PARETURN · 2015. 2. 5. · PARETURN 1 Table of Contents Organisation of the Company 5 General...

PARETURNSociété d'Investissement à Capital Variable

RCS Luxembourg N° B 47 104Annual Report including Audited Financial Statements as at September 30, 2014

PARETURN

Pareturn Best Selection

Pareturn Best Selection Side - Pocket

Pareturn Croissance 2000

Pareturn Sécurité - Croissance

Pareturn Cartesio Equity

Pareturn Cartesio Income

Pareturn HI Core Ucits Fund*

Pareturn Primonial Systematic

Pareturn Primonial Systematic Plus

Pareturn Mutuafondo Global Fixed Income

Pareturn Mutuafondo Gestion Bonos Lux*

Pareturn Barwon Listed Private Equity

Pareturn Logiver World Flexible*

Pareturn Global Balanced Unconstrained

Pareturn Fineco International Fixed Income

Pareturn Cervino World Investments*

Pareturn CTH Ratio High Yield

Pareturn AC Fondeposito*

Pareturn Smead US Value Fund*

Pareturn Entheca Patrimoine*

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus and relevant Key InvestorInformation Document ("KIID") which will be accompanied by a copy of the latest annual report and a copy of the latest available semi-annual report, if published aftersuch annual report.

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Table of Contents

Organisation of the Company 5

General Information 8

Investment Managers' report 9

Report of the Réviseur d'Entreprises Agréé 35

Statistics 37

Combined Statement of Net Assets as at September 30, 2014 41

Combined Statement of Operations and Changes in Net Assets for the year ended September 30, 2014 41


Statement of Net Assets as at September 30, 2014 42

Statement of Operations and Changes in Net Assets for the year ended September 30, 2014 42

Statement of Changes in Number of Shares 42

Securities Portfolio as at September 30, 2014 43

Portfolio Breakdowns 44

Top Ten Holdings 44












Top Ten Holdings 49







Top Ten Holdings 52






Financial derivative instruments as at September 30, 2014 54


Top Ten Holdings 55

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Top Ten Holdings 59



Statement of Operations and Changes in Net Assets for the period ended September 30, 2014 60









Top Ten Holdings 63








Top Ten Holdings 66








Top Ten Holdings 70







Top Ten Holdings 73

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Top Ten Holdings 76











Top Ten Holdings 80








Top Ten Holdings 84







Top Ten Holdings 87








Top Ten Holdings 91

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Top Ten Holdings 94







Top Ten Holdings 97








Top Ten Holdings 101

Notes to the Financial Statements 102

* Please see note 1 for details

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Board of Directors of the Company

Chairman M. Georg LASCH, Head of Client Development BNP Paribas Securities Services - Luxembourg Branch, 33, rue de Gasperich, L-5826 Hesperange Grand Duchy of Luxembourg

Directors M. Paulo GUIA, Head of Relationship Management (until August 8, 2014) BNP Paribas Securities Services - Luxembourg Branch, 33, rue de Gasperich, L-5826 Hesperange Grand Duchy of Luxembourg

M. Yvan de LAURENTIS, Head of Depositary and Fiduciary Services BNP Paribas Securities Services - Luxembourg Branch, 33, rue de Gasperich, L-5826 Hesperange Grand Duchy of Luxembourg

M. Michel Vareika (since August 8, 2014) 8, rue de Killeberg, L-5762 Hassel Grand Duchy of Luxembourg

Management Company MDO Management Company S.A. 19, rue de Bitbourg L-1273 Luxembourg Grand Duchy of Luxembourg

Delegate Investment Advisers - Investment Managers

For the Sub-Fund Pareturn Sécurité - Croissance BGL BNP Paribas (formerly BNP Paribas Luxembourg S.A.) 50, avenue JF Kennedy L-2951 Luxembourg Grand Duchy of Luxembourg

For the Sub-Fund Pareturn Croissance 2000 J.P. Morgan International Bank Limited 125 London Wall, London EC2Y 5AJ United Kingdom

For the Sub-Funds Pareturn Cartesio Equity and Pareturn Cartesio Income Cartesio Inversiones, S.G.I.I.C., S.A. Rubén Darío, 3 28010 Madrid Spain

For the Sub-Fund Pareturn Hi Core Ucits Fund (merged out on June 30, 2014) Hedge Invest SGR. Via Vittor Pisani, 22 20124 Milano Italy

For the Sub-Funds Pareturn Primonial Systematic and Pareturn Primonial Systematic Plus Primonial Asset Management 15-19, avenue de Suffren 75007 Paris France

For the Sub-Funds Pareturn Mutuafondo Gestion Bonos (launched on January 9, 2014) and Pareturn Mutuafondo Global Fixed Income Mutuactivos S.A.U., S.G.I.I.C. Paseo de la Castellana, 33 28046 Madrid Spain

For the Sub-Fund Pareturn Barwon Listed Private Equity Barwon Investment Partners PTY LTD Level 3, 17, Castlereagh Street Sydney NSW 2000 Australia

Organisation of the Company

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For the Sub-Fund Pareturn Logiver World Flexible (closed on December 13, 2013) Logiver S.A. 12, rue Jean Engling L-1466 Luxembourg Grand Duchy of Luxembourg

For the Sub-Fund Pareturn Global Balanced Unconstrained Sinergia Advisors 2006 Agencia de Valores S.A. C./ Velázquez, 41-3° C 28001 Madrid Spain

For the Sub-Fund Pareturn CTH Ratio High Yield Carthesio S.A. Via Ferrucio Pelli 13a CP 5366, CH-6901 Lugano Switzerland

For the Sub-Fund Pareturn Fineco International Fixed Income GIIC Fineco S.G.I.I.C., S.A. Ibáñez de Bilbao, 9 bajo 48009 Bilbao - Bizkaia Spain

For the Sub-Fund Pareturn Cervino World Investments (launched on March 7, 2014) Julius Baer Gestion S.G.I.I.C., S.A. Plz. Pablo Ruis Picasso 1 Planta 40 Edificio Torre Picasso 2820 Madrid Spain

For the Sub-Fund Pareturn Smead US Value Fund (launched on November 29, 2013) Smead Capital Management 1411 Fourth Avenue, Suite 1550 Seattle, WA 98101 United States of America

For the Sub-Fund Pareturn Entheca Patrimoine (launched on December 6, 2013) Entheca Finance S.A.S. 22, rue de Marignan 75008 Paris France

For the Sub-Fund Pareturn Best Selection and Pareturn Best Selection Side Pocket Massena Partners S.A. 78, avenue Raymond Poincaré 75116 Paris France

SUB-INVESTMENT MANAGER

For the Sub-Fund Pareturn Fineco International Fixed Income Pimco Europe LTD 11 Baker Street London, W1U 3AH United Kingdom

For the Sub-Fund Pareturn AC Fondeposito (launched on April 7, 2014) Ahorro Corporacion Gestìon S.G.I.I.C. Paseo de la Castellana 89 28046 Madrid Spain

Custodian Bank, Financial Agent, Transfer Agent and Delegate Registrar Agent, Domiciliation and Listing Agent BNP Paribas Securities Services - Luxembourg Branch 33, rue de Gasperich, L-5826 Hesperange Grand Duchy of Luxembourg

Delegate Administrative Agent BNP Paribas Securities Services - Luxembourg Branch 33, rue de Gasperich, L-5826 Hesperange Grand Duchy of Luxembourg

Organisation of the Company (continued)

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Representative and local Paying Agent in Switzerland BNP Paribas Securities Services - Zurich Branch (until June 30, 2014) Selnaustrasse 16 CH - 8002 Zurich Switzerland

Cabinet de révision agréé / Auditor of the Company Deloitte Audit Société à responsabilité limitée 560, rue de Neudorf L-2220 Luxembourg Grand Duchy of Luxembourg

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

Organisation of the Company (continued)

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Incorporation

PARETURN (the "Company") was incorporated in Luxembourg on March 25, 1994 for an indefinite period. The minimum capital in the Company is€1,250,000 (one million two hundred and fifty thousand euros). The Company's capital is expressed in EUR and is, at all times, equal to the value ofthe net assets of all sub-funds of the Company, and is represented by shares with no par value.

The amount of capital changes automatically and without any publication in the Trade Register, as would otherwise be necessary for capitalincreases and decreases in sociétés anonymes (limited companies). The Company's articles of association were published in the Mémorial on April29, 1994 after being filed, on April 1, 1994, with the Clerk of the District Court of Luxembourg where they may be examined and copies may beobtained against payment of a fee. Following the Extraordinary General Meeting of August 17, 2005, the Company was brought into compliancewith the amended law of December 20, 2002 on Undertakings for Collective Investment. These changes were published in the Mémorial C onSeptember 2, 2005. Further amendments in the articles of association were published in the Mémorial C on August 13, 2010. Since July 1, 2011 theCompany is subject to the provisions of Part I of the amended law of December 17, 2010 relating to undertakings for collective investment. TheCompany is registered on the Luxembourg Trade Register under number B - 47 104.

Legal Notification was filed on April 20, 1994 with the Clerk of the District Court of and in Luxembourg where it may be examined and copies may beobtained on request against payment of court fees.

Listing

No shares of any sub-fund of the Company will be listed on the Luxembourg stock exchange. However, the Company's Board of Directors reservesthe right to do so at a later date.

Communications and reports to shareholders

1. Periodic reports

Annual reports including Audited Financial Statements for the year ended September 30, unaudited semi-annual reports for the six months endedMarch 31 and the list of changes made to the composition of the securities portfolio are available to shareholders free of charge from branches ofthe Custodian Bank, other designated banks and the Company's registered office. These reports cover each of the sub-funds and the assets of theCompany as a whole.

The financial statements of each sub-fund are drawn up in the currency of the sub-fund but the consolidated accounts are denominated in euro.

Annual reports are available within four months of the financial year-end.

Semi-annual reports are published within two months of the end of the six-month period they cover.

2. Information to shareholders

a) Net asset value

The net asset values per share of each sub-fund, category or class of shares of the Company are available on each business day at the registeredoffice of the Company. The Board of Directors of the Company may subsequently decide to publish these net asset values in the newspapers ofcountries where the Company's shares are marketed or sold. They shall moreover be posted each business day on Reuters screen. Furthermore,they can be obtained at the registered office of the Custodian Bank as well as from the banks in charge of financial services.

b) Subscription and redemption prices

The subscription and redemption prices of shares in each sub-fund, category or class of shares of the Company are published daily at theCustodian Bank and from the banks ensuring of financial services.

c) Notifications to shareholders

Other information intended for shareholders are published in the Mémorial, Recueil Spécial des Sociétés et Associations in Luxembourg, if suchpublication is prescribed by the law. They may also be published in a Luxembourg newspaper.

The Directors of PARETURN have decided to adopt the "ALFI Code of Conduct for Luxembourg Investment Funds" during the meeting of Board ofDirectors of the Company dated November 8th, 2011.

General Information

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Investment Managers’ Report Pareturn Best Selection

1/ Market outlook and impact on investment strategy

The global economy is currently characterized by divergent growth trends – some strengthening in the US and Canada, relatively firm in Britain, soft and probably weakening in Europe and Japan, and continuing to weaken in China. Despite massive support from monetary policy in many countries, inflation remains weak and stands to weaken further on declining oil prices. Europe is keen to avoid deflation, while Japan is wary of falling back into a deflationary rut. Consequently both Europe and Japan are attempting more monetary policy stimulation, but this is unlikely to help growth drastically and will work primarily through currency devaluation. Any growth gains coming from currency depreciation will however come at the expense of US growth. Consequently we don’t expect the current upswing in US GDP to last more than a few quarters. This raises questions as to whether the Fed will still be contemplating an interest rate increase toward mid-2015.

In a world where growth is hard to come by because (1) monetary policy has lost its punch (because of a “liquidity trap”, “debt-deflation”, a “balance sheet recession”, excessive debt levels, an unwillingness to lend or borrow or both, etc. – different economists’ explanations of why monetary policy has lost its punch), and (2) fiscal policy is ruled out because government debt levels are already too high and/or there is substantial political opposition to fiscal policy stimulus, then (3) currency devaluation becomes the policy of choice. It follows that unless the US also employs measures to “devalue” the dollar (i.e., “talk it down”, intervene in FX markets directly in opposition to overseas intervention, block/tariff subsidized imports, etc., all of which the Obama Administration has been loath to do) the dollar will rise against most, if not all, overseas currencies.

The combination of weaker global growth – particularly so in China – and the prospect of higher rates and yields in the US has taken its toll on emerging market equities and currencies. But the Japanese yen and the euro have also weakened significantly with the prospect of a long period of diverging monetary policy favoring the US dollar.

Bond yields have decreased sharply in Europe and the US. Falling inflation expectations, disappointing growth and the outlook for low official rates largely explain the level of Eurozone yields. We think US yields are too low for the current growth and inflation outlook. As far as European yields are concerned, we think that the convergence between German yields and southern European Yields is almost finished. We have a negative view on the global bond markets which are priced for an outright deflation. We have for that reason sold all our positions in higher-yielding fixed income assets, even if they have been rather insulated from the recent market weakness.

Risk assets have in general taken a step back in recent months, especially in Europe and Japan. However, for us, the poor economic outlook is offset by liquidity support and low interest rates, we therefore continue to have a relatively constructive view on equity markets.

Developed equity markets have had a sharply divergent behavior, with a rosy US outlook offset by the Eurozone, Japan and emerging economies’ struggle to regain momentum. Expansionary monetary policy in the Eurozone and Japan, low interest rates in the US as well as abundant liquidity are keeping us from moving to an underweight position. In terms of valuations, equities look modestly expensive, but for us this is acceptable as long as earnings expectations are met.

The economic outlook for emerging markets has worsened and speculation about tighter US monetary policy also weighed on emerging equity markets, on currencies and on spreads. Equity markets have had a sharply contrasted evolution with India taking the lead and Russia sharply penalized by the economic sanctions imposed by western nations. During the period under review, we have increased our exposure to Emerging markets from 6.3% to 12%.

Outlook for the rest of the year. We want to look through the omnipresent deflation fears which are excessive in our point of view. The asynchronous global growth picture will likely make this a moderate but very long cycle, with subpar Europe and Japan keeping the US from overheating. Weaker oil, currencies and lower rates – alongside central bank actions – offer a cushion against growth rolling over. We see recent growth fears as an opportunity to add exposure, confident that the global expansion remains intact into 2015. We are positioning our portfolio for ‘lower growth but longer cycle’. Divergences in growth and policy should drive USD higher. We remain constructive on equities, favoring US and EM over Japan and Europe. In rates, US growth and EMU stabilization should cause bonds to underperform.

Our investment decisions for Pareturn Best Selection. We have increased our equity exposure from 47% to 55%. The geographical allocation has been reinforced on the US and emerging markets. We have reduced our bond exposure from 32% to 21%. Namely, we have sold all our high yield bonds and replaced them with reverse convertible bonds. Our currency exposure has been reduced on the Euro from 73% to 64%.

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Investment Managers’ Report (continued) 2/ Stock markets and sub-fund Performance

From September 27th, 2013 to September 26th, 2014 the main stock markets have performed as follows (Cumulative Total Net Return in EUR):

- Cac 40 8.30% - Stoxx Europe 600 13.31% - MSCI World 20.12% - MSCI Emerging Markets 12.16% - S&P 500 27.49% - Topix 6.86%

On the same period, Pareturn Best Selection returned +7.39% (institutional share)

3/ Global Asset Allocation between the two periods

As of September 27th 2013

As of September 26th, 2014

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Investment Managers’ Report (continued) 4/ Main transactions during the period

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Investment Managers’ Report (continued) Pareturn Croissance 2000

Key drivers of performance in 2014

AS EXPECTED

Corporate Earnings: Strong earnings season in the U.S. and Europe; we continue to expect high single digit earnings growth for the year

Asia ex Japan: Strong performance attributable to growth, low inflation and manageable current accounts. We expect Emerging Asia to be less vulnerable to Fed rate increases

Equities: Equity inflows continue to be strong

Credit Markets: Extended credit contributed to performance with attractive yields and low default risk

US and EM Equities continue to outperform YTD

UNEXPECTED

Interest Rates: Normalization of interest rates has been delayed, but continue to expect higher rates in the future

Japan: Hedge Fund repositioning and the consumption tax hike obscured progress on structural reform and contributed to H1 underperformance

European Macro: Fall in exports, lower PMIs, and declining consumer confidence seem to relate to the Ukraine/Russia conflict

Geopolitical Tensions: Increased global tensions have been a factor in DM risk-free bond outperformance, but has had limited impact on U.S. risk assets

DM GDP Growth: Extreme winter weather in Q1 led to a temporary economic drag. PMI’s signal continued economic growth and limited inflation pressures

7.0%

14.3%

-1.7% -2.0%

-15%

-10%

-5%

0%

5%

10%

15%

January March May July September October

S&P 500MSCI Asia ex JapanMSCI EuropeJapan Index

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Investment Managers’ Report (continued)

Global GDP growth

Outlook for 2015

Global Regions

United States : We remain very upbeat about the U.S. economy and continue to have the highest conviction in our overweight view of U.S. equities.

Europe : While we remain exposed to the recovery in the region, we are cautious on the pace of economic activity and the success of the ECB in getting the credit channel moving.

Japan : The jury remains out on the eventual success of Abenomics, but the political commitment, market momentum, and valuations argue in support of our neutral to small overweight position in Japan equities.

Emerging Markets Asia : We retain a high degree of conviction in the region’s economic and earnings growth. Remain overweight to the region’s equities, as our only exposure to EM at the moment.

Asset Classes

Equities : The bull market is set to continue, led by earnings growth. Central Banks are to remain accommodative. We continue to broadly favor equities (overweight) over fixed income (underweight).

Fixed Income : The world is fighting disinflation and rates are likely to stay low for longer. Our discussion centered on continuing to barbell between core duration and cash. UW fixed income.

Commodities : Softer commodity prices broadly benefit Asia ex-Japan but are generally detrimental to other parts of Emerging Markets

-0.1%

0.7%

4.0%

2.4%

-2%

0%

2%

4%

6%

8%

2010 2011 2012 2013 2014

Emerging Markets

Japan

US

Europe

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Investment Managers’ Report (continued) Pareturn Sécurité - Croissance

Throughout the financial year, the global economy remained on a path of gradual recovery with very different situations between the main areas.

In the United States, the improvement is supported by the real estate sector and consumer which benefits from a more dynamic employment market.

If the Fed began cutting its repurchase of assets, as announced on May 2013, it remains very cautious about the timing of future rate hikes and tries to reassure investors about the visibility of its future actions.

In Europe, the ECB continues to advance step by step towards a non-conventional policy as deflationary risks increase. The recovery that seemed to emerge end of 2013 and beginning of 2014 has gradually slowed especially as the German locomotive is slowing and that reforms move slowly in France and Italy.

Emerging economies, which had been heavily shaken by the turbulence associated with the announcement by the Fed of "tapering" have generally stabilized even if there is a lack of structural reforms to prevent a real acceleration of growth. In addition, the area has very different situations with a very depressed situation in Brazil and Russia, a significant improvement in India supported by the arrival of a reformist government and a sensitive transition in China, where the authorities try to control the excessive credit growth without curbing excessive growth.

Japan continues the "Abenomics" experience and accompanies structural reforms with a monetary support.

In financial markets, despite the warning of May 2013, markets remain driven by an ample liquidity, the assurance of an implied "put" by the ECB and a great moderation of the FED.

The progressive realization of the deflation risk in Europe has pushed borrowing rates of states at very low levels and supports all the global bond markets.

Stock markets benefited, mainly in the US, of an increase of the profits (however below the expectations) and a recovery of Mergers and Acquisitions cycle. Moreover, the search for the return by the investors remains an important support.

On the foreign exchange market, we continue to expect for a stronger dollar which became a reality since the end of summer. This reflected the growth differential and the different positioning of monetary cycles.

The sub-fund's management of the Pareturn Sécurité Croissance remained very cautious throughout the year. On the bond part, we kept a very short duration positioning as the level of the real rates seems very low compared to our scenario of a gradual recovery of the economy and a gradual decrease in central bank monetary support. We remain positioned on credit rather than Govies because we do not believe that a sensitive gauge of credit spreads is an issue. We also made full use of the flexibility allowed in the segment of non-investment grade.

On equity markets we are also firmly invested and close to the maximum permitted by the guidelines of the sub-fund.

The market volatility having been limited during the period under review the sub-fund evolved in a regular way. Performance for the year stood at 4.44%.


Pareturn Carteso Equity is up 7.3% in the year to September 30th 2014 with a volatility during this period of 7.8%. The sub-fund´s benchmark (MSCI Pan Euro) has returned in this period 10.9% (14.5% total return) with a volatility of 11.4%.

The sub-fund replicates the investment strategy of Cartesio Y (Spanish domiciled sub-fund) which since inception (March 2004) has returned 6.3% p.a. with a volatility of 9.8% against 6.8% p.a. total return for the benchmark with a volatility of 19,3%. The sub-fund therefore has outperformed its benchmark since inception in risk adjusted terms.

During the period under review the equity exposure of the sub-fund has averaged 71%, closing at 73%. Last year average equity exposure was 85%. The market, and the portfolio, has gone through two distinct periods. From October through to the peak of the European equity market in June, the sub-fund reached new highs and the portfolio outperformed due to its cyclical bias. Since June, the market´s doubts about economic growth in Europe and emerging markets have grown and the sub-fund underperformed mostly thorough its exposure to consumer cyclicals and industrials.

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The ECB´s policy action on interest rates and quantitative easing have managed to drive a significant fall in the Euro (down 9% from its peak in May) but this has not been enough to prevent a softening in economic data and a sharp fall in expectations. The economic policy response to weak growth and deflationary trends is seen as inadequate and compromised by disagreements between Germany and France/Italy. Meanwhile, emerging market economies appear to be decelerating fast as commodity prices and currencies weaken.

Our view is that the market appears to be discounting a significantly worse economic outcome in coming months than the one we expect. The market action in government bonds is a clear example of the growing risk aversion in financial markets. We were not expecting a strong economic recovery neither the double digit equity returns of 2013, hence we are likely to maintain or increase equity exposure if the market corrects significantly from current levels.


Pareturn Carteso Income is up 6.3% in the year to September 30th 2014 with a volatility during this period of 2.5%. The sub-fund´s benchmark (Eurozone Long Term Government Bonds) has returned in this period 14.8% with a volatility of 3.5%.

The sub-fund replicates the investment strategy of Cartesio X (Spanish domiciled sub-fund) which since inception (March 2004) has returned 5.3% p.a. with a volatility of 3.2% against 5.7% p.a. total return for the benchmark with a volatility of 4.7%. The sub-fund therefore has outperformed its benchmark since inception in risk adjusted terms.

During the period under review the equity exposure of the sub-fund has averaged 18%, closing at around that level. Exposure to the bond portfolio has averaged 44%, closing at around 34%. Our view that long term interest rates were likely to rise and that risk assets were going to outperform on the back of a modest economic recovery has not turned out as expected for the year as a whole. The sub-fund performed well through to June as European equities rose and riskier corporate bonds did well. Since June, the market´s doubts about economic growth in Europe and emerging markets have grown and although the sub-fund was steady, long term government bonds continued to rally, and risk assets in both equities and bonds faltered. Our equity portfolio, with a clear cyclical bias through consumer cyclicals and industrials, underperformed a flat equity market and the bond portfolio could not make up entirely the equity losses resulting in a flat performance since the spring peak.

The ECB´s policy action on interest rates and quantitative easing have managed to drive a significant fall in the Euro (down 9% from its peak in May) but this has not been enough to prevent a softening in economic data and a sharp fall in expectations. The economic policy response to weak growth and deflationary trends is seen as inadequate and compromised by disagreements between Germany and France/Italy. Meanwhile, emerging market economies appear to be decelerating fast as commodity prices and currencies weaken.

Our view is that the European equity market appears to be discounting a significantly worse economic outcome in coming months than the one we expect. The market action in government bonds is a clear example of the growing risk aversion in financial markets. We were not expecting a strong economic recovery neither the double digit equity returns of 2013, hence we are likely to maintain or increase equity exposure if the market corrects significantly from current levels and we do not see much point in buying risk free, but return free, long duration assets in the bond market.

Pareturn HI Core Ucits Fund (merged out on June 30, 2014)

HI Core Ucits Fund returned -0.06% in June, YTD is +0.13%. The main positive contribution in June came from the Event Driven strategy (+15bps against a weight of 15%). The Event Driven managers have been enjoying so far this year a good favourable environment which is characterised by numerous corporate finance transactions, open credit markets and extremely low volatility. Good results from both the fund specialising in special situations and in European mid-caps and the sub-fund focused on US. Positive result from the fund mainly exposed to Japanese market.

The second best contribution came from the Relative Value strategy (+11bps against a weight of 8%) thanks in particular to our trader in European fixed income markets, who benefited, during the month, from a bullish positioning on some bonds issued by Cyprus he had in the portfolio. Good contribution also from the sub-fund operating in convertible bonds globally.

However, the Long/Short Equity strategy detracted 15bps from the monthly result against a weight of 65%, even though with a high dispersion among the single underlying funds. Geographically, the best contribution came from the sub-fund operating in Japanese market which benefited from the return of new capital inflows in its own market of reference after months during which international investors strongly reduced the risk. The worst contribution came from managers operating in UK market, who were impacted by the correction of small-mid caps after Carney, the governor of BoE, said in his speech that an interest rate hike could happen sooner than markets currently expect'. Negative contribution (-11bps) came as well from funds specialising in European market and the worst among them was the sub-fund specialised in Italian small caps which was penalised by a specific event regarding one of the bullish positions.

The strategies Long-hedged Equity and Long-only Equity accounted for a total of +7bps, offsetting partially the negative contribution from the Long/Short Equity strategy. Among these strategies, it is worth mentioning the contribution from the fund operating with directional approach globally, which benefited from the Japanese market rally and from the sub-fund specialisation in the Chinese market.

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Investment Managers’ Report (continued) Pareturn HI Core Ucits Fund (merged out on June 30, 2014) (continued)

Macro funds detracted 8bps from the monthly performance, due in particular to one of the funds penalised by the bullish position on UK government bonds and the bearish position on the Euro. The negative scenario for the strategy has been going on from the beginning of this year mainly due to the downward trend of the volatility that has affected the majority of asset classes. We believe that it is cautious to maintain the exposure to the strategy as hedge to a scenario of possible increase of volatility from current levels which reached record lows in recent months.


I. Investment policy

October:

Major international equity markets continued to rally in October with the MSCI World (in EUR, dividends reinvested) gaining more than 3%. This continued the bull trend that began early in the summer. Bond markets also rose even though the yield surge triggered just before the summer was still fresh in investors’ minds. This improvement came despite the fiscal cliff and threat of the United States defaulting on its debt. The markets refused to take senators’ posturing seriously. Quite the opposite in fact: they saw it as a reason to buy on the basis that any disruption caused by political deadlock could persuade the Federal Reserve to continue its relentless bond buying for another few months.

Pareturn Systematic followed the markets upwards, increasing its equity exposure in the middle of the month by reallocating some of its cash holdings until international equities had reached 29% of the sub-fund. The sub-fund delivered a performance of +0.43% over the month, compared with +1.17% for the benchmark.

November:

European and global equities and bonds prospered in November, as they had in the previous two months. Central banks’ quantitative easing contributed to this upward trend with the ECB in particular lowering its key interest rate to 0.25% at the beginning of the month. With inflation remaining low – possibly too low – in Europe, there was good reason to believe that this accommodative policy would last or even become bolder before long, especially as the Federal Reserve had still not given any sign of tapering its asset purchases.

This encouraging market environment caused the model to increase its exposure to convertible and high yield bonds (from 5% to 12% overall) as well as to bond sub-funds (from 7% to 26%). However, we had to be careful as any exaggerated economic data in the United States could have prompted the FED to scale back its financial stimulus, increasing volatility over the months ahead. The sub-fund generated a performance of -0.13% over the month, compared with +0.54% for the benchmark.

December:

December was a busy month. The sharp drop in the first half of the month was reversed in the second, albeit with a level of volatility rarely seen in recent times. The US Federal Reserve’s decision to start tapering its bond purchases in January could not stop this turnaround. On the contrary, the market welcomed a decision that to some extent had already been priced in on the assumption that the US economy would recover.

The markets remained bullish on the whole (except in the emerging world) but were more nervous; no switches where conducted by the model. The sub-fund turned in a performance of +0.47% against +0.65% for the benchmark.

January:

As at the end of 2013, January was turbulent. Whereas the beginning of the month went by with nothing of note to report, investors became anxious in the last few days with the Euro Stoxx 50 index ultimately losing 3% and emerging market equities down more than 6% (in USD). However, long-term government bond yields fell in Europe and the United States as investors sought shelter. There were a number of reasons for this:

- a reduction in the US Federal Reserve’s monetary stimulus, - concerns about growth and currencies in emerging countries, - profit-taking after a generally good year for the stock markets, etc.

As the model detected a fall in yields, it strengthened its bond positions, especially in Europe. The sub-fund generated a performance of -0.38% over the month, compared with -1.10% for the benchmark.

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Investment Managers’ Report (continued) Pareturn Primonial Systematic (continued)

February:

After volatility returned to financial markets in January, all the main equity markets rallied strongly in February (EuroStoxx 50: +4.5%, S&P 500: +2.3%, MSCI Emerging Markets: +1.0%).

A series of below-forecast figures was published in the United States, attributable to particularly harsh weather in the east of the country. For example, Q4 2013 GDP growth was revised downwards to +2.4% from an initial estimate of +3.2%. However, the markets were unwaveringly optimistic. In Europe, on the other hand, economic data was generally better than expected, showing clearer signs of a return to growth.

However, geopolitical unease in Ukraine at the end of the month raised fears of tension between the Russian Federation and the EU/USA, a potential direct consequence of which being higher gas and oil prices.

The most significant change during the month was a strengthening of European and emerging market sovereign bonds to account for 48% of the portfolio. The sub-fund delivered a performance of +1.31% against +1.49% for the benchmark.

March:

Financial markets focused on events surrounding the Russia-Ukraine crisis at the beginning of March. Fears of military intervention weighed on risky asset prices, fuelling volatility and triggering a flight to quality.

After Crimea declared independence and asked to join Russia following a mid-month referendum, geopolitical tension eased to the extent that the markets could instead focus on economic fundamentals. A stream of healthy figures in Europe and the United States saw equity markets end the month in positive territory: EuroStoxx 50: +0.53%, S&P 500: +1.10% and MSCI Emerging markets: +3.35% (performances in EUR with dividends reinvested).

The allocation remained unchanged in March. The sub-fund generated a performance of -0.21% against +0.11% for the benchmark.

April:

April kicked off with the European and US central banks’ usual conferences. Unsurprisingly, talk of maintaining the status quo dominated. In the United States, the Fed continued to taper its quantitative easing by USD 10 billion a month and cited the possibility of raising interest rates in 2015. In Europe, Mario Draghi cleared the way for further monetary easing, including unorthodox measures if deflation risks were to become clearer. At a geopolitical level, the Ukrainian crisis remained in the headlines and although an agreement was reached in Geneva in the middle of the month, tension moved up a notch when Ukrainian soldiers were deployed in the east of the country to take back towns that had fallen into the hands of pro-Russian militias. However, the impact on the markets was negligible except for a few commodities (wheat, gas, gold).

The model increased its risk exposure by selling some of the shares in convertible, high yield and government bond sub-funds to buy equities in Asia-Pacific excluding Japan. The sub-fund delivered a performance of +0.48% against +0.33% for the benchmark.

May:

On 8 May, the ECB finally decided to announce its intention to intervene the following month to eliminate the deflation risk weighing on the eurozone. This underpinned equities and extended the downtrend in yields on Europe’s main government bonds in May. Geopolitical risk also appeared to be fading as tension in the east of Ukraine no longer appeared to worry the markets.

Although the US economy barely grew in Q1 owing to a particularly harsh winter, unemployment continued to fall, leading indicators were positive and real estate showed signs of recovery. The FED therefore carried on tapering its asset purchase programme, due to end in the autumn.

There were very few sub-fund changes made during the month. It pushed its equity positions up from 38% to 43%, preferring emerging markets. The sub-fund delivered a performance of +1.73% against +0.6% for the benchmark.

June:

Following up on its May announcement, the ECB took a series of measures in early June to curb deflation risks and stimulate the business lending market. And for the first time in its history, the ECB set a negative deposit rate of -0.10%. Equity markets welcomed these announcements but the publication of lower-than-expected data raised doubts about the strength of the economic recovery and saw the Euro Stoxx 50 undergo a correction to end the month 0.50% lower. In the United States, monetary trends remained unchanged with QE reduced by another USD 10 billion, as announced by the Fed. Despite a sharp downward revision to Q1 growth (-2.9% annualised), the consequences of the particularly harsh winter appeared to have been temporary as unemployment continued to fall, inflation picked up and leading indicators were positive.

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Pareturn Primonial Systematic (continued)

June (continued):

Portfolio risk remained stable over the month. The sub-fund’s performance amounted to +0.69%, compared with +0.54% for the benchmark.

July:

Geopolitical tension mounted in July, especially in the Middle East and Ukraine where a Malaysian civil aircraft was shot down in an area controlled by pro-Russian fighters. The US and European sanctions that followed weakened not just Russia’s economy but also related European economies, especially those of Austria and Germany. Problems for certain banks (fraud at Banco Espirito Santo and sanctions against BNP Paribas) accelerated the markets’ decline, particularly in southern eurozone countries. Outcome: the Euro Stoxx 50 TR lost 3.4%. US equities were relatively unaffected by the turmoil, as were emerging markets, which as a whole rallied strongly. At a business level, however, mid-year results were better than expected in the United States and solid in Europe.

The portfolio was positioned in emerging market equities and was therefore more or less untouched by fresh risk in Europe. We increased emerging market equity exposure during the month. The sub-fund gained +0.23% whereas its benchmark dropped -0.47%.

August:

Equity markets were volatile again in the summer. Economic and geopolitical news were particularly worrying in July and August: escalation of the Ukraine crisis, tension in the Middle East, sluggish European growth in Q2.

However, there was a clear divergence between the two sides of the Atlantic: in Europe the deflation risk materialised gradually and the ECB looked increasingly determined to pursue a truly accommodative policy, whereas in the United States growth bounced back strongly (+4.2% annualised in Q2) and little by little the central bank prepared the markets for a stricter policy (end of QE in October and rate hikes from 2015).

In the emerging world, currency depreciation in 2013 made exports more competitive, while in countries where elections had recently been held (India, Indonesia) new parties rose to power and the markets welcomed their reform programmes enthusiastically.

The allocation was relatively stable in August although cash holdings did increase to 12% at the expense of bonds, which was reduced overall. The sub-fund generated a performance of +1.05% against +0.66% for the benchmark.

September:

In terms of asset classes, the overall allocation remained stable in September. Arbitrage had more of an effect on the sub-fund’s regional allocation. In particular, a higher percentage of assets was invested in Europe (avoided since July). The model also focused on global themed sub-funds. The sub-fund delivered a performance of -1.41% against -0.82% for the benchmark.

II. Performance

The sub-fund’s annual performance between 30/09/2013 and 30/09/2014 amounted to 4.31%. The benchmark’s* performance over the same period was 0.17%.

*(1-month Euribor)

Past performance is not an indication of the sub-fund’s future results.

As an asset management company, PRIMONIAL AM must act in the best interests of its clients or the sub-funds that it manages.

In accordance with the Markets in Financial Instruments Directive (MiFID) and article L. 533-18 of the French Monetary and Financial Code, PRIMONIAL AM is required to select brokers whose execution policy will provide the best possible result when they execute orders sent on behalf of clients and sub-funds.

As a result, PRIMONIAL AM has drawn up a broker selection policy based on a number of qualitative and quantitative criteria, taking into account inter alia the price, cost, speed and probability of execution, as well as the settlement, size and nature of the order and any other consideration relevant to the execution of an order.

A full updated version of this selection policy is available on request from PRIMONIAL AM.

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Investment Managers’ Report (continued) Pareturn Primonial Systematic (continued)

II. Performance (continued)

ESG policy (Environmental, Social and Governance policy)

Based on the implementation of the Grenelle II law and following recent amendments to the Monetary and Financial Code (art. L.533-22-1), management companies must state in their investment policy whether or not they comply with environmental, social and governance criteria.

As part of its investment policy, Primonial Asset Management has established social and governance criteria for selecting management companies.

The selection of securities in discretionary management portfolios or investment sub-funds therefore depends on these principles.

Health & safety and working conditions at tracked management companies are audited on the basis of human resources policies with particular regard to pay, training, equal opportunities and documentation of accidents.

Business integrity, risk monitoring and management, and transparent corporate governance are analysed on the basis of companies’ internal control and risk management policies, financial statements, articles of association, annual reports and code of ethics. The list of social and governance criteria that management companies must meet is factored into operational due diligence.

Equity markets were volatile again in the summer. Economic and geopolitical news was particularly worrying in July and August: escalation of the Ukraine crisis, tension in the Middle East, sluggish European growth in Q2. However, there was a clear divergence between the two sides of the Atlantic: in Europe the deflation risk materialised gradually and the ECB looked increasingly determined to pursue a truly accommodative policy, whereas in the United States growth bounced back strongly (+4.2% annualised in Q2) and little by little the central bank prepared the markets for a stricter policy (end of QE in October and rate hikes from 2015).



I. Investment policy

October:

Major international equity markets continued to rally in October with the MSCI World (in EUR, dividends reinvested) gaining more than 3%. This continued the bull trend that began early in the summer. Bond markets also rose even though the yield surge triggered just before the summer was still fresh in investors’ minds. This improvement came despite the fiscal cliff and threat of the United States defaulting on its debt. The markets refused to take senators’ posturing seriously. Quite the opposite in fact: they saw it as a reason to buy on the basis that any disruption caused by political deadlock could persuade the Federal Reserve to continue its relentless bond buying for another few months.

Pareturn Primonial Systematic Plus followed the markets upwards, increasing its equity exposure in the middle of the month by reallocating some of its cash holdings until international equities had reached 48% of the sub-fund. The sub-fund delivered a performance of +0.89% over the month, compared with +2.15% for the benchmark.

November:

European and global equities and bonds prospered in November, as they had in the previous two months. Central banks’ quantitative easing contributed to this upward trend with the ECB in particular lowering its key interest rate to 0.25% at the beginning of the month. With inflation remaining low – possibly too low – in Europe, there was good reason to believe that this accommodative policy would last or even become bolder before long, especially as the Federal Reserve had still not given any sign of tapering its asset purchases.

This encouraging market environment caused the model to increase its exposure to equities from 48% to 61% by focusing on the United States and on global equities. However, we had to be careful as any exaggerated economic data in the United States could have prompted the FED to scale back its financial stimulus, increasing volatility over the months ahead. The sub-fund generated a performance of -0.04% over the month, compared with +0.98% for the benchmark.

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Pareturn Primonial Systematic Plus (continued)

December:

December was a busy month. The sharp drop in the first half of the month was reversed in the second, albeit with a level of volatility rarely seen in recent times. The US Federal Reserve’s decision to start tapering its bond purchases in January could not stop this turnaround. On the contrary, the market welcomed a decision that to some extent had already been priced in on the assumption that the US economy would recover.

The markets remained bullish on the whole (except in the emerging world) but were more nervous; no switches were conducted by the model. The sub-fund turned in a performance of +1.09% against +1.18% for the benchmark.

January:

The end of 2013 and January was turbulent. Whereas the beginning of the month went by with nothing of note to report, investors became anxious in the last few days with the Euro Stoxx 50 index ultimately losing 3% and emerging market equities down more than 6% (in USD). However, long-term government bond yields fell in Europe and the United States as investors sought shelter. There were a number of reasons for this:

- a reduction in the US Federal Reserve’s monetary stimulus, - concerns about growth and currencies in emerging countries, - profit-taking after a generally good year for the stock markets, etc.

The market anticipations of the model remains positives, the model has increased its exposition in equities from 67% to 71%. The sub-fund generated a performance of -1.71% compared with -2.04% for the benchmark.

February:

After volatility returned to financial markets in January, all the main equity markets rallied strongly in February (EuroStoxx 50: +4.5%, S&P 500: +2.3%, MSCI Emerging Markets: +1.0%). A series of below-forecast figures was published in the United States, attributable to particularly harsh weather in the east of the country. For example, Q4 2013 GDP growth was revised downwards to +2.4% from an initial estimate of +3.2%. However, the markets were unwaveringly optimistic. In Europe, on the other hand, economic data was generally better than expected, showing clearer signs of a return to growth. However, geopolitical unease in Ukraine at the end of the month raised fears of tension between the Russian Federation and the EU/USA, a potential direct consequence of which being higher gas and oil prices.

The most significant change during the month was a strengthening of European and emerging market sovereign bonds to account for 41% of the portfolio. This change has also been followed by a diminution of the exposition in equities from 71% to 42%. The sub-fund generated a performance of 1.92% against 2.74% for the benchmark.

March:

Financial markets focused on events surrounding the Russia-Ukraine crisis at the beginning of March. Fears of military intervention weighed on risky asset prices, fuelling volatility and triggering a flight to quality.

After Crimea declared independence and asked to join Russia following a mid-month referendum, geopolitical tension eased to the extent that the markets could instead focus on economic fundamentals. A stream of healthy figures in Europe and the United States saw equity markets end the month in positive territory: EuroStoxx 50: +0.53%, S&P 500: +1.10% and MSCI Emerging markets: +3.35% (performances in EUR with dividends reinvested)

The allocation remained unchanged in March. The sub-fund generated a performance of -0.58% against +0.10% for the benchmark.

April:

April kicked off with the European and US central banks’ usual conferences. Unsurprisingly, talk of maintaining the status quo dominated. In the United States, the Fed continued to taper its quantitative easing by USD 10 billion a month and cited the possibility of raising interest rates in 2015. In Europe, Mario Draghi cleared the way for further monetary easing, including unorthodox measures if deflation risks were to become clearer. At a geopolitical level, the Ukrainian crisis remained in the headlines and although an agreement was reached in Geneva in the middle of the month, tension moved up a notch when Ukrainian soldiers were deployed in the east of the country to take back towns that had fallen into the hands of pro-Russian militias. However, the impact on the markets was negligible except for a few commodities (wheat, gas, gold).

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The model increased its risk exposure by selling some of the shares in convertible, high yield and government bond sub-funds to buy equities in Asia-Pacific excluding Japan, particularly Indians followed by the favorable survey in favor of the election of Mr Modi. The sub-fund delivered a performance of +0.35% against +0.58% for the benchmark.

May:

On 8 May, the ECB finally decided to announce its intention to intervene the following month to eliminate the deflation risk weighing on the eurozone. This underpinned equities and extended the downtrend in yields on Europe’s main government bonds in May. Geopolitical risk also appeared to be fading as tension in the east of Ukraine no longer appeared to worry the markets.

Although the US economy barely grew in Q1 owing to a particularly harsh winter, unemployment continued to fall, leading indicators were positive and real estate showed signs of recovery. The FED therefore carried on tapering its asset purchase programme, due to end in the autumn.

There were very few sub-fund changes made during the month. It pushed its obligation positions up from 21% to 31%, preferring emerging markets. The sub-fund delivered a performance of +2.06% against +1.09% for the benchmark.

June:

Following up on its May announcement, the ECB took a series of measures in early June to curb deflation risks and stimulate the business lending market. And for the first time in its history, the ECB set a negative deposit rate of -0.10%. Equity markets welcomed these announcements but the publication of lower-than-expected data raised doubts about the strength of the economic recovery and saw the Euro Stoxx 50 undergo a correction to end the month 0.50% lower. In the United States, monetary trends remained unchanged with QE reduced by another USD 10 billion, as announced by the Fed. Despite a sharp downward revision to Q1 growth (-2.9% annualised), the consequences of the particularly harsh winter appeared to have been temporary as unemployment continued to fall, inflation picked up and leading indicators were positive.

Portfolio risk remained stable over the month. The sub-fund’s performance amounted to +1.37%, compared with +0.99% for the benchmark.

July:

Geopolitical tension mounted in July, especially in the Middle East and Ukraine where a Malaysian civil aircraft was shot down in an area controlled by pro-Russian fighters. The US and European sanctions that followed weakened not just Russia’s economy but also related European economies, especially those of Austria and Germany. Problems for certain banks (fraud at Banco Espirito Santo and sanctions against BNP Paribas) accelerated the markets’ decline, particularly in southern eurozone countries. Outcome: the Euro Stoxx 50 TR lost 3.4%. US equities were relatively unaffected by the turmoil, as were emerging markets, which as a whole rallied strongly. At a business level, however, mid-year results were better than expected in the United States and solid in Europe.

The portfolio was positioned in emerging market equities and was therefore more or less untouched by fresh risk in Europe. We increased emerging market equity exposure during the month. The sub-fund gained +0.61% whereas its benchmark dropped -0.87%.

August:

Equity markets were volatile again in the summer. Economic and geopolitical news were particularly worrying in July and August: escalation of the Ukraine crisis, tension in the Middle East, sluggish European growth in Q2.

However, there was a clear divergence between the two sides of the Atlantic: in Europe the deflation risk materialised gradually and the ECB looked increasingly determined to pursue a truly accommodative policy, whereas in the United States growth bounced back strongly (+4.2% annualised in Q2) and little by little the central bank prepared the markets for a stricter policy (end of QE in October and rate hikes from 2015).


The allocation was relatively stable in August although cash holdings did increase to 12% at the expense of bonds, which was reduced overall. The sub-fund generated a performance of +1.05% against +0.66% for the benchmark.

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September:

During the month of September, the exposition to European equities and global has slightly been increased. The model reinforced itself on Japan The sub-fund delivered a performance of -2.56% against -1.50% for the benchmark.

II. Performance

The sub-fund’s annual performance between 30/09/2013 and 30/09/2014 amounted to 4.17%. The benchmark’s* performance over the same period was 0.17%.

*(1-month Euribor)

Past performance is not an indication of the sub-fund’s future results.

As an asset management company, PRIMONIAL Asset Management must act in the best interests of its clients or the sub-funds that it manages.

In accordance with the Markets in Financial Instruments Directive (MiFID) and article L. 533-18 of the French Monetary and Financial Code, PRIMONIAL Asset Management is required to select brokers whose execution policy will provide the best possible result when they execute orders sent on behalf of clients and sub-funds.

As a result, PRIMONIAL Asset Management has drawn up a broker selection policy based on a number of qualitative and quantitative criteria, taking into account inter alia the price, cost, speed and probability of execution, as well as the settlement, size and nature of the order and any other consideration relevant to the execution of an order.

A full updated version of this selection policy is available on request from PRIMONIAL Asset Management.

II. Performance (continued)

ESG policy (Environmental, Social and Governance policy)

Based on the implementation of the Grenelle II law and following recent amendments to the Monetary and Financial Code (art. L.533-22-1), management companies must state in their investment policy whether or not they comply with environmental, social and governance criteria.

As part of its investment policy, Primonial Asset Management has established social and governance criteria for selecting management companies.

The selection of securities in discretionary management portfolios or investment sub-funds therefore depends on these principles.

Health & safety and working conditions at tracked management companies are audited on the basis of human resources policies with particular regard to pay, training, equal opportunities and documentation of accidents.

Business integrity, risk monitoring and management, and transparent corporate governance are analysed on the basis of companies’ internal control and risk management policies, financial statements, articles of association, annual reports and code of ethics. The list of social and governance criteria that management companies must meet is factored into operational due diligence.

Equity markets were volatile again in the summer. Economic and geopolitical news was particularly worrying in July and August: escalation of the Ukraine crisis, tension in the Middle East, sluggish European growth in Q2. However, there was a clear divergence between the two sides of the Atlantic: in Europe the deflation risk materialised gradually and the ECB looked increasingly determined to pursue a truly accommodative policy, whereas in the United States growth bounced back strongly (+4.2% annualised in Q2) and little by little the central bank prepared the markets for a stricter policy (end of QE in October and rate hikes from 2015).


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Market outlook

Markets have been very positive for fixed income in the last 12 months. In a period where most of the investors thought that risk free interest rates should move higher, with the Federal Reserve ending their purchase program and global growth picking up, they finally fell sharply, especially in Europe. In the back of this move is the worst than expected outlook and development of the European growth and inflation during 2014. Also one of the key drivers of the market has been ECB monetary policy actions that have driven spreads of peripheral debt and corporate bonds to new lows. We think the actual European outlook (low growth/low inflation) will be good for credit and the main risk is higher risk free interest rates, especially in the US, and in Europe if the ECB don’t takes all the action that the markets are expecting.

Impact on the investment strategy / asset allocation

In late 2013 and early 2014 we increase the sub-fund exposure to peripheral countries buying more Spanish, Italian and Portuguese assets, not only in government debt but in corporate and financials. We also increase risk by buying more subordinated banks and insurance debt during this period. The risk free interest rate exposure remains low, done by selling German bond futures, a strategy that hasn’t work so far.

Asset manager decision / allocation, significant changes

We don’t expect significant changes on the portfolio allocation. In credit we think that there still value on the financial sector, senior and subordinated, and we also think that the exposure to peripheral Europe will still gain better returns than their peers in the core countries. The possibility of a full Quantitative Easing of the ECB, buying corporates or government bonds, will also be very positive for this strategy, although is not our central scenario.

Perspective

According to our view, we will remain cautious on the risk free interest rate duration of the portfolio, keeping it in the lows of our range. Regarding to credit we remain constructive and with the will of increasing risk on market opportunities.

Pareturn Mutuafondo Gestion Bonos Lux

Pareturn Mutuafondo Gestion Bonos Lux sub-fund follows a quantitative investment process which is a combination of both momentum and risk control strategies.

On a YTD basis the sub-fund has been invested on average: Money Market funds (20.22%), Fixed Income funds (50.08%), Balanced funds (13.47%), Equity funds (16.03%) and in Commodity funds (0.19%).

Perspective: the sub-fund will allocate its assets wherever the methodology finds an investment opportunity, regardless of its asset class geographical class.

Since momentum is part of the investment process, the sub-fund will shift its allocation adapting itself to market trends. The sub-fund will search for investment opportunities and will participate in bullish trends and in bearish will seek shelter in haven assets such as money market funds.


The Pareturn Barwon Listed Private Equity Sub-Fund invests in publicly traded private equity vehicles (Listed Private Equities or LPEs). The Sub-Fund’s objective is to generate the sort of returns an investor might expect to get through a well-managed unlisted private equity program but to generate these returns through an actively managed portfolio of LPEs. The Sub-Fund provides shareholders exposure to private equity sponsored buyouts, growth capital, venture capital and private debt investments.

From inception on 29th November 2012 to 30th September 2014, the Euro share class returned 26.3% p.a. to shareholders, outperforming the MSCI World Total Returns by 7.1% p.a. The Pound Sterling class (launched on 4th December 2012) return 23.5% p.a. and the US Dollar share class (launched 17th June 2013) returned 14.9% p.a. respectively to their shareholders from their inception dates to 30th September 2014.

Many of the same themes that were reported on last year continued to play out. In underlying LPE portfolios, divestment activity continued to be strong with divestment activity out-pacing new investment activity. Across the board, managers continued to exit portfolio companies at significant up-lifts to carrying values and this contributed to strong NAV growth. Onex, which has been a core position of the Fund, is an example of an LPE that has taken advantage of the buoyant exit markets, selling a number of its larger holdings. We have continued for favour LPEs with more mature portfolios.

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We also exited Electra and American Capital, Electra because its share price traded up to close to NAV after Sherborne built an 20% stake in the company and initiated some corporate action, American Capital because it organised a restructuring which we had anticipated and meant that our investment thesis had largely run its course.

Although the French economy was very weak over the year, our Paris-listed investments Eurazeo and Altamir performed strongly, returning 31.9% and 30.7% respectively. Defying the performance of the broader French economy, the underlying portfolios of both LPEs achieved strong sales growth and strong EBITDA growth. In common with what we observed across the whole sector, the underlying portfolios of both LPEs are managing to sustain very healthy profit margins.

Venture capital LPEs performed very strongly over the year. The IPO window for venture-capital backed companies remains open with the second quarter of 2014 marking the fifth consecutive quarter to see 20 or more venture capital backed IPOs. M&A activity remains very strong and with tech companies holding $638 billion or 39% of total corporate cash (source: Moodys) we expect corporate buying of venture capital-backed companies to remain strong. The Sub-Fund’s exposure to venture capital was achieved mostly through Hercules Technology Growth Capital (up 14.35%) and Safeguard Scientifics (up 34.8%).

Pareturn Logiver World Flexible

Performance of World Flexible

The sub-fund « Logiver World Flexible » has had a big withdrawal beginning December due to the decision of one of the shareholders and due to reasons independent from performance.

The remaining funds are insufficient to continue the business of the sub-fund and we closed the sub-fund to protect shareholder. The latter selling their shares the same day for equality of treatment reasons.

On December 13th 2013, the liquidation date, the sub-fund had a YTD performance of 1.77%..

Market analysis

Market progression in November was good but did not continue in December. After strong gains the preceding months, we preferred adopting a prudent positioning by reducing our exposure to market risk.

Indeed, strong employment numbers in the USA could lead to an end of easy money in the States, partly explaining recent market corrections.

In November European equities were attractive in terms of valuation, especially since the ECB has reduced interest rates by quarter of a percent. Bonds reacted positively and the Euro surprisingly appreciated. It continued its appreciation of the last two months reaching twice 1.38, a level we deem excessive.

We remain prudent on bonds because of further progress are limited due to very low yields.

Commodities remained steady during November, keeping a YTD underperformance of 5.97% for the index "Rodgers International Commodities". We expect oil prices to fall due to increase supply following the Iran deal.


During the end 2013 FED began tapering, and the evolution of the unemployment was essential for the tapering development (6.5% below target unemployment). The FED is about to complete its asset purchase program and is expected to normalize policy in 2015.

With the aim to fight inflation, ECB cut rates from 0.50% to 0.25% during November 2013, to 0.15% past June and to 0.05% during September. Furthermore, the ECB has followed up the Targeted Longer Term Refinancing Operations with its own asset purchase program and has implicitly endorsing a EUR1trn targeted increase in its balance sheet.

Bond markets performed well, with Bund yields making new lows and the US and UK curves flattening.

The Bank of Japan (BOJ) kept monetary policy unchanged at every Monetary Policy Meeting. The purchases program began in April-2013, and the objective is to increase the monetary base in 70bn Yen per annum. The inflation target is 2% in 2015.

Equity markets overall progressed from Sep-13-Sep14: Ibex grow up to 23.16%, S&P to 19.69%, MSCI Europe to 14.13%, Nikkei to 13.76% and MSCI World to 12.90%. However, MSCI Emerging markets barely increased to 4.69%.

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Finally, USD appreciated during last year 6.64%: from 1.3527 to 1.2631.

Asset Allocation

In the fourth quarter the risky assets was added: 1.Equity assets: 18.56% (VS 8.89% in Sep-13) - Global Equity Funds: 13.03% (VS 8.89%) - European Equity funds: 5.53% 2.Absolute Return Fund: we have not any assets at Sep-14. 3.Corporate Bond: 19.36% (VS 1.91% in 3Q) 4.The position in cash has been reduced due to the investments above (26%), We have also invested in fund focused in bank and insurance subordinated debt. Lastly, the emerging markets corporate bonds assets weigh 7.36% as of 30thSep.

Performance As of September 30, the sub-fund has a positive performance since one year before (+5.74%).

The fixed income assets were the best performing assets in base currency (the positive contribution was 2.82%) and the absolute return fund detracted modestly (-0.19%) in base currency. The equity assets also performed well during last year (the positive contribution was +2.40%)

Additionally, the contribution for the appreciation of USD is +1%.

Perspectives

Economic and policy developments have not fundamentally changed since June, but they have become further accentuated. The global recovery is now weaker, more US driven, and relies on policy support in Europe. Furthermore, the global inflation trends remain subdued.

The euro area’s policy response to the stalling recovery and the threat of deflation will be critical. The ECB’s announcements since its first package in June lead us to expect that it will embark on outright QE (ie, government bond buying) by Q1 2015.

The expectation that Fed policy rates will rise in 2015, coupled with the imminent end of QE will continue to drive the dollar higher. The latest round of measures by the ECB to improve inflation expectations and help reflate the economy are having some effects especially in terms of the weaker euro, lower Bund, semi core and peripheral yields and a somewhat improved loan supply. In any case, due to the low yield´s level of Government bonds, we prefer to not have exposure to them.

With credit spreads at or near post-crisis tights, excess returns are unlikely to exceed carry by a wide margin in either Europe or the US. Therefore, total returns are likely to be driven by relative rate moves. A significant yield gap has opened up between EUR- and USD- denominated credit as central bank policy has diverged. So, there is potential to pick up yield in USD markets (short duration corporates bonds).

Lastly, we will be very cautious with equity exposure, because we think that the volatility will be high. In any case we prefer to invest in global equity funds.


Market Review and Outlook

In Q3 2014 global credit markets returned 0.71% on a total return basis bringing YTD total returns to 5.77%. However, excess returns over like-duration government bonds of -0.27% underperformed those returns in the first two quarters (Barclays Global Aggregate Credit Index). While corporate fundamentals remained strong, accommodative monetary policy was once again a key contributor to investment grade credit returns in Q3 2014. Mario Draghi, President of the European Central Bank, announced a cut in both the main refinancing rate and the deposit rate to 0.05% and -0.20%, respectively. Data across the world has been mixed with data disappointing in Europe as German GDP decreased by 0.2% during the second quarter and with industrial production decreasing by 1.1%. Economic data from the U.S. showed a positive picture, with most data points including jobless claims, payrolls consumer credit, chain store sales, the Institute for Supply Management surveys and capital goods orders all back to pre-crisis levels.

Idiosyncratic events contributed to the negative sentiment during the third quarter as a Portuguese bank was under pressure on the back of acute financials problems; as a result equity investors were wiped out, the bank was split into a good and bad bank where subordinated bondholders were transitioned. Such events heightened the volatility in the market together with the usual summer lull in liquidity which was partly blamed for the exaggerated price swings. Geopolitical tensions also reached new levels as the conflict between Russia and Ukraine continued, resulting in fresh sanctions and retributions between the West and Russia. Tensions flared in the Middle East with a conflict in Gaza between Palestine and Israel and Islamist extremists gaining ground in both Iraq and Syria, resulting in the West conducting air strikes against Islamic State fighters.

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Elections have been of significance with the build up to the Brazilian elections occurring in the third quarter and potential changes to elections in Hong Kong triggering wide spread protests. Elsewhere, Scotland held a referendum on whether to leave the United Kingdom and become an independent country. While the vote eventually ended in a “No” vote, the implications will result in further autonomy for Scotland and has reawakened separatist notions in both Spain and Italy.

U.S. corporate fundamentals for the quarter deteriorated modestly; however current credit metrics continue to be strong and should be supportive of spreads moving forward. While revenue and earnings before interest, tax, depreciation and amortization (EBITDA) have increased at their fastest pace in two years, a larger portion of EBITDA is now returned to shareholders. Specifically, cash back to shareholders represents approximately 36% of EBITDA, which is only 3% lower than the peak reached in the first quarter of 2008.

PIMCO expects the global economy to grow at a real rate of 2.25%-2.75% over the year ahead. Our economic forecasts call for a continuation of a longer frequency, lower amplitude U.S. business cycle recovery over the next 12 months with accelerating capital expenditures in 2015 creating a self-sustaining private sector recovery. In the eurozone, we expect the economy to grow by about 1% over the next 12 months continuing a painfully slow climb out of a double-dip recession. PIMCO continues to see the growth potential in emerging markets but does note the social challenges in shifting to a “middle income” growth model.

We believe that demand for Global Credit remains resilient alongside accommodative monetary policy. The ongoing assistance of easy monetary policy combined with healthy financial sector balance sheets should poise the U.S. economy for growth in the coming year. Also corporate capital expenditures are accelerating on the back of rising pricing power and ex ante expected returns on newly invested capital. PIMCO believes that the U.S. cyclical outlook is becoming more self-sustainable and stable while both the inflation and cyclical growth outlooks for the eurozone and Japan remain captive to both policy disagreements and continued geopolitical tensions. Within the eurozone, PIMCO expects the European Central Bank (ECB) to continue to ease monetary policy over the cyclical horizon via some form of quantitative easing during 2015. This will likely involve the large-scale purchase of sovereign bonds, mostly because we do not find the “targeted” longer-term refinancing operations program nor the asset-backed securities (ABS) purchase program already announced to be sufficient in arresting the liquidity trap conditions responsible for declining inflation expectations there. Furthermore, the eurozone recovery should be aided by a healthier U.S. economy next year, partly by stronger exports and also by a stronger U.S. currency compared to the euro.

Performance Review As of November 28, 2014 the sub-fund returned 2.29% before fees YTD. The major performance driver in 2014 was duration exposure, in particular in the US where 10-year yields dropped 75 basis points throughout the year. A smaller allocation to UK rates also helped as 10-year gilt yields fell over 100 bp year to date. Within spread strategies, the largest positive contribution came from the financial sector, especially from senior-ranked bank debt in the European periphery. Subordinated capital also performed well as the successfully completed ECB’s asset quality review calmed concerns over the European banking system. Within industrials, telcos, industrial services and automotive debt were the best-performing sectors.

Sovereign CDS seller positions for Italy and Spain also contributed, as did covered bonds from periphery countries.

The main detractor was positioning in emerging market debt: Russian corporate and quasi-sovereign debt underperformed substantially given the crisis in Ukraine and Crimea which escalated in the summer this year. Smaller positions in Brazil and elsewhere in emerging markets were additive to performance but could not offset the drag from Russia. A bailed-out Austrian bank (Hypo Alpe Adria, now Heta Asset Resolution) also detracted significantly as market participants are concerned about whether its securities will be affected by new bail-in rules for senior debt.

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Pareturn Cervino World Investments

2014 is being a positive year for most of the asset classes. In Fixed Income European governments are posting the most resilient numbers, while other assets like High Yield and Convertibles are also in the positive single-digit area. On the equity side, it was American companies the ones showing solid results, with most of the other regions showing weaker numbers.

The US had a bumpy beginning of the year with a sluggish GDP (blame it on the bad weather during winter) that triggered concerns over global growth expectations. Nevertheless, the American economy has been strong data ever since, making the analyst review their growth expectations upwards. 2014 has been a year of consolidation for the US, and riskier assets’ performances confirm this.

In Europe, we have seen a totally different story. Weak growth and deflationary risks continued worrying investors who still waved the flag of better valuations. Finally, the ECB came in with a more aggressive approach and cut interest rates and added various measures. The final results of this ultra dovish policy are still to be measured, but in the meantime, these measures pushed the markets up. It is also important to highlight the convergence move between the core European countries and the periphery, which translated into a significant narrowing of the spreads.

The emerging markets, leaded by China, also saw some weakening signals at the beginning of the year. Continuing geopolitical risk in some areas kept driving these volatile markets who have managed to post positive performance thanks to the optimism spreading from the US. However, worries about the worsening of trade balances and lack of reforms in some of these countries make it even harder treating all nations as a whole group.

In this environment, we kept focusing on quality stocks, as we think they tend to outperform the markets in the long run. We are aware that high valuations are making these companies especially sensitive to market corrections, and that is why we took profit on some of the names and kept money in cash until we find new opportunities. This move has reduced our equity exposure, but given current market conditions, we feel comfortable having a cash (cash equivalents) cushion.

Geographically, we have favoured developed markets over emerging, although sharp corrections in these countries turned valuations attractive again.

Our bet on the US Dollar (held for almost a year) was finally rewarded at the end of this quarter. We kept dollar exposure intact during July and August, and moderately reduced it at the end of the quarter, when dollar reached levels of 1.26. We will close our exposure further if dollar keeps appreciating. Currency has been one of the main sources of alpha this year.

Key trades during the year were:

- Buys: Adidas AG, Air France, Bank of New York Mellon, and Wal Mart. - Sells: 3M, Intel Corp, Sanofi, and Zurich Insurance.

Looking forward, we are still positive on equities as we think global growth will finally show up. However, we are aware that as we move closer to 2015, probability of a rate rise by the Fed increases, and markets will become more and more volatile. That’s why taking profit on some of our bets, and sit on some cash waiting for a correction seems a good thing to do.

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Investment Managers’ Report (continued) Pareturn CTH Ratio High Yield

The sub-fund CTH Ratio High Yield is a Fund which aims at maximizing total return by investing, predominantly, in High Yield Bonds (bonds with a long-term rating equal or lower than BB+ or equivalent by any available rating agency) issued mainly by companies which are domiciled or exercise the predominant part of their economic activity in Europe.

The sub-fund CTH Ratio High Yield was launched on July 5th, 2013 and since inception is up by 4.48% (as of NAV on September 30). The performance from October 1st, 2013 to September 30, 2014 is +4.41%.

Market overview

Over the year credit markets achieved overall positive returns with a relatively low volatility until the recent market turbulence. The best performers during this period were investment grade bonds, which benefitted from lower interest rates. In the high yield environment the spread compression continued, disturbed only by a small pull back in December 2013 and a more significant correction in the third quarter of 2014 which was severe but relatively ordered (lowest quality bonds performing worst) and allowing for better valuations to enter the asset class.

Sub-fund positioning

The sub-fund was launched in July 2013 thus the initial part of the year was dedicated to completing the core portfolio through the acquisition in the secondary and, occasionally, primary market of bonds issued by large and well diversified financial and industrial groups.

The sub-fund’s size increased considerably during the period: assets under management grew from 9.6 mn EUR to 30.5 mn EUR and the management was able to gradually increase investments without damaging the performance. Indeed given the scarce liquidity of the high yield market and the sub-fund’s valuation of bonds at bid price, paying the bid ask spread is a significant cost to bear while constructing the portfolio and integrating inflows.

The credit exposure in the portfolio grew from 46% at the end of September 2013 to 86% at the end of September 2014. The duration profile of the sub-fund remained in the range of 1.1 to 3.1 years, closing the period at 3.1 years. The average yield to maturity of the portfolio stood in the range 2.5% to 4% and closed the period at 3.6%. A detail of the evolution of the characteristics of the portfolio is reported below:

The sub-fund maintained a balanced exposure to EUR , USD, and (marginally) GBP credit curves while keeping a very limited exposure to foreign currency: non EUR currency exposure remained in the range 0% – 10%.

Asset Allocation (as of September 26h , 2014)

Portfolio Features JUL 13 AUG 13 SEP 13 OCT 13 NOV 13 DEC 13 JAN 14 FEB 14 MAR 14 APR 14 MAY 14 JUN 14 JUL 14 AUG 14 SEP 14 Credit Exp. Gross 17.9% 31.0% 45.8% 40.4% 62.8% 89.0% 89.2% 93.4% 91.1% 90.2% 91.8% 92.6% 95.9% 91.4% 85.6% Credit Exp. Net 17.9% 31.0% 45.8% 40.4% 62.8% 89.0% 89.2% 93.4% 91.1% 88.7% 90.5% 84.6% 95.9% 91.4% 85.6%

FX Exp. (Non EUR) 9.2% 5.3% 5.2% 6.2% 3.9% 6.1% 5.3% 5.2% 6.2% 3.2% 5.2% 2.6% 2.8% 3.7% 0.0%Eff. Duration 0.8 1.4 1.9 1.1 1.5 2.6 2.5 2.7 2.6 2.7 2.3 2.6 3.0 2.3 3.1

Avg. Maturity 4.9 7.5 5.4 3.6 4.9 9.7 10.0 9.0 9.5 8.7 8.7 7.2 9.0 10.7 10.3 Avg. YTM 0.9% 3.1% 2.8% 2.5% 2.9% 3.7% 3.6% 3.3% 3.3% 3.1% 2.9% 2.9% 3.8% 3.3% 3.6%

Avg. Coupon 6.0% 4.5% 5.0% 4.9% 5.3% 6.1% 5.8% 5.3% 5.4% 5.4% 4.8% 5.2% 4.6% 5.3% 4.8%Avg Rating BBB BBB- BB+ BB+ BB BB- BB- BB BB- BB+ BB+ BB- BB- BB- BB

Top 5 issuers % 13% 17% 18% 11% 16% 24% 24% 24% 23% 23% 23% 24% 25% 24% 21%Top 10 issuers % 18% 28% 32% 20% 29% 42% 43% 43% 39% 40% 41% 43% 44% 44% 37% Month Turnover 18.9% 36.3% 38.9% 32.3% 37.1% 54.7% 46.5% 14.6% 38.1% 36.4% 28.2% 33.7% 34.4% 30.9% 56.3%

Duration Profile

% NAV* Long Short NetEUR 61% 2.58 2.58USD 28% 4.08 4.08GBP 7% 4.10 4.10Other 0% 0.0 0.0Fund 3.0 0.0 3.0

*it includes rates positions

Long Short Net25% 25%26% 26%40% 0% 40%8% 0% 8%0% 0%

3.4% 3.4%

6 - 8 %

<2 % 2 - 4 %

Yield Distribution

4 - 6 %

> 8 % Avg. YtM Bond PF

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Investment Managers’ Report (continued) Pareturn CTH Ratio High Yield (continued)

Outlook

The recent correction provides interesting entry levels in the asset class, allowing the management to invest the growing asset under management in securities with more appealing yields compared to those observed few months ago. Thus the sub-fund will continue to increase the core positions at attractive levels and to look for new opportunities in the asset class.

The structure of the sub-fund will remain prudent aiming at maximizing total return and limiting volatility. The management will continue to focus on bottom up selection and to use tactical hedging on duration and limited currency exposure.

Fund's breakdown by SECTOR & Perf. Contributions (Gross)EXPOSURE

Long Short NetCash 4% 0% 4%ST Invest. 7% 0% 7%Sov. Bonds / Agency 4% 0% 4%Corp. Bonds 86% 0% 86%

Fin. Senior 46% 0% 46%Fin. Sub 18% 0% 18%Fin. Secur. 0% 0% 0%Ind. Senior 2% 0% 2%Ind. Sub 0% 0% 0%Utilities 0% 0% 0%Other Corp Bonds 21% 0% 21%

3% 3%0% 0% 0%

TOTAL (Local) 103% 103%

Credit/Eq. HedgeInt.Rates Hedge

Fund's breakdown by GEOGR. & Perf. Contributions (Gross)EXPOSURE

Long Short NetCash & ST Invest. 11% 0% 11%West Europe Core 27% 27%West Europe Periphery 38% 0% 38%Emerging Mkt 12% 0% 12%Others 16% 16%TOTAL (Local) 103% 103%

CURRENCY exposures & MTD contributionsEXPOSURE

Gross Hedge NetEUR 64.5%USD 28.3% -28.1% 0.2%GBP 7.2% -6.8% 0.4%Others 0.0% 0.0%TOTAL FX effect 100.0% -34.9% 0.6%

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Pareturn AC Fondeposito

Current Characteristics

Pareturn AC Fondeposito is a Feeder Fund of AC Fondeposito Institucional, which invest the whole portfolio in the Master (AC Fondeposito Institucional) in agreement with Luxemburg investment rule requirements.

The Master invests in private and public fixed income assets. More than 50% is invested in a wide diversified portfolio of deposits of financial entities, with a weighted average duration less than 12 months.

Current portfolio duration is close to 7,2 months with a gross yield to maturity of 1,46%.

The Master would invest in derivatives financial instruments, traded in organized markets as hedging and investment as well.

Pareturn AC Fondeposito is an accumulation share class sub-fund.

Market Outlook

Though recent ECB interest rates actions, TLTROs and recently announce Asset Backed Securities / Convertible Bond foresees a long lasting low interest rate environment, medium term investment commitments should pay off returns above 1%, by year end.

Pareturn Smead US Value Fund

We have completed our first year for the Pareturn Smead US Value Fund and we are pleased to report a solid gain in the portfolio of 8.78%. We underperformed the two main indexes with whom we compete over the long-term; the Russell 1000 Value Index had a gain of 10.80% while the S&P 500 Index had a gain of 11.08%. Our long-term goals are to significantly beat both indexes, but our low turnover style of long-duration investing is a bit like the Tortoise of the old fable. The world turns around us and we search for and hold on to the shares of wonderful companies for many years in search of above-average wealth creation.

Our best performing stocks were names like Walt Disney (DIS), Amgen (AMGN) and Merck (MRK). Our poorest performers were Aflac (AFL), Starbuck’s (SBUX) and Pfizer (PFE).The U.S. consumer continued to hunker down and save money and Echo-Boomers have yet to present themselves in full force in the economy. Healthcare and financials were our best performing sector categories.

As most of you know, we are not stock market prognosticators. We are long-duration common stock owners. A wise man once said, “stock market and economic predictions are designed to make astrology look respectable.” Our goal is to use the ownership of publicly-traded U.S. large-cap companies to create wealth for non-U.S. investors over the next ten years and more. Our first year certainly fits in with our long-term goals.

Currency War of the Worlds

I am an avid reader of historical fiction and thoroughly enjoy the writing of Ken Follett. Follett writes mostly about Europe in the 20th Century. His latest trilogy, War of the Worlds, walks five families through World War I, World War II and the Cold War. This long-duration writing is very helpful for understanding what really matters over long stretches of time from a political and economic standpoint.

To get a sense of the long-term picture, let’s look at the currency wars. We at Smead Capital Management believe that in October of 2012 a currency war was initiated by the devaluing of the Japanese Yen. The Yen was around 80 per U.S. dollar and today trades around 115. This is a greater than 40% change in the relative value in the currencies. We travelled to the Far East in 2011 and in 2012 and it became obvious to us that the U.S. dollar was extremely undervalued whenever we bought coffee at Starbuck’s or purchased other goods and services.

We travelled to Europe to promote the launch of our Pareturn Fund in 2013 and visits to London, Helsinki, Luxembourg, Geneva, Zurich and Milan told the exact same story. The U.S. dollar looked immensely cheap in all those cities as well. Now the European Union appears to be joining the currency war with a race to the bottom for the Euro against the U.S. dollar. American vacations to Europe could be in the planning stages already.

Therefore, the plunging prices of major commodities like oil, gold and corn come as no surprise to us. This reminds us of the 1980s when President Ronald Reagan restored confidence in the U.S. dollar and commodities went into a funk for 18 years. It is our opinion that the strong dollar and the commodity bear market started in 2011 will last for a minimum of 7 to 10 years. There will be counter-trend rallies, but we believe it will pay to avoid the popular cyclical stocks and commodity plays which worked the best from 2000 to 2012. We like addicted-customer-base companies that buy commodities and sell brands.

The commodity declines and strong dollar seem to have given the brightest minds in economics a deep fear of deflation. Our answer to those fears are to own companies with strong balance sheets and wide moats. If you have pricing power via sticky customers, then you defend your prices better in deflationary environments and have more flexibility to raise them when inflation comes along. Either way, you outperform other businesses and should outperform in the stock market over long time periods.

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Pareturn Smead US Value Fund (continued)

Lastly, we are contrarians and are beginning to wonder if the deflation fears are nearing a pinnacle. The U.S. has a tendency to lead the world in changing times and we assume at our company that labor will gain a much better bargaining position over the next ten years as housing makes a comeback in the U.S.

With very favorable demographics, low interest rates, affordable housing and well-capitalized banks, it appears that an era of prosperity could be on the horizon as the echo-boomers form households, have babies and buy houses. If the economy grows fast enough for debts to be repaid and governments to be funded, many portfolio managers will be fooled. The consensus is for lousy growth in GDP as far as the eye can see.

Under our assumptions, we are not interested in lightening our ownership of wonderful companies which could take the most advantage of the comeback of the U.S. consumer. We are not market timers and are conscious how well the U.S. stock market has done the last five years. The unpredictable nature causes us to focus on the next ten years. Hence, our top five holdings in Gannett (GCI), eBay (EBAY), Bank of America (BAC), Amgen Inc and Merck & Co Inc would receive a good deal of fortune from the consumer. We continue to look for ways to benefit from a huge comeback in housing through holdings like Berkshire Hathaway (BRKB), NVR (NVR) and Home Depot (HD). We also like the massive production of energy in the U.S., which insulates us from rabble rousing in oil-producing countries around the world.

Pareturn Entheca Patrimoine

Introduction:

Management of the Pareturn Entheca Patrimoine sub-fund began on 6 December 2013.

Market environment

Between December 2013 and 30 September 2014 financial markets went through two phases, with an increase until the summer of 2014 followed by a decline until September 2014. However, Pareturn Entheca Patrimoine’s financial year is ending on positive territory with equity markets on the rise: +11% for the MSCI Europe dividends reinvested, denominated in euros, 18.4% for the S&P500 in US Dollars and +10.14% for the MSCI World index in local currencies. Increases in emerging markets were more modest with +3.55% for the MSCI Emerging Market in local currency and Japan up +5.71%.

Until summer 2014, financial markets were supported by the hope of a real improvement in economic growth and by the actions of central banks in the United States, Japan and Europe, which led to ultra-accommodative monetary policies designed to facilitate the movement of capital and the fluidity of credit. The European Central Bank lowered key European rates and implemented a bond-buying programme, following the example of the US Federal Reserve or the Bank of Japan, without however undertaking sovereign debt purchases.

During the period, global growth was not very dynamic and was weaker than expected. Growth is most active in the United States, the powerhouse of the developed world, while Europe labours and emerging countries are progressing more modestly than previously. The IMF revised its forecast downwards twice in the period, from 3.5% to 3.3% expected growth for the year 2014.

In the United States, following a downturn in the first quarter related to the severity of the winter, growth increased by +4.6% in the second quarter and +3.5% in the third quarter. Healthy output and consumption indicators enabled indices to make progress.

In Europe, the expected improvement in the first months of 2014 did not materialise. Following the election of Matéo Renzi and the anticipated reforms, Italy fell back into recession. Spain managed to make some progress with a GDP of +1.2%. France remains in stagnation with zero growth and a fiscal deficit policy. Germany managed to maintain positive growth of +0.80% in the first quarter and +0.20% in the second quarter of 2014 due to domestic consumption. Nonetheless, the leading indicators for output and future economic activity (ZEW, IFO and Manufacturing PMI) are down. Only Great Britain is showing growth greater than +3%.

Emerging countries recorded lower growth, particularly in China, Brazil, Russia and Turkey. Japan continues to try and revive its economy with the intervention of Prime Minister Shinzo Abe, who has lowered taxes and social security contributions and increased VAT at the same time.

Geopolitical tensions have exacerbated the climate of uncertainty around global growth since June. The Syrian and Israeli-Palestinian conflicts have fuelled diplomatic tensions which in turn weigh upon international trade. The division in Ukraine between pro-Russians and Ukrainians generated a high degree of volatility during the summer 2014. Tensions between the United States and Russia have been running high while economic sanctions have been taken against Russia. As a result, European stocks suffered in this unfavourable climate which is adversely affecting the earnings capacity of European companies with exposure to Eastern Europe and the Russian market; in particular German stocks.

Against a backdrop of low inflation and falling prices worldwide, interest rates have come down and reached historic lows, while the spreads between Europe and the United States have deepened (0.80% for German 10-year Bunds and 2.33% for U.S. 10-year Treasuries). The monetary policies pursued by the various central banks as well as the increased levels of geopolitical risk have fuelled this downward movement; the U.S. currency and German debt representing quality assets (“Flight to Quality").

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Pareturn Entheca Patrimoine (continued)

On the foreign exchange markets, the euro has weakened against all currencies starting from the summer of 2014, and particularly against the US dollar, with an exchange rate which has gone from 1.37 dollars for 1 euro to 1.26 dollars for 1 euro as at the end of September 2014.

In spite of the geopolitical tensions, oil is down by -6.60% to 91.16 US dollars for a barrel of West Texas Intermediate in September and the price of raw materials remains muted, reflecting a period of disinflation and low growth.

Pareturn Entheca Patrimoine investment management policy

Exposure to equities ranged between 23% and 30% during the past period and evolved as shown in the table below

% Equities Dec-13 24.45% Jan-14 23.24% Feb-14 25.96%

March-14 26.83% April-14 27.50% May-14 29.71% June-14 25.29% July-14 26.16% Aug -14 27.39% Sept-14 24.63%

In late December 2013 the equity exposure of the fund was positioned at 24.45% in order to benefit from the year-end rise in markets. Indeed, uncertainties have been removed following fears about a tightening of monetary policy by the US Federal Reserve. On 18 December 2013 the Fed decided to reduce its asset purchase programme in the light of very encouraging macroeconomic data in the United States, while keeping its key interest rate low for some time to come. This announcement was welcomed by investors and helped equity markets to close 2013 on an upward trend.

Equity exposure was gradually increased to 29.71% until May 2014. Growth is expected in Europe, monetary policy remains accommodative and the cold spell in the United States does not undermine the potential for growth. However, a geopolitical risk is beginning to surface with the crisis in Ukraine.

At the end of June 2014, exposure to equities was reduced to 25.29%. Despite the action of the ECB which lowered its deposit rate into negative territory, markets reacted negatively to the downward revision to the growth rate in the United States and to the geopolitical risks in Iraq and the Middle East. With high valuations, equity markets have begun to pause for breath and to consolidate. Against a less favourable background and with the possibility of a more unsettled period (downward revision in global growth, 2nd quarter 2014 company results reporting season), exposure to equity markets was reduced.

The equity weighting was increased to 27.39% by the end of August 2014, in line with the upward movement in the indices supported by the expectation of a cut in European rates by the European Central Bank and the release of US growth figures showing a sharp increase for the second quarter (+4.20%).

During September, exposure to equities was reduced to 24.63% due to threats to economic growth, particularly in the Eurozone and in Germany because of the Russian crisis. Under these circumstances, U.S. markets started to consolidate and the dollar rose strongly against the Euro.

With regard to bond management, exposure was initially restricted and the maturity of the bonds in the portfolio was limited to 2/3 years on the basis of stronger growth in the United States, which would have justified a cessation in the accommodative actions of the US Federal Reserve, and initiated a round of interest rate rises. Then, beginning in February 2014, with long-term interest rates continuing their downward movement, bond maturities have been extended. European sovereign debt with maturities ranging from three to ten years has been introduced at modest levels to benefit from the fall in European sovereign rates, while remaining cautious about the potential risk of a rise in rates taking into account their historically and abnormally low levels. Exposure increased from 0.58% at the end of December to 2.05% at the end of May.

Finally, from June onwards we have taken profits on the long-dated bonds, both corporate and sovereign debts, as a result of the more strained geopolitical context. In addition, exposure to high-yield bonds was reduced given the increased volatility in the markets. Conversely, we have increased our exposure to emerging debt to take advantage of more attractive yields.

During the period, a position in convertible bonds was initiated within the portfolio. DNCA Invest Convertibles and Alta Rocca Convertible funds were used in that strategy. Convertible bonds allowed us to benefit from the increase in the underlying shares and from the improvement in the perception of credit risk due to the fall in interest rates. Given the volatility of stock markets in the latter part of the year, these funds were reduced and now represent 2.48% of the portfolio compared to 6% at the highest point.

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Equity management:

The geographical distribution of equity investments has evolved as shown in the table below:

The Eurozone was maximised in the first part of the year, then reduced starting from May. The UCITS investments bought were Raymond James Micro Cap to capture the revaluation in small and medium caps boosted by the launch of the PEA PME (SME Equity Savings Plans) in France, Fidelity Iberia for the signs of recovery in the Spanish economy, and Moneta Multi Cap for its excellent conviction-based management style. Also, against a backdrop of weak growth and low interest rates, we have sought to focus on sectors offering attractive yields and we selected ETF Amundi MS Utilities in the utilities sector and ETF Lyxor Health Care for merger and acquisition activity in the pharmacy sector. From May onwards we started to reduce equity exposure to Europe and took some gains (+5.02% on ETF Amundi MS Utilities and +4.86% for ETF Lyxor Health Care). Volatility increases in a strained geopolitical context as earnings prospects are revised downwards due to lower growth. Some funds were sold completely: Fidelity Iberia (+2.74% added value), DNCA South European Opportunity (+1.25% gains), but also R conviction for its significant element invested in the banking sector (-1.16% value subtracted) and the Entrepreneurs fund whose management is no longer looked after by its founder, Thierry Fleccia, but by another less convincing team.

The investments in the United States were reorganised during 2014 in order to increase index management with the SSGA US Index fund. The Vanguard US Discoveries and Vanguard US Opportunities funds, both growth funds which had performed very well in 2013, were sold. They were impacted by the fall in stocks such as Twitter, Facebook and Netflix. Conversely, the JP Morgan US Value and Fidelity America funds have been introduced instead.

Exposure to the emerging countries was strengthened during the year and we then took profits from time to time. Therefore, the Magellan fund managed by Comgest was introduced when emerging markets started to regain some stability after currency movements and following more reassuring statistics about the Chinese economy. The position was supplemented by the Fidelity Emerging Market and Schroders Emerging Asia funds in relation to Asia.

During the year arbitrage opportunities were utilised in the Japanese equity component. The M&G Japan Smaller Companies fund and the Union Indiciel Japon index fund were introduced at the beginning of the year. These funds were progressively sold and replaced by the Aviva Investor Japan and SISF Japanese Opportunities funds and the Amundi ETF Japan index fund. After a decline due to the impact of the increase in VAT, the Japanese market rallied following the fall in the Yen as a result of the very accommodative monetary policies implemented by Shinzo Abe.

Regarding direct investment in shares, the main movements related to the introduction of shares with a high dividend yield. Therefore GDF, Royal Dutch Shell, Iberdrola, Accor and Vivendi have been purchased. Large portfolio stocks such as l'Oréal or Nestlé are also part of stock selection with a long-term investment perspective. The broad distribution with its exposure to emerging markets is represented by Casino was recently introduced for its defensive properties within a more difficult environment for shares. For more speculative and restructuring investment options, stocks such as Eurotunnel Group, Siemens, Renault or Peugeot were selected. Direct investment in equities represented 3.75% of assets at the end of September.

Eurozone Non-euro Europe USA Japan EM

Dec 13 50% 10% 27% 7% 5% Jan-14 44% 15% 29% 8% 4% Feb 14 46% 15% 28% 7% 5%

March 14 49% 15% 26% 7% 4% April 14 51% 15% 24% 4% 7% May 14 46% 14% 28% 2% 9% June 14 39% 19% 29% 5% 9% July 14 36% 15% 33% 5% 10% Aug 14 32% 19% 35% 5% 9% Sept-14 36% 18% 35% 6% 6%

Geographical Breakdown of Equities

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Fixed Income management:

Bond management initially involved an increase in the portfolio exposure by extending the issuer holding period and by selecting securities from the “high yield and unrated” high-yield bonds segment. Exposure increased to 2.05% by the end of May. For example in January 2014 the Rallye 7.625% bond (November 2016 maturity) was purchased, as was the Peugeot 6.5% bond (January 2019 maturity) in April 2014. We also subscribed to issues on the primary market (Wendel 3.75% 01/21). European sovereign debt was also introduced into the portfolio with the Natixis Souverains Euro 3-5 and 5-7 funds to extend the overall maturity of the portfolio, starting from February. These funds are mainly invested in French, Italian and Spanish sovereign debt and so were able to benefit from the easing in interest rates in the peripheral countries of the Eurozone.

Subsequently and starting from June, exposure was reduced in the light of the more difficult market conditions. Exposure was 1.72% at the end of September 2014. Sovereign long-dated bonds have been reduced as have corporate bonds with a maturity of more than 4.5 years. The weighting of high-yield bonds was reduced during the period. For example, Air France bonds were sold.

On currencies, we strengthened our exposure to the dollar from May, from 7% to 15% by the end of September 2014 to profit from the differential between the United States and the Eurozone.

Among the investment funds managed by Entheca Finance, Pareturn Entheca Patrimoine is invested in the Entheca Régularité and Entheca Rareté funds.

In compliance with the ESG policy which is available on our website, Environmental, Social and Governance criteria are not taken into account in our investment policy.

Between 6 December 2013 (launch date) and 30 September 2014 Pareturn Entheca Patrimoine returned +4.09%.

Global risk exposure

The risk-management process complies with the CSSF circular 11/512 and enables to monitor and measure at any time the risk of the positions and their contribution to the overall risk profile of each sub-fund.

The commitment approach is used for all the sub-funds of Pareturn Sicav, except for the Pareturn Best Selection Side Pocket sub-fund, to determine the global exposure. For the Pareturn Best Selection Side Pocket sub-fund, no approach is applicable as it only includes an investment in Luxalpha American Selection SICAV (in liquidation).

For the sub-funds using the Commitment approach to monitor the global risk exposure, financial derivatives instruments are converted into their equivalent position in the underlying asset.

The global risk exposure shall not exceed the sub-fund’s net asset value.

The Board of Directors Luxembourg, January 13, 2015

34

Deloitte Audit Société à responsabilité limitée 560, rue de Neudorf L-2220 Luxembourg B.P. 1173 L-1011 Luxembourg

Tel: +352 451 451 Fax: +352 451 452 992 www.deloitte.lu

To the Shareholders of PARETURN Société d'investissement à capital variable (SICAV)

33, rue de Gasperich, L-5826 Hesperange Grand-Duchy of Luxembourg

REPORT OF THE REVISEUR D’ENTREPRISES AGREE

Following our appointment by the Annual General Meeting of Shareholders dated January 17, 2014, we have audited the accompanying financial statements of PARETURN (Société d'Investissement à Capital Variable) (the “Company”) and of each of its sub-funds, which comprise the combined statement of net assets, the statement of net assets and the securities portfolio and financial derivative instruments of each of its sub-funds as at September 30, 2014, as well as the combined statement of operations and changes in net assets and the statement of operations and changes in net assets of each of its sub-funds for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements.

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

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the réviseur d'entreprises agréé’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the réviseur d'entreprises agréé considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the Company, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of PARETURN and of each of its sub-funds as at September 30, 2014, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Société à responsabilité limitée au capital de 35.000 EUR RCS Luxembourg B 67.895 N° d’autorisation d’établissement 10022179

35

{.

Deloitte. Deloitte Audit Société à responsabilité limitée 560, rue de Neudorf L-2220 Luxembourg B p 1173 L-1011 Luxembourg

Tel +352451 451 Fax +352451 452992 www.deloitte.lu

Other matter

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

For Deloille Audit, Cabinet de révision agréé

Nicolas Hennebert, Réviseur d'entreprises agréé Partner

ry15,2015 560, rue de Neudorf L-2220 Luxembourg

Société a responsabilité limitée au capital de 35.000 EUR ReS Luxernbourq B 67.895 N' d'autorisation d'établissement 10022179

36

PARETURN

37

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

Statistics


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

36,355,930.48 28,739,542.08 25,871,967.07EUR

Institutional 1,043.54 970.34 892.09EURRetail 996.83 931.16 860.17EUR

Net asset value per share

¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of shares

Institutional 26,077 25,544 25,917Retail 9,172 4,245 3,199¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

1,053.31 1,053.31 1,053.34EUR

Institutional 0.02 0.02 0.02EURRetail 0.02 0.02 0.02EUR


¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of shares

Institutional 50,183 50,183 50,183Retail 4,061 4,061 4,061¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

56,648,006.18 51,711,110.77 48,008,476.14EUR

Retail 29,413.57 26,850.17 24,927.63EUR


¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of shares

Retail 1,926 1,926 1,926¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

20,613,588.87 18,738,141.23 17,757,694.38EUR

Institutional 118.68 113.64 107.70EUR


¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of shares

Institutional 173,687 164,887 164,887¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

100,288,703.07 46,721,529.77 31,613,524.53EUR

Institutional 139.39 129.88 111.77EUR


¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of shares

Institutional 719,494 359,741 282,833¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

317,220,027.41 81,358,651.50 16,409,128.45EUR

Institutional shares "I" 120.25 113.14 103.71EUR


¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of shares

Institutional shares "I" 2,638,033 719,084 158,229¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

September 30, 2012September 30, 2014 September 30, 2013

PARETURN

38


Statistics


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

- 34,770,391.51 34,412,339.78EUR


Hedged capitalisation shares "S" - 104.44 94.96USDCapitalisation shares "S" - 103.57 94.19EURHedge capitalisation shares "T" - 105.34 95.42USDCapitalisation shares "T" - 105.16 95.29EURHedge institutional capitalisation shares "M" - 105.13 94.80EUR¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of shares

Hedged capitalisation shares "S" - 5,818 5,559Capitalisation shares "S" - 38,456 39,209Hedge capitalisation shares "T" - 14,575 10,667Capitalisation shares "T" - 27,904 79,174Hedge institutional capitalisation shares "M" - 249,870 231,816¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

20,862,647.39 29,069,220.15 35,380,635.41EUR

Capitalisation share "F" 115.79 111.01 109.04EUR


¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of shares

Capitalisation share "F" 180,176 261,850 324,464¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

96,077,149.40 119,486,993.53 111,119,911.65EUR

Capitalisation share "F" 117.75 113.04 104.57EUR


¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of shares

Capitalisation share "F" 815,912 1,057,069 1,062,625¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

57,427,880.68 51,381,807.67 50,232,112.32EUR

Capitalisation share "P" 164.22 154.13 150.68EUR


¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of shares

Capitalisation share "P" 349,705 333,360 333,360¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

26,660,537.38 - -EUR

Retail share "EUR P" 156.70 - -EUR


¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of shares

Retail share "EUR P" 170,142 - -¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

46,689,958.64 15,057,683.90 -EUR


PARETURN

39


Statistics


Institutional shares "G" 176.18 158.44 -GBPInstitutional shares "I" 230.10 193.19 -EURInstitutional shares "U" 240.60 217.07 -USD¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of shares

Institutional shares "G" 133,875 54,151 -Institutional shares "I" 24,747 7,383 -Institutional shares "U" 56,316 20,997 -¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

- 6,085,618.82 -EUR

I1 - 11,003.77 -EURP - - -EURR - 11,176.13 -EUR


¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of shares

I1 - 314 -P - - -R - 236 -¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

46,031,257.05 22,160,857.48 -EUR

Retail "P" 104.33 98.67 -EUR


¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of shares

Retail "P" 441,192 224,604 -¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

51,586,750.05 50,023,257.60 -EUR

Institutional shares "I" 154.35 149.68 -EUR


¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of shares

Institutional shares "I" 334,210 334,210 -¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

50,020,042.18 - -EUR

Retail "P" 164.24 - -EUR


¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of shares

Retail "P" 304,555 - -¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

30,580,502.32 9,771,399.36 -EUR


PARETURN

40


Statistics

* Please see Note 1 for details.


Hedge capitalisation shares "I" 100.72 - -USDInstitutional 104.48 100.07 -EURRetail 103.62 100.00 -EUR¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of shares

Hedge capitalisation shares "I" 12,774 - -Institutional 80,224 14,775 -Retail 204,408 82,927 -¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

3,007,084.93 - -EUR

EUR R 150.28 - -EUR


¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of shares

EUR R 20,009 - -¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

11,487,381.43 - -USD


Institutional "I" 271.95 - -USDInstitutional "M" 266.23 - -GBP¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of shares

Institutional "I" 37,047 - -Institutional "M" 3,272 - -¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

58,954,511.27 - -EUR

Institutional 145.72 - -EURRetail 145.22 - -EUR


¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of shares

Institutional 395,849 - -Retail 8,755 - -¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


41


PARETURN

Combined Statement

EUR

AssetsInvestment in securities at cost 899,329,144.41Unrealised appreciation / (depreciation) on securities 31,061,233.43

Investment in securities at market value 3.3 930,390,377.84Cash at bank 99,665,460.58Receivable for investment sold 34,577,272.43Receivable on subscription 611,608.70Receivable on withholding tax reclaim 72,474.95Receivable on forex 20,498,553.37Other receivable 30,000.00Receivable on options and swaps 1,733.34Net unrealised appreciation on swap contracts 3.6 149,940.33Dividends and interest receivable 4,836,898.15Formation expenses 3.7 112,434.54Other assets 95,910.15

Total assets 1,091,042,664.38

LiabilitiesInvestment in option at market value 3.5, 16 4,616.66Bank overdraft 43,160.05Accrued expenses 3,279,876.56Payable for investment purchased 26,426,753.37Payable for money market instruments 1,996,766.00Payable on redemption 6,055,807.58Payable on forex 20,588,934.30Net unrealised depreciation on forward foreign exchangecontracts

3.4, 18 3,863,208.00

Net unrealised depreciation on futures contracts 3.5, 15 664,396.72

Total liabilities 62,923,519.24

Net assets at the end of the year / period 1,028,119,145.14

Notes

Statement of Net Assets as at September 30, 2014

IncomeDividends (net of withholding taxes) 3.8 4,274,085.97Interest on bonds (net of withholding taxes) 3.8 10,851,953.11Bank interest 93,824.29Other income 12 409,929.20

Total income 15,629,792.57

ExpensesInvestment advisory fees and management fees 4 8,071,672.03Custodian fees 368,316.95Performance fees 4 1,441,840.63Administration fees 619,382.83Professional fees 363,480.82Distribution fees 14 595,907.90Transaction costs 9 703,593.93Taxe d'abonnement 5 136,579.68Bank interest and charges 114,019.01Transaction fees 9 40,211.16Agent association fees 2,318.47Printing & Publication fees 3,171.73Amortisation of formation expenses 3.7 19,744.91Other expenses 13 551,892.86

Total expenses 13,032,132.91

Net investment income / (loss) 2,597,659.66

Net realised gain / (loss) on:Investments 3.9 35,500,425.01Foreign currencies transactions 3.2 (366,819.42)Futures contracts 3.5 (2,375,416.13)Forward foreign exchange contracts 3.4 (6,989,366.06)Options and swap contracts 3.5, 3.6 (486,580.85)

Net realised gain / (loss) for the year / period 27,879,902.21

Net change in unrealised appreciation / (depreciation) on:Investments 3.9 19,071,805.59Futures contracts 3.5 (426,731.29)Forward foreign exchange contracts 3.4 (4,772,928.49)Options and swap contracts 3.5, 3.6 243,556.12

Increase / (Decrease) in net assets as a result ofoperations

41,995,604.14

Proceeds received on subscription of shares 730,008,390.17Net amount paid on redemption of shares (308,962,107.85)Net assets at the beginning of the year / period 565,077,258.68

Net assets at the end of the year / period 1,028,119,145.14

EURNotes

Statement of Operations and Changes in Net Assets forthe year ended September 30, 2014

42


PARETURN

Pareturn Best Selection (in EUR)Statement of Operations and Changes in Net Assets for theyear ended September 30, 2014

EUR


Investment in securities at market value 3.3 34,822,669.46Cash at bank 1,723,458.64Formation expenses 3.7 98,849.31Other assets 16,009.32

Total assets 36,660,986.73

LiabilitiesAccrued expenses 305,056.25

Total liabilities 305,056.25

Net assets at the end of the year 36,355,930.48

Notes


IncomeInterest on bonds (net of withholding taxes) 3.8 136,081.50Bank interest 0.03Other income 12 92,699.72

Total income 228,781.25

ExpensesInvestment advisory fees and management fees 4 346,319.52Custodian fees 10,437.90Performance fees 4 178,045.10Administration fees 20,456.57Professional fees 16,574.76Transaction costs 9 5,060.71Taxe d'abonnement 5 3,500.79Bank interest and charges 2,133.47Amortisation of formation expenses 3.7 1,150.69Other expenses 13 33,178.38

Total expenses 616,857.89

Net investment income / (loss) (388,076.64)

Net realised gain / (loss) on:Investments 3.9 2,059,907.69Foreign currencies transactions 3.2 64,177.04

Net realised gain / (loss) for the year 1,736,008.09

Net change in unrealised appreciation / (depreciation) on:Investments 3.9 517,831.16


2,253,839.25

Proceeds received on subscription of shares 9,335,244.67Net amount paid on redemption of shares (3,972,695.52)Net assets at the beginning of the year 28,739,542.08


EURNotes


Number of shares in issue atthe end of the year

Number of shares in issue atthe beginning of the year

Number of sharessubscribed

Number of sharesredeemed

Statement of Changes in Number of Shares

Institutional 25,544 3,774 (3,241) 26,077

Retail 4,245 5,573 (646) 9,172

PARETURN

43

Pareturn Best Selection (in EUR)


Securities Portfolio as at September 30, 2014

NATIXIS IDXED NT14-25/09/2017 FRN FLAT EUR 1,094,511.00 3.011,100,000

Other transferable securities

Bonds and other debt instrumentsFrance

NATIXIS 0% 13-17/08/2015 EUR 609,882.00 1.68600,000NATIXIS 0% 14-01/08/2017 EUR 906,606.00 2.49900,000SOCIETE GENERALE 14-24/03/2016 FRNFLAT

EUR 869,400.00 2.39900,000

3,480,399.00 9.57

3,480,399.00 9.57

AMUNDI TRESO EONIA ISR - IC EUR 659,274.30 1.813

Funds

Investment fundsFrance

BDL REMPART EUROPE EUR 1,829,949.27 5.0312,189BNP PARIBAS MOIS ISR PARTS IC 3DECIMALE

EUR 347,136.30 0.9515

CENTIFOLIA PARTS C DE CAP EUR 1,224,080.00 3.374,400COMGEST MONDE EUR 1,106,459.90 3.04910EUROSE EUR 1,433,078.00 3.944,150MAGELLAN C EUR 1,970,850.00 5.42105,000MONETA MU CAPS C 4D EUR 1,861,510.00 5.129,800RENAISSANCE EUROPE SICAV EUR 821,326.74 2.267,449SAINT HONORE CONVERTIBLES -I- EUR 446,175.35 1.233,035SAINT HONORE US VAL + YLD-I EUR 1,973,568.00 5.449,600VICTOIRE CONVERTIBLES SI.4DEC EUR 501,040.08 1.3811,112VICTOIRE MONETAIRE C EUR 813,268.80 2.24360

14,987,716.74 41.23

ALKEN FUND - EUROP OPPORTUN-R EUR 1,364,140.05 3.756,867Luxembourg

BGF-WORLD GOLD FUND-A2-CAP USD 1,370,175.71 3.7762,918BLACKROCK GL-GL EQTY INC-A2 USD 1,957,898.96 5.38174,300DNCA INVEST - CONVERTIBLES - INC EUR 450,960.43 1.242,861DNCA INVEST - MIURA CAP ICA EUR 1,648,752.18 4.5413,821MORGAN ST INV F-GLB BRNDS-Z USD 1,530,297.97 4.2144,512ROBECO CAP.US PR EQ USD-CL I- USD 1,773,853.16 4.8810,620

10,096,078.46 27.77

FIRST STATE INVT ICVC GLOBAL EMERGMARK

EUR 1,463,762.11 4.03711,739United Kingdom

M+G GLOBAL DIVIDEND-C-AC-EUR EUR 1,222,119.33 3.3656,958M+G OPTIMAL INCOME-C-EURO-A EUR 1,885,346.55 5.1898,604

4,571,227.99 12.57

INRIS UCITS R PARUS-I EUR HD EUR 1,687,247.27 4.6414,967Ireland

1,687,247.27 4.64

31,342,270.46 86.21

Total securities portfolio 34,822,669.46 95.78

NameQuantity/Nominal

Market valuein EUR

Currency %NAV

Summary of net assets%

NAV34,822,669.46 95.78Total securities portfolio

1,723,458.64 4.74Cash at bank

(190,197.62) (0.52)Other assets and liabilities

36,355,930.48 100.00Total net assets

PARETURN

44

Pareturn Best Selection (in EUR)


Nature allocation % of portfolio % of netassets

Investment funds 90.01 86.21

Bonds and other debt instruments 9.99 9.57

100.00 95.78

Country allocation % of portfolio % of netassets

France 53.03 50.80

Luxembourg 28.99 27.77

United Kingdom 13.13 12.57

Ireland 4.85 4.64

100.00 95.78

Portfolio Breakdowns

Top Ten Holdings Market value % ofnet

assets

SAINT HONORE US VAL + YLD-I 1,973,568.00 5.44Open-ended Funds

MAGELLAN C 1,970,850.00 5.42Open-ended Funds

BLACKROCK GL-GL EQTY INC-A2 1,957,898.96 5.38Open-ended Funds

M+G OPTIMAL INCOME-C-EURO-A 1,885,346.55 5.18Open-ended Funds

MONETA MU CAPS C 4D 1,861,510.00 5.12Open-ended Funds

BDL REMPART EUROPE 1,829,949.27 5.03Open-ended Funds

ROBECO CAP.US PR EQ USD-CL I- 1,773,853.16 4.88Open-ended Funds

INRIS UCITS R PARUS-I EUR HD 1,687,247.27 4.64Open-ended Funds

DNCA INVEST - MIURA CAP ICA 1,648,752.18 4.54Open-ended Funds

MORGAN ST INV F-GLB BRNDS-Z 1,530,297.97 4.21Open-ended Funds

EUR

Sector

Top Ten Holdings

45


PARETURN

Pareturn Best Selection Side - Pocket (in EUR)Statement of Operations and Changes in Net Assets for theyear ended September 30, 2014

EUR

AssetsInvestment in securities at cost 9,395,063.33Unrealised appreciation / (depreciation) on securities (9,395,063.33)

Cash at bank 97,894.50

Total assets 97,894.50



Net assets at the end of the year 1,053.31

Notes


Income

Expenses

Proceeds received on subscription of shares -Net amount paid on redemption of shares -Net assets at the beginning of the year 1,053.31

Net assets at the end of the year 1,053.31

EURNotes







Institutional 50,183 - - 50,183

Retail 4,061 - - 4,061

PARETURN

46

Pareturn Best Selection Side - Pocket (in EUR)



LUXALPHA SI AMERICAN SEL B FUND (inliquidation) (note 8)

EUR 0.00 0.007,577

Funds

Investment fundsLuxembourg

0.00 0.00

0.00 0.00

Total securities portfolio 0.00 0.00


Market valuein EUR

Currency %NAV


NAV- -Total securities portfolio

97,894.50 9,293.99Cash at bank

(96,841.19) (9,193.99)Other assets and liabilities

1,053.31 100.00Total net assets

47


PARETURN

Pareturn Croissance 2000 (in EUR)Statement of Operations and Changes in Net Assets for theyear ended September 30, 2014

EUR


Investment in securities at market value 3.3 55,301,298.78Cash at bank 1,459,856.48





Notes


IncomeDividends (net of withholding taxes) 3.8 48,497.35Bank interest 8.10Other income 12 10,831.85


ExpensesInvestment advisory fees and management fees 4 321,317.22Custodian fees 30,389.09Administration fees 29,379.01Professional fees 14,415.37Transaction costs 9 6,939.02Taxe d'abonnement 5 8,337.67Bank interest and charges 5,434.00Other expenses 13 3,806.69



Net realised gain / (loss) on:Investments 3.9 5,276,293.30Foreign currencies transactions 3.2 45,376.30Forward foreign exchange contracts 3.4 59,573.99


Net change in unrealised appreciation / (depreciation) on:Investments 3.9 58,513.24Forward foreign exchange contracts 3.4 (142,180.65)


4,936,895.41

Proceeds received on subscription of shares -Net amount paid on redemption of shares -Net assets at the beginning of the year 51,711,110.77


EURNotes







Retail 1,926 - - 1,926

PARETURN

48

Pareturn Croissance 2000 (in EUR)



ABERDEEN GL-ASIA PAC EQ-I2 USD 1,289,462.22 2.2820,455

Funds


ABERDEEN GL-ASIA SM CO FD-I2 USD 1,086,389.79 1.9226,793ALKEN FUND - EUROP OPPORTUN-R EUR 3,643,871.41 6.4318,485BGF-CONTINENT EUR FL-D CAP EUR 4,225,204.52 7.46235,125BLUEBAY FDS INV.GRADE BD B C. EUR 1,203,543.14 2.127,003BLUEBAY IN GR ABS RET BD-BEUR EUR 1,962,755.16 3.4616,470FRANK TEMP GLB BD-I-AC-H1-EUR EUR 1,044,783.95 1.8458,663JP MORGAN LIQ-EURO LIQUIDITY - C CAP EUR 805,548.76 1.4259JPM GL SH DUR-IH EUR ACC EUR 2,056,127.91 3.6327,411JPM GLBL HI YLD BD-I HDG EUR 2,258,607.78 3.9929,117JPM INV-JPM EUROPE SE-EQ-I A EUR 5,005,491.66 8.8533,270JPMORGAN F-EMR MKTS E-I-A USD 1,010,278.52 1.7879,263JPMORGAN F-EUROPE DYNAM-I-A EUR 2,705,132.01 4.78111,875JPMORGAN F-US SEL EQU PL-IA USD 3,670,799.07 6.4825,476ROBECO US LARGE CAP EQ-I-USD USD 2,313,157.10 4.0815,569RWC FUNDS EUR 1,024,710.09 1.81699SISF EUROPEAN SPEC SIT FD-C EUR 2,269,088.04 4.0116,524T. ROWE PRICE-US SML CO EQ-I USD 1,175,224.27 2.0737,339

38,750,175.40 68.41

FINDLAY PARK US SMALLER COS FD USD 2,630,608.43 4.6444,611Ireland

ISHARES EURO STOXX 50 ETF EUR 1,667,650.46 2.9451,879ISHARES MSCI JPN MONTH EU HD EUR 1,171,485.53 2.0729,805MUZINICH SHORT DUR HG YD-HEURA EUR 3,021,542.35 5.3425,788NEUBER BER US MC OPP-USD1IA USD 2,003,574.20 3.54155,845PIMCO GBL INV GRADE I HD ACC EUR 1,611,548.05 2.8495,358PIMCO-TOTAL RTRN BD-EUR H I AC EUR 2,089,807.73 3.69101,743TT INTL-TT EUROPE EX-UK-C EUR 1,741,039.84 3.07111,942

15,937,256.59 28.13

THREADNEEDLE INVESTMENT FUNDSASIA FUND

USD 613,866.79 1.08311,712United Kingdom

613,866.79 1.08

55,301,298.78 97.62



Market valuein EUR

Currency %NAV



1,459,856.48 2.58Cash at bank


56,648,006.18 100.00Total net assets

PARETURN

49

Pareturn Croissance 2000 (in EUR)




100.00 97.62



Ireland 28.82 28.13


100.00 97.62



assets

JPM INV-JPM EUROPE SE-EQ-I A 5,005,491.66 8.85Open-ended Funds

BGF-CONTINENT EUR FL-D CAP 4,225,204.52 7.46Open-ended Funds

JPMORGAN F-US SEL EQU PL-IA 3,670,799.07 6.48Open-ended Funds

ALKEN FUND - EUROP OPPORTUN-R 3,643,871.41 6.43Open-ended Funds

MUZINICH SHORT DUR HG YD-HEURA 3,021,542.35 5.34Open-ended Funds

JPMORGAN F-EUROPE DYNAM-I-A 2,705,132.01 4.78Open-ended Funds

FINDLAY PARK US SMALLER COS FD 2,630,608.43 4.64Open-ended Funds

ROBECO US LARGE CAP EQ-I-USD 2,313,157.10 4.08Open-ended Funds

SISF EUROPEAN SPEC SIT FD-C 2,269,088.04 4.01Open-ended Funds

JPM GLBL HI YLD BD-I HDG 2,258,607.78 3.99Open-ended Funds

EUR

Sector

Top Ten Holdings

50


PARETURN

Pareturn Sécurité - Croissance (in EUR)Statement of Operations and Changes in Net Assets for theyear ended September 30, 2014

EUR

AssetsInvestment in securities at cost 18,140,143.29Unrealised appreciation / (depreciation) on securities 513,176.28

Investment in securities at market value 3.3 18,653,319.57Cash at bank 1,871,059.31Receivable on withholding tax reclaim 1,583.97Other receivable 30,000.00Dividends and interest receivable 120,892.44





Notes


IncomeDividends (net of withholding taxes) 3.8 77,533.72Interest on bonds (net of withholding taxes) 3.8 304,337.99Bank interest 6.93Other income 12 13,394.18


ExpensesInvestment advisory fees and management fees 4 75,250.87Custodian fees 5,782.04Administration fees 21,290.23Professional fees 46,189.05Transaction costs 9 5,978.94Taxe d'abonnement 5 1,776.97Bank interest and charges 737.45Other expenses 13 3,070.95


Net investment income / (loss) 235,196.32

Net realised gain / (loss) on:Investments 3.9 (94,561.96)Foreign currencies transactions 3.2 34,868.88

Net realised gain / (loss) for the year 175,503.24



875,447.69

Proceeds received on subscription of shares 999,999.95Net amount paid on redemption of shares -Net assets at the beginning of the year 18,738,141.23


EURNotes







Institutional 164,887 8,800 - 173,687

PARETURN

51

Pareturn Sécurité - Croissance (in EUR)



BANQ FED CRD MUT 13-23/01/2015 FRN EUR 500,415.00 2.43500,000

Transferable securities admitted to an official exchange listing


BNP PARIBAS NTS CL AXA 13-04/07/2018FRN

EUR 718,480.00 3.49700,000

BNP PARIBAS 5.431% 07-07/09/2017 EUR 791,162.47 3.83700,000BPCE 1.75% 12-14/03/2016 EUR 407,950.40 1.98400,000SOCIETE GENERALE 3% 10-31/03/2015 EUR 253,380.00 1.23250,000WENDEL INVEST 4.375% 05-09/08/2017 EUR 437,364.00 2.12400,000

3,108,751.87 15.08

BANK OF AMER CRP 04-06/05/2019 FRN EUR 909,450.00 4.40900,000United States

BANK OF AMER CRP 06-28/03/2018 SR EUR 197,790.00 0.96200,000GEN ELEC CAP CRP 4.125% 13-15/05/2017 MXN 295,919.72 1.445,000,000GOLDMAN SACHS GP 4.5% 11-09/05/2016 EUR 372,563.28 1.81350,000MERCK & CO INC 13-18/05/2018 FRN USD 135,305.06 0.66170,000MORGAN STANLEY 07-16/01/2017 FRN EUR 550,886.60 2.67550,000MORGAN STANLEY 2.25% 13-12/03/2018 EUR 210,605.04 1.02200,000

2,672,519.70 12.96

BRFKREDIT AS 2.5% 13-31/01/2018 EUR 413,472.00 2.01400,000Denmark

JYSKE BANK A/S 12-20/05/2015 FRN EUR 704,229.40 3.41700,000NYKREDIT BANK 13-03/06/2016 FRN EUR 502,290.00 2.44500,000

1,619,991.40 7.86

INTESA SANPAOLO 13-29/07/2015 FRN EUR 302,997.60 1.47300,000Italy

SNAM SPA 3.875% 12-19/03/2018 EUR 276,634.80 1.34250,000SNAM 2% 12-13/11/2015 EUR 813,681.60 3.95800,000

1,393,314.00 6.76

ANGLO AMERICAN 1.75% 13-20/11/2017 EUR 205,131.96 1.00200,000United Kingdom

STANDARD CHART 3.625% 12-23/11/2022 EUR 1,070,456.50 5.191,000,0001,275,588.46 6.19

ING BANK NV 12-28/11/2014 FRN EUR 500,430.00 2.43500,000Netherlands

PACCAR FINL CORP 13-24/06/2016 FRN EUR 250,455.00 1.21250,000RABOBANK 14-26/05/2026 FRN EUR 201,325.12 0.98200,000

952,210.12 4.62

GE CAP EUR FUND 11-15/06/2017 FRN EUR 508,268.00 2.47500,000Ireland

GE CAP EUR FUND 13-03/05/2016 FRN EUR 402,240.00 1.95400,000910,508.00 4.42

SANTANDER ISSUAN 07-23/03/2017 FRN EUR 396,000.00 1.92400,000Spain

TELEFONICA EMIS 5.375% 06-02/02/2018 GBP 489,251.67 2.37350,000885,251.67 4.29

DAIMLER AG 13-07/10/2016 FRN EUR 300,618.00 1.46300,000Germany

300,618.00 1.46

13,118,753.22 63.64

AXA SA EUR 156,080.00 0.768,000

SharesFrance

ORANGE EUR 190,480.00 0.9116,000SOCIETE GENERALE EUR 141,470.00 0.693,500TOTAL SA EUR 180,075.00 0.873,500

668,105.00 3.23

ADIDAS AG EUR 79,987.50 0.391,350Germany

AIXTRON SE EUR 108,405.00 0.539,000ALLIANZ AG REG EUR 128,350.00 0.621,000


Market valuein EUR

Currency %NAV

DEUTSCHE BANK AG-REGISTERED EUR 208,312.50 1.007,500SIEMENS AG-REG EUR 94,370.00 0.461,000

619,425.00 3.00

BARCLAYS PLC GBP 145,950.98 0.7150,000United Kingdom

BG GROUP PLC GBP 73,151.95 0.355,000BP PLC GBP 174,582.91 0.8530,000

393,685.84 1.91

BANK OF AMERICA CORP USD 161,963.19 0.7912,000United States

EXPRESS SCRIPTS INC USD 111,822.68 0.542,000OCCIDENTAL PETROLEUM CORP USD 76,113.20 0.371,000

349,899.07 1.70

TEVA PHARMACEUTICAL-SP ADR USD 234,019.39 1.145,500Israel

234,019.39 1.14

REPSOL SA EUR 219,546.40 1.0711,678Spain

219,546.40 1.07

APERAM EUR 86,502.50 0.423,500Luxembourg

ARCELORMITTAL EUR 65,400.00 0.326,000151,902.50 0.74

2,636,583.20 12.79

CALYON FINANCE GUERNSEY 09-03/12/14FRN

EUR 453,915.00 2.20450,000


Bonds and other debt instrumentsGuernsey

453,915.00 2.20

453,915.00 2.20

BNP INSTICASH-EUR-I EUR 1,269,245.33 6.179,004

Funds


COMSTAGE SICAV COMMERZBNK BU-FUUCIT ETF

EUR 192,000.00 0.934,000

FIDELITY FDS SOUTH EAST ASIA USD 294,603.67 1.4353,280PARVEST JAPAN-CL HDGD CAP Yen EUR 151,260.00 0.732,000UNI-GLOBAL MIN VAR EM MKT-B2 EUR 233,931.25 1.13175

2,141,040.25 10.39

ISHARES FTSE/XINHUA CHINA 25 ETF USD 303,027.90 1.4710,000United States

303,027.90 1.47

2,444,068.15 11.86



Market valuein EUR

Currency %NAV



1,871,059.31 9.08Cash at bank

89,209.99 0.43Other assets and liabilities

20,613,588.87 100.00Total net assets

PARETURN

52

Pareturn Sécurité - Croissance (in EUR)




Shares 14.13 12.79


100.00 90.49


France 20.26 18.31

United States 17.84 16.13



Denmark 8.68 7.86

Italy 7.47 6.76

Spain 5.92 5.36

Netherlands 5.10 4.62

Germany 4.93 4.46

Ireland 4.88 4.42

Guernsey 2.43 2.20

Israel 1.25 1.14

100.00 90.49



assets

BNP INSTICASH-EUR-I 1,269,245.33 6.17Open-ended Funds

STANDARD CHART 3.625% 12-23/11/2022 1,070,456.50 5.19Banks

BANK OF AMER CRP 04-06/05/2019 FRN 909,450.00 4.40Banks

SNAM 2% 12-13/11/2015 813,681.60 3.95Energy

BNP PARIBAS 5.431% 07-07/09/2017 791,162.47 3.83Banks

BNP PARIBAS NTS CL AXA 13-04/07/2018 FRN 718,480.00 3.49Banks

JYSKE BANK A/S 12-20/05/2015 FRN 704,229.40 3.41Banks

MORGAN STANLEY 07-16/01/2017 FRN 550,886.60 2.67Banks

GE CAP EUR FUND 11-15/06/2017 FRN 508,268.00 2.47Financial services

NYKREDIT BANK 13-03/06/2016 FRN 502,290.00 2.44Banks

EUR

Sector

Top Ten Holdings

53


PARETURN

Pareturn Cartesio Equity (in EUR)Statement of Operations and Changes in Net Assets for theyear ended September 30, 2014

EUR


Investment in securities at market value 3.3 91,508,189.62Cash at bank 9,410,183.12Receivable on withholding tax reclaim 34,447.95Dividends and interest receivable 74,503.87


LiabilitiesAccrued expenses 425,103.57Net unrealised depreciation on futures contracts 3.5, 15 313,517.92



Notes


IncomeDividends (net of withholding taxes) 3.8 1,407,860.68Interest on bonds (net of withholding taxes) 3.8 45,205.48Bank interest 0.44Other income 12 2,193.77


ExpensesInvestment advisory fees and management fees 4 1,297,997.20Custodian fees 66,703.17Administration fees 43,167.49Professional fees 14,597.24Transaction costs 9 215,368.13Taxe d'abonnement 5 9,244.91Bank interest and charges 4,725.99Other expenses 13 51,025.86



Net realised gain / (loss) on:Investments 3.9 2,842,633.62Foreign currencies transactions 3.2 49,763.99Futures contracts 3.5 (570,914.93)Options and swap contracts 3.5, 3.6 (261,356.00)


Net change in unrealised appreciation / (depreciation) on:Investments 3.9 2,552,212.22Futures contracts 3.5 (277,865.50)Options and swap contracts 3.5, 3.6 23,000.00


4,109,903.78



EURNotes







Institutional 359,741 545,727 (185,974) 719,494

PARETURN

54

Pareturn Cartesio Equity (in EUR)



GDF SUEZ EUR 2,180,628.00 2.17109,800


SharesFrance

MICHELIN (CGDE) EUR 2,277,740.00 2.2730,500PUBLICIS GROUPE EUR 2,182,955.50 2.1840,150SANOFI EUR 2,808,243.36 2.7931,356TELEVISION FRANCAISE (T.F.1) EUR 1,684,332.12 1.68157,709VEOLIA ENVIRONNEMENT EUR 1,873,320.00 1.87134,000VICAT EUR 1,578,141.62 1.5730,787VINCI SA EUR 2,315,431.65 2.3150,330

16,900,792.25 16.84

LIBERBANK SA EUR 1,829,295.00 1.822,385,000Spain

MAPFRE SA EUR 2,478,736.00 2.47884,000MERLIN PROPERTIES SOCIMI SA EUR 2,489,133.75 2.49247,675TELEFONICA SA EUR 2,215,704.00 2.21180,800VIDRALA SA EUR 781,875.00 0.7822,500

9,794,743.75 9.77

ATLANTIA SPA EUR 1,159,315.00 1.1659,300Italy

INTESA SANPAOLO EUR 2,227,956.00 2.22926,000PRYSMIAN SPA EUR 2,030,715.50 2.02138,050TELECOM ITALIA SPA EUR 2,281,455.00 2.282,514,000

7,699,441.50 7.68

BAE SYSTEMS PLC GBP 2,014,128.49 2.00332,611United Kingdom

BARCLAYS PLC GBP 1,840,328.53 1.84630,000ENTERPRISE INNS PLC GBP 911,698.96 0.91570,640NATIONAL EXPRESS GROUP PLC GBP 1,149,979.13 1.15377,014STAGECOACH GROUP PLC GBP 1,563,825.10 1.56330,163

7,479,960.21 7.46

E.ON SE EUR 1,517,626.50 1.51104,700Germany

METRO AG EUR 1,455,264.00 1.4555,800SAP SE EUR 2,112,700.00 2.1137,000VOLKSWAGEN AG-PREF EUR 1,657,809.60 1.6510,084

6,743,400.10 6.72

FLUGHAFEN ZUERICH AG-REG CHF 1,768,090.44 1.763,556Switzerland

NOVARTIS AG-REG CHF 2,425,269.18 2.4332,437ROCHE HOLDING AG-GENUSSCHEIN CHF 2,340,930.73 2.339,970

6,534,290.35 6.52

AP MOELLER-MAERSK A/S-B DKK 2,458,087.05 2.461,307Denmark

CARLSBERG AS-B DKK 1,358,570.66 1.3519,3003,816,657.71 3.81

INTL BUSINESS MACHINES CORP USD 1,218,435.33 1.218,106United States

MICROSOFT CORP USD 2,494,681.19 2.4967,9583,713,116.52 3.70

C&C GROUP PLC EUR 1,070,681.50 1.07254,500Ireland

RYANAIR HOLDINGS PLC EUR 2,380,353.60 2.37316,2003,451,035.10 3.44

KONINKLIJKE KPN NV EUR 2,715,817.91 2.711,070,484Netherlands

2,715,817.91 2.71

ERICSSON LM-B SHS SEK 2,326,582.11 2.32231,500Sweden

2,326,582.11 2.32


Market valuein EUR

Currency %NAV

SAMSUNG ELECTR-GDR USD 1,637,251.17 1.633,689South Korea

1,637,251.17 1.63

UBM PLC GBP 1,624,040.94 1.62216,900Jersey

1,624,040.94 1.62

ARCELORMITTAL EUR 1,052,940.00 1.0596,600Luxembourg

1,052,940.00 1.05

75,490,069.62 75.27

SPANISH GOVT 2.75% 13-31/03/2015 EUR 2,025,200.00 2.022,000,000

Bonds and other debt instrumentsSpain

2,025,200.00 2.02

2,025,200.00 2.02

LETRAS 0% 14-13/03/2015 EUR 7,994,720.00 7.978,000,000


Money market instrumentsSpain

LETRAS 0% 14-23/01/2015 EUR 5,998,200.00 5.986,000,00013,992,920.00 13.95

13,992,920.00 13.95



Market valuein EUR

Currency %NAV

EUR/CHF CURRENCY FUTURE15/12/2014

CHF 5,374,910.8443 (15,156.92)

Futures

EURO / GBP FUTURE 15/12/2014 GBP 8,894,604.9571 (195,126.38)EURO FX CURR FUT (CME)15/12/2014

USD 4,377,078.5535 (103,234.62)

(313,517.92)

Total Futures (313,517.92)

NameQuantity Commitmentin EUR

Currency Unrealisedappreciation /(depreciation)

in EUR

Financial derivative instruments as at September 30,2014

Summary of net assets

(313,517.92) (0.31)Total financial derivative instruments

%NAV

91,508,189.62 91.24Total securities portfolio

9,410,183.12 9.38Cash at bank


100,288,703.07 100.00Total net assets

PARETURN

55

Pareturn Cartesio Equity (in EUR)



Shares 82.50 75.27

Money market instruments 15.29 13.95


100.00 91.24


Spain 28.22 25.74

France 18.47 16.84

Italy 8.41 7.68


Germany 7.37 6.72

Switzerland 7.14 6.52

Denmark 4.17 3.81


Ireland 3.77 3.44


Sweden 2.54 2.32

Other 4.71 4.30

100.00 91.24



assets

LETRAS 0% 14-13/03/2015 7,994,720.00 7.97Government


SANOFI 2,808,243.36 2.79Cosmetics

KONINKLIJKE KPN NV 2,715,817.91 2.71Telecommunication

MICROSOFT CORP 2,494,681.19 2.49Computer software

MERLIN PROPERTIES SOCIMI SA 2,489,133.75 2.49Real estate

MAPFRE SA 2,478,736.00 2.47Insurance

AP MOELLER-MAERSK A/S-B 2,458,087.05 2.46Transportation

NOVARTIS AG-REG 2,425,269.18 2.43Cosmetics

RYANAIR HOLDINGS PLC 2,380,353.60 2.37Transportation

EUR

Sector

Top Ten Holdings

56


PARETURN

Pareturn Cartesio Income (in EUR)Statement of Operations and Changes in Net Assets for theyear ended September 30, 2014

EUR


Investment in securities at market value 3.3 262,855,818.14Cash at bank 53,858,610.53Receivable on withholding tax reclaim 15,956.81Dividends and interest receivable 1,520,348.49


LiabilitiesAccrued expenses 772,942.79Net unrealised depreciation on futures contracts 3.5, 15 257,763.77



Notes


IncomeDividends (net of withholding taxes) 3.8 825,017.59Interest on bonds (net of withholding taxes) 3.8 4,152,646.13Bank interest 161.04Other income 12 290.30


ExpensesInvestment advisory fees and management fees 4 1,917,942.65Custodian fees 121,127.29Administration fees 75,540.68Professional fees 23,230.08Transaction costs 9 187,071.96Taxe d'abonnement 5 23,139.72Bank interest and charges 10,329.01Other expenses 13 72,071.57



Net realised gain / (loss) on:Investments 3.9 3,234,706.24Foreign currencies transactions 3.2 133,157.64Futures contracts 3.5 (889,118.44)Options and swap contracts 3.5, 3.6 (128,314.00)


Net change in unrealised appreciation / (depreciation) on:Investments 3.9 3,891,533.65Futures contracts 3.5 (215,563.63)


8,574,063.56



EURNotes







Institutional shares "I" 719,084 2,344,860 (425,911) 2,638,033

PARETURN

57

Pareturn Cartesio Income (in EUR)



EDP FINANCE BV 3.25% 10-16/03/2015 EUR 3,031,230.00 0.963,000,000


Bonds and other debt instrumentsNetherlands

KPN NV 13-29/03/2049 FRN EUR 7,767,553.50 2.457,350,000RABOBANK 11- 29/07/2049 FRN USD 2,982,080.92 0.943,500,000TELEFONICA EUROP 13-29/09/2049 FRN EUR 8,707,520.00 2.748,000,000TELEFONICA EUROP 14-31/03/2049 FRN EUR 2,563,700.00 0.812,500,000

25,052,084.42 7.90

ACCOR 14-30/06/2049 FRN EUR 2,980,920.00 0.943,000,000France

AIR FRANCE-KLM 3.875% 14-18/06/2021 EUR 1,791,072.00 0.561,800,000CRED AGRICOLE SA 13-19/09/2033 FRN USD 2,999,909.73 0.953,400,000GDF SUEZ 13-29/07/2049 FRN EUR 3,148,170.00 0.993,000,000ITALCEMENTI FIN 6.625% 10-19/03/2020 EUR 2,858,675.00 0.902,500,000ORANGE 14-28/02/2049 FRN EUR 4,610,070.00 1.454,500,000SOCIETE GENERALE 13-29/09/2049 FRN USD 1,635,489.75 0.522,000,000VEOLIA ENVRNMT 13-29/01/2049 FRN EUR 4,823,563.00 1.524,700,000

24,847,869.48 7.83

ACCIONA S.A. 3% 14-29/01/2016 EUR 3,546,620.00 1.123,500,000Spain

BANCO POP ESPAN 13-29/10/2049 FRN EUR 3,075,548.00 0.972,800,000CAJA MADRID 3.625% 09-05/10/2016 EUR 2,126,000.00 0.672,000,000ENCE ENRGA Y CEL 7.25% 13-15/02/2020 EUR 5,174,817.00 1.635,100,000MAPFRE SA 07-24/07/2037 FRN EUR 2,068,716.00 0.651,950,000OBRASCON HUARTE 4.75% 14-15/03/2022 EUR 2,231,680.00 0.702,200,000SPAIN I/L BOND 1.8% 14-30/11/2024 EUR 437,913.28 0.14399,028SPANISH GOVT 2.75% 13-31/03/2015 EUR 6,076,200.00 1.926,000,000

24,737,494.28 7.80

FIAT FIN & TRADE 4.75% 14-22/03/2021 EUR 519,710.00 0.16500,000Luxembourg

FIAT FIN & TRADE 6.625% 13-15/03/2018 EUR 2,760,050.00 0.872,500,000PETROBRAS INTL 5.75% 09-20/01/2020 USD 3,835,713.04 1.214,600,000

7,115,473.04 2.24

TELECOM ITALIA 4% 12-21/01/2020 EUR 4,867,122.00 1.544,600,000Italy

TELECOM ITALIA 4.5% 14-25/01/2021 EUR 1,621,530.00 0.511,500,0006,488,652.00 2.05

AMERICA MOVIL SA 13-06/09/2073 FRN EUR 4,636,080.00 1.464,000,000Mexico

4,636,080.00 1.46

HUTCHISON 13-29/05/2049 FRN EUR 4,336,402.50 1.374,250,000Cayman Islands

4,336,402.50 1.37

BANCO ESPIRITO 2.625% 14-08/05/2017 EUR 3,531,480.00 1.114,000,000Portugal

BANCO ESPIRITO 5% 12-23/04/2019 EUR 758,000.00 0.24800,0004,289,480.00 1.35

GE CAP TRUST IV 10-15/09/2066 FRN EUR 3,029,100.16 0.952,896,000United States

3,029,100.16 0.95

KBC GROEP NV 14-29/03/2049 FRN EUR 2,891,130.00 0.913,000,000Belgium

2,891,130.00 0.91

LENOVO GROUP LTD 4.7% 14-08/05/2019 USD 2,058,733.87 0.652,500,000Hong Kong

2,058,733.87 0.65

GAZPROMBANK 4.96% 14-05/09/2019 USD 942,533.06 0.301,250,000Ireland

942,533.06 0.30


Market valuein EUR

Currency %NAV

BARCLAYS BK PLC 13-10/04/2023 FRN USD 856,829.52 0.271,000,000United Kingdom

856,829.52 0.27

111,281,862.33 35.08

GDF SUEZ EUR 1,816,713.36 0.5791,476

SharesFrance

MICHELIN (CGDE) EUR 1,972,298.80 0.6226,410PUBLICIS GROUPE EUR 1,703,412.10 0.5431,330SANOFI EUR 2,109,138.00 0.6623,550TELEVISION FRANCAISE (T.F.1) EUR 1,358,827.08 0.43127,231VEOLIA ENVIRONNEMENT EUR 1,139,370.00 0.3681,500VICAT EUR 1,145,148.40 0.3622,340VINCI SA EUR 1,724,727.45 0.5437,490

12,969,635.19 4.08

LIBERBANK SA EUR 1,263,249.00 0.401,647,000Spain

MAPFRE SA EUR 1,765,202.12 0.56629,530MERLIN PROPERTIES SOCIMI SA EUR 2,701,520.40 0.85268,808TELEFONICA SA EUR 1,905,652.50 0.60155,500VIDRALA SA EUR 692,393.75 0.2219,925

8,328,017.77 2.63

ATLANTIA SPA EUR 1,188,835.50 0.3760,810Italy

INTESA SANPAOLO EUR 1,458,197.20 0.46606,067PRYSMIAN SPA EUR 1,712,170.45 0.54116,395TELECOM ITALIA SPA EUR 1,777,093.73 0.561,958,230

6,136,296.88 1.93

FLUGHAFEN ZUERICH AG-REG CHF 1,472,248.53 0.462,961Switzerland

NOVARTIS AG-REG CHF 2,127,914.44 0.6828,460ROCHE HOLDING AG-GENUSSCHEIN CHF 2,104,959.28 0.668,965

5,705,122.25 1.80

E.ON SE EUR 1,510,234.05 0.48104,190Germany

METRO AG EUR 1,142,304.00 0.3643,800SAP SE EUR 1,726,133.00 0.5530,230VOLKSWAGEN AG-PREF EUR 1,157,047.20 0.367,038

5,535,718.25 1.75

BAE SYSTEMS PLC GBP 1,540,702.84 0.49254,430United Kingdom

BARCLAYS PLC GBP 1,181,753.82 0.37404,550ENTERPRISE INNS PLC GBP 590,052.84 0.19369,319NATIONAL EXPRESS GROUP PLC GBP 851,800.92 0.27279,258STAGECOACH GROUP PLC GBP 1,214,411.70 0.38256,393

5,378,722.12 1.70

AP MOELLER-MAERSK A/S-B DKK 1,908,919.94 0.601,015Denmark

CARLSBERG AS-B DKK 911,579.80 0.2912,9502,820,499.74 0.89

C&C GROUP PLC EUR 885,910.06 0.28210,580Ireland

RYANAIR HOLDINGS PLC EUR 1,830,433.20 0.58243,1502,716,343.26 0.86

INTL BUSINESS MACHINES CORP USD 852,273.42 0.275,670United States

MICROSOFT CORP USD 1,839,128.99 0.5850,1002,691,402.41 0.85

KONINKLIJKE KPN NV EUR 1,969,980.50 0.62776,500Netherlands

1,969,980.50 0.62


Market valuein EUR

Currency %NAV

PARETURN

58




ERICSSON LM-B SHS SEK 1,726,595.28 0.54171,800Sweden

1,726,595.28 0.54

UBM PLC GBP 1,454,898.09 0.46194,310Jersey

1,454,898.09 0.46

SAMSUNG ELECTR-GDR USD 1,433,094.07 0.453,229South Korea

1,433,094.07 0.45

ARCELORMITTAL EUR 796,790.00 0.2573,100Luxembourg

796,790.00 0.25

59,663,115.81 18.81

LETRAS 0% 14-13/03/2015 EUR 11,992,560.00 3.7812,000,000



LETRAS 0% 14-15/05/2015 EUR 33,963,960.00 10.7034,000,000LETRAS 0% 14-17/07/2015 EUR 9,985,400.00 3.1510,000,000LETRAS 0% 14-18/09/2015 EUR 11,975,400.00 3.7812,000,000LETRAS 0% 14-23/01/2015 EUR 23,993,520.00 7.5624,000,000

91,910,840.00 28.97

91,910,840.00 28.97



Market valuein EUR

Currency %NAV

EUR/CHF CURRENCY FUTURE15/12/2014

CHF 2,499,958.5320 (7,049.73)

Futures

EURO / GBP FUTURE 15/12/2014 GBP 5,887,977.9247 (126,929.67)EURO FX CURR FUT (CME)15/12/2014

USD 2,126,009.5817 (50,142.53)

EURO-BUND FUTURE 08/12/2014 EUR 12,724,500.00(85) (72,250.00)US 5YR NOTE FUTURE (CBT)31/12/2014

USD 1,404,598.31(15) (1,391.84)

(257,763.77)




in EUR




%NAV


53,858,610.53 16.98Cash at bank


317,220,027.41 100.00Total net assets

PARETURN

59






Shares 22.70 18.81

100.00 82.86


Spain 47.54 39.40

France 14.39 11.91


Italy 4.80 3.98





Germany 2.11 1.75

Other 11.15 9.24

100.00 82.86



assets






TELEFONICA EUROP 13-29/09/2049 FRN 8,707,520.00 2.74Telecommunication

KPN NV 13-29/03/2049 FRN 7,767,553.50 2.45Telecommunication

SPANISH GOVT 2.75% 13-31/03/2015 6,076,200.00 1.92Government

ENCE ENRGA Y CEL 7.25% 13-15/02/2020 5,174,817.00 1.63Energy

TELECOM ITALIA 4% 12-21/01/2020 4,867,122.00 1.54Telecommunication

EUR

Sector

Top Ten Holdings

60


PARETURN

Pareturn HI Core Ucits Fund* (in EUR)Statement of Operations and Changes in Net Assets for theperiod ended September 30, 2014

EUR

Assets

Liabilities

Net assets at the end of the period -

Notes


* This Sub-Fund was merged out on June 30, 2014

IncomeBank interest 6.73Other income 12 176,446.24


ExpensesInvestment advisory fees and management fees 4 326,829.09Custodian fees 6,879.59Performance fees 4 189,498.87Administration fees 40,412.15Professional fees 20,760.09Taxe d'abonnement 5 3,379.07Bank interest and charges 623.96Agent association fees 924.57Printing & Publication fees 3,171.73Amortisation of formation expenses 3.7 3,052.12Other expenses 13 60,612.91



Net realised gain / (loss) on:Investments 3.9 853,075.81Foreign currencies transactions 3.2 104,965.06Forward foreign exchange contracts 3.4 (333,659.97)

Net realised gain / (loss) for the period 144,689.72

Net change in unrealised appreciation / (depreciation) on:Investments 3.9 (4,024,438.34)Forward foreign exchange contracts 3.4 44,711.31


(3,835,037.31)

Proceeds received on subscription of shares 13,847,530.92Net amount paid on redemption of shares (44,782,885.12)Net assets at the beginning of the period 34,770,391.51


EURNotes

Statement of Operations and Changes in Net Assets forthe period ended September 30, 2014

Number of shares in issue atthe end of the period

Number of shares in issue atthe beginning of the period




Hedged capitalisation shares "S" 5,818 7,728 (13,546) -

Capitalisation shares "S" 38,456 36,640 (75,096) -

Hedge capitalisation shares "T" 14,575 - (14,575) -

Capitalisation shares "T" 27,904 30,304 (58,208) -

Hedge institutional capitalisation shares "M" 249,870 55,377 (305,247) -

61


PARETURN

Pareturn Primonial Systematic (in EUR)Statement of Operations and Changes in Net Assets for theyear ended September 30, 2014

EUR


Investment in securities at market value 3.3 20,515,607.12Cash at bank 557,085.16Receivable for investment sold 2,414,698.24Receivable on subscription 4,070.30Receivable on forex 1,120,441.15Other assets 518.38


LiabilitiesAccrued expenses 219,508.78Payable for investment purchased 2,054,198.37Payable on redemption 159,952.32Payable on forex 1,125,667.92Net unrealised depreciation on forward foreign exchangecontracts

3.4, 18 190,445.57



Notes


IncomeOther income 12 3,149.44


ExpensesInvestment advisory fees and management fees 4 403,727.59Custodian fees 4,652.97Performance fees 4 162,801.73Administration fees 37,291.37Professional fees 21,962.27Distribution fees 14 106,016.48Taxe d'abonnement 5 755.02Bank interest and charges 11,842.32Transaction fees 9 13,171.61Other expenses 13 42,791.19



Net realised gain / (loss) on:Investments 3.9 2,062,165.22Foreign currencies transactions 3.2 198,477.33Forward foreign exchange contracts 3.4 (743,591.90)


Net change in unrealised appreciation / (depreciation) on:Investments 3.9 490,493.39Forward foreign exchange contracts 3.4 (243,984.78)


961,696.15



EURNotes







Capitalisation share "F" 261,850 38,724 (120,398) 180,176

PARETURN

62

Pareturn Primonial Systematic (in EUR)



ABER GL II-EURO GOV BD-J2A EUR 372,032.63 1.78194

Funds


ABERDEEN GBL II- EUR CRP-I2 EUR 179,942.25 0.8613,798ABERDEEN GL II-LG DT STB-I2 GBP 509,252.48 2.44180,631ABERDEEN GL-INDIA EQTY-I2 USD 677,907.29 3.256,466BGF-EURO BOND FUND-EURD2 EUR 716,056.26 3.4326,133BGF-EURO CORPORATE BOND-EURD2 EUR 178,590.35 0.8611,485BGF-FLEXIBLE MULTI-ASSET-EURD2 EUR 708,324.83 3.4051,180BGF-SWISS SM+MIDCAP OPP-D2 CHF 527,567.76 2.532,304BGF-WORLD HEALTHSCIENCE-USDD2 USD 720,001.46 3.4527,487BLACKROCK GL-RMB BOND-D2 USD USD 739,216.35 3.5480,990BNP INSTICASH-EUR-I EUR 833,733.12 4.005,914BNPP L1 BOND EUROPE PLUS ICA EUR 667,171.62 3.201,504CREDIT SUISSE MONEY MARKET EUR-B-CAP

EUR 1,699,279.33 8.143,808

ING (L) INV Asia Pac High Div P EUR CAP EUR 659,179.96 3.162,706ING (L) Invest - Computer Technologies ICAP

USD 706,178.17 3.38829

ING (L) Invest - Global Opportunities I CAP EUR 689,578.35 3.3190ING (L) Invest - Greater China I CAP USD 334,952.38 1.6143ING (L) Invest - US Enhanced Core Conc ICAP

USD 703,126.82 3.378,142

ING (L) Invest - US HIGH DIVIDEND I CAP USD 0.73 0.000ING (L) RENTA-EM MK DB HC-ICUSD USD 5.12 0.000ING L RENTA-EURO LG DUR-PC EUR 346,348.15 1.66863JP MORGAN INVESTMENT FUND HIGH STMKT N SHS-C(ACC)EUR CAP

EUR 699,674.00 3.356,212

JPM FI JAPAN SEL EQTY C JPY 169,724.37 0.812,015JPM GLOBAL SHORT DUR BD-CAUSD USD 518,893.74 2.4960,470JPM INV-JPM GL CAP PR EU-CEURA EUR 512,659.20 2.46480JPM INV-JPM JPN 50 EQ-C-ACCYEN JPY 675,762.95 3.245,428JPMF INV-JAPAN ST VAL-CYENACC JPY 169,423.12 0.811,200JPMORGAN F-EU GOVER BOND-CEURA EUR 700,332.06 3.3647,416PARVEST BD EUR GOV-IN EUR 667,905.57 3.203,426PARVEST BOND EURO-INSITITUTL EUR 500,926.62 2.4023,899PARVEST EQY BEST SEL EX-J-I EUR 0.50 0.000PARVEST SICAV BD EUR LT I ICA EUR 670,841.16 3.22854PICTET FDS LUX-ASIAN EQU EX JP USD 649,293.33 3.113,917PICTET L INDIAN EQUITIES I USD USD 661,911.74 3.172,000PICTET-EUROLAND INDEX-IEUR EUR 644,125.44 3.095,411PICTET-EUROPE EQ SEL-IEUR EUR 645,369.90 3.091,146PICTET-GENERICS-IUSD USD 660,318.01 3.173,189

20,515,607.12 98.34

20,515,607.12 98.34



Market valuein EUR

Currency %NAV

630,000 28/10/14521,741 (215.69)CHFEUR 521,740.86Forward foreign exchange contracts

5,036,171 28/10/146,452,000 70,562.11EURUSD 5,036,171.14450,000 28/10/14570,071 (7,223.92)GBPEUR 570,071.26

142,560,000 28/10/141,028,009 (755.56)JPYEUR 1,028,008.8414,645,000 28/10/1411,338,685 (252,812.51)USDEUR 11,338,684.85

(190,445.57)

Total Forward foreign exchange contracts (190,445.57)

SalePurchase Unrealisedappreciation /(depreciation)

in EUR

MaturityDate

Commitmentin EUR




%NAV


557,085.16 2.67Cash at bank


20,862,647.39 100.00Total net assets

*Quantities equal to "0" are resulting from roundings with no decimals.

PARETURN

63

Pareturn Primonial Systematic (in EUR)




100.00 98.34



100.00 98.34



assets

CREDIT SUISSE MONEY MARKET EUR-B-CAP 1,699,279.33 8.14Open-ended Funds

BNP INSTICASH-EUR-I 833,733.12 4.00Open-ended Funds

BLACKROCK GL-RMB BOND-D2 USD 739,216.35 3.54Open-ended Funds

BGF-WORLD HEALTHSCIENCE-USDD2 720,001.46 3.45Open-ended Funds

BGF-EURO BOND FUND-EURD2 716,056.26 3.43Open-ended Funds

BGF-FLEXIBLE MULTI-ASSET-EURD2 708,324.83 3.40Open-ended Funds

ING (L) Invest - Computer Technologies I CAP 706,178.17 3.38Open-ended Funds

ING (L) Invest - US Enhanced Core Conc I CAP 703,126.82 3.37Open-ended Funds

JPMORGAN F-EU GOVER BOND-CEURA 700,332.06 3.36Open-ended Funds

JP MORGAN INVESTMENT FUND HIGH ST MKTN SHS-C(ACC)EUR CAP

699,674.00 3.35Open-ended Funds

EUR

Sector

Top Ten Holdings

64


PARETURN

Pareturn Primonial Systematic Plus (in EUR)Statement of Operations and Changes in Net Assets for theyear ended September 30, 2014

EUR


Investment in securities at market value 3.3 93,804,975.46Cash at bank 2,866,812.87Receivable for investment sold 28,777,746.81Receivable on subscription 607,538.40Receivable on forex 19,378,112.22Other assets 944.92


LiabilitiesAccrued expenses 762,903.26Payable for investment purchased 23,542,112.36Payable on redemption 4,264,194.20Payable on forex 19,463,266.38Net unrealised depreciation on forward foreign exchangecontracts

3.4, 18 1,326,505.08



Notes




ExpensesInvestment advisory fees and management fees 4 2,003,111.52Custodian fees 31,666.57Performance fees 4 643,527.28Administration fees 39,901.10Professional fees 28,673.83Distribution fees 14 489,891.42Taxe d'abonnement 5 5,789.37Bank interest and charges 24,220.66Transaction fees 9 27,039.55Other expenses 13 126,141.80


Net investment income / (loss) (3,402,944.59)

Net realised gain / (loss) on:Investments 3.9 13,184,067.12Foreign currencies transactions 3.2 1,263,732.61Forward foreign exchange contracts 3.4 (5,308,935.23)


Net change in unrealised appreciation / (depreciation) on:Investments 3.9 (363,632.13)Forward foreign exchange contracts 3.4 (1,751,648.78)


3,620,639.00



EURNotes







Capitalisation share "F" 1,057,069 1,116,946 (1,358,103) 815,912

PARETURN

65

Pareturn Primonial Systematic Plus (in EUR)



ABER GL II-IDX LINKED BD-I2A GBP 3,124,775.94 3.251,039,147

Funds


ABERD GL II-STERL AGG BND-I2 GBP 1,552,199.99 1.62698,674ABERDEEN GL II-LG DT STB-I2 GBP 3,101,971.34 3.231,100,262ABERDEEN GL-CHINA EQ-I2 USD 3,042,250.98 3.17149,742ABERDEEN GL-EURO EQ EX UK-A2 EUR 1,670,708.21 1.74149,959ABERDEEN GL-INDIA EQTY-I2 USD 3,096,964.42 3.2229,539BGF-EURO BOND FUND-EURD2 EUR 777,889.56 0.8128,390BGF-EUROPEAN FUND-EURD2 EUR 2,330,837.49 2.4321,999BGF-FLEXIBLE MULTI-ASSET-EURD2 EUR 3,317,196.80 3.45239,682BGF-JAPAN VALUE FUND-YEND2 JPY 3,093,361.91 3.22343,198BGF-SWISS SM+MIDCAP OPP-D2 CHF 3,108,027.72 3.2313,576BGF-US DOLLAR CORE BOND-USDD2* USD 0.24 0.000BGF-WORLD HEALTHSCIENCE-USDD2 USD 3,377,362.51 3.52128,935ING (L) Invest - EMU Equity I CAP EUR 3,275,866.61 3.4122,939ING (L) Invest - Global High Dividend I CAPEUR

EUR 3,288,179.90 3.428,170

ING (L) Invest - Health Care I CAP USD 2,487,260.23 2.591,870ING (L) Invest - Industrials I CAP EUR 2,485,766.69 2.594,556ING (L) Invest - World I CAP EUR 3,288,475.59 3.4214,443ING (L) RENTA-EURO-IC* EUR 0.55 0.000ING (L) RENTA-WORLD-ICEUR EUR 1,653,847.72 1.7293JP MORGAN F-AMERICA EQTY-CUSD USD 3,107,742.88 3.23179,755JP MORGAN F-EMER MA SM C-CUSD-A USD 3,103,747.16 3.23207,780JP MORGAN FUND EURO.STRAT.GRW CEUR

EUR 3,086,621.54 3.21149,329

JPMORGAN F-EUROLAND EQTY-CEUR EUR 3,082,015.78 3.21176,317JPMORGAN F-US GROWTH CUSD USD 3,122,413.02 3.25230,397PARVEST BOND EUR H/Y-I* EUR 0.20 0.000PARVEST CONV BONDASIA-I USD 2,308,823.17 2.40108,586PARVEST EQUITY INDIA CAP USD 3,099,260.66 3.2317,610PARVEST EQUITY JAP SMC-INSTN JPY 787,421.63 0.8213,188PARVEST EQUITY SOUTH KOREA - ICA* USD 0.23 0.000PARVEST EQUITY WORLD TECHNOLOGYCAP

EUR 3,084,946.49 3.216,334

PARVEST EQU-LATIN AMER-INST USD 2,847,199.00 2.9686,564PARVEST SICAV BD EUR LT I ICA EUR 3,105,527.06 3.233,954PICTET F-JAPAN EQ SELECT-I CAP JPY 2,993,839.59 3.1233,128PICTET F-JAPAN INDEX -I CAP JPY 2,983,585.68 3.1129,598PICTET-EUR BONDS-I EUR 1,498,537.10 1.562,815PICTET-EUR CORP BDS EX FN-I EUR 2,997,537.13 3.1221,019PICTET-GENERICS-IUSD USD 3,026,819.92 3.1514,618PICTET-JAPAN EQTY OPPORT-IYEN JPY 1,495,968.73 1.5624,914PICTET-SECURITY-IUSD* USD 24.09 0.000

93,804,975.46 97.64

93,804,975.46 97.64



Market valuein EUR

Currency %NAV

3,390,000 28/10/142,809,631 1,007.89CHFEUR 2,809,631.32Forward foreign exchange contracts

1,023,191 28/10/14800,000 3,106.97EURGBP 1,023,190.62357,460 28/10/1450,000,000 3,358.32EURJPY 357,459.72

36,255,959 28/10/1446,273,000 368,943.28EURUSD 36,255,958.786,650,000 28/10/148,432,323 (98,813.73)GBPEUR 8,432,323.17

1,629,150,000 28/10/1411,722,022 (34,512.43)JPYEUR 11,722,022.0990,924,000 28/10/1470,396,626 (1,569,595.38)USDEUR 70,396,625.57

(1,326,505.08)

Total Forward foreign exchange contracts (1,326,505.08)


in EUR

MaturityDate

Commitmentin EUR



(1,326,505.08) (1.38)Total financial derivative instruments

%NAV


2,866,812.87 2.98Cash at bank


96,077,149.40 100.00Total net assets

*Quantities equal to "0" are resulting from roundings with no decimals.

PARETURN

66

Pareturn Primonial Systematic Plus (in EUR)




100.00 97.64



100.00 97.64



assets

BGF-WORLD HEALTHSCIENCE-USDD2 3,377,362.51 3.52Open-ended Funds

BGF-FLEXIBLE MULTI-ASSET-EURD2 3,317,196.80 3.45Open-ended Funds

ING (L) Invest - World I CAP 3,288,475.59 3.42Open-ended Funds

ING (L) Invest - Global High Dividend I CAP EUR 3,288,179.90 3.42Open-ended Funds

ING (L) Invest - EMU Equity I CAP 3,275,866.61 3.41Open-ended Funds

ABER GL II-IDX LINKED BD-I2A 3,124,775.94 3.25Open-ended Funds

JPMORGAN F-US GROWTH CUSD 3,122,413.02 3.25Open-ended Funds

BGF-SWISS SM+MIDCAP OPP-D2 3,108,027.72 3.23Open-ended Funds

JP MORGAN F-AMERICA EQTY-CUSD 3,107,742.88 3.23Open-ended Funds

PARVEST SICAV BD EUR LT I ICA 3,105,527.06 3.23Open-ended Funds

EUR

Sector

Top Ten Holdings

67


PARETURN

Pareturn Mutuafondo Global Fixed Income (in EUR)Statement of Operations and Changes in Net Assets for theyear ended September 30, 2014

EUR


Investment in securities at market value 3.3 50,537,580.93Cash at bank 6,063,656.36Dividends and interest receivable 959,292.71Formation expenses 3.7 3,293.70Other assets 54,390.00


LiabilitiesBank overdraft 42,977.99Accrued expenses 67,081.49Net unrealised depreciation on futures contracts 3.5, 15 80,273.54



Notes


IncomeInterest on bonds (net of withholding taxes) 3.8 1,944,507.91Bank interest 92,815.22


ExpensesInvestment advisory fees and management fees 4 161,514.85Custodian fees 12,358.58Administration fees 33,165.68Professional fees 21,965.64Transaction costs 9 8,689.18Taxe d'abonnement 5 28,176.07Bank interest and charges 5,446.29Amortisation of formation expenses 3.7 1,200.32Other expenses 13 9,016.78



Net realised gain / (loss) on:Investments 3.9 853,335.43Foreign currencies transactions 3.2 (3,165.38)Futures contracts 3.5 (908,166.77)


Net change in unrealised appreciation / (depreciation) on:Investments 3.9 1,723,728.62Futures contracts 3.5 79,539.33


3,501,060.97

Proceeds received on subscription of shares 2,545,012.04Net amount paid on redemption of shares -Net assets at the beginning of the year 51,381,807.67


EURNotes







Capitalisation share "P" 333,360 16,345 - 349,705

PARETURN

68

Pareturn Mutuafondo Global Fixed Income (in EUR)



AYT CEDULAS CAJA 3.5% 05-14/03/2016 EUR 626,095.56 1.09600,000



AYT CEDULAS CAJA 4% 07-21/03/2017 EUR 1,081,314.00 1.881,000,000BANCO BILBAO VIZ 07-16/02/2022 FRN EUR 202,500.00 0.35200,000BANCO SABADELL 2.5% 13-05/12/2016 EUR 515,690.00 0.90500,000BANCO SABADELL 3.375% 13-23/01/2018 EUR 1,089,827.50 1.901,000,000BANKIA 3.5% 14-17/01/2019 EUR 752,320.80 1.31700,000BANKINTER SA 1.75% 14-10/06/2019 EUR 1,422,540.00 2.481,400,000BANKINTER SA 3.125% 13-05/02/2018 EUR 1,085,022.80 1.891,000,000BBVA SENIOR FIN 4.875% 11-15/04/2016 EUR 747,607.91 1.30700,000BBVA SUB CAP UNI 14-11/04/2024 FRN EUR 411,812.80 0.72400,000BILBAO BIZ KUTXA 4.4% 11-01/03/2016 EUR 842,704.00 1.47800,000BPE FINANCIACION 2.875% 13-19/05/2016 EUR 511,275.00 0.89500,000BPE FINANCIACION 4% 13-17/07/2015 EUR 613,116.00 1.07600,000CAIXA CATALUNYA 3% 09-29/10/2014 EUR 851,062.50 1.48850,000CAIXA GALICIA 3% 09-03/11/2014 EUR 849,986.40 1.48850,000CAIXABANK 13-14/11/2023 FRN EUR 642,448.80 1.12600,000CAJA MADRID 3.5% 09-13/11/2014 EUR 551,996.50 0.96550,000CEDULAS TDA A-4 4.125% 06-10/04/2021 EUR 349,782.00 0.61300,000CEDULAS TDA 5 4.125% 04-29/11/2019 EUR 114,907.89 0.20100,000COMUNIDAD ARAGON 2.875% 14-10/02/2019

EUR 706,200.00 1.23660,000

CORES 3.25% 13-19/04/2016 EUR 413,791.20 0.72400,000IBERCAJA 3.5% 10-22/04/2015 EUR 1,015,856.00 1.771,000,000IM CEDULAS 5 3.5% 05-15/06/2020 EUR 110,960.60 0.19100,000IM CEDULAS 7 4% 06-31/03/2021 EUR 573,298.65 1.00500,000JUNTA CASTILLA 4% 14-30/04/2024 EUR 213,759.50 0.37190,000LA CAIXA 2.375% 14-09/05/2019 EUR 411,622.88 0.72400,000MAPFRE SA 5.125% 12-16/11/2015 EUR 1,052,173.30 1.831,000,000SANTAN CONS FIN 1.15% 14-02/10/2015 EUR 1,208,203.20 2.101,200,000SANTANDER INTL 4% 12-27/03/2017 EUR 867,223.60 1.51800,000SPAIN I/L BOND 1.8% 14-30/11/2024 EUR 347,541.90 0.61319,222SPAIN 4% 13-06/03/2018 USD 1,009,375.32 1.761,200,000SPANISH GOVT 4.5% 12-31/01/2018* EUR 563,081.30 0.98500,000SPANISH GOVT 5.85% 11-31/01/2022 EUR 1,796,462.79 3.121,387,000UNICAJA 3.125% 09-06/10/2014 EUR 200,058.00 0.35200,000UNICAJA 5.5% 11-23/03/2016 EUR 1,072,932.70 1.871,000,000XUNTA DE GALICIA 1.89% 14-12/12/2016 EUR 715,967.00 1.25700,000

25,540,518.40 44.48

ABN AMRO BANK NV 7.125% 12-06/07/2022 EUR 651,712.95 1.13500,000Netherlands

EDP FINANCE BV 3.25% 10-16/03/2015 EUR 1,514,157.00 2.631,500,000EDP FINANCE BV 4.125% 13-20/01/2021 EUR 320,460.00 0.56294,000EDP FINANCE BV 4.75% 09-26/09/2016 EUR 616,274.36 1.07580,000EDP FINANCE BV 5.75% 12-21/09/2017 EUR 223,500.00 0.39200,000GENERALI FINANCE 06-29/06/2049 FRN GBP 129,880.94 0.23100,000GENERALI FINANCE 06-29/06/2049 SR EUR 153,236.00 0.27150,000ING BANK NV 13-21/11/2023 FRN USD 162,377.33 0.28200,000PORTUGAL TEL FIN 5.875% 12-17/04/2018 EUR 326,250.00 0.57300,000REN FINANCE BV 4.75% 13-16/10/2020 EUR 406,691.30 0.71353,000

4,504,539.88 7.84

BANCO ESPIRITO 2.625% 14-08/05/2017 EUR 530,700.00 0.92600,000Portugal

BANCO ESPIRITO 4% 14-21/01/2019 EUR 267,450.00 0.47300,000PORTUGUESE OTS 4.45% 07-15/06/2018 EUR 2,393,496.00 4.172,160,000

3,191,646.00 5.56

ASSICURAZIONI 12-12/12/2042 FRN EUR 369,755.01 0.64300,000Italy

ASSICURAZIONI 2.875% 14-14/01/2020 EUR 108,157.20 0.19100,000EI TOWERS 3.875% 13-26/04/2018 EUR 106,779.00 0.19100,000INTESA SANPAOLO 4% 12-09/11/2017 EUR 545,999.33 0.95497,000ITALY BTPS 4.5% 07-01/02/2018 EUR 494,028.35 0.86440,000LOTTOMATICA SPA 3.5% 12-05/03/2020 EUR 221,811.94 0.39200,000TELECOM ITALIA 5.375% 04-29/01/2019 EUR 556,449.00 0.96500,000UNICREDIT SPA 2.25% 13-16/12/2016 EUR 298,130.63 0.52288,000

2,701,110.46 4.70

AVIVA PLC 08-22/05/2038 FRN EUR 172,875.00 0.30150,000United Kingdom


Market valuein EUR

Currency %NAV

AVIVA PLC 13-05/07/2043 FRN EUR 133,793.36 0.23114,000BARCLAYS BK PLC 6% 08-23/01/2018 EUR 343,586.49 0.60300,000BARCLAYS BK PLC 6.625% 11-30/03/2022 EUR 187,666.16 0.33150,000LLOYDS TSB BANK 6.5% 10-24/03/2020 EUR 613,397.90 1.07500,000ROYAL BK SCOTLND 4.875% 03-22/04/2015 EUR 816,000.00 1.42800,000

2,267,318.91 3.95

ARCELORMITTAL 5.75% 12-29/03/2018 EUR 433,885.92 0.76390,000Luxembourg

FIAT FIN & TRADE 7.75% 12-17/10/2016 EUR 869,009.48 1.51790,000GESTAMP FUN LUX 5.875% 13-31/05/2020 EUR 527,500.00 0.92500,000

1,830,395.40 3.19

CITIGROUP 04-10/02/2019 FRN EUR 249,420.00 0.43250,000United States

GOLDMAN SACHS GP 07-30/01/2017 FRN EUR 600,301.20 1.04600,000MORGAN STANLEY 5.5% 07-02/10/2017 EUR 571,555.55 1.00500,000

1,421,276.75 2.47

AREVA SA 3.25% 13-04/09/2020 EUR 103,861.74 0.18100,000France

AXA SA 07-29/10/2049 FRN EUR 217,493.20 0.38200,000AXA SA 10-16/04/2040 FRN EUR 558,435.80 0.97500,000BPCE 4.625% 13-18/07/2023 EUR 228,926.10 0.40200,000EUTELSAT SA 2.625% 13-13/01/2020 EUR 213,890.54 0.37200,000

1,322,607.38 2.30

DNB BANK ASA 13-26/09/2023 FRN EUR 165,645.57 0.29157,000Norway

SANTANDER CONSUM 1% 14-10/06/2016 EUR 504,239.55 0.88500,000669,885.12 1.17

CLOVERIE PLC 09-24/07/2039 FRN EUR 306,785.50 0.53250,000Ireland

CLOVERIE PLC 12-01/09/2042 FRN EUR 251,820.00 0.44200,000558,605.50 0.97

MUNICH RE 07-29/06/2049 FRN EUR 216,497.14 0.38200,000Germany

MUNICH RE 12-26/05/2042 FRN EUR 243,967.72 0.42200,000460,464.86 0.80

EP ENERGY AS 4.375% 13-01/05/2018 EUR 425,959.50 0.74398,000Czech Republic

425,959.50 0.74

NORDEA BANK AB 4.5% 10-26/03/2020 EUR 206,738.10 0.36180,000Sweden

SWEDBANK AB 14-26/02/2024 FRN EUR 129,497.86 0.23126,000336,235.96 0.59

ALPEK SA DE CV 4.5% 12-20/11/2022 USD 290,133.21 0.51369,000Mexico

290,133.21 0.51

UBS CAPITAL 07-29/12/2049 FRN EUR 226,070.00 0.39200,000Switzerland

226,070.00 0.39

UNIQA INSURANCE 13-31/07/2043 FRN EUR 224,946.40 0.39200,000Austria

224,946.40 0.39

45,971,713.73 80.05

UNICREDIT SPA 11-31/10/2018 SR EUR 212,780.00 0.37200,000

Mortgage backed securitiesItaly

212,780.00 0.37

212,780.00 0.37


Market valuein EUR

Currency %NAV

PARETURN

69




VERSE 2 SNR 2.98% 14-16/02/2018 EUR 360,542.28 0.63358,699


Mortgage backed securitiesPortugal

360,542.28 0.63

360,542.28 0.63

LETRAS 0% 13-17/10/2014 EUR 1,099,917.51 1.921,100,000



LETRAS 0% 14-10/04/2015 EUR 854,473.17 1.49855,000OBRASCON HUARTE LAIN S 0%22/09/2015 ECP

EUR 1,184,210.40 2.051,200,000

3,138,601.08 5.46

ITALY BOTS 0% 14-14/04/2015 EUR 853,943.84 1.49855,000Italy

853,943.84 1.49

3,992,544.92 6.95



Market valuein EUR

Currency %NAV

EURO / GBP FUTURE 15/12/2014 GBP 125,144.031 (3,548.69)

Futures

EURO BUXL 30Y BONDS 08/12/2014 EUR 3,700,320.0026 18,200.00EURO-BOBL FUTURE 08/12/2014 EUR 36,303,720.00(284) (116,180.00)EURO-BUND FUTURE 08/12/2014 EUR 1,644,720.0011 11,470.00EURO-SCHATZ FUTURE 08/12/2014 EUR 17,424,645.00157 8,455.00US 2YR NOTE FUTURE (CBT)31/12/2014

USD 9,316,399.32(54) 1,330.15

(80,273.54)




in EUR




%NAV


6,020,678.37 10.48Cash at bank


57,427,880.68 100.00Total net assets

*This security has been put in guarantee.

PARETURN

70






Mortgage backed securities 1.13 1.00

100.00 88.00


Spain 56.74 49.94


Italy 7.46 6.56

Portugal 7.03 6.19




France 2.62 2.30

Other 6.32 5.56

100.00 88.00



assets

PORTUGUESE OTS 4.45% 07-15/06/2018 2,393,496.00 4.17Government

SPANISH GOVT 5.85% 11-31/01/2022 1,796,462.79 3.12Government

EDP FINANCE BV 3.25% 10-16/03/2015 1,514,157.00 2.63Energy

BANKINTER SA 1.75% 14-10/06/2019 1,422,540.00 2.48Banks

SANTAN CONS FIN 1.15% 14-02/10/2015 1,208,203.20 2.10Financial services

OBRASCON HUARTE LAIN S 0% 22/09/2015 ECP 1,184,210.40 2.05Banks


BANCO SABADELL 3.375% 13-23/01/2018 1,089,827.50 1.90Banks

BANKINTER SA 3.125% 13-05/02/2018 1,085,022.80 1.89Banks

AYT CEDULAS CAJA 4% 07-21/03/2017 1,081,314.00 1.88Financial services

EUR

Sector

Top Ten Holdings

71


PARETURN

Pareturn Mutuafondo Gestion Bonos Lux* (in EUR)Statement of Operations and Changes in Net Assets for theperiod ended September 30, 2014

EUR


Investment in securities at market value 3.3 25,775,716.65Cash at bank 1,021,216.13Receivable for investment sold 1,236,362.58


LiabilitiesAccrued expenses 34,978.83Payable on redemption 1,337,779.15


Net assets at the end of the period 26,660,537.38

Notes


* This Sub-Fund was launched on January, 9, 2014.

IncomeBank interest 180.20

Total income 180.20

ExpensesInvestment advisory fees and management fees 4 33,754.31Custodian fees 7,736.48Administration fees 20,478.46Professional fees 22,153.24Taxe d'abonnement 5 2,841.53Bank interest and charges 3,418.76Other expenses 13 12,142.82



Net realised gain / (loss) on:Investments 3.9 442,220.74Foreign currencies transactions 3.2 (2,502.52)




655,538.88

Proceeds received on subscription of shares 26,005,000.00Net amount paid on redemption of shares (1.50)Net assets at the beginning of the period -


EURNotes







Retail share "EUR P" - 170,142 - 170,142

PARETURN

72

Pareturn Mutuafondo Gestion Bonos Lux* (in EUR)



ALLIANZ BRIC STARS - A EUR 798,545.42 3.006,294

Funds


AVIVA INV-L/T EUROPN BOND-AEUR EUR 1,035,004.03 3.8868,422CAAM EU BD SHS CLASSIC CAP EUR 813,610.36 3.054,349CANDR BONDS-WRLD GOV PLS-CC EUR 989,001.66 3.717,937DWS INV GLOBAL INFRASTRCT-LC EUR 824,125.26 3.096,639DWS INVEST CHINESE EQUITY-LC EUR 444,349.13 1.672,670DWS INVEST EURO BNDS SHRT-FC EUR 3,025,515.56 11.3619,808ING (L) INV Sustainable Growth P CAP EUR 455,314.81 1.711,909ING (L) LIQUID EUR C CAP EUR 35,081.08 0.1328ING L RENTA-EURO LG DUR-PC EUR 824,186.00 3.092,053INVESCO EUROPEAN BOND FD.CL A EUR 1,000,533.44 3.75150,014INVESCO GLOBAL STRUCT EQ-E A EUR 446,062.94 1.6712,404JPM INV-JPM GLBL CAP APP-A EUR 325,140.65 1.222,158JPMORGAN F EU GOVER BOND AA EUR 1,038,611.00 3.9073,504MSIF-EURO STRAT BOND-ZEUR EUR 994,908.28 3.7326,134NORDEA I SIC-GLBD BND-BP-EUR EUR 589,642.55 2.2138,388PARVEST EQUITY WORLD HEALTH CARECAP

EUR 817,411.49 3.071,050

PARVEST EURO GOV BOND-CLSC C EUR 363,084.88 1.36976PARVEST OPPORTUNITIES WORLD CAP EUR 137,096.22 0.511,139PARVEST SICAV BD EUR LT CL CCA EUR 885,779.38 3.321,189PICTET-WORLD GOVT BONDS-PEUR EUR 913,000.87 3.426,388PIONEER FUNDS-GLOB AG BO-AEURA EUR 992,116.53 3.7213,118RCGF CHINESE EQ.CL.D C. EUR 781,665.47 2.9312,271

18,529,787.01 69.50

AXA TRESOR TERME-C EUR 1,158,387.13 4.34470France

CARMIGNAC SECUR A EUR 3D PARTS EUR 2,593,999.72 9.731,524EDM D ROTH GLOBAL EMERGING-A EUR 402,108.40 1.512,818EDM D ROTH GLOBAL HEALTHCR-A EUR 452,200.37 1.70590GROUPAMA JAPON STOCK-NC EUR 437,507.33 1.641,225

5,044,202.95 18.92

PETERCAM B FD-BONDS EUR IN-F EUR 819,717.45 3.0712,762Belgium

PETERCAM B FUND SIC-BONDS EUR-F-CAP

EUR 832,241.21 3.1310,925

1,651,958.66 6.20

THREADNEEDLE GBL BD-EURIGA EUR 549,768.03 2.06503,727United Kingdom

549,768.03 2.06

25,775,716.65 96.68



Market valuein EUR

Currency %NAV



1,021,216.13 3.83Cash at bank


26,660,537.38 100.00Total net assets

PARETURN

73

Pareturn Mutuafondo Gestion Bonos Lux* (in EUR)




100.00 96.68



France 19.57 18.92

Belgium 6.41 6.20


100.00 96.68



assets

DWS INVEST EURO BNDS SHRT-FC 3,025,515.56 11.36Open-ended Funds

CARMIGNAC SECUR A EUR 3D PARTS 2,593,999.72 9.73Open-ended Funds

AXA TRESOR TERME-C 1,158,387.13 4.34Open-ended Funds

JPMORGAN F EU GOVER BOND AA 1,038,611.00 3.90Open-ended Funds

AVIVA INV-L/T EUROPN BOND-AEUR 1,035,004.03 3.88Open-ended Funds

INVESCO EUROPEAN BOND FD.CL A 1,000,533.44 3.75Open-ended Funds

MSIF-EURO STRAT BOND-ZEUR 994,908.28 3.73Open-ended Funds

PIONEER FUNDS-GLOB AG BO-AEURA 992,116.53 3.72Open-ended Funds

CANDR BONDS-WRLD GOV PLS-CC 989,001.66 3.71Open-ended Funds

PICTET-WORLD GOVT BONDS-PEUR 913,000.87 3.42Open-ended Funds

EUR

Sector

Top Ten Holdings

74


PARETURN

Pareturn Barwon Listed Private Equity (in EUR)Statement of Operations and Changes in Net Assets for theyear ended September 30, 2014

EUR


Investment in securities at market value 3.3 43,515,681.72Cash at bank 2,503,376.63Receivable for investment sold 685,260.22Dividends and interest receivable 25,941.09Formation expenses 3.7 4,291.53





Notes


IncomeDividends (net of withholding taxes) 3.8 1,004,213.23Bank interest 1.48Other income 12 190.98


ExpensesInvestment advisory fees and management fees 4 129,173.95Custodian fees 4,449.00Performance fees 4 206,719.82Administration fees 76,915.46Professional fees 11,574.54Transaction costs 9 139,477.31Taxe d'abonnement 5 3,837.14Bank interest and charges 2,060.24Amortisation of formation expenses 3.7 312.35Other expenses 13 29,493.67



Net realised gain / (loss) on:Investments 3.9 1,574,325.08Foreign currencies transactions 3.2 113,239.25


Net change in unrealised appreciation / (depreciation) on:Investments 3.9 3,106,658.47


5,194,615.01



EURNotes







Institutional shares "G" 54,151 86,023 (6,299) 133,875

Institutional shares "I" 7,383 21,760 (4,396) 24,747

Institutional shares "U" 20,997 35,319 - 56,316

PARETURN

75

Pareturn Barwon Listed Private Equity (in EUR)



AMERICAN CAPITAL LTD USD 2,122,570.83 4.55189,360


SharesUnited States

APOLLO INVESTMENT CORP USD 2,243,808.93 4.81346,939BLACKSTONE GROUP LP/THE USD 3,477,141.37 7.44139,533CARLYLE GROUP/THE USD 1,675,619.49 3.5969,492HERCULES TECHNOLOGY GROWTH USD 2,269,908.08 4.86198,303KKR & CO LP USD 3,588,247.85 7.68203,267SAFEGUARD SCIENTIFICS INC USD 2,237,903.19 4.79153,643

17,615,199.74 37.72

HGCAPITAL TRUST PLC GBP 2,210,253.59 4.73165,599United Kingdom

INTERMEDIATE CAPITAL GROUP GBP 3,484,548.29 7.47690,5295,694,801.88 12.20

ALTAMIR EUR 1,603,649.40 3.43140,671France

EURAZEO EUR 3,508,999.34 7.5261,583WENDEL EUR 477,074.40 1.025,315

5,589,723.14 11.97

ONEX CORPORATION CAD 2,291,649.94 4.9151,880Canada

2,291,649.94 4.91

DINAMIA CAPITAL PRIVADO EUR 2,166,409.77 4.64280,987Spain

2,166,409.77 4.64

TETRAGON FINANCIAL GROUP LTD USD 1,101,022.41 2.36127,837Guernsey

1,101,022.41 2.36

34,458,806.88 73.80

CANDOVER INVESTMENTS PUBLIC GBP 1,644,368.92 3.52221,294

Funds

Investment fundsUnited Kingdom

GRAPHITE ENT. TRUST GBP 1,059,118.33 2.27138,700STANDARD LIFE EURO PR EQ ORD GBP 2,421,558.78 5.19820,382

5,125,046.03 10.98

AP ALTERNATIVE ASSETS LP USD 1,615,434.49 3.4665,533Guernsey

JP MORGAN PRIVATE EQUITY LTD USD 2,316,394.32 4.963,680,7363,931,828.81 8.42

9,056,874.84 19.40



Market valuein EUR

Currency %NAV



2,503,376.63 5.36Cash at bank


46,689,958.64 100.00Total net assets

PARETURN

76

Pareturn Barwon Listed Private Equity (in EUR)



Shares 79.19 73.80


100.00 93.20




France 12.85 11.97

Guernsey 11.57 10.78

Canada 5.27 4.91

Spain 4.98 4.64

100.00 93.20



assets

KKR & CO LP 3,588,247.85 7.68Financial services

EURAZEO 3,508,999.34 7.52Financial services

INTERMEDIATE CAPITAL GROUP 3,484,548.29 7.47Financial services

BLACKSTONE GROUP LP/THE 3,477,141.37 7.44Financial services

STANDARD LIFE EURO PR EQ ORD 2,421,558.78 5.19Close-ended Funds

JP MORGAN PRIVATE EQUITY LTD 2,316,394.32 4.96Close-ended Funds

ONEX CORPORATION 2,291,649.94 4.91Financial services

HERCULES TECHNOLOGY GROWTH 2,269,908.08 4.86Financial services

APOLLO INVESTMENT CORP 2,243,808.93 4.81Financial services

SAFEGUARD SCIENTIFICS INC 2,237,903.19 4.79Internet

EUR

Sector

Top Ten Holdings

77


PARETURN

Pareturn Logiver World Flexible* (in EUR)Statement of Operations and Changes in Net Assets for theperiod ended September 30, 2014

EUR

Assets

Liabilities


Notes


* This Sub-Fund was closed on December 13, 2013.



ExpensesInvestment advisory fees and management fees 4 9,687.31Custodian fees 1,517.02Administration fees 7,209.61Professional fees 4,696.78Transaction costs 9 345.06Taxe d'abonnement 5 73.33Bank interest and charges 5,112.43Other expenses 13 16,759.52



Net realised gain / (loss) on:Investments 3.9 111,351.20Foreign currencies transactions 3.2 (7,867.23)


Net change in unrealised appreciation / (depreciation) on:Investments 3.9 (106,440.18)


(40,451.61)

Proceeds received on subscription of shares 1,871,534.65Net amount paid on redemption of shares (7,916,701.86)Net assets at the beginning of the period 6,085,618.82


EURNotes







I1 314 72 (386) -

P - 96 (96) -

R 236 - (236) -

78


PARETURN

Pareturn Global Balanced Unconstrained (in EUR)Statement of Operations and Changes in Net Assets for theyear ended September 30, 2014

EUR


Investment in securities at market value 3.3 43,371,650.22Cash at bank 2,559,495.54Dividends and interest receivable 155,235.84Formation expenses 3.7 6,000.00





Notes




ExpensesInvestment advisory fees and management fees 4 97,182.67Custodian fees 10,896.00Administration fees 28,724.45Professional fees 19,893.11Transaction costs 9 37,499.94Taxe d'abonnement 5 8,834.70Bank interest and charges 4,121.34Agent association fees 899.97Amortisation of formation expenses 3.7 6,000.00Other expenses 13 16,080.03



Net realised gain / (loss) on:Investments 3.9 (3,443.18)Foreign currencies transactions 3.2 (39,797.58)




1,852,283.09

Proceeds received on subscription of shares 22,018,116.48Net amount paid on redemption of shares -Net assets at the beginning of the year 22,160,857.48


EURNotes







Retail "P" 224,604 216,588 - 441,192

PARETURN

79

Pareturn Global Balanced Unconstrained (in EUR)



BANCO POP ESPAN 2.125% 14-08/10/2019 EUR 527,182.50 1.15500,000



BANKIA 14-22/05/2024 FRN EUR 480,000.00 1.04500,000BANKINTER SA 6.375% 09-11/09/2019 EUR 578,125.00 1.26500,000CAIXABANK 2.5% 13-18/04/2017 EUR 418,425.08 0.91400,000MAPFRE SA 07-24/07/2037 FRN EUR 581,432.50 1.25550,000

2,585,165.08 5.61

EDP FINANCE BV 2.625% 14-18/01/2022 EUR 493,198.00 1.07500,000Netherlands

GENERALI FINANCE 06-29/06/2049 FRN GBP 585,311.86 1.27450,000PORTUGAL TEL FIN 5.875% 12-17/04/2018 EUR 434,600.00 0.94400,000

1,513,109.86 3.28

PORTUGUESE OTS 4.75% 09-14/06/2019 EUR 567,270.00 1.24500,000Portugal

REFER 5.875% 09-18/02/2019 EUR 337,903.20 0.73300,000905,173.20 1.97

TELECOM ITALIA 4.5% 14-25/01/2021 EUR 431,440.00 0.94400,000Italy

TELECOM ITALIA 4.75% 11-25/05/2018 EUR 434,505.60 0.94400,000865,945.60 1.88

UBS AG 13-22/05/2023 FRN USD 831,189.39 1.811,050,000Switzerland

831,189.39 1.81


550,600.00 1.20

ERAMET SLN 4.5% 13-06/11/2020 EUR 512,247.00 1.11500,000France

512,247.00 1.11

COCA-COLA ICECEK 4.75% 13-01/10/2018 USD 496,338.81 1.08600,000Turkey

496,338.81 1.08

LENOVO GROUP LTD 4.7% 14-08/05/2019 USD 492,940.29 1.07600,000Hong Kong

492,940.29 1.07

8,752,709.23 19.01

ABERDEEN GL-WORLD EQTY FD-E2 EUR 519,716.10 1.1334,188

Funds


FRANK TEMP INV FR MU DIS IAC USD 593,448.42 1.2938,924FRANK TEMP INV MUT EURPN EUR 1,273,979.33 2.7761,485INVESCO PAN EUROPEAN EQTY-C EUR 1,273,321.26 2.7765,399MORGAN ST INV F-GLB BRNDS-Z USD 1,411,625.41 3.0741,060MORGAN ST INV F-GLB BRNDS-ZH EUR 1,496,590.94 3.2528,490MORGAN ST-EMERG MKTS CP D-D USD 1,882,034.78 4.0974,413MORGAN ST-EURO CORP BD-ZD EUR 6,406,556.15 13.91224,319NATIXIS HARRIS AS GB EQ-HIEUR EUR 868,813.91 1.896,567NATIXIS HARRIS ASS GLVL -IAUSD USD 556,688.05 1.212,363PICTET EMERGING CORP BD-HIEUR EUR 1,509,290.23 3.2818,580

17,792,064.58 38.66

GOLDMAN SACHS US LIQ.R.FD USD 3,105,803.97 6.75321Ireland

GOLDMAN SACHS-LIQ RES-ACCUM CL EUR 6,801,322.88 14.775479,907,126.85 21.52

MUTUAFONDO BONOS TIER 1 EUR 1,363,224.66 2.9610,003Spain


Market valuein EUR

Currency %NAV

MUTUAFONDO DINERO-A EUR 5,000,085.87 10.8646,8936,363,310.53 13.82

M+G GLOBAL DIVIDEND-C-AC-USD USD 556,439.03 1.2141,231United Kingdom

556,439.03 1.21

34,618,940.99 75.21



Market valuein EUR

Currency %NAV



2,559,495.54 5.56Cash at bank


46,031,257.05 100.00Total net assets

PARETURN

80

Pareturn Global Balanced Unconstrained (in EUR)





100.00 94.22



Ireland 22.84 21.52

Spain 20.63 19.43


Portugal 2.09 1.97

Other 8.66 8.16

100.00 94.22



assets

GOLDMAN SACHS-LIQ RES-ACCUM CL 6,801,322.88 14.77Open-ended Funds

MORGAN ST-EURO CORP BD-ZD 6,406,556.15 13.91Open-ended Funds

MUTUAFONDO DINERO-A 5,000,085.87 10.86Open-ended Funds

GOLDMAN SACHS US LIQ.R.FD 3,105,803.97 6.75Open-ended Funds

MORGAN ST-EMERG MKTS CP D-D 1,882,034.78 4.09Open-ended Funds

PICTET EMERGING CORP BD-HIEUR 1,509,290.23 3.28Open-ended Funds

MORGAN ST INV F-GLB BRNDS-ZH 1,496,590.94 3.25Open-ended Funds

MORGAN ST INV F-GLB BRNDS-Z 1,411,625.41 3.07Open-ended Funds

MUTUAFONDO BONOS TIER 1 1,363,224.66 2.96Open-ended Funds

FRANK TEMP INV MUT EURPN 1,273,979.33 2.77Open-ended Funds

EUR

Sector

Top Ten Holdings

81


PARETURN

Pareturn Fineco International Fixed Income (in EUR)Statement of Operations and Changes in Net Assets for theyear ended September 30, 2014

EUR


Investment in securities at market value 3.3 50,131,095.74Cash at bank 2,094,525.30Receivable on options and swaps 1,733.34Net unrealised appreciation on swap contracts 3.6 149,940.33Dividends and interest receivable 874,170.00


LiabilitiesAccrued expenses 46,585.00Net unrealised depreciation on forward foreign exchangecontracts

3.4, 18 1,618,129.66



Notes


IncomeDividends (net of withholding taxes) 3.8 5,592.07Interest on bonds (net of withholding taxes) 3.8 2,378,802.63Bank interest 0.25Other income 12 66,058.70


ExpensesInvestment advisory fees and management fees 4 273,024.99Custodian fees 16,921.19Administration fees 25,571.83Professional fees 18,588.77Transaction costs 9 192.23Taxe d'abonnement 5 5,175.80Bank interest and charges 13,588.90Amortisation of formation expenses 3.7 8,029.43Other expenses 13 9,841.15



Net realised gain / (loss) on:Investments 3.9 206,018.50Foreign currencies transactions 3.2 (26,006.36)Forward foreign exchange contracts 3.4 (782,450.79)Options and swap contracts 3.5, 3.6 (60,038.22)


Net change in unrealised appreciation / (depreciation) on:Investments 3.9 1,868,232.78Forward foreign exchange contracts 3.4 (1,934,416.51)Options and swap contracts 3.5, 3.6 212,633.69


1,563,492.45

Proceeds received on subscription of shares -Net amount paid on redemption of shares -Net assets at the beginning of the year 50,023,257.60


EURNotes







Institutional shares "I" 334,210 - - 334,210

PARETURN

82

Pareturn Fineco International Fixed Income (in EUR)



AHOLD FIN USA 6.5% 01-14/03/2017 GBP 1,064,765.14 2.06750,000


Bonds and other debt instrumentsUnited States

AMER INTL GROUP 6.765% 12-15/11/2017 GBP 1,603,653.75 3.121,100,000AT&T INC 5.875% 09-28/04/2017 GBP 1,128,223.82 2.19800,000AVIATION CAPITAL 3.875% 13-27/09/2016 USD 81,420.23 0.16100,000BANK OF AMER CRP 1.7% 14-25/08/2017 USD 315,275.36 0.61400,000BANK OF AMERICA 14-08/05/2017 FRN USD 237,540.15 0.46300,000BEAR STEARNS CO 6.4% 07-02/10/2017 USD 984,986.11 1.911,100,000CIT GROUP INC 4.25% 12-15/08/2017 USD 319,810.01 0.62400,000CITIGROUP INC 6.125% 07-21/11/2017 USD 625,112.61 1.21700,000CLIFFS NATURAL R 3.95% 12-15/01/2018 USD 408,470.22 0.79600,000CSC HOLDINGS INC 8.625% 09-15/02/2019 USD 180,882.64 0.35200,000DEVELOPERS DIVER 7.5% 10-01/04/2017 USD 270,112.09 0.52300,000GOLDMAN SACHS GP 6.125% 07-14/05/2017

GBP 1,531,332.14 2.971,100,000

GOLDMAN SACHS GP 6.25% 07-01/09/2017 USD 88,917.47 0.17100,000HOSPIRA INC 5.2% 13-12/08/2020 USD 170,478.69 0.33200,000INTL LEASE FIN 6.75% 10-01/09/2016 USD 938,254.50 1.821,100,000INTL LEASE FIN 7.125% 10-01/09/2018 USD 445,280.03 0.86500,000ISTAR FINANCIAL 4% 14-01/11/2017 USD 460,716.41 0.89600,000MERRILL LYNCH 6.4% 07-28/08/2017 USD 1,068,572.33 2.071,200,000MET LIFE GLOB 4.75% 12-28/09/2017 AUD 997,210.40 1.931,400,000MIDCONTINENT EXP 6.7% 09-15/09/2019 USD 626,162.68 1.21700,000MORGAN STANLEY 5.95% 07-28/12/2017 USD 177,322.30 0.34200,000NGPL PIPECO LLC 7.119% 07-15/12/2017 USD 118,741.34 0.23150,000PIONEER NATURAL 6.65% 07-15/03/2017 USD 88,374.51 0.17100,000ROCKIES EXPRESS 6.85% 08-15/07/2018 USD 927,369.88 1.801,100,000SLM CORP 4.625% 12-25/09/2017 USD 560,360.18 1.09700,000SLM CORP 6% 12-25/01/2017 USD 1,076,687.12 2.091,300,000SPRINGLEAF FIN 6.9% 07-15/12/2017 USD 756,976.05 1.47900,000SPRINT NEXTEL 9.125% 12-01/03/2017 USD 178,507.82 0.35200,000WELLS FARGO CO 5.625% 07-11/12/2017 USD 620,356.54 1.20700,000

18,051,872.52 34.99

BARCLAYS BK PLC 7.625% 12-21/11/2022 USD 1,190,955.87 2.311,400,000United Kingdom

BG ENERGY CAP 12-30/11/2072 FRN GBP 277,849.08 0.54200,000CO-OP GRP HLD 11-08/07/2020 SR GBP 820,071.87 1.59600,000ENTERPRISE INNS 6.5% 03-06/12/2018 GBP 274,640.66 0.53200,000FCE BANK PLC 4.825% 12-15/02/2017 GBP 1,091,207.39 2.12800,000HEATHROW FINANC PLC 7.125% 10-01/03/2017

GBP 275,924.02 0.53200,000

LBG CAPITAL NO.2 15% 09-21/12/2019 EUR 150,075.00 0.29100,000NORTHERN ROCK 5.625% 07-22/06/2017 USD 437,933.90 0.85500,000PRIORY GROUP 7% 11-15/02/2018 GBP 263,988.71 0.51200,000ROYAL BK SCOTLND 4.35% 06-23/01/2017 EUR 1,576,875.00 3.061,500,000SAFEWAY PLC 6% 01-10/01/2017 GBP 1,656,890.14 3.211,200,000

8,016,411.64 15.54

GAZPROM 5.44% 07-02/11/2017 EUR 1,030,000.00 2.001,000,000Luxembourg

JSC SEVERSTAL 6.7% 10-25/10/2017 USD 163,863.05 0.32200,000RSHB CAPTL (RUSS AG BK) 6.299% 07-15/05/2017

USD 240,748.07 0.47300,000

SBERBANK 4.95% 12-07/02/2017 USD 158,947.16 0.31200,000SBERBANK 5.4% 10-24/03/2017 USD 958,242.63 1.861,200,000TENGIZCHEVROIL 6.124% 04-15/11/2014 USD 11,484.11 0.0214,455TNK-BP FINANCE 6.625% 07-20/03/17 USD 242,826.04 0.47300,000TNK-BP FINANCE 6.625% 07-20/03/2017 USD 728,478.13 1.41900,000VTB CAPITAL SA 6.875% 08-29/05/2018 USD 239,263.80 0.46300,000

3,773,852.99 7.32

BRUNSWICK RAIL 6.5% 12-01/11/2017 USD 514,644.77 1.00700,000Ireland

NOVATEK OAO 4.422% 12-13/12/2022 USD 409,657.63 0.79600,000PHOSAGRO 4.204% 13-13/02/2018 USD 152,384.72 0.30200,000ROSNEFT OIL CO 3.149% 12-06/03/2017 USD 673,263.41 1.32900,000RUSSIAN RAILWAYS 5.739% 10-03/04/2017 USD 567,286.76 1.10700,000SCF CAPITAL LTD 5.375% 10-27/10/2017 USD 150,801.50 0.29200,000TRANSNEFT 8.7% 08-07/08/2018 USD 533,580.84 1.03600,000VEB FINANCE PLC 5.375% 12-13/02/2017 USD 471,403.13 0.91600,000


Market valuein EUR

Currency %NAV

VEB FINANCE PLC 5.375% 12-13/02/2017 USD 157,134.38 0.30200,0003,630,157.14 7.04

DEUTSCHE ANN FIN 3.2% 13-02/10/2017 USD 1,054,150.01 2.031,300,000Netherlands

LEASEPLAN CORP 3% 12-23/10/2017 USD 324,578.35 0.63400,000LEASEPLAN CORP 3% 12-23/10/2017 USD 324,578.35 0.63400,000LUKOIL INTL FIN 7.25% 09-05/11/2019 USD 251,137.94 0.49300,000MAJAPAHIT HOLD 7.25% 07-28/06/2017 USD 220,908.37 0.43250,000PETROBRAS 3.25% 14-17/03/2017 USD 240,325.35 0.47300,000RABOBANK 6.875% 10-19/03/2020 EUR 474,500.00 0.92400,000

2,890,178.37 5.60

INTESA SANPAOLO 2.375% 14-13/01/2017 USD 560,283.71 1.09700,000Italy

TELECOM ITALIA 5.375% 04-29/01/2019 EUR 556,495.00 1.08500,000TELECOM ITALIA 6.375% 04-24/06/2019 GBP 557,413.76 1.08400,000TELECOM ITALIA 7.375% 09-15/12/2017 GBP 572,767.97 1.11400,000

2,246,960.44 4.36

BANCO BRADES CI 4.5% 12-12/01/2017 USD 166,039.98 0.32200,000Brazil

BANCO NAC DESENV 4.125% 10-15/09/2017

EUR 105,508.00 0.20100,000

BANCO SANTANDER 4.625% 12-13/02/2017 USD 1,078,078.07 2.091,300,000BANCO VOTORANTIM 5.25% 11-11/02/2016 USD 329,337.56 0.64400,000

1,678,963.61 3.25

BANCAJA 4.375% 07-14/02/2017 EUR 107,382.00 0.21100,000Spain

TELEFONICA EMIS 6.221% 07-03/07/2017 USD 1,413,078.96 2.741,600,0001,520,460.96 2.95

CRED SUIS NY 1.375% 14-26/05/2017 USD 1,023,272.12 1.991,300,000Switzerland

CREDIT SUISSE 6.5% 13-08/08/2023 USD 172,182.86 0.33200,0001,195,454.98 2.32

HAA-BANK INTL AG 4.375% 07-24/01/2017 EUR 1,128,300.00 2.191,500,000Austria

1,128,300.00 2.19

FRANCE TELECOM 8% 02-20/12/2017 GBP 605,869.61 1.17400,000France

FRENCH BTF 0% 14-03/12/2014 EUR 190,008.99 0.37190,000795,878.60 1.54

NOVELIS INC 8.375% 11-15/12/2017 USD 493,963.98 0.96600,000Canada

XSTRATA CAN FIN 3.6% 11-15/01/2017 USD 164,616.03 0.32200,000658,580.01 1.28

MACQUARIE GROUP 4.875% 10-10/08/2017 USD 597,513.79 1.16700,000Australia

597,513.79 1.16

DP WORLD SUKUK 6.25% 07-02/07/2017 USD 346,281.42 0.67400,000Cayman Islands

VIRIDIAN GROUP 11.125% 12-01/04/2017 EUR 216,004.00 0.42200,000562,285.42 1.09

PETROLEOS DE VEN 5.25% 07-12/04/2017 USD 274,153.97 0.53500,000Venezuela

274,153.97 0.53

RURAL ELECT CORP 4.25% 11-25/01/2016 USD 243,931.26 0.47300,000India

243,931.26 0.47

KBC BANK NV 13-25/01/2023 FRN USD 175,341.38 0.34200,000Belgium

175,341.38 0.34


Market valuein EUR

Currency %NAV

PARETURN

83




DRILL RIGS HLDS 6.5% 12-01/10/2017 USD 156,738.57 0.30200,000Marshall Islands

156,738.57 0.30

47,597,035.65 92.27

SASC 2004-3 4A1 04-25/03/2034 FRN USD 27,074.09 0.0532,961


Bonds and other debt instrumentsUnited States

27,074.09 0.05

27,074.09 0.05

PIMCO EURO SHORT MATURITY EUR 2,506,986.00 4.8624,600

Funds

Investment fundsIreland

2,506,986.00 4.86

2,506,986.00 4.86



Market valuein EUR

Currency %NAV

1,485,000 21/11/141,030,948 6,510.96AUDEUR 1,030,948.15Forward foreign exchange contracts

415,699 21/11/14328,000 4,915.95EURGBP 415,699.3331,201,580 02/10/1439,671,129 202,192.20EURUSD 31,201,579.77

118,716 04/11/14150,000 2.54EURUSD 118,716.349,741,501 21/11/1412,125,167 (367,267.16)GBPEUR 12,125,167.02

40,548,041 02/10/1430,766,803 (1,331,144.75)USDEUR 30,766,803.2936,746,911 04/11/1428,950,817 (132,888.45)USDEUR 28,950,817.29

308,028 15/10/143,378,000 (7,720.55)USDZAR 236,678.933,296,121 15/10/14300,207 7,269.60ZARUSD 237,646.44

(1,618,129.66)

Total Forward foreign exchange contracts (1,618,129.66)


in EUR

MaturityDate

Commitmentin EUR


20/12/17ANGLO AMERICAN5.875% 08-17/04/2015

700,000.00 1,369.26EURBuy 1.000Credit default swaps

20/12/17ANGLO AMERICAN5.875% 08-17/04/2015

300,000.00 (5,569.93)EURBuy 1.000

20/12/17BP CAP MKTSAMER 4.2% 03-15/06/2018

300,000.00 5,713.80EURBuy 1.000

20/12/17CDX IG CDSI S19V1 5Y 20/12/2017

1,089,000.00 63,898.44USDSell 0.000

20/12/17E.ON INTL FIN BV6.375% 02-29/05/2017

1,000,000.00 21,246.66EURBuy 1.000

20/12/17LLOYDS TSB BANK3.375% 10-20/04/2015

900,000.00 16,582.21EURBuy 1.000

20/12/17MARKS &SPENCER 6.125%14-02/12/2019

1,600,000.00 10,284.49EURBuy 1.000

20/12/17TESCO PLC 6% 99-14/12/2029

1,000,000.00 5,329.94EURBuy 1.000

Sell /Buy

Underlying NotionalMaturityDate

Unrealisedappreciation /(depreciation)

in EUR

CurrencyInterestrate

(%)

20/12/17VEOLIA ENVRNMT5.375% 03-28/05/2018

1,000,000.00 18,632.73EURBuy 1.000

20/12/17VOLVO TREASURY5% 07-31/05/2017

1,000,000.00 12,452.73EURBuy 1.000

149,940.33

Sell /Buy

Underlying NotionalMaturityDate

Unrealisedappreciation /(depreciation)

in EUR

CurrencyInterestrate

(%)

Total credit default swap 149,940.33


(1,468,189.33) (2.85)Total financial derivative instruments

%NAV


2,094,525.30 4.06Cash at bank


51,586,750.05 100.00Total net assets

PARETURN

84






100.00 97.18




Ireland 12.24 11.90



Italy 4.48 4.36

Brazil 3.35 3.25

Spain 3.03 2.95


Austria 2.25 2.19

Other 6.91 6.71

100.00 97.18



assets

PIMCO EURO SHORT MATURITY 2,506,986.00 4.86Open-ended Funds

SAFEWAY PLC 6% 01-10/01/2017 1,656,890.14 3.21Food services

AMER INTL GROUP 6.765% 12-15/11/2017 1,603,653.75 3.12Insurance

ROYAL BK SCOTLND 4.35% 06-23/01/2017 1,576,875.00 3.06Banks

GOLDMAN SACHS GP 6.125% 07-14/05/2017 1,531,332.14 2.97Banks

TELEFONICA EMIS 6.221% 07-03/07/2017 1,413,078.96 2.74Telecommunication

BARCLAYS BK PLC 7.625% 12-21/11/2022 1,190,955.87 2.31Banks

HAA-BANK INTL AG 4.375% 07-24/01/2017 1,128,300.00 2.19Banks

AT&T INC 5.875% 09-28/04/2017 1,128,223.82 2.19Telecommunication

FCE BANK PLC 4.825% 12-15/02/2017 1,091,207.39 2.12Financial services

EUR

Sector

Top Ten Holdings

85


PARETURN

Pareturn Cervino World Investments* (in EUR)Statement of Operations and Changes in Net Assets for theperiod ended September 30, 2014

EUR


Investment in securities at market value 3.3 43,873,162.21Cash at bank 7,547,918.83Receivable for investment sold 662,316.57Receivable on withholding tax reclaim 19,987.99Dividends and interest receivable 29,199.02


LiabilitiesAccrued expenses 115,776.44Payable for money market instruments 1,996,766.00



Notes


* This Sub-Fund was launched on March 7, 2014.

IncomeDividends (net of withholding taxes) 3.8 761,812.33Bank interest 20.09





Net realised gain / (loss) on:Investments 3.9 1,838,978.94Foreign currencies transactions 3.2 (2,547,558.74)Forward foreign exchange contracts 3.4 37,977.94

Net realised gain / (loss) for the period (246,696.91)



4,336,859.08

Proceeds received on subscription of shares 45,683,183.10Net amount paid on redemption of shares -Net assets at the beginning of the period -


EURNotes







Retail "P" - 304,555 - 304,555

PARETURN

86

Pareturn Cervino World Investments* (in EUR)



BANK OF AMER CRP 6.625% 14-31/12/49FLAT

USD 296,140.91 0.5915,000


SharesUnited States

BANK OF NEW YORK MELLON CORP USD 866,301.11 1.7328,256BERKSHIRE HATHAWAY INC-CL B USD 1,604,425.16 3.2214,672CHEVRON CORP USD 982,329.71 1.9710,400COACH INC USD 422,894.30 0.8515,002COCA-COLA CO/THE USD 755,435.74 1.5122,370COGNIZANT TECHN. SOLUTIONS CL.A USD 496,164.65 0.9914,000DEERE & CO USD 441,347.32 0.886,800EMC CORP/MASS USD 1,090,952.70 2.1947,100EXXON MOBIL CORP USD 776,670.97 1.5510,432FLUOR CORP USD 452,369.08 0.908,556GENERAL ELECTRIC CO USD 726,040.28 1.4535,799GOOGLE INC-CL C -W/I USD 155,851.78 0.31341INTEL CORP USD 507,394.86 1.0118,408INTL BUSINESS MACHINES CORP USD 226,909.40 0.451,510JOHNSON & JOHNSON USD 515,631.50 1.036,111JPMORGAN CHASE & CO USD 852,253.54 1.7017,872MCDONALDS CORP USD 855,672.92 1.7111,401NATIONAL OILWELL VARCO INC USD 851,271.80 1.7014,131PFIZER INC USD 791,630.98 1.5833,819PROCTER & GAMBLE CO/THE USD 885,890.65 1.7813,364T ROWE PRICE GROUP INC USD 651,652.48 1.3010,500UNITED TECHNOLOGIES CORP USD 1,177,169.36 2.3614,082VISA INC-CLASS A SHARES USD 391,185.37 0.782,316WAL-MART STORES INC USD 786,583.16 1.5712,994YAHOO! INC USD 312,580.65 0.629,6903M CO USD 255,825.91 0.512,281

18,128,576.29 36.24

ASSOCIATED BRITISH FOODS PLC GBP 518,506.15 1.0415,081United Kingdom

BG GROUP PLC GBP 630,891.68 1.2643,122BHP BILLITON PLC GBP 108,838.23 0.224,945BRITISH AMERICAN TOBACCO PLC GBP 972,475.41 1.9521,762HSBC HOLDINGS PLC GBP 606,470.10 1.2175,477IMPERIAL TOBACCO GROUP PLC GBP 499,363.24 1.0014,606MAN GROUP PLC GBP 240,469.38 0.48157,722MEGGITT PLC GBP 637,563.21 1.27110,104RIO TINTO PLC GBP 766,939.94 1.5319,713STANDARD CHARTERED PLC GBP 564,380.65 1.1338,559VODAFONE GROUP SHS GBP 827,699.33 1.65315,530

6,373,597.32 12.74

NESTLE SA-REG CHF 1,577,213.04 3.1527,100Switzerland

NOVARTIS AG-REG CHF 765,757.80 1.5310,253ROCHE HOLDING AG-GENUSSCHEIN CHF 1,028,217.89 2.064,384SWATCH GROUP AG/THE-BR CHF 410,817.45 0.821,092ZURICH INSURANCE GROUP AG CHF 366,661.86 0.731,554

4,148,668.04 8.29

AIR FRANCE-KLM EUR 413,383.17 0.8355,682France

AXA SA EUR 868,916.87 1.7444,537BNP PARIBAS EUR 871,411.84 1.7416,592L'OREAL EUR 502,800.00 1.014,000LVMH MOET HENNESSY LOUIS VUI EUR 884,297.70 1.766,871VIVENDI EUR 436,911.12 0.8722,851

3,977,720.70 7.95

BANKIA SA EUR 458,565.76 0.92310,261Spain

TELEFONICA SA EUR 1,247,460.96 2.49101,7921,706,026.72 3.41

ADIDAS AG EUR 500,544.00 1.008,448Germany

BEIERSDORF AG EUR 737,130.30 1.4711,1451,237,674.30 2.47


Market valuein EUR

Currency %NAV

TAIWAN SEMICONDUCTOR-SP ADR USD 1,107,971.06 2.2269,358Taiwan

1,107,971.06 2.22

ASSA ABLOY AB-B SEK 1,059,854.18 2.1225,902Sweden

1,059,854.18 2.12

GLENCORE PLC GBP 605,462.59 1.21137,464Jersey

605,462.59 1.21

FORTUM OYJ EUR 579,300.00 1.1630,000Finland

579,300.00 1.16

GAZPROM OAO-SPON ADR USD 458,585.01 0.9282,288Russia

458,585.01 0.92

39,383,436.21 78.73

LETRAS 0% 14-18/09/2015 EUR 2,493,509.48 4.992,500,000



LETRAS 0% 14-21/08/2015 EUR 1,996,216.52 3.992,000,0004,489,726.00 8.98

4,489,726.00 8.98



Market valuein EUR

Currency %NAV



7,547,918.83 15.09Cash at bank

(1,401,038.86) (2.80)Other assets and liabilities

50,020,042.18 100.00Total net assets

PARETURN

87

Pareturn Cervino World Investments* (in EUR)



Shares 89.77 78.73


100.00 87.71




Spain 14.12 12.39


France 9.07 7.95

Germany 2.82 2.47

Taiwan 2.53 2.22

Sweden 2.42 2.12

Other 3.75 3.29

100.00 87.71



assets



BERKSHIRE HATHAWAY INC-CL B 1,604,425.16 3.22Insurance

NESTLE SA-REG 1,577,213.04 3.15Food services

TELEFONICA SA 1,247,460.96 2.49Telecommunication

UNITED TECHNOLOGIES CORP 1,177,169.36 2.36Aerospace &Defense

TAIWAN SEMICONDUCTOR-SP ADR 1,107,971.06 2.22Electric & Electronic

EMC CORP/MASS 1,090,952.70 2.19Office & Businessequipment

ASSA ABLOY AB-B 1,059,854.18 2.12Diversifiedmachinery

ROCHE HOLDING AG-GENUSSCHEIN 1,028,217.89 2.06Cosmetics

EUR

Sector

Top Ten Holdings

88


PARETURN

Pareturn CTH Ratio High Yield (in EUR)Statement of Operations and Changes in Net Assets for theyear ended September 30, 2014

EUR


Investment in securities at market value 3.3 29,444,966.36Cash at bank 1,548,583.40Receivable for investment sold 748,622.78Dividends and interest receivable 457,241.44


LiabilitiesInvestment in option at market value 3.5, 16 4,616.66Accrued expenses 55,724.67Payable for investment purchased 830,442.64Net unrealised depreciation on forward foreign exchangecontracts

3.4, 18 728,127.69



Notes


IncomeDividends (net of withholding taxes) 3.8 5,044.74Interest on bonds (net of withholding taxes) 3.8 766,122.89Bank interest 11.47


ExpensesInvestment advisory fees and management fees 4 226,550.76Custodian fees 9,557.99Performance fees 4 61,247.83Administration fees 28,425.25Professional fees 29,892.09Transaction costs 9 12,566.42Taxe d'abonnement 5 7,418.40Bank interest and charges 7,452.32Other expenses 13 33,160.71



Net realised gain / (loss) on:Investments 3.9 555,576.73Foreign currencies transactions 3.2 161,137.51Futures contracts 3.5 10,163.12Forward foreign exchange contracts 3.4 81,719.90Options and swap contracts 3.5, 3.6 (36,872.63)


Net change in unrealised appreciation / (depreciation) on:Investments 3.9 241,943.25Forward foreign exchange contracts 3.4 (745,409.08)Options and swap contracts 3.5, 3.6 7,922.43


631,088.56



EURNotes







Hedge capitalisation shares "I" - 12,774 - 12,774

Institutional 14,775 70,421 (4,972) 80,224

Retail 82,927 137,981 (16,500) 204,408

PARETURN

89

Pareturn CTH Ratio High Yield (in EUR)



BANCA POP MILANO 4% 13-22/01/2016 EUR 1,539,660.00 5.041,500,000


Bonds and other debt instrumentsItaly

BANCA POP VICENT 6.75% 12-27/02/2015 EUR 969,520.60 3.17950,000CREDITO VALTELLI 4% 13-24/07/2015 EUR 1,017,330.00 3.331,000,000GRUPPO ESPRESSO 2.625% 14-09/04/2019CV

EUR 1,291,780.00 4.231,400,000

IVS GROUP 7.125% 13-01/04/2020 EUR 522,695.00 1.71500,000LISOLANT KFLEX 6% 14-01/07/2020 EUR 200,200.00 0.65200,000MONTE DEI PASCHI 7.25% 12-10/07/2015 EUR 416,587.20 1.36400,000RIGONI DI ASIAGO 6.25% 14-18/07/2019 EUR 99,350.00 0.32100,000TELECOM ITALIA 4.625% 12-15/06/2015 EUR 154,000.20 0.50150,000TELECOM ITALIA 5.125% 11-25/01/2016 EUR 157,931.70 0.52150,000UNIPOLSAI 14-30/06/2049 FRN EUR 1,165,680.00 3.811,200,000ZOBELE HOLDING 7.875% 13-01/02/2018 EUR 1,248,000.00 4.091,200,000

8,782,734.70 28.73

JPMORGAN CHASE 14-29/12/2049 FRN USD 771,660.40 2.531,000,000United States

US TREASURY N/B 1.125% 12-31/12/2019 USD 457,302.36 1.50600,000US TREASURY N/B 1.125% 13-30/04/2020 USD 378,611.52 1.24500,000US TREASURY N/B 1.625% 14-31/07/2019 USD 393,330.69 1.29500,000US TREASURY N/B 2.125% 11-15/08/2021 USD 472,590.54 1.55600,000US TREASURY N/B 3.625% 10-15/02/2020 USD 517,749.30 1.69600,000US TSY INFL IX N/B 0.625% 11-15/07/2021 USD 512,205.93 1.67634,260WELLS FARGO CO 08-29/03/2049 FRN USD 606,380.37 1.98700,000

4,109,831.11 13.45

ABERDEEN ASSET 7% 13-29/03/2049 USD 418,760.34 1.37500,000United Kingdom

HENDERSON UK FIN 7.25% 11-24/03/2016 GBP 134,290.30 0.44100,000HSBC BANK PLC 85-30/09/2049 FRN USD 388,045.28 1.27710,000INTL PERSONAL FI 5.75% 14-07/04/2021 EUR 882,000.00 2.87900,000PROVIDENT FIN 8% 09-23/10/2019 GBP 632,174.02 2.07434,000ST MODWEN PROPTY 6.25% 12-07/11/2019 GBP 345,123.85 1.13250,000WORKSPACE GROUP 6% 12-09/10/2019 GBP 680,556.98 2.23500,000

3,480,950.77 11.38

ELIOR FINANCE & 6.5% 13-01/05/2020 EUR 567,996.00 1.86800,000Luxembourg

FIAT IND FIN 5.25% 11-11/03/2015 EUR 152,612.70 0.50150,000GRAND CITY PROP 6.25% 13-03/06/2020 EUR 217,520.00 0.71200,000HEIDELBERGCEMENT 6.5% 10-03/08/2015 EUR 209,484.00 0.69200,000HEIDELCEMENT FIN 6.75% 10-15/12/2015 EUR 213,819.20 0.70200,000SG ISSUER 13-18/12/2018 FRN FLAT USD 453,069.46 1.48600,000UNICREDIT INTL 09-29/12/2049 FRN EUR 760,500.00 2.48650,000

2,575,001.36 8.42

ARCELIK 3.875% 14-16/09/2021 EUR 245,000.00 0.80250,000Turkey

GARANTI BANKASI 3.375% 14-08/07/2019 EUR 694,750.00 2.27700,000GARANTI BANKASI 4.75% 14-17/10/2019 USD 393,330.69 1.29500,000TURKIYE GARANTI 4% 12-13/09/2017 USD 317,830.99 1.04400,000

1,650,911.68 5.40

BANK EAST ASIA 2.375% 14-24/04/2017 USD 798,151.59 2.611,000,000Hong Kong

HENSON FIN LTD 5.5% 09-17/09/2019 USD 343,568.73 1.12400,0001,141,720.32 3.73

RABOBANK 11- 29/07/2049 FRN USD 255,056.40 0.83300,000Netherlands

RABOBANK 11-29/11/2049 FRN USD 871,759.35 2.851,000,0001,126,815.75 3.68

CASINO GUICHARD 05-29/01/2049 SR EUR 474,750.00 1.56600,000France

CASINO GUICHARD 13-31/01/2049 FRN EUR 306,000.00 1.00300,000RENAULT 6% 09-13/10/2014 EUR 200,262.00 0.65200,000

981,012.00 3.21

CHINA OVERSEAS F 4.25% 14-08/05/2019 USD 640,975.26 2.10800,000Cayman Islands


Market valuein EUR

Currency %NAV

SINO LAND 3.25% 12-21/09/2017 USD 239,560.66 0.78300,000880,535.92 2.88

ALLIED IRISH BKS 2.875% 13-28/11/2016 EUR 256,200.00 0.84250,000Ireland

ALLIED IRISH BKS 5.625% 09-12/11/2014 EUR 401,473.60 1.31400,000BANK OF IRELAND 2.75% 13-05/06/2016 EUR 204,471.60 0.67200,000

862,145.20 2.82

CK BND SEC 3 5.375% 13-29/01/2049 USD 821,031.47 2.681,100,000Virgin Islands

821,031.47 2.68

RPG BYTY 6.75% 13-01/05/2020 EUR 731,500.00 2.39700,000Czech Republic

731,500.00 2.39

BANCO ESPIRITO 3.875% 10-21/01/2015 EUR 332,500.00 1.09350,000Portugal

332,500.00 1.09

27,476,690.28 89.86

ST MODWEN PROP 2.875% 14-06/03/2019CV

GBP 251,925.05 0.82200,000


Bonds and other debt instrumentsJersey

251,925.05 0.82

251,925.05 0.82

BK OF CHINA/HK 14-29/08/2015 FRN USD 397,601.03 1.30500,000


Money market instrumentsChina

397,601.03 1.30

397,601.03 1.30

AZ FUND 1 CASH OVERNIGHT-A EUR 1,318,750.00 4.31250,000

Funds


1,318,750.00 4.31

1,318,750.00 4.31



Market valuein EUR

Currency %NAV

428,622 05/11/14700,000 5,763.57EURSGD 428,622.16Forward foreign exchange contracts

551,133 05/11/14700,000 2,883.69EURUSD 551,133.37995,090 31/12/141,279,865 17,414.05EURUSD 995,089.98

1,650,000 05/11/142,052,402 (64,108.62)GBPEUR 2,052,402.15700,000 05/11/14405,264 (29,129.54)SGDEUR 405,263.80

14,230,000 05/11/1410,601,555 (660,950.84)USDEUR 10,601,554.77

(728,127.69)

Total Forward foreign exchange contracts (728,127.69)


in EUR

MaturityDate

Commitmentin EUR


PARETURN

90



CALL S&P 500 INDEX - SPX18/10/2014 2025

USD(24) 3,847,219.74 (4,616.66)

Options

(4,616.66)

Total Options (4,616.66)

NameQuantity Market valuein EUR

Currency Commitmentin EUR




%NAV


1,548,583.40 5.06Cash at bank


30,580,502.32 100.00Total net assets

PARETURN

91







100.00 96.29


Italy 29.82 28.73




Turkey 5.61 5.40

Hong Kong 3.88 3.73


France 3.33 3.21

Cayman Islands 2.99 2.88

Ireland 2.93 2.82

Virgin Islands 2.79 2.68

Czech Republic 2.48 2.39

Other 3.34 3.21

100.00 96.29



assets

BANCA POP MILANO 4% 13-22/01/2016 1,539,660.00 5.04Banks

AZ FUND 1 CASH OVERNIGHT-A 1,318,750.00 4.31Open-ended Funds

GRUPPO ESPRESSO 2.625% 14-09/04/2019 CV 1,291,780.00 4.23Media

ZOBELE HOLDING 7.875% 13-01/02/2018 1,248,000.00 4.09Distribution &Wholesale

UNIPOLSAI 14-30/06/2049 FRN 1,165,680.00 3.81Insurance

CREDITO VALTELLI 4% 13-24/07/2015 1,017,330.00 3.33Banks

BANCA POP VICENT 6.75% 12-27/02/2015 969,520.60 3.17Banks

INTL PERSONAL FI 5.75% 14-07/04/2021 882,000.00 2.87Financial services

RABOBANK 11-29/11/2049 FRN 871,759.35 2.85Banks

CK BND SEC 3 5.375% 13-29/01/2049 821,031.47 2.68Financial services

EUR

Sector

Top Ten Holdings

92


PARETURN

Pareturn AC Fondeposito* (in EUR)Statement of Operations and Changes in Net Assets for theperiod ended September 30, 2014

EUR


Investment in securities at market value 3.3 2,925,437.33Cash at bank 87,937.29Other assets 4,418.10





Notes


* This Sub-Fund was launched on April 7, 2014.



ExpensesInvestment advisory fees and management fees 4 6,479.30Administration fees 1,509.49Professional fees 6,996.54Taxe d'abonnement 5 150.13Bank interest and charges 169.00Agent association fees 493.93Other expenses 13 568.19



Net realised gain / (loss) for the period (8,352.41)



7,084.92

Proceeds received on subscription of shares 3,000,000.01Net amount paid on redemption of shares -Net assets at the beginning of the period -


EURNotes







EUR R - 20,009 - 20,009

PARETURN

93

Pareturn AC Fondeposito* (in EUR)



AHORRO CORP FONDEPOSITO (note 10) EUR 2,925,437.33 97.28240,484

Funds

Investment fundsSpain

2,925,437.33 97.28

2,925,437.33 97.28



Market valuein EUR

Currency %NAV



87,937.29 2.92Cash at bank


3,007,084.93 100.00Total net assets

PARETURN

94

Pareturn AC Fondeposito* (in EUR)




100.00 97.28


Spain 100.00 97.28

100.00 97.28



assets

AHORRO CORP FONDEPOSITO (note 10) 2,925,437.33 97.28Open-ended Funds

EUR

Sector

Top Ten Holdings

95


PARETURN

Pareturn Smead US Value Fund* (in USD)Statement of Operations and Changes in Net Assets for theperiod ended September 30, 2014

USD


Investment in securities at market value 3.3 10,977,534.46Cash at bank 510,624.61Dividends and interest receivable 10,414.53Other assets 24,796.87





Notes


* This Sub-Fund was launched on November 29, 2013.

IncomeDividends (net of withholding taxes) 3.8 101,412.07





Net realised gain / (loss) on:Investments 3.9 113,499.12Foreign currencies transactions 3.2 1,122.90




826,441.59

Proceeds received on subscription of shares 10,742,107.84Net amount paid on redemption of shares (81,168.00)Net assets at the beginning of the period -


USDNotes







Institutional "I" - 37,347 (300) 37,047

Institutional "M" - 3,272 - 3,272

PARETURN

96

Pareturn Smead US Value Fund* (in USD)



ABBOTT LABORATORIES USD 171,433.98 1.494,122


SharesUnited States

ABBVIE INC USD 238,086.72 2.074,122AFLAC INC USD 455,398.50 3.967,818AMGEN INC USD 611,843.76 5.334,356BANK OF AMERICA CORP USD 605,496.65 5.2735,513BERKSHIRE HATHAWAY INC-CL B USD 541,370.66 4.713,919CABELAS INC USD 533,221.70 4.649,053CHUBB CORP USD 232,162.92 2.022,549COMCAST CORP-SPECIAL CL A USD 330,416.00 2.886,176EBAY INC USD 614,378.87 5.3510,849FRANKLIN RESOURCES INC USD 413,834.58 3.607,578GANNETT CO USD 726,558.96 6.3224,488HOME DEPOT INC USD 348,153.30 3.033,795H&R BLOCK INC USD 339,404.45 2.9510,945JOHNSON & JOHNSON USD 226,716.93 1.972,127JPMORGAN CHASE & CO USD 484,329.60 4.228,040MCDONALDS CORP USD 174,450.40 1.521,840MEDTRONIC INC USD 267,685.95 2.334,321MERCK & CO. INC. USD 568,258.08 4.959,586NAVIENT CORP-WHEN DISTRIBUTE USD 160,452.60 1.409,060NORDSTROM INC USD 423,825.63 3.696,199NVR INC USD 357,086.32 3.11316PFIZER INC USD 323,643.65 2.8210,945SLM CORP USD 77,553.60 0.689,060STARBUCKS CORP USD 146,316.94 1.271,939WALGREEN CO USD 374,230.78 3.266,314WALT DISNEY Co USD 402,237.54 3.504,518WELLS FARGO & CO USD 514,602.27 4.489,921

10,663,151.34 92.82

ACCENTURE PLC-CL A USD 314,383.12 2.743,866Ireland

314,383.12 2.74

10,977,534.46 95.56



Market valuein USD

Currency %NAV



510,624.61 4.45Cash at bank

(777.64) (0.01)Other assets and liabilities

11,487,381.43 100.00Total net assets

PARETURN

97

Pareturn Smead US Value Fund* (in USD)



Shares 100.00 95.56

100.00 95.56



Ireland 2.86 2.74

100.00 95.56



assets

GANNETT CO 726,558.96 6.32Media

EBAY INC 614,378.87 5.35Internet

AMGEN INC 611,843.76 5.33Biotechnology

BANK OF AMERICA CORP 605,496.65 5.27Banks

MERCK & CO. INC. 568,258.08 4.95Cosmetics

BERKSHIRE HATHAWAY INC-CL B 541,370.66 4.71Insurance

CABELAS INC 533,221.70 4.64Distribution &Wholesale

WELLS FARGO & CO 514,602.27 4.48Banks

JPMORGAN CHASE & CO 484,329.60 4.22Banks

AFLAC INC 455,398.50 3.96Insurance

USD

Sector

Top Ten Holdings

98


PARETURN

Pareturn Entheca Patrimoine* (in EUR)Statement of Operations and Changes in Net Assets for theperiod ended September 30, 2014

EUR


Investment in securities at market value 3.3 54,663,293.46Cash at bank 3,989,575.45Receivable for investment sold 52,265.23Receivable on withholding tax reclaim 498.23Dividends and interest receivable 611,829.01


LiabilitiesBank overdraft 182.06Accrued expenses 56,044.65Payable on redemption 293,881.91Net unrealised depreciation on futures contracts 3.5, 15 12,841.49



Notes


* This Sub-Fund was launched on December 6, 2013.

IncomeDividends (net of withholding taxes) 3.8 58,235.55Interest on bonds (net of withholding taxes) 3.8 843,041.13Other income 12 1,707.95





Net realised gain / (loss) on:Investments 3.9 413,927.61Foreign currencies transactions 3.2 90,293.88Futures contracts 3.5 (17,379.11)

Net realised gain / (loss) for the period 1,052,227.24

Net change in unrealised appreciation / (depreciation) on:Investments 3.9 1,102,980.91Futures contracts 3.5 (12,841.49)


2,142,366.66

Proceeds received on subscription of shares 57,571,325.56Net amount paid on redemption of shares (759,180.95)Net assets at the beginning of the period -


EURNotes







Institutional - 395,849 - 395,849

Retail - 14,130 (5,375) 8,755

PARETURN

99

Pareturn Entheca Patrimoine* (in EUR)



ACCOR 2.625% 14-05/02/2021 EUR 316,878.00 0.54300,000



AIR FRANCE-KLM 6.25% 12-18/01/2018 EUR 1,309,728.00 2.221,200,000ARGAN 5.5% 13-21/11/2018 EUR 263,750.00 0.45250,000BANQ FED CRD MUT 5.5% 08-16/06/2016 EUR 1,017,659.95 1.73950,000BANQUE PSA FIN 4.25% 11-25/02/2016 EUR 364,266.00 0.62350,000BPCE 3.5% 05-21/09/2017 EUR 312,485.10 0.53300,000BPCE 4.2% 04-17/12/2016 EUR 367,154.20 0.62350,000BPCE 4.8% 04-09/07/2016 EUR 897,413.00 1.52850,000FAURECIA 8.75% 12-15/06/2019 EUR 885,360.00 1.50800,000FAURECIA 9.375% 11-15/12/2016 EUR 1,121,834.10 1.90970,000GALERIES LAFAYET 4.5% 10-28/04/2017 EUR 590,474.50 1.00550,000GALERIES LAFAYET 4.75% 12-26/04/2019 EUR 1,217,744.00 2.071,100,000LAFARGE SA 5.375% 10-29/11/2018 EUR 587,305.00 1.00500,000LAFARGE SA 5.5% 09-16/12/2019 EUR 241,734.00 0.41200,000LAFARGE SA 7.625% 09-24/11/2016 EUR 289,920.00 0.49250,000NUMERICABLE 5.375% 14-15/05/2022 EUR 516,850.00 0.88500,000PEUGEOT 6.5% 13-18/01/2019 EUR 569,840.00 0.97500,000RADIAN 3.6% 05-15/11/2017 EUR 479,586.80 0.81460,000RALLYE SA 4.25% 13-11/03/2019 EUR 527,540.00 0.89500,000RALLYE SA 5% 12-15/10/2018 EUR 1,198,571.00 2.031,100,000RENAULT 4.625% 12-18/09/2017 EUR 1,090,380.00 1.851,000,000WENDEL 6.75% 11-20/04/2018 EUR 833,231.00 1.41700,000

14,999,704.65 25.44


FIAT FIN & TRADE 6.875% 09-13/02/2015 EUR 764,842.50 1.30750,000FINMEC FNCE SA 4.375% 12-05/12/2017 EUR 641,112.00 1.09600,000FORTIS LUX FIN 4.4% 07-04/05/2017 EUR 443,849.40 0.75414,000

2,179,845.90 3.70

EDP FINANCE BV 5.75% 12-21/09/2017 EUR 1,230,405.00 2.091,100,000Netherlands

THYSSENKRUPP FIN 8.5% 09-25/02/2016 EUR 550,300.00 0.93500,0001,780,705.00 3.02

PORTUGUESE OTS 3.35% 05-15/10/2015 EUR 516,175.00 0.88500,000Portugal

PORTUGUESE OTS 4.35% 07-16/10/2017 EUR 1,099,050.00 1.861,000,0001,615,225.00 2.74

BUZZI UNICEM SPA 5.125% 09-09/12/2016 EUR 642,618.00 1.08600,000Italy

ITALY BTPS 4.5% 13-01/03/2024 EUR 298,412.50 0.51250,000TELECOM ITALIA 4.75% 11-25/05/2018 EUR 434,644.00 0.74400,000

1,375,674.50 2.33

ABENGOA SA 9.625% 09-25/02/2015 EUR 408,824.00 0.69400,000Spain

SPANISH GOVT 4.4% 13-31/10/2023 EUR 602,900.00 1.03500,0001,011,724.00 1.72

22,962,879.05 38.95

ACCOR SA EUR 133,437.00 0.233,800

SharesFrance

CARREFOUR SA EUR 110,070.00 0.194,500CASINO GUICHARD PERRACHON EUR 153,486.00 0.271,800GDF SUEZ EUR 107,244.00 0.185,400GROUPE EUROTUNNEL SA - REGR EUR 144,112.80 0.2414,900L'OREAL EUR 121,300.50 0.21965PEUGEOT SA EUR 83,575.65 0.148,230RENAULT SA EUR 31,943.95 0.05557SANOFI EUR 106,755.52 0.181,192SODEXO SA EUR 63,146.20 0.11815VALEO SA EUR 21,322.62 0.04242VIVENDI EUR 102,846.48 0.175,379

1,179,240.72 2.01


Market valuein EUR

Currency %NAV

NESTLE SA-REG CHF 94,865.58 0.161,630Switzerland

ROCHE HOLDING AG-GENUSSCHEIN CHF 117,269.38 0.20500SWISSCOM AG-REG CHF 215,732.57 0.37480

427,867.53 0.73

COMPASS GROUP PLC GBP 124,268.37 0.219,717United Kingdom

ROYAL DUTCH SHELL PLC - A SHS EUR 120,026.35 0.203,958244,294.72 0.41

LINDE AG EUR 124,763.00 0.21820Germany

SIEMENS AG-REG EUR 60,396.80 0.10640185,159.80 0.31

IBERDROLA SA EUR 119,138.04 0.2021,012Spain

119,138.04 0.20

WOLSELEY PLC GBP 54,088.81 0.091,300Jersey

54,088.81 0.09

2,209,789.62 3.75

CAIXA GERAL DE DEPOSIT 0% 16/02/2015ECP

EUR 896,508.47 1.52900,000


Money market instrumentsFrance

FAURECIA 0% 07/04/2015 BT EUR 993,293.34 1.691,000,000FAURECIA 0% 09/03/2015 BT EUR 497,073.96 0.84500,000

2,386,875.77 4.05

2,386,875.77 4.05

ALTAROCCA CONVERTIBLES-I EUR 482,801.90 0.82490

Funds

Investment fundsFrance

AMUNDI ETF MS EMU EUR 559,881.25 0.953,625AMUNDI ETF MSCI JP EUR 121,689.00 0.21900AVIVA INVESTORS JAPON EUR 290,181.21 0.4928CONSTANCE BE AMERICA-I USD 550,569.38 0.9332ENTHECA RARETE PARTS DE CAP 4DECIMALES

EUR 1,716,880.10 2.9115,685

ENTHECA REGULARITE-I EUR 6,805,851.36 11.556,207HUGAU MONETERME EUR 472,798.41 0.8040LYXOR ETF DJ STX HLTH CARE EUR 595,730.80 1.017,765LYXOR ETF MSCI EUROPE FCP EUR 293,975.00 0.502,500LYXOR UCITS ETF COMMODITIES CRB EUR 118,671.98 0.205,715MAGELLAN C EUR 189,483.15 0.3210,095MONETA MU CAPS C 4D EUR 661,026.00 1.123,480NATIXIS SOUVERAINS EUR 3-5-I EUR 1,180,480.64 2.00386NATIXIS SOUVERAINS EURO 5-7 EUR 766,359.36 1.30156RAYMOND JAMES MICROCAPS EUR 409,754.00 0.701,640ROCHE-BRUNE EUROPE ACTIONS-P EUR 527,355.81 0.89237SSGA EUROPE INDEX EQUITY FUND I EUR 568,242.00 0.962,550SSGA US INDEX EQUITY FUND I CAP 4 USD 2,531,520.29 4.3010,350VARENNE VALEUR-C EUR 510,390.20 0.872,155

19,353,641.84 32.83

AMUNDI-ABS VOL WLD EQY-IHEC EUR 285,161.60 0.48320Luxembourg

DNCA INVEST - CONVERTIBLES - AAC EUR 980,417.25 1.666,465FIDELITY FDS-EMERG MK-AEUR EUR 281,536.20 0.4826,510FIDELITY FUNDS-AMER-AUSD ACC USD 546,047.73 0.9337,880JPMORGAN F-JPM US VALUE -C- USD CAP USD 1,013,968.41 1.7257,698PF(LUX) GLOBAL E.DEBT HP C EUR EUR 1,688,859.58 2.867,226SCHRODER INT EME ASIA-A EUR EUR 363,246.80 0.6217,240SISF-JAPANESE OPPORT-AYEN-A JPY 443,634.18 0.7543,900

5,602,871.75 9.50


Market valuein EUR

Currency %NAV

PARETURN

100




M+G OPTIMAL INCOME-A-EURO-A EUR 1,961,887.33 3.33107,035United Kingdom

1,961,887.33 3.33

VANGUARD-US OPP-A INV USD USD 185,348.10 0.31395Ireland

185,348.10 0.31

27,103,749.02 45.97



Market valuein EUR

Currency %NAV

CAC40 EURO FUT 17/10/2014 EUR 441,400.00(10) (7,725.00)

Futures

EURO / GBP FUTURE 15/12/2014 GBP 250,368.972 (5,678.90)EURO FX CURR FUT (CME)15/12/2014

USD 1,375,272.12(11) 2,602.41

EURO-BUND FUTURE 08/12/2014 EUR 299,400.00(2) (2,040.00)

(12,841.49)




in EUR




%NAV


3,989,393.39 6.77Cash at bank


58,954,511.27 100.00Total net assets

PARETURN

101







Shares 4.04 3.75

100.00 92.72


France 69.36 64.33




Portugal 2.95 2.74

Italy 2.52 2.33

Spain 2.07 1.92

Other 1.56 1.44

100.00 92.72



assets

ENTHECA REGULARITE-I 6,805,851.36 11.55Open-ended Funds

SSGA US INDEX EQUITY FUND I CAP 4 2,531,520.29 4.30Open-ended Funds

M+G OPTIMAL INCOME-A-EURO-A 1,961,887.33 3.33Open-ended Funds

ENTHECA RARETE PARTS DE CAP 4DECIMALES

1,716,880.10 2.91Open-ended Funds

PF(LUX) GLOBAL E.DEBT HP C EUR 1,688,859.58 2.86Open-ended Funds

AIR FRANCE-KLM 6.25% 12-18/01/2018 1,309,728.00 2.22Transportation

EDP FINANCE BV 5.75% 12-21/09/2017 1,230,405.00 2.09Energy

GALERIES LAFAYET 4.75% 12-26/04/2019 1,217,744.00 2.07Distribution &Wholesale

RALLYE SA 5% 12-15/10/2018 1,198,571.00 2.03Distribution &Wholesale

NATIXIS SOUVERAINS EUR 3-5-I 1,180,480.64 2.00Open-ended Funds

EUR

Sector

Top Ten Holdings

PARETURN

Notes to the Financial Statements as at September 30, 2014

Note 1. General information

The Company's articles of association were published in the Mémorial on April 29, 1994 after being filed, on April 1, 1994, with the Clerk of the District Court of Luxembourg where they may be examined and copies may be obtained against payment of a fee. Following the Extraordinary General Meeting of August 17, 2005, the Company was brought into compliance with the amended law of December 20, 2002 on Undertakings for Collective Investment. These changes were published in the Mémorial C on September 2, 2005. Further amendments in the articles of association were published in the Mémorial C on August 13, 2010. Since July 1, 2011 the Company is subject to the provisions of Part I of the amended law of December 17, 2010 relating to Undertakings for Collective Investment. The Company is registered on the Luxembourg Trade Register under number B - 47 104.

During the year ended September 30, 2014, the Company had the following sub-funds:

- Pareturn Best Selection, launched on September 2, 2005. - Pareturn Croissance 2000, launched on October 2, 2006. - Pareturn Sécurité - Croissance, launched on July 9, 2007. - Pareturn Best Selection Side Pocket, launched on February 13, 2009. - Pareturn Cartesio Equity, launched on May 29, 2009. - Pareturn Hi Core Ucits Fund, launched on February 5, 2010. (1) - Pareturn Cartesio Income, launched on April 26, 2011. - Pareturn Primonial Systematic, launched on June 9, 2011. - Pareturn Primonial Systematic Plus, launched on June 9, 2011. - Pareturn Mutuafondo Global Fixed Income, launched on June 28, 2012. - Pareturn Barwon Listed Private Equity, launched on November 29, 2012. - Pareturn Logiver World Flexible was launched on October 26, 2012 by a contribution in kind. (2) - Pareturn Global Balanced Unconstrained, launched on July 12, 2013. - Pareturn Fineco International Fixed Income, launched on August 9, 2013. - Pareturn CTH Ratio High Yield, launched on July 5, 2013. - Pareturn Smead US Value Fund, launched on November 29, 2013. - Pareturn Entheca Patrimoine, launched on December 6, 2013. - Pareturn Mutuafondo Gestion Bonos Lux, launched on January 9, 2014. - Pareturn Cervino World Investments, launched on March 7, 2014.(3) - Pareturn AC Fondeposito, launched on April 7, 2014.

(1) As at May 19, 2014, the Board of Directors of the Company has decided to approve the merger of this sub-fund into Hedge Invest International Funds PLC - HI Core Ucits Fund. The effective date of the merger was June 30, 2014.

(2) This sub-fund was closed on December 13, 2013. (3) This sub-fund was created by the merger by absorption of the Spanish Companies “Abracapital Inversiones SICAV S.A.” and “Arbat número 34

SICAV”.

The Board of Directors of the Company appointed MDO Management Company S.A. as management company, with effect from 8 July 2009. The Management Company is under chapter 15 of the amended law of December 17, 2010. MDO Management Company S.A. is AIFM compliant since August 28, 2014.

Note 2. Shares of the Company

The Company may issue shares of the following share classes:

(i) distribution shares (shares of Class A or A shares) which receive an annual dividend and the Net Asset Value of which is reduced by an amount equal to that distributed amount.

(ii) capitalisation shares (shares of Class B or B shares), which do not receive a dividend and of which the Net Asset Value remains unchanged (resulting in the percentage of the global Net Assets Value attributable to the shares of Class B),

The Company may issue shares of the following share categories:

(i) the “Retail” categories, “R” and “P” which are open to all type of investors, (ii) the “Institutional” categories “I”, “G” and “U” which are exclusively reserved for institutional investors, (iii) the “S”, “T” and “Other” categories which are subject to another rate of management fees, (iv) the “M” category which is reserved for institutional investors like Discretionary Portfolio Managers and

Financial Managers of UCITS/UCI, (v) the “F” category which is available for both retail investors and institutional investors. (vi) the “l1” and “l2” categories are both reserved to institutional investors.

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Notes to the Financial Statements as at September 30, 2014 (continued)

Note 3. Significant accounting principles

The financial statements of the Company are presented in accordance with Luxembourg regulations relating to Undertakings for Collective Investment. They are prepared in accordance with accounting policies generally accepted in Luxembourg.

1) Consolidation of the different sub-fundsThe combined financial statements of the Company are expressed in euro and are equal to the sum of the corresponding accounts in the financial statements of each sub-fund converted into euro at the exchange rate prevailing at the end of the financial year.

2) Currency conversionThe accounts of each sub-fund are kept in the currency of its net asset value and the financial statements are expressed in the same currency. The acquisition cost of securities purchased in a currency other than that of the sub-fund is converted into the currency of the sub-fund on the basis of the exchange rates prevailing on the date on which the securities are acquired.

Income and expenses denominated in a currency other than that of the sub-fund are converted into the currency of the sub-fund on the basis of the exchange rates prevailing on the transaction date. At the closing date of the financial year, the security valuations (determined as described below), receivables, bank deposits and debts denominated in a currency other than that of the sub-fund are converted into the currency of the sub-fund on the basis of the exchange rates prevailing at that date; the foreign exchange differences resulting from the conversion of receivables, bank deposits and debts are included in the net realised gain/loss on foreign exchange transactions in the Statement of Operations and Changes in Net Assets for the financial year.

3) Valuation of investmentsThe valuation of transferable securities and money market instruments listed or traded on an official stock market or other regulated market which operates regularly and is recognised and open to the public, is based on the last known price and if that transferable security / money market instrument is traded on several markets, on the basis of the last known price on the principal market for that security or instrument. If the last known price is not representative, the valuation is based on the probable realisation value estimated with prudence and in good faith by the Board of Directors of the Company. Securities and money market instruments not listed or traded on an official stock exchange or on another regulated market which operates regularly and are recognised and open to the public is valued on the basis of their probable sale price as estimated in accordance with the principle of prudence and good faith by the Board of Directors of the Company.

The shares/units of UCITS and/or other UCI are valued at their last known Net Asset Value per share/unit.

All other securities and assets are valued at their market value determined in good faith, in accordance with the procedures established by the Board of Directors of the Company.

All other asset balances are valued on the basis of their probable realisation price, as estimated prudently and in accordance with the principle of prudence and good faith by the Board of Directors of the Company.

4) Valuation of forward exchange contractsForward exchange contracts are valued on the basis of the forward exchange rate corresponding to the residual maturity of the contract. All realised and unrealised gains and losses are included in the statement of operations and changes in net assets. Regarding the calculation of net positions per currency, the positions are converted at the exchange rates prevailing on the closing date of the financial year.

5) Valuation of Futures and OptionsThe liquidation value of forwards and options contracts not traded on regulated markets is equal to their net liquidation value as determined in accordance with the policies adopted by the Board of Directors of the Company on the basis of a method applied consistently to each type of contract. The liquidation value of futures or options contracts traded on regulated markets is based on the last available settlement price of these contracts on the regulated markets on which they are traded by the Company; insofar as a futures or options contract cannot be liquidated on the day on which the net assets are valued, the Board of Directors of the Company will determine the basis to be used to calculate the liquidation value of said contract in a fair and reasonable manner. Realised profits or losses and the resulting variation in unrealised gains or losses are included in the Statement of Operations and Changes in Net Assets.

6) Valuation of swapsSwaps on indices or financial instruments shall be valued at their market value established by reference to the index of the financial instrument concerned. The valuation of swap contracts relating to those indices or financial instruments shall be based on the market value of those swap transaction in accordance with the procedures established by the Board of Directors of the Company.

Credit default swaps are valued in a reliable and verifiable manner on a daily basis and verified by a competent professional appointed by the Board of Directors of the Company. Realised profits or losses and the resulting variation in unrealised gains or losses are included in the Statement of Operations and Changes in Net Assets.

7) Formation expensesFormation expenses are amortised on a linear basis over a five-year period.

8) Investment incomeDividends are recorded on ex-date. Interest is recorded pro rata temporis at the time of each net asset value calculation. Dividends and interest are recorded net of any non-recoverable withholding tax.

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Note 3. Significant accounting principles (continued)

9) Net realised gains/losses on sales of investmentsProfits and losses realised on the sale of securities are determined on the basis of the average acquisition cost.

Note 4. Investment advisory, management and performance fees

* For the Pareturn Best Selection sub-fund, the management fee is a fixed fee amounting to a maximum of 1.5% per annum of the average net assetspayable quarterly for the “Retail” category, a maximum of 1% per annum of the average net assets payable quarterly for the “Institutional” category, and a maximum of 2% per annum of the average net assets payable quarterly for the “S” category.

In addition, the Delegate manager receives a performance fee equal to 10% of the net annual performance of the sub-fund exceeding that of the EONIA capitalised index +2%. This performance fee is provided for at the time of each net asset value calculation. In the event of a loss, any provision would be taken back up to the maximum of the account for previous provisions made to that effect. In the event of a redemption of shares, if a provision has been set aside for a performance fee, the part corresponding to the redeemed shares would be taken in favour of the Delegate Manager.

Any payment of the performance fee is made at the close and on the basis of a net asset value calculated on 30 September of each financial year.

* For the Pareturn Best Selection Side Pocket sub-fund, no fee is applied.

* For the Pareturn Croissance 2000 sub-fund, the management fee is a fixed fee amounting to a maximum of 1% per annum of the average net assets,payable quarterly.

* For the Pareturn Sécurité - Croissance sub-fund, the management fee is a fixed fee amounting to a maximum of 0.30% per annum of the average netassets, payable quarterly, for the “Institutional” category.

* For the Pareturn Cartesio Equity sub-fund, the management fee is a fixed fee calculated on the basis of the average net assets of the sub-fund, categoryor share class at the end of each quarter, payable quarterly and not exceeding 1.50% for the “Institutional” and “Retail” categories.

* For the Pareturn Cartesio Income sub-fund, the management fee is a fixed fee amounting to a maximum of 0.95% per annum of the average net assets,payable quarterly.

* For the Pareturn Hi Core Ucits Fund sub-fund, the management fee was a fixed fee calculated on the average net assets of the sub-fund, category orshare class at the end of each quarter and payable quarterly. The management fee may amounted to a maximum of 2% for the “S” categories, 1.5% for the “T” categories, 1.2% for the “I” categories and 0.8% for the “M” categories. This sub-fund merged out on June 30, 2014.

In addition, for each category of shares, the Delegate Manager received a performance fee calculated and due each Valuation Day for each share and fraction of a share issued up to 10% of the (positive) difference between the Net Asset Value per Share before deduction of the performance fee being calculated and any duty (or tax) in relation thereto and the highest Net Asset Value per Share (the “High Water Mark”) recorded on any day whatsoever preceding during the entire life of the sub-Fund. The amounts due each calendar month were paid to the Investment Manager on the first Working Day of the following month.

* For the Pareturn Primonial Systematic sub-fund, the management fee is a fixed fee amounting to a maximum of 1.65% for category “F” per annum of theaverage net assets, payable monthly. A performance fee corresponding to 15% of the positive difference between the performance of each of the sub-fund’s categories and the performance of the 1M Euribor index since the previous closing date, applied to the category’s daily net assets.

* For the Pareturn Primonial Systematic Plus sub-fund, the management fee is a fixed fee amounting to a maximum of 1.80% for category “F” per annumof the average net assets, payable monthly. A performance fee corresponding to 15% of the positive difference between the performance of each of the sub-fund’s categories and the performance of the 1M Euribor index since the previous closing date, applied to the category’s daily net assets.

* For the Pareturn Mutuafondo Global Fixed Income sub-fund, the management fee is a fixed fee amounting to a maximum of 0.25% for category “P” perannum of the average net assets, payable monthly.

* For the Pareturn Mutuafondo Gestion Bonos Lux sub-fund, the management fee is a fixed fee amounting to a maximum of 1.00% for category “P” perannum of the average net assets, payable monthly.

* For the Pareturn Barwon Listed Private Equity sub-fund, as remuneration for its services, the Delegate Manager received until December 5, 2013, anannual Management fee of maximum 0.65% calculated on the daily net asset value of the Sub-Fund and payable monthly in arrears. Since December 6, 2013, the Management fee is reduced to 0.40%. In addition, the Delegate Manager will receive a performance fee equal to 15% of any out-performance above the performance hurdle of 12% per annum payable on a semi-annual basis. As at June 2, 2014, the Board of Directors of the Company has decided to renew the reduction of the management fee of the sub-fund’s investment manager to 0.40% per annum for a six month period beginning on June 6, 2014.

* For the Pareturn Logiver World Flexible sub-fund, (this sub-fund was closed on December 13, 2013) as remuneration for services provided, theDelegate Manager received a fixed fee, calculated on the average of the net asset values of the Sub-Fund, of the category or class of shares, at the end of each quarter and payable quarterly. The management fee may amount to a maximum of 0.75% for category “I1”, 2% for category “I2” and 0.28% for category “R”.

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Note 4. Investment advisory, management and performance fees (continued)

* For the Pareturn Global Balanced Unconstrained sub-fund, the management fee is a fixed fee amounting to a maximum of 0.25% for category “P” per annum of the average net assets, payable quarterly.

* For the Pareturn Fineco International Fixed Income sub-fund, as remuneration for its services, the Delegate Manager will receive an annualManagement fee of maximum 0.50% calculated on the daily net asset value of the Sub-Fund, of the category or class of shares, payable monthly in arrears. The Delegate manager may pay part or all of the management fees to the Sub-Investment Manager.

* For the Pareturn Cervino World Investments sub-fund, as compensation for its services the Manager is entitled to the following commission deductedfrom the net assets of the sub-fund: a Management fee payable in advance on a quarterly basis and calculated on the basis of the average net assets of the sub-fund for the previous quarter. The management fee may amount to a maximum of 0.75% per annum of Retail share “EUR P”.

* For the Pareturn CTH Ratio High Yield sub-fund, as remuneration for its services, the Delegate Manager will receive an annual Management fee ofmaximum 1.25% for the “Retail” class and 1.50% for the “Hedge capitalisation shares "I"”, calculated on the daily net asset value of the Sub-Fund, payable monthly in arrears. In addition, for the “Retail” class, the Delegate Manager will receive a performance equal to 10% of the amount by which the Net Asset Value per share of the sub-fund, as of the last day of the quarter exceeds the Prior High Net Asset Value per share.

* For the Pareturn AC Fondeposito sub-fund, as remuneration for its services, the Delegate Manager will receive an annual fee of 0.50% calculated on thedaily net asset values of the sub-fund, of the category or class of shares, payable monthly in arrears. These investment management fees were reduced to 0.40% per annum for a maximum term of one year starting on July 1st, 2014 and ending once the sub-fund’s assets under management reach EUR 50 Million but not later than July 1, 2015.

* For the Pareturn Smead US Value Fund sub-fund, as remuneration for services provided, the Delegate Manager receives a fixed fee Management fee,calculated on the daily net asset values of the sub-fund, of the category or class of shares, at the end of the past month and payable monthly. The management fee may amount to a maximum of 1.05% for category “I” and 1.20% for the category “M”.

* For the Pareturn Entheca Patrimoine sub-fund, as remuneration for services provided, the Delegate Manager receives a fixed fee Management fee,calculated on the daily net asset values of the sub-fund, of the category or class of shares, at the end of the past month and payable monthly. The management fee may amount to a maximum of 0.70% for category “I” and 1.30% for category “R.

In addition, for each category of shares, the Delegate Manager receives a performance fee as follows:

For the Class Retail: The positive difference between the annual performance of the share class (i.e. over the accounting year) and the hurdle rate (this is a fixed rate equal to 5%). This fee amounted to 15% above the hurdle rate is payable to the Delegate Manager. The performance fee will be calculated and a provision will be adjusted on each Valuation Day during the financial year with the application of the hurdle rate method. Performance fees becomes payable to the Delegate Manager. Performance fee will be accrued if the performance of the share class of the sub-fund exceeds the hurdle rate. In case of redemption, the performance fee accrued (if any) attributable to shares redeemed within the financial year, will be crystallized and paid to the Delegate Manager. The performance fees will be paid on an annual basis.

For the Class Institutional: The positive difference between the annual performance of the share class (i.e. over the accounting year) and the hurdle rate (this is a fixed rate equal to 6%). This fee, amounted to 10% above the hurdle rate and capped to 35% of the Management Fees applicable to the relevant share class, is payable to the Delegated Manager. The performance fee will be calculated and a provision will be adjusted on each Valuation Day during the financial year with the application of the “high water mark with hurdle rate” method. Hurdle rate means the performance of a reference index (or other references) as specified at the level of the share class whereas high water mark means the highest NAV of the share class as at the end of any previous financial year on which performance fees becomes payable to Delegated Manager, after deducting any performance fee. Performance fee will be accrued if the performance of the share class exceeds the hurdle rate and the high water mark. In case of redemption, the performance fee accrued (if any) attributable to shares redeemed within the financial year, will be crystallized and paid to the Delegated Manager. The performance fees will be paid in an annual basis.

Investment advisory fees may take the form of a fixed fee or a fixed fee plus a performance fee.

Note 5. Taxe d'abonnement

Pursuant to the legislation and regulations in force, the Company is subject to an annual taxe d’abonnement (subscription tax) of 0.01% for the “Institutional” category, “M”, “F”, “l1”, “l2”, “I”, “G” and “U” categories and 0.05% for the “Retail”, “Other”, “F”, “S”,“T” and “P” categories, calculated and payable quarterly on the basis of the total net assets of the Company at the end of the quarter in question.

The value of assets represented by units held in other undertakings for collective investments is exempt from the taxe d’abonnement provided that such units have already been subject to the taxe d’abonnement.

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Note 6. Exchange rates at September 30, 2014

The exchange rates used in the conversion of the Company’s assets or liabilities denominated in currencies other than the Euro are:

1 US Dollar (USD) = EUR 0.791609 1 Swedish Krona (SEK) = EUR 0.109817 1 Pound Sterling (GBP) = EUR 1.283367 1 New Turkish Lira (TRY) = EUR 0.347072 1 Danish Krone (DKK) = EUR 0.134337 1 Hong Kong Dollar (HKD) = EUR 0.101945 1 Japanese Yen (JPY) = EUR 0.007216 1 Australian Dollar (AUD) = EUR 0.692688 1 Mexican Peso (MXN) = EUR 0.058942 1 South African Commercial Rand (ZAR) = EUR 0.070065 1 Canadian Dollar (CAD) = EUR 0.708340 1 Swiss Franc (CHF) = EUR 0.828467 1 Singapore Dollar (SGD) = EUR 0.620713

Note 7. Changes in the composition of the investment portfolio

The report on changes in the composition of the investment portfolio for each sub-fund is available upon request and free of charge at the registered office of the Company.

Note 8. Information relating to the Pareturn Best Selection and Pareturn Best Selection Side-Pocket sub-funds

The Pareturn Best Selection sub-fund (the “Sub-fund”) is invested in the UCITS III Luxalpha American Selection SICAV (in liquidation). This SICAV, for which UBS (Luxembourg) S.A. is the custodian, paying agent and distributor, UBS Fund Services (Luxembourg) S.A. the administrative agent and UBS Third Party Management Company S.A. the management company as mentioned in the prospectus dated November 2008 (approved by the Commission de Surveillance du Secteur Financier on December 10, 2008), is impacted by the information issued by the US Securities and Exchange Commission (SEC) with regard to Bernard L. Madoff Investment Securities LLC and consequently is unable to provide a net asset value.

Therefore, as of December 15, 2008, the net asset value of the Sub-fund (“NAV”), (as well as subscriptions, redemptions and conversions), has been suspended.

In order to offer liquidity to shareholders of the Sub-fund and in compliance with the provisions of the Company’s prospectus, the Board of Directors of the Company decided to create a side-pocket so as to isolate the illiquid assets (the UCITS III Luxalpha American Selection SICAV in liquidation) and resume the daily calculation of the NAV of the Sub-fund with effect from February 13, 2009. The side-pocket took the form of a new sub-fund of the Company named Pareturn Best Selection - Side-Pocket (the “Side-Pocket” Sub-Fund).

As the Pareturn Best Selection Side-Pocket sub-fund holds illiquid assets, it is closed to subscriptions, redemptions and conversions. Should these assets become liquid again, they will be redistributed to shareholders on a pro rata basis.

The NAV of the Pareturn Best Selection Side-Pocket sub-fund is calculated at the end of each calendar quarter on the basis of the best estimates possible. The Board of Directors of the Company decided to value the illiquid assets at zero until such time as further information is available. In the event of the sale of the Side-Pocket’s investments, or the payment of interim dividends by the underlying fund in relation to a transaction or the result of any appeal or litigation, the Board of Directors of the Company may decide to carry out an additional NAV calculation in order to allow for the payment of interim dividends by the Pareturn Best Selection Side-Pocket sub-fund.

No event occurred on Pareturn Best Selection Side-Pocket sub-fund during the year ended September 30, 2014.

Note 9. Transaction costs

For the year ended September 30, 2014, the Company incurred transaction costs which have been defined as brokerage fees, certain taxes and certain custodian fees relating to the purchase and sale of transferable securities, money market instruments or other eligible assets. All these costs are included in the caption “Transaction costs” in the statement of operations and changes in net assets of each Sub-Fund.

Note 10. Master Feeder

The Sub-Fund Pareturn AC Fondeposito is a feeder fund of the master fund AHORRO CORPORACION FONDEPOSITO FI.

Annual and semi-annual reports of the master fund AHORRO CORPORACION FONDEPOSITO FI are available upon request and free of charge, to all shareholders at the registered office of the management company of the Master Fund (AHORRO CORPORACION GESTÍON SGIIC, Paeso de la Castellana 89, Madrid 28046, Spain).

The Sub-Fund invests at least 85% of its total net exposure in the Master Fund.

The rest of the assets is invested in cash (for ancillary purposes), deposits, repurchase agreement, current accounts, derivatives for hedging .

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Note 10. Master Feeder (continued)

The objective, the investment policy and the risk profile of the Feeder Sub-Fund and Master Fund are similar. The performance of the Feeder Sub-Fund and the Master Fund are similar with the exception of the assets of the Feeder Sub-Fund which will not be invested in the Master Fund.

The Feeder Sub-Fund invests up to 15% of its assets in the following elements.

1- ancillary liquid assets in accordance with Article 41, paragraph (2), second su-paragraph of the 2010 Law; 2- financial derivative instruments which may be used only for hedging purposes, in accordance with article 41 first paragraph, point g) and Article 42

second and third paragraphs of the 2010 Law; 3- movable and immovable property which is essential for the direct pursuit of the Company’s business.

For the purpose of compliance with 42 paragraph (3) of the 2010 law, the Feeder UCITS shall calculate its global exposure related to financial derivative instruments by combining its own direct exposure with either;

• the Master UCITS actual exposure to financial derivative instruments in proportion to the Feeder UCITS investment to the Master UCITS; or• the Master UCITS’s potential maximum global exposure to financial derivative instruments provided for the Master UCITS’ management

regulations or instruments of incorporation in proportion to the Feeder UCITS’S investment into the Master UCITS.

The Sub-Fund Pareturn AC Fondeposito (the “Feeder”) invested EUR 2,925,437.33 in AHORRO CORPORACION FONDEPOSITO FI (the “Master Fund”) as at September 30, 2014.

Note 11. Management fees related to UCITS investments

As at September 30, 2014, the maximum management fees of the UCITS invested by the Company in each Sub-Fund are presented below:

ABER GL II-STERL AGG BND-I2 0.60% JP MORGAN F-US GROWTH CUSD 0.65% ABER GL. IHDX LINKED BD-I2A 0.60% JP MORGAN F-US SEL EQU PL-IA 0.80%

ABERD GL II-EURO GOV BD-J2A 0.50% JP MORGAN INVESTMENT FUND HIGH ST MKT N SHS-C(ACC)EUR CAP 0.80%

ABERDEEN GBL II-EUR CRP-I2 0.60% JP MORGAN PRIVATE EQUITY LTD 1.00% ABERDEEN GBL II-LG DT STS-I2 0.60% JPM FI JAPAN SEL EQTY C 0.75% ABERDEEN GL-ASIA PAC EQ-I2 1.00% JPM GL SH DUR.-IH EUR ACC 0.39% ABERDEEN GL-ASIA SM CO FD-I2 1.00% JPM GLBL HI YLD BD-I HDG 0.50% ABERDEEN GL-CHINA EQ-I2 3.00% JPM GLOBAL SHORT DUR BD-CAUSD 0.20% ABERDEEN GL-EURO EQ EX UK-A2 3.00% JPM INV-JPM EUROPE SE-EQ-I A 0.80% ABERDEEN GL-INDIA EQTY-I2 3.00% JPM INV-JPM GL CAP PR EU-CEURA 0.60% ABERDEEN GL-WORLD EQTY FD-E2 3.00% JPM INV-JPM GLBL CAP APP-A 1.25% AHORRO CORP FONDEPOSITO 0.60% JPM INV-JPM JPN 50 EQ-A-ACCYEN 0.75% ALKEN FUND - EUROP OPPORTUN-R 1.50% JPMF INV-JAPAN ST VAL CYENACC 0.75% ALLIANZ BRIC STRAS - A 1.50% JPMORGAN F-EU GOVER BOND AA 0.50% ALTAROCCA CONVERTIBLES-I 0.80% JPMORGAN F-EU GOVER BOND-CEURO 0.25% AMUNDI ETF MS EMU 0.25% JPMORGAN F-EUROLAND EQTY-CEUR 0.65% AMUNDI ETF MSCI JP 0.25% JPMORGAN F-JPM US VALUE –C- USD CAP 0.65% AMUNDI-ABS VOL.WLD EQY-IHEC 0.70% LUXALPHA SI AMERICAN SEL B N/A AVIVA INV L/T EUROPIN BOND-AEUR 0.01% LYXOR EETF MSCI EUROPE FCP 0.35% AVIVA INVESTORS JAPON 0.50% LYXOR ETF DJ STX HLTHCARE 0.30% AXA TRESOR TERME-C 0.50% LYXOR UCITS ETF COMMODITIES CRB 0.35% AZ FUND 1 CASH OVERNIGHT-A 0.01% M+G GLOBAL DIVIDEND-C-AC-USD 0.75% BDL REMPART EUROPE 2.25% M+G GLOBAL DIVIDEND-C-AC-EUR 0.75% BGL-CONTINENT EUR LF-D CAP 0.75% M+G OPTIMAL INCOME-A-EURO-A 1.25% BGF-EURO BOND FUND-EURD2 0.40% M+G OPTIMAL INCOME-C-EURO-A 0.75%

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Note 11. Management fees related to UCITS investments (continued)

BGF-EURO CORPORATE BOND-EURD2 0.90% MAGELLAN C 1.75% BGF-EUROPEAN FUND-EURD2 1.50% MONETA MU CAPS C 4D 1.80% BGF-FLEXIBLE MULTI-ASSET-EURD2 1.50% MORGAN ST INV F-GLB BRNDS-Z 0.75% BGF-JAPAN VALUE FUND-YEND2 0.75% MORGAN ST INV F-GLB BRNDS-ZH 0.75% BGF-SWISS SM+MIDCAP OPP-D2 0.75% MORGAN ST-EURO CORP BD-ZD 0.45% BGF-US DOLLAR CORE BOND-USDD2 0.45% MSIF-EURO STRAT BOND-ZEUR 0.45% BGF-WORLD GOLD FUND A2-CAP 1.75% MUTUAFONDO BONOS TIER 1 2.25% BGF-WORLD HEALTHSCIENCE-USDD2 0.75% MUTUAFONDO DINERO-A 2.25% BLACKROCK GL-GL EQTY INC-A2 1.50% MUZINICH SHORT DUR HG YD-HEURA 0.80% BLACKROCK GL-RMB BOND-D2 USD 0.40% NATIXIS HARRIS AS GB EQ-HIEUR 1.40% BLUEBAY FDS INV.GRADE BD B C. 0.50% NATIXIS HARRIS ASS GLVL-IAUSD 1.50% BLUEBAY IN GR ABS RET BD-BEUR 1.00% NATIXIS SOUVERAINS EUR 3-5-I 0.41% BNP INSTICASH-EUR-I 0.15% NATIXIS SOUVERAINS EURO 5-7 0.45% BNP PARIBAS MOIS ISR PARTS IC 3 0.25% NEUBER BER US MC OPP-USD1IA 0.85% BNPP L1 BOND EUROPE PLUS ICA 0.30% NORDEA 1 SIC-GLBD BND-BP-EUR 0.60% CAAM EU BD SHS CLASSIC CAP 0.80% PARVEST BD EUR GOV-CLSC C 0.70% CAAM TRESO EONIA FCP 0.10% PARVEST BD EUR GOV-IN 0.25% CANDR BONDS-WRLD GOV.PLS-CC 0.01% PARVEST BOND EUR H/Y-I 0.55% CARMIGNAC SECUR A EUR 3D PARTS 1.00% PARVEST BOND EURO-INSTITUTNL 0.30%

CENTIFOLIA PARTS C DE CAP 2.39% PARVEST BOND OPPORTUNITIES WORLD CAP 1.50%

COMGEST MONDE 2.00% PARVEST CONV BOND ASIA-I 0.60% COMSTAGE SICAV COMMERZBNK BU-FU UCIT ETF 0.20% PARVEST EQUITY INDIA CAP 0.75%

CONSTANCE BE AMERICA-I 2.10% PARVEST EQUITY JAP SMC-INSTN 0.70% CREDIT SUISSE MONEY MARKET EUR-B-CAP 0.40% PARVEST EQUITY SOUTH KOREA – ICA 0.75%

DNCA INVEST - CONVERTIBLES – AAC 1.80% PARVEST EQUITY WORLD HEALTHCARE CAP 1.50%

DNCA INVEST - CONVERTIBLES - INC 1.00% PARVEST EQUITY WORLD TECHNOLY CAP 1.50% DNCA INVEST - MIURA CAP ICA 1.00% PARVEST EQU-LATIN AMER-INST 0.75% DWS INV GLOBAL INFRASTRCT-LC 1.50% PARVEST EQY BEST SEL EX-J-I 0.60%

DWS INVEST CHINESE EQUITY 1.50% PARVEST JAPAN-CL HDGD CAP PARVEST JAPAN-CL HDGD CAP Yen 1.50%

DWS INVEST EURO BNDS SHRT-FC 0.45% PARVEST SICAV BD EUR LT I CCA 0.70% EDM D ROTH GLOBAL EMERGING-A 2.00% PARVEST SICAV BD EUR LT I ICA 0.25% EDM D ROTH GLOBAL HEALTHCR-A 2.00% PETERCAM B FD-BONDS EUR IN-F 0.40% ENTHECA RARETE PARTS DE CAP 4 DECIMALES 2.30% PETERCAM B FUND SIC-BONDS EUR-F-CAP 0.40% ENTHECA REGULARITE-I 0.70% PF(LUX) GLOBAL E.DEBT HP C EUR 1.45% EUROSE 1.40% PICTET EMERGING CORP BD-HEUR 1.25% FIDELITY FDS SOUTH EAST ASIA 1.50% PICTET FDS LUX-ASIAN EQU EX JP 1.20% FIDELITY FDS-EMERG-MK-AEUR 1.50% PICTET F-JAPAN EQ SELECT-I.CAP 0.60% FIDELITY FUNDS-AMER-AUSD ACC 1.50% PICTET F-JAPAN INDEX –I CAP 0.30% FINDAY PARK US SMALLER COS FD 1.00% PICTET JAPAN EQTY OPPORT-IYEN 0.90% FIRST STATE INVT ICVC GLOBAL EMERG MARK 1.50% PICTET L INDIAN EQUITIES I USD 0.80% FRANK TEMP GLB BD-I-AC-H1-EUR 0.55% PICTET-EUR BONDS-I 0.34%

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Notes to the Financial Statements as at September 30, 2014 (continued) Note 11. Management fees related to UCITS investments (continued)

FRANK TEMP INV FR MU DIS IAC 0.70% PICTET-EUR CORP BDS EX FN-I 0.60% FRANK TEMP INV MUT EURPN 0.70% PICTET-EUROLAND INDEX-EUR 0.30% GOLDMAN SACHS US LIQ.R.FD 0.20% PICTET-EUROPE EQ SEL.EUR 0.90% GOLDMAN SACHS-LIQ RES-ACCUM CL 0.20% PICTET-GENERICS-IUSD 0.80% GROUPAMA JAPON STOCK-INC 2.00% PICTET-SECURITY-IUSD 0.80% HUGAU MONETERME 0.52% PICTET-WORLD GOVT BONDS-PEUR 0.60% ING (L) - World I CAP 0.48% PIMCO EURO SHORT MATURITY 0.35% ING (L) INV Asia Pac High Div P EUR CAP 1.50% PIMCO TOTAL RTRN BD-EUR HIAC 0.50% ING (L) INV Sustainable Growth P CAP 1.50% PIMCO GBL INV GRADE I HD ACC 0.49% ING (L) Invest - Computer Technologies I CAP 0.60% PIONEER FUNDS-GLOB AG BD-AEURA 0.80% ING (L) Invest – EMU Equity I CAP 0.48% RAYMOND JAMES MICROCAPS 1.80% ING (L) Invest - Global High Dividend I CAP EUR 0.60% RCGF CHINESE EQ.CL D C. 1.50% ING (L) Invest – Global Opportunities I CAP 0.60% RENAISSANCE EUROPE SICAV 1.75% ING (L) Invest – Greater China I CAP 0.60% ROBECO CAP.US PR EQ USD-CL I- 1.50% ING (L) Invest – Health Care I CAP 0.60% ROBECO US LARGE CAP EQ-I-USD 0.65% ING (L) Invest – Industrial I CAP 0.60% ROCHE-BRUNE EUROPE ACTIONS-P 2.00% ING (L) Invest – US Enhanced Core Conc I CAP 0.48% RWC FUNDS 0.80% ING (L) Invest – USD HIGH DIVIDEND I CAP 0.60% SAINT HONORE CONVERTIBLES -I- 1.00% ING (L) LIQUID EUR C CAP 0.10% SAINT HONORE US VAL + YLD-I 1.00% ING (L) RENTA-EM MK DB HC-ICUSD 0.72% SCHRODER INT EME ASIA-A EUR 1.50% ING (L) RENTA-EURO LG DUR-PC 0.65% SISF EUROPEAN SPEC SIT FD-C 1.00% ING (L) RENTA-EURO-IC 0.36% SISF-JAPANESE OPPORT-AYEN-A 1.50% ING (L) RENTA-WORLD-IEUR 0.36% SSGA EUROPE INDEX EQUITY FUND I 0.30% INRIS UCITS R PARUS-I EUR HD 1.80% SSGA US INDEX EQUITY FUND I CAP 4 0.30% INVESCO EUROPEAN BOND FD.CL.A 0.75% T. ROWE PRICE-US SML CO EQ-I 0.95% INVESCO GLOBAL STRUCT EQ-E A 1.00% THREADNEEDLE GBL. BD-EURIGA 0.75%

INVESCO PAN EUROPEAN EQTY-C 1.00% THREADNEEDLE INVESTMENT FUNDS ASIA FUND 1.00%

ISHARES EURO STOXX 50 ETF 0.35% TT INTL-TT.EUROPE EX-UK-C 1.00% ISHARES FTSE/XINHUA CHINA 25 ETF 0.25% UNI-GLOBAL MIN VAR EM MKT-B2 1.50% ISHARES MSCI JPN MONTH EU-HD 0.64% VANGUARD-US OPP-A INV. USD 0.95% JP MORGAN F-EMER MA SM C-USD-A 0.85% VARENNE VALEUR-C 1.79% JP MORGAN F-AMERICA EQTY-CUSD 0.65% VICTOIRE CONVERTIBLES SI.4DEC 1.19% JP MORGAN F-EMR MKTS E-I-A 0.85% VICTOIRE MONETAIRE C 0.10% JP MORGAN F-EUROPE DYNAM-I-A 0.80% JP MORGAN FUND EURO.STRAT.GRW.C EUR 0.75%

Note 12. Other income

The caption “Other income” is mainly composed of Rebates commission and Other exceptional profits.

Note 13. Other expenses

The caption “Other expenses” is mainly composed of Operating fees, Transfer agent fees, CSSF fees, risk monitoring fees, printing and publication fees amongst others and liquidation fees, where applicable.

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Note 14. Distribution Fees

For the Pareturn Primordial Systematic and Pareturn Primordial Systematic Plus sub-funds, Class “F” share will pay a fee of 0.45% per annum of their Net Asset Value to Investment Manager.

Note 15. Futures contracts

As at September 30, 2014, the Pareturn Cartesio Equity sub-fund held futures contracts. The counterparty to these positions is BNP Paribas Securities Services Paris and the sub-fund held total cash collateral of EUR 233.266,35 at that date.

As at September 30, 2014, the Pareturn Cartesio Income sub-fund held futures contracts. The counterparty to these positions is BNP Paribas Securities Services Paris and the sub-fund held total cash collateral of EUR 324.670,68 at that date.

As at September 30, 2014, the Pareturn Mutuafondo Global Fixed Income sub-fund held futures contracts. The counterparty to these positions is BNP Paribas Securities Services Paris and the sub-fund held total cash collateral of EUR 315,910.00 at that date.

As at September 30, 2014, the Pareturn Entheca Patrimoine sub-fund held futures contracts. The counterparty to these positions is BNP Paribas Securities Services Paris and the sub-fund held total cash collateral of EUR 45,850.00 at that date.

Note 16. Options contracts

As at September 30, 2014, the Pareturn CTH Ratio High Yield sub-fund held option contracts. The counterparty to these positions is BNP Paribas Securities Services Paris; no collateral is held by this sub-fund.

Note 17. Credit default swaps

As at September 30, 2014, the Pareturn Fineco International Fixed Income sub-fund has entered into credit default swaps. The counterparties to these positions are as follows:

Underlying Sell / Buy

Interest Rate

(%) Currency Maturity

date Notional Counterparty ANGLO AMERICAN 5.875% 08-17/04/2015 Buy 1.000 EUR 20/12/2017 700,000 Barclays Bank PLC

ANGLO AMERICAN 5.875% 08-17/04/2015 Buy 1.000 EUR 20/12/2017 300,000 CitiBank N.A.

BP CAP MARKESTS AMERICA 4.2% 03-15/06/2018 Buy 1.000 EUR 20/12/2017 300,000 JP Morgan Chase Bank

CDX IG CDSI S19 V1 5Y 20/12/2017 Buy 1.000 USD 20/12/2017 1,089,000 Crédit Suisse International

LLOYDS TSB BANK 3.375% 10-20/04/2015 Buy 1.000 EUR 20/12/2017 900,000 Citibank N.A.

MARKS & SPENCER 6.125% 14-02/12/2019 Buy 1.000 EUR 20/12/2017 1,600,000 Bank of America N.V.

TESCO PLC 6% 99-14/12/2029 Buy 1.000 EUR 20/12/2017 1,000,000 Citibank N.A.

VEOLIA ENVIRONEMENT 5.375% 03-28/05/2018 Buy 1.000 EUR 20/12/2017 1,000,000 Crédit Suisse International

E.ON INTL FIN BV 6.375% 02-29/05/2017 Buy 1.000 EUR 20/12/2017 1,000,000 BNP Paribas S.A.

VOLVO TREASURY 5% 07-31/05/2014 Buy 1.000 EUR 20/12/2017 1,000,000 JP Morgan Chase Bank

The counterparties Barclays Bank PLC, BNP Paribas Group and Crédit Suisse International held total cash collateral of EUR 1,395,689 as at September 30, 2014.

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Notes to the Financial Statements as at September 30, 2014 (continued) Note 18. Forward foreign exchange contracts

As at September 30, 2014, the following sub-funds have entered into forward foreign exchange contracts and the counterparties to their open forward foreign exchange contracts are as follows:

Sub-fund’s name Counterparty

Pareturn CTH Ratio High Yield BNP Paribas S.A.


BNP Paribas S.A.

Citibank NYC

Credit Suisse International

Deutsche Bank A.G.

Barclays Capital Securities

Bank of America NA

Citibank NA

JP Morgan Chase NA

Barclays Bank PLC

ID Chase Securities

UBS AG Stamford Branch

Pareturn Primonial Systematic Société Générale

BNP Paribas S.A.


BNP Paribas S.A.

Société Générale

Note 19. Subsequent Events

As at October 2, 2014, the Board of Directors has decided to amend the Net Asset Value frequency calculation of Pareturn Entheca Patrimoine.

As from October 3, 2014, the Net Asset Value was calculated weekly, namely each Friday in replacement of the current Net Asset Value frequency calculation, which is bi-monthly, namely the 15th and the last bank working day.

As at December 19, 2014, the Board of Directors resolved to approve the merger by absorption (the “merger”) of Ganabien S.A., having its registered office at Ciudad Grupo Santander, Av. Cantabria s/n, 28660 Boadilla del Monte, Madrid, Spain (the “Absorbed Company”) by Pareturn Cervino World Investments (the “Absorbing Sub-Fund”) in accordance with the terms and conditions of the merger plan. The merger took place on December 19, 2014.

As at November 27, 2014 the Board of Directors resolved to approve the launch of the sub-fund Pareturn Havens Event Driven Ucits Fund, with effective date December 12, 2014.

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