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PARVEST SICAV

ANNUAL REPORT

at 31/12/2015

R.C.S. Luxembourg B 33 363

Table of contents

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Organisation 4 Information 7 Manager's report 8 Audit report 12 Financial statements at 31/12/2015 14 Key figures relating to the last 3 years 38 Securities portfolio at 31/12/2015

Aqua 67 Bond Absolute Return V350 68 Bond Absolute Return V700 71 Bond Asia ex-Japan 73 Bond Best Selection World Emerging 74 Bond Euro 75 Bond Euro Corporate 77 Bond Euro Government 81 Bond Euro High Yield 83 Bond Euro Inflation-Linked 85 Bond Euro Long Term 86 Bond Euro Medium Term 87 Bond Euro Short Term 89 Bond Euro Short Term Corporate 91 Bond Europe Emerging 95 Bond JPY 96 Bond USA High Yield 97 Bond USD 100 Bond USD Short Duration 103 Bond World 104 Bond World Corporate 108 Bond World Emerging 112 Bond World Emerging Local 114 Bond World High Yield 115 Bond World High Yield Short Duration 119 Bond World Income 120 Bond World Inflation-Linked 122 Commodities 123 Convertible Bond Asia 124 Convertible Bond Europe 125 Convertible Bond Europe Small Cap 126 Convertible Bond World 127

Table of contents

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Cross Asset Absolute Return 129 Diversified Dynamic 130 Enhanced Cash 6 Months 131 Environmental Opportunities 133 Equity Australia 134 Equity Best Selection Asia ex-Japan 135 Equity Best Selection Euro 136 Equity Best Selection Europe 137 Equity Best Selection Europe ex-UK 138 Equity Best Selection World 139 Equity Brazil 140 Equity Bric 141 Equity China 143 Equity Europe Emerging 144 Equity Europe Growth 145 Equity Europe Mid Cap 146 Equity Europe Small Cap 147 Equity Europe Value 148 Equity Germany 149 Equity High Dividend Europe 150 Equity High Dividend Pacific 151 Equity High Dividend USA 152 Equity High Dividend World 153 Equity India 154 Equity Indonesia 155 Equity Japan 156 Equity Japan Small Cap 157 Equity Latin America 159 Equity Nordic Small Cap 160 Equity Pacific ex-Japan 161 Equity Russia 163 Equity Russia Opportunities 164 Equity South Korea 165 Equity Turkey 166 Equity USA 167 Equity USA Growth 169 Equity USA Mid Cap 170 Equity USA Small Cap 171 Equity USA Value 172

Table of contents

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Equity World Consumer Durables 173 Equity World Emerging 174 Equity World Emerging Low Volatility 176 Equity World Emerging Small Cap 178 Equity World Energy 179 Equity World Finance 180 Equity World Health Care 181 Equity World Low Volatility 182 Equity World Materials 184 Equity World Technology 185 Equity World Telecom 186 Equity World Utilities 187 Euro Covered Bond 188 Flexible Bond Euro 190 Flexible Bond Europe Corporate 191 Flexible Equity Europe 193 Flexible Multi-Asset 194 Global Environment 195 Green Tigers 196 Human Development 197 Money Market Euro 198 Money Market USD 199 Multi-Strategy Low Vol 201 Multi-Strategy Medium Vol 202 Multi-Strategy Medium Vol (USD) 203 Opportunities World 204 Real Estate Securities Europe 205 Real Estate Securities Pacific 206 Real Estate Securities World 207 SMaRT Food 208 Step 80 World Emerging 209 Step 90 Euro 210 Sustainable Bond Euro 211 Sustainable Bond Euro Corporate 213 Sustainable Equity Europe 217

Notes to the financial statements 218 Unaudited appendix 287

No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the current prospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.

Organisation

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Registered office 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg

Board of Directors Chairman

Mr. Philippe MARCHESSAUX, Chief Executive Officer, BNP Paribas Investment Partners, Paris

Members

Mr. Marnix ARICKX, Chief Executive Officer, BNP Paribas Investment Partners Belgium, Brussels

Mr. Vincent CAMERLYNCK, CEO Asia Pacific, BNP Paribas Investment Partners, Hong Kong (until 31 July 2015)

Mr. Christian DARGNAT, Head of Distributors Business Line, BNP Paribas Investment Partners, Paris

Mrs. Marianne DEMARCHI, Head of Group Networks, BNP Paribas Investment Partners, Paris

Mr. Anthony FINAN, Deputy-Head of Distributors Business Line, BNP Paribas Investment Partners, Paris

Mr. François HULLO, Head of External Distribution, BNP Paribas Investment Partners, Paris

Mr. Marc RAYNAUD, Head of Global Fund Solutions, BNP Paribas Investment Partners, Paris (until 24 November 2015)

Mr. Christian VOLLE, Chairman of the “Fondation pour l’Art et la Recherche”, Paris

Managing Director

Mr. Anthony FINAN, Deputy-Head of Distributors Business Line, BNP Paribas Investment Partners, Paris

Company Secretary (non-member of the Board)

Mr. Stéphane BRUNET, Chief Executive Officer, BNP Paribas Investment Partners Luxembourg, Hesperange

Management Company BNP Paribas Investment Partners Luxembourg, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg BNP Paribas Investment Partners Luxembourg is a Management Company as defined in chapter 15 of the Law of 17 December 2010 concerning undertakings for collective investment, as amended. The Management Company performs the administration, portfolio management and marketing duties.

Net asset values calculation, transfer agent, bearer shares depositary and registrar are delegated to: BNP Paribas Securities Services - Luxembourg Branch Until 31 December 2015 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Since 1 January 2016 60 Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Organisation

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Portfolio management is delegated to:

Management entities of the BNP Paribas Group

• Alfred Berg Kapitalförvaltning AB Nybrokajen 5, SE-10725 Stockholm, Sweden • BNP Paribas Asset Management S.A.S., 1 Boulevard Haussmann, F-75009 Paris, France • BNP Paribas Asset Management Inc., 75 State Street, 6th Floor, Boston, Ma 02109, USA (until 31 July 2015) • BNP Paribas Asset Management Brasil Ltda, Av. Juscelino Kubitchek 510-11 Andar, 04543-00 Sao Paulo – SP, Brazil • BNP Paribas Investment Partners Asia Ltd., 30/F Three Exchange Square, 8 Connaught Place, Central

Hong Kong • BNP Paribas Investment Partners Japan Ltd., Gran Tokyo North Tower, 9-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo

100-6739, Japan • BNP Paribas Investment Partners Netherlands N.V., Herengracht 595, PO box 71770, NL-1008 DG Amsterdam, The

Netherlands (until 14 December 2015) • BNP Paribas Investment Partners Nederland N.V., Herengracht 595, PO box 71770, NL-1008 DG Amsterdam, The

Netherlands (since 15 December 2015) • BNP Paribas Investment Partners Singapore Limited, 10 Collyer Quay #15-01 Ocean Financial Centre Singapore 049315 • BNP Paribas Investment Partners UK Ltd., 5 Aldermanbury Square, London EC2V 7BP, United Kingdom • CamGestion S.A., 1 Boulevard Haussmann, F-75009 Paris, France • Fischer Francis Trees & Watts, Inc., 200 Park Avenue, 11th floor, New York, NY 10166, USA • Fischer Francis Trees & Watts UK Ltd., 5 Aldermanbury Square, London EC2V 7HR, United Kingdom (until 31 July 2015) • Shinhan BNP Paribas Asset Management Co. Ltd., 23-2, Yoido Dong Youngdeungpo, Goodmorning Shinhan Tower 18F,

Seoul, 150-712, Korea • TEB Portföy Yönetimi A.Ş., Gayrettepe Mahallesi Yener Sokak n° 1 Kat. 9 Besiktas 34353 Istanbul, Turkey • THEAM S.A.S., 1 Boulevard Haussmann, F-75009 Paris, France

Management entities not part of the Group:

• Arnhem Investment Management Pty Ltd., Royal Exchange Building, Level 13, 56 Pitt Street, Sydney NSW 2000, Australia, Manager for the “Equity Australia” sub-fund

• Fairpointe Capital LLC., One North Franklin Street, Suite 3300, Chicago, IL 60606, USA, Manager for the “Equity USA Mid Cap” sub-fund

• Herndon Capital Management, LLC, 191 Peachtree Street NE, Suite 2500, Atlanta, GA 30303 USA, Manager for the “Equity USA Value” sub-fund

• Impax Asset Management Limited, Norfolk House, 31 St James’s Square, London, SW1Y 4JR, United Kingdom, Manager for the “Aqua” (launched on 3 July 2015), “Environmental Opportunities”, “Global Environment” and “SMaRT Food” sub-funds

• RiverRoad Asset Management, LLC, 462 South Fourth Street, Suite 1600 Louisville, Kentucky 40202-3466, USA, Manager for the “Equity High Dividend USA” sub-fund

• Sumitomo Mitsui Asset Management Co. Ltd., Atago Green Hills, Mori Tower, 28F, 2-5-1 Atago Minato-ku, Tokyo 105-6228, Japan, Manager for the “Equity Japan Small Cap” sub-fund

The Company may also seek advice from the following investment advisors:

• FundQuest Advisor, 1 Boulevard Haussmann, F-75009 Paris, France, Advisor on the selection of portfolio managers from outside the Group

• TEB Portföy Yönetimi A.Ş., Gayrettepe Mahallesi Yener Sokak n° 1 Kat. 9 Besiktas 34353 Istanbul, Turkey, Advisor for the “Equity Europe Emerging” sub-fund

Depositary/Paying agent BNP Paribas Securities Services - Luxembourg Branch

Organisation

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Until 31 December 2015 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Since 1 January 2016 60 Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Guarantor BNP Paribas, 16 Boulevard des Italiens, F-75009 Paris, France The sub-funds which benefit from a guarantee are “Step 80 World Emerging”, “Step 90 Commodities (EUR)” (liquidated on 7 January 2015) and “Step 90 Euro”, together the “Step” sub-funds.

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

Information

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Establishment PARVEST (the “Fund”, the “Company”) is an open-ended investment company (Société d’Investissement à Capital Variable – SICAV) incorporated under Luxembourg law on 27 March 1990 for an indefinite period. The Company is currently governed by the provisions of Part I of the law of 17 December 2010 governing undertakings for collective investment, as amended, as well as by Directive 2009/65. The Articles of Association have been modified at various times, most recently at the Extraordinary General Meeting on 21 July 2014, with publication in the Mémorial, Recueil Spécial des Sociétés et Associations on 11 August 2014. The latest version of the Articles of Association has been filed on 1 August 2014 with the Registrar of the District Court of Luxembourg, where any interested party may consult it and obtain a copy. The Company is registered in the Luxembourg Trade and Companies Register under the number B 33 363. The minimum capital amounts to EUR 1 250 000. It is at all times equal to the total net assets of the various sub-funds. It is represented by fully paid-up shares issued without a designated par value. The capital varies automatically without the notification and specific recording measures required for increases and decreases in the capital of limited companies.

Listing The shares of the Company are not listed on a Stock Exchange.

Information to the Shareholders Net Asset Values and Dividends Net Assets values are calculated every full bank business day in Luxembourg. The Company publishes the legally required information in the Grand Duchy of Luxembourg and in all other countries where the shares are publicly offered. This information is also available on the website: www.bnpparibas-ip.com. Financial Year The Company’s financial year starts on 1 January and ends on 31 December. Financial Reports The Company publishes an annual report closed on the last day of the financial year, certified by the auditors, as well as a non-certified, semi-annual interim report closed on the last day of the sixth month of the financial year. The Company is authorised to publish a simplified version of the financial report when required. The financial reports of each sub-fund are published in the accounting currency of the sub-fund, although the consolidated accounts of the Company are expressed in euro. The annual report is made public within four months of the end of the financial year and the interim report within two months of the end of the half-year. Documents for Consultation The Articles of Association, the Prospectus, the KIID and periodic reports may be consulted at the Company’s registered office and at the establishments responsible for the Company’s financial service. Copies of the Articles of Association and the annual and interim reports are available upon request. Information on changes to the Company will be published in the Luxemburger Wort newspaper and in any other newspapers deemed appropriate by the Board of Directors of the SICAV in countries in which the Company publicly markets its shares. Documents and information are also available on the website: www.bnpparibas-ip.com.

Manager's report

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Economic context The desynchronised growth of the world economy continued to be an ongoing trend and a source of concern, especially as major international organisations were forced to regularly downgrade their growth forecasts following disappointing results in the emerging economies. In view of this situation, and although the downgrading of indicators in most of the major emerging countries (with the exception of Brazil) ended at the close of the year, this was not welcome news to investors. On the contrary, renewed weakness in oil from November onwards reignited fears about global growth although the price was more a reflection of the imbalance between excess supply (due to OPEC’s refusal to set production quotas) and limited demand, especially following a very mild early winter in Europe and North America. United States GDP fluctuated in a fairly volatile manner during the year: after modest growth in the first quarter due to weather conditions and the shut-down affecting ports on the west coast, GDP bounced back sharply in the second quarter (almost 4% year-on-year) then stabilised at around 2%. Inventory adjustments played a role in the fluctuation of GDP and business activities. In fact, widespread de-stocking since the summer has negatively affected the manufacturing sector, casting a shadow over the surveys of purchasing managers (as also seen in the ISM index which fell below 50 in November compared with 53.5 in June), along with industrial production and investments. This downturn has alarmed some observers who believed that these could be the first signs the economy was running out of steam. The facts did not support this assumption, as the service sector managed to withstand the industrial vacuum and the housing market rose sharply, with the outlook remaining very encouraging. Finally, in terms of private consumption the trends have been more regular and this sector has seen steadier growth, reflecting the undeniable improvement in the labour market. With 2.7 million jobs created in 2015 and the unemployment rate falling to 5% in October, full employment is on the horizon. Up to now wages have only risen moderately for several reasons: the use of part-time jobs by companies is still high and households continue to question the possibility of easily finding a new job. However, several surveys have revealed that businesses, especially smaller ones, are looking for qualified employees and are willing to increase wages significantly to take on and retain staff. A rise in wages is set to become a more widespread trend. Inflation remained low in 2015 (0.5% year-on-year in November) due to the effects of the lower oil price during the previous year. The Fed believes that this should be a temporary phenomenon. Inflation, excluding food and energy, rose from 1.6% in January to 2% in November year-on-year, a trend that validated this assumption. Europe GDP was up strongly in the euro zone from the start of the year onwards, with a quarterly rise from 0.3% to 0.5%, and the rate standing at 1.6% year-on-year in the third quarter (compared with 0.8% a year earlier), the highest rise since mid-2011. Growth was above expectations due to consumption that remained strong throughout the year and good performance by the exports sectors in the first six months. Investment in productive assets is still not picking up convincingly. The steady improvement in the distribution of credit to the private sector was a positive point. Low interest rates in line with the extremely accommodating monetary policy of the ECB further emphasised this trend. Moreover, banks are reporting that the demand for credit is rising. Finally, according to the survey of purchasing managers, the expansion rate for total business (manufacturing and service sectors combined) rallied in December to reach a four-month high. This rising trend at the end of the year appeared very encouraging. According to several official institutions, GDP growth in the 4th quarter should stand at 0.4%, close to the rate observed since the end of 2014. This performance is even more remarkable given the occurrence of number of events in 2015 likely to affect the confidence of economic operators: the first six months were marked by the Greek crisis and the second half of the year witnessed regional and general elections that resulted in a fairly confusing political landscape in several countries (Portugal and Spain) and the widespread rise of Euro-sceptic parties in response to the refugee crisis, not to mention the tragic events which cast a pall over Paris. Inflation, which stood at -0.6% year-on-year in January, remained very weak (+0.2% in November). Japan In Japan, GDP rose sharply in the first quarter of 2015 after a year that had witnessed a technical recession following the increase in VAT on 1 April 2014. After this, growth was much more faltering, even raising fears of a return to recession. The PMI index, which reflects the survey of purchasing managers in the manufacturing sector, dropped from 52 at the end of 2014 to around 50 in the spring before resuming an upward trend and closing the year at 52.6. Through its exporting companies, the Japanese economy is suffering from the difficulties in China, while domestic demand appears to be picking up, linked to an improving job market (the unemployment rate stood at 3.3% at year-end). With inflation again standing at close to zero in the second half of the year (0.3% in November year-on-year compared with 2.4% in January), the Bank of Japan was forced to acknowledge that it would not meet its target of 2% within the expected deadline.

Manager's report

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Emerging markets Although the OECD forecast in June 2015 that the GDP of emerging economies would increase by 4.2% in 2015 and 4.9% in 2016, in November the organisation published a new report predicting figures of 3.7% and 4.2% respectively. Among the leading countries, only India reported faster growth in 2015. The staggering drop in the price of oil from mid-2014 and another drop in mid-2015 obviously affected commodity-producing countries. Logically, this situation should have a positive effect on Asia; however, the slowdown in activity in China and concerns about the nature of the slowdown had a negative effect on the more cyclical stocks from this region. Following changes to the Chinese business model, the official target was lowered to 6.5% for the coming years compared with 7% previously. In this context, the aggregated PMI index, which reflects the opinions of purchasing managers on emerging economies, fell below 50 in the spring, thus revealing a contraction in manufacturing activity. The trend over the last quarter was a little more encouraging; however, the index failed to rise above 50. Signs of improvement are currently very tenuous and mostly hidden by the difficulties of the major economies. Russia and Brazil are both in recession due to the tense foreign relations situation in the former country and a major power struggle in the latter. The difficulties in Russia are mainly due to declining oil prices, while in Brazil the crisis is more deep-rooted. In fact, President Dilma Rousseff is facing impeachment following a corruption scandal. Inflation has also reached its highest point since 2002, meaning that the central bank will continue to increase its rates after the 250 bp rise in 2015. Monetary policy In 2015, the monetary policy of the European Central Bank (ECB) reached another decisive turning point. On 22 January, a QE (Quantitative Easing) programme comparable to the policy rolled out in the United States and United Kingdom was announced. The key feature of the programme is €60 billion per month of asset purchases. In addition to the covered bonds and asset-backed securities (ABS) purchased since the autumn of 2014, the programme now includes securities (including inflation-indexed securities) issued by supranational agencies and governments. Purchases of government bonds, which began on 9 March, also include securities with a negative interest rate, with the deposit rate used as a limit. For several months after the roll-out of these operations, the comments made by the ECB mainly consisted of saying that the programme was operating “without any difficulties” and would continue until at least September 2016. The financial turbulence in the summer and inflation that remained very low in the euro zone led some observers to consider the announcement of additional measures. In October, Mario Draghi also hinted that far-reaching measures would be announced in December and other extremely accommodating statements further fuelled expectations in November such as: “we will do what we need to do to increase inflation as soon as possible”. This attitude may have been counter-productive as on 3 December the ECB failed to live up to expectations by only lowering the deposit facility rate by 10 bp (to stand at -0.30%), leaving the two other key interest rates unchanged (the interest rate on the main refinancing operations has stood at 0.05% and the marginal lending facility rate at 0.30% since September 2014) and extending purchases of securities under the scope of QE until “March 2017 or beyond if necessary”. A decision was also taken to “reinvest the principal payments on the securities purchased under the public sector asset purchasing programme as they mature”. The monetary policy was therefore more accommodating than in October in order to ensure that inflation (0.2% year-on-year in November) returned to levels “below but close to 2%”. While the ending of the monthly securities purchasing scheme in November 2014 for the purpose of normalising its monetary policy failed to trigger any specific reaction, the US Federal Reserve (the Fed) has found it trickier to control expectations on interest rates. The forward-looking statements in the official communiqué issued after each monetary policy committee have changed over the months. The Fed took a decisive step in March by refusing to fix a timetable stating that the economic situation would determine the decision to raise rates. Moreover, Janet Yellen indicated that once the increase starts, the rise will be gradual; she also restated that monetary policy should be forward-looking. Linking monetary policy decisions and economic data has unfortunately complicated the analysis, since the latter has been particularly volatile since the start of 2015 and expectations of higher rates only slowly gained ground and continued to fluctuate until the autumn. After raising concerns about growth by failing to increase the key rates in September (due to the difficult international financial situation), it was right at the end of the year (16 December) that Janet Yellen was finally able to announce the abandonment of the zero-rate policy that had been in force since the end of 2008. The ground for such an action had been well prepared during the previous meeting. The target federal funds rate in the US will now range between 0.25% and 0.50% and the Fed is considering further increases in the coming months (a total of 100 bp in 2016 according to the forecasts supplied by all the participants at the FOMC).

Manager's report

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Foreign exchange markets Volatility on the foreign exchange market remained high in 2015, attaining at the start of year the levels seen in 2012 and 2013 for currencies of the major developed countries, with emerging currencies even exceeding these levels. The reason for this feverish climate was the prospect of the Fed increasing interest rates, which would be likely to trigger capital flows within the emerging areas. In addition, the difficulties experienced by commodity-producing countries played a role and also affected the currencies of developed countries (CAD, AUD, NZD, NOK). Moreover, two adjustments of the exchange rate policy revived the spectre of a currency war, further highlighting the nervousness. This was due, firstly, to the totally unexpected decision of the SNB (Swiss National Bank) on 15 January to scrap the cap on its currency put in place in September 2011 and, secondly, the surprise devaluation of the Chinese yuan in August, clumsily implemented by the Central Bank. The extremely accommodating policy put in place by the ECB – widening the difference between its monetary policy and that of the United States – was responsible for changes in the EUR/USD rate. After this wave of extremely wide fluctuations (1.05–1.21), the euro had dropped by 10.3% against the dollar in the space of twelve months to stand at 1.0861. A low was reached in March (the lowest point since January 2003), and concerns about Greece further penalised the euro. The exchange rate then moved up and down without any great direction, fluctuating several times above 1.14 on the basis of elements such as economic data, political developments and trends on other financial markets. In October, the theme of divergent actions from the central banks returned to the fore. The exchange rate returned virtually to its low point in early December in anticipation of another major easing programme until the actual announcements dashed hopes and saw it return to 1.10. The USD/JPY exchange rate went over 120 in late December 2014 (the highest point since mid-2007) before fluctuating widely around this level until May. It did not manage to settle long term at 125 – the level attained during the summer – as the announcements from the Bank of Japan and the government about their willingness to retain the “weak yen” policy were fairly vague. In August, the announced devaluation of the Chinese yuan temporarily brought the exchange rate to 116 before it stabilised at around 120 until October. For the rest of the year, fluctuations moved within a slightly broader range (120–124) without reflecting much conviction on the part of traders as the Bank of Japan continued to maintain a degree of uncertainty about its future securities purchasing operations and simply made a minor adjustment in December. The USD/JPY rate ended the year at 120.20, a 0.3% rise. Bond markets In twelve months, the yield of 10-year US T-notes fell by 10 bp: after fluctuating between 1.65% in January (the lowest point since May 2013) and 2.50% during the summer, it ended the year at 2.27%. The annual change seems modest when taking into account the fact that the Fed stopped QE at the end of 2014 and that a 25 bp rise in interest rates occurred in December. Furthermore, although volatile, the economic data has reflected a steady improvement in the job market, which is a key factor for solid growth. In a reversal of the customary relationship between American and European bonds, as a result of the ECB’s asset purchasing programme from March onwards, the sharp easing in the euro zone up to April mechanically strengthened the yield offered by US securities. In May and June, the speed and the magnitude of the pressure on German rates weighed heavily on US markets. In terms of bonds, the year witnessed several peaks in volatility as a result of trends on other financial markets. While the level of US long-term interest rates in June and July (around 2.50%) seemed to correctly reflect the improvement in US domestic demand, concerns about global growth and the renewed weakness of commodity prices led to an easing of long-term interest rates, exacerbated by the difficulties experienced by shares. From August onwards, the 10-year rate fluctuated within a narrower range (2%–2.35%) in line with the Fed’s monetary policy. The surprise decision to maintain the status quo in September saw a significant easing of long-term interest rates while the eagerly awaited rise in interest rates in December had an impact on the short section of the curve: the 2-year rate ended the year at 1.05% (compared with 0.66% at the end of 2014) – the highest rate since the spring of 2010 – in view of expectations of a continued normalisation of rates in 2016. In the euro zone, the trends observed for government bonds primarily reflected the ECB’s monetary policy (expectations and decisions). It seems paradoxical that the German 10-year Bund’s yield dropped by 9 bp in twelve months as the ECB announced in January a massive securities purchasing policy that was implemented from March onwards. This performance was due to the excessive easing implemented during the first four months of the year. Against a backdrop of a very accommodating monetary policy and a sharp slowdown in inflation, the German 10-year rate dropped from 0.54% at the end of 2014 to below 0.08% on 20 April 2015, in a virtually uninterrupted movement. The safe-haven investment status of German Government bonds played a role in the easing of rates in view of concerns arising in particular from the heated discussions between Greece and its creditors. The subsequent sharp correction was triggered by technical factors, special market conditions and adjustments of positions by hedge funds. After initially settling at around 0.60%, the yield of the German 10-year Bund was around 1% on 10 June. It then resumed a bearish trend, though a weaker and much more uneven one than in the spring.

Manager's report

Page 11

The end of the year was characterised by increased volatility triggered by the words of Mario Draghi, who raised hopes before dashing them by easing monetary policy a little more (but less than expected). During the second half of the year, investors, without taking economic fundamentals into consideration, were inclined to take profits each time the yield of German Bunds dipped below 0.50%. The Bund ended 2015 at 0.63%. Equity markets

The MSCI AC World Index (in USD) posted an annual drop of 4.3% and the MSCI Emerging index (in USD) was down by 17%. From this perspective, 2015 was a bad year. At the same time, S&P 500 was down 0.7% – a disappointing performance – while the Eurostoxx 50 was up 3.9% and the Nikkei 225 up 9.1%, with all these indices expressed in the local currencies. The figures mentioned above are variations in the price of the indices excluding dividends reinvested. The first half of the year was generally positive, particularly in Europe and Japan, and the gains amassed then compensated for the second half of the year, which was more or less negative on all of the major markets. There were several peaks in volatility during the summer months when the markets experienced stress levels not seen since the European sovereign crisis. Several factors explained the jitteriness of investors. In Greece, after Alexis Tsipras won the elections on a platform of rejecting the reforms and measures associated with the European and international bailout packages, the Greek issue returned to centre stage. In July, while Greece seemed to be on the edge of bankruptcy and the euro zone about to split apart, the compromises reached in extremis were enough to reassure investors despite the enormity of the Greek debt placing an ongoing threat on the country’s future. Fears then began to focus on China. The sharp correction of stock exchanges in mainland China from the middle of June induced the authorities to put in place various support and control measures, though without producing tangible results. Doubts about the health of the Chinese economy were then fuelled by disappointing economic data. The surprise devaluation of the yuan against the dollar in August increased nervousness. Finally, the further drop in the price of oil from late June (although the price of a barrel of WTI had returned to $60 compared with less than $45 in March) was interpreted as a clear sign of a global economic slowdown. At year-end, OPEC’s decision not to set production quotas drove the price of a WTI barrel below $35. In one year, the price of oil, which had fallen 46% in 2014, dropped another 30%. International equities fell sharply in August. The role of central bankers was again decisive this year. Fluctuations in monetary policy expectations, especially in the United States and in the euro zone, triggered sharp variations on the stock markets, reflecting a certain continued “addiction” of investors to liquid stocks. European equities benefited in the first half of the year from the roll-out of the ECB’s quantitative easing programme. The recovery of global equities in October (which did not last) was based on hopes of a widening of the easing programme from the ECB. It took a while for the message from the Chairman of the Fed to be clearly understood; however, the rise in American interest rates announced in December was ultimately fairly well accepted. The Board of Directors Luxembourg, 3 February 2016 Note: The information stated in this report is historical and not necessarily indicative of future performance.

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T: +352 494848 1, F:+352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518

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Audit report

To the Shareholders of PARVEST We have audited the accompanying financial statements of PARVEST and of each of its sub-funds, which comprise the statement of net assets and the securities portfolio as at 31 December 2015 and the statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the “Réviseur d’entreprises agréé” Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier”. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the “Réviseur d’entreprises agréé”, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the “Réviseur d’entreprises agréé” considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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weOpinion

In our opinion, the financial statements give a true and fair view of the financial position of PARVEST and of each of itssub-fundsasof 3l December20l5,andoftheresultsoftheiroperationsandchangesintheirnetassetsfortheyearthenended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financialstatements.

Other mafters

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not beensubject to specific audit procedures canied out in accordance with the standards described above. Consequently, weexpress no opinion on such information. However, we have no observation to make conceming such information in thecontext of the financial statements taken as a whole.

PricewaterhouseCoopers, Soci6t6 coop6rative

Represented byLuxembourg, 7 April 2016

Thierry Blondeau

Page 13

Financial statements at 31/12/2015

The accompanying notes form an integral part of these financial statements

Page 14

Absolute Return

Balanced Absolute Return

Growth Aqua Bond Absolute

Return V350

Expressed in EUR EUR EUR EURNotes

Statement of net assets Assets 0 0 128 133 384 652 207 590

Securities portfolio at cost price 0 0 123 037 340 542 033 770Unrealised gain/(loss) on securities portfolio 0 0 2 103 958 305 679

Securities portfolio at market value 2 0 0 125 141 298 542 339 449Options at market value 2,13 0 0 0 566 122Net Unrealised gain on financial instruments 2,10,11,12 0 0 0 0Cash at banks and time deposits 0 0 2 747 892 97 652 764Other assets 0 0 244 194 11 649 255

Liabilities 0 0 315 974 121 130 413 Options at market value 2,13 0 0 0 0Bank overdrafts 0 0 0 0Net Unrealised loss on financial instruments 2,10,11,12 0 0 0 8 020 658Other liabilities 0 0 315 974 113 109 755

Net asset value 0 0 127 817 410 531 077 177 Statement of operations and changes in net assetsIncome on investments and assets 16 177 455 782 457 781 33 762 211

Management and advisory fees 3 27 447 160 371 298 826 1 869 903Bank interest 45 606 5 18 602Interest on swaps 2 55 0 0 917 805Other fees 5 9 237 56 229 164 335 1 110 667Taxes 6 2 018 8 558 32 261 170 827Performance fees 4 0 0 0 304 970Distribution fees 0 0 0 13 682Transaction fees 20 1 756 39 754 196 801 134 784

Total expenses 40 558 265 518 692 228 4 541 240 Net result from investments (24 381) 190 264 (234 447) 29 220 971 Net realised result on:

Investments securities 2 60 528 2 763 464 (455 708) 49 516 228Financial instruments (259 618) (5 607 584) (4 093) (61 879 240)

Net realised result (223 471) (2 653 856) (694 248) 16 857 959 Movement on net unrealised gain/loss on:

Investments securities (10 097) (1 281 900) 2 103 958 (19 193 414)Financial instruments 94 923 2 206 792 0 4 210 555

Change in net assets due to operations (138 645) (1 728 964) 1 409 710 1 875 100 Net subscriptions/(redemptions) (10 239 264) (68 823 022) 126 407 700 (96 752 964)Dividends paid 7 0 0 0 0 Increase/(Decrease) in net assets during the year/period (10 377 909) (70 551 986) 127 817 410 (94 877 864)

Net assets at the beginning of the financial year/period 10 377 909 70 551 986 0 625 955 041 Reevaluation of opening NAV 0 0 0 0 Reevaluation of opening consolidated NAV 0 0 0 0 Net assets at the end of the financial year/period 0 0 127 817 410 531 077 177


Page 15

Bond Absolute Return V700 Bond Asia ex-Japan

Bond Best Selection World Emerging Bond Euro Bond Euro Corporate

Bond Euro Government

EUR USD USD EUR EUR EUR

109 140 170 309 539 188 179 441 626 1 590 809 696 2 648 698 463 1 840 888 101 97 226 469 274 468 473 155 717 983 1 495 563 682 2 514 446 718 1 778 101 757(2 950 478) (3 399 049) (12 231 471) 50 350 417 (24 397 147) 17 048 45594 275 991 271 069 424 143 486 512 1 545 914 099 2 490 049 571 1 795 150 212

247 907 0 0 185 190 0 205 6870 0 0 22 287 0 93 535

13 253 479 33 539 868 32 751 994 17 116 258 102 703 666 20 149 3731 362 793 4 929 896 3 203 120 27 571 862 55 945 226 25 289 294

20 101 793 2 420 001 5 248 011 1 814 028 5 850 763 3 494 139 0 0 0 0 0 00 0 0 0 0 0

2 105 682 1 238 022 1 137 303 0 2 673 219 017 996 111 1 181 979 4 110 708 1 814 028 3 177 544 3 494 13989 038 377 307 119 187 174 193 615 1 588 995 668 2 642 847 700 1 837 393 962 6 563 274 17 552 137 14 589 548 39 709 498 67 710 197 46 850 188

333 774 3 915 530 2 123 098 5 820 735 10 697 766 7 866 4844 443 842 12 010 2 611 12 645 3 551

271 161 0 3 368 100 0 335 083 0189 982 973 455 461 986 3 740 659 5 858 964 4 829 63229 606 174 899 85 011 614 141 1 002 804 834 954

0 0 0 0 0 06 311 50 21 616 30 268 27 357 88 512

28 319 3 377 0 31 246 32 454 34 685863 596 5 068 153 6 071 821 10 239 660 17 967 073 13 657 818

5 699 678 12 483 984 8 517 727 29 469 838 49 743 124 33 192 370

(10 137 609) (710 106) (35 243 651) 45 011 425 24 760 141 62 954 0725 823 400 (10 136 413) (19 365 706) 454 927 599 501 347 6971 385 469 1 637 465 (46 091 630) 74 936 190 75 102 766 96 494 139

1 965 756 708 715 16 388 889 (65 718 018) (76 348 558) (77 674 856)

(4 609 825) 321 783 2 683 476 110 629 (2 033 897) (7 423)(1 258 600) 2 667 963 (27 019 265) 9 328 801 (3 279 689) 18 811 860 (2 908 276) (146 008 286) 4 086 129 76 543 188 293 318 913 (17 048 246)

0 (4 969 004) (2 468 858) (1 789 822) (7 095 556) (1 063 927)

(4 166 876) (148 309 327) (25 401 994) 84 082 167 282 943 668 699 687

84 586 049 455 428 514 199 595 609 1 504 913 501 2 359 904 032 1 836 694 275 8 619 204 0 0 0 0 0

0 0 0 0 0 0 89 038 377 307 119 187 174 193 615 1 588 995 668 2 642 847 700 1 837 393 962



Page 16

Bond Euro High

Yield Bond Euro Inflation-

Linked Bond Euro Long

Term Bond Euro Medium

Term


Statement of net assets Assets 1 222 009 098 152 092 758 45 980 052 934 783 525

Securities portfolio at cost price 1 135 936 614 152 763 648 43 472 362 855 609 901Unrealised gain/(loss) on securities portfolio (39 199 072) (2 842 652) 1 296 912 2 605 987

Securities portfolio at market value 2 1 096 737 542 149 920 996 44 769 274 858 215 888Options at market value 2,13 246 300 18 699 0 107 878Net Unrealised gain on financial instruments 2,10,11,12 0 0 43 080 396 705Cash at banks and time deposits 94 172 768 1 183 564 533 553 66 818 126Other assets 30 852 488 969 499 634 145 9 244 928

Liabilities 8 882 534 267 737 80 092 1 663 702 Options at market value 2,13 0 0 0 0Bank overdrafts 0 0 0 0Net Unrealised loss on financial instruments 2,10,11,12 7 236 489 121 068 0 0Other liabilities 1 646 045 146 669 80 092 1 663 702

Net asset value 1 213 126 564 151 825 021 45 899 960 933 119 823 Statement of operations and changes in net assetsIncome on investments and assets 61 160 103 2 432 326 2 132 737 23 033 905

Management and advisory fees 3 6 656 888 834 273 425 192 3 728 298Bank interest 54 710 1 661 63 2 165Interest on swaps 2 0 0 0 8 765Other fees 5 2 479 984 392 690 211 794 2 459 264Taxes 6 376 036 78 242 41 421 531 411Performance fees 4 0 0 0 0Distribution fees 8 999 26 022 8 967 45 086Transaction fees 20 14 458 5 541 1 070 18 717

Total expenses 9 591 075 1 338 429 688 507 6 793 706 Net result from investments 51 569 028 1 093 897 1 444 230 16 240 199 Net realised result on:

Investments securities 2 5 208 722 3 010 701 11 297 178 13 329 307Financial instruments (12 521 201) (606 553) 426 299 558 923

Net realised result 44 256 549 3 498 045 13 167 707 30 128 429 Movement on net unrealised gain/loss on:

Investments securities (42 552 306) (4 986 195) (9 830 262) (24 374 107)Financial instruments (4 358 337) 255 264 1 590 (677 854)

Change in net assets due to operations (2 654 094) (1 232 886) 3 339 035 5 076 468 Net subscriptions/(redemptions) 374 463 533 36 652 073 (58 615 287) (11 433 662)Dividends paid 7 (10 069 769) (219 484) (140 878) (1 250 762)Increase/(Decrease) in net assets during the year/period 361 739 670 35 199 703 (55 417 130) (7 607 956)

Net assets at the beginning of the financial year/period 851 386 894 116 625 318 101 317 090 940 727 779 Reevaluation of opening NAV 0 0 0 0 Reevaluation of opening consolidated NAV 0 0 0 0 Net assets at the end of the financial year/period 1 213 126 564 151 825 021 45 899 960 933 119 823


Page 17

Bond Euro Short Term

Bond Euro Short Term Corporate

Bond Europe Emerging Bond JPY Bond USA High Yield Bond USD

EUR EUR EUR JPY USD USD

476 365 689 183 324 194 59 508 436 9 881 593 814 311 585 064 152 169 007 472 799 174 164 731 085 62 072 116 8 913 433 121 318 539 127 150 536 260

(2 094 673) (3 350 978) (5 815 677) 241 033 059 (23 099 978) (5 723 533)470 704 501 161 380 107 56 256 439 9 154 466 180 295 439 149 144 812 727

0 0 0 0 0 022 420 31 304 901 656 0 0 218 663

1 547 638 13 982 055 120 000 702 214 459 4 914 102 5 778 0244 091 130 7 930 728 2 230 341 24 913 175 11 231 813 1 359 593

745 501 63 694 356 409 7 492 000 4 467 377 29 067 322 0 0 0 0 0 7 8970 0 39 331 0 0 00 0 0 0 29 918 0

745 501 63 694 317 078 7 492 000 4 437 459 29 059 425475 620 188 183 260 500 59 152 027 9 874 101 814 307 117 687 123 101 685

9 862 349 5 571 674 3 210 576 64 771 743 20 684 575 8 554 171 1 750 476 173 384 1 011 659 36 991 560 2 968 389 683 048

415 3 223 3 620 13 575 39 023 1 9520 0 33 327 0 0 284 679

1 105 107 315 101 206 096 21 429 587 893 355 362 316279 720 22 532 47 208 4 446 757 169 447 67 366

0 0 0 0 0 024 968 0 351 1 088 437 10 911 1 5705 249 3 495 0 0 0 34 559

3 165 935 517 735 1 302 261 63 969 916 4 081 125 1 435 490 6 696 414 5 053 939 1 908 315 801 827 16 603 450 7 118 681

(926 158) (962 426) (1 783 645) 82 854 080 (22 513 798) (737 304)230 548 (307 071) (416 793) 2 801 (2 511 743) (35 012)

6 000 804 3 784 442 (292 123) 83 658 708 (8 422 091) 6 346 365

(4 374 112) (3 194 737) 2 454 952 (19 291 292) (9 748 971) (7 829 943)(11 115) 58 707 1 477 757 0 355 625 (192 350)

1 615 577 648 412 3 640 586 64 367 416 (17 815 437) (1 675 928)(65 208 576) 83 334 470 (18 623 155) 1 827 778 497 (5 314 709) (9 087 157)

0 0 (1 567 883) (129 269) (14 060 856) (728 102)

(63 592 999) 83 982 882 (16 550 452) 1 892 016 644 (37 191 002) (11 491 187)

539 213 187 99 277 618 75 702 479 7 982 085 170 344 308 689 134 592 872 0 0 0 0 0 0 0 0 0 0 0 0

475 620 188 183 260 500 59 152 027 9 874 101 814 307 117 687 123 101 685



Page 18

Bond USD Short

Duration Bond World Bond World Corporate

Bond World Emerging

Expressed in USD EUR USD USDNotes

Statement of net assets Assets 115 584 280 128 056 382 134 696 068 288 130 452

Securities portfolio at cost price 98 468 371 117 529 008 133 153 592 291 287 280Unrealised gain/(loss) on securities portfolio (1 170 835) 4 017 212 (4 342 817) (21 226 643)

Securities portfolio at market value 2 97 297 536 121 546 220 128 810 775 270 060 637Options at market value 2,13 0 149 292 0 0Net Unrealised gain on financial instruments 2,10,11,12 0 219 293 0 4 470 031Cash at banks and time deposits 4 134 372 5 114 414 4 015 486 7 727 973Other assets 14 152 372 1 027 163 1 869 807 5 871 811

Liabilities 16 164 118 8 623 327 1 027 624 717 931 Options at market value 2,13 0 0 0 0Bank overdrafts 0 1 714 0 0Net Unrealised loss on financial instruments 2,10,11,12 86 471 0 358 732 0Other liabilities 16 077 647 8 621 613 668 892 717 931

Net asset value 99 420 162 119 433 055 133 668 444 287 412 521 Statement of operations and changes in net assetsIncome on investments and assets 1 827 355 7 098 468 4 766 009 21 426 241

Management and advisory fees 3 314 280 815 379 661 875 2 332 486Bank interest 300 1 558 1 747 6 735Interest on swaps 2 0 366 863 0 545 639Other fees 5 172 549 355 898 307 537 742 256Taxes 6 39 834 66 139 47 240 91 434Performance fees 4 0 0 0 0Distribution fees 7 427 214 5 553 22 477Transaction fees 20 932 26 305 4 266 0

Total expenses 535 322 1 632 356 1 028 218 3 741 027 Net result from investments 1 292 033 5 466 112 3 737 791 17 685 214 Net realised result on:

Investments securities 2 (349 716) 7 097 236 (10 800 696) (24 149 654)Financial instruments (381 933) 139 229 4 873 928 (12 190 465)

Net realised result 560 384 12 702 577 (2 188 977) (18 654 905)Movement on net unrealised gain/loss on:

Investments securities (790 058) (4 506 822) (1 137 594) (1 221 250)Financial instruments (70 487) 219 616 (937 658) 5 321 498

Change in net assets due to operations (300 161) 8 415 371 (4 264 229) (14 554 657)Net subscriptions/(redemptions) 24 516 541 (31 488 624) (874 248) (90 952 961)Dividends paid 7 (14 900) (480 997) (58 020) (3 592 020)Increase/(Decrease) in net assets during the year/period 24 201 480 (23 554 250) (5 196 497) (109 099 638)

Net assets at the beginning of the financial year/period 75 218 682 142 987 305 138 864 941 396 512 159 Reevaluation of opening NAV 0 0 0 0 Reevaluation of opening consolidated NAV 0 0 0 0 Net assets at the end of the financial year/period 99 420 162 119 433 055 133 668 444 287 412 521


Page 19

Bond World Emerging Advanced

Bond World Emerging Corporate

Bond World Emerging Local

Bond World High Yield

Bond World High Yield Short Duration Bond World Income

USD USD USD EUR USD EUR

0 0 403 017 986 175 253 438 43 904 992 50 273 303 0 0 467 544 604 164 841 733 38 369 851 48 084 7960 0 (97 509 605) 132 969 (1 977 245) (664 932)0 0 370 034 999 164 974 702 36 392 606 47 419 8640 0 0 0 0 00 0 0 134 052 175 945 00 0 23 783 852 3 198 708 6 666 035 1 959 4310 0 9 199 135 6 945 976 670 406 894 0080 0 3 689 882 5 524 643 11 693 450 916 0 0 0 0 0 00 0 0 0 0 00 0 2 099 699 0 0 423 6250 0 1 590 183 5 524 643 11 693 27 2910 0 399 328 104 169 728 795 43 893 299 49 822 387

576 896 5 418 995 48 410 140 16 864 978 2 033 573 1 322 369

174 653 006 3 795 227 2 124 414 43 994 141 778248 5 772 59 334 2 453 396 208

64 806 43 700 9 968 877 0 0 11 05014 801 203 501 1 265 266 723 735 48 762 78 406

570 25 542 123 205 131 618 4 982 8 2370 0 0 0 0 00 55 14 428 5 662 0 00 94 0 0 0 8 729

80 599 931 670 15 226 337 2 987 882 98 134 248 408 496 297 4 487 325 33 183 803 13 877 096 1 935 439 1 073 961

(2 215 066) (47 295 858) (195 386 142) 2 594 866 (29 994) (631 654)

(278 144) 3 533 835 (29 072 265) (22 354 696) 780 238 474 717(1 996 913) (39 274 698) (191 274 604) (5 882 734) 2 685 683 917 024

2 244 829 35 678 442 57 007 244 (7 841 110) (1 977 245) (664 932)

190 502 (3 429 572) 15 227 757 4 865 063 175 945 (423 625)438 418 (7 025 828) (119 039 603) (8 858 781) 884 383 (171 533)

(24 254 407) (176 756 491) (443 980 882) (85 915 322) 43 008 997 49 993 920 0 (1 595 144) (4 464 752) (8 280 839) (81) 0

(23 815 989) (185 377 463) (567 485 237) (103 054 942) 43 893 299 49 822 387

23 815 989 185 377 463 966 813 341 272 783 737 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 399 328 104 169 728 795 43 893 299 49 822 387



Page 20

Bond World Inflation-

Linked Commodities Commodities

Arbitrage Convertible Bond

Asia

Expressed in EUR USD USD USDNotes

Statement of net assets Assets 138 108 740 251 446 735 0 107 656 331

Securities portfolio at cost price 133 946 529 193 789 773 0 107 038 121Unrealised gain/(loss) on securities portfolio (1 785 676) 64 203 0 (1 625 263)

Securities portfolio at market value 2 132 160 853 193 853 976 0 105 412 858Options at market value 2,13 0 0 0 0Net Unrealised gain on financial instruments 2,10,11,12 72 327 0 0 6 126Cash at banks and time deposits 4 088 025 57 393 572 0 1 970 526Other assets 1 787 535 199 187 0 266 821

Liabilities 5 056 899 19 411 043 0 8 684 928 Options at market value 2,13 0 0 0 0Bank overdrafts 0 0 0 0Net Unrealised loss on financial instruments 2,10,11,12 0 18 465 478 0 0Other liabilities 5 056 899 945 565 0 8 684 928

Net asset value 133 051 841 232 035 692 0 98 971 403 Statement of operations and changes in net assetsIncome on investments and assets 1 393 377 58 918 136 896 903

Management and advisory fees 3 676 211 2 295 596 38 590 1 246 338Bank interest 1 107 415 0 1 181Interest on swaps 2 0 0 0 0Other fees 5 315 094 889 356 48 597 383 035Taxes 6 50 034 99 671 558 64 416Performance fees 4 0 0 0 0Distribution fees 27 322 21 115 188 19 499Transaction fees 20 10 393 0 0 8 237

Total expenses 1 080 161 3 306 153 87 933 1 722 706 Net result from investments 313 216 (3 247 235) (87 797) (825 803)Net realised result on:

Investments securities 2 13 819 072 (1 084 951) 39 304 (1 967 958)Financial instruments (11 216 075) (119 540 795) (451 781) (475 212)

Net realised result 2 916 213 (123 872 981) (500 274) (3 268 973)Movement on net unrealised gain/loss on:

Investments securities (8 633 121) 1 124 580 (14 643) 733 657Financial instruments 2 678 180 40 487 536 (340 946) (24 578)

Change in net assets due to operations (3 038 728) (82 260 865) (855 863) (2 559 894)Net subscriptions/(redemptions) 14 811 946 15 293 261 (54 788 789) (23 524 789)Dividends paid 7 0 0 0 (171 267)Increase/(Decrease) in net assets during the year/period 11 773 218 (66 967 604) (55 644 652) (26 255 950)

Net assets at the beginning of the financial year/period 121 278 623 299 003 296 55 644 652 125 227 353 Reevaluation of opening NAV 0 0 0 0 Reevaluation of opening consolidated NAV 0 0 0 0 Net assets at the end of the financial year/period 133 051 841 232 035 692 0 98 971 403


Page 21

Convertible Bond Europe

Convertible Bond Europe Small Cap

Convertible Bond World

Cross Asset Absolute Return Diversified Dynamic Diversified Inflation

EUR EUR USD EUR EUR EUR

1 161 953 505 252 221 270 2 298 814 310 55 214 241 261 084 474 0 1 039 106 464 230 666 097 1 962 362 224 50 604 714 248 533 313 0

29 346 575 12 631 641 82 540 169 100 414 6 405 483 01 068 453 039 243 297 738 2 044 902 393 50 705 128 254 938 796 0

0 0 2 409 789 342 086 163 850 00 0 0 29 983 0 0

89 543 547 7 770 329 228 346 842 4 031 336 5 761 193 03 956 919 1 153 203 23 155 286 105 708 220 635 06 346 443 1 605 833 79 561 638 75 014 2 142 694 0

0 0 0 0 0 00 0 0 0 0 0

621 476 0 34 162 282 0 1 443 005 05 724 967 1 605 833 45 399 356 75 014 699 689 0

1 155 607 062 250 615 437 2 219 252 672 55 139 227 258 941 780 0 11 872 935 4 262 107 24 983 431 3 421 2 068 241 39 430 10 497 434 2 561 893 15 599 563 7 538 2 299 606 8 838

10 468 1 599 21 670 73 224 460 0 0 0 0 0

3 283 518 783 351 5 440 064 4 522 817 576 7 021584 958 133 218 538 442 1 385 134 264 191

0 0 0 24 481 0 077 449 37 269 1 486 0 47 870 259

920 3 1 876 845 5 260 181 636 1 57414 454 747 3 517 333 23 478 070 43 259 3 481 176 17 929 (2 581 812) 744 774 1 505 361 (39 838) (1 412 935) 21 501

58 532 775 26 860 411 274 869 892 0 914 901 976 1272 786 371 (146 588) (122 001 431) 35 409 2 281 912 (83 373)

58 737 334 27 458 597 154 373 822 (4 429) 1 783 878 914 255

(6 873 593) 6 422 512 (51 902 303) 100 414 (1 152 527) (485 601)(962 813) 0 (8 888 176) 42 741 (1 805 212) 116 185

50 900 928 33 881 109 93 583 343 138 726 (1 173 861) 544 839 400 690 939 (24 887 118) 2 103 903 55 000 501 118 349 032 (11 054 292)

(885 121) (1 148 599) (3 442 672) 0 (1 122 853) 0

450 706 746 7 845 392 92 244 574 55 139 227 116 052 318 (10 509 453)

704 900 316 242 770 045 2 357 270 824 0 142 889 462 10 509 453 0 0 (230 262 726) 0 0 0 0 0 0 0 0 0

1 155 607 062 250 615 437 2 219 252 672 55 139 227 258 941 780 0



Page 22

Enhanced Cash 6

Months Enhanced Cash 18

Months Environmental Opportunities Equity Australia

Expressed in EUR EUR EUR AUDNotes


Securities portfolio at cost price 676 499 460 0 116 979 651 63 605 970Unrealised gain/(loss) on securities portfolio (7 929 914) 0 16 006 664 1 408 022

Securities portfolio at market value 2 668 569 546 0 132 986 315 65 013 992Options at market value 2,13 20 187 0 0 0Net Unrealised gain on financial instruments 2,10,11,12 0 0 0 226 200Cash at banks and time deposits 98 329 563 0 1 217 256 5 112 561Other assets 11 522 333 0 292 195 1 969 139

Liabilities 969 262 0 258 954 2 591 736 Options at market value 2,13 0 0 0 0Bank overdrafts 0 0 0 0Net Unrealised loss on financial instruments 2,10,11,12 110 107 0 0 0Other liabilities 859 155 0 258 954 2 591 736

Net asset value 777 472 367 0 134 236 812 69 730 156 Statement of operations and changes in net assetsIncome on investments and assets 17 198 027 39 403 2 028 951 3 110 667

Management and advisory fees 3 1 726 307 8 229 2 286 617 1 126 232Bank interest 1 011 3 261 6 291Interest on swaps 2 869 873 0 0 0Other fees 5 825 056 10 958 563 453 319 620Taxes 6 177 015 775 58 969 51 947Performance fees 4 0 0 0 0Distribution fees 34 766 94 1 516 86 278Transaction fees 20 7 637 80 234 809 184 625

Total expenses 3 641 665 20 139 3 145 625 1 774 993 Net result from investments 13 556 362 19 264 (1 116 674) 1 335 674 Net realised result on:

Investments securities 2 (6 195 832) (104 413) 13 258 984 3 961 640Financial instruments 695 572 (2 087) (3 825) (12 624)

Net realised result 8 056 102 (87 236) 12 138 485 5 284 690 Movement on net unrealised gain/loss on:

Investments securities (6 110 962) 97 973 (3 529 969) (5 016 237)Financial instruments (247 578) (15 032) 0 14 700

Change in net assets due to operations 1 697 562 (4 295) 8 608 516 283 153 Net subscriptions/(redemptions) 382 559 591 (31 603 842) 5 879 119 (25 518 660)Dividends paid 7 0 0 (489 152) (220 942)Increase/(Decrease) in net assets during the year/period 384 257 153 (31 608 137) 13 998 483 (25 456 449)



Page 23

Equity Best Selection Asia ex-Japan

Equity Best Selection Euro

Equity Best Selection Europe

Equity Best Selection Europe ex-UK

Equity Best Selection World Equity Brazil

EUR EUR EUR EUR USD USD

574 313 700 1 236 064 741 1 671 570 929 113 222 687 179 097 404 101 637 074 523 393 954 978 145 147 1 485 968 768 103 548 573 184 435 524 148 097 58741 509 412 257 063 262 172 925 968 9 464 132 (11 036 809) (52 310 920)

564 903 366 1 235 208 409 1 658 894 736 113 012 705 173 398 715 95 786 6670 0 0 0 0 00 140 840 198 0 0 0

7 553 482 0 1 090 72 054 5 457 810 3 182 9141 856 852 715 492 12 674 905 137 928 240 879 2 667 4933 949 044 2 401 159 12 623 882 205 990 187 264 2 967 292

0 0 0 0 0 00 1 0 0 0 00 0 0 0 0 0

3 949 044 2 401 158 12 623 882 205 990 187 264 2 967 292570 364 656 1 233 663 582 1 658 947 047 113 016 697 178 910 140 98 669 782

12 270 962 31 775 851 50 884 888 4 253 784 2 817 616 4 789 816 6 656 469 12 490 877 20 052 794 978 985 208 2 651 208

5 062 2 664 4 603 326 354 3890 0 0 0 0 0

2 088 217 4 637 182 6 999 827 551 515 536 830 615 385460 196 551 096 848 192 18 044 21 554 97 568

0 0 0 0 0 043 170 28 810 131 869 2 0 25 384

1 250 423 837 944 2 129 785 275 547 589 832 901 14010 503 537 18 548 573 30 167 070 1 824 419 1 148 778 4 291 074 1 767 425 13 227 278 20 717 818 2 429 365 1 668 838 498 742

53 938 607 73 894 563 177 033 669 9 310 934 (5 887 743) (68 414 334)

331 219 977 445 483 193 (2 240) (274 036) (432 407)56 037 251 88 099 286 198 234 680 11 738 059 (4 492 941) (68 347 999)

(35 729 047) 30 121 955 (66 322 864) (1 734 911) (11 036 809) (12 517 814)

0 101 316 670 0 0 020 308 204 118 322 557 131 912 486 10 003 148 (15 529 750) (80 865 813)

137 687 884 (36 432 487) (360 430 210) (28 856 756) 194 439 890 (25 728 902)(1 597 127) (2 993 550) (8 514 936) (54 146) 0 (356 253)

156 398 961 78 896 520 (237 032 660) (18 907 754) 178 910 140 (106 950 968)

413 965 695 1 154 767 062 1 895 979 707 131 924 451 0 205 620 750 0 0 0 0 0 0 0 0 0 0 0 0

570 364 656 1 233 663 582 1 658 947 047 113 016 697 178 910 140 98 669 782



Page 24

Equity Bric Equity China Equity Europe Emerging Equity Europe

Growth

Expressed in USD USD EUR EURNotes


Securities portfolio at cost price 161 733 428 237 383 704 96 243 446 454 208 505Unrealised gain/(loss) on securities portfolio (25 764 354) (13 401 497) (18 307 220) 92 550 038

Securities portfolio at market value 2 135 969 074 223 982 207 77 936 226 546 758 543Options at market value 2,13 0 0 0 0Net Unrealised gain on financial instruments 2,10,11,12 0 0 0 97 717Cash at banks and time deposits 2 820 189 2 080 151 1 378 456 512Other assets 690 682 17 886 979 778 580 139

Liabilities 742 406 1 694 668 827 627 707 877 Options at market value 2,13 0 0 0 0Bank overdrafts 0 0 0 0Net Unrealised loss on financial instruments 2,10,11,12 0 0 0 0Other liabilities 742 406 1 694 668 827 627 707 877

Net asset value 138 737 539 224 385 576 79 466 833 546 729 034 Statement of operations and changes in net assetsIncome on investments and assets 4 773 436 8 501 964 4 653 110 17 937 122

Management and advisory fees 3 2 904 839 4 526 864 1 416 606 5 948 881Bank interest 977 6 095 255 2 536Interest on swaps 2 0 0 0 0Other fees 5 708 331 1 164 915 453 057 2 536 705Taxes 6 107 376 184 473 54 412 233 940Performance fees 4 0 0 0 0Distribution fees 30 070 178 503 19 495 14 298Transaction fees 20 662 023 1 356 762 209 758 991 591

Total expenses 4 413 616 7 417 612 2 153 583 9 727 951 Net result from investments 359 820 1 084 352 2 499 527 8 209 171 Net realised result on:

Investments securities 2 (20 182 334) 4 111 455 (8 815 966) 78 415 870Financial instruments (250 371) 23 892 (214 446) 2 179 784

Net realised result (20 072 885) 5 219 699 (6 530 885) 88 804 825 Movement on net unrealised gain/loss on:

Investments securities 3 530 931 (33 267 819) 2 757 173 (16 280 063)Financial instruments 0 0 0 (246 938)

Change in net assets due to operations (16 541 954) (28 048 120) (3 773 712) 72 277 824 Net subscriptions/(redemptions) (68 661 208) (74 876 818) (28 255 976) (207 078 740)Dividends paid 7 (75 472) (546 155) (211 132) (4 676 495)Increase/(Decrease) in net assets during the year/period (85 278 634) (103 471 093) (32 240 820) (139 477 411)

Net assets at the beginning of the financial year/period 224 016 173 327 856 669 111 707 653 686 206 445 Reevaluation of opening NAV 0 0 0 0 Reevaluation of opening consolidated NAV 0 0 0 0 Net assets at the end of the financial year/period 138 737 539 224 385 576 79 466 833 546 729 034


Page 25

Equity Europe Mid Cap

Equity Europe Small Cap Equity Europe Value Equity Germany

Equity High Dividend Europe

Equity High Dividend Pacific

EUR EUR EUR EUR EUR EUR

158 084 543 2 166 593 183 517 409 767 141 335 018 613 200 347 67 785 365 125 226 977 1 714 479 913 504 303 785 89 750 084 589 347 777 67 596 29029 211 217 401 093 122 6 564 468 49 103 534 7 682 153 (2 096 417)

154 438 194 2 115 573 035 510 868 253 138 853 618 597 029 930 65 499 8730 0 0 0 0 00 382 699 0 57 513 30 908 0

3 176 864 45 325 718 4 782 468 2 019 628 14 436 567 1 475 102469 485 5 311 731 1 759 046 404 259 1 702 942 810 390603 204 7 842 384 2 272 488 351 772 2 114 418 117 064

0 0 0 0 0 00 0 0 0 0 00 0 1 240 715 0 0 0

603 204 7 842 384 1 031 773 351 772 2 114 418 117 064157 481 339 2 158 750 799 515 137 279 140 983 246 611 085 929 67 668 301

4 552 227 34 504 911 17 086 292 3 491 557 30 802 447 2 438 649 1 733 389 22 130 601 6 139 176 2 169 779 6 414 530 659 978

287 1 953 8 332 194 1 512 9780 0 0 0 0 0

571 451 6 244 497 1 791 335 598 474 2 869 604 219 04278 035 874 090 317 392 107 100 324 335 46 550

0 0 0 0 0 022 784 124 452 3 348 61 786 53 091 579

340 230 5 055 424 2 288 649 2 070 1 276 098 73 2252 746 176 34 431 017 10 548 232 2 939 403 10 939 170 1 000 352 1 806 051 73 894 6 538 060 552 154 19 863 277 1 438 297

16 213 503 97 257 785 6 961 322 4 196 262 55 228 335 645 355(1 647 872) 290 182 3 612 337 38 028 700 583 (8 834)16 371 682 97 621 861 17 111 719 4 786 444 75 792 195 2 074 818

8 557 108 214 465 080 (7 353 930) 6 360 737 (30 554 039) (2 190 622)

102 816 379 676 (1 787 990) (80 000) 30 484 025 031 606 312 466 617 7 969 799 11 067 181 45 268 640 (115 804)16 890 421 829 720 778 289 066 535 (6 082 931) (55 709 363) 34 290 252

(37 670) (872 179) (74 870) (55 405) (2 105 351) (1 302 908)

41 884 357 1 141 315 216 296 961 464 4 928 845 (12 546 074) 32 871 540

115 596 982 1 017 435 583 218 175 815 136 054 401 623 632 003 34 796 761 0 0 0 0 0 0 0 0 0 0 0 0

157 481 339 2 158 750 799 515 137 279 140 983 246 611 085 929 67 668 301



Page 26

Equity High Dividend

USA Equity High Dividend

World Equity India Equity Indonesia

Expressed in USD USD USD USDNotes

Statement of net assets Assets 80 455 501 32 904 414 1 512 202 570 52 477 061

Securities portfolio at cost price 76 880 763 30 131 266 1 401 024 864 57 807 239Unrealised gain/(loss) on securities portfolio 2 684 492 (1 906 706) 826 061 (8 324 732)

Securities portfolio at market value 2 79 565 255 28 224 560 1 401 850 925 49 482 507Options at market value 2,13 0 0 0 0Net Unrealised gain on financial instruments 2,10,11,12 0 0 0 0Cash at banks and time deposits 738 026 1 836 092 78 460 680 2 912 982Other assets 152 220 2 843 762 31 890 965 81 572

Liabilities 862 057 2 506 151 62 741 638 141 840 Options at market value 2,13 0 0 0 0Bank overdrafts 0 0 0 0Net Unrealised loss on financial instruments 2,10,11,12 295 559 0 0 0Other liabilities 566 498 2 506 151 62 741 638 141 840

Net asset value 79 593 444 30 398 263 1 449 460 932 52 335 221 Statement of operations and changes in net assetsIncome on investments and assets 2 211 884 1 564 065 11 374 161 1 147 351

Management and advisory fees 3 1 380 512 5 143 12 228 300 1 021 772Bank interest 56 288 1 563 6Interest on swaps 2 0 0 0 0Other fees 5 396 096 167 160 4 419 969 268 100Taxes 6 58 230 4 812 2 417 246 35 140Performance fees 4 0 0 0 0Distribution fees 15 493 141 212 131 472Transaction fees 20 46 398 346 815 4 927 972 336 291

Total expenses 1 896 785 524 359 24 207 181 1 661 781 Net result from investments 315 099 1 039 706 (12 833 020) (514 430)Net realised result on:

Investments securities 2 4 654 855 (5 011 644) 13 054 208 (7 065 380)Financial instruments (3 515 489) (86 141) (828 311) (7 061)

Net realised result 1 454 465 (4 058 079) (607 123) (7 586 871)Movement on net unrealised gain/loss on:

Investments securities (11 065 090) 625 682 (95 461 566) (9 423 325)Financial instruments 284 451 0 0 0

Change in net assets due to operations (9 326 174) (3 432 397) (96 068 689) (17 010 196)Net subscriptions/(redemptions) (33 868 136) (7 006 998) 839 791 107 (43 767 850)Dividends paid 7 (392 916) 0 (132 853) (208 981)Increase/(Decrease) in net assets during the year/period (43 587 226) (10 439 395) 743 589 565 (60 987 027)

Net assets at the beginning of the financial year/period 123 180 670 40 837 658 705 871 367 113 322 248 Reevaluation of opening NAV 0 0 0 0 Reevaluation of opening consolidated NAV 0 0 0 0 Net assets at the end of the financial year/period 79 593 444 30 398 263 1 449 460 932 52 335 221


Page 27

Equity Japan Equity Japan Small Cap Equity Latin AmericaEquity Nordic Small

Cap Equity Pacific ex-

Japan Equity Russia

JPY JPY USD EUR EUR EUR

84 499 050 890 69 807 387 242 81 187 270 29 951 538 112 086 672 512 618 736 82 260 039 817 54 830 580 778 105 981 840 22 875 632 106 947 106 603 276 946

646 586 942 10 521 963 725 (27 962 645) 6 244 328 4 826 889 (117 737 722)82 906 626 759 65 352 544 503 78 019 195 29 119 960 111 773 995 485 539 224

0 0 0 0 0 00 0 0 0 0 0

532 373 589 4 138 157 224 1 160 930 697 699 213 007 17 617 2131 060 050 542 316 685 515 2 007 145 133 879 99 670 9 462 2991 763 127 066 1 216 211 039 1 583 483 77 841 40 859 2 213 208

0 0 0 0 0 00 0 0 0 0 0

764 800 803 619 703 912 0 0 0 0998 326 263 596 507 127 1 583 483 77 841 40 859 2 213 208

82 735 923 824 68 591 176 203 79 603 787 29 873 697 112 045 813 510 405 528

1 641 742 578 814 238 208 3 428 976 682 699 3 754 462 28 937 190 1 078 006 846 1 044 932 594 1 909 783 408 021 146 610 7 508 429

6 829 220 2 196 028 1 415 4 512 891 5900 0 0 0 0 0

360 601 363 245 706 036 506 048 90 517 307 655 2 230 99949 686 979 38 346 197 74 584 16 656 16 804 308 126

0 0 0 0 0 05 802 755 3 066 497 40 771 18 18 60 500

185 012 232 114 786 878 808 016 46 587 174 786 946 1081 685 939 395 1 449 034 230 3 340 617 566 311 646 764 11 054 752

(44 196 817) (634 796 022) 88 359 116 388 3 107 698 17 882 438

31 014 414 114 4 468 183 126 (49 298 850) 1 368 920 12 925 594 (63 685 285)(6 654 976 306) (2 559 247 851) (96 674) 8 210 97 126 (860 907)24 315 240 991 1 274 139 253 (49 307 165) 1 493 518 16 130 418 (46 663 754)

(21 096 727 535) 1 617 392 405 (173 633) 4 858 894 (9 520 907) 99 867 715

294 376 160 (274 207 249) 0 0 0 03 512 889 616 2 617 324 409 (49 480 798) 6 352 412 6 609 511 53 203 961

(41 148 416 302) 13 528 187 838 (47 497 710) 4 401 941 (20 539 043) 90 280 887 (14 379 312) (2 262 240) (345 869) (6 593) (51 579) (1 222 588)

(37 649 905 998) 16 143 250 007 (97 324 377) 10 747 760 (13 981 111) 142 262 260

120 385 829 822 52 447 926 196 176 928 164 19 125 937 126 026 924 368 143 268 0 0 0 0 0 0 0 0 0 0 0 0

82 735 923 824 68 591 176 203 79 603 787 29 873 697 112 045 813 510 405 528



Page 28

Equity Russia Opportunities Equity South Korea Equity Turkey Equity USA

Expressed in USD USD EUR USDNotes


Securities portfolio at cost price 104 448 110 9 423 372 63 384 032 474 709 978Unrealised gain/(loss) on securities portfolio (26 610 076) (270 857) (8 924 195) 13 167 352

Securities portfolio at market value 2 77 838 034 9 152 515 54 459 837 487 877 330Options at market value 2,13 0 0 0 0Net Unrealised gain on financial instruments 2,10,11,12 0 0 0 0Cash at banks and time deposits 549 177 238 526 844 506 828 069Other assets 716 067 245 791 653 087 261 236

Liabilities 187 164 353 590 712 016 1 463 478 Options at market value 2,13 0 0 0 0Bank overdrafts 0 0 0 0Net Unrealised loss on financial instruments 2,10,11,12 0 0 0 549 387Other liabilities 187 164 353 590 712 016 914 091

Net asset value 78 916 114 9 283 242 55 245 414 487 503 157 Statement of operations and changes in net assetsIncome on investments and assets 6 039 910 273 007 1 747 531 6 520 459

Management and advisory fees 3 1 259 302 229 168 1 112 789 7 887 942Bank interest 483 67 29 1 033Interest on swaps 2 0 0 0 0Other fees 5 421 032 54 398 290 150 2 516 720Taxes 6 50 407 8 357 43 406 296 217Performance fees 4 0 0 0 0Distribution fees 38 606 3 608 75 101 88 356Transaction fees 20 265 148 185 025 397 715 505 856

Total expenses 2 034 978 480 623 1 919 190 11 296 124 Net result from investments 4 004 932 (207 616) (171 659) (4 775 665)Net realised result on:

Investments securities 2 (11 927 724) (1 660 786) (6 495 770) 322 596 666Financial instruments (422 883) 242 (369 321) (9 204 303)

Net realised result (8 345 675) (1 868 160) (7 036 750) 308 616 698 Movement on net unrealised gain/loss on:

Investments securities 4 698 650 564 215 (15 114 084) (302 725 553)Financial instruments 0 0 0 1 049 263

Change in net assets due to operations (3 647 025) (1 303 945) (22 150 834) 6 940 408 Net subscriptions/(redemptions) 30 017 608 (11 495 589) (19 026 338) (656 162 897)Dividends paid 7 (237 151) (6 814) (151 219) (84 688)Increase/(Decrease) in net assets during the year/period 26 133 432 (12 806 348) (41 328 391) (649 307 177)

Net assets at the beginning of the financial year/period 52 782 682 22 089 590 96 573 805 1 136 810 334 Reevaluation of opening NAV 0 0 0 0 Reevaluation of opening consolidated NAV 0 0 0 0 Net assets at the end of the financial year/period 78 916 114 9 283 242 55 245 414 487 503 157


Page 29

Equity USA Growth Equity USA Mid Cap Equity USA Small Cap Equity USA Value Equity World

Consumer Durables Equity World

Emerging

USD USD USD USD EUR USD

1 067 668 202 968 249 903 497 435 439 45 090 232 155 386 049 410 913 988 987 721 876 1 138 788 408 478 853 423 43 528 285 128 328 539 425 513 29261 425 196 (189 548 895) 910 156 (295 167) 23 071 348 (21 683 438)

1 049 147 072 949 239 513 479 763 579 43 233 118 151 399 887 403 829 8540 0 0 0 0 00 0 0 0 0 5 354

17 683 031 16 464 984 17 087 052 1 816 043 3 824 427 6 509 220838 099 2 545 406 584 808 41 071 161 735 569 560

3 491 706 3 825 934 12 695 891 199 108 379 790 1 077 338 0 0 0 0 0 00 0 0 0 0 0

1 731 541 883 746 51 237 104 350 0 01 760 165 2 942 188 12 644 654 94 758 379 790 1 077 338

1 064 176 496 964 423 969 484 739 548 44 891 124 155 006 259 409 836 650 9 793 616 16 365 724 4 583 352 978 569 2 078 931 8 718 119

11 055 263 19 253 354 5 915 095 900 289 2 040 589 3 794 193537 164 486 160 1 348 10 052

0 0 0 0 0 04 117 691 4 957 399 1 787 372 247 504 604 139 2 022 783

479 398 601 274 197 124 35 318 103 931 145 9710 0 0 0 0 0

40 477 33 277 25 966 23 743 14 017 25 755771 196 437 744 805 168 70 044 159 702 1 547 301

16 464 562 25 283 212 8 731 211 1 277 058 2 923 726 7 546 055 (6 670 946) (8 917 488) (4 147 859) (298 489) (844 795) 1 172 064

101 788 268 154 496 755 54 870 411 (2 357 077) 24 418 859 (16 466 342)

(1 122 297) (6 099 340) (659 967) (1 412 039) (64 780) (48 348)93 995 025 139 479 927 50 062 585 (4 067 605) 23 509 284 (15 342 626)

(86 658 123) (315 518 831) (54 663 397) (441 934) (4 455 605) (46 554 302)(1 513 857) 149 007 62 228 134 024 0 5 3545 823 045 (175 889 897) (4 538 584) (4 375 515) 19 053 679 (61 891 574)

63 792 158 (349 022 755) (38 245 719) (68 567 363) 5 050 416 (137 451 441)(1 829 301) (551 196) (213 134) (234 629) (402 378) (127 257)

67 785 902 (525 463 848) (42 997 437) (73 177 507) 23 701 717 (199 470 272)

996 390 594 1 489 887 817 527 736 985 118 068 631 131 304 542 609 306 922 0 0 0 0 0 0 0 0 0 0 0 0

1 064 176 496 964 423 969 484 739 548 44 891 124 155 006 259 409 836 650



Page 30

Equity World

Emerging Low Volatility

Equity World Emerging Small Cap Equity World Energy Equity World Finance

Expressed in USD USD EUR EURNotes


Securities portfolio at cost price 112 630 797 4 755 212 155 037 354 24 121 788Unrealised gain/(loss) on securities portfolio (10 468 831) (586 569) (35 228 797) 2 797 193

Securities portfolio at market value 2 102 161 966 4 168 643 119 808 557 26 918 981Options at market value 2,13 0 0 0 0Net Unrealised gain on financial instruments 2,10,11,12 0 25 0 0Cash at banks and time deposits 0 71 928 615 046 72 479Other assets 321 490 87 994 386 969 60 926

Liabilities 965 755 59 125 555 317 52 698 Options at market value 2,13 0 0 0 0Bank overdrafts 821 539 0 0 0Net Unrealised loss on financial instruments 2,10,11,12 0 0 0 0Other liabilities 144 216 59 125 555 317 52 698

Net asset value 101 517 701 4 269 465 120 255 255 26 999 688 Statement of operations and changes in net assetsIncome on investments and assets 2 092 418 46 690 4 042 891 664 553

Management and advisory fees 3 736 949 5 1 983 822 354 730Bank interest 8 380 356 681 39Interest on swaps 2 0 0 0 0Other fees 5 335 459 9 749 575 919 114 865Taxes 6 240 525 328 98 804 19 745Performance fees 4 0 0 0 0Distribution fees 7 0 28 145 22Transaction fees 20 447 611 11 825 113 020 39 129

Total expenses 1 768 931 22 263 2 800 391 528 530 Net result from investments 323 487 24 427 1 242 500 136 023 Net realised result on:

Investments securities 2 (12 307 764) (175 299) (6 824 105) 3 369 750Financial instruments (113 185) 5 348 22 029 (7 526)

Net realised result (12 097 462) (145 524) (5 559 576) 3 498 247 Movement on net unrealised gain/loss on:

Investments securities (4 564 697) (586 569) (18 349 537) (1 411 312)Financial instruments 0 25 0 0

Change in net assets due to operations (16 662 159) (732 068) (23 909 113) 2 086 935 Net subscriptions/(redemptions) (12 748 634) 5 001 533 8 515 373 (2 984 399)Dividends paid 7 (70 841) 0 (1 444 204) (318 153)Increase/(Decrease) in net assets during the year/period (29 481 634) 4 269 465 (16 837 944) (1 215 617)

Net assets at the beginning of the financial year/period 130 999 335 0 137 093 199 28 215 305 Reevaluation of opening NAV 0 0 0 0 Reevaluation of opening consolidated NAV 0 0 0 0 Net assets at the end of the financial year/period 101 517 701 4 269 465 120 255 255 26 999 688


Page 31

Equity World Health Care

Equity World Low Volatility

Equity World Materials

Equity World Technology

Equity World Telecom Equity World Utilities

EUR EUR EUR EUR EUR EUR

388 807 665 690 543 010 73 519 750 126 694 545 65 468 182 73 407 512 320 249 287 661 459 054 65 489 470 117 594 018 60 832 931 63 150 13665 607 328 27 128 661 7 181 504 7 108 137 4 051 980 9 559 599

385 856 615 688 587 715 72 670 974 124 702 155 64 884 911 72 709 7350 0 0 0 0 00 0 0 0 0 0

2 420 956 268 803 703 400 1 842 712 404 276 513 469530 094 1 686 492 145 376 149 678 178 995 184 308

1 187 629 1 382 079 166 168 246 387 171 210 198 814 0 0 0 0 0 00 0 0 0 0 00 0 0 0 0 0

1 187 629 1 382 079 166 168 246 387 171 210 198 814387 620 036 689 160 931 73 353 582 126 448 158 65 296 972 73 208 698

3 957 413 15 969 958 1 884 292 1 081 793 2 454 859 2 552 376 5 974 851 7 998 188 1 159 497 1 354 000 1 048 207 1 197 845

1 119 10 251 35 393 688 2740 0 0 0 0 0

1 720 753 2 519 538 329 054 421 880 292 507 336 219296 649 361 817 57 902 74 728 50 363 57 946

0 0 0 0 0 055 113 21 008 35 19 625 294 699

482 611 784 494 18 674 481 550 381 818 87 5778 531 096 11 695 296 1 565 197 2 352 176 1 773 877 1 680 560

(4 573 683) 4 274 662 319 095 (1 270 383) 680 982 871 816

82 182 923 71 830 459 1 038 354 32 007 312 11 978 949 6 415 625(359 320) 1 195 739 (20 503) 17 355 (89 888) 65 080

77 249 920 77 300 860 1 336 946 30 754 284 12 570 043 7 352 521

(20 945 490) (33 804 184) (21 454) (13 059 345) (4 835 173) (5 068 574)0 0 0 0 0 0

56 304 430 43 496 676 1 315 492 17 694 939 7 734 870 2 283 947 (55 156 272) 146 969 287 (7 557 912) (1 172 893) (11 235 009) (24 250 219)(1 099 278) (478 120) (144 035) (130 508) (428 708) (738 591)

48 880 189 987 843 (6 386 455) 16 391 538 (3 928 847) (22 704 863)

387 571 156 499 173 088 79 740 037 110 056 620 69 225 819 95 913 561 0 0 0 0 0 0 0 0 0 0 0 0

387 620 036 689 160 931 73 353 582 126 448 158 65 296 972 73 208 698



Page 32

Euro Covered Bond Flexible Assets (EUR) Flexible Bond Euro Flexible Bond

Europe Corporate



Securities portfolio at cost price 96 990 191 0 99 504 679 359 342 379Unrealised gain/(loss) on securities portfolio 1 960 909 0 165 124 (4 091 474)

Securities portfolio at market value 2 98 951 100 0 99 669 803 355 250 905Options at market value 2,13 0 0 40 935 0Net Unrealised gain on financial instruments 2,10,11,12 6 380 0 119 039 570 947Cash at banks and time deposits 5 365 768 0 7 172 933 36 474 165Other assets 1 217 312 0 1 190 687 4 352 146

Liabilities 36 353 0 144 225 691 079 Options at market value 2,13 0 0 0 0Bank overdrafts 0 0 0 0Net Unrealised loss on financial instruments 2,10,11,12 0 0 0 0Other liabilities 36 353 0 144 225 691 079

Net asset value 105 504 207 0 108 049 172 395 957 084 Statement of operations and changes in net assetsIncome on investments and assets 2 454 443 131 943 2 596 804 11 146 419

Management and advisory fees 3 281 465 102 814 400 604 3 051 367Bank interest 22 148 3 380 889Interest on swaps 2 0 0 92 129 976 274Other fees 5 136 986 30 235 178 991 1 305 559Taxes 6 12 068 1 866 11 003 256 524Performance fees 4 0 0 0 0Distribution fees 0 3 929 1 968 7 792Transaction fees 20 338 16 282 26 220 24 590

Total expenses 430 879 155 274 714 295 5 622 995 Net result from investments 2 023 564 (23 331) 1 882 509 5 523 424 Net realised result on:

Investments securities 2 2 135 068 2 761 546 1 548 289 4 469 895Financial instruments (139 990) (1 576 831) (928 244) (6 554 907)

Net realised result 4 018 642 1 161 384 2 502 554 3 438 412 Movement on net unrealised gain/loss on:

Investments securities (3 730 348) (1 126 978) (1 545 164) (7 295 868)Financial instruments 87 665 588 925 497 185 1 727 341

Change in net assets due to operations 375 959 623 331 1 454 575 (2 130 115)Net subscriptions/(redemptions) (37 263 175) (26 562 785) 5 091 832 15 706 600 Dividends paid 7 0 0 0 0 Increase/(Decrease) in net assets during the year/period (36 887 216) (25 939 454) 6 546 407 13 576 485



Page 33

Flexible Equity Europe Flexible Multi-Asset Global Environment Green Tigers Human Development Money Market Euro

EUR EUR EUR EUR EUR EUR 62 394 058 87 766 819 376 772 339 58 702 980 19 402 924 1 133 370 311 47 472 808 79 200 626 321 261 316 58 154 768 20 360 665 1 124 705 38411 656 475 (1 384 034) 47 107 763 (2 013 245) (1 115 616) 644 15459 129 283 77 816 592 368 369 079 56 141 523 19 245 049 1 125 349 5381 052 065 0 0 0 0 0

73 694 0 0 0 0 01 996 326 9 845 556 7 592 386 2 534 676 139 970 3 688 281

142 690 104 671 810 874 26 781 17 905 4 332 492164 431 2 957 894 717 588 118 657 16 386 15 638 500

0 278 008 0 0 0 00 0 0 0 0 00 2 504 487 0 0 0 0

164 431 175 399 717 588 118 657 16 386 15 638 50062 229 627 84 808 925 376 054 751 58 584 323 19 386 538 1 117 731 811 6 207 220 1 393 660 5 340 750 1 741 559 243 841 749 107 3 739 912 553 499 4 485 019 1 074 134 86 274 1 024 120

314 1 434 343 48 666 22 1 0330 124 486 0 0 0 0

860 820 293 024 1 302 295 373 012 43 768 1 202 607103 575 21 394 163 090 45 280 1 521 177 712

0 0 0 0 0 030 5 075 16 946 253 0 0

572 098 76 007 454 659 320 825 47 079 05 276 749 1 074 919 6 422 352 1 862 170 178 664 2 405 472

930 471 318 741 (1 081 602) (120 611) 65 177 (1 656 365)

113 571 898 (4 422 201) 23 463 295 9 118 948 (96 095) 2 424 541(15 772 606) 1 837 351 (1 195 642) (481 186) 112 963 (1)98 729 763 (2 266 109) 21 186 051 8 517 151 82 045 768 175

(53 161 865) (1 384 034) (367 636) (14 343 264) (1 115 616) (551 937)

962 822 (2 355 692) 0 0 0 046 530 720 (6 005 835) 20 818 415 (5 826 113) (1 033 571) 216 238

(420 570 569) 90 814 760 80 901 649 (14 418 650) 20 420 109 (787 935)(51 365) 0 (1 265 265) (1 421 243) 0 0

(374 091 214) 84 808 925 100 454 799 (21 666 006) 19 386 538 (571 697)

436 320 841