BANKINTER INTERNATIONAL FUND SICAV

BANKINTER INTERNATIONAL FUND SICAV

Société d'Investissement à Capital Variable

Annual Report and Audited FinancialStatements as at

December 31, 2015

R.C.S. Luxembourg B 48 178

3


TABLE OF CONTENTS

STATEMENT OF NET ASSETS......................................................................................................................................................................................... 12STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS............................................................................................................................ 13STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE PERSHARE.................................................................................................................................................................................................................................. 14STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS....................................................................................................... 15GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES...................................................................................................... 18ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES ............................................................................................................... 19

GLOBAL MIXED PORTFOLIO ................................................................................................................................................................ .GLOBAL MIXED PORTFOLIOBANKINTER INTERNATIONAL FUND SICAV - 12


TOTAL RETURN ....................................................................................................................................................................................... .TOTAL RETURNBANKINTER INTERNATIONAL FUND SICAV - 20


FLEXIBLE MULTI-ASSET ....................................................................................................................................................................... .FLEXIBLE MULTI-ASSETBANKINTER INTERNATIONAL FUND SICAV - 28

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS............................................................................................................................ 36STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE PERSHARE.................................................................................................................................................................................................................................. 37

GLOBAL DYNAMIC (liquidated as at June 15, 2015) .............................................................................................................................. .GLOBAL DYNAMIC (liquidated as at June 15, 2015)BANKINTER INTERNATIONAL FUND SICAV - 36


INTERNATIONAL DIVERSIFIED PORTFOLIO .................................................................................................................................... .INTERNATIONAL DIVERSIFIED PORTFOLIOBANKINTER INTERNATIONAL FUND SICAV - 38

MANAGEMENT AND ADMINISTRATION .......................................................................................................................................... . 5

INFORMATION TO THE SHAREHOLDERS, NET ASSET VALUE PER SHARE AND RISK MANAGEMENT ........................... . 7

REPORT ON THE ACTIVITIES OF THE FUND.................................................................................................................................... . 8

REPORT OF THE REVISEUR D'ENTREPRISES AGREE..................................................................................................................... . 9

COMBINED STATEMENT OF NET ASSETS ........................................................................................................................................ . 10

COMBINED STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ........................................................................... . 11

4


TABLE OF CONTENTS(continued)


CIMALTAIR INTERNATIONAL.............................................................................................................................................................. .CIMALTAIR INTERNATIONALBANKINTER INTERNATIONAL FUND SICAV - 45


INTERNATIONAL BALANCED STRATEGY ........................................................................................................................................ .INTERNATIONAL BALANCED STRATEGYBANKINTER INTERNATIONAL FUND SICAV - 54


MULTIFUNDS MODERATE (launched as at May 4, 2015)..................................................................................................................... .MULTIFUNDS MODERATE (launched as at May 4, 2015)BANKINTER INTERNATIONAL FUND SICAV - 61


CARRIÓN CONSERVATIVE (launched as at April 24, 2015) ................................................................................................................. .CARRIÓN CONSERVATIVE (launched as at April 24, 2015)BANKINTER INTERNATIONAL FUND SICAV - 66


NOTES TO THE FINANCIAL STATEMENTS....................................................................................................................................... . 80

IRATI (launched as at October 23, 2015).................................................................................................................................................... .IRATI (launched as at October 23, 2015)BANKINTER INTERNATIONAL FUND SICAV - 74


5

MANAGEMENT AND ADMINISTRATION

REGISTERED OFFICE 20, Boulevard Emmanuel Servais L-2535 Luxembourg Grand Duchy of Luxembourg BOARD OF DIRECTORS Chairman of the Board of Directors: Mr. Patrick HERMSE CEO Bankinter Luxembourg S.A. 37, Avenue JF Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg Directors: Mrs. Adela MARTÍN RUIZ (until August 6, 2015) Personal Finance Director Bankinter S.A. 29, Paseo de la Castellana E-28046 Madrid Spain Mr. Jean-Philippe CLAESSENS General Manager and Conducting Officer Lemanik Asset Management S.A. 106, Route d’Arlon L-8210 Mamer Grand Duchy of Luxembourg Mr. Francisco Javier GARCÍA GÓMEZ (until September 14, 2015) Commercial Manager Finanzas Personales Bankinter S.A. 29, Paseo de la Castellana E-28046 Madrid Spain Mr. Francisco Borja CARUANA CRUZ (until August 31, 2015) Commercial Manager Bankinter Luxembourg S.A. 37, Avenue JF Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg

MANAGEMENT COMPANY Lemanik Asset Management S.A. 106, Route d’Arlon L-8210 Mamer Grand Duchy of Luxembourg MEMBERS OF THE BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY Mr. Gianluigi SAGRAMOSO Mr. Carlo SAGRAMOSO Mr. Philippe MELONI CONDUCTING PERSONS OF THE MANAGEMENT COMPANY Mr. Philippe MELONI Mr. Marco SAGRAMOSO Mr. Jean-Philippe CLAESSENS Mr. Pascal DUFOUR CUSTODIAN AND DOMICILIARY AGENT Edmond de Rothschild (Europe) 20, Boulevard Emmanuel Servais L-2535 Luxembourg Grand Duchy of Luxembourg ADMINISTRATIVE AGENT, REGISTRAR, TRANSFER AGENT AND PAYING AGENT Edmond de Rothschild Asset Management (Luxembourg) 20, Boulevard Emmanuel Servais L-2535 Luxembourg Grand Duchy of Luxembourg

Mr. Luis DEMETRIO TAHOCES DE SAN JUAN (since May 15, 2015) Director de Servicios Especializados Bankinter S.A. 29, Paseo de la Castellana E-28046 Madrid Spain


6

MANAGEMENT AND ADMINISTRATION (continued)

INVESTMENT MANAGER Lemanik S.A. 5, Via Giuseppe Bagutti CH-6900 Lugano Switzerland INVESTMENT ADVISER Bankinter Gestion de Activos, S.A., S.G.I.I.C. 11 bis, Marques de Riscal E-28010 Madrid Spain

CABINET DE REVISION AGREE Deloitte Audit Société à responsabilité limitée 560, Rue de Neudorf L-2220 Luxembourg Grand Duchy of Luxembourg LEGAL ADVISER ALLEN & OVERY LUXEMBOURG Société en commandite simple 33, Avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg


7

INFORMATION TO THE SHAREHOLDERS

Notices concerning BANKINTER INTERNATIONAL FUND SICAV (the “Company”) are published in newspapers designated by the Board of Directors of the Company and, if prescribed by law, are published in the Mémorial, the official gazette of Luxembourg, and are lodged with the Registrar of the Luxembourg District Court. The current Articles of Incorporation of the Company are lodged with the Registrar of the Luxembourg District Court, from whom copies may be obtained. The issue price and the redemption price of the Company shares are made public at the Registered Office of the Company, where annual and semi-annual reports may be obtained.

Subscriptions cannot be received on the basis of financial reports. Subscriptions are valid only if made on the basis of the current prospectus, supplemented by the Key Investor Information Document (the “KIID”), the last annual report and the most recent semi-annual report if published thereafter. A copy of the Articles of Incorporation, the KIID, the prospectus, the most recent unaudited semi-annual report and the most recent annual report included audited financial statements are made available at the registered office of the Company.

NET ASSET VALUE PER SHARE The Net Asset Value of each Sub-Fund and of each Class is expressed in EUR (except for the Sub-Fund BANKINTER INTERNATIONAL FUND SICAV - GLOBAL MIXED PORTFOLIO which is expressed in USD) or in a currency determined by the Board of Directors of the Company, and is determined as of each Valuation Day by dividing the Net Asset of the relevant Sub-Fund or Class less its liabilities by the number of Shares of that Sub-Fund or Class.

Each Business Day is a Valuation Day (except for the Sub-Fund BANKINTER INTERNATIONAL FUND SICAV - GLOBAL DYNAMIC liquidated as at June 15, 2015, for which the Net Asset Value is determined twice a month as at the fifteenth calendar day and as at the last Business Day of each month next following business day if it is not a business day).

RISK MANAGEMENT (unaudited)

As required by the Undertakings for Collective Investments in Transferable Securities (UCITS) regulation, the Board of Directors of the Company needs to determine the Global Risk Exposure of the Company either by applying the commitment approach or the Value at Risk (VaR) approach. The method used to calculate the Global Risk Exposure for each Sub-Fund of the Company is the commitment approach.


8

REPORT ON THE ACTIVITIES OF THE FUND *

2015 was a year of moderate growth and a certain rebalancing in the path of growth in the major developed economies but with the emerging countries clearly lagging this developments. The United States economy registered a 2% growth in 2015. Job creation was improving with more tan 200,000 jobs a month creation and an unemployment rate below 5%. At the same time, inflation preassures remained subdued thanks to the low prices of commodities and the strong dollar.

In Europe, activity improved in 2015, specially during the first semester, helped by a low euro, low commodity prices and the new impulse given by the Euroean Central Bank at the beginning of the year. In Spain we saw some deceleration in the second part of the year (3% annualized growth) after the strong numbers of the first half (4% growth). France and Italy grew at rates of 1% and Germany at around 1.7%.

Completely different is the situation in the Emerging Economies, with increasing problems in Brasil and Rusia (agraveited by the fall in commodity prices) and serious concerns about the situation in China. As for Japan, it finishes the year with a sluggish growth of 0.5% and an inflation rate close to zero.

During the year, we can recognize several shocks that had an impact in financial markets behavior.

The first big shock happened in April and it affected severely the bond markets in Europe. European Government Bonds started the year in very positive foot helped by the anouncement of expansive policies by the ECB. 10 year German Bunds yield reached new lows at 0.10%. In April, better economic and inflation data combined with the high leverage of the bets placed in these markets, prompted a Var shock that sent German rates back to over 0.70% and swap rates to 1%. Valuations of

bonds (both governments and non governments) suffered accordingly.

Around May, political uncertainty in Greece had a contagious effect in peripheral countries, namely Portugal, Italy and Spain affecting both equitiies and bond markets in these countries. However, this proved temporary and markets went back to previous levels after a few weeks.

And when things started to calm down, renewed concerns about China at the end of the summer impacted profoundly in the global risk appetite of investors. Data coming from China showed a deeper deceleration tan expected in exports and lower levels of business confidence . All these, combined with a small devaluation of the yuan, raised concerns on the true potential growth of this economy and the potential impacts on world growth, specially through the effects in emerging economies.

In this context, equities and all risky assets in general, were the main loosers in the last part of the year . China Stock Exchange was down 16.6% in the second semester. Emerging Equities fell by 18% in average. Europe was down by 4.5% and USD had moderate falls (-0.90% the S&P and +0.4% for the Nasdaq) during the second half of the year.

This renewed risk aversion was however possitive for Government Bonds, specially those issued by Core Countries, but Corporate Bonds and Emerging Markets bonds suffered in sympathy with equities. High Yield bonds and those issued by Oil and Materials Corporations were hit severely.

We expect this negative tone in risky assets to continue at least at the beginning of the year or at least until all the uncertainties surrounding the markets start to dissipate.

April 28, 2016 The Board of Directors of the Company

* Indications and comparisons are historical and are not necessarily an indication of future results.

Deloitte Delo1tte Audit Societe a responsabilite limitee 560, rue de Neudorf L-2220 Luxembourg B.P. 1173 L-1011 Luxembourg Tel : +352 451 451 Fax· +352451452401 www.delo1tte.lu

REPORT OF THE REVISEUR D'ENTREPRISES AGREE

To the Shareholders of BANKINTER INTERNATIONAL FUND SICA V (Societe d'lnvestissement a Capital Variable) 20, Boulevard Emmanuel Servais L-2535 Luxembourg

Following our appointment by the Annual General Meeting of the Shareholders dated May 15, 2015, we have audited the accompanying financial statements of BANKINTER INTERNATIONAL FUND SICAV (the "Company") and of each of its Sub-Funds, which comprise the statement of net assets and the statement of investments in securities and other net assets of each of its Sub-Funds as at December 31, 2015 and, the statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements.

Responsibility of the Board of Directors of the Company for the financial statements

The Board of Directors of the Company is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the Company determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Responsibility of the reviseur d'entreprises agree

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the reviseur d'entreprises agree 's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. Jn making those risk assessments, the reviseur d'entreprises agree considers internal control relevant to the entity's

Societe a responsabilite limitee au capital de 35.000 E RCS Luxembourg B 67.695 Autorisation d'etablissement . 10022179

9

preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the Company, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial pos1t1on of BANKINTER INTERNATIONAL FUND SICAV and of each of its SubFunds as at December 31, 2015, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Other matter

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

itte Audit, Cabinet de revision agree

er, Reviseur d'entreprises agree Partner

Luxembourg, April 28, 2016

10


COMBINED STATEMENT OF NET ASSETSDecember 31, 2015

ASSETS

Portfolio: (see notes)582,984,385.98- Cost(47,769,081.26)- Net unrealised result535,215,304.72

Cash:25,328,050.04- Cash at sight (see notes)

2,401,752.46- Cash at sight by the broker (see notes)81,800,000.00- Fiduciary deposits (see notes)

Other assets:200,000.00- Receivable on subscriptions486,695.52- Interest receivable (see notes)120,717.64- Dividend receivable (see notes)

41,237.84- Formation/reorganisation expenses, net (see notes)4,579,261.33- Receivable for investments sold

108,320.91- Unrealised gain on futures contracts (see notes)29,821.56- Other

650,311,162.02

LIABILITIES

Other liabilities:63,762.78- Payable on redemptions

608,924.02- Taxes and expenses payable (see notes)4,702,925.89- Payable for investments purchased

39,376.79- Unrealised loss on futures contracts (see notes)30,110.30- Other

5,445,099.78

NET ASSETS 644,866,062.24

(in EUR)

The notes are an integral part of these financial statements.

11


COMBINED STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2015

NET ASSETS AT THE BEGINNING OF THE YEAR 534,458,222.32

INCOME

Income from investments:- Dividends, net (see notes) 4,225,428.91- Bond interest, net (see notes) 1,207,995.37Bank interest (see notes) 262,921.82Other income 49,780.28

5,746,126.38

EXPENSES

Bank interest 606.93

Fees:- Management fees (see notes) 2,250,561.29- Custodian fees and safekeeping charges (see notes) 854,745.68

Other expenses:- Subscription tax (see notes) 248,774.19- Amortisation of formation/reorganisation expenses (see notes) 46,796.27- Audit and legal fees 40,765.48- Printing and publishing fees 1,283.99- Transaction fees (see notes) 969,866.04- Administration and other expenses 135,850.72

4,549,250.59

NET OPERATING RESULT 1,196,875.79

Net realised result on:- Sales of investments (see notes) 8,371,727.01- Foreign exchange (see notes) 11,993,886.16

NET REALISED RESULT 21,562,488.96

Change in net unrealised appreciation/(depreciation) on:- Investments (59,528,437.00)- Futures contracts 5,734.69

NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS

(37,960,213.35)

MOVEMENTS IN CAPITAL

Subscriptions of shares 202,239,735.79Redemptions of shares (55,033,242.84)

147,206,492.95

EXCHANGE DIFFERENCE FROM SUB-FUNDS 1,161,560.32

NET ASSETS AT THE END OF THE YEAR 644,866,062.24

(in EUR)


12

BANKINTER INTERNATIONAL FUND SICAV GLOBAL MIXED PORTFOLIO

STATEMENT OF NET ASSETSDecember 31, 2015

ASSETS

Portfolio: (see notes)- Cost 6,692,538.22- Net unrealised result (161,915.14)

6,530,623.08

Cash:- Cash at sight (see notes) 245,299.53- Cash at sight by the broker (see notes) 463,477.83

Other assets:- Interest receivable (see notes) 19,906.40- Unrealised gain on futures contracts (see notes) 49,439.71- Other 32,589.00

7,341,335.55

LIABILITIES

Other liabilities:- Payable on redemptions 51.86- Taxes and expenses payable (see notes) 24,113.99- Other 32,849.90

57,015.75

NET ASSETS 7,284,319.80

(in USD)


23.13314,977.76

Net asset value per shareShares outstanding

Class USD

13


STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2015


INCOME

Income from investments:- Dividends, net (see notes) 104,110.91- Bond interest, net (see notes) 54,528.40Other income 4,521.91

163,161.22

EXPENSES

Bank interest 575.47

Fees:- Management fees (see notes) 189,389.59- Custodian fees and safekeeping charges (see notes) 20,323.80

Other expenses:- Subscription tax (see notes) 4,199.24- Audit and legal fees 5,577.13- Transaction fees (see notes) 46,932.75- Administration and other expenses 16,075.28

283,073.26

NET OPERATING RESULT (119,912.04)

Net realised result on:- Sales of investments (see notes) 1,266,087.20- Foreign exchange (see notes) (973,911.70)

NET REALISED RESULT 172,263.46

Change in net unrealised appreciation/(depreciation) on:- Investments 25,221.18- Futures contracts (59,210.88)


138,273.76


Subscriptions of shares 635,978.04Redemptions of shares (6,050,531.97)

(5,414,553.93)


(in USD)


14


STATISTICAL INFORMATION

Year ended December 31, 2015

CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND

IN NET ASSET VALUE PER SHARE

Date ShareClass

Number of shares

outstanding

NetAssets

Ccy Net assetvalue

per share

213,860.95 23.565,039,100.83Class USD12.31.13 USD

538,488.26 23.3312,560,599.97Class USD12.31.14 USD

314,977.76 23.137,284,319.80Class USD12.31.15 USD

Class USD

Shares outstanding at the beginning of the year 538,488.26

Subscriptions of shares 25,943.33

Redemptions of shares (249,453.83)

Shares outstanding at the end of the year 314,977.76

NET ASSET VALUE PER SHARE USD

Highest 25.7805.22.15

Lowest 22.4301.07.15

At the end of the year 23.13

SHARES

15


STATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETS

December 31, 2015(in USD)


Quantity orFace Value

Description Cost Valueper

security

Marketvalue

(see notes)

% ofnet

assets

20,588.00 AXA SA EUR 25.230 564,262.50 7.76469,115.05

FRANCE

EQUITIES

TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET

1,467.00 BNP PARIBAS SA EUR 52.230 83,233.84 1.1488,742.468.90647,496.34557,857.51TOTAL FRANCE

25,000.00 TELEFONICA NAMEN AKT EUR 4.891 132,827.33 1.82128,933.01

GERMANY

535.00 VOLKSWAGEN VORZ.AKT EUR 133.750 77,731.55 1.0779,746.692.89210,558.88208,679.70TOTAL GERMANY

19,900.00 ENEL SPA EUR 3.892 84,134.80 1.1690,460.47

ITALY

88,000.00 INTESA SANPAOLO SPA EUR 3.088 295,195.51 4.05260,672.54117,750.00 TELECOM ITALIA SPA RISP NON CONV EUR 0.951 121,644.15 1.67128,806.72

6.88500,974.46479,939.73TOTAL ITALY

7,000.00 ANTENA 3 DE TELEVISION SA EUR 9.840 74,824.34 1.03103,321.14

SPAIN

6,000.00 ENDESA EUR 18.525 120,742.25 1.66117,523.971,559.00 RED ELECTRICA CORPORACION SA EUR 77.110 130,589.00 1.79137,231.72

22,097.00 TELEFONICA SA EUR 10.235 245,680.65 3.37329,893.607.85571,836.24687,970.43TOTAL SPAIN

4,000.00 SKF AB -B- SEK 137.200 65,096.27 0.89103,542.39

SWEDEN

0.8965,096.27103,542.39TOTAL SWEDEN

1,000.00 ARYZTA CHF 51.000 50,948.41 0.7063,505.02

SWITZERLAND

4,400.00 NESTLE SA REG SHS CHF 74.550 327,688.18 4.51321,552.51972.00 ROCHE HOLDING AG GENUSSSCHEIN CHF 276.400 268,389.03 3.68283,751.32

4,081.00 UBS GROUP NAMEN-AKT CHF 19.520 79,580.54 1.0982,102.439.98726,606.16750,911.28TOTAL SWITZERLAND

3,000.00 AIRBUS GROUP EUR 62.000 202,051.80 2.77161,919.94

THE NETHERLANDS

1,281.00 ASML HLDG EUR 82.550 114,872.48 1.58133,841.9819,442.00 ING GROEP NV EUR 12.450 262,942.07 3.61271,819.38

7.96579,866.35567,581.30TOTAL THE NETHERLANDS

7,200.00 RIO TINTO PLC GBP 19.795 210,058.78 2.88234,312.33

UNITED KINGDOM

2.88210,058.78234,312.33TOTAL UNITED KINGDOM

Ccy

16





security

Marketvalue

(see notes)

% ofnet

assets

3,500.00 BANK OF AMERICA CORP USD 16.830 58,905.00 0.8158,764.55

UNITED STATES OF AMERICA

900.00 COLGATE-PALMOLIVE CO USD 66.620 59,958.00 0.8263,248.491.63118,863.00122,013.04TOTAL UNITED STATES OF AMERICA

TOTAL EQUITIES 49.863,631,356.483,712,807.71

200,000.00 PORTUGAL 2.20 15-22 17/10A EUR 102.160 221,952.82 3.05230,901.35

PORTUGAL

BONDS

3.05221,952.82230,901.35TOTAL PORTUGAL

113,000.00 AIGUES DE BARCELONA F 1.944 14-21 15/09A EUR 100.305 123,126.30 1.69146,329.28

SPAIN

200,000.00 BPE FINANCIACIONES 1.00 15-20 03/02A EUR 99.449 216,062.90 2.97213,211.39100,000.00 CAJA AHORROS BARCEL 2.375 14-19 09/05A EUR 102.860 111,736.82 1.53137,578.30187,000.00 COMUNIDAD MADRID 2.875 14-23 17/07A EUR 109.116 221,656.17 3.04253,739.33168,000.00 JUNTA DE CATILLA LEON 4.00 14-24 30/04A EUR 115.869 211,459.07 2.90229,306.76300,000.00 SPAIN 1.40 14-20 31/01A EUR 103.500 337,296.15 4.63347,407.46

16.761,221,337.411,327,572.52TOTAL SPAIN

200,000.00 REPSOL INTL FINANC 2.125 15-20 16/12A EUR 99.324 215,791.32 2.96218,195.03

THE NETHERLANDS


100,000.00 TESCO CORP 1.375 14-19 01/07A EUR 96.314 104,625.90 1.44104,716.33

UNITED KINGDOM

100,000.00 VODAFONE GROUP 0.875 15-20 17/11A EUR 99.887 108,507.25 1.49107,016.192.93213,133.15211,732.52TOTAL UNITED KINGDOM

TOTAL BONDS 25.701,872,214.701,988,401.42

200,000.00 BANK OF AMERICA CORP FL.R 14-19 01/04Q USD 99.891 199,782.00 2.74201,550.34


FLOATING RATES BONDS

100,000.00 GOLDMAN SACHS GROUP FL.R 13-23 29/11Q USD 101.218 101,218.00 1.39103,510.834.13301,000.00305,061.17TOTAL UNITED STATES OF AMERICA

TOTAL FLOATING RATES BONDS 4.13301,000.00305,061.17

TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET

79.695,804,571.186,006,270.30

500,000.00 REPSOL INTL FIN BV ZCP 250116 USD 98.850 499,251.90 6.85499,251.90

THE NETHERLANDS

BONDS

MONEY MARKET INSTRUMENTS


TOTAL BONDS 6.85499,251.90499,251.90

TOTAL MONEY MARKET INSTRUMENTS 6.85499,251.90499,251.90

Ccy

17





security

Marketvalue

(see notes)

% ofnet

assets

12,000.00 BRAN GL VA USD-A-AC ACC.PTG.-A-USD USD 18.900 226,800.00 3.11187,016.02

IRELAND

OPEN-ENDED INVESTMENT FUNDS

INVESTMENT FUNDS

3.11226,800.00187,016.02TOTAL IRELAND

TOTAL OPEN-ENDED INVESTMENT FUNDS 3.11226,800.00187,016.02

TOTAL INVESTMENT FUNDS 3.11226,800.00187,016.02

TOTAL INVESTMENTS IN SECURITIES 89.656,530,623.086,692,538.22

Cash/(bank overdraft) 9.73708,777.36Other assets and liabilities 0.6244,919.36

TOTAL NET ASSETS 100.007,284,319.80

Ccy

18


GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIES

December 31, 2015(in %)

Spain 24.61The Netherlands 17.77Switzerland 9.98France 8.90Italy 6.88United Kingdom 5.81United States of America 5.76Ireland 3.11Portugal 3.05Germany 2.89Sweden 0.89

TOTAL INVESTMENTS IN SECURITIES

Other assets/(liabilities) and liquid assets 10.35NET ASSETS 100.00

89.65

% ofnet

assets

COUNTRIES

19


ECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIES


Holding and finance companies 16.84Banks and other credit institutions 13.74Data transmission 8.35Insurance 7.76Countries and central governments 7.68Foodstuffs and non-alcoholic drinks 5.21Energy and water supply 4.61Other 4.59Pharmaceutical and cosmetics industry 3.68Investment funds 3.11Cantons, Federal States, Provinces Etc. 3.04Non-ferrous metals 2.88Aeronautical and astronomical industry 2.77Electronics and semiconductors 1.58Road vehicles 1.07Graphic industry and publishing houses 1.03Mechanical engineering and industrial equipment 0.89Miscellaneous consumer goods 0.82

ECONOMIC SECTORS % ofnet

assets



89.65

20

BANKINTER INTERNATIONAL FUND SICAV TOTAL RETURN


ASSETS

Portfolio: (see notes)- Cost 23,951,707.13- Net unrealised result 1,210,960.41

25,162,667.54

Cash:- Cash at sight (see notes) 327,052.49- Cash at sight by the broker (see notes) 501,815.99- Fiduciary deposits (see notes) 3,500,000.00

Other assets:- Receivable on subscriptions 200,000.00- Interest receivable (see notes) 135,704.57- Dividend receivable (see notes) 644.38- Formation/reorganisation expenses, net (see notes) 1,349.96- Unrealised gain on futures contracts (see notes) 10,087.03

29,839,321.96

LIABILITIES

Other liabilities:- Payable on redemptions 14,987.13- Taxes and expenses payable (see notes) 65,779.45- Unrealised loss on futures contracts (see notes) 31,103.29

111,869.87

NET ASSETS 29,727,452.09

(in EUR)


6.324,702,281.21


Class EUR

21




INCOME

Income from investments:- Dividends, net (see notes) 78,871.94- Bond interest, net (see notes) 332,040.65Bank interest (see notes) 8,363.01Other income 7,597.40

426,873.00

EXPENSES


Other expenses:- Subscription tax (see notes) 15,015.38- Amortisation of formation/reorganisation expenses (see notes) 1,800.04- Audit and legal fees 5,111.14- Printing and publishing fees 883.90- Transaction fees (see notes) 52,877.77- Administration and other expenses 19,995.79

709,112.66


Net realised result on:- Sales of investments (see notes) (534,593.48)- Foreign exchange (see notes) 160,166.41

NET REALISED RESULT (656,666.73)

Change in net unrealised appreciation/(depreciation) on:- Investments 546,828.16- Futures contracts 130,206.31


20,367.74



(6,632,601.23)


(in EUR)


22






Date ShareClass

Number of shares

outstanding

NetAssets

Ccy Net assetvalue

per share

1,111,137.93 6.056,726,844.23Class EUR12.31.13 EUR

5,752,218.77 6.3236,339,685.58Class EUR12.31.14 EUR

4,702,281.21 6.3229,727,452.09Class EUR12.31.15 EUR

Class EUR

Shares outstanding at the beginning of the year 5,752,218.77

Subscriptions of shares 2,060,619.24

Redemptions of shares (3,110,556.80)

Shares outstanding at the end of the year 4,702,281.21

NET ASSET VALUE PER SHARE EUR

Highest 6.5504.14.15

Lowest 6.2601.07.15


SHARES

23



December 31, 2015(in EUR)




security

Marketvalue

(see notes)

% ofnet

assets

20,588.00 AXA SA EUR 25.230 519,435.24 1.75383,091.50

FRANCE

EQUITIES


1,397.00 CIE DE SAINT-GOBAIN EUR 39.850 55,670.45 0.1948,178.21850.00 RENAULT SA EUR 92.630 78,735.50 0.2658,530.71

2.20653,841.19489,800.42TOTAL FRANCE

18,000.00 TELEFONICA NAMEN AKT EUR 4.891 88,038.00 0.3072,075.35

GERMANY

2,344.00 VOLKSWAGEN VORZ.AKT EUR 133.750 313,510.00 1.05317,686.541.35401,548.00389,761.89TOTAL GERMANY

98,000.00 INTESA SANPAOLO SPA EUR 3.088 302,624.00 1.02221,586.48

ITALY

248,000.00 TELECOM ITALIA SPA RISP NON CONV EUR 0.951 235,848.00 0.79248,000.001.81538,472.00469,586.48TOTAL ITALY

20,311.00 IBERDROLA SA EUR 6.550 133,037.05 0.45111,229.89

SPAIN

24,500.00 INTL CONS AIRLINES GROUP EUR 8.275 202,737.50 0.68107,350.454,000.00 TECNICAS REUNIDAS EUR 34.850 139,400.00 0.47162,021.60

14,332.00 TELEFONICA SA EUR 10.235 146,688.02 0.49161,463.402.09621,862.57542,065.34TOTAL SPAIN

972.00 ROCHE HOLDING AG GENUSSSCHEIN CHF 276.400 247,067.13 0.83233,039.10

SWITZERLAND

0.83247,067.13233,039.10TOTAL SWITZERLAND

1,281.00 ASML HLDG EUR 82.550 105,746.55 0.36107,409.82

THE NETHERLANDS

19,442.00 ING GROEP NV EUR 12.450 242,052.90 0.81220,623.851.17347,799.45328,033.67TOTAL THE NETHERLANDS

73,212.00 BARCLAYS PLC GBP 2.189 217,435.82 0.73216,567.95

UNITED KINGDOM

16,000.00 RIO TINTO PLC GBP 19.795 429,713.05 1.44478,545.247,000.00 ROWAN COMPANIES CLASS A USD 16.950 109,223.97 0.37124,436.21


2,000.00 AMERICAN AIRLINES USD 42.350 77,971.09 0.2656,765.01


20,000.00 BANK OF AMERICA CORP USD 16.830 309,859.15 1.05259,238.341,200.00 CITIGROUP USD 51.750 57,166.53 0.1941,331.697,700.00 MICRON TECHNOLOGY USD 14.160 100,370.06 0.34164,554.41

Ccy

24





security

Marketvalue

(see notes)

% ofnet

assets

6,000.00 MICROSOFT CORP USD 55.480 306,434.69 1.03133,025.802.87851,801.52654,915.25TOTAL UNITED STATES OF AMERICA

TOTAL EQUITIES 14.864,418,764.703,926,751.55

200,000.00 SUEZ ENVIRONNEMENT 1.75 15-25 10/09A EUR 100.938 201,876.00 0.68197,974.00

FRANCE

BONDS

0.68201,876.00197,974.00TOTAL FRANCE

3,000,000.00 ITALY BTP 0.70 15-20 01/05S EUR 100.848 3,025,440.00 10.182,982,570.00

ITALY

4,700,000.00 ITALY BTPS 0.75 14-18 15/01S EUR 101.482 4,769,654.00 16.054,728,202.61200,000.00 TELECOM ITALIA SPA 4.875 13-20 25/09A EUR 113.084 226,168.00 0.76195,884.25

26.998,021,262.007,906,656.86TOTAL ITALY

700,000.00 BANCO SANTANDER TOTTA 1.625 14-19 11/06A EUR 103.916 727,412.00 2.45697,189.25

PORTUGAL

1,500,000.00 PORTUGAL 2.20 15-22 17/10A EUR 102.160 1,532,400.00 5.151,510,305.007.602,259,812.002,207,494.25TOTAL PORTUGAL

300,000.00 ACCIONA S.A. 5.55 14-24 29/04A EUR 100.000 300,000.00 1.01298,492.25

SPAIN

137,000.00 AIGUES DE BARCELONA F 1.944 14-21 15/09A EUR 100.305 137,417.85 0.46137,052.251,000,000.00 BPE FINANCIA REGS 2.00 15-20 03/02A EUR 99.452 994,520.00 3.35992,050.00

500,000.00 IM CEDULAS 9 4.25 06-16 09/06A EUR 101.735 508,675.00 1.71522,440.00216,000.00 JUNTA DE CATILLA LEON 4.00 14-24 30/04A EUR 115.869 250,277.04 0.84214,557.53500,000.00 SPAIN 4.00 13-18 06/03A USD 104.553 481,234.46 1.62384,849.82

8.992,672,124.352,549,441.85TOTAL SPAIN

250,000.00 BMW FINANCE NV REGS 1.75 13-17 20/11A GBP 100.516 340,940.23 1.15298,028.60

THE NETHERLANDS

300,000.00 IBERDROLA INTL 1.75 15-23 17/09A EUR 102.054 306,162.00 1.03299,466.00400,000.00 REPSOL INTL FINANC 2.125 15-20 16/12A EUR 99.324 397,296.00 1.33399,588.00100,000.00 ZIGGO BV 3.625 13-20 27/03A EUR 99.916 99,916.00 0.34100,002.25

3.851,144,314.231,097,084.85TOTAL THE NETHERLANDS

200,000.00 TESCO CORP 1.375 14-19 01/07A EUR 96.314 192,628.00 0.64196,098.00

UNITED KINGDOM

100,000.00 VODAFONE GROUP 0.875 15-20 17/11A EUR 99.887 99,887.00 0.3499,587.000.98292,515.00295,685.00TOTAL UNITED KINGDOM

TOTAL BONDS 49.0914,591,903.5814,254,336.81

100,000.00 ENBW INTL FINANCE FL.R 11-72 02/04A EUR 106.072 106,072.00 0.36110,202.25

GERMANY


0.36106,072.00110,202.25TOTAL GERMANY

300,000.00 UNICREDIT FL.R 13-23 02/05S USD 103.171 284,924.06 0.96230,911.00

ITALY

0.96284,924.06230,911.00TOTAL ITALY

100,000.00 CAIXABANK EMTN FL.R 13-23 14/11A EUR 104.697 104,697.00 0.3599,607.25

SPAIN

0.35104,697.0099,607.25TOTAL SPAIN

1,000,000.00 BANK OF AMERICA CORP FL.R 14-19 01/04Q USD 99.891 919,552.61 3.09744,251.92


Ccy

25





security

Marketvalue

(see notes)

% ofnet

assets

900,000.00 GOLDMAN SACHS GROUP FL.R 13-23 29/11Q USD 101.218 838,591.55 2.82688,042.335.911,758,144.161,432,294.25TOTAL UNITED STATES OF AMERICA

TOTAL FLOATING RATES BONDS 7.582,253,837.221,873,014.75

16,000.00 ETFS COMMODITY (CRUDE OIL) USD 7.666 112,915.40 0.38174,884.04

JERSEY


0.38112,915.40174,884.04TOTAL JERSEY



71.9121,377,420.9020,228,987.15

2,500,000.00 REPSOL INTL FIN BV ZCP 250116 USD 98.850 2,297,677.11 7.732,346,274.34

THE NETHERLANDS

BONDS

MONEY MARKET INSTRUMENTS


TOTAL BONDS 7.732,297,677.112,346,274.34

TOTAL MONEY MARKET INSTRUMENTS 7.732,297,677.112,346,274.34

4,000.00 LEGG MG WEST AM OPP BD-A-FD USD 108.770 400,515.51 1.35318,596.39

IRELAND


INVESTMENT FUNDS

1.35400,515.51318,596.39TOTAL IRELAND

4,200.00 AXA IM FI INV STR US SHORT DUR HY -F-CAP EUR 138.280 580,776.00 1.95563,421.51

LUXEMBOURG

3,623.00 R CAP FIN IN BD -DH EUR- CAP EUR 139.740 506,278.02 1.70494,427.743.651,087,054.021,057,849.25TOTAL LUXEMBOURG

TOTAL OPEN-ENDED INVESTMENT FUNDS 5.001,487,569.531,376,445.64

TOTAL INVESTMENT FUNDS 5.001,487,569.531,376,445.64


Cash/(bank overdraft) 14.564,328,868.48Other assets and liabilities 0.80235,916.07

TOTAL NET ASSETS 100.0029,727,452.09

Ccy

26




Italy 29.76The Netherlands 12.75Spain 11.43United States of America 8.78Portugal 7.60Luxembourg 3.65United Kingdom 3.52France 2.88Germany 1.71Ireland 1.35Switzerland 0.83Jersey 0.38



84.64

% ofnet

assets

COUNTRIES

27




Countries and central governments 33.00Holding and finance companies 16.55Banks and other credit institutions 13.47Investment funds 5.00Data transmission 2.68Insurance 1.75Energy and water supply 1.49Non-ferrous metals 1.44Road vehicles 1.31Other 1.30Building and building materials 1.20Electrotechnical and electronic industry 1.03Internet and software services 1.03Pharmaceutical and cosmetics industry 0.83Electronics and semiconductors 0.70Aeronautical and astronomical industry 0.68Mechanical engineering and industrial equipment 0.47Oil 0.37Miscellaneous consumer goods 0.34


assets



84.64

28

BANKINTER INTERNATIONAL FUND SICAV FLEXIBLE MULTI-ASSET


ASSETS

Portfolio: (see notes)- Cost 418,238,796.34- Net unrealised result (48,486,796.63)

369,751,999.71

Cash:- Cash at sight (see notes) 1,285,091.00- Cash at sight by the broker (see notes) 2,645.87- Fiduciary deposits (see notes) 69,000,000.00

Other assets:- Interest receivable (see notes) 81,514.74- Dividend receivable (see notes) 108,817.80- Formation/reorganisation expenses, net (see notes) 1,249.12- Receivable for investments sold 88,157.47

440,319,475.71

LIABILITIES

Other liabilities:- Taxes and expenses payable (see notes) 270,192.98- Payable for investments purchased 545,527.62- Other 25.00

815,745.60

NET ASSETS 439,503,730.11

(in EUR)


10.3442,521,218.54


Class EUR

29




INCOME

Income from investments:- Dividends, net (see notes) 3,872,675.64- Bond interest, net (see notes) 204,073.75Bank interest (see notes) 245,085.64

4,321,835.03

EXPENSES


Other expenses:- Subscription tax (see notes) 186,213.71- Amortisation of formation/reorganisation expenses (see notes) 1,160.88- Audit and legal fees 5,189.11- Transaction fees (see notes) 681,313.13- Administration and other expenses 33,896.28

2,157,652.11

NET OPERATING RESULT 2,164,182.92

Net realised result on:- Sales of investments (see notes) 7,735,759.44- Foreign exchange (see notes) 12,281,554.13


Change in net unrealised appreciation/(depreciation) on:- Investments (59,730,180.13)


(37,548,683.64)


Subscriptions of shares 36,185,877.57Redemptions of shares (584,767.52)

35,601,110.05


(in EUR)


30






Date ShareClass

Number of shares

outstanding

NetAssets

Ccy Net assetvalue

per share

13,673,573.76 9.95136,061,114.08Class EUR12.31.13 EUR

39,414,460.14 11.20441,451,303.70Class EUR12.31.14 EUR

42,521,218.54 10.34439,503,730.11Class EUR12.31.15 EUR

Class EUR






Highest 12.1504.16.15

Lowest 10.1412.15.15


SHARES

31







security

Marketvalue

(see notes)

% ofnet

assets

3,730,000.00 METCASH LTD AUD 1.615 4,034,660.59 0.924,004,943.39

AUSTRALIA

EQUITIES


503,970.00 MINERAL RESOURCES AUD 4.010 1,353,551.25 0.313,073,722.821,815,099.00 MONADELPHOUS GROUP LTD AUD 6.570 7,987,140.71 1.8210,264,830.602,180,360.00 PERSEUS MINING LTD AUD 0.325 474,610.36 0.11515,822.00

11,796,233.00 RESOLUTE MINING LTD AUD 0.250 1,975,190.55 0.452,857,329.79118,940.00 WOODSIDE PETROLEUM AUD 28.720 2,287,905.16 0.523,027,462.65193,215.00 WOOLWORTHS LTD AUD 24.500 3,170,535.15 0.724,057,737.10

1,081,075.00 WORLEYPARSONS LTD AUD 4.630 3,352,451.19 0.765,428,370.365.6124,636,044.9633,230,218.71TOTAL AUSTRALIA

54,910.00 MICHAEL KORS HOLDINGS LTD USD 40.060 2,024,942.10 0.462,037,854.42

BRITISH VIRGIN ISLANDS

0.462,024,942.102,037,854.42TOTAL BRITISH VIRGIN ISLANDS

125,080.00 AGNICO EAGLE MINES LTD USD 26.280 3,025,961.89 0.693,054,346.23

CANADA

2,911,565.00 ALACER GOLD CAD 2.470 4,765,940.26 1.086,001,470.59485,665.00 ARGONAUT GOLD CAD 1.190 383,008.95 0.09542,292.57

3,214,770.00 BANKERS PETROLEUM CAD 1.020 2,173,077.57 0.496,536,450.711,369,130.00 CENTERRA GOLD INC CAD 6.590 5,979,367.57 1.365,284,357.16

991,463.00 ELDORADO GOLD CAD 4.100 2,693,925.11 0.615,013,217.19441,977.00 GOLDCORP INC USD 11.560 4,703,354.62 1.076,738,834.32

1,166,113.00 IAMGOLD CORP USD 1.420 1,524,330.72 0.352,933,236.543,534,087.00 KINROSS GOLD CORP CAD 2.510 5,878,629.76 1.348,676,288.81

968,200.00 MANDALAY RESOUCES CORP CAD 0.640 410,648.46 0.09532,922.952,198,539.00 NEW GOLD CAD 3.220 4,691,537.55 1.076,900,973.662,360,485.00 OCEANAGOLD CORP CAD 2.640 4,129,812.39 0.944,957,289.961,128,235.00 TURQUOISE HILL CAD 3.510 2,624,410.91 0.603,002,433.25

147,276.00 WESTJET AIRLINES VARIABLE SHS CAD 20.260 1,977,409.30 0.452,995,993.893,494,458.00 YAMANA GOLD USD 1.860 5,983,330.46 1.359,438,798.13

11.5850,944,745.5272,608,905.96TOTAL CANADA

137,490.00 ARCS CO LTD JPY 2,675.000 2,814,476.14 0.643,034,886.67

JAPAN

31,700.00 DAIHATSU MOTOR CO JPY 1,641.000 398,080.14 0.09401,375.03173,000.00 JAPAN TOBACCO JPY 4,471.000 5,919,069.58 1.345,143,090.10

55,200.00 NHK SPRING CO LTD JPY 1,222.000 516,194.00 0.12399,262.5926,300.00 TAKATA CORP JPY 807.000 162,417.18 0.04393,809.2127,300.00 TOKAI RIKA CO JPY 3,010.000 628,827.92 0.14404,119.4426,600.00 TOYODA GOSEI CO LTD JPY 2,768.000 563,443.53 0.13397,576.6718,300.00 TS TECH CO LTD JPY 3,155.000 441,827.89 0.10399,392.17

2.6011,444,336.3810,573,511.88TOTAL JAPAN

10,371,686.00 CENTAMIN GBP 0.644 9,062,296.70 2.067,141,761.90

JERSEY

Ccy

32





security

Marketvalue

(see notes)

% ofnet

assets

53,073.00 RANDGOLD RESSOURCES LTD GBP 41.430 2,983,263.54 0.683,120,353.712.7412,045,560.2410,262,115.61TOTAL JERSEY

1,495,071.00 KAZMUNAIGAS SPONS.GDR REPR REG-S USD 7.440 10,239,646.73 2.3313,610,786.33

KAZAKHSTAN

2.3310,239,646.7313,610,786.33TOTAL KAZAKHSTAN

1,020,882.00 SUBSEA 7 SA NOK 63.050 6,694,221.17 1.528,057,707.44

LUXEMBOURG

1.526,694,221.178,057,707.44TOTAL LUXEMBOURG

204,800.00 BAKKAFROST NOK 261.800 5,576,208.63 1.274,208,180.34

NORWAY

528,925.00 TGS NOPEC GEOPHYSICAL ASA NOK 141.400 7,778,268.38 1.779,555,497.203.0413,354,477.0113,763,677.54TOTAL NORWAY

397,126.00 BUENAVENTURE SP ADR-SHS- USD 4.280 1,564,668.40 0.363,015,207.71

PERU

0.361,564,668.403,015,207.71TOTAL PERU

273,140.00 KGHM POLSKA MIEDZ SA (PLN) PLN 63.490 4,042,627.36 0.926,059,655.68

POLAND

0.924,042,627.366,059,655.68TOTAL POLAND

1,913,565.00 SURGUTNEFTEGAZ JSC ADR -REPR.10SHS USD 4.613 8,126,001.43 1.857,013,768.35

RUSSIA

229,850.00 X5 RETAIL GROUP GDR REPR SHS REG-S USD 18.950 4,009,626.71 0.913,282,492.192.7612,135,628.1410,296,260.54TOTAL RUSSIA

1,798,085.00 GOLD FIELDS ADR USD 2.770 4,585,009.16 1.046,184,150.87

SOUTH AFRICA

3,445,168.00 SIBANYE GOLD ZAR 22.850 4,676,721.80 1.076,237,563.052.119,261,730.9612,421,713.92TOTAL SOUTH AFRICA

1,133,880.00 ANTOFAGASTA PLC GBP 4.693 7,219,725.72 1.659,093,260.20

UNITED KINGDOM

3,076,917.00 FERREXPO GBP 0.215 897,547.19 0.203,047,152.18552,000.00 HUNTING PLC GBP 3.055 2,287,985.89 0.523,910,618.94

2,463,205.00 KAZAKHMYS PLC GBP 1.023 3,417,172.66 0.786,131,218.643.1513,822,431.4622,182,249.96TOTAL UNITED KINGDOM

423,250.00 APOLLO GROUP -A- USD 7.670 2,988,426.31 0.683,016,301.13


111,294.00 BED BATH AND BEYOND INC USD 48.250 4,943,326.43 1.135,029,982.7973,615.00 BUCKLE USD 30.780 2,085,859.98 0.472,062,439.99

745,460.00 CLOUD PEAK ENERGY USD 2.080 1,427,374.39 0.322,102,568.38189,790.00 CORNING INC USD 18.280 3,193,741.32 0.743,018,829.80

25,565.00 CUMMINS INC USD 88.010 2,071,228.62 0.472,029,364.7937,100.00 DRIL-QUIP USD 59.230 2,022,860.17 0.462,036,505.0965,250.00 GAMESTOP CORP -A- USD 28.040 1,684,258.49 0.381,997,792.78

135,960.00 JOY GLOBAL INC USD 12.610 1,578,252.42 0.365,171,063.3883,710.00 NATIONAL OILWELL VARCO INC USD 33.490 2,580,730.83 0.592,988,661.9995,170.00 URBAN OUTFITTERS INC USD 22.750 1,993,111.94 0.452,050,664.06

6.0526,569,170.9031,504,174.18TOTAL UNITED STATES OF AMERICA

TOTAL EQUITIES 45.23198,780,231.33249,624,039.88

56,685.00 ETFS METAL SEC LTD 7 SS FIX MAT PLATINUM USD 83.140 4,338,388.01 0.995,754,874.32

JERSEY

BONDS

34,857.00 ETFS METAL SECS 0.00 07-XX 01/01U USD 52.290 1,677,872.16 0.381,762,469.66

Ccy

33





security

Marketvalue

(see notes)

% ofnet

assets

240,500.00 ETFS METAL SECS(SPOT GOLD LMBA SPEC IDX) USD 103.600 22,936,389.58 5.2125,567,514.72858,232.00 ETFS METAL (SILVER CMDTY) USD 13.271 10,484,722.42 2.3912,076,256.47

8.9739,437,372.1745,161,115.17TOTAL JERSEY

26,500,000.00 SINGAPOUR GOVT 1.125 11-16 01/04S SGD 100.070 17,207,546.56 3.9217,990,990.38

SINGAPORE

3.9217,207,546.5617,990,990.38TOTAL SINGAPORE

10,000,000.00 US TREAS AK 2016 0.25 13-16 15/04S USD 99.988 9,204,481.36 2.099,141,717.50


26,700,000.00 WI TREASURY SEC. 0.50 15-17 30/04S USD 99.496 24,454,991.35 5.5724,355,002.827.6633,659,472.7133,496,720.32TOTAL UNITED STATES OF AMERICA

TOTAL BONDS 20.5590,304,391.4496,648,825.87


65.78289,084,622.77346,272,865.75

62,495.00 ISHARES EB.REXX MONEY MARKET (DE) DIS EUR 82.686 5,167,461.57 1.185,664,976.79

GERMANY


INVESTMENT FUNDS

1.185,167,461.575,664,976.79TOTAL GERMANY

124,000.00 ISHARES PLC TREASURY BOND 1-3 USD 132.230 15,093,915.12 3.4314,985,196.77

IRELAND

3.4315,093,915.1214,985,196.77TOTAL IRELAND

378,219.00 PICTET SICAV USD SOV LQTY -P- CAP USD 102.200 35,583,155.48 8.0928,827,512.84

LUXEMBOURG

219,165.00 PICTET ST MMKT CHF-P-FD CHF 123.160 24,822,844.77 5.6522,488,244.1913.7460,406,000.2551,315,757.03TOTAL LUXEMBOURG




Cash/(bank overdraft) 15.9970,287,736.87Other assets and liabilities (0.12)(536,006.47)

TOTAL NET ASSETS 100.00439,503,730.11

Ccy

34




Luxembourg 15.26United States of America 13.71Jersey 11.71Canada 11.58Australia 5.61Singapore 3.92Ireland 3.43United Kingdom 3.15Norway 3.04Russia 2.76Japan 2.60Kazakhstan 2.33South Africa 2.11Germany 1.18Poland 0.92British Virgin Islands 0.46Peru 0.36



84.13

% ofnet

assets

COUNTRIES

35




Investment funds 18.35Countries and central governments 11.58Precious stones and metals 11.41Oil 10.29Holding and finance companies 9.70Mining industry 6.34Retail trade 4.14Non-ferrous metals 3.91Tobacco and alcohol 1.34Agriculture and fishing 1.27Transportation 0.97Foodstuffs and non-alcoholic drinks 0.92Mechanical engineering and industrial equipment 0.87Data transmission 0.74Healthcare, education & social services 0.68Road vehicles 0.58Internet and software services 0.38Various capital goods 0.35Miscellaneous consumer goods 0.31


assets



84.13

36

BANKINTER INTERNATIONAL FUND SICAV GLOBAL DYNAMIC (liquidated as at June 15, 2015)

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from January 1, 2015 to June 15, 2015

NET ASSETS AT THE BEGINNING OF THE PERIOD 4,864,091.88

INCOME

Income from investments:- Dividends, net (see notes) 12,627.76- Bond interest, net (see notes) 5,104.11Bank interest (see notes) 12.02

17,743.89

EXPENSES


Other expenses:- Subscription tax (see notes) 678.82- Amortisation of formation/reorganisation expenses (see notes) 27,921.67- Audit and legal fees 1,520.36- Transaction fees (see notes) 10,598.65- Administration and other expenses 7,968.88

80,804.55




Change in net unrealised appreciation/(depreciation) on:- Investments 829,252.94


431,268.16


Redemptions of shares (5,295,360.04)(5,295,360.04)

NET ASSETS AT THE END OF THE PERIOD 0.00

(in EUR)


37

BANKINTER INTERNATIONAL FUND SICAV GLOBAL DYNAMIC (liquidated as at June 15, 2015)


Period from January 1, 2015 to June 15, 2015



Date ShareClass

Number of shares

outstanding

NetAssets

Ccy Net assetvalue

per share

** last valuation

54,920.00 100.255,505,758.11Class A12.31.13 EUR

54,920.00 88.574,864,091.88Class A12.31.14 EUR

54,920.00 96.425,295,359.83**06.15.15 Class A EUR

Class A

Shares outstanding at the beginning of the period 54,920.00

Subscriptions of shares 0.00


Shares outstanding at the end of the period 0.00


Highest 101.9104.15.15

Lowest 88.6101.15.15

At the end of the period 96.42

SHARES

38

BANKINTER INTERNATIONAL FUND SICAV INTERNATIONAL DIVERSIFIED PORTFOLIO


ASSETS

Portfolio: (see notes)- Cost 4,471,236.88- Net unrealised result 376,534.18

4,847,771.06

Cash:- Cash at sight (see notes) 786,597.94- Cash at sight by the broker (see notes) 163,261.92

Other assets:- Interest receivable (see notes) 11,075.48- Dividend receivable (see notes) 1,696.62- Formation/reorganisation expenses, net (see notes) 14,437.47- Unrealised gain on futures contracts (see notes) 1,927.41

5,826,767.90

LIABILITIES

Other liabilities:- Taxes and expenses payable (see notes) 13,125.32

13,125.32

NET ASSETS 5,813,642.58

(in EUR)


10.57550,000.00


Class A

39




INCOME

Income from investments:- Dividends, net (see notes) 46,279.55- Bond interest, net (see notes) 32,011.05Other income 12,744.55

91,035.15

EXPENSES

Bank interest 80.33



96,956.49




Change in net unrealised appreciation/(depreciation) on:- Investments 44,917.62- Futures contracts 2,313.01


76,073.92


(in EUR)


40






Date ShareClass

Number of shares

outstanding

NetAssets

Ccy Net assetvalue

per share

550,000.00 10.065,532,101.82Class A12.31.13 EUR

550,000.00 10.435,737,568.66Class A12.31.14 EUR

550,000.00 10.575,813,642.58Class A12.31.15 EUR

Class A

Shares outstanding at the beginning of the year 550,000.00

Subscriptions of shares 0.00

Redemptions of shares (0.00)

Shares outstanding at the end of the year 550,000.00


Highest 11.2504.14.15

Lowest 10.1709.30.15


SHARES

41







security

Marketvalue

(see notes)

% ofnet

assets

3,319.00 AXA SA EUR 25.230 83,738.37 1.4464,858.74

FRANCE

EQUITIES


977.00 BNP PARIBAS SA EUR 52.230 51,028.71 0.8852,964.29884.00 DANONE EUR 62.280 55,055.52 0.9552,144.24

1,255.00 RENAULT SA EUR 92.630 116,250.65 2.0176,944.54711.00 SANOFI EUR 78.600 55,884.60 0.9660,698.07895.00 VINCI SA EUR 59.140 52,930.30 0.9141,385.34

7.15414,888.15348,995.22TOTAL FRANCE

479.00 ALLIANZ SE REG SHS EUR 163.550 78,340.45 1.3567,408.86

GERMANY

795.00 DAIMLER AG REG SHS EUR 77.580 61,676.10 1.0665,005.56461.00 HENKEL KGAA EUR 88.620 40,853.82 0.7039,592.06

16,303.00 TELEFONICA NAMEN AKT EUR 4.891 79,737.97 1.3776,593.124.48260,608.34248,599.60TOTAL GERMANY

26,802.00 INTESA SANPAOLO SPA EUR 3.088 82,764.58 1.4267,844.16

ITALY

1.4282,764.5867,844.16TOTAL ITALY

1,815.00 ENDESA EUR 18.525 33,622.88 0.5830,880.77

SPAIN

3,207.00 FERROVIAL SA EUR 20.855 66,881.99 1.1557,077.9914,647.00 INTL CONS AIRLINES GROUP EUR 8.275 121,203.93 2.0888,713.45

1,011.00 TECNICAS REUNIDAS EUR 34.850 35,233.35 0.6147,232.815,070.00 TELEFONICA SA EUR 10.235 51,891.45 0.8961,128.26

5.31308,833.60285,033.28TOTAL SPAIN

201.00 ROCHE HOLDING AG GENUSSSCHEIN CHF 276.400 51,091.04 0.8847,028.66

SWITZERLAND

2,300.00 UBS GROUP NAMEN-AKT CHF 19.520 41,287.47 0.7145,054.171.5992,378.5192,082.83TOTAL SWITZERLAND

1,507.00 AIRBUS GROUP EUR 62.000 93,434.00 1.6082,970.03

THE NETHERLANDS

578.00 ASML HLDG EUR 82.550 47,713.90 0.8242,651.896,022.00 ING GROEP NV EUR 12.450 74,973.90 1.2967,566.84

786.00 RANDSTAD HOLDING EUR 57.530 45,218.58 0.7847,136.262,118.00 ROYAL PHILIPS ELECTRONIC EUR 23.560 49,900.08 0.8649,920.13


362.00 VODAFONE GROUP GBP 2.210 1,085.44 0.021,120.05

UNITED KINGDOM


TOTAL EQUITIES 25.321,471,799.081,333,920.29

Ccy

42





security

Marketvalue

(see notes)

% ofnet

assets

100,000.00 INTESA SAN PAOLO 4.00 13-23 30/11A EUR 116.109 116,109.00 2.00100,413.25

ITALY

BONDS

150,000.00 ITALY BTP 4.50 13-24 01/03S EUR 124.310 186,465.00 3.20155,048.755.20302,574.00255,462.00TOTAL ITALY

100,000.00 BANCO POPULAR ESP 3.50 13-17 11/09A EUR 105.523 105,523.00 1.82104,202.25

SPAIN

100,000.00 COMUNIDAD MADRID 4.688 10-20 12/03A EUR 115.822 115,822.00 1.99104,990.25100,000.00 SPAIN 3.75 13-18 31/10A EUR 110.045 110,045.00 1.89104,550.25100,000.00 SPANISH 4.00 10-20 30/04A EUR 114.405 114,405.00 1.97104,419.25

7.67445,795.00418,162.00TOTAL SPAIN

TOTAL BONDS 12.87748,369.00673,624.00


38.192,220,168.082,007,544.29

18,670.00 BRAND US VAL USD-A- SHS CLASS -A- USD USD 15.870 272,754.21 4.69201,399.68

IRELAND


INVESTMENT FUNDS

1,620.00 LEGG MG WEST AM OPP BD-A-FD USD 108.770 162,208.78 2.79129,055.341,850.00 MUZINICH FD ENHANCEDYIELD SHT-TERM -R- EUR 134.990 249,731.50 4.30250,268.00

11.78684,694.49580,723.02TOTAL IRELAND

1,675.00 AXA IM FI INV STR US SHORT DUR HY -B-CAP EUR 160.630 269,055.25 4.63274,633.00

LUXEMBOURG

2,887.00 BLACKROCK STR FD VAR FIXED INM STR -D2- EUR 121.830 351,723.21 6.05350,626.1513,075.11 FRANK TEMP GBL TOT RETURN FD -A-MDIS DIS USD 15.960 192,100.44 3.30171,558.2434,482.00 INVESCO FD SICAV EURO CORP BOND -A- CAP EUR 16.987 585,742.29 10.08552,378.98

3,895.00 R CAP FIN IN BD -DH EUR- CAP EUR 139.740 544,287.30 9.36533,773.2033.421,942,908.491,882,969.57TOTAL LUXEMBOURG




Cash/(bank overdraft) 16.34949,859.86Other assets and liabilities 0.2716,011.66


Ccy

43




Luxembourg 33.42Spain 12.98Ireland 11.78France 7.15Italy 6.62The Netherlands 5.35Germany 4.48Switzerland 1.59United Kingdom 0.02



83.39

% ofnet

assets

COUNTRIES

44




Investment funds 45.20Banks and other credit institutions 7.41Countries and central governments 7.06Aeronautical and astronomical industry 3.68Road vehicles 3.07Insurance 2.79Data transmission 2.28Cantons, Federal States, Provinces Etc. 1.99Pharmaceutical and cosmetics industry 1.84Electronics and semiconductors 1.68Transportation 1.15Foodstuffs and non-alcoholic drinks 0.95Building and building materials 0.91Miscellaneous services 0.78Holding and finance companies 0.71Miscellaneous consumer goods 0.70Mechanical engineering and industrial equipment 0.61Energy and water supply 0.58


assets



83.39

45

BANKINTER INTERNATIONAL FUND SICAV CIMALTAIR INTERNATIONAL


ASSETS


28,817,009.15

Cash:- Cash at sight (see notes) 3,782,809.88- Cash at sight by the broker (see notes) 1,187,870.90- Fiduciary deposits (see notes) 6,000,000.00

Other assets:- Interest receivable (see notes) 215,973.98- Dividend receivable (see notes) 9,558.84- Formation/reorganisation expenses, net (see notes) 15,463.97- Unrealised gain on futures contracts (see notes) 51,065.16

40,079,751.88

LIABILITIES

Other liabilities:- Payable on redemptions 48,728.19- Taxes and expenses payable (see notes) 65,198.11- Unrealised loss on futures contracts (see notes) 8,273.50- Other 25.00

122,224.80

NET ASSETS 39,957,527.08

(in EUR)


1.1435,114,593.14


Class A

46




INCOME

Income from investments:- Dividends, net (see notes) 84,595.82- Bond interest, net (see notes) 499,223.19Bank interest (see notes) 4,596.61Other income 32.14

588,447.76

EXPENSES


Other expenses:- Subscription tax (see notes) 19,202.43- Amortisation of formation/reorganisation expenses (see notes) 5,436.44- Audit and legal fees 5,109.81- Printing and publishing fees 400.09- Transaction fees (see notes) 73,332.53- Administration and other expenses 21,620.05

596,762.00


Net realised result on:- Sales of investments (see notes) 1,131,683.19- Foreign exchange (see notes) 172,979.84


Change in net unrealised appreciation/(depreciation) on:- Investments (737,229.52)- Futures contracts (72,601.91)


486,517.36



13,764,661.26


(in EUR)


47






Date ShareClass

Number of shares

outstanding

NetAssets

Ccy Net assetvalue

per share

7,501,523.00 1.007,516,143.14Class A12.31.13 EUR

23,175,407.91 1.1125,706,348.46Class A12.31.14 EUR

35,114,593.14 1.1439,957,527.08Class A12.31.15 EUR

Class A






Highest 1.1804.14.15

Lowest 1.1101.07.15


SHARES

48







security

Marketvalue

(see notes)

% ofnet

assets

5,137.00 TOTAL SA EUR 41.265 211,978.31 0.53221,572.69

FRANCE

EQUITIES


0.53211,978.31221,572.69TOTAL FRANCE

6,453.00 DEUTSCHE TELEKOM AG REG SHS EUR 16.690 107,700.57 0.2776,789.68

GERMANY

0.27107,700.5776,789.68TOTAL GERMANY

40,000.00 ENEL SPA EUR 3.892 155,680.00 0.39172,532.00

ITALY

0.39155,680.00172,532.00TOTAL ITALY

48,000.00 ARCELORMITTAL SA REG SHS EUR 3.897 187,056.00 0.47411,612.60

LUXEMBOURG

0.47187,056.00411,612.60TOTAL LUXEMBOURG

69,064.00 APPLUS SERVICES S.A. EUR 8.350 576,684.40 1.44632,108.54

SPAIN

36,506.00 TELEFONICA SA EUR 10.235 373,638.91 0.94469,388.292.38950,323.311,101,496.83TOTAL SPAIN

75,000.00 KONINKLIJKE KPN NV EUR 3.492 261,900.00 0.65245,640.00

THE NETHERLANDS

1,000.00 WOLTERS KLUWER EUR 30.965 30,965.00 0.0827,425.700.73292,865.00273,065.70TOTAL THE NETHERLANDS

300,000.00 LLOYDS BANKING GROUP PLC GBP 0.731 297,415.37 0.74307,600.72

UNITED KINGDOM

147,517.00 VODAFONE GROUP GBP 2.210 442,320.83 1.11423,822.251.85739,736.20731,422.97TOTAL UNITED KINGDOM

6,750.00 GENERAL MOTORS CO USD 34.010 211,329.74 0.53181,466.18


668.00 VERIZON COMMUNICATIONS INC USD 46.220 28,422.13 0.0722,422.940.60239,751.87203,889.12TOTAL UNITED STATES OF AMERICA

TOTAL EQUITIES 7.222,885,091.263,192,381.59

300,000.00 ELIA SYSTEMS OP 1.375 15-24 27/05A EUR 98.663 295,989.00 0.74299,505.00

BELGIUM

BONDS

0.74295,989.00299,505.00TOTAL BELGIUM

Ccy

49





security

Marketvalue

(see notes)

% ofnet

assets

100,000.00 SINOPEC GR OVER REGS 1.00 15-22 28/04A EUR 94.225 94,225.00 0.2499,243.00

BRITISH VIRGIN ISLANDS

200,000.00 SINOPEC GR OVER REGS 2.50 15-20 28/04S USD 98.500 181,349.54 0.45186,071.190.69275,574.54285,314.19TOTAL BRITISH VIRGIN ISLANDS

200,000.00 HPHT FINANCE 15 LTD 2.875 15-20 17/03S USD 99.630 183,430.00 0.46187,935.82

CAYMAN ISLANDS

0.46183,430.00187,935.82TOTAL CAYMAN ISLANDS

400,000.00 NET4GAS EMTN 2.50 14-21 28/07A EUR 103.244 412,976.00 1.03409,479.50

CZECH REPUBLIC

1.03412,976.00409,479.50TOTAL CZECH REPUBLIC

500,000.00 AFREXIMBANK 4.75 14-19 29/07S USD 102.838 473,340.70 1.18365,800.98

EGYPT

1.18473,340.70365,800.98TOTAL EGYPT

200,000.00 AREVA SA 3.125 14-23 20/03A EUR 91.561 183,122.00 0.46199,034.25

FRANCE

200,000.00 EUTELSAT 2.625 13-20 13/01A EUR 105.986 211,972.00 0.53199,329.00200,000.00 FONCIERE LYONNAISE 2.25 15-22 16/11A EUR 100.776 201,552.00 0.50199,706.00

1.49596,646.00598,069.25TOTAL FRANCE

100,000.00 DT LUFTHANSA EMTN 1.125 14-19 12/09A EUR 100.596 100,596.00 0.2599,608.25

GERMANY

0.25100,596.0099,608.25TOTAL GERMANY

350,000.00 ICELAND FOODS 2.50 14-20 15/07A EUR 104.496 365,736.00 0.92348,974.25

ICELAND

0.92365,736.00348,974.25TOTAL ICELAND

300,000.00 BANCO POPOLARE REGS 2.75 15-20 27/07A EUR 100.042 300,126.00 0.75298,647.00

ITALY

280,000.00 INTESA SAN PAOLO 3.00 13-19 28/01A EUR 106.818 299,090.40 0.75279,401.45400,000.00 ITALY BTP 3.50 12-17 01/11S EUR 106.415 425,660.00 1.07418,785.88750,000.00 ITALY BTP 5.25 02-17 01/08S EUR 108.333 812,497.50 2.03832,374.91

4.601,837,373.901,829,209.24TOTAL ITALY

700,000.00 ARCELORMITTAL 2.875 14-20 06/07A EUR 81.846 572,922.00 1.44694,326.25

LUXEMBOURG

100,000.00 ARCELORMITTAL 3.125 15-22 14/01A EUR 77.224 77,224.00 0.1999,734.001.63650,146.00794,060.25TOTAL LUXEMBOURG

200,000.00 PEMEX C REGS 4.25 14-25 15/01S USD 87.815 161,677.25 0.40158,792.83

MEXICO

200,000.00 PEMEX REGS 3.125 13-20 27/11A EUR 96.552 193,104.00 0.49201,295.000.89354,781.25360,087.83TOTAL MEXICO

600,000.00 BANCO SANTANDER TOTTA 1.625 14-19 11/06A EUR 103.916 623,496.00 1.56597,598.25

PORTUGAL

1.56623,496.00597,598.25TOTAL PORTUGAL

200,000.00 KOREA HYDRO 2.375 14-19 28/10S USD 99.491 183,174.08 0.46155,458.87

SOUTH KOREA

0.46183,174.08155,458.87TOTAL SOUTH KOREA

500,000.00 BPE FINANCIACIONES 1.00 15-20 03/02A EUR 99.449 497,245.00 1.24497,395.00

SPAIN

300,000.00 CAJA AHORROS BARCEL 2.375 14-19 09/05A EUR 102.860 308,580.00 0.77300,277.25200,000.00 CAJAS RURALES 3.75 13-18 22/11A EUR 108.870 217,740.00 0.54199,322.25

Ccy

50





security

Marketvalue

(see notes)

% ofnet

assets

800,000.00 SANTAN CONSUMER FI 1.50 15-20 12/11A EUR 100.713 805,704.00 2.03798,088.004.581,829,269.001,795,082.50TOTAL SPAIN

700,000.00 PGE SA EMTN 1.625 14-19 09/06A EUR 100.567 703,969.00 1.76704,606.25

SWEDEN

1.76703,969.00704,606.25TOTAL SWEDEN

500,000.00 ACHMEA BV 0.875 15-18 17/09A EUR 100.815 504,075.00 1.26498,395.00

THE NETHERLANDS

600,000.00 BHARTI AIRTEL 4.00 13-18 10/12A EUR 106.997 641,982.00 1.61627,786.75500,000.00 PETROBRAS GLB FIN 6.25 14-24 17/03S USD 72.018 331,483.02 0.83371,224.88400,000.00 VESTEDA FINANCE BV 1.75 14-19 22/07A EUR 101.283 405,132.00 1.01404,689.50200,000.00 VONOVIA FINANCE BV 2.25 15-23 15/12A EUR 99.440 198,880.00 0.50198,170.00


100,000.00 TURKIYE VAKIFLAR 3.50 14-19 17/06A EUR 100.012 100,012.00 0.2599,378.25

TURKEY

0.25100,012.0099,378.25TOTAL TURKEY

250,000.00 ABBEY NAT TREAS.SERV 1.875 15-20 17/02A GBP 98.803 335,129.91 0.84334,901.79

UNITED KINGDOM

300,000.00 ANGLO AMERCAN CAPITAL 2.875 13-20 20/11A EUR 73.382 220,146.00 0.55297,225.50200,000.00 HSBC HLDGS 4.25 14-24 14/03S USD 100.569 185,158.80 0.46144,729.50700,000.00 LLOYDS TSB 6.50 10-20 24/03A EUR 121.100 847,700.00 2.13842,567.90500,000.00 STANDARD CHARTERED PL 2.40 14-19 08/09S USD 98.899 455,210.35 1.14379,690.41250,000.00 TESCO CORP 1.375 14-19 01/07A EUR 96.314 240,785.00 0.60249,262.25

5.722,284,130.062,248,377.35TOTAL UNITED KINGDOM

500,000.00 DAIMLER FINANCE 2.25 15-20 02/03S USD 97.739 449,871.12 1.13439,167.18


1.13449,871.12439,167.18TOTAL UNITED STATES OF AMERICA

TOTAL BONDS 34.5513,802,062.6713,717,979.34

3,000,000.00 TORONTO DOMINION BK FL.R 15-20 08/09Q EUR 99.846 2,995,380.00 7.503,000,000.00

CANADA


7.502,995,380.003,000,000.00TOTAL CANADA

1,000,000.00 COLOMBIA TELECOMUNICA FL.R 15-XX 30/03S USD 86.294 794,384.60 1.99825,363.24

COLOMBIA

1.99794,384.60825,363.24TOTAL COLOMBIA

500,000.00 SOCIETE GENERALE FL.R 13-18 01/10Q USD 100.760 463,774.05 1.16452,061.49

FRANCE

1.16463,774.05452,061.49TOTAL FRANCE

1,000,000.00 INTESA SANPAOLO FL.R 15-20 15/06Q EUR 100.556 1,005,560.00 2.52998,520.00

ITALY

2.521,005,560.00998,520.00TOTAL ITALY

800,000.00 SANTANDER INTL EMTN FL.R 15-20 04/03Q EUR 99.253 794,024.00 1.99800,560.00

SPAIN

1.99794,024.00800,560.00TOTAL SPAIN

250,000.00 ING BANK TR.6 REGS FL.R 15-18 17/08Q USD 100.242 230,695.94 0.58227,998.18

THE NETHERLANDS

200,000.00 REPSOL INTL FINANCE FL.R 15-75 25/03A EUR 78.789 157,578.00 0.39200,000.000.97388,273.94427,998.18TOTAL THE NETHERLANDS

Ccy

51





security

Marketvalue

(see notes)

% ofnet

assets

1,000,000.00 CS AG LDN FL.R 15-18 18/06Q EUR 100.054 1,000,540.00 2.501,000,000.00

UNITED KINGDOM

1,500,000.00 RBS FL.R 14-17 31/03Q USD 99.727 1,377,064.35 3.451,363,187.745.952,377,604.352,363,187.74TOTAL UNITED KINGDOM

1,750,000.00 CS NY FL.R 15-18 27/04Q USD 99.419 1,601,613.28 4.001,588,479.89


200,000.00 TOYOTA MOTOR CREDIT FL.R 15-17 08/09Q EUR 99.993 199,986.00 0.50200,000.001,500,000.00 WELLS FARGO FL.R 15-20 02/06Q EUR 99.466 1,491,990.00 3.731,500,000.00

8.233,293,589.283,288,479.89TOTAL UNITED STATES OF AMERICA

TOTAL FLOATING RATES BONDS 30.3112,112,590.2212,156,170.54


72.0828,799,744.1529,066,531.47

(80.00) DJ EURO STOXX MAR 3000 21.03.16 PUT EUR 46.200 (36,960.00) (0.09)(58,240.00)

GERMANY

OPTIONS

DERIVATIVE INSTRUMENTS

(36.00) DJ EURO STOXX MAR 3450 18.03.16 CALL EUR 55.000 (19,800.00) (0.05)(31,716.00)(36.00) DJ EURO STOXX MAR 3500 21.03.16 CALL EUR 43.750 (15,750.00) (0.04)(24,948.00)(75.00) DJ EURO STOXX 50 MAR 3100 21.03.16 PUT EUR 67.600 (50,700.00) (0.13)(60,070.00)(25.00) DJ EURO STOXX 50 MAR 3600 21.03.16 CALL EUR 20.500 (5,125.00) (0.01)(6,740.00)

(0.32)(128,335.00)(181,714.00)TOTAL GERMANY

TOTAL OPTIONS (0.32)(128,335.00)(181,714.00)

TOTAL DERIVATIVE INSTRUMENTS (0.32)(128,335.00)(181,714.00)

7,000.00 LYXOR ETF STOXX EUE 600 BANKS FCPS EUR 20.800 145,600.00 0.36156,994.41

FRANCE


INVESTMENT FUNDS

0.36145,600.00156,994.41TOTAL FRANCE


TOTAL INVESTMENT FUNDS 0.36145,600.00156,994.41


Cash/(bank overdraft) 27.4610,970,680.78Other assets and liabilities 0.42169,837.15

TOTAL NET ASSETS 100.0039,957,527.08

Ccy

52




United Kingdom 13.52United States of America 9.96Spain 8.95Italy 7.51Canada 7.50The Netherlands 6.91France 3.54Luxembourg 2.10Colombia 1.99Sweden 1.76Portugal 1.56Egypt 1.18Czech Republic 1.03Iceland 0.92Mexico 0.89Belgium 0.74British Virgin Islands 0.69South Korea 0.46Cayman Islands 0.46Turkey 0.25Germany 0.20



72.12

% ofnet

assets

COUNTRIES

53




Banks and other credit institutions 39.03Holding and finance companies 12.42Data transmission 5.56Countries and central governments 4.02Oil 3.28Mining industry 2.10Miscellaneous services 1.90Energy and water supply 1.59Real estate 1.00Road vehicles 0.53Investment funds 0.36Transportation 0.25Graphic industry and publishing houses 0.08


assets



72.12

54

BANKINTER INTERNATIONAL FUND SICAV INTERNATIONAL BALANCED STRATEGY


ASSETS

Portfolio: (see notes)- Cost 5,899,725.23- Net unrealised result 270,730.39

6,170,455.62

Cash:- Cash at sight (see notes) 1,759,105.68- Cash at sight by the broker (see notes) 122,038.26- Fiduciary deposits (see notes) 3,300,000.00

Other assets:- Interest receivable (see notes) 3,895.59- Formation/reorganisation expenses, net (see notes) 9,838.35

11,365,333.50

LIABILITIES

Other liabilities:- Taxes and expenses payable (see notes) 15,764.95

15,764.95

NET ASSETS 11,349,568.55

(in EUR)


10.381,093,058.92


Class A

55




INCOME

Income from investments:- Dividends, net (see notes) 35,108.34Bank interest (see notes) 4,834.85Other income 4,624.54

44,567.73

EXPENSES



89,330.52


Net realised result on:- Sales of investments (see notes) 31,916.01- Foreign exchange (see notes) 73,155.06


Change in net unrealised appreciation/(depreciation) on:- Investments 262,436.01


322,744.29


Subscriptions of shares 1,000,000.001,000,000.00


(in EUR)


56






Date ShareClass

Number of shares

outstanding

NetAssets

Ccy Net assetvalue

per share

* first valuation

1,000,000.00 10.0010,000,000.00Class A06.27.14* EUR

1,000,000.00 10.0310,026,824.26Class A12.31.14 EUR

1,093,058.92 10.3811,349,568.55Class A12.31.15 EUR

Class A






Highest 10.7704.16.15

Lowest 9.9801.08.15


SHARES

57







security

Marketvalue

(see notes)

% ofnet

assets

14,690.00 ORKLA ASA NOK 70.100 107,097.48 0.9476,296.16

NORWAY

EQUITIES


0.94107,097.4876,296.16TOTAL NORWAY

TOTAL EQUITIES 0.94107,097.4876,296.16


0.94107,097.4876,296.16

580.00 DWS DEUTSCHLAND CAP EUR 194.980 113,088.40 1.00101,099.80

GERMANY


INVESTMENT FUNDS

1.00113,088.40101,099.80TOTAL GERMANY

13,100.00 BRAND US VAL EUR-A- SHS CLASS -A- EUR EUR 16.150 211,565.00 1.86202,526.00

IRELAND

265,617.15 J O HAMBRO K EUROP.SELECT VAL.-A-EUR EUR 3.295 875,208.50 7.72759,247.476,268.81 MUZINICH EUROPEYIELD - UNITS EUR 76.970 482,510.00 4.25500,790.001,478.00 MUZINICH FD ENHANCEDYIELD SHT-TERM -R- EUR 134.990 199,515.22 1.76199,929.06

46,881.97 ODEY EURO FOCUS PTG -A- EUR EUR 17.720 830,748.51 7.32750,880.011,617.12 ODEY INV FD PLC PAN EUROPEAN FUND EUR 343.380 555,286.67 4.89500,790.00

27.803,154,833.902,914,162.54TOTAL IRELAND

47,041.11 ABANTE GL-PANGEA-A-EUR FD EUR 9.522 447,925.48 3.95500,789.99

LUXEMBOURG

11,760.00 BGF EU EQ INC -D2- CAP EUR 19.480 229,084.80 2.02205,917.601,662.79 BLACKROCK STR FD VAR FIXED INM STR -D2- EUR 121.830 202,577.71 1.78200,000.38

0.00 CARMIGNAC PTF SICAV CASH PLUS CAP EUR 1,155.000 4.62 0.004.727,400.00 JPMF EU EQ PI -JPM A PERF EUR- CAP EUR 15.620 115,588.00 1.02102,638.00

14,164.31 MSIF DIV ALPHA PLUS -I- CAP EUR 31.830 450,849.86 3.97500,790.041,723.25 PICTET - EURO SHORT TERM HY -P-EUR- CAP EUR 117.030 201,671.55 1.78200,000.00

15,200.00 PIONEER EMERGING MARKETS BOND -A- CAP EUR 14.450 219,640.00 1.94203,832.001,400.00 R CAP FIN IN BD -DH EUR- CAP EUR 139.740 195,636.00 1.72194,194.001,217.14 ROBECO K GRW EUR CONSERVATIVE EQ -D EUR- EUR 172.870 210,406.53 1.85200,000.00


Ccy

58





security

Marketvalue

(see notes)

% ofnet

assets

5,032.03 MAGALLANES EUROPEAN EQUITY -P- EUR 103.746 522,051.29 4.60500,000.00

SPAIN

4.60522,051.29500,000.00TOTAL SPAIN




Cash/(bank overdraft) 45.655,181,143.94Other assets and liabilities (0.02)(2,031.01)

TOTAL NET ASSETS 100.0011,349,568.55

Ccy

59




Ireland 27.80Luxembourg 20.03Spain 4.60Germany 1.00Norway 0.94



54.37

% ofnet

assets

COUNTRIES

60




Investment funds 53.43Foodstuffs and non-alcoholic drinks 0.94


assets



54.37

61

BANKINTER INTERNATIONAL FUND SICAV MULTIFUNDS MODERATE (launched as at May 4,2015)


ASSETS


75,654,301.81

Cash:- Cash at sight (see notes) 14,579,105.09

Other assets:- Formation/reorganisation expenses, net (see notes) (1,101.03)- Receivable for investments sold 4,491,103.86

94,723,409.73

LIABILITIES

Other liabilities:- Taxes and expenses payable (see notes) 123,148.98- Payable for investments purchased 2,346,720.00

2,469,868.98

NET ASSETS 92,253,540.75

(in EUR)


9.767,446,273.76


Class A

9.722,012,488.99


Class B

62


STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from May 4, 2015 to December 31, 2015

NET ASSETS AT THE BEGINNING OF THE PERIOD 0.00

INCOME

Other income 19,685.7819,685.78

EXPENSES



459,183.72


Net realised result on:- Sales of investments (see notes) (482,176.32)


Change in net unrealised appreciation/(depreciation) on:- Investments (613,220.62)


(1,534,894.88)



93,788,435.63

NET ASSETS AT THE END OF THE PERIOD 92,253,540.75

(in EUR)


63



Period from May 4, 2015 to December 31, 2015



Date ShareClass

Number of shares

outstanding

NetAssets

Ccy Net assetvalue

per share

* first valuation

500,000.00 10.005,000,000.00Class B05.04.15* EUR7,100.00 10.0071,000.00Class A06.15.15* EUR

7,446,273.76 9.7672,701,248.98Class A12.31.15 EUR2,012,488.99 9.7219,552,291.77Class B EUR

Class A

Shares outstanding at the beginning of the period 0.00



Shares outstanding at the end of the period 7,446,273.76


Highest 10.1207.21.15

Lowest 9.4509.30.15


SHARES

Class B

0.00

2,840,142.43

(827,653.44)

2,012,488.99

EUR

10.1205.28.15

9.3909.30.15

9.72

12.31.15

64







security

Marketvalue

(see notes)

% ofnet

assets

10,000.00 NATIXIS SOUVERAINS EUR VAR -C- 4 DEC CAP EUR 520.440 5,204,400.00 5.645,157,180.72

FRANCE


INVESTMENT FUNDS

5.645,204,400.005,157,180.72TOTAL FRANCE

136,676.07 BRAND US VAL EUR-I- SHS CLASS -I- EUR EUR 21.540 2,944,002.46 3.192,971,435.72

IRELAND

16,401.00 LM CBR AGG EUR-A-AC EUR 242.090 3,970,518.09 4.314,101,907.437.506,914,520.557,073,343.15TOTAL IRELAND

16,000.00 AXA IMFIIS US SHORT DUR HY -I- CAP EUR EUR 146.670 2,346,720.00 2.542,346,720.00

LUXEMBOURG

436,019.00 BGF EU EQ INC -A2- CAP EUR 18.910 8,245,119.29 8.948,246,843.5280,000.00 BLACKROCK STR FD VAR FIXED INM STR -D2- EUR 121.830 9,746,400.00 10.579,730,685.19

229,616.00 CIF EU GR INC -B- EUR 26.920 6,181,262.72 6.706,386,822.2445,000.00 D INV I EUR SH LCC SHS -LC- CAPITALISAT EUR 145.580 6,551,100.00 7.106,575,294.4437,000.00 DEUTSCHE INV I SH DUR CREDIT -LC- CAP EUR 127.880 4,731,560.00 5.134,731,930.00

207,000.00 FIDELITY AMERICA -SHS-A-ACC-EURO-CAP. EUR 22.980 4,756,860.00 5.164,742,757.93278,194.00 INVESCO FD VAR PAN EUOPEAN EQ -A- CAP EUR 19.020 5,291,249.88 5.745,443,991.73142,000.00 MFS MERIDIAN EUROPEAN VALUE -A1- CAP EUR 36.660 5,205,720.00 5.645,129,916.24142,143.00 MIRAB EQ SPAIN -A- CAP EUR 25.590 3,637,439.37 3.943,848,027.07

31,000.00 PICTET - EURO SHORT TERM HY -P-EUR- CAP EUR 117.030 3,627,930.00 3.933,637,230.0023,000.00 R CAP FIN IN BD -DH EUR- CAP EUR 139.740 3,214,020.00 3.483,216,780.20





Cash/(bank overdraft) 15.8014,579,105.09Other assets and liabilities 2.192,020,133.85

TOTAL NET ASSETS 100.0092,253,540.75

Ccy

65




Luxembourg 68.87Ireland 7.50France 5.64



82.01

% ofnet

assets

COUNTRIES

66




Investment funds 82.01


assets



82.01

67

BANKINTER INTERNATIONAL FUND SICAV CARRIÓN CONSERVATIVE (launched as at April 24,2015)


ASSETS


9,278,410.93

Cash:- Cash at sight (see notes) 938,671.80

Other assets:- Interest receivable (see notes) 20,315.20

10,237,397.93

LIABILITIES

Other liabilities:- Taxes and expenses payable (see notes) 14,337.80- Payable for investments purchased 485,070.00

499,407.80

NET ASSETS 9,737,990.13

(in EUR)


9.741,000,000.00


Class A

68


STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from April 24, 2015 to December 31, 2015


INCOME

Income from investments:- Bond interest, net (see notes) 85,644.74Bank interest (see notes) 29.69Other income 957.96

86,632.39

EXPENSES



83,052.37

NET OPERATING RESULT 3,580.02

Net realised result on:- Sales of investments (see notes) (162,855.92)- Foreign exchange (see notes) (8,234.90)




(262,009.87)




(in EUR)


69



Period from April 24, 2015 to December 31, 2015



Date ShareClass

Number of shares

outstanding

NetAssets

Ccy Net assetvalue

per share

* first valuation

1,000,000.00 10.0010,000,000.00Class A04.24.15* EUR

1,000,000.00 9.749,737,990.13Class A12.31.15 EUR

Class A




Shares outstanding at the end of the period 1,000,000.00


Highest 10.0004.24.15

Lowest 9.6612.15.15


SHARES

70







security

Marketvalue

(see notes)

% ofnet

assets

600,000.00 ITALIE 1.50 15-25 01/06S EUR 100.135 600,810.00 6.17595,380.00

ITALY

BONDS


6.17600,810.00595,380.00TOTAL ITALY

300,000.00 SPAIN 1.40 14-20 31/01A EUR 103.500 310,500.00 3.19310,782.00

SPAIN

1,400,000.00 SPAIN 3.75 13-18 31/10A EUR 110.045 1,540,630.00 15.821,556,520.00200,000.00 SPAIN STRIP 3.80 06-17 31/01A EUR 104.118 208,236.00 2.14213,156.00

21.152,059,366.002,080,458.00TOTAL SPAIN

TOTAL BONDS 27.322,660,176.002,675,838.00


27.322,660,176.002,675,838.00

3,170.38 ED ROTHSCHILD SIGN FIN BD FCR -I- CAP EUR 159.140 504,533.64 5.18500,000.00

FRANCE


INVESTMENT FUNDS

5,000.00 LYXOR ETF IBEX 35 FCP CAP/DIST EUR 94.180 470,900.00 4.84477,400.0010.02975,433.64977,400.00TOTAL FRANCE

4,000.00 MUZINICH FD ENHANCEDYIELD SHT-TERM -R- EUR 134.990 539,960.00 5.54540,160.00

IRELAND

5.54539,960.00540,160.00TOTAL IRELAND

3,000.00 AXA IM FI INV STR US SHORT DUR HY -B-CAP EUR 160.630 481,890.00 4.95492,990.00

LUXEMBOURG

15,000.00 BGF EU EQ INC -A2- CAP EUR 18.910 283,650.00 2.91273,800.007,500.00 BRSF FIX IN STR -A2- CAP EUR 118.930 891,975.00 9.16890,965.004,000.00 CAN BD CR OPP -I- CAP EUR 212.430 849,720.00 8.73845,260.003,500.00 DWS INV VAR INCOME STR CREDIT -FC- CAP EUR 132.140 462,490.00 4.75466,235.00

12,200.00 FIDELITY AMERICA -SHS-A-ACC-EURO-CAP. EUR 22.980 280,356.00 2.88275,532.0050,000.00 GARTMORE CONTINENTAL EU -A1-DIV CAP/DIS EUR 9.701 485,070.00 4.98485,070.0042,000.00 INVESCO FD VAR PAN EU EQ FD -C- EUR CAP EUR 20.780 872,760.00 8.96949,660.00

Ccy

71





security

Marketvalue

(see notes)

% ofnet

assets

31,685.68 JPMF EU EQ PI -JPM A PERF EUR- CAP EUR 15.620 494,930.29 5.08500,000.0052.405,102,841.295,179,512.00TOTAL LUXEMBOURG




Cash/(bank overdraft) 9.64938,671.80Other assets and liabilities (4.92)(479,092.60)


Ccy

72




Luxembourg 52.40Spain 21.15France 10.02Italy 6.17Ireland 5.54



95.28

% ofnet

assets

COUNTRIES

73




Investment funds 67.96Countries and central governments 27.32


assets



95.28

74

BANKINTER INTERNATIONAL FUND SICAV IRATI (launched as at October 23, 2015)


ASSETS


9,556,643.07

Cash:- Cash at sight (see notes) 1,633,267.80

11,189,910.87

LIABILITIES

Other liabilities:- Taxes and expenses payable (see notes) 7,430.65- Payable for investments purchased 1,325,608.27

1,333,038.92

NET ASSETS 9,856,871.95

(in EUR)


9.92993,500.00


Class A

75


STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from October 23, 2015 to December 31, 2015


EXPENSES


Other expenses:- Subscription tax (see notes) 302.85- Amortisation of formation/reorganisation expenses (see notes) 315.23- Transaction fees (see notes) 5,027.42- Administration and other expenses 124.68

17,361.35


Net realised result on:- Foreign exchange (see notes) (944.90)




(78,128.05)




(in EUR)


76



Period from October 23, 2015 to December 31, 2015



Date ShareClass

Number of shares

outstanding

NetAssets

Ccy Net assetvalue

per share

* first valuation

993,500.00 10.009,935,000.00Class A10.23.15* EUR

993,500.00 9.929,856,871.95Class A12.31.15 EUR

Class A




Shares outstanding at the end of the period 993,500.00


Highest 10.0112.03.15

Lowest 9.8712.15.15


SHARES

77







security

Marketvalue

(see notes)

% ofnet

assets

3,500.00 ED ROTHSCHILD SIGN FIN BD FCR -I- CAP EUR 159.14 556,990.00 5.65556,675.00

FRANCE


INVESTMENT FUNDS

4,000.00 LYXOR ETF IBEX 35 FCP CAP/DIST EUR 94.18 376,720.00 3.82380,680.009.47933,710.00937,355.00TOTAL FRANCE

5,878.00 MUZINICH FD ENHANCEDYIELD SHT-TERM -R- EUR 134.99 793,471.22 8.05795,352.18

IRELAND

8.05793,471.22795,352.18TOTAL IRELAND

3,181.00 AXA IMFIIS US SHORT DUR HY -I- CAP EUR EUR 146.67 466,557.27 4.73473,853.58

LUXEMBOURG

16,363.00 BGF EU EQ INC -D2- CAP EUR 19.48 318,751.24 3.23322,780.559,374.00 BRSF FIX IN STR -A2- CAP EUR 118.93 1,114,849.82 11.311,112,506.263,754.00 CAN BD CR OPP -I- CAP EUR 212.43 797,462.22 8.09797,382.52

11,525.00 CIF EU GR INC -B- EUR 26.92 310,253.00 3.15320,740.798,715.00 DB X TRACKERS DJ EURO STOXX 50 -1D- DIS EUR 34.55 301,059.68 3.05317,502.667,500.00 DB X-TRACKERS S&P 500 ETF CAP EUR 32.49 243,675.00 2.47247,076.254,500.00 DBXT SP 500 1C CAP ETF USD 35.26 146,072.91 1.48151,101.075,992.00 DWS INV VAR INCOME STR CREDIT -FC- CAP EUR 132.14 791,782.88 8.03795,460.47

40,000.00 GARTMORE CONTINENTAL EU -A1-DIV CAP/DIS EUR 9.70 388,056.00 3.94388,056.007,619.00 PARVEST SHORT TERM EURO -CLC- EUR 209.96 1,599,684.48 16.241,599,883.266,640.00 PICTET ESTHY I EUR CAP EUR 119.11 790,890.40 8.02796,252.205,629.00 R CAP FIN IN BD -0DH EUR- CAP EUR 99.55 560,366.95 5.69561,162.08





Cash/(bank overdraft) 16.571,633,267.80Other assets and liabilities (13.52)(1,333,038.92)


Ccy

78




Luxembourg 79.43France 9.47Ireland 8.05



96.95

% ofnet

assets

COUNTRIES

79




Investment funds 96.95


assets



96.95


80

NOTES TO THE FINANCIAL STATEMENTS

December 31, 2015

GENERAL BANKINTER INTERNATIONAL FUND SICAV (the "Company"), organised as a "Société d'Investissement à Capital Variable" ("SICAV") and subject to Part I of the Law dated December 17, 2010 on Undertakings for Collective Investment, as amended (the “2010 Act”), was incorporated in Luxembourg on July 20, 1994, under the laws of the Grand Duchy of Luxembourg and qualifies as an Undertaking for Collective Investment in Transferable Securities. The Company is an open-ended investment company and an umbrella company. The Company is registered with the Luxembourg trade and companies register (Registre de Commerce et des Sociétés de Luxembourg) under number B 48 178. The Articles of incorporation have been modified and published in the Mémorial for the last time on July 6, 2006. As at February 16, 2011, the Company has decided to appoint Edmond de Rothschild (Europe) as its custodian (the “Custodian”) and to appoint Lemanik Asset Management S.A. as its management company (the “Management Company”). Edmond de Rotschild (Europe) is also appointed as domiciliary agent of the Company. As at February 16, 2011, the Management Company, with the consent of the Company has delegated its administrative agent, registrar and transfer agent functions to Edmond de Rothschild Asset Management (Luxembourg) (the “Administrative Agent”) pursuant to an administrative services agreement (the “Administrative Services Agreement”). As at December 31, 2015, the following Sub-Funds are active: - BANKINTER INTERNATIONAL FUND SICAV - GLOBAL MIXED PORTFOLIO expressed in USD - BANKINTER INTERNATIONAL FUND SICAV - TOTAL RETURN expressed in EUR - BANKINTER INTERNATIONAL FUND SICAV - FLEXIBLE MULTI - ASSET expressed in EUR - BANKINTER INTERNATIONAL FUND SICAV - INTERNATIONAL DIVERSIFIED PORTFOLIO expressed in EUR - BANKINTER INTERNATIONAL FUND SICAV - CIMALTAIR INTERNATIONAL expressed in EUR - BANKINTER INTERNATIONAL FUND SICAV - INTERNATIONAL BALANCED STRATEGY expressed in EUR - BANKINTER INTERNATIONAL FUND SICAV - MULTIFUNDS MODERATE expressed in EUR (first valuation: May 4, 2015)

- BANKINTER INTERNATIONAL FUND SICAV - CARRIÓN CONSERVATIVE expressed in EUR (first valuation: April 24, 2015) - BANKINTER INTERNATIONAL FUND SICAV - IRATI expressed in EUR (first valuation: October 23, 2015) (formerly BANKINTER INTERNATIONAL FUND SICAV - FRANCOLI) The Sub-Fund BANKINTER INTERNATIONAL FUND SICAV - GLOBAL DYNAMIC has been liquidated with last official valuation date as at June 15, 2015. The Board of Directors of the Company may issue distribution Shares and accumulation Shares within the Classes of each Sub-Fund. As at December 31, 2015 the Board of Directors of the Company has opened the following Classes: - EUR Class (only for the Sub-Fund BANKINTER

INTERNATIONAL FUND SICAV - FLEXIBLE MULTI-ASSET)

- Class A - Class B (only for the Sub-Fund BANKINTER

INTERNATIONAL FUND SICAV - MULTIFUNDS MODERATE)

The Sub-Funds BANKINTER INTERNATIONAL FUND SICAV - GLOBAL MIXED PORTFOLIO and BANKINTER INTERNATIONAL FUND SICAV - TOTAL RETURN have no Class of shares. The Net Asset Value per Share and Redemption and Subscription Prices may be obtained at the registered office of the Company. To ensure effective management of the Company, the Board of Directors of the Company and the Management Company may decide to manage all or part of the assets of one or more Sub-Funds with those of other Sub-Funds in the Company (pooling technique) or, where applicable, to co-manage all or part of the assets, except for a cash reserve, if necessary, of one or more Sub-Funds with the assets of other Luxembourg investment funds or of one or more sub-funds of other Luxembourg investment funds (hereinafter referred to as the Party(ies) to the co-managed assets) for which the Custodian is the appointed custodian bank. These assets will be managed in accordance with the respective investment policies of the Parties to the co-managed assets, each of which is pursuing identical or comparable objectives.


81

GENERAL (continued) The investor must be aware of the fact that such co-managed assets are employed solely to ensure effective management inasmuch as all Parties to the co-managed assets have the same custodian bank. Co-managed assets are not distinct legal entities and are not directly accessible to investors. However, the assets and liabilities of each Sub-Fund of the Company will be constantly separated and identifiable. During the year, the Company has used neither the pooling technique nor the co-management of its assets.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a) Presentation of financial statements The financial statements of the Company are established in accordance with the Luxembourg legal and regulatory requirements and generally accepted accounting principles concerning Undertakings for Collective Investment in Transferable Securities, including the following significant policies. b) Combined financial statements The combined financial statements of the Company are expressed in Euro (“EUR”) being the “Reference Currency” of the Company. The financial statements relating to the various Sub-Funds are expressed in the Reference Currency of the relevant Sub-Fund. The various positions of the combined financial statements of the Company are equal to the sum of the various corresponding positions in the financial statements of each Sub-Fund and are in EUR. c) Valuation of the investments in securities The value of securities and instruments which are quoted or dealt in on any stock exchange is based on the closing price quoted or the best available price on such Stock Exchange applicable to the relevant Valuation Day. The value of securities and instruments dealt in on another regulated market which operates regularly and is recognized and open to the public (the “regulated market") is based on the last available price applicable to the relevant Valuation Day. In the event that any of the securities or money market instruments held in the portfolio of the Company on the relevant Valuation Day are not quoted or dealt in on any stock exchange or dealt in on another regulated market, or if the price as determined pursuant to previous sub- paragraphs is not representative of the fair market value of the relevant securities, the value of such securities is

determined based on the reasonably foreseeable sales price determined prudently and in good faith by the Board of Directors of the Company. d) Valuation of investments in open-ended investment

funds Investments in open-ended investments funds are valued at their last available net asset value. e) Investment income Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrued basis. f) Acquisition cost of securities in the portfolio Purchases of securities are recorded at cost. Realised gains or losses on securities sold are computed on an average cost basis. g) Conversion of foreign currencies The accounting records and the financial statements of the Company are expressed in EUR. Cash at sight, other net assets and market value of the investments in securities expressed in currencies other than EUR are converted into EUR at the exchange rate prevailing on the date of the Statement of net assets. Income and expenses in currencies other than EUR are converted into EUR at the rate of exchange prevailing at transaction date. h) Valuation of listed futures and options contracts

Futures and options contracts are valued by reference to the last available price on the relevant market. The market prices used are the futures/options exchange settlement prices. i) Formation expenses Formation expenses are amortised on a straight line basis over a period of 5 years. j) Valuation of cash at sight The value of any cash in hand or on deposit, notes and bills payable on demand and accounts receivable, prepaid expenses and cash dividends and interest declared or accrued but not yet collected, shall be deemed the full amount thereof, unless it is improbable that it can be collected; in which case, the value thereof will be arrived at after deducting such amounts as the Board of Directors of the Company may consider appropriate to reflect the true value of these assets.


82

EXCHANGE RATES AS AT DECEMBER 31, 2015

1 AUD = 0.669770 EUR 1 CAD = 0.662712 EUR 1 CHF = 0.919625 EUR 1 GBP = 1.356760 EUR 1 HKD = 0.118780 EUR 1 JPY = 0.007652 EUR 1 NOK = 0.104001 EUR 1 SGD = 0.648887 EUR 1 USD = 0.920556 EUR 1 ZAR = 0.059408 EUR 1 SEK = 0.109192 EUR 1 PLN = 0.233117 EUR

SUBSCRIPTION, REDEMPTION AND CONVERSION OF THE COMPANY'S SHARES Payment of the subscription price must be made in full within three Business Days in Luxembourg after the relevant Valuation Day and one Business Day for the BANKINTER INTERNATIONAL FUND SICAV - MULTIFUNDS MODERATE, BANKINTER INTERNATIONAL FUND SICAV - CARRIÓN CONSERVATIVE and BANKINTER INTERNATIONAL FUND SICAV - IRATI. Shares are issued at the Net Asset Value per Share rounded up to the nearest whole hundredth. No subscription fee is applied except for the compartment BANKINTER INTERNATIONAL FUND SICAV - FLEXIBLE MULTI-ASSET has a subscription fee of 3%. The initial minimum investment is USD 10 for BANKINTER INTERNATIONAL FUND SICAV - GLOBAL MIXED PORTFOLIO Sub-Fund, EUR 6 for BANKINTER INTERNATIONAL FUND SICAV - TOTAL RETURN Sub-Fund, EUR 10 for the EUR Class of BANKINTER INTERNATIONAL FUND SICAV - FLEXIBLE MULTI-ASSET, EUR 100 for BANKINTER INTERNATIONAL FUND SICAV - GLOBAL DYNAMIC (as at liquidated June 15, 2015), EUR 10 for BANKINTER INTERNATIONAL FUND SICAV - INTERNATIONAL DIVERSIFIED PORTFOLIO, EUR 1 for BANKINTER INTERNATIONAL FUND SICAV - CIMALTAIR INTERNATIONAL, EUR 10 for BANKINTER INTERNATIONAL FUND SICAV - INTERNATIONAL BALANCED STRATEGY, EUR 1 for Class A and EUR 1,000,000 for the Class B for BANKINTER INTERNATIONAL FUND SICAV - MULTIFUNDS MODERATE EUR 10 for BANKINTER INTERNATIONAL FUND SICAV - CARRIÓN CONSERVATIVE and EUR 10 for BANKINTER INTERNATIONAL FUND SICAV - IRATI. Shares in a Sub-Fund may be redeemed at the request of the Shareholders as to any day that is a Valuation Day. A

Shareholder is entitled to apply for the redemption of his Shares. Redemptions are paid in the relevant currency of the Share Class within three Business Days after the relevant Valuation Day and one Business Day for the BANKINTER INTERNATIONAL FUND SICAV - MULTIFUNDS MODERATE, BANKINTER INTERNATIONAL FUND SICAV - CARRIÓN CONSERVATIVE and one business week for the BANKINTER INTERNATIONAL FUND SICAV - CIMALTAIR. No redemption fee is charged. Shares are redeemed at the Net Asset Value per Share rounded up to the nearest whole hundredth. Shareholders are allowed to convert all, or part, of the Shares of a given Class into Shares of the same or different Class of that or another Sub-Fund. No conversion fee is levied.

MANAGEMENT COMPANY The Board of Directors of the Company has appointed Lemanik Asset Management S.A. to serve as its designated management company in accordance with the 2010 Act pursuant to the Management Company Services Agreement. The Management Company is governed by Chapter 15 of the 2010 Act. The Management Company provides, subject to the overall control of the Board of Directors of the Company and without limitation, asset management services, central administration, registrar and transfer agency services, and distribution services to the Company. The rights and duties of the Management Company are further laid down in articles 107 of the 2010 Act.

MANAGEMENT FEES

a) Management company fees As remuneration for its services, the Management Company is entitled to receive out of the assets of each Sub-Fund, a recurring management fee of 0.05% p.a. of the Net Asset Value subject to an annual minimum fee per Sub-Fund of : - EUR 7,500 for the first year of valuation - EUR 10,000 for the second year of valuation - EUR 12,000 for the subsequent years. With regards to Sub-Funds investing a substantial proportion of its assets in investment funds, the Investment Manager shall ensure that in respect of the Company investments in UCITS and/or other UCIs, linked to the Company, the total management fee (excluding any performance fee, if any) charged to the Company and each of the UCITS and /or other UCIs in which it invests, shall not exceed the following percentages of the relevant net assets under management, as per Art. 46(3) of the amended Law of December 17, 2010 relating to Undertakings for Collective Investments:


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MANAGEMENT FEES (continued)

BANKINTER INTERNATIONAL FUND SICAV - INTERNATIONAL DIVERSIFIED PORTFOLIO: 3.00% BANKINTER INTERNATIONAL FUND SICAV - INTERNATIONAL BALANCED STRATEGY: 3.00% BANKINTER INTERNATIONAL FUND SICAV - MULTIFUNDS MODERATE (launched as at May 4, 2015): 3.00% BANKINTER INTERNATIONAL FUND SICAV - CARRIÒN CONSERVATIVE (launched as at April 24, 2015): 3.00% BANKINTER INTERNATIONAL FUND SICAV - IRATI (launched as at October 23, 2015): 3.00% b) Provider fees The Management Company is entitled to receive out of the assets of each Sub-Fund a recurring maximum provider fee of: - 1.85% p.a. for the Sub-Fund BANKINTER

INTERNATIONAL FUND SICAV - GLOBAL MIXED PORTFOLIO, over the net assets of the Sub-Fund.

- 1.65% p.a. for the Sub-Fund BANKINTER INTERNATIONAL FUND SICAV - TOTAL RETURN, over the net assets of the Sub-Fund.

- 0.15% p.a. for the Sub-Fund BANKINTER INTERNATIONAL FUND SICAV - FLEXIBLE MULTI ASSET, over the net assets of the Sub-Fund (including Management Company fees).

- 0.85% p.a. for the Sub-Fund BANKINTER INTERNATIONAL FUND SICAV - GLOBAL DYNAMIC (as at liquidated June 15, 2015), over the net assets of the Sub-Fund and subject to a minimum payment of EUR 20,000.

- 0.55% p.a. for the Sub-Fund BANKINTER INTERNATIONAL FUND SICAV - INTERNATIONAL DIVERSIFIED PORTFOLIO, over the net assets of the Sub-Fund.

- 1.06% p.a. for the Sub-Fund BANKINTER INTERNATIONAL FUND SICAV - CIMALTAIR INTERNATIONAL, over the net assets of the Sub-Fund.

- 0.30% p.a. for the Sub-Fund BANKINTER INTERNATIONAL FUND SICAV - INTERNATIONAL BALANCED STRATEGY, over the net assets of the Sub-Fund.

- 1.08% p.a. for Class A and 0.68% p.a. for Class B for the Sub-Fund BANKINTER INTERNATIONAL FUND SICAV - MULTIFUNDS MODERATE, over the net assets of the Sub-Fund.

- Up to 1.50% p.a. for the Sub-Fund BANKINTER INTERNATIONAL FUND SICAV - CARRIÓN CONSERVATIVE, over the net assets of the Sub-Fund.

- Up to 1.50% p.a. for the Sub-Fund BANKINTER INTERNATIONAL FUND SICAV - IRATI, over the net assets of the Sub-Fund.

The Management Company pays out of its Provider Fee the following service providers of the Company which are appointed by the Management Company: - Distributors; - Investment Manager; - Investment Adviser.

PERFORMANCE FEES The Management Company receives a performance fee out of the Sub-Fund's assets (the “Performance Fee”). The Performance Fee payable is 10% of the outperformance of the Net Asset Value of the Sub-Fund over the average of Euribor 12 months during every Performance Period +250 bps multiplied by the positive annual profit in the statement of net assets plus the Performance Fee. The Performance Fee is calculated and accrued over the relevant Performance Period (BANKINTER INTERNATIONAL FUND SICAV - TOTAL RETURN). As at December 31, 2015 there was no performance fees.

ADMINISTRATION FEES AND CUSTODIAN FEES

As remuneration for its respective custody and administration services, the Custodian and the Administrative Agent are together entitled to receive, out of the assets of each Class within each Sub-Fund, a fee of up to 0.15% p.a. of the Net Asset Value of the Company, subject to an annual minimum fee of EUR 100,000.

INVESTMENT MANAGER

Further to an Investment Manager agreement dated February 16, 2011, the Management Company has appointed Lemanik S.A. as the investment manager of the Company (the “Investment Manager”) to carry out investment management services and be responsible for the investment activities of the Sub-Funds. Lemanik S.A. is a company incorporated under Swiss law with registered office situated at 5, Via Bagutti, CH-6900 Lugano, Switzerland. The Investment Manager was incorporated for an indeterminate period of time in Lausanne on December 16, 1971 in the form of a joint stock company (i.e. a société anonyme), in accordance with the "Titre XXVI Code Suisse des Obligations".


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INVESTMENT MANAGER (continued)

The Investment Manager obtained from Swiss supervisory authority the authorisation to exercise the activity as a "Security Dealer" in accordance to the Swiss Loi fédérale sur les bourses et le commerce des valeurs mobilières. Its capital is currently of CHF 15,000,000 (fifteen million Swiss Francs). The Investment Manager is entitled to receive from the Management Company an Investment Management Fee out of its Provider Fee. The Investment Management Fee is payable monthly in arrears.

INVESTMENT ADVISER The Management Company has appointed Bankinter Gestion de Activos, S.A., S.G.I.I.C., Madrid, Spain, as the investment adviser of the Sub-Funds (the “Investment Adviser”) further to the investment management agreement of February 1, 2007 which has been terminated and replaced by an investment advisory agreement with effect as of February 16, 2011. The Investment Adviser's registered office is at 11bis, Marques de Riscal, E-28010 Madrid, Spain. The Investment Adviser is entitled to an investment advisory fee payable by the Management Company out of its provider fee. The investment advisory fee is payable monthly in arrears.

SUBSCRIPTION TAX

The Company's assets are subject to an annual subscription tax (the “taxe d'abonnement”) in Luxembourg of 0.05% p.a. on net assets (and 0.01% p.a. on total net assets in case of Sub-Funds or Classes reserved to Institutional Investors), payable quarterly. In case some Sub-Funds are invested in other Luxembourg UCIs, which in turn are subject to the “taxe d'abonnement” provided for by the 2010 Act, the “taxe d'abonnement” is due from the Company on the portion of assets invested therein. The Company's income is not taxable in Luxembourg. Income received from the Company may be subject to withholding taxes in the country of origin of the issuer of the security, in respect of which such income is paid. No

duty or tax is payable in Luxembourg in connection with the issue of Shares of the Company.

DELEGATION Edmond de Rothschild Asset Management (Luxembourg) and Edmond de Rothschild (Europe) may delegate all or part of their functions and duties to a sub-contractor which, having regard to the nature of the functions and duties to be delegated, must be qualified and capable of undertaking the duties in question.

TRANSACTION FEES

The total amount of transaction fees is included in the Statement of operations and changes in net assets and includes Custodian and sub-custodian fees, correspondent’s expenses and brokerage fees.

CASH AT SIGHT BY THE BROKER This caption is composed of collateral with JP Morgan of EUR 2,401,752.46 for futures and options contracts, and fully related to BANKINTER INTERNATIONAL FUND SICAV - GLOBAL MIXED PORTFOLIO, BANKINTER INTERNATIONAL FUND SICAV - TOTAL RETURN, BANKINTER INTERNATIONAL FUND SICAV - FLEXIBLE MULTI-ASSET, BANKINTER INTERNATIONAL FUND SICAV - INTERNATIONAL DIVERSIFIED PORTFOLIO, BANKINTER INTERNATIONAL FUND SICAV - CIMALTAIR INTERNATIONAL, BANKINTER INTERNATIONAL FUND SICAV - INTERNATIONAL BALANCED STRATEGY and the amounts are included in the caption Cash at sight by the broker in the Statement of net assets of each Sub-Fund.

CHANGES IN THE SECURITIES PORTFOLIO

The statement of changes in investments for the year in reference to the report is available on simple request free of charge at the registered office of the Company.

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ASSETS ON FIDUCIARY DEPOSITS AS AT DECEMBER 31, 2015

Amount Rate (%) PeriodEUR 3,500,000.00 0.45% 05.13.15 05.15.16-

BANKINTER INTERNATIONAL FUND SICAV - TOTAL RETURN

Amount Rate (%) PeriodEUR 69,000,000.00 0.15% 12.28.15 06.15.16-

BANKINTER INTERNATIONAL FUND SICAV - FLEXIBLE MULTI-ASSET

Amount Rate (%) PeriodEUR 4,000,000.00 0.45% 06.05.15 06.15.16-EUR 2,000,000.00 0.01% 09.18.15 01.25.16-

BANKINTER INTERNATIONAL FUND SICAV - CIMALTAIRINTERNATIONAL

Amount Rate (%) PeriodEUR 1,000,000.00 0.45% 06.05.15 06.15.16-EUR 800,000.00 0.05% 12.15.15 01.15.16-EUR 1,500,000.00 0.05% 07.30.14 09.14.16-

BANKINTER INTERNATIONAL FUND SICAV - INTERNATIONALBALANCED STRATEGY

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EUR/USD (CME) 03/16 125,000 1.09 44,437.50Sale 45 USD 6,123,375.00 JP Morgan LondresFUTURES ON EXCHANGE RATES

44,437.50

BANKINTER INTERNATIONAL FUND SICAV - GLOBAL MIXED PORTFOLIO

Sale /Purchase

Contract(s) UnrealisedresultUSD

Quantity Size Price as at12.31.15

CommitmentUSD

Counterparties

DJ EURO STOXX 50 03/16 10 3,282.00 3,095.96Purchase 15 EUR 534,785.49 JP Morgan LondresFUTURES ON INDEX

3,095.96

US 10 YEARS NOTE 03/16 1,000 125.29 1,906.25Sale 2 USD 251,812.50 JP Morgan LondresFUTURES ON INTEREST RATES

1,906.25

The unrealised gain/(loss) result on the outstanding futures contract(s) as at December 31, 2015 for BANKINTER INTERNATIONALFUND SICAV - GLOBAL MIXED PORTFOLIO is included in the statement of net assets of the Sub-Fund.

EUR/USD (CME) 03/16 125,000 1.09 (31,103.29)Purchase 34 USD 4,258,998.44 JP Morgan LondresFUTURES ON EXCHANGE RATES

(31,103.29)

BANKINTER INTERNATIONAL FUND SICAV - TOTAL RETURN

Sale /Purchase

Contract(s) UnrealisedresultEUR


CommitmentEUR

Counterparties

DJ EURO STOXX 50 03/16 10 3,282.00 5,700.00Purchase 30 EUR 984,600.00 JP Morgan LondresFUTURES ON INDEX

5,700.00


4,387.03

The unrealised gain/(loss) result on the outstanding futures contract(s) as at December 31, 2015 for BANKINTER INTERNATIONALFUND SICAV - TOTAL RETURN is included in the statement of net assets of the Sub-Fund.


1,927.41

The unrealised gain/(loss) result on the outstanding futures contract(s) as at December 31, 2015 for BANKINTER INTERNATIONALFUND SICAV - INTERNATIONAL DIVERSIFIED PORTFOLIO is included in the statement of net assets of the Sub-Fund.

BANKINTER INTERNATIONAL FUND SICAV - INTERNATIONAL DIVERSIFIED PORTFOLIO

Sale /Purchase



CommitmentEUR

Counterparties

FUTURES CONTRACTS

As at December 31, 2015, the following futures contract(s) was (were) outstanding :

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EUR/USD (CME) 03/16 125,000 1.09 (8,273.50)Purchase 31 USD 3,883,204.46 JP Morgan LondresFUTURES ON EXCHANGE RATES

(8,273.50)

BANKINTER INTERNATIONAL FUND SICAV - CIMALTAIR INTERNATIONAL

Sale /Purchase



CommitmentEUR

Counterparties

DJ EURO STOXX 50 03/16 10 3,282.00 41,500.00Purchase 50 EUR 1,641,000.00 JP Morgan LondresFUTURES ON INDEX

41,500.00

US 10 YEARS NOTE 03/16 1,000 125.29 9,565.16Sale 10 USD 1,159,037.56 JP Morgan LondresFUTURES ON INTEREST RATES

9,565.16

The unrealised gain/(loss) result on the outstanding futures contract(s) as at December 31, 2015 for BANKINTER INTERNATIONALFUND SICAV - CIMALTAIR INTERNATIONAL is included in the statement of net assets of the Sub-Fund.

(Continued)

FUTURES CONTRACTS

As at December 31, 2015, the following futures contract(s) was (were) outstanding :

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80 DJ EURO STOXX MAR 3000 21.03.16 PUT EUR 2,400,000.00

Sale of Listed options

Listed options

36 DJ EURO STOXX MAR 3450 18.03.16 CALL EUR 1,242,000.0036 DJ EURO STOXX MAR 3500 21.03.16 CALL EUR 1,260,000.0075 DJ EURO STOXX 50 MAR 3100 21.03.16 PUT EUR 2,325,000.0025 DJ EURO STOXX 50 MAR 3600 21.03.16 CALL EUR 900,000.00

BANKINTER INTERNATIONAL FUND SICAV - CIMALTAIR INTERNATIONAL

Quantity Description Currency Commitment

OPTIONS

As at December 31, 2015, the following option contract(s) was (were) outstanding:

BANKINTER INTERNATIONAL FUND SICAV

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