R-co TARGET 2024 HIGH YIELD Open-ended investment fund (SICAV)

29, avenue de Messine 75008

Statutory Auditor’s report on the annual financial statements

Period ended 31 December 2020

R-co TARGET 2024 HIGH YIELD Open-ended investment fund (SICAV)

29, avenue de Messine 75008 Paris

Statutory Auditor’s report on the annual financial statements

Period ended 31 December 2020

To the General Meeting,

Opinion

In accordance with the assignment entrusted to us by your board of directors, we audited the annual financial statements of the R-co TARGET 2024 HIGH YIELD undertaking for collective investment, established in the form of an investment fund with variable capital (SICAV), for the financial year ended on 31 December 2020, as attached to this report. We certify that, in accordance with French accounting rules and principles, the annual financial statements are consistent and accurate and present a true and fair view of the results of the operations for the past accounting period and of the SICAV’s financial situation and assets and liabilities at the end of said period.

Basis of the opinion

Audit reference standard We conducted our audit in accordance with the generally accepted auditing standards in . We believe that the audit evidence we have obtained provides a sufficient and appropriate basis for our audit opinion. Our responsibilities according to these standards are described in the section “Statutory auditor’s responsibilities for the audit of the annual financial statements” of this report.

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

Basis for our assessments

The global crisis resulting from the COVID-19 pandemic creates special conditions for the preparation and audit of the financial statements for this financial year. This crisis and the exceptional measures taken in the context of the state of public health emergency have multiple consequences for the funds, their investments and the valuation of their assets and liabilities. Some of these measures, such as travel restrictions and remote working, have also had an impact on the operational management of the funds and the performance of the audits. In this complex and evolving context, in accordance with the provisions of Articles L. 823-9 and R. 823-7 of the French commercial code concerning the basis for our assessments, we hereby inform you that, in our professional judgement, the most significant assessments that we conducted pertain to the appropriateness of the accounting principles applied, in particular as regards the financial instruments in the portfolio and the overall presentation of the financial statements, in view of the accounting system applicable to open-ended undertakings for collective investments. These assessments contributed to the audit of the annual financial statements, taken as a whole, and to the formation of our opinion expressed above. We do not express an opinion on items in these annual financial statements viewed in isolation.

Specific verifications

We also performed the specific verifications required by the applicable laws and regulations in accordance with the professional standards applicable in France.

Information provided in the annual report and other documents on the financial position and the annual financial statements sent to shareholders We have no matters to report regarding the fair presentation and consistency with the annual financial statements of the information given in the management report of the Board of Directors and in the other documents regarding the financial situation and the financial statements sent to the shareholders.

Corporate governance information We certify the existence of the information required by Article L. 225-37-4 of the French commercial code in the corporate governance section of the management report of the Board of Directors.

Responsibilities of management and members of the corporate governance body concerning the annual financial statements

Management is responsible for preparing annual financial statements presenting a true

and fair view in accordance with French accounting rules and principles and implementing the

2 | R-co TARGET 2024 HIGH YIELD | Statutory Auditor’s report on the annual financial statements | Period ended 31 December 2020

Management is responsible for internal controls that it deems necessary for the preparation of annual financial statements free of any material misstatements, whether due to fraud or error.

In connection with the preparation of the annual financial statements, Management is responsible for assessing the SICAV’s ability to continue its operations, providing information on matters relating to the continued operations, where this is relevant, and preparing financial statements on a going-concern basis, unless the management company intends to wind up the SICAV or discontinue its operations.

The annual financial statements were approved by the Board of Directors.

Statutory auditor’s responsibilities for the audit of the annual financial statements

It is our responsibility to prepare a report on the annual financial statements. Our goal is to obtain reasonable assurance that the annual financial statements taken as a whole do not contain any material misstatements. Reasonable assurance is a high level of assurance but is not a guarantee that an audit performed in accordance with the professional auditing standards will always detect any material misstatement. Misstatements may arise as a result of fraud or error and must be regarded as being material if it can reasonably be expected that they, individually or in the aggregate, will affect the financial decisions made by users of the financial statements on the basis of the financial statements.

As specified in Article L. 823-10-1 of the French commercial code, our role of certifying the financial statements is not to guarantee the viability or the quality of the management of your SICAV.

As part of an audit performed in accordance with the professional auditing standards applicable in France, the statutory auditor uses professional judgement throughout this audit. In addition:

• the statutory auditor identifies and assesses the risks that the annual financial statements contain material misstatements, whether due to fraud or error, and defines and implements audit procedures for such risks and collects evidence considered sufficient and appropriate to serve as the basis of its opinion. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting a material misstatement due to error, as fraud may involve conspiracy, forgery, deliberate omission, misrepresentation, or non-observance of internal controls;

• the statutory auditor obtains an understanding of the internal controls of relevance to the audit in order to design audit procedures that are appropriate in the circumstances, but not to express an opinion on the effectiveness of the internal controls;

• the statutory auditor assesses the appropriateness of the accounting methods used and the reasonableness of the accounting estimates made by Management, as well as the information concerning them provided in the annual financial statements;

• the statutory auditor assesses whether the accounting convention of going concern applied by Management is appropriate and, according to the collected evidence, whether there is any material uncertainty related to events or circumstances likely

to call into question the SICAV’s ability to continue its operation. This assessment is based on the evidence collected up to

3 | R-co TARGET 2024 HIGH YIELD | Statutory Auditor’s report on the annual financial statements | Period ended 31 December 2020

the date of the statutory auditor’s report. However, subsequent circumstances or events could jeopardise the continuity of operations. If a material uncertainty is found, the statutory auditor must draw the attention of the readers of its report to the information provided in the annual financial statements about this uncertainty or, if such information is not provided or is not relevant, must express a qualified certification or a refusal to certify;

• the statutory auditor assesses the overall presentation of the annual financial statements and whether they reflect the underlying transactions and events so as to give a true and fair view.

Paris La Défense, 21 April 2021

The Statutory Auditor Deloitte & Associés

Olivier GALIENNE

4 | R-co TARGET 2024 HIGH YIELD | Statutory Auditor’s report on the annual financial statements | Period ended 31 December 2020

R-CO TARGET 2024 HIGH YIELD

ANNUAL FINANCIAL STATEMENTS 31/12/20

BALANCE SHEET – ASSETS AT 31/12/20 IN EUR

31/12/20 31/12/19

NET FIXED ASSETS 0.00 0.00 DEPOSITS 0.00 0.00 FINANCIAL INSTRUMENTS 430 081 181.60 413 240 884.63 Equities and similar securities 0.00 0.00 Traded on a regulated or similar market 0.00 0.00 Not traded on a regulated or similar market 0.00 0.00 Bonds and similar securities 414 376 988.48 392 635 423.39 Traded on a regulated or similar market 414 376 988.48 392 635 423.39 Not traded on a regulated or similar market 0.00 0.00 Debt securities 0.00 0.00 Traded on a regulated or similar market 0.00 0.00 Negotiable debt securities 0.00 0.00 Other debt securities 0.00 0.00 Not traded on a regulated or similar market 0.00 0.00 Undertakings for collective investment 15 704 193.12 20 605 461.24 UCITS and general-purpose AIFS for non-professionals and 15 704 193.12 20 605 461.24 equivalents in other countries Other funds for non-professionals and equivalents in other EU member 0.00 0.00 states General-purpose professional funds and equivalents in other EU 0.00 0.00 member States and listed securitisation special-purpose vehicles Other professional investment funds and equivalents in other EU member 0.00 0.00 States and non-listed securitisation special-purpose vehicles Other non-European organisations 0.00 0.00 Securities financing transactions 0.00 0.00 Receivables representing securities received under repurchase agreements 0.00 0.00 Receivables representing loaned securities 0.00 0.00 Borrowed securities 0.00 0.00 Securities delivered under repurchase agreements 0.00 0.00 Other securities financing transactions 0.00 0.00 Financial derivative instruments 0.00 0.00 Transactions on a regulated or similar market 0.00 0.00 Other transactions 0.00 0.00 Other financial instruments 0.00 0.00 RECEIVABLES 357 176.85 195 822.63 Foreign exchange forward transactions 0.00 0.00 Other 357 176.85 195 822.63 FINANCIAL ACCOUNTS 46 805.30 1 102 389.49 Cash and cash equivalents 46 805.30 1 102 389.49 TOTAL ASSETS 430 485 163.75 414 539 096.75

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

BALANCE SHEET – LIABILITIES AT 31/12/20 IN EUR

31/12/20 31/12/19

SHAREHOLDERS’ EQUITY Capital 422 549 833.67 409 173 783.59 Past net gains and losses not distributed (a) 0.00 0.00 Retained earnings (a) 2 228.80 2 748.82 Net gains and losses for the year (a,b) -6 238 159.90 -7 950 599.48 Profit (loss) for the year (a,b) 13 528 880.08 12 931 987.83 TOTAL EQUITY* 429 842 782.65 414 157 920.76 * Amount representing net assets

FINANCIAL INSTRUMENTS 0.00 0.00 Disposal transactions involving financial instruments 0.00 0.00 Securities financing transactions 0.00 0.00 Debts representing securities delivered under repurchase agreements 0.00 0.00 Debts representing borrowed securities 0.00 0.00 Other securities financing transactions 0.00 0.00 Financial derivative instruments 0.00 0.00 Transactions on a regulated or similar market 0.00 0.00 Other transactions 0.00 0.00 PAYABLES 642 381.10 381 175.99 Foreign exchange forward transactions 0.00 0.00 Other 642 381.10 381 175.99 FINANCIAL ACCOUNTS 0.00 0.00 Current bank facilities 0.00 0.00 Loans 0.00 0.00 TOTAL LIABILITIES 430 485 163.75 414 539 096.75 (a) Including equalisation

(b) Less interim payout during the period

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

OFF-BALANCE SHEET ITEMS AT 31/12/20 IN EUR

31/12/20 31/12/19

HEDGING TRANSACTIONS 0.00 0.00 Commitments on regulated or similar markets 0.00 0.00 Commitments on over-the-counter markets 0.00 0.00 Other commitments 0.00 0.00 OTHER TRANSACTIONS 0.00 0.00 Commitments on regulated or similar markets 0.00 0.00 Commitments on over-the-counter markets 0.00 0.00 Other commitments 0.00 0.00

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

INCOME STATEMENT AT 31/12/20 IN EUR

31/12/20 31/12/19

Income from financial transactions Income from deposits and financial accounts 3 054.05 3 556.33 Income from equities and similar securities 0.00 0.00 Income from bonds and similar securities 17 473 726.79 12 520 111.05 Income from debt securities 0.00 0.00 Income from securities financing transactions 0.00 0.00 Income from financial derivative instruments 0.00 0.00 Other financial income 0.00 0.00 TOTAL (1) 17 476 780.84 12 523 667.38

Expenses from financial transactions Expenses from securities financing transactions 0.00 0.00 Expenses from financial derivative instruments 0.00 0.00 Expenses from financial debts 9 329.26 7 088.63 Other financial expenses 0.00 0.00 TOTAL (2) 9 329.26 7 088.63

INCOME FROM FINANCIAL TRANSACTIONS (1 - 2) 17 467 451.58 12 516 578.75 Other income (3) 0.00 0.00 Management fees and provision for depreciation (4) 3 634 440.23 2 771 687.21

NET INCOME FOR THE PERIOD (L. 214-17-1) (1 - 2 + 3 - 4) 13 833 011.35 9 744 891.54 Income equalisation for the period (5) -304 131.27 3 187 096.29 Interim income payout made during the period (6) 0.00 0.00

PROFIT OR LOSS (1 - 2 + 3 - 4 + 5 - 6) 13,528 880.08 12 931 987.83

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

1. Accounting rules and methods

The annual financial statements are presented in the form prescribed by ANC regulation 2014-01, as amended.

The general principles of accounting apply: - true and fair view, comparability, going concern; - accuracy, reliability; - prudence; - consistency of accounting methods from one period to the next.

Revenues from fixed income securities are recognised on the basis of interest actually received.

Acquisitions and disposals of securities are recorded excluding charges. The reference currency for the portfolio’s accounting is the euro. The duration of the accounting period is 12 months.

Information about the impact of the Covid-19 crisis

The financial statements were approved by the Board of Directors based on the information available in the evolving context of the Covid-19 crisis.

Asset valuation rules

Financial instruments are recognised according to the historical cost method and included on the balance sheet at their current value, which is determined by the last-known market value or, if no market exists, by all external means or through the use of financial models. Differences between the current values used during the calculation of the net asset value and the historical costs of the securities upon their entry into the portfolio are recorded in “valuation differentials” accounts. Values that are not in the portfolio’s currency are assessed in accordance with the principle set forth below then converted into the portfolio’s currency according to the currency rates in effect on the day of the assessment.

Deposits:

Deposits with a remaining life of 3 months or less are valued according to the straight-line method.

Equities, bonds and other securities traded on a regulated or similar market:

For the calculation of the net asset value, equities and other securities traded on a regulated or similar market are valued on the basis of the day’s last market price. Bonds and similar securities are valued at the closing price relayed by various providers of financial services. Interest accrued on bonds and equivalent securities is calculated until the net asset value trading date.

Equities, bonds and other securities not traded on a regulated or similar market:

Securities not traded on a regulated market are valued under the responsibility of the Board of Directors using methods based on the asset value and the yield, taking into consideration the prices used in recent significant transactions.

Negotiable debt securities:

Negotiable debt securities and similar securities that are not the subject of significant transactions are valued on an actuarial basis based on a reference rate defined below, plus, where applicable, a differential representative of the issuer’s intrinsic characteristics:

- Negotiable debt securities with a maturity of 1 year or less: Euro interbank offered rate (Euribor);

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

- Negotiable debt securities with a maturity of more than 1 year: Rate of normalised annual interest treasury bonds (BTAN) or fungible treasury bonds (OAT) with similar maturity for the longest maturities.

Negotiable debt securities with a remaining life of 3 months or less may be valued according to the straight-line method.

Government bonds are valued at the market rate notified daily by Banque de France or Treasury bond specialists.

UCIs held:

Units or shares of UCIs will be valued at the last-known net asset value.

Securities financing transactions:

Securities received under repurchase agreements are recorded in assets in “receivables representing securities received under repurchase agreements” for the amount provided for in the contract plus accrued interest receivable.

Securities delivered under repurchase agreements are recorded in the long portfolio for their current value. Debt representing securities delivered under repurchase agreements is recorded in the short portfolio at the value set in the contract plus accrued interest payable.

Loaned securities are valued at their current value and are recorded in assets in “receivables representing loaned securities” at the current value plus accrued interest receivable.

Borrowed securities are recorded in assets in “borrowed securities” for the amount specified in the contract and in liabilities in “debts representing borrowed securities” for the amount specified in the contract plus accrued interest payable.

Financial derivative instruments:

Financial derivative instruments traded on a regulated or similar market: Financial derivative instruments traded on regulated markets are valued at the day’s settlement price. Financial derivative instruments not traded on a regulated or similar market:

Swaps:

Interest rate and/or currency swaps are valued at their market value based on the price calculated by discounting future interest flows at the market interest and/or currency rates. This price is corrected for the risk of non-repayment.

Index swaps are valued on an actuarial basis based on a reference rate provided by the counterparty.

Other swaps are valued at their market value or at a value estimated according to the methods established by the Board of Directors.

Off-balance sheet commitments: Forward contracts appear in off-balance sheet commitments for their market value at the price used in the portfolio. Options are converted into the underlying equivalent. Commitments on swaps are presented at their nominal value or, in the absence of a nominal value, for an equivalent amount.

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

Management fees

Management fees and running costs cover all costs related to the UCI: financial, administrative and accounting management, custodianship, distribution, audit fees, etc. These fees are charged to the income statement of the UCI. Management fees do not include transaction costs. Further details on the fees actually invoiced to the UCI can be obtained from the prospectus.

The fees are recorded prorata temporis each time the net asset value is calculated.

The aggregate of these fees complies with the maximum fee rate as a percentage of the net assets given in the prospectus or the fund’s regulations.

FR0013269511 - R-CO TARGET 2024 HIGH YIELD NAGELMACKERS ID EUR: Maximum 0.88% incl. taxes FR0013269503 - R-CO TARGET 2024 HIGH YIELD NAGELMACKERS D EUR: Maximum 1.34% incl. taxes FR0013269420 - R-CO TARGET 2024 HIGH YIELD D EUR: Maximum 1.00% incl. taxes FR0013269453 - R-CO TARGET 2024 HIGH YIELD IC EUR: Maximum 0.50% incl. taxes FR0013269438 - R-CO TARGET 2024 HIGH YIELD F EUR: Maximum 1.20% incl. taxes FR0013269412 - R-CO TARGET 2024 HIGH YIELD C EUR: Maximum 1.00% incl. taxes

Swing Pricing If, on a NAV calculation day, the total of net subscription/redemption orders from investors across all share classes of the fund exceeds a threshold pre-established by the management company and determined on the basis of objective criteria as a percentage of the fund’s net assets, the NAV can be adjusted upwards or downwards in order to take into account the adjustment costs attributable to the net subscription/redemption orders respectively. The NAV of each share class is calculated separately, but any adjustment has, in percentage terms, an identical impact across all NAVs of the fund’s share classes. The cost and trigger threshold parameters are determined by the management company and reviewed periodically, at least every six (6) months. These costs are estimated by the management company on the basis of transaction costs, buy/sell spreads, as well as any taxes applicable to the fund. Given that this adjustment is related to the net balance of subscriptions/redemptions within the fund, it is not possible to accurately predict whether swing pricing will be applied at a given time in the future. Therefore, it is not possible to accurately predict the frequency at which the management company will need to make such adjustments, which may not exceed 1% of the NAV. Investors are informed that the volatility of the fund’s NAV may not reflect only that of the securities held in the portfolio because of the application of swing pricing.

Appropriation of distributable amounts

Definition of distributable amounts

Distributable amounts consist of the following:

Income:

The net income for the period is equal to the amount of interest, arrears, premiums and prizes, dividends, attendance fees, and any other income related to the securities comprising the portfolio, plus the income from any amounts temporarily available and minus management fees and borrowing costs. The net income is increased by retained earnings and increased or reduced by the balance of the income equalisation account.

Capital gains and losses:

Capital gains realised, net of costs, minus capital losses realised, net of costs recorded during the period, plus net capital gains of the same type recorded during earlier periods that were not the subject of any distribution or accumulation and minus or plus the balance of accrued capital gains.

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

Methods for appropriating distributable amounts:

Appropriation of net realised Appropriation of net Share class(es) capital gains or losses income

Share class R-CO TARGET 2024 HIGH YIELD C EUR Accumulation Accumulation Share class R-CO TARGET 2024 HIGH YIELD D EUR Distribution Distribution Share class R-CO TARGET 2024 Accumulation Accumulation HIGH YIELD F EUR Share class R-CO TARGET 2024 HIGH YIELD IC EUR Accumulation Accumulation Share class R-CO TARGET 2024 HIGH YIELD NAGELMACKERS D EUR Distribution Distribution

Share class R-CO TARGET 2024 HIGH YIELD NAGELMACKERS ID EUR Distribution Distribution

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

2. CHANGE IN NET ASSETS AT 31/12/20 IN EUR(*)

31/12/20 31/12/19

NET ASSETS AT START OF PERIOD 414 157 920.76 197 679 571.87

Subscriptions (including subscription fees charged by the UCI) 54 619 712.93 220 158 313.07 Redemptions (after deduction of redemption fees charged by the UCI) -45 596 959.78 -27 853 356.69 Capital gains realised on deposits and financial instruments 694 389.35 516 246.14 Capital losses realised on deposits and financial instruments -7 121 152.07 -6 494 690.75 Capital gains realised on financial derivative instruments 0.00 501.12 Capital losses realised on financial derivative instruments 0.00 -16 116.76 Transaction fees -36 961.02 -97 024.17 Foreign exchange differences -4 244.30 10 034.53 Variations in the valuation differential of deposits and financial instruments 1 183 458.33 22 040 301.69 Valuation differential period Y 9 244 153.16 8 060 694.83 Valuation differential period Y-1 -8 060 694.83 13 979 606.86 Variations in the valuation differential of financial derivative instruments 0.00 0.00 Valuation differential period Y 0.00 0.00 Valuation differential period Y-1 0.00 0.00 Distribution from previous period on net gains and losses 0.00 0.00 Distribution from previous period on income -1 886 392.90 -1 530 700.83 Net income for period, before equalisation account 13 833 011.35 9 744 891.54 Interim dividend(s) paid during the period on net gains and losses 0.00 0.00 Interim dividend(s) paid during the period on income 0.00 0.00 Other items 0.00 -50.00

NET ASSETS AT END OF PERIOD 429 842 782.65 414 157 920.76

(*) Y-1: Fees for assigning an LEI invoice legal entity identifier: € -50

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

3. ADDITIONAL INFORMATION

3.1. BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR ECONOMIC NATURE

Amount % ASSETS

BONDS AND SIMILAR SECURITIES Variable/adjustable rate bonds traded on a regulated or similar market 12 627 441.03 2.94 Fixed-rate bonds traded on a regulated or similar market 401 749 547.45 93.46 TOTAL BONDS AND SIMILAR SECURITIES 414 376 988.48 96.40 DEBT SECURITIES TOTAL DEBT SECURITIES 0.00 0.00 LIABILITIES

DISPOSAL TRANSACTIONS INVOLVING FINANCIAL INSTRUMENTS TOTAL DISPOSAL TRANSACTIONS INVOLVING FINANCIAL INSTRUMENTS 0.00 0.00 OFF-BALANCE SHEET HEDGING TRANSACTIONS TOTAL HEDGING TRANSACTIONS 0.00 0.00 OTHER TRANSACTIONS TOTAL OTHER TRANSACTIONS 0.00 0.00

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

3.2. BREAKDOWN OF ASSETS, LIABILITIES, AND OFF-BALANCE SHEET ITEMS BY TYPE OF RATE

Variable rate Adjustable rate Fixes rate % % % Others %

ASSETS Deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Bonds and similar securities 401 749 547.45 93.46 0.00 0.00 12 627 441.03 2.94 0.00 0.00

Debt securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Securities financing transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Financial accounts 0.00 0.00 0.00 0.00 0.00 0.00 46 805.30 0.01 LIABILITIES Securities financing transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Financial accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

OFF-BALANCE SHEET Hedging transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

3.3. BREAKDOWN OF ASSETS, LIABILITIES, AND OFF-BALANCE SHEET ITEMS BY RESIDUAL MATURITY(*)

]3 months < 3 months % % ]1 - 3 years] % ]3 - 5 years] % > 5 years % - 1 year] ASSETS

Deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

5 986 745.50 1.39 0.00 0.00 63 434 007.71 14.76 344 956 235.27 80.25 0.00 0.00 Bonds and similar securities

Debt securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Securities financing 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 transactions

Financial accounts 46 805.30 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LIABILITIES 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Securities financing transactions Financial accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

OFF-BALANCE SHEET 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Hedging transactions

Other transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(*) Positions in interest rate futures are presented according to the maturity of the underlying assets.

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

3.4. BREAKDOWN OF ASSETS, LIABILITIES, AND OFF-BALANCE SHEET ITEMS BY LISTING OR VALUATION CURRENCY (OTHER THAN EUR)

Currency 1 Currency 2 Currency 3 Currency N USD Other(s)

Amount % Amount % Amount % Amount % ASSETS Deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Equities and similar securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Bonds and similar securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Debt securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 UCIs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Securities financing transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Receivables 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Financial accounts 45,947.82 0.01 0.00 0.00 0.00 0.00 0.00 0.00 LIABILITIES Disposal transactions involving financial instruments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Securities financing transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Payables 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Financial accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 OFF-BALANCE SHEET Hedging transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

3.5. RECEIVABLES AND PAYABLES: BREAKDOWN BY TYPE

Type of debit/credit 31/12/20 RECEIVABLES Subscriptions receivable 178,426.85 Coupons and dividends in cash 178,750.00 TOTAL RECEIVABLES 357,176.85 PAYABLES Redemptions payable 253,216.38 Fixed management fees 389,164.72 TOTAL PAYABLES 642,381.10 TOTAL PAYABLES AND -285,204.25 RECEIVABLES

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

3.6. SHAREHOLDERS’ EQUITY

3.6.1. Number of securities issued or redeemed

In shares In amount Share class R-CO TARGET 2024 HIGH YIELD C EUR Shares subscribed during period 493,803.999 46 272 089.60 Shares redeemed during period -319,344.926 -31 214 122.45 Net balance of subscriptions/redemptions 174,459.073 15 057 967.15 Number of outstanding shares at the end of the period 2,311,916.134 Share class R-CO TARGET 2024 HIGH YIELD D EUR Shares subscribed during period 32,840.471 3 012 064.60 Shares redeemed during period -29,559.986 -2 766 419.51 Net balance of subscriptions/redemptions 3,280.485 245 645.09 Number of outstanding shares at the end of the period 165,316.409 Share class R-CO TARGET 2024 HIGH YIELD F EUR Shares subscribed during period 0.00 0.00 Shares redeemed during period -3,279.472 -323 591.81 Net balance of subscriptions/redemptions -3,279.472 -323 591.81 Number of outstanding shares at the end of the period 8,468.430

Share class R-CO TARGET 2024 HIGH YIELD IC EUR Shares subscribed during period 4,536.476 4 216 353.31 Shares redeemed during period -10,250.436 -9 307 404.14 Net balance of subscriptions/redemptions -5,713.960 -5 091 050.83 Number of outstanding shares at the end of the period 114,868.048 Share class R-CO TARGET 2024 HIGH YIELD NAGELMACKERS D EUR Shares subscribed during period 9,226.755 887 413.01 Shares redeemed during period -15,600.025 -1 477 433.43 Net balance of subscriptions/redemptions -6,373.270 -590 020.42 Number of outstanding shares at the end of the period 352,286.041 590 020.42 Share class R-CO TARGET 2024 HIGH YIELD NAGELMACKERS ID EUR Shares subscribed during period 246.400 231 792.41 Shares redeemed during period -544.931 -507 988.03 Net balance of subscriptions/redemptions -298.531 -276 196.03 Number of outstanding shares at the end of the period 13,202.151

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

3.6.2. Subscription and/or redemption fees

In amount

Share class R-CO TARGET 2024 HIGH YIELD C EUR Total subscription and/or redemption fees charged 0.00 Subscription fees charged 0.00 Redemption fees charged 0.00

Share class R-CO TARGET 2024 HIGH YIELD D EUR Total subscription and/or redemption fees charged 0.00 Subscription fees charged 0.00 Redemption fees charged 0.00

Share class R-CO TARGET 2024 HIGH YIELD F EUR Total subscription and/or redemption fees charged 0.00 Subscription fees charged 0.00 Redemption fees charged 0.00

Share class R-CO TARGET 2024 HIGH YIELD IC EUR Total subscription and/or redemption fees charged 0.00 Subscription fees charged 0.00 Redemption fees charged 0.00

Share class R-CO TARGET 2024 HIGH YIELD NAGELMACKERS D EUR Total subscription and/or redemption fees charged 0.00 Subscription fees charged 0.00 Redemption fees charged 0.00

Share class R-CO TARGET 2024 HIGH YIELD NAGELMACKERS ID EUR Total subscription and/or redemption fees charged 0.00 Subscription fees charged 0.00 Redemption fees charged 0.00

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

3.7. MANAGEMENT FEES

31/12/20

Share class R-CO TARGET 2024 HIGH YIELD C EUR Collateral fees 0.00 Fixed management fees 2 330 937.86 Percentage of fixed management fees 1.00 Variable management fees 0.00 Retrocession of management fees 0.00

Share class R-CO TARGET 2024 HIGH YIELD D EUR Collateral fees 0.00 Fixed management fees 158 233.28 Percentage of fixed management fees 1.00 Variable management fees 0.00 Retrocession of management fees 0.00

Share class R-CO TARGET 2024 HIGH YIELD F EUR Collateral fees 0.00 Fixed management fees 11 821.93 Percentage of fixed management fees 1.20 Variable management fees 0.00 Retrocession of management fees 0.00

Share class R-CO TARGET 2024 HIGH YIELD IC EUR Collateral fees 0.00 Fixed management fees 580 599.09 Percentage of fixed management fees 0.50 Variable management fees 0.00 Retrocession of management fees 0.00

Share class R-CO TARGET 2024 HIGH YIELD NAGELMACKERS D EUR Collateral fees 0.00 Fixed management fees 443 200.67 Percentage of fixed management fees 1.34 Variable management fees 0.00 Retrocession of management fees 0.00

Share class R-CO TARGET 2024 HIGH YIELD NAGELMACKERS ID EUR Collateral fees 0.00 Fixed management fees 109 647.40 Percentage of fixed management fees 0.88 Variable management fees 0.00 Retrocession of management fees 0.00

3.8. COMMITMENTS RECEIVED AND GIVEN

3.8.1. Guarantees received by the UCI:

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

3.8. COMMITMENTS RECEIVED AND GIVEN

None

3.8.2. Other commitments received and/or given:

None

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

3.9. OTHER INFORMATION

3.9.1. Current value of financial instruments used in securities financing transactions

31/12/20

Securities purchased under repurchase agreements 0.00 Borrowed securities 0.00

3.9.2. Current value of financial instruments constituting collateral deposits

31/12/20

Financial instruments granted as collateral and retained in their original category 0.00 Financial instruments received as a collateral and not entered in the balance sheet 0.00

3.9.3. Financial instruments held, issued and/or managed by the Group

Isin Code Name 31/12/2020

Equities 0.00

Bonds 0.00

Negotiable debt securities 0.00

UCIs 15,704 193.12

FR0007442496 RMM COURT TERME C 15,704 193.12 Financial derivative instruments 0.00

Total group securities 15,704 193.12

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

3.10. APPROPRIATION OF DISTRIBUTABLE AMOUNTS

Appropriation of the share of amounts related to income

31/12/20 31/12/19

Amounts remaining to be appropriated

Retained earnings 2 228.80 2 748.82 Profit or loss 13 528 880.08 12 931 987.83 Total 13 531 108.88 12 934 736.65

31/12/20 31/12/19

Share class R-CO TARGET 2024 HIGH YIELD C EUR

Appropriation Distribution 0.00 0.00 Retained earnings for the period 0.00 0.00 Accumulation 7 369 868.33 6 640 088.19 Total 7 369 868.33 6 640 088.19

31/12/20 31/12/19

Share class R-CO TARGET 2024 HIGH YIELD D EUR

Appropriation Distribution 499,255.56 490,968.85 Retained earnings for the period 385.78 834.37 Accumulation 0.00 0.00 Total 499,641.34 491,803.22

Information on units with distribution rights

Number of units 165,316.409 162,035.924 Unit distribution 3.02 3.03

Tax credit

Tax credit attached to the distribution of the income 0.00 0.00

31/12/20 31/12/19

Share class R-CO TARGET 2024 HIGH YIELD F EUR

Appropriation Distribution 0.00 0.00 Retained earnings for the period 0.00 0.00 Accumulation 25 337.65 34 218.37 Total 25 337.65 34 218.37

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

31/12/20 31/12/19

Share class R-CO TARGET 2024 HIGH YIELD IC EUR

Appropriation Distribution 0.00 0.00 Retained earnings for the period 0.00 0.00 Accumulation 4 279 782.79 4 382 906.04 Total 279 4 279 782.79 3824 382 906.04 782.79 906.04

31/12/20 31/12/19

Share class R-CO TARGET 2024 HIGH YIELD NAGELMACKERS D EUR

Appropriation Distribution 944,126.59 961,206.95 Retained earnings for the period 1,233.42 1,341.79 Accumulation 0.00 0.00 Total 945,360.01 962,548.74

Information on units with distribution rights Number of units 352,286.041 358,659.311 Unit distribution 2.68 2.68

Tax credit Tax credit attached to the distribution of the income 0.00 0.00

31/12/20 31/12/19

Share class R-CO TARGET 2024 HIGH YIELD NAGELMACKERS ID EUR Appropriation Distribution 411,114.98 423,111.37 Retained earnings for the period 3.78 60.72 Accumulation 0.00 0.00 Total 411,118.76 423,172.09

Information on units with distribution rights Number of units 13,202.151 13,500.682 Unit distribution 31.14 31.34

Tax credit Tax credit attached to the distribution of the income 0.00 0.00

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

Appropriation of the share of distributable amounts related to net capital gains and losses 31/12/20 31/12/19

Amounts remaining to be appropriated Past net gains and losses not distributed 0.00 0.00 Net gains and losses for the period - 6 238 159.90 - 7 950 599.48 Dividends paid on net gains and losses for the period 238 0.00 950 0.00 159.90 599.48 Total -6 238 159.90 -7 950 599.48

31/12/20 31/12/19

Share class R-CO TARGET 2024 HIGH YIELD C EUR

Appropriation Distribution 0.00 0.00 Net gains and losses not distributed 0.00 0.00 Accumulation -3 523 430.3 -4 244 703.4 8 1 Total -3 523 430.38 -4 244 703.41

31/12/20 31/12/19

Share class R-CO TARGET 2024 HIGH YIELD D EUR

Appropriation Distribution 0.00 0.00 Net gains and losses not distributed 0.00 0.00 Accumulation -237 533.3 -315 421.4 4 5 Total -237 533.34 -315 421.45

31/12/20 31/12/19

Share class R-CO TARGET 2024 HIGH YIELD F EUR

Appropriation Distribution 0.00 0.00 Net gains and losses not distributed 0.00 0.00 Accumulation -12 908.6 -23 381.2 4 2 Total -12 908.64 -23 381.22

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

31/12/20 31/12/19

Share class R-CO TARGET 2024 HIGH YIELD IC EUR

Appropriation Distribution 0.00 0.00 Net gains and losses not distributed 0.00 0.00 Accumulation -1 773 164.28 -2 413 260.34 Total -1 773 164.28 -2 413 260.34

31/12/20 31/12/19

Share class R-CO TARGET 2024 HIGH YIELD NAGELMACKERS D EUR Appropriation Distribution 0.00 0.00 Net gains and losses not distributed 0.00 0.00 Accumulation -502 374.41 -692 262.06 Total -502 374.41 -692 262.06

31/12/20 31/12/19

Share class R-CO TARGET 2024 HIGH YIELD NAGELMACKERS ID EUR Appropriation Distribution 0.00 0.00 Net gains and losses not distributed 0.00 0.00 Accumulation -188 748.85 -261 571.00 Total -188 748.85 -261 571.00

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

3.11. TABLE OF RESULTS AND OTHER CHARACTERISTIC ELEMENTS OF THE ENTITY DURING THE PAST FIVE PERIODS

31/12/18 31/12/19 31/12/20

Total net assets in EUR 197,679,571.87 414,157,920.76 429,842,782.65

Share class R-CO TARGET 2024 HIGH YIELD C EUR EUR

Net assets 142,083,007.51 221,284,192.42 242,670,445.29

Number of securities 1,511,408.741 2,137,457.061 2,311,916.134

Net asset value per unit 94.01 103.53 104.97

Accumulation per unit on net capital gains/losses -0.66 -1.98 -1.52

Accumulation per unit on income 3.28 3.10 3.18

Share class R-CO TARGET 2024 HIGH YIELD D EUR EUR

Net assets 9,315,412.79 16,295,763.86 16,352,260.29

Number of securities 98,565.249 162,035.924 165,316.409

Net asset value per unit 94.51 100.57 98.91

Accumulation per unit on net capital gains/losses -0.65 -1.94 -1.43

Distribution per unit on income 3.31 3.03 3.02

Unit tax credit 0.00 0.00 (*)

Share class R-CO TARGET 2024 HIGH YIELD F EUR EUR

Net assets 229,529.48 1,217,788.19 888,254.87

Number of securities 2,433.806 11,747.902 8,468.430

Net asset value per unit 94.31 103.66 104.89

Accumulation per unit on net capital gains/losses -0.65 -1.99 -1.52

Accumulation per unit on income 3.09 2.91 2.99

Share class R-CO TARGET 2024 HIGH YIELD IC EUR EUR

Net assets 12,538,263.93 126,093,688.30 122,397,756.56

Number of securities 13,271.495 120,582.008 114,868.048

Net asset value per unit 944.75 1,045.71 1,065.55

Accumulation per unit on net capital gains/losses -6.37 -20.01 -15.43

Accumulation per unit on income 33.89 36.34 37.25

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

3.11. TABLE OF RESULTS AND OTHER CHARACTERISTIC ELEMENTS OF THE ENTITY DURING THE PAST FIVE PERIODS

31/12/18 31/12/19 31/12/20

Share class R-CO TARGET 2024 HIGH YIELD NAGELMACKERSD EUR EUR Net assets 26,187,697.93 35,749,664.76 34,533,469.34

Number of securities 279,761.848 358,659.311 352,286.041

Net asset value per unit 93.61 99.68 98.03

Accumulation per unit on net capital gains/losses -0.72 -1.93 -1.42

Distribution per unit on income 2.90 2.68 2.68

Unit tax credit 0.00 0.00 (*)

Share class R-CO TARGET 2024 HIGH YIELD IDNAGELMACKERS EUR EUR Net assets 7,325,660.23 13,516,823.23 13,000,596.30

Number of securities 7,786.304 13,500.682 13,202.151

Net asset value per unit 940.84 1,001.20 984.73

Accumulation per unit on net capital gains/losses -7.24 -19.37 -14.29

Distribution per unit on income 34.05 31.34 31.14

Unit tax credit 0.00 0.00 (*)

(*) The unit tax credit will only be determined on the date of distribution, in accordance with the tax provisions in force.

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

3.12. DETAILED LIST OF HOLDINGS IN EUR Qty No. or % Net Designation of securities Curr. nominal Current value assets Bonds and similar securities Bonds and similar securities traded on a regulated or similar market GERMANY ACCENTRO REAL ESTATE AG 3.625% 13-02-23 EUR 6 250 000 5 944 989.30 1.39 KAEFER ISOLIERTECHNIK GMBH CO KG 5.5% 10-01-24 EUR 5 100 000 5 298 319.17 1.23 NIDDA HEALTHCARE HOLDING 3.5% 30-09-24 EUR 4 000 000 4 044 504.44 0.94 TELE COLUMBUS AG 3.875% 02-05-25 EUR 4 000 000 4 046 525.00 0.94 TOTAL GERMANY 19 334 337.91 4.50 AUSTRIA NOVOMAT 1.625% 20-09-23 EMTN EUR 5 300 000 5 140 754.60 1.20 RAIFFEISENLANDESBK 5.875% 11/23 EUR 3 500 000 3 880 685.89 0.90 TOTAL AUSTRIA 9 021 440.49 2.10 DENMARK DKT FINANCE APS 7.0% 17-06-23 EUR 4 600 000 4 776 180.00 1.11 TOTAL DENMARK 4 776 180.00 1.11 SPAIN EL CORTE INGLES 3.625% 15-03-24 EUR 1 600 000 1 680 246.87 0.39 EL CORTE INGLES SA 3.0% 15-03-24 EUR 3 500 000 3 570 653.33 0.83 GRUPO ANTOLIN IRAU 3.25% 30-04-24 EUR 5 900 000 5 882 082.03 1.37 INDRA SISTEMAS 3.0% 19-04-24 EUR 7 200 000 7 525 274.79 1.75 TOTAL SPAIN 18 658 257.02 4.34 UNITED STATES COTY 4.0% 15-04-23 EUR 5 950 000 5 780 596.89 1.34 FORD MOTOR CREDIT 1.355% 07-02-25 EUR 5 000 000 4 963 991.39 1.16 GM 1.694 03/26/25 EUR 5 000 000 5 338 910.62 1.25 IQVIA 3.25% 15-03-25 EUR 4 100 000 4 195 142.78 0.97 LOUIS DREYFUS COMMODITIES BV 4.0% 07-02-22 EUR 2 000 000 2 151 026.89 0.50 TOTAL UNITED STATES 22 429 668.57 5.22 FRANCE AIR FR KLM 1.875% 16-01-25 EUR 5 500 000 5 032 178.11 1.17 ALTICE FRANCE 2.5% 15-01-25 EUR 5 000 000 4 944 452.78 1.15 BANIJAY ENTERTAINMENT SASU 3.5% 01-03-25 EUR 7 000 000 7 093 663.89 1.66 BERTRAND CORP 4.5% 20-12-24 EUR 3 800 000 3 856 430.00 0.90 BURGER KING FRANCE SAS 6.0% 01-05-24 EUR 4 400 000 4 562 499.33 1.06 CASI GUI 3.58% INDX RATING 07-02-25 EMTN EUR 4 000 000 3 751 628.52 0.88 CASINO GUICHARD PERRACHON 4.498% 07-03-24 EUR 3 700 000 3 767 812.84 0.87 CROW EURO HOL 3.375% 15-05-25 EUR 2 500 000 2 723 068.75 0.63 ERAMET 4.196% 28/02/24 EUR 4 900 000 4 806 381.48 1.12 ERAMET 5.875% 21/05/25 EUR 2 100 000 2 097 006.64 0.48 2.625% 15-06-25 EUR 5 124 000 5 225 190.46 1.21 DARTY 1.875% 30-05-24 EUR 3 800 000 3 866 663.08 0.89 ILIAD 1.875% 25-04-25 EUR 5 100 000 5 261 309.51 1.23 IM GROUP SAS 6.625% 01-03-25 EUR 4 100 000 4 057 311.03 0.94 LA FINANCIERE ATALIAN 4.0% 15-05-24 EUR 4 200 000 3 922 340.33 0.91 LA FINANCIERE ATALIAN 5.125% 15-05-25 EUR 4 600 000 4 308 531.22 1.00 LOXAM 4.25% 15-04-24 EUR 2 000 000 2 084 168.89 0.49 LOXAM 6.0% 15-04-25 EUR 4 000 000 4 079 993.33 0.95 LOXAM SAS 3.25% 14-01-25 EUR 1 000 000 1 014 530.56 0.24

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

3.12. DETAILED LIST OF HOLDINGS IN EUR Qty No. or % Net Designation of securities Curr. nominal Current value assets MOBILUX FINANCE SAS 5.5% 15-11-24 EUR 5,700,000 5,827,217.67 1.35 NEWCO SAB MIDCO SASU 5.375% 15-04-25 EUR 6,829,000 7,066,713.70 1.64 NOVAFIVES 5.0% 15-06-25 EUR 5,000,000 4,409,738.89 1.03 PAPREC 4.0% 31-03-25 EUR 6,900,000 7,010,212.17 1.64 QUADIENT 2.25% 03-02-25 EUR 3,300,000 3,322,242.97 0.78 TERMINAL INFRA SAS 5.625% 15-05-25 EUR 6,400,000 6,889,648.00 1.60 TEREOS 4.125% 16-06-23 EUR 7,000,000 7,063,782.47 1.65 TOTAL FRANCE 118,044,716.62 27.47 ITALY KEDRION GROUP SPA 3.0% 12/07/22 EUR 7,074,000 7,181,368.78 1.67 TELECOM ITALIA SPA EX OLIVETTI 3.625% 19-01-24 EUR 1,000,000 1,108,263.39 0.26 TELECOM ITALIA SPA EX OLIVETTI 4.0% 11-04-24 EUR 4,200,000 4,677,369.70 1.08 WEBUILD SPA 1.75% 26-10-24 EUR 5,500,000 5,106,497.60 1.19 TOTAL ITALY 18,073,499.47 4.20 JAPAN SOFTBANK GROUP 4.5% 20-04-25 EUR 5,800,000 6,326,611.00 1.47 TOTAL JAPAN 6,326,611.00 1.47 JERSEY ADIE GLOB HOL 3.5% 15-08-24 EUR 8,000,000 8,116,724.35 1.88 WALNUT BIDCO PLC 6.75% 01-08-24 EUR 4,400,000 4,723,818.00 1.10 TOTAL JERSEY 12,840,542.35 2.98 LUXEMBOURG ARAMARK INTERNATIONAL FINANCE SARL 3.125% 01 -04-25 EUR 5,000,000 5,079,048.61 1.18 CONTOURGLOBAL POWER 3.375% 01-08-23 EUR 5,800,000 5,986,745.50 1.40 EDREAMS ODIGEO 5.5% 01-09-23 EUR 5,400,000 5,232,111.00 1.21 EUROFINS SCIENTIFIC 2.125% 25-07-24 EUR 3,700,000 3,972,719.40 0.92 LINCOLN FINANCING SARL 3.625% 01-04-24 EUR 6,000,000 6,137,431.67 1.43 PICARD BOND 5.5% 30-11-24 EUR 6,500,000 6,681,974.72 1.56 SCHOPA 6 3/8 11/01/24 EUR 6,000,000 6,258,590.00 1.45 TOTAL LUXEMBOURG 39,348,620.90 9.15 MEXICO TENEDORA NEMAK 3.25% 15-03-24 EUR 6,700,000 6,904,219.72 1.61 TOTAL MEXICO 6,904,219.72 1.61 NETHERLANDS ADRIA BIDCO BV 4.875% 01-07-24 EUR 5,000,000 5,238,754.17 1.22 AXAL COAT 3.75% 15-01-25 EUR 6,200,000 6,447,307.67 1.50 CITY TREA BV 2.5% 01-10-24 EUR 4,300,000 4,501,907.97 1.05 FIAT CHRYSLER AUTOMOBILES NV 3.375% 07-07-23 EUR 5,200,000 5,639,419.59 1.31 FIAT CHRYSLER AUTOMOBILES NV 3.75% 29-03-24 EUR 400,000 451,525.04 0.11 OI EUROPEAN GROUP BV 2.875% 28-02-25 EUR 2,800,000 2,882,349.56 0.67 OI EUROPEAN GROUP BV 3.125% 15-11-24 EUR 5,200,000 5,419,311.44 1.26 PPF ARENA 2.125% 31-01-25 EMTN EUR 7,500,000 7,805,178.28 1.81 TEVA PHAR FIN 1.125% 15-10-24 EUR 7,500,000 7,003,630.48 1.63 TOTAL NETHERLANDS 45,389,384.20 10.56 ROMANIA RCS RDS 2.5% 05-02-25 EUR 6,000,000 6,025,540.00 1.40 TOTAL ROMANIA 6,025,540.00 1.40 UNITED KINGDOM

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20

3.12. DETAILED LIST OF HOLDINGS IN EUR Qty No. or % Net Designation of securities Curr. nominal Current value assets AVIS BUDGET FINANCE PLC 4.5% 15-05-25 EUR 5,500,000 5,446,100.00 1.27 AVIS BUDG FIN 4.125% 15-11-24 EUR 1,600,000 1,586,662.67 0.37 EAS 1.75% 09-02-23 EMTN EUR 4,700,000 4,788,390.56 1.11 EG GLOBAL FINANCE PLC 4.375% 07-02-25 EUR 7,000,000 6,959,619.72 1.62 ELLAKTOR VALUE PLC 6.375% 15-12-24 EUR 7,450,000 7,060,116.67 1.64 HELLENIC PETROLEUM FINANCE 2.0% 04-10-24 EUR 6,550,000 6,476,148.03 1.51 IGLO FOODS BOND 3.25% 15-05-24 EUR 2,400,000 2,445,982.00 0.57 INEOS GROUP 5.375% 01-08-24 EUR 5,200,000 5,396,081.89 1.26 INTL GAME TECHNOLOGY 3.5% 15-07-24 EUR 8,500,000 9,028,511.11 2.10 JAGUAR LAND ROVER 5.875% 15-11-24 EUR 4,000,000 4,122,758.89 0.96 JAGUAR LAND ROVER AUTOMOTIVE 2.2% 15-01-24 EUR 2,500,000 2,347,759.72 0.54 VICTORIA 5.25% 15-07-24 EUR 7,000,000 7,432,489.17 1.73 TOTAL UNITED KINGDOM 63,090,620.43 14.68 SWEDEN DOMETIC GROUP AB 3.0% 13-09-23 EUR 2,605,000 2,744,966.29 0.64 INTRUM JUSTITIA AB 3.125% 15-07-24 EUR 6,200,000 6,318,618.06 1.47 UNILABS SUBHOLDINGS AB 5.75% 15-05-25 EUR 6,600,000 6,832,030.33 1.59 VERISURE HLD AB 3.5% 15-05-23 EUR 750,000 764,539.17 0.18 VERISURE HLD AB E3R+5.0% 15-04-25 EUR 4,900,000 5,107,999.67 1.19 VERISURE MIDHOLDING AB 5.75% 01-12-23 EUR 2,300,000 2,345,196.28 0.54 TOTAL SWEDEN 24,113,349.80 5.61 TOTAL Bonds and similar securities traded on a regulated 414,376,988.48 96.40 or similar market TOTAL Bonds and similar securities 414,376,988.48 96.40 Undertakings for collective investment UCITS and general-purpose AIFS for non- professionals and equivalents in other countries FRANCE RMM COURT TERME C EUR 3,971 15,704,193.12 3.66 TOTAL FRANCE 15,704,193.12 3.66 TOTAL UCITS and general-purpose AIF for non- 15,704,193.12 3.66 professionals and equivalents in other countries TOTAL Undertakings for collective investment 15,704,193.12 3.66 Receivables 357,176.85 0.08 Payables -642,381.10 -0.15 Financial accounts 46,805.30 0.01 Net assets 429,842,782.65 100.00

Share class R-CO TARGET 2024 HIGH YIELD NAGELMACKERS ID EUR EUR 13 202.151 984.73 Share class R-CO TARGET 2024 HIGH YIELD D EUR EUR 165 316.409 98.91 Share class R-CO TARGET 2024 HIGH YIELD NAGELMACKERS D EUR EUR 352 286.041 98.03 Share class R-CO TARGET 2024 HIGH YIELD C EUR EUR 2 311 916.134 104.97 Share class R-CO TARGET 2024 HIGH YIELD F EUR EUR 8 468.430 104.89 Share class R-CO TARGET 2024 HIGH YIELD IC EUR EUR 114 868.048 1 065.55

R-CO TARGET 2024 HIGH YIELD: ANNUAL FINANCIAL STATEMENTS AT 31/12/20