Crediinvest SICAVbanquedepatrimoinesprives.com/pdf/bbpp/Annual_Report.pdf · 2014-08-08 ·...

Audited annual report as at 31st December 2013

Crediinvest SICAV Société d'Investissement à Capital Variable Luxembourg

R.C.S. Luxembourg B 98 745

No subscription can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current issue prospectus and the key investor information document ("KIID") accompanied by the subscription form, the latest annual report and the most recent semi-annual report, if published thereafter.

Crediinvest SICAV

Contents

1

Organisation ..................................................................................................................................................... 3

General information ......................................................................................................................................... 5

Report on activities of the Board of Directors............................................................................................... 6

Report of the Réviseur d'Entreprises agréé .................................................................................................. 9

Consolidated statement of net assets .......................................................................................................... 11

Consolidated statement of operations and other changes in net assets ................................................. 12

Crediinvest SICAV - Money Market Euro Fund............................................................................................ 13 Statement of net assets ................................................................................................................................ 13 Statement of operations and other changes in net assets ........................................................................... 14 Statistical information .................................................................................................................................... 15 Statement of investments and other net assets ........................................................................................... 16 Industrial and geographical classification of investments ............................................................................. 18

Crediinvest SICAV - Money Market Dollar Fund.......................................................................................... 19 Statement of net assets ................................................................................................................................ 19 Statement of operations and other changes in net assets ........................................................................... 20 Statistical information .................................................................................................................................... 21 Statement of investments and other net assets ........................................................................................... 22 Industrial and geographical classification of investments ............................................................................. 24

Crediinvest SICAV - Spanish Value .............................................................................................................. 25 Statement of net assets ................................................................................................................................ 25 Statement of operations and other changes in net assets ........................................................................... 26 Statistical information .................................................................................................................................... 27 Statement of investments and other net assets ........................................................................................... 28 Industrial and geographical classification of investments ............................................................................. 29

Crediinvest SICAV - International Value ...................................................................................................... 30 Statement of net assets ................................................................................................................................ 30 Statement of operations and other changes in net assets ........................................................................... 31 Statistical information .................................................................................................................................... 32 Statement of investments and other net assets ........................................................................................... 33 Industrial and geographical classification of investments ............................................................................. 35

Crediinvest SICAV - Big Cap Value .............................................................................................................. 36 Statement of net assets ................................................................................................................................ 36 Statement of operations and other changes in net assets ........................................................................... 37 Statistical information .................................................................................................................................... 38 Statement of investments and other net assets ........................................................................................... 39 Industrial and geographical classification of investments ............................................................................. 40

Crediinvest SICAV - US American Value ...................................................................................................... 41 Statement of net assets ................................................................................................................................ 41 Statement of operations and other changes in net assets ........................................................................... 42 Statistical information .................................................................................................................................... 43 Statement of investments and other net assets ........................................................................................... 44 Industrial and geographical classification of investments ............................................................................. 45

Crediinvest SICAV - Sustainability ............................................................................................................... 46 Statement of net assets ................................................................................................................................ 46 Statement of operations and other changes in net assets ........................................................................... 47 Statistical information .................................................................................................................................... 48 Statement of investments and other net assets ........................................................................................... 49 Industrial and geographical classification of investments ............................................................................. 50

Crediinvest SICAV

Contents (continued)

2

Crediinvest SICAV - Fixed Income Euro ...................................................................................................... 51 Statement of net assets ................................................................................................................................ 51 Statement of operations and other changes in net assets ........................................................................... 52 Statistical information .................................................................................................................................... 53 Statement of investments and other net assets ........................................................................................... 54 Industrial and geographical classification of investments ............................................................................. 56

Crediinvest SICAV - Fixed Income Dollar .................................................................................................... 57 Statement of net assets ................................................................................................................................ 57 Statement of operations and other changes in net assets ........................................................................... 58 Statistical information .................................................................................................................................... 59 Statement of investments and other net assets ........................................................................................... 60 Industrial and geographical classification of investments ............................................................................. 62

Crediinvest SICAV - Proactive Protection .................................................................................................... 63 Statement of net assets ................................................................................................................................ 63 Statement of operations and other changes in net assets ........................................................................... 64 Statistical information .................................................................................................................................... 65 Statement of investments and other net assets ........................................................................................... 66 Industrial and geographical classification of investments ............................................................................. 67

Crediinvest SICAV - Proactive Protection Opportunity .............................................................................. 68 Statement of net assets ................................................................................................................................ 68 Statement of operations and other changes in net assets ........................................................................... 69 Statistical information .................................................................................................................................... 70 Statement of investments and other net assets ........................................................................................... 71 Industrial and geographical classification of investments ............................................................................. 72

Crediinvest SICAV - Short Term Fixed Income Euro Fund ........................................................................ 73 Statement of net assets ................................................................................................................................ 73 Statement of operations and other changes in net assets ........................................................................... 74 Statistical information .................................................................................................................................... 75 Statement of investments and other net assets ........................................................................................... 76 Industrial and geographical classification of investments ............................................................................. 78

Notes to the financial statements ................................................................................................................. 79

Crediinvest SICAV

3

Organisation

Registered office 30, boulevard Royal L-2449 LUXEMBOURG Board of Directors Chairman

José Luis DORADO OCAÑA Director of the Financial Area

CRÈDIT ANDORRÀ S.A. 80, Av. Meritxell AD-500 ANDORRA LA VELLA

Directors Sergi MARTÍN AMORÓS Chief Executive Officer

CREDI-INVEST S.A. 6-8, Bonaventura Armengol

AD-500 ANDORRA LA VELLA Carlo Alberto MONTAGNA Independent Director - Associate at TDO c/o The Director’s Office

21st Century Building 19, rue de Bitbourg L-1273 LUXEMBOURG

Andrés ROLDAN CUBAS Risk & Compliance Area Chief Executive


Ventura VIDAL FLINCH Managing Director Development, Back Office & Control


Conducting officers of the Company Carlo Alberto MONTAGNA Xavier CORNELLA CASTEL Administrative, registrar and transfer agent EUROPEAN FUND ADMINISTRATION S.A. 2, rue d'Alsace L-1122 LUXEMBOURG

Crediinvest SICAV

Organisation (continued)

4

Domiciliary, custodian and paying agent BANQUE DE PATRIMOINES PRIVÉS 30, boulevard Royal L-2449 LUXEMBOURG Investment Advisor CREDI-INVEST S.A. 6-8, Bonaventura Armengol AD-500 ANDORRA LA VELLA Investment Sub-Advisor for the Sub-Funds Crediinvest SICAV - Spanish Value, Crediinvest SICAV - International Value and Crediinvest SICAV - Big Cap Value BESTIVER GESTIÓN S.G.I.I.C. S.A. 8, Juan de Mena E-28014 MADRID Investment Sub-Advisor for the Sub-Fund Crediinvest SICAV - US American Value GAMCO ASSET MANAGEMENT INC One Corporate Center, Rye NY-10580-1422 USA Investment Sub-Advisor for the Sub-Funds Crediinvest SICAV - Proactive Protection and Crediinvest SICAV - Proactive Protection Opportunity EXPERT TIMING SYSTEMS INTERNATIONAL, EAFI, S.L. 131, Rda. Buganvilla del Rey E-28023 MADRID Cabinet de révision agréé KPMG Luxembourg S.à r.l. 9, allée Scheffer L-2520 LUXEMBOURG Legal advisor ELVINGER, HOSS & PRUSSEN 2, place Winston Churchill L-1340 LUXEMBOURG

Crediinvest SICAV

5

General information

Crediinvest SICAV (the "Company"), being a self-managed investment company with variable capital (société d'investissement à capital variable), is registered in the Grand Duchy of Luxembourg as an Undertaking for Collective Investment in Transferable Securities pursuant to Part I of the amended law of 17th December 2010 (the "2010 Law") relating to Undertakings for Collective Investment and the Council Directive 2009/65/CE (the "UCITS Directive") as amended. It was incorporated on 2nd February 2004 for an unlimited period. The Company is registered under the number B 98 745 at the "Registre de Commerce et des Sociétés de Luxembourg", where its articles of incorporation are available for inspection and a copy thereof may be obtained upon request. The articles of incorporation as well as their amendments have been published in the "Mémorial, Recueil des Sociétés et Associations" (the "Mémorial") in Luxembourg. In accordance with the provisions of article 27 of the 2010 amended Law relating to Undertakings for Collective Investment, the Company have not designated a management company and therefore qualifies as self-managed SICAV. At the date of the report, the Company offers the following Sub-Funds: - Crediinvest SICAV - Money Market Euro Fund (hereafter "Money Market Euro Fund") in EUR - Crediinvest SICAV - Money Market Dollar Fund (hereafter "Money Market Dollar Fund") in USD - Crediinvest SICAV - Spanish Value (hereafter "Spanish Value") in EUR - Crediinvest SICAV - International Value (hereafter "International Value") in EUR - Crediinvest SICAV - Big Cap Value (hereafter "Big Cap Value") in EUR - Crediinvest SICAV - US American Value (hereafter "US American Value") in USD - Crediinvest SICAV - Sustainability (hereafter "Sustainability") in EUR - Crediinvest SICAV - Fixed Income Euro (hereafter "Fixed Income Euro") in EUR - Crediinvest SICAV - Fixed Income Dollar (hereafter "Fixed Income Dollar") in USD - Crediinvest SICAV - Proactive Protection (hereafter "Proactive Protection”) (launched on 22th March 2013)

in EUR

- Crediinvest SICAV - Proactive Protection Opportunity (hereafter " Proactive Protection Opportunity") (launched on 22th March 2013)

in EUR

- Crediinvest SICAV - Short Term Fixed Income Euro Fund (hereafter "Short Term Fixed Income Euro Fund") (launched on 22th March 2013)

in EUR

All of the Sub-Funds may offer Class I Shares (for institutional shareholders only) and Class A Shares (for retail shareholders only). A hedged version of each Classes of Shares may be created for each Sub-Fund in favour of investors, which may be denominated in a currency other than the reference currency of the relevant Sub-Fund. The Sub-Funds Spanish Value, International Value, Big Cap Value, Proactive Protection, Proactive Protection Opportunity offer a hedged Class I3 expressed in USD. For the Sub-Funds Spanish Value and Big Cap Value, the hedged Class I3 was launched as at 4th November 2013 (date of 1st NAV calculation). For the Sub-Funds Proactive Protection and Proactive Protection Opportunity, the hedged Class I3 was launched as at 22th March 2013 (date of 1st NAV calculation). The articles of incorporation, the prospectus, the KIID, the most recent semi-annual and audited annual reports, the statement of changes in investments are available free of charge at the registered office of the Company.

Crediinvest SICAV

6

Report on activities of the Board of Directors

Dear Shareholder, Crediinvest SICAV (the "Company") is a self-managed investment company with variable capital (société d'investissement à capital variable) registered in the Grand Duchy of Luxembourg as an undertaking for collective investment in transferable securities (a "UCITS") pursuant to Part I of the Luxembourg law (the "UCI Law") of 17th December 2010 (as amended from time to time) on undertakings for collective investment (a "UCI") and the Council Directive EEC/85/611(the "UCITS Directive") as amended. The main objective of the Company is to provide the investors with a choice of professionally managed Sub-Funds investing in a wide range of transferable securities and money market instruments in order to achieve an optimum return from capital invested, while reducing investment risk through diversification. The Company manages the following Sub-Funds: Crediinvest SICAV - Money Market Euro Fund and Money Market Dollar Fund: The main objective of the Money Market Euro Fund and Money Market Dollar Fund Sub-Funds is to achieve a high regular income while giving due consideration to capital security and to the liquidity of assets. Crediinvest SICAV - Spanish Value: The main objective of the Spanish Value Sub-Fund is capital appreciation, which attempts to reach by investing in transferable securities issued by Iberian companies. Those investments will be concentrated in companies deemed under-rated in respect of their intrinsic value. The selection criterion for those companies will be based on the analysis of the fundamental valuation ratios, mainly on the study of the Price Earning Ratio (P.E.R.). Crediinvest SICAV - International Value: The main objective of the International Value Sub-Fund is capital appreciation, which attempts to reach by investing in transferable securities issued by international companies in OECD member states. Those investments will be concentrated in companies deemed under- rated in respect of their intrinsic value. The selection criterion for those companies will be based on the analysis of the fundamental valuation ratios, mainly on the study of the Price Earning Ratio (P.E.R.). Crediinvest SICAV - Big Cap Value: The main objective of the Big Cap Value Sub-Fund is capital appreciation, which attempts to reach by investing in transferable securities issued by European companies. Those investments will be concentrated in companies deemed under-rated in respect of their intrinsic value. The selection criterion for those companies will be based on the analysis of the fundamental valuation ratios, mainly on the study of the Price Earning Ratio (P.E.R.). Crediinvest SICAV - US American Value: The main objective of the US American Value Sub-Fund is capital appreciation, which attempts to reach by investing in transferable securities issued by US companies.

Crediinvest SICAV

Report on activities of the Board of Directors (continued)

7

Crediinvest SICAV - Sustainability: The main objective of the Sustainability Sub-Fund is capital appreciation, which attempts to reach by investing in transferable securities issued by international Socially Responsible Investment ("SRI") companies or SRI funds. Crediinvest SICAV - Fixed Income Euro and Fixed Income Dollar: The main objective of the Fixed Income Euro and the Fixed Income Dollar Sub-Funds is to achieve a high regular income while giving due consideration to capital security and to the liquidity of assets. Crediinvest SICAV - Proactive Protection and Proactive Protection Opportunity: The main objective of the Proactive Protection and the Proactive Protection Opportunity Sub-Funds is the capital preservation of the portfolio in harsh environments and its market capitalization in favorable environments, controlling the predefined level of risk of the portfolio in terms of volatility. Crediinvest SICAV - Short Term Fixed Income Euro Fund: The main objective of the Short Term Fixed Income Euro Fund Sub-Fund is to achieve a regular income while preserving capital and the liquidity of the assets. No assurance can be made that the targeted objectives of the investment policy will be attained. No assurance can be made that the targeted objectives of the investment policy will be attained. MONEY MARKET The macroeconomic data showed an strengthening of economic activity in the US. In addition, political risks were minimized when an agreement was reached on the US Federal budget. In Europe, a certain recovery of the economy was also reflected in the macroeconomic data. As far as monetary policy is concerned, the US Federal Reserve announced the reduction of asset purchases -tapering- while the European Central Bank reduced 25bp the official rate in November. Those opposite measures had an apparently surprising effect on money market curves: US Libor rates suffered a downshift all along the curve while the Euribor curve moved upwards at the end of the year. Given the present macroeconomic situation together with the main central banks’ monetary policy perspectives, the investment guidelines for the money market funds’ portfolios have remained the same. Therefore, the portfolios’ duration has been maintained at very similar levels than that of the 3-month benchmark. Moreover, we maintain a balanced trade-off between short term liquidity and higher yielding longer term assets in the funds’ portfolios. The portfolio has continued to invest in short term bank deposits, Euro commercial Papers, Floating-Rate Obligations and short dated fixed coupon obligations. FIXED INCOME At the end of the year, 10-year rates eased considerably. After the tapering was announced, investors sold off sovereign bonds. As a consequence, both German and US benchmarks increased. The search for yield on this zero rate environment and the risk-on mood of investors favoured a further tightening of peripheral sovereign debt and corporate spreads along all industry sectors.

Crediinvest SICAV

Report on activities of the Board of Directors (continued)

8

On the grounds that these developments do not justify a change in our expectations, we remain strongly underweight in Government debt. With regards to the duration of the portfolio, it has been maintained steady and deliberately lower than that of the benchmark given our negative view on Government yields. With respect to credit, we would like to point out that peripheral corporate issuers continue to be the main overweight in the portfolio. The portfolio characteristics have remained stable. The main trades in the portfolio were caused by rebalances in response to important subscriptions/withdrawals. Additionally, given our outlook for US rates shifting higher than German ones, the interest rate risk hedging was put into place through US T-Note derivatives. EQUITIES The end of the year was characterized by a continuation of the good environment for equities, where investors continued to pounce in. U.S. economic activity strengthened while political risks descended, as an agreement was reached by Republicans and Democrats on the federal budget. In Europe, economic data were also positive. Regarding monetary policy, the Fed finally announced the start of “tapering” - reduction of direct monetary stimulus in the U.S. economy, without causing any major disruptions in markets. Meanwhile in Europe the ECB cut rates to 0.25 % in November, though also without having no influence on equities behaviour. Regarding yearly performance, very good year for equity markets with positive returns in almost all index: Euro Stoxx 50 +17.95%, S&P 500 +29.60%, Bovespa -15.50% and Nikkei +56.72%. Whit respect to investment styles; the differences in performance continued to be small: MSCI Value Index +23.34% vs +24.85% for MSCI Growth Index; or MSCI Large Index +23.74% vs +30.38% for the MSCI Small Index. Luxembourg, 2nd April 2014 The Board of Directors Note: The information in this report represents historical data and is not an indication of future results.

9

Report of the Réviseur d'Entreprises agréé

To the Shareholders of Crediinvest SICAV We have audited the accompanying financial statements of Crediinvest SICAV (“the SICAV”) and of each of its sub-funds, which comprise the statement of net assets and the statement of investments and other net assets as at 31st December 2013 and the statement of operations and other changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory information. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements, and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the Réviseur d'Entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the Réviseur d’Entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d’Entreprises agréé considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.

Report of the Reviseur d'Entreprises agree (continued)

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of Crediinvest SICAV and of each of its sub-funds as of 31st December 2013, and of the results of their operations and changes in their net assets for the year then ended in accordance with 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.

Luxembourg, 29th April 2014

10

KPMG Luxembourg S.a r.I.

Cabinet de revision agree

Crediinvest SICAV

Consolidated statement of net assets (in EUR) as at 31st December 2013

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

11

Assets Securities portfolio at market value 1,026,947,632.74 Option contracts at market value 32,574.47 Cash at banks 140,194,058.67 Receivable on sales of securities 1,307,588.03 Receivable on treasury transactions 169.74 Receivable on issues of shares 1,527,707.06 Income receivable on portfolio 3,947,147.46 Interest receivable on bank accounts 51,349.22 Unrealised gain on forward foreign exchange contracts 83,269.51

Total assets 1,174,091,496.90

Liabilities Bank overdrafts 1,069,773.73 Payable on purchases of securities 829,688.51 Payable on redemptions of shares 1,264,053.96 Interest payable on bank overdrafts 2,970.05 Unrealised loss on forward foreign exchange contracts 1,436,701.21 Expenses payable 8,371,258.40

Total liabilities 12,974,445.86

Net assets at the end of the year 1,161,117,051.04

Crediinvest SICAV

Consolidated statement of operations and other changes in net assets (in EUR) from 1st January 2013 to 31st December 2013


12

Income Dividends, net 10,507,970.74 Interest on bonds and other debt securities, net 6,778,014.32 Interest on bank accounts 314,185.71 Other income 169,999.48

Total income 17,770,170.25

Expenses Advisory fees 19,400,583.05 Performance fees 5,244,082.46 Custodian fees 1,030,565.37 Banking charges and other fees 363,440.33 Transaction fees 6,259,805.33 Central administration costs 557,514.91 Professional fees 111,566.15 Other administration costs 4,638,475.12 Subscription duty ("taxe d'abonnement") 282,805.20 Interest paid on bank overdrafts 60,277.80 Other expenses 235,068.23

Total expenses 38,184,183.95

Net investment loss -20,414,013.70

Net realised gain/(loss) - on securities portfolio 65,984,877.31 - on option contracts -65,539.49 - on futures contracts 39,047.96 - on forward foreign exchange contracts -2,333,352.72 - on foreign exchange -254,705.50

Realised result 42,956,313.86

Net variation of the unrealised gain/(loss) - on securities portfolio 89,782,926.87 - on option contracts 20,344.02 - on forward foreign exchange contracts -357,113.47

Result of operations 132,402,471.28

Subscriptions 610,573,613.86

Redemptions -424,990,806.61

Total changes in net assets 317,985,278.53

Total net assets at the beginning of the year 847,702,444.75

Revaluation difference -4,570,672.24

Total net assets at the end of the year 1,161,117,051.04

Money Market Euro Fund

Statement of net assets (in EUR) as at 31st December 2013


13

Assets Securities portfolio at market value 119,004,373.79 Cash at banks 45,944,455.76 Receivable on issues of shares 10,456.68 Income receivable on portfolio 2,079,704.42 Interest receivable on bank accounts 33,699.99

Total assets 167,072,690.64

Liabilities Payable on redemptions of shares 36,517.76 Interest payable on bank overdrafts 1,788.05 Expenses payable 182,898.29

Total liabilities 221,204.10

Net assets at the end of the year 166,851,486.54

Number of Class A Shares outstanding 10,435,392.5082 Net asset value per Class A Share 10.0553

Number of Class I Shares outstanding 5,506,054.1370 Net asset value per Class I Share 11.2458


Statement of operations and other changes in net assets (in EUR) from 1st January 2013 to 31st December 2013


14

Income Interest on bonds and other debt securities, net 4,149,783.61 Interest on bank accounts 200,058.89


Expenses Advisory fees 1,001,752.16 Custodian fees 180,138.72 Banking charges and other fees 44,367.07 Transaction fees 3,690.00 Central administration costs 128,980.63 Professional fees 22,404.01 Other administration costs 22,322.25 Subscription duty ("taxe d'abonnement") 19,872.14 Interest paid on bank overdrafts 34,987.67 Other expenses 53,746.74


Net investment income 2,837,581.11

Net realised gain/(loss) - on securities portfolio -2,814,185.02

Realised result 23,396.09

Net variation of the unrealised gain/(loss) - on securities portfolio -116,614.29

Result of operations -93,218.20



Total changes in net assets -174,176,042.88


Total net assets at the end of the year 166,851,486.54


Statistical information (in EUR) as at 31st December 2013


15

Total net assets

- as at 31.12.2013 166,851,486.54 - as at 31.12.2012 341,027,529.42 - as at 31.12.2011 427,868,208.85

Number of Class A Shares

- outstanding at the beginning of the year 22,549,460.9980 - issued 5,596,930.9791 - redeemed -17,710,999.4689

- outstanding at the end of the year 10,435,392.5082

Net asset value per Class A Share

- as at 31.12.2013 10.0553 - as at 31.12.2012 10.0628 - as at 31.12.2011 9.9933

Number of Class I Shares

- outstanding at the beginning of the year 10,144,903.7190 - issued 235,914.0500 - redeemed -4,874,763.6320


Net asset value per Class I Share

- as at 31.12.2013 11.2458 - as at 31.12.2012 11.2486 - as at 31.12.2011 11.1654


Statement of investments and other net assets (in EUR) as at 31st December 2013


16

Currency Number / nominal value

Description Cost Market value % of total net assets

Investments in securities

Transferable securities admitted to an official stock exchange listing

Bonds

EUR 1,000,000 A.P. Moeller - Maersk A/S 4.875% Sen 09/30.10.14 1,042,221.79 1,033,950.00 0.62 EUR 1,000,000 American Honda Finance Corp 3.875% EMTN Sen 09/16.09.14 1,028,730.00 1,023,900.00 0.61 EUR 1,000,000 BAT Holdings BV 4.375% EMTN Ser 29 06/15.09.14 1,032,059.67 1,027,150.00 0.62 EUR 1,000,000 Bayer Capital Corp BV 4.625% EMTN Sen 09/26.09.14 1,037,718.38 1,030,650.00 0.62 EUR 5,000,000 BMW Finance NV FRN EMTN Sen 13/04.02.15 4,999,021.20 5,004,928.00 3.00 EUR 2,000,000 BP Capital Markets Plc 3.1% EMTN 10/07.10.14 2,048,316.44 2,039,700.00 1.22 EUR 1,000,000 Carrefour SA 5.125% EMTN 07/10.10.14 1,043,827.32 1,035,850.00 0.62 EUR 2,500,000 Daimler Intl Fin BV 7.875% EMTN 09/16.01.14 2,665,041.66 2,506,750.00 1.50 EUR 775,000 Deutsche Telekom Intl Fin BV 5.75% EMTN 08/10.01.14 810,691.95 775,891.25 0.46 EUR 1,000,000 E.On Intl Finance BV 4.875% EMTN Reg-S Ser 40 09/28.01.14 1,040,958.48 1,003,000.00 0.60 EUR 775,000 GDF Suez 6.25% EMTN 08/24.01.14 816,708.86 777,751.25 0.47 EUR 5,000,000 GE Capital European Funding 4.625% EMTN 04/04.07.14 5,203,618.60 5,105,500.00 3.06 EUR 1,111,000 GE Capital European Funding FRN EMTN Sen 04/28.07.14 1,111,184.47 1,111,666.60 0.67 EUR 2,000,000 Iberdrola Finanzas SA 4.875% EMTN Reg S 09/04.03.14 2,029,496.50 2,014,000.00 1.21 EUR 3,599,000 John Deere Capital Corp 7.50% EMTN Sen 09/24.01.14 3,771,572.14 3,613,755.90 2.17 EUR 1,000,000 Merck & Co Inc 5.375% 07/01.10.14 1,042,530.90 1,036,500.00 0.62 EUR 1,300,000 Natl Grid Elec Transmissi Plc 6.625% EMTN 08/28.01.14 1,373,784.71 1,305,460.00 0.78 EUR 10,000,000 Rabobank Nederland NV FRN EMTN 12/13.01.14 9,993,010.00 10,003,000.00 5.99 EUR 2,000,000 Rabobank Nederland NV FRN EMTN Sen 13/14.11.14 2,000,240.36 1,998,780.00 1.20 EUR 4,000,000 Santander Intl Debt SA 4.375% Sen 12/04.09.14 4,116,458.00 4,090,200.00 2.45 EUR 2,822,000 Siemens Financieringsmaatsc NV 5.375% EMTN Sen

08/11.06.14 2,946,759.55 2,885,212.80 1.73

EUR 4,800,000 Société Générale FRN EMTN Sen 13/14.01.15 4,803,185.28 4,811,040.00 2.88 EUR 8,250,000 Telefonica Emisiones SA 5.431% EMTN Reg-S Ser 17

09/03.02.14 8,584,651.18 8,285,062.50 4.97

EUR 1,144,000 Total Capital SA 3.5% EMTN Reg-S Ser 52 09/27.02.14 1,176,740.51 1,149,376.80 0.69 EUR 6,950,000 Volkswagen Fin Serv AG 6.875% EMTN Reg-S 09/15.01.14 7,340,893.14 6,964,803.50 4.17

Total bonds 73,059,421.09 71,633,878.60 42.93

Transferable securities dealt in on another regulated market

Bonds

EUR 500,000 Mondelez Intl Inc FRN Sen 13/11.06.15 500,105.43 500,650.00 0.30

Total bonds 500,105.43 500,650.00 0.30

Money market instruments

EUR 10,000,000 Dexia Créd Local de France FRN CD 13/17.10.14 10,001,030.00 10,001,030.00 5.99

Total money market instruments 10,001,030.00 10,001,030.00 5.99

Other transferable securities

Index linked bonds

EUR 4,000,000 Boats Inv (Netherlands) BV VAR Lk Unicredit 13/01.10.14 4,000,012.00 4,011,264.00 2.40 EUR 10,000,000 Demeter Investments BV VAR InteSanp 3.62 Ser XX

13/13.08.15 10,000,030.00 9,932,960.00 5.95

Total index linked bonds 14,000,042.00 13,944,224.00 8.35


EUR 2,000,000 BMW Finance NV 0% ECP 13/12.03.14 1,998,930.00 1,998,930.00 1.20 EUR 1,000,000 Diageo Finance Plc 0% ECP 13/10.02.14 999,645.00 999,645.00 0.60 EUR 10,000,000 Intl Endesa BV 0% ECP 13/31.07.14 9,933,520.00 9,933,520.00 5.95 EUR 2,000,000 Kelloggs Europe Co Ltd 0% ECP 13/21.02.14 1,999,170.00 1,999,170.00 1.20 EUR 2,000,000 Kelloggs Europe Co Ltd 0% ECP 13/21.05.14 1,997,722.00 1,997,722.00 1.20


Statement of investments and other net assets (in EUR) (continued) as at 31st December 2013


17



EUR 3,000,000 Tesco Corp Treasury Serv Plc 0% ECP 13/21.02.14 2,998,069.62 2,998,069.62 1.80 EUR 3,000,000 Vodafone Group Plc 0% ECP 13/13.03.14 2,997,534.57 2,997,534.57 1.80


Total investments in securities 120,485,189.71 119,004,373.79 71.32

Cash at banks

Term deposits

EUR 5,000,000.00 Banque BPP SA 0.2500% 12.02.2014 5,000,000.00 5,000,000.00 3.00 EUR 5,000,000.00 Banque BPP SA 0.2600% 30.06.2014 5,000,000.00 5,000,000.00 3.00 EUR 1,000,000.00 Banque BPP SA 0.3000% 12.09.2014 1,000,000.00 1,000,000.00 0.60 EUR 4,000,000.00 Banque BPP SA 0.2900% 11.08.2014 4,000,000.00 4,000,000.00 2.40 EUR 4,000,000.00 Banque BPP SA 0.3500% 12.11.2014 4,000,000.00 4,000,000.00 2.40 EUR 5,000,000.00 Banque BPP SA 0.3000% 26.05.2014 5,000,000.00 5,000,000.00 3.00

Total term deposits 24,000,000.00 24,000,000.00 14.40

Notification deposits

EUR 18,000,000.00 Banque Transatlantique (CIC Group) 0.3000% 18,000,000.00 18,000,000.00 10.79 EUR 1,000,000.00 Société Générale 0.0400% 1,000,000.00 1,000,000.00 0.60

Total notification deposits 19,000,000.00 19,000,000.00 11.39

Current accounts at bank 2,944,455.76 2,944,455.76 1.76

Total cash at banks 45,944,455.76 45,944,455.76 27.54

Other net assets/(liabilities) 1,902,656.99 1.13

Total 166,851,486.54 100.00


Industrial and geographical classification of investments as at 31st December 2013


18

Industrial classification

(in percentage of net assets)

Diversified financial services 43.50 %

Banks 16.06 %

Special Purpose Vehicle (SPV) 5.95 %

Telecommunication services 1.80 %

Utilities 1.25 %

Transportation 0.62 %

Food retailing, drugstores and pharmacies 0.62 %

Pharmaceuticals and biotechnology 0.62 %

Investment companies 0.60 %

Food, beverage and tobacco 0.30 %

Total 71.32 %

Geographical classification

(by domicile of the issuer) (in percentage of net assets)

The Netherlands 31.22 %

France 10.65 %

Spain 8.63 %

United Kingdom 6.20 %

Germany 4.17 %

Ireland 3.73 %

United States of America 3.70 %

Bermuda 2.40 %

Denmark 0.62 %

Total 71.32 %

Money Market Dollar Fund

Statement of net assets (in USD) as at 31st December 2013


19

Assets Securities portfolio at market value 45,285,561.09 Cash at banks 30,187,895.96 Receivable on issues of shares 391,103.70 Income receivable on portfolio 418,218.83 Interest receivable on bank accounts 22,235.30


Liabilities Bank overdrafts 0.55 Payable on redemptions of shares 16,483.58 Interest payable on bank overdrafts 831.66 Expenses payable 61,529.55





Statement of operations and other changes in net assets (in USD) from 1st January 2013 to 31st December 2013


20

Income Interest on bonds and other debt securities, net 1,471,624.33 Interest on bank accounts 130,038.36


Expenses Advisory fees 219,618.03 Custodian fees 71,299.60 Banking charges and other fees 26,496.60 Transaction fees 4,963.03 Central administration costs 51,502.77 Professional fees 9,532.60 Other administration costs 18,203.78 Subscription duty ("taxe d'abonnement") 8,350.35 Interest paid on bank overdrafts 20,193.02 Other expenses 20,718.48

Total expenses 450,878.26

Net investment income 1,150,784.43

Net realised gain/(loss) - on securities portfolio -1,157,926.61 - on foreign exchange -2,564.59

Realised result -9,706.77





Total changes in net assets -40,392,355.25




Statistical information (in USD) as at 31st December 2013


21

Total net assets

- as at 31.12.2013 76,226,169.54 - as at 31.12.2012 116,618,524.79 - as at 31.12.2011 140,806,699.17





- as at 31.12.2013 10.0288 - as at 31.12.2012 10.0334 - as at 31.12.2011 10.0159


Statement of investments and other net assets (in USD) as at 31st December 2013


22





Bonds

USD 1,000,000 Anglo American Capital Plc 9.375% Ser Reg S 09/08.04.14 1,029,987.89 1,022,200.00 1.34 USD 500,000 Bank of America Corp 5.125% Sen 02/15.11.14 521,147.73 518,700.00 0.68 USD 500,000 Bank of America Corp 5.45% MTN Tr 432 Sen 04/15.07.14 517,047.46 512,575.00 0.67 USD 1,000,000 BellSouth Corp 5.2% Sen 04/15.09.14 1,044,192.52 1,032,900.00 1.35 USD 1,500,000 BP Capital Markets Plc 3.625% Sen 09/08.05.14 1,523,962.98 1,517,250.00 1.99 USD 260,000 Daimler Fin North America LLC 1.875% Reg S Sen 11/15.09.14 263,376.05 262,197.00 0.34 USD 1,000,000 Daimler Fin North America LLC FRN Reg S Sen 13/09.01.15 1,000,239.34 1,002,662.00 1.31 USD 1,535,000 Deutsche Telekom Intl Fin BV 4.875% Sen 09/08.07.14 1,579,721.94 1,568,923.50 2.06 USD 4,905,000 Electricité de France 5.5% Ser REGS 09/26.01.14 5,119,044.87 4,921,677.00 6.46 USD 1,000,000 Enel Finance Intl SA 3.875% Ser REGS 09/07.10.14 1,025,902.68 1,021,250.00 1.34 USD 1,000,000 General Electric Capital Corp 5.9% Sen Tr 819 09/13.05.14 1,048,526.11 1,019,500.00 1.34 USD 500,000 Glencore Funding LLC 6% Reg S 04/15.04.14 511,563.38 507,450.00 0.67 USD 1,103,000 Hewlett-Packard Co 6.125% Sen 08/01.03.14 1,160,203.54 1,112,927.00 1.46 USD 1,000,000 Iberdrola Finance Ireland Limited 3.8% Sen Reg-S 09/11.09.14 1,025,373.64 1,019,400.00 1.34 USD 1,000,000 Novartis Capital Corp 4.125% Reg S Sen 09/10.02.14 1,036,350.86 1,003,900.00 1.32 USD 663,000 Progress Energy Inc 6.05% Sen 09/15.03.14 679,494.72 670,390.06 0.88 USD 2,000,000 Rabobank Nederland NV 4.2% MTN Reg S Tr 39 09/13.05.14 2,062,254.47 2,028,400.00 2.66 USD 1,000,000 Rio Tinto Finance USA Ltd 8.95% 09/01.05.14 1,034,786.11 1,026,900.00 1.35 USD 500,000 Shell Intl Finance BV FRN Sen 13/10.11.15 500,136.54 499,901.15 0.66 USD 1,185,000 Unilever Capital Corp 3.65% Sen 09/15.02.14 1,205,344.20 1,189,680.75 1.56 USD 1,000,000 Volkswagen Intl Finance NV 1.875% Reg S 11/01.04.14 1,007,040.52 1,003,200.00 1.32

Total bonds 24,895,697.55 24,461,983.46 32.10


Bonds

USD 673,000 Anheuser Bush Inbe WldWide Inc 5.375% Sen 10/15.11.14 703,478.96 701,333.30 0.92 USD 500,000 Bae Systems Holdings Inc 4.95% Reg S 09/01.16.14 510,969.98 507,225.30 0.67 USD 500,000 Boeing Co FRN Sen 13/03.11.14 500,039.57 500,195.80 0.66 USD 2,000,000 Caterpillar Fin Serv Corp FRN Ser G 13/25.11.15 2,000,448.66 2,001,991.80 2.63 USD 1,000,000 Goldman Sachs Group Inc 6% Tr 578 09/01.05.14 1,033,405.64 1,017,750.00 1.33 USD 700,000 John Deere Capital Corp FRN Ser E 13/12.01.15 700,166.35 700,323.61 0.92 USD 500,000 Morgan Stanley 2.875% Sen 11/28.07.14 507,223.13 505,875.00 0.66 USD 649,000 Orange 4.375% Sen 09/08.07.14 669,813.56 661,331.00 0.87 USD 500,000 Pfizer Inc 4.5% Sen 04/15.02.14 520,647.78 502,425.00 0.66 USD 600,000 Volkswagen Intl Finance NV FRN Reg S Sen 12/20.11.14 600,278.18 602,259.42 0.79 USD 621,000 Wells Fargo & Co 3.75% Ser 1 Tr 114 09/01.10.14 638,022.18 636,680.25 0.83 USD 500,000 Xstrata Fin 2.85% Reg-S Sen 11/10.11.14 508,339.88 506,265.00 0.66

Total bonds 8,892,833.87 8,843,655.48 11.60


Index linked bonds

USD 2,000,000 Boats Inv (Netherlands) BV VAR Lk Unicredit 13/01.10.14 2,000,019.22 2,009,686.00 2.64 USD 4,000,000 Demeter Investments BV VAR Lk Intesa Sanp Ser YY

13/13.08.15 4,000,040.55 3,973,696.00 5.21

Total index linked bonds 6,000,059.77 5,983,382.00 7.85


USD 2,000,000 Caisse des Dépôts et Consignat 0% ECP 13/28.02.14 1,999,458.09 1,999,458.09 2.62 USD 2,000,000 Eurofima 0% ECP 13/05.02.14 1,999,325.81 1,999,325.81 2.62 USD 2,000,000 Zurich Finance (USA) Inc 0% ECP 13/13.05.14 1,997,756.25 1,997,756.25 2.62




Statement of investments and other net assets (in USD) (continued) as at 31st December 2013


23



Cash at banks

Term deposits

USD 2,000,000.00 Banque BPP SA 0.4000% 12.11.2014 2,000,000.00 2,000,000.00 2.62 USD 2,000,000.00 Banque BPP SA 0.5300% 12.02.2014 2,000,000.00 2,000,000.00 2.62 USD 1,000,000.00 Banque BPP SA 0.3900% 11.06.2014 1,000,000.00 1,000,000.00 1.31 USD 1,000,000.00 Banque BPP SA 0.2700% 11.03.2014 1,000,000.00 1,000,000.00 1.31 USD 1,000,000.00 Banque BPP SA 0.4100% 09.09.2014 1,000,000.00 1,000,000.00 1.31 USD 2,000,000.00 Banque BPP SA 0.5000% 27.05.2014 2,000,000.00 2,000,000.00 2.62 USD 2,000,000.00 Banque BPP SA 0.4400% 11.09.2014 2,000,000.00 2,000,000.00 2.62

Total term deposits 11,000,000.00 11,000,000.00 14.41


USD 8,100,000.00 Banque Transatlantique (CIC Group) 0.2500% 8,100,000.00 8,100,000.00 10.63 USD 8,500,000.00 Société Générale 0.0900% 8,500,000.00 8,500,000.00 11.15




Bank overdrafts -0.55 0.00

Other net assets/(liabilities) 752,713.04 1.00

Total 76,226,169.54 100.00




24




Banks 7.46 %

Utilities 7.34 %


International institutions 2.62 %



Technology hardware and equipment 1.46 %

Materials 1.34 %

Capital goods 1.33 %


Total 59.41 %





France 9.95 %


Switzerland 2.62 %

Australia 1.35 %

Ireland 1.34 %

Canada 0.66 %

Total 59.41 %

Spanish Value



25

Assets Securities portfolio at market value 61,433,845.30 Cash at banks 10,772,841.12 Receivable on sales of securities 35,532.96 Receivable on issues of shares 204,998.22


Liabilities Bank overdrafts 61,285.33 Payable on redemptions of shares 25,590.24 Unrealised loss on forward foreign exchange contracts 72,781.95 Expenses payable 375,756.05



Number of Class A Shares outstanding 258,262.8146 Net asset value per Class A Share 265.5404

Number of Hedged Class I3 Shares outstanding 459,734.0000 Net asset value per Hedged Class I3 Share USD 10.0141

Spanish Value



26

Income Dividends, net 860,416.12 Other income 14,209.95

Total income 874,626.07

Expenses Advisory fees 1,284,813.16 Performance fees 129,787.69 Custodian fees 53,366.09 Banking charges and other fees 59,910.09 Transaction fees 513,305.92 Central administration costs 25,612.24 Professional fees 5,134.08 Other administration costs 355,278.21 Subscription duty ("taxe d'abonnement") 24,016.70 Other expenses 9,137.43



Net realised gain/(loss) - on securities portfolio 2,881,997.17 - on forward foreign exchange contracts 188.04 - on foreign exchange -1,938.65


Net variation of the unrealised gain/(loss) - on securities portfolio 7,905,879.23 - on forward foreign exchange contracts -72,781.95







Spanish Value



27

Total net assets

- as at 31.12.2013 71,911,804.03 - as at 31.12.2012 32,637,912.68 - as at 31.12.2011 32,912,816.18


- outstanding at the beginning of the year 151,779.1150 - issued 138,941.6596 - redeemed -32,457.9600

- outstanding at the end of the year 258,262.8146


- as at 31.12.2013 265.5404 - as at 31.12.2012 215.0356 - as at 31.12.2011 196.1660

Number of Hedged Class I3 Shares

- outstanding at the beginning of the year 0.0000 - issued 461,614.0000 - redeemed -1,880.0000


Net asset value per Hedged Class I3 Share

- as at 31.12.2013 USD 10.0141 - as at 31.12.2012 - - as at 31.12.2011 -

Spanish Value



28





Shares

EUR 12,588 Abertis Infraestructuras SA A 143,688.17 204,303.24 0.28 EUR 35,342 Acciona SA 1,606,956.18 1,473,761.40 2.05 EUR 354,537 Acerinox SA Reg 3,423,665.41 3,315,984.56 4.61 EUR 135,071 Almirall SA 1,180,748.08 1,612,747.74 2.24 EUR 551,578 Altri SGPS SA 1,074,766.12 1,252,633.64 1.74 EUR 238,152 ArcelorMittal SA Reg 2,611,664.27 3,073,351.56 4.27 EUR 84,695 Azkoyen SA 509,282.67 178,706.45 0.25 EUR 568,655 Bankia SA 427,716.64 703,426.24 0.98 EUR 1,152 Baron de Ley SA 54,206.37 67,968.00 0.09 EUR 3,695 Construccion y Aux de Ferro SA 1,177,500.46 1,405,947.50 1.96 EUR 63,699 Corporacion Financiera Alba SA 2,646,888.63 2,712,303.42 3.77 EUR 55,485 CTT Correios de Portugal SA 316,547.32 307,941.75 0.43 EUR 24,756 Dinamia Capital Privado SCR SA 345,924.17 171,311.52 0.24 EUR 1,020,070 EDP-Energias de Portugal SA Reg 2,624,133.57 2,720,526.69 3.78 EUR 219,834 Elecnor SA 2,219,611.68 2,466,537.48 3.43 EUR 17,754 Endesa SA 331,072.13 406,921.68 0.57 EUR 119,425 Europac Pap Cartones Europa SA 730,519.72 460,383.38 0.64 EUR 77,191 Ferrovial SA 682,843.46 1,086,463.33 1.51 EUR 387,298 Galp Energia SGPS SA B 4,699,277.03 4,604,973.22 6.40 EUR 9,042 Grupo Catalana Occidente SA 165,953.85 236,086.62 0.33 EUR 95,670 Grupo Tavex SA 116,874.55 22,291.11 0.03 EUR 38,713 Hullera Vasco Leonesa SA 196,182.80 75,103.22 0.10 EUR 100,371 Iberdrola SA 392,747.30 464,818.10 0.65 EUR 50,682 Iberpapel Gestion SA 800,134.46 755,161.80 1.05 EUR 158,812 Ibersol SGPS SA Reg 1,457,642.29 1,032,278.00 1.44 EUR 148,822 Indra Sistemas SA 1,509,542.54 1,818,604.84 2.53 EUR 139,947 Laboratorios Farmaceu Rovi SA 917,614.35 1,378,477.95 1.92 EUR 547,333 Liberbank SA 282,264.38 380,396.44 0.53 EUR 94,848 Mapfre SA Reg 237,014.37 297,063.94 0.41 EUR 22,035 Melia Hotels Intl SA 137,563.29 206,467.95 0.29 EUR 78,521 Miquel y Costas & Miquel SA 1,512,357.37 2,425,513.69 3.37 EUR 31,225 Pescanova SA 570,792.86 0.00 0.00 EUR 1,624,993 Portugal Telecom SGPS SA Reg 5,491,697.03 5,136,602.87 7.14 EUR 245,156 Prosegur Cia de Seguridad SA 1,060,412.99 1,223,328.44 1.70 EUR 87,507 Repsol SA 1,548,982.52 1,601,815.64 2.23 EUR 37,948 Sacyr SA 95,585.50 143,784.97 0.20 EUR 710,291 Soc de Inv e Gestao SA SEMAPA Reg 4,396,557.60 5,859,190.46 8.15 EUR 4,385,958 Sonae SGPS SA Reg 3,323,230.01 4,578,940.15 6.37 EUR 30,860 Tecnicas Reunidas SA 1,096,087.73 1,223,599.00 1.70 EUR 257,146 Telefonica SA 2,823,376.93 3,033,037.07 4.22 EUR 66,442 Tubacex SA 163,960.69 193,346.22 0.27 EUR 10,102 Vidrala SA 229,469.33 364,581.18 0.51 EUR 176,708 Vocento SA Reg 770,564.12 259,760.76 0.36 EUR 84,355 ZON Optimus SGPS SA 251,947.10 453,998.61 0.63

Total shares 56,355,568.04 61,390,441.83 85.37

Warrants and rights

EUR 87,507 Repsol SA Droits d'attribut 09.01.14 0.00 43,403.47 0.06

Total warrants and rights 0.00 43,403.47 0.06


Cash at banks 10,772,841.12 14.98

Bank overdrafts -61,285.33 -0.09

Other net assets/(liabilities) -233,597.06 -0.32

Total 71,911,804.03 100.00

Spanish Value



29



Materials 22.87 %



Energy 8.79 %

Utilities 8.43 %



Software and services 2.53 %


Hotels, restaurants and leisure 1.73 %

Commercial services and supplies 1.70 %

Banks 1.51 %

Media 0.99 %

Insurance 0.74 %

Real estate 0.20 %


Consumer durables and apparel 0.03 %

Total 85.43 %



Spain 45.08 %

Portugal 36.08 %

Luxembourg 4.27 %

Total 85.43 %

International Value



30

Assets Securities portfolio at market value 522,675,827.62 Cash at banks 41,489,130.73 Receivable on issues of shares 315,682.59 Income receivable on portfolio 400,301.78


Liabilities Payable on purchases of securities 829,688.51 Payable on redemptions of shares 1,084,403.74 Unrealised loss on forward foreign exchange contracts 1,285,002.34 Expenses payable 6,673,481.67

Total liabilities 9,872,576.26



Number of Hedged Class I3 Shares outstanding 5,380,885.0684 Net asset value per Hedged Class I3 Share USD 13.3748

International Value



31

Income Dividends, net 7,377,006.08 Interest on bonds and other debt securities, net 11,626.98 Interest on bank accounts 1.25 Other income 133,716.23


Expenses Advisory fees 12,505,290.91 Performance fees 4,714,959.61 Custodian fees 519,252.41 Banking charges and other fees 108,662.57 Transaction fees 3,704,845.40 Central administration costs 243,425.48 Professional fees 51,158.29 Other administration costs 3,315,160.79 Subscription duty ("taxe d'abonnement") 211,059.55 Interest paid on bank overdrafts 2,201.16 Other expenses 88,157.56



Net realised gain/(loss) - on securities portfolio 52,223,684.59 - on forward foreign exchange contracts -1,788,834.78 - on foreign exchange -246,363.79









International Value



32

Total net assets

- as at 31.12.2013 555,008,366.46 - as at 31.12.2012 294,288,403.54 - as at 31.12.2011 215,338,050.26


- outstanding at the beginning of the year 1,580,371.6160 - issued 982,585.3272 - redeemed -263,362.5650



- as at 31.12.2013 218.6960 - as at 31.12.2012 169.7693 - as at 31.12.2011 150.3523


- outstanding at the beginning of the year 3,300,256.0890 - issued 2,880,179.4194 - redeemed -799,550.4400



- as at 31.12.2013 USD 13.3748 - as at 31.12.2012 USD 10.4116 - as at 31.12.2011 USD 9.1761

International Value



33





Shares

CHF 106,559 Also Holding AG Reg 3,745,510.42 4,307,550.89 0.78 CHF 1,646 Daetwyler Holding AG 74,739.79 166,546.77 0.03 CHF 5,286 Metall Zug Ltd B Reg 7,396,024.14 10,230,823.37 1.84 CHF 51,761 Panalpina Welttransport Hg AG Reg 4,070,017.93 6,319,444.92 1.14 CHF 26,615 Publigroupe SA Reg 2,609,059.19 1,940,944.03 0.35 CHF 161,118 Schindler Holding AG Partizipsch 14,383,434.72 17,276,026.85 3.11 CHF 92,086 Schindler Holding SA 7,675,956.45 9,896,567.24 1.78 CHF 93,465 Swatch Group AG Reg 6,219,626.53 7,663,334.90 1.38

46,174,369.17 57,801,238.97 10.41

EUR 705,806 Bayerische Motoren Werke AG Pref 36,450,037.26 43,823,494.54 7.90 EUR 292,260 Bpost SA 4,470,793.83 4,109,175.60 0.74 EUR 29,027,453 Cia Finanziaria De Benedet SpA 13,464,310.55 16,240,859.95 2.93 EUR 17,365,193 Cie Industriali Riunite SpA 17,005,351.35 19,848,415.60 3.58 EUR 13,600 Dassault Aviation SA 9,343,111.50 12,620,800.00 2.27 EUR 130,606 Deutsche Boerse AG Reg 6,223,624.89 7,862,481.20 1.42 EUR 323,138 Econocom Group SA D 881,334.43 2,678,814.02 0.48 EUR 111,737 Engineering Ingegneri Info SpA 2,891,798.77 4,859,442.13 0.88 EUR 792,116 Esprinet SpA 3,476,875.87 4,253,662.92 0.77 EUR 1,474,665 EXOR SpA 24,111,002.69 42,632,565.15 7.68 EUR 15,034 Gfk SE 584,593.50 605,945.37 0.11 EUR 218,283 Koenig & Bauer AG 3,671,217.33 2,810,393.63 0.51 EUR 802,612 Koninklijke Ahold NV 9,057,683.10 10,514,217.20 1.89 EUR 40,335 Lagardère SCA Reg 852,765.06 1,087,028.25 0.20 EUR 27,390 LDC SA 2,176,821.35 3,058,093.50 0.55 EUR 135,628 M6 Metropole Television SA 1,587,380.79 2,244,643.40 0.40 EUR 319,910 Macintosh Retail Group NV 4,506,760.78 2,671,248.50 0.48 EUR 14,376 MGI Coutier SA 492,513.93 1,428,686.88 0.26 EUR 395,900 Rexel SA 5,856,826.42 7,537,936.00 1.36 EUR 115,366 Roularta Media Groep 2,773,775.91 1,242,491.82 0.22 EUR 4,044,877 Royal Imtech NV 10,824,119.87 8,494,241.70 1.53 EUR 1,030,160 Sol SpA 4,893,149.26 5,846,158.00 1.05 EUR 206,048 STEF SA 8,538,535.58 10,996,781.76 1.98 EUR 911,810 Thales SA 29,068,629.75 42,262,393.50 7.61 EUR 22,735 Télévision Française 1 SA TF1 168,748.48 315,675.48 0.06 EUR 23,227 VM Materiaux SA 1,064,206.84 571,616.47 0.10 EUR 6,349 Wendel 394,727.91 671,089.30 0.12 EUR 2,035,564 Wolters Kluwer NV 31,856,389.90 42,207,419.54 7.60

236,687,086.90 303,495,771.41 54.68

GBP 84,102 DCC Plc 1,737,720.08 2,974,016.21 0.54 GBP 6,175,335 Debenhams Plc 6,448,841.25 6,142,644.10 1.11 GBP 435,980 Imperial Tobacco Group Plc 11,531,325.08 12,193,928.71 2.20 GBP 1,571,837 Informa Plc 9,422,855.51 10,614,609.75 1.91 GBP 6,803,515 Morrison Supermarkets Plc 21,843,494.75 21,462,289.77 3.87 GBP 837,988 National Express Gr Plc 2,180,884.36 2,743,754.03 0.49 GBP 1,413,731 Powerflute Oyj 298,163.12 484,110.89 0.09 GBP 3,767,488 Tesco Plc 15,947,321.20 15,159,186.20 2.73 GBP 460,569 WH Smith Plc 4,032,257.11 5,608,865.93 1.01

73,442,862.46 77,383,405.59 13.95

HKD 8,224,000 Shenguan Holdings (Group) Ltd 2,650,998.95 2,548,664.16 0.46 KRW 202,275 Hyundai Motor Co Ltd Pref 15,371,167.09 18,105,939.37 3.26 KRW 11,870 Hyundai Motor Co Ltd Pref 869,075.52 1,017,721.79 0.18 KRW 19,146 LG Household & Health Care Ltd Pref 2,447,241.55 2,994,203.00 0.54 KRW 18,551 Samsung Electronics Co Ltd Pref 13,296,892.89 12,889,768.31 2.32

31,984,377.05 35,007,632.47 6.30

International Value



34



USD 43,891 Aon Plc 1,755,027.99 2,644,993.12 0.48 USD 193,172 Deere and Co 12,209,069.45 12,699,613.48 2.29 USD 1,039,938 McClatchy (The) Co A 4,475,773.70 2,589,588.27 0.47 USD 356,844 Tata Motors Ltd spons ADR repr 5 Shares 6,874,298.46 7,917,238.12 1.43 USD 484,572 Willis Group Holdings Plc 13,652,985.15 15,668,921.23 2.82

38,967,154.75 41,520,354.22 7.49

Total shares 429,906,849.28 517,757,066.82 93.29


Bonds

EUR 1,200,000 Boiro Finance BV FRN EMTN Ser 212 06/17.02.21 1,103,852.08 1,104,408.00 0.20 EUR 2,100,000 Boiro Finance BV FRN EMTN Ser 243 06/05.06.21 1,572,805.52 1,732,485.30 0.31 EUR 2,500,000 Boiro Finance BV FRN EMTN Ser 287 07/29.01.22 1,860,944.62 2,081,867.50 0.37

Total bonds 4,537,602.22 4,918,760.80 0.88


Cash at banks 41,489,130.73 7.48

Other net assets/(liabilities) -9,156,591.89 -1.65

Total 555,008,366.46 100.00

International Value



35




Automobiles and components 13.03 %


Media 11.01 %

Retailing 9.20 %


Insurance 3.30 %




Semiconductors and semiconductor equipment 2.32 %



Materials 1.14 %

Household and personal products 0.54 %



Total 94.17 %



Italy 16.89 %

France 14.91 %



Switzerland 10.41 %

Germany 9.94 %

South Korea 6.30 %

Ireland 3.36 %


Jersey 1.91 %

Belgium 1.44 %

India 1.43 %

Cayman Islands 0.46 %

Finland 0.09 %

Total 94.17 %

Big Cap Value



36

Assets Securities portfolio at market value 96,752,109.97 Cash at banks 5,881,383.82 Receivable on sales of securities 141,914.60 Receivable on issues of shares 156,287.34 Income receivable on portfolio 90,916.44


Liabilities Bank overdrafts 72,088.02 Unrealised loss on forward foreign exchange contracts 19,803.44 Expenses payable 750,494.94



Number of Class I1 Shares outstanding 5,633,671.9768 Net asset value per Class I1 Share 17.9582


Big Cap Value



37

Income Dividends, net 1,789,840.18 Other income 20,875.49


Expenses Advisory fees 2,473,461.63 Performance fees 396,966.88 Custodian fees 102,861.31 Banking charges and other fees 41,466.95 Transaction fees 1,734,062.62 Central administration costs 48,578.20 Professional fees 10,124.61 Other administration costs 660,367.98 Subscription duty ("taxe d'abonnement") 8,710.55 Other expenses 17,338.53



Net realised gain/(loss) - on securities portfolio 13,511,404.74 - on forward foreign exchange contracts 1,519.17 - on foreign exchange -21,571.25









Big Cap Value



38

Total net assets

- as at 31.12.2013 102,180,225.77 - as at 31.12.2012 56,921,120.78 - as at 31.12.2011 40,320,445.56

Number of Class I1 Shares



Net asset value per Class I1 Share

- as at 31.12.2013 17.9582 - as at 31.12.2012 14.9889 - as at 31.12.2011 13.5508


- outstanding at the beginning of the year 0.0000 - issued 140,299.0000 - redeemed 0.0000



- as at 31.12.2013 USD 9.9389 - as at 31.12.2012 - - as at 31.12.2011 -

Big Cap Value



39





Shares

CHF 34,564 Schindler Holding SA 3,669,807.31 3,714,624.92 3.64 CHF 16,475 Swatch Group AG Reg 1,200,794.36 1,350,809.85 1.32

4,870,601.67 5,065,434.77 4.96

EUR 77,103 Acciona SA 3,511,935.75 3,215,195.10 3.15 EUR 646,234 Acerinox SA Reg 5,919,520.38 6,044,226.60 5.92 EUR 247,768 ArcelorMittal SA 2,754,469.38 3,199,923.72 3.13 EUR 129,549 Bayerische Motoren Werke AG Pref 6,664,603.30 8,043,697.41 7.87 EUR 34,944 Corporacion Financiera Alba SA 1,196,466.14 1,487,915.52 1.46 EUR 186,664 E.ON SE 2,668,818.45 2,504,097.56 2.45 EUR 1,637,837 EDP-Energias de Portugal SA Reg 4,117,551.77 4,368,111.28 4.28 EUR 131,309 EXOR SpA 2,644,121.85 3,796,143.19 3.72 EUR 558,589 Galp Energia SGPS SA B 6,808,022.45 6,641,623.21 6.50 EUR 57,613 Indra Sistemas SA 620,672.01 704,030.86 0.69 EUR 213,678 Koninklijke Ahold NV 2,759,322.25 2,799,181.80 2.74 EUR 1,959,544 Portugal Telecom SGPS SA Reg 6,657,648.46 6,194,118.58 6.06 EUR 49,760 Sanofi SA 3,719,318.85 3,795,692.80 3.72 EUR 481,792 Soc de Inv e Gestao SA SEMAPA Reg 3,242,626.17 3,974,302.21 3.89 EUR 3,633,328 Sonae SGPS SA Reg 2,692,680.83 3,793,194.43 3.71 EUR 18,035 STEF SA 721,449.84 962,527.95 0.94 EUR 60,624 Tecnicas Reunidas SA 2,113,591.64 2,403,741.60 2.35 EUR 150,135 Telefonica SA 1,524,610.82 1,770,842.33 1.73 EUR 85,316 Thales SA 2,932,107.34 3,954,396.60 3.87 EUR 291,911 Wolters Kluwer NV 4,223,109.50 6,052,774.59 5.92

67,492,647.18 75,705,737.34 74.10

GBP 173,909 GlaxoSmithKline Plc 3,259,782.32 3,343,262.77 3.27 GBP 50,117 Imperial Tobacco Group Plc 1,345,726.43 1,401,722.84 1.37 GBP 426,715 Informa Plc 2,515,515.02 2,881,604.90 2.82 GBP 1,306,712 Morrison Supermarkets Plc 4,200,116.76 4,122,138.56 4.03 GBP 1,051,824 Tesco Plc 4,472,507.81 4,232,208.79 4.14

15,793,648.34 15,980,937.86 15.63


Cash at banks 5,881,383.82 5.76



Total 102,180,225.77 100.00

Big Cap Value



40




Materials 12.94 %

Media 8.74 %

Retailing 8.17 %

Automobiles and components 7.87 %



Utilities 6.73 %

Energy 6.50 %








Total 94.69 %



Portugal 24.44 %

Spain 15.30 %


Germany 10.32 %


France 8.53 %

Switzerland 4.96 %

Italy 3.72 %

Luxembourg 3.13 %

Jersey 2.82 %

Total 94.69 %

US American Value



41

Assets Securities portfolio at market value 49,862,532.74 Cash at banks 1,586,246.08 Receivable on issues of shares 116,810.72 Income receivable on portfolio 76,506.15


Liabilities Bank overdrafts 301.97 Payable on redemptions of shares 122,388.76 Expenses payable 179,294.09




US American Value



42

Income Dividends, net 589,303.95


Expenses Advisory fees 1,181,308.26 Performance fees 3,265.52 Custodian fees 49,195.43 Banking charges and other fees 33,409.26 Transaction fees 288,380.49 Central administration costs 23,670.77 Professional fees 5,016.88 Other administration costs 330,161.66 Subscription duty ("taxe d'abonnement") 4,376.87 Interest paid on bank overdrafts 329.80 Other expenses 43,879.46



Net realised gain/(loss) - on securities portfolio 1,460,151.81 - on foreign exchange -797.85


Net variation of the unrealised gain/(loss) - on securities portfolio 9,419,364.42







US American Value



43

Total net assets

- as at 31.12.2013 51,340,110.87 - as at 31.12.2012 20,491,058.65 - as at 31.12.2011 9,102,645.66


- outstanding at the beginning of the year 1,615,524.3500 - issued 2,330,359.2247 - redeemed -818,466.6300



- as at 31.12.2013 16.4161 - as at 31.12.2012 12.6838 - as at 31.12.2011 11.7308

US American Value



44





Shares

USD 12,448 Abbott Laboratories 410,722.64 478,127.68 0.93 USD 7,666 Actavis Plc 963,391.67 1,269,796.24 2.47 USD 30,143 ADT Corporation 1,273,224.62 1,223,202.94 2.38 USD 8,268 Air Products and Chemicals Inc 738,342.99 930,894.12 1.81 USD 18,758 American Express Co 1,240,077.30 1,680,529.22 3.27 USD 31,606 Bank of New York Mellon Corp 831,663.01 1,091,671.24 2.13 USD 26,486 Beam Inc 1,620,134.34 1,791,513.04 3.49 USD 538 Boeing Co (The) 64,401.85 73,124.96 0.14 USD 22,701 Bristol Myers Squibb Co 833,510.33 1,212,687.42 2.36 USD 6,859 Chevron Corp 791,084.48 852,093.57 1.66 USD 21,531 Coca-Cola Co 827,479.20 884,708.79 1.72 USD 44,427 Comcast Corp A 1,653,463.69 2,304,428.49 4.49 USD 26,735 ConAgra Foods Inc 855,733.36 900,434.80 1.76 USD 40,688 CONSOL Energy Inc 1,354,975.64 1,536,378.88 2.99 USD 13,859 Covidien Plc 762,289.62 941,164.69 1.83 USD 17,486 Deere and Co 1,478,059.96 1,588,078.52 3.09 USD 21,725 DirectTV 1,147,740.11 1,485,990.00 2.90 USD 13,883 Express Scripts Hg Co 811,483.91 974,447.77 1.90 USD 56,262 General Electric Co 1,242,200.73 1,569,147.18 3.06 USD 12,799 Genuine Parts Co 877,653.24 1,064,236.85 2.07 USD 39,472 Hillshire Brands Co (The) 1,198,800.94 1,318,759.52 2.57 USD 15,432 Home Depot Inc 982,791.56 1,264,498.08 2.46 USD 12,590 Honeywell Intl Inc 850,611.43 1,145,690.00 2.23 USD 17,373 Johnson & Johnson 1,298,188.82 1,603,527.90 3.13 USD 25,807 JPMorgan Chase & Co 1,191,508.90 1,495,515.65 2.91 USD 16,114 Kraft Foods Group Inc 759,939.46 869,189.16 1.69 USD 28,666 Lowe's Companies Inc 1,022,303.93 1,411,800.50 2.75 USD 19,772 Merck Co Inc 867,888.32 987,413.68 1.92 USD 48,365 Mondelez Intl Inc 1,341,404.80 1,699,062.45 3.31 USD 37,362 News Corp B 552,167.89 663,175.50 1.29 USD 12,557 NextEra Energy Inc 900,694.03 1,067,972.85 2.08 USD 11,401 Occidental Petroleum Corp 927,402.50 1,077,964.55 2.10 USD 11,742 Pepsico Inc 843,504.14 973,529.22 1.90 USD 34,575 Phillips 66 1,741,295.14 2,583,444.00 5.03 USD 18,893 PNC Financial Serv Group 1,287,676.69 1,464,396.43 2.85 USD 29,051 Republic Services Inc 896,365.43 967,107.79 1.89 USD 35,529 St Jude Medical Inc 1,496,506.29 2,200,666.26 4.29 USD 25,823 Tyco Intl Ltd 778,693.03 1,063,391.14 2.07 USD 7,997 United Health Group Inc 456,362.12 598,015.66 1.17 USD 17,840 Viacom Inc B 1,038,534.58 1,554,756.00 3.03


Cash at banks 1,586,246.08 3.09



Total 51,340,110.87 100.00

US American Value



45





Media 11.71 %

Energy 8.79 %


Retailing 7.28 %



Health care equipment and services 5.46 %

Banks 4.98 %

Materials 4.80 %


Utilities 2.08 %

Insurance 1.90 %

Total 97.12 %




Ireland 4.30 %

Switzerland 2.07 %

Total 97.12 %

Sustainability



46

Assets Securities portfolio at market value 3,901,041.69 Cash at banks 91,474.77 Receivable on issues of shares 284.18


Liabilities Expenses payable 10,094.31



Number of Class I1 Shares outstanding 291,951.0590 Net asset value per Class I1 Share 13.6417

Sustainability



47

Income Dividends, net 1,913.74


Expenses Advisory fees 96,028.84 Performance fees 0.24 Custodian fees 4,653.33 Banking charges and other fees 12,137.50 Transaction fees 600.00 Central administration costs 2,563.24 Professional fees 454.32 Other administration costs 10,472.25 Subscription duty ("taxe d'abonnement") 30.53 Interest paid on bank overdrafts 16.18 Other expenses 821.99


Net investment loss -125,864.68

Net realised gain/(loss) - on securities portfolio 119,999.79


Net variation of the unrealised gain/(loss) - on securities portfolio 423,591.01

Result of operations 417,726.12



Total changes in net assets 690,557.11



Sustainability



48

Total net assets

- as at 31.12.2013 3,982,706.33 - as at 31.12.2012 3,292,149.22 - as at 31.12.2011 2,871,645.37


- outstanding at the beginning of the year 270,264.0010 - issued 115,608.8510 - redeemed -93,921.7930



- as at 31.12.2013 13.6417 - as at 31.12.2012 12.1812 - as at 31.12.2011 11.0558

Sustainability



49




Open-ended investment funds

Investment funds (UCITS)

EUR 62,358.78 BlackRock Global Fds New Energy A2 Cap 352,942.32 362,304.51 9.10 EUR 3,455.06 DWS Gl Agribusiness LC Cap Uts 406,505.22 460,801.35 11.57 EUR 1,951.27 Julius Baer Multipartner RobecoSAM Sust Water Fd B Cap 285,026.84 375,756.06 9.43 EUR 3,608.24 OFI Multiselect Europe SRI I Cap 265,052.67 381,030.14 9.57 EUR 3,204.92 Parvest Environmental Opportunities Classic Cap 301,357.70 381,930.32 9.59 EUR 3,139.96 Pictet Timber P EUR Cap 227,815.38 343,260.43 8.62 EUR 1,857.87 Pictet Water P EUR Cap 226,178.09 361,690.13 9.08 EUR 1,807.07 Pioneer Fds FCP Global Ecology Units A Cap 261,107.74 378,816.08 9.51 EUR 3,816.1 Robeco Capital Growth Fds SAMSus Agribu Eq I EUR Cap 477,118.82 486,743.56 12.22 EUR 3,278.58 Vontobel Fd New Power A Dist 315,500.74 368,709.11 9.26


Cash at banks 91,474.77 2.30


Total 3,982,706.33 100.00

Sustainability



50



Investment funds 97.95 %

Total 97.95 %



Luxembourg 97.95 %

Total 97.95 %

Fixed Income Euro



51

Assets Securities portfolio at market value 19,725,543.60 Option contracts at market value 23,073.58 Cash at banks 2,272,362.48 Receivable on issues of shares 201.78 Income receivable on portfolio 194,260.24 Interest receivable on bank accounts 566.67


Liabilities Payable on redemptions of shares 1,212.90 Interest payable on bank overdrafts 188.89 Expenses payable 28,446.23




Fixed Income Euro



52

Income Interest on bonds and other debt securities, net 629,074.51 Interest on bank accounts 4,339.99


Expenses Advisory fees 236,683.21 Custodian fees 19,166.03 Banking charges and other fees 14,311.36 Transaction fees 10,998.26 Central administration costs 13,795.08 Professional fees 2,854.24 Other administration costs 11,295.63 Subscription duty ("taxe d'abonnement") 2,286.70 Interest paid on bank overdrafts 1,663.28 Other expenses 4,774.14


Net investment income 315,586.57

Net realised gain/(loss) - on securities portfolio -91,265.94 - on option contracts -56,518.00 - on futures contracts 46,919.98 - on foreign exchange -26.95


Net variation of the unrealised gain/(loss) - on securities portfolio 154,897.25 - on option contracts 16,039.38







Fixed Income Euro



53

Total net assets

- as at 31.12.2013 22,186,160.33 - as at 31.12.2012 13,146,867.95 - as at 31.12.2011 7,805,299.53





- as at 31.12.2013 10.6240 - as at 31.12.2012 10.4523 - as at 31.12.2011 10.0968

Fixed Income Euro



54





Bonds

EUR 600,000 Anglo American Capital Plc 2.875% EMTN Sen 13/20.11.20 597,294.60 589,500.00 2.66 EUR 700,000 BBVA Senior Finance SA 3.25% EMTN Sen 13/21.03.16 702,753.50 727,055.00 3.28 EUR 200,000 Belgium FRN Ser 62 11/15.02.16 199,552.80 202,460.00 0.91 EUR 232,000 Carrefour Banque 2.875% EMTN Sen 12/25.09.15 242,285.37 239,876.40 1.08 EUR 12,685 Credit Andorra VAR Pref 05/31.12.Perpetual 1,285,016.86 1,269,087.32 5.72 EUR 50,000 EDP Finance BV 3.25% EMTN 10/16.03.15 50,857.00 50,902.50 0.23 EUR 150,000 EDP Finance BV 3.75% EMTN 05/22.06.15 147,349.35 154,192.50 0.70 EUR 700,000 EDP Finance BV 4.125% EMTN Sen 13/20.01.21 695,843.30 710,500.00 3.20 EUR 843,000 EDP Finance BV 5.5% EMTN Sen 09/18.02.14 870,633.50 847,510.05 3.82 EUR 596,000 Enel Finance Intl SA 3.625% EMTN Sen 12/17.04.18 615,322.32 632,534.80 2.85 EUR 200,000 Enel Finance Intl SA 4% EMTN Sen 09/14.09.16 199,892.00 213,140.00 0.96 EUR 800,000 European Economic Community 3.125% 09/27.01.15 805,426.40 825,360.00 3.72 EUR 600,000 Ferrovial Emisiones SA 3.375% Reg S Sen 13/30.01.18 603,275.00 626,070.00 2.82 EUR 200,000 France 4% OAT 04/25.10.14 215,969.40 206,164.00 0.93 EUR 300,000 Gaz Capital SA 3.755% EMTN LPN Gazpro Reg-S Sen

12/15.03.17 313,158.90 313,680.00 1.41

EUR 1,217,000 GE Capital European Funding 2.875% EMTN 10/28.10.14 1,257,188.97 1,240,609.80 5.59 EUR 318,000 GE Capital European Funding FRN EMTN Sen 04/28.07.14 318,779.72 318,190.80 1.44 EUR 500,000 Glencore Finance SA 3.375% EMTN Sen 13/30.09.20 500,673.50 517,225.00 2.33 EUR 700,000 Iberdrola Intl BV 3% EMTN Sen 13/31.01.22 696,799.50 701,015.00 3.16 EUR 1,200,000 Instituto de Credito Oficial FRN EMTN 144 A 11/25.03.14 1,184,905.00 1,200,960.00 5.41 EUR 350,000 Italia 4.25% BOT 11/01.07.14 354,646.50 355,880.00 1.60 EUR 600,000 Petroleos Mexicanos 3.125% Reg S 13/27.11.20 598,426.20 607,500.00 2.74 EUR 500,000 Repsol Intl Finance BV 3.625% EMTN Sen 13/07.10.21 499,575.00 517,375.00 2.33 EUR 700,000 Telefonica Emisiones SA 3.961% EMTN 13/26.03.21 704,378.00 740,915.00 3.34 EUR 300,000 Volkswagen Intl Finance NV 2.125% EMTN 12/19.01.15 299,425.00 304,650.00 1.37

Total bonds 13,959,427.69 14,112,353.17 63.60


Bonds

EUR 1,008 Andorra 2.6% Reg S Ser 1 13/19.12.16 1,008,030.00 1,006,846.65 4.54 EUR 750,000 Boiro Finance BV FRN EMTN Ser 212 06/17.02.21 606,586.79 690,255.00 3.11 EUR 100,000 Boiro Finance BV FRN EMTN Ser 243 06/05.06.21 65,894.89 82,499.30 0.37 EUR 200,000 Boiro Finance BV FRN EMTN Ser 287 07/29.01.22 128,085.40 166,549.40 0.75

Total bonds 1,808,597.08 1,946,150.35 8.77


EUR 400,000 Actividad Const y Servicios SA 0% ECP 13/24.06.14 394,426.40 394,426.40 1.78 EUR 400,000 Obrascon Huarte Lain SA 0% ECP 13/24.09.14 392,640.80 392,640.80 1.77

Total money market instruments 787,067.20 787,067.20 3.55



EUR 9,690 Julius Baer Multibond Absolute Return Bond Fd Plus C Cap 1,337,672.90 1,320,068.70 5.95 EUR 108,980 PIMCO Fds Gl Investors Ser Plc Unconstr Bd I H EUR Cap 1,339,153.70 1,299,041.60 5.86 EUR 16.39 Schelcher Prince Conv Gl Europe I Cap 240,220.53 260,862.58 1.18

Total investment funds (UCITS) 2,917,047.13 2,879,972.88 12.99

Total investments in securities

19,472,139.10 19,725,543.60 88.91

Fixed Income Euro



55



Options

Listed financial instruments

Future options

USD 17 US T-NOTES 10 Y PUT 02/14 CBOT 125 12,847.20 23,073.58 0.10

Total options 12,847.20 23,073.58 0.10

Cash at banks


EUR 1,500,000.00 Banque Transatlantique (CIC Group) 0.3000% 1,500,000.00 1,500,000.00 6.76


Current accounts at bank 772,362.48 772,362.48 3.48



Total 22,186,160.33 100.00

Fixed Income Euro



56





Banks 11.13 %

Countries and governments 7.98 %




Energy 2.74 %

Materials 2.66 %

Total 88.91 %




Spain 18.40 %

Luxembourg 13.41 %

Ireland 12.89 %


Andorra 4.54 %

France 3.19 %

Mexico 2.74 %


Italy 1.60 %

Belgium 0.91 %

Total 88.91 %

Fixed Income Dollar



57

Assets Securities portfolio at market value 10,129,743.33 Option contracts at market value 13,125.00 Cash at banks 2,077,077.05 Receivable on issues of shares 99,440.33 Income receivable on portfolio 102,954.67 Interest receivable on bank accounts 113.19


Liabilities Bank overdrafts 107.12 Payable on redemptions of shares 21,287.41 Interest payable on bank overdrafts 59.06 Unrealised loss on forward foreign exchange contracts 2,241.23 Expenses payable 14,711.26




Fixed Income Dollar



58



Expenses Advisory fees 80,248.10 Custodian fees 6,483.06 Banking charges and other fees 14,672.67 Transaction fees 6,056.87 Central administration costs 4,985.44 Professional fees 948.85 Other administration costs 13,909.03 Subscription duty ("taxe d'abonnement") 809.41 Interest paid on bank overdrafts 679.34 Other expenses 1,543.04



Net realised gain/(loss) - on securities portfolio -21,545.34 - on option contracts -12,462.74 - on future contracts -10,874.80 - on forward foreign exchange contracts -36,502.89 - on foreign exchange -3,378.84


Net variation of the unrealised gain/(loss) - on securities portfolio 82,201.90 - on option contracts 5,946.65 - on forward foreign exchange contracts -958.27







Fixed Income Dollar



59

Total net assets

- as at 31.12.2013 12,384,047.49 - as at 31.12.2012 3,546,601.06 - as at 31.12.2011 3,314,598.97


- outstanding at the beginning of the year 336,791.4720 - issued 1,194,946.1860 - redeemed -363,287.9640



- as at 31.12.2013 10.5987 - as at 31.12.2012 10.5306 - as at 31.12.2011 10.2949

Fixed Income Dollar



60





Bonds

EUR 150,000 Verizon Wireless Capital LLC 8.75% 08/18.12.15 238,822.79 238,797.44 1.93 USD 177,000 Abbey Natl T Serv Plc FRN Sen 11/25.04.14 171,560.38 177,814.30 1.44 USD 200,000 Anglo American Capital Plc 2.625% Reg S 12/27.09.17 202,069.58 197,360.00 1.59 USD 573,000 ArcelorMittal SA VAR Sen Lk Rating Changes 10/05.08.15 590,113.36 593,398.80 4.79 USD 300,000 BBVA US Senior SAU 4.664% Sen 12/09.10.15 311,140.61 315,420.00 2.55 USD 100,000 BG Energy Capital Plc 2.5% Reg S Sen 10/09.12.15 104,673.55 103,232.00 0.83 USD 75,000 Deutsche Telekom Intl Fin BV 4.875% Sen 09/08.07.14 79,691.58 76,657.50 0.62 USD 250,000 EDP Finance BV 4.9% Reg-S Sen 09/01.10.19 255,305.73 255,000.00 2.06 USD 508,000 Enel Finance Intl SA 3.875% Ser REGS 09/07.10.14 518,709.48 518,795.00 4.19 USD 400,000 Gaz Capital SA 4.95% LPN Reg-S 11/23.05.16 429,332.67 426,260.00 3.44 USD 157,000 General Electric Capital Corp 2.25% Ser A Tr 834 10/09.11.15 156,997.25 161,631.50 1.30 USD 600,000 Glencore Funding LLC 2.5% Reg S Sen 13/15.01.19 586,049.75 582,180.00 4.70 USD 444,000 Hewlett-Packard Co 2.6% Sen 12/15.09.17 441,928.37 455,412.18 3.68 USD 6,000 IADB 3% Gl Tr 28 09/22.04.14 6,269.95 6,051.60 0.05 USD 550,000 Iberdrola Finance Ireland Ltd 5% Reg S Sen 09/11.09.19 595,010.23 589,297.50 4.76 USD 569,000 Instituto de Credito Oficial 5% EMTN 07/10.04.17 600,965.53 609,956.62 4.92 USD 250,000 Marks & Spencer Plc 6.25% Reg S Sen 07/01.12.17 284,241.42 278,125.00 2.24 USD 112,000 Orange 2.75% Sen 11/14.09.16 117,641.20 116,093.60 0.94 USD 68,000 Statoil ASA 2.9% Sen 09/15.10.14 71,109.42 69,315.80 0.56 USD 665,000 Telecom Italia SA 5.25% Sen Gl 05/01.10.15 699,366.35 699,347.25 5.65 USD 21,000 Total Capital Canada Ltd 1.625% Sen 11/28.01.14 21,378.49 21,021.00 0.17 USD 500,000 US 2.125% T-Notes Ser T 2014 09/30.11.14 490,422.00 508,925.78 4.11 USD 207,000 Vodafone Group Plc 3.375% Sen 09/24.11.15 211,681.20 216,842.85 1.75 USD 137,000 Wal-Mart Stores Inc 3% Sen 09/03.02.14 137,634.28 137,308.25 1.11

7,083,292.38 7,115,446.53 57.45

Total bonds 7,322,115.17 7,354,243.97 59.38


Bonds

USD 24,000 General Electric Capital Corp FRN Ser A Tr 656 04/15.09.14 24,122.47 24,040.56 0.19 USD 5,000 Microsoft Corp 2.95% Sen 09/01.06.14 5,236.25 5,055.25 0.04 USD 44,000 Sovereign Bancorp Inc 3% Sen 12/24.09.15 45,078.12 45,449.70 0.37

Total bonds 74,436.84 74,545.51 0.60


Bonds

EUR 150,000 Boiro Finance BV FRN EMTN Ser 212 06/17.02.21 155,816.35 190,710.56 1.54 EUR 300,000 Boiro Finance BV FRN EMTN Ser 243 06/05.06.21 267,448.84 341,905.98 2.76 EUR 200,000 Boiro Finance BV FRN EMTN Ser 287 07/29.01.22 191,739.36 230,079.67 1.86

Total bonds 615,004.55 762,696.21 6.16


USD 500,000 Caisse des Dépôts et Consignat 0% ECP 13/28.02.14 499,895.46 499,895.46 4.04

Total money market instruments

499,895.46 499,895.46 4.04

Fixed Income Dollar

Statement of investments and other net assets (in USD) (continued) as at 31st December 2013


61





USD 4,680 Julius Baer Multibond Absolute Return Bd Fd Plus C USD Cap 659,056.71 652,485.60 5.27 USD 54,930 PIMCO Fds Gl Investors Ser Plc Unconstr Bd I USD Cap 667,547.97 652,568.40 5.27 USD 122 Schelcher Prince Conv Gl Europe U 127,024.58 133,308.18 1.08



Options

Listed financial instruments

Future options

USD 7 US T-NOTES 10 Y PUT 02/14 CBOT 125 7,178.35 13,125.00 0.11

Total options 7,178.35 13,125.00 0.11

Cash at banks


USD 900,000.00 Banque Transatlantique (CIC Group) 0.2500% 900,000.00 900,000.00 7.27

Total notification deposits 900,000.00 900,000.00 7.27





Total 12,384,047.49 100.00

Fixed Income Dollar



62





Banks 10.77 %

Materials 6.38 %





Retailing 3.35 %

Energy 0.56 %



Total 81.80 %



Luxembourg 19.15 %



Ireland 10.03 %


Spain 7.47 %

France 6.06 %

Norway 0.56 %

Canada 0.17 %

Total 81.80 %

Proactive Protection



63

Assets Securities portfolio at market value 54,544,785.42 Cash at banks 5,112,760.55 Receivable on treasury transactions 169.74 Receivable on issues of shares 383,512.11 Income receivable on portfolio 11,407.57


Liabilities Bank overdrafts 374,807.25 Payable on redemptions of shares 393.34 Unrealised loss on forward foreign exchange contracts 57,491.10 Expenses payable 78,163.54




Number of Hedged Class I3 Shares outstanding 1,435,666.0000 Net asset value per Hedged Class I3 Share USD 9.7948


Statement of operations and other changes in net assets (in EUR) from 22nd March 2013 to 31st December 2013


64

Income Dividends, net 19,080.63 Interest on bank accounts 5,773.63 Other income 843.26


Expenses Advisory fees 357,431.74 Performance fees 4.20 Custodian fees 23,353.14 Banking charges and other fees 9,933.06 Transaction fees 30,650.83 Central administration costs 15,500.45 Professional fees 3,456.31 Other administration costs 430.28 Subscription duty ("taxe d'abonnement") 2,681.22 Interest paid on bank overdrafts 2,673.55 Other expenses 5,618.21



Net realised gain/(loss) - on securities portfolio 23,193.60 - on forward foreign exchange contracts -329,818.21 - on foreign exchange 16,126.59


Net variation of the unrealised gain/(loss) - on securities portfolio 299,201.64 - on forward foreign exchange contracts -57,491.10





Total net assets at the beginning of the year -





65

Total net assets

- as at 31.12.2013 59,541,780.16


- outstanding at the beginning of the year 0.0000 - issued 5,404,134.3636 - redeemed -382,504.5000



- as at 31.12.2013 9.83





- as at 31.12.2013 USD 9.7948




66






EUR 10.28 Amundi Treso 3 Mois I Cap 10,830,315.63 10,840,463.75 18.21 EUR 183,643.81 BlackRock Global Fds Euro Short Duration Bd A2 Cap 2,813,453.17 2,822,605.36 4.74 EUR 26,239.72 BlueBay Fds Inv Grade Abs Ret Bond R EUR Cap 2,818,438.33 2,878,234.89 4.83 EUR 8,928.64 BlueBay Fds Inv Grade Bond Base R 1,412,704.49 1,417,243.03 2.38 EUR 19,796.7327 BNP Paribas InstiCash EUR I Cap 2,787,219.92 2,787,296.82 4.68 EUR 9,243.962 Groupama Entreprises M Cap 9,661,707.18 9,670,293.53 16.24 EUR 86.98 LFP Tresorerie I Cap 9,377,425.70 9,390,036.36 15.77 EUR 84,954.67 Nordea 1 SICAV European High Yield Bond Fd BP Cap 2,251,328.76 2,281,032.89 3.83 EUR 23,745.97 Robeco Capital Gh Fds HY Bonds EUR DH Cap 2,814,402.36 2,838,830.71 4.77 EUR 918.13 UBAM Conv Euro 10-40 AC EUR Cap 1,526,662.21 1,570,029.84 2.64

46,293,657.75 46,496,067.18 78.09

USD 219,288.5 Brown Advisory Fds Plc US Smaller Co Fd C USD Cap 1,993,929.24 1,998,510.42 3.36 USD 111,467.45 Goldman Sachs Fds Gl High Yield Ptf Cap 1,413,368.39 1,412,859.71 2.37 USD 82,038.32 Morgan Stanley Inv Fds US Advantage A Cap 2,841,819.89 2,917,023.62 4.90

6,249,117.52 6,328,393.75 10.63


Tracker funds (UCI)

USD 66,926 Select Sector SPDR (The) Trust Technology Fd 1,702,808.51 1,720,324.49 2.89

Total tracker funds (UCI) 1,702,808.51 1,720,324.49 2.89


Cash at banks 5,112,760.55 8.59



Total 59,541,780.16 100.00




67




Total 91.61 %



France 52.86 %

Luxembourg 32.50 %

Ireland 3.36 %


Total 91.61 %

Proactive Protection Opportunity



68

Assets Securities portfolio at market value 22,158,602.24 Receivable on sales of securities 1,130,140.47 Receivable on issues of shares 98.99 Income receivable on portfolio 6,278.87 Unrealised gain on forward foreign exchange contracts 83,269.51


Liabilities Bank overdrafts 561,296.60 Expenses payable 40,186.87








69

Income Dividends, net 33,130.36 Interest on bank accounts 1,253.52 Other income 354.55


Expenses Advisory fees 189,658.24 Custodian fees 12,988.05 Banking charges and other fees 8,095.95 Transaction fees 34,166.99 Central administration costs 5,816.81 Professional fees 1,305.14 Other administration costs 149.26 Subscription duty ("taxe d'abonnement") 777.81 Interest paid on bank overdrafts 885.87 Other expenses 2,073.61



Net realised gain/(loss) - on securities portfolio 4,415.86 - on forward foreign exchange contracts -189,983.33 - on foreign exchange 3,948.41


Net variation of the unrealised gain/(loss) - on securities portfolio 228,264.55 - on forward foreign exchange contracts 83,269.51










70

Total net assets

- as at 31.12.2013 22,776,906.61





- as at 31.12.2013 9.8991


- outstanding at the beginning of the year 0.0000 - issued 641,007.0000 - redeemed -10,989.0000



- as at 31.12.2013 USD 9.8741




71






EUR 2,674.89 Allianz Nebenwerte Deutschland A Dist 521,300.47 579,648.66 2.54 EUR 0.974 Amundi Treso 3 Mois I Cap 1,026,517.51 1,027,102.30 4.51 EUR 10,103.97 BlueBay Fds Inv Grade Abs Ret Bond R EUR Cap 1,098,836.74 1,108,304.47 4.87 EUR 7,114.23 BlueBay Fds Inv Grade Bond Base R 1,127,777.74 1,129,241.73 4.96 EUR 8,649.7126 BNP Paribas InstiCash EUR I Cap 1,217,750.74 1,217,843.21 5.35 EUR 651.59 Carmignac Securité A EUR Cap 1,085,357.40 1,085,952.93 4.77 EUR 70,228.32 Invesco Fds SICAV Euro Corporate Bond A Cap 1,120,312.16 1,123,309.00 4.93 EUR 182,471.72 Invesco Fds SICAV European Bond A Cap 1,102,250.42 1,101,636.52 4.84 EUR 1.432 LFP Tresorerie I Cap 154,526.66 154,593.38 0.68 EUR 29,480.527 MFS Meridian Fd Eur Smaller Co A1 EUR Cap 1,107,318.59 1,107,288.59 4.86 EUR 42,248.82 Nordea 1 SICAV European High Yield Bond Fd BP Cap 1,093,848.34 1,134,380.82 4.98 EUR 9,400.93 Robeco Capital Gh Fds HY Bonds EUR DH Cap 1,101,986.50 1,123,881.18 4.93 EUR 335.94 UBAM Conv Euro 10-40 AC EUR Cap 547,084.48 574,467.48 2.52

12,304,867.75 12,467,650.27 54.74

USD 117,124.78 Brown Advisory Fds Plc US Equity Growth P USD Cap 1,092,054.86 1,108,973.99 4.87 USD 53,226.422 Goldman Sachs Fds Gl High Yield Ptf Cap 668,307.45 674,649.57 2.96 USD 12,750.5 Invesco Fds Ser 4 Global Small Cap Equity A Dist 1,109,528.68 1,118,651.13 4.91 USD 36,933.87 Morgan Stanley Inv Fds Global Conv Bd A USD Cap 1,099,886.45 1,092,683.25 4.80 USD 31,175.5 Morgan Stanley Inv Fds US Advantage A Cap 1,081,007.16 1,108,502.34 4.87 USD 36,526.73 Threadneedle (Lux) SICAV Amer IU Cap 781,379.53 797,192.02 3.50

5,832,164.13 5,900,652.30 25.91


Tracker funds (UCITS)

EUR 3,471 db x-trackers II Iboxx Sov Eurozone 3-5 Ucits ETF 1 Cap 652,452.82 649,910.04 2.85 EUR 7,929 iShares V Plc Spain Gov Bond UCITS ETF EUR Dist 1,122,069.50 1,102,210.29 4.84

Total tracker funds (UCITS) 1,774,522.32 1,752,120.33 7.69

Tracker funds (UCI)

USD 27,982 Health Care Select Sector SPDR Fd (The) 1,118,834.62 1,123,574.17 4.93 USD 35,581 Select Sector SPDR (The) Trust Technology Fd 899,948.87 914,605.17 4.02

Total tracker funds (UCI) 2,018,783.49 2,038,179.34 8.95



Other net assets/(liabilities) 1,179,600.97 5.17

Total 22,776,906.61 100.00




72




Total 97.29 %



Luxembourg 58.70 %

Ireland 14.62 %

France 12.48 %


Germany 2.54 %

Total 97.29 %

Short Term Fixed Income Euro Fund



73

Assets Securities portfolio at market value 50,543,289.17 Cash at banks 4,125,527.62 Receivable on issues of shares 16,534.98 Income receivable on portfolio 731,631.53 Interest receivable on bank accounts 905.00


Liabilities Interest payable on bank overdrafts 348.34 Expenses payable 46,760.65







74



Expenses Advisory fees 183,274.96 Custodian fees 22,869.76 Banking charges and other fees 10,570.09 Transaction fees 10,756.23 Central administration costs 15,217.52 Professional fees 3,456.27 Other administration costs 756.28 Subscription duty ("taxe d'abonnement") 3,571.14 Interest paid on bank overdrafts 2,502.34 Other expenses 5,522.08



Net realised gain/(loss) - on securities portfolio -77,545.20












75

Total net assets

- as at 31.12.2013 55,370,779.31


- outstanding at the beginning of the year 0.0000 - issued 7,505,003.2440 - redeemed -1,979,962.0660



- as at 31.12.2013 10.0218




76





Bonds

EUR 700,000 Alstom 2.875% 10/05.10.15 730,865.78 722,645.00 1.30 EUR 500,000 Anglo American Capital Plc 5.875% EMTN 08/17.04.15 533,789.50 531,575.00 0.96 EUR 1,000,000 BBVA Senior Finance SA 4.375% EMTN Sen 12/21.09.15 1,049,389.82 1,052,550.00 1.90 EUR 1,500,000 BNP Paribas SA FRN Sen 13/13.11.15 1,499,717.67 1,500,075.00 2.71 EUR 400,000 British Telecommunications Plc 6.125% EMTN 09/11.07.14 416,804.23 411,640.00 0.74 EUR 188,000 Carrefour Banque 2.875% EMTN Sen 12/25.09.15 195,311.82 194,382.60 0.35 EUR 600,000 Carrefour Banque FRN Sen 13/16.04.16 602,607.37 607,890.00 1.10 EUR 44,620 Credit Andorra VAR Pref 05/31.12.Perpetual 4,518,740.94 4,464,065.91 8.06 EUR 500,000 Delhaize Groupe 5.625% 07/27.06.14 524,684.92 511,300.00 0.92 EUR 1,000,000 Deutsche Bank AG FRN 13/28.05.15 999,407.57 999,300.00 1.80 EUR 225,000 Deutsche Telekom Intl Fin BV 5.75% EMTN 08/10.01.14 234,418.80 225,258.75 0.41 EUR 1,000,000 Deutsche Telekom Intl Fin BV 5.875% EMTN 08/10.09.14 1,065,353.92 1,036,800.00 1.87 EUR 750,000 E.On Intl Finance BV 4.875% EMTN Reg-S Ser 40 09/28.01.14 756,975.75 752,250.00 1.36 EUR 500,000 EDP Finance BV 3.25% EMTN 10/16.03.15 511,622.61 509,025.00 0.92 EUR 1,000,000 EDP Finance BV 5.5% EMTN Sen 09/18.02.14 1,024,590.65 1,005,350.00 1.82 EUR 1,000,000 Enel Finance Intl SA 4.625% EMTN Ser GMTN 11/24.06.15 1,071,044.58 1,051,050.00 1.90 EUR 1,100,000 Gas Natural Capital Mks SA 3.375% EMTN 10/27.01.15 1,142,860.61 1,128,325.00 2.04 EUR 500,000 Gas Natural Finance 5.25% EMTN 09/09.07.14 514,432.50 511,290.00 0.92 EUR 1,000,000 Gaz Capital SA 5.03% Reg-S Ser 5 06/25.02.14 1,008,351.53 1,006,500.00 1.82 EUR 225,000 GDF Suez 6.25% EMTN 08/24.01.14 235,905.97 225,798.75 0.41 EUR 300,000 GE Capital European Funding FRN EMTN 13/03.05.16 300,120.48 300,255.00 0.54 EUR 1,500,000 General Electric Capital Corp 5.125% EMTN 98/02.09.15 1,642,395.59 1,607,700.00 2.90 EUR 1,000,000 Goldman Sachs Group Inc FRN Sen 06/15.11.14 998,619.30 999,350.00 1.80 EUR 300,000 Hutchison Whampoa Ltd 4.125% Reg-S Sen 05/28.06.15 317,515.17 315,180.00 0.57 EUR 1,000,000 Iberdrola Finanzas SA 3.5% EMTN Ser 57 Tr 1 05/22.06.15 1,048,634.01 1,038,350.00 1.88 EUR 1,000,000 Instituto de Credito Oficial 3.75% Reg S Ser 361 10/28.07.15 1,033,842.35 1,035,700.00 1.87 EUR 300,000 Instituto de Credito Oficial FRN EMTN 144 A 11/25.03.14 296,757.78 300,240.00 0.54 EUR 225,000 John Deere Capital Corp 7.50% EMTN Sen 09/24.01.14 238,166.29 225,922.50 0.41 EUR 700,000 JP Morgan Chase & Co FRN EMTN Sen 13/03.05.16 699,563.68 698,740.00 1.26 EUR 1,000,000 KPN NV 4% EMTN Sen 05/22.06.15 1,066,395.71 1,044,400.00 1.89 EUR 500,000 KPN NV 6.25% EMTN 09/04.02.14 506,486.50 502,575.00 0.91 EUR 1,000,000 National Grid Plc 6.5% EMTN Sen 09/22.04.14 1,042,140.78 1,018,100.00 1.84 EUR 700,000 Natl Grid Elec Transmissi Plc 6.625% EMTN 08/28.01.14 719,452.60 702,940.00 1.27 EUR 1,000,000 Nordea Bank AB FRN EMTN Sen 13/25.11.16 999,420.52 999,600.00 1.81 EUR 1,000,000 Rabobank Nederland NV FRN EMTN Sen 13/14.11.14 1,000,135.18 999,390.00 1.80 EUR 200,000 Rabobank Nederland NV FRN Sen 13/22.04.15 200,029.33 200,180.00 0.36 EUR 900,000 RCI Banque 3.75% EMTN 11/07.07.14 926,972.17 912,645.00 1.65 EUR 1,200,000 Repsol Intl Finance BV 4.625% EMTN 04/08.10.14 1,258,139.69 1,233,720.00 2.23 EUR 1,500,000 Santander Intl Debt SA 4.25% 11/07.04.14 1,536,002.87 1,513,725.00 2.73 EUR 500,000 Santander Intl Debt SA 4.375% Sen 12/04.09.14 514,583.50 511,275.00 0.92 EUR 200,000 Société Générale FRN EMTN Sen 13/14.01.15 200,547.20 200,460.00 0.36 EUR 1,000,000 Société Générale FRN EMTN Sen 13/27.05.15 999,736.00 999,250.00 1.80 EUR 800,000 Ste Autoroute Paris-Rhin-Rhone FRN EMTN Sen 13/18.01.16 802,622.74 807,400.00 1.46 EUR 1,150,000 Telefonica Emisiones SA 5.431% EMTN Reg-S Ser 17

09/03.02.14 1,184,537.57 1,154,887.50 2.09

EUR 800,000 Telefonica Emisiones SA 5.496% EMTN 09/01.04.16 885,198.19 873,360.00 1.58 EUR 200,000 Verizon Wireless Capital LLC 8.75% 08/18.12.15 233,554.36 230,480.00 0.42 EUR 1,500,000 Volkswagen Leasing GmbH 2.25% EMTN 11/10.11.14 1,533,283.49 1,522,575.00 2.75

Total bonds 40,821,729.59 40,395,471.01 72.95


Bonds

EUR 700,000 Volvo Treasury AB FRN EMTN 13/16.05.16 702,308.74 704,270.00 1.27

Total bonds

702,308.74 704,270.00 1.27




77




EUR 3,000,000 Dexia Créd Local de France FRN CD 13/17.10.14 3,000,330.00 3,000,330.00 5.42



Bonds

EUR 3,024 Andorra 2.6% Reg S Ser 1 13/19.12.16 3,024,030.00 3,020,539.94 5.46 EUR 150,000 Boiro Finance BV FRN EMTN Ser 212 06/17.02.21 130,002.38 138,051.00 0.25 EUR 400,000 Boiro Finance BV FRN EMTN Ser 243 06/05.06.21 292,548.48 329,997.20 0.60 EUR 100,000 Boiro Finance BV FRN EMTN Ser 287 07/29.01.22 77,342.45 83,274.70 0.15

Total bonds 3,523,923.31 3,571,862.84 6.46


EUR 600,000 Actividad Const y Servicios SA 0% ECP 13/24.06.14 591,624.60 591,624.60 1.07 EUR 711 Andorra 0% T-Bills 13/05.12.14 679,859.76 691,425.74 1.25 EUR 600,000 Obrascon Huarte Lain SA 0% ECP 13/24.09.14 588,946.20 588,946.20 1.06 EUR 1,000,000 Vodafone Group Plc 0% ECP 13/13.03.14 999,358.78 999,358.78 1.80



Cash at banks


EUR 1,800,000.00 Banque Transatlantique (CIC Group) 0.3000% 1,800,000.00 1,800,000.00 3.25





Total 55,370,779.31 100.00




78




Banks 28.18 %



Utilities 3.52 %



Materials 0.96 %



Total 91.28 %



Spain 18.60 %

France 16.56 %




Andorra 6.71 %


Germany 4.55 %

Sweden 3.08 %

Luxembourg 1.82 %

Belgium 0.92 %

Hong Kong 0.57 %

Ireland 0.54 %

Total 91.28 %

Crediinvest SICAV

Notes to the financial statements as at 31st December 2013

79

Note 1 - Significant accounting policies a) Presentation of the financial statements The financial statements of the Company are established in accordance with the Luxembourg legal and regulatory requirements concerning Undertakings for Collective Investment. b) Valuation of the assets The value of the assets is determined as follows:

1) The value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends, interest declared or accrued and not yet received, all of which are deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof is arrived at after making such discount as may be considered appropriate in such case to reflect the true value thereof.

2) Securities listed on a recognised stock exchange or dealt on any other regulated market are

valued at their last available prices, or, in the event that there should be several such markets, on the basis of their last available prices on the main market for the relevant security.

3) In the event that the last available price does not, in the opinion of the Board of Directors, truly

reflect the fair market value of the relevant securities, the value of such securities will be defined by the Board of Directors based on the reasonably foreseeable sales proceeds determined prudently and in good faith.

4) Securities not listed or traded on a stock exchange or not dealt on another Regulated Market

are valued on the basis of the probable sales proceeds determined prudently and in good faith by the Board of Directors.

5) The liquidating value of futures, forward and options contracts not traded on Stock exchanges or on other regulated markets is their net liquidating value determined, pursuant to the policies established in good faith by the Board of Directors, on a basis consistently applied for each different variety of contracts. The liquidating value of futures, forward and options contracts traded on regulated markets or Stock exchanges is based upon the settlement prices or last available prices (if no settlement price is available) of these contracts on exchanges or regulated markets on which the particular futures, forwards and options are traded by the Company, provided that if a futures, forward or options contract could not be liquidated on the day with respect to which net assets are being determined, the basis for determination the liquidating value of such contract shall be such value as the Board of Directors may deem fair and reasonable.

6) The value for short term investments, mainly commercial papers, is determined by using an

amortised cost method. This involves valuing an investment at its cost and thereafter assuming a constant amortisation to maturity of any discount or premium. While this method provides certainty in valuation, it may result in periods during which value, as determined by amortisation cost, is higher or lower than the price such Sub-fund would receive if it sold the investment. From January 2012, the Board of Directors continually assesses this method of valuation and recommend changes, where necessary, to ensure that the relevant Sub-fund's investments are valued at their fair value as determined in good faith by the Board of Directors.

If the Board of Directors believes that a deviation from the amortised cost per share may result in material dilution or other unfair results to shareholders, the Board of Directors shall take such corrective action, if any, as they deem appropriate to eliminate or reduce, to the extent

Crediinvest SICAV

Notes to the financial statements (continued) as at 31st December 2013

80

reasonably practicable, the dilution or unfair results. These instruments are shown at cost and the difference between the cost and the cost of redemption on maturity is shown as interest. Money Market instruments not meeting criteria for the usage of the amortised cost method are marked-to-market and, if no market price is available, then they are mark-to-model.

7) Shares or units in other undertakings for collective investment are valued at their latest available net asset value.

c) Acquisition cost of securities in the portfolio The acquisition cost of the securities held by each Sub-Fund that are denominated in currencies other than the reference currency of the Sub-Fund is converted into this currency at the exchange rate prevailing on the date of purchase.

d) Net realised gain/(loss) on sales of securities The realised gains and losses on sales of securities are calculated on the basis of the average acquisition cost. e) Investment income Dividend income is recorded at the ex-date, net of any withholding tax. Interest income accrued and payable are recorded, net of any withholding tax. f) Valuation of forward foreign exchange contracts Forward foreign exchange contracts are valued at forward market rates for the remaining period from valuation date to the maturity of the contracts. Unrealised gains or losses are recorded in the statement of net assets. Net variation of unrealised gains and losses and net realised gains and losses are recorded in the statement of operations and other changes in net assets. g) Valuation of futures contracts Futures contracts are posted off-balance sheet and valued at the last settlement or close price on the stock exchanges or regulated markets. Unrealised gains or losses are recorded in the statement of net assets. Net variation of unrealised gains and losses and net realised gains and losses are recorded in the statement of operations and other changes in net assets. h) Valuation of option contracts Premiums received on the sale of options are recorded as liabilities and premiums paid on the purchase of options are recorded as assets in the statement of net assets. Option contracts outstanding on the reporting date are valued at the last settlement or close price on the stock exchanges or regulated markets. Unrealised gains or losses are recorded in the statement of net assets. Net variation of unrealised gains and losses and net realised gains and losses are recorded in the statement of operations and other changes in net assets. i) Formation expenses Formation expenses were amortised on a straight line basis over a period of 5 years. j) Conversion of foreign currencies Cash at banks, other net assets and liabilities and the market value of the securities in portfolio expressed in currencies other than the currency of the Sub-Fund are converted into this currency at

Crediinvest SICAV


81

the exchange rate prevailing on the date of the report. Income and expenses expressed in currencies other than the currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of the transaction. Exchange gains and losses are recorded in the statement of operations and other changes in net assets. k) Consolidation The consolidated financial statements of the Company are expressed in EUR and are equal to the sum of the corresponding captions in the financial statements of each Sub-Fund converted into this currency at the exchange rate prevailing at the date of the report. At the date of the report, the consolidation exchange rate is the following: 1 EUR = 1.3814500 USD US Dollar l) Receivable / Payable on treasury transactions The caption "Receivable on treasury transactions" comprises maturities of time deposits, new loans or foreign exchange transactions not yet recorded under the caption "Cash at banks". The caption "Payable on treasury transactions" comprises new time deposits, maturities of loans or foreign exchange transactions not yet recorded under the caption "Cash at banks". At a sub-fund level, "Receivable and payable on treasury transactions" are disclosed net in the statement of net assets. m) Transaction fees Transaction costs disclosed under the caption "Transaction fees" in the expenses of the statement of operations and other changes in net assets are mainly composed of broker fees incurred by the Company relating to purchases or sales of securities, of fees relating to liquidation of transactions paid to the custodian bank and of transaction fees on financial and on derivatives instruments. Note 2 - Advisory fees The Company has appointed CREDI-INVEST S.A. who acts as Investment Advisor. For its services, the Investment Advisor is entitled to receive from the Sub-Funds an annual advisory fee calculated on the average net asset value of each Sub-Fund, and paid monthly in arrears to the following rates:

Sub-Funds Classes of Shares % p.a.

- Money Market Euro Fund Class A Share 0.47 Class I Share 0.42

- Money Market Dollar Fund Class A Share 0.25

- Spanish Value Class A Share 2.90

- International Value Class A Share 2.90 Hedged Class I3 Share 2.90

- Big Cap Value Class I1 Share 2.90

- US American Value Class I1 Share 2.90

- Sustainability Class I1 Share 2.50

- Fixed Income Euro Class I1 Share 1.00

- Fixed Income Dollar Class I1 Share 1.00

- Proactive Protection Class l1 Share 1.25 Class l3 Share 1.25

Crediinvest SICAV


82

Sub-Funds Classes of Shares % p.a.

- Proactive Protection Opportunity Class l1 Share 1.75 Class l3 Share 1.75

- Short Term Fixed Income Euro Class I1 Share 0.65

Note 3 - Performance fees In order to provide an incentive to the Investment Advisor, the Company may in addition pay a performance-related performance fee. The performance fee is calculated in respect of each performance period. A performance period is the period from 1st January to 31st December of each year. The performance fee is calculated separately per Class of Shares within a Sub-Fund. The performance fee is equal to:

10% for the following Sub-Funds:

- Spanish Value - International Value - Big Cap Value - US American Value - Sustainability

15% for the following Sub-Funds:

- Proactive Protection - Proactive Protection Opportunity

of the Out-Performance attributable to each Class of Shares. The Out-Performance attributable to each Class of Shares during a year is the appreciation (or depreciation) including realised and unrealised gains and losses, in the Net Asset Value of each Class of Shares in excess of (or to the extent greater than) the performance (or negative performance) of the benchmark index (the "Benchmark"), whether up or down for such year. The relevant Benchmarks are the following: - Spanish Value IBEX (IBEX Index) - International Value Msci World (MXWO Index converted in EUR) - Big Cap Value FTSEurofirst 300 (E300 Index) - US American Value S&P 500 (SPX Index) - Sustainability MSCI World Local (MSDLWI) - Proactive Protection EURO Libor Total Return 3 Months (ECC0TR03) - Proactive Protection Opportunity 25% MSCI World Local (MSDLWI) + 75% EURO Libor Total

Return 3 Months (ECC0TR03) The performance fee is determined in accordance with the following formula: PF = percentage [NAVi - BIi]

Where: PF is performance fee BIi is the benchmark index increase NAVi is the Net Asset Value increase

Crediinvest SICAV


83

The performance fee is calculated and accrued on each Valuation Day and payable, if any, as of the last Luxembourg Business Day of each calendar year. At the date of the report, the performance fees were recorded for the following Sub-Funds and amounted to: - Spanish Value EUR 129,787.69 - International Value EUR 4,714,959.61 - Big Cap Value EUR 396,966.88 - US American Value USD 3,265.52 - Sustainability EUR 0.24 - Proactive Protection EUR 4.20 - Proactive Protection Opportunity EUR 0.00 No performance fee is chargeable to the Sub-Funds Money Market Euro Fund, Money Market Dollar Fund, Fixed Income Euro, Fixed Income Dollar and Short Term Fixed Income Euro Fund. Note 4 - Distribution fee Pursuant to a distribution agreement entered into between the Company and the CREDIT ANDORRA S.A. (the "Distribution Agreement"), the Board of Directors of Company has appointed CREDIT ANDORRA S.A. (the "Distributor") to serve as its Distributor. CREDIT ANDORRA S.A. is a company incorporated in Andorra. The distribution fee is payable out of the assets of the Company on a monthly basis at the annual rates up to 1%. At the date of the report, the distribution fees were recorded for the following Sub-Funds and amounted to: - Spanish Value EUR 343,230.82 - International Value EUR 3,287,618.54 - Big Cap Value EUR 646,766.04 - US American Value USD 314,908.75 The distribution fees are recorded under the caption "Other administration costs" in the statement of operations and other changes in net assets. Note 5 - Subscription duty ("Taxe d’abonnement") The Company is governed by Luxembourg law. Pursuant to the legislation and regulations in force, the Company is subject to an annual subscription duty ("taxe d’abonnement") of 0.05% which is payable quarterly and calculated on the basis of the net assets of each sub-fund on the last day of each quarter. This rate is reduced to 0.01% for Class I Shares reserved to institutional investors and for the Sub-Funds Money Market Euro Fund and Money Market Dollar Fund, whose the exclusive object is to invest in money market instruments. Pursuant to Article 175 (a) of the amended law of 17th December 2010 the net assets invested in undertakings for collective investment already subject to the "taxe d’abonnement" are exempt from this tax.

Crediinvest SICAV


84

Note 6 - Forward foreign exchange contracts As at 31st December 2013, the outstanding forward foreign exchange contracts with Banque BPP SA are the following:

Crediinvest SICAV - Spanish Value Currency Purchases Currency Sales Maturity Unrealised result

(in EUR)

Forward foreign exchange contracts linked to Hedged Class I3 Shares USD 753,274.80 EUR 563,548.78 14.02.2014 -18,266.77 USD 136,509.12 EUR 98,913.34 14.02.2014 -96.88 USD 40,347.60 EUR 30,041.46 14.02.2014 -834.57 USD 916,548.61 EUR 681,392.04 14.02.2014 -17,919.10 USD 49,658.90 EUR 36,915.90 14.02.2014 -968.72 USD 76,163.70 EUR 56,625.60 14.02.2014 -1,492.07 USD 213,446.63 EUR 157,770.75 14.02.2014 -3,260.61 USD 301,215.92 EUR 222,545.28 14.02.2014 -4,500.54 USD 191,243.52 EUR 142,405.65 14.02.2014 -3,967.93 USD 39,238.82 EUR 29,089.71 14.02.2014 -685.44 USD 225,256.98 EUR 166,520.90 14.02.2014 -3,461.45 USD 952,561.44 EUR 700,928.21 14.02.2014 -11,386.28 USD 199,623.60 EUR 147,259.68 14.02.2014 -2,755.78 USD 155,535.99 EUR 114,605.88 14.02.2014 -2,016.20 USD 10,329.07 EUR 7,597.68 14.02.2014 -120.65

USD 229,508.36 EUR 166,671.04 14.02.2014 -534.12 USD 22,586.18 EUR 16,864.57 14.02.2014 -514.84

-72,781.95

Crediinvest SICAV - International Value Currency Purchases Currency Sales Maturity Unrealised result

(in EUR)

Forward foreign exchange contracts linked to Hedged Class I3 Shares USD 68,408,368.02 EUR 50,804,580.78 14.02.2014 -1,285,002.34

-1,285,002.34

Crediinvest SICAV - Big Cap Value Currency Purchases Currency Sales Maturity Unrealised result

(in EUR)

Forward foreign exchange contracts linked to Hedged Class I3 Shares USD 34,623.05 EUR 25,902.60 14.02.2014 -839.60 USD 99,251.69 EUR 74,108.91 14.02.2014 -2,262.41 USD 224,480.52 EUR 166,886.12 14.02.2014 -4,388.74 USD 20,330.00 EUR 15,137.03 14.02.2014 -420.51 USD 288,135.88 EUR 214,197.16 14.02.2014 -5,620.82 USD 136,743.92 EUR 101,665.32 14.02.2014 -2,678.87 USD 193,065.37 EUR 139,928.70 14.02.2014 -172.20 USD 11,843.09 EUR 8,818.72 14.02.2014 -245.72 USD 49,393.33 EUR 36,617.76 14.02.2014 -862.82 USD 9,963.83 EUR 7,367.93 14.02.2014 -155.29 USD 12,109.92 EUR 8,910.91 14.02.2014 -144.76 USD 29,723.73 EUR 21,901.77 14.02.2014 -385.30 USD 74,161.98 EUR 53,817.82 14.02.2014 -133.31 USD 99,931.10 EUR 73,831.40 14.02.2014 -1,493.09

-19,803.44

Crediinvest SICAV - Fixed Income Dollar Currency Purchases Currency Sales Maturity Unrealised result

(in USD)

Forward foreign exchange contracts USD 1,011,940.88 EUR 734,139.54 15.01.2014 -2,241.23

-2,241.23

Crediinvest SICAV


85

Crediinvest SICAV - Proactive Protection Currency Purchases Currency Sales Maturity Unrealised result

(in EUR)

Forward foreign exchange contracts EUR 1,888,197.43 USD 2,561,151.00 14.02.2014 34,226.71 EUR 2,833,615.35 USD 3,898,488.00 14.02.2014 11,570.91 EUR 12,064,184.27 USD 16,246,836.96 14.02.2014 303,393.31 USD 1,780,546.00 EUR 1,302,235.06 14.02.2014 -13,330.19 USD 3,029,129.00 EUR 2,251,303.60 14.02.2014 -58,571.98 USD 4,232,348.00 EUR 3,100,848.41 14.02.2014 -37,128.63 USD 2,505,074.00 EUR 1,815,797.33 14.02.2014 -2,419.92

237,740.21

Forward foreign exchange contracts linked to Hedged Class I3 Shares USD 523,623.00 EUR 384,310.74 14.02.2014 -5,269.57 USD 12,557,985.57 EUR 9,368,135.45 14.02.2014 -277,636.90 USD 413,951.00 EUR 305,567.45 14.02.2014 -5,915.84 USD 407,432.00 EUR 299,327.04 14.02.2014 -4,394.45 USD 566,605.00 EUR 412,169.59 14.02.2014 -2,014.55

-295,231.31

Crediinvest SICAV - Proactive Protection Opportunity Currency Purchases Currency Sales Maturity Unrealised result

(in EUR)

Forward foreign exchange contracts EUR 1,122,502.74 USD 1,534,798.00 14.02.2014 11,490.39 EUR 454,243.16 USD 620,602.00 14.02.2014 5,000.65 EUR 11,186,209.22 USD 15,064,467.95 14.02.2014 281,313.76 EUR 1,151,419.46 USD 1,588,268.00 14.02.2014 1,701.21 EUR 628,745.72 USD 855,672.00 14.02.2014 9,340.31 EUR 1,285,881.48 USD 1,731,568.00 14.02.2014 32,430.77 USD 2,247,316.00 EUR 1,671,612.62 14.02.2014 -44,821.26

USD 3,064,523.00 EUR 2,277,609.07 14.02.2014 -59,256.37 USD 719,603.00 EUR 532,026.44 14.02.2014 -11,118.88 USD 1,497,525.00 EUR 1,089,029.89 14.02.2014 -4,998.82 USD 1,617,631.00 EUR 1,176,458.91 14.02.2014 -5,485.30

215,596.46

Forward foreign exchange contracts linked to Hedged Class I3 Shares EUR 157,111.97 USD 211,490.00 14.02.2014 4,018.19 USD 189,107.00 EUR 137,470.08 14.02.2014 -578.97 USD 195,897.00 EUR 146,447.20 14.02.2014 -4,640.90 USD 5,701,056.89 EUR 4,255,790.45 14.02.2014 -128,898.49 USD 184,484.00 EUR 135,771.40 14.02.2014 -2,226.78

-132,326.95

Note 7 - Risk management As required by Circular CSSF 11/512, the Board of Directors needs to determine the global risk exposure of the Company either by applying the commitment approach or the VaR approach. In terms of risk management, the Board of Directors of the Company decided to adopt the commitment approach as a method of determining the global risk exposure. Note 8 - Statement of changes in investments The statement of changes in investments for the period in reference to the report is available free of charge at the registered office of the Company.

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