Sarasin Investmentfonds SICAV

Transcription

1 Investmentfonds SICAV A Luxembourg Umbrella Fund R.C.S. Number B Audited Annual Report 30 June 2014

2 No subscriptions may be received on the basis of the annual report. Subscriptions may only be made on the basis of the current detailed prospectus, the key investor information documents (KIIDs) and the most recent annual report, as well as, where available, any subsequent semiannual report. Copies of the detailed prospectus, the KIIDs and the Company's most recent annual and semiannual reports can be obtained free of charge from the payment and distribution agents listed in this report. In the following text the names of the Investmentfonds compartments will be stated without the " Investmentfonds" umbrella name (e.g. " EmergingSar Global"). An overview of the full names of each compartment is provided in Section 1 of the Notes. 2 Audited annual report

3 Table of contents Information 6 Organisation 10 Comparative net asset value table 12 Fund performance 16 Number of shares 18 Audit Report 23 Director s report 24 Statement of net assets 25 Income and expense statement, and changes in net assets 33 EmergingSar Global Statement of investments and other net assets 49 Allocation of investments 50 EmergingSar New Frontiers Statement of investments and other net assets 51 Allocation of investments 52 EquiSar Global Statement of investments and other net assets 53 Allocation of investments 55 EquiSar IIID (EUR) Statement of investments and other net assets 56 Allocation of investments 58 EquiSar International Income Statement of investments and other net assets 59 Allocation of investments 61 Global Return (EUR) Statement of investments and other net assets 62 Allocation of investments 66 GlobalSar Balanced (CHF) Statement of investments and other net assets 67 Allocation of investments 70 GlobalSar Balanced (EUR) Statement of investments and other net assets 71 Allocation of investments 75 GlobalSar Growth (EUR) Statement of investments and other net assets 76 Allocation of investments 79 New Power Fund Statement of investments and other net assets 80 Allocation of investments 82 OekoSar Equity Global Statement of investments and other net assets 83 Allocation of investments 85 Audited annual report 3

4 Real Estate Equity Global Statement of investments and other net assets 86 Allocation of investments 88 Sustainable Bond CHF Statement of investments and other net assets 89 Allocation of investments 92 Sustainable Bond EUR Statement of investments and other net assets 93 Allocation of investments 96 Sustainable Bond EUR Corporates Statement of investments and other net assets 97 Allocation of investments 99 Sustainable Bond EUR High Grade Statement of investments and other net assets 100 Allocation of investments 102 Sustainable Equity Europe Statement of investments and other net assets 103 Allocation of investments 105 Sustainable Equity Global Statement of investments and other net assets 106 Allocation of investments 108 Sustainable Equity Global Emerging Markets Statement of investments and other net assets 109 Allocation of investments 110 Sustainable Equity Real Estate Global Statement of investments and other net assets 111 Allocation of investments 113 Sustainable Equity USA Statement of investments and other net assets 114 Allocation of investments 115 Sustainable Portfolio Balanced (EUR) Statement of investments and other net assets 116 Allocation of investments 119 Sustainable Water Fund Statement of investments and other net assets 120 Allocation of investments 121 Notes 122 Other unaudited information Audited annual report

5 Audited annual report 5

6 Information* as of EmergingSar Global C acc EmergingSar Global P dist EmergingSar New Frontiers C acc EmergingSar New Frontiers P dist EquiSar Global C EUR acc EquiSar Global I EUR acc EquiSar Global P EUR dist EquiSar IIID (EUR) C EUR acc EquiSar IIID (EUR) P EUR acc EquiSar International Income P EUR acc EquiSar International Income P EUR dist Global Return (EUR) C EUR acc Global Return (EUR) I EUR acc Global Return (EUR) P EUR dist GlobalSar Balanced (CHF) P CHF dist GlobalSar Balanced (EUR) C EUR acc GlobalSar Balanced (EUR) P EUR dist GlobalSar Growth (EUR) P EUR acc New Power Fund C EUR acc New Power Fund I EUR acc New Power Fund P EUR acc New Power Fund P EUR dist OekoSar Equity Global C EUR acc OekoSar Equity Global I EUR acc OekoSar Equity Global P EUR acc OekoSar Equity Global P EUR dist Real Estate Equity Global C EUR acc Real Estate Equity Global I EUR acc Real Estate Equity Global P EUR acc Real Estate Equity Global P EUR dist Sustainable Bond CHF P CHF dist Launch date Issue price share Security no. (Switzerland) ECU ECU EUR EUR ECU EUR ECU EUR EUR EUR EUR ECU ECU EUR ECU EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR * See Note 1 for share and fund name changes. 6 Audited annual report

7 Information* (continued) ISIN LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU Benchmark MSCI Emerging Markets (Free) Index MSCI Emerging Markets (Free) Index MSCI Frontier Markets Index MSCI Frontier Markets Index MSCI World MSCI World MSCI World 3m EUR LIBOR + 3% 3m EUR LIBOR + 3% MSCI World MSCI World 3m EUR Libor +2% 3m EUR Libor +2% 3m EUR Libor +2% 30% MSCI World Index & 20% MSCI World Index CHF Hedged & 50% JP Morgan Global GBI CHF Hedged (until : 3m CHF LIBOR +3%) 30% MSCI World Index & 20% MSCI World Index EUR Hedged & 50% Citigroup Euro BIG TR 30% MSCI World Index & 20% MSCI World Index EUR Hedged & 50% Citigroup Euro BIG TR 45% MSCI World Index & 30% MSCI World Index EUR Hedged & 25% Citigroup Euro BIG TR A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. MSCI World MSCI World MSCI World MSCI World S&P Developed Property Index in EUR S&P Developed Property Index in EUR S&P Developed Property Index in EUR S&P Developed Property Index in EUR SBI Foreign AAABBB Audited annual report 7

8 Information* (continued) Information* as of Sustainable Bond EUR C EUR acc Sustainable Bond EUR P EUR dist Sustainable Bond EUR Corporates I EUR acc Sustainable Bond EUR Corporates M EUR acc Sustainable Bond EUR Corporates P EUR dist Sustainable Bond EUR High Grade P EUR acc Sustainable Equity Europe C EUR acc Sustainable Equity Europe P EUR acc Sustainable Equity Europe P EUR dist Sustainable Equity Global C EUR acc Sustainable Equity Global P EUR dist Sustainable Equity Global Emerging Markets C acc Sustainable Equity Global Emerging Markets M acc Sustainable Equity Global Emerging Markets P acc Sustainable Equity Real Estate Global C EUR acc Sustainable Equity Real Estate Global P EUR acc Sustainable Equity USA C acc Sustainable Equity USA P acc Sustainable Portfolio Balanced (EUR) P EUR dist Sustainable Water Fund C EUR acc Sustainable Water Fund I EUR acc Sustainable Water Fund P EUR acc Sustainable Water Fund P EUR dist Sustainable Water Fund P dist Launch date Issue price share Security no. (Switzerland) EUR EUR EUR EUR ECU EUR EUR EUR ECU EUR EUR EUR EUR ECU EUR EUR EUR EUR * See Note 1 for share and fund name changes. 8 Audited annual report

9 Information* (continued) ISIN Benchmark LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU Citigroup EURO Broad Investment Grade Bond Index Citigroup EURO Broad Investment Grade Bond Index Citigroup EuroBIG Corporate Index Citigroup EuroBIG Corporate Index Citigroup EuroBIG Corporate Index Citigroup Germany GBI all maturities (EUR) MSCI Europe MSCI Europe MSCI Europe MSCI World MSCI World MSCI Emerging Markets MSCI Emerging Markets MSCI Emerging Markets S&P Developed Property Index in EUR S&P Developed Property Index in EUR S&P 500 NR Index S&P 500 NR Index 25% MSCI World Index ex. Europe, 25% MSCI Europe Index, 50% Citigroup Euro BIG TR A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. Audited annual report 9

10 Organisation Management Company Fund Management (Luxembourg) S.A. (until ) J. Safra Fund Management (Luxembourg) S.A. (from ) 69, route d'esch, L1470 Luxembourg, Grand Duchy of Luxembourg (until ) 1113, Boulevard de la Foire, L1528 Luxembourg, Grand Duchy of Luxembourg (from ) Registered Office 69, route d'esch, L1470 Luxembourg, Grand Duchy of Luxembourg (until ) 1113, Boulevard de la Foire, L1528 Luxembourg, Grand Duchy of Luxembourg (from ) Board of Directors Nils Ossenbrink (Chairman), Managing Director, Chairman of the Board, Bank J. Safra (Deutschland) AG, Frankfurt am Main, Germany HansPeter Grossmann, Managing Director, Investmentfonds AG, Basel, Switzerland Odile Renner, Member of the Management Committee, Arendt Regulatory Solutions S.A., Luxembourg, Grand Duchy of Luxembourg Francine Keiser, Independent member of the Board of Directors, Of Counsel, Linklaters LLP, Luxembourg, Grand Duchy of Luxembourg Dieter Steberl, Managing Director, J. Safra Fund Management (Luxembourg) S.A. Luxembourg, Grand Duchy of Luxembourg Urs Oberer, Managing Director, Bank J. Safra AG, Basel, Switzerland (from ) Managing Directors Jan Vorster, Basel, Switzerland (until ) Dieter Steberl, Luxembourg, Grand Duchy of Luxembourg Ronnie Neefs Luxembourg, Grand Duchy of Luxembourg Urs Oberer Basel, Switzerland (until ) Valter Rinaldi Basel, Switzerland (from ) Peter Wahle, Luxembourg, Grand Duchy of Luxembourg (from ) Investment Manager Bank J. Safra AG, Elisabethenstrasse 62, CH4002 Basel, Switzerland & Partners LLP, Juxon House, 100 St. Paul's Churchyard, London EC4M 8BU, Great Britain Fisch Asset Management AG, Bellerive 241, CH8034 Zurich (from ) J. Safra Asset Management (Europe) Ltd 47 Berkeley Square London W1J 5AU, United Kingdom Banque J. Safra (Monaco) S.A. 15 / 17 avenue d'ostende Monaco J. Safra Gestion (Monaco) S.A. 15 / 17 avenue d'ostende Monaco 10 Audited annual report

11 Organisation (continued) Custodian & Paying Agent RBC Investor Services Bank S.A., 14, Porte de France, L4360 EschsurAlzette, Grand Duchy of Luxembourg Administration, Domiciliary, Registrar and Transfer Agent RBC Investor Services Bank S.A., 14, Porte de France, L4360 EschsurAlzette, Grand Duchy of Luxembourg Principal distribution agent and paying agent for Switzerland Bank J. Safra AG, Elisabethenstrasse 62, CH4002 Basel, Switzerland Representative in Switzerland Investmentfonds AG, Wallstrasse 9, CH4002 Basel, Switzerland Representative and Paying Agent in Liechtenstein Volksbank AG, Feldkircher Strasse 2, FL9494 Schaan, Liechtenstein Distributor and Information Centre in Germany Bank J. Safran (Deutschland) AG, Taunusanlage 17, D60325 Frankfurt am Main, Germany Distributor and Information Centre in Austria Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A1010 Vienna, Austria Paying Agents in Italy State Street S.p.A., via Ferrante Aporti, 10, I20136 Milan, Italy Information Centre in Great Britain & Partners LLP, Juxon House, 100 St. Paul's Churchyard, London EC4M 8BU, Great Britain Representative and Paying Agent in Belgium BNP Paribas Securities Services S.A., Succursale de Bruxelles, 489, avenue Louise, B1050 Brussels, Belgium Facility Agent and Information Centre in Ireland & Partners LLP, Dublin Branch, 120 St Stephen's Green Dublin 2, Ireland Representative in Sweden SEB Skandinaviska Enskilda Banken AG Merchant Banking Stockholm, Sweden Auditor Deloitte Audit, Société à responsabilité limitée, Cabinet de révision agréé, 560, rue de Neudorf, L2220 Luxembourg, Grand Duchy of Luxembourg Legal Advisor Linklaters LLP, 35, avenue J.F. Kennedy, L1855 Luxembourg, Grand Duchy of Luxembourg (until ) Arendt & Medernach, 14, rue Erasme, L1528 Luxembourg, Grand Duchy of Luxembourg (from ) Société Générale Securities Services S.p.A., Via Benigno Crespi 19/A MAC2, I20159 Milan, Italy Representative and Paying Agent in France BNP Paribas Securities Services S.A., 3, rue d'antin, F75002 Paris, France Audited annual report 11

12 Comparative net asset value table* Comparative net asset value table* EmergingSar Global C acc Net assets in Net asset value per share in EmergingSar Global P dist Net assets in Net asset value per share in EmergingSar New Frontiers C acc Net assets in Net asset value per share in EmergingSar New Frontiers P dist Net assets in Net asset value per share in EquiSar Global C EUR acc Net assets in EUR Net asset value per share in EUR EquiSar Global I EUR acc Net assets in EUR Net asset value per share in EUR EquiSar Global P EUR dist Net assets in EUR Net asset value per share in EUR EquiSar IIID (EUR) C EUR acc Net assets in EUR Net asset value per share in EUR EquiSar IIID (EUR) P EUR acc Net assets in EUR Net asset value per share in EUR EquiSar International Income P EUR acc Net assets in EUR Net asset value per share in EUR EquiSar International Income P EUR dist Net assets in EUR Net asset value per share in EUR Global Return (EUR) C EUR acc Net assets in EUR Net asset value per share in EUR Global Return (EUR) I EUR acc Net assets in EUR Net asset value per share in EUR Global Return (EUR) P EUR dist Net assets in EUR Net asset value per share in EUR * See Note 1 for share and fund name changes. 12 Audited annual report

13 Comparative net asset value table* (continued) GlobalSar Balanced (CHF) P CHF dist Net assets in CHF Net asset value per share in CHF GlobalSar Balanced (EUR) C EUR acc Net assets in EUR Net asset value per share in EUR GlobalSar Balanced (EUR) P EUR dist Net assets in EUR Net asset value per share in EUR GlobalSar Growth (EUR) P EUR acc Net assets in EUR Net asset value per share in EUR New Power Fund C EUR acc Net assets in EUR Net asset value per share in EUR New Power Fund I EUR acc Net assets in EUR Net asset value per share in EUR New Power Fund P EUR acc Net assets in EUR Net asset value per share in EUR New Power Fund P EUR dist Net assets in EUR Net asset value per share in EUR OekoSar Equity Global C EUR acc Net assets in EUR Net asset value per share in EUR OekoSar Equity Global I EUR acc Net assets in EUR Net asset value per share in EUR OekoSar Equity Global P EUR acc Net assets in EUR Net asset value per share in EUR OekoSar Equity Global P EUR dist Net assets in EUR Net asset value per share in EUR Real Estate Equity Global C EUR acc Net assets in EUR Net asset value per share in EUR Real Estate Equity Global I EUR acc Net assets in EUR Net asset value per share in EUR * See Note 1 for share and fund name changes. Audited annual report 13

14 Comparative net asset value table* (continued) Real Estate Equity Global P EUR acc Net assets in EUR Net asset value per share in EUR Real Estate Equity Global P EUR dist Net assets in EUR Net asset value per share in EUR Sustainable Bond CHF P CHF dist Net assets in CHF Net asset value per share in CHF Sustainable Bond EUR C EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Bond EUR P EUR dist Net assets in EUR Net asset value per share in EUR Sustainable Bond EUR Corporates I EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Bond EUR Corporates M EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Bond EUR Corporates P EUR dist Net assets in EUR Net asset value per share in EUR Sustainable Bond EUR High Grade P EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Equity Europe C EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Equity Europe P EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Equity Europe P EUR dist Net assets in EUR Net asset value per share in EUR Sustainable Equity Global C EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Equity Global P EUR dist Net assets in EUR Net asset value per share in EUR * See Note 1 for share and fund name changes. 14 Audited annual report

15 Comparative net asset value table* (continued) Sustainable Equity Global Emerging Markets C acc Net assets in Net asset value per share in Sustainable Equity Global Emerging Markets M acc Net assets in Net asset value per share in Sustainable Equity Global Emerging Markets P acc Net assets in Net asset value per share in Sustainable Equity Real Estate Global C EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Equity Real Estate Global P EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Equity USA C acc Net assets in Net asset value per share in Sustainable Equity USA P acc Net assets in Net asset value per share in Sustainable Portfolio Balanced (EUR) P EUR dist Net assets in EUR Net asset value per share in EUR Sustainable Water Fund C EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Water Fund I EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Water Fund P EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Water Fund P EUR dist Net assets in EUR Net asset value per share in EUR Sustainable Water Fund P dist Net assets in Net asset value per share in * See Note 1 for share and fund name changes. Audited annual report 15

16 Fund Performance** / *** Fund Performance in % per calendar year (YTD) EmergingSar Global C acc 5.7 * EmergingSar Global P dist EmergingSar New Frontiers C acc * EmergingSar New Frontiers P dist EquiSar Global C EUR acc EUR 4.7 * EquiSar Global I EUR acc EUR EquiSar Global P EUR dist EUR EquiSar IIID (EUR) C EUR acc EUR 3.1 * EquiSar IIID (EUR) P EUR acc EUR EquiSar International Income P EUR acc EUR EquiSar International Income P EUR dist EUR * Global Return (EUR) C EUR acc EUR * Global Return (EUR) I EUR acc EUR * Global Return (EUR) P EUR dist EUR GlobalSar Balanced (CHF) P CHF dist CHF GlobalSar Balanced (EUR) C EUR acc EUR 5.3 * GlobalSar Balanced (EUR) P EUR dist EUR GlobalSar Growth (EUR) P EUR acc EUR New Power Fund C EUR acc EUR 7.1 * New Power Fund I EUR acc EUR New Power Fund P EUR acc EUR New Power Fund P EUR dist EUR OekoSar Equity Global C EUR acc EUR 5.3 * OekoSar Equity Global I EUR acc EUR OekoSar Equity Global P EUR acc EUR OekoSar Equity Global P EUR dist EUR Real Estate Equity Global C EUR acc EUR 7.03**** * Real Estate Equity Global I EUR acc EUR 12.3 * Real Estate Equity Global P EUR acc EUR Real Estate Equity Global P EUR dist EUR Sustainable Bond CHF P CHF dist CHF l Audited annual report.

17 Fund Performance ( continued) (Lfd. Jahr) Sustainable Bond EUR C EUR acc EUR 4.8 * Sustainable Bond EUR P EUR dist EUR Sustainable Bond EUR Corporates I EUR acc EUR * Sustainable Bond EUR Corporates M EUR acc EUR * Sustainable Bond EUR Corporates P EUR dist EUR Sustainable Bond EUR High Grade P EUR acc EUR Sustainable Equity Europe C EUR acc EUR * Sustainable Equity Europe P EUR acc EUR Sustainable Equity Europe P EUR dist EUR Sustainable Equity Global C EUR acc EUR 3.9 * Sustainable Equity Global P EUR dist EUR Sustainable Equity Global Emerging Markets C acc 6.6 * Sustainable Equity Global Emerging Markets M acc * Sustainable Equity Global Emerging Markets P acc Sustainable Equity Real Estate Global C EUR acc EUR 11.6 * Sustainable Equity Real Estate Global P EUR acc EUR Sustainable Equity USA C acc * Sustainable Equity USA P acc Sustainable Portfolio Balanced (EUR) P EUR dist EUR Sustainable Water Fund C EUR acc EUR 5.0 * Sustainable Water Fund I EUR acc EUR Sustainable Water Fund P EUR acc EUR * Sustainable Water Fund P EUR dist EUR Sustainable Water Fund P dist * * Due to the class relaunch no performance was calculated for this class. ** Past performance does not guarantee future returns. The performance shown does not take account of any commissions and costs charged when subscribing and redeeming. units. Any dividends will be reinvested. *** See Note 1 for share and fund name changes. **** This class had no file between and and therefore for this period no net asset value was calculated for that class. Audited annual report l 17

18 Number of shares* as of EmergingSar Global EmergingSar Global EmergingSar New Frontiers Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period C acc P dist C acc EmergingSar New Frontiers EquiSar Global EquiSar Global Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P dist C EUR acc I EUR acc EquiSar Global EquiSar IIID (EUR) EquiSar IIID (EUR) Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P EUR dist C EUR acc P EUR acc EquiSar International Income EquiSar International Income Global Return (EUR) Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P EUR acc P EUR dist C EUR acc * See Note 1 for share and fund name changes. 18 Audited annual report The notes at the end are an integral part of these financial statements.

19 Number of shares* (continued) Global Return (EUR) Global Return (EUR) GlobalSar Balanced (CHF) Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period I EUR acc P EUR dist P CHF dist GlobalSar Balanced (EUR) GlobalSar Balanced (EUR) GlobalSar Growth (EUR) Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period C EUR acc P EUR dist P EUR acc New Power Fund New Power Fund New Power Fund Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period C EUR acc I EUR acc P EUR acc New Power Fund OekoSar Equity Global OekoSar Equity Global Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P EUR dist C EUR acc I EUR acc * See Note 1 for share and fund name changes. The notes at the end are an integral part of these financial statements. Audited annual report 19

20 Number of shares* (continued) OekoSar Equity Global OekoSar Equity Global Real Estate Equity Global Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P EUR acc P EUR dist C EUR acc Real Estate Equity Global Real Estate Equity Global Real Estate Equity Global Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period I EUR acc P EUR acc P EUR dist Sustainable Bond CHF Sustainable Bond EUR Sustainable Bond EUR Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P CHF dist C EUR acc P EUR dist Sustainable Bond EUR Corporates Sustainable Bond EUR Corporates Sustainable Bond EUR Corporates Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period I EUR acc M EUR acc P EUR dist * See Note 1 for share and fund name changes. 20 Audited annual report The notes at the end are an integral part of these financial statements.

21 Number of shares* (continued) Sustainable Bond EUR High Grade Sustainable Equity Europe Sustainable Equity Europe Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P EUR acc C EUR acc P EUR acc Sustainable Equity Europe Sustainable Equity Global Sustainable Equity Global Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P EUR dist C EUR acc P EUR dist Sustainable Equity Global Emerging Markets Sustainable Equity Global Emerging Markets Sustainable Equity Global Emerging Markets Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period C acc M acc P acc Sustainable Equity Real Estate Global Sustainable Equity Real Estate Global Sustainable Equity USA Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period C EUR acc P EUR acc C acc * See Note 1 for share and fund name changes. The notes at the end are an integral part of these financial statements. Audited annual report 21

22 Number of shares* (continued) Sustainable Equity USA Sustainable Portfolio Balanced (EUR) Sustainable Water Fund Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P acc P EUR dist C EUR acc Sustainable Water Fund Sustainable Water Fund Sustainable Water Fund Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period I EUR acc P EUR acc P EUR dist Sustainable Water Fund P dist Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period * See Note 1 for share and fund name changes. 22 Audited annual report The notes at the end are an integral part of these financial statements.

23 REPORT OF THE REVISEUR D ENTREPRISES AGREE To the Shareholders of Investmentfonds SICAV 1113, Boulevard de la Foire, L1528 Luxembourg Following our appointment, we have audited the accompanying financial statements of Investmentfonds SICAV ("the Company") and their compartments which comprise the statement of net assets and the statement of investments and other net assets as at 30 June 2014 and the statement of operations and the statement of changes in net assets for the year then ended and a summary of significant accounting policies and other explanatory information. Responsibility of the Board of Directors of the Company for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the réviseur d entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with international auditing standards (International Standards on Auditing) 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of Investmentfonds SICAV and their compartments as of 30 June 2014, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matter Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. For Deloitte Audit, Société à responsabilité limitée Cabinet de révision agréé Philippe Lenges, Réviseur d Entreprises agréé Partner Luxembourg, 24 October , rue de Neudorf L2220 Luxemburg Audited Annual Report l 23

24 Director's Report* The fiscal year 2013/2014 was marked by a positive performance of the stock markets. During the third quarter of 2013, the economic environment has improved noticeably. The biggest surprise was however that the Fed did not start with the reduction of the bond purchase program ("tapering"). This has led to a temporary relaxation of the bond markets and to new highs in some stock indexes. Corporate bonds received the focus of investors. In particular, borrowing from the financial sector recorded a strong performance. Emerging markets investments both equities and bonds have partially recovered, but remained behind compared to their prices in early In addition, representatives of the major central banks have made it clear that interest rates will remain close to zero for a long time, so that the search for yield in the financial markets continued. Nevertheless, the interest rate markets showed a mixed picture. While the Anglo Saxon interest rates rose relatively sharply, interest rates in the core European countries such as Germany and France remained at historically record low levels. As a result, prices of bonds of peripheral European countries such as Portugal, Italy, Greece and Spain experienced a strong investor demand, which was reflected in large price gains on these bonds. EUR dist showed an appreciation of 5.02% (dividendadjusted). The mixed investment funds benefited from the positive sentiment on the global equity market and achieved total returns in the mid to high single digits. * Past performance is no indication of expected future returns. In the performance evaluation no commissions and costs charged when subscribing to and redeeming shares are considered. Any dividends are reinvested. With the slowdown in economic growth during the fourth quarter of 2013, the interest rate expectations have fallen. This has boosted equity markets and led to new highs. The mood among investors was very optimistic. While the beginning of 2014 initially was very quiet, by the end of January weak data arrived from China on new worries about the fundamentals of emerging countries. The devaluation of some currencies triggered a sharp rise in risk aversion. After a short but intensive setback in equity markets during late January, a rapid recovery followed in early February. While the US stock market reached new record highs in March, European stock markets were slightly thrown back by the Crimean crisis. The rotation of low profitable interest investments in equity securities continued. Due to the positive mood of investors neither geopolitical risks nor negative economic surprises could do much harm to the stock market. Longterm interest rates have also fallen, as investors have adjusted to lower inflation and subdued growth in the medium term, based on various statements by central bank representatives. In particular, the resolute intervention of the European Central Bank (ECB) led to falling interest rates in the Euro periphery. Global stock markets have experienced strong gains over the entire fiscal year and corporate bonds with good credit rose in value. The Euro could upgrade against the US dollar and the yen, while it depreciated against the pound. Various equity funds benefited from the positive developments on the stock markets. Noteworthy are the Sustainable Equity USA P acc, the Sustainable Equity Europe P EUR acc and the Sustainable Water Fund P EUR dist, which recorded in their respective fund an increase of 27.39%, 22.61% and 20.10%. The appreciation of EmergingSar Global P dist was positive with 6.48%. Also the Real Estate Equity Global P EUR acc and the Sustainable Equity Real Estate Global P EUR acc increased significantly with 7.64% and 6.51%. Despite the difficult interest rate environment, bond funds could stand their ground, while the Sustainable Bond EUR P 24 Audited annual report The notes at the end are an integral part of these financial statements.

25 Statement of net assets* as of Consolidated EmergingSar Global EmergingSar New Frontiers (in EUR) (in ) (in ) ASSETS Investments in securities and options contracts to market values Cash at banks Receivable on currency contracts Receivable on sales of securities Receivable on issues of shares Income receivable on portfolio Interest receivable on bank accounts Receivable on CFDs Unrealised gain from futures and CFD contracts Unrealised gain on forward foreign exchange contracts Other receivables Total assets LIABILITIES Bank liabilities Payable on currency contracts Payable on purchases of securities Payable on redemptions of shares Payable on bank interest Payable on CFDs Unrealised loss from futures and CFD contracts Unrealised loss on forward foreign exchange contracts Other liabilities Total liabilities NET ASSETS at the end of the year Number of shares outstanding C EUR acc Net asset value per share C EUR acc Number of shares outstanding C acc Net asset value per share C acc Number of shares outstanding I EUR acc Net asset value per share I EUR acc Number of shares outstanding M EUR acc Net asset value per share M EUR acc Number of shares outstanding M acc Net asset value per share M acc Number of shares outstanding P CHF dist Net asset value per share P CHF dist Number of shares outstanding P EUR acc Net asset value per share P EUR acc Number of shares outstanding P EUR dist Net asset value per share P EUR dist Number of shares outstanding P acc Net asset value per share P acc Number of shares outstanding P dist Net asset value per share P dist * See Note 1 for share and fund name changes. The notes at the end are an integral part of these financial statements. Audited annual report 25

26 Statement of net assets* (continued) EquiSar Global EquiSar IIID (EUR) EquiSar International Income (in EUR) (in EUR) (in EUR) ASSETS Investments in securities and options contracts to market values Cash at banks Receivable on currency contracts Receivable on sales of securities Receivable on issues of shares Income receivable on portfolio Interest receivable on bank accounts Receivable on CFDs Unrealised gain from futures and CFD contracts Unrealised gain on forward foreign exchange contracts Other receivables Total assets LIABILITIES Bank liabilities Payable on currency contracts Payable on purchases of securities Payable on redemptions of shares Payable on bank interest Payable on CFDs Unrealised loss from futures and CFD contracts Unrealised loss on forward foreign exchange contracts Other liabilities Total liabilities NET ASSETS at the end of the year Number of shares outstanding C EUR acc Net asset value per share C EUR acc Number of shares outstanding C acc Net asset value per share C acc Number of shares outstanding I EUR acc Net asset value per share I EUR acc Number of shares outstanding M EUR acc Net asset value per share M EUR acc Number of shares outstanding M acc Net asset value per share M acc Number of shares outstanding P CHF dist Net asset value per share P CHF dist Number of shares outstanding P EUR acc Net asset value per share P EUR acc Number of shares outstanding P EUR dist Net asset value per share P EUR dist Number of shares outstanding P acc Net asset value per share P acc Number of shares outstanding P dist Net asset value per share P dist * See Note 1 for share and fund name changes. 26 Audited annual report The notes at the end are an integral part of these financial statements.

27 Statement of net assets* (continued) Global Return (EUR) GlobalSar Balanced (CHF) GlobalSar Balanced (EUR) (in EUR) (in CHF) (in EUR) ASSETS Investments in securities and options contracts to market values Cash at banks Receivable on currency contracts Receivable on sales of securities Receivable on issues of shares Income receivable on portfolio Interest receivable on bank accounts Receivable on CFDs Unrealised gain from futures and CFD contracts Unrealised gain on forward foreign exchange contracts Other receivables Total assets LIABILITIES Bank liabilities Payable on currency contracts Payable on purchases of securities Payable on redemptions of shares Payable on bank interest 1.33 Payable on CFDs Unrealised loss from futures and CFD contracts Unrealised loss on forward foreign exchange contracts Other liabilities Total liabilities NET ASSETS at the end of the year Number of shares outstanding C EUR acc Net asset value per share C EUR acc Number of shares outstanding C acc Net asset value per share C acc Number of shares outstanding I EUR acc Net asset value per share I EUR acc Number of shares outstanding M EUR acc Net asset value per share M EUR acc Number of shares outstanding M acc Net asset value per share M acc Number of shares outstanding P CHF dist Net asset value per share P CHF dist Number of shares outstanding P EUR acc Net asset value per share P EUR acc Number of shares outstanding P EUR dist Net asset value per share P EUR dist Number of shares outstanding P acc Net asset value per share P acc Number of shares outstanding P dist Net asset value per share P dist * See Note 1 for share and fund name changes. The notes at the end are an integral part of these financial statements. Audited annual report 27

28 Statement of net assets* (continued) GlobalSar Growth (EUR) New Power Fund OekoSar Equity Global (in EUR) (in EUR) (in EUR) ASSETS Investments in securities and options contracts to market values Cash at banks Receivable on currency contracts Receivable on sales of securities Receivable on issues of shares Income receivable on portfolio Interest receivable on bank accounts Receivable on CFDs Unrealised gain from futures and CFD contracts Unrealised gain on forward foreign exchange contracts Other receivables Total assets LIABILITIES Bank liabilities Payable on currency contracts Payable on purchases of securities Payable on redemptions of shares Payable on bank interest Payable on CFDs Unrealised loss from futures and CFD contracts Unrealised loss on forward foreign exchange contracts Other liabilities Total liabilities NET ASSETS at the end of the year Number of shares outstanding C EUR acc Net asset value per share C EUR acc Number of shares outstanding C acc Net asset value per share C acc Number of shares outstanding I EUR acc Net asset value per share I EUR acc Number of shares outstanding M EUR acc Net asset value per share M EUR acc Number of shares outstanding M acc Net asset value per share M acc Number of shares outstanding P CHF dist Net asset value per share P CHF dist Number of shares outstanding P EUR acc Net asset value per share P EUR acc Number of shares outstanding P EUR dist Net asset value per share P EUR dist Number of shares outstanding P acc Net asset value per share P acc Number of shares outstanding P dist Net asset value per share P dist * See Note 1 for share and fund name changes. 28 Audited annual report The notes at the end are an integral part of these financial statements.

29 Statement of net assets* (continued) Real Estate Equity Global Sustainable Bond CHF Sustainable Bond EUR (in EUR) (in CHF) (in EUR) ASSETS Investments in securities and options contracts to market values Cash at banks Receivable on currency contracts Receivable on sales of securities Receivable on issues of shares Income receivable on portfolio Interest receivable on bank accounts Receivable on CFDs Unrealised gain from futures and CFD contracts Unrealised gain on forward foreign exchange contracts Other receivables Total assets LIABILITIES Bank liabilities Payable on currency contracts Payable on purchases of securities Payable on redemptions of shares Payable on bank interest Payable on CFDs Unrealised loss from futures and CFD contracts Unrealised loss on forward foreign exchange contracts Other liabilities Total liabilities NET ASSETS at the end of the year Number of shares outstanding C EUR acc Net asset value per share C EUR acc Number of shares outstanding C acc Net asset value per share C acc Number of shares outstanding I EUR acc Net asset value per share I EUR acc Number of shares outstanding M EUR acc Net asset value per share M EUR acc Number of shares outstanding M acc Net asset value per share M acc Number of shares outstanding P CHF dist Net asset value per share P CHF dist Number of shares outstanding P EUR acc Net asset value per share P EUR acc Number of shares outstanding P EUR dist Net asset value per share P EUR dist Number of shares outstanding P acc Net asset value per share P acc Number of shares outstanding P dist Net asset value per share P dist * See Note 1 for share and fund name changes. The notes at the end are an integral part of these financial statements. Audited annual report 29

30 Statement of net assets* (continued) Sustainable Bond EUR Corporates Sustainable Bond EUR High Grade Sustainable Equity Europe (in EUR) (in EUR) (in EUR) ASSETS Investments in securities and options contracts to market values Cash at banks Receivable on currency contracts Receivable on sales of securities Receivable on issues of shares Income receivable on portfolio Interest receivable on bank accounts Receivable on CFDs Unrealised gain from futures and CFD contracts Unrealised gain on forward foreign exchange contracts Other receivables Total assets LIABILITIES Bank liabilities Payable on currency contracts Payable on purchases of securities Payable on redemptions of shares Payable on bank interest 0.12 Payable on CFDs Unrealised loss from futures and CFD contracts Unrealised loss on forward foreign exchange contracts Other liabilities Total liabilities NET ASSETS at the end of the year Number of shares outstanding C EUR acc Net asset value per share C EUR acc Number of shares outstanding C acc Net asset value per share C acc Number of shares outstanding I EUR acc Net asset value per share I EUR acc Number of shares outstanding M EUR acc Net asset value per share M EUR acc Number of shares outstanding M acc Net asset value per share M acc Number of shares outstanding P CHF dist Net asset value per share P CHF dist Number of shares outstanding P EUR acc Net asset value per share P EUR acc Number of shares outstanding P EUR dist Net asset value per share P EUR dist Number of shares outstanding P acc Net asset value per share P acc Number of shares outstanding P dist Net asset value per share P dist * See Note 1 for share and fund name changes. 30 Audited annual report The notes at the end are an integral part of these financial statements.

31 Statement of net assets* (continued) Sustainable Equity Global Sustainable Equity Global Emerging Markets Sustainable Equity Real Estate Global (in EUR) (in ) (in EUR) ASSETS Investments in securities and options contracts to market values Cash at banks Receivable on currency contracts Receivable on sales of securities Receivable on issues of shares Income receivable on portfolio Interest receivable on bank accounts 2.07 Receivable on CFDs Unrealised gain from futures and CFD contracts Unrealised gain on forward foreign exchange contracts Other receivables Total assets LIABILITIES Bank liabilities 3.06 Payable on currency contracts Payable on purchases of securities Payable on redemptions of shares Payable on bank interest 4.99 Payable on CFDs Unrealised loss from futures and CFD contracts Unrealised loss on forward foreign exchange contracts Other liabilities Total liabilities NET ASSETS at the end of the year Number of shares outstanding C EUR acc Net asset value per share C EUR acc Number of shares outstanding C acc Net asset value per share C acc Number of shares outstanding I EUR acc Net asset value per share I EUR acc Number of shares outstanding M EUR acc Net asset value per share M EUR acc Number of shares outstanding M acc Net asset value per share M acc Number of shares outstanding P CHF dist Net asset value per share P CHF dist Number of shares outstanding P EUR acc Net asset value per share P EUR acc Number of shares outstanding P EUR dist Net asset value per share P EUR dist Number of shares outstanding P acc Net asset value per share P acc Number of shares outstanding P dist Net asset value per share P dist * See Note 1 for share and fund name changes. The notes at the end are an integral part of these financial statements. Audited annual report 31

32 Statement of net assets* (continued) Sustainable Equity USA Sustainable Portfolio Balanced (EUR) Sustainable Water Fund (in ) (in EUR) (in EUR) ASSETS Investments in securities and options contracts to market values Cash at banks Receivable on currency contracts Receivable on sales of securities Receivable on issues of shares Income receivable on portfolio Interest receivable on bank accounts Receivable on CFDs Unrealised gain from futures and CFD contracts Unrealised gain on forward foreign exchange contracts Other receivables Total assets LIABILITIES Bank liabilities Payable on currency contracts Payable on purchases of securities Payable on redemptions of shares Payable on bank interest 0.17 Payable on CFDs Unrealised loss from futures and CFD contracts Unrealised loss on forward foreign exchange contracts Other liabilities Total liabilities NET ASSETS at the end of the year Number of shares outstanding C EUR acc Net asset value per share C EUR acc Number of shares outstanding C acc Net asset value per share C acc Number of shares outstanding I EUR acc Net asset value per share I EUR acc Number of shares outstanding M EUR acc Net asset value per share M EUR acc Number of shares outstanding M acc Net asset value per share M acc Number of shares outstanding P CHF dist Net asset value per share P CHF dist Number of shares outstanding P EUR acc Net asset value per share P EUR acc Number of shares outstanding P EUR dist Net asset value per share P EUR dist Number of shares outstanding P acc Net asset value per share P acc Number of shares outstanding P dist Net asset value per share P dist * See Note 1 for share and fund name changes. 32 Audited annual report The notes at the end are an integral part of these financial statements.

33 Income and expense statement, and changes in net assets For the period from to Consolidated EmergingSar Global EmergingSar New Frontiers (in EUR) (in ) (in ) NET FUND ASSETS at the beginning of the financial year INCOME Dividends, net Interest on bonds and other debt securities, net Interest on bank accounts Received commissions Other income Total income EXPENSES Administrative commission and asset manager's fee Investment managers profit share Custodian fees Transaction fees Central administration costs Audit fees Subscription duty ("taxe d'abonnement") Other taxes Interest paid on bank liabilities Other expenses** Total expenses NET INVESTMENT INCOME/LOSS Net realised gain / (loss) on securities portfolio on options/warrants on futures contracts and CFDs on forward foreign exchange contracts on foreign exchange REALISED RESULT Net unrealised increases in value/depreciation on securities portfolio on options/warrants on futures contracts and CFDs on forward foreign exchange contracts ANNUAL PROFIT Dividends paid Net inflow of funds from subscriptions and redemptions TOTAL CHANGES IN NET FUND ASSETS Reevaluation difference TOTAL NET ASSETS at the end of the year ** Other expenses include printing and publication charges among other items The notes at the end are an integral part of these financial statements. Audited annual report 33

34 Income and expense statement, and changes in net assets (continued) EmergingSar Global EmergingSar New Frontiers Total Expense Ratio in accordance with SFAMA per C EUR acc share (in %) Performance fee ratio per share C EUR acc (in %) Total Expense Ratio in accordance with SFAMA per C acc share (in %) 1.68 Performance fee ratio per share C acc (in %) 0.05 Total Expense Ratio in accordance with SFAMA per I EUR acc share (in %) Performance fee ratio per share I EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M EUR acc share (in %) Performance fee ratio per share M EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M acc share (in %) Performance fee ratio per share M acc (in %) Total Expense Ratio in accordance with SFAMA per P CHF dist share (in %) Performance fee ratio per share P CHF dist (in %) Total Expense Ratio in accordance with SFAMA per P EUR acc share (in %) Performance fee ratio per share P EUR acc (in %) Total Expense Ratio in accordance with SFAMA per P EUR dist share (in %) Performance fee ratio per share P EUR dist (in %) Total Expense Ratio in accordance with SFAMA per P acc share (in %) Performance fee ratio per share P acc (in %) Total Expense Ratio in accordance with SFAMA per P dist share (in %) Performance fee ratio per share P dist (in %) * 2.63* Portfolio Turnover in accordance with SFAMA (in %) * Composite (synthetic) TER 34 Audited annual report The notes at the end are an integral part of these financial statements.

35 Income and expense statement, and changes in net assets (continued) EquiSar Global EquiSar IIID (EUR) EquiSar International Income NET FUND ASSETS at the beginning of the financial year INCOME Dividends, net Interest on bonds and other debt securities, net Interest on bank accounts Received commissions Other income Total income EXPENSES Administrative commission and asset manager's fee Investment managers profit share Custodian fees Transaction fees Central administration costs Audit fees Subscription duty ("taxe d'abonnement") Other taxes Interest paid on bank liabilities Other expenses** Total expenses NET INVESTMENT INCOME/LOSS Net realised gain / (loss) on securities portfolio on options/warrants on futures contracts and CFDs on forward foreign exchange contracts on foreign exchange REALISED RESULT Net unrealised increases in value/depreciation on securities portfolio on options/warrants on futures contracts and CFDs on forward foreign exchange contracts ANNUAL PROFIT Dividends paid Net inflow of funds from subscriptions and redemptions TOTAL CHANGES IN NET FUND ASSETS Reevaluation difference TOTAL NET ASSETS at the end of the year ** Other expenses include printing and publication charges among other items. (in EUR) (in EUR) (in EUR) The notes at the end are an integral part of these financial statements. Audited annual report 35

36 Income and expense statement, and changes in net assets (continued) EquiSar Global EquiSar IIID (EUR) EquiSar International Income Total Expense Ratio in accordance with SFAMA per C EUR acc share (in %) 1.43 Performance fee ratio per share C EUR acc (in %) 0.01 Total Expense Ratio in accordance with SFAMA per C acc share (in %) Performance fee ratio per share C acc (in %) Total Expense Ratio in accordance with SFAMA per I EUR acc share (in %) 1.26 Performance fee ratio per share I EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M EUR acc share (in %) Performance fee ratio per share M EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M acc share (in %) Performance fee ratio per share M acc (in %) Total Expense Ratio in accordance with SFAMA per P CHF dist share (in %) Performance fee ratio per share P CHF dist (in %) Total Expense Ratio in accordance with SFAMA per P EUR acc share (in %) Performance fee ratio per share P EUR acc (in %) Total Expense Ratio in accordance with SFAMA per P EUR dist share (in %) 1.83 Performance fee ratio per share P EUR dist (in %) Total Expense Ratio in accordance with SFAMA per P acc share (in %) Performance fee ratio per share P acc (in %) Total Expense Ratio in accordance with SFAMA per P dist share (in %) Performance fee ratio per share P dist (in %) Portfolio Turnover in accordance with SFAMA (in %) Audited annual report The notes at the end are an integral part of these financial statements.

37 Income and expense statement, and changes in net assets (continued) Global Return (EUR) GlobalSar Balanced (CHF) GlobalSar Balanced (EUR) NET FUND ASSETS at the beginning of the financial year INCOME Dividends, net Interest on bonds and other debt securities, net Interest on bank accounts Received commissions Other income Total income EXPENSES Administrative commission and asset manager's fee Investment managers profit share Custodian fees Transaction fees Central administration costs Audit fees Subscription duty ("taxe d'abonnement") Other taxes Interest paid on bank liabilities Other expenses** Total expenses NET INVESTMENT INCOME/LOSS Net realised gain / (loss) on securities portfolio on options/warrants on futures contracts and CFDs on forward foreign exchange contracts on foreign exchange REALISED RESULT Net unrealised increases in value/depreciation on securities portfolio on options/warrants on futures contracts and CFDs on forward foreign exchange contracts ANNUAL PROFIT Dividends paid Net inflow of funds from subscriptions and redemptions TOTAL CHANGES IN NET FUND ASSETS Reevaluation difference TOTAL NET ASSETS at the end of the year ** Other expenses include printing and publication charges among other items. (in EUR) (in CHF) (in EUR) The notes at the end are an integral part of these financial statements. Audited annual report 37

38 Income and expense statement, and changes in net assets (continued) Global Return (EUR) GlobalSar Balanced (CHF) GlobalSar Balanced (EUR) Total Expense Ratio in accordance with SFAMA per C EUR acc share (in %) 2.25 Performance fee ratio per share C EUR acc (in %) 0.98 Total Expense Ratio in accordance with SFAMA per C acc share (in %) Performance fee ratio per share C acc (in %) Total Expense Ratio in accordance with SFAMA per I EUR acc share (in %) 1.58 Performance fee ratio per share I EUR acc (in %) 0.43 Total Expense Ratio in accordance with SFAMA per M EUR acc share (in %) Performance fee ratio per share M EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M acc share (in %) Performance fee ratio per share M acc (in %) Total Expense Ratio in accordance with SFAMA per P CHF dist share (in %) Performance fee ratio per share P CHF dist (in %) Total Expense Ratio in accordance with SFAMA per P EUR acc share (in %) Performance fee ratio per share P EUR acc (in %) Total Expense Ratio in accordance with SFAMA per P EUR dist share (in %) 2.01 Performance fee ratio per share P EUR dist (in %) 0.41 Total Expense Ratio in accordance with SFAMA per P acc share (in %) Performance fee ratio per share P acc (in %) Total Expense Ratio in accordance with SFAMA per P dist share (in %) Performance fee ratio per share P dist (in %) Portfolio Turnover in accordance with SFAMA (in %) Audited annual report The notes at the end are an integral part of these financial statements.

39 Income and expense statement, and changes in net assets (continued) GlobalSar Growth (EUR) New Power Fund OekoSar Equity Global NET FUND ASSETS at the beginning of the financial year INCOME Dividends, net Interest on bonds and other debt securities, net Interest on bank accounts 0.91 Received commissions Other income Total income EXPENSES Administrative commission and asset manager's fee Investment managers profit share Custodian fees Transaction fees Central administration costs Audit fees Subscription duty ("taxe d'abonnement") Other taxes Interest paid on bank liabilities Other expenses** Total expenses NET INVESTMENT INCOME/LOSS Net realised gain / (loss) on securities portfolio on options/warrants on futures contracts and CFDs on forward foreign exchange contracts on foreign exchange REALISED RESULT Net unrealised increases in value/depreciation on securities portfolio on options/warrants on futures contracts and CFDs on forward foreign exchange contracts ANNUAL PROFIT Dividends paid Net inflow of funds from subscriptions and redemptions TOTAL CHANGES IN NET FUND ASSETS Reevaluation difference TOTAL NET ASSETS at the end of the year ** Other expenses include printing and publication charges among other items. (in EUR) (in EUR) (in EUR) The notes at the end are an integral part of these financial statements. Audited annual report 39

40 Income and expense statement, and changes in net assets (continued) GlobalSar Growth (EUR) New Power Fund OekoSar Equity Global Total Expense Ratio in accordance with SFAMA per C EUR acc share (in %) Performance fee ratio per share C EUR acc (in %) Total Expense Ratio in accordance with SFAMA per C acc share (in %) Performance fee ratio per share C acc (in %) Total Expense Ratio in accordance with SFAMA per I EUR acc share (in %) Performance fee ratio per share I EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M EUR acc share (in %) Performance fee ratio per share M EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M acc share (in %) Performance fee ratio per share M acc (in %) Total Expense Ratio in accordance with SFAMA per P CHF dist share (in %) Performance fee ratio per share P CHF dist (in %) Total Expense Ratio in accordance with SFAMA per P EUR acc share (in %) 1.86 Performance fee ratio per share P EUR acc (in %) 0.01 Total Expense Ratio in accordance with SFAMA per P EUR dist share (in %) Performance fee ratio per share P EUR dist (in %) Total Expense Ratio in accordance with SFAMA per P acc share (in %) Performance fee ratio per share P acc (in %) Total Expense Ratio in accordance with SFAMA per P dist share (in %) Performance fee ratio per share P dist (in %) Portfolio Turnover in accordance with SFAMA (in %) Audited annual report The notes at the end are an integral part of these financial statements.

41 Income and expense statement, and changes in net assets (continued) Real Estate Equity Global Sustainable Bond CHF Sustainable Bond EUR NET FUND ASSETS at the beginning of the financial year INCOME Dividends, net Interest on bonds and other debt securities, net Interest on bank accounts Received commissions Other income Total income EXPENSES Administrative commission and asset manager's fee Investment managers profit share Custodian fees Transaction fees Central administration costs Audit fees Subscription duty ("taxe d'abonnement") Other taxes Interest paid on bank liabilities Other expenses** Total expenses NET INVESTMENT INCOME/LOSS Net realised gain / (loss) on securities portfolio on options/warrants on futures contracts and CFDs on forward foreign exchange contracts on foreign exchange REALISED RESULT Net unrealised increases in value/depreciation on securities portfolio on options/warrants on futures contracts and CFDs on forward foreign exchange contracts ANNUAL PROFIT Dividends paid Net inflow of funds from subscriptions and redemptions TOTAL CHANGES IN NET FUND ASSETS Reevaluation difference TOTAL NET ASSETS at the end of the year ** Other expenses include printing and publication charges among other items. (in EUR) (in CHF) (in EUR) The notes at the end are an integral part of these financial statements. Audited annual report 41

42 Income and expense statement, and changes in net assets (continued) Real Estate Equity Global Sustainable Bond CHF Sustainable Bond EUR Total Expense Ratio in accordance with SFAMA per C EUR acc share (in %) 1.44 Performance fee ratio per share C EUR acc (in %) 0.06 Total Expense Ratio in accordance with SFAMA per C acc share (in %) Performance fee ratio per share C acc (in %) Total Expense Ratio in accordance with SFAMA per I EUR acc share (in %) 1.22 Performance fee ratio per share I EUR acc (in %) 0.01 Total Expense Ratio in accordance with SFAMA per M EUR acc share (in %) Performance fee ratio per share M EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M acc share (in %) Performance fee ratio per share M acc (in %) Total Expense Ratio in accordance with SFAMA per P CHF dist share (in %) Performance fee ratio per share P CHF dist (in %) Total Expense Ratio in accordance with SFAMA per P EUR acc share (in %) 1.85 Performance fee ratio per share P EUR acc (in %) Total Expense Ratio in accordance with SFAMA per P EUR dist share (in %) 1.86 Performance fee ratio per share P EUR dist (in %) Total Expense Ratio in accordance with SFAMA per P acc share (in %) Performance fee ratio per share P acc (in %) Total Expense Ratio in accordance with SFAMA per P dist share (in %) Performance fee ratio per share P dist (in %) Portfolio Turnover in accordance with SFAMA (in %) Audited annual report The notes at the end are an integral part of these financial statements.

43 Income and expense statement, and changes in net assets (continued) Sustainable Bond EUR Corporates Sustainable Bond EUR High Grade* Sustainable Equity Europe (in EUR) NET FUND ASSETS at the beginning of the financial year INCOME Dividends, net Interest on bonds and other debt securities, net Interest on bank accounts Received commissions Other income Total income EXPENSES Administrative commission and asset manager's fee Investment managers profit share Custodian fees Transaction fees Central administration costs Audit fees Subscription duty ("taxe d'abonnement") Other taxes Interest paid on bank liabilities Other expenses** Total expenses NET INVESTMENT INCOME/LOSS Net realised gain / (loss) on securities portfolio on options/warrants on futures contracts and CFDs on forward foreign exchange contracts on foreign exchange REALISED RESULT Net unrealised increases in value/depreciation on securities portfolio on options/warrants on futures contracts and CFDs on forward foreign exchange contracts ANNUAL PROFIT Dividends paid Net inflow of funds from subscriptions and redemptions TOTAL CHANGES IN NET FUND ASSETS Reevaluation difference TOTAL NET ASSETS at the end of the year * See Note 1 ** Other expenses include printing and publication charges among other items. (in EUR) (in EUR) The notes at the end are an integral part of these financial statements. Audited annual report 43

44 Income and expense statement, and changes in net assets (continued) Sustainable Bond EUR Corporates Sustainable Bond EUR High Grade Sustainable Equity Europe Total Expense Ratio in accordance with SFAMA per C EUR acc share (in %) Performance fee ratio per share C EUR acc (in %) Total Expense Ratio in accordance with SFAMA per C acc share (in %) Performance fee ratio per share C acc (in %) Total Expense Ratio in accordance with SFAMA per I EUR acc share (in %) 0.99 Performance fee ratio per share I EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M EUR acc share (in %) 0.39 Performance fee ratio per share M EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M acc share (in %) Performance fee ratio per share M acc (in %) Total Expense Ratio in accordance with SFAMA per P CHF dist share (in %) Performance fee ratio per share P CHF dist (in %) Total Expense Ratio in accordance with SFAMA per P EUR acc share (in %) Performance fee ratio per share P EUR acc (in %) Total Expense Ratio in accordance with SFAMA per P EUR dist share (in %) 1.33 Performance fee ratio per share P EUR dist (in %) Total Expense Ratio in accordance with SFAMA per P acc share (in %) Performance fee ratio per share P acc (in %) Total Expense Ratio in accordance with SFAMA per P dist share (in %) Performance fee ratio per share P dist (in %) Portfolio Turnover in accordance with SFAMA (in %) Audited annual report The notes at the end are an integral part of these financial statements.

45 Income and expense statement, and changes in net assets (continued) Sustainable Equity Global Sustainable Equity Global Emerging Markets Sustainable Equity Real Estate Global NET FUND ASSETS at the beginning of the financial year INCOME Dividends, net Interest on bonds and other debt securities, net Interest on bank accounts Received commissions Other income Total income EXPENSES Administrative commission and asset manager's fee Investment managers profit share Custodian fees Transaction fees Central administration costs Audit fees Subscription duty ("taxe d'abonnement") Other taxes Interest paid on bank liabilities Other expenses** Total expenses NET INVESTMENT INCOME/LOSS Net realised gain / (loss) on securities portfolio on options/warrants on futures contracts and CFDs on forward foreign exchange contracts on foreign exchange REALISED RESULT Net unrealised increases in value/depreciation on securities portfolio on options/warrants on futures contracts and CFDs on forward foreign exchange contracts ANNUAL PROFIT Dividends paid Net inflow of funds from subscriptions and redemptions TOTAL CHANGES IN NET FUND ASSETS Reevaluation difference TOTAL NET ASSETS at the end of the year ** Other expenses include printing and publication charges among other items. (in EUR) (in ) (in EUR) The notes at the end are an integral part of these financial statements. Audited annual report 45

46 Income and expense statement, and changes in net assets (continued) Sustainable Equity Global Sustainable Equity Global Emerging Markets Sustainable Equity Real Estate Global Total Expense Ratio in accordance with SFAMA per C EUR acc share (in %) 1.49 Performance fee ratio per share C EUR acc (in %) Total Expense Ratio in accordance with SFAMA per C acc share (in %) Performance fee ratio per share C acc (in %) Total Expense Ratio in accordance with SFAMA per I EUR acc share (in %) Performance fee ratio per share I EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M EUR acc share (in %) Performance fee ratio per share M EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M acc share (in %) Performance fee ratio per share M acc (in %) Total Expense Ratio in accordance with SFAMA per P CHF dist share (in %) Performance fee ratio per share P CHF dist (in %) Total Expense Ratio in accordance with SFAMA per P EUR acc share (in %) Performance fee ratio per share P EUR acc (in %) Total Expense Ratio in accordance with SFAMA per P EUR dist share (in %) 2.10 Performance fee ratio per share P EUR dist (in %) Total Expense Ratio in accordance with SFAMA per P acc share (in %) Performance fee ratio per share P acc (in %) Total Expense Ratio in accordance with SFAMA per P dist share (in %) Performance fee ratio per share P dist (in %) Portfolio Turnover in accordance with SFAMA (in %) Audited annual report The notes at the end are an integral part of these financial statements.

47 Income and expense statement, and changes in net assets (continued) Sustainable Equity USA Sustainable Portfolio Balanced (EUR) Sustainable Water Fund NET FUND ASSETS at the beginning of the financial year INCOME Dividends, net Interest on bonds and other debt securities, net Interest on bank accounts 0.07 Received commissions Other income Total income EXPENSES Administrative commission and asset manager's fee Investment managers profit share Custodian fees Transaction fees Central administration costs Audit fees Subscription duty ("taxe d'abonnement") Other taxes Interest paid on bank liabilities Other expenses** Total expenses NET INVESTMENT INCOME/LOSS Net realised gain / (loss) on securities portfolio on options/warrants on futures contracts and CFDs on forward foreign exchange contracts on foreign exchange REALISED RESULT Net unrealised increases in value/depreciation on securities portfolio on options/warrants on futures contracts and CFDs on forward foreign exchange contracts ANNUAL PROFIT Dividends paid Net inflow of funds from subscriptions and redemptions TOTAL CHANGES IN NET FUND ASSETS Reevaluation difference TOTAL NET ASSETS at the end of the year ** Other expenses include printing and publication charges among other items. (in ) (in EUR) (in EUR) The notes at the end are an integral part of these financial statements. Audited annual report 47

48 Income and expense statement, and changes in net assets (continued) Sustainable Equity USA Sustainable Portfolio Balanced (EUR) Sustainable Water Fund Total Expense Ratio in accordance with SFAMA per C EUR acc share (in %) Performance fee ratio per share C EUR acc (in %) Total Expense Ratio in accordance with SFAMA per C acc share (in %) 1.28 Performance fee ratio per share C acc (in %) Total Expense Ratio in accordance with SFAMA per I EUR acc share (in %) Performance fee ratio per share I EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M EUR acc share (in %) Performance fee ratio per share M EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M acc share (in %) Performance fee ratio per share M acc (in %) Total Expense Ratio in accordance with SFAMA per P CHF dist share (in %) Performance fee ratio per share P CHF dist (in %) Total Expense Ratio in accordance with SFAMA per P EUR acc share (in %) Performance fee ratio per share P EUR acc (in %) Total Expense Ratio in accordance with SFAMA per P EUR dist share (in %) Performance fee ratio per share P EUR dist (in %) Total Expense Ratio in accordance with SFAMA per P acc share (in %) 4.05 Performance fee ratio per share P acc (in %) 2.40 Total Expense Ratio in accordance with SFAMA per P dist share (in %) Performance fee ratio per share P dist (in %) Portfolio Turnover in accordance with SFAMA (in %) Audited annual report The notes at the end are an integral part of these financial statements.

49 EmergingSar Global Statement of investments and other net assets as of Description % Expiry/ Maturity Currency Initial holding on Listed securities Purchases*/** Sales*/** Closing holding on Market value in % of net assets Equities Allianz N Anheuserbush Inbev SA Asahi Group Hd Banco Santander Basf Namenakt Bayer Usd Eq Bco Bilbao Viz.argentaria/nam Caixabank Continental AG Daimler AG / Namensakt Denso CorpUsd Eq Deutsche Bank AG Deutsche Telekom /nam Enagas Fanuc Fast Retailing Co Ltd Fuji Heavy Industries Fujifilm Holdings Grupo Fin.banort.sab De Cv o Tpa Cfd Iberdrola SA Inditex /RegUsd Eq ING Groep J. Front Retailing Co Ltd Japan Tobacco Inc Kao Corp Kirin Holdings Co Ltd Kyocera Corp Mitsubishi Estate Nippon Meat Packers Olympus Corp Rakuten Inc Tokyo Secom Ltd Seven & I Holdings Showa Shell Sekiyu Kk Siemens AG /nam Softbank Takashimaya Co Ltd Telefonica SA Tokyo Electron Co Ltd Tokyu Fudosan Holding Toyota Tsusho Corp Unilever Uny Group Holdings Warrants Barclays on MSCI Egypt JP Morgan SP Regd.Certificate on MSCI Daily Emerging Mkts Russia Net TR Idx Merrill Lynch Int Warrant Cw Merrill Lynch Int Regd.Wrt on MSCI Turkey Index Merrill Lynch Intl on Set 50 Index The notes at the end are an integral part of these financial statements. Audited annual report 49

50 EmergingSar Global (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in % of net assets Tracker Funds DBXT DAX Shs 1C Cap Ishares Dax (de) Total listed securities Transferable securities dealt on another regulated market Equities Kddi Corp Total transferable securities dealt on another regulated market Other transferable securities Warrants Barclays Perp /ndeuseg Goldman Sachs Intl Certificates on MSCI TR Net Emerging Mkts Czech Rep Idx Goldman Sachs Intl Delta Certificates on MSCI Daily TR Net Emerging Markets Index GS Intl UK on MSCI TR Net Emerging Market Philippines Index GS Intl UK on MSCI Philippines Merrill Lynch International Merrill Lynch Intl on MSCI India Ste Generale Accept Tracker Cerfificate on MSCI Daily TR Net EMM Korea Total other transferable securities TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of Regional Allocation (Target Allocation) Regions % Asia Emerging Europe Latin America Middle East/Africa Total Audited annual report The notes at the end are an integral part of these financial statements.

51 EmergingSar New Frontiers Statement of investments and other net assets as of Description % Expiry/ Maturity Currency Initial holding on Listed securities Purchases*/** Sales*/** Closing holding on Market value in % of net assets Equities Jardine Cycle & Carriage Ltd Lukoil /sadr Rep.1 Shs Magnit Ojsc Sgdr Overseachinese Bank Corp Eq Usd Rosneft Oil Co Ojsc/sgdr Sembcorp Industries Ltd Singapore Airlines Ltd Singapore Telec/board Lot Utd Overseas Bk /local Indexlinked certificates and options Db London Warrants on MSCI Daily Tr Net EM on Pakistan Index Investment funds Epicure Qatar Equity Vinacapital Vietnam Opp.fd Ltd Warrants Barclays Bank Index Linked Certificates on MSCI Romania Daily Net TR Index Barclays Bank Index Linked Certificates EUR on OMX Tallinn Idx Srs HSBC Bank Regd.Market Access Notes on a Bskt of Shs S PALMS 1037 Sr Merrill Lynch Intl on Colombia Index RBS Certificates on RBS Ukraine Enhanced Price Return Index RBS Index Certificates on Bulgaria Stock Exchange Sofix Index Tracker Funds Db XTrack. Emerg Mkts 1C/ETF ishares MSCI Emerging Markets Lyxor ETF Kuwait FTSE KW Stoxx 600 Med Sou Acc Etf/cap*** Total listed securities Transferable securities dealt on another regulated market Equities Noble Group Ltd Investment funds Africa Opportunity Fund Total transferable securities dealt on another regulated market The notes at the end are an integral part of these financial statements. Audited annual report 51

52 EmergingSar New Frontiers (continued) Description % Expiry/ Maturity TOTAL SECURITIES PORTFOLIO INVESTMENTS Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in % of net assets Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures *** The equity holding is converted into synthetic liquidity by means of a counter position, known as a Contract for Difference, which serves as security capital for possible liabilities from derivative financial instruments Allocation of investments as of Regional Allocation Regions % Europe Africa Mid East Asia Latin America 9.18 Total Audited annual report The notes at the end are an integral part of these financial statements.

53 EquiSar Global Statement of investments and other net assets as of Description % Expiry/ Maturity Currency Initial holding on Listed securities Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Equities Amgen Inc Anadarko Petrol. Corp Apache Corp Asml Holding Nv EUR Associated British Foods Plc GBP Automatic Data Proces BG Group Plc GBP BNP Paribas EUR Borg Warner Cameco Corp CAD Canadian Pacific Railway Carmax Cemex /Adr Citigroup Inc CocaCola Co Continental Resources Inc Corrections America Costco Wholesale Corp Credicorp CSL AUD Danone EUR Ecolab Embraer SA /Sadr Essilor International EUR Fresenius Medical Care EUR Gaztransport Et Technigaz SA EUR Glencore Xstrata Plc GBP Google Inc A Google Inc Shs C Grupo Fin. banort. sab De Cv O MXN Grupo Televisa /gds Halliburton Co Hartford Finance Services Group Home Depot HSBC Holdings GBP IBM Corp Informatica Corp Int Air Group GBP International Paper Co Interpublic Group Intl Flavors Frag Intuitive Surgical Inc Jardine Matheson Holdings JPMorgan Chase & Co Kabel Deutschland Holding AG EUR Kansas City Southern Kingfisher Plc GBP Koninklijke Boskalis Westminster EUR Kubota JPY Makita Corp JPY Mattel Inc Microsoft Corp Mitsubishi Estate JPY Mr. Price Group Limited ZAR The notes at the end are an integral part of these financial statements. Audited annual report 53

54 EquiSar Global (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Netflix Inc Nissan Motor JPY Nokia Oy EUR Novozymes B DKK Ocado Group GBP Occidental Petroleum Pfizer Pnc Financial Services Gp Reckitt Benckiser Group GBP Roche Holding AG /Genussschein CHF Sabesp SES SA /fdr EUR Sk Telecom /spons. Adr (1/9act) Skf SEK Soc. Quimica Y Minera Chile (=10 Gs Shares) B Starwood Hotels Resorts Ww Swiss Re N CHF Tesla Mtrs Tiffany & Co Time Warner Tokio Marine JPY UBS N CHF Umicore SA EUR Unicharm Corp SGD United Technologies Corp Valero Ener Corp Varian Medical Systems Inc Verizon Communications Inc Vodafone Group Plc GBP Vodafone Group Plc GBP Weyerhaeuser Co Wolseley (old) GBP Wolseley Plc GBP Yum Brands Options on securities Samsung Electronics Shs Sp. Global Deposit. Receipt Rep. Vtg. Shs 144A/RegS Total listed securities Other transferable securities Equities Vodafone Group Plc B Shs GBP Total other transferable securities 0.00 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures 54 Audited annual report The notes at the end are an integral part of these financial statements.

55 EquiSar Global (continued) Allocation of investments as of Country Allocation Countries % USA United Kingdom 9.26 Japan 7.39 France 4.47 Netherlands 3.58 Switzerland 3.46 Denmark 3.27 Germany 2.04 Finland 1.62 Other Total The notes at the end are an integral part of these financial statements. Audited annual report 55

56 EquiSar IIID (EUR) Statement of investments and other net assets as of Description % Expiry/ Maturity Currency Initial holding on Listed securities Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Equities Admiral Group Plc GBP AIA Group HKD Amgen Inc Anadarko Petrol. Corp Apache Corp BG Group Plc GBP Bhp Billiton Ltd GBP BNP Paribas EUR Borg Warner Cameco Corp CAD Canadian Pacific Railway Carmax Cemex /Adr Citigroup Inc CocaCola Co Costco Wholesale Corp Credicorp CST Brands Shs Danone EUR Ecolab Emerson Electric Co Fresenius Medical Care EUR Garmin Glencore Xstrata Plc GBP Google Inc A Google Inc Shs C Grupo Fin. banort. sab De Cv O MXN Grupo Televisa /gds Halliburton Co Hartford Finance Services Group Home Depot HSBC Holdings GBP Informatica Corp Int Air Group GBP International Paper Co Intuitive Surgical Inc Jardine Matheson Holdings JPMorgan Chase & Co Kabel Deutschland Holding AG EUR Kansas City Southern Kimberly Clark Corp Kingfisher Plc GBP Koninklijke Boskalis Westminster EUR Kubota JPY Makita Corp JPY Mattel Inc Microsoft Corp Mr. Price Group Limited ZAR Netflix Inc Nissan Motor JPY Nokia Oy EUR Novozymes B DKK Occidental Petroleum Phil. long Distance Tel. PHP Audited annual report The notes at the end are an integral part of these financial statements.

57 EquiSar IIID (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Pnc Financial Services Gp Reckitt Benckiser Group GBP Roche Holding AG /Genussschein CHF Sats Ltd SGD Schlumberger SES SA /fdr EUR Sk Telecom /spons. Adr (1/9act) Skf SEK Starwood Hotels Resorts Ww Sun Hung Kai Properties HKD Swiss Re N CHF Tesla Mtrs Tiffany & Co Time Warner UBS N CHF Umicore SA EUR Unicharm Corp SGD United Technologies Corp Valero Ener Corp Varian Medical Systems Inc Verizon Communications Inc Vodafone Group Plc GBP Vodafone Group Plc GBP Weyerhaeuser Co Wolseley (old) GBP Wolseley Plc GBP Yum Brands Index options Euro Stoxx 50 Pr PUT 10/ EUR Euro Stoxx 50 Pr PUT 12/ EUR S&p 500 Indices PUT 09/ S&p 500 Indices PUT 09/ S&p 500 Indices PUT 11/ Options on securities Intuitive Surgical CALL 01/ Intuitive Surgical CALL 01/ Reckitt Benckiser Group Plc CALL 09/ GBP Reckitt Benckiser Group Plc PUT 09/ GBP Schlumberger Ltd CALL 01/ Schlumberger Ltd PUT 01/ Total listed securities Other transferable securities Equities Vodafone Group Plc B Shs GBP Total other transferable securities 0.00 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures The notes at the end are an integral part of these financial statements. Audited annual report 57

58 EquiSar IIID (EUR) (continued) Allocation of investments as of Country Allocation Regions long short net Emerging Markets Europe ex. UK Japan North America Pacific ex. Japan United Kingdom Total Audited annual report The notes at the end are an integral part of these financial statements.

59 EquiSar International Income Statement of investments and other net assets as of Description % Expiry/ Maturity Currency Initial holding on Listed securities Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Equities Admiral Group Plc GBP Air Liquide EUR Altria Group Amgen Inc Annaly Capital Management Inc Associated British Foods Plc GBP Automatic Data Proces Bank of Nova Scotia CAD BHP Billiton Ltd AUD BNP Paribas EUR Borg Warner Cedar Fair Lp Cinemark Holdings Inc Cintas CocaCola Co Costco Wholesale Corp Du Pont De Nem. & Co/E.I Emerson Electric Co F&C Asset Management Plc GBP Garmin General Electric Capital Glencore Xstrata Plc GBP Halliburton Co Hartford Finance Services Group Hkt Ltd Stapled HKD Home Depot HSBC Holdings GBP International Paper Co Investec Plc ZAR Jardine Matheson Holdings JPMorgan Chase & Co Kabel Deutschland Holding AG EUR Kabel D.hold Ag/verk Eing EUR Kansas City Southern Kar Auction Services Kimberly Clark Corp Kingfisher Plc GBP Koninklijke Boskalis Westminster EUR Leggett + Platt Inc Life Healthcare Group Holding ZAR Mattel Inc Megafon Ojsc /GDR Microsoft Corp Mr. Price Group Limited ZAR M1 Ltd SGD Nissan Motor JPY Nokia Oy EUR Nordea Bank Ab SEK Novartis AG CHF Pfizer Phil. long Distance Tel. PHP Prosafe SE NOK Prudential GBP Roche Holding AG /Genussschein CHF The notes at the end are an integral part of these financial statements. Audited annual report 59

60 EquiSar International Income (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Royal Dutch Shell Plc A EUR Sanofi Aventis EUR Sats Ltd SGD Schlumberger Seadrill Ltd SES SA /fdr EUR Sk Telecom /spons. Adr (1/9act) SSE Plc GBP Starwood Hotels Resorts Ww Sun Hung Kai Properties HKD Tdc DKK Tokio Marine JPY Total Sa EUR UBS N CHF United Technologies Corp Verizon Communications Inc Vodafone Group Plc GBP Vodafone Group Plc GBP Weyerhaeuser Co Wolseley (old) GBP Wolseley Plc GBP Yum Brands I Infrastructure Plc GBP Futures options Dow Jones Euro Stoxx 50 Dvp PUT 12/ EUR Options on securities Amgen Inc PUT 07/ Annaly Capital Management Inc CALL 12/ Total listed securities Transferable securities dealt on another regulated market Equities Acquisit GBP Total transferable securities dealt on another regulated market Audited annual report The notes at the end are an integral part of these financial statements.

61 EquiSar International Income (continued) Description % Expiry/ Maturity Other transferable securities Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Equities Vodafone Group Plc B Shs GBP Options on securities Right Air Liquide SA EUR Rights Hkt Ltd Stapled HKD Total other transferable securities TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of Country Allocation Countries % USA United Kingdom Switzerland 7.27 France 6.53 Japan 3.61 Singapore 2.43 Canada 2.22 Hong Kong 2.16 Sweden 2.06 Other Total The notes at the end are an integral part of these financial statements. Audited annual report 61

62 Global Return (EUR) Statement of investments and other net assets as of Description % Expiry/ Maturity Currency Initial holding on Listed securities Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Bonds ABN AMRO Bank N.V EUR Acea EUR Aegon Global Markets EUR Afd EUR Afd EUR Air Liquide EUR Alliander EUR Allianz Finance EUR Amer Movil EUR ANZ Bank EUR ANZ Banking Group EUR Ap Moeller EUR Assgen EUR Atlas Copco EUR Austria EUR Austria EUR Austria EUR Austria EUR Austria EUR Autobahn Fin EUR AutobahnenSchnellstrassenFin EUR Axa EUR BadenWuert EUR Bank Nederl. Gemeenten EUR Barclays Bank EUR Barclays Bank EUR BASF Fin. Europe EUR Bayer Landk EUR Bayerische Landesbank EUR Bayern EUR Bayern EUR Bayern EUR Bayern EUR Belgacom EUR Belgium EUR Belgium EUR Berlin EUR Berlin EUR BG Energy EUR BHP Billiton EUR Bk F. Arbeit EUR BMW Finance EUR Bmw Us Cap EUR BNG EUR BNG EUR BNG EUR BRD EUR BRD EUR Bundesimmo Gesellschaft EUR Ca Covered EUR CADES EUR CADES EUR Cat In Fin EUR Cat In Fin Emtn EUR Audited annual report The notes at the end are an integral part of these financial statements.

63 Global Return (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Centrica EUR Cff EUR Cie de Financement Foncier EUR Czech Republic EUR Czech Republic EUR Daigr EUR Danone EUR Danone Finance EUR Dekabank EUR DekaBank DGZ EUR Denmark EUR Depfa EUR Deutsche Bahn Finance EUR Deutsche Bahn Finance EUR Deutsche Postbank EUR Dexia Mun AG EUR Dexia Municipal Agency EUR Diageo Cap EUR Dt Bahn Finance EUR EDF EUR EIB EUR EIB EUR EIB EUR Electricité de France EUR EnBW Intl EUR Enel Fin EUR Eureko BV EUR Eurhyp EUR Euro Community EUR Evonik Ind EUR Finland EUR Finland EUR Finland EUR Finland EUR Fortis NL EUR France EUR France EUR France EUR France EUR France EUR France EUR France OAT EUR Generali EUR Germany EUR Germany EUR Germany EUR Germany EUR Germany EUR Germany EUR Germany EUR GlaxoSmithKline Capital EUR Heineken Nv EUR Henkel AG & Co. KGaA EUR Hessen EUR Holcim Fin EUR Holcim Fin EUR Hutchinson Whampoa Intl EUR IBM EUR IBM Corp EUR ICO EUR ICO EUR Italy EUR Johnson & Johnson EUR Ka Finanz EUR KBC Ifima EUR KBC Ifima EUR KFW EUR The notes at the end are an integral part of these financial statements. Audited annual report 63

64 Global Return (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets KFW EUR KFW EUR KFW EUR KFW EUR Kig EUR Kommunalkredit Austria EUR Land Hessen EUR Landesbank Baden Württemberg EUR LB BadenWuerttemberg EUR Lbk Bw EUR Lbk Bw EUR Ld Berlin EUR Linde Fin EUR Luxemburg EUR LVMH Moet Hennessy Louis Vuitton EUR Lwf Rentbank EUR Lwf Rentbank EUR Lwf Rentbk EUR Lwf Rentbk EUR Nab Aus EUR Nab Aus EUR Ned Watbk EUR Nestle Fin EUR Nestle Fin EUR Netherlands EUR Netherlands EUR Netherlands EUR Netherlands EUR Niedersachsen EUR Nordea EUR Nordic Investment Bank EUR Nordrhein EUR Nrw Bank EUR Nrw Bank EUR Nth Rhinew EUR NWB FRN EUR NWB EUR NWB EUR NWB EUR OEBB Infrastruktur Bau EUR Oesterreichische Kontrollbank EUR Omv EUR Ontario EUR Ontario EUR Pfizer EUR P&G EUR P&G EUR Pohjola Bk EUR Pohjola Bk EUR Pohjola Bk EUR Procter & Gamble EUR Quebec EUR Quebec EUR Quebec EUR Rabobank EUR Rabobank Nederland EUR RBC Toronto EUR Repsol Int EUR Robert Bosch EUR Roche Holding EUR Rwe EUR RWE Fin EUR Sanofi EUR Sant Id EUR Sant Id EUR Schering PL EUR Schig EUR Audited annual report The notes at the end are an integral part of these financial statements.

65 Global Return (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Schiphol Nl EUR Schlumberger EUR Schlumberger EUR Schneid El EUR Scotiabank EUR Skand Ensk EUR Société Générale EUR Spbk Bolikr EUR Spbk Bolikr EUR Stadshypotek EUR Stadshypotek EUR Stadshypotek EUR Standard Chartered EUR Statk EUR Statoil EUR Statoil EUR Stockl EUR Suez Environnement Cie EUR Sweden EUR Swedish Exp EUR Swiss Re Tr EUR Telefonica EUR Telefonica EUR Tennet EUR Terna EUR Terra Bol EUR Tesco Plc EUR Toronto Dom. bank EUR Total Fina Elf EUR Total SA EUR Toyota EUR UBS EUR Vattenf Tsy EUR Vodafone Group Plc EUR VW Bank EUR VW Leasing EUR Zurich Fin EUR M EUR M EUR Tracker Funds DBXT DBLCI OYB Shs 1C Cap EUR ishares MSCI Emerging Markets Spdr Msci Em Etf Usd EUR Total listed securities Transferable securities dealt on another regulated market Bonds Hsbc Bank EUR Total transferable securities dealt on another regulated market The notes at the end are an integral part of these financial statements. Audited annual report 65

66 Global Return (EUR) (continued) Description % Expiry/ Maturity Other transferable securities Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Bonds Nuon Fin EUR Total other transferable securities TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of Asset allocation (including futures and options) % Bonds Equities Europe Equities USA 9.77 Equities Switzerland 9.54 Equities Emerging Markets 4.92 Equities Japan 4.80 Commodity 4.94 Equities United Kingdom 4.63 Total Audited annual report The notes at the end are an integral part of these financial statements.

67 GlobalSar Balanced (CHF) Statement of investments and other net assets as of Description % Expiry/ Maturity Currency Initial holding on Listed securities Purchases*/** Sales*/** Closing holding on Market value in CHF % of net assets Equities Aggreko Plc GBP AIA Group HKD Amgen Inc Anadarko Petrol. Corp Asml Holding Nv EUR Associated British Foods Plc GBP Barclays Bank GBP Barclays Plc /iss.2013 GBP BG Group Plc GBP Bmwbayer.motor EUR BNP Paribas EUR Borg Warner BP GBP Cameco Corp CAD Carmax Cemex /Adr Citigroup Inc CocaCola Co Colgatepalmolive Costco Wholesale Corp Credicorp Danone EUR Du Pont De Nem. & Co/E.I Ecolab Fresenius Medical Care EUR General Electric Capital Glencore Xstrata Plc GBP Google Inc A Google Inc Shs C Grupo Fin B Rece Rep 5 /Sadr Grupo Televisa /gds Halliburton Co Hartford Finance Services Group Henkel AG & Co. KGaA EUR Home Depot IBM Corp Interpublic Group Intl Flavors Frag Investor B SEK Jardine Matheson Holdings JPMorgan Chase & Co Kabel Deutschland Holding AG EUR Kansas City Southern Keyence Corp JPY Kimberly Clark Corp Kingfisher Plc GBP Koninklijke Boskalis Westminster EUR Life Healthcare Group Holding ZAR Mattel Inc Megafon Ojsc /GDR Mr. Price Group Limited ZAR Nissan Motor JPY Nokia Oy EUR Novartis AG CHF The notes at the end are an integral part of these financial statements. Audited annual report 67

68 GlobalSar Balanced (CHF) (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in CHF % of net assets Novozymes B DKK Ocado Group GBP Occidental Petroleum Pfizer Phil. long Distance Tel. PHP Prudential GBP Reckitt Benckiser Group GBP Roche Holding AG /Genussschein CHF SES SA /fdr EUR Sk Telecom /spons. Adr (1/9act) Skf SEK SSE Plc GBP Tdc DKK Tiffany & Co Total Sa EUR UBS N CHF Umicore SA EUR Unicharm Corp SGD United Technologies Corp Valero Ener Corp Varian Medical Systems Inc Verizon Communications Inc Vodafone Group Plc GBP Vodafone Group Plc GBP Walt Disney /Disney Ser Weyerhaeuser Co Wolseley (old) GBP Wolseley Plc GBP Yum Brands i Group GBP Bonds Abertis EUR Aeroporti R EUR ATT EUR ATT GBP Aviva Emtn EUR Barclays Bank EUR BNG EUR Bpcm Canada CAD Cez Citigroup Inc CHF Coca Cola EUR Crédit Agricole EUR EBRD BRL Ebrd INR EIB CHF EIB EUR Enel Finance Intl EUR Ferrovie Stato EUR Finland EUR France EUR GDF Suez EUR GE Cap Eur EUR Germany EUR Germany EUR Hutch Whampoa FRN IADB CHF Intesa Sanpaolo Spa EUR Ipic Gmtn EUR Ireland EUR Kgi Sec EUR Latvia EUR Legal & General Group GBP Lloyds Banking Group Plc EUR Audited annual report The notes at the end are an integral part of these financial statements.

69 GlobalSar Balanced (CHF) (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in CHF % of net assets Nestle Fin EUR Netherlands EUR Netherlands EUR New York Life Funding CHF Norway NOK Orgau EUR Poland CHF Porterbrook GBP Rabobank Nederland EUR RBS FRN CHF Roche Fin EUR SGSP Swisscom CHF Temasek Fin UK Tsy GBP Unicredit EUR USA Investment funds EI NIPP JPY Findlay Park Fds Latin America Polar Cap Japan Fund Cl I H EUR EUR Polar Capital Glb Tech I Usd Principalprefr Class I Usd Index options Euro Stoxx 50 Pr CALL 09/ EUR Euro Stoxx 50 Pr PUT 09/ EUR MSCI Emerging Markets CALL 03/ Msci Emerging Markets Nr Msci Emerging Markets Nr MSCI Emerging Markets PUT 03/ S&p 500 Indices CALL 12/ S&P 500 Indices PUT 09/ S&P 500 Indices PUT 09/ S&P 500 Indices PUT 09/ S&p 500 Indices PUT 12/ S&p 500 Indices PUT 12/ Ukx Ftse 100 Index CALL 12/ GBP Futures options Euro Bund CALL 11/ EUR Options on securities Ecolab Inc PUT 01/ Ecolab Inc PUT 07/ Intuitive Surgical CALL 01/ Intuitive Surgical CALL 01/ Petrochina Co Ltd /H CALL 03/ HKD Prudential Plc CALL 09/ GBP Prudential Plc PUT 12/ GBP Reckitt Benckiser Group Plc CALL 12/ GBP Rights Barclays Issue 2013 GBP Samsung Electronics Shs Sp. Global Deposit Receipt Rep. Vtg. Shs 144A/RegS Skf Ab B PUT 12/ SEK Starwood Hotels Resorts Ww PUT 11/ Total listed securities The notes at the end are an integral part of these financial statements. Audited annual report 69

70 GlobalSar Balanced (CHF) (continued) Description % Expiry/ Maturity Currency Transferable securities dealt on another regulated market Initial holding on Purchases*/** Sales*/** Closing holding on Market value in CHF % of net assets Bonds Euro Bank Rec INR USA USA USA Total transferable securities dealt on another regulated market Other transferable securities Equities Vodafone Group Plc B Shs GBP Investment funds Argos Fundsargonaut Fdx GBP Jupiter Global Convert I/cap EUR Sar Ie Re GBPIacc I GBP GBP Warrants UBS London Cert. On Basket EUR Total other transferable securities TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of Asset Allocation Long Short Net Bonds Equities Alternative Assets Other Total Currency Allocation Currencies % CHF EUR 5.70 JPY 1.60 GBP 1.10 Other 8.40 Total Audited annual report The notes at the end are an integral part of these financial statements.

71 GlobalSar Balanced (EUR) Statement of investments and other net assets as of Description % Expiry/ Maturity Currency Initial holding on Listed securities Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Equities Aggreko Plc GBP AIA Group HKD Amgen Inc Anadarko Petrol. Corp Asml Holding Nv EUR Associated British Foods Plc GBP Barclays Bank GBP Barclays Plc /iss.2013 GBP BG Group Plc GBP Bmwbayer.motor EUR BNP Paribas EUR Borg Warner BP GBP Cameco Corp CAD Carmax Cemex /Adr Citigroup Inc CocaCola Co Colgatepalmolive Costco Wholesale Corp Credicorp Danone EUR Du Pont De Nem. & Co/E.I Ecolab Fresenius Medical Care EUR General Electric Capital Glencore Xstrata Plc GBP Google Inc A Google Inc Shs C Grupo Fin B Rece Rep 5 /Sadr Grupo Televisa /gds Halliburton Co Hartford Finance Services Group Henkel AG & Co. KGaA EUR Home Depot IBM Corp Interpublic Group Intl Flavors Frag Investor B SEK Jardine Matheson Holdings JPMorgan Chase & Co Kabel Deutschland Holding AG EUR Kansas City Southern Keyence Corp JPY Kimberly Clark Corp Kingfisher Plc GBP Koninklijke Boskalis Westminster EUR Life Healthcare Group Holding ZAR Mattel Inc Megafon Ojsc /GDR Mr. Price Group Limited ZAR Nissan Motor JPY Nokia Oy EUR Novartis AG CHF The notes at the end are an integral part of these financial statements. Audited annual report 71

72 GlobalSar Balanced (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Novozymes B DKK Ocado Group GBP Occidental Petroleum Pfizer Phil. long Distance Tel. PHP Prudential GBP Reckitt Benckiser Group GBP Roche Holding AG /Genussschein CHF SES SA /fdr EUR Sk Telecom /spons. Adr (1/9act) Skf SEK SSE Plc GBP Tdc DKK Tiffany & Co Total Sa EUR UBS N CHF Umicore SA EUR Unicharm Corp SGD United Technologies Corp Valero Ener Corp Varian Medical Systems Inc Verizon Communications Inc Vodafone Group Plc GBP Vodafone Group Plc GBP Walt Disney /Disney Ser Weyerhaeuser Co Wolseley (old) GBP Wolseley Plc GBP Yum Brands i Group GBP Bonds Abertis EUR Adif Alta V EUR Aeroporti R EUR ASF EUR ATT EUR ATT GBP Aviva Emtn EUR Barclays Bank EUR Bmw Fin EUR BNG EUR Boa EUR Bpcm Brambles EUR Crédit Agricole EUR EBRD BRL Ebrd INR EIB EUR Enel Finance Intl EUR Ferrovie Stato EUR Finland EUR France EUR France OAT EUR GDF Suez EUR GE Cap Eur EUR Germany EUR Germany EUR Hutch Whampoa FRN Iberdrola Intl EUR Intesa Sanpaolo Spa EUR Ipic Gmtn EUR Ireland EUR John Deere EUR JP Morgan Kgi Sec EUR Audited annual report The notes at the end are an integral part of these financial statements.

73 GlobalSar Balanced (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Latvia EUR Legal & General Group GBP Lloyds Banking Group Plc EUR Mcdonalds EUR Motability EUR National Grid Plc GBP Nestle Fin EUR Netherlands EUR Netherlands EUR Norway NOK Orgau EUR Porterbrook GBP Rabobank Nederland EUR Robert Bosch EUR Roche Fin EUR Scot&Sth EN EUR Spain EUR SPI Elec EUR Statoil EUR Telecom It EUR Telefonica GBP Tesco Plc EUR Thames Fin EUR UK GBP UK Tsy GBP USA Wm Morrison EUR Investment funds EI NIPP JPY Findlay Park Fds Latin America Polar Cap Japan Fund Cl I H EUR EUR Polar Capital Glb Tech I Usd Principalprefr Class I Usd Index options Euro Stoxx 50 Pr CALL 09/ EUR Euro Stoxx 50 Pr PUT 09/ EUR MSCI Emerging Markets CALL 03/ Msci Emerging Markets Nr Msci Emerging Markets Nr MSCI Emerging Markets PUT 03/ S&p 500 Indices CALL 12/ S&P 500 Indices PUT 09/ S&P 500 Indices PUT 09/ S&P 500 Indices PUT 09/ S&p 500 Indices PUT 12/ S&p 500 Indices PUT 12/ Ukx Ftse 100 Index CALL 12/ GBP Futures options Euro Bund CALL 11/ EUR Options on securities Ecolab Inc PUT 01/ Ecolab Inc PUT 07/ Intuitive Surgical CALL 01/ Intuitive Surgical CALL 01/ Petrochina Co Ltd /H CALL 03/ HKD Prudential Plc CALL 09/ GBP Prudential Plc PUT 12/ GBP Reckitt Benckiser Group Plc CALL 12/ GBP Rights Barclays Issue 2013 GBP The notes at the end are an integral part of these financial statements. Audited annual report 73

74 GlobalSar Balanced (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Samsung Electronics Shs Sp. Global Deposit Receipt Rep. Vtg. Shs 144A/RegS Skf Ab B PUT 12/ SEK Starwood Hotels Resorts Ww PUT 11/ Total listed securities Transferable securities dealt on another regulated market Bonds Euro Bank Rec INR USA Total transferable securities dealt on another regulated market Other transferable securities Equities Vodafone Group Plc B Shs GBP Investment funds Argos Fundsargonaut Fdx GBP Jupiter Global Convert I/cap EUR Muzinich Enhanc Sh Term Eur/Cap EUR Sar Ie Re GBPIacc I GBP GBP Warrants UBS London Cert. On Basket EUR Total other transferable securities TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures 74 Audited annual report The notes at the end are an integral part of these financial statements.

75 GlobalSar Balanced (EUR) (continued) Allocation of investments as of Asset Allocation long short net Bonds Equities Alternative Assets Other Total Currency Allocation Currencies % EUR CHF 2.60 JPY 2.40 GBP 0.40 Other 7.00 Total The notes at the end are an integral part of these financial statements. Audited annual report 75

76 GlobalSar Growth (EUR) Statement of investments and other net assets as of Description % Expiry/ Maturity Currency Initial holding on Listed securities Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Equities Aggreko Plc GBP AIA Group HKD Amgen Inc Anadarko Petrol. Corp Asml Holding Nv EUR Associated British Foods Plc GBP Barclays Bank GBP Barclays Plc /iss.2013 GBP BG Group Plc GBP Bmwbayer.motor EUR BNP Paribas EUR Borg Warner BP GBP Cameco Corp CAD Carmax Cemex /Adr Citigroup Inc CocaCola Co Colgatepalmolive Costco Wholesale Corp Credicorp Danone EUR Du Pont De Nem. & Co/E.I Ecolab Fresenius Medical Care EUR General Electric Capital Glencore Xstrata Plc GBP Google Inc A Google Inc Shs C Grupo Fin B Rece Rep 5 /Sadr Grupo Televisa /gds Halliburton Co Hartford Finance Services Group Henkel AG & Co. KGaA EUR Home Depot IBM Corp Interpublic Group Intl Flavors Frag Investor B SEK Jardine Matheson Holdings JPMorgan Chase & Co Kabel Deutschland Holding AG EUR Kansas City Southern Keyence Corp JPY Kimberly Clark Corp Kingfisher Plc GBP Koninklijke Boskalis Westminster EUR Life Healthcare Group Holding ZAR Mattel Inc Megafon Ojsc /GDR Mr. Price Group Limited ZAR Nissan Motor JPY Nokia Oy EUR Novartis AG CHF Audited annual report The notes at the end are an integral part of these financial statements.

77 GlobalSar Growth (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Novozymes B DKK Ocado Group GBP Occidental Petroleum Pfizer Phil. long Distance Tel. PHP Prudential GBP Reckitt Benckiser Group GBP Roche Holding AG /Genussschein CHF SES SA /fdr EUR Sk Telecom /spons. Adr (1/9act) Skf SEK SSE Plc GBP Tdc DKK Tiffany & Co Total Sa EUR UBS N CHF Umicore SA EUR Unibail Holding EUR Unicharm Corp SGD United Technologies Corp Valero Ener Corp Varian Medical Systems Inc Verizon Communications Inc Vodafone Group Plc GBP Vodafone Group Plc GBP Walt Disney /Disney Ser Westfield Group Stapled AUD Weyerhaeuser Co Wolseley (old) GBP Wolseley Plc GBP Yum Brands i Group GBP Bonds Aeroporti R EUR ATT EUR Barclays Bank EUR BNG EUR Crédit Agricole EUR EBRD BRL Ebrd INR EIB EUR Enel Finance Intl EUR Ferrovie Stato EUR Finland EUR France EUR GDF Suez EUR Germany EUR Germany EUR Hutch Whampoa FRN Iberdrola Intl EUR Intesa Sanpaolo Spa EUR Ipic Gmtn EUR Ireland EUR John Deere EUR Kgi Sec EUR Latvia EUR Legal & General Group GBP Lloyds Banking Group Plc EUR Nestle Fin EUR Orgau EUR Porterbrook GBP Rabobank Nederland EUR Roche Fin EUR Scot&Sth EN EUR Spain EUR The notes at the end are an integral part of these financial statements. Audited annual report 77

78 GlobalSar Growth (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets SPI Elec EUR Swisscom CHF Telefonica GBP USA Investment funds Polar Capital Glb Tech I Usd Index options Euro Stoxx 50 Pr CALL 09/ EUR Euro Stoxx 50 Pr PUT 09/ EUR MSCI Emerging Markets CALL 03/ Msci Emerging Markets Nr Msci Emerging Markets Nr MSCI Emerging Markets PUT 03/ S&p 500 Indices CALL 12/ S&P 500 Indices PUT 09/ S&P 500 Indices PUT 09/ S&P 500 Indices PUT 09/ S&p 500 Indices PUT 12/ S&p 500 Indices PUT 12/ Ukx Ftse 100 Index CALL 12/ GBP Futures options Euro Bund CALL 11/ EUR Options on securities Ecolab Inc PUT 01/ Ecolab Inc PUT 07/ Intuitive Surgical CALL 01/ Intuitive Surgical CALL 01/ Petrochina Co Ltd /H CALL 03/ HKD Prudential Plc CALL 09/ GBP Prudential Plc PUT 12/ GBP Reckitt Benckiser Group Plc CALL 12/ GBP Rights Barclays Issue 2013 GBP Samsung Electronics Shs Sp. Global Deposit Receipt Rep. Vtg. Shs 144A/RegS Skf Ab B PUT 12/ SEK Starwood Hotels Resorts Ww PUT 11/ Total listed securities Transferable securities dealt on another regulated market Bonds Euro Bank Rec INR USA Total transferable securities dealt on another regulated market Other transferable securities Equities Vodafone Group Plc B Shs GBP Audited annual report The notes at the end are an integral part of these financial statements.

79 GlobalSar Growth (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Warrants UBS London Cert. On Basket EUR Total other transferable securities TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of Asset Allocation % Bonds Equities Liquidity 0.40 Total Currency Allocation Currencies % EUR CHF 1.40 JPY 0.30 GBP 2.40 Other 9.90 Total The notes at the end are an integral part of these financial statements. Audited annual report 79

80 New Power Fund Statement of investments and other net assets as of Description % Expiry/ Maturity Currency Initial holding on Listed securities Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Equities ABB N CHF Aes Corp Air Products and Chemicals Aixtron AG EUR Aker Solutions Asa NOK Allegion Plc A.P. MoellerMaersk A/s B DKK Atlas Copco Shares B SEK BG Group Plc GBP Bombardier Inc B CAD Brookfield Renewable CAD Calpine Corp Cemig /Sadr Centrotec Sustainable AG EUR Cie Générale de Géophysique EUR Cisco Systems Core Laboratories Nv Covanta Holding CSX Corp Daimler AG EUR Danaher Corp EMC Enbridge Inc. CAD Encana Corp Fabege Ab SEK Fischer Georg N CHF GCLPoly Energy Holdings Ltd HKD Google Inc A Google Inc Shs C Hamburger Hafen Und Logistik AG EUR Hawaiian Electric Industries Headwaters Inc Home Depot Huaneng Power Intl H HKD Huber + Suhner AG /nam CHF Infineon Technologies /Nam. EUR Ingersollrand Plc Shs ITC Holdings Itron Jungfraubahn Hldg /nam.akt CHF Krones AG EUR Linde EUR LKQ Meyer Burger CHF Mitsui Fudosan JPY Molex Inc Myr Group Inc Novozymes B DKK Osram Licht Akt. EUR Owens Corning Inc Panasonic Corp JPY Praxair Prysmian Spa EUR Psi AG Fuer Produkte Und Syst EUR Audited annual report The notes at the end are an integral part of these financial statements.

81 New Power Fund (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Quanta Services Inc Questar Corp Renewable Energy N NOK Repower AG CHF SaintGobain EUR SAP EUR Schindler Holding/Partic CHF Schlumberger Siemens N EUR Smith Corp. A.O Southwestern Energy Stantec CAD Statoil NOK Sulzer N CHF SunOpta CAD Teradata Toyota Motor Credit JPY Tullow Oil Plc GBP Umicore SA EUR Utd Parcel Service Inc B Verbund AG EUR Vestas Wind Systems DKK Volvo B SEK Wacker Chemie AG Muenchen EUR Wells Fargo & Co Xinjiang Goldwind H HKD Total listed securities Other transferable securities Equities New Energies Invest (in liquidation) CHF Options on securities Rights Osram EUR Total other transferable securities TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures The notes at the end are an integral part of these financial statements. Audited annual report 81

82 New Power Fund (continued) Allocation of investments as of Country Allocation Countries % USA Germany Canada 7.72 Denmark 7.27 Switzerland 5.98 Japan 5.90 Sweden 4.47 Ireland 3.58 United Kingdom 2.94 Other Total Audited annual report The notes at the end are an integral part of these financial statements.

83 OekoSar Equity Global Statement of investments and other net assets as of Description % Expiry/ Maturity Currency Initial holding on Listed securities Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Equities ABB N CHF Adidas AG EUR Aker Solutions Asa NOK Alexion Pharma Inc American Water Works A.P. MoellerMaersk A/s B DKK Aqua America Asics Corp JPY Aviva GBP Axa EUR Baloise Holding CHF Banco Bradesco Banco Itau Holding Fin. ADR (=1 GS share) Bed Bath & Beyond Inc BG Group Plc GBP Biomarin Pharmaceutical Inc Catamaran Corp Cemig /Sadr Cepheid Inc Cerner Corp Cie Générale de Géophysique EUR Cisco Systems Cognizant Technology Sol.corp Daiwa Securities Group Inc JPY Ecolab EMC EnCana CAD Essilor International EUR Fresenius Medical Care EUR Fresh Market Geberit N CHF Getinge AB B SEK Gilead Sciences Google Inc A Google Inc Shs C Green Moutain Coffee Roast Hamburger Hafen Und Logistik AG EUR Henkel EUR Hennes & Mauritz AB SEK Hms Holdings Corp Home Depot IBM Corp Itron Komatsu JPY LKQ Medtronic Metro EUR Microsoft Corp Mitsubishi Finance Group JPY Molex Inc Natura Cosmeticos BRL Nordea Bank Ab SEK Novo Nordisk B DKK Novozymes B DKK The notes at the end are an integral part of these financial statements. Audited annual report 83

84 OekoSar Equity Global (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Old Mutual Plc GBP Orix Corp JPY Outotec Oyj EUR Pediatrix Medical Group Inc Pennon Group PLC GBP Pentair Plc Pentair Shs Praxair Prudential GBP Qualcomm Quanta Services Inc Sabesp SaintGobain EUR SAP EUR SGS Ste. Générale de Surveillance N CHF Skanska B SEK Smith And Nephew Plc GBP Smith Corp. A.O Southwestern Energy Standard Chartered GBP Standard Life Plc GBP Stantec CAD Starbucks Statoil NOK Sulzer N CHF Svenska Cellulosa SEK Swiss Life Holding /Nam CHF Toyota Motor Credit JPY Tractor Supply Co Union Pacific Corp United Natural Foods United Rentals Inc Utd Parcel Service Inc B Vestas Wind Systems DKK Volvo B SEK Wells Fargo & Co Whole Foods Market Xerox Corp Xylem Inc Yara International Asa NOK Total listed securities Other transferable securities Equities New Energies Invest (in liquidation) CHF Options on securities Rights Anrecht Sl Hd CHF Total other transferable securities TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures 84 Audited annual report The notes at the end are an integral part of these financial statements.

85 OekoSar Equity Global (continued) Allocation of investments as of Country Allocation Countries % USA Japan United Kingdom 8.08 Switzerland 6.32 France 6.00 Germany 5.78 Denmark 4.44 Sweden 4.13 Canada 2.73 Other 7.76 Total The notes at the end are an integral part of these financial statements. Audited annual report 85

86 Real Estate Equity Global Statement of investments and other net assets as of Description % Expiry/ Maturity Currency Initial holding on Listed securities Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Equities Alexandria Real Estate Equities Alstria Office Reit AG EUR American Campus Communities Atrium Euro Re EUR Avalonbay Communities Boston Properties BRE Properties Inc A Capitaland SGD Capitamalls Asia SGD Castellum SEK Cfs Retail /reit AUD Cheung Kong Holdings HKD Daito Trust Construct. JPY Daiwa House Industry JPY Derwent London GBP Deutsche Ann /namen EUR Deutsche Euroshop N EUR Deutsche Wohnen AG EUR Deutsche Wohnen AG EUR Dexus Property Group AUD Digital Realty Trust Equity Residential Essex Property Trust Federal Realty Investment Trust Global Logistic SGD Goodman Group AUD Great Portland Estates GBP Gsw Immobilien AG EUR Gsw Immob/z.umtausch Eing/reit EUR Hammerson GBP Hang Lung Properties HKD HCP Inc Hong Kong Land Holdings Host Hotels & Resorts Hulic Reit. Inc. /reit JPY Industrial Infrasture /Reit JPY Kilroy Realty Corporation Kimco Realty Klepierre EUR Link Real Estate Trust HKD Londonmetric Shs GBP Macerich Mirvac Group AUD Mitsubishi Estate JPY Mitsui Fudosan JPY Nippon Building Fd / Reit JPY Nippon Prologis Reit JPY NTT Urban Development JPY Prologis PSP Swiss Property CHF Public Storage Regency Centers Riocan Real Estate Inv. Trust Units CAD Scentre Group /reit AUD Audited annual report The notes at the end are an integral part of these financial statements.

87 Real Estate Equity Global (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Sino Land HKD SL Green Realty Corp Starwood Hotels Resorts Ww Stockland /units AUD Sun Hung Kai Properties HKD Swire Properties Ltd HKD Tanger Factory Out. Centers The Link Reit HKD Unibail Holding EUR Ventas Washington Prime Group Inc Westfield Group Stapled AUD Westfield Group Trust AUD Weyerhaeuser Co Real estate funds Capitacommercial Trust Reits Units SGD CapitaMall Trust SGD H&R Real Estate Inv Trust CAD Segro Plc/Reit GBP Investment funds Camden Property Cdl Hospitality Trusts SGD CFS Retail Property Trust Units AUD Eurocommercial EUR Japan Real Estate Invest JPY Nippon Building Fund JPY Simon Property Group Stockland Stapled Security AUD Taubman Centers Vornado Realty Trust Westfield Retail Trust Stapled AUD Options on securities Mitsubishi Estate Co JPY Mitsubishi Estate Co JPY Unibailrodamco Se CALL 12/ EUR UnibailRodamco Se PUT 06/ EUR Unibailrodamco Se PUT 12/ EUR Warrants Sun Hung Kp Cw HKD Total listed securities Transferable securities dealt on another regulated market Equities Lar Espana EUR Total transferable securities dealt on another regulated market Other transferable securities Equities BGP Holdings AUD Westfield Corporation /reit AUD The notes at the end are an integral part of these financial statements. Audited annual report 87

88 Real Estate Equity Global (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Warrants Sun Hung Kai 14 Warrant HKD UBS London GBP Total other transferable securities TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of Country Allocation Countries % USA Japan Hong Kong 9.89 Australia 7.03 United Kingdom 4.92 Germany 3.88 France 3.65 Singapore 2.27 Canada 1.36 Other 2.37 Total Audited annual report The notes at the end are an integral part of these financial statements.

89 Sustainable Bond CHF Statement of investments and other net assets as of Description % Expiry/ Maturity Currency Initial holding on Listed securities Purchases*/** Sales*/** Closing holding on Market value in CHF % of net assets Bonds ABN AMRO Bank N.V CHF ABN AMRO Bank N.V CHF ABN AMRO Bank N.V CHF ABN AMRO Bank N.V CHF ABN AMRO Bank N.V CHF ABN Bouw CHF Accor CHF Achmea BV CHF Akademiska CHF Akademiska CHF Allianz Se CHF ANZ Banking Group CHF ANZ National Bank CHF ANZ National Bank CHF Anz Nz Intl CHF ASB Fin CHF Auchan CHF Banbra CHF Banco Bilboa CHF Banco Chile CHF Banco Chile CHF Banco Santander CHF Banco Santander CHF Banco Santander CHF Bank Nederl. Gemeenten CHF Bank New Zealand CHF Bank of Scotland CHF Bayerische Landesbank CHF BEI CHF Bendigo And CHF BFCM CHF Bfcm CHF Bndes CHF BNG CHF BNG CHF Bnz CHF Bpce CHF Bundesimmo Gesellschaft CHF Bundesimmo Gesellschaft CHF Bundesimmo Gesellschaft CHF Ca Home Loan CHF Ca Home Loan CHF Ca London CHF Cabei CHF Cabei CHF CADES CHF CBA CHF CBA CHF Cdc CHF Cff CHF Cff CHF Cibc CHF Cibc CHF Cifeur CHF The notes at the end are an integral part of these financial statements. Audited annual report 89

90 Sustainable Bond CHF (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in CHF % of net assets Corp Andina CHF Corp Andina CHF Council of Europe Dev Bank CHF Credit Agricole CHF Crédit Agricole covered CHF Credito CHF CRH CHF CRH CHF CRH CHF Danone Finance CHF DekaBank DGZ CHF Deutsche Bahn Finance CHF Deutsche Bahn Finance CHF Deutsche Telekom CHF Dnb Nordbank Boligkredit CHF Dsk Bank CHF Dsk Bank CHF Dt Bahn Fin CHF DT Hypobk CHF DT Hypobk CHF DT Hypobk CHF Ebn CHF EIB CHF EIB CHF EIB CHF EIB CHF EIB CHF EIB CHF EIB CHF EIB CHF Energie Beheer CHF Energie Beheer CHF Erste Group CHF Erste Group CHF Erste Group CHF Europ. Hypothekenbank CHF FMO CHF France Telecom CHF Gas Natural Fenosa CHF HBOS Treasury CHF Holcim Ovs CHF Hypobank Essen CHF ICO CHF ING Bank CHF ING Groep CHF Instituto de Crédito Oficial CHF KFW CHF KFW CHF Kiwibank CHF Kommunalkredit Austria CHF Kommunalkredit Austria CHF Kommunalkredit Austria CHF Kommunekredit CHF Kommunekredit CHF Kommuninvest CHF Kommuninvest CHF Kommuninvest CHF Korea Gas CHF Landshypo CHF Lansbk CHF LB BadenWuerttemberg CHF LB BadenWuerttemberg CHF LB BadenWuerttemberg CHF LB HessenThueringen CHF Lloyds Banking Group Plc CHF Lloyds Banking Group Plc CHF LVMH Moet Hennessy Louis Vuitton CHF Audited annual report The notes at the end are an integral part of these financial statements.

91 Sustainable Bond CHF (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in CHF % of net assets LVMH Moet Hennessy Louis Vuitton CHF Metro CHF Muenchener CHF Municipality Finance CHF Municipality Finance CHF Municipality Finance CHF Nab Aus CHF Nat Aus Bank CHF National Australia Bank CHF Nederlanden Financiering Maat CHF Nederlandse Waterschapsbank CHF Nederlandse Waterschapsbank CHF Nestle Holding CHF Niederoest CHF No Railways CHF Nordea CHF Nordea CHF Nordea Hypothek CHF NordrheinWestfalen CHF NordrheinWestfalen CHF Norwegian State Railways CHF NWB CHF NWB CHF NWB CHF NWB CHF Oekb CHF Oesterreichische Kontrollbank CHF Oesterreichische Kontrollbank CHF Oesterreichische Kontrollbank CHF Oesterreichische Kontrollbank CHF Oesterreichische Kontrollbank CHF Oesterreichische Kontrollbank CHF Poland CHF Poland CHF Poland CHF Poland CHF Poland CHF Poland CHF Quebec CHF Quebec CHF Quebec CHF Quebec CHF Rabobank Nederland CHF Rabobank Nederland CHF Rabobank Nederland CHF Rabobank Nederland CHF Rabobank Nederland CHF RATP CHF RATP CHF RATP CHF RATP CHF RBC CHF RBC CHF Safra CHF Sanofi Aventis CHF Saskatchewan CHF Sbab CHF SBC Comm CHF Scor SE CHF Shb CHF SNCF CHF SNCF CHF SNCF CHF Spbk 1 Sr CHF SPI CHF SPI Elec CHF Statnett CHF The notes at the end are an integral part of these financial statements. Audited annual report 91

92 Sustainable Bond CHF (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in CHF % of net assets Swiss Re CHF Swiss Re N CHF Telefonica CHF Telefonica CHF Transpower Finance CHF Unilever CHF Westpac Banking Corporation CHF Westpac Banking Corporation CHF Westpac Banking Corporation CHF Westpac Banking Corporation CHF Wstp CHF Total listed securities TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of Allocation by Debtor Categories Debtor Categories % Corporates and other States, Provinces and Municipalities Supranationals 8.31 Total Audited annual report The notes at the end are an integral part of these financial statements.

93 Sustainable Bond EUR Statement of investments and other net assets as of Description % Expiry/ Maturity Currency Initial holding on Listed securities Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Bonds ABN AMRO Bank N.V EUR ABN AMRO Bank N.V EUR ABN AMRO Bank N.V EUR Afd EUR Afd EUR Afd EUR Allianz Finance EUR Allianz Finance EUR Ap Moeller EUR Assgen EUR Assgen EUR Assgen EUR Atlas Copco EUR Atlim EUR Austria EUR Austria EUR Aviva EUR Bayer Landk EUR Bayerische Landesbank EUR Bayern EUR Bbvasm EUR BEI EUR Berlin EUR Berlin EUR Berlin EUR BG Energy Cap EUR BNG EUR BNG EUR BNG EUR BNP Paribas EUR BNP Paribas EUR Bnpp EUR Bnz Intl Ln EUR BRD EUR CADES EUR CADES EUR CADES EUR Caisse D Amort EUR Caja de Ahorros Mediterraneo EUR Carrefour EUR Carrefour EUR CBA EUR Credit Agricole EUR Credit Agricole EUR CRH EUR Danone EUR Danone EUR Delhaize Group EUR Deutsche Bahn Finance EUR Deutsche Bahn Finance EUR Deutsche Bahn Finance EUR Deutsche Bahn Finance EUR Deutsche Bahn Finance EUR Dexia Mun AG EUR The notes at the end are an integral part of these financial statements. Audited annual report 93

94 Sustainable Bond EUR (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Dnb Nordbank Boligkredit EUR EDF EUR EIB EUR EIB EUR Elia Sys Op EUR Ericsson LM EUR Essilor EUR Eurofima EUR Eurogrid EUR Fd Ret C Eur EUR Finland EUR Gas NCP EUR Gas NCP EUR German Post EUR German Postal Pensions EUR Germany EUR Germany EUR Germany EUR HBOS Treasury EUR Hera SpA EUR Hera SpA EUR Hera Spa EUR Hessen EUR Hessen EUR Hessen EUR Iberdrola I EUR IBM EUR IBM EUR IBM EUR IBRD EUR ICO EUR ICO EUR ICO EUR ICO EUR ING NV EUR ING NV EUR ING NV EUR Ing NV EUR Intesa San Paolo Spa EUR Intesa San Paolo Spa EUR Intesa San Paolo Spa EUR Intesa Sanpaolo Spa EUR Intesa Sanpaolo Spa EUR Ireland EUR JC Decaux EUR KBC Ifima EUR KBC Ifima EUR KBC Ifima EUR KFW EUR KFW EUR KFW EUR KFW EUR KFW EUR KFW EUR Kgi Sec EUR Kig EUR Kon Dsm EUR Kon Dsm EUR Land Hessen EUR Land Niedersachsen EUR LB BadenWuerttemberg EUR LB BadenWuerttemberg EUR Linde Fin EUR Lloyds EUR Luxottica EUR Luxottica EUR LVMH Moet Hennessy Louis Vuitton EUR Audited annual report The notes at the end are an integral part of these financial statements.

95 Sustainable Bond EUR (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Lwf Rentbank EUR Lwf Rentbank EUR Mediobc EUR Microsoft Corp EUR Muenchener FRN EUR Nab Aus EUR National Australia Bank EUR National Australia Bank EUR NDAQ EUR Nederlandse Waterschapsbank EUR Nestle Fin EUR Nestle Fin EUR Nestle Fin EUR Nestle Fin EUR Netherlands EUR Netherlands EUR Netherlands EUR Niedersachsen EUR Niedersachsen EUR Nordea Bank EUR NordrheinWestfalen EUR Nth Rhinew EUR Nth Rhinew EUR NWB FRN EUR NWB EUR OeBB Inf EUR OeBB Inf EUR OEBB Infrastruktur Bau EUR Oesterreichische Kontrollbank EUR Ontario EUR Op Mtg Bank EUR Pohjola Bk EUR Pohjola Bk EUR Poste Ital EUR Quebec EUR Rabobank Nederland EUR Rabobank Nederland EUR Rabobank Nederland EUR RFF EUR RFF EUR Robert Bosch EUR Roche Holding EUR Sant Id EUR Sant Id EUR Sant Id EUR Schig EUR Schneider Electric EUR Scotiabank EUR Shb EUR Shb EUR Shb EUR Siemens Fin EUR SNAM EUR SNAM EUR Société Générale EUR Sodexo EUR Sodexo EUR St Gobain EUR Stadshypotek EUR Stadshypotek EUR Statkraft EUR Statoil EUR Statoil EUR Std Chart EUR Std Chartered EUR Suez Environnement Cie EUR Telecom It EUR The notes at the end are an integral part of these financial statements. Audited annual report 95

96 Sustainable Bond EUR (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Telecom It EUR Telefonica EUR Telefonica EUR Telefonica EUR Telefonica EUR Telstra EUR Tennet EUR Terna EUR Terra Bol EUR Terra Bol EUR Terra Bol EUR Unibail EUR Unibail Holding EUR Unibail Rod EUR Unilever EUR Vodafone Group Plc EUR Westpac Banking Corporation EUR Wolters Kluw EUR Wuerth Fin EUR Total listed securities Transferable securities dealt on another regulated market Bonds Caixabank EUR Caixabank Cedula EUR Total transferable securities dealt on another regulated market TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of Allocation by Debtor Categories Debtor Categories % Corporates and other States, Provinces and Municipalities Supranationals 3.28 Total Maturity % up to 1 year years years years years more than 10 years 9.95 Total Audited annual report The notes at the end are an integral part of these financial statements.

97 Sustainable Bond EUR Corporates Statement of investments and other net assets as of Description % Expiry/ Maturity Currency Initial holding on Listed securities Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Bonds ABB Finance EUR ABN AMRO Bank N.V EUR ABN AMRO Bank N.V EUR Accor EUR Acea EUR Acea EUR Adecco IF EUR Aegon Global Markets EUR Air Liquide EUR Allianderfin EUR Amgen EUR Ap Moeller EUR Asml Holding EUR Assgen EUR Assgen EUR Atlim EUR Atlim EUR Auchan EUR Autopis Esp EUR Aviva EUR Axa FRN EUR A2A EUR Banbra EUR Bbvasm EUR Bbvasm EUR Belgacom EUR Belgacom EUR Bertel EUR Bertelsmann EUR BFCM EUR BG Energy EUR Bmw Fin EUR BNP Paribas EUR BNP Paribas EUR Bnz Intl Ln EUR Ca London EUR Carrefour EUR Carrefour EUR Carrefour EUR CBA EUR Coca Cola EUR Comzbk EUR Congr EUR Continental EUR Crédit Agricole EUR Crédit Agricole EUR Danone EUR Delhaize Group EUR Deut Tel If EUR Deutsche Bahn Finance EUR Deutsche Bahn Finance EUR Deutsche Bahn Finance EUR Dnb Nordbank Boligkredit EUR Dsk Bank EUR The notes at the end are an integral part of these financial statements. Audited annual report 97

98 Sustainable Bond EUR Corporates (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Dsk Bank EUR DSM EUR EDF EUR Enagas EUR Eurogrid EUR France Telecom EUR Gas Nat SA EUR Gas Ncp EUR Glaxosm Cap EUR Great West EUR Hera SpA EUR Hera SpA EUR Hera SpA EUR Holcim Fin EUR Iberdrola I EUR IBM EUR IBM EUR ING NV EUR Int Sanp EUR Intesa Sanpaolo Spa EUR Johnson & Johnson EUR Kaupthing Bank CHF KBC Ifima EUR KBC Ifima EUR KBC Ifima EUR KBC Ifima EUR Kon Dsm EUR Kon Dsm EUR Linde Fin EUR Lloyds Banking Group Plc EUR Lloyds Banking Group Plc EUR Luxottica EUR Mediobc EUR Metro EUR Microsoft Corp EUR Microsoft Corp EUR Mondi Fin EUR National Australia Bank EUR National Australia Bank EUR National Australia Bank EUR Nestle Fin EUR Nl Gasu EUR Nomura EUR EUR Nordea EUR Nordea EUR Pohjola Bk EUR Rabobank EUR Rabobank Nederland EUR Rabobank Nederland EUR Sampo Bk EUR Sant Id EUR Sant Id EUR Schlumb Fin EUR Schneider Electric EUR Schneider Electric EUR Seb EUR Shb EUR Siemens Fin EUR Skand Ensk EUR Skf EUR SNAM EUR Société Générale EUR Sodexo EUR Sparog EUR St Gobain EUR Standard Chartered EUR Standard Chartered EUR Audited annual report The notes at the end are an integral part of these financial statements.

99 Sustainable Bond EUR Corporates (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Statkraft EUR Statoil EUR Std Chart EUR Suez Environnement Cie EUR Swisscom AG EUR Telecom It EUR Telecom Italia Spa EUR Telecom Italia Spa EUR Telefonica EUR Telefonica EUR Telefonica EUR Telefonica EUR Telefonica EUR Telenor EUR Telenor EUR Telstra EUR Tennet EUR Terna EUR Tesco Corp EUR Tesco Plc EUR Tesco Plc EUR Thames Fin EUR Tnt Nv EUR Toronto Dom. bank EUR Unibail Holding EUR Unibailrodamco Se EUR Valeo Sa EUR Veolia EUR Verizon Com EUR Vivendi EUR Volvo Tsy EUR Wachovia EUR Wells Fargo EUR Wells Fargo EUR Wm Morrison EUR Wuerth Fin EUR M EUR Total listed securities TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of Allocation by Debtor Categories Debtor Categories % Corporates and other Total The notes at the end are an integral part of these financial statements. Audited annual report 99

100 Sustainable Bond EUR High Grade Statement of investments and other net assets as of Description % Expiry/ Maturity Currency Initial holding on Listed securities Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Equities Beiersdorf AG EUR Deutsche Post AG. Bonn EUR Fielmann AG EUR Fresenius Medical Care EUR Henkel EUR Krones AG EUR Vossloh EUR Bonds Alstom EUR Bayer Landk EUR Bayern EUR Bayern EUR BEI EUR BNG EUR BRD EUR British Telecom EUR CDC EUR Cedb EUR Czech Republic EUR Denmark EUR Deutsche Bahn Finance EUR Dexia Municipal Agency EUR Dnb Nordbank Boligkredit EUR EIB EUR EU EUR Eurofima EUR Finland EUR Freistaat Bay EUR German Post EUR Germany EUR Germany EUR Germany EUR Germany EUR IBRD EUR ING Nv EUR Johnson & Johnson EUR KFW EUR KFW EUR KFW EUR KFW EUR KFW EUR KFW EUR Landesbank Baden Württemberg EUR Lbk Bw EUR Lbk Bw EUR Lwf Rentbank EUR Lwf Rentbk EUR Lwf Rentbk EUR Lwf Rentbk EUR Lwf Rentbk EUR Lwf Rentbk EUR Nestle Fin EUR Audited annual report The notes at the end are an integral part of these financial statements.

101 Sustainable Bond EUR High Grade (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Novartis Fin EUR Nth Rhinew EUR NWB EUR OeBB Inf EUR Pemex Project Funding Trust EUR RATP EUR Réseau Ferré de France EUR Roche Holding EUR SaxonyAnhalt EUR Shb EUR SNCF EUR Statkraft EUR Sweden EUR Vivendi EUR Vodafone Group Plc EUR Westpac Banking Corporation EUR Total listed securities Other transferable securities Bonds KFW EUR Options on securities Beiersdorf AG CALL 07/ EUR Beiersdorf AG CALL 07/ EUR Beiersdorf AG PUT 07/ EUR Beiersdorf AG PUT 07/ EUR Deutsche Post AG Bonn CALL 07/ EUR Deutsche Post AG Bonn PUT 07/ EUR Deutsche Post AG Bonn PUT 07/ EUR Fielmann AG CALL 07/ EUR Fielmann AG PUT 07/ EUR Fresenius Medical Care AG CALL 07/ EUR Fresenius Medical Care AG PUT 07/ EUR Henkel / Vorzug CALL 08/ EUR Henkel / Vorzug PUT 08/ EUR Krones AG CALL 08/ EUR Krones AG PUT 08/ EUR Vossloh AG CALL 07/ EUR Vossloh AG CALL 07/ EUR Vossloh AG PUT 07/ EUR Vossloh AG PUT 07/ EUR Total other transferable securities TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures The notes at the end are an integral part of these financial statements. Audited annual report 101

102 Sustainable Bond EUR High Grade (continued) Allocation of investments as of Allocation by Debtor Categories Debtor Categories % Corporates and other State, Provinces and Municipalities Supranationals Total Audited annual report The notes at the end are an integral part of these financial statements.

103 Sustainable Equity Europe Statement of investments and other net assets as of Description % Expiry/ Maturity Currency Initial holding on Listed securities Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Equities Accor EUR Actelion Ltd CHF Adidas AG EUR Aixtron AG EUR Aker Solutions Asa NOK Allianz N EUR A.P. MoellerMaersk A/s B DKK Atlas Copco Shares B SEK Aviva GBP Axa EUR BG Group Plc GBP BNP Paribas EUR Cie Générale de Géophysique EUR Clariant CHF Continental AG EUR Crédit Agricole EUR Danone EUR Delhaize Group EUR Deutsche Post AG. Bonn EUR EDP Energias de Portugal N EUR Essilor International EUR Fischer Georg N CHF France Telecom EUR Fresenius EUR Getinge AB B SEK GlaxoSmithKline GBP Henkel EUR Holcim N CHF Infineon Technologies /Nam. EUR Intesa Sanpaolo SpA EUR J. Sainsbury Plc GBP Julius Baer Group CHF KBC Groupe EUR Kingfisher Plc GBP Koninklijke Boskalis Westminster EUR Lafarge Sa EUR Linde EUR Lindt & Spruengli PS CHF Lloyds Banking Group Plc GBP Metro EUR Michelin B /nom. EUR Moet Hennessy Louis Vuitton EUR Mondi Plc GBP Muenchener Rueckversicherung N EUR National Grid Plc GBP Nestle N CHF Nobel Biocare Holding Ltd /nam CHF Nordea Bank Ab SEK Novo Nordisk B DKK Novozymes B DKK Osram Licht Akt. EUR Postnl EUR Raiffeisen Bank Intl AG EUR Randstad Holding (eur 0.1) EUR The notes at the end are an integral part of these financial statements. Audited annual report 103

104 Sustainable Equity Europe (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Reckitt Benckiser Group GBP Rexam Plc GBP Roche Holding AG /Genussschein CHF SaintGobain EUR Saipem EUR Sanofi Aventis EUR SAP EUR Schneider Electric EUR SGS Ste. Générale de Surveillance N CHF Shire Plc GBP Siemens N EUR Skanska B SEK Smith And Nephew Plc GBP Sonova Holding Ag /Nom. CHF Standard Chartered GBP Statoil NOK Svenska Cellulosa SEK Swiss Re N CHF Tdc DKK Telefonica EUR The Swatch Group AG CHF Unilever GBP Verbund AG EUR Verizon Communications Inc Vodafone Group Plc GBP Vodafone Group Plc GBP Volvo B SEK Whitbread Plc GBP William Demant Holding DKK Zurich Financial Services N CHF Total listed securities Other transferable securities Equities Raiffeisen /iss.2014 EUR Vodafone Group Plc B Shs GBP Options on securities Right Raiffeisen EUR Rights Osram EUR Total other transferable securities 0.00 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures 104 Audited annual report The notes at the end are an integral part of these financial statements.

105 Sustainable Equity Europe (continued) Allocation of investments as of Country Allocation Countries % United Kingdom France Switzerland Germany Sweden 5.49 Netherlands 5.19 Italy 4.48 Denmark 4.23 Norway 4.13 Other Total The notes at the end are an integral part of these financial statements. Audited annual report 105

106 Sustainable Equity Global Statement of investments and other net assets as of Description % Expiry/ Maturity Currency Initial holding on Listed securities Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Equities Adt Corporation Aixtron AG EUR Alexion Pharma Inc Allianz N EUR Apple Inc Applied Materials Inc Asics Corp JPY Atlas Copco Shares B SEK Aviva GBP Axa EUR Banco Itau Holding Fin. ADR (=1 GS share) Baxter International Bed Bath & Beyond Inc BG Group Plc GBP Biomarin Pharmaceutical Inc BNP Paribas EUR Canadian National Railway CAD Catamaran Corp Cepheid Inc Cerner Corp Chipotle Mexican Grill Inc Community Health Systems Inc Continental AG EUR Cvs Caremark Corp Deere Ecolab Elringklinger AG /nam. EUR Essilor International EUR Estée Lauder Companies A Gilead Sciences Givaudan Sa /Reg CHF Google Inc A Google Inc Shs C Green Moutain Coffee Roast Hamburger Hafen Und Logistik AG EUR Henkel EUR Hms Holdings Corp Home Depot IBM Corp Intel J. Sainsbury Plc GBP Johnson Controls Inc Kering Act. EUR Komatsu JPY LKQ Michelin B /nom. EUR Microsoft Corp Muenchener Rueckversicherung N EUR Neopost EUR Nestle N CHF Northern Trust Corp Novo Nordisk A/s /B DKK Novo Nordisk B DKK Orix Corp JPY Audited annual report The notes at the end are an integral part of these financial statements.

107 Sustainable Equity Global (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Pearson Plc GBP Pediatrix Medical Group Inc Pentair Plc Pentair Shs Phillipsvan Heusen Corp Postnl EUR Qualcomm Raiffeisen Bank Intl AG EUR Reckitt Benckiser Group GBP Ricoh Co.ltd JPY Roche Holding AG /bearer CHF Royal Bank of Canada CAD Sabesp Saipem EUR SAP EUR Schlumberger Seagate Technologie Plc Secom JPY Standard Chartered GBP Starbucks State Street Statoil NOK Stericycle Swiss Re N CHF Telus Corp CAD Telus Corp /NonCanadian CAD The Swatch Group AG CHF Tjx Cos Toyota Motor Credit JPY Tyco International Ltd United Natural Foods Utd Parcel Service Inc B Verbund AG EUR Verizon Communications Inc Vodafone Group Plc GBP Vodafone Group Plc GBP Volvo B SEK Westpac Banking Corporation AUD Whole Foods Market M Total listed securities Other transferable securities Equities New Energies Invest (in liquidation) CHF Vodafone Group Plc B Shs GBP Total other transferable securities TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures The notes at the end are an integral part of these financial statements. Audited annual report 107

108 Sustainable Equity Global (continued) Allocation of investments as of Country Allocation Countries % USA United Kingdom Germany 7.50 France 7.37 Switzerland 6.40 Canada 6.34 Japan 5.88 Ireland 2.71 Norway 2.12 Other Total Audited annual report The notes at the end are an integral part of these financial statements.

109 Sustainable Equity Global Emerging Markets Statement of investments and other net assets as of Description % Expiry/ Maturity Currency Initial holding on Listed securities Purchases*/** Sales*/** Closing holding on Market value in % of net assets Equities Adcock Ingram Holdings Ltd ZAR AIA Group HKD Ambev Cia De Bebidas /Adr Anhanguera Educacional Part BRL Bank Millennium Sa PLN Bco San Brasil /adr Beijing Enterprises Hld Ltd HKD CCR BRL Cemex Sab MXN Cemig /Sadr China Cosco Holdings HKD China Everbright Intl HKD China Mengniu Dairy Co Ltd HKD China Shineway Pharma Grp Ltd HKD Chunghwa Telecom Co /sadr Cielo /sadr Cosan Ltd A Credicorp Discovery Shs ZAR Dr Reddy S Laboratories/Adr Energy Develop Corp PHP Esprit Holdings Ltd HKD Flextronics Intl Ltd Gafisa SA BRL GCLPoly Energy Holdings Ltd HKD Global Telecom Inc PHP Grupo Fin. banort. sab De Cv O MXN Hanjin Shipping Co Ltd KRW Hongkong Aircraft Eng. HKD Impala Platinum Holdings Ltd ZAR Infosys Technolologoes ADR (=1 share) Kumba Iron Ore Ltd ZAR Li & Fung Ltd HKD Manila Water Co Inc PHP Mtn Group Ltd ZAR Nedbank Group ZAR NHN Corporation KRW Nhn Entertainment Corp KRW Orient Overseas (international) HKD OTP Bank HUF Polish Oil & Gas Co PLN PT Telekom Indon Persero IDR Pt Unilever Indonesia IDR Rossi Residencial On BRL Sabesp Samsung Fire & Marine Insurance KRW Samsung Sdi Co Ltd KRW Sk Telecom /spons. Adr (1/9act) Swire Properties Ltd HKD Telkom Indonesia IDR Tenaga Nasional MYR The Foschini Group ZAR Tim Participacoes SA Sadr Truworths Intl Ltd ZAR The notes at the end are an integral part of these financial statements. Audited annual report 109

110 Sustainable Equity Global Emerging Markets (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in % of net assets Woong Jin Coway Co Ltd KRW Zhuzhou Csr Times Electric h HKD Real estate funds CapitaMall Trust SGD Warrants Merrill Lynch on EF Morgan Stanley BV on TBLE Total listed securities Other transferable securities Equities Coca Cola Icecek Sanayi TRY Warrants Merrill Lynch International Merrill Lynch International Total other transferable securities TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of Country Allocation Countries % China Brazil South Africa Korea Philippines 5.95 Poland 4.24 Taiwan 4.16 Singapore 4.03 Indonesia 3.78 Other 8.83 Total Audited annual report The notes at the end are an integral part of these financial statements.

111 Sustainable Equity Real Estate Global Statement of investments and other net assets as of Description % Expiry/ Maturity Currency Initial holding on Listed securities Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Equities Apartment Inv.+Manag. A Big Yellow Group GBP Boston Properties British Land GBP Capitaland SGD Castellum SEK Cbre Group A Cfs Retail /reit AUD Cromwell Property Group AUD Daibiru JPY Daiwa House Industry JPY Derwent London GBP Dexus Property Group AUD Digital Realty Trust Douglas Emmett Fabege Ab SEK Federal Realty Investment Trust First Capital Realty CAD Gecina /Act.Nom. EUR Gpt Group /stapled Security AUD Great Portland Estates GBP Hammerson GBP HCP Inc Hysan Development HKD Icade EUR Japan Prime Realty Inv / Reit JPY Kilroy Realty Corporation Klepierre EUR Land Securities Group GBP Macerich Mass Transit Railway Corp HKD Mirvac Group AUD Mitsubishi Estate JPY Mitsui Fudosan JPY Mobimo Holding AG CHF Nippon Prologis Reit JPY NTT Urban Development JPY Prologis PSP Swiss Property CHF Regency Centers Scentre Group /reit AUD Shaftesbury GBP Stockland /units AUD Sun Hung Kai Properties HKD Swire Properties Ltd HKD Unibail Holding EUR Washington Prime Group Inc Westfield Group Stapled AUD Westfield Group Trust AUD Real estate funds CapitaMall Trust SGD Commonwealth Prop Office Fd Units AUD The notes at the end are an integral part of these financial statements. Audited annual report 111

112 Sustainable Equity Real Estate Global (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Segro Plc/Reit GBP Investment funds CFS Retail Property Trust Units AUD Japan Prime Realty Invest JPY Simon Property Group Stockland Stapled Security AUD Udr Vornado Realty Trust Westfield Retail Trust Stapled AUD Options on securities Mitsubishi Estate Co JPY Unibailrodamco Se CALL 12/ EUR UnibailRodamco Se PUT 06/ EUR Unibailrodamco Se PUT 12/ EUR Warrants Sun Hung Kp Cw HKD Total listed securities Other transferable securities Equities BGP Holdings AUD Westfield Corporation /reit AUD Warrants Sun Hung Kai 14 Warrant HKD Total other transferable securities TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures 112 Audited annual report The notes at the end are an integral part of these financial statements.

113 Sustainable Equity Real Estate Global (continued) Allocation of investments as of Country Allocation Countries % USA Japan Hong Kong 8.48 Australia 7.52 United Kingdom 5.93 France 5.92 Singapore 2.54 Sweden 1.73 Switzerland 1.24 Other 0.96 Total The notes at the end are an integral part of these financial statements. Audited annual report 113

114 Sustainable Equity USA Statement of investments and other net assets as of Description % Expiry/ Maturity Currency Initial holding on Listed securities Purchases*/** Sales*/** Closing holding on Market value in % of net assets Equities Adobe Systems Inc Advanced Micro Devices Amgen Inc Apollo Group Inc. A Apple Inc Applied Materials Inc Autodesk Inc Avon Products Inc Best Buy Co Inc Biogen Idec Inc Biomarin Pharmaceutical Inc Broadcom Corp A Cerner Corp Chipotle Mexican Grill Inc Cisco Systems Cognizant Technology Sol.corp Community Health Systems Inc Corning Inc Cree Inc Darden Restaurants Digital Realty Trust EMC First Solar Franklin Resources Inc Gap Inc Gilead Sciences Google Inc A Green Moutain Coffee Roast Hain Celestial Group Inc HewlettPackard Hospira Inc Humana Inc Interpublic Group Intuitive Surgical Inc Iron Mountain Inc Johnson Controls Inc Juniper Networks Inc Keurig Green Mountain Inc Kohl S Corp L Brands Inc Lexmark Intl Inc Lsi Corporation Maxim Integrated Products McGraw Hill Financial Shs Micron Technology Microsoft Corp Nike Inc B Nvidia Corp Owens Corning Inc Penney (J.C.) Co.Inc Phillipsvan Heusen Corp Pitney Bowes Inc Prudential Financial Inc Ross Stores Inc Audited annual report The notes at the end are an integral part of these financial statements.

115 Sustainable Equity USA (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in % of net assets Royal Caribbean Cruises Ltd Salesforce Com Inc Seagate Technologie Plc Southwestern Energy Staples Inc Sunedison Shs Symantec Corp Tempurpedic International Teradata Tiffany & Co Tyco International Ltd Vmware Inc Whirlpool Corp Whole Foods Market Xerox Corp Total listed securities TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of Sector Allocation Sectors % Information Technology Consumer Staples Consumer Discretionary Telecommunication 7.93 Industry 1.99 Financials 1.97 Total The notes at the end are an integral part of these financial statements. Audited annual report 115

116 Sustainable Portfolio Balanced (EUR) Statement of investments and other net assets as of Description % Expiry/ Maturity Currency Initial holding on Listed securities Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Equities ABB N CHF Adt Corporation Aixtron AG EUR Alexion Pharma Inc Allianz N EUR Apple Inc Applied Materials Inc Asics Corp JPY Aviva GBP Axa EUR Banco Itau Holding Fin. ADR (=1 GS share) Baxter International Bed Bath & Beyond Inc BG Group Plc GBP BNP Paribas EUR Canadian National Railway CAD Catamaran Corp Cerner Corp Clariant CHF Continental AG EUR Cvs Caremark Corp Danone EUR Deere Deutsche Post AG. Bonn EUR Ecolab EMC Essilor International EUR Estée Lauder Companies A Fresenius EUR Geberit N CHF Gilead Sciences Givaudan Sa /Reg CHF GlaxoSmithKline GBP Google Inc A Google Inc Shs C Hamburger Hafen Und Logistik AG EUR Henkel EUR Home Depot IBM Corp Intel Intertek Group Plc GBP Intesa Sanpaolo SpA EUR J. Sainsbury Plc GBP Johnson Controls Inc KBC Groupe EUR Kering Act. EUR Komatsu JPY Koninklijke Boskalis Westminster EUR Linde EUR LKQ Michelin B /nom. EUR Moet Hennessy Louis Vuitton EUR National Grid Plc GBP Neopost EUR Audited annual report The notes at the end are an integral part of these financial statements.

117 Sustainable Portfolio Balanced (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Nestle N CHF Novartis AG CHF Novo Nordisk A/s /B DKK Novo Nordisk B DKK Orix Corp JPY Pearson Plc GBP Pentair Plc Pentair Shs Postnl EUR Qualcomm Raiffeisen Bank Intl AG EUR Reckitt Benckiser Group GBP Rexam Plc GBP Rexam Plc GBP Ricoh Co.ltd JPY Roche Holding AG /bearer CHF Royal Bank of Canada CAD Sabesp SAP EUR Schlumberger Schneider Electric EUR Secom JPY Seven & I Holdings JPY Standard Chartered GBP Starbucks State Street Statoil NOK Stericycle Swiss Re N CHF Tdc DKK Telefonica EUR Telus Corp CAD Telus Corp /NonCanadian CAD The Swatch Group AG CHF Tjx Cos Toyota Motor Credit JPY Tyco International Ltd United Natural Foods Utd Parcel Service Inc B Verbund AG EUR Verizon Communications Inc Vodafone Group Plc GBP Vodafone Group Plc GBP Volvo B SEK Westpac Banking Corporation AUD Whole Foods Market Yara International Asa NOK M Bonds ABN AMRO Bank N.V EUR Achmea Bv EUR Afd EUR Air Liquide EUR Allianz Finance EUR Assgen EUR Austria EUR Austria EUR A2a Emtn EUR Banbra EUR Belgacom EUR BNG EUR BNG EUR Bnpp EUR CADES EUR Carrefour EUR The notes at the end are an integral part of these financial statements. Audited annual report 117

118 Sustainable Portfolio Balanced (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets CBA EUR Cedb EUR Danone EUR Deutsche Bahn Finance EUR Dsk Bank EUR Dt Post Finance EUR EIB EUR Finland EUR France Telecom EUR Gas NCP EUR German Post EUR Germany EUR HBOS Treasury EUR Hera SpA EUR Iberdrola I EUR IBM EUR ICO EUR Ireland EUR John Deere Capital EUR Johnson & Johnson EUR KBC Ifima EUR KFW EUR Kommunalkredit Austria EUR LB BadenWuerttemberg EUR LB BadenWuerttemberg EUR Ld Hessen EUR Microsoft Corp EUR Muenchener FRN EUR Nab Aus EUR Netherlands EUR Nordea EUR NWB EUR Oesterreichische Kontrollbank EUR Pohjola Bk EUR Poland EUR Quebec EUR RFF EUR Roche Holding EUR Sanofi EUR SBC Comm EUR Snam EUR Standard Chartered EUR Statoil EUR Telefonica EUR Telenor EUR Tesco Plc EUR Thames Fin EUR Unedic EUR Unibail Rod EUR Veolia Environnement EUR Verbund Intl Finance EUR Westpac Sec EUR Zurich Fin EUR Total listed securities Other transferable securities Equities New Energies Invest (in liquidation) CHF Rexam Income Temp Line Npv GBP Rexam Plc /pfd GBP Audited annual report The notes at the end are an integral part of these financial statements.

119 Sustainable Portfolio Balanced (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Bonds Sant Id EUR Total other transferable securities TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of Currency and Portfolio Structure Asset Allocation Equities Bonds Liquidity Total CHF 3.17% 0.00% 0.04% 3.21% EUR 12.68% 48.06% 0.76% 61.50% GBP 5.91% 0.00% 0.39% 6.30% 16.65% 0.00% 0.04% 16.69% JPY 3.87% 0.00% 0.02% 3.89% Other 7.26% 0.00% 1.15% 8.41% Total 49.54% 48.06% 2.40% % The notes at the end are an integral part of these financial statements. Audited annual report 119

120 Sustainable Water Fund Statement of investments and other net assets as of Description % Expiry/ Maturity Currency Initial holding on Listed securities Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Equities Aalberts Industries EUR Acea EUR Aegion Inc American Water Works Aqua America Arcadis EUR Badger Meter Beijing Enterprises Water Gp HKD Belimo N CHF BWT EUR Calgon Carbon California Water Service Group China Everbright Intl HKD Ecolab Fischer Georg N CHF Geberit N CHF Glv Inc A CAD Grontmaatscapp Grontmij EUR Halma GBP Henkel EUR Hera Spa EUR Hyflux SGD Idex Itron Kemira Oyj EUR Krones AG EUR KSB Pref EUR Kubota JPY Kurita Water Industries JPY Layne Christensen Co Lindsay Corp Lixil Group Shs JPY MayrMelnhof Karton EUR Novozymes B DKK Pennon Group PLC GBP Pentair Plc Pentair Shs Rexnord Corp Shs Rotork GBP Sabesp Severn Trent PLC GBP SGS Ste. Générale de Surveillance N CHF Skanska B SEK Sound Global Ltd HKD Sound Global Ltd SGD Stantec CAD Stantec Inc Suez Environnement Cie EUR Sulzer N CHF Torishima Pump Mfg JPY Toto Ltd JPY United Utilities Group PLC GBP Veolia Environnement EUR Audited annual report The notes at the end are an integral part of these financial statements.

121 Sustainable Water Fund (continued) Description % Expiry/ Maturity Currency Initial holding on Purchases*/** Sales*/** Closing holding on Market value in EUR % of net assets Xylem Inc Options on securities Right Hera Spa EUR Total listed securities TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of Country Allocation Countries % USA United Kingdom Japan 9.33 Switzerland 8.30 Germany 6.61 The Netherlands 5.77 Italy 4.44 France 3.96 Canada 3.43 Other Total The notes at the end are an integral part of these financial statements. Audited annual report 121

122 Notes Notes to the Financial Statements as at Establishment of the Company Investmentfonds SICAV (the Company ) was approved on the basis of Part I of the law of (the Law of 2010) as an undertaking for collective investment in transferable securities (UCITS). The Company appointed J. Safra Fund Management (Luxembourg) S.A., which has been approved as a management company under Chapter 15 of the Law of 2010, as its management company. The Company is a multiplecompartment investment company (launch date): Investmentfonds SICAV EmergingSar Global ( ) Investmentfonds SICAV EmergingSar New Frontiers ( ) Investmentfonds SICAV EquiSar Global ( ) Investmentfonds SICAV EquiSar IIID (EUR) ( ) Investmentfonds SICAV EquiSar International Income ( ) Investmentfonds SICAV Global Return (EUR) ( ) Investmentfonds SICAV GlobalSar Balanced (CHF) ( ) Investmentfonds SICAV GlobalSar Balanced (EUR) ( ) Investmentfonds SICAV GlobalSar Growth (EUR) ( ) Investmentfonds SICAV New Power Fund ( ) Investmentfonds SICAV OekoSar Equity Global ( ) Investmentfonds SICAV Real Estate Equity Global ( ) Investmentfonds SICAV Sustainable Bond CHF ( ) Investmentfonds SICAV Sustainable Bond EUR ( ) Investmentfonds SICAV Sustainable Bond EUR Corporates ( ) Investmentfonds SICAV Sustainable Bond EUR High Grade ( ) Investmentfonds SICAV Sustainable Equity Europe ( ) Investmentfonds SICAV Sustainable Equity Global ( ) Investmentfonds SICAV Sustainable Equity Global Emerging Markets ( ) Investmentfonds SICAV Sustainable Equity Real Estate Global ( ) Investmentfonds SICAV Sustainable Equity USA ( ) Investmentfonds SICAV Sustainable Portfolio Balanced (EUR) ( ) Investmentfonds SICAV Sustainable Water Fund ( ) With effect from , the Structured Return Fund (EUR) was renamed Sustainable Bond EUR High Grade. The following share classes are currently issued: EmergingSar Global C acc EmergingSar Global P dist (formerly A) EmergingSar New Frontiers P acc EmergingSar New Frontiers P dist (formerly A) EquiSar Global C EUR acc EquiSar Global I EUR acc (formerly F) EquiSar Global P EUR dist (formerly A) EquiSar IIID (EUR) C EUR acc EquiSar IIID (EUR) P EUR acc (formerly B) EquiSar International Income P EUR acc (formerly B) EquiSar International Income P EUR dist (formerly A) Global Return (EUR) C EUR acc Global Return (EUR) I EUR acc (formerly F) Global Return (EUR) P EUR dist (formerly A) GlobalSar Balanced (CHF) P CHF dist (formerly A) GlobalSar Balanced (EUR) C EUR acc GlobalSar Balanced (EUR) P EUR dist (formerly A) GlobalSar Growth (EUR) P EUR acc (formerly B) New Power Fund C EUR acc New Power Fund I EUR acc (formerly F) New Power Fund P EUR acc (formerly B) New Power Fund P EUR dist (formerly A) OekoSar Equity Global C EUR acc OekoSar Equity Global I EUR acc (formerly F) OekoSar Equity Global P EUR acc (formerly B) OekoSar Equity Global P EUR dist (formerly A) Real Estate Equity Global C EUR acc Real Estate Equity Global I EUR acc Real Estate Equity Global P EUR acc (formerly B) Real Estate Equity Global P EUR dist (formerly A) Sustainable Bond CHF P CHF dist (formerly A) Sustainable Bond EUR C EUR acc Sustainable Bond EUR P EUR dist (formerly A) Sustainable Bond EUR Corporates I EUR acc (formerly F) Sustainable Bond EUR Corporates M EUR acc (formerly M) Sustainable Bond EUR Corporates P EUR dist (formerly A) Sustainable Bond EUR High Grade P EUR acc (formerly B) Sustainable Equity Europe C EUR acc Sustainable Equity Europe P EUR acc (formerly B) Sustainable Equity Europe P EUR dist (formerly A) Sustainable Equity Global C EUR acc Sustainable Equity Global P EUR dist (formerly A) Sustainable Equity Global Emerging Markets C acc Sustainable Equity Global Emerging Markets M acc (formerly M) Sustainable Equity Global Emerging Markets P acc (formerly B) Sustainable Equity Real Estate Global C EUR acc Sustainable Equity Real Estate Global P EUR acc (formerly B) Sustainable Equity USA C acc Sustainable Equity USA P acc (formerly B) Sustainable Portfolio Balanced (EUR) P EUR dist (formerly A) Sustainable Water Fund C EUR acc Sustainable Water Fund I EUR acc (formerly F) Sustainable Water Fund P EUR acc (formerly B) Sustainable Water Fund P EUR dist (formerly A) Sustainable Water Fund P dist 122 Audited Annual Report

123 2. Significant accounting principles Presentation of the financial statements The SICAV s financial statements are prepared in accordance with the Luxembourg regulations relating to undertakings for collective investment in transferable securities. a) Foreign currency translation Investments, as well as other assets and liabilities stated in foreign currencies, are converted at the exchange rates on Transactions in foreign currencies during the year are converted at the rates prevailing on the date of the transaction. Realised and unrealised gains and losses are recorded in the statement of changes in net assets of each compartment. b) Investments Securities that are traded on a stock exchange or other regulated secondary market are valued at the last known price. Where securities held in the portfolio are not traded on a stock exchange or on another regulated market, or where the price provided is not representative or appropriate, the securities in question shall be valued at a commensurate and realistic selling price that is prudently calculated in good faith. c) Investment funds Shares or units in openended investment funds are valued on the basis of their last available net asset value. d) Forward exchange contracts Forward foreign exchange contracts are valued at forward market rates for the remaining period from valuation date to the maturity of the contract. Unrealised gains or losses arising at the time of reporting from the valuation of open forward exchange contracts are taken into account in the statement of net assets, in the income and expense statement and in changes in net assets. e) Options trades Options trades are valued at the market price on the valuation date. Unrealised gains or losses resulting at the time of reporting from the valuation of options are included in the statement of net assets, in the income and expense statement and in changes in net assets. f) Futures contracts Futures contracts are valued at the market price corresponding to the remaining time to maturity on the valuation date. Unrealised gains or losses resulting at the time of reporting from the valuation of open futures contracts are included in the statement of net assets, in the income and expense statement and in changes in net assets. g) Contracts for difference (CFDs) CFDs are valued at the market price of the corresponding underlying on the valuation date. Unrealised gains or losses resulting from the valuation of outstanding CFDs at the time of reporting are included in the statement of net assets, in the income and expense statement and In changes in net assets. Where derivative instruments held in the portfolio are not traded on an official stock exchange or on another regulated market, or where the price calculated using the method described above is not representative or does not reflect the derivative's fair market value, the derivative in question shall be valued at a commensurate and realistic selling price that is prudently calculated in good faith. Interest relating to CFDs is recorded under other income/expenses. h) Rounding differences The figures included in the tables in this Annual Report may be affected by rounding differences (unit, % etc.). 3. Net asset value a) Computation The net asset value per share is expressed in the currency of the relevant compartment and is calculated daily by dividing the net assets of the relevant compartment by the number of shares issued and outstanding in each compartment. The net asset value of the fund's assets on day D is calculated based on the market prices of day D, but published on day D+1. The acquisition cost of securities sold is calculated using the method of weighted average price. b) Redemption of shares Each shareholder of a compartment may request that their shares be redeemed at the net asset value per share at any time, subject to the deduction of a redemption fee of a maximum of 0.40%. c) Issue of shares The subscription price is calculated as follows: The net asset value per share of the relevant compartment A maximum commission of 5.00% for the recognised placing agents involved in the placing and sale of shares. d) Conversion of shares Each shareholder has the right, in accordance with the terms and conditions outlined in the detailed and simplified prospectus, to switch from one compartment to another. 4. Taxes In accordance with the statutory rules in Luxembourg, the Company is subject to an annual tax ("taxe d abonnement") of 0.05% or 0.01% for institutional share classes of the net fund assets, payable quarterly at the end of each quarter. The Company is not subject to any Luxembourg tax on income or capital gains or any withholding tax. The subscription tax is waived for that part of the fund assets invested in units of other undertakings for collective investment that have already paid the subscription tax in accordance with the statutory provisions of Luxembourg law. 5. Investment manager, submanagers and advisors The company has appointed J. Safra Fund Management (Luxembourg) S.A. as its asset manager, with the latter delegating this activity to the following asset managers: & Partners LLP for EmergingSar Global, EmergingSar New Frontiers, EquiSar Global, EquiSar IIID (EUR), EquiSar International Income, GlobalSar Balanced (CHF), GlobalSar Balanced (EUR), Sustainable Equity Global Emerging Markets, GlobalSar Growth (EUR), Real Estate Equity Global and Sustainable Equity Real Estate Global The bank J. Safra AG for Global Return (EUR), New Power Fund, OekoSar Equity Global, Sustainable Bond CHF, Sustainable Bond EUR, Sustainable Bond EUR Corporates, Sustainable Bond EUR High Grade, Sustainable Equity Europe, Sustainable Equity Global, Sustainable Equity USA, Sustainable Portfolio Balanced (EUR) and Sustainable Water Fund Audited Annual Report 123

124 6. Management fee The following management company fee is based on the value of the net assets of the fund calculated on each valuation date, and is payable quarterly in arrears (applies to all share classes unless otherwise indicated): EmergingSar Global C acc 1.15% EmergingSar Global P dist 1.75% EmergingSar New Frontiers P acc 1.15% EmergingSar New Frontiers P dist 1.75% EquiSar Global C EUR acc 1.10% EquiSar Global I EUR acc 1.00% EquiSar Global P EUR dist 1.50% EquiSar IIID (EUR) C EUR acc 1.00% EquiSar IIID (EUR) P EUR acc 1.50% EquiSar International Income P EUR acc 1.50% EquiSar International Income P EUR dist 1.50% Global Return (EUR) C EUR acc 0.95% Global Return (EUR) I EUR acc 0.85% Global Return (EUR) P EUR dist 1.25% GlobalSar Balanced (CHF) P CHF dist 1.50% GlobalSar Balanced (EUR) C EUR acc 1.00% GlobalSar Balanced (EUR) P EUR dist 1.50% GlobalSar Growth (EUR) P EUR acc 1.50% New Power Fund C EUR acc 1.25% New Power Fund I EUR acc 1.15% New Power Fund P EUR acc 1.75% New Power Fund P EUR dist 1.75% OekoSar Equity Global C EUR acc 1.25% OekoSar Equity Global I EUR acc 1.15% OekoSar Equity Global P EUR acc 1.75% OekoSar Equity Global P EUR dist 1.75% Real Estate Equity Global C EUR acc 1.00% Real Estate Equity Global I EUR acc 0.90% Real Estate Equity Global P EUR acc 1.50% Real Estate Equity Global P EUR dist 1.50% Sustainable Bond CHF P CHF dist 0.75% Sustainable Bond EUR C EUR acc 0.70% Sustainable Bond EUR P EUR dist 1.00% Sustainable Bond EUR Corporates I EUR acc 0.70% Sustainable Bond EUR Corporates M 0.10% Sustainable Bond EUR Corporates P EUR dist 1.00% Sustainable Bond EUR High Grade P EUR acc 1.00% Sustainable Equity Europe C EUR acc 1.15% Sustainable Equity Europe P EUR acc 1.75% Sustainable Equity Europe P EUR dist 1.75% Sustainable Equity Global C EUR acc 1.15% Sustainable Equity Global P EUR dist 1.75% Sustainable Equity Global Emerging Markets C acc 1.15% Sustainable Equity Global Emerging Markets M acc 0.12% Sustainable Equity Global Emerging Markets P acc 1.75% Sustainable Equity Real Estate Global C EUR acc 1.00% Sustainable Equity Real Estate Global P EUR acc 1.50% Sustainable Equity USA C acc 0.85% Sustainable Equity USA P acc 1.25% Sustainable Portfolio Balanced (EUR) P EUR dist 1.75% Sustainable Water Fund C EUR acc 1.35% Sustainable Water Fund I EUR acc 1.25% Sustainable Water Fund P EUR acc 2.00% Sustainable Water Fund P EUR dist 2.00% Sustainable Water Fund P dist 2.00% The following compartments are also subject to an additional fee (profit participation of asset manager): EmergingSar Global EmergingSar New Frontiers EquiSar Global EquiSar IIID (EUR) Global Return (EUR) GlobalSar Balanced (CHF) GlobalSar Balanced (EUR) GlobalSar Growth (EUR) Real Estate Equity Global Sustainable Equity Global Emerging Markets Sustainable Equity Real Estate Global Sustainable Equity USA In addition to the management fee, the management company is also entitled to a performance fee calculated on the basis of the net asset value of the share class(es) concerned. The performance fee is payable when the fund outperforms the benchmark index over a quarter and the net asset value of a share class is above the last net asset value for which a performance fee was payable during the preceding three years ( high watermark ). The performance fee is a percentage share of the positive difference between the net asset value of a share class at the end of the quarter and the benchmark index value or high watermark, whichever is greater (outperformance). Funds and their benchmarks with a 10% performance fee: EquiSar Global: MSCI World EquiSar IIID (EUR): 3m EUR Libor + 3% Global Return (EUR): 3m EUR Libor + 2% GlobalSar Balanced (CHF): 30% MSCI World Index & 20% MSCI World Index CJF Hedged & 50% JP Morgan Global GBI CHF Hedged GlobalSar Balanced (EUR): 30% MSCI World Index & 20% MSCI World Index EUR Hedged & 50% Citigroup Euro BIG TR GlobalSar Growth (EUR): 45% MSCI World Index & 30% MSCI World Index EUR Hedged & 25% Citigroup Euro BIG TR Real Estate Equity Global: S&P Developed Property Sustainable Equity Real Estate Global: S&P Developed Property EmergingSar Global: MSCI EMA Free EmergingSar New Frontiers: MSCI Frontier Markets Index Sustainable Equity Global Emerging Markets: MSCI EMA Free Funds and their benchmarks with a 20% performance fee: Sustainable Equity USA: S&P500 The following performance fee was incurred during the reporting period: EmergingSar Global EmergingSar New Frontiers EquiSar Global EUR EquiSar IIID (EUR) EUR Global Return (EUR) EUR GlobalSar Balanced (CHF) CHF GlobalSar Balanced (EUR) EUR GlobalSar Growth (EUR) EUR Real Estate Equity Global EUR Sustainable Equity Global Emerging Markets Sustainable Equity Real Estate Global EUR Sustainable Equity USA Custodian fee The custodian receives fees in accordance with customary Luxembourg banking practice. 8. Dividend policy The Company has decided to pay a dividend for the reporting period from to on the following distribution shares. Category of shares Currency Amount EquiSar International Income P EUR Dist EUR 1.75 Global Return (EUR) P EUR Dist EUR 1.11 GlobalSar Balanced (CHF) P CHF Dist CHF 1.84 GlobalSar Balanced (EUR) P EUR Dist EUR 1.58 Real Estate Equity Global P EUR Dist EUR 1.65 Sustainable Bond CHF P CHF Dist CHF 1.84 Sustainable Bond EUR P EUR Dist EUR 1.68 Sustainable Bond EUR Corporates P EUR Dist EUR 3.16 Sustainable Equity Europe P EUR Dist EUR 1.14 Sustainable Portfolio Balanced (EUR) P EUR Dist EUR 1.54 Sustainable Water Fund P Dist 0.74 The distribution was paid to the shareholders registered in the shareholders register on with value date Audited Annual Report

125 9. Total Expense Ratio (TER) and Portfolio Turnover Rate (PTR) TER and PTR were determined in accordance with the Directive on the calculation and disclosure of TER and PTR of the Swiss Funds Association (SFA) in the version dated Depending on the circumstances, transaction costs are either included in the purchase price of the securities and/or reported separately in the income and expense statement. These costs, which in accordance with the abovementioned Directive are not part of operating expenses (see point 3 of the Directive), are therefore not taken into account in the TER calculation. Any change in the administration and/or custodian fee during the reporting period, or between the end of the reporting period and publication of the TER, will be indicated by means of an appropriate footnote. 10. Foreign exchange contracts The following forward exchange transactions were outstanding as at : The Bank of New York, London EquiSar Global Buy EUR Sales JPY At this time an unrealised gain of EUR is resulting from outstanding positions. EquiSar IIID (EUR) Buy EUR Sales CHF Buy EUR Sales GBP Buy EUR Sales JPY Buy EUR Sales At this time an unrealised gain of EUR is resulting from outstanding positions. GlobalSar Balanced (CHF) Buy CHF Sales EUR Buy CHF Sales GBP Buy CHF Sales JPY Buy CHF Sales Buy JPY Sales At this time an unrealised gain of CHF is resulting from outstanding positions. GlobalSar Balanced (EUR) Buy EUR Sales GBP Buy EUR Sales JPY Buy EUR Sales Buy JPY Sales At this time an unrealised gain of EUR is resulting from outstanding positions. GlobalSar Growth (EUR) Buy EUR Sales CHF Buy EUR Sales GBP Buy EUR Sales JPY Buy EUR Sales At this time an unrealised gain of EUR is resulting from outstanding positions. Real Estate Equity Global Buy EUR Sales JPY At this time an unrealised gain of EUR is resulting from outstanding positions. Sustainable Equity Real Estate Global Buy EUR Sales JPY At this time an unrealised gain of EUR is resulting from outstanding positions. 11. Financial futures As at , EquiSar IIID (EUR) had the following commitments in respect of open futures contracts: Goldman Sachs EURO STOXX 50 PR EUR Number of contracts: 278 Market value: EUR Unrealised gain: EUR Total commitment (percentage of net asset value): 7.52% S&P 500 EMINI INDEX Number of contracts: 155 Market value: Unrealised loss: EUR Total commitment (percentage of net asset value): 9.26% UKX FTSE 100 INDEX GBP Number of contracts: 28 Market value: GBP Unrealised gain: EUR Total commitment (percentage of net asset value): 1.97% As at , Global Return (EUR) had the following commitments in respect of open futures contracts: Newedge Group DAXINDEX EUR Number of contracts: 16 Market value: EUR Unrealised loss: EUR Total commitment (percentage of net asset value): 4.31% EURO STOXX 50 PR EUR Number of contracts: 258 Market value: EUR Unrealised loss: EUR net asset value): 9.12% NIKKEI 225 INDICES D JPY Number of contracts: 37 Market value: JPY Unrealised loss: EUR net asset value): 4.42% S&P 500 EMINI INDEX Number of contracts: 119 Market value: Unrealised gain: EUR net asset value): 9.28% SMI INDEX/OHNE DIVIDENDENKORR CHF Number of contracts: 117 Market value: CHF Unrealised loss: EUR Total commitment (percentage of net asset value): 9.01% Audited Annual Report 125

126 UKX FTSE 100 INDEX GBP Number of contracts: 49 Market value: GBP Unrealised loss: EUR net asset value): 4.49% 12. Potential commitments in respect of options INTUITIVE SURGICAL INC Goldman Sachs Put/Call: CALL Strike: Maturity: Number of contracts: 69 Commitment: CHF Market value: CHF Potential commitments in respect of options are at as follows: EquiSar IIID (EUR) EUR GlobalSar Balanced (CHF) CHF GlobalSar Balanced (EUR) EUR GlobalSar Growth (EUR) EUR The Company had the following commitments arising from options at the time the report was prepared. EquiSar IIID (EUR) INTUITIVE SURGICAL INC Goldman Sachs Put/Call: CALL Strike: Maturity: Number of contracts: 42 Commitment: EUR Market value: EUR INTUITIVE SURGICAL INC Goldman Sachs Put/Call: CALL Strike: Maturity: Number of contracts: 42 Commitment: EUR Market value: EUR S&P 500 INDICES Goldman Sachs Put/Call: PUT Strike: Maturity: Number of contracts: 63 Commitment: EUR Market value: EUR S&P 500 INDICES Goldman Sachs Put/Call: PUT Strike: Maturity: Number of contracts: 63 Commitment: EUR Market value: EUR GlobalSar Balanced (CHF) ECOLAB INC. Goldman Sachs Put/Call: PUT Strike: Maturity: Number of contracts: 128 Commitment: CHF Market value: CHF INTUITIVE SURGICAL INC Goldman Sachs Put/Call: CALL Strike: Maturity: Number of contracts: 69 Commitment: CHF Market value: CHF PETROCHINA CO LTD /H HKD Goldman Sachs Put/Call: CALL Strike: 9.00 Maturity: Number of contracts: Commitment: CHF Market value: CHF UKX FTSE 100 INDEX GBP Goldman Sachs Put/Call: CALL Strike: Maturity: Number of contracts: 127 Commitment: CHF Market value: CHF GlobalSar Balanced (EUR) ECOLAB INC. Goldman Sachs Put/Call: PUT Strike: Maturity: Number of contracts: 35 Commitment: EUR Market value: EUR INTUITIVE SURGICAL INC Goldman Sachs Put/Call: CALL Strike: Maturity: Number of contracts: 25 Commitment: EUR Market value: EUR INTUITIVE SURGICAL INC Goldman Sachs Put/Call: CALL Strike: Maturity: Number of contracts: 25 Commitment: EUR Market value: EUR Audited Annual Report

127 PETROCHINA CO LTD /H HKD Goldman Sachs Put/Call: CALL Strike: 9.00 Maturity: Number of contracts: 475 Commitment: EUR Market value: EUR UKX FTSE 100 INDEX GBP Goldman Sachs Put/Call: CALL Strike: Maturity: Number of contracts: 33 Commitment: EUR Market value: EUR GlobalSar Growth (EUR) ECOLAB INC. Goldman Sachs Put/Call: PUT Strike: Maturity: Number of contracts: 34 Commitment: EUR Market value: EUR INTUITIVE SURGICAL INC Goldman Sachs Put/Call: CALL Strike: Maturity: Number of contracts: 21 Commitment: EUR Market value: EUR INTUITIVE SURGICAL INC Goldman Sachs Put/Call: CALL Strike: Maturity: Number of contracts: 21 Commitment: EUR Market value: EUR PETROCHINA CO LTD /H HKD Goldman Sachs Put/Call: CALL Strike: 9.00 Maturity: Number of contracts: 425 Commitment: EUR Market value: EUR UKX FTSE 100 INDEX GBP Goldman Sachs Put/Call: CALL Strike: Maturity: Number of contracts: 26 Commitment: EUR Market value: EUR Contracts for difference (CFDs) The Company had the following commitments arising from CFDs at the time the report was prepared. EmergingSar Global ALLIANZ SE/NAM.VINKULIERT Number of contracts: Market value: Unrealised loss: net asset value): 5.97% Goldman International ANHEUSERBUSH INBEV SA Number of contracts: Market value: Unrealised loss: net asset value): 4.83% Goldman International BANCO SANTANDER SA / REG. Number of contracts: Market value: Unrealised gain: net asset value): 5.14% Goldman International BASF SE /ADR Number of contracts: Market value: Unrealised loss: net asset value): 3.09% Goldman International BCO BILBAO VIZCAYA ARGEN./SADR Number of contracts: Market value: Unrealised gain: net asset value): 3.40% Goldman International CECEEUR CECE TRADED INDEX EU/ EQ Number of contracts: Market value: Unrealised loss: net asset value): 4.69% Deutsche Bank London CONTINENTAL AG Number of contracts: Market value: Unrealised gain: net asset value): 1.39% Goldman International Audited Annual Report 127

128 DAIMLER AG / NAMENAKT. Number of contracts: Market value: Unrealised gain: net asset value): 2.40% Goldman International EM MEXICO INDEX Number of contracts: 800 Market value: Unrealised gain: net asset value): 0.22% HSBC London EM MEXICO INDEX Number of contracts: Market value: Unrealised gain: net asset value): 0.45% Deutsche Bank London EM MEXICO INDEX Number of contracts: Market value: Unrealised gain: net asset value): 3.98% Merril Lynch ENAGAS Number of contracts: Market value: Unrealised loss: net asset value): 4.75% Goldman International FAST RETAILING CO LTD Number of contracts: Market value: Unrealised gain: net asset value): 4.23% Goldman International GREECE Number of contracts: Market value: Unrealised gain: net asset value): 4.56% Merril Lynch GRUPO FIN.BANORT.SAB DE CV Number of contracts: Market value: Unrealised loss: net asset value): 2.92% Goldman International ING GROEP NV/CERT.OF SHS Number of contracts: Market value: Unrealised gain: net asset value): 1.49% Goldman International J. FRONT RETAILING CO LTD Number of contracts: Market value: Unrealised loss: net asset value): 4.95% Goldman International KDDI CORP. Number of contracts: Market value: Unrealised loss: net asset value): 4.00% Goldman International KYOCERA CORP EQ Number of contracts: Market value: Unrealised gain: net asset value): 3.35% Goldman International MSCI DAILY EM.MRTKS KOREA Number of contracts: Market value: Unrealised gain: net asset value): 3.73% HSBC London MSCI DAILY EM.MRTKS KOREA Number of contracts: Market value: Unrealised gain: net asset value): 0.52% Deutsche Bank London MSCI DAILY EM.MRTKS KOREA Number of contracts: 900 Market value: Unrealised gain: net asset value): 0.28% Merril Lynch MSCI DAILY TR NET CHINA Number of contracts: Market value: Unrealised gain: net asset value): 2.13% Merril Lynch 128 Audited Annual Report

129 MSCI DAILY TR NET CHINA Number of contracts: Market value: Unrealised gain: net asset value): 1.70% Deutsche Bank London MSCI DAILY TR NET CHINA Number of contracts: Market value: Unrealised loss: net asset value): 0.83% HSBC London MSCI DAILY TR NET EM MARK Number of contracts: Market value: Unrealised gain: net asset value): 4.54% Merril Lynch MSCI DAILY TR NET EM MARK Number of contracts: Market value: Unrealised gain: net asset value): 0.88% Goldman International MSCI DAILY TR NET EM MKT CHILE Number of contracts: Market value: Unrealised gain: net asset value): 4.52% HSBC London MSCI DAILY TR NET EM PERU Number of contracts: Market value: Unrealised gain: net asset value): 4.69% HSBC London MSCI DAILY TR NET EM.MKT INDON Number of contracts: Market value: Unrealised loss: net asset value): 1.20% Goldman International MSCI DAILY TR NET EM.MKT INDON Number of contracts: Market value: Unrealised gain: net asset value): 3.33% HSBC London MSCI DAILY TR NET MALAYSIA Number of contracts: Market value: Unrealised gain: net asset value): 4.71% Merril Lynch MSCI DL TR NET EM MKT RUSSIA Number of contracts: Market value: Unrealised gain: net asset value): 4.57% Deutsche Bank London MSCI DLY TR BRAZIL Number of contracts: Market value: Unrealised loss: net asset value): 2.21% HSBC London MSCI DLY TR BRAZIL Number of contracts: Market value: Unrealised gain: net asset value): 2.59% Merril Lynch MSCI DLY TR EMRG MKT POLAND Number of contracts: Market value: Unrealised loss: net asset value): 1.30% Merril Lynch MSCI DLY TR EMRG MKT TAIWAN Number of contracts: Market value: Unrealised gain: net asset value): 2.85% Merril Lynch MSCI DLY TR EMRG MKT TAIWAN Number of contracts: Market value: Unrealised gain: net asset value): 1.94% Goldman International MSCI DLY TR EMRG MKT POLAND Number of contracts: Market value: Unrealised loss: net asset value): 2.22% Goldman International Audited Annual Report 129

130 MSCI DLY TR NET EMG MKTG CZECH Number of contracts: Market value: Unrealised gain: net asset value): 1.48% Deutsche Bank London MSCI DLY TR NET EMG MKTG CZECH Number of contracts: Market value: Unrealised gain: net asset value): 2.14% Merril Lynch MSCI DLY TR NET EMRG MKT HUNG Number of contracts: Market value: Unrealised loss: net asset value): 3.99% Goldman International MSCI QATAR NET TR Number of contracts: Market value: Unrealised loss: net asset value): 3.57% Goldman International MSCI SOUTH AFRICA NET ISLM Number of contracts: Market value: Unrealised gain: net asset value): 4.27% Deutsche Bank London MSCI UNT ARA EMIRATES NET TR IN Number of contracts: Market value: Unrealised loss: net asset value): 3.60% Goldman International NDEUPHFMSCI TR EM MKT PHF Number of contracts: 925 Market value: Unrealised gain: net asset value): 0.20% Goldman International NDEUPHFMSCI TR EM MKT PHF Number of contracts: Market value: Unrealised gain: net asset value): 4.60% Deutsche Bank London OLYMPUS CORP Number of contracts: Market value: Unrealised loss: net asset value): 5.27% Goldman International RAKUTEN INC TOKYO Number of contracts: Market value: Unrealised loss: net asset value): 4.82% Goldman International SECOM LTD Number of contracts: Market value: Unrealised gain: net asset value): 3.75% Goldman International SEVEN & I HOLDINGS CO LTD Number of contracts: Market value: Unrealised loss: net asset value): 5.20% Goldman International SIEMENS AG /NAM. Number of contracts: Market value: Unrealised gain: net asset value): 4.75% Goldman International TAKASHIMAYA CO LTD Number of contracts: Market value: Unrealised loss: net asset value): 5.21% Goldman International THAI SET 50 INDEX (SET50) Number of contracts: Market value: Unrealised gain: net asset value): 4.71% Merril Lynch UNILEVER PLC Number of contracts: Market value: Unrealised loss: net asset value): 3.87% Goldman International 130 Audited Annual Report

131 UNY GROUP HOLDINGS Number of contracts: Market value: Unrealised gain: net asset value): 4.77% Goldman International EmergingSar New Frontiers HSBC CERT/BSKT Number of contracts: 62 Market value: Unrealised loss: net asset value): 4.65% HSBC London KTXKAZAKH TRADED IDX Number of contracts: Market value: Unrealised gain: net asset value): 6.29% Merril Lynch LUKOIL /SADR REP.1 SHS. Number of contracts: Market value: Unrealised loss: net asset value): 8.79% Merril Lynch MAGNIT OJSC SGDR Number of contracts: Market value: Unrealised loss: net asset value): 9.23% Deutsche Bank London MERRILL LYNCH OMAN 2 INDEX Number of contracts: Market value: Unrealised gain: net asset value): 6.56% Merril Lynch ML MOROCCO BASKET 2 INDEX Number of contracts: Market value: Unrealised loss: net asset value): 5.68% Merril Lynch MLEMCROA ML CROATIAN BASKET Number of contracts: Market value: Unrealised gain: net asset value): 4.56% Merril Lynch MLEMNAMIML NAMIBIAN Number of contracts: Market value: Unrealised loss: net asset value): 5.24% Merril Lynch MLEMNIGEML NIGERIA BASKET Number of contracts: Market value: Unrealised gain: net asset value): 5.09% Merril Lynch MLEMTUNI ML TUNISIAN BASKET Number of contracts: Market value: Unrealised loss: net asset value): 4.43% Merril Lynch MSCI DAILY TR NET EM PERU Number of contracts: 393 Market value: Unrealised gain: net asset value): 3.67% HSBC London MSCI LEBANON DAILY NET TR Number of contracts: 789 Market value: Unrealised gain: net asset value): 4.12% Merril Lynch MSCI LEBANON DAILY NET TR Number of contracts: Market value: Unrealised loss: net asset value): 5.96% Merril Lynch MSCI LEBANON DAILY NET TR Number of contracts: Market value: Unrealised gain: net asset value): 5.75% Deutsche Bank London MSEIROUN MSCI ROMANIA DAI. NET Number of contracts: Market value: Unrealised gain: net asset value): 6.09% Barclays Bank Audited Annual Report 131

132 NDEUSCOMSCI TR COLOMBIA Number of contracts: 174 Market value: Unrealised gain: net asset value): 4.48% Merril Lynch ROSNEFT OIL CO OJSC/SGDR Number of contracts: Market value: Unrealised loss: net asset value): 8.56% Merril Lynch SEMBCORP INDUSTRIES LTD Number of contracts: Market value: Unrealised gain: net asset value): 3.90% Deutsche Bank London STOXX 600 MED SOU ACC ETF/CAP Number of contracts: Market value: Unrealised loss: net asset value): 12.42% Merril Lynch UTD OVERSEAS BK /LOCAL Number of contracts: Market value: Unrealised loss: net asset value): 9.53% Deutsche Bank London 14. Swap transactions The Company had no commitments arising from swap transactions as at Techniques for efficient portfolio management and collateral "Efficient portfolio management" is composed by the following techniques: Securities lending transactions Repo transactions Reverse repo transactions The Company does not use any of these techniques. When calculating the limits for counterparty risk the Company does not take any received collateral into account. For this reason, information on permitted types of collateral, on the required extent of security and on the haircut strategy and, in the case of cash collateral, on the strategy for reinvesting (including the associated risks) is not provided. 16. Exchange rates as at CHF = CAD DKK EUR GBP HKD INR JPY NOK SEK SGD ZAR 1 EUR = AUD = BRL = CAD CHF DKK GBP HKD HUF JPY MXN NOK PLN SEK SGD ZAR 1 = BRL CHF = EUR = GBP = HKD HUF IDR KRW MXN MYR PHP PLN TRY SGD ZAR 17. Consolidation exchange rates 1 EUR = CHF Tax notice for EmergingSar Global and EmergingSar New Frontiers From a tax perspective, these compartments are not suitable for investors domiciled in Germany. 132 Audited Annual Report

133 19. Transaction costs The Fund incurs transaction costs in relation to buying and selling transferable securities, money market instruments, derivatives and other permitted assets. The transaction costs include broker's fees, stamp duties, local taxes and thirdparty charges, and are included in the costs of the bought and sold securities. With regard to the financial year ending on , the Company incurred the following transaction costs in conjunction with the purchase and sale of investments in securities and similar transactions: EmergingSar Global EmergingSar New Frontiers EquiSar Global EquiSar IIID (EUR) EquiSar International Income Global Return (EUR) GlobalSar Balanced (CHF) GlobalSar Balanced (EUR) GlobalSar Growth (EUR) New Power Fund OekoSar Equity Global Real Estate Equity Global Sustainable Bond CHF Sustainable Bond EUR Sustainable Bond EUR Corporates Sustainable Bond EUR High Grade, Sustainable Equity Europe Sustainable Equity Global Sustainable Equity Global Emerging Markets Sustainable Equity Real Estate Global Sustainable Equity USA Sustainable Portfolio Balanced (EUR) Sustainable Water Fund EUR EUR EUR EUR CHF EUR EUR EUR EUR EUR N/A CHF EUR EUR EUR EUR EUR EUR EUR EUR Additionally, in accordance with standard market practices on the bond markets, purchases and sales are subject to the bidoffer spread (difference between the purchase/selling price and market value), which corresponds to the broker's fee. Audited Annual Report 133

134 Other unaudited information Risk management process The management company applies a risk management process to the Company and each compartment in accordance with the Act of 17 December 2010 and other applicable regulations, in particular Circular 11/512 issued by CSSF. Risk measurement method commitment approach As part of the risk management process, the total risk of the following compartments is measured and checked using the commitment method: EmergingSar Global EmergingSar New Frontiers EquiSar Global EquiSar International Income Global Return (EUR) GlobalSar Balanced (CHF) GlobalSar Balanced (EUR) GlobalSar Growth (EUR) New Power Fund OekoSar Equity Global Real Estate Equity Global Structured Return Fund (EUR) Sustainable Bond EUR Corporates Sustainable Bond CHF Sustainable Bond EUR Sustainable Bond EUR High Grade, Sustainable Equity Europe Sustainable Equity Global Emerging Markets Sustainable Equity Global Sustainable Equity Real Estate Global Sustainable Equity USA Sustainable Portfolio Balanced (EUR) Sustainable Water Fund Risk measurement method ValueatRisk / (VaR) approach As part of the risk management process the total risk of the following compartments is measured and checked using the absolute or relative VaR approach: EquiSar IIID (EUR): absolute VaR approach The following figures were recorded for the financial year (unaudited): Minimum VaR: 4.13% Average VaR: 5.26% Maximum VaR: 6.47% Minimum leverage effect: 36.00% Average Leverage effect: 64.40% Maximum leverage effect: 92.30% Additional information for investors in the Federal Republic of Germany The Company has notified its intention to market investment fund shares of the compartments of Investmentfonds SICAV in the Federal Republic of Germany to the industry regulator, BaFin in Bonn, and is authorised to do so following the conclusion of the notification procedure. Distributor and Information Centre in Germany Bank J. Safra (Deutschland) AG Taunusanlage 17 D60325 Frankfurt am Main has replaced in Germany the function of the Paying and Information Agent (the "German Paying and Information Agent"). The German Paying and Information Agent operates a payment account into which investors can make payments in Euro by bank transfer, cheque or to the extent allowed by statute in cash. The German Paying and Information Agent forwards the investments amount credited to the agent's account immediately via SWIFT to the Investmentfonds SICAV account held with the custodian bank with details of the compartment to be invested in. Redemption and conversion requests for shares may be submitted to the German Paying and Information Agent for forwarding to the Company. Redemption proceeds, any dividends and other payments will be paid at the request of shareholders via the German Paying and Information Agent. At the German Paying and Information Agent, the Prospectus and the Key Investor Information Document, the Articles of Incorporation, audited annual report, the unaudited semiannual reports are available free of charge in print as well as any communications to investors and the issue, redemption and conversion prices, interim profits and deemed distributions of the shares. Further, a list of any changes in the portfolio is also available free of charge from the German Paying and Information Agent. In addition, during normal business hours on bank working days the Management Company Agreement, the Custodian and Paying Agency Agreement and the Investment Fund Service Agreement can be viewed at the German Paying and Information Agent. Share price and other publications The issue, redemption and conversion prices for all compartments are published on Any notices to investors are effected in the Federal Republic of Germany on The ValueatRisk is calculated using the following standards: Monte Carlo simulation; Onesided confidence interval of 99%; Holding period corresponding to one month (20 days); Effective observation period (historical) of risk factors of one year (250 days); Daily updating of data, weekly calculation of the correlation matrix (under RiskMetrics, which was implemented on 1 January 2014, a daily update of the above matrix is carried out); Daily calculation according to the NAV frequency The calculation of the leverage effect is based on the total contract volumes. 134 Audited Annual Report