SELLA CAPITAL MANAGEMENT Société d'investissement à Capital Variable with multiple sub-funds Luxembourg

Transcription

1 Annual report including audited financial statements as at 31st December 2014 SELLA CAPITAL MANAGEMENT Société d'investissement à Capital Variable with multiple sub-funds Luxembourg R.C.S. Luxembourg B

2 No subscription can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current issued prospectus and the key investor information document ("KIID") accompanied by the subscription form, the latest annual report and the most recent semi-annual report, if published thereafter.

3 SELLA CAPITAL MANAGEMENT Contents Organisation... 2 General information... 4 Report on activities of the Board of Directors... 6 Report of the réviseur d'entreprises agréé Combined statement of net assets Combined statement of operations and other changes in net assets SELLA CAPITAL MANAGEMENT - BOND STRATEGY Statement of net assets Statement of operations and other changes in net assets Statistical information Statement of investments and other net assets Industrial and geographical classification of investments Statement of changes in investments (unaudited) SELLA CAPITAL MANAGEMENT - EQUITY EURO STRATEGY Statement of net assets Statement of operations and other changes in net assets Statistical information Statement of investments and other net assets Industrial and geographical classification of investments Statement of changes in investments (unaudited) SELLA CAPITAL MANAGEMENT - EURO CORPORATE BOND Statement of net assets Statement of operations and other changes in net assets Statistical information Statement of investments and other net assets Industrial and geographical classification of investments Statement of changes in investments (unaudited) SELLA CAPITAL MANAGEMENT - EQUITY USA Statement of net assets Statement of operations and other changes in net assets Statistical information Statement of investments and other net assets Industrial and geographical classification of investments Statement of changes in investments (unaudited) SELLA CAPITAL MANAGEMENT - EQUITY EMERGING MARKETS Statement of net assets Statement of operations and other changes in net assets Statistical information Statement of investments and other net assets Industrial and geographical classification of investments Statement of changes in investments (unaudited) Notes to the financial statements

4 SELLA CAPITAL MANAGEMENT Organisation Registered office 30, boulevard Royal L-2449 LUXEMBOURG Board of Directors Chairman Bruno AGOSTINI Chairman MIRET S.A. 16, avenue de la Porte Neuve L-2227 LUXEMBOURG Members Carmine DA FERMO Francesco PLINI Manager SELLA GESTIONI S.G.R. S.p.A. 13, via Vittor Pisani I MILANO Head of Banking and Investment Services BANCA SELLA HOLDING S.p.A. 1, piazza Gaudenzio Sella I BIELLA Management Company SELLA GESTIONI S.G.R. S.p.A. 13, via Vittor Pisani I MILANO Board of Directors of the Management Company Chairman Deputy Chairman Directors Anna Maria CEPPI Franco SELLA Aldo GALLO Pietro TASCA Davide VANNONI Conducting officers of the Management Company Nicola TRIVELLI Nicoletta DAMIA Lorenzo LAMPERTI Chief Executive Officer Deputy Chief Executive Officer Manager Custodian and paying agent BANQUE DE PATRIMOINES PRIVES 30, boulevard Royal L-2449 LUXEMBOURG 2

5 SELLA CAPITAL MANAGEMENT Organisation (continued) Domiciliary agent BANQUE DE PATRIMOINES PRIVES 30, boulevard Royal L-2449 LUXEMBOURG Administrative agent, registrar and transfer agent EUROPEAN FUND ADMINISTRATION S.A. 2, rue d Alsace L-1122 LUXEMBOURG Investment Manager SELLA GESTIONI S.G.R. S.p.A. 13, via Vittor Pisani I MILANO Correspondent bank, paying agent, nominee, placing agent and centralisation agent BANCA SELLA HOLDING S.p.A. 1, Piazza Gaudenzio Sella I BIELLA Sponsor BANCA SELLA HOLDING S.p.A. 1, Piazza Gaudenzio Sella I BIELLA Cabinet de révision agréé DELOITTE Audit Société à responsabilité limitée 560, rue de Neudorf L-2220 LUXEMBOURG 3

6 SELLA CAPITAL MANAGEMENT General information SELLA CAPITAL MANAGEMENT (the "Company") is an investment company organised as a "société anonyme" under the Luxembourg laws and qualifies as a "société d'investissement à capital variable" in accordance with Part I of the amended Law of 17th December 2010 relating to Undertakings for Collective Investment and to the Council Directive 2009/65/EC, as amended. The Company was incorporated in Luxembourg for an unlimited period on 24th October The Company s Articles of Incorporation were published in the "Mémorial" on 8th November 2003 after having been filed with the "Registre de Commerce et des Sociétés de Luxembourg" where they may be consulted and where copies may be obtained upon payment of the applicable charges. The last modifications of the Articles are available at the "Registre de Commerce et des Sociétés de Luxembourg". At the date of the report, the following Sub-Funds are open for subscription: - SELLA CAPITAL MANAGEMENT - BOND STRATEGY (hereafter "BOND STRATEGY") - SELLA CAPITAL MANAGEMENT - EQUITY EURO STRATEGY (hereafter "EQUITY EURO STRATEGY") - SELLA CAPITAL MANAGEMENT - EURO CORPORATE BOND (hereafter "EURO CORPORATE BOND") - SELLA CAPITAL MANAGEMENT - EQUITY USA (hereafter "EQUITY USA") - SELLA CAPITAL MANAGEMENT - EQUITY EMERGING MARKETS (hereafter "EQUITY EMERGING MARKETS") in EUR in EUR in EUR in USD in EUR Pursuant to the Company s Articles of Incorporation, the Board of Directors of the Company (hereafter the Board of Directors) may decide to issue, within each Sub-Fund, one or several classes and/or categories of shares. For the time being, in each Sub-Fund, the Company may decide to issue shares of the following classes: - Class R ( Retail ): offered to individuals and corporate entities. - Class I ( Institutional ): reserved to corporate entities subscribing for their own account or on behalf of individuals within the framework of a collective savings or any comparable scheme, as well as to Undertakings for Collective Investment in Transferable Securities ( UCITS ). At the date of this report, the following classes are open for each Sub-Fund: - Class Institutional: except for EQUITY USA and EQUITY EMERGING MARKETS Sub- Funds. - Class Retail. For the time being, in each Sub-Fund, the Company may decide to issue shares of the following category: - A-Shares: which are Capitalisation shares thus the holders of A-Shares are not entitled to receive dividends unless otherwise decided by the Board of Directors. - B-Shares: which are Distribution shares thus the holders of B-Shares are entitled to receive dividends. 4

7 SELLA CAPITAL MANAGEMENT General information (continued) At the date of this report, A-Shares are active for each Sub-Fund and B-Shares only for EQUITY EURO STRATEGY Sub-Fund. B-Shares for EQUITY EURO STRATEGY Sub-Fund were launched on 31st January Should it become apparent that shares of the "Institutional" class are held by individuals other than those authorised above, the Board of Directors will have the said shares converted, free of charge, into shares of the "Retail" class. The Company s financial year begins on 1st January and ends on 31st December of the same year. The Articles of Incorporation of the Company, the current Prospectus, the KIID and the latest financial reports may be obtained free of charge during normal office hours at the registered office of the Company in Luxembourg and at the Correspondent Bank in Italy BANCA SELLA HOLDING S.p.A., BIELLA. The Net Asset Value per share of each Sub-Fund, issue and redemption prices are made public at the Company s registered office and at the office of the Administrative agent. 5

8 Net Asset Number Of Share SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors SELLA CAPITAL MANAGEMENT - BOND STRATEGY The Total Net Asset at 31st December 2014 is 27,225 millions of euros from 15,519 millions at the end of During this period, the Sub-Fund has been managed prudently, in accordance with our overall investment approach and policy. We kept a conservative profile regarding both the interest duration and the credit duration. As for the asset allocation, we underweighted the exposure to Government bonds of Core countries, given our views on a poor risk/reward profile of these investments; on the other hand, we overweighted the Government bonds of Peripheral countries during the first part of the year 2014 and after reduced noticeably approaching tight spreads, also increased the exposure to corporate bonds. We preferred to be rewarded by the credit spreads instead of the bond duration and we exploited the steepness of the yield curves which allowed us to maintain a conservative risk profile combined with a decent yield. We increased also the exposure to the floater corporate bonds and also to European Emerging Markets debt in a more opportunistic approach. Aiming at calibrating the exposures, we moderately utilized listed financial futures: in general we utilized the OAT future to hedge the allocation to corporate bonds, while the BTP future was utilized to cover our peripheral government bond holdings. For our tactical views on the general interest rate level we often utilized long positions on German Bunds put options SCM Bond Strategy (i) / / / / / / / / / / / /2014 NET_ASSET NUMBER_OF_SHARE 6

9 Net Asset Number Of Share SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) SCM Bond Strategy (r) / / / / / / / / / / / /2014 NET_ASSET NUMBER_OF_SHARE SELLA CAPITAL MANAGEMENT - EQUITY EURO STRATEGY The Total Net Asset at 31st December 2014 is 53,229 millions of euros from 23,149 millions at the end of During this period, the Sub-Fund primarily invested in equity securities of companies listed in Euro- Zone Stock Exchanges. The aim of the Sub-Fund is to beat 50% of DJ Euro Stoxx 50. The Investment policy is focused on stock picking, while the risk is hedged with derivatives instruments such as futures and options. During the period, the Sub-Fund was actively managed. We started the year 2014 with an overweight of the Eurozone but very soon, with the bad news from Russia and Ukraine, we decided to reduce the total exposure of the Sub-Fund: at that time we sold especially Dax, the index more impacted by a reduction in exports to eastern Europe. From May 2014 we increased gradually our investment: the good result of the European election made us more confident about this area and we increased the exposure mainly to the banking sector, while the main investment of the portfolio remain on cyclical and consumer-related stocks. However, during the summer, some macroeconomic data in Europe and the situation in Eastern Europe and Middle East have been deteriorated, so we reduced again the total exposure to the market: we sold futures and we bought index options. Only the ECB tried to preserve the market, announcing a series of monetary maneuvers to support a weaker economy and decrease the value of the Euro, to encourage exports. We concluded the year 2014 with an underweight of the total exposure to the market: we neutralized the exposition to Italy and we reduced the investment in Germany and France. We preferred companies with a very important part of the business linked to the export and to the US economic growth. In 2014, we used derivative instruments, in order to reduce risk and manage in a more efficient way the assets of the Sub-Fund. 7

10 Net Asset Number Of Share Net Asset Number Of Share SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) SCM Equity Euro Strategy A (i) / / / / / / / / / / / /2014 NET_ASSET NUMBER_OF_SHARE SCM Equity Euro Strategy A (r) / / / / / / / / / / / /2014 NET_ASSET NUMBER_OF_SHARE 8

11 Net Asset Number Of Share Net Asset Number Of Share SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) SCM Equity Euro Strategy B (i) / / / / / / / / / / / /2014 NET_ASSET NUMBER_OF_SHARE SCM Equity Euro Strategy B (r) / / / / / / / / / / / /2014 NET_ASSET NUMBER_OF_SHARE 9

12 SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) Note that with effect from 31st January 2014, started the new Category B-Shares both Institutional and Retail which are distribution shares. In December 2014, the following dividends were paied to the shareholders. Name of the Sub- Fund Share Class Share Category Record Date Ex Date Distributed Amount Per share Equity Euro Strategy Institutional B 05/12/ /12/ ,37 Equity Euro Strategy Retail B 05/12/ /12/2014 2,00 SELLA CAPITAL MANAGEMENT - EURO CORPORATE BOND The Total Net Asset at 31st December 2014 is 34,944 millions of euros from 17,368 millions at the end of The Sub-Fund has been managed prudently in terms of duration of the overall portfolio, consistently lower than the benchmark in an interest rates environment at lowest absolute level. During the year 2014 the Sub-Fund was dynamically investing in the euro corporate bonds market, increasing and reducing the allocation adjusting to macroeconomic and geopolitical events, often keeping exposure in euro cash. In term of countries allocation, we increased the exposure of Peripheral Countries credit s with an interesting risk/reward profile, took profit from the good performance in terms of total return approach, and reduced it noticeably approaching tight spreads, we underweighted the exposure to corporate bonds of Core countries, given our views on a poor risk/reward profile of these investments also synthetically by futures and options on German Bund. In terms of sector allocation, the Sub-Fund was well diversified, with an overweight in the financial sector, dynamically increasing post good results on the Asset Quality Review on European financial markets and an underweight on cyclical given the uncertainty on global growth and energy sectors negatively affected by the oil prices decrease. As per the rating bucket, the Sub-Fund was allocated with an overweight on the BBB and an underweight on the higher ratings with a very specialized analysis on the bond picking; also a residual percentage was allocated in lower investment grade and not rated name with an accurate analysis of the cash flow and the economic prospects. 10

13 Net Asset Number Of Share Net Asset Number Of Share SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) SCM Euro Corporate Bond (r) / / / / / / / / / / / /2014 NET_ASSET NUMBER_OF_SHARE SCM Euro Corporate Bond (i) / / / / / / / / / / / /2014 NET_ASSET NUMBER_OF_SHARE 11

14 Net Asset Number Of Share SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) SELLA CAPITAL MANAGEMENT - EQUITY USA The Total Net Asset at 31st December 2014 is 11,335 millions of US Dollars from 11,903 millions at the end of Last year US equities delivered a positive double-digit return around 10% thanks to Fed s expansive monetary policy leading to a spike in US GDP growth. A substantial improvement in labour and real estate markets in addition to an easing monetary policy by the Fed supported US stocks despite geopolitical concerns in Easter Europe and Middle East, collapsing energy and commodities prices and global economic slowdown. The year 2014 started on a negative note due to a disappointing start to the earning season and Fed tapering but US equities rose in the second quarter thanks to frenzy M&A activity, both domestic and cross-boarder, and investor confidence in Central Banks dovish statements. Performance was mixed in July 2014 as escalating tension between Israel and Hamas, clashes in Libya, stalling Iran nuclear talks, shooting down of a Malaysian Airlines plane over Ukraine and following US sanctions against Russia contrasted with a strong earning season but gained momentum over the summer; USD appreciation and a plunge in energy prices over the fourth quarter were the main market drivers since Fed and ECB diverged monetary policies and OPEC denied to cut production instead of market share. On the market side, US large caps outperformed small-mid caps and growth stocks outperformed value stocks; utilities and healthcare were the best market sector contributors while energy and materials were on the opposite side. EUR/USD depreciated from 1.38 to The Sub-Fund underperformed the benchmark (S&P Sea) with a performance of 10.23% and 13% respectively. The Sub-Fund overweighted financial and consumer discretionary stocks while underweighted utilities, telecom and consumer staples. In addition to direct investment, the Sub-Fund was managed through US equities index derivatives. Large and mid caps were preferred to outperforming mid and small caps. Stock picking was done on a multiple basis looking at: Price/Sales (P/S), Enterprise Value/Ebitda (EV/EBITDA), Price/Tangible Book Value (P/TBV) and Price/Cash Flow (P/CF) SCM Equity USA (r) / / / / / / / / / / / /2014 NET_ASSET NUMBER_OF_SHARE 12

15 SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) SELLA CAPITAL MANAGEMENT - EQUITY EMERGING MARKETS The Total Net Asset at 31st December 2014 is 2,933 millions of euros from 3,791 millions at the end of The year 2014 has been characterized by big differences among the performances of different Emerging markets. Asian Emerging Markets totally considered decisively outperformed Latin America and East Europe. Good performance also for Turkey and some African and Middle East countries. Obviously, in East Europe, Russia was the big loser due to disappointing local market and currency; Russian economy particularly hit by sanctions imposed by Europe and US originated from conflict with Ukraine. Despite China continued to be focused on shadow banking, corruption and spare capacity problems, macro data published starting from second quarter 2014 gave indication about economy stabilization. Additionally, in the last quarter of the year 2014, Central bank decided to cut rates to help the economy; that improved a lot investor sentiment. Among other country specific reasons, in the second half of the year 2014 the outperformance of Asia Pacific Area on the other areas was principally justified by the oil and basic materials big drop. The Sub-Fund is managed on the basis of Top-down approach (with priority to cross country-sector allocation) and for most of the period it was fully invested (with equity exposure over 100). The Sub- Fund started the year 2014 quite neutral on different macro areas but with small overweight especially on South Korea, China, South Africa and Indonesia. Progressively during first months of the year position on South Korea had been reduced. In the second quarter we increased India to an overweight position justified by the election result, Narendra Modi became the new Prime Minister and Institutional Investors increased a lot positive expectations about country potential growth. During the second half of the year 2014, we reduced a lot of position in Russian Market (in December 2014 we closed that position), Brasil and Mexico and at the same time we increased positions in India and China. The Sub-Fund closed the year with big overweight on China, India, Indonesia and Philippine. The Sub-Fund maintained during the year 2014 an overweight position on technology, Telecom and staples. The oil and basic materials price level will continue to dominate the Emerging Market asset allocation. So the Sub-Fund will begin the year 2015 with a big over-weight on Asia, most beneficiary of this price level. The zero weight on Russia will be maintained until the geopolitical situation will not be clearer. 13

16 Net Asset Number Of Share SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) SCM Equity Emerging Markets (r) / / / / / / / / / / / /2014 NET_ASSET NUMBER_OF_SHARE Luxembourg, 5th March 2015 The Board of Directors Note: The information in this report represents historical data and is not an indication of future results. 14

17 Report of the réviseur d'entreprises agréé Deloitte Audit Société à responsabilité limitée 560, rue de Neudorf L-2220 Luxembourg B.P L-1011 Luxembourg Tel: Fax: To the Shareholders of SELLA CAPITAL MANAGEMENT Following our appointment by the annual general meeting of the shareholders dated 12 th June 2014, we have audited the accompanying financial statements of SELLA CAPITAL MANAGEMENT (the Company ) and of each of its sub-funds, which comprise the statement of net assets and the statement of investments and other net assets as at 31st December 2014 and the statement of operations and other changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the Company for the financial statements The Board of Directors of the Company 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 Company 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 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 réviseur d entreprises agréé s judgement, 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. Société à responsabilité limitée au capital de EUR RCS Luxembourg B

18 Report of the réviseur d'entreprises agréé (continued) 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 Company, 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. Opinion In our opinion, the financial statements give a true and fair view of the financial position of SELLA CAPITAL MANAGEMENT and of each of its sub-funds as of 31st December 2014, and of the results of their operations and changes in their net assets for the year then ended in accordance with the 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. For Deloitte Audit Cabinet de révision agréé Justin Griffiths, Réviseur d entreprises agréé Partner 21st April , rue de Neudorf L-2220 LUXEMBOURG 16

19 SELLA CAPITAL MANAGEMENT Combined statement of net assets (in EUR) as at 31st December 2014 Assets Securities portfolio at market value 109,555, Option contracts at market value 33, Cash at banks 14,040, Other liquid assets 3,833, Receivable on issues of shares 22, Income receivable on portfolio 508, Unrealised gain on futures contracts 23, Other receivables 10, Prepaid expenses 6, Total assets 128,034, Liabilities Payable on redemptions of shares 56, Expenses payable 283, Total liabilities 340, Net assets at the end of the year 127,693, The accompanying notes are an integral part of these financial statements. 17

20 SELLA CAPITAL MANAGEMENT Combined statement of operations and other changes in net assets (in EUR) from 1st January 2014 to 31st December 2014 Income Dividends, net 1,323, Interest on bonds and other debt securities, net 1,066, Interest on bank accounts 3, Total income 2,393, Expenses Management fees 1,199, Performance fees 208, Custodian fees 53, Banking charges and other fees 36, Transaction fees 229, Central administration costs 284, Professional fees 50, Other administration costs 131, Subscription duty ("taxe d'abonnement") 33, Interest paid on bank overdrafts 14, Other expenses 53, Total expenses 2,297, Net investment income 96, Net realised gain/(loss) - on securities portfolio 4,160, on option contracts -428, on futures contracts -1,484, on foreign exchange 38, Realised result 2,382, Net variation of the unrealised gain/(loss) - on securities portfolio -71, on option contracts -45, on futures contracts -253, Result of operations 2,012, Dividends paid -1,076, Subscriptions 111,852, Redemptions -54,754, Total changes in net assets 58,034, Total net assets at the beginning of the year 68,466, Revaluation difference 1,192, Total net assets at the end of the year 127,693, The accompanying notes are an integral part of these financial statements. 18

21 BOND STRATEGY Statement of net assets (in EUR) as at 31st December 2014 Assets Securities portfolio at market value 22,505, Cash at banks 4,424, Other liquid assets 186, Receivable on issues of shares 1, Income receivable on portfolio 164, Prepaid expenses 2, Total assets 27,285, Liabilities Payable on redemptions of shares 6, Expenses payable 54, Total liabilities 60, Net assets at the end of the year 27,224, Number of Institutional A-Shares outstanding 1, Net asset value per Institutional A-Share 12, Number of Retail A-Shares outstanding 157, Net asset value per Retail A-Share The accompanying notes are an integral part of these financial statements. 19

22 BOND STRATEGY Statement of operations and other changes in net assets (in EUR) from 1st January 2014 to 31st December 2014 Income Interest on bonds and other debt securities, net 455, Total income 455, Expenses Management fees 121, Performance fees 208, Custodian fees 10, Banking charges and other fees 7, Transaction fees 31, Central administration costs 52, Professional fees 8, Other administration costs 24, Subscription duty ("taxe d'abonnement") 4, Interest paid on bank overdrafts 2, Other expenses 13, Total expenses 484, Net investment loss -29, Net realised gain/(loss) - on securities portfolio 596, on option contracts -250, on futures contracts -126, on foreign exchange 11, Realised result 201, Net variation of the unrealised gain/(loss) - on securities portfolio 603, on futures contracts -30, Result of operations 774, Dividends paid - Subscriptions 18,116, Redemptions -7,185, Total changes in net assets 11,705, Total net assets at the beginning of the year 15,519, Total net assets at the end of the year 27,224, The accompanying notes are an integral part of these financial statements. 20

23 BOND STRATEGY Statistical information (in EUR) as at 31st December 2014 Total net assets - as at ,224, as at ,519, as at ,689, Number of Institutional A-Shares - outstanding at the beginning of the year 1, issued 1, redeemed outstanding at the end of the year 1, Net asset value per Institutional A-Share - as at , as at , as at , Number of Retail A-Shares - outstanding at the beginning of the year 61, issued 110, redeemed -13, outstanding at the end of the year 157, Net asset value per Retail A-Share - as at as at as at The accompanying notes are an integral part of these financial statements. 21

24 BOND STRATEGY Statement of investments and other net assets (in EUR) as at 31st December 2014 Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Bonds EUR 100,000 A2A SpA 3.625% EMTN Sen 13/ , , EUR 100,000 A2A SpA 4.5% EMTN 12/ , , EUR 300,000 Abbey Natl T Serv Plc FRN EMTN Reg S Sen 14/ , , EUR 200,000 Abertis Infraestructuras SA 2.25% Sen 14/ , , EUR 200,000 Accor SA 2.625% Sen 14/ , , EUR 100,000 Accor SA VAR 14/30.06.Perpetual 99, , EUR 200,000 ALD Intl FRN EMTN 14/ , , EUR 200,000 Anglo American Capital Plc 3.25% EMTN Reg S Sen 199, , / EUR 200,000 ANZ Banking Group Ltd FRN EMTN Reg S 14/ , , EUR 100,000 Aquarius + Invs Plc FRN EMTN Sen 14/ , , EUR 100,000 Areva 3.125% EMTN 14/ , , EUR 100,000 Areva 3.25% EMTN Sen 13/ , , EUR 300,000 AT&T Inc FRN Sen 14/ , , EUR 100,000 Aviva Plc VAR Sub 14/ , , EUR 100,000 Axa SA VAR EMTN Reg S Sub 14/08.10.Perpetual 99, , EUR 100,000 Banca Popolare di Vicenza SCRL 3.5% EMTN Sen 14/ , , EUR 100,000 Banco Santander SA VAR Sub 14/12.03.Perpetual 100, , EUR 600,000 Bank of America Corp FRN EMTN Reg S Sen 14/ , , EUR 200,000 Bharti Airtel Intl Netherld BV 3.375% 14/ , , EUR 200,000 BNP Paribas SA FRN EMTN 14/ , , EUR 200,000 Bq Fédérative du Crédit Mutuel FRN EMTN Ser , , / EUR 100,000 Bulgaria 2.95% 14/ , , EUR 300,000 Caisse Fed Credit Mutuel Nord FRN EMTN Sen 14/ , , EUR 300,000 Carrefour Banque FRN Sen 14/ , , EUR 200,000 Casino Guichard Perrachon 2.798% EMTN 14/ , , EUR 100,000 Casino Guichard Perrachon 3.248% EMTN 14/ , , EUR 100,000 Citigroup Inc FRN EMTN Sen 14/ , , EUR 200,000 CNOOC Curtis Fding No1 Pty Ltd 2.75% Reg S Sen 200, , / EUR 100,000 CNP Assurances VAR Sub 14/ , , EUR 100,000 Credit Suisse VAR Regd Ser 1 Sub 13/ , , EUR 100,000 Croatia 3.875% Sen 14/ , , EUR 200,000 CS AG London FRN EMTN Sen 14/ , , EUR 200,000 CS AG London FRN EMTN Sen 14/ , , EUR 200,000 Deutsche Annington Finance BV 3.625% Reg S Sen 203, , / EUR 400,000 Deutsche Bank AG FRN EMTN Sen 14/ , , EUR 100,000 Electricité de France VAR EMTN Sub 14/22.01.Perpetual 108, , EUR 200,000 Elenia Finance Oyj 2.875% EMTN Reg S Sen 13/ , , EUR 100,000 Enagas Financiaciones SAU 2.5% EMTN Sen 14/ , , EUR 100,000 Eramet SA 4.5% 13/ , , EUR 100,000 ESB Finance Limited VAR EMTN Reg S Lk Ratings 13/ , , EUR 150,000 Espana ILB Sen 14/ , , EUR 350,000 Espana ILB Sen 14/ , , EUR 100,000 Ferrovial Emisiones SA 3.375% EMTN 13/ , , EUR 100,000 Gecina 2.875% EMTN 13/ , , EUR 200,000 General Motors Fin Intl BV 1.875% EMTN Reg S Sen 201, , / EUR 300,000 Generali Finance BV VAR EMTN Reg S 14/21.11.Perpetual 300, , EUR 100,000 Glencore Finance SA 1.165% EMTN Sen 14/ , , EUR 150,000 Goldman Sachs Group Inc 2.875% EMTN Reg S Sen 148, , / EUR 200,000 Goldman Sachs Group Inc FRN EMTN Sen 14/ , , EUR 100,000 Groupama SA VAR 07/22.10.Perpetual 102, , EUR 100,000 Groupama SA VAR 14/28.05.Perpet 104, , EUR 100,000 Hera SpA 3.25% EMTN Reg S Sen 13/ , , EUR 200,000 HSBC Holdings Plc VAR 14/16.03.Perpetual 202, , The accompanying notes are an integral part of these financial statements. 22

25 BOND STRATEGY Statement of investments and other net assets (in EUR) (continued) as at 31st December 2014 Currency Number / nominal value Description Cost Market value % of total net assets EUR 100,000 Hutchison Whampoa Intl % Sen 14/ , , EUR 100,000 Imperial Tobacco Finance Plc 3.375% EMTN Sen 14/ , , EUR 200,000 Intesa Sanpaolo SpA 2% EMTN Sen 14/ , , EUR 100,000 Intesa Sanpaolo SpA 3.928% EMTN Sen 14/ , , EUR 100,000 Intesa Sanpaolo SpA 5% EMTN 09/ , , EUR 500,000 Intesa Sanpaolo SpA FRN EMTN Sen 14/ , , EUR 100,000 Intesa Sanpaolo Vita SpA VAR Sub 14/17.12.Perpetual 100, , EUR 630,000 Italia ILB Ser ICPI 14/ , , EUR 300,000 John Deere Bank SA FRN EMTN Sen 14/ , , EUR 300,000 JPMorgan Chase & Co FRN EMTN 14/ , , EUR 200,000 JPMorgan Chase & Co FRN EMTN Reg-S Ser 77 14/ , , EUR 200,000 Jyske Bank AS FRN EMTN Sen 14/ , , EUR 200,000 Leeds Building Society 2.625% EMTN Sen 14/ , , EUR 250,000 Macedonia 3.975% Reg S 14/ , , EUR 300,000 Macquarie Bank Ltd FRN EMTN Sen 14/ , , EUR 250,000 Mediobanca SpA 0.875% EMTN Sen 14/ , , EUR 100,000 Montenegro 5.375% Reg S 14/ , , EUR 200,000 Morgan Stanley 1.875% Sen 14/ , , EUR 400,000 Morgan Stanley FRN Sen 14/ , , EUR 250,000 Morocco 3.5% Reg S 14/ , , EUR 400,000 Natl Australia Bank Ltd FRN EMTN Sen 14/ , , EUR 100,000 Orange VAR Sub Sen 14/07.02.Perpetual 107, , EUR 200,000 Paccar Financial Europe BV FRN EMTN 14/ , , EUR 100,000 Pernod-Ricard 2.125% Sen 14/ , , EUR 100,000 ProLogis LP 1.375% Sen 14/ , , EUR 200,000 ProLogis LP 3.375% Sen 14/ , , EUR 300,000 Rabobank Nederland NV FRN EMTN Ser / , , EUR 300,000 RCI Banque FRN EMTN Reg S Sen 14/ , , EUR 150,000 RCI Banque FRN EMTN Sen 14/ , , EUR 100,000 Repsol Intl Finance BV 3.625% EMTN Sen 13/ , , EUR 200,000 Romania 2.875% EMTN 14/ , , EUR 150,000 Ryanair Ltd 1.875% EMTN Sen 14/ , , EUR 100,000 Sanofi SA FRN EMTN Reg S Sen 14/ , , EUR 100,000 SAP SE FRN EMTN 14/ , , EUR 200,000 SIAS SpA 3.375% EMTN 14/ , , EUR 200,000 Slovenia 2.25% 14/ , , EUR 100,000 Société Générale VAR Reg S Sub Perpetual 103, , EUR 200,000 Standard Chartered Plc FRN EMTN 14/ , , EUR 100,000 Ste Autoroute Paris-Rhin-Rhone 1.125% EMTN Sen 99, , / EUR 300,000 Ste Autoroute Paris-Rhin-Rhone FRN EMTN 14/ , , EUR 100,000 Telefonica Emisiones SA 2.242% EMTN Sen 14/ , , EUR 100,000 Telefonica Europe BV VAR 14/31.03.Perpetual 100, , EUR 100,000 Telekom Finanzmanagement GmbH 3.125% EMTN Sen 99, , / EUR 200,000 Telekom Finanzmanagement GmbH 3.5% EMTN Ser 1/13 202, , / EUR 100,000 Tesco Corp Treasury Serv plc 2.5% EMTN Reg S Sen 99, , / EUR 100,000 Total Capital International SA FRN EMTN Reg S 14/ , , EUR 200,000 TVO Power Co 2.5% EMTN Sen 14/ , , EUR 100,000 UBS AG London FRN EMTN 14/ , , EUR 100,000 Unicredit SpA 3.25% EMTN Sen 14/ , , EUR 100,000 UnipolSai SpA VAR EMTN Sub 14/18.06.Perpetual 99, , EUR 100,000 Vallourec Usines Tubes 2.25% 14/ , , EUR 100,000 Volvo Treasury AB FRN EMTN Sen 14/ , , EUR 300,000 Wells Fargo & Co FRN EMTN Reg S Sen 14/ , , EUR 100,000 WPP Finance Holding SAS 2.25% EMTN Reg S Sen 14/ , , ,386, ,000, The accompanying notes are an integral part of these financial statements. 23

26 BOND STRATEGY Statement of investments and other net assets (in EUR) (continued) as at 31st December 2014 Currency Number / nominal value Description Cost Market value % of total net assets USD 200,000 Iceland 4.875% Ser 144A Reg s 11/ , , USD 200,000 Macquarie Group Ltd 3% Reg S Sen Tr 5 13/ , , USD 200,000 Unicredit SpA VAR Reg S Sub 14/03.06.Perpetual 159, , , , Total bonds 19,851, ,501, Asset backed securities EUR 300,000 Mars 2600 Srl FRN A1 Ser / , , Total asset backed securities 278, , Transferable securities dealt in on another regulated market Bonds EUR 100,000 Discovery Communications LLC 2.375% Sen 14/ , , EUR 200,000 Piaggio & C. SpA 4.625% EMTN 14/ , , EUR 525,000 Unicredit SpA FRN Sen 11/ , , , , USD 250,000 Crédit Agricole SA FRN EMTN Reg S Sen 14/ , , USD 200,000 Goldman Sachs Group Inc FRN MTN Ser D Tr / , , , , Total bonds 1,181, ,223, Money market instruments EUR 200,000 Espana 0% T-Bills 14/ , , EUR 200,000 Italia 0% BOT 14/ , , Total money market instruments 398, , Open-ended investment funds Tracker funds (UCITS) EUR 1,000 db x-trackers II itraxx Europe Short Daily UCITS ETF 1C Cap 97, , Total tracker funds (UCITS) 97, , Total investments in securities 21,807, ,505, Cash at banks 4,424, Other net assets/(liabilities) 294, Total 27,224, The accompanying notes are an integral part of these financial statements. 24

27 BOND STRATEGY Industrial and geographical classification of investments as at 31st December 2014 Industrial classification (in percentage of net assets) Banks % Diversified financial services % Countries and governments % Utilities 3.56 % Transportation 3.26 % Insurance 2.62 % Telecommunication services 2.28 % Materials 1.56 % Real estate 1.21 % Food retailing, drugstores and pharmacies 1.18 % Hotels, restaurants and leisure 1.15 % Investment companies 0.83 % Energy 0.80 % Investment funds 0.77 % Automobiles and components 0.76 % Special Purpose Vehicle (SPV) 0.74 % Media 0.39 % Food, beverage and tobacco 0.38 % Software and services 0.37 % Pharmaceuticals and biotechnology 0.37 % Total % 25

28 BOND STRATEGY Industrial and geographical classification of investments (continued) as at 31st December 2014 Geographical classification (by domicile of the issuer) (in percentage of net assets) France % Italy % United States of America % United Kingdom 7.15 % The Netherlands 6.17 % Spain 5.08 % Australia 4.73 % Luxembourg 1.84 % Germany 1.84 % Finland 1.57 % Ireland 1.37 % Austria 1.28 % Morocco 0.94 % Mazedonia 0.93 % Slovenia 0.76 % Romania 0.76 % Denmark 0.74 % Iceland 0.63 % Switzerland 0.42 % Montenegro 0.39 % Croatia 0.38 % Sweden 0.37 % Cayman Islands 0.37 % Bulgaria 0.37 % Total % 26

29 BOND STRATEGY Statement of changes in investments (unaudited) from 1st January 2014 to 31st December 2014 Currency Description Purchases Sales Other Bonds EUR Abbey Natl T Serv Plc FRN EMTN Reg S Sen 300, / EUR Abertis Infraestructuras SA 2.25% Sen 14/ , EUR Abertis Infraestructuras SA 3.75% Sen 13/ ,000 0 EUR Accor SA 2.625% Sen 14/ , EUR Accor SA VAR 14/30.06.Perpetual 100, EUR Achmea BV 2.5% EMTN Sen 13/ , ,000 0 EUR ALD Intl FRN EMTN 14/ , EUR Alstom 4.5% EMTN 10/ , ,000 0 EUR America Movil SAB de CV VAR Sub Ser B 200, , / EUR Amplifon SpA 4.875% Sen 13/ ,000 0 EUR Anglo American Capital Plc 1.75% EMTN Reg S Sen 500, , / EUR Anglo American Capital Plc 3.25% EMTN Reg S Sen 300, , / EUR ANZ Banking Group Ltd FRN EMTN Reg S 200, / EUR Aquarius + Invs Plc FRN EMTN Sen 14/ , EUR Areva 3.125% EMTN 14/ , ,000 0 EUR Assicurazioni Generali SpA 4.125% EMTN Sen Sub 300, , / EUR Astaldi SpA 7.125% Reg S Sen 13/ , ,000 0 EUR AT&T Inc FRN Sen 14/ , EUR Aviva Plc VAR Sub 14/ , EUR Axa SA VAR EMTN Reg S Sub 14/08.10.Perpetual 100, EUR Banca Pop dell Emilia Roma SC 3.375% EMTN 0 200, / EUR Banca Popolare di Vicenza SCRL 3.5% EMTN Sen 100, / EUR Banco Pop Societa Cooperativa 3.5% EMTN Sen 300, , / EUR Banco Pop Societa Cooperativa 3.875% 11/ ,000 0 EUR Banco Santander SA VAR Sub 14/12.03.Perpetual 300, ,000 0 EUR Banco Santander Totta SA 1.625% EMTN 400, , / EUR Bank of America Corp FRN EMTN Reg S Sen 600, / EUR BBVA Senior Finance SA 2.375% EMTN Sen 100, , / EUR BBVA Subordinated Capital SA VAR Reg S Sub 100, , / EUR Bharti Airtel Intl Netherld BV 3.375% 14/ , EUR BNP Paribas SA FRN EMTN 14/ , EUR Bouygues SA 3.625% Sen 12/ , ,000 0 EUR Bq Fédérative du Crédit Mutuel FRN EMTN Ser , / EUR Brazil 2.875% Sen 14/ , ,000 0 EUR Brisa Concessao Rodoviaria SA 3.875% EMTN 200, , / EUR Bulgaria 2.95% 14/ , EUR Caisse Fed Credit Mutuel Nord FRN EMTN Sen 300, / EUR Carlsberg Breweries A/S 2.5% EMTN Reg S Sen 150, , / EUR Carrefour Banque FRN Sen 14/ , EUR Casino Guichard Perrachon 2.798% EMTN 200, / EUR Casino Guichard Perrachon 3.248% EMTN 100, / EUR Cassa Depositi e Prestiti SpA 2.375% EMTN Reg S 14/ , ,

30 BOND STRATEGY Statement of changes in investments (continued) (unaudited) from 1st January 2014 to 31st December 2014 Currency Description Purchases Sales Other EUR Caterpillar Intl Fin Ltd FRN EMTN Sen 14/ , ,000 0 EUR Citigroup Inc FRN EMTN Sen 14/ , EUR CNOOC Curtis Fding No1 Pty Ltd 2.75% Reg S Sen 100, / EUR CNP Assurances VAR Sub 14/ , EUR Credit Suisse VAR Regd Ser 1 Sub 13/ , ,000 0 EUR Croatia 3.875% Sen 14/ , EUR CS AG London FRN EMTN Sen 14/ , EUR CS AG London FRN EMTN Sen 14/ , EUR Danske Bank A/S VAR Sub 06.10/Perpetual 200, ,000 0 EUR Deutsche Annington Finance BV 3.625% Reg S Sen 100, / EUR Deutsche Bank AG 6% 14/31.12.Perpetual 100, ,000 0 EUR Deutsche Bank AG FRN EMTN 14/ , ,000 EUR Deutsche Bank AG FRN EMTN Sen 14/ ,000 EUR Deutsche Bank AG FRN EMTN Ser JUN 200, ,000 14/ EUR Deutsche Telekom Intl Fin BV 4.25% EMTN 0 100, / EUR Discovery Communications LLC 2.375% Sen 100, / EUR EDP Finance BV % EMTN Sen 13/ , ,000 0 EUR EIB FRN EMTN 10/ ,000 0 EUR EIB VAR Infl Cp 06/ ,000 0 EUR Electricité de France VAR EMTN Sub 100, /22.01.Perpetual EUR Electricité de France VAR EMTN Sub 300, , /22.01.Perpetual EUR Elenia Finance Oyj 2.875% EMTN Reg S Sen 100, / EUR Emirates Telecommmunicat Corp 1.75% EMTN Sen 100, , / EUR Enagas Financiaciones SAU 2.5% EMTN Sen 100, / EUR Enel Finance Intl SA 4.875% EMTN 12/ ,000 0 EUR ENEL SpA FRN EMTN Reg-S Ser 34 07/ ,000 0 EUR ENEL SpA VAR Reg S Sub 14/ , ,000 0 EUR Eramet SA 4.5% 13/ , ,000 0 EUR Esercizi Aeroportuali SpA 3.125% Sen 14/ , ,000 0 EUR Espana 0% T-Bills Sen 12/ ,000 0 EUR Espana 3.75% 13/ ,000 0 EUR Espana 4.3% Sen 09/ ,000 0 EUR Espana 4.4% T-Bonds 13/ ,000 0 EUR Espana ILB Sen 14/ , EUR Espana ILB Sen 14/ , ,000 0 EUR FCE Bank Plc 1.875% EMTN Reg S 14/ , ,000 0 EUR Galp Energia SGPS SA 3% EMTN Sen 14/ , ,000 0 EUR GDF Suez SA VAR Ser NC10 14/02.06.Perpetual 100, ,000 0 EUR Gecina 4.75% EMTN Sen 12/ ,000 0 EUR General Motors Fin Intl BV 1.875% EMTN Reg S 200, Sen 14/ EUR Generali Finance BV VAR EMTN Reg S 300, /21.11.Perpetual EUR Glencore Finance SA 1.165% EMTN Sen 100, / EUR Goldman Sachs Group Inc 2.5% EMTN Sen 250, , / EUR Goldman Sachs Group Inc 2.875% EMTN Reg S 150, Sen 14/ EUR Goldman Sachs Group Inc FRN EMTN Sen 200, / EUR GPB Eurobond Finance Plc 3.984% LPN Reg S Sen 0 200, / EUR Groupama SA VAR 07/22.10.Perpetual 100, EUR Groupama SA VAR 14/28.05.Perpet 100, EUR HSBC Holdings Plc VAR 14/16.03.Perpetual 200, EUR Hungary 5.75% Reg S Sen 08/ , ,

31 BOND STRATEGY Statement of changes in investments (continued) (unaudited) from 1st January 2014 to 31st December 2014 Currency Description Purchases Sales Other EUR Hutchison Whampoa Intl % Sen 100, / EUR Iberdrola Intl BV 2.875% EMTN Sen 13/ ,000 0 EUR Imperial Tobacco Finance Plc 3.375% EMTN Sen 100, / EUR ING Bank NV 3.5% EMTN Sub 13/ , ,000 0 EUR Instituto de Credito Oficial FRN EMTN 144 A 0 200, / EUR Intesa Sanp Bk Ireland Plc FRN EMTN Reg S 0 500, / EUR Intesa Sanpaolo SpA 2% EMTN Sen 14/ , EUR Intesa Sanpaolo SpA 3% EMTN Sen 13/ ,000 0 EUR Intesa Sanpaolo SpA 3.928% EMTN Sen 100, / EUR Intesa Sanpaolo SpA 4.375% EMTN Reg S Sen 0 100, / EUR Intesa Sanpaolo SpA 5% EMTN 09/ , EUR Intesa Sanpaolo SpA 6.625% EMTN Sub 100, , / EUR Intesa Sanpaolo SpA FRN EMTN Sen 13/ ,000 0 EUR Intesa Sanpaolo SpA FRN EMTN Sen 14/ , EUR Intesa Sanpaolo Vita SpA VAR Sub 100, /17.12.Perpetual EUR Iren SpA 3% Reg S Sen 14/ , ,000 0 EUR Italia 0% Cert del Tesoro 12/ ,000 0 EUR Italia 0% CTr 12/ ,000 0 EUR Italia 3% BTP 11/ ,000 0 EUR Italia 3.5% BPT 09/ ,000 0 EUR Italia 4.25% BTP 04/ ,000 0 EUR Italia FRN CCT 07/ ,000 0 EUR Italia ILB 12/ ,000 0 EUR Italia ILB Ser CPI 10/ ,000 0 EUR Italia ILB Ser ICPI 12/ ,000 0 EUR Italia ILB Ser ICPI 12/ ,000 0 EUR Italia ILB Ser ICPI 13/ ,000 1,000,000 0 EUR Italia ILB Ser ICPI 14/ , EUR Italia ILB Ser ICPI Sen 13/ ,000 0 EUR John Deere Bank SA FRN EMTN Sen 14/ , EUR JPMorgan Chase & Co FRN EMTN 14/ , EUR JPMorgan Chase & Co FRN EMTN Reg-S Ser , , / EUR Jyske Bank AS FRN EMTN Sen 14/ , EUR K+S Aktiengesellschaft 3% EMTN 12/ ,000 0 EUR KazAgro National Mgt Hg JSC 3.255% EMTN Sen 200, , / EUR KBC Group NV VAR Reg S Sub 14/19.06.Perpetual 100, ,000 0 EUR Kellogg Co 1.75% EMTN Sen 14/ , ,000 0 EUR Koninklijke KPN NV 3.25% GMTN Sen 12/ , ,000 0 EUR Lafarge SA 4.75% EMTN Reg S Sen 13/ ,000 0 EUR LBG Capital No1 Plc 6.439% Ser 15 Tr 1 100, , / EUR Leeds Building Society 2.625% EMTN Sen 350, , / EUR Macedonia 3.975% Reg S 14/ , EUR Macquarie Bank Ltd FRN EMTN Sen 14/ , ,000 0 EUR Mediobanca S.p.A. 2.25% EMTN Sen 14/ , ,000 0 EUR Mediobanca SpA 0.875% EMTN Sen 14/ , EUR Mediobanca SpA 3.75% EMTN Sen 12/ ,000 0 EUR Montenegro 5.375% Reg S 14/ , ,000 0 EUR Morgan Stanley 1.875% Sen 14/ , ,000 0 EUR Morgan Stanley FRN Sen 14/ , EUR Morocco 3.5% Reg S 14/ , EUR Natl Australia Bank Ltd FRN EMTN Sen 14/ , ,000 0 EUR Novo Banco SA 4% EMTN Reg S Sen 14/ , ,000 0 EUR Orange 3.125% EMTN Sen 14/ ,000 0 EUR Orange VAR Reg S Sub 14/07.02.Perpetual 200, ,000 0 EUR Orange VAR Sub Sen 14/07.02.Perpetual 100,

32 BOND STRATEGY Statement of changes in investments (continued) (unaudited) from 1st January 2014 to 31st December 2014 Currency Description Purchases Sales Other EUR Paccar Financial Europe BV FRN EMTN 200, / EUR Pernod-Ricard 2% Sen 14/ , ,000 0 EUR Pernod-Ricard 2.125% Sen 14/ , EUR Petrobras Global Finance BV 3.25% Sen 0 100, / EUR Petrobras Global Finance BV 3.75% 14/ , ,000 0 EUR Petroleos Mexicanos 3.125% Reg S 13/ , ,000 0 EUR Piaggio & C. SpA 4.625% EMTN 14/ , ,000 0 EUR Pohjola Bank Plc FRN EMTN 14/ , ,000 0 EUR Portugal Telec Intl Finance BV 4.625% EMTN Reg S 100, , / EUR Poste Italiane SpA 3.25% EMTN Sen 13/ ,000 0 EUR Poste Vita SpA 2.875% Sub 14/ , ,000 0 EUR ProLogis LP 1.375% Sen 14/ , EUR ProLogis LP 3.375% Sen 14/ , EUR Rabobank Nederland NV FRN EMTN Ser , / EUR RCI Banque FRN EMTN Reg S Sen 14/ , EUR RCI Banque FRN EMTN Sen 14/ , EUR Romania 2.875% EMTN 14/ , EUR Royal Bank of Scotland Gr Plc 1.625% EMTN Sen 200, , / EUR Ryanair Ltd 1.875% EMTN Sen 14/ , EUR Sampo Plc 1.5% EMTN Sen 14/ , ,000 0 EUR Sanofi SA FRN EMTN Reg S Sen 14/ , EUR Santander Consumer Fin SA 3.25% Reg S Ser , / EUR SAP SE FRN EMTN 14/ , EUR SIAS SpA 3.375% EMTN 14/ , EUR Slovenia 2.25% 14/ , EUR Snam SpA 5% EMTN 12/ ,000 0 EUR Société Générale VAR Reg S Sub Perpetual 100, EUR Standard Chartered Plc FRN EMTN 14/ , EUR Ste Autoroute Paris-Rhin-Rhone 1.125% EMTN Sen 100, / EUR Ste Autoroute Paris-Rhin-Rhone 2.25% EMTN Reg 100, ,000 0 S 14/ EUR Ste Autoroute Paris-Rhin-Rhone FRN EMTN 300, / EUR Telecom Italia SpA 4% EMTN Reg S Sen 0 100, / EUR Telefonica Emisiones SA 2.242% EMTN Sen 100, / EUR Telefonica Europe BV VAR 14/31.03.Perpetual 100, EUR Telekom Finanzmanagement GmbH 3.5% EMTN 100, Ser 1/13 13/ EUR Tesco Corp Treasury Serv plc 2.5% EMTN Reg S 100, Sen 14/ EUR Total Capital International SA FRN EMTN Reg S 100, / EUR Turkiye Garanti Bankasi AS 3.375% EMTN Reg S 100, ,000 0 Sen 14/ EUR Turkiye Vakiflar Bankasi Tao 3.5% EMTN Sen 100, , / EUR TVO Power Co 2.5% EMTN Sen 14/ , EUR UBS AG London FRN EMTN 14/ , ,000 0 EUR UBS AG VAR Tier 2 Sub 14/ , ,000 0 EUR Unicredit SpA 2.25% EMTN Sen 13/ ,000 0 EUR Unicredit SpA 3.25% EMTN Sen 14/ , EUR Unicredit SpA FRN EMTN Sen 13/ ,000 0 EUR Unicredit SpA FRN EMTN Sen 14/ , ,000 0 EUR Unicredit SpA FRN Sen 11/ , EUR Unicredit SpA VAR EMTN Reg S Sub 13/ , ,000 0 EUR Unione Banche Italiane ScpA 2.75% EMTN Reg S 13/ ,

33 BOND STRATEGY Statement of changes in investments (continued) (unaudited) from 1st January 2014 to 31st December 2014 Currency Description Purchases Sales Other EUR Unione Banche Italiane ScpA FRN EMTN Ser , / EUR Unione di Banche Italiane ScpA 2.875% EMTN Reg 150, ,000 0 S 14/ EUR UnipolSai SpA VAR EMTN Sub 14/18.06.Perpetual 200, ,000 0 EUR Vallourec Usines Tubes 2.25% 14/ , EUR Volkswagen Intl Finance NV VAR 200, , /24.03.Perpetual EUR Volvo Treasury AB FRN EMTN Sen 14/ , ,000 0 EUR Voto Votoran Ov Tra Op V Ltd 5.25% RegS 0 100, / EUR Wells Fargo & Co FRN EMTN Reg S Sen 500, , / EUR Westpac Securities NZ Ltd FRN EMTN 14/ , ,000 0 EUR WPP Fin % EMTN Reg S Ser1 13/ ,000 0 EUR WPP Finance Holding SAS 2.25% EMTN Reg S Sen 14/ , USD Crédit Agricole SA FRN EMTN Reg S Sen 250, / USD Goldman Sachs Group Inc FRN MTN Ser D Tr , / USD Iceland 4.875% Ser 144A Reg s 11/ , USD Macquarie Group Ltd 3% Reg S Sen Tr 5 200, / USD Unicredit SpA VAR Reg S Sub 14/03.06.Perpetual 200, Asset backed securities EUR Mars 2600 Srl FRN A1 Ser / , Money market instruments EUR Espana 0% T-Bills 14/ , EUR Italia 0% BOT 13/ ,000 0 EUR Italia 0% BOT 13/ ,000 0 EUR Italia 0% BOT 13/ ,000 0 EUR Italia 0% BOT 13/ ,000 0 EUR Italia 0% BOT 14/ , Options on futures EUR BUND GOVT BOND 10 Y - EURO PUT 01/15 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 01/15 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 02/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 03/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 03/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 03/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 03/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 03/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 03/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 04/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 05/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 05/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 05/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 05/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 06/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 06/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 06/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 06/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 07/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 07/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 07/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 07/14 EUX

34 BOND STRATEGY Statement of changes in investments (continued) (unaudited) from 1st January 2014 to 31st December 2014 Currency Description Purchases Sales Other EUR BUND GOVT BOND 10 Y - EURO PUT 08/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 08/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 08/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 08/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 08/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 09/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 09/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 09/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 09/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 10/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 10/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 10/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 10/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 10/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 10/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 12/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 12/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 12/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 12/14 EUX EUR EURO-SCHATZ 2YR 6% PUT 12/14 EUX USD US T-NOTES 10 Y PUT 10/14 CBOT USD US T-NOTES 10 Y PUT 10/14 CBOT USD US T-NOTES 10 Y PUT 10/14 CBOT USD US T-NOTES 10 Y PUT 10/14 CBOT USD US T-NOTES 10 Y PUT 12/14 CBOT USD US T-NOTES 10 Y PUT 12/14 CBOT USD US T-NOTES 10 Y PUT 12/14 CBOT USD US T-NOTES 10 Y PUT 12/14 CBOT Tracker funds (UCITS) EUR db x-trackers II itraxx Europe Short Daily UCITS ETF 1C Cap 1,

35 EQUITY EURO STRATEGY Statement of net assets (in EUR) as at 31st December 2014 Assets Securities portfolio at market value 45,039, Option contracts at market value 33, Cash at banks 5,207, Other liquid assets 3,086, Receivable on issues of shares 13, Income receivable on portfolio 20, Prepaid expenses 1, Total assets 53,403, Liabilities Payable on redemptions of shares 39, Expenses payable 135, Total liabilities 175, Net assets at the end of the year 53,228, Number of Institutional A-Shares outstanding Net asset value per Institutional A-Share 14, Number of Institutional B-Shares outstanding Net asset value per Institutional B-Share 9, Number of Retail A-Shares outstanding 11, Net asset value per Retail A-Share 1, Number of Retail B-Shares outstanding 503, Net asset value per Retail B-Share The accompanying notes are an integral part of these financial statements. 33

36 EQUITY EURO STRATEGY Statement of operations and other changes in net assets (in EUR) from 1st January 2014 to 31st December 2014 Income Dividends, net 1,146, Interest on bonds and other debt securities, net 5, Total income 1,152, Expenses Management fees 710, Custodian fees 25, Banking charges and other fees 9, Transaction fees 120, Central administration costs 87, Professional fees 27, Other administration costs 53, Subscription duty ("taxe d'abonnement") 20, Interest paid on bank overdrafts 6, Other expenses 16, Total expenses 1,077, Net investment income 74, Net realised gain/(loss) - on securities portfolio 912, on option contracts -138, on futures contracts -996, on foreign exchange 5, Realised result -142, Net variation of the unrealised gain/(loss) - on securities portfolio -749, on option contracts -45, on futures contracts -130, Result of operations -1,067, Dividends paid -1,076, Subscriptions 62,606, Redemptions -30,382, Total changes in net assets 30,079, Total net assets at the beginning of the year 23,149, Total net assets at the end of the year 53,228, The accompanying notes are an integral part of these financial statements. 34

37 EQUITY EURO STRATEGY Statistical information (in EUR) as at 31st December 2014 Total net assets - as at ,228, as at ,149, as at ,650, Number of Institutional A-Shares - outstanding at the beginning of the year issued 1, redeemed -1, outstanding at the end of the year Net asset value per Institutional A-Share - as at , as at , as at , Number of Institutional B-Shares - outstanding at the beginning of the year issued redeemed outstanding at the end of the year Net asset value per Institutional B-Share - as at , as at as at Dividend paid Ex-dividend date Dividend per share Shares outstanding at dividend date Number of Retail A-Shares - outstanding at the beginning of the year 9, issued 4, redeemed -1, outstanding at the end of the year 11, Net asset value per Retail A-Share - as at , as at , as at , Number of Retail B-Shares - outstanding at the beginning of the year issued 544, redeemed -41, outstanding at the end of the year 503, Net asset value per Retail B-Share - as at as at as at Dividend paid Ex-dividend date Dividend per share 2.00 Shares outstanding at dividend date 500, The accompanying notes are an integral part of these financial statements. 35

38 EQUITY EURO STRATEGY Statement of investments and other net assets (in EUR) as at 31st December 2014 Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Shares EUR 297,000 A2A SpA 240, , EUR 3,970 Adidas AG Reg 297, , EUR 7,152 Air Liquide SA 616, , EUR 5,300 Airbus Gr NV 231, , EUR 6,100 Allianz SE Reg 734, , EUR 7,760 Alstom 272, , EUR 7,240 Anheuser-Busch InBev SA 515, , EUR 37,000 Anima Holding SpA 150, , EUR 7,590 ArcelorMittal SA 135, , EUR 7,175 ASML Holding NV 438, , EUR 33,750 Assicurazioni Generali SpA 533, , EUR 13,451 Atlantia SpA 245, , EUR 31,100 Autogrill SpA 186, , EUR 31,137 Axa SA 558, , EUR 5,900 Azimut Holding SpA 133, , EUR 1,580,000 Banca Carige SpA 229, , EUR 44,500 Banca Pop dell'emilia Ro SCARL 288, , EUR 75,500 Banca Pop di Sondrio SCARL 267, , EUR 123,859 Banco Bilbao Vizcaya Argent SA Reg 1,040, , EUR 188,294 Banco Santander SA 1,188, ,322, EUR 17,040 BASF SE Reg 1,247, ,190, EUR 10,760 Bayer AG Reg 963, ,215, EUR 5,230 Bayerische Motorenwerke AG 396, , EUR 2,350 Beiersdorf AG 127, , EUR 21,670 BNP Paribas SA A 1,180, ,058, EUR 1,210 Bourbon SA 23, , EUR 5,650 Brunello Cucinelli SpA 128, , EUR 21,520 Carrefour SA 621, , EUR 15,000 Cie de Saint-Gobain SA 580, , EUR 23,900 CNH Industrial NV 193, , EUR 1 Cogeme Set SpA in liquidazione EUR 2,490 Continental AG 415, , EUR 21,500 Credito Emiliano SpA Credem 132, , EUR 14,850 CRH Plc 290, , EUR 13,720 Daimler AG Reg 794, , EUR 8,149 Danone 400, , EUR 38,000 Davide Campari SpA 234, , EUR 3,000 Delhaize Groupe 132, , EUR 22,680 Deutsche Bank AG Reg 728, , EUR 23,950 Deutsche Post AG Reg 538, , EUR 61,560 Deutsche Telekom AG Reg 723, , EUR 19,300 Distribuidora Int de Alimenta 123, , EUR 7,350 Enagas SA 149, , EUR 5,000 Endesa SA 142, , EUR 257,554 Enel Green Power S.p.A. 505, , EUR 117,090 ENEL SpA 451, , EUR 40,800 ENI SpA 702, , EUR 3,900 Essilor Intl SA 302, , EUR 25,000 Falk Renewables SpA 31, , EUR 3,500 Finmeccanica SpA 17, , EUR 2,200 Fresenius Medical Care AG & Co KGaA 106, , EUR 8,400 Fresenius SE & Co KGaA 213, , EUR 13,600 Galp Energia SGPS SA B 158, , EUR 6,900 Gas Natural SDG SA 134, , EUR 38,550 GDF Suez 688, , EUR 5,830 HeidelbergCement AG 296, , EUR 3,630 Heineken NV 165, , EUR 2,180 Henkel AG & Co KGaA Pref 145, , EUR 116,549 Iberdrola SA 543, , The accompanying notes are an integral part of these financial statements. 36

39 EQUITY EURO STRATEGY Statement of investments and other net assets (in EUR) (continued) as at 31st December 2014 Currency Number / nominal value Description Cost Market value % of total net assets EUR 25,450 Industria de Diseno Textil SA 552, , EUR 59,500 ING Groep NV Certif 600, , EUR 272,789 Intesa Sanpaolo SpA 533, , EUR 1,850 Kering 268, , EUR 26,084 Koninklijke Ahold NV 331, , EUR 4,070 L'Oréal SA 459, , EUR 5,180 Lafarge SA 233, , EUR 1,430 Linde AG 186, , EUR 6,700 Luxottica Group SpA 262, , EUR 3,855 LVMH Moët Hennessy L Vuitton 484, , EUR 49,950 Mediobanca SpA 325, , EUR 1,900 Merck KGaA 62, , EUR 10,840 Metro AG 350, , EUR 2,820 Michelin SA 231, , EUR 25,000 Moleskine SpA 38, , EUR 3,310 Muenchener Rueckver AG REG 472, , EUR 43,000 Orange 506, , EUR 2,440 Pernod-Ricard 201, , EUR 48,350 Piaggio & C. SpA 113, , EUR 21,000 Pirelli & C. SpA 250, , EUR 2,850 Porsche Automobile Hg SE Pref 141, , EUR 2,800 Publicis Groupe SA 148, , EUR 13,000 Redes Energetic Nacio SGPS SA 29, , EUR 5,200 Renault SA 314, , EUR 30,822 Repsol SA 562, , EUR 10,620 Royal Dutch Shell Plc A 278, , EUR 18,462 Royal Philips NV 449, , EUR 5,300 Salvatore Ferragamo SpA 132, , EUR 17,275 Sanofi SA 1,253, ,295, EUR 19,750 SAP SE 1,084, ,150, EUR 2,032 Sat SpA 22, , EUR 9,250 Schneider Electric SE 536, , EUR 6,680 Servizi Italia SpA 26, , EUR 12,330 Siemens AG Reg 1,103, ,155, EUR 45,300 Snam SpA 161, , EUR 17,870 Société Générale 678, , EUR 22,820 STMicroelectronics NV 148, , EUR 17,420 Suez Environnement Co 223, , EUR 166,050 Telecom Italia SpA 151, , EUR 75,392 Telefonica SA 976, , EUR 9,850 Tenaris SA Reg 155, , EUR 27,650 Terna Rete Elettr Nazional SpA 84, , EUR 55,344 TNT Express NV 356, , EUR 1,540 Tod's SpA 170, , EUR 28,780 Total SA 1,320, ,224, EUR 116,369 Unicredit SpA Post Raggruppamento 632, , EUR 23,670 Unilever NV Certif of Shares 615, , EUR 33,500 Unipol Gruppo Finanziario SpA Pref 129, , EUR 17,810 Veolia Environnement SA 215, , EUR 11,600 Vinci SA 583, , EUR 27,973 Vivendi 555, , EUR 3,803 Volkswagen AG Pref 667, , ,412, ,984, GBP 20,000 HMV Group Plc Total shares 43,412, ,984, Warrants and rights EUR 550 Groupe FNAC Droits d'attribut , Total warrants and rights , The accompanying notes are an integral part of these financial statements. 37

40 EQUITY EURO STRATEGY Statement of investments and other net assets (in EUR) (continued) as at 31st December 2014 Currency Number / nominal value Description Cost Market value % of total net assets Other transferable securities Shares EUR 10 Sopaf SpA Total shares Warrants and rights EUR 3,855 LVMH Moët Hennessy L Vuitton Droits d'attribut , Total warrants and rights , Total investments in securities 43,413, ,039, Options Listed financial instruments Index options EUR 400 Euro Stoxx 50 EUR (Price) Index PUT 01/15 EUX , , Total options 79, , Cash at banks 5,207, Other net assets/(liabilities) 2,947, Total 53,228, The accompanying notes are an integral part of these financial statements. 38

41 EQUITY EURO STRATEGY Industrial and geographical classification of investments as at 31st December 2014 Industrial classification (in percentage of net assets) Banks % Materials 7.77 % Utilities 7.14 % Automobiles and components 6.81 % Capital goods 6.45 % Energy 5.31 % Insurance 5.06 % Food, beverage and tobacco 4.72 % Telecommunication services 4.62 % Consumer durables and apparel 4.05 % Pharmaceuticals and biotechnology 3.65 % Transportation 2.33 % Food retailing, drugstores and pharmacies 2.27 % Software and services 2.16 % Diversified financial services 1.99 % Household and personal products 1.73 % Semiconductors and semiconductor equipment 1.47 % Media 1.39 % Health care equipment and services 1.28 % Retailing 1.12 % Hotels, restaurants and leisure 0.36 % Commercial services and supplies 0.05 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) France % Germany % Italy % Spain % The Netherlands 7.33 % Belgium 1.60 % United Kingdom 0.55 % Ireland 0.54 % Luxembourg 0.36 % Portugal 0.28 % Total % 39

42 EQUITY EURO STRATEGY Statement of changes in investments (unaudited) from 1st January 2014 to 31st December 2014 Currency Description Purchases Sales Other Shares EUR A2A SpA 297, EUR Adidas AG Reg 5,100 3,550 0 EUR Air France KLM 0 4,000 0 EUR Air Liquide SA 6,010 1, EUR Airbus Gr NV 5, EUR Alcatel-Lucent 136, ,000 0 EUR Allianz SE Reg 9,080 6,120 0 EUR Alstom 2, EUR Anheuser-Busch InBev SA 5,990 3,500 0 EUR Anima Holding SpA 37, EUR ASML Holding NV 10,800 6,050 0 EUR Assicurazioni Generali SpA 40,000 15,600 0 EUR Atlantia SpA 6,725 6,500 0 EUR Autogrill SpA 40,050 30,000 0 EUR Axa SA 43,350 32,900 0 EUR Azimut Holding SpA 5, EUR Banca Carige SpA 1,580, EUR Banca Monte Paschi Siena SpA 731, ,500 EUR Banca Monte Paschi Siena SpA 0 320, ,397 EUR Banca Pop dell'emilia Ro SCARL 61,000 24,500 0 EUR Banca Pop di Sondrio SCARL 106,500 31,000 0 EUR Banco Bilbao Vizcaya Argent SA Reg 124,700 31,600 3,871 EUR Banco Santander SA 191,800 63,300 15,786 EUR BASF SE Reg 13,810 1,440 0 EUR Bayer AG Reg 12,990 6,400 0 EUR Bayerische Motorenwerke AG 4,850 3,000 0 EUR Beiersdorf AG EUR BNP Paribas SA A 24,170 9,200 0 EUR Brunello Cucinelli SpA 5, EUR Carrefour SA 18,500 4,500 0 EUR Casino Guichard Perrachon EUR Cementir SpA 0 8,000 0 EUR Cie de Saint-Gobain SA 15,800 4,700 0 EUR CNH Industrial NV 19,900 11,000 0 EUR Continental AG 3, EUR Credito Emiliano SpA Credem 21, EUR CRH Plc 18,600 12,200 0 EUR Daimler AG Reg 12,410 4,100 0 EUR Danone 7,750 2,750 0 EUR Davide Campari SpA 31,500 15,000 0 EUR Delhaize Groupe 2,600 2,300 0 EUR Deutsche Bank AG Reg 16, ,930 EUR Deutsche Post AG Reg 21,600 6,700 0 EUR Deutsche Telekom AG Reg 65,800 20,500 0 EUR Distribuidora Int de Alimenta 20,300 19,000 0 EUR Enagas SA 7, EUR Endesa SA 5, EUR Enel Green Power S.p.A. 240,000 94,000 0 EUR ENEL SpA 30, EUR ENI SpA 30,550 7,700 0 EUR ERG SpA 0 4,000 0 EUR Essilor Intl SA 5,500 1,600 0 EUR Fresenius SE & Co KGaA 3, ,500 EUR Galp Energia SGPS SA B 11, EUR Gas Natural SDG SA 6, EUR GDF Suez 31, EUR HeidelbergCement AG 3,450 2,000 0 EUR Heineken NV 3,400 2,700 0 EUR Henkel AG & Co KGaA Pref 2,150 2,000 0 EUR Iberdrola SA 163,500 52,400 5,449 EUR Industria de Diseno Textil SA 0 19,400 44,850 EUR Industria de Diseno Textil SA 8,490 1,100-8,970 40

43 EQUITY EURO STRATEGY Statement of changes in investments (continued) (unaudited) from 1st January 2014 to 31st December 2014 Currency Description Purchases Sales Other EUR ING Groep NV Certif 75,400 18,900 0 EUR Intesa Sanpaolo SpA 106, EUR Kering EUR Koninklijke Ahold NV 9, ,400 EUR Koninklijke Ahold NV 17,800 8,700 16,984 EUR L'Oréal SA 3,020 1,000 0 EUR Lafarge SA 4,100 3,000 0 EUR Linde AG 1, EUR Luxottica Group SpA 4, EUR LVMH Moët Hennessy L Vuitton 4,130 2,150 0 EUR Mediobanca SpA 34,500 12,100 0 EUR Merck KGaA EUR Metro AG 8, EUR Michelin SA 3,450 1,130 0 EUR Muenchener Rueckver AG REG 3,570 2,260 0 EUR Nokia Oyj 0 4,500 0 EUR Orange 40,200 10,200 0 EUR OSRAM Licht AG 0 2,047 0 EUR Pernod-Ricard 2,250 1,080 0 EUR Piaggio & C. SpA 0 29,500 0 EUR Pirelli & C. SpA 21, EUR Porsche Automobile Hg SE Pref EUR Publicis Groupe SA 2, EUR Renault SA 4, EUR Repsol SA 28,450 6, EUR Royal Dutch Shell Plc A 5, EUR Royal Philips NV 23,550 15, EUR Salini Impregilo SpA 32,100 41,100 0 EUR Salvatore Ferragamo SpA 5, EUR Sanofi SA 16,830 9,700 0 EUR SAP SE 22,970 9,000 0 EUR Sat SpA EUR Schneider Electric SE 4, EUR Servizi Italia SpA EUR SIAS SpA 0 2,500 0 EUR Siemens AG Reg 12,060 5,350 0 EUR Smurfit Kappa Plc 0 1,000 0 EUR Société Générale 13,970 2,150 0 EUR Sorin SpA 0 13,000 0 EUR STMicroelectronics NV 18, EUR Suez Environnement Co 14,500 6,850 0 EUR Telecom Italia SpA 135, ,000 0 EUR Telefonica SA 49, ,094 EUR TNT Express NV 37, EUR Tod's SpA EUR Total SA 30,900 14,750 0 EUR Unicredit SpA Post Raggruppamento 57, ,579 EUR Unilever NV Certif of Shares 12, EUR Unipol Gruppo Finanziario SpA Pref 26, EUR Veolia Environnement SA 13,800 7,200 0 EUR Vinci SA 12,900 3,500 0 EUR Vivendi 30,600 14,800 0 EUR Volkswagen AG Pref 4,270 2,250 0 EUR World Duty Free SpA 13,700 24,750 0 EUR Yoox SpA 4,750 4,750 0 Bonds EUR Banco Pop Societa Cooperativa 4.75% EMTN 0 100, / EUR Cassa Depositi e Prestiti SpA 4.25% EMTN 0 200, / EUR Enel Finance Intl SA 5.75% EMTN 11/ ,000 0 EUR Espana 3.75% 12/ ,000 0 EUR Espana 4.5% 12/ ,

44 EQUITY EURO STRATEGY Statement of changes in investments (continued) (unaudited) from 1st January 2014 to 31st December 2014 Currency Description Purchases Sales Other EUR Gas Natural Capital Mks SA 6% EMTN 12/ ,000 0 EUR Intesa Sanpaolo SpA 5% EMTN Sen 12/ ,000 0 EUR Italia ILB Ser ICPI 12/ ,000 0 EUR Italia ILB Ser ICPI 12/ ,000 0 EUR Italia ILB Ser ICPI 13/ ,000 0 EUR Repsol Intl Finance BV 4.375% EMTN 12/ ,000 0 EUR Unicredit SpA 4.875% EMTN Ser 5Y 12/ ,000 0 Money market instruments EUR Deutschland 0% T-Bills 12/ ,000 0 EUR Italia 0% BOT 13/ ,500,000 1,500,000 0 EUR Italia 0% BOT 13/ , ,000 0 EUR Italia 0% BOT 13/ , ,000 0 EUR Italia 0% BOT 14/ , ,000 0 EUR Italia 0% BOT Ser 12M 13/ , ,000 0 Warrants and rights EUR Carrefour SA Droits d'attribut ,920 15,920 EUR Independent News & Media Plc Droits de sousc EUR LVMH Moët Hennessy L Vuitton Droits d'attribut 0 0 3, EUR Repsol SA Droits d'attribut ,755 Index options EUR Euro Stoxx 50 EUR (Price) Index PUT 02/14 EUX EUR Euro Stoxx 50 EUR (Price) Index PUT 03/14 EUX EUR Euro Stoxx 50 EUR (Price) Index PUT 04/14 EUX EUR Euro Stoxx 50 EUR (Price) Index PUT 06/14 EUX EUR Euro Stoxx 50 EUR (Price) Index PUT 01/15 EUX EUR Euro Stoxx 50 EUR (Price) Index PUT 05/14 EUX EUR Euro Stoxx 50 EUR (Price) Index PUT 07/14 EUX EUR Euro Stoxx 50 EUR (Price) Index PUT 08/14 EUX EUR Euro Stoxx 50 EUR (Price) Index PUT 09/14 EUX EUR Euro Stoxx 50 EUR (Price) Index PUT 09/14 EUX EUR Euro Stoxx 50 EUR (Price) Index PUT 10/14 EUX EUR Euro Stoxx 50 EUR (Price) Index PUT 11/14 EUX EUR Euro Stoxx 50 EUR (Price) Index PUT 11/14 EUX EUR Euro Stoxx 50 EUR (Price) Index PUT 12/14 EUX EUR Euro Stoxx 50 EUR (Price) Index PUT 12/14 EUX

45 EURO CORPORATE BOND Statement of net assets (in EUR) as at 31st December 2014 Assets Securities portfolio at market value 31,496, Cash at banks 3,006, Other liquid assets 167, Receivable on issues of shares 6, Income receivable on portfolio 315, Other receivables 10, Prepaid expenses Total assets 35,003, Liabilities Payable on redemptions of shares 11, Expenses payable 47, Total liabilities 59, Net assets at the end of the year 34,943, Number of Institutional A-Shares outstanding 22, Net asset value per Institutional A-Share 1, Number of Retail A-Shares outstanding 24, Net asset value per Retail A-Share The accompanying notes are an integral part of these financial statements. 43

46 EURO CORPORATE BOND Statement of operations and other changes in net assets (in EUR) from 1st January 2014 to 31st December 2014 Income Dividends, net 18, Interest on bonds and other debt securities, net 606, Total income 624, Expenses Management fees 131, Custodian fees 11, Banking charges and other fees 7, Transaction fees 16, Central administration costs 51, Professional fees 8, Other administration costs 26, Subscription duty ("taxe d'abonnement") 2, Interest paid on bank overdrafts 2, Other expenses 9, Total expenses 267, Net investment income 356, Net realised gain/(loss) - on securities portfolio 1,124, on option contracts -40, on futures contracts -530, on foreign exchange 3, Realised result 913, Net variation of the unrealised gain/(loss) - on securities portfolio 447, on futures contracts -99, Result of operations 1,261, Dividends paid - Subscriptions 30,421, Redemptions -14,106, Total changes in net assets 17,576, Total net assets at the beginning of the year 17,367, Total net assets at the end of the year 34,943, The accompanying notes are an integral part of these financial statements. 44

47 EURO CORPORATE BOND Statistical information (in EUR) as at 31st December 2014 Total net assets - as at ,943, as at ,367, as at ,531, Number of Institutional A-Shares - outstanding at the beginning of the year 12, issued 20, redeemed -9, outstanding at the end of the year 22, Net asset value per Institutional A-Share - as at , as at , as at , Number of Retail A-Shares - outstanding at the beginning of the year 5, issued 20, redeemed -1, outstanding at the end of the year 24, Net asset value per Retail A-Share - as at as at as at The accompanying notes are an integral part of these financial statements. 45

48 EURO CORPORATE BOND Statement of investments and other net assets (in EUR) as at 31st December 2014 Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Bonds EUR 100,000 2i Rete Gas SpA 1.125% EMTN Reg S Sen 14/ , , EUR 250,000 A2A SpA 3.625% EMTN Sen 13/ , , EUR 100,000 A2A SpA 4.375% EMTN 13/ , , EUR 200,000 Abbey Natl T Serv Plc FRN EMTN Reg S Sen 14/ , , EUR 100,000 Abertis Infraestructuras SA 2.25% Sen 14/ , , EUR 100,000 Abertis Infraestructuras SA 3.75% Sen 13/ , , EUR 100,000 Accor SA 2.625% Sen 14/ , , EUR 100,000 Achmea BV 2.5% EMTN Sen 13/ , , EUR 200,000 Akzo Nobel NV 1.75% EMTN Reg S Sen 14/ , , EUR 200,000 Albemarle Corp 1.875% Reg S Sen 14/ , , EUR 100,000 Allianz Finance II BV VAR EMTN 11/ , , EUR 500,000 ANZ Banking Group Ltd FRN EMTN Reg S 14/ , , EUR 100,000 Areva 3.125% EMTN 14/ , , EUR 100,000 Arkema VAR 14/29.10.Perpetual 99, , EUR 100,000 Assicurazioni Generali SpA 4.125% EMTN Sen Sub 99, , / EUR 150,000 AT&T Inc 2.4% 14/ , , EUR 400,000 AT&T Inc FRN Sen 14/ , , EUR 100,000 Aviva Plc VAR Sub 14/ , , EUR 100,000 Axa SA VAR EMTN Reg S Sub 14/08.10.Perpetual 99, , EUR 300,000 Banca Popolare di Milano 4% EMTN Sen 13/ , , EUR 400,000 Banca Popolare di Vicenza SCRL 3.5% EMTN Sen 14/ , , EUR 200,000 Banco Bilbao Vizcaya Argent SA VAR Reg S 200, , /19.05.Perpetual EUR 400,000 Banco Pop Societa Cooperativa 3.75% EMTN Sen 13/ , , EUR 200,000 Banco Santander SA VAR Sub 14/12.03.Perpetual 200, , EUR 200,000 Bank of America Corp FRN EMTN Reg S Sen 14/ , , EUR 200,000 Barclays Bank Plc 1.5% EMTN Sen 14/ , , EUR 200,000 BBVA Subordinated Capital SA VAR Reg S Sub 14/ , , EUR 200,000 Beni Stabili SpA 4.125% Sen 14/ , , EUR 200,000 BG Energy Capital Plc 1.25% EMTN Reg S Sen 14/ , , EUR 100,000 BNP Paribas SA FRN EMTN 14/ , , EUR 200,000 BNP Paribas SA VAR EMTN Reg S Sub 14/ , , EUR 150,000 BP Capital Markets Plc 1.526% EMTN 14/ , , EUR 200,000 BP Capital Markets Plc 2.972% EMTN Sen 14/ , , EUR 200,000 Carrefour Banque FRN Sen 14/ , , EUR 200,000 Casino Guichard Perrachon 2.798% EMTN 14/ , , EUR 100,000 Casino Guichard Perrachon 3.248% EMTN 14/ , , EUR 250,000 Citigroup Inc 1.375% EMTN Reg S Sen 14/ , , EUR 200,000 Citigroup Inc 2.125% EMTN Sen 14/ , , EUR 300,000 Citigroup Inc FRN EMTN Sen 14/ , , EUR 200,000 Cloverie Plc 1.75% EMTN Sen 14/ , , EUR 150,000 CNH Industrial Fin Europe SA 2.875% EMTN Reg S 148, , / EUR 200,000 CS AG London FRN EMTN Sen 14/ , , EUR 200,000 CS AG London FRN EMTN Sen 14/ , , EUR 100,000 Deutsche Annington Finance BV 3.625% Reg S Sen 99, , / EUR 100,000 Deutsche Bahn Finance BV FRN EMTN 14/ , , EUR 200,000 Deutsche Bank AG FRN EMTN Sen 14/ , , EUR 200,000 EDP Finance BV 2.625% EMTN Sen 14/ , , EUR 200,000 Electricité de France VAR EMTN Sub 13/29.01.Perpetual 201, , EUR 100,000 Emirates Telecommmunicat Corp 1.75% EMTN Sen 99, , / EUR 100,000 Enagas Financiaciones SAU 2.5% EMTN Sen 14/ , , EUR 100,000 ENEL SpA VAR Reg S Sub 14/ , , EUR 100,000 ENEL SpA VAR Sub Sen 13/ , , EUR 200,000 ENI SpA 2.625% EMTN 13/ , , EUR 200,000 Ferrovial Emisiones SA 3.375% EMTN 13/ , , The accompanying notes are an integral part of these financial statements. 46

49 EURO CORPORATE BOND Statement of investments and other net assets (in EUR) (continued) as at 31st December 2014 Currency Number / nominal value Description Cost Market value % of total net assets EUR 200,000 Fiat Chrysler Fin Europe SA 4.75% EMTN Sen 14/ , , EUR 200,000 Finmeccanica Finance SA 4.5% EMTN Sen 13/ , , EUR 100,000 Galp Energia SGPS SA 3% EMTN Sen 14/ , , EUR 100,000 Gas Natural Fenosa Fin BV VAR Reg S Sub 14/18.11.Perpetual 100, , EUR 300,000 General Motors Fin Intl BV 1.875% EMTN Reg S Sen 303, , / EUR 400,000 Generali Finance BV VAR EMTN Reg S 14/21.11.Perpetual 400, , EUR 100,000 Glencore Finance SA 1.165% EMTN Sen 14/ , , EUR 150,000 Goldman Sachs Group Inc 2.125% EMTN Reg S Sen 150, , / EUR 100,000 Goldman Sachs Group Inc 2.5% EMTN Sen 14/ , , EUR 150,000 Goldman Sachs Group Inc 2.875% EMTN Reg S Sen 148, , / EUR 400,000 Goldman Sachs Group Inc FRN EMTN Sen 14/ , , EUR 200,000 Grand City Properties SA 2% Reg S 14/ , , EUR 200,000 Hera SpA 3.25% EMTN Reg S Sen 13/ , , EUR 200,000 HSBC Holdings Plc VAR 14/16.03.Perpetual 200, , EUR 250,000 Hutchison Whampoa Intl % Sen 14/ , , EUR 100,000 Iberdrola Intl BV 3% EMTN Sen 13/ , , EUR 100,000 Iberdrola Intl BV VAR EMTN Sen Sub 13/27.02.Perpetual 99, , EUR 300,000 ICCREA Banca SpA 1.875% EMTN Sen 14/ , , EUR 100,000 Imerys SA 2% EMTN Sen 14/ , , EUR 150,000 Intesa Sanpaolo SpA 2% EMTN Sen 14/ , , EUR 400,000 Intesa Sanpaolo SpA 3.928% EMTN Sen 14/ , , EUR 300,000 Intesa Sanpaolo SpA 4% EMTN Reg S Sen 13/ , , EUR 200,000 Intesa Sanpaolo SpA 5% EMTN 09/ , , EUR 300,000 Intesa Sanpaolo SpA FRN EMTN Sen 14/ , , EUR 100,000 Intesa Sanpaolo Vita SpA VAR Sub 14/17.12.Perpetual 100, , EUR 100,000 Iren SpA 3% Reg S Sen 14/ , , EUR 300,000 JPMorgan Chase & Co 1.375% EMTN Sen 14/ , , EUR 200,000 Klepierre 1.75% EMTN Sen 14/ , , EUR 100,000 Lloyds Bank Plc 1% EMTN Sen 14/ , , EUR 200,000 Lloyds Bank Plc FRN EMTN Sen 14/ , , EUR 250,000 Mediobanca S.p.A. 2.25% EMTN Sen 14/ , , EUR 450,000 Mediobanca SpA 0.875% EMTN Sen 14/ , , EUR 300,000 Mediobanca SpA 5% Lower Tier 2 Sub 10/ , , EUR 300,000 Merck KGaA VAR Reg S Sub 14/ , , EUR 200,000 Morgan Stanley 1.875% Sen 14/ , , EUR 100,000 Morgan Stanley 5.375% EMTN 10/ , , EUR 650,000 Morgan Stanley FRN Sen 14/ , , EUR 400,000 Natl Australia Bank Ltd VAR EMTN Sub 14/ , , EUR 100,000 Nomura Europe Finance NV 1.5% EMTN Sen 14/ , , EUR 100,000 Orange 3.125% EMTN Sen 14/ , , EUR 100,000 Orange VAR Sub Sen 14/07.02.Perpetual 99, , EUR 100,000 Pernod-Ricard 2.125% Sen 14/ , , EUR 150,000 Petroleos Mexicanos 3.75% Reg S Sen 14/ , , EUR 300,000 Pirelli International Plc 1.75% EMTN Sen 14/ , , EUR 200,000 Poste Vita SpA 2.875% Sub 14/ , , EUR 100,000 ProLogis LP 1.375% Sen 14/ , , EUR 100,000 ProLogis LP 3.375% Sen 14/ , , EUR 100,000 Rallye SA 4% EMTN 14/ , , EUR 200,000 RCI Banque FRN EMTN Sen 14/ , , EUR 100,000 Red Electrica Financiacion SAU 2.125% EMTN Sen 99, , / EUR 100,000 Rentokil Initial Plc 3.25% EMTN Sen 13/ , , EUR 200,000 Repsol Intl Finance BV 3.625% EMTN Sen 13/ , , EUR 150,000 RWE Finance BV 3% EMTN Sen 13/ , , EUR 100,000 Sanofi SA FRN EMTN Reg S Sen 14/ , , EUR 150,000 SAP SE FRN EMTN 14/ , , EUR 200,000 Sky Plc 1.5% EMTN Sen 14/ , , EUR 100,000 Snam SpA 1.5% EMTN Sen 14/ , , EUR 200,000 Société Foncière Lyonnaise SA 1.875% Sen 14/ , , EUR 400,000 Standard Chartered Plc 1.625% EMTN Sen 14/ , , EUR 300,000 Standard Chartered Plc 3.125% EMTN Reg S 14/ , , The accompanying notes are an integral part of these financial statements. 47

50 EURO CORPORATE BOND Statement of investments and other net assets (in EUR) (continued) as at 31st December 2014 Currency Number / nominal value Description Cost Market value % of total net assets EUR 100,000 Standard Chartered Plc VAR Reg S Ser / , , EUR 200,000 Ste Autoroute Paris-Rhin-Rhone 1.125% EMTN Sen 199, , / EUR 100,000 Talanx AG 2.5% Reg S Sen 14/ , , EUR 100,000 Telefonica Emisiones SA 2.242% EMTN Sen 14/ , , EUR 100,000 Telefonica Europe BV VAR 14/31.03.Perpetual 100, , EUR 100,000 Telefonica Europe BV VAR Reg S 14/04.12.Perpetual 100, , EUR 200,000 Telekom Finanzmanagement GmbH 3.125% EMTN Sen 199, , / EUR 100,000 Tesco Corp Treasury Serv plc 2.5% EMTN Reg S Sen 99, , / EUR 100,000 Total Capital International SA FRN EMTN Reg S 14/ , , EUR 200,000 UBS AG London FRN EMTN 14/ , , EUR 150,000 Unicredit SpA 3.25% EMTN Sen 14/ , , EUR 200,000 Unicredit SpA FRN EMTN Sen 13/ , , EUR 250,000 Unicredit SpA FRN EMTN Sen 14/ , , EUR 100,000 Unicredit SpA VAR EMTN Reg S Sub 13/ , , EUR 400,000 Unicredit SpA VAR Sub 14/10.03.Perpetual 394, , EUR 200,000 Unione Banche Italiane ScpA 2.75% EMTN Reg S 13/ , , EUR 350,000 Unione di Banche Italiane ScpA 2.875% EMTN Reg S 350, , / EUR 300,000 Verizon Communications Inc 1.625% Sen 14/ , , EUR 200,000 Vodafone Group Plc 1% EMTN 14/ , , EUR 100,000 Volkswagen Intl Finance NV VAR 14/24.03.Perpetual 98, , EUR 250,000 Volvo Treasury AB FRN EMTN Sen 14/ , , EUR 100,000 Volvo Treasury AB VAR 14/ , , EUR 300,000 Wells Fargo & Co 1.125% EMTN Sen 14/ , , EUR 200,000 Wells Fargo & Co 2.625% EMTN Reg s Sen 12/ , , EUR 200,000 Wells Fargo & Co FRN EMTN Reg S Sen 14/ , , Total bonds 26,693, ,675, Transferable securities dealt in on another regulated market Bonds EUR 100,000 Amplifon SpA 4.875% Sen 13/ , , EUR 100,000 Astaldi SpA 7.125% Reg S Sen 13/ , , EUR 100,000 Discovery Communications LLC 2.375% Sen 14/ , , EUR 200,000 Piaggio & C. SpA 4.625% EMTN 14/ , , EUR 100,000 Repsol Intl Finance BV 2.625% EMTN Sen 13/ , , EUR 200,000 Shell Intl Finance BV 1.625% EMTN 14/ , , EUR 100,000 Union Fenosa Finance BV 3.875% EMTN Sen 13/ , , , , USD 100,000 Intesa Sanpaolo Spa 3.625% Ser 144A 10/ , , Total bonds 977, ,035, Money market instruments EUR 500,000 Italia 0% BOT 14/ , , Total money market instruments 498, , Open-ended investment funds Tracker funds (UCITS) EUR 5,000 db x-trackers II itraxx Europe Short Daily UCITS ETF 1C Cap 489, , EUR 14,000 ishares III Plc Core EUR Corporate Bond UCITS ETF Dist 1,791, ,799, Total tracker funds (UCITS) 2,280, ,286, Total investments in securities 30,450, ,496, The accompanying notes are an integral part of these financial statements. 48

51 EURO CORPORATE BOND Statement of investments and other net assets (in EUR) (continued) as at 31st December 2014 Currency Number / nominal value Description Cost Market value % of total net assets Cash at banks 3,006, Other net assets/(liabilities) 440, Total 34,943, The accompanying notes are an integral part of these financial statements. 49

52 EURO CORPORATE BOND Industrial and geographical classification of investments as at 31st December 2014 Industrial classification (in percentage of net assets) Banks % Diversified financial services % Investment funds 7.13 % Utilities 4.23 % Telecommunication services 3.99 % Insurance 3.02 % Real estate 2.37 % Transportation 1.88 % Materials 1.75 % Energy 1.66 % Automobiles and components 1.46 % Countries and governments 1.43 % Pharmaceuticals and biotechnology 1.16 % Food retailing, drugstores and pharmacies 0.92 % Media 0.89 % Special Purpose Vehicle (SPV) 0.72 % Software and services 0.43 % Commercial services and supplies 0.32 % Health care equipment and services 0.31 % Hotels, restaurants and leisure 0.30 % Food, beverage and tobacco 0.30 % Retailing 0.30 % Capital goods 0.29 % Total % 50

53 EURO CORPORATE BOND Industrial and geographical classification of investments (continued) as at 31st December 2014 Geographical classification (by domicile of the issuer) (in percentage of net assets) Italy % United States of America % United Kingdom % The Netherlands 8.97 % France 8.61 % Ireland 5.75 % Spain 3.97 % Luxembourg 3.92 % Australia 2.56 % Germany 2.19 % Sweden 1.01 % Cayman Islands 0.72 % Austria 0.65 % Mexico 0.46 % United Arab Emirates 0.29 % Portugal 0.28 % Total % 51

54 EURO CORPORATE BOND Statement of changes in investments (unaudited) from 1st January 2014 to 31st December 2014 Currency Description Purchases Sales Other Bonds EUR 2i Rete Gas SpA 1.125% EMTN Reg S Sen 100, / EUR A2A SpA 4.375% EMTN 13/ ,000 0 EUR Abbey Natl T Serv Plc FRN EMTN Reg S Sen 200, / EUR Abengoa Finance SAU 8.875% EMTN Reg S Sen 0 150, / EUR Abengoa Greenfield SA 5.5% Reg S Sen 100, , / EUR Abertis Infraestructuras SA 2.25% Sen 14/ , EUR Abertis Infraestructuras SA 3.75% Sen 13/ ,000 0 EUR Accor SA 2.625% Sen 14/ , EUR Achmea BV 2.5% EMTN Sen 13/ ,000 0 EUR Adecco Intl Financial Serv BV VAR EMTN Sen 0 100, / EUR Akzo Nobel NV 1.75% EMTN Reg S Sen 200, / EUR Albemarle Corp 1.875% Reg S Sen 14/ , EUR Allianz Finance II BV VAR EMTN 11/ ,000 0 EUR Amplifon SpA 4.875% Sen 13/ ,000 0 EUR Anglo American Capital Plc 3.25% EMTN Reg S Sen 200, , / EUR ANZ Banking Group Ltd FRN EMTN Reg S 500, / EUR Aquarius + Inv Zurich VAR EMTN 13/ ,000 0 EUR ArcelorMittal SA 3% EMTN Reg S Sen 14/ , ,000 0 EUR Areva 3.125% EMTN 14/ , ,000 0 EUR Areva 3.25% EMTN Sen 13/ ,000 0 EUR Arkema VAR 14/29.10.Perpetual 100, EUR Assicurazioni Generali SpA 4.125% EMTN Sen Sub 100, / EUR Assicurazioni Generali SpA VAR EMTN 12/ ,000 0 EUR Astaldi SpA 7.125% Reg S Sen 13/ , ,000 0 EUR AT&T Inc 2.4% 14/ , EUR AT&T Inc FRN Sen 14/ , EUR Aviva Plc VAR Sub 14/ , EUR Axa SA VAR EMTN Reg S Sub 14/08.10.Perpetual 100, EUR Banca Popolare di Milano 4% EMTN Sen 200, / EUR Banca Popolare di Vicenza SCRL 3.5% EMTN Sen 400, / EUR Banco Bilbao Vizcaya Argent SA VAR Reg S 200, /19.05.Perpetual EUR Banco Pop Societa Cooperativa 3.5% EMTN Sen 200, , / EUR Banco Pop Societa Cooperativa 3.75% EMTN Sen 300, , / EUR Banco Santander SA VAR Sub 14/12.03.Perpetual 200, EUR Bank of America Corp FRN EMTN Reg S Sen 200, / EUR Barclays Bank Plc 1.5% EMTN Sen 14/ , EUR BBVA Senior Finance SA 2.375% EMTN Sen 400, , / EUR BBVA Senior Finance SA 3.875% EMTN 0 200, / EUR BBVA Subordinated Capital SA VAR Reg S Sub 200, / EUR Beni Stabili SpA 4.125% Sen 14/ , EUR BG Energy Capital Plc 1.25% EMTN Reg S Sen 200, / EUR BNP Paribas SA FRN EMTN 14/ , EUR BNP Paribas SA VAR EMTN Reg S Sub 14/ ,

55 EURO CORPORATE BOND Statement of changes in investments (continued) (unaudited) from 1st January 2014 to 31st December 2014 Currency Description Purchases Sales Other EUR BP Capital Markets Plc 1.526% EMTN 14/ , EUR BP Capital Markets Plc 2.972% EMTN Sen 200, / EUR Carlsberg Breweries A/S 2.5% EMTN Reg S Sen 150, , / EUR Carrefour Banque FRN Sen 14/ , EUR Casino Guichard Perrachon 2.798% EMTN 200, / EUR Casino Guichard Perrachon 3.248% EMTN 100, / EUR Citigroup Inc 1.375% EMTN Reg S Sen 14/ , EUR Citigroup Inc 2.125% EMTN Sen 14/ , EUR Citigroup Inc FRN EMTN Sen 14/ , EUR Cloverie Plc 1.75% EMTN Sen 14/ , EUR CNH Industrial Fin Europe SA 2.875% EMTN Reg S 150, / EUR Credit Agricole SA 3.9% EMTN Sub 10/ , ,000 0 EUR CS AG London FRN EMTN Sen 14/ , EUR CS AG London FRN EMTN Sen 14/ , EUR Danske Bank A/S VAR Sub 06.10/Perpetual 100, ,000 0 EUR Deutsche Bahn Finance BV FRN EMTN 14/ , ,000 0 EUR Deutsche Bank AG FRN EMTN 14/ , ,000 EUR Deutsche Bank AG FRN EMTN Sen 14/ ,000 EUR Discovery Communications LLC 2.375% Sen 100, / EUR Dong Energy A/S VAR Sub 05/ ,793 0 EUR EDP Finance BV 2.625% EMTN Sen 14/ , EUR EDP Finance BV 4.125% EMTN Sen 13/ ,000 0 EUR EI Towers 3.875% Sen 13/ ,000 0 EUR Electricité de France VAR EMTN Sub 0 100, /29.01.Perpetual EUR Elenia Finance Oyj 2.875% EMTN Reg S Sen 0 150, / EUR Emirates Telecommmunicat Corp 1.75% EMTN Sen 100, / EUR Enagas Financiaciones SAU 2.5% EMTN Sen 100, / EUR ENEL SpA VAR Reg S Sub 14/ , ,000 0 EUR ENEL SpA VAR Sub Sen 13/ ,000 0 EUR Esercizi Aeroportuali SpA 3.125% Sen 14/ , ,000 0 EUR Ferrovie dello Stato FS SPA 4% EMTN Sen 0 250, / EUR FGA Capital Ireland Plc 2% EMTN Sen 14/ , ,000 0 EUR Fiat Chrysler Fin Europe SA 4.75% EMTN Sen ,000 14/ EUR Fiat Chrysler Fin Europe SA 4.75% EMTN Ser 200, , JP 14/ EUR Fiat Chrysler Fin Europe SA 6.75% EMTN Sen 0 250, / EUR Fiat Industrial Fin Europe SA 2.75% EMTN 100, , / EUR Fincantieri SpA 3.75% Sen 13/ ,000 0 EUR Galp Energia SGPS SA 3% EMTN Sen 14/ , ,000 0 EUR Gas Natural Fenosa Fin BV 3.5% EMTN Sen 0 100, / EUR Gas Natural Fenosa Fin BV VAR Reg S Sub 100, /18.11.Perpetual EUR Gaz Capital SA 4.364% EMTN LPN Gazprom OAO 0 250,000 0 Sen 13/ EUR GDF Suez SA VAR Ser NC10 14/02.06.Perpetual 100, ,000 0 EUR General Motors Fin Intl BV 1.875% EMTN Reg S 300, Sen 14/ EUR Generali Finance BV VAR EMTN Reg S 400, /21.11.Perpetual EUR Glencore Finance SA 1.165% EMTN Sen 14/ ,

56 EURO CORPORATE BOND Statement of changes in investments (continued) (unaudited) from 1st January 2014 to 31st December 2014 Currency Description Purchases Sales Other EUR Goldman Sachs Group Inc 2.125% EMTN Reg S 150, Sen 14/ EUR Goldman Sachs Group Inc 2.5% EMTN Sen 250, , / EUR Goldman Sachs Group Inc 2.875% EMTN Reg S 150, Sen 14/ EUR Goldman Sachs Group Inc FRN EMTN Sen 400, / EUR GPB Eurobond Finance Plc 3.984% LPN Reg S Sen 0 200, / EUR Grand City Properties SA 2% Reg S 14/ , EUR GTECH SpA VAR Reg S Sen 10/ ,000 0 EUR HSBC Holdings Plc VAR 14/16.03.Perpetual 200, EUR Hutchison Whampoa Intl % Sen 250, / EUR Iberdrola Intl BV 3.5% EMTN 13/ ,000 0 EUR Iberdrola Intl BV VAR EMTN Sen Sub 0 100, /27.02.Perpetual EUR ICCREA Banca SpA 1.875% EMTN Sen 300, / EUR Imerys SA 2% EMTN Sen 14/ , EUR Imperial Tobacco Finance Plc 3.375% EMTN Sen 100, , / EUR ING Bank NV VAR EMTN Sub 14/ , ,000 0 EUR Intesa Sanp Bk Ireland Plc FRN EMTN Reg S 0 600, / EUR Intesa Sanpaolo SpA 2% EMTN Sen 14/ , EUR Intesa Sanpaolo SpA 3% EMTN Sen 13/ ,000 0 EUR Intesa Sanpaolo SpA 3.928% EMTN Sen 400, / EUR Intesa Sanpaolo SpA 4% EMTN Reg S Sen 100, / EUR Intesa Sanpaolo SpA 5% EMTN 09/ , ,000 0 EUR Intesa Sanpaolo SpA FRN EMTN Sen 14/ , EUR Intesa Sanpaolo Vita SpA VAR Sub 100, /17.12.Perpetual EUR Iren SpA 3% Reg S Sen 14/ , EUR Italcementi Finance 6.125% EMTN Sen 13/ ,000 0 EUR John Deere Bank SA FRN EMTN Sen 14/ , ,000 0 EUR JPMorgan Chase & Co 1.375% EMTN Sen 300, / EUR JPMorgan Chase & Co FRN EMTN 14/ , ,000 0 EUR JPMorgan Chase & Co FRN EMTN Reg-S Ser , , / EUR Klepierre 1.75% EMTN Sen 14/ , EUR Leeds Building Society 2.625% EMTN Sen 400, , / EUR Lloyds Bank Plc 1% EMTN Sen 14/ , EUR Lloyds Bank Plc FRN EMTN Sen 14/ , EUR Madrilena Red de Gas Fin BV 3.779% EMTN Sen 0 100, / EUR Mediobanca S.p.A. 2.25% EMTN Sen 14/ , EUR Mediobanca SpA 0.875% EMTN Sen 14/ , EUR Mediobanca SpA 5% Lower Tier 2 Sub 10/ , EUR Merck KGaA VAR Reg S Sub 14/ , EUR Morgan Stanley 1.875% Sen 14/ , EUR Morgan Stanley 5.375% EMTN 10/ ,000 0 EUR Morgan Stanley FRN Sen 14/ , EUR Natl Australia Bank Ltd VAR EMTN Sub 14/ , ,000 0 EUR Nomura Europe Finance NV 1.5% EMTN Sen 100, / EUR Orange VAR Sub Sen 14/07.02.Perpetual 100, EUR Origin Energy Finance Ltd 3.5% Reg S 144A Sen 0 200, / EUR Pernod-Ricard 2% Sen 14/ , ,000 0 EUR Pernod-Ricard 2.125% Sen 14/ , EUR Petrobras Global Finance BV 3.75% 14/ , ,

57 EURO CORPORATE BOND Statement of changes in investments (continued) (unaudited) from 1st January 2014 to 31st December 2014 Currency Description Purchases Sales Other EUR Petroleos Mexicanos 3.125% Reg S 13/ , ,000 0 EUR Petroleos Mexicanos 3.75% Reg S Sen 14/ , EUR Petroleos Mexicanos 5.5% 05/ ,000 0 EUR Peugeot SA 7.375% EMTN 13/ ,000 0 EUR Piaggio & C. SpA 4.625% EMTN 14/ , EUR Pirelli International Plc 1.75% EMTN Sen 300, / EUR Pohjola Bank Plc FRN EMTN 14/ , ,000 0 EUR Poste Italiane SpA 3.25% EMTN Sen 13/ ,000 0 EUR Poste Vita SpA 2.875% Sub 14/ , ,000 0 EUR ProLogis LP 1.375% Sen 14/ , EUR ProLogis LP 3.375% Sen 14/ , EUR Rallye SA 4% EMTN 14/ , EUR RCI Banque FRN EMTN Sen 14/ , EUR Red Electrica Financiacion SAU 2.125% EMTN Sen 100, / EUR Red Electrica Financiacion SAU 2.375% Sen 0 200, / EUR Renault SA 3.125% EMTN Sen 14/ , ,000 0 EUR Repsol Intl Finance BV 2.625% EMTN Sen 0 300, / EUR Royal Bank of Scotland Gr Plc 1.625% EMTN Sen 150, , / EUR RWE AG VAR Sen 10/28.09.Perpetual 0 200,000 0 EUR RWE Finance BV 3% EMTN Sen 13/ ,000 EUR RWE Finance BV 3% EMTN Ser FEB Tr 2 150, ,000 14/ EUR Sanofi SA FRN EMTN Reg S Sen 14/ , EUR Santander Intl Debt SA 4% EMTN Sen 13/ ,000 0 EUR SAP SE FRN EMTN 14/ , EUR Shell Intl Finance BV 1.625% EMTN 14/ , EUR SIAS SpA 3.375% EMTN 14/ , ,000 0 EUR Sinopec Gr Ov Dev (2013) Ltd 2.625% Reg S Sen 0 100, / EUR Sky Plc 1.5% EMTN Sen 14/ , EUR Snam SpA 1.5% EMTN Sen 14/ , EUR Snam SpA 3.375% EMTN 13/ ,000 0 EUR Snam SpA 3.5% EMTN 12/ ,000 0 EUR Société Foncière Lyonnaise SA 1.875% Sen 200, / EUR Standard Chartered Plc 1.625% EMTN Sen 400, / EUR Standard Chartered Plc 3.125% EMTN Reg S 300, / EUR Standard Chartered Plc VAR Reg S Ser , , / EUR Ste Autoroute Paris-Rhin-Rhone 1.125% EMTN Sen 200, / EUR Suez Environnement Co VAR Perpetual 0 300,000 0 EUR Talanx AG 2.5% Reg S Sen 14/ , EUR Telecom Italia SpA 4.875% EMTN 13/ ,000 0 EUR Telecom Italia SpA 7% EMTN Sen 11/ ,000 0 EUR Telefonica Emisiones SA 2.242% EMTN Sen 100, / EUR Telefonica Emisiones SA 2.736% EMTN Sen 0 300, / EUR Telefonica Europe BV VAR 14/31.03.Perpetual 100, EUR Telefonica Europe BV VAR Reg S 100, /04.12.Perpetual EUR Telefonica Europe BV VAR Sub 13/18.09.Perpet 0 100,000 0 EUR Tesco Corp Treasury Serv plc 2.5% EMTN Reg S 100, Sen 14/ EUR Total Capital International SA FRN EMTN Reg S 100, / EUR UBS AG London FRN EMTN 14/ , ,000 0 EUR UBS AG VAR Tier 2 Sub 14/ , ,000 0 EUR Unicredit SpA 1.5% EMTN Sen 14/ , ,

58 EURO CORPORATE BOND Statement of changes in investments (continued) (unaudited) from 1st January 2014 to 31st December 2014 Currency Description Purchases Sales Other EUR Unicredit SpA 2.25% EMTN Sen 13/ ,000 0 EUR Unicredit SpA 3.25% EMTN Sen 14/ , EUR Unicredit SpA 3.625% EMTN Reg S Sen 0 700, / EUR Unicredit SpA FRN EMTN Sen 13/ ,000 0 EUR Unicredit SpA FRN EMTN Sen 14/ , EUR Unicredit SpA VAR EMTN Reg S Sub 13/ , ,000 0 EUR Unicredit SpA VAR Sub 14/10.03.Perpetual 400, EUR Union Fenosa Finance BV 3.875% EMTN Sen 0 100, / EUR Unione di Banche Italiane ScpA 2.875% EMTN Reg 350, S 14/ EUR Verizon Communications Inc 1.625% Sen 300, / EUR Verizon Communications Inc 2.375% EMTN Sen 100, , / EUR Vinci SA VAR Sub 06/13.11.Perpetual 0 100,000 0 EUR Vodafone Group Plc 1% EMTN 14/ , EUR Volkswagen Intl Finance NV VAR 100, /24.03.Perpetual EUR Volkswagen Leasing GmbH 2.125% EMTN Reg S 200, ,000 0 Sen 14/ EUR Volvo Treasury AB FRN EMTN Sen 14/ , EUR Volvo Treasury AB VAR 14/ , EUR Wells Fargo & Co 1.125% EMTN Sen 14/ , EUR Wells Fargo & Co 2.625% EMTN Reg s Sen 0 100, / EUR Wells Fargo & Co FRN EMTN Reg S Sen 400, , / EUR Westpac Securities NZ Ltd FRN EMTN 14/ , ,000 0 EUR Wind Acquisition Finance SA FRN Reg S 0 100, / EUR Xstrata Fin Dubai Ltd VAR EMTN Ser 7 12/ ,000 0 USD Intesa Sanpaolo Spa 3.625% Ser 144A 10/ , Money market instruments EUR Italia 0% BOT 14/ ,400, ,000 0 Options on futures EUR BUND GOVT BOND 10 Y - EURO PUT 01/15 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 01/15 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 10/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 11/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 11/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 12/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 12/14 EUX Tracker funds (UCITS) EUR db x-trackers II itraxx Europe Short Daily UCITS 6,000 1,000 0 ETF 1C Cap EUR db x-trackers II itraxx Europe Ucits ETF 1C Cap 1,000 1,000 0 EUR ishares III Plc Core EUR Corporate Bond UCITS ETF Dist 42,500 28,

59 EQUITY USA Statement of net assets (in USD) as at 31st December 2014 Assets Securities portfolio at market value 9,764, Cash at banks 1,314, Other liquid assets 280, Receivable on issues of shares Income receivable on portfolio 8, Prepaid expenses Total assets 11,369, Liabilities Expenses payable 34, Total liabilities 34, Net assets at the end of the year 11,334, Number of Retail A-Shares outstanding 134, Net asset value per Retail A-Share The accompanying notes are an integral part of these financial statements. 57

60 EQUITY USA Statement of operations and other changes in net assets (in USD) from 1st January 2014 to 31st December 2014 Income Dividends, net 135, Total income 135, Expenses Management fees 211, Custodian fees 5, Banking charges and other fees 11, Transaction fees 59, Central administration costs 59, Professional fees 5, Other administration costs 15, Subscription duty ("taxe d'abonnement") 5, Interest paid on bank overdrafts 1, Other expenses 6, Total expenses 381, Net investment loss -245, Net realised gain/(loss) - on securities portfolio 1,877, on futures contracts 100, on foreign exchange -30, Realised result 1,702, Net variation of the unrealised gain/(loss) - on securities portfolio -610, on futures contracts 17, Result of operations 1,109, Dividends paid - Subscriptions 517, Redemptions -2,195, Total changes in net assets -568, Total net assets at the beginning of the year 11,903, Total net assets at the end of the year 11,334, The accompanying notes are an integral part of these financial statements. 58

61 EQUITY USA Statistical information (in USD) as at 31st December 2014 Total net assets - as at ,334, as at ,903, as at ,884, Number of Retail A-Shares - outstanding at the beginning of the year 155, issued 6, redeemed -27, outstanding at the end of the year 134, Net asset value per Retail A-Share - as at as at as at The accompanying notes are an integral part of these financial statements. 59

62 EQUITY USA Statement of investments and other net assets (in USD) as at 31st December 2014 Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Shares USD 3,000 AerCap Holdings NV 139, , USD 500 Amazon.com Inc 167, , USD 3,000 Apple Inc 340, , USD 3,000 AT&T Inc 104, , USD 10,000 Bank of America Corp 155, , USD 4,000 BB&T Corp 135, , USD 2,000 Boeing Co (The) 245, , USD 1,800 Borg Warner Inc 91, , USD 1,500 Bristol Myers Squibb Co 69, , USD 320 California Resources Corp When Issued 6, , USD 3,000 CBS Corp B 159, , USD 1,500 Cerner Corp 83, , USD 1,200 Check Point Software Tec Ltd 73, , USD 5,000 Ciena Corp 95, , USD 3,500 Citigroup Inc 173, , USD 1,400 Cullen Frost Bankers Inc 101, , USD 750 Cummins Inc 117, , USD 1,500 Dow Chemical Co 59, , USD 1,400 Duke Energy Corp 98, , USD 8,000 EMC Corp 225, , USD 1,500 Estée Lauder Companies Inc A 112, , USD 3,000 Exxon Mobil Corp 284, , USD 700 Fedex Corp 119, , USD 10,000 Fiat Chrysler Automobiles NV A Reg 113, , USD 5,000 Fifth Third Bancorp 108, , USD 3,000 Freeport McMoRan Inc 89, , USD 4,000 General Motors Co 130, , USD 1,000 Gilead Sciences Inc 100, , USD 50 Goldman Sachs Group Inc 8, , USD 200 Google Inc A 107, , USD 710 Google Inc C Pref 395, , USD 3,000 Halliburton Co (Hg Co) 127, , USD 7,000 Hartford Fin Serv Gr Inc (The) 254, , USD 2,500 Hertz Global Hgs Inc 71, , USD 1,000 HollyFrontier Corp Corp 43, , USD 400 Honeywell Intl Inc 33, , USD 600 IBM Corp 109, , USD 3,000 Invesco Ltd 98, , USD 2,000 Johnson & Johnson 201, , USD 4,000 JPMorgan Chase & Co 217, , USD 2,500 Juniper Networks Inc 65, , USD 7,000 KeyCorp 80, , USD 2,000 Las Vegas Sands Corp 152, , USD 3,000 Lorillard Inc 180, , USD 500 Master Card Inc A 37, , USD 1,500 Mc Donald's Corp 149, , USD 1,500 Mead Johnson Nutrition Co 151, , USD 3,000 Merck Co Inc 167, , USD 3,500 Metlife Inc 175, , USD 3,000 Microsoft Corp 141, , USD 1,000 Monster Beverage Corp 104, , USD 6,000 News Corp A 105, , USD 800 Occidental Petroleum Corp 68, , USD 1,500 Paccar Inc 100, , USD 500 Panera Bread Co A 87, , USD 5,000 Pfizer Inc 152, , USD 1,500 Philip Morris Intl Inc 132, , USD 2,800 PNC Financial Serv Group 229, , USD 350 Praxair Inc 42, , The accompanying notes are an integral part of these financial statements. 60

63 EQUITY USA Statement of investments and other net assets (in USD) (continued) as at 31st December 2014 Currency Number / nominal value Description Cost Market value % of total net assets USD 100 Priceline Group Inc (The) 121, , USD 1,000 Procter & Gamble Co 90, , USD 2,000 Prudential Financial Inc 135, , USD 1,500 Rowan Co Plc A 56, , USD 1,500 St Jude Medical Inc 102, , USD 1,500 Starbucks Corp 120, , USD 1,000 Target Corp 67, , USD 2,000 Tenneco Inc 111, , USD 1,250 United Parcel Service Inc B 138, , USD 1,500 United Technologies Corp 174, , USD 3,000 US Bancorp 108, , USD 2,000 Valero Energy Corp 95, , USD 28 Veritiv Corp , USD 2,000 Verizon Communications Inc 99, , USD 1,750 VMware Inc A 169, , USD 2,500 Wal-Mart Stores Inc 192, , Total shares 9,478, ,764, Other transferable securities Shares USD 2,000 PVP Ventures Ltd GDR spons repr 1/10 share Reg S Total shares Total investments in securities 9,478, ,764, Cash at banks 1,314, Other net assets/(liabilities) 255, Total 11,334, The accompanying notes are an integral part of these financial statements. 61

64 EQUITY USA Industrial and geographical classification of investments as at 31st December 2014 Industrial classification (in percentage of net assets) Banks % Software and services 8.00 % Technology hardware and equipment 7.32 % Pharmaceuticals and biotechnology 6.40 % Capital goods 6.10 % Insurance 5.92 % Energy 5.63 % Retailing 4.96 % Food, beverage and tobacco 4.82 % Automobiles and components 4.17 % Transportation 3.91 % Diversified financial services 3.38 % Health care equipment and services 3.09 % Hotels, restaurants and leisure 3.05 % Media 2.31 % Household and personal products 1.83 % Telecommunication services 1.73 % Materials 1.64 % Utilities 1.05 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) United States of America % The Netherlands 2.07 % Bermuda 1.06 % Israel 0.84 % United Kingdom 0.31 % Total % 62

65 EQUITY USA Statement of changes in investments (unaudited) from 1st January 2014 to 31st December 2014 Currency Description Purchases Sales Other Shares USD 3-D Systems Corp (Delaware) 6,500 6,500 0 USD Abbott Laboratories 0 2,500 0 USD Activision Blizzard Inc 5,000 5,000 0 USD Adobe Systems Inc 1,000 1,000 0 USD AerCap Holdings NV 3, USD Aetna Inc 1,000 1,500 0 USD Altera Corp 4,000 4,000 0 USD Altria Group Inc 0 2,000 0 USD Amazon.com Inc USD Amgen Inc USD Anadarko Petroleum Corp 0 1,400 0 USD Apple Inc 4,590 4,280 2,640 USD Applied Materials Inc 5,000 5,000 0 USD AT&T Inc 3,000 2,300 0 USD Bank of America Corp 10,000 8,500 0 USD Bank of New York Mellon Corp 0 2,500 0 USD Bed Bath and Beyond Inc 1,300 2,300 0 USD Berkshire Hathaway Inc 500 1,500 0 USD Biogen IDEC Inc USD Boeing Co (The) USD Broadcom Corp A 0 4,000 0 USD Cabot Oil & Gas Corp 3,000 3,000 0 USD California Resources Corp When Issued USD Capital One Fin Corp USD CareFusion Corp 0 2,500 0 USD Carnival Corp 3,000 3,000 0 USD Caterpillar Inc USD CBS Corp B 3,800 1,800 0 USD Celgene Corp 1,500 1,500 0 USD Charles Schwab Corp 5,000 5,000 0 USD Chesapeake Energy Corp 0 1,000 0 USD Chevron Corp 1,000 1,000 0 USD Chipotle Mexican Shares A USD Ciena Corp 15,000 10,000 0 USD Cisco Systems Inc 6,000 6,000 0 USD Citigroup Inc 1,500 1,000 0 USD Citrix Systems Inc 1,500 1,500 0 USD Comcast Corp A 0 1,750 0 USD ConocoPhillips 0 1,000 0 USD Constellation Brands Inc 2,000 2,000 0 USD Cooper Companies Inc (The) 1,000 1,000 0 USD Costco Wholesale Corp USD Covidien Plc 0 1,500 0 USD Cullen Frost Bankers Inc 1, USD Cummins Inc USD Davita Healthcare Partners Inc 0 1,500 0 USD Dean Foods Co 17,000 17,000 0 USD Devon Energy Corp 0 1,000 0 USD DISH Network Corp A 2,500 2,500 0 USD Dominion Resources Inc USD Du Pont de Nemours (EI) & Co 1,500 2,500 0 USD Duke Energy Corp USD E*TRADE Financial Corp 7,500 7,500 0 USD Eaton Corp Public Ltd Cie 1,500 1,500 0 USD EBay Inc USD EMC Corp 8, USD EOG Resources Inc 1,500 2,500 0 USD Estée Lauder Companies Inc A 1,500 1,750 0 USD Exxon Mobil Corp 2,750 1,750 0 USD Facebook Inc A 0 1,500 0 USD Fedex Corp 1, USD Fiat Chrysler Automobiles NV A Reg 10,

66 EQUITY USA Statement of changes in investments (continued) (unaudited) from 1st January 2014 to 31st December 2014 Currency Description Purchases Sales Other USD Fifth Third Bancorp 5,000 5,000 0 USD Freeport McMoRan Inc 4,500 3,000 0 USD Gap Inc 3,500 3,500 0 USD GasLog Ltd 3,000 3,000 0 USD General Dynamics Corp 0 1,000 0 USD General Electric Co 0 10,000 0 USD General Motors Co 2, USD Gilead Sciences Inc 5,000 4,000 0 USD Goldcorp Inc 5,000 5,000 0 USD Goldman Sachs Group Inc 1, USD Google Inc A USD Google Inc C Pref USD Gulfport Energy Corp 0 1,000 0 USD Halliburton Co (Hg Co) 6,000 4,500 0 USD Harley Davidson Inc 0 1,300 0 USD Harman Intl Industries Inc USD Hartford Fin Serv Gr Inc (The) 9,000 5,000 0 USD HCA Holdings Inc 4,000 7,000 0 USD Hertz Global Hgs Inc 2, USD Hess Corp 0 1,000 0 USD Hewlett-Packard Co 4,500 4,500 0 USD HollyFrontier Corp Corp 4,000 3,000 0 USD Home Depot Inc 0 2,500 0 USD IBM Corp USD Illinois Tool Works Inc 1,000 1,000 0 USD Intel Corp 8,000 8,000 0 USD InterMune Inc 1,500 1,500 0 USD Intl Game Technology 10,000 10,000 0 USD Intl Paper Co 0 1,500 0 USD Isis Pharmaceuticals Inc 4,000 4,000 0 USD Johnson & Johnson 2,000 1,800 0 USD Johnson Controls Inc 1,500 1,500 0 USD JPMorgan Chase & Co 1, USD Juniper Networks Inc 7,000 4,500 0 USD Kansas City Southern 1,500 1,500 0 USD Kinder Morgan Inc 2,500 2,500 0 USD KKR & Co LP 4,000 4,000 0 USD KLA-Tencor Corp 0 1,500 0 USD Kraft Foods Group Inc 0 1,000 0 USD L. Brands Inc 1,500 1,500 0 USD Las Vegas Sands Corp 2, USD Legg Mason Inc 2,000 2,000 0 USD Lincoln National Corp 0 3,000 0 USD Lorillard Inc 3, USD Lowe's Companies Inc 0 1,500 0 USD Lyondellbasell Industries NV 1,000 1,000 0 USD Marathon Oil Corp 0 2,000 0 USD Martin Marietta Materials Inc USD Master Card Inc A 2,000 1,550 0 USD Mc Donald's Corp 1,500 1,000 0 USD Mead Johnson Nutrition Co 1, USD Merck Co Inc 3,000 3,500 0 USD Metlife Inc 1, USD Microsoft Corp 6,000 4,000 0 USD Mobileye NV 3,000 3,000 0 USD Mondelez Intl Inc 3,000 5,000 0 USD Monster Beverage Corp 1,000 1,000 0 USD Morgan Stanley 4,000 4,000 0 USD Murphy Oil Corp 2,500 2,500 0 USD Murphy USA Inc USD Mylan Inc 6,500 9,000 0 USD Nasdaq OMX Gr Inc 2,000 2,000 0 USD National Oilwell Varco Inc 0 1,500 0 USD NetApp Inc 2,500 2,500 0 USD News Corp A 6,000 7,000 0 USD Nike Inc B 1,500 1,500 0 USD Noble Corp Plc 0 1,

67 EQUITY USA Statement of changes in investments (continued) (unaudited) from 1st January 2014 to 31st December 2014 Currency Description Purchases Sales Other USD Noble Energy Inc 0 1,500 0 USD NOW Inc USD Nucor Corp 0 1,000 0 USD NXP Semiconductor NV 1,500 1,500 0 USD Oracle Corp 2,500 2,500 0 USD Paccar Inc 1, USD Panera Bread Co A USD Paragon Offshore Plc USD Pfizer Inc 3, USD Pioneer Natural Resources Co USD PNC Financial Serv Group 2, USD Polo Ralph Lauren Corp A USD PPG Industries Inc USD PPL Corp 0 1,000 0 USD Priceline Group Inc (The) USD Procter & Gamble Co 3,000 3,000 0 USD Red Hat Inc 4,000 4,000 0 USD Regeneron Pharmaceuticals Inc USD Royal Caribbean Cruises Ltd 1,500 1,500 0 USD Royal Gold Inc 3,000 3,000 0 USD Salesforce.com Inc 2,000 2,000 0 USD SanDisk Corp 0 1,500 0 USD Schlumberger Ltd 1,000 3,000 0 USD Seventy Seven Energy Inc USD Shire Plc spons ADR repr 3 Shares USD St Jude Medical Inc 1, USD Starbucks Corp USD Starwood Htls & Res Wld Inc 1,000 1,000 0 USD Suntrust Banks Inc 0 2,500 0 USD Tenneco Inc 2, USD Texas Instruments Inc 0 2,000 0 USD Thermo Fisher Scientific Inc 1,000 1,000 0 USD Tibco Software Inc 0 3,000 0 USD Tiffany & Co 0 1,000 0 USD Time Inc USD Time Warner Cable Inc 1,400 1,400 0 USD Time Warner Inc 0 2,000 0 USD TripAdvisor Inc 0 1,000 0 USD tw telecom Inc A 3,000 3,000 0 USD Twitter Inc 1,500 1,500 0 USD Union Pacific Corp 0 1,200 0 USD United Health Group Inc 0 1,500 0 USD United Parcel Service Inc B 1,250 1,250 0 USD United Technologies Corp 1, USD Urban Outfitters Inc 0 2,000 0 USD Valeant Pharm Intl Inc 1,000 1,000 0 USD Valero Energy Corp 4,000 2,000 0 USD Verisign Inc 0 1,600 0 USD Veritiv Corp USD Verizon Communications Inc 6,000 4,000 0 USD Vertex Pharmaceuticals Inc 1,000 1,000 0 USD Viacom Inc B 0 1,600 0 USD Visa Inc A USD VMware Inc A 1, USD Wal-Mart Stores Inc 1, USD Walt Disney Co (The) 0 2,000 0 USD Wells Fargo & Co New 4,000 8,000 0 USD Whole Foods Market Inc 0 1,250 0 USD Wisconsin Energy Corp 2,000 2,000 0 USD Xcel Energy Inc 0 2,500 0 USD Xilinx Inc 2,500 2,500 0 USD Yahoo Inc 1,500 1,500 0 USD Zoe's Kitchen Inc 3,000 3,

68 EQUITY EMERGING MARKETS Statement of net assets (in EUR) as at 31st December 2014 Assets Securities portfolio at market value 2,446, Cash at banks 316, Other liquid assets 161, Receivable on issues of shares Income receivable on portfolio Unrealised gain on futures contracts 23, Prepaid expenses Total assets 2,949, Liabilities Expenses payable 16, Total liabilities 16, Net assets at the end of the year 2,932, Number of Retail A-Shares outstanding 62, Net asset value per Retail A-Share The accompanying notes are an integral part of these financial statements. 66

69 EQUITY EMERGING MARKETS Statement of operations and other changes in net assets (in EUR) from 1st January 2014 to 31st December 2014 Income Dividends, net 46, Interest on bank accounts 3, Total income 50, Expenses Management fees 62, Custodian fees 1, Banking charges and other fees 4, Transaction fees 13, Central administration costs 43, Professional fees 1, Other administration costs 13, Subscription duty ("taxe d'abonnement") 1, Interest paid on bank overdrafts 2, Other expenses 8, Total expenses 152, Net investment loss -102, Net realised gain/(loss) - on securities portfolio -23, on futures contracts 86, on foreign exchange 43, Realised result 4, Net variation of the unrealised gain/(loss) - on securities portfolio 131, on futures contracts -8, Result of operations 127, Dividends paid - Subscriptions 281, Redemptions -1,267, Total changes in net assets -858, Total net assets at the beginning of the year 3,790, Total net assets at the end of the year 2,932, The accompanying notes are an integral part of these financial statements. 67

70 EQUITY EMERGING MARKETS Statistical information (in EUR) as at 31st December 2014 Total net assets - as at ,932, as at ,790, as at ,037, Number of Retail A-Shares - outstanding at the beginning of the year 85, issued 6, redeemed -29, outstanding at the end of the year 62, Net asset value per Retail A-Share - as at as at as at The accompanying notes are an integral part of these financial statements. 68

71 EQUITY EMERGING MARKETS Statement of investments and other net assets (in EUR) as at 31st December 2014 Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Shares HKD 4,500 Anhui Conch Cement Co Ltd H 10, , HKD 70,000 Bank of China Ltd H 28, , HKD 13,000 China Com Construction Cie Ltd H 8, , HKD 80,000 China Construction Bank Corp H 50, , HKD 7,000 China Life Insurance Co Ltd H 25, , HKD 2,000 China Mengniu Dairy Co Ltd 7, , HKD 8,000 China Merchant Bank Co Ltd H 15, , HKD 5,600 China Mobile Ltd 45, , HKD 8,000 China Overseas Land & Inv Ltd 14, , HKD 19,500 China Petroleum & Chem Corp H 9, , HKD 4,000 China Shenhua Energy Co Ltd H 11, , HKD 25,000 China Telecom Corp Ltd H 9, , HKD 16,000 CNOOC Ltd 22, , HKD 8,000 Dongfeng Motor Group Co Ltd H 7, , HKD 90,000 Industr & Cial Bk of China Ltd H 51, , HKD 17,000 PetroChina Co Ltd H 15, , HKD 2,500 Ping An Ins Gr Co of China Ltd H 16, , HKD 510 Tack Fiori Intl Gr Ltd 10, HKD 5,000 Tencent Holdings Ltd 14, , HKD 8,000 Want Want China Holdings Ltd 8, , , , HUF 250 MOL Hungarian Oil and Gas Plc Ser A 20, , IDR 20,000 Bank Mandiri (PT) Tbk 11, , IDR 20,000 Bank Rakyat Indonesia (PT) Tbk 9, , IDR 7,000 Indocement Tunggal Prakar Tbk 9, , IDR 18,000 Indofood Sukses Makmu (PT) Tbk 7, , IDR 25,000 Perusahaan Gas Negara (PT) Tbk Ser B 8, , IDR 3,000 PT Gudang Garam Tbk scripless 13, , IDR 90,000 Telekom Indonesia (PT) Tbk Ser B 12, , , , MXN 24,000 Cemex SAB de CV CPO repr 2 Shares A & 1 Share B 14, , MXN 5,000 Empresas ICA SAB de CV 10, , MXN 2,500 Fomento Econom Mexic SAB de CV Units 1B & 4D Shares 14, , MXN 4,000 Gr Televisa SA CPO repr 25Shs A + 35Shs L + 35Shs D + 22Sh 11, , B MXN 3,700 Grupo Financiero Banorte SAB de CV O 13, , MXN 3,111 Mexichem SAB de CV 7, , , , MYR 8,000 Gamuda Bhd 6, , MYR 7,000 IOI Corp Bhd 7, , MYR 2,000 Kuala Lumpur Kepong Bhd 8, , MYR 7,000 MISC Bhd 15, , MYR 3,000 Public Bank Bhd 9, , MYR 5,000 Tenaga Nasional Bhd 8, , , , THB 3,000 Advanced Info Serv PCL Foreign Reg 6, , THB 2,000 Kasikornbank PCL Foreign Reg 10, , THB 2,500 PTT Explor & Prod PCL Foreign 9, , THB 1,300 PTT PCL Foreign Reg 8, , THB 700 Siam Cement Public Co Ltd Foreign 5, , THB 2,500 Siam Commercial Bk PCL Foreign Reg 6, , , , The accompanying notes are an integral part of these financial statements. 69

72 EQUITY EMERGING MARKETS Statement of investments and other net assets (in EUR) (continued) as at 31st December 2014 Currency Number / nominal value Description Cost Market value % of total net assets USD 150 Credicorp Ltd 11, , USD 300 Ecopetrol SA spons ADR repr 20 Shares 9, , USD 900 Telekom Indonesia (PT) Tbk ADR repr 200 Shares 25, , , , Total shares 697, , Warrants and rights THB 8,000 Land and House Public Co Ltd Call Wts 14/ , Total warrants and rights , Money market instruments EUR 275,000 Italia 0% BOT 14/ , , Total money market instruments 274, , Open-ended investment funds Tracker funds (UCITS) EUR 4,800 db x-trackers MSCI Korea Idx UCITS ETF (DR) 1C Cap 215, , EUR 8,000 db x-trackers MSCI Mexico Idx UCITS ETF (DR) 1C Cap 38, , EUR 60,000 db x-trackers MSCI Philippines IM Index UCITS ETF 1C Cap 91, , EUR 10,500 ishares MSCI Brazil UCITS ETF (Dist) Dist 392, , EUR 2,600 ishares V Plc MSCI Poland UCITS ETF EUR Cap 45, , EUR 800 ishares VII Plc MSCI Chile UCITS ETF USD Cap 46, , EUR 23,500 Lyxor UCITS ETF MSCI India C EUR Cap 271, , EUR 5,900 Lyxor UCITS ETF MSCI Korea C EUR Cap 236, , EUR 1,600 Lyxor UCITS ETF Turk DJ Tita20 81, , Total tracker funds (UCITS) 1,419, ,335, Total investments in securities 2,392, ,446, Cash at banks 316, Other net assets/(liabilities) 169, Total 2,932, The accompanying notes are an integral part of these financial statements. 70

73 EQUITY EMERGING MARKETS Industrial and geographical classification of investments as at 31st December 2014 Industrial classification (in percentage of net assets) Investment funds % Countries and governments 9.38 % Banks 8.84 % Telecommunication services 4.61 % Energy 2.62 % Food, beverage and tobacco 2.48 % Software and services 2.04 % Materials 1.90 % Insurance 1.49 % Capital goods 1.03 % Utilities 0.89 % Transportation 0.85 % Media 0.76 % Real estate 0.67 % Automobiles and components 0.32 % Consumer durables and apparel 0.04 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) France % Luxembourg % Ireland % China 9.78 % Italy 9.38 % Indonesia 4.18 % Hong Kong 3.10 % Mexico 3.09 % Cayman Islands 2.57 % Malaysia 2.36 % Thailand 2.33 % Bermuda 0.68 % Hungary 0.31 % Colombia 0.14 % Total % 71

74 EQUITY EMERGING MARKETS Statement of changes in investments (unaudited) from 1st January 2014 to 31st December 2014 Currency Description Purchases Sales Other Shares HKD Anhui Conch Cement Co Ltd H 0 1,500 0 HKD Bank of China Ltd H 0 60,000 0 HKD BYD Co Ltd H 1,500 1,500 0 HKD China Com Construction Cie Ltd H 0 9,000 0 HKD China Construction Bank Corp H 0 15,000 0 HKD China Mengniu Dairy Co Ltd 2, HKD China Merchant Hgs Intl Co Ltd 0 5, HKD China Mobile Ltd 0 3,000 0 HKD China Railway Group Ltd H 25,000 25,000 0 HKD China Resources Land Ltd 0 8,000 0 HKD China Resources Pow Hgs Co Ltd 4,000 14,000 0 HKD China Shenhua Energy Co Ltd H 0 2,000 0 HKD China Telecom Corp Ltd H 0 25,000 0 HKD China Unicom (Hong Kong) Ltd 0 10,000 0 HKD China Water Affairs Group Ltd 0 31,000 0 HKD CNOOC Ltd 0 5,000 0 HKD Cosco Pacific Ltd 0 12,000 0 HKD Dongfeng Motor Group Co Ltd H 0 5,000 0 HKD Hengan Intl Group Co Ltd 0 2,000 0 HKD i-cable Communications Ltd HKD Industr & Cial Bk of China Ltd H 0 15,000 0 HKD Lenovo Group Ltd 0 20,000 0 HKD PetroChina Co Ltd H 0 7,000 0 HKD Shimao Property Hgs Ltd 0 6,000 0 HKD Tack Fiori Intl Gr Ltd HKD Tack Fiori Intl Gr Ltd HKD Tencent Holdings Ltd 0 1,250 6,250 HKD Tencent Holdings Ltd ,250 HKD Want Want China Holdings Ltd 0 7,000 0 HKD Zijin Mining Group Co Ltd H IDR Astra Intl Tbk 0 17,000 0 IDR Bank Mandiri (PT) Tbk 0 5,000 0 IDR United Tractors (PT) Tbk 0 10,000 0 KRW Daewoo Shipbuild & Mar Eng Co KRW E-MART Co Ltd (tentative) KRW Hana Financial Group Inc KRW Hyundai Engineerg & Const Ltd KRW Hyundai Heavy Industrie Co Ltd KRW Hyundai Mobis KRW Hyundai Motor Co Ltd KRW Hyundai Steel Co KRW KB Financial Gr Inc KRW Kia Motors Corp KRW Korea Electric Power Corp KRW KT&G Corp KRW LG Chem Ltd KRW LG Corp KRW LG Electronics Inc KRW Lotte Shopping Co Ltd KRW NAVER Corp KRW OCI Co Ltd KRW Posco KRW Samsung C&T Corp KRW Samsung Electronics Co Ltd KRW Samsung Electronics Co Ltd Pref KRW Samsung Fire & Marine Insur KRW Samsung Heavy Ind Co Ltd KRW Samsung Securities Co Ltd KRW Shinhan Financial Group Co Ltd

75 EQUITY EMERGING MARKETS Statement of changes in investments (continued) (unaudited) from 1st January 2014 to 31st December 2014 Currency Description Purchases Sales Other KRW SK Hynix Inc KRW SK Innovation Co Ltd KRW SK Telecom Co Ltd MXN America Movil SAB de CV L 0 70,000 0 MXN Cemex SAB de CV CPO repr 2 Shares A & 1 Share B 0 7, MXN Coca-Cola Femsa SAB de CV Ser L 0 1,700 0 MXN Fomento Econom Mexic SAB de CV Units 1B & 4D 0 2,000 0 Shares MXN Gr Televisa SA CPO repr 25Shs A + 35Shs L + 0 3, Shs D + 22Sh B MXN Grupo Financiero Banorte SAB de CV O 0 1,300 0 MXN Grupo Mexico SAB de CV B 0 5,030 0 MXN Wal-Mart de Mexico SAB de CV V 0 16,000 0 MYR CIMB Group Hgs Bhd 0 8,000 0 MYR Gamuda Bhd 0 7,000 0 MYR Genting Bhd 0 5,000 0 MYR Genting Malaysia Bhd 0 12,000 0 MYR IOI Properties Gr Bhd 0 2,333 0 MYR Malayan Banking Bhd 0 7,000 0 MYR Public Bank Bhd 0 0 3,000 MYR Public Bank Bhd Foreign Reg 0 0-3,000 MYR Tenaga Nasional Bhd 0 5,000 0 THB Advanced Info Serv PCL Foreign Reg 0 1,000 0 THB Bangkok Bank PCL Foreign Reg 0 2,500 0 THB Kasikornbank PCL Foreign Reg 0 1,000 0 THB Land and House Public Co Ltd Units Non voting DR 0 60,000 0 THB PTT Explor & Prod PCL Foreign 0 1,500 0 THB PTT PCL Foreign Reg THB Siam Cement Public Co Ltd Foreign THB Siam Commercial Bk PCL Foreign Reg 0 1,500 0 USD Baidu Inc ADR repr 0.1 Share A USD Banco Santander-Chile spons ADR repr 400 Shares 0 1,039 0 USD Bancolombia SA ADR repr 4 Pref Shares USD China Steel Corp GDR repr 20 Shares USD Empresa Natl de Ele SA Chile ADR repr 30 Shares USD Enersis SA ADR repr 50 Shares 0 1,100 0 USD Siliconware Prec Ind Co Ltd ADR repr 5 Shares USD Southern Copper Corp Bonds INR Dr Reddy's Laboratories Ltd 9.25% 11/ ,000 0 Money market instruments EUR Italia 0% BOT 13/ ,000 0 EUR Italia 0% BOT 13/ , ,000 0 EUR Italia 0% BOT 14/ ,000 25,000 0 Warrants and rights MYR IOI Corp Bhd Droits de sousc Perpetual 0 0-1,166 MYR Public Bank Bhd Droits de sousc THB Land and House Public Co Ltd Call Wts 14/ ,000 73

76 EQUITY EMERGING MARKETS Statement of changes in investments (continued) (unaudited) from 1st January 2014 to 31st December 2014 Currency Description Purchases Sales Other Tracker funds (UCITS) EUR db x-trackers MSCI Korea Idx UCITS ETF (DR) 1C Cap 4, EUR db x-trackers MSCI Mexico Idx UCITS ETF (DR) 1C Cap 8, EUR db x-trackers MSCI Philippines IM Index UCITS ETF 1C 60, Cap EUR ishares MSCI Brazil UCITS ETF (Dist) Dist 2,900 6,800 0 EUR ishares V Plc MSCI Poland UCITS ETF EUR Cap 0 1,900 0 EUR ishares VII Plc MSCI Chile UCITS ETF USD Cap EUR Lyxor UCITS ETF MSCI India C EUR Cap 6,600 5,000 0 EUR Lyxor UCITS ETF MSCI Korea C EUR Cap 7,300 1,400 0 EUR Lyxor UCITS ETF Russia (DJRuGDR) C EUR Cap 3,400 11,200 0 EUR Lyxor UCITS ETF Turk DJ Tita

77 SELLA CAPITAL MANAGEMENT Notes to the financial statements as at 31st December 2014 Note 1 - Significant accounting policies a) Presentation of the financial statements The financial statements of the Company are established in accordance with the Luxembourg legal and regulatory requirements concerning Undertakings for Collective Investment ( UCI ), and generally accepted accouting principles. b) Valuation of assets 1. Transferable securities and money market instruments listed on an official stock exchange or dealt in on a regulated market which operates regularly and is recognised and open to the public are valued at the last available price or, if such securities are dealt in on several markets, on the last available price on their main market. If the last available price is not representative, the securities are valued on the basis of the probable sales price determined prudently and in good faith by the Board of Directors. 2. In the event that any securities or transferable securities and money market instruments are not listed or dealt in on a stock exchange or on a regulated market which operates regularly and is recognised and open to the public or if the price as determined pursuant to paragraph 1 is not representative of the fair market value, the value of such assets is valued on the basis of their probable sales price as determined prudently and in good faith by the Board of Directors. 3. The liquidating value of futures, forward and options contracts not traded on exchanges or on other regulated markets shall mean their net liquidating value determined, pursuant to the policies established in good faith by the Board of Directors in a fair and reasonable manner, on a basis consistently applied for each different variety of contracts. The liquidating value of futures, forward and options contracts traded on exchanges or on other regulated markets are based upon the last available settlement prices of these contracts on exchanges and regulated markets on which the particular futures, forward or options contracts are traded by the Company; provided that if a futures, forward or options contract could not be liquidated on the day with respect to which net assets are being determined, the basis for determining the liquidating value of such contract shall be such value as the Board of Directors may deem fair and reasonable. 4. The value of money market instruments not listed or dealt in on any stock exchange or any other regulated market and with remaining maturity of less than 12 months are valued by the amortised cost method, which approximates market value. 5. Units of UCITS and/or other UCI are evaluated at their last available net asset value per unit. c) Acquisition cost of securities in the portfolio The acquisition cost of the securities held by each Sub-Fund that are denominated in currencies other than the reference currency of the Sub-Fund is converted into this currency at the exchange rate prevailing on the date of purchase. d) Net realised gain/(loss) on sales of securities The realised gains and losses on sales of securities are determined on the basis of the average acquisition cost. 75

78 SELLA CAPITAL MANAGEMENT Notes to the financial statements (continued) as at 31st December 2014 e) Investment income Dividend income is recorded at the ex-date, net of withholding taxes. Interest income accrued and payable are recorded, net of any withholding tax. f) Future contracts Futures contracts are posted off-balance sheet. Unrealised gains or losses are recorded in the statement of net assets. Net variation of unrealised gains and losses and net realised gains and losses are recorded in the statement of operations and other changes in net assets. g) Option contracts Premiums paid on the purchase of options are disclosed under the caption Options contracts at market valueʺ in the statement of net assets and are presented as cost in the statement of investments and other net assets. Premiums received on short options are disclosed under the caption ʺShort option contracts at market valueʺ in the statement of net assets and are presented as cost in the statement of investments and other net assets. Net variation of unrealised gains and losses and net realised gains and losses are recorded in the statement of operations and other changes in net assets. h) Formation expenses Formation expenses are amortised on a straight line basis over a period of 5 years. Expenses incurred in connection with the creation of any additional Sub-Fund shall be borne by the relevant Sub-Fund and will be written off over a period of 5 years. i) Conversion of foreign currencies Cash at banks, other net assets and liabilities and the market value of the securities in portfolio expressed in currencies other than the currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of the report. Income and expenses expressed in currencies other than the currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of the transaction. Exchange gains and losses are recorded in the statement of operations and other changes in net assets. j) Combined financial statements The combined financial statements of the Company are expressed in EUR and are equal to the sum of the corresponding captions in the financial statements of each Sub-Fund converted into this currency at the exchange rate prevailing at the date of the report. At the date of the report, the exchange rate used for the combined statements is the following: 1 EUR = USD US Dollar k) Transaction fees Transaction costs disclosed under the caption "Transaction fees" in the expenses of the statement of operations and other changes in net assets are mainly composed of broker fees incurred by the Company relating to purchases or sales of securities, of fees relating to liquidation of transactions paid to the custodian bank and of transaction fees on financial and on derivatives instruments. 76

79 SELLA CAPITAL MANAGEMENT Notes to the financial statements (continued) as at 31st December 2014 Note 2 - Management fees In accordance with the Fund Management Agreement, the Company has appointed SELLA GESTIONI S.G.R. S.p.A. as the Management Company. SELLA GESTIONI, part of the Gruppo Banca Sella, is an investment management company, which was founded on 15th November 1983 and is registered under No. 5 in the Management Companies register kept by Banca d Italia. The Management Company is subject to Chapter 15 of the amended Law of 17th December 2010 relating to Undertakings for Collective Investment. The Management Company is entrusted with the day-to-day management of the Company, with the responsibility to perform directly or by way of delegation all operational functions relating to the investment management and the administration of the Company and the marketing and distribution of the Shares. The Management Company is acting as Investment Manager for the Company. In remuneration for its services, the Management Company is entitled to receive a maximum fee payable monthly and calculated on the average net assets of each Sub-Fund as described below: Sub-Funds Class of Shares Management Fees * (in %) Investment Manager Fees (in %) - BOND STRATEGY Retail Institutional EQUITY EURO STRATEGY Retail Institutional EURO CORPORATE BOND Retail Institutional EQUITY USA Retail Institutional EQUITY EMERGING MARKETS Retail Institutional *with a minimum fee of euro 8,000 p.a. per Sub-Fund Note 3 - Performance fees In addition, the Management Company, SELLA GESTIONI S.G.R. S.p.A., is entitled to receive a performance fee payable by the Company as described below: Performance fees = 25% X (P X AA) with - AA = the average net assets during the reference period - P = MAX {0, [VAR % NAV ((BENCH +/- x%) X gg/360)]} (formula 1) - P = MAX {0, [(VAR % NAV) (VAR % BENCH)]} (formula 2) 77

80 SELLA CAPITAL MANAGEMENT Notes to the financial statements (continued) as at 31st December 2014 where VAR% NAV = ((NAVi / NAVj)-1) X 100 NAVi = the last calculated net asset value per share at the end of the reference period NAVj = the highest calculated net asset value per share at the end of the previous reference period (BENCH +/- x%) = the annual target return of the Sub-Fund gg = the number of days during the reference period VAR% BENCH = ((BENCHi / BENCHj)-1) X 100 BENCHi = the value of the Benchmark at the end of the reference period BENCHj = the value of the Benchmark at the end of the previous reference period Sub-Funds Formula Benchmarks - BOND STRATEGY formula 1 Euribor 3 months (EUR003M Index) - EQUITY EURO STRATEGY formula 2 50% EUROSTOXX 50 (SX5E Index) - EURO CORPORATE BOND formula 2-80% Merrill Lynch EMU Corporate Index (ER00 Index) - 20% Euro Cash Indices LIBOR Total Return 3 Months (ECC0TR03 Index) - EQUITY USA formula 2 S&P 500 (SPX Index) - EQUITY EMERGING MARKETS formula 2 MSCI Emerging Markets (MXEF Index) The Performance fee is not paid when the last calculated net asset value per share for the reference period is lower than the highest of the net asset values per share calculated at the end of the previous reference periods (High Water Mark). For formula 1, the reference period is the calendar quarter. Therefore, the performance fee amount is calculated and paid quarterly. For formula 2, the reference period is the calendar year. Therefore, the performance fee amount is calculated and paid annually. As at 31st December 2014, a performance fee was recorded for the following Sub-Fund and amounted to: BOND STRATEGY EUR 208, Note 4 - Correspondent bank, paying agent, nominee, placing agent and centralisation agent The Management Company has appointed BANCA SELLA HOLDING S.p.A. to act in Italy as Correspondent Bank, Paying Agent, Nominee and Centralisation Agent in charge of the relationship with Italian investors. BANCA SELLA HOLDING S.p.A is entitled for its services to a fee per Sub-Fund not exceeding 0.10% p.a.. This fee is payable by the Company quarterly and is calculated on the average net assets of each Sub-Fund held by the centralisation agent in charge of the relationship with Italian investors during the relevant quarter as confirmed by the centralisation agent to the registrar and the administrative agent. 78

81 SELLA CAPITAL MANAGEMENT Notes to the financial statements (continued) as at 31st December 2014 Note 5 - Central administration costs The item Central administration costs disclosed in the statement of operations and other changes in net assets is mainly composed of the administrative agent, the transfer agent fees and domiciliary fees. Note 6 - Subscription duty ("taxe d abonnement") The Company is governed by Luxembourg law. Pursuant to the legislation and regulations in force, the Company is subject to an annual subscription duty ("taxe d abonnement") of 0.05% (except those Sub-Funds or share categories dedicated to institutional investors which benefit from the lower rate of 0.01%) which is payable quarterly and calculated on the basis of the net assets of each Sub-Fund on the last day of each quarter. Pursuant to Article 175 (a) of the amended Law of 17th December 2010 the net assets invested in Undertakings for Collective Investments already subject to the "taxe d abonnement" are exempt from this tax. Note 7 - Risk management As required by Circular CSSF 11/512, the Board of Directors needs to determine the global risk exposure of the Company either by applying the commitment approach or the VaR approach. In terms of risk management, the Board of Directors of the Company decided to adopt the commitment approach as a method of determining the global risk exposure for each Sub-Fund. Note 8 - Future contracts As at 31st December 2014, the outstanding future contracts with JP MORGAN SECURITIES Ltd are the following: SELLA CAPITAL MANAGEMENT - BOND STRATEGY Number of contracts Denomination Currency Commitments (in EUR) Sale 10 Euro BTP 10 Years FUT 03/15 EUX Sale 2 Euro Bund 10 Years FUT 03/15 EUX Sale 2 French OAT FUT 03/15 EUX Unrealised Result (in EUR) EUR -1,356, , EUR -311, , EUR -294, , , The unrealised results on futures contracts are disclosed under the item Other liquid assets in the statement of net assets. 79

82 SELLA CAPITAL MANAGEMENT Notes to the financial statements (continued) as at 31st December 2014 SELLA CAPITAL MANAGEMENT - EQUITY EURO STRATEGY Number of contracts Denomination Currency Commitments (in EUR) Sale 27 CAC 40 Index FUT 03/15 MONEP Sale 13 DAX Germany Index FUT 03/15 EUX Sale 473 Euro Stoxx 50 EUR (Price) Index FUT 03/15 EUX Sale 40 FTSE MIB Index FUT 03/15 MIL Unrealised result (in EUR) EUR -1,147, , EUR -3,199, , EUR -14,819, , EUR -3,813, , , The unrealised results on futures contracts are disclosed under the item Other liquid assets in the statement of net assets. SELLA CAPITAL MANAGEMENT - EURO CORPORATE BOND Number of contracts Denomination Currency Commitments (in EUR) Sale 12 Euro BTP 10 Years FUT 03/15 EUX Sale 12 Euro Bund 10 Years FUT 03/15 EUX Sale 13 Euro-BOBL 5 Years FUT 03/15 EUX Sale 7 French OAT FUT 03/15 EUX Unrealised result (in EUR) EUR -1,627, , EUR -1,870, , EUR -1,693, , EUR -1,030, , , The unrealised results on futures contracts are disclosed under the item Other liquid assets in the statement of net assets. SELLA CAPITAL MANAGEMENT - EQUITY USA Number of contracts Purchase 2 S&P 500 Index FUT 03/15 CME Denomination Currency Commitments (in USD) Unrealised result (in USD) USD 1,038, , , The unrealised results on futures contracts are disclosed under the item Other liquid assets in the statement of net assets. 80

83 SELLA CAPITAL MANAGEMENT Notes to the financial statements (continued) as at 31st December 2014 SELLA CAPITAL MANAGEMENT - EQUITY EMERGING MARKETS Number of contracts Purchase 4 Hang Seng China Enterprises Index FUT 01/15 HKFE Purchase 14 MSCI Taiwan Index (The) USD FUT 01/15 SGX Purchase 7 FTSE/JSE AFRICA TOP40 INDEX FUT 03/15 SAF Denomination Currency Commitments (in EUR) Unrealised result (in EUR) HKD 254, , USD 395, , ZAR 219, , ,