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RCS : B 158.710

Serviced Platform SICAV

Semi-Annual Report

Unaudited Financial Statements

For the Period Ended 30 June 2017

No subscriptions can be received on the basis of financial reports alone. Subscriptions are only valid if made on the basis of the current Prospectus supplemented by the most recent Annual Report and latest Semi-Annual Report if published thereafter.

Serviced Platform SICAV Table of Contents

Page

Directors and Other Information 1

Investment Manager’s Report 2

Schedule of Investments - Serviced Platform SICAV—Select Equity Long/Short UCITS Sub-Fund 10

Schedule of Investments - Serviced Platform SICAV—LBN China+Opportunity UCITS Fund 14

Schedule of Investments - Serviced Platform SICAV—MSK Equity UCITS Fund 16

Schedule of Investments - Serviced Platform SICAV—Maverick Fundamental Quant UCITS Fund 26

Schedule of Investments - Serviced Platform SICAV—Campbell UCITS Managed Futures Fund 31

Schedule of Investments - Serviced Platform SICAV—Multi Asset Risk Premia—M1 Fund 34

Schedule of Investments - Serviced Platform SICAV—ADG Systematic Macro UCITS Fund 36

Statement of Assets and Liabilities 38

Statement of Operations 39

Statement of Changes in Shareholders’ Equity 40

Statistical Information 41

Notes to the Financial Statements 42

Appendix I – Securities Financing Transactions Regulation (SFTR) 53


Investment Manager’s Report For the Period Ended 30 June 2017

Serviced Platform SICAV Global Distributor and Platform Arranger Société d’Investissement à Capital Variable Goldman Sachs International An undertaking for collective investment organised under the Peterborough Court laws of the Grand Duchy of Luxembourg 133, Fleet Street London EC4A 2BB, UK Board of Directors Andreas Koernlein (DE)1 Claude Kremer (LU)1,2 Legal Advisor

Arendt & Medernach S.A. Jean de Courrèges (LU)2 41A, avenue John F. Kennedy Glenn Thorpe (GB)1,3 L-2082 Luxembourg Patrick Zurstrassen (LU)2 Management Company Board of Directors of the Management Company FundRock Management Company S.A.

Kevin Brown (UK) 33, rue de Gasperich Lorna Cassidy (LU) L-5826 Hesperange – Luxembourg Gudrun Goebel (LU) Henry Kelly (LU)4 Shareholders Services Agent Eric May (FR) Goldman Sachs International Michel Vareika (LU) Peterborough Court Revel Wood (LU)1 133, Fleet Street London EC4A 2BB, UK Conducting Officers Christophe Douche Prime Broker Enda Fahy5 Goldman Sachs International Gudrun Goebel Peterborough Court Revel Wood1 133, Fleet Street, London EC4A 2BB, UK Gregory Nicolas Romain Denis Investment Managers

Select Equity Group, L.P. Auditor 1209, Orange Street PricewaterhouseCoopers, Société coopérative Wilmington, Delaware 19801, USA 2, rue Gerhard Mercator, B.P. 1443 LBN Advisers Limited L-1014 Luxembourg 8/F., Hip Shing Hong Centre 55 Des Voeux Road Central Depositary, Umbrella Fund Administrator, Domiciliary, Central, Hong Kong Corporate Agent, Paying Agent State Street Bank Luxembourg S.C.A. MSK Capital Partners LLP6 49, avenue J.F. Kennedy 3rd Floor, 30, St James’ Square L-1855 Luxembourg London SW1Y 4AL, UK Hedging Agent Dalton Strategic Partnership LLP7 State Street Europe Limited Princes Court, 3rd Floor 20 Churchill Place 7 Princes Street, London EC2R 8AQ London E14 5HJ, UK Maverick Capital, Ltd. Registrar and Transfer Agent 300, Crescent Court, 18th Floor RBC Investor Services Bank S.A. Dallas, Texas 75201, USA 14, Porte de France L-4360 Esch-sur-Alzette

Campbell & Company, LP 2850 Quarry Lake Drive Baltimore, MD 21209, USA Aberdeen Asset Managers Limited 10 Queen's Terrace Aberdeen, AB10 IYG, UK ADG Capital Management LLP 10 Chiswell Street London EC1Y 4UQ, UK

1 Related party to Serviced Platform SICAV. 2 Independent Director. 3 Mr. Glenn Thorpe resigned from the Board of Directors as of 20 July 2017. 4 Mr. Henry Kelly resigned from the Board of Directors of the Management Company as of 25 April 2017. 5 Mr Enda Fahy has been appointed as Conducting Officer as of 18 April 2017. 6 Investment Manager of MSK Equity UCITS Fund until 29 June 2017. 7 Investment Manager of MSK Equity UCITS Fund from 30 June 2017.

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Dear Shareholders: The Serviced Platform SICAV is a third party manager UCITS fund platform. It provides managers with the ability to create their own independently managed UCITS compliant funds. This Luxembourg SICAV is an umbrella structure with a series of different sub-funds each separately managed by fund managers independent of Goldman Sachs. Each fund manager is able to trade its own strategy, as set out in the sub-fund documents, using the infrastructure of the platform, including independent service providers such as custodian, administrator and auditor. The platform additionally benefits from the strength of the global Prime Brokerage franchise*. Management of each sub-fund is independent of all other sub-funds and is not subject to any fiduciary oversight from any party other than the manager of the specific sub-fund. A. Select Equity Long/Short UCITS Sub-Fund Select Equity Group was founded in 1990 by George S. Loening and has maintained a research-intensive approach to investing in high-quality businesses. Our initial focus on US small-mid cap investing evolved in the late 1990s to include larger cap companies, then in the early 2000s to include international businesses and in 2015 to include private investments. Select Equity manages both long-only and long/short equity portfolios that differ in terms of market cap focus, geographic exposure and concentration but share our core investment philosophy of owning only the highest-quality companies that exhibit sustainable competitive advantages. We have been investing on behalf of our clients in long-only equity portfolios since 1991, long/short equity portfolios since 1998, dedicated international equity portfolios since 2011 and global equity portfolios since 2013. All strategies draw from our centralized research effort, which includes both fundamental analysis and extensive field research. We favor owning businesses with recurring revenue streams that hold significant leading market share positions and that we believe will benefit from predictable growth supported by secular tailwinds. We seek to own businesses that can establish or reinforce competitive advantages that enable above-average growth and profitability over a number of years. We believe that our core long portfolio is comprised of companies that are among the best businesses in the world. As of 30 June 2017, the Firm manages over $20 billion across our investment strategies, which share an overriding investment philosophy and leverage a centralized research effort. The Firm has over 110 employees, including an investment team of over 40. Our global client base includes high-net-worth individuals, multi-family offices, foundations, endowments, private banks, pensions and funds of funds. Performance Overview (Cumulative Net Returns)1 For the period ended 30 June 2017

Class 6 Months

Since Inception

Select Equity Long/Short UCITS Sub-Fund “I” Share Class (USD) 7.30% 45.89%

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B. LBN China+ Opportunity UCITS Fund The China equity market is finally in a bull market after six years of trading range. The MSCI China total return index broke through the trading range and soared 24.5% in the first half of 2017, beating most of the major equity markets. The Domestic A share market, albeit underperforming offshore China equities, also reversed the downward trend in 2016 with CSI 300 Index up 10.8% in the period. Strong buying by mainland funds has been a major driver of this rally. Investors simply shrugged off macro events like rate hike in US, trade dispute between the US and China and tightened monetary policy. Big valuation discount to A shares and the need for capital preservation in the face of Renminbi devaluation have prompted domestic funds to increase allocation to HK equities (which are considered quasi-US assets). Better than expected macro was a pleasant surprise to the market. The effects of stimulus measures implemented in 2016 were finally filtered through the real economy. GDP growth in the first half of 2017 reached 6.9%, accelerating from 6.7% in 2016. Thanks to two years of competitive Renminbi depreciation, trade growth in China has finally turned positive. Export (in local currency) in the first six months of 2017 was up 15%, after -2.8% and -2% in 2015 and 2016 respectively. Given an improved macro, the government has changed its policy bias to tightening again with focus back on structural reform such as financial deleveraging and supply-side reform. Bond yields have spiked up as a result. Forex reserve finally resumed upward trend on rigorous capital control by the government. Renminbi rebounded 2.4% after two consecutive years of depreciation. All in all, improving macro and stabilizing currency have helped restore market confidence. A shares were finally given the green light to be included in MSCI emerging markets index. The inclusion will be effective in June 2018 with an initial country weight of 0.73% based on 5% inclusion factor. The weighting would be 18.8% based on 100% inclusion factor although we think it will take many years before the inclusion factor is raised to 100%. Either way, we see inclusion into MSCI indices a big milestone for A share market as it will attract more buying from global investors over time. Sector wise, winning sectors like technology, internet, education, auto and Macau gaming continued to be the outperformers while oil majors, telecom and banks were underperformers. The sub-fund was up 22.6%. We attribute the positive return to the exposure in information technology, education, auto components and packaging paper sectors. Increased exposure to exporters in early 2017 also paid off as they had a strong comeback on easing trade war concern between the US and China. In addition, our zero weighting in oil majors, telecoms and Chinese banks also added value as they underperformed in the first half of the year. Structural reform is the government’s priority now that the economic growth is no longer at risk. Financial deleveraging and tightened regulation to control risk in the financial system are here to stay. Bond yields and interbank rates are likely to stay at elevated levels. This is positive to the investment return of insurance companies and net interest margin of banks. We expect GDP growth to slow down in the second half of the year since the government’s policy shift from loosening to tightening in early this year. We are not concerned about the risk of hard landing however. With a strong balance sheet, the Chinese government has repeatedly shown to the market its capability in managing GDP growth in a tight range. We think it will be no exception this time. GDP growth should have peaked at 6.9% in the first half of this year but is likely to moderate to no less than 6.5% in the following quarters.

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We are impressed with the effectiveness of supply-side reform. So far, we have seen success in selective upstream industries like coal and steel. The government has halted new project approval and forced shutdown of capacity that does not meet environmental protection requirements. Companies with competitive structure will benefit from this consolidation trend. After two consecutive years of competitive devaluation, Renminbi is likely to stabilize this year especially in the face of weak US dollar. The patchy macro trend in the US has cast doubt on the pace of interest rate hike in the US and hence the strength of US dollar. A stable Renminbi is positive to domestic businesses with imported costs or foreign debt. We remain constructive on the market despite hefty index gain year-to-date. After all, China is by no means expensive at 14.4 times 2017 P/E compared to major markets. Under the backdrop of stable macro and Renminbi with structural southbound inflow to HK, further market P/E re-rating is possible. This has not even discounted the potential fund inflow from global investors on rising importance of A share market in MSCI indices over time. We remain committed to new economy like internet and technology given the strong secular trend in online consumption and artificial intelligence development. Traditional industries like offline retail without online strategy or innovative products will continue to lose market share to online ecommerce. In the technology space, we play it mainly through handset component suppliers which ride on iPhone 8 upgrade cycle and benefit from component upgrade trend of Chinese handset brands. We like industries with consolidation angle. Packaging paper and float glass industries, similar to coal and steel sectors, are also undergoing supply side reform. Product prices have held up better than expected thanks to supply discipline. Weak players have been forced out of the market on tighter government scrutiny. We target consolidators (typically the market leaders) as they gain market share and enjoy margin expansion with strengthened pricing power. Consolidation plays should warrant PE re-rating from single digit (today) to double digit. Consumption upgrade is another theme we like. Chinese consumers are increasingly looking for quality and lifestyle given rising affluence and sophistication. Take auto industry for example, local brands with competitive upgraded models are gaining market share rapidly. We think premium brands, not necessarily luxury brands, will benefit most from consumption upgrade as the former has a much bigger addressable market than the latter. We target retail brands with innovation and strong brand equity. Last but not least, education is a core sector bet in our portfolio. Spending by Chinese parents on education goes up everywhere due to fierce competition for admission to ranked universities. We play it through leading after-school tuition operators as they not only ride on strong industry growth but also keep gaining market share. Performance Overview (Cumulative Net Returns)1 For the period ended 30 June 2017

Class 6 Months

Since Inception

LBN China+ Opportunity UCITS Fund “I” Share Class (EUR) 22.61% (2.72%)

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C. MSK Equity UCITS Fund During the first six months of 2017, the business of MSK Capital Partners was acquired by Dalton Strategic Partnership, as a result of which the investment management of the Serviced Platform SICAV – MSK Equity UCITS Fund was transferred to Dalton Strategic Partnership. The manager of the Fund, Makis Kaketsis, is now located full-time in New York. Dalton Strategic Partnership established a subsidiary firm, Melchior LLC, within which Makis operates. Furthermore, Makis has hired a New-York based analyst, Norman Yu as well as a New-York based trader, John Mc Namara III. The integration has allowed Makis to devote more time specifically to investment management, and has provided MSK with a more substantial business platform including increased investment resources in terms of research, operational support and risk management. The first half of the year was characterised by anticipation surrounding US tax reform, a lower regulatory environment in which companies operate and the ongoing performance of the US economy as a key driver for the global economy. The MSK Fund delivered net returns of +2.21% over the first six months of 2017. The long book contributed 9% and the short book delivered -5% (discrepancy was down to costs and FX forwards). Top contributors over the first half of the year are Vodafone (+86bps), Apple (+51bps), and Activision (+50bps). Top detractors for the sub-fund to end June are Anadarko (-45bps – underperformed due to weak oil prices), Lufthansa (-43bps – guidance upgraded in June although not to market expectations, enjoyed a big run up until then in terms of continued outperformance), and Molson Coors (-37bps – weak due to organic volume concerns in the US and Canada). In terms of future risks, the sub-fund’s two largest long positions are Centurylink (CTL) and Molson Coors Brewing (TAP). The thesis for CTL implies that the closure of the proposed LVLT transaction will improve the strategic and financial profile of CTL. Dividend coverage will also be improved with top-line growth more achievable. The LVLT management team is taking over pro-forma business which provides more certainty of synergy realisation. In terms of CTL Risks, the company will be highly levered post close. The enterprise industry is under secular pressures and is now even more competitive due to the two largest players (T and VZ). The thesis for TAP assumes that full-control of MillerCoor’s joint venture will allow for large cost-savings and create the second largest US beer manufacturer. The acquisition of Miller brands globally allows for significant future growth in core Molson Coors’ market as well as emerging markets. The risks of the stock are that synergies stated may require reinvestment which may not provide upside to margins. The high end segment of the market continues to take market share away from the premium and the economy class beer segment which could undermine top-line growth initiatives. Performance Overview (Cumulative Net Returns)1 For the period ended 30 June 2017

Class 6 Months

Since Inception

MSK Equity UCITS Fund “E” Share Class (EUR) 2.21% 4.65%

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D. Maverick Fundamental Quant UCITS Fund Maverick Fundamental Quant UCITS Fund returned 7.21% net for the six months ended June 30, 2017. The majority of the sub-fund’s performance was driven by positive returns on the long side with nine out of ten industry sectors contributing to the return. The inverse was true on the short side, with all industry sectors, save one, detracting for the period. Overall, the gains on the long side outpaced the losses on the short side. Information Technology was the best performing sector, contributing nearly two-thirds of the sub-fund’s total performance year to date. Since its September 4, 2015 inception, the sub-fund has returned 9.66% net of fees with annualized volatility of 7.4%, and a beta and r2 to the S&P 500 of 0.22 and 0.14, respectively. Since its inception, the sub-fund invests both long and short in a diversified portfolio of equity securities by deploying Maverick’s proprietary quantitative stock selection model against a pre-screened universe of securities. During the six months ended June 30, 2017, a systematic data trading component was added to the portfolio which increased the Fund’s targeted exposure levels (from 200% gross exposure to 250%) and the targeted number of long and short positions (from 200 total positions to 280 total). The sub-fund’s ability to achieve its investment objective is subject to various independent risk factors including changes to financial regulation and general market risks, as well as specific risk factors associated with the sub-fund’s strategy such as investment risk, counterparty risk and the use of leverage. A complete list of risk factors is available in the sub-fund’s Prospectus. Performance Overview (Cumulative Net Returns)1 For the period ended 30 June 2017

Class 6 Months

Since Inception

Maverick Fundamental Quant UCITS Fund “I” Share Class (USD) 7.21% 9.66% E. Campbell UCITS Managed Futures Fund Since the launch of the Campbell UCITS Managed Futures Fund on November 4, 2016, the sub-fund has returned -1.74%, outperforming the benchmark SG CTA Index which is down 3.6% during the same period. In the first half of 2017, the Campbell UCITS Managed Futures Fund return is -2.31% while the benchmark SG CTA Index return is -3.5%. This short-term outperformance may be partially due to the diverse set of markets and strategies traded by the sub-fund; as a reminder, the Campbell Managed Futures Portfolio, which is traded by the UCITS Fund, trades approximately 100 global futures and forward markets across three main investment styles: trend following, systematic macro, and short-term. By sector, returns thus far in 2017 were driven by gains in equity indices which were more than offset by losses in foreign exchange, fixed income, and commodities. By style, trend strategies benefited from momentum in global equity indices but experienced losses due to reversals in the other sectors. Macro strategies were also down while short-term strategies gained in foreign exchange, equity indices, and fixed income.

6



As we look forward, Campbell & Company begins the second half of 2017 with approximately $3.7 billion in assets under management and an investment team of more than 70 professionals with a full research agenda. The focus of continued portfolio enhancements currently includes continued diversification in trend following strategies, opportunities in the intra-day/short-term space, new markets and asset classes, and several more. Campbell’s investment committee also continues to monitor the portfolio on a daily basis to monitor the systematic risk management process and any risk events that may be on the horizon. Performance Overview (Cumulative Net Returns)1 For the period ended 30 June 2017

Class 6 Months

Since Inception

Campbell UCITS Managed Futures Fund(a) “E” Share Class (USD) (2.31%) (1.74%) F. Multi Asset Risk Premia – M1 Fund Aberdeen Asset Management is the holding company for an asset management group managing equities, fixed income, property, alternatives, quantitative strategies and multi-asset, as well as tailored investment solutions spanning multiple asset classes and strategies. Our clients include banks, national and corporate pension funds, insurers, sovereign wealth funds and other investment institutions, plus intermediaries managing money for private investors. The company was formed in 1983 via the MBO of an investment management contract for a small investment trust. Over the years we have expanded through a combination of acquisition and organic growth. While the sub-fund is designed to limit exposure to market risk over the long-term, it can over the short-term have some exposure to traditional betas, including equities, interest rates, currencies and commodities. More specific to alternative risk premia, other risks include equity sector and factor rotations, risk reversals and sharp movements in interest rates. Our current view is that we may finally be coming to the end of a lengthy period of central bank easing. In the event of a rapid unwind of a large scale carry trade, we believe that several alternative risk premia strategies would suffer. With that in mind, we currently view the largest risk to the sub-fund as an unexpected and aggressive tightening by key central banks. We have taken steps to mitigate this risk in the portfolio, and can take further action should our concerns increase.

The first half of 2017 was, on the whole, characterised by a good environment for risk-taking, with buoyant equity markets and ever lower realised and implied levels of volatility. The period ended with somewhat of a reversal of trends seen earlier in the year, as hawkish central bank commentary led to a sharp rise in bond yields and rotation from low beta and momentum stocks into value. 7



At an asset class level, performance was driven by equities, while currencies, commodities and credit all made smaller positive contributions. Interest rates detracted. The multi-factor Equity Factor Index was the single biggest winning strategy over the period, as buoyant markets and the search for yield drove investors into momentum, low beta and quality stocks. Value reversed some of its 2016 gains with the Trump-trade unwind, while size declined as large cap stocks performed well due to gains in broad market indices. FX Value generated much of its gains through long Turkish lira, Swedish krona and Mexican peso, with the only notable detractor being a short in the Swiss franc. Equity Trend had a strong H1 thanks to the broad equity market rally, being long all markets throughout the period, with the exception of South African TOP 40. Commodity Momentum was the largest detracting strategy over the period, with losses across nearly all commodity sectors. Only base metals were accretive. Energies were the biggest detractor, with gasoil and heating oil positioning flipping between long and short, losing money in through both allocations. Interest Rate Trend declined over the period, with most of the losses coming in the last two weeks owing to concerns around the aforementioned potential monetary policy tightening, although US interest rate positions lost money for much of the period, first being short, before moving to net long and being caught in the end of June volatility. We have been relatively bearish throughout the first half of 2017, concerned that low levels of realised and implied equity volatility were failing to price in potential political risks. Having made it through several political events (UK and French elections for example), our attention has turned to the actions and words of central bankers; primarily those of the ECB and US Federal Reserve. The bout of volatility at the end of June was a stark reminder of the fragility in bond and equity markets following several years of a powerful and unrelenting carry trade. With the US now past its third interest rate hike, eyes are on the ECB following suggestions from Mario Draghi in June that easy policy had been effective and would be reduced as the economy picked up. Combined with concerns of a large reduction in the US Fed balance sheet, we are conscious that the moves seen in June may only be the start of a retracement in interest rate sensitive assets. With that in mind, we have taken steps to reduce exposure in the sub-fund to higher yielding equities and long positioning in interest rates. We remain cautious around frothy equity markets, and so feel it better placed to have reduced directional exposures where possible. Performance Overview (Cumulative Net Returns)1 For the period ended 30 June 2017

Class 6 Months

Since Inception

Multi Asset Risk Premia – M1 Fund(a) “M” Share Class (GBP Hedged 2XS Leverage Class) 5.51% 3.40%

G. ADG Systematic Macro UCITS Fund ADG Capital Management LLP continues to develop as a business and during H1 2017, growing the assets under management to over $600m. The ADG Systematic Macro UCITS Fund was launched on 15th February 2016 with $35m and has $93m as of 30th June 2017. The team also added William Swift in a Sales and Marketing role as well as adding to the operations team.

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The Strategy takes directional and relative value positions based on systematic analysis of global macro and economic data. It uses four independent models that contain multiple risk factors which are fundamentally-driven, intuitive and persistent over the long term. A quantitative process combines the factors and models within a strict risk management framework and translates the signals into positions to construct the portfolio. The models run daily and typically make marginal changes. The sub-fund trades 20 listed futures and 9 currencies via FX Forwards. As a systematic strategy the main risks lie not with discretionary decisions of a portfolio manager but with assumptions of the model. In our case, these are that market dynamics remain ‘normal’, market structure operates as it has historically and there are no major liquidity events. These are closely monitored. The ADG Systematic Macro UCITS Fund returned 2.54% net of fees during H1 (February to June). During these 5 months, three of the models have been positive contributors with only the Developed FX posting a negative performance. 2016 was a year with some significant events (Brexit and US elections to name two) and the world seems to be ever more short term in nature. 2017 seems to be no different with major political and economic events getting even more airtime. With this in mind, the growth of the company and performance of our strategy is pleasing - combining a long investment time horizon with faster risk management techniques. We are confident that our technology and infrastructure allow us to expand and we continue to develop marginal improvements to the Strategy whilst remaining consistent to our core beliefs. Performance Overview (Cumulative Net Returns)1 For the period ended of 30 June 2017

Class 6 Months

Since Inception

ADG Systematic Macro UCITS Fund “E” Share Class (EUR Hedged) n/a 2.54%

(a) Please refer to Note 1

*The Prime Broker for all Sub-Funds is Goldman Sachs International. Serviced Platform SICAV Luxembourg, January 2017 1 Past performance does not guarantee future results, which may vary. Returns are net of expenses and inclusive of dividends, where applicable.

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Serviced Platform SICAV—Select Equity Long/Short UCITS Sub-Fund

Schedule of Investments

As at 30 June 2017

The accompanying notes are an integral part of these financial statements.

Holdings

Security Description

Market Value

USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

Transferable securities admitted to an official exchange listing

Common Stocks - 75.97%

United Kingdom

103,436 IHS Markit Ltd. (a)

(Commercial Services) 4,555,321 4.36 _____________________________________________________________________________________________________________________________________________________________

4,555,321 4.36 _____________________________________________________________________________________________________________________________________________________________

United States

44,812 Blackbaud, Inc. (a)

(Software) 3,842,629 3.68 44,183 Bright Horizons Family, Inc.

(Commercial Services) 3,411,369 3.27

84,178 Brown & Brown, Inc. (a)

(Insurance) 3,625,546 3.47

99,308 Dentsply Sirona, Inc. (a)

(Healthcare Products) 6,439,131 6.17

4,571 Equifax, Inc. (a)

(Commercial Services) 628,147 0.60

24,662 First Republic Bank (a)

(Banks) 2,468,666 2.37

42,375 Gartner, Inc. (a)

(Commercial Services) 5,233,736 5.01

20,546 Martin Marietta Materials, Inc. (a)

(Building Materials) 4,573,129 4.38

5,417 Mettler-Toledo International, Inc. (a)

(Electronics) 3,188,121 3.05

21,482 Mohawk Industries, Inc. (a)

(Textiles) 5,191,985 4.97

83,041 Paychex, Inc. (a)

(Software) 4,728,355 4.53

96,202 Signet Jewelers Ltd. (a)

(Retail) 6,083,815 5.83

127,464 SS&C Technologies Holdings, Inc. (a)

(Software) 4,895,892 4.69 90,424 Symantec Corp.

(Internet) 2,554,478 2.45

19,510 Teleflex, Inc. (a)


9,324 Tractor Supply Co. (a)

(Retail) 505,454 0.49

5,726 TransDigm Group, Inc. (a)

(Aerospace & Defence) 1,539,550 1.48

193,232 Welbilt, Inc. (a)

(Miscellaneous Manufacturing) 3,642,423 3.49

37,372 West Pharmaceutical Services, Inc. (a)


20,673 Whole Foods Market, Inc. (a)

(Food, Beverages & Tobacco) 870,540 0.83

77,212 Williams-Sonoma, Inc. (a)

(Retail) 3,744,782 3.59 ____________________________________________________________

74,753,547 71.61 _____________________________________________________________________________________________________________________________________________________________

T O T AL C OM M O N S TO CKS ( c os t US D 7 4 , 5 3 9 , 9 2 6 ) 79,308,868 75.97 _____________________________________________________________________________________________________________________________________________________________

T O T AL TR ANS FE R AB LE S E C URI T IE S ADM I T T E D TO AN O F FI C I AL E X C H AN GE L IS T IN G ( c os t US D 7 4 , 5 3 9 , 9 2 6 ) 79,308,868 75.97 _____________________________________________________________________________________________________________________________________________________________

Holdings

Security Description Currency

Coupon Rate(a)

Maturity Date(b)

Market Value

USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

Transferable securities dealt in another regulated market

Government Bonds - 13.39%

United States

14,000,000 United States Treasury Bill

USD 0.000% 17/08/2017 13,984,278 13.39 _____________________________________________________________________________________________________________________________________________________________

T O T AL G OV E RNM E N T B ON D S ( c os t US D 1 3 , 9 6 8 , 7 5 1 ) 13,984,278 13.39 _____________________________________________________________________________________________________________________________________________________________

T O T AL TR ANS FE R AB LE S E C URI T IE S D E AL T I N AN O TH E R RE GU L AT E D M ARK E T ( c os t US D 1 3 , 9 6 8 , 7 5 1 ) 13,984,278 13.39 _____________________________________________________________________________________________________________________________________________________________

M ARK E T V AL UE O F INV E S T M E N TS E X C L UD IN G DE RIV A T IV E S ( c os t US D 8 8 , 5 0 8 , 6 7 7 ) 93,293,146 89.36 _____________________________________________________________________________________________________________________________________________________________

Forward Currency Contracts - 1.13%

Currency

Amount Bought

Currency

Amount Sold

Maturity

Date

Unrealised Gain USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

GBP 3,068,244 USD 3,977,414 17/07/2017 9,619 0.01 EUR 71,125,364 USD 79,965,556 17/07/2017 1,206,407 1.15 _____________________________________________________________________________________________________________________________________________________________

UNR E AL IS E D G AIN ON FO R W AR D CU RRE NC Y CO N TR AC TS

1,216,026 1.16 _____________________________________________________________________________________________________________________________________________________________

Currency

Amount Bought

Currency

Amount Sold

Maturity

Date

Unrealised Loss USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

USD 53,973 GBP 42,302 17/07/2017 (996) (0.00) USD 1,567,702 EUR 1,398,876 17/07/2017 (28,769) (0.03) _____________________________________________________________________________________________________________________________________________________________

UNR E AL IS E D L OS S ON FO R W AR D CU RRE NC Y CO N TR AC TS

(29,765) (0.03) _____________________________________________________________________________________________________________________________________________________________

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As at 30 June 2017


Options - 0.25%

Holdings


Unrealised Gain/Loss

USD

Market Value

USD

% of Shareholders'

Equity

Purchased Options _____________________________________________________________________________________________________________________________________________________________

AUD 33,900 Put Australia and New Zealand Banking Group Expires 27/09/2018 Strike 24.00 (1,318) 25,762 0.02 10,675 Put Commonwealth Bank of Australia Expires 27/09/2018 Strike 68.00 (7,051) 20,027 0.02 35,821 Put National Australia Bank Ltd Expires 27/09/2018 Strike 25.00 3,589 30,666 0.03 20,361 Put Westpac Expires 27/09/2018 Strike 28.00 1,739 28,816 0.03

____________________________________________________________

105,271 0.10 _____________________________________________________________________________________________________________________________________________________________

USD 127,400 Call BlackStone Group/The Expires 19/01/2018 Strike 37.00 2,244 71,344 0.07

67,100 Call BlackStone Group/The Expires 18/01/2019 Strike 40.00 0 59,719 0.06 40,000 Call McCormick & Co Inc/MD Expires 15/12/2017 Strike 115.00 104 28,000 0.02

____________________________________________________________

2,348 159,063 0.15 _____________________________________________________________________________________________________________________________________________________________

T O T AL P U RC H AS E D O P TI ON S ( c os t US D 2 6 5 , 0 2 7 ) 264,334 0.25 _____________________________________________________________________________________________________________________________________________________________

Contracts for Difference - (0.76%)

Quantity Security Description Currency Commitment

USD

Unrealised

Gain USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

(5,228) AMC Networks, Inc. USD 279,227 10,593 0.01 55,481 AMETEK, Inc. USD 3,360,484 11,554 0.01 31,996 Amphenol Corp. USD 2,361,945 62,823 0.06 10,059 Ansys, Inc. USD 1,223,979 4,709 0.00

(26,146) B&G Foods, Inc. USD 930,798 138,625 0.13

(29,352) Bhp Billiton Ltd.–ADR(d)

USD 1,044,638 26,376 0.03 (9,333) Big Lots, Inc. USD 450,784 36,678 0.04 25,865 Bio-Techne Corp. USD 3,039,137 91,562 0.09

(53,959) Blue Buffalo Pet Products, Inc. USD 1,230,805 70,516 0.07 25,882 Brookfield Asset Management, Inc. USD 1,014,833 131,832 0.13 (6,648) Burlington Stores, Inc. USD 611,549 37,624 0.04 (7,099) Carlisle, Inc. USD 677,245 32,112 0.03 20,432 Christian Hansen Holding A/S USD 1,484,100 79,306 0.08

6,562 Chubb Ltd. USD 953,984 36,464 0.03 (1,797) Cimarex Energy Co. USD 168,936 44,935 0.04 26,687 Cincinnati Financial Corp. USD 1,933,473 19,607 0.02 (1,973) Concho Resources, Inc. USD 239,779 21,925 0.02

794 Constellation Software Inc/Canada USD 414,767 7,294 0.01 (1,701) Core Laboratories NV USD 172,260 33,966 0.03

5,048 CoStar Group, Inc. USD 1,330,653 54,442 0.05 (9,359) Dick's Sporting Goods, Inc. USD 372,769 72,906 0.07 (5,003) Edgewell Personal Care Co. USD 380,328 6,037 0.01 12,641 Expeditors International of Washington, Inc. USD 713,964 16,795 0.02

(34,637) Freeport-McMoRan Copper & Gold, Inc. USD 415,990 47,149 0.05 25,828 GoDaddy, Inc. USD 1,095,624 24,831 0.02 40,759 HEICO Corp. USD 2,529,096 117,135 0.11

(12,584) Hubbell Inc. USD 1,424,131 72,079 0.07 3,058 Idexx Laboratories, Inc. USD 493,622 56,591 0.05

20,532 iShares Russell 2000 ETF USD 2,893,369 97,451 0.09 (14,881) JM Smucker Co. USD 1,760,869 110,174 0.11

(8,003) John Wiley & Sons, Inc. USD 422,158 18,180 0.02 (11,847) Kennametal, Inc. USD 443,315 3,670 0.00 (11,775) Kirby Corp. USD 787,159 3,122 0.00 (10,718) Kohl's Corp. USD 414,465 23,746 0.02 (12,627) Mallinckrodt Public Limited Co. USD 565,816 67,737 0.06

84,556 MGIC Investment Corp. USD 947,027 67,748 0.06 (3,952) Middleby Corp. USD 480,207 47,612 0.05 18,965 Moody's Corp. USD 2,307,661 51,964 0.05

1,989 Neogen Corp. USD 137,460 7,706 0.01 (19,716) PACCAR, Inc. USD 1,302,045 25,473 0.02

18,994 Packaging Corp. of America USD 2,115,742 170,578 0.16 (8,076) Post Holdings, Inc. USD 627,101 13,567 0.01

(19,201) Ritchie Bros Auctioneers, Inc. USD 551,837 101,981 0.10 46,131 Service Corp. International/US USD 1,543,082 53,821 0.05 (5,143) Signature Bank/New York NY USD 738,175 54,448 0.05

(11,630) Snap-on, Inc. USD 1,837,540 119,981 0.11 (15,900) Spirit Airlines, Inc. USD 821,235 36,909 0.04

(7,118) Sprouts Farmers Market, Inc. USD 161,365 7,497 0.01 8,870 Toro Co. /The USD 614,602 72,783 0.07

(11,471) United Natural Foods, Inc. USD 420,986 62,736 0.06 15,598 Verisk Analytics, Inc. USD 1,316,003 41,024 0.04 27,492 Wabtec Corp. USD 2,515,518 90,387 0.09

11



As at 30 June 2017


Contracts for Difference - (continued)


USD

Unrealised

Gain USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

3,097 Waters Corp. USD 569,352 83,005 0.08 (9,393) WESCO International, Inc. USD 538,219 54,435 0.05

9,997 Xylem Inc/NY USD 554,134 48,026 0.05 (10,447) Yum China Holdings, Inc. USD 411,925 10,397 0.01 _____________________________________________________________________________________________________________________________________________________________

UNR E AL IS E D G AIN ON C ON T R AC T S F OR D I F FE R E N CE

2,912,624 2.79 _____________________________________________________________________________________________________________________________________________________________


USD

Unrealised

Loss USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

(5,311) Affiliated Managers Group, Inc. USD 880,882 (21,971) (0.02) (3,526) Align Technology, Inc. USD 529,323 (5,640) (0.01)

1,276 Alphabet, Inc. USD 1,159,540 (62,006) (0.06) 853 Amazon.com, Inc. USD 825,704 (1,523) (0.00)

33,913 AO Smith Corp. USD 1,910,319 (4,094) (0.00) (10,168) Canadian Imperial Bank Of Commerce USD 825,235 (22,489) (0.02) (50,099) CarMax, Inc. USD 3,159,243 (232,381) (0.22) (24,834) Carnival Corp. USD 1,628,365 (249,478) (0.24) (58,206) CBRE Group, Inc. USD 2,118,698 (219,641) (0.21) (26,769) Cimpress NV USD 2,530,474 (285,123) (0.27)

(4,185) Deckers Outdoor Corp. USD 285,668 (4,291) (0.00) (9,288) Express Scripts Hldg. Co. USD 592,946 (32,931) (0.03)

7,750 Facebook, Inc. USD 1,170,095 (4,200) (0.00) 4,634 FactSet Research Systems, Inc. USD 770,078 (8,625) (0.01)

13,156 Fastenal Co. USD 572,681 (51,822) (0.05) (11,770) Five Below Inc. USD 581,085 (105,147) (0.10) (11,702) Fortune Brands Home & Security, Inc USD 763,439 (79,485) (0.08) (33,088) H&R Block Inc. USD 1,022,750 (236,397) (0.23)

27,192 Harris Corp. USD 2,966,103 (74,031) (0.07) 1,704 Henry Schein, Inc. USD 311,866 (2,172) (0.00)

11,139 Interactive Brokers Group, Inc. USD 416,821 (3,128) (0.00) 13,688 Intuit, Inc. USD 1,817,903 (101,832) (0.10) (4,218) John Bean Technologies Corp. USD 413,364 (47,581) (0.05)

(24,032) Kroger Co. /The USD 560,426 (49,919) (0.05) (2,709) Lci Industries, Inc. USD 277,402 (19,980) (0.02)

(54,699) LKQ Corp. USD 1,802,332 (149,010) (0.14) (11,049) Monster Beverage Corp. USD 548,914 (45,968) (0.04) (11,409) National Bank of Canada USD 479,043 (24,250) (0.02) (47,994) Newell Brands, Inc. USD 2,573,438 (193,751) (0.19) (13,273) Nordstrom, Inc. USD 634,848 (63,490) (0.06)

(6,670) Ollie's Bargain Outlet Holdings, Inc. USD 284,142 (30,652) (0.03) (18,836) Parsley Energy, Inc. USD 522,699 (15,314) (0.02)

48,065 Perkinelmer, Inc. USD 3,275,149 (4,293) (0.00) (14,671) Polaris Industries, Inc. USD 1,353,106 (92,551) (0.09)

5,452 Pool Corp. USD 640,992 (14,769) (0.01) 52,210 Rollins, Inc. USD 2,125,469 (103,376) (0.10)

(17,087) Royal Caribbean Cruises Ltd. USD 1,866,413 (336,710) (0.32) (7,382) Royal Gold, Inc. USD 577,051 (67,095) (0.07)

(23,735) S+P MidCap 400 ETF Trust USD 7,538,711 (163,589) (0.16) (17,035) Sensata Technologies Hldg. NV USD 727,735 (41,412) (0.04) (18,992) Simon Property Group, Inc. USD 3,072,146 (56,596) (0.05)

(2,469) Sotheby's USD 132,511 (18,895) (0.02) (1,073) Spectrum Brands Holdings, Inc. USD 134,168 (1,002) (0.00) (7,218) Stamps.com, Inc. USD 1,117,888 (41,597) (0.04)

9,725 Tempur Sealy International, Inc. USD 519,218 (6,447) (0.01) (8,229) Thor Industries, Inc. USD 860,095 (98,136) (0.09)

(10,023) TreeHouse Foods, Inc. USD 818,779 (25,719) (0.03) 28,941 Trimble Navigation Ltd. USD 1,032,325 (19,101) (0.02)

(26,491) Trinity Industries, Inc. USD 742,543 (12,969) (0.01) 43,317 Vantiv, Inc. USD 2,743,699 (70,208) (0.07)

6,253 Watts Water Technologies, Inc. USD 395,190 (33,694) (0.03) (3,487) Whirlpool Corp. USD 668,179 (50,987) (0.05) _____________________________________________________________________________________________________________________________________________________________

UNR E AL IS E D L OS S ON C ON TR AC T S F OR D I F FE R E N CE

(3,707,468) (3.55) _____________________________________________________________________________________________________________________________________________________________

Swap Contracts - (0.03%)

Net Local Notional Amount

Pay

Receive

Currency

Maturity Date

Unrealised Gain USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

Total Return Swaps

785,476 (Westpac Banking Corp.) (USD 1 Month LIBOR - 0.500%) USD 18/01/2018 6,026 0.01 _____________________________________________________________________________________________________________________________________________________________

UNR E AL IS E D G AIN ON TO T A L RE T UR N S W AP S 6,026 0.01

12



As at 30 June 2017


Swap Contracts - (0.03%) (continued)


Pay

Receive

Currency

Maturity Date

Unrealised Loss USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

Total Return Swaps

752,228 (Commonwealth Bank Of Australia) (USD 1 Month LIBOR - 0.500%) USD 18/01/2018 (37,445) (0.03) 613,932 (National Australia Bank Ltd) (USD 1 Month LIBOR - 0.500%) USD 18/01/2018 (8,874) (0.01) _____________________________________________________________________________________________________________________________________________________________

UNR E AL IS E D L OS S ON TO T AL R E TU RN S W AP S (46,319) (0.04) _____________________________________________________________________________________________________________________________________________________________

M ARK E T V AL UE O F INV E S T M E N TS ( c os t US D 8 8 , 7 7 3 , 7 0 4 ) 93,908,604 89.95 _____________________________________________________________________________________________________________________________________________________________

O THE R AS S E TS AN D L I AB I L I T IE S

10,486,591 10.05 _____________________________________________________________________________________________________________________________________________________________

S H ARE H O LD E RS ' E Q UI T Y

104,395,195 100.00 _____________________________________________________________________________________________________________________________________________________________

T O T A L I N V E S T M E N T S

Market Value

USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

Total Investments excluding derivatives (cost USD 88,508,677) 93,293,146 89.36 Market Value of Purchased Options (cost USD 265,027) 264,334 0.25 Unrealised gain on forward currency contracts 1,216,026 1.16 Unrealised loss on forward currency contracts (29,765) (0.03) Unrealised gain on contracts for difference 2,912,624 2.79 Unrealised loss on contracts for difference (3,707,468) (3.55) Unrealised gain on swap contracts 6,026 0.01 Unrealised loss on swap contracts (46,319) (0.04) Other Assets and Liabilities 10,486,591 10.05 _____________________________________________________________________________________________________________________________________________________________

Shareholders' Equity

104,395,195 100.00 _____________________________________________________________________________________________________________________________________________________________

The counterparty for forward currency contracts was State Street Bank & Trust.

The counterparties for options were Goldman, Sachs & Co. and Goldman Sachs International.

The counterparty for swap contracts was Goldman Sachs International.

The maximum individual counterparty exposure as at 30 June 2017 is 1.14% of the NAV.

(a)

This investment is partially or fully pledged. (b)

Interest rates represent either the stated coupon rate, annualised discounted yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate which is based upon interest rates indices.

(c)

Maturity dates represent either the stated date on the security, or the next interest reset date for floating rate securities or the prerefunded date for those type of securities.

(d)

Security holding is traded/held in USD. (ADR: American Depositary Receipt/GDR: Global Depositary Receipt).

13

Serviced Platform SICAV—LBN China+ Opportunity UCITS Fund


As at 30 June 2017


Holdings


Market Value

USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________



China

6,400 Alibaba Group Holding Ltd.—ADR(a)

(Internet) 901,760 2.32 307,000 Best Pacific International Holdings Ltd.

(Apparel) 275,285 0.71 928,000 CIFI Holdings Group Co., Ltd.

(Real Estate) 412,500 1.06 3,410,000 Goodbaby International Holdings Ltd.

(Household Products/Wares) 1,410,923 3.63 307,000 Haitian International Holdings Ltd.

(Machinery—Diversified) 861,249 2.21 52,000 Hengan International Group Co., Ltd.

(Healthcare Products) 383,683 0.99 516,000 JNBY Design Ltd.

(Apparel) 428,983 1.10 536,000 Minth Group Ltd.

(Auto Parts & Equipment) 2,272,685 5.84

27,500 New Oriental Education & Technology Group, Inc.—ADR (a)

(Commercial Services) 1,938,475 4.98 74,000 Sunny Optical Technology Group Co., Ltd.

(Miscellaneous Manufacturing) 663,554 1.71

10,400 TAL Education Group—ADR (a)

(Commercial Services) 1,272,024 3.27 1,667,000 Uni-President China Holdings Ltd.

(Food, Beverages & Tobacco) 1,347,446 3.46 ____________________________________________________________

12,168,567 31.28 _____________________________________________________________________________________________________________________________________________________________

Hong Kong

96,800 AIA Group Ltd.

(Insurance) 707,420 1.82 98,200 ASM Pacific Technology Ltd.

(Semiconductors) 1,327,120 3.41 1,053,200 Chow Tai Fook Jewellery Group Ltd.

(Retail) 1,115,739 2.87 229,000 Galaxy Entertainment Group Ltd.

(Lodging) 1,390,466 3.57 5,732,000 Global Brands Group Holdings Ltd.

(Apparel) 602,097 1.55 4,773,000 International Housewares Retail Co., Ltd.

(Housewares) 941,583 2.42 624,000 IT Ltd.

(Retail) 307,746 0.79 1,226,000 Lee & Man Paper Manufacturing Ltd.

(Packaging & Containers) 1,138,610 2.93 1,703,600 Man Wah Holdings Ltd.

(Retail) 1,529,791 3.93 4,706,000 Nameson Holdings Ltd.

(Textiles) 910,281 2.34 1,486,000 SITC International Holdings Co., Ltd.

(Transportation) 1,168,782 3.01 1,652,000 Skyworth Digital Holdings Ltd.

(Home Furnishings) 1,026,356 2.64 1,406,000 Tongda Group Holdings Ltd.

(Electronics) 416,048 1.07 472,000 Xinyi Glass Holdings Ltd.

(Auto Parts & Equipment) 467,378 1.20 ____________________________________________________________

13,049,417 33.55 _____________________________________________________________________________________________________________________________________________________________

Italy

253,000 Prada SpA

(Apparel) 936,623 2.41 _____________________________________________________________________________________________________________________________________________________________

United States

1,344,000 Nexteer Automotive Group Ltd.

(Auto Parts & Equipment) 2,107,304 5.42 _____________________________________________________________________________________________________________________________________________________________

T O T AL C OM M O N S TO CKS ( c os t US D 2 2 , 2 5 6 , 7 0 2 ) 28,261,911 72.66 _____________________________________________________________________________________________________________________________________________________________

T O T AL TR ANS FE R AB LE S E C URI T IE S ADM I T T E D TO AN O F FI C I AL E X C H AN GE L IS T IN G ( c os t US D 2 2 , 2 5 6 , 7 0 2 ) 28,261,911 72.66 _____________________________________________________________________________________________________________________________________________________________



Currency

Amount Bought

Currency

Amount Sold

Maturity

Date

Unrealised Gain USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

EUR 19,016,788 USD 21,381,380 17/07/2017 321,566 0.83 _____________________________________________________________________________________________________________________________________________________________


321,566 0.83 _____________________________________________________________________________________________________________________________________________________________

Currency

Amount Bought

Currency

Amount Sold

Maturity

Date

Unrealised Loss USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

USD 718,236 EUR 641,015 17/07/2017 (13,324) (0.04) _____________________________________________________________________________________________________________________________________________________________


(13,324) (0.04) _____________________________________________________________________________________________________________________________________________________________

Swap Contracts - 3.15%


Pay

Receive

Currency

Maturity Date

Unrealised Gain USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

Total Return Swaps

14,003,200 (China Life Insurance Co. "H") (HKD Overnight HIBOR - 0.400%) HKD 31/12/2050 122,623 0.31 6,088,200 (CRRC Corp. Ltd. "H") (HKD Overnight HIBOR - 0.400%) HKD 31/12/2050 29,914 0.08

15,363,600 (HKD 1 Month HIBOR + 0.500%) (AAC Technologies Holdings Inc.) HKD 31/12/2050 357,397 0.92 13,793,333 (HKD 1 Month HIBOR + 0.500%) (HSBC Holdings Plc.) HKD 31/12/2050 129,191 0.33

14

Serviced Platform SICAV—LBN China+ Opportunity UCITS Fund


As at 30 June 2017


Swap Contracts - (continued)


Pay

Receive

Currency

Maturity Date

Unrealised Gain USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

Total Return Swaps - (continued)

11,106,480 (HKD 1 Month HIBOR + 0.500%) (Nine Dragons Paper Holdings) HKD 31/12/2050 178,611 0.46 2,355 (HKD Overnight HIBOR + 0.500%) (HSBC Holdings Plc.) HKD 31/12/2050 21,917 0.05

7,180,035 (HKD Overnight HIBOR + 0.500%) (Samsonite International Sa) HKD 31/12/2050 33,632 0.09 9,287,100 (HKD Overnight HIBOR + 0.500%) (Sunny Optical Technology Group Co. Ltd.) HKD 31/12/2050 182,272 0.47

24,967,080 (HKD Overnight HIBOR + 0.500%) (Tencent Holdings Ltd) HKD 31/12/2050 138,639 0.36 8,625,120 Tingyi (Cayman Islands) Holding Corp (HKD Overnight HIBOR + 0.500%) HKD 31/12/2050 30,175 0.08 _____________________________________________________________________________________________________________________________________________________________

UNR E AL IS E D G AIN ON TO T A L RE T UR N S W AP S 1,224,371 3.15 _____________________________________________________________________________________________________________________________________________________________



9,101,612 23.40 _____________________________________________________________________________________________________________________________________________________________


38,896,136 100.00 _____________________________________________________________________________________________________________________________________________________________


Market Value

USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

Total Investments excluding derivatives (cost USD 22,256,702) 28,261,911 72.66 Unrealised gain on forward currency contracts 321,566 0.83 Unrealised loss on forward currency contracts (13,324) (0.04) Unrealised gain on swap contracts 1,224,371 3.15 Other Assets and Liabilities 9,101,612 23.40 _____________________________________________________________________________________________________________________________________________________________


38,896,136 100.00 _____________________________________________________________________________________________________________________________________________________________




(a)

Security holding is traded/held in USD. (ADR: American Depositary Receipt)

15

Serviced Platform SICAV—MSK Equity UCITS Fund


As at 30 June 2017


Holdings


Market Value

EUR

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________


Holdings


Coupon Rate(a)

Maturity Date(b)

Market Value

EUR

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________


France

40,000,000 France Government Bonds

EUR 0.010% 25/02/2018 40,150,600 25.54 _____________________________________________________________________________________________________________________________________________________________

T O T AL G OV E RNM E N T B ON D S ( c os t E U R 4 0 , 1 8 0 , 0 0 0 ) 40,150,600 25.54 _____________________________________________________________________________________________________________________________________________________________

Holdings


Market Value

EUR

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________


Belgium

8,949 Telenet Group Holding NV

(Media) 493,537 0.31 _____________________________________________________________________________________________________________________________________________________________

493,537 0.31 _____________________________________________________________________________________________________________________________________________________________

Canada

22,339 DHX Media Ltd.

(Entertainment) 86,416 0.06 _____________________________________________________________________________________________________________________________________________________________

Denmark

428 Genmab A/S

(Biotechnology) 79,958 0.05 _____________________________________________________________________________________________________________________________________________________________

79,958 0.05 _____________________________________________________________________________________________________________________________________________________________

Germany

41,559 Bayer AG

(Pharmaceuticals) 4,704,479 2.99 1,626 Continental AG

(Auto Parts & Equipment) 307,233 0.20 33,649 Deutsche Telekom AG

(Telecommunications) 528,962 0.34 15,027 KION Group AG

(Machinery—Diversified) 1,005,607 0.64 3,132 LEG Immobilien AG

(Real Estate) 257,795 0.16 53,844 Schaeffler AG—Preferred

(Auto Parts & Equipment) 675,204 0.43 33,028 Tele Columbus AG

(Cable & Satellite) 320,371 0.20 ____________________________________________________________

7,799,651 4.96 _____________________________________________________________________________________________________________________________________________________________

Italy

59,541 Autogrill SpA

(Retail) 631,730 0.40 186,746 FinecoBank Banca Fineco SpA

(Banks) 1,286,680 0.82 85,369 Piaggio & C SpA

(Leisure Time) 184,568 0.12 25,463 Yoox Net-A-Porter Group SpA

(Internet) 616,714 0.39 ____________________________________________________________

2,719,692 1.73 _____________________________________________________________________________________________________________________________________________________________

Luxembourg

27,442 Orion Engineered Carbons S.A.

(Chemicals) 480,004 0.31 _____________________________________________________________________________________________________________________________________________________________

480,004 0.31 _____________________________________________________________________________________________________________________________________________________________

Netherlands

41,707 Altice NV "A"

(Media) 842,481 0.53 18,768 Heineken NV

(Food, Beverages & Tobacco) 1,597,720 1.02 10,859 IMCD Group NV

(Chemicals) 515,314 0.33 25,863 Koninklijke Vopak NV

(Pipelines) 1,050,038 0.67 ____________________________________________________________

4,005,553 2.55 _____________________________________________________________________________________________________________________________________________________________

Portugal

242,538 NOS SGPS S.A.

(Media) 1,288,847 0.82 _____________________________________________________________________________________________________________________________________________________________

1,288,847 0.82 _____________________________________________________________________________________________________________________________________________________________

Spain

18,561 Neinor Homes SLU

(Real Estate) 344,121 0.22

294,366 Prosegur Cash S.A. 144A (a)

(Commercial Services) 677,042 0.43 ____________________________________________________________

1,021,163 0.65 _____________________________________________________________________________________________________________________________________________________________

United Kingdom

136,667 Hurricane Energy Plc.

(Oil & Gas) 50,585 0.03 _____________________________________________________________________________________________________________________________________________________________

50,585 0.03 _____________________________________________________________________________________________________________________________________________________________

United States

9,063 Activision Blizzard, Inc.

(Software) 457,461 0.29 13,801 Altice USA, Inc.

(Telecommunications) 390,840 0.25 21,899 Asure Software, Inc.

(Software) 280,518 0.18

16



As at 30 June 2017


Holdings


Market Value

EUR

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

Common Stocks - (continued)

United States - (continued)

28,491 Jagged Peak Energy, Inc.

(Oil & Gas) 333,484 0.21 13,126 Molson Coors Brewing Co. "B"

(Food, Beverages & Tobacco) 993,642 0.63 4,782 MSG Networks, Inc. "A"

(Media) 94,126 0.06 1,105 QUALCOMM, Inc.

(Semiconductors) 53,499 0.03 15,099 ShotSpotter, Inc.

(Electronics) 169,319 0.11 1,287 Starbucks Corp.

(Retail) 65,797 0.04 6,836 Warrior Met Coal, Inc.

(Coal) 102,670 0.07 ____________________________________________________________

2,941,356 1.87 _____________________________________________________________________________________________________________________________________________________________

T O T AL C OM M O N S TO CKS ( c os t E U R 1 8 , 9 2 6 , 0 4 5 ) 20,966,762 13.34 _____________________________________________________________________________________________________________________________________________________________

T O T AL TR ANS FE R AB LE S E C URI T IE S ADM I T T E D TO AN O F FI C I AL E X C H AN GE L IS T IN G ( c os t E U R 5 9 , 1 0 6 , 0 4 5 ) 61,117,362 38.88 _____________________________________________________________________________________________________________________________________________________________

Holdings


Coupon Rate(a)

Maturity Date(b)

Market Value

EUR

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________


Holdings


Market Value

EUR

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________


Isle Of Man

59,912 GVC Holding. Plc.

(Entertainment) 516,179 0.33 ____________________________________________________________

516,179 0.33 _____________________________________________________________________________________________________________________________________________________________

T O T AL C OM M O N S TO CKS ( c os t E U R 3 6 3 , 8 6 3 ) 516,179 0.33 _____________________________________________________________________________________________________________________________________________________________

T O T AL TR ANS FE R AB LE S E C URI T IE S D E AL T I N AN O TH E R RE GU L AT E D M ARK E T ( c os t E U R 3 6 3 , 8 6 3 ) 516,179 0.33 _____________________________________________________________________________________________________________________________________________________________

M ARK E T V AL UE O F INV E S T M E N TS E X C L UD IN G DE RIV A T IV E S ( c os t E U R 5 9 , 4 6 9 , 9 0 8 ) 61,633,541 39.21 _____________________________________________________________________________________________________________________________________________________________

Futures Contracts - 0.39%

Number of Contracts


Commitment Market Value

EUR

Unrealised

Gain EUR

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

EUR

(158) Euro STOXX 50 Index Futures 15/09/2017 Short (5,468,380) 137,460 0.09 _____________________________________________________________________________________________________________________________________________________________

GBP (164) FTSE 100 Index Futures 15/09/2017 Short (13,527,272) 382,892 0.24 _____________________________________________________________________________________________________________________________________________________________

USD

(307) S+P500 E-Mini Index Futures 15/09/2017 Short (32,581,488) 99,592 0.06 _____________________________________________________________________________________________________________________________________________________________

UNR E AL IS E D G AIN ON FU TU RE S C ON T R AC T S

619,944 0.39 _____________________________________________________________________________________________________________________________________________________________

Forward Currency Contracts - (0.24%)

Currency

Amount Bought

Currency

Amount Sold

Maturity

Date

Unrealised Gain EUR

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

EUR 1,168,382 GBP 1,020,270 17/07/2017 6,718 0.00 EUR 127,768 USD 143,490 17/07/2017 2,037 0.00 EUR 1,573,720 USD 1,767,303 31/08/2017 28,733 0.02 _____________________________________________________________________________________________________________________________________________________________


37,488 0.02 _____________________________________________________________________________________________________________________________________________________________

Currency

Amount Bought

Currency

Amount Sold

Maturity

Date

Unrealised Loss EUR

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

USD 920,922 GBP 718,040 31/08/2017 (11,690) (0.01) GBP 24,376,023 EUR 28,101,628 17/07/2017 (347,469) (0.22) USD 3,623,082 EUR 3,222,306 17/07/2017 (47,651) (0.03) _____________________________________________________________________________________________________________________________________________________________


(406,810) (0.26) _____________________________________________________________________________________________________________________________________________________________

17



As at 30 June 2017


Options - (1.62%)

Holdings



EUR

Market Value

EUR

% of Shareholders'

Equity

Purchased Options _____________________________________________________________________________________________________________________________________________________________

USD 7,200 Call Amc Entertainment Holding Expires 15/09/2017 Strike 27.00 (6,159) 1,894 0.00

79,400 Call Centurylink Inc. Expires 20/10/2017 Strike 26.00 (2,773) 36,200 0.02 149,400 Call Centurylink Inc. Expires 19/01/2018 Strike 26.00 3,275 117,891 0.07

70,900 Call Exxon Mobil Corp. Expires 21/07/2017 Strike 90.00 (11,586) 1,243 0.00 51,000 Call Ferroglobe Plc. Expires 15/12/2017 Strike 12.50 5,716 51,423 0.03

700 Call Humana Inc. Expires 17/11/2017 Strike 270.00 (410) 1,657 0.00 80,400 Call Jc Penney Co Inc. Expires 19/01/2018 Strike 17.00 705 705 0.00 11,100 Call Kate Spade + Co Expires 20/10/2017 Strike 23.00 (3,947) 487 0.00

4,500 Call Molson Coors Brewing Co. Expires 19/01/2018 Strike 92.50 (3,048) 10,258 0.01 81,300 Call Molson Coors Brewing Co. Expires 18/01/2019 Strike 110.00 (67,352) 153,255 0.10

7,500 Call Pandora Media Inc. Expires 19/01/2018 Strike 15.00 460 460 0.00 22,000 Call SPDR S&P500 ETF Trust Expires 05/07/2017 Strike 244.00 (2,501) 1,350 0.00 13,600 Call Wells Fargo + Co Expires 20/10/2017 Strike 60.00 (12,150) 8,347 0.01 49,000 Put SPDR S&P500 ETF Trust Expires 15/12/2017 Strike 210.00 (87,186) 78,620 0.05

151,600 Put SPDR S&P500 ETF Trust Expires 30/06/2017 Strike 210.00 (37,371) 1,329 0.00 44,000 Put SPDR S&P500 ETF Trust Expires 20/10/2017 Strike 210.00 0 40,121 0.03 56,100 Put SPDR S&P500 ETF Trust Expires 29/03/2018 Strike 210.00 1,475 181,991 0.12

____________________________________________________________

(222,852) 687,231 0.44 _____________________________________________________________________________________________________________________________________________________________

T O T AL P U RC H AS E D O P TI ON S ( c os t E U R 9 1 0 , 0 8 3 ) 687,231 0.44 _____________________________________________________________________________________________________________________________________________________________

Written Options

USD (36,800) Advanced Micro Devices, Inc. Expires 20/10/2017 Strike 11.00 24,620 (29,684) (0.02)

(7,200) Call Amc Entertainment Holding Expires 15/09/2017 Strike 33.00 1,346 (316) (0.00) (5,700) Call Anheuser-Busch Inbev SA Expires 15/09/2017 Strike 125.00 9,476 (3,548) (0.00) (1,200) Call Berkshire Hathaway Inc. Expires 15/09/2017 Strike 165.00 (8,049) (8,049) (0.01) (4,000) Call Citigroup Inc. Expires 15/06/2018 Strike 67.50 840 (19,114) (0.01) (2,100) Call Dish Network Corp. Expires 15/09/2017 Strike 67.50 4,511 (3,922) (0.00) (1,800) Call Domino'S Pizza Inc. Expires 15/12/2017 Strike 190.00 (16,169) (45,294) (0.03)

(51,000) Call Ferroglobe Plc. Expires 15/12/2017 Strike 15.00 (2,192) (20,122) (0.01) (21,300) Call Hewlett Packard Enterprise Expires 18/08/2017 Strike 17.00 336 (6,536) (0.00) (13,100) Call Huntsman Corp. Expires 18/01/2019 Strike 22.00 (63,171) (63,171) (0.04) (12,500) Call iPATH S+P 500 VIX Short-Term Expires 28/07/2017 Strike 17.50 (40) (3,397) (0.00)

(3,400) Call Kansas City Southern Expires 15/12/2017 Strike 100.00 (13,469) (29,363) (0.02) (2,200) Call Kohl'S Corp. Expires 04/08/2017 Strike 40.00 (746) (1,929) (0.00) (3,300) Call Lowe'S Cos Inc. Expires 20/10/2017 Strike 80.00 (7,928) (7,928) (0.01) (2,000) Call Macquarie Infrastructure Expires 18/08/2017 Strike 80.00 (641) (1,753) (0.00) (2,900) Call Moody'S Corp. Expires 17/11/2017 Strike 110.00 (1,869) (34,961) (0.02)

(20,800) Call Procter + Gamble Co/The Expires 19/01/2018 Strike 87.50 (54,710) (54,710) (0.04) (1,000) Call Salesforce.Com Inc. Expires 17/11/2017 Strike 95.00 1,889 (1,999) (0.00) (1,400) Call Sba Communications Corp. Expires 15/09/2017 Strike 135.00 2,775 (6,751) (0.01) (7,900) Call Sl Green Realty Corp Expires 17/11/2017 Strike 115.00 428 (9,004) (0.01) (2,300) Call United Technologies Corp. Expires 17/11/2017 Strike 120.00 (3,307) (10,990) (0.01) (5,800) Call Vornado Realty Trust Expires 15/09/2017 Strike 100.00 415 (2,797) (0.00) (9,800) Call Wal-Mart Stores Inc. Expires 15/06/2018 Strike 80.00 238 (27,066) (0.02)

(10,100) Call Yum Brands Inc. Expires 18/01/2019 Strike 77.50 (8,841) (42,063) (0.03) (2,400) Put Alphabet Inc. Expires 21/07/2017 Strike 800.00 (84) (1,347) (0.00)

(600) Put Alphabet Inc. Expires 21/07/2017 Strike 850.00 (285) (1,368) (0.00) (7,200) Put Amc Entertainment Holding Expires 15/09/2017 Strike 22.00 342 (6,944) (0.01)

(24,200) Put Anadarko Petroleum Corp. Expires 19/01/2018 Strike 57.50 (139,396) (265,223) (0.17) (24,100) Put Anadarko Petroleum Corp. Expires 19/01/2018 Strike 47.50 (14,033) (108,186) (0.07) (10,300) Put Anheuser-Busch Inbev SA/NV Expires 15/09/2017 Strike 110.00 (37,026) (37,026) (0.02)

(2,600) Put Anheuser-Busch Inbev SA/NV Expires 15/12/2017 Strike 115.00 (381) (21,428) (0.01) (27,000) Put Anheuser-Busch Inbev SA/NV Expires 15/09/2017 Strike 100.00 (5,747) (27,224) (0.02) (12,300) Put Anthem Inc. Expires 15/12/2017 Strike 150.00 13,365 (15,314) (0.01) (34,200) Put Bank Of America Corp. Expires 17/11/2017 Strike 22.00 25,341 (17,691) (0.01)

(1,000) Put Becton Dickinson And Co. Expires 18/08/2017 Strike 175.00 680 (395) (0.00) (7,100) Put Blackrock Inc. Expires 20/10/2017 Strike 320.00 8,621 (7,159) (0.01) (6,900) Put Capital One Financial Co Expires 19/01/2018 Strike 82.50 15,940 (35,996) (0.02)

(27,600) Put Capital One Financial Co. Expires 15/12/2017 Strike 77.50 48,120 (88,326) (0.06) (2,200) Put Centurylink Inc. Expires 21/07/2017 Strike 24.00 (96) (1,061) (0.00)

(17,100) Put Centurylink Inc. Expires 20/10/2017 Strike 23.00 (1,103) (16,342) (0.01) (2,200) Put Centurylink Inc. Expires 15/09/2017 Strike 23.00 137 (1,736) (0.00) (4,700) Put Centurylink Inc. Expires 20/10/2017 Strike 22.00 (166) (3,091) (0.00)

(17,600) Put Centurylink Inc. Expires 19/01/2018 Strike 23.00 0 (27,390) (0.02) (109,300) Put Centurylink, Inc. Expires 15/09/2017 Strike 24.00 (42,308) (129,372) (0.08)

(8,100) Put Charter Communications, Inc. Expires 15/09/2017 Strike 265.00 10,209 (8,877) (0.01) (4,000) Put Citigroup Inc. Expires 15/12/2017 Strike 57.50 (147) (3,647) (0.00)

(23,800) Put Coach Inc. Expires 28/07/2017 Strike 44.00 5,776 (2,087) (0.00) (20,100) Put Consolidated Edison Inc. Expires 17/11/2017 Strike 77.50 (16,102) (34,894) (0.02)

(600) Put Costco Wholesale Corp. Expires 04/08/2017 Strike 162.50 211 (2,478) (0.00) (21,000) Put Coty Inc. Expires 19/01/2018 Strike 22.00 (57,772) (69,966) (0.05)

(1,800) Put Domino'S Pizza Inc. Expires 15/12/2017 Strike 170.00 (18) (4,340) (0.00) (24,500) Put Duke Energy Corp. Expires 20/10/2017 Strike 77.50 (816) (17,185) (0.01)

18



As at 30 June 2017


Options - (continued)

Holdings



EUR

Market Value

EUR

% of Shareholders'

Equity Written Options – (continued)

(10,000) Put Duke Energy Corp. Expires 20/10/2017 Strike 80.00 (1,064) (11,398) (0.01) (1,700) Put Dunkin' Brands Group Inc. Expires 21/07/2017 Strike 52.50 143 (373) (0.00) (2,400) Put Ei Du Pont De Nemours Expires 18/08/2017 Strike 77.50 (212) (2,146) (0.00)

(13,900) Put Embraer SA Expires 19/01/2018 Strike 17.50 (4,466) (18,890) (0.01) (3,400) Put Exxon Mobil Corp. Expires 15/09/2017 Strike 80.00 4,270 (5,962) (0.00)

(33,900) Put Exxon Mobil Corp. Expires 21/07/2017 Strike 80.00 (6,590) (18,428) (0.01) (51,000) Put Ferroglobe Plc. Expires 15/12/2017 Strike 7.50 10,145 (4,471) (0.00)

(5,500) Put General Electric Co. Expires 15/12/2017 Strike 27.00 227 (6,076) (0.00) (16,800) Put Halliburton Co. Expires 15/06/2018 Strike 42.50 7,557 (64,811) (0.04)

(7,000) Put Hartford Financial Services Expires 07/07/2017 Strike 52.00 525 (1,350) (0.00) (1,400) Put Humana Inc. Expires 28/07/2017 Strike 230.00 0 (1,841) (0.00) (5,100) Put Intel Corp. Expires 15/09/2017 Strike 34.00 (989) (6,573) (0.00)

(31,600) Put Intel Corp. Expires 20/10/2017 Strike 34.00 (4,833) (47,654) (0.03) (4,400) Put Intel Corp. Expires 14/07/2017 Strike 33.50 0 (1,270) (0.00) (6,400) Put International Business Expires 20/10/2017 Strike 150.00 14,472 (26,093) (0.02)

(14,400) Put Investors Bancorp, Inc. Expires 15/09/2017 Strike 12.50 741 (1,894) (0.00) (3,700) Put Ipath S+P 500 Vix Short Expires 19/01/2018 Strike 44.00 (101,377) (101,376) (0.07) (2,900) Put Ipath S+P 500 Vix Short Expires 15/09/2017 Strike 34.00 (54,285) (54,285) (0.04) (1,400) Put Ipath S+P 500 Vix Short Expires 15/09/2017 Strike 40.00 (1,292) (33,326) (0.02)

(32,300) Put Jpmorgan Chase Co. Expires 21/07/2017 Strike 85.00 (11) (6,230) (0.00) (45,000) Put Jpmorgan Chase Co. Expires 18/08/2017 Strike 82.50 (419) (13,809) (0.01)

(3,400) Put Kansas City Southern Expires 15/09/2017 Strike 90.00 1,325 (2,385) (0.00) (8,600) Put Kellogg Co. Expires 15/09/2017 Strike 67.50 1,266 (11,687) (0.01) (6,800) Put Lockheed Martin Corp. Expires 15/09/2017 Strike 255.00 971 (9,837) (0.01) (3,300) Put Madison Square Garden Co Expires 18/08/2017 Strike 165.00 4,557 (145) (0.00) (3,400) Put Mattel Inc. Expires 20/10/2017 Strike 20.00 1,130 (2,832) (0.00) (6,700) Put Mattel Inc. Expires 20/10/2017 Strike 22.00 1,944 (10,280) (0.01)

(21,500) Put Metlife Inc. Expires 28/07/2017 Strike 51.00 4,295 (2,828) (0.00) (54,700) Put Metlife Inc. Expires 18/08/2017 Strike 50.00 8,296 (21,582) (0.01)

(6,300) Put Molson Coors Brewing Co. Expires 19/01/2018 Strike 90.00 (5,710) (40,323) (0.03) (5,600) Put Molson Coors Brewing Co. Expires 21/07/2017 Strike 87.50 6,092 (9,132) (0.01)

(26,400) Put Molson Coors Brewing Co. Expires 21/07/2017 Strike 85.00 8,532 (17,360) (0.01) (23,400) Put Molson Coors Brewing Co. Expires 19/01/2018 Strike 87.50 13,545 (121,047) (0.08) (11,400) Put Molson Coors Brewing Co. Expires 18/01/2019 Strike 70.00 3,917 (35,983) (0.02) (20,900) Put Molson Coors Brewing Co. Expires 14/07/2017 Strike 85.00 (1,435) (9,712) (0.01)

(1,700) Put Monsanto Co. Expires 20/10/2017 Strike 115.00 0 (3,056) (0.00) (2,900) Put Moody'S Corp. Expires 17/11/2017 Strike 100.00 1,491 (1,907) (0.00)

(17,800) Put Newmont Mining Corp. Expires 19/01/2018 Strike 27.00 (1,207) (11,393) (0.01) (1,700) Put Nike Inc. Expires 20/10/2017 Strike 52.50 0 (1,282) (0.00)

(13,000) Put Norfolk Southern Corp. Expires 21/07/2017 Strike 110.00 5,834 (1,140) (0.00) (6,900) Put Pandora Media Inc. Expires 15/09/2017 Strike 11.00 (3,152) (13,793) (0.01)

(26,800) Put Reynolds American Inc. Expires 18/01/2019 Strike 45.00 (1,175) (1,175) (0.00) (2,000) Put Salesforce.Com Inc. Expires 18/08/2017 Strike 82.50 (244) (2,280) (0.00) (1,400) Put Sba Communications Corp Expires 15/09/2017 Strike 120.00 313 (1,105) (0.00)

(15,200) Put Sl Green Realty Corp. Expires 18/08/2017 Strike 100.00 3,026 (12,661) (0.01) (3,400) Put Snap Inc. Expires 19/01/2018 Strike 16.00 925 (7,751) (0.01) (8,800) Put Southern Co/The Expires 17/11/2017 Strike 48.00 (7,169) (16,203) (0.01)

(18,200) Put Southern Co/The Expires 17/11/2017 Strike 46.00 0 (20,106) (0.01) (6,800) Put Spdr S+P500 ETF Trust Expires 18/08/2017 Strike 223.00 (369) (3,100) (0.00)

(11,100) Put State Street Corp. Expires 18/08/2017 Strike 77.50 1,739 (2,336) (0.00) (1,100) Put Tripadvisor Inc. Expires 15/09/2017 Strike 44.00 (2,664) (6,558) (0.00) (3,400) Put Tripadvisor Inc. Expires 15/12/2017 Strike 45.00 2,061 (25,339) (0.02) (5,500) Put Twenty-First Century Fox Expires 20/10/2017 Strike 27.00 1,351 (5,304) (0.00)

(12,300) Put Twitter Inc. Expires 18/01/2019 Strike 22.00 (65,245) (65,245) (0.04) (7,900) Put United Continental Holding Expires 21/07/2017 Strike 70.00 2,727 (4,017) (0.00) (5,900) Put United Technologies Corp Expires 18/08/2017 Strike 115.00 0 (3,569) (0.00)

(16,700) Put Vodafone Group Plc. Expires 20/10/2017 Strike 26.00 2,713 (2,928) (0.00) (5,800) Put Vornado Realty Trust Expires 18/08/2017 Strike 90.00 0 (6,611) (0.00)

(19,500) Put Wal-Mart Stores Inc. Expires 18/08/2017 Strike 72.50 (5,062) (15,045) (0.01) (6,300) Put Walgreens Boots Alliance Expires 20/10/2017 Strike 80.00 (5,688) (25,851) (0.02) (3,400) Put Walt Disney Co/The Expires 21/07/2017 Strike 104.00 0 (2,146) (0.00)

(55,800) Put Wells Fargo + Co Expires 20/10/2017 Strike 50.00 96,453 (34,247) (0.02) (36,900) Put Wells Fargo + Co. Expires 19/01/2018 Strike 50.00 49,568 (47,235) (0.03)

(3,400) Put Wells Fargo + Co. Expires 18/08/2017 Strike 52.50 (322) (1,848) (0.00) (20,800) Put Wendy's Co/The Expires 17/11/2017 Strike 13.00 830 (2,735) (0.00)

(5,900) Put Wendy's Co/The Expires 17/11/2017 Strike 14.00 (496) (2,069) (0.00) (8,600) Put Williams-Sonoma Inc. Expires 18/08/2017 Strike 50.00 (19,477) (22,621) (0.02)

____________________________________________________________

(352,968) (2,486,605) (1.58) _____________________________________________________________________________________________________________________________________________________________

EUR (8,400) Call Bayer AG Expires 21/12/2018 Strike 100.00 (21,061) (159,684) (0.10)

(24,900) Call Bayer AG Expires 16/03/2018 Strike 110.00 0 (248,935) (0.16) (18,144) Call Deutsche Bank AG Expires 15/09/2017 Strike 12.50 (55,128) (57,154) (0.04)

(800) Put Adidas AG Expires 21/07/2017 Strike 170.00 (1,337) (3,512) (0.00) (36,500) Put Bayer AG Expires 16/03/2018 Strike 96.00 (13,784) (100,010) (0.06)

(5,600) Put Bayer ag Expires 18/08/2017 Strike 110.00 (6,709) (12,600) (0.01) (1,700) Put Continental AG Expires 21/07/2017 Strike 185.00 (3,281) (5,151) (0.00)

(15,300) Put Oci Nv Expires 15/09/2017 Strike 19.00 (7,834) (15,759) (0.01)

19



As at 30 June 2017


Options - (continued)

Holdings



EUR

Market Value

EUR

% of Shareholders'

Equity Written Options – (continued)

(8,800) Put Oci Nv Expires 15/09/2017 Strike 20.00 (8,636) (14,168) (0.01) (26,800) Put Siemens AG Expires 18/08/2017 Strike 120.00 (53,332) (92,996) (0.06)

____________________________________________________________

(171,102) (709,969) (0.45) _____________________________________________________________________________________________________________________________________________________________

GBP (6,000) Put Bhp Billiton Plc. Expires 21/07/2017 Strike 11.00 1,129 (410) (0.00)

(15,000) Put British American Tobacco Expires 18/08/2017 Strike 45.00 4,315 (2,135) (0.00) (26,000) Put British American Tobacco Expires 17/11/2017 Strike 48.00 (7,464) (30,351) (0.02)

(4,000) Put Rio Tinto Plc. Expires 18/08/2017 Strike 28.00 1,653 (1,002) (0.00) (10,000) Put Rio Tinto Plc. Expires 15/09/2017 Strike 27.00 3,843 (2,449) (0.00)

____________________________________________________________

3,476 (36,347) (0.02) _____________________________________________________________________________________________________________________________________________________________

CHF

(34,200) Call Ubs Group AG Expires 15/09/2017 Strike 17.00 12,112 (9,080) (0.01) (1,610) Put Swisscom AG Expires 18/08/2017 Strike 420.00 (418) (1,990) (0.00)

____________________________________________________________

11,694 (11,070) (0.01) _____________________________________________________________________________________________________________________________________________________________

T O T AL W R I T TE N OP T IO NS ( c os t E U R ( 2 , 7 3 5 , 0 9 2 ) ) (3,243,991) (2.06) _____________________________________________________________________________________________________________________________________________________________

Contracts for Difference - (0.77%)


EUR

Unrealised

Gain EUR

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

(2,652) adidas AG EUR 444,873 11,894 0.01 10,668 ASML Hldg. NV EUR 1,217,219 88,068 0.06 17,711 Associated British Foods Plc. GBP 592,212 59,453 0.04 50,157 AVEVA Group Plc. GBP 1,108,182 42,383 0.03 (8,404) Babcock International Group Plc. GBP 84,274 6,715 0.00 (3,799) Bayerische Motoren Werke AG EUR 308,783 20,113 0.01 12,558 BHP Billiton Plc. GBP 168,192 9,707 0.01

146,896 BP Plc. GBP 740,791 18,732 0.01 29,768 British American Tobacco Plc. GBP 1,774,440 213,347 0.14

1,155,383 Colgate-Palmolive Co. USD 90,934 96,206 0.06 1,475,349 Comcast Corp. USD 266,807 266,807 0.17 (655,506) Debenhams Plc. GBP 322,880 102,052 0.07

56,777 Diageo Plc. GBP 1,466,861 130,672 0.08 9,093 Essilor International S.A. EUR 1,012,960 34,123 0.02 4,237 Fevertree Drinks Plc. GBP 82,274 2,529 0.00

30,306 GVC Hldg. Plc. GBP 261,105 32,468 0.02 (14,598) Hargreaves Lansdown Plc. GBP 216,462 9,804 0.01 108,008 Inmarsat Plc. GBP 946,547 111,128 0.07

22,609 InterContinental Hotels Group Plc. GBP 1,098,707 203,133 0.13 (74,652) Intu Properties Plc. GBP 228,788 4,718 0.00 (58,848) Koninklijke Ahold Delhaize NV EUR 985,115 127,180 0.08

(1,038,995) Lloyds Banking Group Plc. GBP 782,747 3,376 0.00 (107,796) Marks & Spencer Group Plc. GBP 409,181 27,823 0.02

21,005 Novartis AG CHF 1,534,633 61,048 0.04 211,777 Ocado Group Plc. GBP 698,000 34,389 0.02 (2,896) Pandora A/S DKK 236,626 5,016 0.00 (2,918) Persimmon Plc. GBP 74,507 6,458 0.00

(19,069) Petrofac Ltd. GBP 95,990 105,750 0.07 (50,339) Pets at Home Group Plc. GBP 92,359 14,505 0.01

(7,195) Philips Lighting Newco EUR 232,542 12,715 0.01 60,695 Prudential Plc. GBP 1,217,279 195,578 0.13 46,939 Rio Tinto Plc. GBP 1,733,104 477,399 0.30

109,770 Rolls-Royce Hldg. Plc. GBP 1,113,882 245,457 0.16 (75,420) Saras SpA EUR 153,706 7,697 0.01

10,022 Skandiabanken ASA NOK 82,870 2,084 0.00 (77,074) SSE Plc. GBP 1,275,415 35,683 0.02 936,049 Starbucks Corp. USD 39,879 35,570 0.02 314,901 Stock Spirits Group Plc. GBP 609,678 45,784 0.03 109,719 Telefonaktiebolaget LM Ericsson SEK 687,168 43,836 0.03 (31,105) TUI AG EUR 395,500 37,015 0.02 100,458 Twitter, Inc. USD 4,033 3,884 0.00

52,128 UBS Group AG CHF 775,061 5,049 0.00 67,997 Vivendi S.A. EUR 1,325,261 81,430 0.05

978,794 Vodafone Group Plc. GBP 2,427,322 29,362 0.02 182,901 Western Union Co. USD 370 327 0.00

94,379 Worldpay Group Plc. GBP 338,367 50,309 0.03

20



As at 30 June 2017


Contracts for Difference - (continued)


EUR

Unrealised

Gain EUR

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

1,484,693 Yum! Brands, Inc. USD 44,513 47,704 0.03 _____________________________________________________________________________________________________________________________________________________________

UNR E AL IS E D G AIN ON C ON T R AC T S F OR D I F FE R E N CE

3,206,480 2.04 _____________________________________________________________________________________________________________________________________________________________


EUR

Unrealised

Loss EUR

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

(22,506) ACS Actividades de Construccion y Servicios S.A. EUR 761,265 (144,829) (0.09) (15,116) Aggreko Plc. GBP 158,467 (1,214) (0.00)

(6,672) Allianz SE EUR 1,150,253 (216,851) (0.14) (6,042) Alstom S.A. EUR 184,946 (21,612) (0.01)

(11,576) Amadeus IT Group S.A. EUR 606,004 (138,398) (0.09) (12,401) Ambu A/S DKK 700,526 (191,219) (0.12) 801,725 Amn Healthcare Services Inc. USD (22,914) (21,225) (0.01)

2,498 ASOS Plc. GBP 163,555 (1,293) (0.00) (8,760) Atos SE EUR 1,076,604 (371,585) (0.24)

1,330 AURELIUS Equity Opportunities SE & Co KGaA EUR 62,557 (15,765) (0.01) 95,356 Auto Trader Group Plc. GBP 412,676 (9,679) (0.01)

(184,869) B&M European Value Retail S.A. GBP 713,111 (72,876) (0.05) 388,860 Brunswick Corp. USD (10,397) (10,397) (0.01) 333,140 BT Group Plc. GBP 1,118,300 (114,304) (0.07) (96,327) ConvaTec Group Plc. GBP 350,178 (57,235) (0.04) (55,591) Deutsche Bank AG EUR 863,050 (65,845) (0.04) (95,737) Deutsche Lufthansa AG EUR 1,907,560 (604,953) (0.38) (45,198) Distribuidora Internacional de Alimentacion S.A. EUR 246,374 (7,650) (0.01) 341,501 Domino's Pizza Group Plc. GBP 1,143,061 (158,215) (0.10) (6,013) Electrolux SEK 172,576 (17,628) (0.01)

(16,000) Electrolux AB SEK 459,209 (65,906) (0.04) 6,568 Essity AB SEK 157,372 (9,261) (0.01)

(28,918) Experian Plc. GBP 518,712 (15,141) (0.01) (137,830) Fiat Chrysler Automobiles NV EUR 1,272,171 (205,337) (0.13)

(5,790) HeidelbergCement AG EUR 490,123 (19,266) (0.01) 66,853 Imperial Tobacco Group Plc. GBP 2,625,603 (173,369) (0.11) 14,116 Lundin Petroleum AB SEK 237,858 (6,902) (0.00)

833,912 Mattel, Inc. USD (88,581) (84,712) (0.05) (5,910) Muenchener Rueckversicherungs-Gesellschaft AG EUR 1,043,410 (81,073) (0.05)

(335,399) Royal Bank of Scotland Group Plc. GBP 944,252 (2,143) (0.00) 54,006 Royal Dutch Shell Plc. GBP 1,268,568 (31,162) (0.02)

6,571 Schibsted ASA NOK 138,656 (16,881) (0.01) 13,023 Shire Plc. GBP 628,565 (28,739) (0.02)

(11,111) Siemens AG EUR 1,337,209 (230,801) (0.15) (3,723) Sonova Hldg. AG CHF 530,714 (91,718) (0.06) 44,348 Sports Direct International Plc. GBP 147,077 (4,735) (0.00)

(35,772) Stora Enso OYJ EUR 404,581 (111,092) (0.07) (423) Swisscom AG CHF 179,192 (1,905) (0.00)

(2,158) Swisscom AG CHF 914,176 (60,875) (0.04) (2,599) Symrise AG EUR 161,190 (14,390) (0.01)

(290,369) Telit Communications Plc. GBP 1,031,770 (295,583) (0.19) (27,615) UPM-Kymmene OYJ EUR 689,270 (194,989) (0.12) 516,632 Virgin Money Hldg. UK Plc. GBP 1,570,979 (35,414) (0.02) (47,316) Volvo AB SEK 706,295 (217,020) (0.14) 618,474 Walgreens Boots Alliance, Inc. USD (10,626) (9,291) (0.01) (33,441) William Demant Holding DKK 757,874 (165,210) (0.11) _____________________________________________________________________________________________________________________________________________________________

UNR E AL IS E D L OS S ON C ON TR AC T S F OR D I F FE R E N CE

(4,415,688) (2.81) _____________________________________________________________________________________________________________________________________________________________

Swap Contracts - 1.48%


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Currency

Maturity Date

Unrealised Gain EUR

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

Total Return Swaps 588,336 Floating (CAD 1 Month LIBOR + 0.350%) Floating (Tfi International Inc Cmn) CAD 31/12/2050 2,747 0.00

1,522,723 Floating (USD 1 Month LIBOR + 0.350%) Floating (Amazon.Com Inc Cmn) USD 31/12/2025 536,631 0.34 2,623,345 Floating (USD 1 Month LIBOR + 0.350%) Floating (Apple Inc. Cmn) USD 31/12/2025 991,397 0.63

284,164 Floating (USD 1 Month LIBOR + 0.350%) Floating (Citigroup Inc. Cmn) USD 31/12/2025 41,396 0.03 369,749 Floating (USD 1 Month LIBOR + 0.350%) Floating (Empire State Realty Trust,Inc. Cmn) USD 31/12/2025 48,855 0.03

1,136,746 Floating (USD 1 Month LIBOR + 0.350%) Floating (Fidelity National Financial, I*Nc. Cmn) USD 31/12/2025 327,390 0.21 562,030 Floating (USD 1 Month LIBOR + 0.350%) Floating (Intl Speedway Corp-Cl A Cmn Class A) USD 31/12/2025 56,296 0.04 452,208 Floating (USD 1 Month LIBOR + 0.350%) Floating (Metlife, Inc. Cmn) USD 31/12/2025 34,251 0.02

1,068,881 Floating (USD 1 Month LIBOR + 0.350%) Floating (Mohawk Industries Inc Common Stock) USD 31/12/2025 219,215 0.14 1,238,310 Floating (USD 1 Month LIBOR + 0.350%) Floating (Qualcomm Inc Cmn) USD 31/12/2025 20,168 0.01

266,452 Floating (USD 1 Month LIBOR + 0.350%) Floating (Vail Resorts, Inc. Cmn) USD 31/12/2025 109,588 0.07 1,380,507 Floating (USD 1 Month LIBOR + 0.350%) Floating (Walt Disney Company (The) Cmn) USD 31/12/2025 67,834 0.04

394,035 Floating (USD 1 Month LIBOR + 0.350%) Floating (Dow Chemical Co Cmn) USD 31/12/2025 13,792 0.01

21



As at 30 June 2017




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Receive

Currency

Maturity Date

Unrealised Gain EUR

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________


59,846 Floating (USD 1 Month LIBOR + 0.350%) Floating (Dunkin Brands Group Inc Cmn) USD 31/12/2025 12 0.00 277,345 Floating (USD 1 Month LIBOR + 0.350%) Floating (Keycorp Cmn) USD 13/12/2050 4,725 0.00

17,134 Floating (Advanced Micro Devices, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 1,247 0.00 100,494 Floating (Air Lease Corporation Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 1,785 0.00 390,808

Floating (Barclays Bk Plc-Ipath S&P 500 Vix S-T Futures Etn New 2013 Cmn)

Floating (USD 1 Month LIBOR - 3.600%)

USD

31/12/2050

57,085

0.04

254,458 Floating (Cheesecake Factory Inc/The) Floating (USD 1 Month LIBOR - 0.400%) USD 31/12/2050 29,627 0.02 882,462 Floating (Core Laboratories N.V. Cmn) Floating (USD 1 Month LIBOR - 1.380%) USD 31/12/2050 67,459 0.04 275,630 Floating (E.L.F. Beauty Inc Cmn) Floating (USD 1 Month LIBOR - 1.860%) USD 31/12/2050 1,498 0.00

3,652,162 Floating (Exxon Mobil Corporation Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 244,383 0.16 175,395 Floating (General Electric Co) Floating (USD 1 Month LIBOR - 0.400%) USD 31/12/2050 15,765 0.01 262,169 Floating (Haemonetics Corp Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 3,819 0.00 148,814 Floating (Hni Corp Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 18,265 0.01 177,891 Floating (Hubspot Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 1,301 0.00

2,368,449 Floating (Ipath S&P 500 Vix S/T Fu Etn) Floating (USD 1 Month LIBOR - 3.500%) USD 31/12/2050 1,396,286 0.89 709,635 Floating (Kellogg Company Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 20,966 0.01 600,304 Floating (Macquarie Infrastructure Corp Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 11,913 0.01 635,074 Floating (Newmont Mining Corp) Floating (USD 1 Month LIBOR - 0.400%) USD 31/12/2050 62,998 0.04 123,059 Floating (Quad / Graphics Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 6,492 0.00 365,582 Floating (Semgroup Corp-Class A) Floating (USD 1 Month LIBOR - 0.400%) USD 31/12/2050 73,224 0.05

16,383 Floating (Semgroup Corporation Cmn Class A) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 4,635 0.00 256,492

Floating (Servicemaster Global Holdings, Inc. Cmn)


USD

31/12/2050

2,556

0.00

658,136 Floating (Tallgrass Energy Partners Lp) Floating (USD 1 Month LIBOR - 1.550%) USD 31/12/2050 27,411 0.02 1,354,061 Floating (The Southern Co. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 55,798 0.04

91,058 Floating (Tractor Supply Co Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 2,173 0.00 2,886,659 Floating (USD 1 Month LIBOR + 0.350%) Floating (Alphabet Inc. Cmn Class C) USD 31/12/2050 653,236 0.42 2,359,156 Floating (USD 1 Month LIBOR + 0.350%) Floating (American Express Co. Cmn) USD 31/12/2050 173,704 0.11

90,305 Floating (USD 1 Month LIBOR + 0.350%) Floating (Arconic Inc Cmn) USD 31/12/2050 755 0.00 2,734,895 Floating (USD 1 Month LIBOR + 0.350%) Floating (Bank Of America Corp Cmn) USD 31/12/2050 129,104 0.08

178,717 Floating (USD 1 Month LIBOR + 0.350%) Floating (Becton Dickinson & Co Cmn) USD 31/12/2050 13,688 0.01 184,487

Floating (USD 1 Month LIBOR + 0.350%)

Floating (Boston Scientific Corp. Common Stock)

USD

31/12/2050

2,300

0.00

2,939,631 Floating (USD 1 Month LIBOR + 0.350%) Floating (Charter Communications, Inc. Cmn) USD 31/12/2050 136,605 0.09 905,726 Floating (USD 1 Month LIBOR + 0.350%) Floating (Coach Inc Cmn) USD 31/12/2050 33,583 0.02 367,871


Floating (E.I. Du Pont De Nemours And Co Cmn)

USD

31/12/2050

13,308

0.01

184,522 Floating (USD 1 Month LIBOR + 0.350%) Floating (Edwards Lifesciences Corp Cmn) USD 31/12/2050 3,867 0.00 521,314 Floating (USD 1 Month LIBOR + 0.350%) Floating (Electronic Arts Cmn) USD 31/12/2050 79,813 0.05 600,555 Floating (USD 1 Month LIBOR + 0.350%) Floating (Energy Recovery Inc Cmn) USD 31/12/2050 35,118 0.02 652,818 Floating (USD 1 Month LIBOR + 0.350%) Floating (Facebook, Inc. Cmn Class A) USD 31/12/2050 177,751 0.11 954,053 Floating (USD 1 Month LIBOR + 0.350%) Floating (Ferroglobe, Plc. Cmn) USD 31/12/2050 252,372 0.16 215,798 Floating (USD 1 Month LIBOR + 0.350%) Floating (Gigamon Inc Cmn) USD 31/12/2050 967 0.00 275,490 Floating (USD 1 Month LIBOR + 0.350%) Floating (Hartford Financial Srvcs Group Cmn) USD 31/12/2050 901 0.00

1,063,439 Floating (USD 1 Month LIBOR + 0.350%) Floating (Houghton Mifflin Harcourt Co Cmn) USD 31/12/2050 79,135 0.05 366,896 Floating (USD 1 Month LIBOR + 0.350%) Floating (Humana Inc. Cmn) USD 31/12/2050 7,218 0.00

1,434,764 Floating (USD 1 Month LIBOR + 0.350%) Floating (Invesco Ltd. Cmn) USD 31/12/2050 197,019 0.13 317,778 Floating (USD 1 Month LIBOR + 0.350%) Floating (Kansas City Southern Cmn) USD 31/12/2050 57,660 0.04

1,568,626 Floating (USD 1 Month LIBOR + 0.350%) Floating (Liberty Global, Plc Cmn Class A) USD 31/12/2050 97,051 0.06 59,924


Floating (Liberty Media Corp Liberty Formula One Common Stock)

USD

31/12/2050

8,242

0.01

738,496 Floating (USD 1 Month LIBOR + 0.350%) Floating (Liberty Ventures Cmn) USD 31/12/2050 248 0.00 335,289 Floating (USD 1 Month LIBOR + 0.350%) Floating (Lockheed Martin Corporation Cmn) USD 31/12/2050 18,596 0.01 744,151 Floating (USD 1 Month LIBOR + 0.350%) Floating (Lowes Companies Inc Cmn) USD 31/12/2050 53,073 0.03 679,330


Floating (Madison Square Garden Company *(The) Cmn Class A)

USD

31/12/2050

181,640

0.12

436,613 Floating (USD 1 Month LIBOR + 0.350%) Floating (Monsanto Company Cmn) USD 31/12/2050 4,892 0.00 431,933 Floating (USD 1 Month LIBOR + 0.350%) Floating (Msg Networks Inc Cmn) USD 31/12/2050 61,103 0.04 662,180


Floating (News Corporation Cmn Series Class A)

USD

31/12/2050

54,867

0.04

58,532 Floating (USD 1 Month LIBOR + 0.350%) Floating (Nike Class-B Cmn Class B) USD 31/12/2050 4,187 0.00 351,300 Floating (USD 1 Month LIBOR + 0.350%) Floating (Nike Class-B Cmn Class B) USD 31/12/2050 32,279 0.02

37,261 Floating (USD 1 Month LIBOR + 0.350%) Floating (Orion Engineered Carbons S.A. Cmn) USD 31/12/2050 3,940 0.00 167,861 Floating (USD 1 Month LIBOR + 0.350%) Floating (Pandora Media, Inc. Cmn) USD 31/12/2050 3,484 0.00 334,429 Floating (USD 1 Month LIBOR + 0.350%) Floating (Realogy Hldgs Corp Cmn) USD 31/12/2050 55,910 0.04 456,774 Floating (USD 1 Month LIBOR + 0.350%) Floating (Red Robin Gourmet Burgers Inc Cmn) USD 31/12/2050 56,788 0.04

86,694 Floating (USD 1 Month LIBOR + 0.350%) Floating (Salesforce.Com, Inc Cmn) USD 31/12/2050 2,119 0.00 179,834


Floating (Sba Communications Corporation Cmn)

USD

31/12/2050

6,613

0.00

21,020 Floating (USD 1 Month LIBOR + 0.350%) Floating (Spdr S&P 500 Etf Trust) USD 31/12/2050 3,407 0.00 177,454 Floating (USD 1 Month LIBOR + 0.350%) Floating (Take Two Interactive Software Inc) USD 31/12/2050 24,544 0.02

1,411,578


Floating (Twenty-First Century Fox, Inc. Cmn Class B)

USD

31/12/2050

440

0.00

264,974 Floating (USD 1 Month LIBOR + 0.350%) Floating (United Technologies Corp Cmn) USD 31/12/2050 16,771 0.01 193,603 Floating (USD 1 Month LIBOR + 0.350%) Floating (Vista Outdoor Inc. Cmn) USD 31/12/2050 19,464 0.01 162,463 Floating (USD 1 Month LIBOR + 0.350%) Floating (Vista Outdoor Inc. Cmn) USD 31/12/2050 10,176 0.01

99,225 Floating (USD 1 Month LIBOR + 0.350%) Floating (Vornado Realty Trust Cmn) USD 31/12/2050 848 0.00

22



As at 30 June 2017




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Receive

Currency

Maturity Date

Unrealised Gain EUR

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________


410,293 Floating (USD 1 Month LIBOR + 0.350%) Floating (Xilinx Incorporated Cmn) USD 31/12/2050 288 0.00 946,962 Floating (USD 1 Month LIBOR + 0.400%) Floating (Activision Blizzard Inc) USD 31/12/2050 349,446 0.22

4,289,704 Floating (USD 1 Month LIBOR + 0.400%) Floating (Altria Group Inc) USD 31/12/2050 715,844 0.46 1,312,981 Floating (USD 1 Month LIBOR + 0.400%) Floating (Berkshire Hathaway Inc-Cl B) USD 31/12/2050 173,699 0.11

201,977 Floating (USD 1 Month LIBOR + 0.400%) Floating (Charter Communications Inc-A) USD 31/12/2050 51,783 0.03 921,393 Floating (USD 1 Month LIBOR + 0.400%) Floating (Dish Network Corp-A) USD 31/12/2050 141,680 0.09 333,530 Floating (USD 1 Month LIBOR + 0.400%) Floating (Domino'S Pizza Inc) USD 31/12/2050 79,736 0.05 930,449 Floating (USD 1 Month LIBOR + 0.400%) Floating (Dow Chemical Co/The) USD 31/12/2050 104,398 0.07 790,113 Floating (USD 1 Month LIBOR + 0.400%) Floating (Empire State Realty Trust-A) USD 31/12/2050 54,582 0.04 341,308 Floating (USD 1 Month LIBOR + 0.400%) Floating (Huntsman Corp) USD 31/12/2050 186,047 0.12 364,111 Floating (USD 1 Month LIBOR + 0.400%) Floating (Liberty Media Corp-Liberty-A) USD 31/12/2050 60,990 0.04

54,931 Floating (USD 1 Month LIBOR + 0.400%) Floating (Lowe'S Cos Inc) USD 31/12/2050 2,280 0.00 2,033,297 Floating (USD 1 Month LIBOR + 0.400%) Floating (Mcdonald'S Corp) USD 31/12/2050 487,141 0.31

911,024 Floating (USD 1 Month LIBOR + 0.400%) Floating (Metlife Inc) USD 31/12/2050 23,297 0.02 133,694 Floating (USD 1 Month LIBOR + 0.400%) Floating (Mohawk Industries Inc) USD 31/12/2050 22,004 0.01

1,078,602 Floating (USD 1 Month LIBOR + 0.400%) Floating (Monsanto Co) USD 31/12/2050 140,907 0.09 294,288 Floating (USD 1 Month LIBOR + 0.400%) Floating (Moody'S Corp) USD 31/12/2050 54,836 0.04 332,093 Floating (USD 1 Month LIBOR + 0.400%) Floating (News Corp - Class A) USD 31/12/2050 35,252 0.02 878,245 Floating (USD 1 Month LIBOR + 0.400%) Floating (Twitter Inc) USD 31/12/2050 28,979 0.02 816,584 Floating (USD 1 Month LIBOR + 0.400%) Floating (Visa Inc-Class A Shares) USD 31/12/2050 155,746 0.10 449,692 Floating (USD 1 Month LIBOR + 0.400%) Floating (Vornado Realty Trust) USD 31/12/2050 3,623 0.00

1,151,124 Floating (USD 1 Month LIBOR + 0.400%) Floating (Wells Fargo & Co) USD 31/12/2050 65,010 0.04 719,016 Floating (USD 1 Month LIBOR + 0.400%) Floating (Yum! Brands Inc) USD 31/12/2050 111,142 0.07 273,447 Floating (Varian Medical Systems Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 1,645 0.00 366,734 Floating (Williams-Sonoma Inc) Floating (USD 1 Month LIBOR - 0.400%) USD 31/12/2050 29,739 0.02

46,446 Floating (Williams-Sonoma, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.440%) USD 31/12/2050 768 0.00 _____________________________________________________________________________________________________________________________________________________________


T O T AL U NRE AL IS E D G AI N O N S W AP C O N TR AC TS 10,430,631 6.64 _____________________________________________________________________________________________________________________________________________________________


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Currency

Maturity Date

Unrealised Loss EUR

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

Total Return Swaps 1,360,086 Floating (CAD 1 Month LIBOR + 0.350%) Floating (Dhx Media Ltd. Cmn) CAD 31/12/2050 (46,597) (0.03)

251,361 Floating (CAD 1 Month LIBOR + 0.350%) Floating (Finning Ltd (Com New) Cmn) CAD 31/12/2050 (6,374) (0.00) 414,954 Floating (Kohl'S Corp (Wisconsin) Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2020 (11,455) (0.01) 886,163 Floating (Student Transportation Inc Cmn) Floating (USD 1 Month LIBOR - 6.990%) USD 31/12/2020 (381,442) (0.24) 156,218 Floating (Advanced Micro Devices, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.400%) USD 31/12/2050 (28,087) (0.02) 304,639 Floating (Aercap Holdings Nv Ord Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (7,035) (0.00) 252,153 Floating (Allscripts Healthcare Sol Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (5,192) (0.00) 587,948 Floating (Blackbaud Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (104,446) (0.07)

2,495,102 Floating (Blackrock Inc) Floating (USD 1 Month LIBOR - 0.400%) USD 31/12/2050 (476,977) (0.30) 1,613,370 Floating (Boeing Co/The) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (556,171) (0.35)

133,775 Floating (Brunswick Corp) Floating (USD 1 Month LIBOR - 0.400%) USD 31/12/2050 (4,116) (0.00) 372,187 Floating (Capital One Financial Corp) Floating (USD 1 Month LIBOR - 0.400%) USD 31/12/2050 (22,962) (0.01)

93,914 Floating (Carnival Corporation Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (3,418) (0.00) 415,202 Floating (Carter'S, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (7,393) (0.00)

1,062,952 Floating (Caterpillar Inc (Delaware) Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (253,636) (0.16) 1,431,190 Floating (Cerner Corp Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (58,845) (0.04)

571,522 Floating (Cgi Group Inc Cmn Class A) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (56,566) (0.04) 593,464 Floating (Children'S Place Inc/The) Floating (USD 1 Month LIBOR - 0.400%) USD 31/12/2050 (121,639) (0.08)

2,418,861 Floating (Consolidated Edison Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (171,028) (0.11) 90,118 Floating (Cyrusone Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (8,775) (0.01)

366,358 Floating (Darden Restaurants Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (3,521) (0.00) 1,258,730 Floating (Deere & Company Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (358,795) (0.23) 2,000,674 Floating (Duke Energy Corp) Floating (USD 1 Month LIBOR - 0.400%) USD 31/12/2050 (200,562) (0.13) 1,122,604 Floating (Duke Energy Corporation Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (4,603) (0.00)

86,893 Floating (Dycom Industries Inc Cmn) Floating (USD 1 Month LIBOR - 0.530%) USD 31/12/2050 (10,388) (0.01) 896,273 Floating (Eaton Vance Corp (Non-Vtg) Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (45,141) (0.03) 403,310 Floating (Factset Research Systems Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (247) (0.00) 311,359 Floating (Ferrari Nv) Floating (USD 1 Month LIBOR - 0.400%) USD 31/12/2050 (142,799) (0.09) 424,898 Floating (Hanesbrands Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (26,952) (0.02)

1,325,143 Floating (Healthcare Svcs Group Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (296,487) (0.19) 348,856 Floating (Healthequity Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (46,460) (0.03)

1,618,514 Floating (Intel Corporation Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (3,714) (0.00) 1,027,736 Floating (Jpmorgan Chase & Co) Floating (USD 1 Month LIBOR - 0.400%) USD 31/12/2050 (313,072) (0.20)

183,320 Floating (Keysight Technologies, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (5,037) (0.00) 975,460 Floating (Lazard Ltd Cmn Class A) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (23,281) (0.02) 369,067 Floating (Medidata Solutions, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (147,786) (0.09)

54,937 Floating (New York Times Co.A Cmn Class A) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (344) (0.00) 187,670 Floating (Norfolk Southern Corp) Floating (USD 1 Month LIBOR - 0.400%) USD 31/12/2050 (48,682) (0.03) 546,645 Floating (Planet Fitness, Inc. Cmn Class A) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (58,877) (0.04) 237,476 Floating (Prestige Brands Holdings, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (4,233) (0.00)

1,762,179 Floating (Procter & Gamble Co/The) Floating (USD 1 Month LIBOR - 0.400%) USD 31/12/2050 (105,786) (0.07) 379,955 Floating (Scholastic Corp) Floating (USD 1 Month LIBOR - 0.400%) USD 31/12/2050 (28,120) (0.02) 179,797 Floating (Ss&C Technologies Hldgs Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (22,319) (0.01) 873,118 Floating (State Street Corporation (New) Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (94,688) (0.06)

23



As at 30 June 2017




Pay

Receive

Currency

Maturity Date

Unrealised Loss EUR

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________


533,271 Floating (Student Transportation Inc) Floating (USD 1 Month LIBOR - 4.500%) USD 31/12/2050 (51,305) (0.03) 417,961 Floating (Toll Brothers Inc) Floating (USD 1 Month LIBOR - 0.400%) USD 31/12/2050 (156,624) (0.10) 152,201 Floating (Triumph Group Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (1,593) (0.00) 457,459 Floating (Tyson Foods Inc Cl-A Cmn Class A) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (5,942) (0.00) 720,968 Floating (U.S. Concrete Inc Cmn) Floating (USD 1 Month LIBOR - 1.430%) USD 31/12/2050 (52,768) (0.03) 702,885 Floating (United Continental Holding Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (5,439) (0.00) 458,062 Floating (USD 1 Month LIBOR + 0.350%) Floating (Advance Auto Parts, Inc. Cmn) USD 31/12/2050 (41,566) (0.03)

1,624,495 Floating (USD 1 Month LIBOR + 0.350%) Floating (Amc Entertainment Holdings Inc Cmn) USD 31/12/2050 (145,798) (0.09) 301,391 Floating (USD 1 Month LIBOR + 0.350%) Floating (Blue Buffalo Pet Products Inc Cmn) USD 31/12/2050 (14,002) (0.01) 191,714 Floating (USD 1 Month LIBOR + 0.350%) Floating (Brinker International Inc Cmn) USD 31/12/2050 (21,542) (0.01) 181,506 Floating (USD 1 Month LIBOR + 0.350%) Floating (Build-A-Bear Workshop, Inc. Cmn) USD 31/12/2050 (4,707) (0.00)

7,360,252 Floating (USD 1 Month LIBOR + 0.350%) Floating (Centurylink Inc Cmn) USD 31/12/2050 (217,167) (0.14) 248,517 Floating (USD 1 Month LIBOR + 0.350%) Floating (Civeo Corp Cmn) USD 31/12/2050 (55,085) (0.04) 183,160 Floating (USD 1 Month LIBOR + 0.350%) Floating (Costco Wholesale Corporation Cmn) USD 31/12/2050 (7,888) (0.01)

98,443 Floating (USD 1 Month LIBOR + 0.350%) Floating (Coty, Inc. Cmn Class A) USD 31/12/2050 (4,860) (0.00) 673,517 Floating (USD 1 Month LIBOR + 0.350%) Floating (Eastman Kodak Company Cmn) USD 31/12/2050 (71,237) (0.05) 554,500 Floating (USD 1 Month LIBOR + 0.350%) Floating (Embraer Sa Adr Cmn) USD 31/12/2050 (43,633) (0.03)

38,324 Floating (USD 1 Month LIBOR + 0.350%) Floating (Ferrari N.V. Cmn) USD 31/12/2050 (416) (0.00) 155,984 Floating (USD 1 Month LIBOR + 0.350%) Floating (Forum Energy Technologies Inc Cmn) USD 31/12/2050 (23,638) (0.02)

90,115 Floating (USD 1 Month LIBOR + 0.350%) Floating (Freddie Mac Cmn) USD 31/12/2050 (10,321) (0.01) 668,880


Floating (Grupo Televisa, S.A. Gds Rep 5 Cpo'S Rep 1 L Share, 1 A Share And 1 D Share)

USD

31/12/2050

(10,473)

(0.01)

161,446 Floating (USD 1 Month LIBOR + 0.350%) Floating (Halliburton Company Cmn) USD 31/12/2050 (23,518) (0.02) 802,833 Floating (USD 1 Month LIBOR + 0.350%) Floating (Hewlett Packard Enterprise Co Cmn) USD 31/12/2050 (93,015) (0.06)

1,023,511 Floating (USD 1 Month LIBOR + 0.350%) Floating (Intl Business Machines Corp Cmn) USD 31/12/2050 (27,469) (0.02) 947,484 Floating (USD 1 Month LIBOR + 0.350%) Floating (Investors Bancorp, Inc. Cmn) USD 31/12/2050 (7,793) (0.01) 179,588 Floating (USD 1 Month LIBOR + 0.350%) Floating (Kroger Company Cmn) USD 31/12/2050 (328) (0.00)

7,835,676


Floating (Molson Coors Brewing Co Cmn Class B)

USD

31/12/2050

(522,530)

(0.33)

436,923 Floating (USD 1 Month LIBOR + 0.350%) Floating (Nacco Inds Inc Cl-A Class A) USD 31/12/2050 (4,129) (0.00) 275,711 Floating (USD 1 Month LIBOR + 0.350%) Floating (Potbelly Corp Cmn) USD 31/12/2050 (196) (0.00) 193,089 Floating (USD 1 Month LIBOR + 0.350%) Floating (Snap Inc. Cmn Class A) USD 31/12/2050 (27,936) (0.02) 102,599 Floating (USD 1 Month LIBOR + 0.350%) Floating (Snap Inc. Cmn Class A) USD 31/12/2050 (3,420) (0.00) 598,115 Floating (USD 1 Month LIBOR + 0.350%) Floating (Tableau Software, Inc. Cmn Class A) USD 31/12/2050 (7,368) (0.00) 517,016 Floating (USD 1 Month LIBOR + 0.350%) Floating (Tegna Inc. Cmn) USD 31/12/2050 (4,211) (0.00) 999,914 Floating (USD 1 Month LIBOR + 0.350%) Floating (Tripadvisor, Inc. Cmn) USD 31/12/2050 (147,463) (0.09) 399,708 Floating (USD 1 Month LIBOR + 0.350%) Floating (Us Foods Holding Corp. Cmn) USD 31/12/2050 (1,834) (0.00) 183,407 Floating (USD 1 Month LIBOR + 0.350%) Floating (Zayo Group Holdings, Inc. Cmn) USD 31/12/2050 (2,900) (0.00) 763,518 Floating (USD 1 Month LIBOR + 0.400%) Floating (Anadarko Petroleum Corp Cmn) USD 31/12/2050 (131,131) (0.08)

1,825,137 Floating (USD 1 Month LIBOR + 0.400%) Floating (Anheuser-Busch Inbev Spons) USD 31/12/2050 (127,926) (0.08) 501,404 Floating (USD 1 Month LIBOR + 0.400%) Floating (Blue Buffalo Pet Products In) USD 31/12/2050 (29,354) (0.02) 498,059 Floating (USD 1 Month LIBOR + 0.400%) Floating (Bp Plc Spons Adr) USD 31/12/2050 (10,050) (0.01)

1,596,208 Floating (USD 1 Month LIBOR + 0.400%) Floating (Coty Inc-Cl A) USD 31/12/2050 (307,090) (0.20) 84,668 Floating (USD 1 Month LIBOR + 0.400%) Floating (Dunkin' Brands Group Inc) USD 31/12/2050 (1,184) (0.00)

667,474 Floating (USD 1 Month LIBOR + 0.400%) Floating (Halliburton Co) USD 31/12/2050 (63,120) (0.04) 523,192 Floating (USD 1 Month LIBOR + 0.400%) Floating (Nielsen Holdings Plc) USD 31/12/2050 (70,295) (0.04) 500,544 Floating (USD 1 Month LIBOR + 0.400%) Floating (Pandora Media Inc) USD 31/12/2050 (142,451) (0.09)

2,495,615 Floating (USD 1 Month LIBOR + 0.400%) Floating (Sl Green Realty Corp) USD 31/12/2050 (36,224) (0.02) 560,305 Floating (USD 1 Month LIBOR + 0.400%) Floating (Tegna Inc) USD 31/12/2050 (176,534) (0.11)

2,791,182 Floating (USD 1 Month LIBOR + 0.400%) Floating (Vodafone Group Plc-Sp Adr) USD 31/12/2050 (71,501) (0.05) 1,325,774 Floating (Wabtec Corp Cmn) Floating (USD 1 Month LIBOR - 0.430%) USD 31/12/2050 (178,193) (0.11) 1,285,385 Floating (Wal Mart Stores Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (27,709) (0.02)

345,694 Floating (Wayfair Inc. Cmn) Floating (USD 1 Month LIBOR - 3.390%) USD 31/12/2050 (110,015) (0.07) 97,376 Floating (Wendy's Co/The Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (1,762) (0.00)

327,387 Floating (Wendy's Co/The) Floating (USD 1 Month LIBOR - 0.400%) USD 31/12/2050 (42,071) (0.03) 1,002,459 Floating (Yum China Holdings, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (291,901) (0.19) 1,069,650 Floating (Zoetis Inc. Cmn Class A) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (149,325) (0.10) _____________________________________________________________________________________________________________________________________________________________

UNR E AL IS E D L OS S ON TO T AL R E TU RN S W AP S (8,111,998) (5.16) _____________________________________________________________________________________________________________________________________________________________

(8,111,998) (5.16) _____________________________________________________________________________________________________________________________________________________________

T O T AL U NRE AL IS E D LO S S O N S W AP C O N TR AC TS

(8,111,998) (5.16) _____________________________________________________________________________________________________________________________________________________________

M ARK E T V AL UE O F INV E S T M E N TS ( c os t E U R 5 7 , 6 7 7 , 5 1 9 ) 60,436,828 38.45 _____________________________________________________________________________________________________________________________________________________________


96,750,208 61.55 _____________________________________________________________________________________________________________________________________________________________


157,187,036 100.00 _____________________________________________________________________________________________________________________________________________________________

24



As at 30 June 2017



Market Value

EUR

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

Total Investments excluding derivatives (cost EUR 59,502,528) 61,633,541 39.21 Unrealised gain on futures contracts 619,944 0.39 Market Value of Purchased Options (cost EUR 910,083) 687,231 0.44 Market Value of Written Options (cost EUR 1,034,910) (3,243,991) (2.06) Unrealised gain on forward currency contracts 37,488 0.02 Unrealised loss on forward currency contracts (406,810) (0.26) Unrealised gain on contracts for difference 3,206,480 2.04 Unrealised loss on contracts for difference (4,415,688) (2.81) Unrealised gain on swap contracts 10,430,631 6.64 Unrealised loss on swap contracts (8,111,998) (5.16) Other Assets and Liabilities 96,750,208 61.55 _____________________________________________________________________________________________________________________________________________________________


157,187,036 100.00 _____________________________________________________________________________________________________________________________________________________________

The counterparties for forward currency contracts were Citibank NA, State Street Bank & Trust.

The counterparty for options was Goldman, Sachs & Co.

The counterparties for swap contracts were Bank of America NA, Citibank NA, Citigroup Global Markets Limited, Goldman Sachs International, Morgan Stanley and Co. International.

The Futures Commission Merchant was Goldman, Sachs & Co.


(a)


(b)


25

Serviced Platform SICAV—Maverick Fundamental Quant UCITS Fund


As at 30 June 2017


Holdings


Market Value

USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________



Canada

12,970 Lululemon Athletica, Inc.

(Retail) 773,920 0.58 _____________________________________________________________________________________________________________________________________________________________

United States

23,170 AbbVie, Inc. (a)

(Pharmaceuticals) 1,680,057 1.27 6,680 Advance Auto Parts, Inc.

(Retail) 778,821 0.59 1,470 Amazon.com, Inc.

(Internet) 1,422,960 1.08

100,860 American Axle & Manufacturing Holdings, Inc. (a)

(Auto Parts & Equipment) 1,573,416 1.19 101,460 American Eagle Outfitters, Inc.

(Retail) 1,222,593 0.92

36,920 Applied Materials, Inc. (a)

(Semiconductors) 1,525,165 1.15 35,645 Barnes & Noble, Inc.

(Retail) 270,902 0.20 19,290 Best Buy Co., Inc.

(Retail) 1,105,896 0.84

6,150 Biogen, Inc. (a)

(Biotechnology) 1,668,864 1.26 50,770 Bloomin' Brands, Inc.

(Retail) 1,077,847 0.82 28,470 Brinker International, Inc.

(Retail) 1,084,707 0.82 10,160 Burlington Stores, Inc.

(Retail) 934,618 0.71

24,940 CBS Corp. "B Non Voting" (a)

(Media) 1,590,673 1.20

63,400 CenterState Banks, Inc. (a)

(Banks) 1,576,124 1.19 1,570 Columbia Sportswear Co.

(Apparel) 91,154 0.07 22,230 Comerica, Inc.

(Banks) 1,628,125 1.23 68,716 Crocs, Inc.

(Apparel) 529,800 0.40 5,760 Darden Restaurants, Inc.

(Retail) 520,934 0.39 22,754 Dillard's, Inc. "A"

(Retail) 1,312,678 0.99 7,200 Domino's Pizza, Inc.

(Retail) 1,523,016 1.15

44,040 E*TRADE Financial Corp. (a)

(Diversified Financial Services) 1,674,841 1.27

43,770 eBay, Inc. (a)

(Internet) 1,528,448 1.16

13,250 Edwards Lifesciences Corp. (a)

(Healthcare Products) 1,566,680 1.18 14,280 Electronic Arts, Inc.

(Software) 1,509,682 1.14 68,900 Entegris, Inc.

(Semiconductors) 1,512,355 1.14 9,190 Etsy, Inc.

(Internet) 137,850 0.10 79,920 Exelixis, Inc.

(Biotechnology) 1,968,430 1.49 143,507 Express, Inc.

(Retail) 968,672 0.73 12,880 Five Below, Inc.

(Retail) 635,886 0.48 117,440 GNC Holdings, Inc. "A"

(Retail) 990,019 0.75 7,210 Goldman Sachs Group, Inc. /The

(Banks) 1,599,899 1.21 43,411 GOPRO, Inc. "A"

(Electronics) 352,931 0.27 19,240 Grand Canyon Education, Inc.

(Commercial Services) 1,508,608 1.14 10,680 GrubHub, Inc.

(Internet) 465,648 0.35

18,610 HCA Holdings, Inc. (a)

(Healthcare Services) 1,622,792 1.23 35,190 Hologic, Inc.

(Healthcare Products) 1,596,922 1.21 6,560 Humana, Inc.

(Healthcare Services) 1,578,467 1.19 63,770 Huntsman Corp.

(Chemicals) 1,647,817 1.25 9,050 IDEXX Laboratories, Inc.

(Healthcare Products) 1,460,851 1.11 1,670 Intuitive Surgical, Inc.

(Healthcare Products) 1,562,068 1.18 312,630 JC Penney Co., Inc.

(Retail) 1,453,730 1.10

11,900 Johnson & Johnson (a)

(Pharmaceuticals) 1,574,251 1.19 55,360 Juniper Networks, Inc.

(Telecommunications) 1,543,437 1.17

11,200 Lear Corp. (a)

(Auto Parts & Equipment) 1,591,296 1.20 9,310 Lowe's Cos, Inc.

(Retail) 721,804 0.55 896 Madison Square Garden Co. "A"

(Entertainment) 176,422 0.13 9,570 McDonald's Corp.

(Retail) 1,465,741 1.11 106,483 Michaels Cos, Inc.

(Retail) 1,972,065 1.49

8,360 MicroStrategy, Inc. "A" (a)

(Software) 1,602,361 1.21 18,240 Motorola Solutions, Inc.

(Telecommunications) 1,582,138 1.20 45,490 NeuStar, Inc. "A"

(Telecommunications) 1,517,092 1.15 20,230 NIKE, Inc. "B"

(Apparel) 1,193,570 0.90

9,900 Parker-Hannifin Corp. (a)

(Miscellaneous Manufacturing) 1,582,218 1.20 20,730 PayPal Holdings, Inc.

(Commercial Services) 1,112,579 0.84 3,211 PetMed Express, Inc.

(Retail) 130,367 0.10 12,720 Philip Morris International, Inc.

(Food, Beverages & Tobacco) 1,493,964 1.13 170,420 Pier 1 Imports, Inc.

(Retail) 884,480 0.67

851 Priceline Group, Inc. (a)

(Internet) 1,591,813 1.20 21,130 Primerica, Inc.

(Insurance) 1,600,597 1.21 12,160 Red Robin Gourmet Burgers, Inc.

(Retail) 793,440 0.60 8,656 Ruth's Hospitality Group, Inc.

(Retail) 188,268 0.14 10,670 S&P Global, Inc.

(Commercial Services) 1,557,713 1.18 33,140 Sally Beauty Holdings, Inc.

(Retail) 671,085 0.51 56,850 Skechers U.S.A., Inc. "A"

(Apparel) 1,677,075 1.27

15,810 Skyworks Solutions, Inc. (a)

(Semiconductors) 1,516,970 1.15 8,100 Smart & Final Stores, Inc.

(Food, Beverages & Tobacco) 73,710 0.06 13,603 Sonic Corp.

(Retail) 360,343 0.27

27,970 Spirit AeroSystems Holdings, Inc. "A" (a)

(Aerospace & Defence) 1,620,582 1.23 28,020 Spirit Airlines, Inc.

(Airlines) 1,447,233 1.09 34,745 Sportsman's Warehouse Holdings, Inc.

(Retail) 187,623 0.14 68,390 Sprouts Farmers Market, Inc.

(Food, Beverages & Tobacco) 1,550,401 1.17

63,640 Swift Transportation Co. (a)

(Transportation) 1,686,460 1.28

26



As at 30 June 2017


Common Stocks - (continued)

Holdings


Market Value

USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

United States - (continued)

54,528 Tailored Brands, Inc.

(Retail) 608,532 0.46 21,730 Take-Two Interactive Software, Inc.

(Software) 1,594,547 1.21 13,800 Target Corp.

(Retail) 721,602 0.55

20,100 Texas Instruments, Inc. (a)

(Semiconductors) 1,546,293 1.17 27,910 Texas Roadhouse, Inc.

(Retail) 1,422,015 1.08 15,500 Tiffany & Co.

(Retail) 1,454,985 1.10

22,110 TJX Cos, Inc. (a)

(Retail) 1,595,679 1.21 22,250 Toro Co.

(Agricultural Equipment) 1,541,703 1.17 5,470 Ulta Salon Cosmetics & Fragrance, Inc.

(Retail) 1,571,750 1.19

20,350 United Continental Holdings, Inc. (a)

(Airlines) 1,531,338 1.16 14,020 United Rentals, Inc.

(Commercial Services) 1,580,194 1.20 8,700 UnitedHealth Group, Inc.

(Healthcare Services) 1,613,154 1.22

17,330 VMware, Inc. "A" (a)

(Software) 1,515,162 1.15 8,490 Waters Corp.

(Electronics) 1,560,802 1.18 18,490 Wayfair, Inc.

(Internet) 1,421,511 1.08 41,980 Weight Watchers International, Inc.

(Commercial Services) 1,402,972 1.06 38,294 Williams-Sonoma, Inc.

(Retail) 1,857,259 1.40 33,500 Wingstop, Inc.

(Retail) 1,035,150 0.78

77,370 Xencor, Inc. (a)

(Pharmaceuticals) 1,633,281 1.24 22,850 Xilinx, Inc.

(Semiconductors) 1,469,712 1.11 12,700 Yum! Brands, Inc.

(Retail) 936,752 0.71 ____________________________________________________________

116,742,437 88.32 _____________________________________________________________________________________________________________________________________________________________

T O T AL C OM M O N S TO CKS ( c os t US D 1 0 9 , 3 0 8 , 5 18 ) 117,516,357 88.90 _____________________________________________________________________________________________________________________________________________________________

T O T AL TR ANS FE R AB LE S E C URI T IE S ADM I T T E D TO AN O F FI C I AL E X C H AN GE L IS T IN G ( c os t US D 1 0 9 , 3 0 8 , 5 18 ) 117,516,357 88.90 _____________________________________________________________________________________________________________________________________________________________

Mutual Funds - 6.05%

Ireland

8,000,000 Institutional Cash Series Plc. - US Treasury Fund

8,000,000 6.05 _____________________________________________________________________________________________________________________________________________________________

T O T AL M U TU AL F UN DS ( c os t US D 8 ,0 0 0 ,0 0 0 ) 8,000,000 6.05 _____________________________________________________________________________________________________________________________________________________________

M ARK E T V AL UE O F INV E S T M E N TS E X C L UD IN G DE RIV A T IV E S ( c os t US D 1 1 7 , 3 0 8 , 5 18 ) 125,516,357 94.95 _____________________________________________________________________________________________________________________________________________________________


Currency

Amount Bought

Currency

Amount Sold

Maturity

Date

Unrealised Gain USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

GBP 12,485,793 USD 16,185,533 17/07/2017 39,144 0.03 EUR 15,667,918 USD 17,624,542 17/07/2017 256,501 0.20 _____________________________________________________________________________________________________________________________________________________________


295,645 0.23 _____________________________________________________________________________________________________________________________________________________________

Currency

Amount Bought

Currency

Amount Sold

Maturity

Date

Unrealised Loss USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

USD 4,494 GBP 3,467 17/07/2017 (11) (0.00) USD 112 EUR 100 17/07/2017 (3) (0.00) _____________________________________________________________________________________________________________________________________________________________


(14) (0.00) _____________________________________________________________________________________________________________________________________________________________



Pay

Receive

Currency

Maturity Date

Unrealised Gain USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

Total Return Swaps 1,082,908 Floating (Abbott Laboratories Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 1,335 0.00 1,028,540 Floating (Advance Auto Parts, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 42,189 0.03 1,059,227 Floating (Aflac Incorporated Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 1,226 0.00 1,150,252 Floating (Ally Financial Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 4,932 0.00 1,238,962 Floating (Alnylam Pharmaceuticals, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 1,086 0.00 1,048,070 Floating (American Electric Power Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 18,525 0.01 1,032,705 Floating (American Intl Group, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 14,879 0.01 1,018,490 Floating (American Water Works Co, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 26,966 0.02 1,054,234 Floating (Axon Enterprise Inc Cmn) Floating (USD 1 Month LIBOR - 1.760%) USD 31/12/2050 12,432 0.01 1,031,519 Floating (B&G Foods, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.800%) USD 31/12/2050 23,327 0.02

492,063 Floating (Big 5 Sporting Goods Corp Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 0 0.00

27



As at 30 June 2017




Pay

Receive

Currency

Maturity Date

Unrealised Gain USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________


680,039 Floating (Bjs Restaurants Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 7,304 0.01 1,441,012 Floating (Bluebird Bio Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 24,938 0.02 1,950,287 Floating (Buffalo Wild Wings, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 16,591 0.01 1,088,003 Floating (Calpine Corporation Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 18,186 0.01 1,084,140 Floating (Cardinal Health Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 18,194 0.01 1,031,256 Floating (Cavium Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 24,750 0.02 1,045,274 Floating (Centurylink Inc Cmn) Floating (USD 1 Month LIBOR - 0.850%) USD 31/12/2050 28,941 0.02

832,631

Floating (Cheesecake Factory Incorporate*D (The) Cmn)


USD

31/12/2050

165

0.00

1,491,539 Floating (Chipotle Mexican Grill, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 6,062 0.00 1,043,064 Floating (Compass Minerals Intl, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.600%) USD 31/12/2050 8,712 0.01 1,032,411 Floating (Coty, Inc. Cmn Class A) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 3,613 0.00

259,899

Floating (Dave & Buster'S Entertainmnt, *Inc. Cmn)


USD

31/12/2050

2,439

0.00

1,139,088 Floating (Dexcom, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 27,208 0.02 853,806 Floating (Dineequity, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 2,320 0.00

1,004,910 Floating (Dominion Energy Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 16,383 0.01 282,241 Floating (Dsw Inc. Cmn Class A) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 1,112 0.00

1,060,640 Floating (Edgewell Personal Care Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 4,723 0.00 1,055,991 Floating (Enbridge Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 5,804 0.00 1,023,608 Floating (Exxon Mobil Corporation Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 4,796 0.00

397,176 Floating (Francesca'S Holdings Corp Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 601 0.00 1,142,440 Floating (Gap Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 26,887 0.02 1,009,763 Floating (General Electric Co Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 7,422 0.01

994,363 Floating (General Mills Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 2,149 0.00 290,055

Floating (Habit Restaurants, Inc. (The) Cmn Class A)


USD

31/12/2050

915

0.00

1,003,068

Floating (Hertz Global Holdings, Inc. Cmn Series)


USD

31/12/2050

1,993

0.00

1,031,672 Floating (Hormel Foods Corp Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 1,208 0.00 580,160 Floating (Hsn, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 1,813 0.00

1,024,237 Floating (Incyte Corporation Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 34,584 0.03 1,107,851 Floating (Intercept Pharmaceuticals, Inc Cmn) Floating (USD 1 Month LIBOR - 0.260%) USD 31/12/2050 8,535 0.01 1,041,988 Floating (J.C. Penney Co Inc (Hldng Co) Cmn) Floating (USD 1 Month LIBOR - 0.896%) USD 31/12/2050 36,751 0.03 1,691,840 Floating (Jack In The Box Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 11,430 0.01

768,269 Floating (L Brands, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 7,342 0.01 1,031,810 Floating (Macom Technology Solutions Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 33,527 0.03

157,656

Floating (Madison Square Garden Company *(The) Cmn Class A)


USD

31/12/2050

136

0.00

1,033,243 Floating (Medicines Co (The) Cmn) Floating (USD 1 Month LIBOR - 0.660%) USD 31/12/2050 1,652 0.00 990,204 Floating (Mondelez International, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 17,566 0.01

1,052,779 Floating (Monster Beverage Corporation Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 12,977 0.01 1,002,248 Floating (P G & E Corporation Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 10,016 0.01

611,644 Floating (Papa John'S International Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 9,291 0.01 1,032,181 Floating (Rsp Permian Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 3,091 0.00 1,023,481 Floating (Scana Corp Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 25,032 0.02 1,040,778 Floating (Seattle Genetics, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 1,322 0.00 1,016,657 Floating (Sempra Energy Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 8,672 0.01 1,165,962 Floating (Shake Shack Inc. Cmn Class A) Floating (USD 1 Month LIBOR - 2.130%) USD 31/12/2050 20,363 0.02 2,003,671 Floating (Sherwin-Williams Co Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 38,295 0.03 1,617,638 Floating (Six Flags Entertainment ) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 20,686 0.02 1,032,591 Floating (Snyders-Lance In Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 8,185 0.01 1,723,990 Floating (Starbucks Corp. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 19,006 0.01

991,082 Floating (Tesla, Inc. Cmn) Floating (USD 1 Month LIBOR - 1.160%) USD 31/12/2050 2,079 0.00 1,031,789 Floating (The Southern Co. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 31,576 0.02 1,154,463 Floating (Under Armour, Inc. Cmn Class A) Floating (USD 1 Month LIBOR - 10.350%) USD 31/12/2050 530 0.00

381,357 Floating (Urban Outfitters Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 378 0.00 90,650 Floating (USD 1 Month LIBOR + 0.000%) Floating (Tesla Inc Common Stock USD)) USD 31/12/2050 2,056 0.00

600,600 Floating (USD 1 Month LIBOR + 0.005%) Floating (Michael Kors Holdings Ltd) USD 31/12/2050 8,400 0.01 245,087 Floating (USD 1 Month LIBOR + 0.005%) Floating (Slm Corp) USD 31/12/2050 1,933 0.00

1,590,519 Floating (USD 1 Month LIBOR + 0.300%) Floating (Aetna Inc Cmn) USD 31/12/2050 6,733 0.01 1,530,512 Floating (USD 1 Month LIBOR + 0.300%) Floating (Akorn Inc Cmn) USD 31/12/2050 5,955 0.00 1,556,989 Floating (USD 1 Month LIBOR + 0.300%) Floating (Alaska Air Group Inc(Del Hldg) Cmn) USD 31/12/2050 14,708 0.01 1,568,070 Floating (USD 1 Month LIBOR + 0.300%) Floating (Align Technology Inc Cmn) USD 31/12/2050 8,190 0.01 1,595,877 Floating (USD 1 Month LIBOR + 0.300%) Floating (Allstate Corporation Common Stock) USD 31/12/2050 4,887 0.00 1,576,250 Floating (USD 1 Month LIBOR + 0.300%) Floating (American Airlines Group Inc Cmn) USD 31/12/2050 59,150 0.05 1,645,815 Floating (USD 1 Month LIBOR + 0.300%) Floating (American Express Co. Cmn) USD 31/12/2050 22,980 0.02 1,677,747 Floating (USD 1 Month LIBOR + 0.300%) Floating (Amgen Inc. Cmn) USD 31/12/2050 13,552 0.01 1,566,748 Floating (USD 1 Month LIBOR + 0.300%) Floating (Anthem, Inc. Cmn) USD 31/12/2050 6,019 0.00 1,547,620 Floating (USD 1 Month LIBOR + 0.300%) Floating (Apple Inc. Cmn) USD 31/12/2050 2,035 0.00 1,567,806 Floating (USD 1 Month LIBOR + 0.300%) Floating (Bard C R Inc N J Cmn) USD 31/12/2050 99 0.00 1,684,411 Floating (USD 1 Month LIBOR + 0.300%) Floating (Cemex, S.A.B Sponsored Adr)

(b) USD 31/12/2050 51,601 0.04

1,553,270 Floating (USD 1 Month LIBOR + 0.300%) Floating (Chemours Company (The) Cmn) USD 31/12/2050 118,244 0.09 1,557,000 Floating (USD 1 Month LIBOR + 0.300%) Floating (Citizens Financial Group Inc Cmn) USD 31/12/2050 37,540 0.03 1,592,598 Floating (USD 1 Month LIBOR + 0.300%) Floating (Delta Air Lines, Inc. Cmn) USD 31/12/2050 27,126 0.02 1,514,835 Floating (USD 1 Month LIBOR + 0.300%) Floating (Facebook, Inc. Cmn Class A) USD 31/12/2050 4,024 0.00 1,659,569 Floating (USD 1 Month LIBOR + 0.300%) Floating (Gilead Sciences Cmn) USD 31/12/2050 3,054 0.00

28



As at 30 June 2017




Pay

Receive

Currency

Maturity Date

Unrealised Gain USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________


1,507,715 Floating (USD 1 Month LIBOR + 0.300%) Floating (Hdfc Bank Limited Adr Cmn) USD 31/12/2050 1,214 0.00 1,621,384 Floating (USD 1 Month LIBOR + 0.300%) Floating (Jazz Pharmaceuticals Plc Cmn) USD 31/12/2050 6,701 0.01 1,611,686 Floating (USD 1 Month LIBOR + 0.300%) Floating (Louisiana Pacific Corp Cmn) USD 31/12/2050 12,123 0.01 1,558,377 Floating (USD 1 Month LIBOR + 0.300%) Floating (Lpl Finl Hldgs Inc Cmn) USD 31/12/2050 32,599 0.03 1,428,646 Floating (USD 1 Month LIBOR + 0.300%) Floating (Slm Corporation Cmn) USD 31/12/2050 11,269 0.01 1,573,426 Floating (USD 1 Month LIBOR + 0.300%) Floating (Southwest Airlines Co Cmn) USD 31/12/2050 16,115 0.01 1,488,688 Floating (USD 1 Month LIBOR + 0.300%) Floating (Steel Dynamics, Inc. Cmn) USD 31/12/2050 117,032 0.09 1,592,268 Floating (USD 1 Month LIBOR + 0.300%) Floating (Tal Ed Group Adr Cmn) USD 31/12/2050 8,770 0.01 1,523,922 Floating (USD 1 Month LIBOR + 0.300%) Floating (The Home Depot, Inc. Cmn) USD 31/12/2050 11,612 0.01 1,533,198 Floating (USD 1 Month LIBOR + 0.300%) Floating (Vale S.A. Adr)

(b) USD 31/12/2050 60,090 0.05

1,032,243 Floating (Verizon Communications Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 4,170 0.00 1,042,100 Floating (Viasat Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 11,366 0.01

901,911 Floating (Wal Mart Stores Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 2,076 0.00 1,034,840 Floating (Yum Brands, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 2,938 0.00

340,865 Floating (Zoes Kitchen Inc Cmn) Floating (USD 1 Month LIBOR - 1.080%) USD 31/12/2050 13,733 0.01 _____________________________________________________________________________________________________________________________________________________________


T O T AL U NRE AL IS E D G AI N O N S W AP C O N TR AC TS 1,485,242 1.12 _____________________________________________________________________________________________________________________________________________________________


Pay

Receive

Currency

Maturity Date

Unrealised Loss USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

Total Return Swaps

1,169,516 Floating (Acadia Healthcare Company Inc) Floating (USD 1 Month LIBOR - 1.060%) USD 31/12/2050 (44,244) (0.03) 1,094,059 Floating (Acuity Brands Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (174,408) (0.13) 1,082,640 Floating (Ak Steel Holding Corp Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (11,659) (0.01) 1,068,746 Floating (Allegheny Technologies Inc Cmn) Floating (USD 1 Month LIBOR - 1.140%) USD 31/12/2050 (51,363) (0.04) 1,002,040 Floating (Archer-Daniels-Midland Company) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (9,287) (0.01) 1,045,516 Floating (Ball Corporation Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (2,981) (0.00)

685,816 Floating (Big Lots Inc Cmn) Floating (USD 1 Month LIBOR - 0.540%) USD 31/12/2050 (3,425) (0.00) 1,038,812 Floating (Biomarin Pharmaceutical Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (13,792) (0.01) 1,072,210 Floating (Blackrock, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (711) (0.00)

985,202 Floating (Brown Forman Corp Cmn Class B) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (406) (0.00) 1,034,118 Floating (Calatlantic Group Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (18,959) (0.02) 1,075,030 Floating (Capital One Financial Corp Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (16,380) (0.01) 1,031,580 Floating (Carmax, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.520%) USD 31/12/2050 (81) (0.00) 1,470,220 Floating (Casey'S General Stores,Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (15,396) (0.01) 1,014,880 Floating (Cf Industries Holdings, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (41,169) (0.03)

989,538 Floating (Cheniere Energy Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (17,785) (0.01) 1,021,967 Floating (Chevron Corporation Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (2,553) (0.00) 1,154,080 Floating (Chico'S Fas Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (28,883) (0.02) 1,812,950 Floating (Children'S Place Inc (The) Inc) Floating (USD 1 Month LIBOR - 0.250%) USD 31/12/2050 (19,745) (0.02) 1,050,755 Floating (Cimpress N V Cmn) Floating (USD 1 Month LIBOR - 1.170%) USD 31/12/2050 (36,340) (0.03) 1,009,618 Floating (Dentsply Sirona Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (6,425) (0.01) 1,017,856 Floating (Deutsche Bank Ag Cmn) Floating (USD 1 Month LIBOR - 2.300%) USD 31/12/2050 (16,276) (0.01) 1,004,422 Floating (Diebold Nixdorf Diebold Nixdorf Inc) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (71,059) (0.05) 1,138,876 Floating (Dunkin Brands Group Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (5,967) (0.01) 1,071,003 Floating (Eqt Corporation Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (5,882) (0.01)

733,430 Floating (Fiesta Restaurant Group, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (3,569) (0.00) 816,516 Floating (Finish Line Inc Cl-A Cmn Class A) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (4,636) (0.00)

1,032,843 Floating (Flowserve Corporation Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (24,832) (0.02) 1,556,352 Floating (Foot Locker, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (14,201) (0.01) 1,033,903 Floating (Golar Lng Limited Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (17,187) (0.01)

75,379 Floating (Grubhub Inc Cmn) Floating (USD 1 Month LIBOR - 0.500%) USD 31/12/2050 (312) (0.00) 1,033,285 Floating (Halliburton Company Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (28,059) (0.02) 1,018,705 Floating (Helmerich & Payne Inc. Cmn) Floating (USD 1 Month LIBOR - 0.610%) USD 31/12/2050 (29,514) (0.02)

721,140 Floating (Hibbett Sports Inc Cmn) Floating (USD 1 Month LIBOR - 0.530%) USD 31/12/2050 (12,373) (0.01) 1,070,417 Floating (Intrexon Corp Cmn) Floating (USD 1 Month LIBOR - 3.200%) USD 31/12/2050 (889) (0.00)

992,211 Floating (Johnson Controls International Plc) Floating (USD 1 Month LIBOR - 0.640%) USD 31/12/2050 (28,483) (0.02) 1,283,332 Floating (Juno Therapeutics, Inc. Cmn) Floating (USD 1 Month LIBOR - 2.010%) USD 31/12/2050 (24,057) (0.02) 1,024,610 Floating (Lennar Corporation Cmn Class A) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (24,194) (0.02)

984,176 Floating (Liberty Broadband Corp) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (17,787) (0.01) 1,032,694 Floating (Mattel, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (44,452) (0.03) 1,063,838 Floating (Metlife, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (39,357) (0.03) 1,043,425 Floating (Murphy Usa Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (30,429) (0.02)

985,870 Floating (National Oilwell Varco, Inc. Common) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (38,564) (0.03) 1,053,569 Floating (Nevro Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (45,018) (0.03) 1,007,378 Floating (New York Community Bancorp) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (25,165) (0.02) 1,065,717 Floating (Newell Brands Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (10,436) (0.01) 1,028,021 Floating (Occidental Petroleum Corp Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (4,138) (0.00)

567,048 Floating (Oxford Ind Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (5,361) (0.00) 1,035,219 Floating (Pandora Media, Inc. Cmn) Floating (USD 1 Month LIBOR - 2.500%) USD 31/12/2050 (49,275) (0.04) 1,075,209 Floating (Phillips 66 Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (28,703) (0.02) 1,032,845 Floating (Post Holdings, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (16,983) (0.01) 1,056,358 Floating (Prothena Corp Plc Cmn) Floating (USD 1 Month LIBOR - 0.820%) USD 31/12/2050 (21,713) (0.02) 1,320,586 Floating (Ralph Lauren Corp Cmn Class A) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (16,670) (0.01)

176,726 Floating (Rh Cmn) Floating (USD 1 Month LIBOR - 0.326%) USD 31/12/2050 (1,994) (0.00) 978,692 Floating (Rh) Floating (USD 1 Month LIBOR - 0.296%) USD 31/12/2050 (11,045) (0.01)

1,077,966 Floating (Ross Stores,Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (1,007) (0.00)

29



As at 30 June 2017




Pay

Receive

Currency

Maturity Date

Unrealised Loss USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________


1,092,632 Floating (Sarepta Therapeutics Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (22,494) (0.02) 980,641 Floating (Seaworld Entertainment, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (35,421) (0.03) 884,332 Floating (Signet Jewelers Limited Cmn) Floating (USD 1 Month LIBOR - 0.860%) USD 31/12/2050 (1,660) (0.00)

1,032,094 Floating (Src Energy Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (28,420) (0.02) 1,116,574 Floating (Tenet Healthcare Corp Cmn) Floating (USD 1 Month LIBOR - 0.650%) USD 31/12/2050 (14,623) (0.01) 1,016,087 Floating (The Mosaic Company Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (8,980) (0.01) 1,050,966 Floating (Treehouse Foods, Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (24,891) (0.02) 1,034,157 Floating (U S Silica Hldgs Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (33,737) (0.03)

792,008 Floating (Ulta Beauty Inc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (12,544) (0.01) 1,033,184 Floating (United Bankshares Inc W V Cmn) Floating (USD 1 Month LIBOR - 0.710%) USD 31/12/2050 (7,968) (0.01) 1,051,106 Floating (United States Steel Corp Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (27,776) (0.02)

128,929 Floating (USD 1 Month LIBOR + 0.005%) Floating (Lam Research) USD 31/12/2050 (4,471) (0.00) 1,548,239 Floating (USD 1 Month LIBOR + 0.300%) Floating (Analog Devices, Inc. Cmn) USD 31/12/2050 (8,577) (0.01) 1,580,159 Floating (USD 1 Month LIBOR + 0.300%) Floating (Arista Networks, Inc. Cmn) USD 31/12/2050 (31,330) (0.02) 1,559,733 Floating (USD 1 Month LIBOR + 0.300%) Floating (Baxter International Inc Cmn) USD 31/12/2050 (3,855) (0.00) 1,547,714 Floating (USD 1 Month LIBOR + 0.300%) Floating (Cadence Design Systems Inc Cmn) USD 31/12/2050 (10,188) (0.01) 1,742,922 Floating (USD 1 Month LIBOR + 0.300%) Floating (Celgene Corporation Cmn) USD 31/12/2050 (13,054) (0.01) 1,535,278 Floating (USD 1 Month LIBOR + 0.300%) Floating (Cisco Systems, Inc. Cmn) USD 31/12/2050 (22,236) (0.02) 1,487,705 Floating (USD 1 Month LIBOR + 0.300%) Floating (Citrix Systems Inc Cmn) USD 31/12/2050 (16,271) (0.01) 1,490,903 Floating (USD 1 Month LIBOR + 0.300%) Floating (Cognex Corp Cmn) USD 31/12/2050 (76,469) (0.06) 1,656,874 Floating (USD 1 Month LIBOR + 0.300%) Floating (Dycom Industries Inc Cmn) USD 31/12/2050 (36,562) (0.03) 1,547,159 Floating (USD 1 Month LIBOR + 0.300%) Floating (Fiat Chrysler Automobiles N V Cmn) USD 31/12/2050 (14,419) (0.01) 1,521,766 Floating (USD 1 Month LIBOR + 0.300%) Floating (Herbalife Ltd. Cmn) USD 31/12/2050 (7,431) (0.01) 1,420,168 Floating (USD 1 Month LIBOR + 0.300%) Floating (Lam Research Corp Cmn) USD 31/12/2050 (31,326) (0.02) 1,521,976 Floating (USD 1 Month LIBOR + 0.300%) Floating (Mastercard Incorporated Cmn Class A) USD 31/12/2050 (15,996) (0.01) 1,552,572 Floating (USD 1 Month LIBOR + 0.300%) Floating (Mc Donalds Corp Cmn) USD 31/12/2050 (5,656) (0.01) 1,484,994 Floating (USD 1 Month LIBOR + 0.300%) Floating (Momo Inc Adr Cmn) USD 31/12/2050 (4,007) (0.00) 1,666,525 Floating (USD 1 Month LIBOR + 0.300%) Floating (Netease Inc Sponsored Adr Cmn) USD 31/12/2050 (58,155) (0.04) 1,522,932 Floating (USD 1 Month LIBOR + 0.300%) Floating (New Oriental Ed & Tech Adr Cmn) USD 31/12/2050 (23,610) (0.02) 1,552,442 Floating (USD 1 Month LIBOR + 0.300%) Floating (Rowan Companies Plc Cmn Class A) USD 31/12/2050 (45,421) (0.04) 1,512,379 Floating (USD 1 Month LIBOR + 0.300%) Floating (Taiwan Semiconductor Mfg Ads Ltd) USD 31/12/2050 (5,603) (0.01) 1,547,803 Floating (USD 1 Month LIBOR + 0.300%) Floating (Teradyne Inc Cmn) USD 31/12/2050 (49,907) (0.04) 1,079,124 Floating (USD 1 Month LIBOR + 0.300%) Floating (The Home Depot, Inc. Cmn) USD 31/12/2050 (6,948) (0.01) 1,651,153 Floating (USD 1 Month LIBOR + 0.300%) Floating (United Therapeutics Corp Cmn) USD 31/12/2050 (15,258) (0.01) 1,471,382 Floating (USD 1 Month LIBOR + 0.300%) Floating (Wix .Com Cmn) USD 31/12/2050 (32,054) (0.02) 1,547,213 Floating (USD 1 Month LIBOR + 0.300%) Floating (Yandex N.V. Cmn) USD 31/12/2050 (36,838) (0.03) 1,032,610 Floating (Vodafone Group Plc Adr Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (2,532) (0.00) 1,214,858 Floating (Wayfair Inc. Cmn) Floating (USD 1 Month LIBOR - 3.390%) USD 31/12/2050 (25,985) (0.02) 1,032,487 Floating (Weatherford International Plc Cmn) Floating (USD 1 Month LIBOR - 0.770%) USD 31/12/2050 (15,935) (0.01)

64,945 Floating (Wendy's Co/The Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (848) (0.00) 1,004,369 Floating (Wex Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (21,648) (0.02) 1,004,226 Floating (Willis Towers Watson Plc Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (3,811) (0.00)

394,842 Floating (Zumiez Inc. Cmn) Floating (USD 1 Month LIBOR - 0.300%) USD 31/12/2050 (14,931) (0.01) _____________________________________________________________________________________________________________________________________________________________


M ARK E T V AL UE O F INV E S T M E N TS ( c os t US D 1 1 7 , 3 0 8 , 5 18 ) 125,181,805 94.70 _____________________________________________________________________________________________________________________________________________________________


7,003,767 5.30 _____________________________________________________________________________________________________________________________________________________________


132,185,572 100.00 _____________________________________________________________________________________________________________________________________________________________


Market Value

USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

Total Investments excluding derivatives (cost USD 117,308,518) 125,516,357 94.95 Unrealised gain on forward currency contracts 295,645 0.23 Unrealised loss on forward currency contracts (14) (0.00) Unrealised gain on swap contracts 1,485,242 1.12 Unrealised loss on swap contracts (2,115,425) (1.60) Other Assets and Liabilities 7,003,767 5.30 _____________________________________________________________________________________________________________________________________________________________


132,185,572 100.00 _____________________________________________________________________________________________________________________________________________________________


The counterparties for swap contracts were Goldman Sachs International, JP Morgan Chase Bank NA London, Morgan Stanley and Co. International.

The counterparty for options was Goldman, Sachs & Co., Goldman Sachs International.


This investment is partially or fully pledged.

Security holding is traded/held in USD. (ADR: American Depositary Receipt/GDR: Global Depositary Receipt).

30

Serviced Platform SICAV—Campbell UCITS Managed Futures Fund


As at 30 June 2017


Holdings


Market Value

USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________


Participating Notes - 14.84%

Ireland

1,262,384 Star Compass Plc.—UBS AG (08/04/2021)

729,027 7.42 1,262,384 Star Helios Plc.—UBS AG (07/01/2021)

729,027 7.42 ____________________________________________________________

1,458,054 14.84 _____________________________________________________________________________________________________________________________________________________________

T O T AL P AR TI C I P AT IN G NO T E S ( c os t US D 2 ,1 0 0 ,0 0 0 ) 1,458,054 14.84 _____________________________________________________________________________________________________________________________________________________________

T O T AL TR ANS FE R AB LE S E C URI T IE S ADM I T T E D TO AN O F FI C I AL E X C H AN GE L IS T IN G ( c os t US D 2 ,1 0 0 ,0 0 0 ) 1,458,054 14.84 _____________________________________________________________________________________________________________________________________________________________

Holdings


Coupon Rate(a)

Maturity Date(b)

Market Value

USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________



United States

750,000 United States Treasury Bill

USD 0.000% 20/07/2017 749,725 7.63 540,000 United States Treasury Bill





USD 0.000% 07/12/2017 746,516 7.60 ____________________________________________________________

4,428,693 45.07 _____________________________________________________________________________________________________________________________________________________________

T O T AL G OV E RNM E N T B ON D S ( c os t US D 4 ,4 2 0 ,4 5 2 ) 4,428,693 45.07 _____________________________________________________________________________________________________________________________________________________________

T O T AL TR ANS FE R AB LE S E C URI T IE S D E AL T I N AN O TH E R RE GU L AT E D M ARK E T ( c os t US D 4 ,4 2 0 ,4 5 2 ) 4,428,693 45.07 _____________________________________________________________________________________________________________________________________________________________

M ARK E T V AL UE O F INV E S T M E N TS E X C L UD IN G DE RIV A T IV E S ( c os t US D 6 ,5 2 0 ,4 5 2 ) 5,886,747 59.91 _____________________________________________________________________________________________________________________________________________________________

Futures Contracts - (3.77%)

Number of Contracts



USD

Unrealised

Gain USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

CAD (1) Bank Accept Futures 18/09/2017 Short (190,190) 202 0.00 _____________________________________________________________________________________________________________________________________________________________

EUR

(14) Euro-Schatz Futures 07/09/2017 Short (1,785,987) 3,348 0.04 _____________________________________________________________________________________________________________________________________________________________

JPY

5 Nikkei 225 Index Futures 07/09/2017 Long 890,886 1,566 0.02 5 Topix Index Futures 07/09/2017 Long 717,115 2,314 0.02

____________________________________________________________

3,880 0.04 _____________________________________________________________________________________________________________________________________________________________

SGD

12 MSCI Singapore Index Futures 28/07/2017 Long 312,409 941 0.01 _____________________________________________________________________________________________________________________________________________________________

USD

11 Dow Jones Mini Index Futures 15/09/2017 Long 1,171,500 5,215 0.05 4 E-mini S+P MidCap 400 Index Futures 15/09/2017 Long 698,440 750 0.01 7 Russell 2000 Index Futures 15/09/2017 Long 495,005 5,010 0.05 5 US Treasury Long Bond Futures 20/09/2017 Long 768,438 375 0.00

(11) US Treasury Notes 10 Year Futures 20/09/2017 Short (1,380,844) 5,297 0.06 (6) US Treasury Notes 5 Year Futures 29/09/2017 Short (707,016) 914 0.01

____________________________________________________________

17,561 0.18 _____________________________________________________________________________________________________________________________________________________________

ZAR

2 FTSE/JSE Top 40 Index Futures 21/09/2017 Long 69,730 199 0.00 _____________________________________________________________________________________________________________________________________________________________


26,131 0.27 _____________________________________________________________________________________________________________________________________________________________

31



As at 30 June 2017


Futures Contracts - (3.77%)- (continued)

Number of Contracts



USD

Unrealised

Loss USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

USD 30 90-Day XCME Futures 17/09/2018 Long 7,371,750 (4,275) (0.04) (5) CBOE Volatility Index Futures 19/07/2017 Short (61,625) (2,145) (0.02) 15 MSCI Taiwan Index 28/07/2017 Long 577,950 (8,550) (0.09)

4 Nasdaq 100 E-Mini Index Futures 15/09/2017 Long 452,220 (2,205) (0.02) 8 S+P500 E-Mini Index Futures 15/09/2017 Long 968,360 (4,782) (0.05)

29 SGX Nifty Futures 27/07/2017 Long 552,073 (5,752) (0.06) 4 US Treasury Bond Ultra Long Futures 20/09/2017 Long 663,500 (2,594) (0.03) 1 US Treasury Notes 2 Year Futures 29/09/2017 Long 216,109 (94) (0.00)

____________________________________________________________

(30,397) (0.31) _____________________________________________________________________________________________________________________________________________________________

GBP 8 90-Day Sterling Futures 19/09/2018 Long 1,289,597 (4,092) (0.04) 7 FTSE 100 Index Futures 15/09/2017 Long 658,535 (13,152) (0.14) 6 Long Gilt Futures 27/09/2017 Long 978,654 (20,510) (0.21)

____________________________________________________________

(37,754) (0.39) _____________________________________________________________________________________________________________________________________________________________

JPY 4 Japan Government Bond 10 Year Futures 12/09/2017 Long 5,343,895 (14,596) (0.15) _____________________________________________________________________________________________________________________________________________________________

EUR

44 3 Months Euro EURIBOR Futures 17/09/2018 Long 12,565,496 (9,980) (0.10) 8 Amsterdam Index Futures 21/07/2017 Long 924,302 (35,494) (0.36) 6 CAC 40 Index Futures 21/07/2017 Long 350,137 (9,752) (0.10) 2 DAX Index Futures 15/09/2017 Long 702,579 (16,666) (0.17)

10 Euro BOBL Futures 07/09/2017 Long 1,502,104 (9,683) (0.10) 1 Euro BUXL Futures 07/09/2017 Long 186,503 (7,436) (0.08)

12 Euro STOXX 50 Index Futures 15/09/2017 Long 469,587 (16,344) (0.17) 4 Euro-BTP Futures 07/09/2017 Long 616,536 (5,315) (0.05)

22 Euro-Bund Futures 07/09/2017 Long 4,061,658 (70,908) (0.72) 8 EURO-Oat Futures 07/09/2017 Long 1,354,791 (22,594) (0.23) 4 FTSE 100 Index Futures 15/09/2017 Long 467,603 (10,174) (0.10)

____________________________________________________________

(214,346) (2.18) _____________________________________________________________________________________________________________________________________________________________

HKD 4 H-Shares Index Futures 28/07/2017 Long 655,483 (4,221) (0.04) _____________________________________________________________________________________________________________________________________________________________

AUD 11 90-Day Bank Bill Futures 07/12/2017 Long 8,400,885 (1,688) (0.02) 42 Australian Treasury Bond 10 Year Futures 15/09/2017 Long 4,164,245 (61,512) (0.62) 36 Australian Treasury Bond 3 Year Futures 15/09/2017 Long 3,083,161 (18,658) (0.19)

4 SPI 200 Futures 21/09/2017 Long 433,307 (4,986) (0.05) ____________________________________________________________

(86,844) (0.88) _____________________________________________________________________________________________________________________________________________________________

CAD 7 Canadian Bond 10 Year Futures 20/09/2017 Long 757,565 (5,398) (0.06) 2 S+P/TSX 60 Index Futures 14/09/2017 Long 273,874 (3,052) (0.03)

____________________________________________________________

(8,450) (0.09) _____________________________________________________________________________________________________________________________________________________________

UNR E AL IS E D L OS S ON FU TU RE S C ON T R AC T S

(396,608) (4.04) _____________________________________________________________________________________________________________________________________________________________


Currency

Amount Bought

Currency

Amount Sold

Maturity

Date

Unrealised Gain USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

CNH 2,200,000 USD 322,014 20/09/2017 667 0.01 SGD 306,000 USD 221,974 20/09/2017 540 0.01 TRY 1,950,000 USD 535,984 20/09/2017 5,498 0.05 NOK 7,500,000 USD 888,922 20/09/2017 7,764 0.08 EUR 1,300,000 USD 1,475,318 20/09/2017 13,370 0.14 USD 2,036,497 JPY 225,000,000 20/09/2017 27,343 0.28 USD 655,792 MXN 12,000,000 20/09/2017 683 0.01 GBP 2,500,000 USD 3,224,655 20/09/2017 30,393 0.31 AUD 2,600,000 USD 1,968,605 20/09/2017 23,801 0.24 MXN 20,400,000 USD 1,106,117 20/09/2017 7,568 0.08 SEK 5,550,000 USD 652,464 20/09/2017 8,400 0.08 CHF 300,000 USD 313,875 20/09/2017 926 0.01 CZK 1,600,000 USD 68,675 20/09/2017 1,538 0.01 ILS 3,900,000 USD 1,105,364 20/09/2017 15,564 0.16 NZD 1,650,000 USD 1,192,865 20/09/2017 13,582 0.14 PLN 2,850,000 USD 763,025 20/09/2017 5,258 0.05 USD 49,002 COP 150,000,000 20/09/2017 415 0.00 CAD 5,900,000 USD 4,462,159 20/09/2017 86,380 0.88 HUF 75,000,000 USD 274,475 20/09/2017 3,146 0.03

32



As at 30 June 2017


Forward Currency Contracts - (continued)

Currency Amount Bought Currency

Amount Sold

Maturity Date

Unrealised

Gain USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

USD 578,615 ZAR 7,600,000 20/09/2017 5,997 0.06 _____________________________________________________________________________________________________________________________________________________________


258,833 2.63 _____________________________________________________________________________________________________________________________________________________________

Currency

Amount Bought

Currency

Amount Sold

Maturity

Date

Unrealised Loss USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

BRL 400,000 USD 119,439 20/09/2017 (602) (0.01) PHP 1,500,000 USD 30,202 20/09/2017 (587) (0.01) KRW 120,000,000 USD 107,604 20/09/2017 (2,607) (0.03) TWD 3,600,000 USD 120,253 20/09/2017 (1,584) (0.02) INR 21,000,000 USD 322,543 20/09/2017 (852) (0.01) RUB 8,000,000 USD 138,098 20/09/2017 (5,263) (0.05) COP 240,000,000 USD 81,661 20/09/2017 (3,922) (0.04) USD 17,223 CZK 400,000 20/09/2017 (331) (0.00) IDR 1,575,000,000 USD 117,435 20/09/2017 (335) (0.00) USD 284,914 HUF 78,000,000 20/09/2017 (3,812) (0.04) USD 155,296 CHF 150,000 20/09/2017 (2,105) (0.02) USD 29,608 BRL 100,000 20/09/2017 (101) (0.00) CLP 50,000,000 USD 75,157 20/09/2017 (113) (0.00) USD 775,636 SGD 1,071,000 20/09/2017 (3,162) (0.03) USD 3,993,480 CAD 5,350,000 20/09/2017 (131,042) (1.33) USD 1,615,656 NOK 13,650,000 20/09/2017 (16,314) (0.17) USD 43,739 CNH 300,000 20/09/2017 (263) (0.00) JPY 84,000,000 USD 761,615 20/09/2017 (11,531) (0.12) USD 1,332,477 SEK 11,550,000 20/09/2017 (42,835) (0.44) USD 362,967 NZD 500,000 20/09/2017 (2,623) (0.03) USD 32,817 RUB 2,000,000 20/09/2017 (391) (0.00) USD 1,531,051 GBP 1,200,000 20/09/2017 (31,372) (0.32) USD 59,244 TWD 1,800,000 20/09/2017 (90) (0.00) USD 680,319 AUD 900,000 20/09/2017 (9,360) (0.09) USD 178,782 PLN 675,000 20/09/2017 (3,180) (0.03) USD 165,904 TRY 600,000 20/09/2017 (706) (0.01) USD 957,300 EUR 850,000 20/09/2017 (16,072) (0.16) ZAR 4,200,000 USD 321,434 20/09/2017 (4,987) (0.05) _____________________________________________________________________________________________________________________________________________________________


(296,142) (3.01) _____________________________________________________________________________________________________________________________________________________________

M ARK E T V AL UE O F INV E S T M E N TS ( c os t US D 6 ,5 2 0 ,4 5 2 ) 5,478,961 55.76 _____________________________________________________________________________________________________________________________________________________________


4,347,462 44.24 _____________________________________________________________________________________________________________________________________________________________


9,826,423 100.00 _____________________________________________________________________________________________________________________________________________________________


Market Value

USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

Total Investments excluding derivatives (cost USD 6,520,452) 5,886,747 59.91 Unrealised gain on futures contracts 26,131 0.27 Unrealised loss on futures contracts (396,608) (4.04) Unrealised gain on forward currency contracts 258,833 2.63 Unrealised loss on forward currency contracts (296,142) (3.01) Other Assets and Liabilities 4,347,462 44.24 _____________________________________________________________________________________________________________________________________________________________


9,826,423 100.00 _____________________________________________________________________________________________________________________________________________________________

The counterparty for forward currency contracts were Royal Bank of Scotland Plc.

The counterparties for options were Goldman, Sachs & Co. and Goldman Sachs International.




(a)


(b)


33

Serviced Platform SICAV—Multi Asset Risk Premia - M1 Fund


As at 30 June 2017


Holdings


Coupon Rate(a)

Maturity Date(b)

Market Value

USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________



Belgium

2,500,000 Belgium Treasury Billl

USD 0.000% 10/07/2017 2,495,078 2.70 4,500,000 Belgium Treasury Billl

USD 0.000% 07/07/2017 4,487,899 4.86 2,000,000 Belgium Treasury Billl

USD 0.000% 12/07/2017 1,999,036 2.17 ____________________________________________________________

8,982,013 9.73 _____________________________________________________________________________________________________________________________________________________________

Finland

3,000,000 Finland Treasury Billl

USD 0.000% 18/10/2017 2,986,049 3.23 ____________________________________________________________

2,986,049 3.23 _____________________________________________________________________________________________________________________________________________________________

Sweden

4,000,000 Sweden Treasury Billl

USD 0.000% 15/08/2017 3,980,299 4.31 ____________________________________________________________

3,980,299 4.31 _____________________________________________________________________________________________________________________________________________________________

United States

2,500,000 Federal Home Loan Bank Discount Notes

USD 0.010% 05/07/2017 2,499,862 2.71 6,500,000 Federal Home Loan Bank Discount Notes

USD 0.010% 14/07/2017 6,498,030 7.04 2,500,000 Federal Home Loan Bank Discount Notes

USD 0.000% 21/07/2017 2,498,763 2.70 2,500,000 United States Treasury Bill

USD 0.000% 13/07/2017 2,499,465 2.71 ____________________________________________________________

13,996,120 15.16 _____________________________________________________________________________________________________________________________________________________________



Holdings


Market Value

USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

Certificate of Deposits - 54.57%

Austria

500,000 Oesterreichische Kontrollbank

USD 0.000% 10/07/2017 499,154 0.54 1,000,000 Oesterreichische Kontrollbank

USD 0.000% 25/07/2017 998,902 1.08 Denmark

1,500,000 KommuneKredit

USD 0.000% 07/07/2017 1,496,306 1.62 2,500,000 KommuneKredit

USD 0.010% 12/09/2017 2,492,522 2.70 France

2,000,000 Agence Centrale Organismes

USD 0.000% 10/07/2017 1,997,501 2.17 3,000,000 Caisse AmortIissement

USD 0.000% 10/07/2017 2,991,983 3.24 1,000,000 Caisse des Dépôts et Consignations

USD 0.000% 22/09/2017 996,828 1.08 1,000,000 Agence Centrale Organismes

USD 0.010% 09/08/2017 997,268 1.08 1,500,000 Agence Centrale Organismes

USD 0.000% 19/07/2017 1,496,644 1.62 Germany

1,500,000 Kreditanstalt für Wiederaufbau

USD 0.010% 05/07/2017 1,497,344 1.62 3,000,000 FMS Wertmanagement

USD 0.000% 10/10/2017 2,988,445 3.24 2,000,000 Erste Abwicklungsanstalt

USD 0.000% 12/07/2017 1,994,358 2.16 2,000,000 Landesbank Baden-Württemberg

USD 0.000% 10/07/2017 1,996,287 2.16 2,000,000 Kreditanstalt für Wiederaufbau

USD 0.000% 25/08/2017 1,992,966 2.16 1,000,000 Landesbank Baden-Württemberg

USD 0.000% 10/07/2017 998,096 1.08 1,500,000 Erste Abwicklungsanstalt

USD 0.000% 17/08/2017 1,494,652 1.62 1,000,000 Kreditanstalt für Wiederaufbau

USD 0.010% 25/07/2017 999,083 1.08 Netherlands

2,000,000 Bank Nederlandse Gemeenten

USD 0.000% 28/07/2017 1,997,985 2.17 4,000,000 Nederlandse Waterschapsbank

USD 0.000% 13/07/2017 3,997,735 4.33 Sweden

3,500,000 Kommuninvest i Sverige AB

USD 0.000% 15/09/2017 3,484,727 3.78 Switzerland

2,500,000 EUROFIMA

USD 1.000% 30/08/2017 2,494,800 2.70 1,000,000 EUROFIMA

USD 0.000% 02/08/2017 998,140 1.08 1,000,000 EUROFIMA

USD 0.000% 12/07/2017 997,362 1.08 United Kingdom

2,000,000 Korea Development Bank

USD 0.000% 01/09/2017 1,993,885 2.16 4,500,000 European Bank for Reconstruction and Development

USD 0.000% 10/08/2017 4,492,383 4.86 2,000,000 European Bank for Reconstruction and Development

USD 0.000% 25/10/2017 1,991,358 2.16

T O T AL CE R TI F IC AT E O F DE P OS I TS ( c os t US D 5 0 , 3 7 6 , 9 2 6 ) 50,376,714 54.57 _____________________________________________________________________________________________________________________________________________________________

34

Serviced Platform SICAV—Multi Asset Risk Premia - M1 Fund


As at 30 June 2017




Currency

Amount Bought

Currency

Amount Sold

Maturity

Date

Unrealised Gain USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

GBP 55,072,666 USD 71,388,139 17/07/2017 176,096 0.19 EUR 10,194,337 USD 11,461,925 17/07/2017 172,382 0.19 _____________________________________________________________________________________________________________________________________________________________


348,478 0.38 _____________________________________________________________________________________________________________________________________________________________

Currency

Amount Bought

Currency

Amount Sold

Maturity

Date

Unrealised Loss USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

USD 137,611 EUR 120,838 17/07/2017 (295) (0.00) USD 2,007,085 GBP 1,556,876 17/07/2017 (16,000) (0.02) _____________________________________________________________________________________________________________________________________________________________


(16,295) (0.02) _____________________________________________________________________________________________________________________________________________________________



Pay

Receive

Currency

Maturity Date

Unrealised Loss USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

Index Swap 19,550,167

(USD 1 Month LIBOR)

Goldman Sachs i-Select III Series 57 – 1 Excess Return Strategy

USD

28/12/2017

(1,893,870)

(2.05)

71,905,119

(USD 1 Month LIBOR)

Goldman Sachs i-Select III Series 57 – 2 Excess Return Strategy

USD

16/11/2021

(264,024)

(0.29)

_____________________________________________________________________________________________________________________________________________________________




13,831,943 14.98 _____________________________________________________________________________________________________________________________________________________________


92,327,427 100.00 _____________________________________________________________________________________________________________________________________________________________


Market Value

USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

Total Investments excluding derivatives (cost USD 80,313,116) 80,321,195 87.00 Unrealised gain on forward currency contracts 348,478 0.38 Unrealised loss on forward currency contracts (16,295) (0.02) Unrealised loss on swap contracts (2,157,894) (2.34) Other Assets and Liabilities 13,831,943 14.98 _____________________________________________________________________________________________________________________________________________________________


92,327,427 100.00 _____________________________________________________________________________________________________________________________________________________________



The counterparties for options were Goldman, Sachs & Co. and Goldman Sachs International. The maximum individual counterparty exposure as at 30 June 2017 is 0.36% of the NAV.

(a)


(b)


35

Serviced Platform SICAV—ADG Systematic Macro UCITS Fund


As at 30 June 2017


Holdings


Coupon Rate(a)

Maturity Date(b)

Market Value

USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________



France

7,000,000 French Treasury Bill

EUR 0.010% 20/09/2017 7,994,029 8.62 8,000,000 French Treasury Bill







EUR 0.010% 19/07/2017 5,704,113 6.15 ____________________________________________________________

56,498,964 60.91 _____________________________________________________________________________________________________________________________________________________________

United States

2,000,000 United States Treasury Bill



USD 0.010% 07/09/2017 3,993,068 4.31 ____________________________________________________________

9,987,116 10.77 _____________________________________________________________________________________________________________________________________________________________




Futures Contracts - 0.01%

Number of Contracts



USD

Unrealised

Gain USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

CAD

(285) Canadian Bond 10 Year Futures 20/09/2017 Short (30,843,728) 736,706 0.80 (54) S+P/TSX 60 Index Futures 14/09/2017 Short (7,394,595) 123,546 0.13

____________________________________________________________

860,252 0.93 _____________________________________________________________________________________________________________________________________________________________

GBP

(32) FTSE 100 Index Futures 15/09/2017 Short (3,010,445) 87,738 0.10 (168) Long Gilt Futures 27/09/2017 Short (27,402,322) 502,615 0.54

____________________________________________________________

590,353 0.64 _____________________________________________________________________________________________________________________________________________________________

JPY (16) Japan Government Bond 10 Year Futures 12/09/2017 Short (21,375,579) 44,500 0.05

17 Topix Index Futures 07/09/2017 Long 2,438,190 32,529 0.03 ____________________________________________________________

77,029 0.08 _____________________________________________________________________________________________________________________________________________________________

USD (67) S+P500 E-Mini Index Futures 15/09/2017 Short (8,110,015) 29,735 0.03 _____________________________________________________________________________________________________________________________________________________________


1,557,369 1.68 _____________________________________________________________________________________________________________________________________________________________

Number of Contracts



USD

Unrealised

Loss USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

USD 491 US Treasury Notes 10 Year Futures 20/09/2017 Long 61,635,844 (233,000) (0.25) _____________________________________________________________________________________________________________________________________________________________

EUR

36 Amsterdam Index Futures 21/07/2017 Long 4,159,358 (160,544) (0.17) 9 CAC 40 Index Futures 21/07/2017 Long 525,206 (13,088) (0.02)

11 DAX Index Futures 15/09/2017 Long 3,864,183 (175,958) (0.19) 159 Euro-Bund Futures 07/09/2017 Long 29,354,711 (465,835) (0.50) 24 FTSE Index Futures 15/09/2017 Long 2,805,616 (67,886) (0.07) 54 IBEX 35 Index Futures 21/07/2017 Long 6,408,962 (255,339) (0.28)

____________________________________________________________

(1,138,650) (1.23) _____________________________________________________________________________________________________________________________________________________________

HKD 10 H-Shares Index Futures 28/07/2017 Long 1,638,709 (6,725) (0.01) _____________________________________________________________________________________________________________________________________________________________

36

Serviced Platform SICAV—ADG Systematic Macro UCITS Fund


As at 30 June 2017


Futures Contracts - 0.01%- (continued)

Number of Contracts



USD

Unrealised

Gain USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

AUD 57 Australian Treasury Bond 10 Year Futures 15/09/2017 Long 5,651,475 (82,100) (0.08)

(12) SPI 200 Futures 21/09/2017 Short (1,299,919) (5,983) (0.01) ____________________________________________________________

(88,083) (0.09) _____________________________________________________________________________________________________________________________________________________________

CHF (2) Swiss Market Index Futures 15/09/2017 Short (185,579) (689) (0.00) _____________________________________________________________________________________________________________________________________________________________

SEK

160 OMX Stockholm 30 Index Futures 21/07/2017 Long 3,040,352 (84,889) (0.09) _____________________________________________________________________________________________________________________________________________________________

UNR E AL IS E D L OS S ON FU TU RE S C ON T R AC T S

(1,552,036) (1.67) _____________________________________________________________________________________________________________________________________________________________


Currency

Amount Bought

Currency

Amount Sold

Maturity

Date

Unrealised Gain USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

CHF 726,002 USD 752,419 17/07/2017 6,258 0.01 GBP 3,910,673 USD 5,060,446 17/07/2017 21,283 0.02 EUR 61,546,736 USD 69,192,106 17/07/2017 1,048,228 1.13 EUR 20,960,000 USD 23,662,455 20/09/2017 339,767 0.36 USD 17,885 CHF 17,100 17/07/2017 15 0.00 CHF 12,944,538 USD 13,410,000 20/09/2017 173,221 0.19 USD 1,150,000 JPY 127,498,890 20/09/2017 11,489 0.01 GBP 310,000 USD 397,646 20/09/2017 5,980 0.01 _____________________________________________________________________________________________________________________________________________________________


1,606,241 1.73 _____________________________________________________________________________________________________________________________________________________________

Currency

Amount Bought

Currency

Amount Sold

Maturity

Date

Unrealised Loss USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

USD 35,177 GBP 27,487 17/07/2017 (541) (0.00) USD 66,030,598 EUR 58,808,156 20/09/2017 (1,313,219) (1.42) JPY 3,775,828,989 USD 34,120,000 20/09/2017 (403,448) (0.43) USD 16,463,349 AUD 21,650,000 20/09/2017 (127,262) (0.14) NZD 1,700,000 USD 1,245,180 20/09/2017 (2,174) (0.00) USD 26,300,000 CAD 34,743,895 20/09/2017 (485,413) (0.52) USD 11,162,690 NZD 15,400,000 20/09/2017 (97,482) (0.11) USD 1,157,992 GBP 900,000 20/09/2017 (13,825) (0.01) USD 20,350,000 SEK 175,712,495 20/09/2017 (572,899) (0.62) _____________________________________________________________________________________________________________________________________________________________


(3,016,263) (3.25) _____________________________________________________________________________________________________________________________________________________________



27,667,801 29.83 _____________________________________________________________________________________________________________________________________________________________


92,749,192 100.00 _____________________________________________________________________________________________________________________________________________________________


Market Value

USD

% of Shareholders'

Equity _____________________________________________________________________________________________________________________________________________________________

Total Investments excluding derivatives (cost USD 64,904,038) 66,486,080 71.68 Unrealised gain on futures contracts 1,557,369 1.68 Unrealised loss on futures contracts (1,552,036) (1.67) Unrealised gain on forward currency contracts 1,606,241 1.73 Unrealised loss on forward currency contracts (3,016,263) (3.25) Other Assets and Liabilities 27,667,801 29.83 _____________________________________________________________________________________________________________________________________________________________


92,749,192 100.00 _____________________________________________________________________________________________________________________________________________________________

The counterparties for forward currency contracts were Newedge Group (Uk Branch) and State Street Bank & Trust.

The counterparties for swap contracts was Goldman Sachs International.


The counterparties for options were Goldman, Sachs & Co and Goldman Sachs International.


(a)


(b)


37


Statement of Assets and Liabilities

As at 30 June 2017


Select Equity Long/Short UCITS Sub-

Fund

LBN China+ Opportunity UCITS Fund

MSK Equity UCITS Fund

Maverick Fundamental Quant UCITS

Fund

Campbell UCITS

Managed Futures Fund

Multi Asset Risk Premia -

M1 Fund

ADG Systematic

Macro UCITS Fund

Combined Total Period Ended 30

June 2017 USD USD EUR USD USD USD USD EUR

Notes Assets Investments, at value, excluding derivatives 3(c) 93,293,146 28,261,911 61,633,541 125,516,357 5,886,747 80,321,195 66,486,080 412,135,882 Unrealised gain on forward currency contracts and share class specific forward currency contracts 3(c) 1,216,026 321,566 37,488 295,645 258,833 348,478 1,606,241 3,585,591 Unrealised gain on futures 3(c) – – 620,609 – 26,615 – 1,559,051 2,010,873 Unrealised gain on swap contracts 3(c) 6,026 1,224,371 10,430,631 1,485,242 – – – 12,811,622 Unrealised gain on contracts for difference 3(c) 2,912,624 – 3,206,480 – – – – 5,760,181 Upfront payments received on swap transactions – – 354,400 23 – – – 354,420 Upfront payments received on contracts for difference – – 32,233 – – – – 32,233 Market value of purchased options 264,334 – 687,231 – – – – 918,991 Cash 3(d) 11,416,806 1,537,093 8,070,088 963,104 742,135 11,085,313 18,811,505 47,135,414 Due from Brokers 3(e) 1,531,565 8,396,097 115,334,873 3,608,658 3,874,829 899,955 15,206,844 144,722,404 Receivable for investments sold – 313,124 193,380 7,379,864 – 3,000,000 – 9,568,671 Receivable for shares subscribed – – 12,219 4,546,286 – – 4,250,000 7,724,539 Receivable from swap counterparty 56,892 – 2,466,263 607,826 – – – 3,049,068 Dividends receivable 3(b) 46,041 18,135 312,170 143,701 – – – 494,430 Interest receivable excluding swap contracts – 336 – – 250 2,600 – 2,794 Interest receivable on swap contracts 772 – – – – – – 677 Dividend tax reclaim receivable – – 31,595 – – – – 31,595 Investment Manager fees waiver/reimbursement receivable – – 48,904 927 46,324 20,226 1,906 109,737 Other assets 1,002 1,002 820 1,002 1,002 2,813 1,396 8,024

Total Assets 110,745,234 40,073,635 203,472,925 144,548,635 10,836,735 95,680,580 107,923,023 650,457,146

Liabilities Bank overdraft – – 358 – 3,651 – – 3,559 Payable to swap counterparty 569,555 127,762 – – – – – 611,386 Due to Brokers 3(e) – – 8,460,520 – 115,916 – – 8,562,152 Unrealised loss on forward currency contracts and share class specific forward currency contracts 3(c) 29,765 13,324 406,810 14 296,142 16,295 3,016,263 3,363,106 Unrealised loss on futures 3(c) – – – – 396,608 – 1,552,036 1,708,513 Unrealised loss on contracts for difference 3(c) 3,707,468 – 4,415,688 – – – – 7,666,285 Unrealised loss on swap contracts 3(c) 46,319 – 8,111,998 2,115,425 – 2,157,894 – 11,899,327 Upfront payments paid on contracts for difference – – 387 – – – – 387 Upfront payments paid on swap transactions – – 772,434 – – – – 772,434 Market value of written options – – 3,243,991 – – – – 3,243,991 Interest payable – 9,693 98,564 47,065 – – – 148,328 Dividend payable on contracts for difference and swap contracts 91,600 78,496 97,295 179,010 – – – 403,381 Payable for shares redeemed 297,321 – 20,096,481 – – – – 20,357,163 Investment Manager fee payable 5 211,767 381,665 178,513 35,934 4,622 41,626 49,863 814,589 Performance fees payable 5 1,173,032 1,855 48,304 715,427 6,449 – 192,643 1,880,232 Administration and Depositary fees payable 5 130,923 74,657 173,593 132,919 111,503 55,800 31,286 644,495 Management Company fees payable 5 19,286 20,477 26,855 29,590 6,032 16,562 11,894 117,900 Transfer Agent fee payable 5 5,947 9,299 14,551 14,744 4,144 7,299 5,077 55,330 Taxe d'abonnement payable 4 7,333 3,016 8,476 13,050 507 3,446 3,649 35,657 Audit fee payable 23,966 23,966 22,746 23,966 44,050 44,050 11,684 173,271 Directors fees payable 4,457 4,457 4,380 4,456 3,074 3,024 3,474 24,495 Legal fees payable 14,545 19,398 25,158 25,254 13,637 10,329 7,202 104,387 Payable for investments purchased – 393,057 48,229 9,006,450 – 996,828 10,279,861 18,176,497 Other liabilities 16,755 16,377 31,332 19,759 3,977 – 8,899 88,995

Total Liabilities 6,350,039 1,177,499 46,285,889 12,363,063 1,010,312 3,353,153 15,173,831 80,855,085

Shareholders' Equity 104,395,195 38,896,136 157,187,036 132,185,572 9,826,423 92,327,427 92,749,192 569,602,060

38


Statement of Operations


The accompanying notes are an integral part of these financial statements


Fund




Fund

Campbell UCITS

Managed Futures Fund

Multi Asset Risk Premia -

M1 Fund

ADG Systematic

Macro UCITS Fund



Income Notes

Dividend Income 264,953 325,891 461,638 632,277 – – – 1,613,185 Dividend Income on contracts for difference and swap contracts 429,625 59,999 1,660,522 440,372 – – – 2,536,097 Interest Income 3(b) 6,734 4,281 13 10,591 3,134 3,890 986 27,896

701,312 390,171 2,122,173 1,083,240 3,134 3,890 986 4,177,178

Expenses Bank overdraft interest expense 10,778 429 668,165 1,615 640 865 16,369 697,065 Dividend Expense on contracts for difference and swap contracts 517,478 78,620 1,202,611 827,467 – – – 2,542,872 Interest Expense on swap contracts 528,195 75,571 725,315 240,515 – – – 1,520,191 Investment Manager fees 5 787,640 400,893 1,087,908 258,639 27,455 41,626 173,896 2,679,154 Performance fees 5 1,432,977 1,855 48,320 905,228 – – 192,786 2,432,950 Administration and Depositary fees 5 92,917 53,905 125,560 84,785 81,442 42,606 31,286 489,858 Distribution and Servicing fees 5 33,909 23,320 21,084 24,378 10,588 25,671 18,875 149,823 Transfer Agency fees 5 34,034 14,994 49,263 39,085 4,845 16,817 13,345 165,178 Taxe d'abonnement 4 5,744 2,321 8,350 6,474 508 3,456 3,649 29,206 Audit fee 15,666 15,665 14,876 15,666 15,666 15,666 11,684 99,622 Directors fees 5,439 5,439 5,166 5,439 5,439 5,439 4,057 34,589 Legal fees 9,656 9,656 9,171 9,656 9,656 9,656 7,202 61,406 Insurance fees 1,551 1,551 1,473 1,551 1,551 1,551 1,157 9,863 Other expenses 30,345 30,345 28,819 30,345 30,345 30,345 22,633 192,974

3,506,329 714,564 3,996,081 2,450,843 188,135 193,698 496,939 11,104,751

Less: Investment Manager fee waived/reimbursed – – – – 137,578 78,869 9,607 212,826 Add: Additional fee to Investment Manager for Fixed Percentage Service Fee. 43,165 232 136,259 83,872 – – – 256,081

Total Expenses 3,549,494 714,796 4,132,340 2,534,715 50,557 114,829 487,332 11,148,006 Withholding tax on dividends and other investment income 68,890 9,751 74,392 168,319 – – – 306,901

Net income/(expense) for the period (2,917,072) (334,376) (2,084,559) (1,619,794) (47,423) (110,939) (486,346) (7,277,729)

Net realised gain/(loss) on investment securities 2,355,522 4,387,051 1,484,906 13,187,649 4,067 542,006 1,329,625 22,014,796 Net realised gain/(loss) on futures transactions (12,821) (51,223) (5,439,323) – 1,058,759 – 2,193,950 (2,437,251) Net realised gain/(loss) on foreign currencies and share class specific forward currency contracts 4,108,677 832,795 (678,611) 1,545,191 (389,657) 4,255,260 2,040,614 10,989,068 Net realised gain/(loss) on contracts for difference 5,897,475 – 680,252 – – – – 6,232,621 Net realised gain/(loss) on swap contracts (217,747) 1,649,085 4,467,328 1,266,548 – 2,234,439 – 9,111,025 Net realised gain/(loss) on options contracts (85,058) – 2,703,347 – – – – 2,623,266

Net realised gain/(loss) 12,046,048 6,817,708 3,217,899 15,999,388 673,169 7,031,705 5,564,189 48,533,525

Net change in unrealised gain/(loss) on investment securities 4,642,377 2,718,649 1,102,296 774,039 (301,517) 5,201 1,582,042 9,971,805 Net change in unrealised gain/(loss) on futures transactions – 31,168 929,862 – (460,082) – 7,014 532,651 Net change in unrealised gain/(loss) on foreign currencies and share class specific forward currency contracts 2,006,830 526,486 (183,235) 1,195,848 (95,774) 765,316 (1,235,729) 2,794,652 Net change in unrealised gain/(loss) on swap contracts (75,902) 980,937 1,188,367 (2,254,111) – (2,112,444) – (2,070,593) Net change in unrealised gain/(loss) on contracts for difference (793,894) – (485,301) – – – – (1,232,738) Net change in unrealised gain/(loss) on options contracts (6,753) – (668,213) – – – – (674,571)

Net change in unrealised gain/(loss) 5,772,658 4,257,240 1,883,776 (284,224) (857,373) (1,341,927) 353,327 9,321,206

Net investment income gain/(loss) for the period 14,901,634 10,740,572 3,017,116 14,095,370 (231,627) 5,578,839 5,431,170 50,577,002

Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the Statement of Operations.

39


Statement of Changes in Shareholders’ Equity


The accompanying notes are an integral part of these financial statements


Fund




Fund

Campbell UCITS Managed

Futures Fund

Multi Asset Risk Premia - M1

Fund

ADG Systematic Macro UCITS

Fund



Notes Shareholders' equity at the start of the period 135,310,913 45,778,466 212,244,855 161,840,434 10,058,056 16,698,216 — 562,741,264 Proceeds from shares issued 6 37,510,184 875,971 18,780,112 11,334,799 97 70,392,659 87,384,407 214,135,940 Payment for shares redeemed 6 (83,327,536) (18,498,873) (76,855,047) (55,085,031) (103) (342,287) (66,385) (224,969,262) Net investment income gain/(loss) for the period 14,901,634 10,740,572 3,017,116 14,095,370 (231,627) 5,578,839 5,431,170 50,577,002 Currency adjustments 14 — — — — — — — (32,882,884)

Shareholders' Equity at 30 June 2017 104,395,195 38,896,136 157,187,036 132,185,572 9,826,423 92,327,427 92,749,192 569,602,060

40


Statistical Information

As at 30 June 2017


Net Asset

Outstanding

Value per

Net Assets

Shares as at

Share as at

as at

Currency 30-Jun-17

30-Jun-17 31-Dec-16 31-Dec-15

30-Jun-17 31-Dec-16 31-Dec-15

Select Equity Long/Short UCITS Sub-Fund

"F" Share Class (EUR Hedged Class) EUR 43,323 1049.72 983.07 - 45,476,945 45,982,277 -

"I" Share Class EUR 69,190 144.8 135.83 138.40 10,018,478 36,949,611 188,598,057

"I" Share Class GBP 29,185 104.59 97.85 99.30 3,052,379 3,462,342 2,422,000

"I" Share Class USD 135,363 145.89 135.97 137.35 19,748,635 43,560,274 40,179,748

"X1" Share Class USD 143,626 106.14 - - 15,243,802 -

LBN China + Opportunity UCITS Fund

"I" Share Class EUR 192,261 97.28 79.34 87.84 18,702,593 23,226,799 71,691,958

"I" Share Class USD 144,185 98.77 79.62 86.90 14,241,626 12,079,877 18,691,139

"I2" Share Class EUR 4,868 98.29 80.01 88.64 478,452 4,734,940 6,268,383

"I2" Share Class USD 27,000 100.27 80.89 88.28 2,707,420 2,183,954 1,765,562

"I3" Share Class EUR - - - - - - -

"I3" Share Class USD - - - 89.12 - - 7,129,296

"M" Share Class USD 529 134.58 107.54 91.41 71,195 2,022,014 7,095,990


"E" Share Class EUR 349,841 104.65 102.39 106.95 36,612,175 60,541,305 60,826,262

"E" Share Class GBP 227,375 102.54 99.93 103.43 23,314,520 23,275,874 15,669,837

"E" Share Class USD 22,094 103.32 100.19 103.36 2,282,693 3,072,328 4,233,708

"I" Share Class CHF - - 94.73 100.00 - 710,453 749,986

"I" Share Class EUR 764,654 96.27 94.42 99.13 73,615,725 104,716,928 26,138,526

"I" Share Class USD 11,935 98.31 95.62 99.04 1,173,383 1,141,272 6,629,490

"X" Share Class EUR 170,287 102.04 100.22 - 17,376,566 15,061,048 -

Maverick Fundamental Quant UCITS Fund

"A2" Share Class EUR 110 1041.23 - - 114,535 - -

"A2" Share Class USD 1,048 1043.97 - - 1,094,083 - -

"D" Share Class EUR 10,116 1074.63 1,006.48 - 10,870,985 50,889,301 -

"E" Share Class EUR 98,530 106.95 100.31 100.66 10,538,124 11,874,456 1,107,311

"E" Share Class GBP 70,904 107.25 100.36 - 7,604,554 7,785,817 -

"E" Share Class USD 35,832 107.35 99.93 98.97 3,846,524 3,580,488 1,484,827

"I" Share Class EUR 53,905 105.09 98.56 - 5,664,825 4,424,269 -

"I" Share Class GBP 48,691 105.96 99.10 - 5,159,314 3,352,840 -

"I" Share Class USD 10,449 109.65 102.29 - 1,145,743 2,080,801 -

"M" Share Class USD 634,000 123.83 112.85 110.94 78,509,805 71,549,119 70,335,580

Campbell UCITS Managed Futures Fund

"E" Share Class USD 100,000 98.26 100.58 - 9,826,420 10,058,060 -

Multi Asset Risk Premia – M1 Fund

"M" Share Class (GBP Hedged 2XS Leverage Class) GBP 295,053 103.40 98.00 - 30,507,663 13,513,717 -

"X" Share Class (GBP Hedged 2XS Leverage Class) GBP 220,000 102.27 - - 22,499,268 - -

"X" Share Class (EUR Hedged 1XS Leverage Class) EUR 100,000 100.02 - - 10,002,170 - -

"M" Share Class (EUR Hedged 2XS Leverage Class) EUR 30,000 100.24 - - 3,007,227 - -

"M" Share Class (EUR Hedged 1XS Leverage Class) EUR 76,500 98.98 - - 7,572,016 - -

ADG Systematic Macro UCITS Fund(a)

"E" Share Class EUR 591,844 102.54 - - 60,686,531 - -

"E" Share Class GBP 37,132 102.90 - - 3,820,794 - -

"E" Share Class CHF 7,000 101.49 - - 710,463 - -

"E" Share Class USD 175,535 101.57 - - 17,828,244 - -

(a) Please refer to Note 1

41


Notes to the Financial Statements


1 Organisation

Serviced Platform SICAV (the “Fund”) was incorporated on 21 January 2011 under the laws of the Grand Duchy of Luxembourg as a “Société d’Investissement à Capital Variable”, for an unlimited period of time. The Fund is submitted to Part I of the amended Law of 17 December 2010 relating to Undertakings of Collective Investments. As at 30 June 2017, the Fund currently comprises seven Sub-Funds (the “Sub-Funds”):

Serviced Platform SICAV Launch date

Select Equity Long/Short UCITS Sub-Fund 9 December 2011

LBN China+ Opportunity UCITS Fund 28 January 2014

MSK Equity UCITS Fund 28 November 2014

Maverick Fundamental Quant UCITS Fund 4 September 2015

Campbell UCITS Managed Futures Fund 4 November 2016

Multi Asset Risk Premia – M1 Fund 14 November 2016

ADG Systematic Macro UCITS Fund 15 February 2017

2 Investment Objective

The investment objective of the Select Equity Long/Short UCITS Sub-Fund is to achieve maximum total return through investing primarily in publicly traded equity securities (or equity based derivatives) of United States issuers. The investment horizon is long term, though opportunistic shorter term investments are contemplated. The investment objective of the LBN China+ Opportunity UCITS Fund is to achieve a consistent absolute return whilst ensuring capital preservation. The investment objective of the MSK Equity UCITS Fund is to achieve long-term growth of capital and income by investing primarily in equities. The investment objective of the Maverick Fundamental Quant UCITS Fund is to achieve long-term capital appreciation and generate positive returns across most market environments. The investment objective of the Campbell UCITS Managed Futures Fund is to achieve medium to long-term capital appreciation from attractive risk-adjusted returns that exhibit low correlation with traditional asset classes. The investment objective of the Multi Asset Risk Premia – M1 Fund is to achieve long-term capital appreciation through a synthetic exposure to the performance of risk premia strategies in a UCITS framework. The investment objective of the ADG Systematic Macro UCITS Fund is to achieve attractive risk adjusted capital gains with low correlation to traditional asset classes and other alternative investment strategies over a medium to long-term time horizon.

3 Significant Accounting Policies

(a) Basis of Financial Statements

The financial statements of the Sub-Funds are presented in their base currency while the Combined Totals of all the Sub-Funds are presented in Euro. The Management Company considers that the Sub-Funds’ base currencies most accurately represent the economic effects of the underlying transactions, events and conditions of the Sub-Funds. The financial statements have been prepared in accordance with the Luxembourg law on Undertakings for Collective Investment. The preparation of financial statements requires management to make estimates and assumptions that may affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. The financial statements are presented based on the Net Asset Values calculated as of 30 June 2017.

(b) Investment Transactions and Related Investment Income

Investment transactions are recorded on a trade date plus one day basis. Realised gains and losses are based on the weighted average method. Dividend income and dividend expense are recorded on the ex-dividend date and interest income and interest expense are accrued over the life of the investment. Accretion of market discount, original issue discounts and amortisation of premiums is recorded into income over the life of the underlying investment. Interest income and dividend income are recognised on a gross basis before withholding tax, if any.

(c) Investment in Securities and Valuation

(i.) Recognition and Derecognition The Sub-Funds recognise financial assets and financial liabilities on the date they become a party to the contractual provisions of the investment. Purchases and sales of financial assets and financial liabilities are recognised using trade date plus one accounting. From trade date plus one, any gains and losses arising from changes in value of the financial assets or financial liabilities are recorded in the Statement of Operations. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or the Sub-Funds have transferred substantially all risks and rewards of ownership. (ii.) Value Measurement Principles The value of all securities and derivatives is determined according to the following policies: (ii.1) Exchange Listed Assets and Liabilities The value of exchange traded financial investments, including transferable securities admitted to an official exchange listing or dealt in on any other regulated market that operates regularly, which comprise Common Stocks, is based upon quoted market prices at the period end date without any deduction for estimated future transaction costs.

42



For the Period Ended 30 June 2017 (continued)

3 Significant Accounting Policies (continued)

(c) Investment in Securities and Valuation (continued)

(ii.2) Debt Securities Debt securities, comprising Corporate Bonds, Government Bonds and Participatory Notes are valued by third party pricing service providers or in the case of Participatory Notes on the price of the underlying security. Some securities have been given as guarantee for derivative transactions. (ii.3) Certificates of Deposit and Money Market Investments Certificates of deposit and Money Market Investments, including T-Bills, are valued at amortised cost, which approximates market value. (ii.4) Derivatives A derivative is an instrument whose value is derived from an underlying instrument, index reference rate or a combination of these factors. Derivative instruments may be privately negotiated contracts which are often referred to as over the counter (“OTC”) derivatives or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative contracts are stated at market value and recognised as assets and liabilities on the Statement of Assets and Liabilities. Gains and losses resulting from the change in the market value are reflected on the Statement of Operations as a component of change in unrealised gain/(loss). Realised gains or losses are recorded on termination or from periodic cash flow payments. (ii.4) (a) Futures Contracts Futures contracts are contracts to buy or sell a specified commodity, security or index and are valued based on exchange settlement /last sale prices, last bid or ask process on the exchange, or independent market quotes. Initial margin deposits, in either cash or securities, are required to trade in the futures market. Unrealised gains or losses on futures contracts are recognised to reflect the market value of the contracts and are included as a component of the unrealised gains or losses on the Sub-Funds’ Statement of Operations. Variation margin is received or paid, depending on whether unrealised gains or losses are incurred. When the contract is terminated, the Sub-Funds will recognise a realised gain or loss equal to the difference between the value of the contract at the time it was entered into and the time it was closed. (ii.4) (b) Forward Foreign Currency Contracts In a forward foreign currency contract, the Sub-Funds agree to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Purchases and sales of forward foreign currency contracts having the same notional value, settlement date and counterparty and right to settle net are generally offset (which result in a net foreign currency position of zero with the counterparty) and any realised gains or losses are recognised on trade date plus one. The value of forward foreign currency contracts is based on the price at which a new forward foreign currency contract of the same notional value, currency and maturity could be affected at the close of business in the principal currency markets in which these currencies are traded. (ii.4) (c) Contracts for difference The unrealised appreciation/(depreciation) is disclosed in the Statement of Assets and Liabilities under "unrealised gain on contracts for difference" and "unrealised loss on contracts for difference". Realised gains/(losses) and changes in unrealised appreciation/depreciation as a result thereof are included in the Statement of Operations respectively under “Net realised gain/(loss) on contracts for difference” and “Net change in unrealised gain/(loss) on contracts for difference”. The value of contracts for difference will be based on the value of the underlying assets and vary similarly to the value of such underlying assets. Contract for differences will be valued at market value, as determined in good faith pursuant to procedures established by the Investment Manager of the Fund. (ii.4) (d) Swap Contracts Swaps can be linked to any number of underlying investments and indexes, and swap terms can vary greatly. Cash flows are exchanged based on the underlying. Upfront payments, which represent a risk premium, are amortised straight-line over the contract term. Swap agreements are carried at fair value and the value of the swap agreement is based on a counterparty provided price, third party pricing service or valuation model. The model considers various inputs including the fair value of the underlying, the risks associated with the underlying and the specific terms of the contract. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. This collateral or margin is denominated in fund currency, and is paid from custody account to the broker. Total return swaps and more specifically OTC derivative transactions are entered into by the Sub-Funds under an International Swaps and Derivatives Associations, Inc Master Agreement (“ISDA Master Agreement”) or similar agreement. An ISDA Master Agreement is a bilateral agreement between the Sub-Funds and a counterparty that governs OTC derivative transactions (including total return swaps) entered into by the parties. For period ending 30 June 2017, all collateral in relation to total return swaps was pledged in the form of cash. All returns from OTC derivative transactions will accrue to the Sub-Funds and are not subject to any returns sharing agreement with the Sub-Funds’ manager or any other third parties. For total return swaps transactions costs are not separately identifiable. For these investments, transaction costs are included in the purchase and sales price and are part of the gross investment performance of each Sub-Fund. Returns are identified as the realised gains and change in unrealised gains on the swap contract during the reporting period. 43




3 Significant Accounting Policies (continued)

(c) Investment in Securities and Valuation (continued)

(ii.4) (e) Option Contracts The Sub-Fund enters into exchange traded and OTC option contracts with various counterparties. When the Sub-Fund purchases an option, an amount equal to value which is based on the premium paid is recorded as an asset, the value of which is marked-to-market daily. When the Sub-Fund writes an option, an amount equal to market value which is based on the premium received by the Sub-Fund is recorded as a liability and is adjusted to the market value of the option written on each valuation date. When options are closed, the difference between the premium and the amount paid or received, net of brokerage commissions, or the full amount of the premium if the option expires worthless, is treated as realised gain or loss. The exercise of an option written by the Sub-Fund could result in the Sub-Fund buying or selling a financial instrument at a price different from the current market value. The market value of an OTC contract is determined by using counterparty supplied valuations, an independent pricing service or valuation models which use market data inputs supplied by a third party pricing service. The fair value of an exchange traded option is based on the exchange settlement/last sale prices, last bid or ask prices on the exchange, or independent market quotes provided by a pricing service or counterparty. (ii.5) All Securities and Derivatives If a quoted market price is not available from a third party pricing service or a dealer, or a quotation is believed to be materially inaccurate, the market value of the investment is determined by using valuation techniques. Valuation techniques include the use of recent market transactions, reference to the current market value of another investment that is substantially the same, discounted cash flow analyses or any other techniques that provides a reliable estimate of prices obtained in actual market transactions. Such securities and derivatives shall be valued at their probable realisation value as determined by a person appointed by the Directors and approved by the Depositary (“the Valuer”). Such a Valuer may be the Investment Manager itself, independent pricing agents or others, subject to applicable law. The investments have been valued in accordance with generally accepted accounting principles that may require the use of certain estimates and assumptions to determine value. Although these estimates and assumptions are based on the best available information, actual results could be materially different from these estimates.

(d) Cash

Cash is valued at cost, which approximates market value. The cash balances include pledged cash collateral held at State Street Bank Luxembourg S.C.A. for derivative transactions with Goldman Sachs International.

(e) Due from/to Brokers

Due from brokers consists primarily of cash receivable from the Sub-Funds’ clearing brokers and various counterparties. Due to brokers consists primarily of cash payable to the Sub-Funds’ clearing brokers and various counterparties. Due from/to broker balances are valued at cost which approximates market value.

(f) Foreign Currency Translation

The books and records of all Sub-Funds are maintained in their base currency. Transactions in foreign currencies are translated at the foreign currency exchange rate in effect at the date of the transaction. Assets and liabilities denominated in foreign currencies are translated into EUR at the foreign currency closing exchange rate in effect at the period-end date. Foreign currency exchange differences arising on translation and realised gains and losses on disposals or settlements of assets and liabilities are recognised in the Statement of Operations. Foreign currency exchange gains or losses relating to investments, derivative financial investments, and all other foreign currency exchange gains or losses relating to monetary items, including cash and cash equivalents, are reflected in the net realised gain/(loss) or net change in unrealised gain/(loss) in the Statement of Operations.

(g) Expenses

Expenses incurred by the Fund that do not specifically relate to an individual Sub-Fund or Share Class of a Sub-Fund are charged to the Sub-Fund based on an allocation basis depending upon the nature of the charges. Expenses directly attributable to a Sub-Fund or Share Class are charged to that Sub-Fund or Share Class. The expenses incurred in connection with the formation of the Fund, the initial issue of Shares by the Fund, including those incurred in the preparation and publication of the sales documents of the Fund, all legal, fiscal and printing expenses, as well as certain launch expenses (including advertising costs) and other preliminary expenses and the expenses incurred in connection with the creation of any Sub-Fund are borne by Goldman Sachs International as Promoter of the Fund.

(h) Swing Pricing

On any Business Day the Fund, may determine to apply swing pricing (to include such reasonable factors as they see fit) to the net asset value per Share. This method of net asset value calculation is intended to pass the estimated costs of underlying investment activity of the Sub-Fund to the active Shareholders by adjusting the net asset value of the relevant Share and thus to protect the Sub-Fund’s long-term Shareholders from costs associated with ongoing redemption and subscription activity. Swing pricing may take account of any duties and charges incurred as a result of trading and may include an estimate of market impact. In addition it may take into account trading spreads on the Sub-Fund’s investments to the extent they are not already included in the investment valuation. Where based on the prevailing market conditions and the level of subscriptions or redemptions requested by Shareholders or potential Shareholders in relation to the size of the relevant Sub-Fund, have determined for a particular Sub-Fund to apply swing pricing, the Sub-Fund may be valued either on a bid or offer basis.

44




3 Significant Accounting Policies (continued) (h) Swing Pricing (continued)

Because the determination of whether to value the Sub-Fund’s net asset value on a bid or offer basis is based on the net transaction activity of the relevant day, Shareholders transacting in the opposite direction of the Sub-Fund’s net transaction activity may benefit at the expense of the other Shareholders in the Sub-Fund. In addition, the Sub-Fund’s net asset value and short-term performance may experience greater volatility as a result of swing pricing.

The following Sub-Fund is able to apply Swing:

Multi Asset Risk Premia – M1 Fund As at 30 June 2017, this Sub-Fund did not apply swing pricing.

4 Taxation

Taxation — Luxembourg The Fund is not liable for any Luxembourg tax on profits or income, nor are the dividends paid by a Portfolio liable to any Luxembourg withholding tax subject to the application of the Luxembourg laws dated 21 June 2005 (the “Laws”) implementing Council Directive 2003/48/EC on taxation of savings income in the form of interest payments (“EU Savings Directive”) and several agreements concluded between Luxembourg and certain associated territories of the European Union (the “Associated Territories”). However, the Fund is as a rule liable in Luxembourg to an annual subscription tax (taxe d’abonnement) of 0.05% per annum. The taxable basis of the subscription tax is the aggregate net assets of the Fund as valued on the last day of each quarter. This rate is however of 0.01% per annum for: • undertakings whose exclusive object is the collective investment in money market instruments and the placing of deposits with credit institutions;

• undertakings whose exclusive object is the collective investment in deposits with credit institutions;

and

• individual compartments of undertakings for collective investment (“UCI”) with multiple compartments referred to in the law dated 17 December

2010, as well as for individual classes of securities issued within a UCI or within a compartment of a UCI with multiple compartments, provided

that the securities of such compartments or classes are reserved to one or more institutional investors.

The following assets/entities are further exempt from the subscription tax: • the value of the assets represented by units held in other UCI, provided such units have already been subject to the subscription tax in

accordance with the law dated 17 December 2010 or 13 February 2007 on specialised investment funds;

• UCI, as well as individual compartments of umbrella funds (i) whose securities are reserved for institutional investors and (ii) whose exclusive

object is the collective investment in money market instruments and the placing of deposits with credit institutions and (iii) whose weighted

residual portfolio maturity must not exceed 90 days and (iv) which have obtained the highest possible rating from a recognised rating agency.

Where several classes of securities exist within the UCI or the compartment, the exemption only applies to classes whose securities are reserved

for institutional investors;

and

• UCI whose securities are reserved for (i) institutions for occupational retirement provision, or similar investment vehicles, created on the initiative

of a same group for the benefit of its employees and (ii) undertakings of this same group investing funds they hold, to provide retirement benefits

to their employees.

Taxation — UK As a general proposition, the Fund makes an application to the HM Revenue & Customs (“HMRC”) in the United Kingdom in respect of distributing share classes and a number of other share classes to be treated as reporting Share Classes. Reporting Share Classes are not required to make distributions, but are required to provide HMRC with full details of reportable income each period and publish those figures to those investors. Income will be reported to investors within six months of the period end via the website mentioned below. Investors will be able to access the reportable income figure at https://assetmanagement.gs.com/content/gsam/uk/en/advisers/literature-and-forms/forms-and-notifications.html Taxation — Germany As a general proposition, share classes are entered into German tax transparent reporting. Where applicable, share class tax figures will be reported to investors via the following website https://www.bundesanzeiger.de/ebanzwww/wexsservlet Taxation — Austria At the Fund’s discretion, share classes are entered into Austrian tax transparent reporting. Where applicable, share class tax figures will be reported to investors via the following website https://www.profitweb.at/login/index.jsp Taxation — Belgium The Fund may incur a liability to subscription tax at the rate of 0.0925% in respect of subscriptions made through intermediaries situated in Belgium to the extent that net shares are outstanding as of 30 June of the previous period.

45




4 Taxation (continued)

Taxation — General Each Sub-Fund may be subject to taxation on capital gains, interest and dividends in certain jurisdictions in which each Sub-Fund invests. It is the policy of each Sub-Fund to accrue for any such taxes on dividends and interest when the dividend is declared, interest is earned or capital gains are realised. At each valuation date, taxation on realised and unrealised appreciation of securities may be accrued for at statutory rates. Prospective investors should consult their own taxation advisers regarding the tax implications of investing in the fund in relation to their own individual circumstances as they may differ from the general statements that appear above.

5 Significant Agreements

Management Company The Fund has appointed FundRock Management Company S.A. to serve as its designated management company in accordance with the 2010 Law pursuant to a Fund Management Company Agreement dated as of 7 February 2011. Under this agreement, the Management Company provides management, administrative and marketing services to the Fund, subject to the overall supervision and control of the Board of Directors of the Fund. The Management Company has delegated the following functions to third parties: investment management, registrar and transfer agency, administration, domiciliary and corporate agency, and paying agency. The Management Company has further delegated marketing and distribution functions to the Global Distributor. Investment Manager

For the Select Equity Long/Short UCITS Sub-Fund, Select Equity Group, L.P. has been appointed as Investment Manager. The Investment Manager receives a fee of 1.55% of the average net assets value per annum in respect of the “I” share classes and a fee of 1.15% of the average net assets per annum in respect of the “F” share class. For the LBN China+ Opportunity UCITS Fund, LBN Advisers Limited has been appointed as Investment Manager. The Investment Manager receives a fee of 2.00% of the average net assets value per annum in respect of the “I” and “I2” share classes. The Investment Manager receives a maximum fee of 2.00% of the average net assets value per annum in respect of the “I3” share class. The Investment Manager receives no fee for the “M” share class. For the MSK Equity UCITS Fund, MSK Capital Partners LLP has been appointed as Investment Manager. The Investment Manager receives a fee of 1.00% of the average net assets value per annum in respect of the “E” share classes, a fee of 1.50% of the average net assets per annum in respect of the “I” share classes and a fee of 1.15% of the average net assets per annum in respect of the “X” share class. For the Maverick Fundamental Quant UCITS Fund, Maverick Capital Ltd. has been appointed as Investment Manager. The Investment Manager receives a maximum fee of 0.75% of the average net assets value per annum in respect of the “E” share class and maximum fee of 1.25% of the average net assets value per annum in respect of the “D” share class, a fee of 1.25% of the average net assets value per annum in respect of the “I” share classes. The Investment Manager receives no fee for the “M” share classes. For the Campbell UCITS Managed Futures Fund, Campbell & Company, LP has been appointed as Investment Manager. The Investment Manager receives a fee of 0.55% of the average net assets value per annum in respect of the “E” share class. For the Multi Asset Risk Premia – M1 Fund, Aberdeen Asset Managers Limited has been appointed as Investment Manager. The Investment Manager receives no fee for the “M” share classes. For the ADG Systematic Macro UCITS Fund, ADG Capital Management LLP has been appointed as Investment Manager. The Investment Manager receives a fee of 0.75% of the average net assets value per annum in respect of the “E” share classes, a fee of 1.25% of the average net assets per annum in respect of the “I” share class and fee of 2.00% of the average net assets per annum in respect of the “R” share class. The fees and expenses charged to the Sub-Funds are set at a fixed percentage of the total net assets of each Share Class. The fixed percentage covers operating costs, which are detailed in the Prospectus of the Fund in the Expenses, Fees and Cost section. It excludes any fees payable to the Investment Manager and Global Distributor and any extraordinary expenses. To the extent the actual operating costs are less than the fixed percentage, the difference is paid to the Investment Manager and will be separately disclosed as “Additional fee to Investment Manager for Fixed Percentage Service Fee” in the Statement of Operations. To the extent that the actual operating costs exceed the fixed percentage, the excess amount borne by the Investment Manager will be separately disclosed as “Investment Manager Fixed Service Fee waived/reimbursed” in the Statement of Operations.

Performance Fees The Investment Managers are entitled to monthly performance fees on their respective Sub-Funds. The performance fees accrue weekly and are paid yearly, with the exception of monthly payments for crystallized amounts following redemptions, out of the assets attributable to each Share Class of the Sub-Funds at the rates defined within the Prospectus. The Performance Fee is subject to a high water mark (“HWM”) principle. The Performance Fee is calculated as 20% of the difference between the Net Asset Value per Share of a class on that Dealing Day before Performance Fee accrual of the relevant class and the higher of the HWM and the Net Asset Value per Share of the relevant class on the previous Dealing Day. For the period ended 30 June 2017 the performance fees charged were as follows:

Serviced Platform SICAV Currency Performance Fee

Select Equity Long/Short UCITS Sub-Fund USD 68,890

MSK Equity UCITS Fund EUR 48,320

Maverick Fundamental Quant UCITS Fund USD 905,228

Campbell UCITS Managed Futures Fund USD -

LBN China+ Opportunity UCITS Fund USD 1,855

ADG Systematic Macro UCITS Fund USD 192,786

46




5 Significant Agreements (continued)

Depositary The Fund has appointed State Street Bank Luxembourg S.C.A. to serve as Depositary of the Fund’s assets (“Depositary”) in accordance with a Depositary Agreement. The Depositary is responsible for the safekeeping of all the assets of the Fund. For its services as Depositary, State Street Bank Luxembourg S.C.A. charges a fee which is a combination of basis point charge on assets and transactions dependent on the country. Administrator, Domiciliary and Corporate Agent and Paying Agent The Management Company has appointed State Street Bank Luxembourg S.C.A. as Administrator, Domiciliary and Corporate Agent and Paying Agent. For its services as Administrator, Domiciliary Agent and Listing Agent, State Street Bank Luxembourg S.C.A. receives a fee payable monthly and calculated on the Monthly Average Net Assets of each Sub-Fund.

Registrar and Transfer Agent

The Management Company has delegated the registrar and transfer agent functions for the Fund to RBC Investor Services Bank S.A. (the “Transfer Agent”) pursuant to the Registrar and Transfer Agent Agreement between the Fund, the Management Company and the Transfer Agent. The day-to-day services provided to the Fund by the Transfer Agent include receiving and processing subscription and redemption orders, allotting and issuing shares and maintaining the shareholder register for the shares. The Transfer Agent is paid a fee, quarterly in arrears, out of the net assets of the Sub-Funds. The Transfer Agent’s fee consists of both a fixed and variable fee. The fixed portion consists of an annual charge for maintenance and shareholder account charges. Variable costs are determined by the level of transactions in each Sub-Fund. Global Distributor The Management Company has appointed Goldman Sachs International (GSI) to act as the Global Distributor of shares of each Sub-Fund pursuant to a Distribution Agreement. GSI may receive a portion of the sales charge imposed on the sale of Sub-Fund shares. For the period ended to 30 June 2017, there were no sales charges earnt on the Sub-Funds by the Global Distributor.

6 Share Capital

Shares of the Sub-Funds may be purchased through the Global Distributor at the net asset value per share of the relevant Share Class of the Sub-Funds on such date, plus any applicable sales charge. The following summarises the activity in the Sub-Fund’s shares for the period ended 30 June 2017.

Currency Balance at Subscriptions Redemptions Balance at

1-Jan-17 30-Jun-17


"F" Share Class (EUR Hedged Class) EUR - 53,887 10,564 43,323 "I" Share Class EUR 272,024 16,043 218,877 69,190 "I" Share Class GBP 35,383 - 6,198 29,185 "I" Share Class USD 320,368 5,330 190,335 135,363 "X1" Share Class USD - 324,726 181,100 143,626

Select Equity Long/Short UCITS Sub-Fund Total

674,550 399,986 607,074 420,687


"I" Share Class EUR 292,739 1,131 101,608 192,261 "I" Share Class USD 151,716 9,000 16,531 144,185 "I2" Share Class EUR 59,179 - 54,311 4,868 "I2" Share Class USD 27,000 - - 27,000 "M" Share Class USD 18,802 - 18,273 529

LBN China+ Opportunity UCITS Fund Total

549,436 10,131 190,723 368,843

MSK Equity UCITS Fund "E" Share Class EUR 591,309 17,878 259,345 349,841 "E" Share Class GBP 232,931 37,150 42,706 227,375 "E" Share Class USD 30,664 8,409 16,978 22,094 "I" Share Class CHF 7,500 - 7,500 - "I" Share Class EUR 1,109,051 999,779 444,175 764,654 "I" Share Class USD 11,935 - - 11,935 "X" Share Class EUR 150,287 20,000 - 170,287

MSK Equity UCITS Fund Total 2,133,677 1,083,216 770,704 1,546,186

Maverick Fundamental Quant UCITS Fund "A2" Share Class EUR - 110 - 110 "A2" Share Class USD - 1,047.616 - 1,048 “D” Share Class EUR 50,561 5,926 46,372 10,116 "E" Share Class EUR 118,380 - 19,850 98,530 "E" Share Class GBP 77,579 - 6,675 70,904 “E” Share Class USD 35,832 - - 35,832 “I” Share Class EUR 44,888 9,389 371 53,905 “I” Share Class GBP 33,831 54,081 5,390 48,691 “I” Share Class USD 20,343 21,157 10,708 10,449 "M" Share Class USD 634,000 - - 634,000

Maverick Fundamental Quant UCITS Fund Total 1,015,414 90,553 89,366 963,585

47




6 Share Capital (continued) Currency Balance at Subscriptions Redemptions Balance at

1-Jan-17 30-Jun-17

Campbell UCITS Managed Futures Fund "E" Share Class USD 100,000 - - 100,000

Campbell UCITS Managed Futures Fund Total 100,000 - - 100,000

Multi Asset Risk Premia – M1 Fund "M" Share Class (GBP Hedged 2XS Leverage Class) GBP 137,889 297,763 2,710 295,053 "X" Share Class (GBP Hedged 2XS Leverage Class) GBP - 220,000 - 220,000 "X" Share Class (EUR Hedged 1XS Leverage Class) EUR - 100,000 - 100,000 "M" Share Class (EUR Hedged 2XS Leverage Class) EUR - 30,000 - 30,000 "M" Share Class (EUR Hedged 1XS Leverage Class) EUR - 76,500 - 76,500

Multi Asset Risk Premia – M1 Fund Total 137,889 724,263 - 721,553

ADG Systematic Macro UCITS Fund "E" Share Class EUR - 591,844 - 591,844 "E" Share Class GBP - 37,132 - 37,132 "E" Share Class CHF - 7,000 - 7,000 "E" Share Class USD - 175,535 - 175,535

ADG Systematic Macro UCITS Fund Total - 811,511 - 811,511

7 Financial Investments and Associated Risks

The Funds’ investing activities expose it to various types of risks that are associated with the financial investments and markets in which it and its

underlying Sub-Funds’ invest (the “Investment Risks”). These may be both derivative and non-derivative financial investments. The Fund’s underlying

Sub-Funds’ investments are comprised of debt, equity, derivative investments and investments in other funds at the period end. The Board has

appointed the Management Company to manage the investment risks of the Sub-Funds.

The significant types of financial risks which the Fund is exposed to are market risk, liquidity risk and credit risk. The Prospectus provides details of

these and other types of risk some of which are additional to that information provided in these financial statements.

Asset allocation is determined by the Investment Manager of each Sub-Fund who manages the allocation of assets to achieve the investment

objectives as detailed in Note 2. Achievement of the investment objectives involves taking risks. The Investment Managers exercise judgment based

on analysis, research and risk management techniques when making investment decisions. Divergence from the benchmark and/or the target asset

allocations and the composition of the portfolio is monitored in accordance with the Fund’s risk management policy.

The risk management policies employed by the Fund are detailed below:

(a) Market Risk

The potential for changes in the market value of the Sub-Funds’ investments is referred to as market risk. Commonly used categories of market risk

include currency risk, interest rate risk and other price risk.

(i) Currency risks may result from exposures to changes in spot prices, forward prices and volatilities of currency rates.

(ii) Interest rate risks may result from exposures to changes in the level, slope and curvature of the various yield curves, the volatility of interest

rates, mortgage prepayment speeds and credit spreads.

(iii) Other price risks are the risk that the value of an investment will fluctuate as a result of changes in market prices other than those arising from

currency risk or interest rate risk and may result from exposures to changes in the prices and volatilities of individual equities, equity baskets,

equity indices, and commodities.

The Fund’s market risk strategy is driven by the Fund’s underlying Sub-Funds’ investment risk and return objectives.

Market risk is managed through the application of risk budgeting principles. (i) Currency Risk

The Sub-Funds may invest in financial investments and enter into transactions denominated in currencies other than their base currencies. Consequently, a Sub-Fund may be exposed to the risk that the exchange rate of its base currency relative to other foreign currencies may change in a manner that has an adverse effect on the value of that portion of a Sub-Fund’s assets or liabilities denominated in currencies other than the base currency.

When an investor invests into a Share Class which is in a different currency to the base currency of the Sub-Fund in which it invests, the currency risk of the investor will be different to the currency risk of the Sub-Fund. (ii) Interest Rate Risk

The Sub-Funds may invest in fixed income securities. Any change to relevant interest rates for particular securities may result in the Investment Manager being unable to secure similar returns upon the expiry of contracts or the sale of securities. In addition, changes to prevailing interest rates or changes in expectations of future rates may result in an increase or decrease in the value of the securities held. In general, if interest rates rise, the value of fixed income securities will decline. A decline in interest rates will in general, have the opposite effect. All fixed income securities and floating rate securities, together with their coupon and maturity date are disclosed in the Schedule of Investments. The Sub-Funds may invest in instruments in desired currencies at fixed, floating and zero rates of interest.

48




7 Financial Investments and Associated Risks (continued)

(a) Market Risk

(iii) Other Price Risk Other price risk is the risk that the value of a financial investment will fluctuate as a result of changes in market prices, other than those arising from currency risk or interest rate risk whether caused by factors specific to an individual investment, its issuer or any factor affecting financial investments traded in the market. The Sub-Funds’ financial investments are carried at Market Value with market value changes recognised in the Statement of Operations, all changes in market conditions will directly affect Shareholders’ equity.

(b) Liquidity Risk

Liquidity risk is the risk that the Sub-Funds will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. Among other things, liquidity could be impaired by an inability to access secured and / or unsecured sources of financing, an inability to sell assets or unforeseen outflows of cash or collateral or violations of Principal Trading Broker terms or covenants. This situation may arise due to circumstances outside of the Sub-Funds’ control, such as a general market disruption or an operational problem affecting the Sub-Funds or third parties. Also, the ability to sell assets may be impaired if other market participants are seeking to sell similar assets at the same time. The Sub-Funds’ financial investments include investments in derivative contracts traded over the counter, which are not traded in an organised public market and which may be illiquid and in investments which may represent a significant percentage of issue size. As a result, the Sub-Fund may not be able to liquidate quickly some of these investments at an amount close to fair value in order to meet requirements, or to respond to specific events such as deterioration in the creditworthiness of any particular issuer. The forced liquidation of investment positions may cause financial losses. The Sub-Funds provide for the subscription and redemption of shares and are therefore exposed to the liquidity risk associated with shareholder redemptions in accordance with the terms in the prospectus. The Sub-Funds are managed to include liquid investments which the Investment Manager believes are sufficient to meet normal liquidity needs although substantial redemptions of shares in the Sub-Funds could require the Funds to liquidate their investments more rapidly than otherwise desirable in order to raise cash for the redemptions and changes in the liquidity of the Sub-Fund’s underlying investments once acquired can adversely impact its position in this respect. These factors could adversely affect the value of the shares redeemed, the valuation of the shares that remain outstanding and the liquidity of the Sub-Funds’ remaining assets if more liquid assets have been sold to meet redemptions. Financing arrangements may include repurchase agreements, reverse repurchase agreements, derivative transactions and lines of credit. Expiration or termination of available financing for leveraged positions, and the requirements to post collateral in respect of changes in the fair value of leveraged exposures or changes in advance rates or other terms and conditions of the Sub-Funds financing arrangements, can result in adverse effects to the Sub-Funds access to liquidity and ability to maintain leveraged positions, and may cause the Sub-Funds to incur material losses. However, there is no guarantee that any such arrangements for obtaining leverage will be available, or, if available, will be available on terms and conditions acceptable to the Sub-Funds. Unfavourable economic conditions also could increase funding costs, limit access to the capital markets or result in a decision by lenders not to extend credit to the Sub-Funds. The use of leverage also increases risk as it magnifies the effect of any volatility in market values on the Sub-Funds equity. A decline in the market value of the Sub-Funds assets may have particular adverse consequences in instances where they have borrowed money on the market value of those assets. A decrease in the market value of those assets may result in the lender (including derivative counterparties) requiring the Sub-Funds to post additional collateral or otherwise sell assets at time when it may not be in the Sub-Funds best interest to do so.

(c) Credit Risk

Credit and counterparty risk is the risk that one party to a financial investment will cause a financial loss for the other party by failing to discharge an obligation. Procedures have been adopted by the Fund to reduce credit risk related to its dealings with counterparties. Before transacting with any counterparty, the Investment Managers or their affiliates evaluate both credit-worthiness and reputation by conducting a credit analysis of the party, their business and reputation. The credit risk of approved counterparties is then monitored on an ongoing basis, including periodic reviews of financial statements and interim financial reports as needed.

Debt securities are subject to the risk of issuer’s or a guarantor’s inability to meet principal and interest payments on its obligations and are subject to price volatility due to factors such as interest rate sensitivity, market perception of the credit worthiness of the issuer and general market liquidity.

The Sub-Funds are subject to a number of risks relating to the insolvency, administration, liquidation or other formal protection from creditors (“Insolvency”) of the Depositary or any Sub-Custodian. These risks include without limitation:

The loss of all cash held with the Depositary or Sub-Custodian which is not being treated as client money both at the level of the Depositary and any Sub-Custodians (“client money”).

The loss of all cash which the Depositary or Sub-Custodian has failed to treat as client money in accordance with procedures (if any) agreed with the Fund.

The loss of some or all of any securities held on trust which have not been properly segregated and so identified both at the level of the Depositary and any Sub- Custodians (“trust assets”) or client money held by or with the Depositary or Sub-Custodian.

The loss of some or all assets due to the incorrect operation of accounts by the Depositary or Sub-Custodian or due to the process of identifying and transferring the relevant Trust Assets and/or client money including any deduction to meet the administrative costs of an insolvency.

Losses caused by prolonged delays in receiving transfers of balances and regaining control over the relevant assets. An insolvency could cause severe disruption to the Sub-Funds investment activity. In some circumstances, this could cause the Directors to temporarily suspend the calculation of the Net Asset Value and dealings in Shares.

49




7 Financial Investments and Associated Risks (continued)

(d) Additional Risks (continued)

(i) Concentration Risk The Sub-Funds may invest in a limited number of investments and investment themes. A consequence of a limited number of investments is that performance may be more favourably or unfavourably affected by the performance of an individual investment. (ii) Operational Risk Operational risk is the potential for loss caused by a deficiency in information, communications, transaction processing and settlement, and accounting systems. The Sub-Funds’ service providers, as shown on page 1, maintain controls and procedures for the purpose of helping to manage operational risk. Reviews of the service levels of service providers are performed on a regular basis. No assurance is given that these measures will be 100% effective. (iii) Legal, Tax and Regulatory Risks

Legal, tax and regulatory changes could occur during the duration of the Sub-Funds which may adversely affect the Sub-Funds. With respect to tax, the Sub-Funds may be subject to taxation on capital gains, interest and dividends in certain jurisdictions where the Sub-Funds invest.

The interpretation and applicability of the tax law and regulations by tax authorities at times may not be clear or consistent. Tax obligations where probable and estimable are recorded as liabilities. However, some tax obligations are subject to uncertainty and may result in additional tax liabilities, interest and penalties based on future actions, interpretations or judgements of these authorities covering current and past positions. Accounting standards may also change, creating or removing an obligation for the Sub-Funds to accrue for a potential tax liability. Consequently, it is possible that certain potential tax obligations which currently are not probable may become so which may result in additional tax liabilities for a Sub-Funds in the future and these additional liabilities may be material. Because of the foregoing uncertainties, the NAV may not reflect the tax liabilities ultimately borne by the Sub-Funds, including at the time of any subscriptions, redemptions or exchanges of interest in the Sub-Funds, which could have an adverse impact on investors at that time.

8 Distributions

The Sub-Funds intend that substantially all the net investment income, if any, will be capitalised for all share classes.

9 Cash Collateral Information

The collateral for Swap contracts and Contracts for Difference is fully cash based.

The table below provides the cash collateral balances due from / (due to) brokers in relation to the following investments held as at 30 June 2017:

Portfolios Currency Due from / (Due to) brokers Investment type Cash collateral

balances


USD

Due from Swap contracts and Contracts for Difference

964,167

Due to Swap contracts and Contracts for Difference

-

USD Due from Option contracts 567,398

Due to Option contracts -

LBN China+ Opportunity UCITS Fund USD


2,880,757


-

Due from Futures contracts 2,169,242

Due to Futures contracts -

MSK Equity UCITS Fund EUR


70,688,763


-

Due from Futures contracts 44,235,837


Maverick Fundamental Quant UCITS Fund USD


3,608,658


-

Campbell UCITS Managed Futures Fund USD Due from Futures contracts 2,905,742


ADG Systematic Macro UCITS Fund USD Due from Option contracts 7,907,544

Due to Option contracts -

50




10 Disclosure of Transaction Costs

Transaction costs1 have been defined as broker commission fees, market fees and taxes relating to purchase or sale of equity and investments in other funds. Depositary based transaction costs are included in ‘Administration and Custody fee’ in the Statement of Operations. Transaction costs for Futures Contracts and Options are included in Net realised gain/(loss) on futures transactions on the Statement of Operations.

For the period 30 June 2017, the following Sub-Funds incurred transaction costs:

Serviced Platform SICAV Sub-Funds Currency

Transaction Costs


LBN China+ Opportunity UCITS Fund USD 68,384

MSK Equity UCITS Fund EUR 458,663

Maverick Fundamental Quant UCITS Fund USD 115,358

Campbell UCITS Managed Futures Fund USD 15,597

Multi Asset Risk Premia - M1 Fund USD -

ADG Systematic Macro UCITS Fund USD 9,232

Total EUR 685,449 1 Transactions costs for fixed income investments, forward currency contracts and other derivative contracts, excluding futures contracts and options, are not separately identifiable. For these investments, transaction costs are included in the purchase and sales price. These transaction costs are part of the gross investment performance of each Sub-Fund. Sub-Funds that invest solely in those investments are not disclosed in the table above. Note: benchmark returns, with the exception of taxes at times, do not incorporate transaction costs.

11 Statement of Changes in each Portfolio

A Statement of Changes is available, free of charge, upon request from the registered office. 12 Exchange Rates

The following exchange rate (against EUR) was used to convert the investment and other assets and liabilities denominated in currencies other than EUR.

Currency 30-Jun-17

Canadian Dollar 1.481232

Swiss Franc 1.092248

Danish Krone 7.435017

Great Britain Pound 0.878056

Norwegian Krone 9.553988

Swedish Krona 9.620026

U.S. Dollar 1.140550

The Following exchange rates (against USD) were used to convert the investment and other assets and liabilities denominated in currencies other than USD.

Currency 30-Jun-17

Australian Dollar 1.303696

Brazilian Real 3.313250

Canadian Dollar 1.298700

Chilean Peso 664.725000

Chinese Yuan 6.779500

Colombian Peso 3055.070000

Czech Koruna 22.896850

Euro 0.876770

Great Britain Pound 0.769853

Hong Kong Dollar 7.806450

Hungarian Forint 271.009700

India Rupee 64.637500

Indonesian Rupiah 13327.500000

Israeli Shekel 3.489700

Japanese Yen 112.360000

Mexique Peso 18.099750

New Zealand Dollar 1.365747

Norwegian Krone 8.376650

Philippine Peso 50.460000

Polish zloty 3.708300

Russian Ruble 59.268750

Singapore Dollar 1.376850

South African Rand 13.102500

South Korean Won 1144.150000

Swedish Krona 8.434550

Swiss Franc 0.957650

Taiwan New Dollar 30.420000

Turkish Lira 3.522550

51




12 Exchange Rates (continued) The following average exchange rate (against EUR) was used to calculate the Combined Total, in the Statement of Operations and Statement of Changes in Shareholders’ Equity, for the period ended 30 June 2017:

Currency 30-Jun-17 U.S. Dollar 1.062155

13 Prospectus

The latest prospectus of the Fund was issued in January 2017.

14 Currency Adjustment

In the Statement of Changes in Shareholders’ Equity, the opening value of the Fund has been restated at the exchange rates ruling at 30 June 2017, and the combined figures have been calculated using the average exchange rates throughout the period. The resulting loss of EUR 32,882,884 represents the movement in exchange rates between 1 January 2017 and 30 June 2017. This is a notional loss, which has no impact on the Net Asset Value of the individual Sub-Funds.

15 Cross Liabilities

Legislation has been introduced in Luxembourg which is intended to eliminate the risk of cross contamination. Therefore, as a matter of Luxembourg law, each Sub-Fund is “ring-fenced” and considered to constitute a single pool of assets and liabilities, so that the rights of Shareholders and creditors in relation to each Sub-Fund should be limited to the assets of that Sub-Fund.

16 Contingent Liabilities

There are no contingent liabilities as at 30 June 2017.

17 Significant Events

During the period ended 30 June 2017, the following Sub-Funds were launched: Sub-Fund Currency of Sub-Fund Launch Date ADG Systematic Macro UCITS Sub-Fund USD 15 February 2017

During the period ended 30 June 2017, the following share classes were launched: Portfolio Class Name Class Currency Launch Date Maverick Fundamental Quant UCITS Fund "A2" Share Class EUR 7 April 2017

Maverick Fundamental Quant UCITS Fund "A2" Share Class USD 31 March 2017

Multi Asset Risk Premia - M1 Fund

"X" Share Class (GBP Hedged 2XS Leverage Class) GBP 3 February 2017


"X" Share Class (EUR Hedged 1XS Leverage Class) EUR 11 April 2017


"M" Share Class (EUR Hedged 2XS Leverage Class) EUR 9 May 2017


"M" Share Class (EUR Hedged 1XS Leverage Class) EUR 23 May 2017

18 Subsequent Events

Mr. Glenn Thorpe resigned from the Board of Directors as of 20 July 2017. Effective 28 July 2017 the sub-fund Serviced Platform SICAV - Multi Asset Risk Premia - M1 Fund was split into two sub-funds:

• Aberdeen Alternative Risk Premia Enhanced holding the following share classes:

o M (GBP Hedged) 2XS Leverage, o X GBP Hedged 2XS Leverage , o M EUR Hedged 2XS Leverage, o X EUR Hedged 1XS Leverage,

• Aberdeen Alternative Risk Premia holding the share class M (EUR Hedged) 1XS Leverage.

19 Approval of the Financial Statements

The Board of Directors approved the unaudited semi-annual financial statements on 21 August 2017.

52


Appendix I – Securities Financing Transactions Regulation (SFTR)


I Concentration Data

The tables below show the top 10 counterparties by portfolio with respect to the unrealised in absolute value as at 30 June 2017:

OTC Derivatives1

Portfolio Counterparty Net Unrealised

Gain / (Loss)

Select Equity Long/Short UCITS Sub-Fund Goldman Sachs International USD (835,137)

LBN China+ Opportunity UCITS Fund Goldman Sachs International USD 1,224,371

MSK Equity UCITS Fund Bank of America NA EUR (48,538)

MSK Equity UCITS Fund Citibank Na USD 1,763,489

MSK Equity UCITS Fund Citigroup Global Markets Limited USD 34,388

MSK Equity UCITS Fund Goldman Sachs International USD (664,634)

MSK Equity UCITS Fund Morgan Stanley And Co. International USD 24,720

Maverick Fundamental Quant UCITS Fund Goldman Sachs International USD (627,057)

Maverick Fundamental Quant UCITS Fund JP Morgan Chase Bank Na London USD 2,056

Maverick Fundamental Quant UCITS Fund Morgan Stanley And Co. International USD (5,182)

1Include non-TRS values.

II. Transaction Data The below table summarises the country of counterparty establishment by portfolio with respect to the unrealised in absolute value as at 30 June 2017:

OTC Derivatives1

Portfolio Counterparty’s country of incorporation Net Unrealised Gain / (Loss)

Select Equity Long/Short UCITS Sub-Fund United Kingdom USD (835,137)

LBN China+ Opportunity UCITS Fund United Kingdom USD 1,224,371

MSK Equity UCITS Fund United Kingdom EUR 1,157,964

MSK Equity UCITS Fund United States of America EUR (48,538)

Maverick Fundamental Quant UCITS Fund United Kingdom USD (630,183)


The below table summarises the maturity tenor of the collateral received as at 30 June 2017:

Cash Collateral OTC Derivatives1

Portfolio Maturity Tenor Market Value

Select Equity Long/Short UCITS Sub-Fund Open Maturity USD 394,612

LBN China+ Opportunity UCITS Fund Open Maturity USD 5,484,993

MSK Equity UCITS Fund Open Maturity EUR 73,156,171

Maverick Fundamental Quant UCITS Fund Open Maturity USD 3,608,658


53


Appendix I – Securities Financing Transactions Regulation (SFTR)


II. Transaction Data-(continued) The below table summarises the currency of the collateral received as at 30 June 2017:

Cash Collateral OTC Derivatives1

Portfolio Currency Market Value



LBN China+ Opportunity UCITS Fund HKD 3,075,662

LBN China+ Opportunity UCITS Fund USD 2,409,331

LBN China+ Opportunity UCITS Fund USD 5,484,993

MSK Equity UCITS Fund CAD (5,731)

MSK Equity UCITS Fund CHF (5,151)

MSK Equity UCITS Fund DKK 26,780

MSK Equity UCITS Fund EUR 67,218,113

MSK Equity UCITS Fund GBP 1,772,484

MSK Equity UCITS Fund NOK 258,936

MSK Equity UCITS Fund SEK 61,304

MSK Equity UCITS Fund USD 3,829,436

MSK Equity UCITS Fund EUR 73,156,171

Maverick Fundamental Quant UCITS Fund USD 3,608,658

Maverick Fundamental Quant UCITS Fund USD 3,608,658

1Include non-TRS values. The below table summarises the maturity tenor of the OTC Derivatives with respect to the unrealised value by portfolio as at 30 June 2017:

OTC Derivatives1

Portfolio Maturity Tenor Net Unrealised Gain / (Loss)

Select Equity Long/Short UCITS Sub-Fund Three months to one year USD (40,293)

Select Equity Long/Short UCITS Sub-Fund Open Transaction USD (794,844)

Select Equity Long/Short UCITS Sub-Fund Total USD (835,137)

LBN China+ Opportunity UCITS Fund Open Transaction USD 1,224,371

LBN China+ Opportunity UCITS Fund Total USD 1,224,371

MSK Equity UCITS Fund Open Transaction EUR 1,109,426

MSK Equity UCITS Fund Total EUR 1,109,426

Maverick Fundamental Quant UCITS Fund Open Transaction USD (630,183)

Maverick Fundamental Quant UCITS Fund Total USD (630,183)

1Include non-TRS values. III. Safekeeping of Collateral All collateral is held in segregated accounts. All collateral is held at State Street Bank Luxembourg S.C.A. Cash received as collateral is not reinvested.

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