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

Transcription

1 Audited annual report as at 31st December 2013 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... 3 General information... 6 Report on activities of the Board of Directors... 8 Report of the réviseur d'entreprises agréé Consolidated statement of net assets Consolidated 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) SELLA CAPITAL MANAGEMENT - EURO INCOME Statement of operations and other changes in net assets Statistical information Statement of changes in investments (unaudited) SELLA CAPITAL MANAGEMENT - EURO INFLATION BOND Statement of operations and other changes in net assets Statistical information Statement of changes in investments (unaudited)

4 SELLA CAPITAL MANAGEMENT Contents (continued) SELLA CAPITAL MANAGEMENT - EURO GOVERNMENT BOND Statement of operations and other changes in net assets Statistical information Statement of changes in investments (unaudited) SELLA CAPITAL MANAGEMENT - USD GOVERNMENT BOND Statement of net assets Statement of operations and other changes in net assets Statistical information Statement of changes in investments (unaudited) SELLA CAPITAL MANAGEMENT - BALANCED STRATEGY Statement of operations and other changes in net assets Statistical information Statement of changes in investments (unaudited) SELLA CAPITAL MANAGEMENT - EQUITY EUROPE Statement of operations and other changes in net assets Statistical information Statement of changes in investments (unaudited) Notes to the financial statements

5 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 Guido REY Pietro TASCA 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 (since 16th May 2013) Manager BANCA PATRIMONI SELLA & C. S.p.A. Piazza C.L.N. 255 I TORINO (until 15th May 2013) Manager BANCA SELLA HOLDING S.p.A. 1, Piazza Gaudenzio Sella I BIELLA (until 15th May 2013) 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 3

6 SELLA CAPITAL MANAGEMENT Organisation (continued) Conducting officers of the Management Company Nicola TRIVELLI Nicoletta DAMIA Lorenzo LAMPERTI (since 1st April 2013) Leonardo CERVELLI (until 31st March 2013) Chief Executive Officer Deputy Chief Executive Officer Manager Deputy Chief Executive Officer Custodian and paying agent BANQUE DE PATRIMOINES PRIVES 30, boulevard Royal L-2449 LUXEMBOURG 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 4

7 SELLA CAPITAL MANAGEMENT Organisation (continued) Cabinet de révision agréé DELOITTE Audit Société à responsabilité limitée 560, rue de Neudorf L-2220 LUXEMBOURG 5

8 SELLA CAPITAL MANAGEMENT General information SELLA CAPITAL MANAGEMENT (the "Company") is an investment company organised as a "société anonyme" under the laws of the Grand Duchy of Luxembourg 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 The Board of Directors of the Company has decided to merge the following Sub-Funds with effect from 16th December 2013 as follows: Absorbed Sub-Funds - SELLA CAPITAL MANAGEMENT - EURO INCOME (hereafter EURO INCOME ) - SELLA CAPITAL MANAGEMENT - EURO INFLATION BOND (hereafter EURO INFLATION BOND ) - SELLA CAPITAL MANAGEMENT - EURO GOVERNMENT BOND (hereafter EURO GOVERNMENT BOND ) - SELLA CAPITAL MANAGEMENT - BALANCED STRATEGY (hereafter BALANCED STRATEGY ) - SELLA CAPITAL MANAGEMENT - EQUITY EUROPE (hereafter EQUITY EUROPE ) Absorbing Sub-Funds - SELLA CAPITAL MANAGEMENT - BOND STRATEGY - SELLA CAPITAL MANAGEMENT - EQUITY EURO STRATEGY During the year in reference of the report, the following Sub-Fund was fully redeemed and put into liquidation: - SELLA CAPITAL MANAGEMENT - USD GOVERNMENT BOND (hereafter "USD GOVERNMENT BOND") (effective on the Net Asset Value dated 31st October 2013) in USD The Board of Directors of the Company has decided to make a split with effect from 25th March 2013 at a ratio of 10 new shares for each existing share of Euro Corporate Bond - Class Institutional and of Equity Euro Strategy - Class Retail. 6

9 SELLA CAPITAL MANAGEMENT General information (continued) Pursuant to the Company s Articles of Incorporation, 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 the shares of the following classes: - Class Retail: offered to individuals and corporate entities. - Class 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 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-Fund. - 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 dividend 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. At the date of this report, only A-Shares is active for each Sub-Fund. 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. 7

10 Net Asset (Eur) Number of Shares SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors SELLA CAPITAL MANAGEMENT - BOND STRATEGY The net total asset at 31st December 2013 is millions of euros from millions at the end of During this period, the Sub-Fund has been managed prudently, in accordance with our overall investment 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 over weighted the Government bonds of Peripheral countries and also the exposure to corporate bonds. We preferred to be rewarded by the credit spread 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. 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 seldom utilized long positions on German Bunds put options. With effect from 16th December the Sub-Fund has incorporated other Sub-Funds belonging to the same Sicav (Euro Income, Euro Inflation Bond and Euro Government Bond); the resulting assets under management almost tripled due to this merge. Due to the low risk characteristics of the merged Sub-Funds, the incorporation process has been smooth, without prejudice to existing clients. After the merge, the Sub-Fund gradually increased the duration and yield to maturity in order to match the normal policy standards. SCM - Bond Strategy (Institutional) , , , , ,00 800, ,00 600, , ,00 400, ,00 200,00 0,00 31/12/ /01/ /02/ /03/ /04/ /05/ /06/ /07/ /08/ /09/ /10/ /11/ /12/2013 0,00 Net Asset (Eur) Number of Shares 8

11 Net Asset (Eur) Number of Shares SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) SCM - Bond Strategy (Retail) , , , , , , , , , , , , , ,00 0,00 31/12/ /01/ /02/ /03/ /04/ /05/ /06/ /07/ /08/ /09/ /10/ /11/ /12/2013 0,00 Net Asset (Eur) Number of Shares SELLA CAPITAL MANAGEMENT - EQUITY EURO STRATEGY The total net asset at 31st December 2013 is millions of euros from millions at the end of Equity Euro Strategy primarily invests 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. Considering the difficult situation in Europe, especially in Italy, due to its big problems of governance, we under-weighted the total equity exposure for the first half of the year. In detail, we under weighted the financial sectors and we neutralized the exposure to Italy. Then we started to increase gradually our investment: we bought primarily companies with a very important part of the business linked to the export, not only towards emerging markets, but also to developed countries. We invested also in Italian companies, considerably penalized during the first part of the year. In 2013 we used derivative instruments, in order to reduce risk and manage in a more efficient way the assets of the Sub-Fund. With effect from 16th December the Sub-Fund has incorporated Sub-Funds belonging to the same Sicav (Balanced Strategy and Equity Europe) for a total net asset of about millions of euros. 9

12 Net Asset (Eur) Number of Shares Net Asset (Eur) Number of Shares SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) SCM - Equity Euro Strategy (Institutional) , , ,00 900,00 800,00 700,00 600, ,00 500, ,00 400, ,00 300,00 200, ,00 100,00 0,00 31/12/ /01/ /02/ /03/ /04/ /05/ /06/ /07/ /08/ /09/ /10/ /11/ /12/2013 0,00 Net Asset (Eur) Number of Shares SCM - Equity Euro Strategy (Retail) , , , , , , , , , , , , , , , , ,00 0,00 31/12/ /01/ /02/ /03/ /04/ /05/ /06/ /07/ /08/ /09/ /10/ /11/ /12/2013 0,00 Net Asset (Eur) Number of Shares Note that with effect from 25th March 2013, a split at a ratio of 10 new shares for each existing share of Equity Euro Strategy Retail class was done and 1, new shares were issued. 10

13 Net Asset (Eur) Number of Shares SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) SELLA CAPITAL MANAGEMENT - EURO CORPORATE BOND The total net asset at 31st December 2013 is millions of euros from millions at the end of The Sub-Fund was allocated with duration constantly lower than the benchmark considering the Euro interest rate at lowest absolute level and reducing the risk associated with an increasing on the reference rates. During the year the Sub-Fund was dynamically investing in the euro corporate bond market, increasing and reducing the allocation corresponding to macroeconomic and political aspects dominated the In term of country allocation, we increased the weight on Italy and Spain credit s with an interesting risk reward profile and took profit from the tightening of the corresponding spread, 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. In terms of sector allocation the Sub-Fund was well diversified, with an underweight in the financial sector, reducing during the second half of the year, and an overweight in the first half in non-cyclical and defensive sector given the uncertainty about the global growth. In order to benefit from the possible recession s exited, an increasing weight was allocated in more cyclical sector/name, following the investor risk appetite. 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. SCM - Euro Corporate Bonds (Institutional) , , , , , , , , , , ,00 0,00 31/12/ /01/ /02/ /03/ /04/ /05/ /06/ /07/ /08/ /09/ /10/ /11/ /12/2013 0,00 Net Asset (Eur) Number of Shares 11

14 Net Asset (Eur) Number of Shares SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) SCM - Euro Corporate Bonds (Retail) , , , , , , , , , , , , ,00 0,00 31/12/ /01/ /02/ /03/ /04/ /05/ /06/ /07/ /08/ /09/ /10/ /11/ /12/2013 0,00 Net Asset (Eur) Number of Shares Note that with effect from 25th March 2013, a split at a ratio of 10 new shares for each existing share of Euro Corporate Bond Institutional class was done and 18, new shares were issued. SELLA CAPITAL MANAGEMENT - EQUITY USA The total net asset at 31st December 2013 is millions of US Dollars from millions at the end of The Sub-Fund strategy is to invest mainly in US equities. Last year US equities delivered a positive double-digit return around 30% thanks to Fed s expansive monetary policy leading to a spike in US GDP growth. A substantial improvement in all domestic macro indicators was able to more than offset any concern related to sequestration, political shutdown, bond tapering and geo-political risks. Following the political agreement over fiscal cliff and debt ceiling raise, US equities recorded a double digit rally in the first quarter thanks to a recovery of labour and housing markets and a pent-up in M&A activity. Somehow, markets were a little more cautious in the second quarter pondering any headwind from sequestration on domestic consumption growth. A dovish statement about Fed tapering and interest rates fueled another stock rally between June and July before August pull-back due to a civil war in Syria and social riots across Middle East countries. A favourable reporting season boosted multiple expansion in the last quarter while geopolitical risk eased when US and Iran reached an agreement over nuclear power and Russia won a diplomatic solution of the Syrian crisis. On the market cap side, US small-mid caps outperformed large caps; finance and consumer discretionary were among the best sector contributors of the Sub- Fund, together with technology stocks recovery over the second half of the year. Surprisingly, EUR/USD appreciated from 1.32 to The Sub-Fund underperformed the benchmark (S&P Sea) with a performance of 29.75% and 31.28% respectively. A moderate overweight of technology names weighed on the performance in the first 12

15 Net Asset (Eur) Number of Shares SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) quarter but the Sub-Fund was able to track the rally thanks to an underweight of materials, utilities and consumer staples and a sound stock picking. On average basis, about 5% of the Sub-Fund was managed through 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 (Institutional) , , ,00 5,00 4,50 4,00 3,50 3, ,00 2,50 2, ,00 1, ,00 1,00 0,50 0,00 31/12/ /01/ /02/ /03/ /04/ /05/ /06/ /07/ /08/ /09/ /10/ /11/ /12/2013 0,00 Net Asset (Eur) Number of Shares SELLA CAPITAL MANAGEMENT - EQUITY EMERGING MARKETS The total net asset at 31st December 2013 is millions of euros from millions at the end of The year 2013 will be remembered for the big underperformance of Equity Emerging Markets on Developed Markets. Developed Market equities made new highs with weak growth but anyway their economies improved, starting from US, UK and Japan and later with Euro Area manufacturing sentiment. Considering that Emerging Markets embraced the cheap leveraged of QE, at mid-year those with current account deficits woke up to the risk as the Fed alluded to tapering QE. Emerging currencies have been particularly hit. During 2013 China s debt to GDP continued to rise so financial risk raised and Chinese Government focused on Shadow Banking problem. 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. The Sub-Fund started 2013 with overweight on China, South Africa, Indonesia, Thailand and Turkey; underweight on Korea and Taiwan. Since the beginning of the year until the end Brazil has been maintained underweight. Progressively during the year, positions on China, Turkey, South East Asia and India have been reduced and increased on 13

16 Net Asset (Eur) Number of Shares SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) Korea and Taiwan, more exposed to global recovery. The Sub-Fund maintained during the period an overweight position on technology (especially in Korea, Taiwan and on on-line retail sector in China). The tapering by the US Federal will continue to dominate the debate about the flow of funds in The rotation expected by the market should benefit equities but, at least initially, we do not believe emerging markets are likely to be the destination of those flows to equities. At least at the beginning of the year the Sub-Fund will maintain an underweight on currencies more under pressure due to tapering, so Turkish Lira, Brazilian Real and South African Rand. SCM - Equity Emerging Markets (Institutional) ,00 2, , , , ,00 2,00 1, , , ,00 1,00 0, , ,00 31/12/ /01/ /02/ /03/ /04/ /05/ /06/ /07/ /08/ /09/ /10/ /11/ /12/2013 0,00 Net Asset (Eur) Number of Shares 14

17 Net Asset (Eur) Number of Shares SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) SCM - Equity Emerging Markets (Retail) , , , , , , , , , , , ,00 0,00 31/12/ /01/ /02/ /03/ /04/ /05/ /06/ /07/ /08/ /09/ /10/ /11/ /12/ ,00 Net Asset (Eur) Number of Shares 15

18 Net Asset (Eur) Number of Shares SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) SELLA CAPITAL MANAGEMENT EURO INCOME The Sub-Fund was merged into Bond Strategy with effect from 16th December The total net asset at 16 th December 2013 merged into Bond Strategy was millions of euros from millions at the end of The portfolio invests in floating rate notes and fixed income securities with maximum maturity of 5 years denominated in euro. In 2013 the Sub-Fund had a very good performance due to the further reduction of the credit risk among the EMU countries, particularly in the so called peripherals; thanks to two REFI Rate cut by the ECB and more consistent fiscal policies, this trend spread throughout all the asset classes, from government issues to corporate bonds. The Sub-Fund was mainly invested in financial corporates and government bonds with a very low geographical diversification in order to maximize the expected return of the portfolio. Referring to the geographical allocation, the Sub-Fund had a huge overweight on Italy and Spain, in order to benefit from the tightening in government spread against the core ones. The weight of the government bonds was approximately over 65% and it was mainly composed of Italian issues; the duration of the Sub-Fund was kept around 0.5. SCM - Euro Income (Institutional) , , , , , , , , , , ,00 0,00 31/12/ /01/ /02/ /03/ /04/ /05/ /06/ /07/ /08/ /09/ /10/ /11/ /12/2013 0,00 Net Asset (Eur) Number of Shares 16

19 Net Asset (Eur) Number of Shares SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) SCM - Euro Income (Retail) , , , , , , , , , , , , , , , , , , ,00 31/12/ /01/ /02/ /03/ /04/ /05/ /06/ /07/ /08/ /09/ /10/ /11/ /12/ ,00 Net Asset (Eur) Number of Shares SELLA CAPITAL MANAGEMENT - EURO INFLATION BOND The Sub-Fund was merged into Bond Strategy with effect from 16th December The total net asset at 16th December 2013 merged into Bond Strategy was 651 millions of euros from millions at the end of The portfolio invests mainly in inflation-linked transferable debt securities, denominated in Euro and issued by financial, national and supranational institutions. During the year the Sub-Fund was invested primarily in Italian government and supranational (mainly EIB, EFSF) tied to the euro area inflation, with a prudent duration relative to the benchmark, and a significant percentage of the cash invested in Bot. 17

20 Net Asset (Eur) Number of Shares Net Asset (Eur) Number of Shares SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) SCM - Euro Inflation Bond (Institutional) , , , , , , , , , ,00 180,00 160,00 140,00 120,00 100,00 80,00 60,00 40,00 20,00 0,00 31/12/ /01/ /02/ /03/ /04/ /05/ /06/ /07/ /08/ /09/ /10/ /11/ /12/2013 0,00 Net Asset (Eur) Number of Shares SCM - Euro Inflation Bond (Retail) , , , , , , , , , , , , , , , , ,00 0,00 31/12/ /01/ /02/ /03/ /04/ /05/ /06/ /07/ /08/ /09/ /10/ /11/ /12/2013 0,00 Net Asset (Eur) Number of Shares 18

21 Net Asset (Eur) Number of Shares SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) SELLA CAPITAL MANAGEMENT - EURO GOVERNMENT BOND The Sub-Fund was merged into Bond Strategy with effect from 16th December The total net asset at 16th December 2013 merged into Bond Strategy was millions of euros from millions at the end of The portfolio invests mainly in transferable debt securities, denominated in Euro and issued by financial, national and supranational institutions and aims to achieve a competitive level of total return on Emu Direct Government Bond index 3-5 years. During the year the Sub-Fund was invested primarily in Italian government and supranational (mainly EIB, EFSF), with a prudent duration relative to the benchmark, and a significant percentage of the cash invested in Bot. SCM - Euro Government Bond (Institutional) , , , ,00 10,00 9,00 8,00 7, ,00 6, ,00 5, ,00 4, ,00 3, ,00 2, ,00 1,00 0,00 31/12/ /01/ /02/ /03/ /04/ /05/ /06/ /07/ /08/ /09/ /10/ /11/ /12/2013 0,00 Net Asset (Eur) Number of Shares 19

22 Net Asset (Eur) Number of Shares SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) SCM - Euro Government Bond (Retail) , , , , , , , , , , , , , ,00 0,00 31/12/ /01/ /02/ /03/ /04/ /05/ /06/ /07/ /08/ /09/ /10/ /11/ /12/2013 0,00 Net Asset (Eur) Number of Shares SELLA CAPITAL MANAGEMENT - USD GOVERNMENT BOND During 2013 the Sub-Fund was put into liquidation and fully redeemed. The last Net Asset Value was calculated on 31st October The portfolio invests mainly in fixed income securities denominated in US Dollars. The Sub-Fund was invested in government and supranational issues with a high credit profile and a good geographical diversification in order to take advantage of the reduction of the credit risk among the EMU countries, particularly in the so called peripherals. In 2013 the strategy favored a lower duration in comparison with the Sub-Fund s benchmark one, because of a high interest rate risk. SCM USD Government Bond s portfolio was mainly invested in USD Treasuries and diversified with supranational and italian issues to achieve a higher yield to maturity. Throughout 2013, the duration of the Sub-Fund has been lowered a lot, around 90% of the benchmark one, 4.5 years on average, in order to limit the volatility of the portfolio and minimize the risks, given the rising in yields of the USD Treasury curve. 20

23 Net Asset (Eur) Number of Shares SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) SCM - Usd Government Bond (Retail) , , , , , , , , , , , , , ,00 0,00 31/12/ /01/ /02/ /03/ /04/ /05/ /06/ /07/ /08/ /09/ /10/ /11/ /12/2013 0,00 Net Asset (Eur) Number of Shares SELLA CAPITAL MANAGEMENT - BALANCED STRATEGY The Sub-Fund was merged into Equity Euro Strategy with effect from 16th December The total net asset at 16th h December 2013 merged into Equity Euro Strategy was millions of euros from millions at the end of During last year risky asset classes generally benefited from the reduction of the degree of risk aversion but the process has not been a straight and smooth one. Following the remarks of FED president Bernanke about the possibility of an earlier than expected exit strategy from ultra-loose monetary policy, this summer volatility surged and virtually all asset classes suffered due to sudden money outflows. Market confidence was then gradually restored and general performances, with the notable exception of Emerging Markets, has been satisfactory. In this environment we successfully managed to smooth market gyrations. On the bond side we underweighted the exposure to Government bonds of Core countries, given our views about a poor risk/reward profile of these investments; on the other hand we over-weighted the Government bonds of Peripheral countries as well as the exposure to corporate bonds. On the equity side we under-weighted the total exposure for the first half of the year because of the difficult situation in Europe, especially in Italy, due to its big problems of governance. Then we started to increase our equity exposure: we bought primarily companies with a very important part of the business linked to export, not only towards emerging markets, but also to developed countries. We invested also in Italian companies, considerably penalized during the first part of the year. In 2013 we used derivative instruments, in order to reduce risk and manage in a more efficient way the assets of the Sub-Fund. 21

24 Net Asset (Eur) Number of Shares SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) SCM - Balanced Strategy (Retail) , , , , , , , , , , , , , , , ,00 31/12/ /01/ /02/ /03/ /04/ /05/ /06/ /07/ /08/ /09/ /10/ /11/ /12/ ,00 Net Asset (Eur) Number of Shares SELLA CAPITAL MANAGEMENT - EQUITY EUROPE The Sub-Fund was merged into Equity Euro Strategy with effect from 16th December The total net asset at 16th December 2013 merged into Equity Euro Strategy was millions of euros from millions at the end of During 2013 the European market recorded a very positive performance (Stoxx 600 index +17%) driven by the out performance of the auto motive, media and telecom sectors. The market saw a correction phase at half year linked to the concerns about the effects of an eventual tapering by the FED. The European Central Bank kept its accommodative stance with a commitment to provide further liquidity and to keep interest rates at very low levels for long. European corporate earnings were pretty weak due to a sluggish European economy and to concern related to emerging countries. Some gradual stabilization or improvement signs, however, emerged and they bode well for a more robust euro-area recovery in Market rally was almost exclusively driven by considerable inflows and by a rerating of valuation multiples, in particular for those countries, like Italy and Spain, which had been severly hit by euro break-up risks. The portfolio held a % share invested in equity and tended to overweight the health care and infrastructure sector and to underweight the consumer staples sector. Geographically Italy was by far its main overweight while U.K, Sweden and Spain were underweighted. 22

25 Net Asset (Eur) Number of Shares SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) We keep a rather positive stance on the European equity market for 2014 thanks to a rather appealing valuation (over 11 times estimated earnings), concrete hopes of a global economic recovery and capital inflows from the bond asset class where yields are pretty unattractive. The portfolio should continue to privilege the Italian market relative to the others thanks to a low valuation coupled with higher earnings recovery prospects. SCM - Equity Europe (Institutional) ,00 60, ,00 50, ,00 40, ,00 30, , ,00 20, ,00 10,00 0,00 31/12/ /01/ /02/ /03/ /04/ /05/ /06/ /07/ /08/ /09/ /10/ /11/ /12/2013 0,00 Net Asset (Eur) Number of Shares 23

26 Net Asset (Eur) Number of Shares SELLA CAPITAL MANAGEMENT Report on activities of the Board of Directors (continued) SCM - Equity Europe (Retail) , , , , , , , , , , , , , , , , , ,00 31/12/ /01/ /02/ /03/ /04/ /05/ /06/ /07/ /08/ /09/ /10/ /11/ /12/ ,00 Net Asset (Eur) Number of Shares Luxembourg, 5th February 2014 The Board of Directors Note: The information in this report represents historical data and is not an indication of future results. 24

27 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 general meeting of the shareholders, we have audited the accompanying financial statements of SELLA CAPITAL MANAGEMENT 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 2013 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

28 Deloitte. Report of the reviseur d'entreprises agree (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 2013, 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 revision agree ' tin Partner r~~s~viseur d'entreprises agree 18th April , rue de Neudorf L-2220 LUXEMBOURG 26

29 SELLA CAPITAL MANAGEMENT Consolidated statement of net assets (in EUR) as at 31st December 2013 Assets Securities portfolio at market value 62,106, Cash at banks 5,220, Other liquid assets 1,019, Receivable on issues of shares 105, Income receivable on portfolio 426, Interest receivable on bank accounts 6, Unrealised gain on future contracts 82, Other receivables 85, Prepaid expenses 20, Total assets 69,074, Liabilities Bank overdrafts Payable on redemptions of shares 48, Interest payable on bank overdrafts 3.77 Unrealised loss on future contracts 83, Expenses payable 393, Other liabilities 81, Total liabilities 607, Net assets at the end of the year 68,466, The accompanying notes are an integral part of these financial statements. 27

30 SELLA CAPITAL MANAGEMENT Consolidated statement of operations and other changes in net assets (in EUR) from 1st January 2013 to 31st December 2013 Income Dividends, net 688, Interest on bonds and other debt securities, net 1,303, Interest on bank accounts 6, Other income Total income 1,998, Expenses Management fees 753, Performance fees 217, Custodian fees 39, Banking charges and other fees 63, Transaction fees 112, Central administration costs 439, Professional fees 134, Other administration costs 84, Subscription duty ("taxe d'abonnement") 19, Interest paid on bank overdrafts 3, Other expenses 61, Total expenses 1,929, Net investment income 69, Net realised gain/(loss) - on securities portfolio 3,446, on option contracts -57, on future contracts -692, on foreign exchange -93, Realised result 2,672, Net variation of the unrealised gain/(loss) - on securities portfolio 2,131, on option contracts 1, on future contracts -8, Result of operations 4,796, Subscriptions 49,545, Redemptions -62,978, Total changes in net assets -8,636, Total net assets at the beginning of the year 77,500, Revaluation difference -397, Total net assets at the end of the year 68,466, The accompanying notes are an integral part of these financial statements. 28

31 BOND STRATEGY Statement of net assets (in EUR) as at 31st December 2013 Assets Securities portfolio at market value 14,224, Cash at banks 1,096, Other liquid assets 118, Receivable on issues of shares 39, Income receivable on portfolio 101, Interest receivable on bank accounts 2, Unrealised gain on future contracts 9, Prepaid expenses 8, Total assets 15,599, Liabilities Payable on redemptions of shares 12, Expenses payable 58, Other liabilities 9, Total liabilities 80, Net assets at the end of the year 15,519, Number of Institutional A-Shares outstanding 1, Net asset value per Institutional A-Share 11, Number of Retail A-Shares outstanding 61, Net asset value per Retail A-Share The accompanying notes are an integral part of these financial statements. 29

32 BOND STRATEGY Statement of operations and other changes in net assets (in EUR) from 1st January 2013 to 31st December 2013 Income Interest on bonds and other debt securities, net 141, Interest on bank accounts Total income 141, Expenses Management fees 32, Performance fees 29, Custodian fees 2, Banking charges and other fees 3, Transaction fees 5, Central administration costs 40, Professional fees 8, Other administration costs 5, Subscription duty ("taxe d'abonnement") Interest paid on bank overdrafts Other expenses 5, Total expenses 134, Net investment income 7, Net realised gain/(loss) - on securities portfolio 131, on option contracts -2, on future contracts -12, on foreign exchange Realised result 124, Net variation of the unrealised gain/(loss) - on securities portfolio -44, on future contracts 12, Result of operations 92, Subscriptions (1) 13,434, Redemptions -1,697, Total changes in net assets 11,829, Total net assets at the beginning of the year 3,689, Total net assets at the end of the year 15,519, (1) including the net assets absorbed pursuant to the merge with effect from 16th December See note 9. The accompanying notes are an integral part of these financial statements. 30

33 BOND STRATEGY Statistical information (in EUR) as at 31st December 2013 Total net assets - as at ,519, as at ,689, as at ,137, Number of Institutional A-Shares - outstanding at the beginning of the year 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 18, issued (1) 52, redeemed -9, outstanding at the end of the year 61, Net asset value per Retail A-Share - as at as at as at (1) including the shares allocated pursuant to the merge with effect from 16th December See note 9. The accompanying notes are an integral part of these financial statements. 31

34 BOND STRATEGY Statement of investments and other net assets (in EUR) as at 31st December 2013 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 100,000 Abertis Infraestructuras SA 3.75% Sen 13/ , , EUR 100,000 Achmea BV 2.5% EMTN Sen 13/ , , EUR 100,000 Areva 3.25% EMTN Sen 13/ , , EUR 200,000 Banca Pop dell Emilia Roma SC 3.375% EMTN 13/ , , EUR 500,000 Banco Pop Societa Cooperativa 3.875% 11/ , , EUR 100,000 CNOOC Curtis Fding No1 Pty Ltd 2.75% Reg S Sen 99, , / EUR 100,000 Deutsche Annington Finance BV 3.625% Reg S Sen 99, , / EUR 100,000 Deutsche Telekom Intl Fin BV 4.25% EMTN 10/ , , EUR 200,000 EIB FRN EMTN 10/ , , EUR 150,000 EIB VAR Infl Cp 06/ , , EUR 100,000 Elenia Finance Oyj 2.875% EMTN Reg S Sen 13/ , , EUR 100,000 Enel Finance Intl SA 4.875% EMTN 12/ , , EUR 500,000 ENEL SpA FRN EMTN Reg-S Ser 34 07/ , , EUR 200,000 Eramet SA 4.5% 13/ , , EUR 100,000 ESB Finance Limited VAR EMTN Reg S Lk Ratings 13/ , , EUR 100,000 Espana 3.75% 13/ , , EUR 200,000 Espana 4.3% Sen 09/ , , EUR 600,000 Espana 4.4% T-Bonds 13/ , , EUR 100,000 Ferrovial Emisiones SA 3.375% EMTN 13/ , , EUR 100,000 Gecina 2.875% EMTN 13/ , , EUR 100,000 Gecina 4.75% EMTN Sen 12/ , , EUR 200,000 GPB Eurobond Finance Plc 3.984% LPN Reg S Sen 200, , / EUR 100,000 Hera SpA 3.25% EMTN Reg S Sen 13/ , , EUR 100,000 Iberdrola Intl BV 2.875% EMTN Sen 13/ , , EUR 200,000 Instituto de Credito Oficial FRN EMTN 144 A 11/ , , EUR 500,000 Intesa Sanp Bk Ireland Plc FRN EMTN Reg S 13/ , , EUR 150,000 Intesa Sanpaolo SpA 3% EMTN Sen 13/ , , EUR 100,000 Intesa Sanpaolo SpA 4.375% EMTN Reg S Sen 12/ , , EUR 250,000 Intesa Sanpaolo SpA FRN EMTN Sen 13/ , , EUR 500,000 Italia 0% Cert del Tesoro 12/ , , EUR 500,000 Italia 0% CTr 12/ , , EUR 500,000 Italia 3% BTP 11/ , , EUR 500,000 Italia 3.5% BPT 09/ , , EUR 100,000 Italia 4.25% BTP 04/ , , EUR 500,000 Italia FRN CCT 07/ , , EUR 150,000 Italia ILB 12/ , , EUR 200,000 Italia ILB Ser CPI 10/ , , EUR 100,000 Italia ILB Ser ICPI 12/ , , EUR 400,000 Italia ILB Ser ICPI 12/ , , EUR 500,000 Italia ILB Ser ICPI 13/ , , EUR 250,000 Italia ILB Ser ICPI Sen 13/ , , EUR 100,000 K+S Aktiengesellschaft 3% EMTN 12/ , , EUR 100,000 Lafarge SA 4.75% EMTN Reg S Sen 13/ , , EUR 200,000 Mediobanca SpA 3.75% EMTN Sen 12/ , , EUR 100,000 Orange 3.125% EMTN Sen 14/ , , EUR 100,000 Petrobras Intl Fin Co Ltd 3.25% Sen 12/ , , EUR 100,000 Portugal Telec Intl Finance BV 4.625% EMTN Reg S 102, , / EUR 100,000 Poste Italiane SpA 3.25% EMTN Sen 13/ , , EUR 100,000 Repsol Intl Finance BV 3.625% EMTN Sen 13/ , , EUR 200,000 Santander Consumer Fin SA 3.25% Reg S Ser 7 12/ , , EUR 100,000 Snam SpA 5% EMTN 12/ , , EUR 100,000 Telecom Italia SpA 4% EMTN Reg S Sen 12/ , , The accompanying notes are an integral part of these financial statements. 32

35 BOND STRATEGY Statement of investments and other net assets (in EUR) (continued) as at 31st December 2013 Currency Number / nominal value Description Cost Market value % of total net assets EUR 100,000 Telekom Finanzmanagement GmbH 3.125% EMTN Sen 99, , / EUR 100,000 Telekom Finanzmanagement GmbH 3.5% EMTN Ser 1/13 100, , / EUR 150,000 Unicredit SpA 2.25% EMTN Sen 13/ , , EUR 300,000 Unicredit SpA FRN EMTN Sen 13/ , , EUR 100,000 Unicredit SpA VAR EMTN Reg S Sub 13/ , , EUR 100,000 Unione Banche Italiane ScpA 2.75% EMTN Reg S 13/ , , EUR 200,000 Unione Banche Italiane ScpA FRN EMTN Ser 53 07/ , , EUR 100,000 Voto Votoran Ov Tra Op V Ltd 5.25% RegS 10/ , , EUR 100,000 WPP Fin % EMTN Reg S Ser1 13/ , , Total bonds 12,487, ,576, Money market instruments EUR 200,000 Italia 0% BOT 13/ , , EUR 100,000 Italia 0% BOT 13/ , , EUR 40,000 Italia 0% BOT 13/ , , EUR 800,000 Italia 0% BOT 13/ , , Total money market instruments 1,138, ,138, 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 300,000 Espana 0% T-Bills Sen 12/ , , Total bonds 504, , Total investments in securities 14,130, ,224, Cash at banks 1,096, Other net assets/(liabilities) 198, Total 15,519, The accompanying notes are an integral part of these financial statements. 33

36 BOND STRATEGY Industrial and geographical classification of investments as at 31st December 2013 Industrial classification (in percentage of net assets) Countries and governments % Banks % Diversified financial services % Utilities 6.60 % Materials 2.56 % International institutions 2.27 % Transportation 1.98 % Investment funds 1.32 % Telecommunication services 1.28 % Capital goods 0.69 % Health care equipment and services 0.66 % Energy 0.65 % Insurance 0.64 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Italy % Spain % Ireland 5.19 % The Netherlands 4.73 % France 4.57 % Luxembourg 2.27 % Cayman Islands 1.35 % Austria 1.28 % Australia 0.65 % Finland 0.64 % United Kingdom 0.64 % Germany 0.61 % Total % The accompanying notes are an integral part of these financial statements. 34

37 BOND STRATEGY Statement of changes in investments (unaudited) from 1st January 2013 to 31st December 2013 Currency Description Purchases * Sales Bonds EUR A2A SpA 3.625% EMTN Sen 13/ ,000 0 EUR Abertis Infraestructuras SA 3.75% Sen 13/ ,000 0 EUR Achmea BV 2.5% EMTN Sen 13/ ,000 0 EUR Amplifon SpA 4.875% Sen 13/ , ,000 EUR ArcelorMittal SA VAR EMTN Sen Lk Rating Changes 10/ ,000 EUR Areva 3.25% EMTN Sen 13/ ,000 0 EUR Astaldi SpA 7.125% Reg S Sen 13/ ,000 0 EUR Banca Carige SpA 3.875% EMTN 13/ , ,000 EUR Banca Pop dell Emilia Roma SC 3.375% EMTN 13/ ,000 0 EUR Banco Pop Societa Cooperativa 3.75% EMTN Sen 13/ , ,000 EUR Banco Pop Societa Cooperativa 3.875% 11/ ,000 0 EUR Banque PSA Finance 3.875% EMTN 10/ ,000 EUR Casino Guichard Perrachon 3.157% EMTN Sen 12/ ,000 EUR CNOOC Curtis Fding No1 Pty Ltd 2.75% Reg S Sen 13/ ,000 0 EUR Deutsche Annington Finance BV 3.625% Reg S Sen 13/ ,000 0 EUR Deutsche Bahn Finance BV 4.875% 09/ ,000 50,000 EUR Deutsche Telekom Intl Fin BV 4.25% EMTN 10/ ,000 0 EUR Deutschland 0.25% Sen 11/ , ,000 EUR EI Towers 3.875% Sen 13/ , ,000 EUR EIB FRN EMTN 10/ ,000 0 EUR EIB VAR Infl Cp 06/ ,000 0 EUR Elenia Finance Oyj 2.875% EMTN Reg S Sen 13/ ,000 0 EUR Enel Finance Intl SA 4.875% EMTN 12/ ,000 EUR ENEL SpA FRN EMTN Reg-S Ser 34 07/ ,000 0 EUR Eramet SA 4.5% 13/ ,000 0 EUR ESB Finance Limited VAR EMTN Reg S Lk Ratings 13/ ,000 0 EUR Espana 0% T-Bills Sen 12/ ,000 0 EUR Espana 3.4% Obl del Estado 11/ , ,000 EUR Espana 3.75% 12/ ,000 EUR Espana 3.75% 13/ ,000 0 EUR Espana 3.8% 06/ ,000 60,000 EUR Espana 4.3% Sen 09/ ,000 0 EUR Espana 4.4% T-Bonds 13/ ,000 0 EUR Espana 4.75% 98/ , ,000 EUR Espana 5.5% 02/ ,000 EUR European Fin Stability Facilit 3.375% 11/ , ,000 EUR Ferrovial Emisiones SA 3.375% EMTN 13/ ,000 0 EUR Gecina 2.875% EMTN 13/ ,000 0 EUR Glencore Finance SA Step-up EMTN Ser 12 12/ ,000 EUR GPB Eurobond Finance Plc 3.984% LPN Reg S Sen 13/ ,000 0 EUR Hera SpA 3.25% EMTN Reg S Sen 13/ ,000 0 EUR Hera SpA 5.2% EMTN Sen 13/ , ,000 EUR Iberdrola Intl BV 2.875% EMTN Sen 13/ ,000 0 EUR ICCREA Banca SpA FRN EMTN Sen 11/ ,000 EUR Instituto de Credito Oficial FRN EMTN 144 A 11/ ,000 0 EUR Intesa Sanp Bk Ireland Plc FRN EMTN Reg S 13/ , ,000 EUR Intesa Sanpaolo SpA 3% EMTN Sen 13/ ,000 0 EUR Intesa Sanpaolo SpA 4.875% EMTN Sen 12/ ,000 EUR Intesa Sanpaolo SpA FRN EMTN Sen 13/ ,000 0 EUR Italcementi Finance 6.125% EMTN Sen 13/ , ,000 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% BTP 07/ ,000 80,000 EUR Italia 4.25% BTP 04/ ,000 0 EUR Italia 4.75% BTP 12/ ,000 EUR Italia 5.25% BTP Sen 02/ ,000 EUR Italia 5.5% BTP 12/ , ,000 EUR Italia 5.5% BTP 12/ ,000 EUR Italia FRN 10/ ,000 50,000 EUR Italia FRN CCT 07/ ,

38 BOND STRATEGY Statement of changes in investments (unaudited) (continued) from 1st January 2013 to 31st December 2013 Currency Description Purchases * Sales EUR Italia FRN CCT 08/ ,030,000 1,030,000 EUR Italia FRN CCT 09/ ,000 50,000 EUR Italia ILB 12/ , ,000 EUR Italia ILB BPT 11/ ,000 10,000 EUR Italia ILB Ser CPI 10/ ,000 0 EUR Italia ILB Ser ICPI 12/ ,000 0 EUR Italia ILB Ser ICPI 13/ ,000 0 EUR Italia ILB Ser ICPI Sen 13/ ,000 0 EUR Italia VAR Lk CPI 06/ ,000 20,000 EUR Italia VAR Sen Lk CPI 07/ ,000 10,000 EUR Italia VAR Ser CPI Lk European inflation 08/ , ,000 EUR K+S Aktiengesellschaft 3% EMTN 12/ ,000 0 EUR Lafarge SA 4.75% EMTN Reg S Sen 13/ ,000 0 EUR Leaseplan Corp NV 2.375% EMTN Sen 13/ , ,000 EUR Mediobanca SpA 3% Sen 09/ , ,000 EUR Mediobanca SpA 3.75% EMTN Sen 12/ ,000 0 EUR Monte Dei Paschi Di Siena SpA 4.875% EMTN Sen 12/ ,000 EUR Orange 3.125% EMTN Sen 14/ ,000 0 EUR Peugeot SA 6.5% EMTN 13/ , ,000 EUR Portugal Telec Intl Finance BV 4.625% EMTN Reg S 13/ ,000 0 EUR Poste Italiane SpA 3.25% EMTN Sen 13/ ,000 0 EUR RCI Banque 1.75% EMTN Sen 13/ , ,000 EUR Repsol Intl Finance BV 3.625% EMTN Sen 13/ ,000 0 EUR Santander Consumer Fin SA 3.25% Reg S Ser 7 12/ ,000 0 EUR SAP AG 2.125% EMTN Reg S Sen 12/ ,000 EUR Telekom Finanzmanagement GmbH 3.125% EMTN Sen 13/ ,000 0 EUR Telekom Finanzmanagement GmbH 3.5% EMTN Ser 1/13 13/ ,000 0 EUR Unicredit SpA 2.25% EMTN Sen 13/ ,000 0 EUR Unicredit SpA 3.625% EMTN Reg S Sen 13/ , ,000 EUR Unicredit SpA 4.875% EMTN Ser 5Y 12/ ,000 EUR Unicredit SpA FRN EMTN Sen 13/ , ,000 EUR Unicredit SpA VAR EMTN Reg S Sub 13/ ,000 0 EUR Unione Banche Italiane ScpA 2.75% EMTN Reg S 13/ ,000 0 EUR Unione Banche Italiane ScpA 3.75% EMTN Sen 12/ ,000 EUR Unione Banche Italiane ScpA FRN EMTN Ser 53 07/ ,000 0 EUR Veneto Banca Holding SCPA 4.25% EMTN Sen 13/ , ,000 EUR Voto Votoran Ov Tra Op V Ltd 5.25% RegS 10/ ,000 0 EUR Wells Fargo & Co 2.25% EMTN Reg S Sen 13/ , ,000 EUR WPP Fin % EMTN Reg S Ser1 13/ , ,000 Money market instruments EUR Deutschland 0% T-Bills 12/ , ,000 EUR France 0% BTF 13/ , ,000 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 Future options EUR BUND GOVT BOND 10 Y - EURO PUT 01/14 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 06/13 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 08/13 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 08/13 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 08/13 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 08/13 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 09/13 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 09/13 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 09/13 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 09/13 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 10/13 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 10/13 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 11/13 EUX EUR BUND GOVT BOND 10 Y - EURO PUT 12/13 EUX

39 BOND STRATEGY Statement of changes in investments (unaudited) (continued) from 1st January 2013 to 31st December 2013 Currency Description Purchases * Sales Tracker funds (UCITS) EUR db x-trackers II itraxx Europe Ucits ETF 1C Cap 400 2,600 * including the outstanding quantities at the date of the merge which have been transferred from the absorbed Sub-Funds. 37

40 EQUITY EURO STRATEGY Statement of net assets (in EUR) as at 31st December 2013 Assets Securities portfolio at market value 20,662, Cash at banks 2,263, Other liquid assets 287, Receivable on issues of shares 3, Income receivable on portfolio 37, Interest receivable on bank accounts 1, Other receivables 83, Prepaid expenses 5, Total assets 23,346, Liabilities Payable on redemptions of shares 5, Unrealised loss on future contracts 83, Expenses payable 108, Total liabilities 197, Net assets at the end of the year 23,149, Number of Institutional A-Shares outstanding Net asset value per Institutional A-Share 14, Number of Retail A-Shares outstanding 9, Net asset value per Retail A-Share 1, The accompanying notes are an integral part of these financial statements. 38

41 EQUITY EURO STRATEGY Statement of operations and other changes in net assets (in EUR) from 1st January 2013 to 31st December 2013 Income Dividends, net 279, Interest on bonds and other debt securities, net 6, Interest on bank accounts Total income 287, Expenses Management fees 116, Custodian fees 6, Banking charges and other fees 7, Transaction fees 15, Central administration costs 52, Professional fees 21, Other administration costs 8, Subscription duty ("taxe d'abonnement") 2, Interest paid on bank overdrafts 1, Other expenses 7, Total expenses 239, Net investment income 47, Net realised gain/(loss) - on securities portfolio -268, on option contracts -44, on future contracts -781, on foreign exchange -1, Realised result -1,048, Net variation of the unrealised gain/(loss) - on securities portfolio 2,491, on option contracts 1, on future contracts -133, Result of operations 1,310, Subscriptions (1) 14,262, Redemptions -4,075, Total changes in net assets 11,498, Total net assets at the beginning of the year 11,650, Total net assets at the end of the year 23,149, (1) including : - the net assets absorded pursuant to the merge with effect from 16th December See note 9. The accompanying notes are an integral part of these financial statements. 39

42 EQUITY EURO STRATEGY Statistical information (in EUR) as at 31st December 2013 Total net assets - as at ,149, as at ,650, as at ,436, Number of Institutional A-Shares - outstanding at the beginning of the year issued redeemed outstanding at the end of the year 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 issued (1) 9, redeemed outstanding at the end of the year 9, Net asset value per Retail A-Share - as at (2) 1, as at , as at , (1) including : - the shares allocated pursuant to the merge with effect from 16th December See note , shares resulting from the split, with effect from 25th March 2013, at a ratio of 10 new shares for each existing share. (2) net asset value including the split mentioned in (1) above. The accompanying notes are an integral part of these financial statements. 40

43 EQUITY EURO STRATEGY Statement of investments and other net assets (in EUR) as at 31st December 2013 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 2,420 Adidas AG Reg Share 148, , EUR 4,000 Air France KLM 28, , EUR 1,947 Air Liquide SA 168, , EUR 3,140 Allianz SE Reg 348, , EUR 5,560 Alstom 211, , EUR 4,750 Anheuser-Busch InBev SA 330, , EUR 7,590 ArcelorMittal SA 135, , EUR 2,425 ASML Holding NV 118, , EUR 9,350 Assicurazioni Generali SpA 124, , EUR 13,226 Atlantia SpA 223, , EUR 21,050 Autogrill SpA 107, , EUR 20,687 Axa SA 318, , EUR 8,000 Banca Pop dell'emilia Ro SCARL 51, , EUR 26,888 Banco Bilbao Vizcaya Argent SA Reg 181, , EUR 44,008 Banco Santander SA 272, , EUR 4,670 BASF SE Reg 262, , EUR 4,170 Bayer AG Reg 281, , EUR 3,380 Bayerische Motorenwerke AG 221, , EUR 1,700 Beiersdorf AG 79, , EUR 6,700 BNP Paribas SA 291, , EUR 1,210 Bourbon SA 23, , EUR 7,520 Carrefour SA 238, , EUR 800 Casino Guichard Perrachon 63, , EUR 8,000 Cementir SpA 29, , EUR 3,900 Cie de Saint-Gobain SA 121, , EUR 15,000 CNH Industrial NV 117, , EUR 1 Cogeme Set SpA in liquidazione EUR 200 Continental AG 30, , EUR 8,450 CRH Plc 146, , EUR 5,410 Daimler AG Reg 231, , EUR 3,149 Danone 133, , EUR 21,500 Davide Campari SpA 127, , EUR 2,700 Delhaize Groupe 113, , EUR 1,500 Deutsche Bank AG Reg 49, , EUR 9,050 Deutsche Post AG Reg 145, , EUR 16,260 Deutsche Telekom AG Reg 193, , EUR 18,000 Distribuidora Int de Alimenta 114, , EUR 111,554 Enel Green Power S.p.A. 185, , EUR 87,090 ENEL SpA 329, , EUR 17,950 ENI SpA 310, , EUR 4,000 ERG SpA 37, , EUR 25,000 Falk Renewables SpA 31, , EUR 3,500 Finmeccanica SpA 17, , EUR 2,200 Fresenius Medical Care AG & Co KGaA 106, , EUR 1,750 Fresenius SE & Co KGaA 95, , EUR 1,800 Galp Energia SGPS SA B 20, , EUR 6,800 GDF Suez 115, , EUR 4,380 HeidelbergCement AG 196, , EUR 2,930 Heineken NV 116, , EUR 2,030 Henkel AG & Co KGaA Pref 105, , EUR 1,580 Industria de Diseno Textil SA 169, , EUR 3,000 ING Groep NV Certif 26, , EUR 166,789 Intesa Sanpaolo SpA 290, , EUR 1,100 Kering 153, , EUR 9,000 Koninklijke Ahold NV 114, , EUR 2,050 L'Oréal SA 198, , EUR 4,080 Lafarge SA 139, , EUR 860 Linde AG 90, , EUR 2,400 Luxottica Group SpA 91, , The accompanying notes are an integral part of these financial statements. 41

44 EQUITY EURO STRATEGY Statement of investments and other net assets (in EUR) (continued) as at 31st December 2013 Currency Number / nominal value Description Cost Market value % of total net assets EUR 1,875 LVMH Moët Hennessy L Vuitton 201, , EUR 27,550 Mediobanca SpA 153, , EUR 950 Merck KGaA 62, , EUR 1,990 Metro AG 63, , EUR 500 Michelin SA 37, , EUR 25,000 Moleskine SpA 38, , EUR 2,000 Munich Reinsurance Co Rest Transferability 231, , EUR 4,500 Nokia Oyj 24, , EUR 13,000 Orange 232, , EUR 2,047 OSRAM Licht AG 74, , EUR 1,270 Pernod-Ricard 93, , EUR 77,850 Piaggio & C. SpA 183, , EUR 2,050 Porsche Automobile Hg SE Pref 81, , EUR 13,000 Redes Energetic Nacio SGPS SA 29, , EUR 500 Renault SA 28, , EUR 7,755 Repsol SA 143, , EUR 5,320 Royal Dutch Shell Plc A 136, , EUR 9,168 Royal Philips NV 210, , EUR 9,000 Salini Impregilo SpA 41, , EUR 10,145 Sanofi SA 692, , EUR 5,780 SAP AG 274, , EUR 2,075 Sat SpA 23, , EUR 4,300 Schneider Electric SA 230, , EUR 6,748 Servizi Italia SpA 27, , EUR 2,500 SIAS SpA 17, , EUR 5,620 Siemens AG Reg 436, , EUR 1,000 Smurfit Kappa Plc 16, , EUR 45,300 Snam SpA 161, , EUR 6,050 Société Générale A 150, , EUR 13,000 Sorin SpA 26, , EUR 4,820 STMicroelectronics NV 25, , EUR 9,770 Suez Environnement Co 112, , EUR 159,050 Telecom Italia SpA 170, , EUR 23,748 Telefonica SA 395, , EUR 9,850 Tenaris SA Reg 155, , EUR 27,650 Terna Rete Elettr Nazional SpA 84, , EUR 17,081 TNT Express NV 107, , EUR 1,000 Tod's SpA 110, , EUR 12,630 Total SA 551, , EUR 57,790 Unicredit SpA Post Raggruppamento 282, , EUR 10,820 Unilever NV Certif of Shares 249, , EUR 7,000 Unipol Gruppo Finanziario SpA Pref 22, , EUR 11,210 Veolia Environnement SA 119, , EUR 2,200 Vinci SA 81, , EUR 12,173 Vivendi 282, , EUR 1,783 Volkswagen AG Pref 251, , EUR 11,050 World Duty Free SpA 67, , ,931, ,303, GBP 20,000 HMV Group Plc Total shares 15,931, ,303, Bonds EUR 100,000 Banco Pop Societa Cooperativa 4.75% EMTN 11/ , , EUR 200,000 Cassa Depositi e Prestiti SpA 4.25% EMTN 11/ , , EUR 100,000 Enel Finance Intl SA 5.75% EMTN 11/ , , EUR 100,000 Espana 3.75% 12/ , , EUR 100,000 Espana 4.5% 12/ , , EUR 100,000 Gas Natural Capital Mks SA 6% EMTN 12/ , , EUR 100,000 Intesa Sanpaolo SpA 5% EMTN Sen 12/ , , EUR 150,000 Italia ILB Ser ICPI 12/ , , EUR 200,000 Italia ILB Ser ICPI 12/ , , EUR 500,000 Italia ILB Ser ICPI 13/ , , The accompanying notes are an integral part of these financial statements. 42

45 EQUITY EURO STRATEGY Statement of investments and other net assets (in EUR) (continued) as at 31st December 2013 Currency Number / nominal value Description Cost Market value % of total net assets EUR 100,000 Repsol Intl Finance BV 4.375% EMTN 12/ , , EUR 100,000 Unicredit SpA 4.875% EMTN Ser 5Y 12/ , , Total bonds 1,953, ,953, Warrants and rights EUR 550 Groupe FNAC Droits d'attribut , EUR 7,755 Repsol SA Droits d'attribut , Total warrants and rights , Transferable securities dealt in on another regulated market Money market instruments EUR 400,000 Deutschland 0% T-Bills 12/ , , Total money market instruments 399, , Other transferable securities Shares EUR 10 Sopaf SpA Total shares Warrants and rights EUR 333 Independent News & Media Plc Droits de sousc Total warrants and rights Total investments in securities 18,285, ,662, Cash at banks 2,263, Other net assets/(liabilities) 222, Total 23,149, The accompanying notes are an integral part of these financial statements. 43

46 EQUITY EURO STRATEGY Industrial and geographical classification of investments as at 31st December 2013 Industrial classification (in percentage of net assets) Banks % Materials 7.56 % Countries and governments 6.38 % Automobiles and components 6.20 % Capital goods 6.19 % Energy 5.94 % Insurance 5.75 % Pharmaceuticals and biotechnology 5.32 % Food, beverage and tobacco 5.29 % Utilities 5.19 % Consumer durables and apparel 4.78 % Telecommunication services 3.08 % Food retailing, drugstores and pharmacies 2.74 % Transportation 2.70 % Household and personal products 2.40 % Diversified financial services 2.15 % Retailing 1.58 % Software and services 1.56 % Media 1.00 % Semiconductors and semiconductor equipment 0.83 % Hotels, restaurants and leisure 0.56 % Health care equipment and services 0.52 % Commercial services and supplies 0.17 % Technology hardware and equipment 0.11 % Investment companies 0.08 % Total % The accompanying notes are an integral part of these financial statements. 44

47 EQUITY EURO STRATEGY Industrial and geographical classification of investments (continued) as at 31st December 2013 Geographical classification (by domicile of the issuer) (in percentage of net assets) Germany % France % Italy % Spain 6.87 % The Netherlands 6.51 % Belgium 2.08 % Luxembourg 1.10 % Ireland 0.74 % United Kingdom 0.59 % Portugal 0.22 % Finland 0.11 % Total % The accompanying notes are an integral part of these financial statements. 45

48 EQUITY EURO STRATEGY Statement of changes in investments (unaudited) from 1st January 2013 to 31st December 2013 Currency Description Purchases * Sales Other Shares CHF ABB Ltd Reg 3,000 3,000 0 CHF Credit Suisse Group AG Reg CHF Nestlé SA Reg 2,500 2,500 0 CHF Novartis AG Reg 3,200 3,200 0 CHF Roche Holding AG B de jouis Pref CHF Swatch Group AG CHF Syngenta AG Reg CHF UBS AG Reg 2,500 2,500 0 CHF Zurich Insurance Group AG Reg EUR Adidas AG Reg Share EUR Air France KLM 4, EUR Air Liquide SA EUR Allianz SE Reg 1, EUR Alstom 2, EUR Anheuser-Busch InBev SA 2, EUR ArcelorMittal SA 2,140 4,000 0 EUR ASML Holding NV EUR Assicurazioni Generali SpA 2,500 2,700 0 EUR Atlantia SpA 9, ,700 0 EUR Autogrill SpA 13, EUR Axa SA 7, EUR Banca Carige SpA 0 54,000 0 EUR Banca Pop dell'emilia Ro SCARL 8, EUR Banco Bilbao Vizcaya Argent SA Reg 3, EUR Banco Santander SA 9, ,511 EUR BASF SE Reg 1, EUR Bayer AG Reg 1, EUR Bayerische Motorenwerke AG 1, EUR BNP Paribas SA 3, EUR Bourbon SA 1, EUR Carrefour SA 2,840 1,600 0 EUR Casino Guichard Perrachon EUR Cementir SpA 8, EUR Cie de Saint-Gobain SA 2, EUR CNH Industrial NV 15, EUR Cogeme Set SpA in liquidazione EUR Continental AG EUR CRH Plc 8, EUR Daimler AG Reg 1, EUR Danone 1, EUR Davide Campari SpA 21, EUR Delhaize Groupe 2, EUR Deutsche Bank AG Reg 1, EUR Deutsche Post AG Reg 2,400 3,900 0 EUR Deutsche Telekom AG Reg 4,260 3,300 0 EUR Distribuidora Int de Alimenta 18, EUR Enel Green Power S.p.A. 34, EUR ENEL SpA 51,000 13,950 0 EUR ENI SpA 6, EUR ERG SpA 4, EUR Falk Renewables SpA 25, EUR Finmeccanica SpA 3, EUR Fresenius SE & Co KGaA EUR Galp Energia SGPS SA B 1, EUR GDF Suez 6, EUR HeidelbergCement AG 2,100 1,000 0 EUR Heineken NV EUR Henkel AG & Co KGaA Pref EUR Industria de Diseno Textil SA 1, EUR ING Groep NV Certif 3, EUR Intesa Sanpaolo SpA 65,145 30,

49 EQUITY EURO STRATEGY Statement of changes in investments (unaudited) (continued) from 1st January 2013 to 31st December 2013 Currency Description Purchases * Sales Other EUR K+S Aktiengesellschaft Reg 0 3,508 0 EUR Kering EUR Koninklijke Ahold NV 9, EUR L'Oréal SA EUR Lafarge SA 1,150 1,000 0 EUR Linde AG EUR Luxottica Group SpA 2, EUR LVMH Moët Hennessy L Vuitton EUR MAN SE 0 1,550 0 EUR Mediobanca SpA 27,550 24,624 0 EUR Merck KGaA EUR Metro AG EUR Michelin SA EUR Moleskine SpA 25, EUR Monte Dei Paschi Di Siena SpA 0 150,100 0 EUR Munich Reinsurance Co Rest Transferability EUR Nokia Oyj 4, EUR Orange 1, EUR OSRAM Licht AG 1, EUR Pernod-Ricard EUR Piaggio & C. SpA 38,250 23,450 0 EUR Redes Energetic Nacio SGPS SA 13, EUR Renault SA EUR Repsol SA 2, EUR Royal Dutch Shell Plc A 1,070 3,650 0 EUR Royal Philips NV 3,931 2, EUR Saipem SpA 0 3,450 0 EUR Salini Impregilo SpA 9, EUR Sanofi SA 5, EUR SAP AG 2, EUR Sat SpA 2, EUR Schneider Electric SA 2, EUR Servizi Italia SpA 6, EUR SIAS SpA 2, EUR Siemens AG Reg 2, EUR Smurfit Kappa Plc 1, EUR Snam SpA 15, EUR Société Générale A 1,500 1,100 0 EUR Sopaf SpA EUR Sorin SpA 13, EUR STMicroelectronics NV 4, EUR Suez Environnement Co 9, EUR Telecom Italia SpA 55, EUR Telefonica SA 7, EUR Tenaris SA Reg 3, EUR Terna Rete Elettr Nazional SpA 10, EUR TNT Express NV 17, EUR Tod's SpA 1, EUR Total SA 3,430 1,200 0 EUR Unicredit SpA Post Raggruppamento 32,100 9,900 0 EUR Unilever NV Certif of Shares 5,170 1,550 0 EUR Unipol Gruppo Finanziario SpA Pref 7, EUR Veolia Environnement SA 11, EUR Vinci SA EUR Vivendi 3, EUR Volkswagen AG Pref EUR World Duty Free SpA 3, ,250 GBP Anglo American Plc 1,600 1,600 0 GBP AstraZeneca Plc 1,000 1,000 0 GBP Aviva Plc 4,000 4,000 0 GBP Barclays Plc 9,000 9,000 0 GBP BG Group Plc 2,500 2,500 0 GBP BHP Billiton Plc 1,400 1,400 0 GBP BP Plc 22,000 22,000 0 GBP Colt Group SA 20,000 20,

50 EQUITY EURO STRATEGY Statement of changes in investments (unaudited) (continued) from 1st January 2013 to 31st December 2013 Currency Description Purchases * Sales Other GBP Diageo Plc 1,900 1,900 0 GBP GlaxoSmithKline Plc 4,600 4,600 0 GBP HMV Group Plc 20, GBP HSBC Holdings Plc 16,500 16,500 0 GBP Imperial Tobacco Group Plc 1,950 1,950 0 GBP J Sainsbury Plc 10,000 10,000 0 GBP Rio Tinto Plc 1,400 1,400 0 GBP Royal Dutch Shell Plc A 4,000 4,000 0 GBP SABMiller Plc GBP Standard Chartered Plc 2,000 2,000 0 GBP Tesco Plc 11,000 11,000 0 GBP Unilever Plc 3,500 3,500 0 GBP Vodafone Group Plc 10,000 10,000 0 GBP WPP Plc 3,000 3,000 0 NOK Telenor ASA 3,000 3,000 0 SEK Ericsson B 4,000 4,000 0 Bonds EUR Banco Pop Societa Cooperativa 4.75% EMTN 100, / EUR Cassa Depositi e Prestiti SpA 4.25% EMTN 200, / EUR Enel Finance Intl SA 5.75% EMTN 11/ , EUR Espana 3.75% 12/ , EUR Espana 4.5% 12/ , EUR Gas Natural Capital Mks SA 6% EMTN 12/ , EUR Intesa Sanpaolo SpA 5% EMTN Sen 12/ , EUR Italia 2% BTP 10/ ,000 0 EUR Italia ILB Ser ICPI 12/ , EUR Italia ILB Ser ICPI 12/ , EUR Italia ILB Ser ICPI 13/ , EUR Repsol Intl Finance BV 4.375% EMTN 12/ , EUR Unicredit SpA 4.875% EMTN Ser 5Y 12/ , Money market instruments EUR Deutschland 0% T-Bills 12/ , Warrants and rights EUR Groupe FNAC Droits d'attribut EUR Independent News & Media Plc Droits de sousc EUR Repsol SA Droits d'attribut ,755 Index options EUR EUR EUR EUR Euro Stoxx 50 EUR (Price) Index PUT 01/13 EUX 2400 Euro Stoxx 50 EUR (Price) Index PUT 04/13 EUX 2500 Euro Stoxx 50 EUR (Price) Index PUT 05/13 EUX 2400 Euro Stoxx 50 EUR (Price) Index PUT 06/13 EUX

51 EQUITY EURO STRATEGY Statement of changes in investments (unaudited) (continued) from 1st January 2013 to 31st December 2013 Currency Description Purchases * Sales Other EUR EUR Euro Stoxx 50 EUR (Price) Index PUT 11/13 EUX 2700 Euro Stoxx 50 EUR (Price) Index PUT 12/13 EUX * including the outstanding quantities at the date of the merge which have been transferred from the absorbed Sub-Funds. 49

52 EURO CORPORATE BOND Statement of net assets (in EUR) as at 31st December 2013 Assets Securities portfolio at market value 16,141, Cash at banks 957, Other liquid assets 114, Receivable on issues of shares 61, Income receivable on portfolio 278, Interest receivable on bank accounts 1, Unrealised gain on future contracts 22, Prepaid expenses 2, Total assets 17,581, Liabilities Payable on redemptions of shares 12, Expenses payable 178, Other liabilities 22, Total liabilities 213, Net assets at the end of the year 17,367, Number of Institutional A-Shares outstanding 12, Net asset value per Institutional A-Share 1, Number of Retail A-Shares outstanding 5, Net asset value per Retail A-Share The accompanying notes are an integral part of these financial statements. 50

53 EURO CORPORATE BOND Statement of operations and other changes in net assets (in EUR) from 1st January 2013 to 31st December 2013 Income Dividends, net 27, Interest on bonds and other debt securities, net 813, Interest on bank accounts 1, Total income 843, Expenses Management fees 133, Performance fees 129, Custodian fees 11, Banking charges and other fees 11, Transaction fees 12, Central administration costs 51, Professional fees 39, Other administration costs 13, Subscription duty ("taxe d'abonnement") 2, Interest paid on bank overdrafts Other expenses 12, Total expenses 419, Net investment income 423, Net realised gain/(loss) - on securities portfolio 813, on future contracts -119, Realised result 1,118, Net variation of the unrealised gain/(loss) - on securities portfolio -336, on future contracts 22, Result of operations 805, Subscriptions 19,944, Redemptions -22,913, Total changes in net assets -2,163, Total net assets at the beginning of the year 19,531, Total net assets at the end of the year 17,367, The accompanying notes are an integral part of these financial statements. 51

54 EURO CORPORATE BOND Statistical information (in EUR) as at 31st December 2013 Total net assets - as at ,367, as at ,531, as at ,880, Number of Institutional A-Shares - outstanding at the beginning of the year 1, issued (1) 22, redeemed -11, outstanding at the end of the year 12, Net asset value per Institutional A-Share - as at (2) 1, as at , as at , Number of Retail A-Shares - outstanding at the beginning of the year 4, issued 2, redeemed -1, outstanding at the end of the year 5, Net asset value per Retail A-Share - as at as at as at (1) including 18, shares resulting from the split, with effect from 25th March 2013, at a ratio of 10 new shares for each existing share. (2) net asset value including the split mentioned in (1) above. The accompanying notes are an integral part of these financial statements. 52

55 EURO CORPORATE BOND Statement of investments and other net assets (in EUR) as at 31st December 2013 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 250,000 A2A SpA 3.625% EMTN Sen 13/ , , EUR 500,000 A2A SpA 4.375% EMTN 13/ , , EUR 150,000 Abengoa Finance SAU 8.875% EMTN Reg S Sen 13/ , , EUR 300,000 Abertis Infraestructuras SA 3.75% Sen 13/ , , EUR 200,000 Achmea BV 2.5% EMTN Sen 13/ , , EUR 100,000 Adecco Intl Financial Serv BV VAR EMTN Sen 13/ , , EUR 400,000 Allianz Finance II BV VAR EMTN 11/ , , EUR 400,000 Aquarius and Inv Zurich VAR EMTN 13/ , , EUR 200,000 Areva 3.25% EMTN Sen 13/ , , EUR 200,000 Assicurazioni Generali SpA VAR EMTN 12/ , , EUR 100,000 Banca Popolare di Milano 4% EMTN Sen 13/ , , EUR 200,000 Banco Pop Societa Cooperativa 3.75% EMTN Sen 13/ , , EUR 200,000 BBVA Senior Finance SA 3.875% EMTN 10/ , , EUR 100,000 Deutsche Annington Finance BV 3.625% Reg S Sen 99, , / EUR 32,793 Dong Energy A/S VAR Sub 05/ , , EUR 200,000 EDP Finance BV 4.125% EMTN Sen 13/ , , EUR 200,000 EI Towers 3.875% Sen 13/ , , EUR 300,000 Electricité de France VAR EMTN Sub 13/29.01.Perpetual 302, , EUR 150,000 Elenia Finance Oyj 2.875% EMTN Reg S Sen 13/ , , EUR 200,000 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/ , , EUR 250,000 Ferrovie dello Stato FS SPA 4% EMTN Sen 13/ , , EUR 250,000 Fiat Finance & Trade Ltd SA 6.75% EMTN Sen 13/ , , EUR 100,000 Fincantieri SpA 3.75% Sen 13/ , , EUR 200,000 Finmeccanica Finance SA 4.5% EMTN Sen 13/ , , EUR 100,000 Gas Natural Fenosa Finance BV 3.5% EMTN Sen 13/ , , EUR 250,000 Gaz Capital SA 4.364% EMTN LPN Gazprom OAO Sen 250, , / EUR 200,000 GPB Eurobond Finance Plc 3.984% LPN Reg S Sen 200, , / EUR 200,000 GTECH SpA 5.375% 10/ , , EUR 200,000 Hera SpA 3.25% EMTN Reg S Sen 13/ , , EUR 100,000 Iberdrola Intl BV 3% EMTN Sen 13/ , , EUR 200,000 Iberdrola Intl BV 3.5% EMTN 13/ , , EUR 200,000 Iberdrola Intl BV VAR EMTN Sen Sub 13/27.02.Perpetual 199, , EUR 600,000 Intesa Sanp Bk Ireland Plc FRN EMTN Reg S 13/ , , EUR 350,000 Intesa Sanpaolo SpA 3% EMTN Sen 13/ , , EUR 200,000 Intesa Sanpaolo SpA 4% EMTN Reg S Sen 13/ , , EUR 200,000 Italcementi Finance 6.125% EMTN Sen 13/ , , EUR 200,000 Morgan Stanley 5.375% EMTN 10/ , , EUR 100,000 Orange 3.125% EMTN Sen 14/ , , EUR 200,000 Origin Energy Finance Ltd 3.5% Reg S 144A Sen 13/ , , EUR 300,000 Pemex Project Fding Mast Trust 5.5% 05/ , , EUR 100,000 Petroleos Mexicanos 3.125% Reg S 13/ , , EUR 200,000 Peugeot SA 7.375% EMTN 13/ , , EUR 200,000 Poste Italiane SpA 3.25% EMTN Sen 13/ , , EUR 100,000 Rentokil Initial Plc 3.25% EMTN Sen 13/ , , EUR 200,000 Repsol Intl Finance BV 3.625% EMTN Sen 13/ , , EUR 200,000 RWE AG VAR Sen 10/28.09.Perpetual 195, , EUR 300,000 Santander Intl Debt SA 4% EMTN Sen 13/ , , EUR 100,000 Sinopec Gr Ov Dev (2013) Ltd 2.625% Reg S Sen 13/ , , EUR 100,000 Snam SpA 3.375% EMTN 13/ , , EUR 300,000 Snam SpA 3.5% EMTN 12/ , , EUR 200,000 Telecom Italia SpA 4.875% EMTN 13/ , , EUR 100,000 Telecom Italia SpA 7% EMTN Sen 11/ , , EUR 300,000 Telefonica Emisiones SA 2.736% EMTN Sen 13/ , , EUR 100,000 Telefonica Europe BV VAR Sub 13/18.09.Perpet 100, , The accompanying notes are an integral part of these financial statements. 53

56 EURO CORPORATE BOND Statement of investments and other net assets (in EUR) (continued) as at 31st December 2013 Currency Number / nominal value Description Cost Market value % of total net assets EUR 200,000 Telekom Finanzmanagement GmbH 3.125% EMTN Sen 199, , / EUR 150,000 Unicredit SpA 2.25% EMTN Sen 13/ , , EUR 700,000 Unicredit SpA 3.625% EMTN Reg S Sen 13/ , , EUR 300,000 Unicredit SpA FRN EMTN Sen 13/ , , EUR 200,000 Unione Banche Italiane ScpA 2.75% EMTN Reg S 13/ , , EUR 100,000 Vinci SA VAR Sub 06/13.11.Perpetual 102, , EUR 300,000 Wells Fargo & Co 2.625% EMTN Reg s Sen 12/ , , EUR 200,000 Xstrata Fin Dubai Ltd VAR EMTN Ser 7 12/ , , Total bonds 13,851, ,402, Transferable securities dealt in on another regulated market Bonds EUR 300,000 Amplifon SpA 4.875% Sen 13/ , , EUR 100,000 Astaldi SpA 7.125% Reg S Sen 13/ , , EUR 100,000 Madrilena Red de Gas Fin BV 3.779% EMTN Sen 13/ , , EUR 200,000 Red Electrica Financiacion SAU 2.375% Sen 13/ , , EUR 400,000 Repsol Intl Finance BV 2.625% EMTN Sen 13/ , , EUR 300,000 Suez Environnement Co VAR Perpetual 294, , EUR 200,000 Union Fenosa Finance BV 3.875% EMTN Sen 13/ , , EUR 100,000 Wind Acquisition Finance SA FRN Reg S 13/ , , Total bonds 1,690, ,739, Total investments in securities 15,542, ,141, Cash at banks 957, Other net assets/(liabilities) 267, Total 17,367, The accompanying notes are an integral part of these financial statements. 54

57 EURO CORPORATE BOND Industrial and geographical classification of investments as at 31st December 2013 Industrial classification (in percentage of net assets) Diversified financial services % Banks % Utilities % Transportation 5.61 % Energy 5.08 % Insurance 4.93 % Telecommunication services 2.40 % Capital goods 1.82 % Health care equipment and services 1.78 % Hotels, restaurants and leisure 1.30 % Automobiles and components 1.29 % Consumer durables and apparel 1.18 % Commercial services and supplies 0.57 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Italy % The Netherlands % Spain 9.82 % France 8.55 % United States of America 5.06 % Luxembourg 4.75 % Ireland 4.64 % Germany 3.48 % Australia 1.18 % Saudi Arabia 1.17 % Austria 1.15 % Finland 0.86 % Mexico 0.58 % United Kingdom 0.57 % British Virgin Islands 0.57 % Denmark 0.20 % Total % The accompanying notes are an integral part of these financial statements. 55

58 EURO CORPORATE BOND Statement of changes in investments (unaudited) from 1st January 2013 to 31st December 2013 Currency Description Purchases Sales Other Bonds EUR A2A SpA 3.625% EMTN Sen 13/ , EUR A2A SpA 4.375% EMTN 13/ , EUR A2A SpA 4.5% EMTN 09/ ,000 0 EUR Abengoa Finance SAU 8.875% EMTN Reg S Sen ,000 13/ EUR Abengoa Finance SAU 8.875% EMTN Reg S Tr 2 150, ,000 13/ EUR Abertis Infraestructuras SA 3.75% Sen 13/ , ,000 0 EUR Abertis Infraestructuras SA 5.125% 07/ , ,000 0 EUR ACEA SpA 3.75% Sen 13/ , ,000 0 EUR Achmea BV 2.5% EMTN Sen 13/ , EUR Adecco Intl Financial Serv BV VAR EMTN Sen 100, / EUR Allianz Finance II BV VAR EMTN 11/ ,000 0 EUR Amplifon SpA 4.875% Sen 13/ , ,000 0 EUR Anglo American Capital Plc 2.5% EMTN Sen 200, , / EUR Aquarius and Inv Zurich VAR EMTN 13/ , ,000 0 EUR ArcelorMittal SA VAR EMTN Sen Lk Rating Changes 200, , / EUR Areva 3.25% EMTN Sen 13/ , EUR Astaldi SpA 7.125% Reg S Sen 13/ , EUR Banca Mon dei Pasc di Sien SpA 4.5% EMTN 0 400, / EUR Banca Popolare di Milano 4% EMTN Sen 0 850, / EUR Banca Popolare di Milano 4% EMTN Sen 400, , / EUR Banco Pop Societa Cooperativa 3.75% EMTN Sen 300, , / EUR Banco Pop Societa Cooperativa 4% Sen 0 700, / EUR Banque PSA Finance 4% EMTN 11/ ,000 0 EUR Bayer AG VAR Sub 05/ ,000 0 EUR BBVA Senior Finance SA 3% EMTN 12/ ,000 0 EUR BBVA Senior Finance SA 3.875% EMTN 100, , / EUR Buzzi Unicem SpA 6.25% Sen 12/ ,000 0 EUR Carrefour SA 1.75% EMTN Sen 13/ , ,000 0 EUR Casino Guichard Perrachon 3.157% EMTN Tr 2 500, , / EUR Cassa Depositi e Prestiti SpA 4.25% EMTN 0 500, / EUR Celesio Finance B.V. 4.5% 10/ ,000 0 EUR Cie de Saint-Gobain SA 4.75% EMTN 07/ , ,000 0 EUR Citigroup Inc 7.375% EMTN Sen 09/ ,000 0 EUR Citigroup Inc FRN EMTN Reg S Ser 27 06/ , ,000 0 EUR Conti-Gummi Finance BV 2.5% EMTN Reg S Sen 250, , / EUR Credito Emiliano SpA 3.75% 11/ ,000 0 EUR Credito Valtellinese Scarl 4% EMTN Sen 200, , / EUR CRH Finland Serv Plc 2.75% EMTN 13/ , ,000 0 EUR Deutsche Annington Finance BV 3.625% Reg S Sen 100, / EUR Deutsche Boerse AG VAR Sub 08/ ,000 0 EUR Deutsche Telekom Intl Fin BV 2.125% EMTN Reg S 250, , / EUR EDP Finance BV 4.125% EMTN Sen 13/ , EUR EI Towers 3.875% Sen 13/ , EUR Electricité de France 3.875% EMTN 12/ , ,

59 EURO CORPORATE BOND Statement of changes in investments (unaudited) (continued) from 1st January 2013 to 31st December 2013 Currency Description Purchases Sales Other EUR Electricité de France VAR EMTN Sub 300, /29.01.Perpetual EUR Elenia Finance Oyj 2.875% EMTN Reg S Sen 150, / EUR Enel Finance Intl SA 3.625% EMTN Sen 300, , / EUR ENEL SpA VAR Sub Sen 13/ , EUR ENI SpA 2.625% EMTN 13/ , EUR FCE Bank Plc 1.625% EMTN Sen 13/ , ,000 0 EUR Ferrovial Emisiones SA 3.375% EMTN 13/ , EUR Ferrovie dello Stato FS SPA 4% EMTN Sen 250, / EUR Fiat Finance & Trade Ltd SA 6.625% EMTN Sen 250, , / EUR Fiat Finance & Trade Ltd SA 6.75% EMTN Sen 250, / EUR Fincantieri SpA 3.75% Sen 13/ , EUR Finmeccanica Finance SA 4.5% EMTN Sen 200, / EUR Gas Natural Capital Mks SA 4.5% EMTN 0 250, / EUR Gas Natural Capital Mks SA 6% EMTN 12/ ,000 0 EUR Gas Natural Fenosa Finance BV 3.5% EMTN Sen 100, / EUR Gaz Capital SA 4.364% EMTN LPN Gazprom OAO 250, Sen 13/ EUR GE Capital European Funding 2.625% EMTN Reg S 400, , / EUR GE Capital European Funding FRN EMTN 200, , / EUR Gecina 2.875% EMTN 13/ , ,000 0 EUR Gecina 4.75% EMTN Sen 12/ ,000 0 EUR GPB Eurobond Finance Plc 3.984% LPN Reg S Sen 200, / EUR GTECH SpA 5.375% 10/ ,000 0 EUR GTECH SpA VAR 09/ ,000 0 EUR Henkel AG & Co KGaA Step-up Sub 05/ ,000 0 EUR Hera SpA 3.25% EMTN Reg S Sen 13/ , EUR Hera SpA 4.5% Sen 09/ ,000 0 EUR Hera SpA 5.2% EMTN Sen 13/ , ,000 0 EUR Iberdrola Intl BV 3% EMTN Sen 13/ , EUR Iberdrola Intl BV 3.5% EMTN 13/ , ,000 0 EUR Iberdrola Intl BV VAR EMTN Sen Sub 200, /27.02.Perpetual EUR Indesit Co SpA 4.5% Sen 13/ , ,000 0 EUR Intesa Sanp Bk Ireland Plc FRN EMTN Reg S 800, , / EUR Intesa Sanpaolo SpA 3% EMTN Sen 13/ , EUR Intesa Sanpaolo SpA 4% EMTN Reg S Sen 200, / EUR Intesa Sanpaolo SpA 4.875% EMTN Sen 0 500, / EUR Intesa Sanpaolo SpA 5.15% EMTN Sub 10/ , ,000 0 EUR Italcementi Finance 6.125% EMTN Sen 13/ , EUR JPMorgan Chase & Co VAR EMTN Sub 04/ , ,000 0 EUR K+S Aktiengesellschaft 3% EMTN 12/ , ,000 0 EUR Lafarge SA Step-up EMTN Sen 10/ , ,000 0 EUR Leaseplan Corp NV 2.375% EMTN Sen 13/ , ,000 0 EUR Madrilena Red de Gas Fin BV 3.779% EMTN Sen 100, / EUR Mediobanca SpA 4.625% EMTN Sen 11/ , ,000 0 EUR Monte Dei Paschi Di Siena SpA 4.125% EMTN 0 500, / EUR Morgan Stanley 5.375% EMTN 10/ ,000 0 EUR Oracle Corp 2.25% EMTN Sen 13/ , ,000 0 EUR Orange 1.875% EMTN Reg S Sen 13/ , ,000 0 EUR Orange 3.125% EMTN Sen 14/ ,

60 EURO CORPORATE BOND Statement of changes in investments (unaudited) (continued) from 1st January 2013 to 31st December 2013 Currency Description Purchases Sales Other EUR Origin Energy Finance Ltd 3.5% Reg S 144A Sen 200, / EUR Pemex Project Fding Mast Trust 5.5% 05/ ,000 0 EUR Petroleos Mexicanos 3.125% Reg S 13/ , EUR Peugeot SA 7.375% EMTN 13/ , EUR Philip Morris Intl Inc 1.75% Sen 13/ , ,000 0 EUR Poste Italiane SpA 3.25% EMTN Sen 13/ , EUR RCI Banque 1.75% EMTN Sen 13/ , ,000 0 EUR Red Electrica Financiacion SAU 2.375% Sen 200, / EUR Rentokil Initial Plc 3.25% EMTN Sen 13/ , EUR Repsol Intl Finance BV 2.625% EMTN Sen 400, / EUR Repsol Intl Finance BV 3.625% EMTN Sen 200, / EUR Rio Tinto Finance Plc 2% EMTN 12/ , ,000 0 EUR RWE AG VAR Sen 10/28.09.Perpetual 0 300,000 0 EUR RWE Finance BV 3% EMTN Sen 13/ , ,000 0 EUR Santander Intl Debt SA 4% EMTN Sen 13/ , EUR Santander US Debt SAU 3.381% EMTN 11/ , ,000 0 EUR Sella Holding Banca SpA FRN EMTN Sen 0 500, / EUR Sinopec Gr Ov Dev (2013) Ltd 2.625% Reg S Sen 100, / EUR SKF AB 2.375% Reg S Sen 13/ , ,000 0 EUR Snam SpA 3.375% EMTN 13/ , EUR Snam SpA 3.5% EMTN 12/ ,000 EUR Snam SpA 3.5% EMTN Reg S Ser 7 Tr 2 100, ,000 13/ EUR Standard Chartered Plc 1.625% EMTN Sen 400, , / EUR Ste Autoroute Paris-Rhin-Rhone FRN EMTN Sen 200, , / EUR Suez Environnement Co VAR Perpetual 0 200,000 0 EUR Telecom Italia SpA 4.875% EMTN 13/ , EUR Telecom Italia SpA 7% EMTN Sen 11/ ,000 0 EUR Telecom Italia SpA VAR Sub 13/ , ,000 0 EUR Telefonica Emisiones SA 2.736% EMTN Sen 300, / EUR Telefonica Emisiones SA 5.496% EMTN 0 800, / EUR Telefonica Europe BV VAR Sub 13/18.09.Perpet 200, ,000 0 EUR Telekom Finanzmanagement GmbH 3.125% EMTN 200, Sen 13/ EUR Unicredit SpA 2.25% EMTN Sen 13/ , EUR Unicredit SpA 3.625% EMTN Reg S Sen 700, / EUR Unicredit SpA 4.875% EMTN Ser 5Y 12/ , ,000 0 EUR Unicredit SpA FRN EMTN Sen 13/ , ,000 0 EUR Union Fenosa Finance BV 3.875% EMTN Sen 200, / EUR Unione Banche Italiane ScpA 2.75% EMTN Reg S 200, / EUR Unione Banche Italiane ScpA 4.125% EMTN Sen 0 500, / EUR Veneto Banca Holding SCPA 4% EMTN Sen 200, , / EUR Veneto Banca Holding SCPA 4.25% EMTN Sen 400, , / EUR Veolia Environnement SA 4.247% EMTN 200, , / EUR Vinci SA VAR Sub 06/13.11.Perpetual 0 600,000 0 EUR Volkswagen Bank GmbH FRN EMTN Reg S Sen 500, , / EUR Volkswagen Intl Finance NV VAR Sub 100, , /09.04.Perpetual EUR Volvo Treasury AB FRN EMTN 13/ , ,

61 EURO CORPORATE BOND Statement of changes in investments (unaudited) (continued) from 1st January 2013 to 31st December 2013 Currency Description Purchases Sales Other EUR Wells Fargo & Co 2.25% EMTN Reg S Sen 500, , / EUR Wells Fargo & Co 2.625% EMTN Reg s Sen 300, / EUR Wind Acquisition Finance SA FRN Reg S 200, , / EUR Xstrata Fin Dubai Ltd VAR EMTN Ser 7 12/ , Money market instruments EUR France 0% T-Bills 12/ , ,000 0 EUR Italia 0% BOT Ser 12MO 13/ ,000,000 2,000,000 0 Tracker funds (UCITS) EUR ishares III Plc EUR Corporate Bond UCITS ETF Dist 24,000 24,

62 EQUITY USA Statement of net assets (in USD) as at 31st December 2013 Assets Securities portfolio at market value 11,037, Cash at banks 555, Other liquid assets 363, Receivable on issues of shares Income receivable on portfolio 12, Interest receivable on bank accounts Unrealised gain on future contracts 25, Prepaid expenses Total assets 11,995, Liabilities Payable on redemptions of shares 24, Interest payable on bank overdrafts 5.20 Expenses payable 42, Other liabilities 25, Total liabilities 92, Net assets at the end of the year 11,903, Number of Retail A-Shares outstanding 155, Net asset value per Retail A-Share The accompanying notes are an integral part of these financial statements. 60

63 EQUITY USA Statement of operations and other changes in net assets (in USD) from 1st January 2013 to 31st December 2013 Income Dividends, net 136, Interest on bank accounts Total income 137, Expenses Management fees 211, Custodian fees 5, Banking charges and other fees 12, Transaction fees 75, Central administration costs 70, Professional fees 20, Other administration costs 8, Subscription duty ("taxe d'abonnement") 5, Interest paid on bank overdrafts Other expenses 7, Total expenses 419, Net investment loss -282, Net realised gain/(loss) - on securities portfolio 1,595, on future contracts 295, on foreign exchange 17, Realised result 1,625, Net variation of the unrealised gain/(loss) - on securities portfolio 1,256, on future contracts 97, Result of operations 2,978, Subscriptions 170, Redemptions -2,130, Total changes in net assets 1,018, Total net assets at the beginning of the year 10,884, Total net assets at the end of the year 11,903, The accompanying notes are an integral part of these financial statements. 61

64 EQUITY USA Statistical information (in USD) as at 31st December 2013 Total net assets - as at ,903, as at ,884, as at ,127, Number of Institutional A-Shares - outstanding at the beginning of the year issued redeemed outstanding at the end of the year - 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 183, issued 2, redeemed -30, outstanding at the end of the year 155, Net asset value per Retail A-Share - as at as at as at The accompanying notes are an integral part of these financial statements. 62

65 EQUITY USA Statement of investments and other net assets (in USD) as at 31st December 2013 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 2,500 Abbott Laboratories 87, , USD 500 Aetna Inc 32, , USD 2,000 Altria Group Inc 66, , USD 150 Amazon Com Inc 43, , USD 600 Amgen Inc 67, , USD 1,400 Anadarko Petroleum Corp 109, , USD 50 Apple Inc 25, , USD 2,300 AT&T Inc 79, , USD 8,500 Bank of America Corp 121, , USD 2,500 Bank of New York Mellon Corp 75, , USD 4,000 BB&T Corp 135, , USD 1,000 Bed Bath and Beyond Inc 78, , USD 1,000 Berkshire Hathaway Inc 111, , USD 1,300 Boeing Co (The) 155, , USD 1,800 Borg Warner Inc 91, , USD 1,500 Bristol Myers Squibb Co 69, , USD 4,000 Broadcom Corp A 114, , USD 800 Capital One Fin Corp 57, , USD 2,500 CareFusion Corp 98, , USD 750 Caterpillar Inc 72, , USD 1,000 CBS Corp B 54, , USD 1,500 Cerner Corp 83, , USD 1,200 Check Point Software Tec Ltd 73, , USD 1,000 Chesapeake Energy Corp 24, , USD 150 Chipotle Mexican Shares A 77, , USD 3,000 Citigroup Inc 141, , USD 1,750 Comcast Corp A 86, , USD 1,000 ConocoPhillips 70, , USD 600 Costco Wholesale Corp 71, , USD 1,500 Covidien Plc 95, , USD 1,500 Davita Healthcare Partners Inc 88, , USD 1,000 Devon Energy Corp 60, , USD 800 Dominion Resources Inc 50, , USD 1,500 Dow Chemical Co 59, , USD 1,000 Du Pont de Nemours (EI) & Co 59, , USD 700 Duke Energy Corp 47, , USD 500 EBay Inc 25, , USD 1,000 EOG Resources Inc 160, , USD 1,750 Estée Lauder Companies Inc A 118, , USD 2,000 Exxon Mobil Corp 179, , USD 1,500 Facebook Inc A 68, , USD 5,000 Fifth Third Bancorp 90, , USD 1,500 Freeport Mcmor Copp & Gold Inc 49, , USD 1,000 General Dynamics Corp 88, , USD 10,000 General Electric Co 234, , USD 2,000 General Motors Co 66, , USD 200 Google Inc A 176, , USD 1,000 Gulfport Energy Corp 61, , USD 1,500 Halliburton Co (Hg Co) 67, , USD 1,300 Harley Davidson Inc 84, , USD 3,000 Hartford Fin Serv Gr Inc (The) 95, , USD 3,000 HCA Holdings Inc 111, , USD 1,000 Hess Corp 80, , USD 2,500 Home Depot Inc 197, , USD 400 Honeywell Intl Inc 33, , USD 700 IBM Corp 137, , USD 1,500 Intl Paper Co 69, , USD 3,000 Invesco Ltd 98, , USD 1,800 Johnson & Johnson 162, , The accompanying notes are an integral part of these financial statements. 63

66 EQUITY USA Statement of investments and other net assets (in USD) (continued) as at 31st December 2013 Currency Number / nominal value Description Cost Market value % of total net assets USD 2,300 JPMorgan Chase & Co 117, , USD 7,000 KeyCorp 80, , USD 1,500 KLA-Tencor Corp 95, , USD 1,000 Kraft Foods Group Inc 52, , USD 3,000 Lincoln National Corp 129, , USD 1,500 Lowe's Companies Inc 72, , USD 2,000 Marathon Oil Corp 71, , USD 600 Martin Marietta Materials Inc 60, , USD 50 Master Card Inc A 33, , USD 1,000 Mc Donald's Corp 97, , USD 3,500 Merck Co Inc 167, , USD 2,500 Metlife Inc 119, , USD 1,000 Microsoft Corp 33, , USD 2,000 Mondelez Intl Inc 61, , USD 1,000 Monster Beverage Corp 56, , USD 375 Murphy USA Inc 12, , USD 2,500 Mylan Inc 96, , USD 1,500 National Oilwell Varco Inc 104, , USD 7,000 News Corp A 119, , USD 1,500 Noble Corp Plc 57, , USD 1,500 Noble Energy Inc 101, , USD 1,000 Nucor Corp 49, , USD 800 Occidental Petroleum Corp 75, , USD 2,000 Pfizer Inc 55, , USD 1,500 Philip Morris Intl Inc 132, , USD 500 Pioneer Natural Resources Co 91, , USD 800 PNC Financial Serv Group 58, , USD 1,000 PPL Corp 30, , USD 350 Praxair Inc 42, , USD 1,000 Procter & Gamble Co 78, , USD 2,000 Prudential Financial Inc 135, , USD 300 Regeneron Pharmaceuticals Inc 85, , USD 1,500 Rowan Co Plc A 56, , USD 1,500 SanDisk Corp 102, , USD 2,000 Schlumberger Ltd 155, , USD 1,000 Starbucks Corp 80, , USD 2,500 Suntrust Banks Inc 73, , USD 1,000 Target Corp 67, , USD 2,000 Texas Instruments Inc 81, , USD 3,000 Tibco Software Inc 73, , USD 1,000 Tiffany & Co 76, , USD 2,000 Time Warner Inc 128, , USD 1,000 TripAdvisor Inc 81, , USD 1,200 Union Pacific Corp 176, , USD 1,500 United Health Group Inc 103, , USD 1,250 United Parcel Service Inc B 99, , USD 2,000 Urban Outfitters Inc 72, , USD 3,000 US Bancorp 108, , USD 1,600 Verisign Inc 83, , USD 1,600 Viacom Inc B 129, , USD 1,500 Wal-Mart Stores Inc 106, , USD 2,000 Walt Disney Co (The) 127, , USD 4,000 Wells Fargo & Co New 139, , USD 1,250 Whole Foods Market Inc 73, , USD 2,500 Xcel Energy Inc 69, , Total shares 10,141, ,037, The accompanying notes are an integral part of these financial statements. 64

67 EQUITY USA Statement of investments and other net assets (in USD) (continued) as at 31st December 2013 Currency Number / nominal value Description Cost Market value % of total net assets Other transferable securities Shares USD 2,000 PVP Ventures Ltd GDR spons repr 1/10 share Reg S Total shares Total investments in securities 10,141, ,037, Cash at banks 555, Other net assets/(liabilities) 309, Total 11,903, The accompanying notes are an integral part of these financial statements. 65

68 EQUITY USA Industrial and geographical classification of investments as at 31st December 2013 Industrial classification (in percentage of net assets) Energy % Banks 9.54 % Pharmaceuticals and biotechnology 8.75 % Media 5.96 % Software and services 5.91 % Retailing 5.88 % Insurance 5.85 % Capital goods 5.50 % Food, beverage and tobacco 4.61 % Health care equipment and services 3.92 % Materials 3.52 % Transportation 2.77 % Semiconductors and semiconductor equipment 2.53 % Automobiles and components 2.28 % Technology hardware and equipment 2.21 % Diversified financial services 2.04 % Household and personal products 1.79 % Utilities 1.68 % Hotels, restaurants and leisure 1.49 % Investment companies 0.88 % Consumer durables and apparel 0.77 % Telecommunication services 0.68 % Food retailing, drugstores and pharmacies 0.60 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) United States of America % Curacao 1.50 % Bermuda 0.92 % United Kingdom 0.90 % Israel 0.65 % Total % The accompanying notes are an integral part of these financial statements. 66

69 EQUITY USA Statement of changes in investments (unaudited) from 1st January 2013 to 31st December 2013 Currency Description Purchases Sales Other Shares TWD Au Optronics Corp USD 3-D Systems Corp (Delaware) 2,000 2,000 0 USD Abbott Laboratories 2, USD Abercrombie & Fitch Co A 2,600 2,600 0 USD Aetna Inc 500 3,500 0 USD Agilent Technologies Inc 0 2,000 0 USD Air Products and Chemicals Inc USD Allergan Inc 1,000 1,000 0 USD Altera Corp 2,000 2,000 0 USD Altria Group Inc 3,000 1,000 0 USD Amazon Com Inc 1,150 1,000 0 USD American Intl Group Inc 2,500 2,500 0 USD Amgen Inc USD Anadarko Petroleum Corp 1,400 2,000 0 USD Apple Inc 550 1,550 0 USD AT&T Inc 2,500 5,200 0 USD Atwood Oceanics Inc 2,000 2,000 0 USD Automatic Data Processing Inc 1,000 1,000 0 USD Bank of America Corp 40,500 32,000 0 USD Bank of New York Mellon Corp 2, USD Barrick Gold Corp 2,500 2,500 0 USD BB&T Corp 4, USD Bed Bath and Beyond Inc 2,800 3,800 0 USD Berkshire Hathaway Inc 2,250 1,250 0 USD Biogen IDEC Inc 1,250 1,250 0 USD Boeing Co (The) 1,300 2,000 0 USD Borg Warner Inc 1,900 3, USD Bristol Myers Squibb Co 5,500 11,500 0 USD Broadcom Corp A 9,000 5,000 0 USD CA Inc 3,500 3,500 0 USD Cameron Intl Corp 2,000 2,000 0 USD Canadian Pacific Railway Ltd USD Capital One Fin Corp USD CareFusion Corp 2, USD Carrizo Oil & Gas Inc 1,500 1,500 0 USD Caterpillar Inc 3,500 2,750 0 USD CBS Corp B 3,000 7,000 0 USD CenturyLink Inc 1,000 3,000 0 USD Cerner Corp 1, USD Check Point Software Tec Ltd 1, USD Chesapeake Energy Corp 5,000 4,000 0 USD Chipotle Mexican Shares A USD Ciena Corp 4,000 4,000 0 USD Cisco Systems Inc 8,000 8,000 0 USD Citigroup Inc 6,500 3,500 0 USD Citrix Systems Inc 0 2,000 0 USD Coach Inc 3,500 3,500 0 USD Coca-Cola Co 0 5,000 0 USD Comcast Corp A 4,750 3,000 0 USD Community Health Syst Inc 2,500 2,500 0 USD Concho Resources Inc 0 1,000 0 USD ConocoPhillips 1, USD Cooper Companies Inc (The) 1,000 1,000 0 USD Costco Wholesale Corp USD Covidien Plc 2,500 1,000 0 USD Crown Holdings Inc 0 3,000 0 USD CST Brands Inc USD Cummins Inc 0 1,000 0 USD Darden Restaurants Inc 1,500 1,500 0 USD Davita Healthcare Partners Inc 1,

70 EQUITY USA Statement of changes in investments (unaudited) (continued) from 1st January 2013 to 31st December 2013 Currency Description Purchases Sales Other USD Deere and Co 2,700 2,700 0 USD Devon Energy Corp 1, USD DISH Network Corp A USD Dollar Tree Inc 0 1,500 0 USD Dominion Resources Inc USD Dow Chemical Co 1, USD Dr Horton Inc 10,000 10,000 0 USD Dresser Rand Group Inc 2,000 4,000 0 USD Du Pont de Nemours (EI) & Co 1, USD Duke Energy Corp USD Eaton Corp Public Ltd Cie 2,000 2,000 0 USD EBay Inc 7,500 7,000 0 USD Edwards Lifesciences Corp 0 1,000 0 USD Elan Corp Plc ADR repr 1 Share 7,500 7,500 0 USD Electronic Arts Inc 4,000 4,000 0 USD EMC Corp 9,000 21,500 0 USD Ensco PLC A 1,500 1,500 0 USD Entergy Corp 0 1,000 0 USD EOG Resources Inc 2,000 1,000 0 USD Estée Lauder Companies Inc A 2,750 1,000 0 USD Expedia Inc 3,750 3,750 0 USD Express Scripts Hg Co 2,000 2,000 0 USD Exxon Mobil Corp 2,000 5,000 0 USD Facebook Inc A 2,500 1,000 0 USD Fedex Corp 2,000 2,000 0 USD Fifth Third Bancorp 5, USD Ford Motor Co 0 7,500 0 USD Fortinet Inc 8,000 8,000 0 USD Freeport Mcmor Copp & Gold Inc 3,000 1,500 0 USD General Dynamics Corp 2,500 1,500 0 USD General Electric Co 15,000 5,000 0 USD General Motors Co 6,500 4,500 0 USD Gilead Sciences Inc 1,550 1,550 0 USD Goldcorp Inc 0 3,500 0 USD Goldman Sachs Group Inc 1,000 1,000 0 USD Google Inc A USD Gulfport Energy Corp 1, USD Halliburton Co (Hg Co) 3,000 1,500 0 USD Harley Davidson Inc 1, USD Hartford Fin Serv Gr Inc (The) 10,000 12,000 0 USD Hasbro Inc 1,200 1,200 0 USD HCA Holdings Inc 4,000 4,000 0 USD Helmerich and Payne Inc 1,500 1,500 0 USD Hess Corp 1, USD Home Depot Inc 2, USD Honeywell Intl Inc USD Humana Inc 1,500 2,500 0 USD IAC/InterActiveCorp 0 2,500 0 USD IBM Corp 1,000 1,401 0 USD Illinois Tool Works Inc 0 1,500 0 USD Intel Corp 6,000 16,000 0 USD Intl Paper Co 1, USD Intuitive Surgical Inc USD Invesco Ltd 3, USD Jazz Pharmaceuticals Plc 1,500 1,500 0 USD JDS Uniphase Corp 5,000 5,000 0 USD Johnson & Johnson 2,500 2,700 0 USD JPMorgan Chase & Co 4,500 5,200 0 USD KeyCorp 7, USD Kimberly-Clark Corp 1,500 1,500 0 USD Kinder Morgan Inc 2,500 2,500 0 USD KLA-Tencor Corp 1, USD Kodiak Oil & Gas Corp 10,000 10,000 0 USD Kraft Foods Group Inc 2,500 2,833 0 USD Las Vegas Sands Corp 2,000 2,000 0 USD Lincoln National Corp 6,000 7,000 0 USD Lowe's Companies Inc 1,

71 EQUITY USA Statement of changes in investments (unaudited) (continued) from 1st January 2013 to 31st December 2013 Currency Description Purchases Sales Other USD Lululemon Athletica Inc 1,500 1,500 0 USD Mallinckrodt Plc USD Marathon Oil Corp 2, USD Martin Marietta Materials Inc USD Master Card Inc A USD Mattel Inc 1,000 1,000 0 USD Mc Donald's Corp 1,000 2,500 0 USD Mead Johnson Nutrition Co 0 2,000 0 USD Merck Co Inc 4,000 4,500 0 USD Metlife Inc 3,000 3,500 0 USD Microsoft Corp 12,000 16,000 0 USD Mondelez Intl Inc 2,000 4,000 0 USD Monster Beverage Corp 2,000 1,000 0 USD Mosaic Co (The) 3,000 3,000 0 USD Murphy Oil Corp 1,500 1,500 0 USD Murphy USA Inc USD Mylan Inc 2, USD National Oilwell Varco Inc 2,500 2,500 0 USD Nationstar Mortgage Hgs Inc 2,500 2,500 0 USD NetApp Inc 4,500 4,500 0 USD News Corp A 7, USD NextEra Energy Inc USD Noble Corp Plc 1, USD Noble Corp Reg 4,000 4,000 0 USD Noble Energy Inc 1, USD Norfolk Southern Corp 0 1,500 0 USD Nucor Corp 1, USD NVIDIA Corp 6,000 18,000 0 USD Occidental Petroleum Corp USD Oracle Corp 3,000 3,000 0 USD Owens-Illinois Inc 4,000 4,000 0 USD Pfizer Inc 14,000 17,000 0 USD Philip Morris Intl Inc USD Pioneer Natural Resources Co USD PNC Financial Serv Group 2,600 1,800 0 USD PPL Corp 1, USD Praxair Inc USD Precision Drilling Corp 0 7,500 0 USD Priceline.com Inc USD Procter & Gamble Co 1,500 1,500 0 USD Prudential Financial Inc 3,000 3,000 0 USD Qualcomm Inc 1,000 1,000 0 USD Red Hat Inc 2,000 2,000 0 USD Regeneron Pharmaceuticals Inc USD Rockwell Automation 1,000 1,000 0 USD Rockwell Collins Inc 0 1,000 0 USD Rockwood Holdings Inc 2,000 2,000 0 USD Rowan Co Plc A 1, USD Royal Gold Inc 1,500 1,500 0 USD SanDisk Corp 1, USD Schlumberger Ltd 2, USD Starbucks Corp 1,000 2,000 0 USD Suntrust Banks Inc 2,000 2,500 0 USD Target Corp 2,500 1,500 0 USD Tesla Motors Inc 0 4,000 0 USD Texas Instruments Inc 2, USD Tibco Software Inc 3, USD Tiffany & Co 3,000 2,000 0 USD Time Warner Inc 2, USD Transocean Ltd 0 2,000 0 USD Travelers Cies Inc 1,500 1,500 0 USD Treehouse Foods Inc 0 1,500 0 USD TripAdvisor Inc 2,300 1,300 0 USD Tyson Foods Inc Cl A 2,000 2,000 0 USD Ultra Petroleum Corp 0 2,500 0 USD Union Pacific Corp 1, USD United Health Group Inc 1,500 2,

72 EQUITY USA Statement of changes in investments (unaudited) (continued) from 1st January 2013 to 31st December 2013 Currency Description Purchases Sales Other USD United Parcel Service Inc B 1, USD United States Steel Corp 0 3,000 0 USD United Technologies Corp 1,000 2,500 0 USD Urban Outfitters Inc 4,500 2,500 0 USD US Bancorp 8,000 5,000 0 USD Valero Energy Corp 4,000 4,000 0 USD Varian Medical Systems Inc 1,500 1,500 0 USD VeriFone Systems Inc 0 2,500 0 USD Verisign Inc 1, USD Verizon Communications Inc 5,500 5,500 0 USD Vertex Pharmaceuticals Inc 1,500 2,900 0 USD Viacom Inc B 1, USD VMware Inc A 700 2,700 0 USD Wal-Mart Stores Inc 0 1,500 0 USD Walt Disney Co (The) 3,000 3,000 0 USD Wells Fargo & Co New 2,000 3,000 0 USD Whole Foods Market Inc 3,250 2,000 0 USD Xcel Energy Inc 2,500 2,500 0 USD Yahoo Inc 3,000 3,000 0 USD Yelp Inc A 1,000 1,

73 EQUITY EMERGING MARKETS Statement of net assets (in EUR) as at 31st December 2013 Assets Securities portfolio at market value 3,066, Cash at banks 499, Other liquid assets 235, Receivable on issues of shares 1, Income receivable on portfolio Interest receivable on bank accounts Unrealised gain on future contracts 31, Other receivables Prepaid expenses 2, Total assets 3,837, Liabilities Expenses payable 15, Other liabilities 31, Total liabilities 47, Net assets at the end of the year 3,790, Number of Retail A-Shares outstanding 85, Net asset value per Retail A-Share The accompanying notes are an integral part of these financial statements. 71

74 EQUITY EMERGING MARKETS Statement of operations and other changes in net assets (in EUR) from 1st January 2013 to 31st December 2013 Income Dividends, net 62, Interest on bonds and other debt securities, net Interest on bank accounts 2, Other income Total income 64, Expenses Management fees 83, Custodian fees 2, Banking charges and other fees 6, Transaction fees 8, Central administration costs 50, Professional fees 7, Other administration costs 24, Subscription duty ("taxe d'abonnement") 2, Interest paid on bank overdrafts Other expenses 4, Total expenses 191, Net investment loss -127, Net realised gain/(loss) - on securities portfolio -40, on future contracts 100, on foreign exchange -105, Realised result -172, Net variation of the unrealised gain/(loss) - on securities portfolio -306, on future contracts 18, Result of operations -460, Subscriptions 384, Redemptions -1,170, Total changes in net assets -1,247, Total net assets at the beginning of the year 5,037, Total net assets at the end of the year 3,790, The accompanying notes are an integral part of these financial statements. 72

75 EQUITY EMERGING MARKETS Statistical information (in EUR) as at 31st December 2013 Total net assets - as at ,790, as at ,037, as at ,138, Number of Institutional A-Shares - outstanding at the beginning of the year issued redeemed outstanding at the end of the year - 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 102, issued 8, redeemed -24, outstanding at the end of the year 85, Net asset value per Retail A-Share - as at as at as at The accompanying notes are an integral part of these financial statements. 73

76 EQUITY EMERGING MARKETS Statement of investments and other net assets (in EUR) as at 31st December 2013 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 6,000 Anhui Conch Cement Co Ltd H 14, , HKD 130,000 Bank of China Ltd H 52, , HKD 22,000 China Com Construction Cie Ltd H 13, , HKD 95,000 China Construction Bank Corp H 60, , HKD 7,000 China Life Insurance Co Ltd H 25, , HKD 8,000 China Merchant Bank Co Ltd H 15, , HKD 5,034 China Merchant Hgs Intl Co Ltd 13, , HKD 8,600 China Mobile Ltd 70, , HKD 8,000 China Overseas Land & Inv Ltd 14, , HKD 19,500 China Petroleum & Chem Corp H 9, , HKD 8,000 China Resources Land Ltd 12, , HKD 10,000 China Resources Pow Hgs Co Ltd 15, , HKD 6,000 China Shenhua Energy Co Ltd H 17, , HKD 50,000 China Telecom Corp Ltd H 19, , HKD 10,000 China Unicom (Hong Kong) Ltd 12, , HKD 31,000 China Water Affairs Group Ltd 7, , HKD 21,000 CNOOC Ltd 29, , HKD 12,000 Cosco Pacific Ltd 13, , HKD 13,000 Dongfeng Motor Group Co Ltd H 12, , HKD 2,000 Hengan Intl Group Co Ltd 13, , HKD 900 i-cable Communications Ltd HKD 105,000 Industr & Cial Bk of China Ltd H 59, , HKD 20,000 Lenovo Group Ltd 8, , HKD 24,000 PetroChina Co Ltd H 22, , HKD 2,500 Ping An Ins Gr Co of China Ltd H 16, , HKD 6,000 Shimao Property Hgs Ltd 10, , HKD 51 Tack Fiori Intl Gr Ltd 10, HKD 1,600 Tencent Holdings Ltd 23, , HKD 15,000 Want Want China Holdings Ltd 15, , HKD 250 Zijin Mining Group Co Ltd H , , HUF 250 MOL Hungarian Oil and Gas Plc Ser A 20, , IDR 17,000 Astra Intl Tbk 7, , IDR 25,000 Bank Mandiri (PT) Tbk 14, , 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, , IDR 10,000 United Tractors (PT) Tbk 16, , , , KRW 800 Daewoo Shipbuild & Mar Eng Co 15, , KRW 73 E-MART Co Ltd (tentative) 12, , KRW 300 Hana Financial Group Inc 7, , KRW 300 Hyundai Engineerg & Const Ltd 11, , KRW 90 Hyundai Heavy Industrie Co Ltd 14, , KRW 130 Hyundai Mobis 17, , KRW 280 Hyundai Motor Co Ltd 29, , KRW 150 Hyundai Steel Co 9, , KRW 569 KB Financial Gr Inc 17, , KRW 450 Kia Motors Corp 15, , KRW 700 Korea Electric Power Corp 14, , KRW 330 KT&G Corp 13, , KRW 70 LG Chem Ltd 14, , KRW 250 LG Corp 10, , The accompanying notes are an integral part of these financial statements. 74

77 EQUITY EMERGING MARKETS Statement of investments and other net assets (in EUR) (continued) as at 31st December 2013 Currency Number / nominal value Description Cost Market value % of total net assets KRW 250 LG Electronics Inc 15, , KRW 60 Lotte Shopping Co Ltd 14, , KRW 72 NAVER Corp 8, , KRW 80 OCI Co Ltd 15, , KRW 100 Posco 31, , KRW 250 Samsung C&T Corp 8, , KRW 155 Samsung Electronics Co Ltd 81, , KRW 30 Samsung Electronics Co Ltd Pref 10, , KRW 50 Samsung Fire & Marine Insur 6, , KRW 500 Samsung Heavy Ind Co Ltd 7, , KRW 400 Samsung Securities Co Ltd 12, , KRW 900 Shinhan Financial Group Co Ltd 26, , KRW 800 SK Hynix Inc 13, , KRW 170 SK Innovation Co Ltd 12, , KRW 70 SK Telecom Co Ltd 7, , , , MXN 70,000 America Movil SAB de CV L 66, , MXN 30,077 Cemex SAB de CV CPO repr 2 Shares A & 1 Share B 18, , MXN 1,700 Coca-Cola Femsa SAB de CV Ser L 13, , MXN 5,000 Empresas ICA SAB de CV 10, , MXN 4,500 Fomento Econom Mexic SAB de CV Units 1B & 4D Shares 25, , MXN 7,000 Gr Televisa SA CPO repr 25Shs A + 35Shs L + 35Shs D + 22Sh B 20, , MXN 5,000 Grupo Financiero Banorte SAB de CV O 17, , MXN 5,030 Grupo Mexico SAB de CV B 11, , MXN 3,111 Mexichem SAB de CV 7, , MXN 16,000 Wal-Mart de Mexico SAB de CV V 29, , , , MYR 8,000 CIMB Group Hgs Bhd 14, , MYR 15,000 Gamuda Bhd 12, , MYR 5,000 Genting Bhd 8, , MYR 12,000 Genting Malaysia Bhd 8, , MYR 7,000 IOI Corp Bhd 7, , MYR 2,333 IOI Properties Gr Bhd 1, , MYR 2,000 Kuala Lumpur Kepong Bhd 8, , MYR 7,000 Malayan Banking Bhd 14, , MYR 7,000 MISC Bhd 15, , MYR 3,000 Public Bank Bhd Foreign Reg 9, , MYR 10,000 Tenaga Nasional Bhd 16, , , , THB 4,000 Advanced Info Serv PCL Foreign Reg 8, , THB 2,500 Bangkok Bank PCL Foreign Reg 8, , THB 3,000 Kasikornbank PCL Foreign Reg 15, , THB 60,000 Land and House Public Co Ltd Units Non voting DR 17, , THB 4,000 PTT Explor & Prod PCL Foreign 14, , THB 2,000 PTT PCL Foreign Reg 12, , THB 1,600 Siam Cement Public Co Ltd Foreign 13, , THB 4,000 Siam Commercial Bk PCL Foreign Reg 10, , , , USD 120 Baidu Inc ADR repr 0.1 Share A 13, , USD 1,039 Banco Santander-Chile spons ADR repr 400 Shares 26, , USD 400 Bancolombia SA ADR repr 4 Pref Shares 17, , USD 11 China Steel Corp GDR repr 20 Shares USD 150 Credicorp Ltd 11, , USD 300 Ecopetrol SA spons ADR repr 20 Shares 9, , USD 400 Empresa Natl de Ele SA Chile ADR repr 30 Shares 15, , USD 1,100 Enersis SA ADR repr 50 Shares 17, , USD 826 Siliconware Prec Ind Co Ltd ADR repr 5 Shares 3, , The accompanying notes are an integral part of these financial statements. 75

78 EQUITY EMERGING MARKETS Statement of investments and other net assets (in EUR) (continued) as at 31st December 2013 Currency Number / nominal value Description Cost Market value % of total net assets USD 406 Southern Copper Corp 13, , USD 900 Telekom Indonesia (PT) Tbk ADR repr 200 Shares 25, , , , Total shares 1,800, ,959, Bonds INR 15,000 Dr Reddy's Laboratories Ltd 9.25% 11/ Perpetual Total bonds Money market instruments EUR 160,000 Italia 0% BOT 13/ , , Total money market instruments 159, , Other transferable securities Warrants and rights MYR 1,166 IOI Corp Bhd Droits de sousc Perpetual Total warrants and rights Open-ended investment funds Tracker funds (UCITS) EUR 14,400 ishares MSCI Brazil UCITS ETF Dist 575, , EUR 4,500 ishares V Plc MSCI Poland UCITS ETF EUR Cap 79, , EUR 1,000 Lyxor UCITS ETF Turk DJ Tita20 52, , EUR 21,900 Lyxor UCITS ETF MSCI India C EUR Cap 244, , EUR 7,800 Lyxor UCITS ETF Russia (DJRuGDR) C EUR Cap 231, , Total tracker funds (UCITS) 1,182, , Total investments in securities 3,142, ,066, Cash at banks 499, Other net assets/(liabilities) 225, Total 3,790, The accompanying notes are an integral part of these financial statements. 76

79 EQUITY EMERGING MARKETS Industrial and geographical classification of investments as at 31st December 2013 Industrial classification (in percentage of net assets) Investment funds % Banks 8.61 % Telecommunication services 5.72 % Semiconductors and semiconductor equipment 5.05 % Capital goods 4.52 % Countries and governments 4.22 % Materials 3.71 % Software and services 3.31 % Food, beverage and tobacco 2.99 % Energy 2.82 % Automobiles and components 2.76 % Utilities 2.39 % Diversified financial services 1.78 % Retailing 1.59 % Real estate 1.11 % Insurance 1.09 % Transportation 0.89 % Media 0.80 % Consumer durables and apparel 0.62 % Hotels, restaurants and leisure 0.61 % Technology hardware and equipment 0.47 % Household and personal products 0.45 % Commercial services and supplies 0.22 % Food retailing, drugstores and pharmacies 0.18 % Pharmaceuticals and biotechnology 0.03 % Total % The accompanying notes are an integral part of these financial statements. 77

80 EQUITY EMERGING MARKETS Industrial and geographical classification of investments (continued) as at 31st December 2013 Geographical classification (by domicile of the issuer) (in percentage of net assets) South Korea % France % Ireland % China 7.87 % Mexico 6.51 % Hong Kong 5.60 % Italy 4.22 % Malaysia 3.57 % Cayman Islands 3.04 % Thailand 2.76 % Indonesia 2.72 % Chile 1.11 % Bermuda 0.60 % Colombia 0.59 % Hungary 0.32 % United States of America 0.22 % Taiwan 0.09 % India 0.03 % Total % The accompanying notes are an integral part of these financial statements. 78

81 EQUITY EMERGING MARKETS Statement of changes in investments (unaudited) from 1st January 2013 to 31st December 2013 Currency Description Purchases Sales Other Shares HKD Bank of China Ltd H 30, HKD Belle Intl Hgs Ltd 0 12,000 0 HKD China Agri-Industries Ltd 0 12,000 0 HKD China Construction Bank Corp H 0 20,000 0 HKD China Life Insurance Co Ltd H 0 4,000 0 HKD China Merchant Hgs Intl Co Ltd HKD China Mobile Ltd 0 2,400 0 HKD China Overseas Land & Inv Ltd 5,000 5,000 0 HKD China Petroleum & Chem Corp H 0 0 4,500 HKD China Telecom Corp Ltd H 20, HKD China Water Affairs Group Ltd 0 24,000 0 HKD Citic Pacific Ltd 0 9,000 0 HKD CNOOC Ltd 0 12,000 0 HKD Golden Eagle Retail Group Ltd 0 8,000 0 HKD Jiangxi Copper H 0 6,000 0 HKD Parkson Retail Group Ltd 0 12,000 0 HKD PetroChina Co Ltd H 0 8,000 0 HKD Ping An Ins Gr Co of China Ltd H 0 1,500 0 HKD Ports Design Ltd 0 8,000 0 HKD Prada SpA 2,000 2,000 0 HKD Shimao Property Hgs Ltd 6, HKD Tack Fiori Intl Gr Ltd HKD Tack Fiori Intl Gr Ltd HKD Tencent Holdings Ltd HKD Yanzhou Coal Mining Co Ltd H 0 10,000 0 HKD Zijin Mining Group Co Ltd H 0 56,000 0 IDR Bank Rakyat Indonesia (PT) Tbk 0 14,000 0 IDR Indocement Tunggal Prakar Tbk 0 6,000 0 IDR Indofood Sukses Makmu (PT) Tbk 0 12,000 0 IDR Perusahaan Gas Negara (PT) Tbk Ser B 0 15,000 0 IDR Telekom Indonesia (PT) Tbk B ,000 IDR Telekom Indonesia (PT) Tbk Ser B 0 70, ,000 KRW Hana Financial Group Inc KRW Hyundai Engineerg & Const Ltd KRW Hyundai Heavy Industrie Co Ltd KRW Hyundai Motor Co Ltd KRW KB Financial Gr Inc KRW Kia Motors Corp KRW KT&G Corp KRW LG Chem Ltd KRW LG Haussys Ltd KRW NAVER Corp KRW NHN Entertainment Corp KRW Posco KRW Samsung Electronics Co Ltd KRW Samsung Electronics Co Ltd Pref KRW Samsung Engineering Co Ltd KRW Samsung Fire & Marine Insur KRW Samsung Heavy Ind Co Ltd KRW Shinhan Financial Group Co Ltd KRW SK Telecom Co Ltd MXN America Movil SAB de CV L 0 20,000 0 MXN Cemex SAB de CV CPO repr 2 Shares A & 1 Share 0 10,000 1,157 B MXN Empresas ICA SAB de CV 5, MXN Fomento Econom Mexic SAB de CV Units 1B & 4D Shares 1,500 1,

82 EQUITY EMERGING MARKETS Statement of changes in investments (unaudited) (continued) from 1st January 2013 to 31st December 2013 Currency Description Purchases Sales Other MXN Grupo Financiero Banorte SAB de CV O 1, MXN Grupo Mexico SAB de CV B 0 7,000 0 MYR Genting Bhd 0 6,000 0 MYR Genting Malaysia Bhd 0 8,000 0 MYR IOI Corp Bhd 0 6,000 0 MYR IOI Properties Gr Bhd 0 0 2,333 MYR Public Bank Bhd MYR Public Bank Bhd Foreign Reg 0 3,000 0 MYR SP Setia Bhd 0 30,000 0 THB Advanced Info Serv PCL Foreign Reg 0 4,000 0 THB Bangkok Bank PCL Foreign Reg 0 2,500 0 THB Kasikornbank PCL Foreign Reg 3, THB Land and House Public Co Ltd Units Non voting DR 60, THB Siam Cement Public Co Ltd Foreign THB Siam Commercial Bk PCL Foreign Reg 0 3,000 0 USD Baidu Inc ADR repr 0.1 Share A USD Cia de Minas Buenaventura SAA spons ADR repr Share USD Credicorp Ltd USD Southern Copper Corp Money market instruments EUR Italia 0% BOT 12/ ,000 0 EUR Italia 0% BOT 13/ , ,000 0 Warrants and rights HKD China Merchant Bank Co Ltd Droits de sousc ,392 1,392 MYR IOI Corp Bhd Droits de sousc Perpetual 0 0 1,166 USD Enersis SA Droits de sousc AD Shares Perpetual Tracker funds (UCITS) EUR ishares MSCI Brazil UCITS ETF Dist 600 6,800 0 EUR ishares V Plc MSCI Poland UCITS ETF EUR Cap 4, EUR Lyx UCITS ETF Turk DJ Titans ,600 0 EUR Lyxor UCITS ETF MSCI India C EUR Cap 3,500 11,600 0 EUR Lyxor UCITS ETF Russia (DJRuGDR) C EUR Cap 2,300 4,

83 EURO INCOME Statement of operations and other changes in net assets (in EUR) from 1st January 2013 to 16th December 2013 Income Interest on bonds and other debt securities, net 142, Interest on bank accounts Total income 143, Expenses Management fees 23, Performance fees 12, Custodian fees 5, Banking charges and other fees 6, Transaction fees Central administration costs 33, Professional fees 17, Other administration costs 7, Subscription duty ("taxe d'abonnement") 1, Interest paid on bank overdrafts Other expenses 7, Total expenses 114, Net investment income 28, Net realised gain/(loss) - on securities portfolio 62, Realised result 91, Net variation of the unrealised gain/(loss) - on securities portfolio -32, Result of operations 58, Subscriptions 270, Redemptions -11,948, Total changes in net assets -11,618, Total net assets at the beginning of the year 11,618, Total net assets at the end of the year 0.00 The accompanying notes are an integral part of these financial statements. 81

84 EURO INCOME Statistical information (in EUR) as at 31st December 2013 Total net assets - as at as at ,618, as at ,183, Number of Institutional A-Shares - outstanding at the beginning of the year 200, issued 3, redeemed -204, outstanding at the end of the year 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 6, issued 1, redeemed -7, outstanding at the end of the year Net asset value per Retail A-Share - as at as at as at The accompanying notes are an integral part of these financial statements. 82

85 EURO INCOME Statement of changes in investments (unaudited) from 1st January 2013 to 16th December 2013 Currency Description Purchases Sales * Bonds EUR Banca Lombarda Piemontese SpA FRN EMTN Ser 13 06/ , ,000 EUR Banco Pop Societa Cooperativa 3.875% 11/ ,000 EUR ENEL SpA FRN EMTN Reg-S Ser 34 07/ ,000 EUR Espana 0% T-Bills Sen 12/ , ,000 EUR Espana 3.4% Obl del Estado 11/ , ,000 EUR Espana 4.75% 98/ , ,000 EUR ICCREA Banca SpA FRN EMTN Sen 11/ ,000 EUR Instituto de Credito Oficial FRN EMTN 144 A 11/ ,000 EUR Intesa Sanp Bk Ireland Plc FRN EMTN Reg S 13/ , ,000 EUR Intesa Sanpaolo SpA FRN EMTN Sen 13/ , ,000 EUR Italia 0% CCT 11/ ,000,000 EUR Italia 0% CCT 11/ , ,000 EUR Italia 0% Cert del Tesoro 12/ , ,000 EUR Italia 0% CTr 12/ , ,000 EUR Italia 2% BTP 10/ ,000,000 EUR Italia 2.25% BTP 10/ ,000 EUR Italia 3% BTP 10/ ,000 EUR Italia 3% BTP 11/ ,000 EUR Italia 3.5% BPT 09/ ,000 EUR Italia 4.75% BTP 02/ ,000,000 EUR Italia FRN CCT 06/ ,000 EUR Italia FRN CCT 07/ ,000 EUR Italia FRN CCT 08/ ,000 1,030,000 EUR Italia ILB Ser ICPI 12/ ,000 EUR Mediobanca SpA 3.75% EMTN Sen 12/ , ,000 EUR Santander Consumer Fin SA 3.25% Reg S Ser 7 12/ , ,000 EUR Sella Holding Banca SpA FRN EMTN Sen 11/ ,000,000 EUR Unicredit SpA 3.625% EMTN 11/ ,000 EUR Unicredit SpA FRN EMTN Sen 13/ , ,000 EUR Unione Banche Italiane ScpA FRN EMTN Sen 10/ ,000 EUR Unione Banche Italiane ScpA FRN EMTN Ser 53 07/ , ,000 Money market instruments EUR Italia 0% BOT 12/ ,000 EUR Italia 0% BOT 12/ ,000 EUR Italia 0% BOT 13/ , ,000 EUR Italia 0% BOT 13/ , ,000 EUR Italia 0% BOT 13/ , ,000 EUR Italia 0% BOT 13/ , ,000 EUR Italia 0% BOT 13/ , ,000 EUR Italia 0% BOT 13/ , ,000 * including the outstanding quantities at the date of the merge which have been transferred to the absorbing Sub-Fund. 83

86 EURO INFLATION BOND Statement of operations and other changes in net assets (in EUR) from 1st January 2013 to 16th December 2013 Income Interest on bonds and other debt securities, net 46, Total income 46, Expenses Management fees 23, Custodian fees 1, Banking charges and other fees 2, Transaction fees Central administration costs 27, Professional fees 3, Other administration costs 3, Subscription duty ("taxe d'abonnement") Interest paid on bank overdrafts Other expenses 2, Total expenses 66, Net investment loss -19, Net realised gain/(loss) - on securities portfolio 93, Realised result 73, Net variation of the unrealised gain/(loss) - on securities portfolio -117, Result of operations -44, Subscriptions 215, Redemptions -3,547, Total changes in net assets -3,375, Total net assets at the beginning of the year 3,375, Total net assets at the end of the year 0.00 The accompanying notes are an integral part of these financial statements. 84

87 EURO INFLATION BOND Statistical information (in EUR) as at 31st December 2013 Total net assets - as at as at ,375, as at ,934, Number of Institutional A-Shares - outstanding at the beginning of the year issued redeemed outstanding at the end of the year 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 33, issued 4, redeemed -37, outstanding at the end of the year Net asset value per Retail A-Share - as at as at as at The accompanying notes are an integral part of these financial statements. 85

88 EURO INFLATION BOND Statement of changes in investments (unaudited) from 1st January 2013 to 16th December 2013 Currency Description Purchases Sales * Bonds EUR EIB VAR Infl Cp 06/ ,100,000 EUR Italia 0% CCT 11/ , ,000 EUR Italia ILB 12/ ,000 EUR Italia ILB BPT 11/ ,000 EUR Italia ILB Ser CPI 10/ ,000 EUR Italia ILB Ser ICPI 12/ ,000 EUR Italia VAR Lk CPI 06/ ,000 EUR Italia VAR Sen Lk CPI 07/ ,000 EUR Italia VAR Ser CPI Lk European inflation 08/ ,000 Money market instruments EUR Italia 0% BOT 12/ ,000 EUR Italia 0% BOT 13/ , ,000 EUR Italia 0% BOT Ser 12MO 12/ ,000 * including the outstanding quantities at the date of the merge which have been transferred to the absorbing Sub-Fund. 86

89 EURO GOVERNMENT BOND Statement of operations and other changes in net assets (in EUR) from 1st January 2013 to 16th December 2013 Income Interest on bonds and other debt securities, net 32, Interest on bank accounts Total income 32, Expenses Management fees 22, Custodian fees Banking charges and other fees 2, Transaction fees Central administration costs 26, Professional fees 3, Other administration costs 3, Subscription duty ("taxe d'abonnement") Interest paid on bank overdrafts Other expenses 2, Total expenses 62, Net investment loss -30, Net realised gain/(loss) - on securities portfolio 64, Realised result 34, Net variation of the unrealised gain/(loss) - on securities portfolio -65, Result of operations -31, Subscriptions 100, Redemptions -2,341, Total changes in net assets -2,271, Total net assets at the beginning of the year 2,271, Total net assets at the end of the year 0.00 The accompanying notes are an integral part of these financial statements. 87

90 EURO GOVERNMENT BOND Statistical information (in EUR) as at 31st December 2013 Total net assets - as at as at ,271, as at ,050, Number of Institutional A-Shares - outstanding at the beginning of the year issued redeemed outstanding at the end of the year 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 42, issued 1, redeemed -44, outstanding at the end of the year Net asset value per Retail A-Share - as at as at as at The accompanying notes are an integral part of these financial statements. 88

91 EURO GOVERNMENT BOND Statement of changes in investments (unaudited) from 1st January 2013 to 16th December 2013 Currency Description Purchases Sales * Bonds EUR Deutsche Bahn Finance BV 4.875% 09/ ,000 EUR Deutsche Telekom Intl Fin BV 4.25% EMTN 10/ ,000 EUR EIB FRN EMTN 10/ ,000 EUR Espana 3.8% 06/ ,000 60,000 EUR Espana 4.4% T-Bonds 13/ , ,000 EUR European Fin Stability Facilit 3.375% 11/ ,000 EUR Italia 0% CCT 11/ , ,000 EUR Italia 4% BTP 07/ ,000 80,000 EUR Italia 4.25% BTP 04/ ,000 EUR Italia FRN 10/ ,000 EUR Italia FRN CCT 09/ ,000 EUR Italia ILB 12/ ,000 EUR Italia ILB Ser CPI 10/ ,000 EUR Italia ILB Ser ICPI 13/ ,000 50,000 EUR Sella Holding Banca SpA FRN EMTN Sen 11/ ,000 Money market instruments EUR Italia 0% BOT 12/ ,000 EUR Italia 0% BOT 12/ ,000 EUR Italia 0% BOT 12/ ,000 EUR Italia 0% BOT 13/ , ,000 * including the outstanding quantities at the date of the merge which have been transferred to the absorbing Sub-Fund. 89

92 USD GOVERNMENT BOND Statement of net assets (in USD) as at 31st December 2013 Assets Other receivables 2, Total assets 2, Liabilities Bank overdrafts Expenses payable 1, Total liabilities 2, Net assets at the end of the year 0.00 Number of Retail A-Shares outstanding Net asset value per Retail A-Share 0.00 The accompanying notes are an integral part of these financial statements. 90

93 USD GOVERNMENT BOND Statement of operations and other changes in net assets (in USD) from 1st January 2013 to 31st October 2013 Income Interest on bonds and other debt securities, net 21, Interest on bank accounts Total income 21, Expenses Management fees 13, Custodian fees Banking charges and other fees 2, Transaction fees 1, Central administration costs 36, Professional fees 1, Other administration costs 3, Subscription duty ("taxe d'abonnement") Other expenses 7, Total expenses 66, Net investment loss -44, Net realised gain/(loss) - on securities portfolio 26, on foreign exchange Realised result -18, Net variation of the unrealised gain/(loss) - on securities portfolio -63, Result of operations -82, Subscriptions 250, Redemptions -1,557, Total changes in net assets -1,389, Total net assets at the beginning of the year 1,389, Total net assets at the end of the year 0.00 The accompanying notes are an integral part of these financial statements. 91

94 USD GOVERNMENT BOND Statistical information (in USD) as at 31st December 2013 Total net assets - as at as at ,389, as at ,505, Number of Retail A-Shares - outstanding at the beginning of the year 27, issued 4, redeemed -32, outstanding at the end of the year Net asset value per Retail A-Share - as at as at as at The accompanying notes are an integral part of these financial statements. 92

95 USD GOVERNMENT BOND Statement of changes in investments (unaudited) from 1st January 2013 to 31st October 2013 Currency Description Purchases Sales Bonds EUR Italia ILB Ser ICPI 12/ ,000 USD Council of Europe Dev Bank 4.25% EMTN 03/ ,000 USD EIB 1.25% Sen 11/ ,000 USD EIB 2.875% Sen 10/ ,000 USD EIB 4% Sen 11/ ,000 USD Italia 4.5% 05/ ,000 USD Total Capital SA 4% EMTN Ser 45 08/ ,000 USD US 0.625% T-Notes Ser AF / , ,000 USD US 1.875% T-Notes Ser H / ,000 USD US 1.875% T-Notes Ser Q / ,000 USD US 2.375% T-Notes Ser H / ,000 USD US 2.5% T-Notes Ser M / ,000 USD US 2.75% T-Notes Ser B / ,000 USD US 3.5% T-Bonds 09/ ,000 USD US 3.5% T-Notes Ser C / ,000 USD US 3.875% T-Bonds 10/ ,000 USD US 4.625% T-Notes Ser F / ,000 Money market instruments EUR Italia 0% BOT 12/ ,000 93

96 BALANCED STRATEGY Statement of operations and other changes in net assets (in EUR) from 1st January 2013 to 16th December 2013 Income Dividends, net 88, Interest on bonds and other debt securities, net 104, Interest on bank accounts 5.68 Other income Total income 193, Expenses Management fees 85, Custodian fees 3, Banking charges and other fees 6, Transaction fees 3, Central administration costs 40, Professional fees 10, Other administration costs 4, Subscription duty ("taxe d'abonnement") 2, Interest paid on bank overdrafts Other expenses 3, Total expenses 161, Net investment income 32, Net realised gain/(loss) - on securities portfolio 712, on option contracts -10, on future contracts -104, on foreign exchange Realised result 629, Net variation of the unrealised gain/(loss) - on securities portfolio -272, on option contracts Result of operations 357, Subscriptions 357, Redemptions -7,148, Total changes in net assets -6,434, Total net assets at the beginning of the year 6,434, Total net assets at the end of the year 0.00 The accompanying notes are an integral part of these financial statements. 94

97 BALANCED STRATEGY Statistical information (in EUR) as at 31st December 2013 Total net assets - as at as at ,434, as at ,653, Number of Retail A-Shares - outstanding at the beginning of the year 113, issued 6, redeemed -120, outstanding at the end of the year Net asset value per Retail A-Share - as at as at as at The accompanying notes are an integral part of these financial statements. 95

98 BALANCED STRATEGY Statement of changes in investments (unaudited) from 1st January 2013 to 16th December 2013 Currency Description Purchases Sales * Other Shares EUR Adidas AG Reg Share EUR Air Liquide SA EUR Allianz SE Reg EUR Alstom 0 1,760 0 EUR Anheuser-Busch InBev SA 500 1,000 0 EUR ArcelorMittal SA 0 4,140 0 EUR ASML Holding NV EUR Assicurazioni Generali SpA 0 2,500 0 EUR Atlantia SpA 0 2, EUR Autogrill SpA 0 3,800 0 EUR Axa SA 0 5,500 0 EUR Banca Carige SpA 0 32,900 0 EUR Banco Bilbao Vizcaya Argent SA Reg 0 3, EUR Banco Santander SA 0 9, EUR BASF SE Reg 0 1,270 0 EUR Bayer AG Reg EUR Bayerische Motorenwerke AG 0 1,500 0 EUR BNP Paribas SA 0 1,700 0 EUR Carrefour SA 0 1,640 0 EUR Cie de Saint-Gobain SA EUR CRH Plc 1,200 1,200 0 EUR Daimler AG Reg 0 2,000 0 EUR Danone 0 1,130 0 EUR Deutsche Post AG Reg 0 2,400 0 EUR Deutsche Telekom AG Reg 0 4,260 0 EUR Enel Green Power S.p.A. 0 34,618 0 EUR ENEL SpA 0 9,900 0 EUR ENI SpA 0 5,700 0 EUR Fresenius SE & Co KGaA EUR HeidelbergCement AG 0 1,200 0 EUR Henkel AG & Co KGaA Pref EUR Industria de Diseno Textil SA EUR Intesa Sanpaolo SpA 0 45,860 0 EUR K+S Aktiengesellschaft Reg 0 1,886 0 EUR Kering EUR L'Oréal SA EUR Lafarge SA EUR Linde AG EUR LVMH Moët Hennessy L Vuitton EUR MAN SE EUR Mediobanca SpA 4,350 9,525 0 EUR Metro AG 0 1,490 0 EUR Monte Dei Paschi Di Siena SpA 0 92,050 0 EUR Munich Reinsurance Co Rest Transferability EUR Orange 0 1,950 0 EUR OSRAM Licht AG EUR Pernod-Ricard EUR Piaggio & C. SpA 0 19,750 0 EUR Repsol SA 0 2, EUR Royal Dutch Shell Plc A 0 2,970 0 EUR Royal Philips NV 0 3, EUR Saipem SpA 0 1,750 0 EUR Sanofi SA 780 2,330 0 EUR SAP AG 0 1,600 0 EUR Schneider Electric SA 0 1,250 0 EUR Siemens AG Reg 0 1,410 0 EUR Snam SpA 0 15,300 0 EUR Société Générale A 0 1,500 0 EUR STMicroelectronics NV 0 4,820 0 EUR Suez Environnement Co 2,010 2,010 0 EUR Telefonica SA 0 4,505 0 EUR Tenaris SA Reg 0 3,600 0 EUR Terna Rete Elettr Nazional SpA 0 10,

99 BALANCED STRATEGY Statement of changes in investments (unaudited) (continued) from 1st January 2013 to 16th December 2013 Currency Description Purchases Sales * Other EUR TNT Express NV 3,250 3, EUR Tod's SpA EUR Total SA 0 3,060 0 EUR Unicredit SpA Post Raggruppamento 0 22,600 0 EUR Unilever NV Certif of Shares 0 2,970 0 EUR Veolia Environnement SA 2,060 2,060 0 EUR Vinci SA EUR Volkswagen AG Pref EUR World Duty Free SpA 0 3,800 3,800 Bonds EUR Banca Carige SpA 4.25% 11/ ,000 0 EUR Banca Mon dei Pasc di Sien SpA 4.5% EMTN 0 200, / EUR Banca Pop di Vicenza S.c.p.a. 4.75% EMTN Sen 0 100, / EUR Banco Pop Societa Cooperativa 4.75% EMTN 0 100, / EUR Buzzi Unicem SpA 6.25% Sen 12/ ,000 0 EUR Cassa Depositi e Prestiti SpA 4.25% EMTN 0 200, / EUR EI Towers 3.875% Sen 13/ , ,000 0 EUR Enagas SA 4.25% EMTN Reg S 12/ ,000 0 EUR Enel Finance Intl SA 5.75% EMTN 11/ ,000 0 EUR Espana 3.75% 12/ , ,000 0 EUR Espana 4.5% 12/ , ,000 0 EUR Gas Natural Capital Mks SA 6% EMTN 12/ ,000 0 EUR ICCREA Banca SpA 4% EMTN Sen 12/ ,000 0 EUR Indesit Co SpA 4.5% Sen 13/ , ,000 0 EUR Intesa Sanpaolo SpA 5% EMTN Sen 12/ ,000 0 EUR Italcementi Finance 6.125% EMTN Sen 13/ , ,000 0 EUR Italia 5.25% BTP Sen 02/ ,000 0 EUR Italia 5.5% BTP 12/ ,000 0 EUR Italia ILB 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 Lagardere SCA 4.125% Sen 12/ ,000 0 EUR Mediobanca SpA 3% Sen 09/ ,000 0 EUR Portugal 5.65% OT'S 13/ , ,000 0 EUR Repsol Intl Finance BV 4.375% EMTN 12/ ,000 0 EUR Salini Impregilo SpA 6.125% Sen 13/ , ,000 0 EUR Unicredit SpA 4.875% EMTN Ser 5Y 12/ ,000 0 Money market instruments EUR Deutschland 0% T-Bills 12/ , ,000 0 Warrants and rights EUR Groupe FNAC Droits d'attribut Index options EUR EUR EUR Euro Stoxx 50 EUR (Price) Index PUT 01/13 EUX 2400 Euro Stoxx 50 EUR (Price) Index PUT 04/13 EUX 2500 Euro Stoxx 50 EUR (Price) Index PUT 05/13 EUX * including the outstanding quantities at the date of the merge which have been transferred to the absorbing Sub-Fund. 97

100 EQUITY EUROPE Statement of operations and other changes in net assets (in EUR) from 1st January 2013 to 16th December 2013 Income Dividends, net 130, Total income 130, Expenses Management fees 68, Performance fees 45, Custodian fees 2, Banking charges and other fees 5, Transaction fees 8, Central administration costs 37, Professional fees 7, Other administration costs 4, Subscription duty ("taxe d'abonnement") 1, Interest paid on bank overdrafts Other expenses 4, Total expenses 186, Net investment loss -56, Net realised gain/(loss) - on securities portfolio 700, on future contracts 9, on foreign exchange 1, Realised result 655, Net variation of the unrealised gain/(loss) - on securities portfolio -49, Result of operations 606, Subscriptions 269, Redemptions -5,459, Total changes in net assets -4,583, Total net assets at the beginning of the year 4,583, Total net assets at the end of the year 0.00 The accompanying notes are an integral part of these financial statements. 98

101 EQUITY EUROPE Statistical information (in EUR) as at 31st December 2013 Total net assets - as at as at ,583, as at ,315, Number of Institutional A-Shares - outstanding at the beginning of the year issued redeemed outstanding at the end of the year 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 73, issued 4, redeemed -77, outstanding at the end of the year Net asset value per Retail A-Share - as at as at as at The accompanying notes are an integral part of these financial statements. 99

102 EQUITY EUROPE Statement of changes in investments (unaudited) from 1st January 2013 to 16th December 2013 Currency Description Purchases Sales* Other Shares CHF ABB Ltd Reg 0 3,000 0 CHF Credit Suisse Group AG Reg CHF Nestlé SA Reg 0 2,500 0 CHF Novartis AG Reg 0 3,200 0 CHF Roche Holding AG B de jouis Pref 0 1,100 0 CHF Swatch Group AG CHF Syngenta AG Reg CHF UBS AG Reg 0 2,500 0 CHF Zurich Insurance Group AG Reg EUR Abengoa SA A 0 1,000 0 EUR Abengoa SA B 0 4,000 0 EUR Aegon NV 0 6, EUR Air France KLM 4,000 4,000 0 EUR Allianz SE Reg EUR Alstom EUR Anheuser-Busch InBev SA EUR Aperam SA EUR Assicurazioni Generali SpA 0 3,000 0 EUR Astaldi SpA 0 14,500 0 EUR Atlantia SpA 1,300 3,505 0 EUR Autogrill SpA 0 4,000 0 EUR Axa SA 7,500 7,500 0 EUR Banca Pop dell'emilia Ro SCARL 12,000 12,000 0 EUR Banco Desio Della Brianza SpA 0 2,500 0 EUR Banco Pop Societa Cooperativa 50,000 50,000 0 EUR Banco Santander SA EUR Bayer AG Reg 0 1,050 0 EUR Bayerische Motorenwerke AG EUR Biesse SpA 7,000 7,000 0 EUR BNP Paribas SA 1,450 2,200 0 EUR Bourbon SA 0 1, EUR Bouygues SA 0 1,800 0 EUR Carrefour SA 1,200 1,200 0 EUR Casino Guichard Perrachon EUR Cementir SpA 8,000 8,000 0 EUR Cia Immobiliare Azionaria SpA EUR Cie de Saint-Gobain SA 0 1,000 0 EUR CNH Industrial NV 0 3,500 3,500 EUR Cogeme Set SpA in liquidazione EUR Continental AG EUR Crédit Agricole SA 3,000 3,000 0 EUR D'Amico Intl Shipping SA EUR Daimler AG Reg EUR Davide Campari SpA 0 1,990 0 EUR Deutsche Bank AG Reg 1,500 1,500 0 EUR Deutsche Post AG Reg 0 3,500 0 EUR Deutsche Telekom AG Reg 3,000 6,500 0 EUR E.ON SE 3,500 6,000 0 EUR El. En. SpA EUR Electricité de France 3,000 3,000 0 EUR ENEL SpA 10,000 18,000 0 EUR ENI SpA 0 7,000 0 EUR ERG SpA 4,000 4,000 0 EUR Eurazeo EUR Falk Renewables SpA 25,000 25,000 0 EUR Fiat Industrial SpA 3, ,500 EUR Finmeccanica SpA 7,000 7,000 0 EUR Galp Energia SGPS SA B 0 1,800 0 EUR GDF Suez 0 2,510 0 EUR Groupe Norbert Dentressangl SA

103 EQUITY EUROPE Statement of changes in investments (unaudited) (continued) from 1st January 2013 to 16th December 2013 Currency Description Purchases Sales* Other EUR HeidelbergCement AG EUR Heineken NV EUR Independent News & Media Plc 0 1,000 0 EUR Indesit Co SpA 0 4,000 0 EUR ING Groep NV Certif 0 6,500 0 EUR Intesa Sanpaolo SpA 0 19,285 0 EUR Koninklijke KPN NV 0 3,000 0 EUR Lafarge SA EUR Linde AG EUR Mediaset SpA 0 6,000 0 EUR Mediobanca SpA 4,100 18,200 0 EUR Mediolanum SpA 0 10,000 0 EUR Michelin SA EUR Moleskine SpA 25,000 25,000 0 EUR Munich Reinsurance Co Rest Transferability EUR Nokia Oyj 0 4,500 0 EUR OSRAM Licht AG EUR Peugeot SA 0 1,200 0 EUR Prysmian SpA 0 2,000 0 EUR RCF Group SpA 0 16,055 0 EUR Redes Energetic Nacio SGPS SA 0 13,000 0 EUR Reed Elsevier NV 0 4,000 0 EUR Renault SA EUR Royal Philips NV 0 2, EUR RWE AG A 1,300 1,300 0 EUR Salini Impregilo SpA 9,000 9,000 0 EUR Sanofi SA 400 1,700 0 EUR SAP AG 0 1,500 0 EUR Sat SpA 0 2,075 0 EUR Save SpA 0 4,000 0 EUR Schneider Electric SA EUR Servizi Italia SpA 0 6,748 0 EUR SIAS SpA 0 5,000 0 EUR Siemens AG Reg EUR Smurfit Kappa Plc 0 4,000 0 EUR Société Générale A 1,000 2,450 0 EUR Sopaf SpA EUR Sorin SpA 0 13,000 0 EUR Tecnicas Reunidas SA EUR Telecom Italia SpA 80, ,000 0 EUR Telefonica SA 0 3,079 0 EUR Tesmec S.p.A. 0 86,000 0 EUR Total SA 0 2,470 0 EUR Trevi Finanziaria SpA 0 3,500 0 EUR Unicredit SpA Post Raggruppamento 0 5,000 0 EUR Unilever NV Certif of Shares 1,200 1,200 0 EUR Unipol Gruppo Finanziario SpA EUR Unipol Gruppo Finanziario SpA Pref 15,000 15,000 0 EUR Vianini Lavori SpA 0 1,703 0 EUR Volkswagen AG Pref EUR Wolters Kluwer NV 0 2,200 0 GBP Anglo American Plc 0 1,600 0 GBP AstraZeneca Plc 0 2,000 0 GBP Aviva Plc 0 4,000 0 GBP Barclays Plc 0 20,000 0 GBP BG Group Plc 0 2,500 0 GBP BHP Billiton Plc 0 1,400 0 GBP BP Plc 0 22,000 0 GBP British American Tobacco Plc 0 1,250 0 GBP Carnival Plc GBP Centrica Plc 0 10,000 0 GBP Colt Group SA 20,000 20,000 0 GBP Diageo Plc 0 3,100 0 GBP GlaxoSmithKline Plc 0 4,600 0 GBP HMV Group Plc 0 20,

104 EQUITY EUROPE Statement of changes in investments (unaudited) (continued) from 1st January 2013 to 16th December 2013 Currency Description Purchases Sales* Other GBP HSBC Holdings Plc 0 16,500 0 GBP Imperial Tobacco Group Plc 0 1,950 0 GBP J Sainsbury Plc 0 10,000 0 GBP Lloyds Banking Group Plc 0 40,000 0 GBP National Express Gr Plc 0 1,922 0 GBP Reckitt Benckiser Group Plc GBP Rio Tinto Plc 1,900 3,700 0 GBP Royal Dutch Shell Plc A 0 4,000 0 GBP SABMiller Plc GBP Standard Chartered Plc 0 2,000 0 GBP Tesco Plc 0 11,000 0 GBP Thomas Cook Group Plc 0 17,000 0 GBP Unilever Plc 0 3,500 0 GBP Vedanta Resources Plc 0 1,000 0 GBP Vodafone Group Plc 0 50,000 0 GBP WPP Plc 3,000 3,000 0 NOK Telenor ASA 0 3,000 0 SEK BillerudKorsnas AB SEK Ericsson B 0 4,000 0 Warrants and rights CHF Credit Suisse Group AG Droits d'attribut Aktdvd EUR Ets Maurel & Prom SA Call Wts ,500 0 EUR Eurazeo Droits de sousc EUR Eurazeo Droits de sousc EUR Fiat Industrial SpA Droits de sousc ,500 3,500 EUR Independent News & Media Plc Droits de sousc EUR Koninklijke KPN NV Droits de sousc ,000 3,000 EUR Servizi Italia SpA Call Wts ,970 0 GBP Barclays Plc Droits de sousc ,250 2,250 GBP Thomas Cook Group Plc Droits de sousc ,800 6,800 * including the outstanding quantities at the date of the merge which have been transferred to the absorbing Sub-Fund. 102

105 SELLA CAPITAL MANAGEMENT Notes to the financial statements as at 31st December 2013 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. 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. 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. 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. 103

106 SELLA CAPITAL MANAGEMENT Notes to the financial statements (continued) as at 31st December 2013 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 received on issued options are recorded as liabilities and premiums paid on the purchase of options are recorded as assets in the statement of net assets. These premiums are presented as cost in the statement of investments and other net assets. Realised and variations of unrealised gains or losses are recorded in the statement of operations and other changes in net assets. Net unrealised gains or losses are recorded in the statement of net assets. h) Formation expenses Formation expenses were 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 or losses are recorded in the statement of operations and other changes in net assets. j) Consolidation The consolidated 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 to this currency at the exchange rate prevailing at the date of the report. At the date of the report, the consolidation exchange rate 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. 104

107 SELLA CAPITAL MANAGEMENT Notes to the financial statements (continued) as at 31st December 2013 Note 2 - 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 3 - Management and Investment Manager fees In accordance with the Fund Management Agreement, the Company has appointed SELLA GESTIONI S.G.R. S.p.A. as the Management Company. 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 EURO INCOME Retail (merged on 16th December 2013) Institutional EURO INFLATION BOND Retail (merged on 16th December 2013) Institutional EURO GOVERNMENT BOND Retail (merged at 16th December 2013) Institutional USD GOVERNMENT BOND Retail (liquidated on 31st October 2013) Institutional BALANCED STRATEGY Retail (merged on 16th December 2013) Institutional EQUITY EUROPE Retail (merged on 16th December 2013) Institutional *with a minimum fee of euro 8,000 p.a. per Sub-Fund 105

108 SELLA CAPITAL MANAGEMENT Notes to the financial statements (continued) as at 31st December 2013 Note 4 - 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) 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) - EURO INCOME formula 1 Euribor 3 months (EUR003M Index) (merged on 16th December 2013) - EURO INFLATION BOND formula 2 Eurozone HICP Ex Tobacco (CPTFEMU Index) (merged on 16th December 2013) - EURO GOVERNMENT BOND formula 2 EMU Direct Governments, 3-5 years (EG02 Index) (merged on 16th December 2013) - USD GOVERNMENT BOND formula 2 Merrill Lynch US Treasury Master (G0Q0 Index) (liquidated on 31st October 2013) - BALANCED STRATEGY (merged on 16th December 2013) - EQUITY EUROPE (merged on 16th December 2013) formula 2 formula 2-50% EUROSTOXX 50 (SX5E Index) - 50% EMU Direct Governments, 3-5 years (EG02 Index) STOXX 600 Price (SXXP 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. 106

109 SELLA CAPITAL MANAGEMENT Notes to the financial statements (continued) as at 31st December 2013 For formula 2, the reference period is the calendar year. Therefore, the performance fee amount is calculated and paid annually. Note 5 - 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 of the 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. 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 - Future contracts As at 31st December 2013, 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) Unrealised result (in EUR) Sale 6 Euro BTP 3 Years FUT EUR -654, /14 EUX Sale 7 French OAT FUT 03/14 EUX EUR -920, , , SELLA CAPITAL MANAGEMENT - EQUITY EURO STRATEGY Number of contracts Denomination Currency Commitments (in EUR) Sale 100 Euro Stoxx 50 EUR (Price) Index FUT 03/14 EUX Unrealised result (in EUR) EUR -3,108, , ,

110 SELLA CAPITAL MANAGEMENT Notes to the financial statements (continued) as at 31st December 2013 SELLA CAPITAL MANAGEMENT - EURO CORPORATE BOND Number of contracts Denomination Currency Commitments (in EUR) Sale 7 Euro BTP 10 Years FUT 03/14 EUX Sale 12 Euro Bund 10 Years FUT 03/14 EUX Sale 15 Euro-BOBL 5 Years FUT 03/14 EUX Unrealised result (in EUR) EUR -803, , EUR -1,670, , EUR -1,866, , , SELLA CAPITAL MANAGEMENT - EQUITY USA Number of contracts Denomination Currency Commitments (in USD) Purchase 2 S&P 500 Composite Index FUT 03/14 CME Unrealised result (in USD) USD 917, , , SELLA CAPITAL MANAGEMENT - EQUITY EMERGING MARKETS Number of contracts Denomination Currency Commitments (in EUR) Purchase 3 Hang Seng China Enterprises Index FUT 01/14 HKFE Purchase 23 MSCI Taiwan Index (The) USD FUT 01/14 SIMEX Purchase 13 FTSE/JSE AFRICA TOP40 INDEX FUT 03/14 SAF Unrealised result (in EUR) HKD 152, USD 506, , ZAR 373, , , Note 8 - Events The Board of Directors of the Company decided with effect from 16th December 2013 to merge five Sub-Funds into two Sub-Funds of SELLA CAPITAL MANAGEMENT as following: Absorbing Sub- Funds - SELLA CAPITAL MANAGEMENT - BOND STRATEGY Absorbed Sub-Funds - SELLA CAPITAL MANAGEMENT - EURO INCOME - SELLA CAPITAL MANAGEMENT - EURO INFLATION BOND - SELLA CAPITAL MANAGEMENT - EURO GOVERNMENT BOND Net Assets Value absorbed (in EUR) 8,132, Categories of Shares Exchange ratio Shares allocated Institutional A-Shares , Retail A-Shares , , Institutional A-Shares , Retail A-Shares , , Institutional A-Shares ,502, Retail A-Shares ,

111 SELLA CAPITAL MANAGEMENT Notes to the financial statements (continued) as at 31st December 2013 Absorbing Sub- Funds - SELLA CAPITAL MANAGEMENT - EQUITY EURO STRATEGY Absorbed Sub-Funds - SELLA CAPITAL MANAGEMENT - BALANCED STRATEGY - SELLA CAPITAL MANAGEMENT - EQUITY EUROPE Net Assets Value absorbed (in EUR) Categories of Shares Exchange ratio Shares allocated 5,957, Retail A-Shares , ,841, Retail A-Shares , On the effective date, shareholders of the absorbed Sub-Funds were switched to the absorbing Sub-Funds and received shares of the absorbing Sub-Funds of the same class that they currently held in the absorbed Sub-Funds. The number of shares allocated to the shareholders of the absorbed Sub- Funds was determined on the basis of the exchange ratio corresponding to the respective net asset values of the absorbed Sub-Funds and the absorbing Sub-Funds. 109