EUROPEAN SICAV ALLIANCE (E.S.A.)

Transcription

1 EUROPEAN SICAV ALLIANCE (E.S.A.) Annual Report (Audited) December 31, , Allée Scheffer L Luxembourg RCS Luxembourg B35554

2 EUROPEAN SICAV ALLIANCE (E.S.A.) TABLE OF CONTENTS GENERAL INFORMATION Organisation and Administration 3 Board of Directors 3 ANNUAL DIRECTORS REPORT 4 REPORT OF THE REVISEUR D ENTREPRISES AGREE 5 FINANCIAL STATEMENTS EUROPEAN SICAV ALLIANCE - CONSOLIDATED 7 EUROPEAN SICAV ALLIANCE - GLOBAL FUTURES FUND 10 EUROPEAN SICAV ALLIANCE - RPM EVOLVING CTA Fund* 17 EUROPEAN SICAV ALLIANCE - GALAXY 24 NOTES TO THE FINANCIAL STATEMENTS 34 EUROPEAN SICAV ALLIANCE - INSULATE (in liquidation) 49 *With effect on May 29, 2013, the Board of Directors of the SICAV decided to change the name of EUROPEAN SICAV ALLIANCE - ODIN FUND to EUROPEAN SICAV ALLIANCE - RPM EVOLVING CTA Fund. Subscriptions are only valid if made on the basis of the current offering prospectus supplemented by the last annual report and the last semi-annual report if it is more recent. Page 2

3 EUROPEAN SICAV ALLIANCE (E.S.A.) GENERAL INFORMATION Organisation and Administration REGISTERED OFFICE PRINCIPAL CLEARING BROKERS 5, Allée Scheffer L Luxembourg Grand Duchy of Luxembourg Newedge USA, LLC 550, West Jackson Boulevard Suite 500 Chicago, Illinois USA Newedge UK Financial Limited 10, Bishops Square London E1 6EG United Kingdom Skandinaviska Enskilda Banken AB (since July 2013) 2, Cannon Street London EC4M 6XX United Kingdom CUSTODIAN/CENTRAL ADMINISTRATION AGENT AND TRANSFER AGENT LEGAL ADVISER SPONSOR & MANAGER CABINET DE REVISION AGREE CACEIS Bank Luxembourg 5, Allée Scheffer L Luxembourg Grand Duchy of Luxembourg Dechert Luxembourg 74, rue de Merl BP : 709 L Luxembourg Grand Duchy of Luxembourg RPM Risk & Portfolio Management AB Norrmalmstorg 16 SE Stockholm Sweden KPMG Luxembourg S.à r.l. 9, Allée Scheffer L Luxembourg Grand Duchy of Luxembourg Board of directors CHAIRMAN DIRECTORS M. Hans - Willem R. BARON VAN TUYLL VAN SEROOSKERKEN, Independent Senior Advisor, Switzerland M. Magnus KOTTENAUER, Senior Vice President, RPM Risk & Portfolio Management AB, Sweden M. Mikael STENBOM, Partner, RPM Risk & Portfolio Management AB, Sweden M. Magnus WESTERLIND, Chairman, RPM Risk & Portfolio Management AB, Sweden Page 3

4 EUROPEAN SICA V ALLIANCE (E.S.A.) ANNUAL DIRECTORS' REPORT For the year ending December 31, 2013 Orga11isatio11al structure EUROPEAN SICA V ALLIANCE (E.S.A.) is a multiple sub-funds investment company ("Sicav") incorporated under the Luxembourg law of December 20, 2002 on Collective Investment Undertakings and under the law of August 10, on Commercial Companies, as amended. E.S.A. is subject to part II of the Luxembourg law of December 17, 2010 on Collective Investment Undertakings and obtained a visa from the Commission de Surveillance du Secteur Financier ("CSSF") in Luxembourg. The latest prospectus as per the end of the year under review is dated April Sub-funds 111itlti11 E.S.A. during 2013 GLOBAL FUTUR ES FUND - started trading in March 2006 and is an open-ended sub-fund with four share classes: Category A nominated in CHF, Category B nominated in EUR, Category C nominated in USO and Category D nominated in USD (only for institutional investors). All the share classes have weekly liquidity and are operating for an unlimited period. The sub-fund is a sing le-adviser sub-fund and is still managed by W inton Capital Management Limited. RPM EVOLVING CTA Fund - a multi-adviser fund trading a diversified global portfolio of exchange traded derivative instruments. Ten Categories of Shares are available in RPM EVOLVING CTA Fund: Category A Shares: USD Shares, Category A-I Shares: USD Shares, Category B Shares: JPY Shares, Category B-I Shares: JPY Shares, Category C Shares: USO Shares, Category D Shares: JPY Shares, Category E Shares: SEK Shares, Category F Shares: EUR Shares, Category G Shares: C HF Shares and Category H Shares, GBP shares. Category A-I Shares has been trading s ince September 2010, Category C Shares since April 2006 until February 2013, Category D Shares since July 2009 until February 2013, Category E Shares since June 2013, Category F shares since June and Category G Shares since December The sub-fund had the following managers as per December 31, 2013: Bleecker Street Capital LLC, PGR Capital LLP, Revolution Capital Management LLC, Prescient Ridge Management LLC (new), Paskewitz Asset Management LLC (new), KeyQuant SAS (new) and IMC Asset Management B.V. (new). Harmonic Capital Partners LLP, Estlander & Partners Ltd, Aspect Capital Limited, Transtrend B.V., W inton Capital Management Ltd, GLC Ltd., Quantitative Investment Management LLC and Emil van Essen LLC were closed down during GALAXY - a multi-adviser fund trading a diversified g lobal portfolio of exchange traded derivative instruments. GALAXY has five share classes: Category A shares are nominated in EUR, Category B shares are nominated in CHF, Category C shares are nominated in EUR, Category D shares are nominated in USO and Category E shares are nominated in SEK. Category A Shares has been trading since September 2002, Category B Shares since August 2005, Category C Shares since August 2005, Category D Shares since May 2009 and the fund had the fo llowing managers as per December 3 1, 2013: Transtrend B.V., Winton Capital Management Ltd. and Quantitative Investment Management LLC. No managers were closed down during Recovery of the frozen assets in E.S.A. - Insulate A sub-fund approved by the CSSF in June 2006 to isolate and liquidate the assets of E.S.A. held with Refco Capital Markets, Ltd. ("RCM") which has been frozen due to the on-going bankruptcy proceedings in Refco. E.S.A. - Insulate is closed to subscription. A liquidation repo11 has been drawn by the Board of Directors on March 10, 2009 and an amount of 5,980, USD corresponding to USD per share has been distributed to the shareholders in April A second distribution for an amount equal to 1,823, USO corresponding to USO per share was available for distribution and a second repo11 on such distribution has been drawn by the Board of Directors on August I 0, 20 I 0. The amount was paid out to the shareholders on August 25, 20 I 0. As additional amounts have been received from the Refco liquidator, a third distribution for an amount equal to 1,302, USD corresponding to USD per share has been done in June The Board of Directors have decided not to proceed with the final liquidation of the Sub-Fund until the Refco bankruptcy proceedings in the US are closed or there is otherwise official confirmation that no further distribution will be made fro m the Refco bankruptcy estate. The Board of Directors February 26, 2014 The value of your investment can fluctuate. Past p e1formance is not necessarily indicative of future results. Page4

5 EUROPEAN SICAV ALLIANCE (E.S.A.) REPORT OF THE REVISEUR D ENTREPRISES AGREE To the Shareholders of EUROPEAN SICAV ALLIANCE (E.S.A.) 5, Allée Scheffer L-2520 Luxembourg We have audited the accompanying financial statements of EUROPEAN SICAV ALLIANCE (E.S.A.) (the SICAV ) and each of its sub-funds, which comprise the statement of net assets, the statement of open positions on financial futures contracts as at December 31, 2013 and the statement of operations and changes in net assets for the year then ended and a summary of significant accounting policies and other explanatory information. Board of Directors of the SICAV responsibility for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements, and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the Réviseur d Entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the Réviseur d Entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d Entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the financial statements 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 entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Page 5

6 EUROPEAN SICA V ALLIANCE (E.S.A.) Opinion In our opinion, the financial statements give a true and fair view of the financial position of EUROPEAN SICA V ALLIANCE (E.S.A.) and each of its sub-funds as of December 31, 2013, 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 of the financial statements. Other matter Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. Luxembourg, April 29, 2014 Patrice Perichon ' Partner Pago6

7 EUROPEAN SICAV ALLIANCE CONSOLIDATED Page 7

8 EUROPEAN SICAV ALLIANCE - CONSOLIDATED Statement of Net Assets as at 31/12/13 (Expressed in USD) Notes Assets 66,426, Unrealised net appreciation on forward foreign exchange contracts 2,7 286, Unrealised net appreciation on financial futures contracts 2 2,785, Cash at banks and liquidities 39,910, Cash at brokers 23,286, Other assets 157, Liabilities (1,142,028.56) Unrealised net depreciation on forward foreign exchange contracts 2,7 (38,988.03) Other liabilities (1,103,040.53) Net asset value 65,284, The consolidated financial statements are the sum of the sub-funds financial statements converted in USD at the rates of exchange ruling at year-end date. The following exchange rate was used as at December 31, 2013: 1 EUR = USD. The accompanying notes form an integral part of these financial statements Page 8

9 EUROPEAN SICAV ALLIANCE - CONSOLIDATED Statement of Operations and Changes in Net Assets from 01/01/13 to 31/12/13 (Expressed in USD) Notes Income 11, Bank interest at sight 1, Bank interest on managed accounts 9, Other financial income 1, Expenses (4,024,033.54) Management fees 3 (758,291.17) Advisory fees 5 (1,003,862.20) Distribution fees 5 (255,633.02) Performance fees 5 (536,873.13) Brokerage fees 5 (651,672.77) Custodian fees 4 (17,352.88) Taxe d abonnement 6 (19,386.38) Administration fees (237,351.49) Other expenses (543,610.50) Net loss from investments (4,012,193.68) Net realised loss on forward foreign exchange contracts (4,544,642.52) Net realised profit on financial futures contracts 5,152, Net realised profit on options contracts 6, Net realised loss on foreign exchange (3,701,530.37) Net realised loss (7,099,747.46) Change in unrealised profit on forward foreign exchange contracts 2,755, Change in unrealised profit on financial futures contracts 1,165, Change in unrealised loss on options contracts (144,110.00) Decrease in net assets as a result of operations (3,323,295.81) Subscriptions 29,979, Redemptions (126,547,845.80) Decrease in net assets (99,891,568.47) Net assets at the beginning of the year 164,235, Exchange difference 940, Net assets at the end of the year 65,284, The accompanying notes form an integral part of these financial statements Page 9

10 EUROPEAN SICAV ALLIANCE GLOBAL FUTURES FUND Page 10

11 EUROPEAN SICAV ALLIANCE - GLOBAL FUTURES FUND Statement of Net Assets as at 31/12/13 (Expressed in USD) Notes Assets 15,250, Unrealised net appreciation on financial futures contracts 2 424, Cash at banks and liquidities 11,951, Cash at brokers 2,851, Other assets 23, Liabilities (164,863.20) Unrealised net depreciation on forward foreign exchange contracts 2,7 (38,988.03) Other liabilities (125,875.17) Net asset value 15,085, Changes in Number of Shares Outstanding from 01/01/13 to 31/12/13 Shares outstanding as at 01/01/13 Shares issued Shares redeemed Shares outstanding as at 31/12/13 Category A 5, , , Category B 4, , , Category C 1, Category D / Net Asset Value per Share as at 31/12/13 Total Net Assets in USD 15,085, Category A Number of Shares 4, Net Asset Value per Share in CHF 1, Category B Number of Shares 3, Net Asset Value per Share in EUR 1, Category C Number of Shares Net Asset Value per Share in USD 1, Category D Number of Shares Net Asset Value per Share in USD 1, The accompanying notes form an integral part of these financial statements Page 11

12 EUROPEAN SICAV ALLIANCE - GLOBAL FUTURES FUND Open Positions on Financial Futures Contracts as at 31/12/13 Futures contracts Position Curr. Settlement Market Unrealised Unrealised Description Long (Short) Date Value P/L P/L Currency USD 90-DAY BANK (1) AUD Mar DAY BANK 3 AUD Jun DAY BANK 2 AUD Sep DAY BANK 2 AUD Dec AUSTR 10YRS BOND (2) AUD Mar (1,665.66) (1,487.93) AUSTR 3YRS BOND (1) AUD Mar (164.52) (146.97) SPI 200 INDEX 2 AUD Mar-14 5, , , M BANK ACCE 1 CAD Jun CAN 10YRS BOND (1) CAD Mar CANOLA (2) CAD Mar (116.00) (109.13) S&P/TSE CAN 1 CAD Mar , , MO EURO EURIBOR 8 EUR Jun (1,487.50) (2,045.68) 3MO EURO EURIBOR 8 EUR Sep (1,500.00) (2,062.87) 3MO EURO EURIBOR 8 EUR Dec (2,825.00) (3,885.08) 3MO EURO EURIBOR 8 EUR Mar (3,800.00) (5,225.95) 3MO EURO EURIBOR 6 EUR Jun (2,637.50) (3,627.22) 3MO EURO EURIBOR 2 EUR Sep (1,175.00) (1,615.92) 3MO EURO EURIBOR 1 EUR Mar MO EURO EURIBOR 4 EUR Jun (175.00) (240.67) 3MO EURO EURIBOR 7 EUR Sep MO EURO EURIBOR 7 EUR Dec MO EURO EURIBOR 8 EUR Mar (1,150.00) (1,581.54) AMSTERDAM 1 EUR Jan , , CAC40 10 EURO 4 EUR Jan-14 4, , , DAX INDEX GERMANY 3 EUR Mar-14 9, , , DJ EURO STOXX 36 EUR Mar-14 3, , , EURO BOBL 9 EUR Mar (9,150.00) (12,583.54) EURO BTP 3 EUR Mar , , EURO BUND 6 EUR Mar (13,220.00) (18,180.80) EURO SCHATZ (6) EUR Mar (235.00) (323.18) EURO-OAT 2 EUR Mar (3,450.00) (4,744.61) MILL WHEAT 1 EUR Jan DAY GBP LIBOR 3 GBP Jun (112.50) (186.31) 90DAY GBP LIBOR 3 GBP Sep (468.75) (776.30) 90DAY GBP LIBOR 2 GBP Dec (487.50) (807.35) 90DAY GBP LIBOR 1 GBP Mar (362.50) (600.34) 90DAY GBP LIBOR (1) GBP Dec (50.00) (82.81) 90DAY GBP LIBOR (2) GBP Mar DAY GBP LIBOR (2) GBP Jun DAY GBP LIBOR (1) GBP Sep (18.75) (31.05) 90DAY GBP LIBOR 1 GBP Mar COCOA (LIF) 2 GBP Mar-14 1, (330.00) (546.51) COCOA (LIF) 1 GBP May-14 1, (180.00) (298.10) FTSE 100 INDEX 4 GBP Mar-14 6, , , LONG GILT (2) GBP Mar , HANG SENG INDEX 3 HKD Jan-14 23, , , H-SHARES INDEX 2 HKD Jan-14 10, , MO EURO YEN 2 JPY Jun (6,250.00) (59.35) 3MO EURO YEN 5 JPY Sep , MO EURO YEN 5 JPY Dec , MO EURO YEN 5 JPY Mar (21,250.00) (201.78) JPN 10 YRS BOND 3 JPY Mar (1,770,000.00) (16,806.72) NIKKEI JPY Mar-14 16, ,848, , TOPIX INDEX 2 JPY Mar-14 1, ,141, , KOSPI 200 INDEX 1 KRW Mar , NZ 3MO BILL (1) NZD Mar (24.27) (19.97) The accompanying notes form an integral part of these financial statements Page 12

13 EUROPEAN SICAV ALLIANCE - GLOBAL FUTURES FUND Open Positions on Financial Futures Contracts as at 31/12/13 Futures contracts Position Curr. Settlement Market Unrealised Unrealised Description Long (Short) Date Value P/L P/L Currency USD OMXS30 INDEX 5 SEK Jan-14 1, , , MSCI.SING INDEX 1 SGD Jan ALUMINIUM HG 3 (3) USD Jan-14 1, (4,010.75) (4,010.75) ALUMINIUM HG 1 USD Mar-14 1, (168.75) (168.75) BRENT CRUDE 1 USD Mar (960.00) (960.00) COCOA (CSC) 3 USD Mar-14 2, (1,360.00) (1,360.00) COCOA (CSC) 1 USD May-14 2, (30.00) (30.00) COFFEE 'C' (2) USD Mar , , COFFEE 'C' (1) USD May (956.25) (956.25) CORN (13) USD Mar , , CORN (8) USD May , , COTTON N 2 (1) USD Mar (3,160.00) (3,160.00) DJIA MINI 4 USD Mar-14 16, , , DOLLAR INDEX (1) USD Mar EUR/USD (CME) 30 USD Mar , , EURO/USD 90D 4 USD Mar EURO/USD 90D 17 USD Jun , , EURO/USD 90D 25 USD Sep , , EURO/USD 90D 23 USD Dec , , EURO/USD 90D 20 USD Mar , , EURO/USD 90D 19 USD Jun , , EURO/USD 90D 17 USD Sep (212.50) (212.50) EURO/USD 90D 15 USD Dec (1,625.00) (1,625.00) EURO/USD 90D 12 USD Mar (5,625.00) (5,625.00) EURO/USD 90D 6 USD Jun (3,575.00) (3,575.00) EURO/USD 90D 1 USD Sep (1,050.00) (1,050.00) FTSE/XINHUA (1) USD Jan-14 7, (55.00) (55.00) GOLD 100 OZ (7) USD Feb-14 1, , , HEATING OIL (1) USD Feb (2,326.80) (2,326.80) HEATING OIL (1) USD Mar (1,071.00) (1,071.00) JPN YEN CURR (18) USD Mar , , LEAN HOGS 2 USD Feb (3,880.00) (3,880.00) LEAN HOGS 2 USD Apr (1,370.00) (1,370.00) LIVE CATTLE (2) USD Feb (720.00) (720.00) LIVE CATTLE (1) USD Apr (590.00) (590.00) MINI MSCI EMG MKT 1 USD Mar-14 1, , , MSCI TAIWAN 5 USD Jan , , NASDAQ 100 E-MINI 9 USD Mar-14 3, , , NATURAL GAS 6 USD Feb , , NATURAL GAS 4 USD Mar (4,030.00) (4,030.00) RUSSELL USD Mar-14 1, , , S&P 500 EMINI INDEX 35 USD Mar-14 1, , , S&P MID USD Mar-14 1, , , SILVER (CMX) (3) USD Mar , , SOYBEAN (CBT) 6 USD Mar-14 1, (7,212.50) (7,212.50) SOYBEAN (CBT) 3 USD May-14 1, (5,537.50) (5,537.50) SOYBEAN MEAL 3 USD Mar (1,320.00) (1,320.00) SOYBEAN MEAL 1 USD May (1,150.00) (1,150.00) SOYBEAN OIL (3) USD Mar , , SOYBEAN OIL (1) USD May SUGAR #11 (5) USD Mar , , SUGAR #11 (3) USD May , , US 10 YRS NOTE 2 USD Mar (3,718.75) (3,718.75) US 2 YRS NOTE 10 USD Mar (4,125.00) (4,125.00) US 5 YRS NOTE-CBT 5 USD Mar (6,828.13) (6,828.13) US TREASURY BOND (4) USD Mar , , The accompanying notes form an integral part of these financial statements Page 13

14 EUROPEAN SICAV ALLIANCE - GLOBAL FUTURES FUND Open Positions on Financial Futures Contracts as at 31/12/13 Futures contracts Position Curr. Settlement Market Unrealised Unrealised Description Long (Short) Date Value P/L P/L Currency USD US ULTRA BOND (1) USD Mar , , USD/AUD (16) USD Mar , , USD/CAD (23) USD Mar , , USD/CHF 5 USD Mar (1,656.25) (1,656.25) USD/GBP 35 USD Mar , , USD/MXN 3 USD Mar (812.50) (812.50) USD/NZD 4 USD Mar (860.00) (860.00) WHEAT (KCB) (2) USD Mar , , WHEAT (KCB) (1) USD May , , WHEAT (5) USD Mar , , WHEAT (2) USD May , , WHEAT RED (1) USD Mar , , WTI CRUDE OIL (1) USD Feb (740.00) (740.00) ZINC (LME) 2 USD Mar-14 2, , , ZINC (LME) 1 USD Jan-14 2, , , ZINC (LME) (1) USD Jan-14 2, (750.00) (750.00) FTSE/JSE TOP 1 ZAR Mar-14 41, , , Total unrealised appreciation on financial futures contracts: 574, Total unrealised depreciation on financial futures contracts: (149,764.36) Total unrealised net appreciation on financial futures contracts: 424, The accompanying notes form an integral part of these financial statements Page 14

15 EUROPEAN SICAV ALLIANCE - GLOBAL FUTURES FUND Statement of Operations and Changes in Net Assets from 01/01/13 to 31/12/13 (Expressed in USD) Notes Income 6, Bank interest at sight 8.08 Bank interest on managed accounts 6, Expenses (714,199.14) Management fees 3 (80,813.20) Advisory fees 5 (161,434.32) Distribution fees 5 (255,633.02) Performance fees 5 (56.74) Brokerage fees 5 (18,722.79) Custodian fees 4 (4,939.82) Taxe d abonnement 6 (8,051.66) Administration fees (61,086.50) Other expenses (123,461.09) Net loss from investments (707,356.56) Net realised profit on forward foreign exchange contracts 281, Net realised profit on financial futures contracts 1,313, Net realised loss on foreign exchange (46,974.38) Net realised profit 841, Change in unrealised loss on forward foreign exchange contracts (478.64) Change in unrealised profit on financial futures contracts 255, Increase in net assets as a result of operations 1,096, Subscriptions 549, Redemptions (4,403,748.23) Decrease in net assets (2,758,115.47) Net assets at the beginning of the year 17,843, Net assets at the end of the year 15,085, The accompanying notes form an integral part of these financial statements Page 15

16 EUROPEAN SICAV ALLIANCE - GLOBAL FUTURES FUND Financial details relating to the last 3 years (Expressed in USD) Year ended as at: 31/12/13 31/12/12 31/12/11 Total net assets 15,085, ,843, ,552, Net asset per share Category A CHF 1, , , Category B EUR 1, , , Category C USD 1, , , Category D USD 1, , , The accompanying notes form an integral part of these financial statements Page 16

17 EUROPEAN SICAV ALLIANCE RPM EVOLVING CTA Fund (formerly ODIN FUND) Page 17

18 EUROPEAN SICAV ALLIANCE - RPM EVOLVING CTA Fund (formerly ODIN FUND) Statement of Net Assets as at 31/12/13 (Expressed in USD) Notes Assets 32,366, Unrealised net appreciation on forward foreign exchange contracts 2,7 251, Unrealised net appreciation on financial futures contracts 2 1,262, Cash at banks and liquidities 19,163, Cash at brokers 11,689, Liabilities (431,678.29) Other liabilities (431,678.29) Net asset value 31,934, Changes in Number of Shares Outstanding from 01/01/13 to 31/12/13 Shares outstanding as at 01/01/13 Shares issued Shares redeemed Shares outstanding as at 31/12/13 Category A-I 16, / / 16, Category C 196, / 196, / Category D 932, / 932, / Category E / 93, / 93, Category F / 73, , Category G 4, / / 4, The accompanying notes form an integral part of these financial statements Page 18

19 EUROPEAN SICAV ALLIANCE - RPM EVOLVING CTA Fund (formerly ODIN FUND) Net Asset Value per Share as at 31/12/13 Total Net Assets in USD 31,934, Category A-I Number of Shares 16, Net Asset Value per Share in USD Category E Number of Shares 93, Net Asset Value per Share in SEK 1, Category F Number of Shares 72, Net Asset Value per Share in EUR Category G Number of Shares 4, Net Asset Value per Share in CHF 1, The accompanying notes form an integral part of these financial statements Page 19

20 EUROPEAN SICAV ALLIANCE - RPM EVOLVING CTA Fund (formerly ODIN FUND) Open Positions on Financial Futures Contracts as at 31/12/13 Futures contracts Position Curr. Settlement Market Unrealised Unrealised Description Long (Short) Date Value P/L P/L Currency USD AUSTR 10YRS BOND 13 AUD Mar , , SPI 200 INDEX 6 (11) AUD Mar-14 5, , , M BANK ACCE 24 CAD Jun , , CAN 10YRS BOND (145) CAD Mar , , S&P/TSE CAN 17 CAD Mar , , SWISS MARKET 55 CHF Mar-14 8, , , MO EURO EURIBOR (8) EUR Mar (787.50) (1,083.01) 3MO EURO EURIBOR 57 EUR Jun (3,325.00) (4,572.71) 3MO EURO EURIBOR 108 EUR Sep (10,325.00) (14,199.45) 3MO EURO EURIBOR 40 EUR Dec , , AMSTERDAM 7 (20) EUR Jan (48,150.00) (66,218.29) CAC40 10 EURO 8 (26) EUR Jan-14 4, (6,230.00) (8,567.81) DAX INDEX GERMANY 10 EUR Mar-14 9, , , DJ EURO STOXX 18 (29) EUR Mar-14 3, (8,680.00) (11,937.16) EURO BOBL 11 EUR Mar (10,080.00) (13,862.52) EURO BUND 3 (63) EUR Mar , , EURO SCHATZ 11 (19) EUR Mar (185.00) (254.43) FTSE MIB INDEX (9) EUR Mar-14 19, (28,525.00) (39,229.00) IBEX 35 INDEX 26 EUR Jan-14 9, , , DAY GBP LIBOR 166 GBP Jun (4,362.50) (7,224.74) 90DAY GBP LIBOR 147 GBP Sep (18,843.75) (31,207.13) 90DAY GBP LIBOR 14 GBP Dec (575.00) (952.26) 90DAY GBP LIBOR 277 GBP Mar (3,918.75) (6,489.84) FTSE 100 INDEX 47 (4) GBP Mar-14 6, , , LONG GILT 21 (65) GBP Mar , , HANG SENG INDEX 16 HKD Jan-14 23, , , H-SHARES INDEX (4) HKD Jan-14 10, , YRS MINI JGB-SGX 68 JPY Mar (5,467,000.00) (51,910.93) JPN 10 YRS BOND (5) JPY Mar ,950, , NIKKEI JPY Mar-14 16, ,323, , TOPIX INDEX 9 JPY Mar-14 1, ,545, , YEN DENOM NI (1) JPY Mar-14 16, (390,000.00) (3,703.18) OMXS30 INDEX (82) SEK Jan-14 1, (324,830.00) (50,420.26) MSCI.SING INDEX (7) SGD Jan (10,440.00) (8,270.29) BRENT CRUDE 5 (1) USD Feb (4,460.00) (4,460.00) BRENT CRUDE 8 USD Mar (7,150.00) (7,150.00) COCOA (CSC) 27 (13) USD Mar-14 2, (14,660.00) (14,660.00) COFFE ROBUST (16) USD Mar-14 1, , , COFFEE 'C' (5) USD Mar (543.75) (543.75) COPPER (CMX) 44 USD Mar , , CORN (132) USD Mar , , COTTON N 2 16 (7) USD Mar (3,950.00) (3,950.00) DJIA MINI 12 USD Mar-14 16, , , EUR/USD (CME) 52 USD Mar , , EURO/USD 90D 177 USD Mar EURO/USD 90D 119 USD Jun (3,425.00) (3,425.00) EURO/USD 90D 124 USD Sep (17,387.50) (17,387.50) EURO/USD 90D 10 USD Dec (587.50) (587.50) EURO/USD 90D 64 USD Dec , , GAS OIL 6 USD Feb , , GASOLINE RBO 14 USD Feb , , GOLD 100 OZ 5 (32) USD Feb-14 1, , , HEATING OIL 22 USD Feb (2,704.80) (2,704.80) JPN YEN CURR 8 (29) USD Mar , , The accompanying notes form an integral part of these financial statements Page 20

21 EUROPEAN SICAV ALLIANCE - RPM EVOLVING CTA Fund (formerly ODIN FUND) Open Positions on Financial Futures Contracts as at 31/12/13 Futures contracts Position Curr. Settlement Market Unrealised Unrealised Description Long (Short) Date Value P/L P/L Currency USD LEAN HOGS (3) USD Feb LIVE CATTLE 10 USD Feb (880.00) (880.00) LIVE CATTLE 1 USD Apr MSCI TAIWAN 18 USD Jan , , NASDAQ 100 E-MINI 61 USD Mar-14 3, , , NATURAL GAS 40 USD Feb (85,610.00) (85,610.00) NATURAL GAS (10) USD Apr , , NATURAL GAS 10 USD May (6,230.00) (6,230.00) PALLADIUM (1) USD Mar (445.00) (445.00) PLATINUM (2) USD Apr-14 1, (4,020.00) (4,020.00) RUSSELL USD Mar-14 1, , , S&P 500 EMINI INDEX 63 (12) USD Mar-14 1, , , S&P MID USD Mar-14 1, , , SGX CNX NIFTY INDEX (112) USD Jan-14 6, , , SILVER 6 (21) USD Mar , , SOYBEAN (CBT) 40 USD Mar-14 1, (52,600.00) (52,600.00) SOYBEAN MEAL 29 USD Mar (30,660.00) (30,660.00) SOYBEAN OIL (86) USD Mar , , SUGAR #11 (131) USD Mar , , US 10 YRS NOTE 247 (69) USD Mar (153,672.00) (153,672.00) US 2 YRS NOTE 88 USD Mar (33,515.64) (33,515.64) US 5 YRS NOTE-CBT 2 (15) USD Mar (70.32) (70.32) US TREASURY BOND (25) USD Mar , , USD/AUD 6 (46) USD Mar , , USD/CAD 6 (67) USD Mar (10,755.00) (10,755.00) USD/CHF 23 USD Mar (868.75) (868.75) USD/GBP 99 USD Mar , , USD/MXN 29 USD Mar (5,862.50) (5,862.50) WHEAT (KCB) (21) USD Mar , , WHEAT (86) USD Mar , , WTI CRUDE OIL 11 (2) USD Feb (5,230.00) (5,230.00) WTI CRUDE OIL (32) USD Apr (7,410.00) (7,410.00) WTI CRUDE OIL 32 USD May , , Total unrealised appreciation on financial futures contracts: 2,035, Total unrealised depreciation on financial futures contracts: (772,800.77) Total unrealised net appreciation on financial futures contracts: 1,262, The accompanying notes form an integral part of these financial statements Page 21

22 EUROPEAN SICAV ALLIANCE - RPM EVOLVING CTA Fund (formerly ODIN FUND) Statement of Operations and Changes in Net Assets from 01/01/13 to 31/12/13 (Expressed in USD) Notes Income 2, Bank interest at sight Bank interest on managed accounts Other financial income 1, Expenses (1,834,250.01) Management fees 3 (240,610.12) Advisory fees 5 (381,239.42) Performance fees 5 (358,595.16) Brokerage fees 5 (502,623.74) Custodian fees 4 (6,506.28) Taxe d abonnement 6 (1,985.32) Administration fees (85,549.16) Other expenses (257,140.81) Net loss from investments (1,831,850.73) Net realised loss on forward foreign exchange contracts (4,613,405.20) Net realised profit on financial futures contracts 2,217, Net realised profit on options contracts 6, Net realised loss on foreign exchange (3,674,676.49) Net realised loss (7,895,842.95) Change in unrealised profit on forward foreign exchange contracts 2,773, Change in unrealised profit on financial futures contracts 212, Change in unrealised loss on options contracts (144,110.00) Decrease in net assets as a result of operations (5,053,659.17) Subscriptions 24,144, Redemptions (111,188,259.99) Decrease in net assets (92,096,989.11) Net assets at the beginning of the year 124,031, Net assets at the end of the year 31,934, The accompanying notes form an integral part of these financial statements Page 22

23 EUROPEAN SICAV ALLIANCE - RPM EVOLVING CTA Fund (formerly ODIN FUND) Financial details relating to the last 3 years (Expressed in USD) Year ended as at: 31/12/13 31/12/12 31/12/11 Total net assets 31,934, ,031, ,735, Net asset per share Category A-I USD Category B JPY / / 9,640 Category B-I JPY / / 9,097 Category C USD / Category D JPY / 8,884 9,115 Category E SEK 1, / / Category F EUR / / Category G CHF 1, The accompanying notes form an integral part of these financial statements Page 23

24 EUROPEAN SICAV ALLIANCE GALAXY Page 24

25 EUROPEAN SICAV ALLIANCE - GALAXY Statement of Net Assets as at 31/12/13 (Expressed in EUR) Notes Assets 13,676, Unrealised net appreciation on forward foreign exchange contracts 2,7 25, Unrealised net appreciation on financial futures contracts 2 798, Cash at banks and liquidities 6,395, Cash at brokers 6,359, Other assets 97, Liabilities (396,645.78) Other liabilities (396,645.78) Net asset value 13,280, Changes in Number of Shares Outstanding from 01/01/13 to 31/12/13 Shares outstanding as at 01/01/13 Shares issued Shares redeemed Shares outstanding as at 31/12/13 Category A 89, , , , Category B 10, / 5, , Category C 28, , , , Category D 18, , , , Net Asset Value per Share as at 31/12/13 Total Net Assets in EUR 13,280, Category A Number of Shares 62, Net Asset Value per Share in EUR Category B Number of Shares 5, Net Asset Value per Share in CHF Category C Number of Shares 31, Net Asset Value per Share in EUR Category D Number of Shares 6, Net Asset Value per Share in USD The accompanying notes form an integral part of these financial statements Page 25

26 EUROPEAN SICAV ALLIANCE - GALAXY Open Positions on Financial Futures Contracts as at 31/12/13 Futures contracts Position Curr. Settlement Market Unrealised Unrealised Description Long (Short) Date Value P/L P/L Currency EUR 90-DAY BANK (2) AUD Mar (97.38) (63.25) 90-DAY BANK 5 AUD Jun (194.91) (126.61) 90-DAY BANK 6 AUD Sep DAY BANK 7 AUD Dec DAY BANK 2 AUD Mar DAY BANK 1 AUD Jun DAY BANK 1 AUD Sep AUSTR 10YRS BOND (2) AUD Mar (1,665.66) (1,081.94) AUSTR 3YRS BOND 8 (1) AUD Mar (1,243.35) (807.62) SPI 200 INDEX 2 AUD Mar-14 5, , , M BANK ACCE 1 CAD Jun M BANK ACCE 1 CAD Sep M BANK ACCE 1 CAD Mar CAN 10YRS BOND (4) CAD Mar , , CANOLA (1) CAD Mar S&P/TSE CAN 3 CAD Mar , , EUR/CZK 1 CZK Mar (11,150.00) (407.75) 2YRS SWAPNOTE 7 EUR Mar (155.00) (155.00) 3MO EURO EURIBOR 8 EUR Jun (1,162.50) (1,162.50) 3MO EURO EURIBOR 7 (2) EUR Sep (925.00) (925.00) 3MO EURO EURIBOR 7 EUR Dec (2,287.50) (2,287.50) 3MO EURO EURIBOR 7 EUR Mar (2,912.50) (2,912.50) 3MO EURO EURIBOR 5 EUR Jun (1,900.00) (1,900.00) 3MO EURO EURIBOR 3 EUR Sep (1,750.00) (1,750.00) 3MO EURO EURIBOR 2 EUR Dec (1,037.50) (1,037.50) 3MO EURO EURIBOR 1 EUR Mar (625.00) (625.00) 3MO EURO EURIBOR 1 (3) EUR Mar MO EURO EURIBOR 4 EUR Jun MO EURO EURIBOR 10 EUR Sep (37.50) (37.50) 3MO EURO EURIBOR 9 EUR Dec MO EURO EURIBOR 13 EUR Mar , , YRS SWAPNOTE 1 EUR Mar (650.00) (650.00) AMSTERDAM 3 EUR Jan , , CAC40 10 EURO 10 EUR Jan-14 4, , , DAX INDEX GERMANY 2 EUR Mar-14 9, , , DJ EURO TEC 3 EUR Mar , , DJ EURO INSURANCE 5 EUR Mar , , DJ EURO STOXX EUR Mar-14 3, , , DJ STX 600 FIN SERV 2 EUR Mar , , DJ.STOX 600 IND G&S 3 EUR Mar , , DJ.STOXX 600 CONST 1 EUR Mar DJ.STOXX 600 RTAIL 1 EUR Mar (30.00) (30.00) DJ.STOXX 600 AUTO 2 EUR Mar , , DJ.STOXX LAR 1 EUR Mar DJ.STOXX600 CHEM 1 EUR Mar , , DJ.STOXX600.BNK 6 EUR Mar DJ.STOXXMID200 1 EUR Mar EUR/PLN 5 EUR Mar , , EURO BOBL 8 (9) EUR Mar (6,600.00) (6,600.00) EURO BTP 2 EUR Mar EURO BTP 8 EUR Mar , , EURO BUND 5 (17) EUR Mar , , EURO SCHATZ (25) EUR Mar (415.00) (415.00) EURO-OAT 2 (1) EUR Mar (2,600.00) (2,600.00) IBEX 35 INDEX 1 EUR Jan-14 9, , , IPE CARB EMI (2) EUR Dec (470.00) (470.00) The accompanying notes form an integral part of these financial statements Page 26

27 EUROPEAN SICAV ALLIANCE - GALAXY Open Positions on Financial Futures Contracts as at 31/12/13 Futures contracts Position Curr. Settlement Market Unrealised Unrealised Description Long (Short) Date Value P/L P/L Currency EUR MILL WHEAT 1 EUR Jan MINI FTSE 2 EUR Mar-14 19, PHELIX BASE (10) EUR Feb , , PHELIX BASE (3) EUR Apr , , PHELIX BASE (1) EUR Oct , , STOXX EUR EUR Mar VSTOXX MINI (EUX) (5) EUR Jan , , VSTOXX MINI (EUX) (3) EUR Feb VSTOXX MINI (EUX) (3) EUR Mar VSTOXX MINI (EUX) (3) EUR Apr DAY GBP LIBOR 2 GBP Jun (112.50) (135.47) 90DAY GBP LIBOR 3 GBP Sep (468.75) (564.48) 90DAY GBP LIBOR 3 GBP Dec (718.75) (865.53) 90DAY GBP LIBOR 1 GBP Mar (350.00) (421.48) 90DAY GBP LIBOR (1) GBP Jun DAY GBP LIBOR (5) GBP Sep , , DAY GBP LIBOR (4) GBP Dec , DAY GBP LIBOR (7) GBP Mar , , DAY GBP LIBOR (7) GBP Jun , , DAY GBP LIBOR (4) GBP Sep , , DAY GBP LIBOR (1) GBP Dec DAY GBP LIBOR 2 GBP Mar COCOA (LIF) 2 GBP Mar-14 1, COCOA (LIF) 1 GBP May-14 1, (290.00) (349.22) COCOA (LIF) 1 GBP Sep-14 1, (320.00) (385.35) EUR/GBP 1 GBP Mar (343.75) (413.95) FTSE 100 INDEX 5 GBP Mar-14 6, , , LONG GILT (3) GBP Mar , , HANG SENG INDEX 4 HKD Jan-14 23, , , H-SHARES INDEX 2 HKD Jan-14 10, , , MINI HSI INDEX (1) HKD Jan-14 23, EUR/HUF (2) HUF Mar (230,500.00) (774.98) USD/HUF (2) HUF Mar , YRS MINI JGB-SGX 3 JPY Mar (138,000.00) (952.81) 3MO EURO YEN 2 JPY Jun (5,000.00) (34.52) 3MO EURO YEN 5 JPY Sep , MO EURO YEN 5 JPY Dec , MO EURO YEN 5 JPY Mar (22,500.00) (155.35) CHF/JPY 1 JPY Mar , , EUR/JPY 4 JPY Mar ,132, , GBP/JPY 2 JPY Mar ,370, , JPN 10 YRS BOND 2 (1) JPY Mar (1,300,000.00) (8,975.76) KEROSENE 1 JPY May-14 83, , , KEROSENE 3 JPY Jul-14 83, , MINI TPX INDEX 29 JPY Mar-14 1, , , NIKKEI JPY Mar-14 16, , , NIKKEI JPY Mar-14 16, ,947, , NZD/JPY 1 JPY Mar , , TOCOM CRUDE 1 JPY Apr-14 71, , , TOCOM CRUDE 2 JPY May-14 71, , , TOPIX INDEX 4 JPY Mar-14 1, ,029, , YEN DENOM NI 2 JPY Mar-14 16, , , KOSPI 200 INDEX 1 KRW Mar , USD/KRW (51) KRW Jan-14 1, (663,000.00) (456.74) PALM OIL 1 MYR Feb-14 2, (50.00) (11.09) PALM OIL 1 MYR Mar-14 2, The accompanying notes form an integral part of these financial statements Page 27

28 EUROPEAN SICAV ALLIANCE - GALAXY Open Positions on Financial Futures Contracts as at 31/12/13 Futures contracts Position Curr. Settlement Market Unrealised Unrealised Description Long (Short) Date Value P/L P/L Currency EUR AUD/NZD (1) NZD Mar WIG20 INDEX (5) PLN Mar-14 2, OMXS30 INDEX 9 SEK Jan-14 1, , , MSCI.SING INDEX 1 SGD Jan SET50 (4) THB Mar , , EUR/TRY 2 TRY Mar , , ISE 30 (5) TRY Feb (1,005.00) (340.34) USD/TRY 2 TRY Mar , , ELECTR INDEX 1 TWD Jan , , TAIEX INDEX 1 TWD Jan-14 8, , , M CO 1 USD Jan ALUMINIUM HG 10 (10) USD Jan-14 1, (11,399.25) (8,288.86) ALUMINIUM HG 2 (2) USD Feb-14 1, , , ALUMINIUM HG 1 (2) USD Mar-14 1, ALUMINIUM HG (5) USD Apr-14 1, (3,438.00) (2,499.91) ALUMINIUM HG (1) USD May-14 1, (886.50) (644.61) APPLE 2 USD Jan , , BANDO BRADES (8) USD Jan (290.88) (211.51) BRENT CRUDE 4 USD Feb (3,050.00) (2,217.78) BRENT CRUDE 2 USD Mar (1,960.00) (1,425.20) BRENT CRUDE 2 USD Apr , , BRENT CRUDE 3 USD May (1,330.00) (967.10) BRENT CRUDE 2 USD Jun , , BRENT CRUDE 1 USD Jul (1,110.00) (807.13) BRENT CRUDE -IPE 3 USD Dec , , COCOA (CSC) 3 USD Mar-14 2, , , COCOA (CSC) 1 USD May-14 2, (30.00) (21.81) COFFEE 'C' (2) USD Mar , , COFFEE 'C' (2) USD May (1,856.25) (1,349.75) CONSUMER DIS 15 USD Jan , , COPPER (LME) 1 (1) USD Mar-14 7, (5,170.75) (3,759.86) COPPER (CMX) 1 (2) USD Mar (5,780.51) (4,203.25) CORN (37) USD Mar , , CORN (10) USD May , , CORN (4) USD Jul , , CORN (17) USD Dec , , COTTON N 2 1 USD Mar COTTON N 2 1 USD May DJIA MINI 5 USD Mar-14 16, , , DME OMAN CRUDE 2 USD Mar (3,140.00) (2,283.22) DOLLAR INDEX (4) USD Mar DOW CHEMICAL 3 USD Jan EBAY INC 2 USD Jan EUR/USD 33 USD Mar , , EURO/USD 90D 15 USD Mar (100.00) (72.71) EURO/USD 90D 16 (2) USD Jun , , EURO/USD 90D 23 (2) USD Sep , , EURO/USD 90D 21 USD Dec , , EURO/USD 90D 19 USD Mar , , EURO/USD 90D 18 USD Jun , , EURO/USD 90D 21 USD Sep , , EURO/USD 90D 15 USD Dec (2,725.00) (1,981.46) EURO/USD 90D 13 USD Mar (7,350.00) (5,344.49) EURO/USD 90D 5 USD Jun (3,237.50) (2,354.12) EURO/USD 90D 1 USD Sep (1,050.00) (763.50) EURO/USD 90D (2) USD Dec The accompanying notes form an integral part of these financial statements Page 28

29 EUROPEAN SICAV ALLIANCE - GALAXY Open Positions on Financial Futures Contracts as at 31/12/13 Futures contracts Position Curr. Settlement Market Unrealised Unrealised Description Long (Short) Date Value P/L P/L Currency EUR EURO/USD 90D (3) USD Mar , EURO/USD 90D (2) USD Jun EURO/USD 90D (2) USD Sep EURO/USD 90D (1) USD Dec EXPRESS SCRI 12 USD Jan , , FIN MINI 21 USD Jan , , FTSE/XINHUA (25) USD Jan-14 7, (1,450.00) (1,054.35) GAS OIL 3 USD Feb (1,625.00) (1,181.61) GAS OIL 2 USD Mar , , GAS OIL 2 USD Jun (450.00) (327.21) GAS OIL 1 USD Dec GASOLINE RBO 1 USD Feb , , GASOLINE RBO 1 USD Mar , , GASOLINE RBO 1 USD May GOLD 100 OZ (19) USD Feb-14 1, , , GUGGENHEIM 6 USD Jan , , H AND R BLOC 30 USD Jan , , HEATING OIL 1 (1) USD Feb (722.40) (525.29) HEATING OIL 1 USD Apr HEATING OIL 1 USD May (1,033.20) (751.28) HEATING OIL 2 USD Jun (138.60) (100.78) HUMANA 8 USD Jan , , ILS/USD 2 USD Mar , , ISH IBOXX 4 USD Jan ISHS DJ REAL 2 USD Jan (69.16) (50.29) JPN YEN CURR (49) USD Mar , , L BRANDS INC 7 USD Jan LEAD (LME) 1 (1) USD Jan-14 2, (3,449.50) (2,508.27) LEAD (LME) 4 (4) USD Feb-14 2, (6,980.25) (5,075.62) LEAD (LME) 3 (3) USD Mar-14 2, (5,181.00) (3,767.31) LEAD (LME) 3 (3) USD Apr-14 2, (10,491.50) (7,628.80) LEAN HOGS 2 (1) USD Feb (1,610.00) (1,170.70) LEAN HOGS 2 (2) USD Apr (1,130.00) (821.67) LIVE CATTLE 3 (1) USD Feb LIVE CATTLE 1 (1) USD Apr (310.00) (225.41) LIVE CATTLE 5 USD Jun LIVE CATTLE 2 USD Aug MARATHON PET 2 USD Jan , MINI MSCI EA / 1 USD Mar-14 1, , , MINI MSCI EMG MKT 1 USD Mar-14 1, , MKT VECTOR-GOL (20) USD Jan MKT VECTOR D (4) USD Jan (83.50) (60.72) MSCI TAIWAN 7 USD Jan , , NASDAQ 100 E-MINI 11 USD Mar-14 3, , , NATURAL GAS 18 USD Feb (2,580.22) (1,876.18) NATURAL GAS 10 USD Mar (5,480.00) (3,984.73) NATURAL GAS 10 USD Apr , , NATURAL GAS 5 USD May NATURAL GAS 1 USD Oct (370.00) (269.04) NICKEL (LME) 2 (2) USD Jan-14 13, (4,554.84) (3,312.01) NICKEL (LME) 2 (2) USD Feb-14 13, (9,327.48) (6,782.39) NICKEL (LME) 1 (1) USD Mar-14 13, (2,555.76) (1,858.40) NICKEL (LME) 1 (1) USD Apr-14 13, (6,460.44) (4,697.65) NIKE INC 1 USD Jan NIKKEI USD Mar-14 16, , , ONEC REYNOLDS AMERIC 3 USD Jan The accompanying notes form an integral part of these financial statements Page 29

30 EUROPEAN SICAV ALLIANCE - GALAXY Open Positions on Financial Futures Contracts as at 31/12/13 Futures contracts Position Curr. Settlement Market Unrealised Unrealised Description Long (Short) Date Value P/L P/L Currency EUR PETROLEO BRA (4) USD Jan (40.00) (29.09) PLATINUM (2) USD Apr-14 1, RUSSELL USD Mar-14 1, , , S&P 500 EMINI INDEX 39 (2) USD Mar-14 1, , , S&P MID USD Mar-14 1, , , SEC SPDR ENE 10 USD Jan , , SGX CNX NIFTY INDEX 14 USD Jan-14 6, (314.00) (228.32) SILVER (CMX) (13) USD Mar , , SOYBEAN (CBT) 13 USD Mar-14 1, (6,474.45) (4,707.83) SOYBEAN (CBT) 7 USD May-14 1, (8,457.95) (6,150.12) SOYBEAN (CBT) 2 USD Jul-14 1, (2,212.50) (1,608.80) SOYBEAN (CBT) 2 USD Nov-14 1, (2,315.63) (1,683.79) SOYBEAN MEAL 8 USD Mar (3,739.82) (2,719.38) SOYBEAN MEAL 2 USD May (1,812.62) (1,318.03) SOYBEAN MEAL 2 USD Jul (1,130.00) (821.67) SOYBEAN OIL (7) USD Mar , , SOYBEAN OIL (2) USD May , , SOYBEAN OIL (1) USD Jul , SPDR BARC 3 USD Jan SPDR TECH 15 USD Jan , , SUGAR #11 (12) USD Mar SUGAR #11 (6) USD Jul , , SUGAR #11 (10) USD May , , SUGAR #11 (7) USD Oct , , SUNTRUST BK 18 USD Jan , , TEVA PHARMA 8 USD Jan US 10 YRS NOTE 1 (44) USD Mar , , US 2 YRS NOTE 41 USD Mar (15,589.56) (11,335.80) US 5 YRS NOTE-CBT 4 (21) USD Mar , , US TREASURY BOND (22) USD Mar , , US ULTRA BOND (13) USD Mar , , USD/AUD (23) USD Mar , , USD/CAD 2 (21) USD Mar USD/CHF 11 USD Mar , , USD/GBP 40 USD Mar , , USD/MXN 15 (2) USD Mar (6,028.68) (4,383.69) USD/NZD 5 USD Mar (2,665.00) (1,937.83) USD/PLZ 3 USD Mar , , USD-RUB 9 USD Mar , , VIACOM INC D 7 USD Jan , , VIX FUTURE (4) USD Jan , , VIX FUTURE (4) USD Feb , , VIX FUTURE (5) USD Mar , , VIX FUTURE (3) USD Apr , , VIX FUTURE (4) USD May , , VIX FUTURE (2) USD Jun , , WELLS FARGO 10 USD Jan , , WHEAT (KCB) (5) USD Mar , , WHEAT (KCB) (1) USD May , , WHEAT (KCB) (2) USD Jul , , WHEAT (11) USD Mar , , WHEAT (6) USD May , , WHEAT (8) USD Jul , , WHEAT RED (1) USD Mar , , WTI CRUDE OIL (4) USD Feb (1,472.55) (1,070.75) WTI CRUDE OIL 1 USD Mar The accompanying notes form an integral part of these financial statements Page 30

31 EUROPEAN SICAV ALLIANCE - GALAXY Open Positions on Financial Futures Contracts as at 31/12/13 Futures contracts Position Curr. Settlement Market Unrealised Unrealised Description Long (Short) Date Value P/L P/L Currency EUR WTI CRUDE OIL 1 USD Apr (460.00) (334.48) WTI CRUDE OIL 1 USD May WTI CRUDE OIL 1 USD Sep WTI CRUDE OIL 3 USD Dec , , WTI CRUDE OIL 2 USD Jun (950.00) (690.78) YAHOO INC DI 5 USD Jan ZINC (LME) 9 (7) USD Mar-14 2, (13,750.00) (9,998.18) ZINC (LME) 7 (7) USD Jan-14 2, (306.50) (222.87) ZINC (LME) 4 (4) USD Feb-14 2, (3,330.50) (2,421.74) ZINC (LME) 2 (2) USD Apr-14 2, , , FTSE/JSE TOP 5 ZAR Mar-14 41, , , USD/ZAR 2 ZAR Mar , , Total unrealised appreciation on financial futures contracts: 978, Total unrealised depreciation on financial futures contracts: (179,770.87) Total unrealised net appreciation on financial futures contracts: 798, The accompanying notes form an integral part of these financial statements Page 31

32 EUROPEAN SICAV ALLIANCE - GALAXY Statement of Operations and Changes in Net Assets from 01/01/13 to 31/12/13 (Expressed in EUR) Notes Income 1, Bank interest at sight Bank interest on managed accounts 1, Expenses (1,072,957.29) Management fees 3 (317,664.34) Advisory fees 5 (335,348.84) Performance fees 5 (129,591.89) Brokerage fees 5 (94,765.50) Custodian fees 4 (4,295.06) Taxe d abonnement 6 (6,798.33) Administration fees (65,963.16) Other expenses (118,530.17) Net loss from investments (1,071,068.18) Net realised loss on forward foreign exchange contracts (155,018.58) Net realised profit on financial futures contracts 1,178, Net realised profit on foreign exchange 14, Net realised loss (32,708.66) Change in unrealised loss on forward foreign exchange contracts (12,844.71) Change in unrealised profit on financial futures contracts 506, Increase in net assets as a result of operations 460, Subscriptions 3,843, Redemptions (7,966,434.01) Decrease in net assets (3,662,217.23) Net assets at the beginning of the year 16,942, Net assets at the end of the year 13,280, The accompanying notes form an integral part of these financial statements Page 32

33 EUROPEAN SICAV ALLIANCE - GALAXY Financial details relating to the last 3 years (Expressed in EUR) Year ended as at: 31/12/13 31/12/12 31/12/11 Total net assets 13,280, ,942, ,311, Net asset per share Category A EUR Category B CHF Category C EUR Category D USD The accompanying notes form an integral part of these financial statements Page 33

34 EUROPEAN SICAV ALLIANCE NOTES TO THE FINANCIAL STATEMENTS Page 34

35 EUROPEAN SICAV ALLIANCE (E.S.A.) Notes to the Financial Statements 1. General EUROPEAN SICAV ALLIANCE (E.S.A.) (the SICAV ) has been incorporated as a société anonyme in Luxembourg on December 19, 1990 and qualifies as a société d'investissement à capital variable. It is a multiple subfunds investment company organised under Part II of the Law of December 17, 2010 (the 2010 Law ) related to undertakings for collective investment ( UCI ). The SICAV is registered with the Registre de Commerce, Luxembourg, under number B The SICAV has the following sub-funds open as at December 31, 2013: GLOBAL FUTURES FUND RPM EVOLVING CTA Fund (formerly ODIN FUND) GALAXY As at December 31, 2013, four categories of shares were available in the sub-fund GLOBAL FUTURES FUND: Category A Shares (CHF Shares), Category B Shares (EUR Shares), Category C Shares (USD Shares) and Category D Shares (USD Shares). Category A Shares are denominated in CHF and participate in GLOBAL FUTURES FUND portfolio according to their entitlements and benefit from a specific management complement under which the non-chf portfolio assets attributable to it are intended to be hedged, in whole or in part, against the CHF on a monthly roll over basis. Category B Shares are denominated in EUR and participate in GLOBAL FUTURES FUND portfolio according to their entitlements and benefit from a specific management complement under which the non-eur portfolio assets attributable to it are intended to be hedged, in whole or in part, against the EUR on a monthly roll over basis. Category C Shares and Category D Shares are denominated in USD and participate in GLOBAL FUTURES FUND portfolio according to their entitlements. The Category D Shares are reserved for institutional investors only. As at December 31, 2013, ten categories of shares were available in the sub-fund RPM EVOLVING CTA Fund (formerly ODIN FUND): Category A Shares (USD Shares), Category A-I Shares (USD Shares), Category B Shares (JPY Shares), Category B-I Shares (JPY Shares), Category C Shares (USD Shares), Category D Shares (JPY Shares), Category E Shares (SEK Shares), Category F Shares (EUR Shares), Category G Shares (CHF Shares) and Category H Shares (GBP Shares). All of these shares are reserved for institutional investors only. Category A-I Shares are denominated in USD and participate in RPM EVOLVING CTA Fund (formerly ODIN FUND) portfolio according to their entitlements and benefit from a specific management complement under which the liquid assets attributed to Category A-I Shares will be maintained at a certain level determined from time to time by the Manager in order to target an annualised volatility of 10-15% in the net asset value of Category A-I Shares. Category C Shares are denominated in USD and participate in RPM EVOLVING CTA Fund (formerly ODIN FUND) portfolio according to their entitlements and benefit from a specific management complement under which the liquid assets attributed to Category C Shares will be maintained at a certain level determined from time to time by the Manager in order to target an annualised volatility of 10-15% in the net asset value of Category C Shares. Category C shares have been fully redeemed during the year under review. Category D Shares are denominated in JPY and participate in RPM EVOLVING CTA Fund (formerly ODIN FUND) portfolio according to their entitlements and benefit from a specific management complement under which the liquid assets attributed to Category D Shares will be maintained at a certain level determined from time to time by the Manager in order to target an annualised volatility of 10-15% in the net asset value of Category D Shares, whereas in addition the non-jpy portfolio assets attributable to it are intended to be hedged, in principle, against the JPY on a monthly roll over basis. Category D shares have been fully redeemed during the year under review. Category E Shares are denominated in SEK and participate in RPM EVOLVING CTA Fund (formerly ODIN FUND) portfolio according to their entitlements and benefit from a specific management complement under which the liquid assets attributed to Category E Shares will be maintained at a certain level determined from time to time by the Manager in order to target an annualized volatility of 10-15% in the net asset value of Category E Shares, whereas in addition the non-sek portfolio assets attributable to it are intended to be hedged, in principle, against the SEK on a monthly roll over basis.. Page 35

36 EUROPEAN SICAV ALLIANCE (E.S.A.) Notes to the Financial Statements 1. General (continued) Category F Shares are denominated in EUR and participate in RPM EVOLVING CTA Fund (formerly ODIN FUND) portfolio according to their entitlements and benefit from a specific management complement under which the liquid assets attributed to Category F Shares will be maintained at a certain level determined from time to time by the Manager in order to target an annualized volatility of 10-15% in the net asset value of Category F Shares, whereas in addition the non-eur portfolio assets attributable to it are intended to be hedged, in principle, against the EUR on a monthly roll over basis Category G Shares are denominated in CHF and participate in RPM EVOLVING CTA Fund (formerly ODIN FUND) portfolio according to their entitlements and benefit from a specific management complement under which the liquid assets attributed to Category G Shares will be maintained at a certain level determined from time to time by the Manager in order to target an annualised volatility of 10-15% in the net asset value of Category G Shares, whereas in addition the non-chf portfolio assets attributable to it are intended to be hedged, in principle, against the CHF on a monthly roll over basis. No A Shares, B Shares, B-I Shares, C Shares, D Shares and H Shares were issued as at December 31, The categories of shares C and D were closed due to total redemption on February 28, As at December 31, 2013, five categories of shares were available in the sub-fund GALAXY: Category A Shares (EUR Shares), Category B Shares (CHF Shares), Category C Shares (EUR Shares), Category D Shares (USD Shares) and Category E Shares (SEK Shares). Category A Shares and Category C shares are denominated in EUR and participate in GALAXY portfolio according to their entitlements. The Category C Shares are reserved for institutional investors only. Category B Shares are denominated in CHF and participate in GALAXY portfolio according to their entitlements and benefit from a specific management complement under which the non-chf portfolio assets attributable to it are intended to be hedged, in whole or in part, against the CHF on a monthly roll over basis. Category D Shares are denominated in USD and participate in GALAXY portfolio according to their entitlements and benefit from a specific management complement under which the non-usd portfolio assets attributable to it are intended to be hedged, in whole or in part, against the USD on a monthly roll over basis. No E Shares were issued as at December 31, Summary of significant accounting policies a. Valuation of futures and options The SICAV with respect to any sub-fund will only trade on organized markets although these may not be regulated by a formal exchange or association, e.g. the inter-bank foreign exchange market. The SICAV realises gains and losses at the time the option position expires or are closed through entering into an offsetting position. In cases where options are closed before expiry both the original position and the offsetting position are presented in the financial statements with a total unrealised profit/loss of zero. Where such prices are not representative of the fair value of the relevant securities or futures and in the case of unquoted securities or futures, the value used is their respective reasonable foreseeable sales price as determined prudently and in good faith in accordance with generally accepted valuation principles. b. Open forward exchange transactions Forward exchange transactions open at balance sheet date are valued at the forward rates applicable to the remaining life of the relevant contracts. The unrealised results of these transactions have been included in the statements of net assets under the heading Unrealised net appreciation/depreciation on forward foreign exchange contracts. c. Foreign exchange The financial statements of sub-fund GALAXY are expressed in EUR. The financial statements of sub-funds RPM EVOLVING CTA Fund (formerly ODIN FUND) and GLOBAL FUTURES FUND are expressed in USD. Page 36

37 c. Foreign exchange (continued) EUROPEAN SICAV ALLIANCE (E.S.A.) Notes to the Financial Statements 2. Summary of significant accounting policies (continued) Transactions in other currencies are recorded in the currency of the sub-fund based on the exchange rates in effect on the date of the transactions. Assets and liabilities denominated in other currencies are translated at the rate of exchange ruling at each balance sheet date. Exchange gains and losses are reflected in the statement of operations and changes in net assets. The consolidated financial statements of the SICAV are maintained in USD. The consolidated financial statements are the sum of the sub-funds financial statements converted in USD at the rates of exchange ruling at year-end date. d. Income and expenses Income and expenses are accrued in each NAV calculation. e. Exchange rates The following exchange rates were used as at December 31, 2013: 1 ARS = USD 1 HUF = USD 1 PHP = USD 1 AUD = USD 1 IDR = USD 1 PLN = USD 1 BRL = USD 1 ILS = USD 1 RON = USD 1 CAD = USD 1 INR = USD 1 RUB = USD 1 CHF = USD 1 ISK = USD 1 SAR = USD 1 CLP = USD 1 JPY = USD 1 SEK = USD 1 CNY = USD 1 KRW = USD 1 SGD = USD 1 COP = USD 1 MXN = USD 1 THB = USD 1 CZK = USD 1 MYR = USD 1 TRY = USD 1 EUR = USD 1 NOK = USD 1 TWD = USD 1 GBP = USD 1 NZD = USD 1 ZAR = USD 1 HKD = USD 1 PEN USD 3. Management Fees GLOBAL FUTURES FUND categories of shares are charged a monthly management fee calculated as a percentage of the month end net assets, accrued weekly and payable monthly in arrears to the Manager. Rates applied are as follows: Categories A Shares, B Shares, C Shares and D Shares 0.04% (approximately a 0.50% annual rate) RPM EVOLVING CTA Fund (formerly ODIN FUND) categories of shares are charged a quarterly management fee calculated as a percentage of the average net assets for the relevant quarter, accrued daily and payable quarterly in arrears. Rates applied are as follows: Categories A-I Shares, E Shares, F Shares and G Shares Category C Shares Category D Shares 0.25% (approximately a 1% annual rate) 0.25% (approximately a 1% annual rate) of the average net net assets below USD 50 million 0.20% (approximately a 0.80% annual rate) of the average net assets above USD 50 million 0.25% (approximately a 1% annual rate) of the average net assets below the equivalent in JPY of JPY 5 billion 0.20% (approximately a 0.80% annual rate) of the average net assets above the equivalent in JPY of JPY 5 billion GALAXY categories of shares are charged a management fee calculated as a percentage of the month end Trading Level and payable monthly at the end of each calendar month. Rates applied are as follows: Categories A Shares, B Shares and D Shares Category C Shares 1.85% per annum 1.25% per annum Page 37

38 EUROPEAN SICAV ALLIANCE (E.S.A.) Notes to the Financial Statements 3. Management Fees (continued) The Trading Level is defined as the amount of capital allocated to Trading Advisers performing futures trading at a given point in time. The sub-fund, including all its share classes will be leveraged to reach a target volatility of 17% with an expected and intended variation between 13% to 26% (calculated as annualised standard deviation on monthly returns). This implies an approximate leverage factor between 1 and 2 meaning that up to 200% of the assets in the subfund may be allocated to the Trading Advisers. In order to avoid any conflicts of interest arising from a varying leverage factor, the management fee for all share classes shall be calculated basis a fixed leverage factor of 1.3 resulting in a Trading Level for fee purposes calculated as 1.3 multiplied with the month-end Net Asset Value. 4. Custodian Fees CACEIS Bank Luxembourg receives a custodian fee in accordance with usual practice in Luxembourg. 5. Advisory Fee, Performance Fees, Brokerage Fee and Distribution Fees The sub-funds pay to the Trading Advisers an advisory fee and/or a performance fee. Performance fees are due only to the extent that the Trading Adviser achieves net new Trading Profits. The Adviser is entitled to receive a performance fee. GLOBAL FUTURES FUND is charged a quarterly performance fee of 20% of the net new profits of the sub-fund accrued weekly and payable quarterly in arrears to the Trading Adviser. The advisory fees paid to Trading Advisers will normally not exceed a monthly rate of 0.125% (approximately on annual rate of 1.50%). Each of categories of shares of RPM EVOLVING CTA Fund (formerly ODIN FUND) is charged a quarterly performance fee accrued daily and payable to the Manager quarterly in arrears. The performance fee will be 5% of the increase in the gross asset value per share attributable to each category of share from the quarter-end Net Asset Value for which a quarterly performance fee was last time paid. RPM EVOLVING CTA Fund (formerly ODIN FUND) will normally pay to the Trading Advisers an advisory fee and/or a performance fee. The performance fees paid to the Trading Advisers will normally not exceed 20% of the new Trading Profits. The advisory fees paid to Trading Advisers will normally not exceed a monthly rate of % (approximately an annual rate of 2%) of the assets traded by that Trading Advisor. In case of the agreement with the Trading Adviser provides to pay no advisory fee but performance fee only, the latter rate may be significantly beyond the above level. Each of categories of shares of GALAXY is charged a monthly performance fee of 1% of the NAV increase if the portfolio at the beginning of the month consist of less than 3 Trading Programs, 5% if the portfolio consist of 3 Trading Programs and 7.50% if the portfolio consist of more than 3 Trading Programs. The fee is payable monthly at the end of each calendar month to the manager. GALAXY will normally pay to the Trading Advisers a advisory fee and/or a performance fee. The performance fees paid to Trading Advisers will normally not exceed 20% of the new Trading Profits. The advisory fees paid to Trading Advisers will normally not exceed a monthly rate of % (approximately an annual rate of 2%) of the assets traded by that Trading Advisor. These advisory fees are payable monthly at the end of each calendar month, calculated on the month-end Trading Level. In case of the agreement with the Trading Adviser provides to pay no advisory fee but performance fee only, the latter rate may be significantly beyond the above level. The SICAV will pay transaction charges in the form of Futures brokerage commissions. For GLOBAL FUTURES FUND and GALAXY, these commissions will not on average exceed USD 15 per round-turn (buy and sell) transaction (except in the case of Futures traded on the London Metal Exchange and in newly established markets including the Far East where premium rates may apply). Eventual premiums for electronic trading and EFPs may occur. Page 38

39 EUROPEAN SICAV ALLIANCE (E.S.A.) Notes to the Financial Statements 5. Advisory Fee, Performance Fees, Brokerage Fee and Distribution Fees (continued) RPM EVOLVING CTA Fund (formerly ODIN FUND) is charged Futures brokerage commissions at competitive institutional rates which are negotiated from time to time. However, on average, the total amount of brokerage fees charged by the broker shall not be greater than 1.15% of the trading level of RPM EVOLVING CTA Fund (formerly ODIN FUND). In respect of the Category A Shares, Category B Shares and Category C Shares, GLOBAL FUTURES FUND may pay selling agents a monthly distribution fee of up to a maximum of per cent (approximately an annual rate of 1.6 per cent) of the month end net assets, accrued weekly and payable monthly in arrears in order to cover distribution and promotion costs. In respect of the Category D Shares, GLOBAL FUTURES FUND may pay selling agents a monthly distribution fee of up to a maximum of per cent (approximately an annual rate of 0.9 per cent) of the month end net assets, accrued weekly and payable monthly in arrears in order to cover distribution and promotion costs. 6. Taxation The SICAV is registered under the Luxembourg law as an investment company and is, as a result, exempt from tax in Luxembourg except for taxe d'abonnement. Under current legislation the SICAV is subject to taxe d'abonnement at a rate of 0.05% per annum on its total net assets, calculated and payable quarterly on the net asset value of the SICAV at the end of the relevant quarter. The rate of the annual subscription tax is set at 0.01% for the sub-funds or the categories of shares restricted to one or more institutional investors as regulated by article 174 of the Luxembourg Law of December 17, 2010 on Undertakings for Collective Investment. 7. Open forward foreign exchange contracts As at December 31, 2013, the sub-funds have entered into forward foreign exchange contracts for trading purpose or/and for hedging purpose (GLOBAL FUTURES FUND Class A and Class B, RPM EVOLVING CTA Fund (formerly ODIN FUND) Class E, Class F and Class G and GALAXY Class B and Class D). The following lines present the net positions of the forward foreign exchange contracts for each sub-fund. Page 39

40 GLOBAL FUTURES FUND EUROPEAN SICAV ALLIANCE (E.S.A.) Notes to the Financial Statements 7. Open forward foreign exchange contracts (continued) Maturity Buy/ Quantity Currency Quantity Counter Net Unrealised Net Unrealised Date Sell Currency (Contr ccy) Appreciation/ (Depreciation) USD 02/01/14 Buy 1, SEK (161.04) USD /01/14 Buy 234, BRL (99,974.39) USD (827.42) (827.42) 03/01/14 Sell (231,050.00) BRL 98, USD /01/14 Sell (100,000.00) USD 231, BRL (5,164.98) (2,186.56) 03/01/14 Buy 100, USD (234,200.00) BRL 2, /01/14 Sell (200,000.00) USD 1,246, CNY 25, , /01/14 Sell (100,000.00) USD 623, CNY 12, , /01/14 Sell (100,000.00) USD 624, CNY 13, , /01/14 Sell (100,000.00) USD 623, CNY 13, , /01/14 Sell (100,000.00) USD 624, CNY 13, , /01/14 Sell (100,000.00) USD 621, CNY 10, , /01/14 Buy 48, USD (299,288.65) CNY (2,251.26) (371.94) 29/01/14 Buy 51, USD (315,937.03) CNY (2,401.97) (396.84) 29/01/14 Buy 100, USD (616,200.00) CNY (5,627.48) (929.74) 29/01/14 Buy 100, USD (613,300.00) CNY (2,727.49) (450.62) 29/01/14 Buy 100, USD (613,250.00) CNY (2,677.49) (442.36) 29/01/14 Buy 100, USD (613,250.00) CNY (2,677.49) (442.36) 29/01/14 Buy 100, USD (613,250.00) CNY (2,677.49) (442.36) 29/01/14 Buy 100, USD (613,500.00) CNY (2,927.53) (483.67) 29/01/14 Sell (100,000.00) USD 106,126, KRW 365, /01/14 Sell (100,000.00) USD 105,600, KRW (160,414.89) (151.98) 29/01/14 Buy 100, USD (2,955,000.00) TWD 26, /01/14 Buy 100, USD (2,954,000.00) TWD 27, /01/14 Sell (100,000.00) USD 1,212,000, IDR (16,540,283.67) (1,360.22) 30/01/14 Sell (100,000.00) USD 325, MYR (3,019.99) (921.15) 30/01/14 Buy 100, USD (4,416,000.00) PHP 19, /01/14 Buy 100, USD (4,414,000.00) PHP 21, /01/14 Buy 5,684, CHF (6,411,000.00) USD (40,186.29) (40,186.29) 31/01/14 Buy 4,939, EUR (6,790,000.00) USD 3, , /01/14 Sell (100,000.00) USD 52,680, CLP (52,497.71) (99.91) 31/01/14 Sell (100,000.00) USD 52,165, CLP (567,501.78) (1,080.03) 31/01/14 Sell (100,000.00) USD 6,261, INR 40, /01/14 Sell (100,000.00) USD 6,250, INR 28, /01/14 Sell (200,000.00) USD 6,492, RUB (114,299.92) (3,478.92) 31/01/14 Sell (100,000.00) USD 3,257, RUB (45,650.05) (1,389.44) 31/01/14 Sell (100,000.00) USD 3,268, RUB (34,500.05) (1,050.07) 31/01/14 Sell (42,857.00) USD 1,425, RUB 9, /01/14 Sell (57,143.00) USD 1,904, RUB 17, /02/14 Sell (100,000.00) USD 236, BRL (2,211.11) (936.06) 28/02/14 Sell (100,000.00) USD 620, CNY 9, , /02/14 Sell (100,000.00) USD 620, CNY 9, , /02/14 Sell (100,000.00) USD 619, CNY 8, , /02/14 Buy 100, USD (617,200.00) CNY (6,431.95) (1,062.65) Page 40

41 GLOBAL FUTURES FUND (continued) EUROPEAN SICAV ALLIANCE (E.S.A.) Notes to the Financial Statements 7. Open forward foreign exchange contracts (continued) Maturity Buy/ Quantity Currency Quantity Counter Net Unrealised Net Unrealised Date Sell Currency (Contr ccy) Appreciation/ (Depreciation) USD 28/02/14 Buy 100, USD (615,000.00) CNY (4,231.96) (699.18) 28/02/14 Buy 100, USD (613,300.00) CNY (2,531.93) (418.31) 28/02/14 Sell (100,000.00) USD 105,565, KRW (372,580.94) (352.99) 19/03/14 Sell (100,000.00) EUR 30,447, HUF 577, , /03/14 Sell (100,000.00) EUR 30,383, HUF 514, , /03/14 Sell (100,000.00) EUR 30,479, HUF 609, , /03/14 Sell (100,000.00) EUR 422, PLN 4, , /03/14 Sell (100,000.00) EUR 421, PLN 3, , /03/14 Sell (100,000.00) EUR 420, PLN 3, , /03/14 Sell (100,000.00) EUR 420, PLN 2, /03/14 Buy 100, EUR (907,065.00) SEK (19,916.45) (3,091.44) 19/03/14 Sell (100,000.00) USD 350, ILS 3, /03/14 Buy 100, EUR (846,859.00) NOK (8,412.67) (1,383.81) 19/03/14 Sell (100,000.00) USD 208, TRY (9,754.84) (4,543.05) 19/03/14 Sell (100,000.00) USD 206, TRY (11,524.84) (5,367.38) 19/03/14 Sell (100,000.00) USD 207, TRY (10,804.84) (5,032.06) 19/03/14 Sell (100,000.00) USD 1,056, ZAR (8,394.26) (797.10) 19/03/14 Sell (100,000.00) USD 1,046, ZAR (17,994.32) (1,708.70) 19/03/14 Sell (100,000.00) USD 1,049, ZAR (15,634.32) (1,484.60) 19/03/14 Buy 100, USD (1,059,550.00) ZAR 5, /03/14 Sell (100,000.00) USD 1,048, ZAR (16,944.27) (1,608.99) 31/03/14 Sell (100,000.00) USD 616, CNY 5, /03/14 Sell (100,000.00) USD 616, CNY 5, /03/14 Sell (32,915.00) USD 1,089, RUB (8,324.14) (253.36) 31/03/14 Sell (67,085.00) USD 2,219, RUB (16,798.10) (511.28) 30/04/14 Sell (100,000.00) USD 613, CNY 2, /04/14 Sell (100,000.00) USD 614, CNY 2, /04/14 Buy 100, USD (613,500.00) CNY (2,451.97) (405.10) 30/05/14 Sell (100,000.00) USD 614, CNY 3, /05/14 Sell (100,000.00) USD 613, CNY 2, Total unrealised appreciation on forward foreign exchange contracts : 47, Total unrealised depreciation on forward foreign exchange contracts : (86,347.94) Total unrealised net depreciation on forward foreign exchange contracts : (38,988.03) Page 41

42 EUROPEAN SICAV ALLIANCE (E.S.A.) Notes to the Financial Statements 7. Open forward foreign exchange contracts (continued) RPM EVOLVING CTA Fund (formerly ODIN FUND) Maturity Buy/ Quantity Currency Quantity Counter Net Unrealised Net Unrealised Date Sell Currency (Contr ccy) Appreciation/ (Depreciation) USD 06/01/14 Buy 467, JPY (4,449.47) USD (13.60) (13.60) 16/01/14 Buy 573, AUD (521,705.04) USD (10,379.67) (10,379.67) 16/01/14 Sell (600,000.00) AUD 540, USD 4, , /01/14 Buy 426, AUD (386,150.54) USD (6,002.88) (6,002.88) 16/01/14 Buy 455, AUD (415,838.15) USD (9,811.89) (9,811.89) 16/01/14 Sell (427,000.00) AUD 386, USD 5, , /01/14 Buy 157, AUD (139,485.22) USD /01/14 Sell (287,000.00) AUD 255, USD (222.54) (222.54) 16/01/14 Buy 1,003, CAD (940,762.22) USD 2, , /01/14 Sell (918,435.00) CHF 1,016, USD (12,941.01) (12,941.01) 16/01/14 Buy 10,288, CZK (510,720.04) USD 6, , /01/14 Buy 85, EUR (103,759.50) CHF /01/14 Sell (315,000.00) EUR 8,629, CZK 17, /01/14 Buy 284, EUR (237,553.22) GBP (1,693.74) (2,805.00) 16/01/14 Buy 171, EUR (143,132.13) GBP (1,118.14) (1,851.75) 16/01/14 Buy 78, EUR (65,649.91) GBP (871.60) (1,443.45) 16/01/14 Buy 57, EUR (17,301,210.00) HUF (332,156.12) (1,535.84) 16/01/14 Buy 200, EUR (59,293,814.28) HUF 246, , /01/14 Sell (287,000.00) EUR 85,052, HUF (388,016.50) (1,794.13) 16/01/14 Buy 107, EUR (900,419.98) NOK (5,314.57) (874.20) 16/01/14 Sell (85,000.00) EUR 717, NOK 6, , /01/14 Buy 114, EUR (477,979.20) PLN (3,749.36) (1,240.77) 16/01/14 Buy 244, EUR (1,013,356.40) PLN 1, /01/14 Sell (229,000.00) EUR 950, PLN (2,315.36) (766.22) 16/01/14 Buy 299, EUR (2,655,676.14) SEK (5,838.53) (906.26) 16/01/14 Sell (142,000.00) EUR 1,277, SEK 18, , /01/14 Sell (200,000.00) EUR 1,799, SEK 27, , /01/14 Sell (244,000.00) EUR 2,186, SEK 23, , /01/14 Buy 315, EUR (2,801,855.70) SEK (10,220.75) (1,586.47) 16/01/14 Sell (1,199,180.00) EUR 1,629, USD (19,476.90) (19,476.90) 16/01/14 Sell (140,000.00) EUR 189, USD (2,917.15) (2,917.15) 16/01/14 Buy 142, EUR (195,938.80) USD (655.17) (655.17) 16/01/14 Sell (489,108.00) GBP 801, USD (8,178.34) (8,178.34) 16/01/14 Sell (60,000.00) GBP 98, USD (1,203.11) (1,203.11) 16/01/14 Buy 313, GBP (514,787.97) USD 3, , /01/14 Sell (186,000.00) GBP 302, USD (5,456.57) (5,456.57) 16/01/14 Buy 287, GBP (473,283.09) USD 1, , /01/14 Sell (192,015,176.00) HUF 861, USD (25,778.71) (25,778.71) 16/01/14 Sell (4,774,719.00) ILS 1,355, USD (19,646.71) (19,646.71) 16/01/14 Sell (76,370,460.00) JPY 746, USD 21, , /01/14 Sell (1,730,134.00) MXN 131, USD (995.00) (995.00) 16/01/14 Buy 4,684, NOK (766,497.65) USD 3, , Page 42

43 EUROPEAN SICAV ALLIANCE (E.S.A.) Notes to the Financial Statements 7. Open forward foreign exchange contracts (continued) RPM EVOLVING CTA Fund (formerly ODIN FUND) (continued) Maturity Buy/ Quantity Currency Quantity Counter Net Unrealised Net Unrealised Date Sell Currency (Contr ccy) Appreciation/ (Depreciation) USD 16/01/14 Buy 400, NZD (329,491.31) USD (510.19) (510.19) 16/01/14 Buy 350, NZD (285,797.91) USD 1, , /01/14 Buy 71, NZD (58,317.98) USD /01/14 Sell (427,000.00) NZD 354, USD 3, , /01/14 Buy 572, NZD (471,868.54) USD (1,714.69) (1,714.69) 16/01/14 Sell (502,000.00) NZD 410, USD (2,440.51) (2,440.51) 16/01/14 Buy 105, NZD (86,107.35) USD /01/14 Buy 5,303, PLN (1,708,920.55) USD 44, , /01/14 Buy 3,566, SEK (546,929.26) USD 6, , /01/14 Sell (1,245,985.25) SGD 994, USD 7, , /01/14 Sell (864,487.72) TRY 420, USD 18, , /01/14 Buy 782, USD (833,618.40) CAD (2,066.70) (1,944.31) 16/01/14 Sell (171,000.00) USD 181, CAD (189.00) (177.81) 16/01/14 Buy 171, USD (181,552.40) CAD /01/14 Sell (172,000.00) USD 184, CAD 1, , /01/14 Sell (172,000.00) USD 183, CAD /01/14 Buy 142, USD (2,854,484.00) CZK (31,364.23) (1,577.36) 16/01/14 Sell (50,000.00) USD 994, CZK /01/14 Buy 401, USD (7,988,310.98) CZK (15,979.78) (803.65) 16/01/14 Sell (115,000.00) USD 25,717, HUF 822, , /01/14 Sell (327,000.00) USD 72,336, HUF 1,549, , /01/14 Sell (64,000.00) USD 225, ILS 3, /01/14 Sell (227,000.00) USD 798, ILS 10, , /01/14 Buy 285, USD (996,565.20) ILS (6,852.52) (1,973.88) 16/01/14 Buy 213, USD (746,848.29) ILS (7,168.30) (2,064.84) 16/01/14 Buy 350, USD (35,842,100.00) JPY 1,015, , /01/14 Buy 100, USD (1,316,010.00) MXN (7,379.98) (564.65) 16/01/14 Buy 285, USD (3,673,963.50) MXN 55, , /01/14 Buy 357, USD (4,634,588.28) MXN 37, , /01/14 Sell (860,000.00) USD 11,231, MXN (22,791.34) (1,743.79) 16/01/14 Buy 341, USD (2,084,526.18) NOK (10,246.68) (1,685.49) 16/01/14 Sell (200,000.00) USD 1,223, NOK 6, , /01/14 Buy 158, USD (968,002.80) NOK (6,899.70) (1,134.94) 16/01/14 Sell (142,000.00) USD 431, PLN 2, /01/14 Buy 172, USD (1,121,660.01) SEK (13,189.18) (2,047.23) 16/01/14 Sell (426,000.00) USD 534, SGD (3,734.02) (2,957.99) 16/01/14 Buy 199, USD (248,296.28) SGD 2, , /01/14 Buy 313, USD (391,632.29) SGD 3, , /01/14 Buy 71, USD (147,340.25) TRY 6, , /01/14 Sell (470,976.00) USD 967, TRY (47,445.07) (22,096.25) 16/01/14 Sell (429,000.00) USD 878, TRY (45,769.13) (21,315.73) 16/01/14 Buy 122, USD (1,280,592.52) ZAR 7, Page 43

44 EUROPEAN SICAV ALLIANCE (E.S.A.) Notes to the Financial Statements 7. Open forward foreign exchange contracts (continued) RPM EVOLVING Fund (formerly ODIN FUND) (continued) Maturity Buy/ Quantity Currency Quantity Counter Net Unrealised Net Unrealised Date Sell Currency (Contr ccy) Appreciation/ (Depreciation) USD 16/01/14 Sell (213,000.00) USD 2,217, ZAR (30,854.25) (2,929.85) 16/01/14 Sell (427,000.00) USD 4,451, ZAR (55,004.26) (5,223.08) 16/01/14 Buy 285, USD (2,960,124.00) ZAR 47, , /01/14 Sell (143,000.00) USD 1,501, ZAR (7,958.70) (755.74) 16/01/14 Buy 305, USD (3,190,533.66) ZAR 28, , /01/14 Buy 5,307, ZAR (509,101.69) USD (6,239.45) (6,239.45) 31/01/14 Buy 4,306, CHF (4,857,000.00) USD (30,445.29) (30,445.29) 31/01/14 Buy 7,280, EUR (10,007,000.00) USD 5, , /01/14 Buy 93,889, SEK (14,270,000.00) USD 1,911, , Total unrealised appreciation on forward foreign exchange contracts : 502, Total unrealised depreciation on forward foreign exchange contracts : (250,830.06) Total unrealised net appreciation on forward foreign exchange contracts : 251, Page 44

45 EUROPEAN SICAV ALLIANCE (E.S.A.) Notes to the Financial Statements 7. Open forward foreign exchange contracts (continued) GALAXY Maturity Buy/ Quantity Currency Quantity Counter Net Unrealised Net Unrealised Date Sell Currency (Contr ccy) Appreciation/ (Depreciation) EUR 02/01/14 Buy 7, SEK (864.16) EUR /01/14 Buy 234, BRL (99,974.39) USD (827.42) (601.65) 03/01/14 Sell (231,050.00) BRL 98, USD /01/14 Sell (100,000.00) USD 231, BRL (5,164.99) (1,589.94) 03/01/14 Buy 100, USD (234,200.00) BRL 2, /01/14 Sell (100,000.00) USD 623, CNY 12, , /01/14 Sell (100,000.00) USD 623, CNY 12, , /01/14 Sell (100,000.00) USD 623, CNY 13, , /01/14 Sell (100,000.00) USD 622, CNY 11, , /01/14 Buy 48, USD (299,288.65) CNY (2,251.24) (270.45) 29/01/14 Buy 51, USD (315,937.03) CNY (2,401.99) (288.56) 29/01/14 Buy 100, USD (616,200.00) CNY (5,627.47) (676.05) 29/01/14 Buy 49, USD (303,225.70) CNY (2,158.51) (259.31) 29/01/14 Buy 50, USD (311,775.00) CNY (2,269.72) (272.67) 29/01/14 Buy 100, USD (613,400.00) CNY (2,827.51) (339.68) 29/01/14 Sell (100,000.00) USD 106,126, KRW 365, /01/14 Buy 100, USD (2,950,000.00) TWD 31, /01/14 Buy 100, USD (2,954,000.00) TWD 27, /01/14 Sell (100,000.00) USD 1,212,000, IDR (16,539,595.52) (989.03) 30/01/14 Sell (100,000.00) USD 325, MYR (3,020.01) (669.81) 30/01/14 Buy 100, USD (4,419,000.00) PHP 16, /01/14 Buy 100, USD (4,414,000.00) PHP 21, /01/14 Buy 497, CHF (408,000.00) EUR (2,573.82) (2,573.82) 31/01/14 Sell (100,000.00) USD 52,680, CLP (52,498.71) (72.65) 31/01/14 Sell (100,000.00) USD 52,165, CLP (567,499.15) (785.33) 31/01/14 Buy 574, USD (418,000.00) EUR (222.42) (222.42) 31/01/14 Sell (100,000.00) USD 6,261, INR 40, /01/14 Sell (100,000.00) USD 6,254, INR 33, /01/14 Sell (100,000.00) USD 3,257, RUB (45,650.13) (1,010.32) 31/01/14 Sell (42,857.00) USD 1,425, RUB 9, /01/14 Sell (57,143.00) USD 1,904, RUB 16, /02/14 Sell (100,000.00) USD 236, BRL (2,211.12) (680.65) 28/02/14 Sell (100,000.00) USD 620, CNY 9, , /02/14 Sell (100,000.00) USD 621, CNY 10, , /02/14 Sell (100,000.00) USD 620, CNY 9, , /02/14 Sell (100,000.00) USD 619, CNY 8, , /02/14 Sell (200,000.00) USD 1,239, CNY 17, , /02/14 Buy 100, USD (613,300.00) CNY (2,531.92) (304.17) 28/02/14 Buy 100, USD (613,500.00) CNY (2,731.95) (328.20) 28/02/14 Buy 100, USD (612,800.00) CNY (2,031.98) (244.11) 28/02/14 Buy 100, USD (613,400.00) CNY (2,631.98) (316.19) 28/02/14 Buy 100, USD (613,400.00) CNY (2,631.98) (316.19) 28/02/14 Buy 100, USD (613,300.00) CNY (2,531.92) (304.17) Page 45

46 EUROPEAN SICAV ALLIANCE (E.S.A.) Notes to the Financial Statements 7. Open forward foreign exchange contracts (continued) GALAXY (continued) Maturity Buy/ Quantity Currency Quantity Counter Net Unrealised Net Unrealised Date Sell Currency (Contr ccy) Appreciation/ (Depreciation) EUR 28/02/14 Sell (100,000.00) USD 105,565, KRW (372,576.08) (256.67) 28/02/14 Sell (100,000.00) USD 3,330, RUB 13, /02/14 Sell (100,000.00) USD 3,309, RUB (7,567.84) (167.49) 28/02/14 Sell (100,000.00) USD 3,326, RUB 9, /02/14 Buy 100, USD (3,372,000.00) RUB (54,682.38) (1,210.22) 19/03/14 Buy 200, EUR (651,560.00) BRL 10, , /03/14 Buy 200, EUR (2,126,000.00) HKD 6, /03/14 Buy 100, EUR (1,058,410.00) HKD 7, /03/14 Sell (100,000.00) EUR 30,447, HUF 577, , /03/14 Sell (100,000.00) EUR 30,383, HUF 514, , /03/14 Sell (100,000.00) EUR 30,479, HUF 609, , /03/14 Sell (100,000.00) EUR 8,628, INR (17,137.51) (201.51) 19/03/14 Sell (100,000.00) EUR 8,707, INR 61, /03/14 Buy 100, EUR (846,859.00) NOK (8,412.63) (1,006.22) 19/03/14 Sell (100,000.00) EUR 422, PLN 4, , /03/14 Sell (100,000.00) EUR 421, PLN 3, /03/14 Sell (100,000.00) EUR 420, PLN 3, /03/14 Sell (100,000.00) EUR 445, RON (2,700.18) (604.48) 19/03/14 Sell (500,000.00) EUR 2,236, RON (4,300.87) (962.82) 19/03/14 Buy 100, EUR (4,572,030.00) RUB 4, /03/14 Buy 100, EUR (4,568,500.00) RUB 7, /03/14 Buy 100, EUR (4,574,000.00) RUB 2, /03/14 Buy 100, EUR (907,065.00) SEK (19,916.43) (2,247.91) 19/03/14 Buy 100, EUR (172,140.00) SGD 1, /03/14 Buy 100, EUR (172,450.00) SGD 1, /03/14 Buy 100, EUR (3,986,250.00) TWD 106, , /03/14 Buy 100, EUR (3,992,000.00) TWD 100, , /03/14 Buy 300, EUR (12,083,400.00) TWD 193, , /03/14 Buy 100, USD (239,250.00) BRL 1, /03/14 Buy 100, USD (238,250.00) BRL 2, /03/14 Buy 500, USD (267,900,000.00) CLP (2,892,848.85) (4,003.25) 19/03/14 Sell (100,000.00) USD 53,285, CLP 283, /03/14 Sell (100,000.00) USD 52,800, CLP (201,424.51) (278.74) 19/03/14 Sell (100,000.00) USD 52,830, CLP (171,428.35) (237.23) 19/03/14 Buy 100, USD (197,050,000.00) COP (3,257,087.56) (1,227.13) 19/03/14 Buy 100, USD (195,025,000.00) COP (1,232,120.98) (464.21) 19/03/14 Sell (100,000.00) USD 193,600, COP (192,856.49) (72.66) 19/03/14 Sell (100,000.00) USD 192,207, COP (1,585,823.92) (597.47) 19/03/14 Sell (100,000.00) USD 192,800, COP (992,841.97) (374.06) 19/03/14 Sell (100,000.00) USD 351, ILS 3, /03/14 Sell (100,000.00) USD 6,393, INR 106, , /03/14 Sell (100,000.00) USD 6,310, INR 23, /03/14 Sell (100,000.00) USD 6,219, INR (67,356.85) (792.01) Page 46

47 EUROPEAN SICAV ALLIANCE (E.S.A.) Notes to the Financial Statements 7. Open forward foreign exchange contracts (continued) GALAXY (continued) Maturity Buy/ Quantity Currency Quantity Counter Net Unrealised Net Unrealised Date Sell Currency (Contr ccy) Appreciation/ (Depreciation) EUR 19/03/14 Sell (100,000.00) USD 6,230, INR (55,457.29) (652.09) 19/03/14 Sell (300,000.00) USD 18,774, INR (85,070.97) (1,000.30) 19/03/14 Sell (100,000.00) USD 6,351, INR 64, /03/14 Sell (100,000.00) USD 6,321, INR 34, /03/14 Buy 100, USD (325,300.00) MYR 4, /03/14 Buy 100, USD (327,500.00) MYR 1, /03/14 Buy 100, USD (329,760.00) MYR (366.43) (81.27) 19/03/14 Sell (100,000.00) USD 281, PEN (1,691.43) (439.77) 19/03/14 Buy 100, USD (4,355,000.00) PHP 80, , /03/14 Buy 100, USD (4,355,850.00) PHP 79, , /03/14 Buy 100, USD (4,357,500.00) PHP 77, , /03/14 Buy 200, USD (8,792,000.00) PHP 78, , /03/14 Sell (100,000.00) USD 329, RON 3, /03/14 Sell (100,000.00) USD 329, RON 4, /03/14 Sell (100,000.00) USD 330, RON 4, , /03/14 Sell (400,000.00) USD 1,301, RON (2,037.15) (456.05) 19/03/14 Buy 100, USD (323,950.00) RON 1, /03/14 Buy 200, USD (250,420.00) SGD 2, , /03/14 Buy 100, USD (125,450.00) SGD /03/14 Buy 200, USD (251,140.00) SGD 1, /03/14 Buy 100, USD (125,797.50) SGD /03/14 Buy 100, USD (125,870.00) SGD /03/14 Buy 100, USD (125,891.60) SGD /03/14 Buy 100, USD (126,386.20) SGD (154.54) (89.02) 19/03/14 Buy 100, USD (3,230,100.00) THB 41, /03/14 Buy 100, USD (3,238,000.00) THB 33, /03/14 Sell (100,000.00) USD 208, TRY (9,754.82) (3,303.43) 19/03/14 Sell (100,000.00) USD 206, TRY (11,524.87) (3,902.85) 19/03/14 Sell (100,000.00) USD 207, TRY (10,644.83) (3,604.83) 19/03/14 Buy 100, USD (213,480.00) TRY 4, , /03/14 Sell (100,000.00) USD 212, TRY (5,684.82) (1,925.14) 19/03/14 Buy 54, USD (117,875.52) TRY /03/14 Buy 45, USD (99,343.62) TRY /03/14 Buy 100, USD (2,945,000.00) TWD 30, /03/14 Buy 100, USD (2,948,000.00) TWD 27, /03/14 Buy 200, USD (5,875,000.00) TWD 76, , /03/14 Buy 100, USD (2,970,000.00) TWD 5, /03/14 Buy 100, USD (2,975,000.00) TWD /03/14 Buy 100, USD (2,985,000.00) TWD (9,214.43) (224.65) 19/03/14 Sell (100,000.00) USD 2,986, TWD 10, /03/14 Sell (100,000.00) USD 1,056, ZAR (8,394.35) (579.61) 19/03/14 Sell (100,000.00) USD 1,046, ZAR (17,994.25) (1,242.46) 31/03/14 Sell (100,000.00) USD 616, CNY 5, /03/14 Sell (100,000.00) USD 3,344, RUB 10, Page 47

48 EUROPEAN SICAV ALLIANCE (E.S.A.) Notes to the Financial Statements 7. Open forward foreign exchange contracts (continued) GALAXY (continued) Maturity Buy/ Quantity Currency Quantity Counter Net Unrealised Net Unrealised Date Sell Currency (Contr ccy) Appreciation/ (Depreciation) EUR 30/04/14 Sell (100,000.00) USD 613, CNY 2, /05/14 Sell (100,000.00) USD 613, CNY 2, /05/14 Sell (100,000.00) USD 613, CNY 2, /05/14 Sell (100,000.00) USD 613, CNY 2, /05/14 Buy 100, USD (613,680.00) CNY (2,468.99) (296.61) 18/06/14 Sell (100,000.00) USD 612, CNY 1, /06/14 Sell (100,000.00) USD 611, CNY /06/14 Sell (100,000.00) USD 611, CNY /06/14 Sell (100,000.00) USD 612, CNY /06/14 Sell (100,000.00) USD 610, CNY (614.23) (73.79) 18/06/14 Sell (100,000.00) USD 612, CNY /06/14 Sell (100,000.00) USD 611, CNY Total unrealised appreciation on forward foreign exchange contracts : 71, Total unrealised depreciation on forward foreign exchange contracts : (45,691.32) Total unrealised net appreciation on forward foreign exchange contracts : 25, Page 48

49 EUROPEAN SICAV ALLIANCE (E.S.A.) INSULATE (not consolidated side pocket shares in liquidation) 1. Assets Assets of European Sicav Alliance Insulate (in liquidation) were composed of the net claim filed by European Sicav Alliance Insulate for the amount held by Refco Capital Markets Ltd ( RCM ) in the below European Sicav Alliance accounts of a total of USD 12,996,097.32, together with any additional funds to which it may otherwise be entitled to receive as a matter of law. For information purposes, the affected accounts at RCM are as follows: Account Account Name Account Account Name 9358/92510 ESA Galaxy 9367/92593 ESA Opal Trading III 9359/92511 ESA Galaxy 9368/92595 ESA Opal Trading III 9360/92520 ESA Opal Trading III 9445/23710 ESA Opal Trading 9361/92521 ESA Opal Trading III 9447/29700 ESA Galaxy 9362/92530 ESA Makalu Strategic Fund 9471/23715 ESA Opal Trading III 9364/92581 ESA Galaxy 9473/29600 ESA Opal Trading II 9365/92587 ESA Galaxy 9486/92577 ESA Opal Trading II 9366/92592 ESA Opal Trading III As at December 31, 2013, cash held by European Sicav Alliance Insulate amounts to USD 785, Liabilities The net liquidation proceeds shall be distributed if and when received to the shareholders pro rata based on the number of shares. ESA Insulate share class Number of shares in share class ESA Insulate category Galaxy A (EUR) 541,976, ESA Insulate category Galaxy B (CHF) 1,600, ESA Insulate category Galaxy C (USD) 621, ESA Insulate category Makalu A (EUR) 307,462, ESA Insulate category Opal Trading III A (USD) 204,991, ESA Insulate category Opal Trading III B (EUR) 162,968, ESA Insulate category Opal Trading III C (USD) 34,447, ESA Insulate category Opal Trading II A (USD) 28,888, ESA Insulate category Opal Trading II B (EUR) 3,858, ESA Insulate category Opal Trading II C (USD) 1,979, ESA Insulate category Opal Trading II D (EUR) 308, ESA Insulate category Opal Trading (EUR) 13,694, Total 1,302,797, Regarding the liquidation costs, the liquidation fees and expenses shall be advanced by the promoter and shall be deducted from the liquidation proceeds, if and when received. Those liquidation fees and expenses contain the fees and expenses related to the liquidation including the custody, administration, audit, legal fees and expenses. A first distribution for an amount equal to 5,980, USD corresponding to USD per share has been done in March A second distribution for an amount equal to 1,823, USD corresponding to USD per share has been done in August As additional amounts have been received from the Refco liquidator, a third distribution for an amount equal to 1,302, USD corresponding to USD per share has been done in June The closing of the liquidation will not happen before the Refco bankruptcy proceeding is closed in the US, as the one is related to the other. Page 49