhanced Bond 6M Privilege - Distribution
Enhanced Bond 6M I - Distribution
Euro Bond Classic - Distribution
Page 317
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Sub-fund Class
Euro Bond Privilege - Distribution
Euro Bond Opportunities Classic - Distribution
Euro Covered Bond Classic - Distribution
Euro Government Bond Classic - Distribution
Euro Government Bond Privilege - Distribution
Euro High Quality Government Bond Classic - Distribution
Euro Inflation-linked Bond Classic - Distribution
Euro Inflation-linked Bond Privilege - Distribution
Euro Medium Term Bond Classic - Distribution
Euro Medium Term Bond Privilege - Distribution
Euro Money Market Classic - Distribution
Euro Money Market Privilege - Distribution
Euro Short Term Bond Opportunities Classic - Distribution
Euro Short Term Bond Opportunities Privilege - Distribution
Euro Short Term Corporate Bond Classic - Distribution
Euro Short Term Corporate Bond Opportunities Classic - Distribution
Euro Short Term Corporate Bond Opportunities Privilege - Distribution
Euro Short Term Corporate Bond Opportunities X - Distribution
Flexible Global Credit Classic - Distribution
Flexible Global Credit Classic RH USD - Distribution
Flexible Global Credit X - Distribution
Flexible Opportunities Classic - Distribution
Global Bond Opportunities Classic - Distribution
Global Bond Opportunities Privilege - Distribution
Global Inflation-Linked Bond Classic - Distribution
Global Inflation-Linked Bond Privilege - Distribution
Harmony Classic - Distribution
Premia Opportunities Classic - Distribution
Sustainable Enhanced Bond 12M Classic - Distribution
Sustainable Enhanced Bond 12M Privilege - Distribution
Sustainable Enhanced Bond 12M X - Distribution
Sustainable Euro Bond Classic - Distribution
Sustainable Euro Bond Privilege - Distribution
Sustainable Euro Bond Privilege H GBP - Distribution
Sustainable Euro Bond IH GBP - Distribution
Sustainable Euro Corporate Bond Classic - Distribution
Sustainable Euro Corporate Bond Privilege - Distribution
Sustainable Euro Corporate Bond X - Distribution
Page 318
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Note 9 - Share currencies
The net asset value per share is priced in the currency of the share class and not in the currency of the sub-fund in the section “Key
figures relating to the last 3 years”.
Note 10 - Exchange rates
The exchange rates used for consolidation and for the conversion of share classes denominated in a currency other than the reference
currency of the relevant sub-fund as at 31 December 2021 were the following:
EUR 1 = AUD 1.56415
EUR 1 = BRL 6.33420
EUR 1 = CAD 1.43650
EUR 1 = CHF 1.03615
EUR 1 = CNH 7.23150
EUR 1 = CZK 24.850
EUR 1 = GBP 0.83960
EUR 1 = HKD 8.86595
EUR 1 = HUF 368.5650
EUR 1 = JPY 130.95425
EUR 1 = NOK 10.02815
EUR 1 = PLN 4.58335
EUR 1 = SEK 10.2960
EUR 1 = SGD 1.53310
EUR 1 = USD 1.13720
EUR 1 = ZAR 18.14975
Note 11 - Futures contracts
As at 31 December 2021, the following positions were outstanding:
Absolute Return Multi-Strategy
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 3 S EURO-BTP FUTURE 08/03/2022 441 030 9 480
EUR 21 S EURO-BUND FUTURE 08/03/2022 3 598 770 67 090
EUR 24 P EURO STOXX 50 - FUTURE 18/03/2022 1 029 000 33 840
EUR 8 P FTSEMIB INDEX - FTSE / MIB INDEX 18/03/2022 1 089 920 23 920
EUR 15 P EURO STOXX 50 DVP (SX5ED) 18/12/2026 167 250 10 800
EUR 15 P EURO STOXX 50 DVP (SX5ED) 19/12/2025 170 250 11 290
EUR 15 P EURO STOXX 50 DVP (SX5ED) 20/12/2024 174 600 12 180
USD 10 S DOLLAR INDEX SPOT 14/03/2022 840 600 6 261
USD 3 P EURO E-MINI FUTURE 14/03/2022 188 011 1 888
USD 6 P MATERIALS SELECT SECT 18/03/2022 505 083 14 773
USD 3 P MSCI EMERGING MARKETS INDEX 18/03/2022 161 753 (589)
USD 2 P NASDAQ E-MINI FUTURE 18/03/2022 574 068 (387)
USD 1 S S&P 500 E-MINI FUTURE 18/03/2022 209 220 (2 412)
ULTRA LONG TERM US TREASURY
USD 1 S 22/03/2022 173 342 (3 758)
BOND FUTURE
USD 32 S US 10YR NOTE FUT (CBT) 22/03/2022 3 671 298 (31 684)
Page 319
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
JPY 8 P NIKKEI 225 (SGX) 10/03/2022 878 475 17 535
HKD 13 P HANG SENG INDEX 28/01/2022 1 719 291 37 537
Total: 207 764
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 1 403 688.
Asia ex-Japan Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in USD)
(in USD)
ULTRA LONG TERM US TREASURY
USD 4 S 22/03/2022 788 500 (17 094)
BOND FUTURE
USD 39 P US 10YR NOTE FUT (CBT) 22/03/2022 5 088 281 53 015
USD 4 S US 5YR NOTE FUTURE (CBT) 31/03/2022 483 906 (1 781)
Total: 34 140
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to USD 4 881.
Emerging Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in USD)
(in USD)
EUR 11 S EURO BUXL 30Y BONDS 08/03/2022 2 586 151 133 098
EUR 71 S EURO-BOBL FUTURE 08/03/2022 10 757 955 89 623
EUR 29 S EURO-BUND FUTURE 08/03/2022 5 651 576 91 681
ULTRA 10 YEAR US TREASURY
USD 72 S 22/03/2022 10 543 500 (171 562)
NOTE FUTURES
ULTRA LONG TERM US TREASURY
USD 158 S 22/03/2022 31 145 750 (389 198)
BOND FUTURE
USD 127 P US 10YR NOTE FUT (CBT) 22/03/2022 16 569 531 66 390
USD 548 P US 5YR NOTE FUTURE (CBT) 31/03/2022 66 295 157 244 032
Total: 64 064
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to USD 782 173.
Emerging Bond Opportunities
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in USD)
(in USD)
EUR 5 S EURO BUXL 30Y BONDS 08/03/2022 1 175 523 60 499
EUR 41 S EURO-BOBL FUTURE 08/03/2022 6 212 340 51 754
EUR 10 S EURO-BUND FUTURE 08/03/2022 1 948 819 31 614
ULTRA 10 YEAR US TREASURY
USD 36 S 22/03/2022 5 271 750 (85 781)
NOTE FUTURES
Page 320
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in USD)
(in USD)
ULTRA LONG TERM US TREASURY
USD 116 S 22/03/2022 22 866 500 (306 383)
BOND FUTURE
USD 172 P US 10YR NOTE FUT (CBT) 22/03/2022 22 440 625 233 812
USD 241 P US 5YR NOTE FUTURE (CBT) 31/03/2022 29 155 352 107 320
Total: 92 835
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to USD 437 702.
Emerging Multi-Asset Income
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in USD)
(in USD)
USD 97 P MSCI EMERGING MARKETS INDEX 18/03/2022 5 947 555 (21 770)
USD 2 P US 10YR NOTE FUT (CBT) 22/03/2022 260 938 2 719
Total: (19 051)
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to USD 342 479.
Enhanced Bond 6M
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 430 S EURO-BOBL FUTURE 08/03/2022 57 293 200 391 300
EUR 1 139 S EURO-SCHATZ FUTURE 08/03/2022 127 602 170 142 375
EUR 284 S SHORT TERM EURO BTP FUTURES 08/03/2022 32 066 440 139 160
Total: 672 835
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 237 034.
Environmental Absolute Return Thematic Equity (EARTH)
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in USD)
(in USD)
EUR 345 S CAC40 EURO FUTURE 21/01/2022 28 024 411 (847 441)
EUR 169 S IBEX35 EURO 21/01/2022 16 690 267 (622 493)
USD 137 S NASDAQ E-MINI FUTURE 18/03/2022 44 718 855 197 895
RUSSELL 2000 E MINI INDEX
USD 938 S 18/03/2022 105 187 320 (1 561 770)
FUTURES
GBP 248 S FTSE 250 INDEX 18/03/2022 15 739 143 (399 093)
KRW 84 S KOSPI 200 INDEX 10/03/2022 6 964 669 35 405
Total: (3 197 497)
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to USD 17 846 184.
Page 321
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Euro Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 35 P EURO BUXL 30Y BONDS 08/03/2022 7 235 900 (396 900)
EURO OAT FUTURE FRENCH GOVT
EUR 115 S 08/03/2022 18 762 250 364 550
BD 10YR 6%
EUR 106 P EURO-BOBL FUTURE 08/03/2022 14 123 440 (96 460)
EUR 61 S EURO-BUND FUTURE 08/03/2022 10 453 570 184 718
EUR 88 P EURO-SCHATZ FUTURE 08/03/2022 9 858 640 (11 000)
Total: 44 908
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 197 909.
Euro Bond Opportunities
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 106 P EURO-BOBL FUTURE 08/03/2022 14 123 440 (116 600)
EUR 11 P EURO BUXL 30Y BONDS 08/03/2022 2 274 140 (123 260)
EURO OAT FUTURE FRENCH GOVT
EUR 59 P 08/03/2022 9 625 850 (184 670)
BD 10YR 6%
EUR 51 P EURO-BTP FUTURE 08/03/2022 7 497 510 (129 030)
EUR 54 S EURO-BUND FUTURE 08/03/2022 9 253 980 134 860
EUR 32 P EURO-SCHATZ FUTURE 08/03/2022 3 584 960 (6 080)
ULTRA 10 YEAR US TREASURY
USD 69 S 22/03/2022 8 885 146 (144 578)
NOTE FUTURES
ULTRA LONG TERM US TREASURY
USD 19 S 22/03/2022 3 293 506 (71 399)
BOND FUTURE
USD 75 S US 10YR NOTE FUT (CBT) 22/03/2022 8 604 605 (90 168)
USD 257 S US 2YR NOTE FUTURE (CBT) 31/03/2022 49 305 463 40 011
USD 273 S US 5YR NOTE FUTURE (CBT) 31/03/2022 29 042 035 (91 267)
Total: (782 181)
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 1 780 725.
Page 322
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Euro Corporate Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 169 P EURO BUXL 30Y BONDS 08/03/2022 34 939 060 (1 605 500)
EUR 2 112 S EURO-BOBL FUTURE 08/03/2022 281 402 880 1 689 600
EUR 200 P EURO-BUND FUTURE 08/03/2022 34 274 000 (604 000)
EUR 2 190 P EURO-SCHATZ FUTURE 08/03/2022 245 345 700 (243 755)
Total: (763 655)
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 1 465 848.
Euro Corporate Bond Opportunities
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 10 P EURO BUXL 30Y BONDS 08/03/2022 2 067 400 (95 000)
EUR 90 P EURO-BUND FUTURE 08/03/2022 15 423 300 (227 750)
EUR 303 S EURO-BOBL FUTURE 08/03/2022 40 371 720 242 400
EUR 237 P EURO-SCHATZ FUTURE 08/03/2022 26 551 110 (26 380)
Total: (106 730)
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 358 324.
Euro Covered Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 14 P EURO-BOBL FUTURE 08/03/2022 1 865 360 (11 200)
EUR 36 S EURO-BUND FUTURE 08/03/2022 6 169 320 102 981
EUR 7 P EURO-SCHATZ FUTURE 08/03/2022 784 210 (875)
Total: 90 906
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR (13 708).
Euro Defensive Equity
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 150 P EURO STOXX 50 - FUTURE 18/03/2022 6 431 250 121 125
Total: 121 125
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 4 129 707.
Page 323
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Euro Government Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 95 P EURO BUXL 30Y BONDS 08/03/2022 19 640 300 (1 073 500)
EURO OAT FUTURE FRENCH GOVT
EUR 73 P 08/03/2022 11 909 950 (228 490)
BD 10YR 6%
EUR 480 P EURO-BOBL FUTURE 08/03/2022 63 955 200 (435 310)
EUR 392 S EURO-BUND FUTURE 08/03/2022 67 177 040 1 205 410
EUR 654 P EURO-SCHATZ FUTURE 08/03/2022 73 267 620 (124 260)
GBP 333 S LONG GILT FUTURE (LIFFE) 29/03/2022 49 537 518 180 110
Total: (476 040)
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 1 772 976.
Euro High Quality Government Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 44 P EURO BUXL 30Y BONDS 08/03/2022 9 096 560 (494 600)
EUR 215 P EURO-BOBL FUTURE 08/03/2022 28 646 600 (212 010)
EUR 192 S EURO-BUND FUTURE 08/03/2022 32 903 040 612 240
EUR 119 P EURO-SCHATZ FUTURE 08/03/2022 13 331 570 (22 610)
Total: (116 980)
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 212 734.
Euro High Yield Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 90 S EURO-BUND FUTURE 08/03/2022 15 423 300 217 800
Total: 217 800
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 10 271.
Euro High Yield Short Duration Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 20 S EURO-BUND FUTURE 08/03/2022 3 427 400 60 400
USD 10 S US 2YR NOTE FUTURE (CBT) 31/03/2022 1 918 500 756
Total: 61 156
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR (5 347).
Page 324
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Euro Inflation-Linked Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 10 P EURO BUXL 30Y BONDS 08/03/2022 2 067 400 (101 100)
EUR 19 P EURO-BUND FUTURE 08/03/2022 3 256 030 (53 010)
GBP 25 S LONG GILT FUTURE (LIFFE) 29/03/2022 3 719 033 62 982
Total: (91 128)
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 270 242.
Euro Medium Term Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EURO OAT FUTURE FRENCH GOVT
EUR 14 S 08/03/2022 2 284 100 44 380
BD 10YR 6%
EUR 203 P EURO-BOBL FUTURE 08/03/2022 27 047 720 (184 731)
EUR 24 S EURO-BUND FUTURE 08/03/2022 4 112 880 73 943
EUR 127 S EURO-SCHATZ FUTURE 08/03/2022 14 227 810 15 875
USD 20 S US 10YR NOTE FUT (CBT) 22/03/2022 2 294 561 (22 808)
USD 47 S US 2YR NOTE FUTURE (CBT) 31/03/2022 9 016 952 10 333
USD 44 S US 5YR NOTE FUTURE (CBT) 31/03/2022 4 680 767 (20 252)
Total: (83 260)
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 298 384.
Euro Short Term Bond Opportunities
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 136 S EURO-BOBL FUTURE 08/03/2022 18 120 640 123 760
EUR 14 S EURO-BUND FUTURE 08/03/2022 2 399 180 43 248
EUR 84 S EURO-SCHATZ FUTURE 08/03/2022 9 410 520 8 700
EUR 72 S SHORT TERM EURO BTP FUTURES 08/03/2022 8 129 520 35 280
Total: 210 988
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 21 804.
Page 325
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Euro Short Term Corporate Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 35 S EURO-BOBL FUTURE 08/03/2022 4 663 400 30 420
EUR 6 P EURO-SCHATZ FUTURE 08/03/2022 672 180 (480)
Total: 29 940
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 7 132.
Euro Short Term Corporate Bond Opportunities
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 900 S EURO-BOBL FUTURE 08/03/2022 119 916 000 719 500
EUR 164 S EURO-BUND FUTURE 08/03/2022 28 104 680 402 320
EUR 390 P EURO-SCHATZ FUTURE 08/03/2022 43 691 700 (43 025)
Total: 1 078 795
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 516 385.
Europe Multi-Asset Income
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 110 P STOXX BANKS DVP 15/12/2023 275 000 149 600
EUR 426 P EURO STOXX REAL ESTATE 18/03/2022 4 722 210 49 630
EUR 25 P MSCI EUROPE NR 18/03/2022 739 250 19 676
MSCI EUROPE SMALL CAP
EUR 12 P 18/03/2022 722 760 24 672
NET TR E
EUR 895 P STOXX 600 REAL ESTATE (SX86P) 18/03/2022 8 730 725 161 100
EUR 138 P STXE6ESGX EURP 18/03/2022 2 512 980 62 100
Total: 466 778
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 901 926.
Flexible Global Credit
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 25 S MSCI WORLD NET EUR 18/03/2022 1 107 500 (22 113)
USD 13 S MSCI WORLD NR 18/03/2022 1 122 239 (29 078)
USD 39 S US 5YR NOTE FUTURE (CBT) 31/03/2022 4 148 862 (1 072)
Total: (52 263)
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 196 257.
Page 326
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Flexible Opportunities
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 14 S EURO STOXX 50 - FUTURE 18/03/2022 600 250 (15 190)
EUR 31 P EURO STOXX 50 DVP (SX5ED) 18/12/2026 345 650 26 040
EUR 30 P EURO STOXX 50 DVP (SX5ED) 19/12/2025 340 500 27 000
EUR 29 P EURO STOXX 50 DVP (SX5ED) 20/12/2024 337 560 27 550
USD 19 P EURO E-MINI FUTURE 14/03/2022 1 190 737 11 956
USD 14 P MSCI WORLD NR 18/03/2022 1 208 565 29 855
JPY 3 P TOPIX INDX FUTR 10/03/2022 456 343 9 658
Total: 116 869
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 27 185.
Germany Multi-Factor Equity
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 14 P DAX INDEX - FUTURE 18/03/2022 5 549 600 86 625
Total: 86 625
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 330 258.
Global Absolute Return Multi-Factor Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 8 P EURO-BUND FUTURE 08/03/2022 1 370 960 (23 050)
USD 11 S US 10YR NOTE FUT (CBT) 22/03/2022 1 262 009 756
GBP 6 P LONG GILT FUTURE (LIFFE) 29/03/2022 892 568 (16 877)
AUD 5 P AUST 10 YR BONDS FUTURE 15/03/2022 440 532 (2 500)
CAD 16 S CAN 10YR BOND FUTURE 22/03/2022 1 588 528 (20 780)
Total: (62 451)
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 147 118.
Global Bond Opportunities
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 1 P EURO BUXL 30Y BONDS 08/03/2022 206 740 (11 300)
EURO OAT FUTURE FRENCH GOVT
EUR 38 S 08/03/2022 6 199 700 119 320
BD 10YR 6%
EUR 22 S EURO-BOBL FUTURE 08/03/2022 2 931 280 24 420
EUR 66 S EURO-BUND FUTURE 08/03/2022 11 310 420 169 310
Page 327
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
ULTRA 10 YEAR US TREASURY
USD 117 S 22/03/2022 15 066 116 (238 373)
NOTE FUTURES
ULTRA LONG TERM US TREASURY
USD 30 P 22/03/2022 5 200 273 94 475
BOND FUTURE
USD 259 S US 10YR NOTE FUT (CBT) 22/03/2022 29 714 568 (303 095)
USD 30 P US LONG BOND FUT (CBT) 22/03/2022 4 232 435 56 471
USD 393 S US 2YR NOTE FUTURE (CBT) 31/03/2022 75 397 069 59 330
USD 307 S US 5YR NOTE FUTURE (CBT) 31/03/2022 32 658 991 (86 074)
GBP 15 P LONG GILT FUTURE (LIFFE) 29/03/2022 2 231 420 4 645
JPY 3 P JPN 10Y BOND (TSE) 14/03/2022 3 472 740 (9 622)
AUD 38 P AUST 10 YR BONDS FUTURE 15/03/2022 3 342 424 1 352
AUD 64 P AUST 3 YR BONDS 15/03/2022 4 617 477 9 108
CAD 39 P CAN 10YR BOND FUTURE 22/03/2022 3 872 036 115 656
Total: 5 623
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 1 403 698.
Global Enhanced Bond 36M
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 32 S EURO-BOBL FUTURE 08/03/2022 4 263 680 35 520
EUR 2 S EURO-BUND FUTURE 08/03/2022 342 740 5 710
EUR 15 P EURO-SCHATZ FUTURE 08/03/2022 1 680 450 (1 690)
ULTRA 10 YEAR US TREASURY
USD 11 P 22/03/2022 1 416 472 23 578
NOTE FUTURES
USD 4 P US 10YR NOTE FUT (CBT) 22/03/2022 458 912 989
USD 22 S US 2YR NOTE FUTURE (CBT) 31/03/2022 4 220 701 4 837
USD 35 S US 5YR NOTE FUTURE (CBT) 31/03/2022 3 723 338 (12 222)
Total: 56 722
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 2 694.
Global Inflation-Linked Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 7 P EURO BUXL 30Y BONDS 08/03/2022 1 447 180 (71 720)
EUR 45 P EURO-BUND FUTURE 08/03/2022 7 711 650 (130 050)
ULTRA 10 YEAR US TREASURY
USD 7 P 22/03/2022 901 392 (3 719)
NOTE FUTURES
ULTRA LONG TERM US TREASURY
USD 4 P 22/03/2022 693 370 (9 783)
BOND FUTURE
Page 328
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
USD 5 P US 10YR NOTE FUT (CBT) 22/03/2022 573 640 1 752
USD 8 P US LONG BOND FUT (CBT) 22/03/2022 1 128 649 1 375
USD 27 S US 2YR NOTE FUTURE (CBT) 31/03/2022 5 179 951 10 016
USD 588 S US 5YR NOTE FUTURE (CBT) 31/03/2022 62 552 074 39 660
GBP 102 S LONG GILT FUTURE (LIFFE) 29/03/2022 15 173 654 257 646
Total: 95 177
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 1 093 767.
Green Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 27 P EURO BUXL 30Y BONDS 08/03/2022 5 581 980 (306 180)
EUR 311 S EURO-BUND FUTURE 08/03/2022 53 296 070 958 484
ULTRA 10 YEAR US TREASURY
USD 393 S 22/03/2022 50 606 698 (815 364)
NOTE FUTURES
ULTRA LONG TERM US TREASURY
USD 172 P 22/03/2022 29 814 896 558 389
BOND FUTURE
Total: 395 329
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 822 567.
Harmony
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 73 S EURO-BOBL FUTURE 08/03/2022 9 726 520 81 030
USD 49 P DOLLAR INDEX SPOT 14/03/2022 4 118 939 (30 894)
USD 582 P EURO FX CURR FUT (CME) 14/03/2022 72 945 117 755 804
USD 27 S US 10YR NOTE FUT (CBT) 22/03/2022 3 097 658 (32 461)
JPY 30 P EUR-JPY 14/03/2022 3 753 887 90 203
Total: 863 682
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 653 566.
Multi-Asset Income
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 14 S EURO-BUND FUTURE 08/03/2022 2 399 180 38 920
EUR 270 P STOXX BANKS DVP 15/12/2023 675 000 361 801
EUR 219 P EURO STOXX REAL ESTATE 18/03/2022 2 427 615 25 515
EUR 48 P MSCI EUROPE NR 18/03/2022 1 419 360 37 682
Page 329
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 1 311 P STOXX 600 REAL ESTATE (SX86P) 18/03/2022 12 788 805 235 980
EUR 593 P STXE6ESGX EURP 18/03/2022 10 798 530 266 850
USD 40 P FINANCIAL SELECT SECT 18/03/2022 4 225 290 14 070
USD 134 P MSCI EMERGING MARKETS INDEX 18/03/2022 7 224 947 (26 398)
USD 8 P NASDAQ E-MINI FUTURE 18/03/2022 2 296 272 (1 548)
USD 55 P REALESTATE SELECT SECTOR 18/03/2022 3 066 303 180 762
RUSSELL 2000 E MINI INDEX
USD 58 P 18/03/2022 5 719 416 85 174
FUTURES
USD 40 P S&P 500 E-MINI FUTURE 18/03/2022 8 368 801 99 659
ULTRA 10 YEAR US TREASURY
USD 2 P 22/03/2022 257 540 4 369
NOTE FUTURES
ULTRA LONG TERM US TREASURY
USD 2 S 22/03/2022 346 685 (7 516)
BOND FUTURE
USD 128 S US 10YR NOTE FUT (CBT) 22/03/2022 14 685 192 (110 757)
USD 12 S US LONG BOND FUT (CBT) 22/03/2022 1 692 974 (21 187)
USD 1 P US 2YR NOTE FUTURE (CBT) 31/03/2022 191 850 (502)
USD 7 P US 5YR NOTE FUTURE (CBT) 31/03/2022 744 668 4 184
JPY 29 P TOPIX INDX FUTR 10/03/2022 4 411 312 4 429
Total: 1 191 487
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 3 000 234.
Multi-Asset Thematic
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
USD 46 S MSCI WORLD GROWTH INDEX 18/03/2022 3 961 695 (72 810)
USD 37 P MSCI WORLD VALUE INDEX 18/03/2022 3 854 546 107 605
ULTRA 10 YEAR US TREASURY
USD 34 S 22/03/2022 4 378 188 (71 475)
NOTE FUTURES
Total: (36 680)
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 251 093.
Premia Opportunities
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EURO OAT FUTURE FRENCH GOVT
EUR 3 P 08/03/2022 489 450 (9 390)
BD 10YR 6%
EUR 4 P EURO-BTP FUTURE 08/03/2022 588 040 (10 120)
EUR 3 P EURO-BUND FUTURE 08/03/2022 514 110 (9 150)
EUR 248 S STOXX 600(SXXP) 18/03/2022 6 032 600 (183 521)
Page 330
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 61 P STXE6ESGX EURP 18/03/2022 1 110 810 29 340
USD 18 P EURO FX CURR FUT (CME) 14/03/2022 2 256 035 23 743
USD 10 P MSCI EMERGING MARKETS INDEX 18/03/2022 539 175 (1 970)
USD 11 S S&P 500 E-MINI FUTURE 18/03/2022 2 301 420 (26 600)
USD 5 P SP500ESGUSDP 18/03/2022 910 306 11 168
USD 14 P US 10YR NOTE FUT (CBT) 22/03/2022 1 606 193 16 735
JPY 4 P TOPIX INDX FUTR 10/03/2022 608 457 12 878
Total: (146 887)
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 639 394.
Seasons
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 1 150 P EURO STOXX 50 - FUTURE 18/03/2022 49 306 250 1 531 765
Total: 1 531 765
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR (1 531 765).
Social Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 12 S EURO BUXL 30Y BONDS 08/03/2022 2 480 880 136 559
EUR 63 S EURO-BUND FUTURE 08/03/2022 10 796 310 181 110
Total: 317 669
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR (86 876).
Sustainable Enhanced Bond 12M
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 1 696 S EURO-BOBL FUTURE 08/03/2022 225 975 040 1 547 200
EUR 800 S EURO-BUND FUTURE 08/03/2022 137 096 000 2 325 835
Total: 3 873 035
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 112 630.
Page 331
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Sustainable Euro Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 40 P EURO BUXL 30Y BONDS 08/03/2022 8 269 600 (453 600)
EUR 315 S EURO-BUND FUTURE 08/03/2022 53 981 550 970 574
Total: 516 974
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 95 934.
Sustainable Euro Corporate Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 50 P EURO BUXL 30Y BONDS 08/03/2022 10 337 000 (379 400)
EUR 20 P EURO-BUND FUTURE 08/03/2022 3 427 400 (39 400)
EUR 500 P EURO-SCHATZ FUTURE 08/03/2022 56 015 000 (57 000)
Total: (475 800)
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 933 629.
Sustainable Euro Multi-Factor Corporate Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 19 P EURO BUXL 30Y BONDS 08/03/2022 3 928 060 (195 740)
EUR 2 P EURO-BOBL FUTURE 08/03/2022 266 480 (1 980)
EUR 44 S EURO-BUND FUTURE 08/03/2022 7 540 280 127 600
EUR 49 P EURO-SCHATZ FUTURE 08/03/2022 5 489 470 (8 085)
Total: (78 205)
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 127 741.
Sustainable Euro Multi-Factor Equity
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 190 P EURO STOXX 50 - FUTURE 18/03/2022 8 146 250 162 450
Total: 162 450
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 455 137.
Page 332
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Sustainable Europe Multi-Factor Equity
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 1 046 P MSCI EUROPE NR 18/03/2022 30 930 220 820 546
Total: 820 546
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 1 348 438.
Sustainable Global Corporate Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in USD)
(in USD)
EUR 7 P EURO BUXL 30Y BONDS 08/03/2022 1 645 733 (62 228)
EUR 1 P EURO-BUND FUTURE 08/03/2022 194 882 (2 240)
EUR 30 P EURO-SCHATZ FUTURE 08/03/2022 3 822 015 (3 412)
ULTRA 10 YEAR US TREASURY
USD 361 S 22/03/2022 52 863 938 (59 498)
NOTE FUTURES
ULTRA LONG TERM US TREASURY
USD 38 S 22/03/2022 7 490 750 100 188
BOND FUTURE
USD 10 S US 10YR NOTE FUT (CBT) 22/03/2022 1 304 688 (4 844)
USD 193 P US LONG BOND FUT (CBT) 22/03/2022 30 964 438 (172 062)
USD 75 P US 2YR NOTE FUTURE (CBT) 31/03/2022 16 362 891 (44 532)
USD 70 P US 5YR NOTE FUTURE (CBT) 31/03/2022 8 468 359 (16 492)
Total: (265 120)
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to USD 1 012 826.
Sustainable Global Multi-Factor Corporate Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in USD)
(in USD)
EUR 9 S EURO-BOBL FUTURE 08/03/2022 1 363 684 9 723
EUR 7 S EURO-BUND FUTURE 08/03/2022 1 364 173 23 085
EUR 1 P EURO-SCHATZ FUTURE 08/03/2022 127 400 (188)
ULTRA 10 YEAR US TREASURY
USD 27 S 22/03/2022 3 953 813 (69 609)
NOTE FUTURES
ULTRA LONG TERM US TREASURY
USD 2 P 22/03/2022 394 250 8 703
BOND FUTURE
USD 30 S US 10YR NOTE FUT (CBT) 22/03/2022 3 914 063 (39 141)
USD 7 P US LONG BOND FUT (CBT) 22/03/2022 1 123 063 11 781
USD 15 P US 2YR NOTE FUTURE (CBT) 31/03/2022 3 272 578 (2 617)
USD 10 P US 5YR NOTE FUTURE (CBT) 31/03/2022 1 209 766 6 797
GBP 18 P LONG GILT FUTURE (LIFFE) 29/03/2022 3 045 083 1 950
JPY 2 P 10 YR MINI JGB FUT (SGX) 11/03/2022 263 315 (764)
AUD 1 P AUST 10 YR BONDS FUTURE 15/03/2022 99 041 (422)
Page 333
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in USD)
(in USD)
CAD 14 P CAN 10YR BOND FUTURE 22/03/2022 1 580 665 38 609
Total: (12 093)
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to USD 225 039.
Sustainable Global Multi-Factor Equity
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in USD)
(in USD)
USD 6 P S&P 500 E-MINI FUTURE 18/03/2022 1 427 550 16 530
Total: 16 530
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to USD 55 245.
Sustainable Japan Multi-Factor Equity
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in JPY)
(in JPY)
JPY 7 P TOPIX INDX FUTR 10/03/2022 139 440 000 2 951 200
Total: 2 951 200
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to JPY 2 508 800.
Sustainable Multi-Asset Balanced
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
USD 499 S US 10YR NOTE FUT (CBT) 22/03/2022 57 249 302 (599 919)
Total: (599 919)
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 1 296 509.
Sustainable Multi-Asset Growth
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
USD 126 S US 10YR NOTE FUT (CBT) 22/03/2022 14 455 736 29 431
Total: 29 431
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 153 386.
Page 334
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Sustainable Multi-Asset Stability
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EUR 45 P EURO BUXL 30Y BONDS 08/03/2022 9 303 300 (510 300)
EURO OAT FUTURE FRENCH GOVT
EUR 78 S 08/03/2022 12 725 700 247 250
BD 10YR 6%
EUR 107 P EURO-BOBL FUTURE 08/03/2022 14 256 680 (97 370)
EUR 71 S EURO-BUND FUTURE 08/03/2022 12 167 270 215 840
USD 854 S US 10YR NOTE FUT (CBT) 22/03/2022 97 977 763 (1 026 715)
Total: (1 171 295)
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 2 604 700.
Sustainable US Multi-Factor Corporate Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in USD)
(in USD)
ULTRA 10 YEAR US TREASURY
USD 108 S 22/03/2022 15 815 250 (275 468)
NOTE FUTURES
USD 189 S US 10YR NOTE FUT (CBT) 22/03/2022 24 658 594 (292 781)
USD 76 P US LONG BOND FUT (CBT) 22/03/2022 12 193 250 162 625
USD 70 P US 2YR NOTE FUTURE (CBT) 31/03/2022 15 272 031 (10 172)
USD 92 P US 5YR NOTE FUTURE (CBT) 31/03/2022 11 129 844 61 046
Total: (354 750)
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to USD 714 775.
Sustainable US Multi-Factor Equity
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in USD)
(in USD)
USD 434 P S&P 500 E-MINI FUTURE 18/03/2022 103 259 450 1 424 343
Total: 1 424 343
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to USD 3 767 383.
Sustainable US Value Multi-Factor Equity
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in USD)
(in USD)
USD 54 P S&P 500 E-MINI FUTURE 18/03/2022 12 847 950 148 770
Total: 148 770
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to USD 497 205.
Page 335
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Target Risk Balanced
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in EUR)
(in EUR)
EURO OAT FUTURE FRENCH GOVT
EUR 361 P 08/03/2022 58 897 150 (1 129 930)
BD 10YR 6%
EUR 617 S EURO-BOBL FUTURE 08/03/2022 82 209 080 684 870
EUR 430 P EURO-BTP FUTURE 08/03/2022 63 214 300 (1 087 900)
EUR 331 P EURO-BUND FUTURE 08/03/2022 56 723 470 (1 049 270)
EUR 236 P STXE6ESGX EURP 18/03/2022 4 297 560 106 200
USD 1 216 P DOLLAR INDEX SPOT 14/03/2022 102 216 926 (766 683)
USD 4 303 P EURO FX CURR FUT (CME) 14/03/2022 539 317 595 5 634 705
USD 765 P MSCI EMERGING MARKETS INDEX 18/03/2022 41 246 900 (150 686)
USD 230 P SP500ESGUSDP 18/03/2022 41 874 077 513 718
USD 1 505 P US 10YR NOTE FUT (CBT) 22/03/2022 172 665 731 1 132 945
JPY 7 P NIKKEI 225 (SGX) 10/03/2022 768 665 22 464
JPY 347 P EUR-JPY 14/03/2022 43 419 963 1 043 351
Total: 4 953 784
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to EUR 17 773 048.
US High Yield Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in USD)
(in USD)
ULTRA 10 YEAR US TREASURY
USD 13 S 22/03/2022 1 903 688 (12 391)
NOTE FUTURES
Total: (12 391)
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to USD 43 972.
US Short Duration Bond
Net unrealised
Purchase/ Nominal
Currency Quantity Description Maturity gain/(loss)
Sale (in USD)
(in USD)
USD 64 S US 10YR NOTE FUT (CBT) 22/03/2022 8 350 000 (25 500)
Total: (25 500)
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to USD 127 100.
Brokers for Futures contracts:
BNP Paribas Paris
BNP Paribas Securities Services Luxembourg
Goldman Sachs London Derivatives
Société Générale
Page 336
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Note 12 - Forward foreign exchange contracts
As at 31 December 2021, the total amount purchased per currency and the total amount sold per currency in the context of forward
foreign exchange contracts were as follows:
Absolute Return Global Opportunities
Currency Purchase amount Currency Sale amount
EUR 3 500 000 USD 3 953 544
Net unrealised gain (in EUR) 27 244
As at 31 December 2021, the latest maturity of all outstanding contracts is 2 March 2022.
Absolute Return Multi-Strategy
Currency Purchase amount Currency Sale amount
AUD 7 974 418 AUD 1 575 726
CAD 1 161 506 CAD 280 000
CLP 156 662 020 CLP 161 140 970
EUR 6 287 079 EUR 5 398 683
GBP 970 000 GBP 250 000
NOK 2 856 671 JPY 296 680 000
NZD 390 000 NOK 5 300 000
RUB 14 487 082 NZD 460 000
SEK 3 490 000 USD 8 540 476
USD 3 686 211
Net unrealised gain (in EUR) 134 449
As at 31 December 2021, the latest maturity of all outstanding contracts is 2 March 2022.
Aqua
Currency Purchase amount Currency Sale amount
CNH 109 490 AUD 15 800
CZK 1 645 272 200 CAD 19 000
EUR 2 757 881 CHF 48 200
SGD 9 347 940 CNH 3 040
USD 77 421 240 DKK 103 500
EUR 139 415 953
GBP 89 900
JPY 5 075 300
KRW 11 681 300
SEK 130 700
SGD 228 600
USD 2 660 110
Net unrealised gain (in EUR) 768 774
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Asia ex-Japan Bond
Currency Purchase amount Currency Sale amount
AUD 600 760 CNH 49 537 938
CNH 5 139 633 HKD 712 000
EUR 358 000 IDR 10 093 710 000
HKD 5 473 664 INR 22 010 000
IDR 10 128 387 410 KRW 450 865 000
KRW 263 000 000 SGD 389 000
PHP 8 055 783 THB 8 834 591
SGD 2 229 000 USD 7 429 624
THB 78 344 539
USD 9 666 426
Net unrealised loss (in USD) (126 918)
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Page 337
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Asia ex-Japan Equity
Currency Purchase amount Currency Sale amount
AUD 51 230 AUD 1 040
EUR 1 534 640 EUR 44 450
SGD 52 260 SGD 1 010
USD 51 588 USD 1 814 802
Net unrealised gain (in USD) 6 837
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
China Equity
Currency Purchase amount Currency Sale amount
CNY 167 300 CNY 3 805 200
EUR 3 238 446 EUR 219 752
HKD 786 700 HKD 10 490 200
SGD 23 000 TWD 1 555 800
USD 121 361 USD 1 685 719
Net unrealised gain (in USD) 16 836
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Climate Impact
Currency Purchase amount Currency Sale amount
AUD 2 248 070 AUD 1 189 510
CHF 209 940 CHF 6 010
CNH 384 900 CNH 10 700
EUR 23 392 724 DKK 12 302 800
GBP 17 961 510 EUR 302 845
SGD 1 344 030 GBP 1 037 120
USD 451 772 HKD 7 236 100
JPY 155 021 100
KRW 390 149 400
NOK 8 747 700
SEK 6 184 000
SGD 37 390
TWD 22 972 500
USD 44 076 787
Net unrealised gain (in EUR) 528 232
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Consumer Innovators
Currency Purchase amount Currency Sale amount
EUR 36 793 504 AUD 890 300
SGD 10 000 CAD 863 300
USD 624 300 EUR 559 101
GBP 659 300
HKD 9 566 700
JPY 398 367 700
USD 34 628 600
Net unrealised gain (in EUR) 281 285
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Page 338
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Disruptive Technology
Currency Purchase amount Currency Sale amount
EUR 367 797 116 DKK 43 026 200
USD 757 870 EUR 668 983
HKD 43 850 400
JPY 562 887 000
USD 398 165 270
Net unrealised gain (in EUR) 2 830 232
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Ecosystem Restoration
Currency Purchase amount Currency Sale amount
BRL 13 169 000 BRL 30 334 000
CAD 3 766 000 CAD 16 612 000
CNH 85 820 CNH 3 530
CZK 7 285 560 DKK 112 850 000
DKK 28 975 000 EUR 89 638 351
EUR 283 592 475 GBP 7 840 000
GBP 8 000 HKD 71 393 000
HKD 71 388 000 JPY 824 108 669
JPY 295 798 511 NOK 43 029 000
SEK 44 479 000 SEK 62 840 000
SGD 8 000 USD 251 893 000
USD 75 387 000
Net unrealised loss (in EUR) (3 193 655)
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Emerging Bond
Currency Purchase amount Currency Sale amount
AUD 756 000 EUR 42 915 310
EUR 343 437 000 GBP 1 058 000
USD 51 405 136 USD 389 778 049
Net unrealised gain (in USD) 2 678 330
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Emerging Bond Opportunities
Currency Purchase amount Currency Sale amount
AUD 1 290 740 BRL 92 811 975
BRL 180 721 837 CLP 166 262 750
CLP 3 267 220 000 CNH 192 259 711
CNH 69 303 605 COP 4 713 732 000
COP 9 776 590 879 CZK 167 751 487
CZK 211 113 322 EUR 24 674 549
EUR 53 856 390 HUF 392 907 000
HKD 20 530 IDR 172 013 134 000
HUF 2 054 014 000 MXN 225 072 408
IDR 174 138 562 721 PLN 91 229 000
KRW 3 075 000 000 RUB 827 505 000
MXN 274 653 813 THB 159 285 626
PLN 154 486 915 TRY 298 072 236
RON 15 855 000 USD 288 503 067
RUB 411 595 000 UYU 55 471 651
SGD 90 000 ZAR 475 714 063
THB 989 662 455
TRY 291 519 617
Page 339
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Currency Purchase amount Currency Sale amount
USD 206 165 064
ZAR 423 717 906
Net unrealised loss (in USD) (819 324)
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Emerging Multi-Asset Income
Currency Purchase amount Currency Sale amount
AUD 4 342 000 AUD 3 086 000
BRL 13 297 100 BRL 11 097 560
CLP 797 772 000 CLP 681 854 000
CNH 29 156 385 CNH 5 389 182
COP 604 232 000 COP 648 107 000
CZK 3 894 000 CZK 1 661 000
EUR 4 930 000 EUR 4 199 180
HUF 126 471 000 HUF 64 803 000
IDR 27 566 301 000 IDR 27 768 495 000
INR 208 267 000 INR 208 324 000
KRW 117 200 000 KRW 54 650 000
MXN 29 355 657 MXN 27 128 069
PLN 6 094 518 PLN 4 867 000
RON 1 014 399 RON 797 000
RUB 162 395 000 RUB 38 554 365
SGD 1 316 980 SGD 25 490
THB 45 419 965 THB 20 482 801
TRY 14 365 132 TRY 14 462 682
USD 22 268 740 USD 32 432 997
ZAR 18 167 444 ZAR 17 792 560
Net unrealised loss (in USD) (15 534)
As at 31 December 2021, the latest maturity of all outstanding contracts is 4 February 2022.
Energy Transition
Currency Purchase amount Currency Sale amount
CAD 14 092 000 AUD 59 196 000
CNH 11 934 570 BRL 169 240 000
DKK 66 434 000 CAD 64 398 000
EUR 1 967 077 129 CNH 781 540
GBP 31 813 000 DKK 441 144 000
HKD 923 639 000 EUR 567 207 339
KRW 25 000 000 000 GBP 80 296 260
SEK 80 196 000 HKD 1 738 645 000
SGD 23 560 920 KRW 151 594 128 000
USD 410 204 651 NOK 481 233 000
SEK 351 576 000
SGD 2 302 940
USD 1 497 312 005
Net unrealised loss (in EUR) (7 134 392)
As at 31 December 2021, the latest maturity of all outstanding contracts is 4 February 2022.
Environmental Absolute Return Thematic Equity (EARTH)
Currency Purchase amount Currency Sale amount
AUD 3 300 000 AUD 3 300 000
CAD 3 516 000 BRL 22 317 000
CZK 102 633 100 CAD 16 690 780
DKK 79 874 000 CZK 6 815 620
EUR 107 352 400 DKK 79 880 000
GBP 5 633 000 EUR 101 416 112
HKD 104 785 000 GBP 15 029 291
Page 340
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Currency Purchase amount Currency Sale amount
JPY 1 886 741 828 HKD 114 665 978
NOK 26 571 000 JPY 177 404 268
SEK 24 970 000 KRW 18 206 426 913
SGD 9 000 NOK 33 223 236
USD 209 804 300 SEK 27 092 986
SGD 500
USD 187 834 747
Net unrealised gain (in USD) 3 245 146
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Euro Bond Opportunities
Currency Purchase amount Currency Sale amount
AUD 8 313 004 AUD 4 375 142
CAD 11 467 844 CAD 7 793 445
CHF 1 435 427 CHF 1 378 291
EUR 37 549 369 EUR 15 334 444
GBP 2 240 000 GBP 2 298 413
INR 113 280 000 JPY 853 481 449
JPY 531 614 716 MXN 89 728
MXN 89 728 NOK 13 260 000
NOK 12 021 067 NZD 7 118 826
NZD 7 024 499 SEK 26 014 265
SEK 26 817 880 TWD 90 519 000
TWD 46 436 000 USD 54 639 521
USD 25 927 974
Net unrealised loss (in EUR) (586 889)
As at 31 December 2021, the latest maturity of all outstanding contracts is 10 February 2022.
Euro Corporate Bond
Currency Purchase amount Currency Sale amount
CZK 178 629 000 EUR 7 060 437
Net unrealised gain (in EUR) 106 517
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Euro Corporate Bond Opportunities
Currency Purchase amount Currency Sale amount
USD 323 000 EUR 276 822
Net unrealised gain (in EUR) 7 022
As at 31 December 2021, the latest maturity of all outstanding contracts is 4 February 2022.
Euro Equity
Currency Purchase amount Currency Sale amount
CZK 270 845 770 EUR 11 557 514
USD 963 090
Net unrealised gain (in EUR) 155 808
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Euro High Yield Bond
Currency Purchase amount Currency Sale amount
EUR 199 644 823 EUR 29 923 402
GBP 12 457 000 GBP 125 567 000
USD 17 248 000 USD 60 048 000
Net unrealised loss (in EUR) (2 509 497)
As at 31 December 2021, the latest maturity of all outstanding contracts is 4 February 2022.
Page 341
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Euro High Yield Short Duration Bond
Currency Purchase amount Currency Sale amount
EUR 82 924 251 EUR 26 747 862
GBP 1 864 000 GBP 35 843 000
USD 27 842 000 USD 47 386 730
Net unrealised loss (in EUR) (1 437 635)
As at 31 December 2021, the latest maturity of all outstanding contracts is 4 February 2022.
Euro Short Term Corporate Bond Opportunities
Currency Purchase amount Currency Sale amount
USD 928 636 EUR 795 873
Net unrealised gain (in EUR) 20 189
As at 31 December 2021, the latest maturity of all outstanding contracts is 4 February 2022.
Europe Convertible
Currency Purchase amount Currency Sale amount
CHF 496 000 CHF 7 344 000
EUR 32 199 802 EUR 4 235 333
GBP 50 000 GBP 3 737 000
USD 4 202 000 USD 24 373 000
Net unrealised loss (in EUR) (759 522)
As at 31 December 2021, the latest maturity of all outstanding contracts is 4 February 2022.
Europe Dividend
Currency Purchase amount Currency Sale amount
EUR 93 382 EUR 900 709
USD 1 021 000 USD 105 840
Net unrealised loss (in EUR) (3 006)
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Europe Growth
Currency Purchase amount Currency Sale amount
SGD 1 454 340 EUR 2 175 916
USD 1 401 160
Net unrealised gain (in EUR) 3 627
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Europe Multi-Asset Income
Currency Purchase amount Currency Sale amount
AUD 7 593 000 CHF 6 096 000
CAD 1 456 000 CZK 3 515 000
CHF 480 000 DKK 6 123 000
CNH 2 003 000 EUR 53 111 183
CZK 8 219 205 GBP 21 194 000
DKK 677 000 HUF 10 485 000
EUR 50 993 098 NOK 9 365 000
GBP 6 322 000 PLN 3 453 000
HKD 15 891 000 RUB 44 866 115
HUF 127 994 589 SEK 42 849 000
NOK 578 000 TRY 13 183 122
PLN 5 824 724 USD 13 342 345
RON 793 000
RUB 211 730 000
SEK 5 723 000
SGD 6 227 000
Page 342
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Currency Purchase amount Currency Sale amount
TRY 9 165 359
USD 30 968 126
Net unrealised loss (in EUR) (99 689)
As at 31 December 2021, the latest maturity of all outstanding contracts is 4 February 2022.
Europe Small Cap
Currency Purchase amount Currency Sale amount
SGD 529 050 EUR 7 895 063
USD 8 562 770
Net unrealised loss (in EUR) (24 484)
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Flexible Global Credit
Currency Purchase amount Currency Sale amount
EUR 13 608 354 USD 15 411 000
Net unrealised gain (in EUR) 63 888
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Flexible Opportunities
Currency Purchase amount Currency Sale amount
CZK 11 082 000 EUR 2 667 448
EUR 4 705 987 USD 5 285 768
USD 2 517 786
Net unrealised gain (in EUR) 51 037
As at 31 December 2021, the latest maturity of all outstanding contracts is 10 February 2022.
Global Absolute Return Multi-Factor Bond
Currency Purchase amount Currency Sale amount
AUD 701 000 AUD 89 000
CAD 77 000 CAD 330 000
EUR 340 176 EUR 634 148
GBP 115 000 USD 64 000
Net unrealised gain (in EUR) 1 711
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Global Bond Opportunities
Currency Purchase amount Currency Sale amount
AUD 12 833 747 AUD 8 193 347
CAD 17 599 278 CAD 17 835 987
CHF 2 098 875 CHF 2 175 402
CNH 13 969 000 CLP 187 624 083
CZK 6 337 000 CNH 263 644 000
EUR 295 087 629 COP 2 484 273 168
GBP 3 917 000 CZK 20 861 000
INR 172 620 000 EUR 46 413 372
JPY 788 766 919 GBP 19 638 147
KRW 194 087 000 HUF 155 620 000
MXN 2 598 498 IDR 40 907 262 961
NOK 20 412 629 ILS 3 030 000
NZD 10 536 146 JPY 6 466 741 839
SEK 41 037 659 KRW 6 756 978 000
TWD 82 374 073 MXN 26 841 144
USD 124 403 682 NOK 20 290 000
NZD 10 558 579
PEN 1 220 000
PLN 3 404 000
RON 2 203 430
Page 343
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Currency Purchase amount Currency Sale amount
RUB 75 462 000
SEK 39 968 185
SGD 1 801 000
THB 50 984 000
TWD 148 870 073
USD 289 405 110
Net unrealised loss (in EUR) (5 949 835)
As at 31 December 2021, the latest maturity of all outstanding contracts is 10 February 2022.
Global Convertible
Currency Purchase amount Currency Sale amount
CZK 270 902 000 CHF 11 132 946
EUR 666 939 732 EUR 231 816 167
NOK 5 545 200 GBP 20 449 887
PLN 351 000 HKD 84 000 000
USD 372 558 984 JPY 5 783 000 000
SGD 13 000 000
USD 768 536 577
Net unrealised gain (in USD) 1 525 261
As at 31 December 2021, the latest maturity of all outstanding contracts is 18 February 2022.
Global Enhanced Bond 36M
Currency Purchase amount Currency Sale amount
AUD 369 623 AUD 196 000
CAD 484 665 CAD 321 222
CHF 53 891 CHF 52 208
CZK 99 913 000 EUR 4 929 818
EUR 3 345 841 GBP 122 522
GBP 120 000 JPY 35 668 735
INR 4 650 000 MXN 207 870
JPY 20 830 268 NOK 540 000
MXN 207 870 NZD 279 000
NOK 491 885 SEK 1 002 815
NZD 288 936 TWD 3 577 000
SEK 1 053 682 USD 4 396 970
TWD 1 787 000
USD 1 509 702
Net unrealised gain (in EUR) 1 153
As at 31 December 2021, the latest maturity of all outstanding contracts is 10 February 2022.
Global Environment
Currency Purchase amount Currency Sale amount
EUR 31 340 369 CHF 11 618 800
JPY 91 223 434 246 DKK 183 982 400
SGD 23 239 660 EUR 194 545 675
USD 56 383 220 GBP 64 940 000
HKD 34 909 800
JPY 2 300 888 993
TWD 694 127 300
USD 516 145 300
Net unrealised loss (in EUR) (12 541 902)
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Page 344
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Global High Yield Bond
Currency Purchase amount Currency Sale amount
AUD 3 766 000 EUR 32 383 351
CZK 235 078 000 GBP 5 784 000
EUR 81 797 712 USD 87 345 770
USD 23 480 170
Net unrealised loss (in EUR) (1 754 009)
As at 31 December 2021, the latest maturity of all outstanding contracts is 4 February 2022.
Global Inflation-Linked Bond
Currency Purchase amount Currency Sale amount
AUD 3 793 841 AUD 2 297 929
CAD 8 429 169 CAD 19 009 786
CHF 743 596 CHF 595 169
EUR 485 319 999 DKK 1 979 929
GBP 9 679 854 EUR 422 257 506
JPY 211 240 298 GBP 158 146 942
MXN 194 863 JPY 1 276 800 170
NZD 3 018 108 MXN 194 863
SEK 6 010 092 NZD 9 675 614
SGD 625 399 000 SEK 30 751 911
USD 179 344 478 USD 487 928 579
Net unrealised gain (in EUR) 1 870 251
As at 31 December 2021, the latest maturity of all outstanding contracts is 10 February 2022.
Global Low Vol Equity
Currency Purchase amount Currency Sale amount
CZK 13 302 518 AUD 290 400
EUR 4 194 458 CAD 1 364 600
USD 65 400 CHF 101 300
CZK 363 364
EUR 86 874
GBP 181 900
HKD 755 200
ILS 188 600
JPY 58 691 700
SGD 668 100
USD 2 495 800
Net unrealised gain (in EUR) 19 449
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Green Bond
Currency Purchase amount Currency Sale amount
AUD 25 000 AUD 31 450 000
CAD 6 770 000 CAD 39 914 000
EUR 279 544 566 EUR 4 769 333
GBP 57 905 000
SEK 148 779 000
USD 173 097 000
Net unrealised loss (in EUR) (3 833 903)
As at 31 December 2021, the latest maturity of all outstanding contracts is 4 February 2022.
Green Tigers
Currency Purchase amount Currency Sale amount
CNH 99 670 AUD 48 200
EUR 1 575 635 CNH 144 700
GBP 603 830 EUR 3 961
HKD 34 900 HKD 589 800
Page 345
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Currency Purchase amount Currency Sale amount
SGD 1 159 860 INR 3 181 800
JPY 8 273 700
KRW 33 942 300
TWD 2 058 000
USD 3 104 048
Net unrealised gain (in USD) 31 486
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Health Care Innovators
Currency Purchase amount Currency Sale amount
EUR 17 940 718 CHF 1 601 500
DKK 3 489 600
GBP 886 700
JPY 66 879 700
USD 16 220 800
Net unrealised gain (in EUR) 103 731
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Inclusive Growth
Currency Purchase amount Currency Sale amount
EUR 9 481 465 CAD 247 200
USD 142 100 CHF 510 600
EUR 125 787
GBP 488 500
JPY 83 554 800
USD 8 575 700
Net unrealised gain (in EUR) 59 411
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Japan Equity
Currency Purchase amount Currency Sale amount
EUR 28 271 690 EUR 661 940
JPY 86 434 473 JPY 3 682 308 060
USD 464 590 USD 11 120
Net unrealised gain (in JPY) 73 079 744
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Japan Small Cap
Currency Purchase amount Currency Sale amount
EUR 93 346 160 EUR 2 505 530
JPY 1 003 834 109 JPY 16 649 158 384
USD 41 164 350 USD 5 928 040
Net unrealised gain (in JPY) 311 113 664
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Local Emerging Bond
Currency Purchase amount Currency Sale amount
BRL 198 430 846 BRL 106 568 915
CLP 3 926 128 980 CLP 845 551 000
CNH 16 849 097 CNH 44 393 354
COP 9 215 454 193 COP 10 870 059 000
CZK 162 828 000 CZK 98 000 287
EUR 42 495 671 EUR 1 404 000
HUF 1 902 057 000 HUF 965 562 609
IDR 138 144 454 000 IDR 160 524 997 342
KRW 2 050 700 000 MXN 116 262 361
MXN 140 455 732 PHP 39 357 750
Page 346
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Currency Purchase amount Currency Sale amount
PHP 27 511 000 PLN 75 810 000
PLN 117 250 058 RON 2 638 000
RON 9 444 000 RUB 696 632 248
RUB 450 252 000 THB 134 663 243
THB 827 341 297 TRY 301 000 298
TRY 299 231 134 USD 231 753 885
USD 140 084 558 UYU 150 457 913
ZAR 240 457 480 ZAR 285 086 101
Net unrealised gain (in USD) 468 474
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Multi-Asset Income
Currency Purchase amount Currency Sale amount
AUD 15 653 000 AUD 15 674 000
BRL 34 607 266 BRL 24 237 500
CAD 15 722 000 CAD 17 606 000
CHF 1 250 000 CHF 10 489 000
CLP 4 185 611 000 CLP 3 748 598 000
CNY 4 497 721 CNY 18 092 271
COP 905 647 396 CZK 3 202 000
CZK 8 223 563 DKK 11 792 000
DKK 2 014 000 EUR 126 813 929
EUR 368 547 797 GBP 37 600 000
GBP 14 097 000 HKD 49 025 000
HKD 11 026 000 IDR 11 004 932 000
HUF 132 793 371 INR 865 215 000
IDR 5 246 852 000 JPY 34 178 000
INR 713 722 000 KRW 2 280 639 000
KRW 305 462 000 MXN 106 959 766
MXN 112 304 270 NOK 14 930 000
NOK 2 033 000 PLN 10 125 000
PEN 239 450 RUB 45 093 501
PLN 10 715 441 SEK 72 706 000
RON 543 000 SGD 230 000
RUB 228 799 000 THB 16 334 596
SEK 12 712 000 TRY 24 258 618
THB 89 217 356 TWD 83 439 000
TRY 23 130 391 USD 337 002 892
TWD 2 434 000 ZAR 29 209 815
USD 113 953 720
ZAR 28 462 864
Net unrealised loss (in EUR) (6 369 707)
As at 31 December 2021, the latest maturity of all outstanding contracts is 9 February 2022.
Multi-Asset Thematic
Currency Purchase amount Currency Sale amount
AUD 10 000 EUR 14 351 957
CAD 10 000 GBP 6 506 031
CZK 18 090 710 USD 99 155 738
EUR 96 084 654
HKD 10 000
SGD 20 000
USD 15 392 808
Net unrealised gain (in EUR) 1 143 644
As at 31 December 2021, the latest maturity of all outstanding contracts is 10 February 2022.
Page 347
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Nordic Small Cap
Currency Purchase amount Currency Sale amount
DKK 149 355 000 DKK 116 191 400
EUR 49 214 004 EUR 67 488 654
NOK 803 261 044 NOK 86 959 000
SEK 142 137 000 SEK 729 186 800
Net unrealised gain (in EUR) 529 162
As at 31 December 2021, the latest maturity of all outstanding contracts is 4 February 2022.
RMB Bond
Currency Purchase amount Currency Sale amount
EUR 17 491 906 CNY 642 700
USD 19 727 451
Net unrealised gain (in USD) 74 286
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Russia Equity
Currency Purchase amount Currency Sale amount
ZAR 171 531 220 EUR 9 500 463
Net unrealised loss (in EUR) (93 873)
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
SMaRT Food
Currency Purchase amount Currency Sale amount
CHF 55 460 000 AUD 1 932 600
EUR 32 251 997 CAD 784 100
GBP 25 818 560 CHF 2 568 670
USD 200 486 291 CNY 3 394 300
DKK 7 872 700
EUR 259 472 606
GBP 2 224 500
HKD 5 698 400
INR 105 397 000
JPY 249 609 200
KRW 731 535 900
NOK 27 579 900
PHP 33 329 700
USD 19 476 326
Net unrealised gain (in EUR) 40 911
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Social Bond
Currency Purchase amount Currency Sale amount
EUR 2 458 206 USD 2 781 000
Net unrealised gain (in EUR) 14 345
As at 31 December 2021, the latest maturity of all outstanding contracts is 4 February 2022.
Sustainable Enhanced Bond 12M
Currency Purchase amount Currency Sale amount
CHF 25 012 160 EUR 24 138 912
USD 30 120
Net unrealised gain (in EUR) 29 081
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Page 348
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Sustainable Euro Bond
Currency Purchase amount Currency Sale amount
EUR 706 EUR 1 504 540
GBP 433 000 USD 800
USD 1 130 000
Net unrealised gain (in EUR) 4 011
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Sustainable Euro Corporate Bond
Currency Purchase amount Currency Sale amount
CHF 101 000 EUR 97 081
EUR 7 113 381 USD 8 300 000
Net unrealised loss (in EUR) (180 158)
As at 31 December 2021, the latest maturity of all outstanding contracts is 4 February 2022.
Sustainable Euro Multi-Factor Corporate Bond
Currency Purchase amount Currency Sale amount
CZK 15 978 390 EUR 631 714
Net unrealised gain (in EUR) 9 371
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Sustainable Europe Value
Currency Purchase amount Currency Sale amount
GBP 77 000 000 EUR 91 367 568
Net unrealised gain (in EUR) 273 788
As at 31 December 2021, the latest maturity of all outstanding contracts is 4 February 2022.
Sustainable Global Corporate Bond
Currency Purchase amount Currency Sale amount
CHF 30 000 EUR 205 250 478
EUR 185 007 628 USD 209 817 139
NOK 33 000
USD 239 244 548
Net unrealised gain (in USD) 6 399 001
As at 31 December 2021, the latest maturity of all outstanding contracts is 4 February 2022.
Sustainable Global Equity
Currency Purchase amount Currency Sale amount
NOK 28 786 000 NOK 7 410 720
USD 821 863 USD 3 198 312
Net unrealised gain (in USD) 45 893
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Sustainable Global Multi-Factor Corporate Bond
Currency Purchase amount Currency Sale amount
EUR 117 000 EUR 15 213 000
USD 17 297 089 GBP 100 000
USD 132 365
Net unrealised loss (in USD) (146 938)
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Sustainable Global Multi-Factor Equity
Currency Purchase amount Currency Sale amount
EUR 3 899 650 EUR 98 030
USD 110 507 USD 4 420 551
Net unrealised gain (in USD) 15 459
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Page 349
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Sustainable Multi-Asset Balanced
Currency Purchase amount Currency Sale amount
AUD 65 000 EUR 15 868 415
CAD 64 000 SGD 492 970
EUR 321 765
HKD 63 000
SGD 719 000
USD 17 357 000
Net unrealised loss (in EUR) (51 324)
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Sustainable Multi-Asset Growth
Currency Purchase amount Currency Sale amount
SGD 83 590 EUR 74 804
USD 23 550
Net unrealised gain (in EUR) 386
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Sustainable US Multi-Factor Corporate Bond
Currency Purchase amount Currency Sale amount
EUR 28 791 000 USD 32 637 267
Net unrealised gain (in USD) 121 276
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Sustainable US Multi-Factor Equity
Currency Purchase amount Currency Sale amount
EUR 28 361 280 EUR 833 850
USD 939 983 USD 32 148 994
Net unrealised gain (in USD) 111 841
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Sustainable US Value Multi-Factor Equity
Currency Purchase amount Currency Sale amount
EUR 10 226 940 EUR 219 740
USD 247 706 USD 11 594 095
Net unrealised gain (in USD) 39 854
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Target Risk Balanced
Currency Purchase amount Currency Sale amount
BRL 146 225 000 EUR 23 783 926
USD 1 326 000
Net unrealised gain (in EUR) 292 481
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
US Growth
Currency Purchase amount Currency Sale amount
CZK 562 468 860 CZK 11 843 560
EUR 92 552 220 EUR 2 496 420
USD 3 345 448 USD 130 109 282
Net unrealised gain (in USD) 838 685
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Page 350
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
US High Yield Bond
Currency Purchase amount Currency Sale amount
AUD 2 265 000 USD 7 753 839
EUR 5 410 180
Net unrealised gain (in USD) 48 683
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
US Mid Cap
Currency Purchase amount Currency Sale amount
EUR 10 007 720 EUR 287 870
SGD 60 930 SGD 1 980
USD 325 960 USD 11 389 183
Net unrealised gain (in USD) 39 797
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
US Short Duration Bond
Currency Purchase amount Currency Sale amount
EUR 36 975 860 USD 41 916 064
Net unrealised gain (in USD) 155 254
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
US Small Cap
Currency Purchase amount Currency Sale amount
EUR 154 225 240 EUR 4 133 720
SGD 390 840 SGD 9 830
USD 4 666 940 USD 175 074 291
Net unrealised gain (in USD) 650 163
As at 31 December 2021, the latest maturity of all outstanding contracts is 28 January 2022.
Counterparties to Forward foreign exchange contracts:
Banco Santander
Bank of America Securities Europe
Barclays Bank Ireland Plc
BNP Paribas Paris
BNP Paribas Securities Services Luxembourg
Citibank N.A. London
Citigroup Global Market
Deutsche Bank
Goldman Sachs International
Goldman Sachs International London
HSBC France
JP Morgan
JP Morgan Chase Bank
Morgan Stanley & Co. International
Morgan Stanley Bank
Morgan Stanley Europe
Royal Bank of Canada
Société Générale
Standard Chartered Bank Germany
State Street Boston FX
Page 351
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Note 13 - Swaps
Credit Default Swaps
The Company has entered into credit default swaps agreements whereby it exchanges fixed income for income linked to changes in
credit events, whether with respect to an index or a bond (see details in the tables below), and vice versa. These amounts are calculated
and recognised at each calculation of the Net Asset Value; the amount of the unrealised capital gain is stated under “Net Unrealised
gain on financial instruments” in the Statement of net assets, and the amount of net unrealised capital loss is given under “Net
Unrealised loss on financial instruments” in the Statement of net assets.
Emerging Bond
Nominal Currency Maturity Sub-fund paid Sub-fund received
REPSOU CDS USD SR 5Y D14
11 200 000 USD 20/12/2024 1.000%
20/12/2024
REPSOU CDS USD SR 5Y D14
3 000 000 USD 20/12/2026 1.000%
20/12/2026
TURKEY REP OF 11.875% 00-
3 500 000 USD 20/12/2026 1.000%
15/01/2030
6 000 000 USD 20/12/2026 ARGENTINA 1.000% 20-20/12/2026 5.000%
CDX EM CDSI GEN 5Y SPRD CORP
7 000 000 USD 20/12/2026 1.000%
20/12/2026
7 000 000 USD 20/12/2026 SOUTH AFRICA 5.875% 13-16/09/2025 1.000%
10 000 000 USD 20/12/2026 SOUTH AFRICA 5.875% 13-16/09/2025 1.000%
TURKEY REP OF 11.875% 00-
14 000 000 USD 20/12/2026 1.000%
15/01/2030
ITRX EXJP IG CDSI GEN 5Y CORP
7 500 000 USD 20/12/2026 1.000%
20/12/2026
ITRX EXJP IG CDSI GEN 5Y CORP
7 500 000 USD 20/12/2026 1.000%
20/12/2026
BRAZIL CDS USD SR 5Y D14
5 400 000 USD 20/12/2026 1.000%
20/12/2026
Net unrealised loss (in USD) (7 948 638)
Emerging Bond Opportunities
Nominal Currency Maturity Sub-fund paid Sub-fund received
REPSOU CDS USD SR 5Y D14
5 400 000 USD 20/12/2024 1.000%
20/12/2024
2 000 000 USD 20/12/2026 SOUTH AFRICA 5.875% 13-16/09/2025 1.000%
TURKEY REP OF 11.875% 00-
2 500 000 USD 20/12/2026 1.000%
15/01/2030
4 000 000 USD 20/12/2026 ARGENTINA 1.000% 20-20/12/2026 5.000%
ITRX EXJP IG CDSI GEN 5Y CORP
5 000 000 USD 20/12/2026 1.000%
20/12/2026
ITRX EXJP IG CDSI GEN 5Y CORP
5 000 000 USD 20/12/2026 1.000%
20/12/2026
CDX EM CDSI GEN 5Y SPRD CORP
5 500 000 USD 20/12/2026 1.000%
20/12/2026
5 500 000 USD 20/12/2026 SOUTH AFRICA 5.875% 13-16/09/2025 1.000%
Page 352
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Nominal Currency Maturity Sub-fund paid Sub-fund received
7 000 000 USD 20/12/2026 SOUTH AFRICA 5.875% 13-16/09/2025 1.000%
TURKEY REP OF 11.875% 00-
10 000 000 USD 20/12/2026 1.000%
15/01/2030
BRAZIL CDS USD SR 5Y D14
7 500 000 USD 20/12/2026 1.000%
20/12/2026
Net unrealised loss (in USD) (5 716 819)
Enhanced Bond 6M
Nominal Currency Maturity Sub-fund paid Sub-fund received
ITRX XOVER CDSI GEN 5Y CORP
20 000 000 EUR 20/12/2026 5.000%
20/12/2026
ITRX EUR CDSI S36 5Y CORP
450 000 000 EUR 20/12/2026 1.000%
20/12/2026
Net unrealised loss (in EUR) (14 094 640)
Euro Bond Opportunities
Nominal Currency Maturity Sub-fund paid Sub-fund received
8 400 000 USD 20/06/2026 0.250% FRANCE O.A.T. 4.250% 03-25/04/2019
8 400 000 USD 20/06/2026 FRANCE O.A.T. 4.250% 03-25/04/2019 0.250%
ITRX EUR CDSI GEN 5Y CORP
13 000 000 EUR 20/12/2026 1.000%
20/12/2026
ITRX EUR CDSI GEN 5Y CORP
13 100 000 EUR 20/12/2026 1.000%
20/12/2026
SNRFIN CDSI GEN 5Y CORP
40 500 000 EUR 20/12/2026 1.000%
20/12/2026
ITRX EUR CDSI GEN 5Y CORP
40 500 000 EUR 20/12/2026 1.000%
20/12/2026
Net unrealised gain (in EUR) 859 490
Euro Corporate Bond Opportunities
Nominal Currency Maturity Sub-fund paid Sub-fund received
ITRX XOVER CDSI GEN 5Y CORP
6 000 000 EUR 20/12/2026 5.000%
20/12/2026
Net unrealised loss (in EUR) (711 262)
Euro High Yield Bond
Nominal Currency Maturity Sub-fund paid Sub-fund received
ADLER REAL EST 2.125% 17-
5 000 000 EUR 20/12/2022 5.000%
06/02/2024
ADLER REAL EST 2.125% 17-
5 000 000 EUR 20/12/2026 5.000%
06/02/2024
2 692 308 EUR 20/12/2026 CMA CGM SA 7.500% 20-15/01/2026 5.000%
2 307 692 EUR 20/12/2026 CMA CGM SA 7.500% 20-15/01/2026 5.000%
Net unrealised gain (in EUR) 339 763
Page 353
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Euro High Yield Short Duration Bond
Nominal Currency Maturity Sub-fund paid Sub-fund received
ITRX XOVER CDSI GEN 5Y CORP
3 000 000 EUR 20/12/2026 5.000%
20/12/2026
807 692 EUR 20/12/2026 CMA CGM SA 7.500% 20-15/01/2026 5.000%
692 308 EUR 20/12/2026 CMA CGM SA 7.500% 20-15/01/2026 5.000%
Net unrealised loss (in EUR) (226 780)
Euro Short Term Bond Opportunities
Nominal Currency Maturity Sub-fund paid Sub-fund received
ITRX XOVER CDSI GEN 5Y CORP
6 000 000 EUR 20/12/2026 5.000%
20/12/2026
Net unrealised loss (in EUR) (711 262)
Euro Short Term Corporate Bond
Nominal Currency Maturity Sub-fund paid Sub-fund received
200 000 EUR 20/12/2025 1.000% DAIMLER AG 1.400% 16-12/01/2024
200 000 EUR 20/12/2025 ENI SPA 2.625% 13-22/11/2021 1.000%
Net unrealised loss (in EUR) (449)
Euro Short Term Corporate Bond Opportunities
Nominal Currency Maturity Sub-fund paid Sub-fund received
ITRX XOVER CDSI GEN 5Y CORP
10 000 000 EUR 20/12/2026 5.000%
20/12/2026
Net unrealised loss (in EUR) (1 185 437)
Global Bond Opportunities
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 700 000 USD 20/06/2022 REP OF KOREA 7.125% 09-20/06/2023 1.000%
RUSSIAN FEDERATION 00-31/03/2030
4 000 000 USD 20/12/2024 1.000%
STEP UP
16 100 000 USD 20/06/2026 0.250% FRANCE O.A.T. 4.250% 03-20/06/2026
16 100 000 USD 20/06/2026 FRANCE O.A.T. 4.250% 03-20/06/2026 0.250%
ITRX EUR CDSI GEN 5Y CORP
19 900 000 EUR 20/12/2026 1.000%
20/12/2026
ITRX EUR CDSI GEN 5Y CORP
41 000 000 EUR 20/12/2026 1.000%
20/12/2026
SNRFIN CDSI GEN 5Y CORP
41 000 000 EUR 20/12/2026 1.000%
20/12/2026
ITRX EUR CDSI GEN 5Y CORP
20 200 000 EUR 20/12/2026 1.000%
20/12/2026
Net unrealised gain (in EUR) 1 265 860
Page 354
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Global Enhanced Bond 36M
Nominal Currency Maturity Sub-fund paid Sub-fund received
ITRX XOVER CDSI GEN 5Y CORP
100 000 EUR 20/12/2026 5.000%
20/12/2026
ITRX EUR CDSI S36 5Y CORP
400 000 EUR 20/12/2026 1.000%
20/12/2026
Net unrealised loss (in EUR) (22 276)
Multi-Asset Income
Nominal Currency Maturity Sub-fund paid Sub-fund received
CDX HY CDSI GEN 5Y SPRD CORP
12 000 000 USD 20/12/2026 5.000%
20/12/2026
Net unrealised gain (in EUR) 965 544
Sustainable Enhanced Bond 12M
Nominal Currency Maturity Sub-fund paid Sub-fund received
ITRX XOVER CDSI GEN 5Y CORP
10 000 000 EUR 20/12/2026 5.000%
20/12/2026
ITRX EUR CDSI GEN 5Y CORP
120 000 000 EUR 20/12/2026 1.000%
20/12/2026
Net unrealised loss (in EUR) (4 311 775)
Sustainable Euro Corporate Bond
Nominal Currency Maturity Sub-fund paid Sub-fund received
500 000 EUR 20/12/2025 1.000% RENAULT 1.000% 17-28/11/2025
4 500 000 EUR 20/12/2025 1.000% SWEDBANK AB 20/12/2025
4 300 000 EUR 20/12/2025 ENI SPA 2.625% 13-22/11/2021 1.000%
MORGAN STANLEY 3.750% 13-
4 500 000 USD 20/12/2025 1.000%
25/02/2023
MORGAN STANLEY 3.750% 13-
5 000 000 USD 20/12/2025 1.000%
25/02/2023
BARCLAYS BK PLC 1.500% 12-
2 700 000 EUR 20/12/2026 1.000%
04/04/2017
2 700 000 EUR 20/12/2026 1.000% HSBC HOLDINGS PLC 20/12/2024
300 000 USD 20/12/2026 GS CDS USD SR 5Y D14 20/12/2026 1.000%
VERIZON COMM INC 4.125% 17-
2 800 000 USD 20/12/2026 1.000%
16/03/2027
Net unrealised gain (in EUR) 175 439
Sustainable Euro Multi-Factor Corporate Bond
Nominal Currency Maturity Sub-fund paid Sub-fund received
ITRX EUR CDSI GEN 10Y CORP
154 000 000 EUR 20/12/2026 1.000%
20/12/2031
Net unrealised gain (in EUR) 4 012 134
Page 355
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Sustainable Global Corporate Bond
Nominal Currency Maturity Sub-fund paid Sub-fund received
300 000 EUR 20/12/2025 1.000% RENAULT 1.000% 17-28/11/2025
500 000 EUR 20/12/2025 ENI SPA 2.625% 13-22/11/2021 1.000%
500 000 EUR 20/12/2025 1.000% SWEDBANK AB 20/12/2025
MORGAN STANLEY 3.750% 13-
500 000 USD 20/12/2025 1.000%
25/02/2023
300 000 EUR 20/12/2026 1.000% HSBC HOLDINGS PLC 20/12/2024
BARCLAYS BK PLC 1.500% 12-
300 000 EUR 20/12/2026 1.000%
04/04/2017
VERIZON COMM INC 4.125% 17-
200 000 USD 20/12/2026 1.000%
16/03/2027
2 700 000 USD 20/12/2026 GS CDS USD SR 5Y D14 20/12/2026 1.000%
Net unrealised gain (in USD) 61 713
Sustainable Global Multi-Factor Corporate Bond
Nominal Currency Maturity Sub-fund paid Sub-fund received
ITRX EUR CDSI GEN 5Y CORP
7 400 000 EUR 20/12/2026 1.000%
20/12/2026
CDX IG CDSI GEN 5Y CORP
12 400 000 USD 20/12/2026 1.000%
20/12/2026
Net unrealised gain (in USD) 522 448
Sustainable US Multi-Factor Corporate Bond
Nominal Currency Maturity Sub-fund paid Sub-fund received
CDX IG CDSI GEN 5Y CORP
1 500 000 USD 20/12/2026 1.000%
20/12/2026
CDX IG CDSI GEN 5Y CORP
2 000 000 USD 20/12/2026 1.000%
20/12/2026
CDX IG CDSI GEN 5Y CORP
56 500 000 USD 20/12/2026 1.000%
20/12/2026
Net unrealised gain (in USD) 1 467 127
Page 356
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Interest Rate Swaps
The Company has entered into interest rate swaps agreements whereby it exchanges fixed income (sum of the notional amount and
the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa. These amounts are calculated
and recognised at each calculation of the Net Asset Value; the receivable amount is stated under “Other assets” in the Statement of
net assets, while the payable amount is given under “Other liabilities” in the Statement of net assets.
Asia ex-Japan Bond
Nominal Currency Maturity Sub-fund paid Sub-fund received
Bloomberg Thailand 6 Month Fixing
35 640 000 THB 15/12/2023 0.660%
Rate 6M
Bloomberg Thailand 6 Month Fixing
36 170 000 THB 15/12/2023 0.817%
Rate 6M
Bloomberg Thailand 6 Month Fixing
14 440 000 THB 15/12/2026 1.220%
Rate 6M
Bloomberg Thailand 6 Month Fixing
14 660 000 THB 15/12/2026 1.368%
Rate 6M
Bloomberg Thailand 6 Month Fixing
11 920 000 THB 15/12/2031 1.650%
Rate 6M
Net unrealised gain (in USD) 1 295
Emerging Bond Opportunities
Nominal Currency Maturity Sub-fund paid Sub-fund received
35 130 000 CZK 06/10/2025 LIBOR 6M 0.585%
110 600 000 PLN 15/12/2023 3.370% IBOR 6MD
Bloomberg Thailand 6 Month Fixing
438 530 000 THB 15/12/2023 0.66
Rate 6M
Bloomberg Thailand 6 Month Fixing
435 970 000 THB 15/12/2023 0.817
Rate 6M
46 430 000 PLN 15/12/2026 IBOR 6MD 3.370%
Bloomberg Thailand 6 Month Fixing
177 730 000 THB 15/12/2026 1.220%
Rate 6M
Bloomberg Thailand 6 Month Fixing
176 700 000 THB 15/12/2026 1.368
Rate 6M
Bloomberg Thailand 6 Month Fixing
167 680 000 THB 15/12/2031 1.650%
Rate 6M
92 348 000 ZAR 21/01/2037 8.040% IBOR 3MD
Net unrealised loss (in USD) (170 957)
Emerging Multi-Asset Income
Nominal Currency Maturity Sub-fund paid Sub-fund received
3 070 000 PLN 15/12/2023 3.370% LIBOR 6M
Bloomberg Thailand 6 Month Fixing
16 530 000 THB 15/12/2023 0.660%
Rate 6M
Bloomberg Thailand 6 Month Fixing
14 730 000 THB 15/12/2023 0.817%
Rate 6M
Bloomberg Thailand 6 Month Fixing
6 700 000 THB 15/12/2026 1.220%
Rate 6M
1 290 000 PLN 15/12/2026 LIBOR 6M 3.370%
Page 357
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Nominal Currency Maturity Sub-fund paid Sub-fund received
Bloomberg Thailand 6 Month Fixing
5 970 000 THB 15/12/2026 1.368%
Rate 6M
Bloomberg Thailand 6 Month Fixing
3 070 000 THB 15/12/2031 1.650%
Rate 6M
Net unrealised gain (in USD) 2 372
Enhanced Bond 6M
Nominal Currency Maturity Sub-fund paid Sub-fund received
50 000 000 EUR 25/11/2022 (0.564%) ESTER 1D
100 000 000 EUR 23/12/2022 (0.555%) ESTER 1D
50 000 000 EUR 30/11/2022 (0.562%) ESTER 1D
100 000 000 EUR 08/04/2023 (0.579%) ESTER 1D
100 000 000 EUR 14/06/2022 0.572% ESTER OVERNIGHT
200 000 000 EUR 28/09/2022 (0.563%) ESTER OVERNIGHT
200 000 000 EUR 24/11/2022 (0.553%) ESTER OVERNIGHT
200 000 000 EUR 01/12/2022 (0.561%) ESTER OVERNIGHT
200 000 000 EUR 14/12/2022 0.549% ESTER OVERNIGHT
200 000 000 EUR 27/02/2023 (0.581%) ESTER OVERNIGHT
Net unrealised gain (in EUR) 275 849
Euro Bond Opportunities
Nominal Currency Maturity Sub-fund paid Sub-fund received
18 500 000 USD 06/12/2026 1.311% LIBOR 3M
34 500 000 EUR 13/09/2023 EURIBOR 6M (0.465%)
66 300 000 EUR 31/10/2023 EURIBOR 6M (0.150%)
39 100 000 USD 31/10/2023 1.049% LIBOR 3M
32 700 000 EUR 19/12/2024 EURIBOR 6M (0.105%)
19 900 000 USD 31/10/2025 LIBOR 3M 1.560%
33 100 000 EUR 31/10/2025 0.080% EURIBOR 6M
7 200 000 EUR 13/09/2031 0.027% EURIBOR 6M
6 600 000 EUR 19/12/2032 0.229% EURIBOR 6M
13 500 000 EUR 11/11/2036 EURIBOR 6M 0.577%
13 300 000 EUR 09/12/2036 EURIBOR 6M 0.576%
27 700 000 EUR 11/11/2041 0.436% EURIBOR 6M
26 900 000 EUR 09/12/2041 0.371% EURIBOR 6M
14 200 000 EUR 12/11/2051 EURIBOR 6M (0.015%)
13 300 000 EUR 10/12/2051 EURIBOR 6M (0.106%)
Net unrealised gain (in EUR) 351 864
Euro Money Market
Nominal Currency Maturity Sub-fund paid Sub-fund received
5 000 000 EUR 01/12/2022 (0.564%) ESTER OVERNIGHT
Net unrealised gain (in EUR) 515
Page 358
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Euro Short Term Corporate Bond Opportunities
Nominal Currency Maturity Sub-fund paid Sub-fund received
50 000 000 EUR 04/06/2027 (0.410%) EURIBOR 6MD
Net unrealised gain (in EUR) 222 070
Europe Multi-Asset Income
Nominal Currency Maturity Sub-fund paid Sub-fund received
2 920 000 PLN 15/12/2023 3.370% IBOR 6M
1 220 000 PLN 15/12/2026 IBOR 6M 3.370%
Net unrealised gain (in EUR) 1 546
Flexible Global Credit
Nominal Currency Maturity Sub-fund paid Sub-fund received
70 000 GBP 14/10/2031 SONIA OVERNIGHT 0.827%
100 000 EUR 14/10/2031 EURIBOR 6M 0.089%
100 000 CAD 14/10/2031 1.730% CANADA BANKER ACCEPTANCE 3M
300 000 USD 14/10/2031 1.519% LIBOR 3M
400 000 USD 14/10/2031 1.484% LIBOR 3M
800 000 USD 14/10/2031 1.626% LIBOR 3M
800 000 GBP 14/10/2031 SONIA OVERNIGHT 0.762%
1 900 000 CAD 14/10/2031 1.598% CANADA BANKER ACCEPTANCE 3M
600 000 CAD 14/10/2031 2.069% CANADA BANKER ACCEPTANCE 3M
600 000 USD 14/10/2031 1.366% LIBOR 3M
2 418 110 AUD 14/10/2031 AUSTRALIAN BANK BILL 6M 1.282%
1 381 890 AUD 14/10/2031 AUSTRALIAN BANK BILL 6M 1.284%
633 333 GBP 14/10/2031 SONIA OVERNIGHT 0.540%
Net unrealised loss (in EUR) (153 242)
Global Absolute Return Multi-Factor Bond
Nominal Currency Maturity Sub-fund paid Sub-fund received
300 000 GBP 14/10/2031 SONIA OVERNIGHT 0.827%
400 000 EUR 14/10/2031 EURIBOR 6M 0.089%
700 000 USD 14/10/2031 1.519% LIBOR 3M
800 000 CAD 14/10/2031 1.730% CANADA BANKER ACCEPTANCE 3M
1 000 000 AUD 14/10/2031 AUSTRALIAN BANK BILL 6M 1.440%
1 100 000 GBP 14/10/2031 SONIA OVERNIGHT 0.569%
1 500 000 USD 14/10/2031 1.484% LIBOR 3M
1 800 000 USD 14/10/2031 1.366% LIBOR 3M
2 100 000 CAD 14/10/2031 2.069% CANADA BANKER ACCEPTANCE 3M
2 400 000 GBP 14/10/2031 SONIA OVERNIGHT 0.762%
2 400 000 USD 14/10/2031 1.626% LIBOR 3M
2 700 000 CAD 14/10/2031 1.640% CANADA BANKER ACCEPTANCE 3M
7 000 000 AUD 14/10/2031 AUSTRALIAN BANK BILL 6M 1.290%
600 000 CAD 14/10/2031 1.747% CANADA BANKER ACCEPTANCE 3M
Page 359
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Nominal Currency Maturity Sub-fund paid Sub-fund received
2 300 000 CAD 14/10/2031 1.598% CANADA BANKER ACCEPTANCE 3M
1 381 890 AUD 14/10/2031 AUSTRALIAN BANK BILL 6M 1.282%
2 618 110 AUD 14/10/2031 AUSTRALIAN BANK BILL 6M 1.284%
866 667 GBP 14/10/2031 SONIA OVERNIGHT 0.540%
Net unrealised loss (in EUR) (483 110)
Global Bond Opportunities
Nominal Currency Maturity Sub-fund paid Sub-fund received
205 000 000 JPY 11/10/2032 1.531% LIBOR 6M
453 900 000 JPY 16/10/2034 1.398% LIBOR 6M
28 200 000 USD 06/12/2026 EURIBOR 3M 1.311%
52 300 000 EUR 13/09/2023 EURIBOR 6M (0.465%)
101 700 000 EUR 31/10/2023 EURIBOR 6M (0.150%)
119 800 000 USD 31/10/2023 1.049% LIBOR 3M
49 800 000 EUR 19/12/2024 EURIBOR 6M (0.105%)
50 700 000 EUR 31/10/2025 0.080% EURIBOR 6M
61 000 000 USD 31/10/2025 LIBOR 3M 1.560%
11 000 000 EUR 13/09/2031 0.027% EURIBOR 6M
10 000 000 EUR 19/12/2032 0.229% EURIBOR 6M
20 700 000 EUR 11/11/2036 EURIBOR 6M 0.577%
20 200 000 EUR 09/12/2036 EURIBOR 6M 0.576%
42 500 000 EUR 11/11/2041 0.436% EURIBOR 6M
40 900 000 EUR 09/12/2041 0.371% EURIBOR 6M
21 800 000 EUR 12/11/2051 EURIBOR 6M 0.150%
20 200 000 EUR 10/12/2051 EURIBOR 6M 0.106%
Net unrealised gain (in EUR) 1 341 689
Global Enhanced Bond 36M
Nominal Currency Maturity Sub-fund paid Sub-fund received
800 000 USD 06/12/2026 1.311% LIBOR 3M
1 400 000 EUR 19/12/2024 EURIBOR 6M (0.105%)
300 000 EUR 19/12/2032 0.229% EURIBOR 6M
1 100 000 EUR 09/12/2036 EURIBOR 6M 0.640%
2 200 000 EUR 09/12/2041 0.444% EURIBOR 6M
1 100 000 EUR 10/12/2051 EURIBOR 6M (0.308%)
Net unrealised gain (in EUR) 7 455
Local Emerging Bond
Nominal Currency Maturity Sub-fund paid Sub-fund received
39 220 000 CNY 02/12/2025 CHINA FIXING : SWD ONE WEEK 2.815%
21 520 000 CNY 18/12/2025 CH FIXING REPO RATES (7D1W) 2.780%
42 500 000 CZK 07/10/2025 LIBOR 6M 0.610%
64 020 000 PLN 15/12/2023 3.370% IBOR 6MD
Page 360
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Nominal Currency Maturity Sub-fund paid Sub-fund received
Bloomberg Thailand 6 Month Fixing
275 450 000 THB 15/12/2023 0.660%
Rate 6M
Bloomberg Thailand 6 Month Fixing
279 310 000 THB 15/12/2023 0.817%
Rate 6M
26 880 000 PLN 15/12/2026 IBOR 6MD 3.370%
Bloomberg Thailand 6 Month Fixing
111 640 000 THB 15/12/2026 1.220%
Rate 6M
Bloomberg Thailand 6 Month Fixing
113 200 000 THB 15/12/2026 1.368%
Rate 6M
Bloomberg Thailand 6 Month Fixing
56 940 000 THB 15/12/2031 1.650%
Rate 6M
54 352 000 ZAR 21/01/2037 8.04 IBOR 3MD
Net unrealised loss (in USD) (42 851)
Multi-Asset Income
Nominal Currency Maturity Sub-fund paid Sub-fund received
7 660 000 PLN 15/12/2023 3.370% IBOR 6M
Bloomberg Thailand 6 Month Fixing
30 470 000 THB 15/12/2023 0.660%
Rate 6M
Bloomberg Thailand 6 Month Fixing
30 690 000 THB 15/12/2023 0.817%
Rate 6M
3 220 000 PLN 15/12/2026 IBOR 6M 3.370%
Bloomberg Thailand 6 Month Fixing
12 350 000 THB 15/12/2026 1.220%
Rate 6M
Bloomberg Thailand 6 Month Fixing
12 440 000 THB 15/12/2026 1.368%
Rate 6M
Bloomberg Thailand 6 Month Fixing
6 480 000 THB 15/12/2031 1.650%
Rate 6M
Net unrealised gain (in EUR) 4 972
Inflation Swaps
The Company has entered into inflation swaps agreements whereby it exchanges fixed income (sum of the notional amount and the
fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa. These amounts are calculated and
recognised at each calculation of the Net Asset Value; the receivable amount is stated under “Other assets” in the Statement of net
assets, while the payable amount is given under “Other liabilities” in the Statement of net assets.
Absolute Return Multi-Strategy
Nominal Currency Maturity Sub-fund paid Sub-fund received
250 000 USD 15/01/2031 0.228% US CPI URBAN CONSUMERS NSA
Net unrealised gain (in EUR) 21 112
Euro Bond Opportunities
Nominal Currency Maturity Sub-fund paid Sub-fund received
18 500 000 USD 06/12/2026 0.000% 0.287%
Net unrealised loss (in EUR) (220 582)
Page 361
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Global Bond Opportunities
Nominal Currency Maturity Sub-fund paid Sub-fund received
28 200 000 USD 06/12/2026 0.000% 0.287%
Net unrealised loss (in EUR) (336 239)
Global Enhanced Bond 36M
Nominal Currency Maturity Sub-fund paid Sub-fund received
800 000 USD 06/12/2026 0.000% 0.287%
Net unrealised loss (in EUR) (9 539)
Multi-Asset Thematic
Nominal Currency Maturity Sub-fund paid Sub-fund received
4 250 000 USD 15/06/2031 0.000% 0.249%
Net unrealised loss (in EUR) (235 847)
Target Risk Balanced
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 USD 15/09/2031 0.252% 0.000%
25 000 000 USD 15/08/2031 0.257% 0.000%
Net unrealised gain (in EUR) 3 733 464
Total Return Swaps
A Total Return Swap (TRS) is an agreement to exchange the total performance of a bond or other underlying asset (share, index, etc.)
for a benchmark rate plus a spread. The total performance includes the interest coupons, dividends and profits and losses on the
underlying asset over the life of the agreement, depending on the type of underlying concerned. The risk in this type of agreement is
linked to the fact that the benefit for each counterparty will depend on how the underlying asset performs over time, which is unknown
at the time at which the agreement is entered into.
Emerging Multi-Asset Income
% of net
Nominal assets Counterparty Currency Maturity Sub-fund paid Sub-fund received
engaged
BNP PARIBAS
BNP PARIBAS
1 000 000 1.46% USD 28/03/2022 0.500% STRATEGY C52
PARIS, FRANCE
INDEX (BNPIC52P)
GOLDMAN SACHS GOLDMAN SACHS
INTERNATIONAL DYNAMIC FX
9 000 000 13.13% USD 30/08/2022 0.100%
LONDON, UNITED CARRY STRATEGY
KINGDOM (GSFXCA19)
PERFORMANCE
BNP PARIBAS OF THE BASKET
2 031 624 2.96% USD 13/10/2022 0.880%
PARIS, FRANCE OF SHARES
(BNPB0002)
Net unrealised gain
104 816
(in USD)
Page 362
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Environmental Absolute Return Thematic Equity (EARTH)
% of net
Nominal assets Counterparty Currency Maturity Sub-fund paid Sub-fund received
engaged
PERFORMANCE
JP MORGAN, OF BASKET USD LIBOR 3M
9 999 004 2.32% USD 11/07/2022
GERMANY SHARES +SPREAD
(JPBNINFL)
GOLDMAN SACHS PERFORMANCE
INTERNATIONAL USD LIBOR 3M OF THE BASKET
10 600 898 2.46% USD 19/08/2022
LONDON, UNITED +SPREAD SHARES
KINGDOM (GSBPMFWL)
PERFORMANCE
JP MORGAN, OF THE BASKET USD LIBOR 3M
20 899 410 4.85% USD 13/09/2022
GERMANY SHARES +SPREAD
(JPBNRUNI)
Net unrealised gain
138 350
(in USD)
Flexible Opportunities
% of net
Nominal assets Counterparty Currency Maturity Sub-fund paid Sub-fund received
engaged
MORGAN STANLEY MSCI EUROPE SRI
EURIBOR 12M
1 536 207 17.64% BANK AG, EUR 23/09/2022 NET RETURN
+SPREAD
GERMANY INDEX (M7CXBRM)
MORGAN STANLEY MSCI EUROPE SRI
EURIBOR 12M
1 536 084 17.64% BANK AG, EUR 23/09/2022 NET RETURN
+SPREAD
GERMANY INDEX (M7CXBRM)
JP MORGAN,
302 644 3.06% USD 23/05/2022 USD LIBOR 3M USINFRA2
GERMANY
PERFORMANCE
BNP PARIBAS OF THE BASKET
265 940 2.68% USD 13/10/2022 0.880%
PARIS, FRANCE SHARES
(BNPBAM01)
Net unrealised loss
(12 322)
(in EUR)
Global Convertible
% of net
Nominal assets Counterparty Currency Maturity Sub-fund paid Sub-fund received
engaged
MORGAN STANLEY MSCI United Satate USD SOFR
4 998 925 0.41% BANK AG, USD 25/10/2022 Growth Gross AVERAGE
GERMANY Index US +SPREAD
MORGAN STANLEY USD SOFR
MSCI United State
5 005 226 0.41% BANK AG, USD 25/10/2022 AVERAGE
Value Gross Index
GERMANY +SPREAD
Net unrealised loss
(4 603)
(in USD)
Page 363
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Multi-Asset Income
% of net
Nominal assets Counterparty Currency Maturity Sub-fund paid Sub-fund received
engaged
BNP PARIBAS
BNP PARIBAS
9 850 000 2.31% USD 28/03/2022 0.500% STRATEGY C52
PARIS, FRANCE
INDEX (BNPIC52P)
Negative amount of Positive amount of
the Strategy BNP the Strategy BNP
BNP PARIBAS
14 000 000 3.29% USD 11/02/2022 Paribas LEO US 2 Paribas LEO US 2
PARIS, FRANCE
ER Index ER Index
(BNPILEU2) (BNPILEU2)
Net unrealised gain
1 293 513
(in EUR)
Premia Opportunities
% of net
Nominal assets Counterparty Currency Maturity Sub-fund paid Sub-fund received
engaged
PERFORMANCE
GOLDMAN SACHS OF THE INDICE
INTERNATIONAL GOLDMAN SACHS
1 500 000 12.57% EUR 01/08/2022 0.100%
LONDON, UNITED DYNAMIC FX
KINGDOM CARRY STRATEGY
(GSFXCA18)
Net unrealised gain
38 806
(in EUR)
Seasons
% of net
Nominal assets Counterparty Currency Maturity Sub-fund paid Sub-fund received
engaged
JP MORGAN
PERFORMANCE
SECURITIES EURIBOR 3M
137 617 865 28.29% EUR 30/06/2027 OF BASKET
LIMITED, UNITED +SPREAD
SHARES*
KINGDOM
PERFORMANCE
BNP PARIBAS EUR EURIBOR 3M
153 000 055 31.45% EUR 03/06/2022 OF BASKET
PARIS, FRANCE +SPREAD
SHARES*
PERFORMANCE
JP MORGAN, EURIBOR 3M
30 294 527 6.23% EUR 09/03/2022 OF BASKET
GERMANY +SPREAD
SHARES*
Net unrealised loss
(69 066 263)
(in EUR)
Page 364
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
(*) The basket of shares consists of the following:
ADYEN NV DANONE PERNOD RICARD SA
AIR LIQUIDE SA DELIVERY HERO SE PROSUS NV
AIRBUS SE DEUTSCHE TELEKOM AG - REG PUBLICIS GROUPE
ALLIANZ SE - REG ENGIE SANOFI AVENTIS
ASML HOLDING NV EVONIK INDUSTRIES AG SAP SE
ATOS SE ING GROEP NV SIEMENS AG - REG
AXA SA KERING SOCIETE GENERALE SA
BASF SE KONINKLIJKE AHOLD DELHAIZE NV SODEXO SA
BAYERISCHE MOTOREN WERKE AG KONINKLIJKE PHILIPS NV STELLANTIS NV
BNP PARIBAS LEGRAND SA TOTAL SA
CAPGEMINI SE LVMH VALEO SA
CARREFOUR SA MICHELIN (CGDE) VEOLIA ENVIRONNEMENT
COMMERZBANK AG NN GROUP NV - W/I VINCI SA
CREDIT AGRICOLE SA ORANGE VIVENDI
CMS (Constant Maturity Swap) Spread Options
A CMS Spread Option is an interest rate derivative on which the payoff is based on the differential between the CMS rate over two
different maturities against a funding rate. The receivable amount is stated under “Other assets” in the Statement of net assets, while
the payable amount is given under “Other liabilities” in the Statement of net assets.
Counterparties to Swaps contracts:
Bank of America Securities Europe, France
Barclays Bank Ireland Plc, Ireland
BNP Paribas Paris, France
Citigroup Global Market, Germany
Citigroup Global Market, United States
Goldman Sachs International London, United Kingdom
HSBC France, France
JP Morgan Securities Limited, United Kingdom
JP Morgan, Germany
Morgan Stanley Bank AG, Germany
Société Générale Paris, France
Note that all TRS are settled on a bilateral mode.
Note 14 - Contracts for Difference (CFD)
Contracts for Difference (CFDs) are over-the-counter financial contracts used to gain exposure to fluctuations (positive or negative
depending on the direction of the transaction) in financial instruments, baskets of financial instruments or indices without having to own
or borrow the underlying financial instruments.
Net unrealised gain/(loss) at 0 are due to CFD Resets which are taking place on a monthly basis. On each reset day, the outstanding
positions are closed and reopened at the new reset price (being the close price of the underlying on reset day).
As at 31 December 2021, the following positions were outstanding:
Environmental Absolute Return Thematic Equity (EARTH)
Net unrealised
Purchase/ Nominal
Currency Quantity Description gain/(loss)
Sale (in USD)
(in USD)
EUR 925 928 P ENGIE 13 703 288 0
EUR 196 988 P ENGIE 2 915 327 0
SIEMENS GAMESA
EUR 875 510 P 20 977 919 (2 449 250)
RENEWABLE ENE
DKK 5 642 S AP MOLLER-MAERSK A/S-B 20 229 260 0
Page 365
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Net unrealised
Purchase/ Nominal
Currency Quantity Description gain/(loss)
Sale (in USD)
(in USD)
USD 478 202 S FREEPORT-MCMORAN INC 19 955 369 0
USD 65 357 S UNITED STATES STEEL CORP 1 556 150 0
USD 724 476 S UNITED STATES STEEL CORP 17 249 774 0
EUR 388 869 S INFINEON TECHNOLOGIES AG 18 024 957 0
RED ELECTRICA
EUR 613 000 S 13 262 393 0
CORPORACION SA
GBP 601 202 S ROYAL DUTCH SHELL PLC-B SHS 13 211 208 0
GCL-POLY ENERGY
HKD 20 700 000 S 7 513 951 0
HOLDINGS LTD
NOK 778 173 S EQUINOR ASA 20 817 095 0
NOK 45 000 S TOMRA SYSTEMS ASA 3 220 015 0
USD 62 000 S ANDERSONS INC/THE 2 400 020 0
CONTINENTAL RESOURCES
USD 432 639 S 19 364 922 0
INC/OK
USD 331 686 S EXXON MOBIL CORP 20 295 866 0
USD 655 087 S FORD MOTOR CO 13 606 157 0
Total: (2 449 250)
Brokers for Contracts for difference:
BNP Paribas Paris
Citibank
Citigroup Global Market
Goldman Sachs International London
Note 15 - Options positions
For options contracts with the same Description, Currency, Maturity Date, Strike and Counterparty, the positions are combined. In this
context, the options’ quantities can be 0.
As at 31 December 2021, the following positions on options were outstanding:
Absolute Return Multi-Strategy
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in EUR) EUR)
CALL STOXX 600 OIL&GAS
EUR 150 P 18/03/2022 305.000 2 287 500 12 000
18/03/2022 305
CALL HANG SENG CHINA
HKD 15 P 30/03/2022 9 600.000 812 096 2 030
ENTERPRISES INDEX 3
Total: 14 030
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to 1 403 688 EUR.
Page 366
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Emerging Multi-Asset Income
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in USD) USD)
PUT MSCI EMERGING
USD 6 P MARKETS TR USD 17/06/2022 1 150.000 690 000 26 400
17/06/2022
PUT MSCI EMERGING
USD 6 S MARKETS TR USD 21/01/2022 1 175.000 705 000 (3 030)
21/01/2022
PUT MSCI EMERGING
USD 6 P MARKETS TR USD 21/01/2022 1 200.000 720 000 5 310
21/01/2022
Total: 28 680
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to 342 479 USD.
Euro Corporate Bond Opportunities
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in EUR) EUR)
PUT EURO-BUND FUTURE
EUR 700 P 21/01/2022 167.000 116 900 000 28 000
21/01/2022 167
Total: 28 000
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to 358 324 EUR.
Euro Covered Bond
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in EUR) EUR)
CALL EURO-BUND FUTURE
EUR 10 P 21/01/2022 176.000 1 760 000 400
21/01/2022 176
Total: 400
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to (13 708) EUR.
Euro Defensive Equity
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in EUR) EUR)
PUT EURO STOXX 50 -
EUR 270 S 17/06/2022 2 700.000 7 290 000 (48 060)
OPTION 17/06/2022 27
PUT EURO STOXX 50 -
EUR 260 S 17/06/2022 2 500.000 6 500 000 (33 800)
OPTION 17/06/2022 25
PUT EURO STOXX 50 -
EUR 250 S 17/06/2022 2 550.000 6 375 000 (35 250)
OPTION 17/06/2022 25
PUT EURO STOXX 50 -
EUR 255 S 16/12/2022 2 500.000 6 375 000 (91 545)
OPTION 16/12/2022 25
PUT EURO STOXX 50 -
EUR 260 P 17/06/2022 3 500.000 9 100 000 163 280
OPTION 17/06/2022 35
PUT EURO STOXX 50 -
EUR 585 P 18/03/2022 3 400.000 19 890 000 99 450
OPTION 18/03/2022 34
PUT EURO STOXX 50 -
EUR 585 S 18/03/2022 2 400.000 14 040 000 (14 040)
OPTION 18/03/2022 24
PUT EURO STOXX 50 -
EUR 270 P 17/06/2022 3 700.000 9 990 000 234 090
OPTION 17/06/2022 37
PUT EURO STOXX 50 -
EUR 250 P 17/06/2022 3 600.000 9 000 000 184 250
OPTION 17/06/2022 36
Page 367
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in EUR) EUR)
PUT EURO STOXX 50 -
EUR 195 P 18/03/2022 3 700.000 7 215 000 59 475
OPTION 18/03/2022 37
CALL EURO STOXX 50 -
EUR 1 510 S 21/01/2022 4 400.000 66 440 000 (246 130)
OPTION 21/01/2022 4
CALL EURO STOXX 50 -
EUR 1 510 S 21/01/2022 4 425.000 66 817 500 (161 570)
OPTION 21/01/2022 4
PUT EURO STOXX 50 -
EUR 259 S 16/09/2022 2 500.000 6 475 000 (61 642)
OPTION 16/09/2022 25
PUT EURO STOXX 50 -
EUR 259 P 16/09/2022 3 550.000 9 194 500 273 245
OPTION 16/09/2022 35
PUT EURO STOXX 50 -
EUR 195 S 18/03/2022 2 700.000 5 265 000 (8 970)
OPTION 18/03/2022 27
PUT EURO STOXX 50 -
EUR 320 S 16/09/2022 2 700.000 8 640 000 (101 120)
OPTION 16/09/2022 27
PUT EURO STOXX 50 -
EUR 520 P 16/09/2022 3 700.000 19 240 000 676 520
OPTION 16/09/2022 37
PUT EURO STOXX 50 -
EUR 200 S 16/09/2022 2 650.000 5 300 000 (58 800)
OPTION 16/09/2022 26
PUT EURO STOXX 50 -
EUR 255 P 16/12/2022 3 600.000 9 180 000 387 090
OPTION 16/12/2022 36
Total: 1 216 473
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to 4 129 707 EUR.
Euro Medium Term Bond
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in EUR) EUR)
CALL EURO-BUND FUTURE
EUR 67 P 21/01/2022 176.000 11 792 000 2 680
21/01/2022 176
Total: 2 680
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to 298 384 EUR.
Euro Short Term Corporate Bond Opportunities
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in EUR) EUR)
PUT EURO-BUND FUTURE
EUR 1 030 P 21/01/2022 167.000 172 010 000 41 200
21/01/2022 167
Total: 41 200
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to 516 385 EUR.
Page 368
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Europe Multi-Asset Income
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in EUR) EUR)
PUT EURO STOXX 50 -
EUR 50 P 18/03/2022 3 700.000 1 850 000 15 250
OPTION 18/03/2022 37
PUT EURO STOXX 50 -
EUR 42 P 18/02/2022 3 700.000 1 554 000 6 720
OPTION 18/02/2022 37
PUT EURO STOXX 50 -
EUR 120 S 21/01/2022 3 800.000 4 560 000 (7 080)
OPTION 21/01/2022 38
PUT EURO STOXX 50 -
EUR 120 P 21/01/2022 4 000.000 4 800 000 14 760
OPTION 21/01/2022 40
Total: 29 650
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to 901 926 EUR.
Flexible Opportunities
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in EUR) EUR)
PUT EURO STOXX 50 -
EUR 2 P 17/06/2022 3 700.000 74 000 1 734
OPTION 17/06/2022 37
PUT EURO STOXX 50 -
EUR 6 P 18/03/2022 3 700.000 222 000 1 830
OPTION 18/03/2022 37
PUT EURO STOXX 50 -
EUR 6 S 21/01/2022 3 800.000 228 000 (354)
OPTION 21/01/2022 38
PUT EURO STOXX 50 -
EUR 6 P 21/01/2022 4 000.000 240 000 738
OPTION 21/01/2022 40
Total: 3 948
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to 27 185 EUR.
Global Bond Opportunities
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in EUR) EUR)
CALL US 10YR NOTE FUT
USD 14 P 21/01/2022 131.000 1 612 733 4 232
(CBT) 21/01/2022 1
Total: 4 232
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to 1 403 698 EUR.
Global Convertible
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in USD) USD)
PUT S&P 500 INDEX - SPX
USD 70 S 21/01/2022 3 800.000 26 600 000 (11 375)
21/01/2022 3800
PUT S&P 500 INDEX - SPX
USD 70 P 21/01/2022 4 300.000 30 100 000 34 650
21/01/2022 4300
PUT US 5YR NOTE FUTURE
USD 2 000 P 18/02/2022 120.000 240 000 000 484 379
(CBT) 18/02/2022
PUT US 5YR NOTE FUTURE
USD 2 500 P 18/02/2022 120.250 300 625 000 761 717
(CBT) 18/02/2022
Page 369
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in USD) USD)
PUT ISHARES USD CORP
USD 8 000 P 21/01/2022 125.000 100 000 000 472 000
BOND UCITS ET 21/01/2022
PUT ISHARES USD HIGH
USD 5 000 P YIELD CORP BOND 18/02/2022 98.000 49 000 000 10 000
18/02/2022
Total: 1 751 371
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to 0 USD.
Global Enhanced Bond 36M
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in EUR) EUR)
CALL US 10YR NOTE FUT
USD 6 P 21/01/2022 131.000 691 171 1 814
(CBT) 21/01/2022 1
Total: 1 814
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to 2 694 EUR.
Green Bond
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in EUR) EUR)
CALL EURO-BUND FUTURE
EUR 410 P 21/01/2022 176.000 72 160 000 16 400
21/01/2022 176
Total: 16 400
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to 822 567 EUR.
Harmony
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in EUR) EUR)
PUT EURO STOXX 50 -
EUR 10 P 17/06/2022 3 700.000 370 000 8 670
OPTION 17/06/2022 37
PUT EURO STOXX 50 -
EUR 8 P 18/03/2022 3 700.000 296 000 2 440
OPTION 18/03/2022 37
PUT EURO STOXX 50 -
EUR 28 S 21/01/2022 3 800.000 1 064 000 (1 652)
OPTION 21/01/2022 38
PUT EURO STOXX 50 -
EUR 28 P 21/01/2022 4 000.000 1 120 000 3 444
OPTION 21/01/2022 40
PUT US 10YR NOTE FUT
USD 8 P 18/02/2022 129.000 907 492 2 858
(CBT) 18/02/2022 12
Total: 15 760
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to 653 566 EUR.
Page 370
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Multi-Asset Income
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in EUR) EUR)
PUT EURO STOXX 50 -
EUR 114 P 18/02/2022 3 700.000 4 218 000 18 240
OPTION 18/02/2022 37
PUT EURO STOXX 50 -
EUR 330 S 21/01/2022 3 800.000 12 540 000 (19 470)
OPTION 21/01/2022 38
PUT EURO STOXX 50 -
EUR 330 P 21/01/2022 4 000.000 13 200 000 40 590
OPTION 21/01/2022 40
Total: 39 360
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to 3 000 234 EUR.
Multi-Asset Thematic
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in EUR) EUR)
PUT NASDAQ 100 STOCK
USD 2 P 17/06/2022 13 700.000 2 409 426 59 524
INDEX 17/06/2022 13
PUT NASDAQ 100 STOCK
USD 8 S 21/01/2022 15 000.000 10 552 234 (22 934)
INDEX 21/01/2022 15
PUT NASDAQ 100 STOCK
USD 8 P 21/01/2022 15 600.000 10 974 322 53 886
INDEX 21/01/2022 15
PUT S&P 500 INDEX - SPX
USD 3 333 P 17/06/2022 4 475.000 2 931 149 590
17/06/2022 4475
PUT NASDAQ 100 STOCK
USD 4 P 18/03/2022 15 000.000 5 276 117 92 191
INDEX 18/03/2022 15
PUT NASDAQ 100 STOCK
USD 2 S 18/03/2022 14 000.000 2 462 188 (24 876)
INDEX 18/03/2022 14
Total: 307 381
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to 251 093 EUR.
Premia Opportunities
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in EUR) EUR)
PUT EURO STOXX 50 -
EUR 4 P 17/06/2022 3 700.000 148 000 3 468
OPTION 17/06/2022 37
PUT EURO STOXX 50 -
EUR 4 P 18/03/2022 3 700.000 148 000 1 220
OPTION 18/03/2022 37
PUT EURO STOXX 50 -
EUR 6 S 21/01/2022 3 800.000 228 000 (354)
OPTION 21/01/2022 38
PUT EURO STOXX 50 -
EUR 6 P 21/01/2022 4 000.000 240 000 738
OPTION 21/01/2022 40
Total: 5 072
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to 639 394 EUR.
Page 371
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Seasons
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in EUR) EUR)
CALL EURO STOXX 50 -
EUR 500 P 21/01/2022 4 300.000 21 500 000 297 500
OPTION 21/01/2022 4
CALL EURO STOXX 50 -
EUR 2 000 P 21/01/2022 4 325.000 86 500 000 912 000
OPTION 21/01/2022 4
CALL EUR STX 50 ESG
EUR 7 000 P 17/06/2022 146.000 102 200 000 20 524 000
(EUR)P 17/06/2022 14
CALL EURO STOXX 50 -
EUR 10 300 P 17/06/2022 3 600.000 370 800 000 70 864 000
OPTION 17/06/2022 3
Total: 92 597 500
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to (1531 765) EUR.
Social Bond
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in EUR) EUR)
CALL EURO-BUND FUTURE
EUR 24 P 21/01/2022 176.000 4 224 000 960
21/01/2022 176
Total: 960
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to (86 876) EUR.
Sustainable Enhanced Bond 12M
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in EUR) EUR)
CALL EURO-BUND FUTURE
EUR 628 P 21/01/2022 176.000 110 528 000 25 120
21/01/2022 176
Total: 25 120
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to 112 630 EUR.
Sustainable Euro Bond
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in EUR) EUR)
CALL EURO-BUND FUTURE
EUR 161 P 21/01/2022 176.000 28 336 000 6 440
21/01/2022 176
Total: 6 440
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to 95 934 EUR.
Page 372
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Target Risk Balanced
Purchase/ Maturity Nominal Market value (in
Currency Quantity Description Strike
Sale date (in EUR) EUR)
PUT EURO STOXX 50 -
EUR 416 P 17/06/2022 3 700.000 15 392 000 360 672
OPTION 17/06/2022 37
PUT EURO STOXX 50 -
EUR 456 P 18/03/2022 3 700.000 16 872 000 139 080
OPTION 18/03/2022 37
PUT EURO STOXX 50 -
EUR 1 164 S 21/01/2022 3 800.000 44 232 000 (68 676)
OPTION 21/01/2022 38
PUT EURO STOXX 50 -
EUR 1 164 P 21/01/2022 4 000.000 46 560 000 143 172
OPTION 21/01/2022 40
PUT US 10YR NOTE FUT
USD 408 P 18/02/2022 129.000 46 282 096 145 753
(CBT) 18/02/2022 12
Total: 720 001
As at 31 December 2021, the cash margin balance in relation to futures and/or options amounted to 17 773 048 EUR.
Counterparties to Options:
BNP Paribas Paris
Goldman Sachs International London
Swaptions
A type of option between two parties that can be exercised on a swap where the buyer of the swap has the right, but not obligation to,
receive an agreed upon fixed interest rate. The buyer pays a premium for the right to swap at this fixed rate. Short for a call swap
option, a call swaption can be used as a hedging tool to avoid risk if a bond issuer believes interest rates might decrease.
Euro Bond Opportunities
Purchase/
Nominal Currency Type Strike Maturity Cash Flow
Sale
Swaption Put LIBOR USD 3 MONTH 15/03/2023
11 000 000 P USD 3.090% 15/03/2023
on IRS 3.090
Swaption Put LIBOR USD 3 MONTH 17/04/2023
5 600 000 P USD 3.143% 17/04/2023
on IRS 3.143
Market value (in EUR) 73 465
Global Bond Opportunities
Purchase/
Nominal Currency Type Strike Maturity Cash Flow
Sale
Swaption Put LIBOR USD 3 MONTH 15/03/2023
21 000 000 P USD 3.090% 15/03/2023
on IRS 3.090
Swaption Put LIBOR USD 3 MONTH 17/04/2023
10 800 000 P USD 3.143% 17/04/2023
on IRS 3.143
Market value (in EUR) 140 942
Counterparties to Swaptions:
Citigroup Global Market, United States
Goldman Sachs International London, Germany
Note 16 - Securities lending
As at 31 December 2021, the Company has not concluded securities lending agreement.
Page 373
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Note 17 - Global overview of collateral
In order to limit counterparty risk on forward exchange traded and swap agreements, the Company has put a collateralisation process
in place.
As at 31 December 2021, the Company pledged the following collaterals in favour of forward exchange traded and swap agreement
counterparties:
OTC
Sub-fund Currency Type of collateral
collateral
Asia ex-Japan Bond USD 19 351 Cash
China A-Shares USD 123 806 Cash
China Equity USD 48 667 Cash
Ecosystem Restoration EUR 3 920 000 Cash
Emerging Bond USD 8 429 567 Cash
Emerging Bond Opportunities USD 10 405 717 Cash
Emerging Multi-Asset Income USD 31 056 Cash
Energy Transition EUR 11 810 000 Cash
Enhanced Bond 6M EUR 13 960 000 Cash
Environmental Absolute Return Thematic Equity (EARTH) USD 12 494 088 Cash
Euro Bond Opportunities EUR 1 816 172 Cash
Euro Corporate Bond Opportunities EUR 670 000 Cash
Euro High Yield Bond EUR 2 040 000 Cash
Euro High Yield Short Duration Bond EUR 1 578 836 Cash
Euro Short Term Bond Opportunities EUR 720 000 Cash
Euro Short Term Corporate Bond Opportunities EUR 1 110 000 Cash
Europe Convertible EUR 700 000 Cash
Europe Multi-Asset Income EUR 341 655 Cash
Flexible Global Credit EUR 320 000 Cash
Global Absolute Return Multi-Factor Bond EUR 270 000 Cash
Global Bond Opportunities EUR 6 789 106 Cash
Global Convertible USD 1 088 000 Cash
Global Enhanced Bond 36M EUR 48 096 Cash
Global Environment EUR 10 840 000 Cash
Global High Yield Bond EUR 2 120 000 Cash
Global Inflation-Linked Bond EUR 2 831 516 Cash
Green Bond EUR 4 130 000 Cash
Japan Equity JPY 1 309 543 Cash
Local Emerging Bond USD 8 049 520 Cash
Multi-Asset Income EUR 5 436 065 Cash
Multi-Asset Thematic EUR 290 000 Cash
Nordic Small Cap EUR 930 000 Cash
RMB Bond USD 16 899 Cash
Seasons EUR 69 110 000 Cash
Sustainable Enhanced Bond 12M EUR 4 230 000 Cash
Page 374
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
OTC
Sub-fund Currency Type of collateral
collateral
Sustainable Euro Corporate Bond EUR 260 000 Cash
US Small Cap USD 9 923 Cash
As at 31 December 2021, the counterparties to swap agreements pledged the following collaterals in favour of the Company:
OTC
Sub-fund Currency Type of collateral
collateral
Absolute Return Multi-Strategy EUR 10 000 Cash
Aqua EUR 860 000 Cash
Climate Impact EUR 270 000 Cash
Disruptive Technology EUR 1 430 000 Cash
Ecosystem Restoration EUR 270 000 Cash
Emerging Bond USD 1 352 986 Cash
Emerging Bond Opportunities USD 2 039 917 Cash
Emerging Multi-Asset Income USD 181 952 Cash
Energy Transition EUR 680 000 Cash
Enhanced Bond 6M EUR 500 000 Cash
Environmental Absolute Return Thematic Equity (EARTH) USD 3 062 732 Cash
Euro Bond Opportunities EUR 710 000 Cash
Europe Multi-Asset Income EUR 80 000 Cash
Global Bond Opportunities EUR 875 239 Cash
Global Convertible USD 454 000 Cash
Global Environment EUR 40 000 Cash
Global Inflation-Linked Bond EUR 325 361 Cash
Green Bond EUR 490 000 Cash
Japan Equity JPY 35 357 648 Cash
Japan Small Cap JPY 234 408 108 Cash
Local Emerging Bond USD 6 603 136 Cash
Multi-Asset Income EUR 770 000 Cash
Multi-Asset Thematic EUR 1 030 000 Cash
Nordic Small Cap EUR 1 300 000 Cash
SMaRT Food EUR 580 000 Cash
Sustainable Euro Corporate Bond EUR 270 000 Cash
Sustainable Euro Multi-Factor Corporate Bond EUR 4 060 000 Cash
Sustainable Europe Value EUR 290 000 Cash
Sustainable Global Corporate Bond USD 6 586 258 Cash
Sustainable Global Multi-Factor Corporate Bond USD 519 000 Cash
Sustainable US Multi-Factor Corporate Bond USD 1 426 000 Cash
Target Risk Balanced EUR 4 280 000 Cash
US Growth USD 328 000 Cash
US Small Cap USD 34 000 Cash
Page 375
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Note 18 - Related party transactions
The related parties may, in their capacity as portfolio managers, also conduct transactions or invest in currencies or other financial
products for the account of each sub-fund for which the related parties act as broker or for their own account or as counterparty for
their clients, including in the case in which the related parties or their clients have the option of conducting transactions for their own
account at the same time as for the account of each sub-fund.
When handling purchases and sales of securities for each sub-fund, the related parties may also have acted as counterparty at the
best market conditions.
The Company considers that the commissions, increases and reductions invoiced by the related parties are competitive, although it is
in the related parties’ interests to receive favorable commission rates, for each sub-fund.
Note 19 - Change in the composition of the securities portfolio
The list of changes to the composition of the securities portfolio during the year is available free of charge at the Management
Company’s registered office and from local agents.
Note 20 - List of Investment managers
• Alfred Berg Kapitalförvaltning AS, Norway, abbreviated to Alfred Berg AS, Norway
• BNP PARIBAS ASSET MANAGEMENT Asia Limited, Hong Kong, abbreviated to BNPP AM Asia
• BNP PARIBAS ASSET MANAGEMENT Belgium, Brussels, abbreviated to BNPP AM BE
• BNP PARIBAS ASSET MANAGEMENT Brasil Ltda, Sao Paulo - SP, Brazil, abbreviated to BNPP AM Brazil
• BNP PARIBAS ASSET MANAGEMENT France, Paris, abbreviated to BNPP AM France
• BNP PARIBAS ASSET MANAGEMENT Nederland N.V., Amsterdam, The Netherlands, abbreviated to BNPP AM Nederland
(until 1 May)
• BNP PARIBAS ASSET MANAGEMENT France, Netherlands Branch, Amsterdam, The Netherlands, abbreviated to BNPP
AM Nederland (since 1 May 2021)
• BNP PARIBAS ASSET MANAGEMENT UK Limited, London, abbreviated to BNPP AM UK
• BNP PARIBAS ASSET MANAGEMENT USA Inc., New York, abbreviated to BNPP AM USA
• Impax Asset Management Limited Plc., London, abbreviated to Impax
• Mitsubishi UFJ Kokusai Asset Management Co. Ltd, Tokyo, Japan, abbreviated to MUKAM
• Sumitomo Mitsui Asset Management Co. Ltd., Tokyo, Japan, abbreviated to Sumitomo
• TEB Portföy Yönetimi A.Ş., Istanbul, Turkey, abbreviated to TEB
Sub-fund Investment managers
Alfred Berg AS, Norway
Nordic Small Cap
BNPP AM UK (FX management)
Alfred Berg AS, Norway
Europe Emerging Equity
sub delegating to BNPP AM UK for the FX management
Alfred Berg AS, Norway
Russia Equity sub delegating to BNPP AM UK for the FX management
BNPP AM UK (FX management)
Asia ex-Japan Small Cap
BNPP AM Asia
India Equity
BNPP AM Asia
Asia ex-Japan Equity
BNPP AM UK (FX management)
BNPP AM BE
Additional Manager(s) SRI pockets:
Sustainable Multi-Asset Stability
BNPP AM France
sub delegating to BNPP AM UK (FX management)
Sustainable Multi-Asset Balanced BNPP AM BE
Sustainable Multi-Asset Growth BNPP AM UK (FX management)
Brazil Equity BNPP AM Brazil
BNPP AM Brazil
Latin America Equity
sub delegating to BNPP AM UK for the FX management
BNPP AM France
Enhanced Bond 6M
BNPP AM UK (FX management)
Page 376
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Sub-fund Investment managers
Euro Bond
Euro Money Market
Germany Multi-Factor Equity
Sustainable Euro Low Vol Equity (launched on
23 April 2021)
BNPP AM France
Sustainable Euro Multi-Factor Equity (formerly Euro
Multi-Factor Equity)
Sustainable Japan Multi-Factor Equity (formerly Japan
Multi-Factor Equity)
USD Money Market
Euro Government Bond
Euro High Quality Government Bond
Euro Medium Term Bond
Euro Short Term Bond Opportunities BNPP AM France
Euro Short Term Corporate Bond sub delegating to BNPP AM UK for the Cash management
Europe High Conviction Bond (launched on
30 April 2021)
Europe Real Estate Securities
BNPP AM France
sub delegating to BNPP AM UK (inclusive FX and Exposure
management), Alfred Berg AS, Norway, BNPP AM Asia, BNPP AM
Emerging Multi-Asset Income
Brazil
delegation to BNPP AM USA (until 20 December 2021)
BNPP AM UK (FX management)
BNPP AM France
sub delegating to BNPP AM UK (inclusive FX and Exposure
Multi-Asset Income
management), BNPP AM Asia, BNPP AM USA, Alfred Berg Norway
BNPP AM UK (FX management)
Absolute Return Global Opportunities
Euro Corporate Bond Opportunities
Euro Mid Cap
Euro Short Term Corporate Bond Opportunities
Europe Convertible
BNPP AM France
Europe Real Estate Securities
sub delegating to BNPP AM UK for the FX and Cash management
Global Real Estate Securities (liquidated
15 October 2021)
Harmony
Premia Opportunities
Sustainable Europe Value (formerly Europe Value)
BNPP AM France
Multi-Asset Thematic (launched on 17 May 2021) subdelegating to BNPP AM UK for the FX and Cash Management
BNPP AM UK (FX Management) (since August 2021)
BNPP AM France
Green Bond sub delegating to BNPP AM UK for the FX and Cash management
BNPP AM UK (FX management) (since August 2021)
Euro Corporate Bond
Europe Small Cap
Europe Small Cap Convertible BNPP AM France
Flexible Opportunities sub delegating to BNPP AM UK for the FX and Cash management
Inclusive Growth BNPP AM UK (FX management)
Sustainable Euro Corporate Bond
Target Risk Balanced
BNPP AM France
Euro High Yield Bond sub delegating to BNPP AM UK for the FX and Cash management
BNPP AM UK (inclusive FX management)
Sustainable Europe Multi-Factor Equity (formerly Europe BNPP AM France
Multi-Factor Equity) sub delegating to BNPP AM UK for the FX management
Page 377
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Sub-fund Investment managers
Europe Dividend
Sustainable Global Multi-Factor Equity (formerly Global BNPP AM France
Multi-Factor Equity) sub delegating to BNPP AM UK for the FX management
Sustainable US Value Multi-Factor Equity (formerly US BNPP AM UK (FX management)
Value Multi-Factor Equity)
Belgium Equity
BNPP AM France
Euro Covered Bond
sub delegating to BNPP AM UK for the Cash management
Seasons
BNPP AM France
Sustainable Enhanced Bond 12M subdelegating to BNPP AM UK for the Cash Management
BNPP AM UK (FX Management) (since December 2021)
BNPP AM France sub delegating to BNPP AM UK (inclusive FX and
Europe Multi-Asset Income Exposure management), Alfred Berg AS, Norway
BNPP AM UK (FX management)
BNPP AM France sub delegating to BNPP AM UK (inclusive FX
RMB Bond management)
BNPP AM UK (FX management)
Global Enhanced Bond 36M (launched on 4 June 2021)
Global Low Vol Equity BNPP AM France
Sustainable US Multi-Factor Equity (formerly US Multi- BNPP AM UK (FX management)
Factor Equity)
BNPP AM France
Absolute Return Low Vol Bond BNPP AM UK (FX, Cash and Exposure management)
BNPP AM USA
BNPP AM France
China A-Shares
sub delegating to BNPP AM Asia
BNPP AM France
China Equity sub delegating to BNPP AM Asia
BNPP AM UK (FX management)
BNPP AM France
Flexible Global Credit
sub delegating to BNPP AM UK for the Cash management
Global Absolute Return Multi-Factor Bond
Global Convertible
Sustainable Euro Bond BNPP AM France
Sustainable Euro Multi-Factor Corporate Bond (formerly sub delegating to BNPP AM UK for the Cash management
Euro Multi-Factor Corporate Bond) BNPP AM UK (FX management)
Sustainable US Multi-Factor Corporate Bond (formerly
US Multi-Factor Corporate Bond)
Pacific Real Estate Securities (liquidated on
BNPP AM Nederland
26 February 2021)
BNPP AM Nederland
Euro Defensive Equity
sub delegating to BNPP AM UK for the FX management
Asia ex-Japan Bond
Emerging Bond
Emerging Bond Opportunities
Energy Transition
BNPP AM UK (inclusive FX and Cash management)
Environmental Absolute Return Thematic Equity (EARTH)
Euro High Yield Short Duration Bond
Europe Growth
Local Emerging Bond
BNPP AM UK (inclusive FX and Cash management)
Euro Equity
BNPP AM France
BNPP AM UK (FX management)
Absolute Return Multi-Strategy BNPP AM France
sub delegating to BNPP AM UK for the FX management
Ecosystem Restoration (launched on 1 June 2021)
BNPP AM UK (inclusive FX management)
Sustainable Global Equity (formerly Global Equity)
BNPP AM UK (inclusive FX management)
Global Inflation-Linked Bond
BNPP AM USA
Page 378
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Sub-fund Investment managers
BNPP AM UK (inclusive FX, Cash and Exposure management)
Global Bond Opportunities BNPP AM USA
BNPP AM France
BNPP AM UK
Europe Equity BNPP AM France
sub delegating to BNPP AM UK for the FX and Cash management
BNPP AM USA sub delegating to BNPP AM UK for the FX and Cash
Global High Yield Bond management
Sustainable Global Corporate Bond BNPP AM France
BNPP AM UK (inclusive FX management)
BNPP AM USA
BNPP AM France
Euro Bond Opportunities
sub delegating to BNPP AM UK for the FX, Cash and Exposure
management
BNPP AM USA
US Short Duration Bond
BNPP AM UK (FX management)
BNPP AM USA
Euro Inflation-Linked Bond
sub delegating to BNPP AM UK for the FX and Cash management
BNPP AM USA (until 20 December 2021)
Frontiers Equity BNPP AM Asia (since 20 December 2021)
sub delegating to BNPP AM UK for the FX and Cash management
BNPP AM USA (until 20 December 2021)
BNPP AM Asia (since 20 December 2021)
Emerging Equity
sub delegating to BNPP AM UK for the Cash management (until
20 December 2021)
Consumer Innovators
Disruptive Technology
BNPP AM USA
Health Care Innovators
sub delegating to BNPP AM UK for the Cash management
US Growth
BNPP AM UK (FX management)
US Mid Cap
US Small Cap
BNPP AM USA
US High Yield Bond sub delegating to BNPP AM UK for the FX and Cash management
BNPP AM UK (FX management)
Impax
Green Tigers
BNPP AM UK (FX management)
Aqua
Climate Impact Impax
Global Environment BNPP AM UK for the FX and Cash management
SMaRT Food
MUKAM
Japan Equity
BNPP AM UK (FX management)
Sumitomo
Japan Small Cap
BNPP AM UK (FX management)
TEB
Turkey Equity
sub delegating to BNPP AM UK for the FX management
BNPP AM France
Sustainable Global Multi-Factor Corporate Bond
sub delegating to BNPP AM UK for the FX and cash management
(launched on 6 October 2021)
BNPP AM UK (FX Management)
BNPP AM France
Social Bond (launched on 23 November 2021)
sub delegating to BNPP AM UK for the FX and cash management
Page 379
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Note 21 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities, money market instruments,
derivatives or other eligible assets are mainly composed of standard fees, sundry fees on transaction, stamp fees, brokerage fees,
custody fees, VAT, stock exchange fees, RTO fees (Reception and Transmission of Orders).
In line with bond market practice, a bid-offer spread is applied when buying or selling securities and other financial instruments.
Consequently, in any given transaction, there will be a difference between the purchase and sale prices quoted by the broker, which
represents the broker’s remuneration.
The bid-offer spread is not included in the caption transaction fees of the statement of operations and of changes in net assets.
Note 22 - Tax reclaims as part of the Aberdeen/Fokus Bank Project
In several European Union member states, community law grants undertakings for collective investments (UCIs) the right to file claims
with a view to recovering taxes they have been unjustly forced to pay. When one member state imposes a greater tax burden on a
foreign UCI than on a resident UCI, this constitutes discrimination under community law.
This principle was confirmed by the ruling of the Court of Justice of the European Union (CJEU) in the “Aberdeen” case (18 June 2009).
This ruling acknowledges that a non-resident UCI can be subject to discriminatory taxation, which constitutes an obstacle to freedom
of establishment and/or the free movement of capital. Other CJEU rulings have subsequently confirmed this jurisprudence. Key
examples are the rulings in the Santander (10 May 2010) and Emerging Markets (10 April 2014) cases regarding French and Polish
tax legislation, respectively.
In light of this jurisprudence and in order to safeguard the right of UCIs to receive tax rebates, the Management Company has decided
to file claims with the tax authorities in several member states whose discriminatory legislation fails to comply with community law.
Preliminary studies will be carried out to determine whether or not the claims are viable, i.e. for which funds, in which member states
and over what period of time it is necessary to request a rebate.
To date, there is no European legislation establishing a uniform framework for this type of claim. As a result, the time taken to receive
a rebate and the complexity of the procedure vary depending on the member state in question. This means that it is necessary to
constantly monitor developments in this regard.
Due to the uncertainty of the recoverability of the amounts, no accrual is recorded and it is booked under the caption “Income on
investments and assets, net” when received.
Note 23 - Money Market Funds
On 14 June 2017, The European Parliament and The Council of the European Union released the Regulation 2017/1131 on money
market funds (the "MMF Regulation") with effect as of 20 July 2018.
As at 31 December 2021, the following sub-funds of the Company are qualified as short-term variable asset value money market funds
and are in the scope of the article 16.4 of the MMF Regulation, but invest less than 10% of their assets in other money market funds:
- Euro Money Market
- USD Money Market
Note 24 - Recovery of Belgian tax collected in Belgium
The Management Company has introduced recovery requests to Belgian tax authorities so as to safeguard SICAV rights, and so the
interest of the shareholders, to benefit from a refund of Belgian tax levied. A potential tax refund is contingent upon the end of court
and trial legal proceedings.
Page 380
BNP PARIBAS FUNDS
Notes to the financial statements at 31/12/2021
Note 25 - Significant event
Since the end of 2019, the development of the COVID-19 outbreak has led to an unprecedented global sanitary and economic crisis.
The Board of Directors continues to follow the efforts of governments to contain the spread of the virus, including the vaccination roll-
out and to support the economic recovery. Finally, the Board of Directors is monitoring the economic impact on the companies in the
portfolio of the Company.
Note 26 - Subsequent events
• On 31 January 2022, the following sub-funds have been renamed: the sub-fund Asia ex-Japan Equity has been renamed
into Sustainable Asia ex-Japan Equity; the sub-fund Europe Dividend has been renamed into Sustainable Europe Dividend
and the sub-fund Global Low Vol Equity has been renamed into Sustainable Global Low Vol Equity.
• The sub-fund Europe Multi-Asset Income will be absorbed by the sub-fund Multi-Asset Thematic on 24 February 2022.
• The sub-fund Multi-Asset Income will be absorbed by the sub-fund Sustainable Multi-Asset Balanced on 10 March 2022.
• The sub-fund Euro Short Term Corporate Bond Opportunities will be absorbed by the sub-fund Euro Flexible Bond on
29 April 2022.
• Since 24 February 2022, we have been very attentive to the consequences of the conflict between Russia and Ukraine. We
closely monitor developments in terms of market and financial risks in order to take all necessary measures in the interest of
shareholders. In this context, due to the escalating conflict between Russia and the Ukraine, the Board of Directors decides
to temporarily suspend since 1 March 2022 the calculation of the NAV as well as the issue, conversion and redemption of
shares, in accordance with article 16§1 a) and b) of the Articles of Association, for the sub-funds Russia Equity and Europe
Emerging Equity.
Page 381
BNP PARIBAS FUNDS
Unaudited appendix
Global market risk exposure
The Management Company of the Fund, after a risk profile assessment, decides between the commitment approach and the VaR
(99%, 1 Month) to determine the global market risk exposure.
The VaR limit use (minimum, maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit (20% for absolute
return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds).
The global market risk exposure information for the year ending 31 December 2021, is as follows:
Average
level of
Global Risk Lowest Highest Average
VaR Reference leverage
Sub-fund calculation VaR limit utilisation of utilisation utilisation of
model Portfolio reached
Method VaR limit of VaR limit VaR limit
during the
year
Absolute Return Historical
VaR Absolute No Benchmark 20% 4.95% 32.44% 16.89% 387.43%
Multi-Strategy VaR
2 times
Historical JPM EMBI Global
Emerging Bond Relative VaR Benchmark 44.18% 63.74% 50.47% 56.38%
VaR Diversified
VaR
Environmental Absolute
Historical
Return Thematic Equity VaR Absolute No Benchmark 20% 22.89% 121.50% 83.03% 125.22%
VaR
(EARTH)
Bloomberg Barclays 2 times
Euro Bond Historical
Relative VaR Euro Aggregate Total Benchmark 36.02% 89.97% 58.36% 129.63%
Opportunities VaR
Return VaR
2 times
Historical
Euro Defensive Equity Relative VaR MSCI EMU Benchmark 28.24% 46.74% 42.44% 35.25%
VaR
VaR
ICE BofAML BB-B
2 times
Historical European Currency
Euro High Yield Bond Relative VaR Benchmark 44.12% 73.66% 57.64% 32.63%
VaR Non-Financial High
VaR
Yield Constrained
Bloomberg Barclays 2 times
Euro Short Term Bond Historical Euro Aggregate
Relative VaR Benchmark 58.25% 127.44% 97.39% 22.24%
Opportunities VaR
1-3 Years VaR
Euro Short Term
Historical
Corporate Bond VaR Absolute No Benchmark 20% 14.41% 24.01% 17.82% 73.54%
VaR
Opportunities
Thomson Reuters
2 times
Historical Europe Hedged
Europe Convertible Relative VaR Benchmark 40.59% 166.21% 56.43% 65.50%
VaR Convertible Bond
VaR
(EUR)
Thomson Reuters 2 times
Europe Small Cap Historical
Relative VaR Europe Convertible Benchmark 17.52% 69.09% 57.28% 31.45%
Convertible VaR
Bond (EUR) VaR
Historical
Flexible Global Credit VaR Absolute No Benchmark 20% 4.06% 10.96% 6.73% 74.01%
VaR
Historical
Flexible Opportunities VaR Absolute No Benchmark 20% 28.66% 58.29% 38.94% 169.85%
VaR
Global Absolute Return Historical
VaR Absolute No Benchmark 20% 7.34% 18.24% 14.22% 254.14%
Multi-Factor Bond VaR
Bloomberg Barclays 2 times
Global Bond Historical
Relative VaR Global Aggregate (H) Benchmark 34.49% 91.63% 55.56% 208.14%
Opportunities VaR
EUR (total return) VaR
Page 382
BNP PARIBAS FUNDS
Unaudited appendix
Average
level of
Global Risk Lowest Highest Average
VaR Reference leverage
Sub-fund calculation VaR limit utilisation of utilisation utilisation of
model Portfolio reached
Method VaR limit of VaR limit VaR limit
during the
year
Thomson Reuters
2 times
Historical Global Focus Hedged
Global Convertible Relative VaR Benchmark 50.53% 87.94% 58.93% 89.65%
VaR Convertible Bond
VaR
(USD)
Global Enhanced Bond Historical
VaR Absolute No Benchmark 20% 5.83% 7.26% 6.28% 245.12%
36M VaR
Bloomberg Barclays
2 times
Global Inflation-Linked Historical WLD Government
Relative VaR Benchmark 45.27% 50.61% 47.83% 97.68%
Bond VaR Inflation Linked All Mat
VaR
(EUR HD)
Historical
Premia Opportunities VaR Absolute No Benchmark 20% 5.66% 18.82% 10.37% 182.85%
VaR
Sustainable Euro Multi-
2 times
Factor Corporate Bond Historical BofA Merrill Lynch Euro
Relative VaR Benchmark 52.01% 72.05% 56.68% 53.59%
(formerly Euro Multi- VaR Corporate Index
VaR
Factor Corporate Bond)
Sustainable Global Bloomberg Barclays
2 times
Multi-Factor Corporate Historical Global Aggregate
Relative VaR Benchmark 13.72% 51.24% 50.00% 103.39%
Bond (launched on VaR Corporate Index USD
VaR
6 October 2021) Hedged
Sustainable US Multi-
2 times
Factor Corporate Bond Historical BofA Merrill Lynch
Relative VaR Benchmark 43.22% 55.54% 49.00% 54.15%
(formerly US Multi- VaR US Corporate Index
VaR
Factor Corporate Bond)
The sub-funds not disclosed in the table here above use the commitment approach in order to measure and monitor the global
exposure.
Information on the Remuneration Policy in effect within the Management Company
Below are the quantitative information on remuneration, as required by Article 22 of the AIFM directive (Directive 2011/ 61 / EC of
8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 2014/91/EU of 23 July 2014), in a format compliant with the
recommendations of the AFG (French Asset Management Association)1.
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT Luxembourg (“BNPP AM
Luxembourg”) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V directive):
Total Remuneration (K EUR) Of which total variable
Business Area Number of Staff
(fixed + variable) remuneration (K EUR)
All staff of BNPP AM Luxembourg 74 7 127 770
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile of the firm
and who are indeed “Identified Staff”2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V directive):
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 2 501
Of which AIF/ UCITS and European mandates Portfolio managers 0 0
1
NB: the figures for remuneration provided below cannot be directly reconciled with the accounting data for the year as they reflect the amounts awarded based on staff
numbers at the close of the annual variable remuneration campaign in May 2021. Thus, these amounts include for example all variable remuneration awarded during this
campaign, whether deferred or not, and irrespective of whether or not the employees ultimately remained with the Company.
2
The list of regulated staff members is drawn up on the basis of the review carried out at the end of the year.
Page 383
BNP PARIBAS FUNDS
Unaudited appendix
Other information about BNPP AM Luxembourg:
– Number of AIF and UCITS Funds under management:
Number of sub-funds (31/12/2021) AuM (billion EUR) (31/12/2021)3
UCITS 190 127
AIFs 22 3
– Under the supervision of the Remuneration Committee of BNP Paribas Asset Management Holding and its Board of
Directors, a centralised independent audit of the global remuneration policy of BNP Paribas Asset Management along with
its implementation during the 2020/2021 financial year was carried out between May and July 2021. As a result of this
audit, which covered the entities of BNP Paribas Asset Management holding an AIFM and/or UCITS licence, a score of
“Satisfactory” was awarded (the highest of four possible scores), thus endorsing the solidity of the system in place,
particularly in its key stages: identification of regulated staff members, consistency of the relation between performance
and remuneration, application of mandatory deferred remuneration rules, implementation of indexation and deferred
remuneration mechanisms. A recommendation – not presented as a warning – was issued in 2021, as some regulated
staff members are not systematically assigned quantitative targets, and the documentation on the relative weighting of
quantitative and qualitative targets sometimes needs to be improved.
– Further information concerning the calculation of variable remuneration and on these deferred remuneration instruments is
provided in the description of the Remuneration Policy published on the Company's website.
Regulation on transparency of Securities Financing Transactions and Reuse of collateral (SFTR)
This collateral applies to all OTC activity of this fund. There is no way to distinguish it upon type of instrument it is related to.
Emerging Multi-Asset Income
Safekeeping of Safekeeping of
Sub-fund Market Value
Counterparty name Type Maturity collateral collateral Reinvestment
Currency (absolute value)
received granted
Less than
BNP PARIBAS Cash USD 31 056 N/A Pooled N/A
one day
BNP PARIBAS
GOLDMAN SACHS Less than
Cash USD 181 952 SECURITIES N/A No
INTERNATIONAL one day
SERVICES
Total (absolute value) USD 213 008
Environmental Absolute Return Thematic Equity (EARTH)
Safekeeping of Safekeeping of
Sub-fund Market Value
Counterparty name Type Maturity collateral collateral Reinvestment
Currency (absolute value)
received granted
Less than
SOCIETE GENERALE SA Cash USD 392 000 N/A Pooled N/A
one day
Less than
J.P. MORGAN AG Cash USD 1 420 000 N/A Pooled N/A
one day
CITIGROUP GLOBAL Less than
Cash USD 3 013 888 N/A Pooled N/A
MARKETS EUROPE AG one day
MORGAN STANLEY EUROPE Less than
Cash USD 43 000 N/A Pooled N/A
SE one day
GOLDMAN SACHS Less than
Cash USD 7 690 000 N/A Pooled N/A
INTERNATIONAL. one day
BNP PARIBAS
BANK OF AMERICA Less than
Cash USD 2 670 732 SECURITIES N/A No
SECURITIES EUROPE S.A one day
SERVICES
WOORI INVESTMENT & Less than
Cash USD 327 200 N/A Pooled N/A
SECURITIES one day
Total (absolute value) USD 15 556 820
3
The amounts thus reported take into account master-feeder funds.
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Flexible Opportunities
No collateral received or granted as at 31 December 2021.
Global Convertible
Safekeeping of Safekeeping of
Sub-fund Market Value
Counterparty name Type Maturity collateral collateral Reinvestment
Currency (absolute value)
received granted
MORGAN STANLEY EUROPE Less than
Cash USD 1 088 000 N/A Pooled N/A
SE one day
BNP PARIBAS
Less than
SOCIETE GENERALE Cash USD 161 000 SECURITIES N/A No
one day
SERVICES
BNP PARIBAS
BANK OF AMERICA Less than
Cash USD 293 000 SECURITIES N/A No
SECURITIES EUROPE S.A. one day
SERVICES
Total (absolute value) USD 1 542 000
Multi-Asset Income
Safekeeping of Safekeeping of
Sub-fund Market Value
Counterparty name Type Maturity collateral collateral Reinvestment
Currency (absolute value)
received granted
BNP PARIBAS
Less than
BNP PARIBAS Cash EUR 770 000 SECURITIES N/A No
one day
SERVICES
Less than
BNP PARIBAS Cash EUR 46 065 N/A Pooled N/A
one day
GOLDMAN SACHS Less than
Cash EUR 1 570 000 N/A Pooled N/A
INTERNATIONAL one day
Less than
J.P. MORGAN AG Cash EUR 2 840 000 N/A Pooled N/A
one day
Less than
SOCIETE GENERALE Cash EUR 310 000 N/A Pooled N/A
one day
BANK OF AMERICA Less than
Cash EUR 670 000 N/A Pooled N/A
SECURITIES EUROPE S.A. one day
Total (absolute value) EUR 6 206 065
Premia Opportunities
No collateral received or granted as at 31 December 2021.
Seasons
Safekeeping of Safekeeping of
Sub-fund Market Value
Counterparty name Type Maturity collateral collateral Reinvestment
Currency (absolute value)
received granted
Less than
BNP PARIBAS Cash EUR 15 600 000 N/A Pooled N/A
one day
Less than
J.P. MORGAN AG Cash EUR 53 510 000 N/A Pooled N/A
one day
Total (absolute value) EUR 69 110 000
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100% of the costs/returns generated are recognised in
Company's primary statements.
Page 385
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Unaudited appendix
Eligibility for the “Plan Epargne en Actions” (PEA)
Owing to their eligibility for French share savings schemes (PEA), the sub-funds of the Company listed below permanently invest at
least 75% of their net assets in shares and rights that are eligible for the PEA and are issued by companies established in France,
another Member State of the European Union or in Iceland or Norway and which are subject to corporation tax or an equivalent
regime.
• Euro Defensive Equity
• Euro Equity
• Euro Mid Cap
• Germany Multi-Factor Equity
• Nordic Small Cap*
• Seasons
• Sustainable Euro Low Vol Equity (launched on 23 April 2021)
• Sustainable Euro Multi-Factor Equity (formerly Euro Multi-Factor Equity)
• Sustainable Europe Value (formerly Europe Value)
Transparency of the promotion of environmental or social characteristics and of sustainable
investments
I - BNP Paribas Asset Management approach
On its website, BNP Paribas Asset Management provides investors with access to its policy on the integration of sustainability risks
into investment decision-making processes in accordance with Article 3 of Regulation 2019/2088 of the European Parliament and of
the Council of 27 November 2019 on the publication of sustainability information in the financial services sector (SFDR).
In addition, BNP Paribas Asset Management will make available to subscribers and to the public a document outlining its policy on
how its investment strategy considers environmental, social and governance-quality criteria, and the means implemented to
contribute to the energy and ecological transition, as well as a strategy for implementing this policy. This information will fall under
the transparency of information required regarding the negative impacts on sustainability and will be available on the Management
Company's website in accordance with Article 4 of the SFDR Regulation.
The SFDR Regulation establishes rules for transparency and for the provision of information on sustainability.
In addition to the SFDR Regulation, Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on
the establishment of a framework to facilitate sustainable investment and amending the SFDR Regulation (Taxonomy Regulation)
aims to establish criteria to determine whether an economic activity is environmentally sustainable.
The European Taxonomy Regulation is thus a classification system that establishes a list of economic activities which are
environmentally sustainable.
Economic activities that are not recognised by the Taxonomy Regulation are not necessarily harmful to the environment or
unsustainable. Furthermore, other activities that contribute substantially to the environmental and social objectives are not yet
necessarily part of the Taxonomy Regulation.
BNP Paribas Asset Management's current general approach to considering environmental, social and governance (ESG) criteria is
detailed on our website: https://www.bnpparibas-am.com/en/sustainability/as-an-investor/
For BNP Paribas Asset Management, responsible investment rests on six pillars. The first four pillars contribute to improving our
management practices, notably through new investment ideas, optimising the composition of our portfolios, controlling risk, and
using our influence on the companies and the different markets in which we invest.
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ESG Integration:
Our analysts and managers systematically take into account the most relevant ESG factors, regardless of the investment process.
Our ESG guidelines and integration policy apply to all of our investment processes (and therefore to funds, mandates and thematic
funds). However, they are not all applicable to index funds, exchange-traded funds (ETFs) or certain exceptions to the specific
management process. In line with the convictions of BNP Paribas Asset Management, this approach allows us to identify risks and
opportunities that other market players may not have knowledge of, which may therefore provide us with a comparative advantage.
The process of integrating ESG factors is guided by common formal principles. Since 2020, each investment process – and, by
definition, any eligible investment strategy – has been reviewed and approved by an ESG validation committee.
Vote, dialogue and commitment:
We invest wisely and have established detailed voting guidelines on a number of ESG issues. In addition, we believe that enhanced
dialogue with issuers can improve our investment processes and enable us to better control long-term risks. Our managers and
experts from the BNP Paribas Asset Management Sustainability Centre engage with the companies we invest in, with the goal of
encouraging them to adopt responsible and environmentally friendly practices.
In addition, we aim to meet frequently with governments in order to discuss ways of fighting global warming. Our governance and
voting policy is available here: https://docfinder.bnpparibas-am.com/api/files/9EF0EE98-5C98-4D45-8B3C-7C1AD4C0358A.
Responsible business conduct and industry exclusions:
BNP Paribas Asset Management applies ESG exclusions based on the ten principles of the United Nations Global Compact for all its
investments. The Global Compact is a universal reference framework for business evaluation and is applicable to all industrial
sectors; it is based on international conventions in the areas of respect for human rights, labour rights, the environment and the fight
against corruption.
In addition to the principles of the United Nations Global Compact, BNP Paribas Asset Management applies the OECD Guidelines
for Enterprises. Specific ESG standards that must be met by companies operating in certain sectors that are sensitive to social and
environmental impacts. They are defined in sectoral policies that, to date, concern palm oil, pulp, coal, nuclear energy, controversial
weapons, unconventional oil & gas, mining, asbestos, agriculture and tobacco. Non-compliance with the ESG standards defined by
BNP Paribas Asset Management leads to the exclusion of companies from the investment scope. Lastly, in accordance with
applicable regulations, some sectors such as controversial weapons (anti-personnel mines and cluster munitions) are banned from
any investment.
The BNPP AM Responsible Business Conduct Policy and its various elements are available here: https://docfinder.bnpparibas-
am.com/api/files/D8E2B165-C94F-413E-BE2E-154B83BD4E9B
A forward-looking vision:
We believe that three key points underpin a more sustainable and inclusive economic system: energy transition, environmental
protection and equality. We have defined a set of objectives and developed performance indicators to measure how we align our
research, our portfolios and our commitment to businesses and governments on these three issues, the "3Es".
UCI range with a strengthened non-financial approach
Part of our range incorporates the four fundamental pillars of our sustainable approach, with the addition of "enhanced ESG"
strategies that include multi-factor, best-in-class and labelled funds; "thematic" strategies for investing in companies that offer
products and services providing concrete solutions to environmental and/or social challenges and, finally, "impact" strategies to
generate, in addition to financial performance, an intentional, positive and measurable environmental and/or social impact.
Our CSR approach
As a sustainable investor, our own practices must equal or exceed the standards we expect from the entities in which we invest. We
are therefore integrating sustainable development into our operational and civic activities with the following priorities: ensuring
gender equality in our workforce, reducing our waste and CO2 emissions and working toward the inclusion of young people.
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The results of our sustainable approach are summarised in our non-financial report available on our website:
https://docfinder.bnpparibas-am.com/api/files/AE68BA26-4E3B-4BC0-950D-548A834F900E.
BNP Paribas Funds sub-funds approach
The sustainability information elements below are dated 31.12.2021 (accounting date of the SICAV).
Sub-funds SFDR Classification Additional information
Absolute Return Global Sub-funds that do not The Company's investments do not take into account the
Opportunities, Absolute promote environmental, criteria of the European Union in terms of environmentally
Return Multi-Strategy, Asia social or governance sustainable economic activities as established by the
ex-Japan Bond, Asia ex- characteristics, nor Taxonomy Regulation.
Japan Small Cap, Euro have sustainable
Inflation-Linked Bond, investment as its
Europe Small Cap objective within the
Convertible, Flexible meaning of Articles 8
Opportunities, Global and 9 of the SFDR
Inflation-Linked Bond, Japan Regulation.
Small Cap, Premia
Opportunities, RMB Bond,
Target Risk Balanced
These sub-funds promote environmental and/or social and
Brazil Equity, China A- Sub-funds that promote
governance characteristics in accordance with Article 8 of the
Shares, China Equity, environmental and/or
SFDR.
Consumer Innovators, social and governance
Disruptive Technology, characteristics in The sub-funds’ prospectus does not indicate any minimum
Emerging Bond, Emerging accordance with Article commitment or percentage allocation to sustainable funds
Bond Opportunities, 8 of the SFDR within the meaning of the SFDR and as referred to in articles 5
Emerging Equity, Emerging Regulation. and 6 of the Taxonomy regulation.
Multi-Asset Income,
Enhanced Bond 6M, Euro In its range of products that promote environmental or social
Bond, Euro Bond characteristics, among others, or a combination of these
Opportunities, Euro characteristics, where the companies in which investments
Corporate Bond, Euro are made apply sound governance practices, BNP Paribas
Corporate Bond Asset Management has committed to a responsible
Opportunities, Euro Covered investment approach.
Bond, Euro Defensive
Equity, Euro Equity, Euro The extent to which, and manner in which, sustainable
High Quality Government investment issues and risks are factored into each strategy
Bond, Euro High Yield Short depends on certain factors including asset class, region and
Duration Bond, Euro Medium financial instruments used.
Term Bond, Euro Mid Cap,
Euro Money Market, Euro The environmental or social characteristics promoted by the
Short Term Bond sub-funds’ investment strategy will have been respected by
Opportunities, Euro Short applying one or more of our four pillars of responsible
Term Corporate Bond, Euro investment (see below): an in-depth analysis of
Short Term Corporate Bond environmental, social and governance (ESG) factors; the
Opportunities, Europe principles of responsible engagement with companies,
Convertible, Europe exclusions based on products and sectors having a negative
Emerging Equity, Europe impact on society or the environment; and concentration on
Equity, Europe Growth, three themes (energy transition, environmental protection,
Europe High Conviction equality and inclusive growth) to promote a sustainable future.
Bond (launched on
30 April 2021), Europe Multi-
Asset Income, Europe Real
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Estate Securities, Europe
Since 2020, all of our eligible investment strategies have
Small Cap, Flexible Global
adopted our sustainable investment approach as set out in our
Credit, Frontiers Equity,
Global Sustainability Strategy (GSS), a key component of
Germany Multi-Factor Equity,
which is ESG integration. Our ESG integration guidelines
Global Absolute Return
require managers of our active portfolios to avoid investing in
Multi-Factor Bond, Global
a low-rated company without proactively engaging with the
Bond Opportunities, Global
company to improve its ESG rating.
Convertible, Global
Enhanced Bond 36M
(launched on 4 June 2021), BNP Paribas Asset Management’s issuer ESG assessment is
Global High Yield Bond, based on the materiality, measurability, quality and availability
Global Low Vol Equity, of data. The ESG assessment is concentrated on a limited set
Harmony, Health Care of robust extra-financial metrics, using the following sources.
Innovators, India Equity,
Japan Equity, Latin America i) External providers: ESG research specialists including
Equity, Local Emerging Sustainalytics (ESG, UNGC, controversies), Trucost (climate
Bond, Multi-Asset Income, change, natural capital), CDP (environmental impact), Iceberg
Multi-Asset Thematic Data Lab (natural capital), SBTi (climate change), ISS
(launched on 17 May 2021), (governance), Beyond Ratings (sovereign debt), Vigeo Eiris
Nordic Small Cap, Russia (UNGC, controversies), leading ESG intermediaries;
Equity, Seasons, Turkey
Equity, US Growth, US High ii) In-house qualitative research: Guidance from BNP Paribas
Yield Bond, US Mid Cap, US Asset Management’s ESG analysts assessing ESG
Short Duration Bond, US performance and examining data from external providers on
Small Cap, USD Money the basis of direct contact with issuers, academics,
Market institutions, civil society researchers, heads of publications;
iii) International institutions: Eurostat, OECD, United Nations,
World Bank, International Energy Agency, World Health
Organisation, World Resources Institute, ADEME and World
Benchmarking Alliance.
More detailed information on our proprietary ESG rating
framework can be found on our website:
https://docfinder.bnpparibas-am.com/api)files/A3DC126A-
A500-4B2E-A569-18471E45EC28.
The Sub-funds promote environmental and/or social and
Asia ex-Japan Equity, Sub-funds that promote
governance characteristics in accordance with Article 8 of the
Belgium Equity, Euro environmental and/or
SFDR and partially invests in sustainable investments within
Government Bond, Euro social and governance
the meaning of this regulation.
High Yield Bond, Europe characteristics in
Dividend, Inclusive Growth, accordance with Article
A sustainable investment within the meaning of the SFDR
Sustainable Enhanced Bond 8 of the SFDR and
consists of:
12M, Sustainable Euro Bond, partially invests in
Sustainable Euro Corporate sustainable
Bond, Sustainable Euro Low investments within the - an investment in an economic activity that contributes to
Vol Equity (launched on meaning of this an environmental objective, measured, for example,
23 April 2021), Sustainable regulation. using key indicators regarding the efficient use of
Euro Multi-Factor Corporate resources involving the use of energy, renewable energy,
Bond (formerly Euro Multi- commodities, water and land, waste production and
Factor Corporate Bond), greenhouse gas emissions or effects on biodiversity and
Sustainable Euro Multi- the circular economy, or
Factor Equity (formerly Euro
Multi-Factor Equity), - an investment in an economic activity that contributes to
Sustainable Europe Multi- a social objective, in particular investments that
Factor Equity (formerly contribute to the fight against inequality or that promote
Europe Multi-Factor Equity), social cohesion, social integration and working
Sustainable Europe Value relationships, or
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BNP PARIBAS FUNDS
Unaudited appendix
(formerly Europe Value),
- an investment in human capital or economically or
Sustainable Global
socially disadvantaged communities, provided that these
Corporate Bond, Sustainable
investments do not cause extensive harm to any of these
Global Equity (formerly
objectives and the companies in which investments are
Global Equity), Sustainable
made follow good governance practices, in particular with
Global Multi-Factor
regard to healthy management structures, dealings with
Corporate Bond (launched
staff, remuneration for skilled employees and compliance
on 6 October 2021),
with tax obligations.
Sustainable Global Multi-
Factor Equity (formerly
Global Multi-Factor Equity), As part of its range of products that promote, among other
Sustainable Japan Multi- characteristics, environmental or social characteristics, or a
Factor Equity (formerly combination of those characteristics, provided that the
Japan Multi-Factor Equity), companies in which the investments are made apply follow
Sustainable Multi-Asset governance practices, BNP Paribas Asset Management is
Balanced, Sustainable Multi- committed to a responsible investment approach for its
Asset Growth, Sustainable investments.
Multi-Asset Stability,
Sustainable US Multi-Factor The extent and manner in which sustainable investment
Corporate Bond (formerly US issues and risks are incorporated into each strategy will vary
Multi-Factor Corporate according to a number of factors such as asset class,
Bond), Sustainable US Multi- geographical area and the financial instruments used.
Factor Equity (formerly US
Multi-Factor Equity), As such, the environmental or social characteristics promoted
Sustainable US Value Multi- by the sub-funds have been achieved through the
Factor Equity (formerly US implementation of our four pillars of responsible investment
Value Multi-Factor Equity) (see below): an in-depth analysis of environmental, social and
governance (ESG) factors; principles of responsible corporate
engagement; exclusions based on products and industries
that have a negative impact on society or the environment;
and a focus on three thematic areas to promote a sustainable
future (energy transition, environmental protection, equality
and inclusive growth).
Since 2020, all of our eligible investment strategies have
adopted our sustainable investment approach as set out in our
Global Sustainability Strategy (GSS), a key component of
which is ESG integration. Our ESG integration guidelines
require managers of our active portfolios to avoid investing in
a low-rated company without proactively engaging with the
company to improve its ESG rating.
The ESG assessment of issuers by BNP Paribas Asset
Management is based on materiality, measurability, quality
and availability of data. The ESG assessment focuses on a
limited set of robust non-financial metrics, using the following
sources:
i) External providers: organisations specialising in ESG
research, such as Sustainalytics (ESG indicators, UNGC,
controversies), Trucost (climate change, natural capital), CDP
(environmental impact), Iceberg Data Lab (natural capital),
SBTi (climate change), ISS (governance), Beyond Ratings
(sovereign debt), Vigeo Eiris (UNGC, controversies); and
leading ESG intermediaries;
Page 390
BNP PARIBAS FUNDS
Unaudited appendix
ii) Internal qualitative research: Insights from BNP Paribas
Asset Management's ESG analysts assessing ESG
performance and reviewing data from external providers
based on direct contacts with issuers, academics, institutions,
civil society research, issuer publications managers;
iii) International institutions: Eurostat, OECD, United Nations,
World Bank, International Energy Agency, World Health
Organization, World Resources Institute, ADEME (Agence de
l'environnement et de la maîtrise de l'énergie — French
environment and energy management agency) and the World
Benchmarking Alliance
Further information about our proprietary ESG rating
framework is available online at: https://docfinder.bnpparibas-
am.com/api/files/A3DC126A-A500-4B2E-A569-
18471E45EC28
To date, the sub-fund has not yet committed to a minimum
level of investment in economic activities that are considered
environmentally sustainable under the Taxonomy Regulation
and that contribute to the environmental objectives of climate
change mitigation and adaptation. However, given the non-
financial dimension of its investment objective, it is likely that a
limited portion of the sub-funds will invest in activities that
contribute to the environmental objectives of climate change
mitigation and adaptation as defined in the Taxonomy
Regulation.
The Management Company is currently developing its
taxonomy alignment data systems to ensure that the
information reported under this framework is accurate and
relevant. Subsequent updates to the prospectus will be made
accordingly.
The "do no significant harm" principle, as defined by the
Taxonomy Regulation, would only apply to those investments
underlying the sub-fund that take into account the European
Union criteria for environmentally sustainable economic
activities. The investments underlying the remaining portion of
this sub-fund do not take into account the European Union
criteria for environmentally sustainable economic activities as
set out by the Taxonomy Regulation.
Aqua Sub-fund having The BNP Paribas Aqua fund’s sustainable development
sustainable investment objective is to facilitate access to quality drinking water for as
as its objective many people as possible, in the most efficient possible way, to
pursuant to Article 9 of prevent resource wastage. To do this, the fund invests in
the SFDR. water treatment as well as water savings and recycling
technologies, and in the installation, maintenance and
renovation of water supply networks, waste water treatment
services and anti-pollution measures.
The global impact of this sustainability objective is determined
by a relevant sustainability indicator within the meaning of the
SFDR.
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Unaudited appendix
For this fund, the relevant sustainability indicator is the
percentage exposure measured against the income (or
CapEx/EBITDA) of companies held in the portfolio. This
income is generated by the manufacture of products or
services that are considered to contribute to the sustainable
investment objective. In this instance, the relevant indicator’s
lower limit is set at 20% for each company.
As at 31 December 2021, 100% of the portfolio’s holdings
generated at least 20% of their income within the access to
water theme. For information, the fund’s average exposure to
this theme was 53% on the same date.
To date, the sub-fund has not yet committed to a minimum
level of investment in economic activities that are considered
environmentally sustainable under the Taxonomy Regulation
and that contribute to the environmental objectives of climate
change mitigation and adaptation. However, given the non-
financial dimension of its investment objective, it is likely that a
limited portion of the sub-funds will invest in activities that
contribute to the environmental objectives of climate change
mitigation and adaptation as defined in the Taxonomy
Regulation.
The Management Company is currently developing its
taxonomy alignment data systems to ensure that the
information reported under this framework is accurate and
relevant. Subsequent updates to the prospectus will be made
accordingly.
Climate Impact Subfund having The BNP Paribas Climate Impact fund’s sustainable
sustainable investment investment objective is to support adaptation to climate
as its objective change and mitigation of its effects.
pursuant to Article 9 of
the SFDR. Mitigation of the effects of climate change includes, but is not
limited to, new energy, control of greenhouse gases,
sustainable and effective agriculture, and waste/resource
efficiency.
Adaptation to climate change includes, but is not limited to,
the resilience of energy systems, water supplies, agriculture,
aquaculture, forestry and other infrastructures.
The global impact of this sustainability objective is determined
by a relevant sustainability indicator within the meaning of the
SFDR.
For this fund, the relevant sustainability indicator is the
percentage exposure measured against the income (or
CapEx/EBITDA) of companies held in the portfolio. This
income is generated by the manufacture of products or
services that are considered to contribute to the sustainable
investment objective. In this instance, the relevant indicator’s
lower limit is set at 50% for each company.
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As at 31 December 2021, 100% of the portfolio’s holdings
generated at least 50% of their income within the climate
change adaptation and mitigation theme. For information, the
fund’s average exposure to this theme was 78% on the same
date.
To date, the sub-fund has not yet committed to a minimum
level of investment in economic activities that are considered
environmentally sustainable under the Taxonomy Regulation
and that contribute to the environmental objectives of climate
change mitigation and adaptation. However, given the non-
financial dimension of its investment objective, it is likely that a
significant portion of the sub-funds will invest in activities that
contribute to the environmental objectives of climate change
mitigation and adaptation as defined in the Taxonomy
Regulation.
The Management Company is currently developing its
taxonomy alignment data systems to ensure that the
information reported under this framework is accurate and
relevant. Subsequent updates to the prospectus will be made
accordingly.
Ecosystem Restoration Subfund having The BNP Paribas Ecosystem Restoration fund’s sustainable
(launched on 1 June 2021) sustainable investment investment objective is to contribute to the restoration and
as its objective preservation of the world’s ecosystems and natural capital by
pursuant to Article 9 of investing in companies that provide solutions to aquatic,
the SFDR. terrestrial and urban ecosystems through their products,
services or processes. This includes the oceans, prevention of
water pollution, aquaculture, recycling, agricultural technology,
seeds, sustainable forestry, green cities, prevention of
atmospheric pollution, and waste management solutions.
The global impact of this sustainability objective is determined
by a relevant sustainability indicator within the meaning of the
SFDR.
For this fund, the relevant indicator is the percentage
exposure measured against the income (or CapEx/EBITDA) of
companies held in the portfolio. This income is generated by
the manufacture of products or services that are considered to
contribute to the sustainable investment objective. In this
instance, the relevant indicator’s lower limit is set at 20% for
each company.
As at 31 December 2021, 100% of the portfolio’s holdings
generated at least 20% of their income within the restoration
and preservation of the world’s ecosystems and natural capital
theme. For information, the fund’s average exposure to this
theme was 73.3% on the same date.
Page 393
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Unaudited appendix
To date, the sub-fund has not yet committed to a minimum
level of investment in economic activities that are considered
environmentally sustainable under the Taxonomy Regulation
and that contribute to the environmental objectives of climate
change mitigation and adaptation. However, given the non-
financial dimension of its investment objective, it is likely that a
limited portion of the sub-funds will invest in activities that
contribute to one or more of the six environmental objectives
as defined in the Taxonomy Regulation.
The Management Company is currently developing its
taxonomy alignment data systems to ensure that the
information reported under this framework is accurate and
relevant. Subsequent updates to the prospectus will be made
accordingly.
Energy Transition Subfund having The BNP Paribas Energy Transition fund’s sustainable
sustainable investment investment objective is to contribute to the decarbonisation,
as its objective decentralisation and digitalisation of our energy systems by
pursuant to Article 9 of investing in green energy, energy efficiency and energy
the SFDR. technology, as well as in new means of transportation. The
fund is trying to accelerate our move away from fossil fuels.
The global impact of this sustainability objective is determined
by a relevant sustainability indicator within the meaning of the
SFDR.
For this fund, the relevant indicator is the percentage
exposure measured against the income (or CapEx/EBITDA) of
companies held in the portfolio. This income is generated by
the manufacture of products or services that are considered to
contribute to the sustainable investment objective. In this
instance, the relevant indicator’s lower limit is set at 20% for
each company.
As at 31 December 2021, 100% of the portfolio’s holdings
generated at least 20% of their income within the energy
transition theme. For information, the fund’s average
exposure to this theme was 76.2% on the same date.
To date, the sub-fund has not yet committed to a minimum
level of investment in economic activities that are considered
environmentally sustainable under the Taxonomy Regulation
and that contribute to the environmental objectives of climate
change mitigation and adaptation. However, given the non-
financial dimension of its investment objective, it is likely that a
significant portion of the sub-fund will invest in activities that
contribute to one or more of the six environmental objectives
as defined in the Taxonomy Regulation.
The Management Company is currently developing its
taxonomy alignment data systems to ensure that the
information reported under this framework is accurate and
relevant. Subsequent updates to the prospectus will be made
accordingly.
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Environmental Absolute Subfund having The BNP Paribas Environmental Absolute Return Thematic
Return Thematic Equity sustainable investment Equity fund’s sustainable investment objective is to have a
(EARTH) as its objective positive environmental impact on energy, materials,
pursuant to Article 9 of agriculture and industrial markets. This includes, but is not
the SFDR. limited to, the production of renewable energy through various
technologies, commodities and intermediaries facilitating the
green revolution, natural capital such as water, the land and
forestry, sustainable food production, efficiency in industry and
construction, alternative transportation and automation. The
fund may also take short positions on companies that do not
adapt their business models to the transition towards more
sustainable practices.
The global impact of this sustainability objective is determined
by a relevant sustainability indicator within the meaning of the
SFDR.
For this fund, the relevant indicator is the percentage
exposure measured against the income (or CapEx/EBITDA) of
companies held in the portfolio. This income is generated by
the manufacture of products or services that are considered to
contribute to the sustainable investment objective. In this
instance, the relevant indicator’s lower limit is set at 20% for
each company.
As at 31 December 2021, 100% of the portfolio’s holdings
generated at least 20% of their income within the energy,
materials, agriculture and industrial markets theme. For
information, the fund’s average exposure to this theme was
64.9% on the same date.
To date, the Sub-Fund has not yet committed to a minimum
level of investment in economic activities that are considered
environmentally sustainable under the Taxonomy Regulation
and that contribute to the environmental objectives of climate
change mitigation and adaptation. However, given the non-
financial dimension of its investment objective, it is likely that a
significant portion of the sub-funds will invest in activities that
contribute to one or more of the six environmental objectives
as defined in the Taxonomy Regulation.
The Management Company is currently developing its
taxonomy alignment data systems to ensure that the
information reported under this framework is accurate and
relevant. Subsequent updates to the prospectus will be made
accordingly.
Global Environment Subfund having The BNP Paribas Global Environment fund’s sustainable
sustainable investment investment objective is to have a positive impact on the
as its objective environment by investing in companies active on growing
pursuant to Article 9 of environmental markets (e.g. new energy, clean and efficient
the SFDR. transportation, sustainable food, water, the circular economy
and smart environment). These markets tackle a number of
long-term macroeconomic themes: population growth, raised
living standards, increasing urbanisation, rising consumption,
and the exhaustion of limited natural resources.
Page 395
BNP PARIBAS FUNDS
Unaudited appendix
The global impact of this sustainability objective is determined
by a relevant sustainability indicator within the meaning of the
SFDR.
For this fund, the relevant indicator is the percentage
exposure measured against the income (or CapEx/EBITDA) of
companies held in the portfolio. This income is generated by
the manufacture of products or services that are considered to
contribute to the sustainable investment objective. In this
instance, the relevant indicator’s lower limit is set at 20% for
each company.
As at 31 December 2021, 100% of the portfolio’s holdings
generated at least 20% of their income within the positive
environmental impact theme. For information, the fund’s
average exposure to this theme was 54% on the same date.
To date, the Sub-Fund has not yet committed to a minimum
level of investment in economic activities that are considered
environmentally sustainable under the Taxonomy Regulation
and that contribute to the environmental objectives of climate
change mitigation and adaptation. However, given the non-
financial dimension of its investment objective, it is likely that a
limited portion of the sub-funds will invest in activities that
contribute to one or more of the six environmental objectives
as defined in the Taxonomy Regulation.
The Management Company is currently developing its
taxonomy alignment data systems to ensure that the
information reported under this framework is accurate and
relevant. Subsequent updates to the prospectus will be made
accordingly.
Green Bond Subfund having The BNP Paribas Green Bond fund’s sustainable investment
sustainable investment objective is to have a positive environmental impact by
as its objective investing in green bonds issued by companies, governments,
pursuant to Article 9 of local entities, supranational agencies, etc., supporting
the SFDR. environment and climate-related projects.
The global impact of this sustainability objective is determined
by a relevant sustainability indicator within the meaning of the
SFDR.
For this fund, the relevant indicator is the percentage of the
fund’s assets invested in green bonds. In this instance, the
relevant indicator’s lower limit is set at 66.6%.
As at 31 December 2021, 95.14% of BNP Paribas Green
Bond was invested in green bonds.
Page 396
BNP PARIBAS FUNDS
Unaudited appendix
To date, the Sub-Fund has not yet committed to a minimum
level of investment in economic activities that are considered
environmentally sustainable under the Taxonomy Regulation
and that contribute to the environmental objectives of climate
change mitigation and adaptation. However, given the non-
financial dimension of its investment objective, it is likely that a
limited portion of the sub-funds will invest in activities that
contribute to one or more of the six environmental objectives
as defined in the Taxonomy Regulation.
The Management Company is currently developing its
taxonomy alignment data systems to ensure that the
information reported under this framework is accurate and
relevant. Subsequent updates to the prospectus will be made
accordingly.
Green Tigers Subfund having The BNP Paribas Green Tigers fund’s sustainable investment
sustainable investment objective is to have a positive impact on the environment by
as its objective investing in companies based in Asia-Pacific and active on
pursuant to Article 9 of rapidly growing environmental markets (e.g. new energy,
the SFDR. clean and efficient transportation, sustainable food, water, the
circular economy and smart environment). These markets
tackle a number of long-term macroeconomic themes:
population growth, raised living standards, increasing
urbanisation, rising consumption, and the exhaustion of limited
natural resources.
The global impact of this sustainability objective is determined
by a relevant sustainability indicator within the meaning of the
SFDR.
For this fund, the relevant indicator is the percentage
exposure measured against the income (or CapEx/EBITDA) of
companies held in the portfolio. This income is generated by
the manufacture of products or services that are considered to
contribute to the sustainable investment objective. In this
instance, the relevant indicator’s lower limit is set at 20% for
each company.
As at 31 December 2021, 100% of the portfolio’s holdings
generated at least 20% of their income within the Asia-Pacific
based companies having a positive environmental impact
theme. For information, the fund’s average exposure to this
theme was 64% on the same date.
To date, the Sub-Fund has not yet committed to a minimum
level of investment in economic activities that are considered
environmentally sustainable under the Taxonomy Regulation
and that contribute to the environmental objectives of climate
change mitigation and adaptation. However, given the non-
financial dimension of its investment objective, it is likely that a
limited portion of the sub-funds will invest in activities that
contribute to one or more of the six environmental objectives
as defined in the Taxonomy Regulation.
Page 397
BNP PARIBAS FUNDS
Unaudited appendix
The Management Company is currently developing its
taxonomy alignment data systems to ensure that the
information reported under this framework is accurate and
relevant. Subsequent updates to the prospectus will be made
accordingly.
SMaRT Food Subfund having The BNP Paribas SMaRT Food fund’s sustainable investment
sustainable investment objective is to help reduce the environmental impact of
as its objective agriculture and food production, facilitate the supply of healthy
pursuant to Article 9 of and nutritional food, and promote standards for animal welfare
the SFDR. all along the food value chain (producers and inputs,
technology and logistics, safe food, sustainable packaging,
distribution, staple foods and ingredients, and value-added
food).
The global impact of this sustainability objective is determined
by a relevant sustainability indicator within the meaning of the
SFDR.
For this fund, the relevant indicator is the percentage
exposure measured against the income (or CapEx/EBITDA) of
companies held in the portfolio. This income is generated by
the manufacture of products or services that are considered to
contribute to the sustainable investment objective. In this
instance, the relevant indicator’s lower limit is set at 20% for
each company.
As at 31 December 2021, 100% of the portfolio’s holdings
generated at least 20% of their income within the sustainable
food supply chain theme. For information, the fund’s average
exposure to this theme was 54% on the same date.
To date, the Sub-Fund has not yet committed to a minimum
level of investment in economic activities that are considered
environmentally sustainable under the Taxonomy Regulation
and that contribute to the environmental objectives of climate
change mitigation and adaptation. However, given the non-
financial dimension of its investment objective, it is likely that a
limited portion of the sub-funds will invest in activities that
contribute to one or more of the six environmental objectives
as defined in the Taxonomy Regulation.
The Management Company is currently developing its
taxonomy alignment data systems to ensure that the
information reported under this framework is accurate and
relevant. Subsequent updates to the prospectus will be made
accordingly.
Social Bond (launched on Subfund having The BNP Paribas Social Bond fund’s sustainable investment
23 November 2021) sustainable investment objective is to have a positive social and/or sustainability
as its objective impact by investing in social bonds and sustainability bonds
pursuant to Article 9 of issued by companies, governments, local entities,
the SFDR. supranational agencies, etc., supporting social and
sustainable development projects.
Page 398
BNP PARIBAS FUNDS
Unaudited appendix
The global impact of this sustainability objective is determined
by a relevant sustainability indicator within the meaning of the
SFDR.
For this fund, the relevant indicator is the percentage of its
assets invested in social bonds or sustainability bonds. In this
instance, the relevant indicator’s lower limit is set at 75%.
As at 31 December 2021, 85.76% of BNP Paribas Social
Bond was invested in social bonds or sustainability bonds.
To date, the Sub-Fund has not yet committed to a minimum
level of investment in economic activities that are considered
environmentally sustainable under the Taxonomy Regulation
and that contribute to the environmental objectives of climate
change mitigation and adaptation. However, given the non-
financial dimension of its investment objective, it is likely that a
limited portion of the sub-funds will invest in activities that
contribute to one or more of the six environmental objectives
as defined in the Taxonomy Regulation.
The Management Company is currently developing its
taxonomy alignment data systems to ensure that the
information reported under this framework is accurate and
relevant. Subsequent updates to the prospectus will be made
accordingly.
Page 399
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