PARVEST SICAV. Report for the period. from 01/01/2015 to 30/06/2015. R.C.S. Luxembourg B

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1 PARVEST SICAV Report for the period from 01/01/2015 to 30/06/2015 R.C.S. Luxembourg B

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3 Table of contents Organisation 4 Information 7 Financial statements at 30/06/ Key figures relating to the last 3 years 31 Bond Absolute Return V Bond Absolute Return V Bond Asia ex-japan 64 Bond Best Selection World Emerging 65 Bond Euro 66 Bond Euro Corporate 68 Bond Euro Government 71 Bond Euro High Yield 73 Bond Euro Inflation-Linked 75 Bond Euro Long Term 76 Bond Euro Medium Term 77 Bond Euro Short Term 79 Bond Euro Short Term Corporate 81 Bond Europe Emerging 85 Bond JPY 86 Bond USA High Yield 87 Bond USD 90 Bond USD Short Duration 93 Bond World 94 Bond World Corporate 98 Bond World Emerging 102 Bond World Emerging Corporate 104 Bond World Emerging Local 105 Bond World High Yield 106 Bond World High Yield Short Duration 110 Bond World Income 111 Bond World Inflation-Linked 113 Commodities 114 Convertible Bond Asia 115 Convertible Bond Europe 116 Convertible Bond Europe Small Cap 117 Convertible Bond World 118 Diversified Dynamic 120 Enhanced Cash 6 Months 121 Environmental Opportunities 123 Page 1 Page

4 Table of contents Page Equity Australia 124 Equity Best Selection Asia ex-japan 125 Equity Best Selection Euro 126 Equity Best Selection Europe 127 Equity Best Selection Europe ex-uk 128 Equity Best Selection World 129 Equity Brazil 130 Equity Bric 131 Equity China 133 Equity Europe Emerging 134 Equity Europe Growth 135 Equity Europe Mid Cap 136 Equity Europe Small Cap 137 Equity Europe Value 138 Equity Germany 139 Equity High Dividend Europe 140 Equity High Dividend Pacific 141 Equity High Dividend USA 142 Equity High Dividend World 143 Equity India 145 Equity Indonesia 146 Equity Japan 147 Equity Japan Small Cap 148 Equity Latin America 150 Equity Nordic Small Cap 151 Equity Pacific ex-japan 152 Equity Russia 154 Equity Russia Opportunities 155 Equity South Korea 156 Equity Turkey 157 Equity USA 158 Equity USA Growth 160 Equity USA Mid Cap 161 Equity USA Small Cap 162 Equity USA Value 163 Equity World Consumer Durables 164 Equity World Emerging 165 Equity World Emerging Low Volatility 166 Equity World Emerging Small Cap 168 Page 2

5 Table of contents Page Equity World Energy 169 Equity World Finance 170 Equity World Health Care 171 Equity World Low Volatility 172 Equity World Materials 174 Equity World Technology 175 Equity World Telecom 176 Equity World Utilities 177 Euro Covered Bond 178 Flexible Bond Euro 180 Flexible Bond Europe Corporate 181 Flexible Equity Europe 183 Flexible Multi-Asset 184 Global Environment 185 Green Tigers 186 Human Development 187 Money Market Euro 188 Money Market USD 189 Multi-Strategy Low Vol 191 Multi-Strategy Medium Vol 192 Multi-Strategy Medium Vol (USD) 193 Opportunities World 194 Real Estate Securities Europe 195 Real Estate Securities Pacific 196 Real Estate Securities World 197 SMaRT Food 198 Step 80 World Emerging 199 Step 90 Euro 200 Sustainable Bond Euro 201 Sustainable Bond Euro Corporate 203 Sustainable Equity Europe 206 Notes to the financial statements 207 No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the current prospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter. Page 3

6 Organisation Registered office of the Company 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Board of Directors Chairman Mr. Philippe MARCHESSAUX, Chief Executive Officer, BNP Paribas Investment Partners, Paris Members Mr. Marnix ARICKX, Chief Executive Officer, BNP Paribas Investment Partners Belgium, Brussels Mr. Vincent CAMERLYNCK, CEO Asia Pacific, BNP Paribas Investment Partners, Hong Kong Mr. Christian DARGNAT, Head of Distributors Business Line, BNP Paribas Investment Partners, Paris Mrs. Marianne DEMARCHI, Head of Group Networks, BNP Paribas Investment Partners, Paris Mr. Anthony FINAN, Deputy-Head of Distributors Business Line, BNP Paribas Investment Partners, Paris Mr. François HULLO, Head of External Distribution, BNP Paribas Investment Partners, Paris Mr. Marc RAYNAUD, Head of Global Fund Solutions, BNP Paribas Investment Partners, Paris Mr. Christian VOLLE, Chairman of the Fondation pour l Art et la Recherche, Paris Managing Director Mr. Anthony FINAN, Deputy-Head of Distributors Business Line, BNP Paribas Investment Partners, Paris Company Secretary (non-member of the Board) Mr. Stéphane BRUNET, Chief Executive Officer, BNP Paribas Investment Partners Luxembourg, Hesperange Management Company BNP Paribas Investment Partners Luxembourg, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg BNP Paribas Investment Partners Luxembourg is a Management Company as defined in chapter 15 of the Law of 17 December 2010 concerning undertakings for collective investment, as amended. The Management Company performs the administration, portfolio management and marketing duties. Responsibility for calculating net asset values is delegated to: BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg The responsibilities of transfer agent, bearer shares depositary and registrar are delegated to: BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Responsibility for portfolio management is delegated to: Management entities of the BNP Paribas Group Alfred Berg Kapitalforvaltning AS, Olav V gate 5, NO-0161 Oslo, Norway BNP Paribas Asset Management S.A.S., 1 Boulevard Haussmann, F Paris, France BNP Paribas Asset Management Inc., 75 State Street, 6 th Floor, Boston, Ma 02109, USA Page 4

7 Organisation BNP Paribas Asset Management Brasil Ltda, Av. Juscelino Kubitchek Andar, Sao Paulo SP, Brazil BNP Paribas Investment Partners Asia Ltd., 30/F Three Exchange Square, 8 Connaught Place, Central Hong Kong BNP Paribas Investment Partners Japan Ltd., Gran Tokyo North Tower, 9-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo , Japan BNP Paribas Investment Partners Netherlands N.V., Herengracht 595, PO box 71770, NL-1008 DG Amsterdam, The Netherlands BNP Paribas Investment Partners Singapore Limited, 20 Collyer Quay Tung Center #01-01, Singapore BNP Paribas Investment Partners UK Ltd., 5 Aldermanbury Square, London EC2V 7BP, United Kingdom CamGestion S.A., 1 Boulevard Haussmann, F Paris, France Fischer Francis Trees & Watts, Inc., 200 Park Avenue, 11 th floor, New York, NY 10166, USA Fischer Francis Trees & Watts UK Ltd., 5 Aldermanbury Square, London EC2V 7HR, United Kingdom Shinhan BNP Paribas Asset Management Co. Ltd., 23-2, Yoido Dong Youngdeungpo, Goodmorniong Shinhan Tower 18F, Seoul, , Korea TEB Portföy Yönetimi A.Ş., Gayrettepe Mahallesi Yener Sokak n 1 Kat. 9 Besiktas Istanbul, Turkey THEAM S.A.S., 1 Boulevard Haussmann, F Paris, France Management entities not part of the Group: Arnhem Investment Management Pty Ltd., Royal Exchange Building, Level 13, 56 Pitt Street, Sydney NSW 2000, Australia, Manager for the Equity Australia sub-fund Fairpointe Capital LLC., One North Franklin Street, Suite 3300, Chicago, IL 60606, USA, Manager for the Equity USA Mid Cap sub-fund Herndon Capital Management, LLC, 191 Peachtree Street NE, Suite 2500, Atlanta, GA USA, Manager for the Equity USA Value sub-fund Impax Asset Management Limited, Norfolk House, 31 St James s Square, London, SW1Y 4JR, United Kingdom, Manager for the Environmental Opportunities, Global Environment and SMaRT Food sub-funds RiverRoad Asset Management, LLC, 462 South Fourth Street, Suite 1600 Louisville, Kentucky , USA, Manager for the Equity High Dividend USA sub-fund and US High Dividend Equities in the the Equity High Dividend World sub-fund Sumitomo Mitsui Asset Management Co. Ltd., Atago Green Hills, Mori Tower, 28F, Atago Minato-ku, Tokyo , Japan, Manager for the Equity Japan Small Cap sub-fund The Company may also seek advice from the following investment advisors: FundQuest Advisor, 1 Boulevard Haussmann, F Paris, France, Advisor on the selection of portfolio managers from outside the Group TEB Portföy Yönetimi A.Ş., Gayrettepe Mahallesi Yener Sokak n 1 Kat. 9 Besiktas Istanbul, Turkey, Advisor for the Equity Europe Emerging sub-fund Depositary/Paying agent BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Guarantor BNP Paribas, 16 Boulevard des Italiens, F Paris, France The sub-funds which benefit from a guarantee are Step 80 World Emerging, Step 90 Commodities (EUR) (liquidated on 7 January 2015) and Step 90 Euro, together the Step sub-funds. Page 5

8 Organisation Auditor PricewaterhouseCoopers, Société coopérative, 2 Rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg, Grand Duchy of Luxembourg Page 6

9 Information Establishment PARVEST (the Fund, the Company ) is an open-ended investment company (Société d Investissement à Capital Variable SICAV) incorporated under Luxembourg law on 27 March 1990 for an indefinite period. The Company is currently governed by the provisions of Part I of the law of 17 December 2010 governing undertakings for collective investment, as amended, as well as by Directive 2009/65. The Articles of Association have been modified at various times, most recently at the Extraordinary General Meeting on 21 July 2014, with publication in the Mémorial, Recueil Spécial des Sociétés et Associations on 11 August The latest version of the Articles of Association has been filed on 1 August 2014 with the Registrar of the District Court of Luxembourg, where any interested party may consult it and obtain a copy. The Company is registered in the Luxembourg Trade and Companies Register under the number B The minimum capital amounts to EUR It is at all times equal to the total net of the various sub-funds. It is represented by fully paid-up shares issued without a designated par value. The capital varies automatically without the notification and specific recording measures required for increases and decreases in the capital of limited companies. Listing The shares of the Company are not listed on a Stock Exchange. Information to the Shareholders Net Asset Values and Dividends The Company publishes the legally required information in the Grand Duchy of Luxembourg and in all other countries where the shares are publicly offered. This information is also available on the website: Financial Year The Company s financial year starts on 1 January and ends on 31 December. Financial Reports The Company publishes an annual report closed on the last day of the financial year, certified by the auditors, as well as a non-certified, semi-annual interim report closed on the last day of the sixth month of the financial year. The Company is authorised to publish a simplified version of the financial report when required. The financial reports of each sub-fund are published in the accounting of the sub-fund, although the consolidated accounts of the Company are expressed in euro. The annual report is made public within four months of the end of the financial year and the interim report within two months of the end of the half-year. Documents for Consultation The Articles of Association, the Prospectus, the KIID and periodic reports may be consulted at the Company s registered office and at the establishments responsible for the Company s financial service. Copies of the Articles of Association and the annual and interim reports are available upon request. Information on changes to the Company will be published in the Luxemburger Wort newspaper and in any other newspapers deemed appropriate by the Board of Directors of the SICAV in countries in which the Company publicly markets its shares. Documents and information are also available on the website: Page 7

10 Financial statements at 30/06/2015 Absolute Return Balanced Absolute Return Growth Bond Absolute Return V350 Bond Absolute Return V700 Expressed in EUR EUR EUR EUR Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Performance fees Distribution fees Transaction fees Total expenses Net result from investments (24 381) Net realised result on: Investments securities ( ) Financial instruments ( ) ( ) ( ) Net realised result ( ) ( ) ( ) Movement on net unrealised gain/loss on: Investments securities (10 097) ( ) ( ) Financial instruments ( ) Change in net due to operations ( ) ( ) Net subscriptions/(redemptions) ( ) ( ) ( ) ( ) Dividends paid Increase/(Decrease) in net during the year/period ( ) ( ) ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 8

11 Bond Asia ex-japan Bond Best Selection World Emerging Bond Euro Bond Euro Corporate Bond Euro Government Bond Euro High Yield USD USD EUR EUR EUR EUR ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Page 9

12 Financial statements at 30/06/2015 Bond Euro Inflation- Linked Bond Euro Long Term Bond Euro Medium Term Bond Euro Short Term Expressed in EUR EUR EUR EUR Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) ( ) ( ) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Performance fees Distribution fees Transaction fees Total expenses Net result from investments Net realised result on: Investments securities Financial instruments (58 949) Net realised result Movement on net unrealised gain/loss on: Investments securities ( ) ( ) ( ) ( ) Financial instruments ( ) Change in net due to operations ( ) ( ) ( ) Net subscriptions/(redemptions) ( ) ( ) ( ) Dividends paid 7 ( ) ( ) ( ) 0 Increase/(Decrease) in net during the year/period ( ) ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 10

13 Bond Euro Short Term Corporate Bond Europe Emerging Bond JPY Bond USA High Yield Bond USD Bond USD Short Duration EUR EUR JPY USD USD USD ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (48 696) ( ) ( ) (3 831) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (81 205) ( ) (4 409) ( ) ( ) ( ) ( ) ( ) ( ) 0 ( ) ( ) ( ) ( ) (7 381) ( ) ( ) ( ) Page 11

14 Financial statements at 30/06/2015 Bond World Bond World Corporate Bond World Emerging Bond World Emerging Advanced Expressed in EUR USD USD USD Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) ( ) 0 Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Performance fees Distribution fees Transaction fees Total expenses Net result from investments Net realised result on: Investments securities ( ) ( ) ( ) Financial instruments ( ) ( ) Net realised result ( ) ( ) ( ) Movement on net unrealised gain/loss on: Investments securities ( ) ( ) Financial instruments ( ) ( ) ( ) Change in net due to operations ( ) ( ) Net subscriptions/(redemptions) ( ) ( ) ( ) ( ) Dividends paid 7 ( ) (58 020) ( ) 0 Increase/(Decrease) in net during the year/period ( ) ( ) ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 12

15 Bond World Emerging Corporate Bond World Emerging Local Bond World High Yield Bond World High Yield Short Duration Bond World Income Bond World Inflation- Linked USD USD EUR USD EUR EUR ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (81 408) ( ) (88 344) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (81) 0 0 ( ) ( ) Page 13

16 Financial statements at 30/06/2015 Commodities Commodities Arbitrage Convertible Bond Asia Convertible Bond Europe Expressed in USD USD USD EUR Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Performance fees Distribution fees Transaction fees Total expenses Net result from investments ( ) (87 797) ( ) ( ) Net realised result on: Investments securities 2 ( ) Financial instruments ( ) ( ) ( ) Net realised result ( ) ( ) Movement on net unrealised gain/loss on: Investments securities (14 643) Financial instruments ( ) (62 672) (49 905) Change in net due to operations ( ) ( ) Net subscriptions/(redemptions) ( ) ( ) ( ) Dividends paid ( ) ( ) Increase/(Decrease) in net during the year/period ( ) ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 14

17 Convertible Bond Europe Small Cap Convertible Bond World Diversified Dynamic Diversified Inflation Enhanced Cash 6 Months Enhanced Cash 18 Months EUR USD EUR EUR EUR EUR ( ) ( ) ( ) ( ) ( ) (86 856) ( ) ( ) (83 373) (2 087) ( ) (87 236) ( ) ( ) ( ) ( ) (15 032) ( ) ( ) (4 295) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Page 15

18 Financial statements at 30/06/2015 Environmental Opportunities Equity Australia Equity Best Selection Asia ex- Japan Equity Best Selection Euro Expressed in EUR AUD EUR EUR Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Performance fees Distribution fees Transaction fees Total expenses Net result from investments ( ) Net realised result on: Investments securities Financial instruments ( ) Net realised result Movement on net unrealised gain/loss on: Investments securities ( ) Financial instruments 0 ( ) Change in net due to operations Net subscriptions/(redemptions) ( ) ( ) Dividends paid 7 ( ) ( ) ( ) ( ) Increase/(Decrease) in net during the year/period ( ) Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 16

19 Equity Best Selection Europe Equity Best Selection Europe ex-uk Equity Best Selection World Equity Brazil Equity Bric Equity China EUR EUR USD USD USD USD ( ) ( ) ( ) ( ) ( ) (18) ( ) ( ) ( ) (12 156) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (54 146) 0 ( ) (75 472) ( ) ( ) ( ) ( ) Page 17

20 Financial statements at 30/06/2015 Equity Europe Emerging Equity Europe Growth Equity Europe Mid Cap Equity Europe Small Cap Expressed in EUR EUR EUR EUR Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Performance fees Distribution fees Transaction fees Total expenses Net result from investments Net realised result on: Investments securities 2 ( ) Financial instruments (48 694) ( ) Net realised result ( ) Movement on net unrealised gain/loss on: Investments securities Financial instruments 0 ( ) Change in net due to operations Net subscriptions/(redemptions) ( ) ( ) Dividends paid 7 ( ) ( ) (37 670) ( ) Increase/(Decrease) in net during the year/period Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 18

21 Equity Europe Value Equity Germany Equity High Dividend Europe Equity High Dividend Pacific Equity High Dividend USA Equity High Dividend World EUR EUR EUR EUR USD USD ( ) ( ) ( ) ( ) ( ) ( ) (81 263) ( ) ( ) ( ) (74 870) (55 405) ( ) ( ) ( ) ( ) Page 19

22 Financial statements at 30/06/2015 Equity India Equity Indonesia Equity Japan Equity Japan Small Cap Expressed in USD USD JPY JPY Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Performance fees Distribution fees Transaction fees Total expenses Net result from investments ( ) (19 799) ( ) Net realised result on: Investments securities ( ) Financial instruments ( ) (6 480) ( ) ( ) Net realised result ( ) Movement on net unrealised gain/loss on: Investments securities ( ) ( ) Financial instruments 0 0 ( ) ( ) Change in net due to operations ( ) Net subscriptions/(redemptions) ( ) ( ) Dividends paid 7 ( ) ( ) ( ) ( ) Increase/(Decrease) in net during the year/period ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 20

23 Equity Latin America Equity Nordic Small Cap Equity Pacific ex- Japan Equity Russia Equity Russia Opportunities Equity South Korea USD EUR EUR EUR USD USD ( ) ( ) ( ) (35 415) ( ) ( ) ( ) ( ) (27 110) (89 062) 647 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (6 593) (51 579) ( ) ( ) (6 814) ( ) ( ) ( ) Page 21

24 Financial statements at 30/06/2015 Equity Turkey Equity USA Equity USA Growth Equity USA Mid Cap Expressed in EUR USD USD USD Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Performance fees Distribution fees Transaction fees Total expenses Net result from investments ( ) ( ) ( ) Net realised result on: Investments securities Financial instruments ( ) ( ) ( ) Net realised result Movement on net unrealised gain/loss on: Investments securities ( ) ( ) ( ) ( ) Financial instruments ( ) Change in net due to operations ( ) ( ) Net subscriptions/(redemptions) ( ) ( ) ( ) Dividends paid 7 ( ) (84 688) ( ) ( ) Increase/(Decrease) in net during the year/period ( ) ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 22

25 Equity USA Small Cap Equity USA Value Equity World Consumer Durables Equity World Emerging Equity World Emerging Low Volatility Equity World Emerging Small Cap USD USD EUR USD USD USD ( ) ( ) ( ) ( ) ( ) ( ) ( ) (26 526) ( ) ( ) (66 151) (69 436) ( ) ( ) (17 700) ( ) (1 633) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (70 841) 0 ( ) ( ) ( ) ( ) Page 23

26 Financial statements at 30/06/2015 Equity World Energy Equity World Finance Equity World Health Care Equity World Low Volatility Expressed in EUR EUR EUR EUR Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Performance fees Distribution fees Transaction fees Total expenses Net result from investments ( ) Net realised result on: Investments securities 2 ( ) Financial instruments (157) ( ) Net realised result ( ) Movement on net unrealised gain/loss on: Investments securities ( ) Financial instruments Change in net due to operations Net subscriptions/(redemptions) ( ) ( ) Dividends paid 7 ( ) ( ) ( ) ( ) Increase/(Decrease) in net during the year/period Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 24

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