VAM Funds (Lux) Funds (Lux...VAM Funds (Lux) 6 Report of the Board of Directors To the Shareholders...

Annual Report and Audited Financial Statementsas at December 31, 2017

Investment Company (société d'investissement à capital variable ("SICAV"))pursuant to Part I of the amended Luxembourg Law of

December 17, 2010 on Undertakings for Collective Investment

VAM Funds (Lux)

R.C.S. Luxembourg B 107 134

VAM Funds (Lux)

1

Annual Report and Audited Financial Statements as at December 31, 2017

Contents

Management and Organisation 4

Report of the Board of Directors 6

Report of the Réviseur d’Entreprises agréé 10

Consolidated Statement of Net Assets

as at December 31, 2017 13

Consolidated Statement of Changes in Net Assets for the Year

from January 1, 2017 to December 31, 2017 14

Consolidated Statement of Operations for the Year


VAM Funds (Lux) - US Mid Cap Growth Fund

Statement of net assets


Statement of changes in net assets for the year


Changes in the number of shares in issue 17

Statement of operations for the year


Composition of portfolio


VAM Funds (Lux) - US Small Cap Growth Fund










VAM Funds (Lux) - US Micro Cap Growth Fund










VAM Funds (Lux)

2

VAM Funds (Lux) - US Large Cap Growth Fund










VAM Funds (Lux) - Emerging Markets Growth Fund










VAM Funds (Lux) - International Real Estate Equity Fund










VAM Funds (Lux) - World Growth Fund










VAM Funds (Lux) - Americas All Cap Fund

from January 1, 2017 to March 15, 2017 67



from January 1, 2017 to March 15, 2017 68

VAM Funds (Lux) - Accessible Clean Energy Fund


from January 1, 2017 to September 22, 2017 69




VAM Funds (Lux)

3

VAM Funds (Lux) - Frontier Markets Fund






VAM Funds (Lux) - Focused Global Equity Fund






VAM Funds (Lux) - International Opportunities Fund










Notes to the Financial Statements

for the Period from January 1, 2017 to December 31, 2017 83

Statement of Changes in Net Assets Statistics (3 year summary) 93

Shareholder Information 96

Unaudited Supplementary Information

Total Expense Ratio 97

Subscriptions can be accepted only on the basis of the valid Sales Prospectus (with annexes) and the Key Investor Information Document together

with the most recent Annual Report and, if the latter was published more than eight months ago, the most recent Semi-Annual Report.

Production: KNEIP (www.kneip.com)

VAM Funds (Lux)

4

Management and Organisation

Company:

VAM Funds (Lux)

26, avenue de la Liberté

L-1930 Luxembourg

Board of Directors:

Chairman:

Mr Peter John DE PUTRON

Chairman of VAM Funds (Lux) and

VAM Managed Funds (Lux)

23 Marina Court

St Peter Port

GB-Guernsey GY11WP, United Kingdom

Members:

Mr Michael HUNT

Director, VAM Advisory SA


L-1930 Luxembourg, Grand Duchy of Luxembourg

Mr Benoni DUFOUR

Civil Engineer

15, op der Sank

L-5713 Aspelt, Grand Duchy of Luxembourg

The Hon. James CRIPPS

Consultant

36 Napier Avenue

GB-London S46 3PT, United Kingdom

Mr Eduard von KYMMEL

CEO, VP Fund Solutions (Luxembourg) SA



Mr David MACDONALD (since February 2, 2017)

11th Floor, Tower 1, NeXTeracom Building,

Ebene Cybercity

Mauritius

Management Company:

VAM Global Management Company SA

16, rue Jean-Pierre Brasseur


Board of Directors of the Management Company:

Mr Peter John de PUTRON

Chairman of VAM Funds (Lux) and

VAM Managed Funds (Lux)

23 Marina Court

St Peter Port

GB-Guernsey GY11WP, United Kingdom

Mr Brendan ADAMS

Manager of VAM Global S.à r.l., Fund Development

Director for the VAM Group,

Chesham,

GB-HP5 3BG, United Kingdom

Mr Michael LANGE

Partner, ME Business Solutions S.à r.l.


Conducting persons of the Management Company:

Mr Brendan ADAMS

Manager of VAM Global S.à r.l., Fund Development

Director for the VAM Group,

Chesham,

GB-HP5 3BG, United Kingdom

Mr Benoni DUFOUR

Independent Director,

L-5713 Aspelt, Grand Duchy of Luxembourg

Mrs Julie KRENTZ

Senior Executive, VAM Global Management Company SA,

Manager of VAM Global S.à r.l.


Investment Managers:

For the Compartments:









(until September 22, 2017)




Driehaus Capital Management LLC

25 East Erie Street

USA-Chicago, Illinois 60611, United States of America

For the Compartment:

VAM Funds (Lux) - Americas All Cap Fund (until

March 15, 2017)

SCD & Co Ltd

1, Berkeley Street

W1J 8DJ London, United Kingdom

VAM Funds (Lux)

5

Management and Organisation (continued)

For the Compartment:



Opportunité S.A.

9, avenue Bugeaud,

F-75116 Paris, France

Administrative, Domiciliary, Registrar and Transfer

Agent:

VP Fund Solutions (Luxembourg) SA



Depositary and Principal Paying Agent:

VP Bank (Luxembourg) SA



Facilities Agent in the United Kingdom:

Société Générale Securities Services Custody London

SG House

41 Tower Hill

GB-London EC3N 4SG, United Kingdom

Representative Agent in South Africa:

Boutique Collective Investments (RF) (Pty) Limited

Acorn House, Unit AC13, Ground Floor,

Old Oak Office Park,

Cnr Old Oak Road & Durban Road,

Bellville,

ZA-7530 Western Cape, South Africa

Paying and Representative Agent in Switzerland:

RBC Investor Services Bank S.A.

Esch-sur-Alzette, Zurich Branch,

Badenerstrasse 567,

CH-8048 Zurich, Switzerland

Paying Agent in Sweden:

Skandinaviska Enskilda Banken AB

Kungstradgardsgatan,

E-106 40 Stockholm, Sweden

Global Distributor:

VAM Marketing Limited,

11th Floor, Tower 1,

NeXTeracom Building,

Ebene Cybercity

Mauritius

Réviseur d’Entreprises Agréé:

Ernst & Young S.A.

35E, avenue John F. Kennedy


Legal Advisor in Luxembourg:

Elvinger Hoss Prussen

société anonyme

2, place Winston Churchill


Registration :umber:

R.C.S. Luxembourg B 107 134

Luxembourg VAT number LU23763404

Registration Countries:

Germany: only for VAM Funds (Lux) - US Micro

Cap Growth Fund, VAM Funds (Lux) -

US Small Cap Growth Fund and VAM

Funds (Lux) - Emerging Markets Growth

Fund

Singapore: all compartments

South Africa: except for VAM Funds (Lux) - Focused

Global Equity Fund (until

September 22, 2017)

Sweden: all compartments

Switzerland: only for VAM Funds (Lux) - US Small

Cap Growth Fund, VAM Funds (Lux) -

US Micro Cap Growth Fund, VAM Funds

(Lux) - US Large Cap Growth Fund, VAM

Funds (Lux) - Emerging Markets Growth

Fund, VAM Funds (Lux) - World Growth

Fund and VAM Funds (Lux) - Accessible

Clean Energy Fund (until

September 22, 2017)

United Kingdom all compartments except VAM Funds

(Lux) - Focused Global Equity Fund (until

September 22, 2017)

VAM Funds (Lux)

6

Report of the Board of Directors

To the Shareholders of

VAM Funds (Lux)

26, avenue de la Liberté L-1930 Luxembourg

Grand Duchy of Luxembourg

1. THE YEAR

Global equity markets saw a strong rally during the review period. The year saw well-diversified global growth with many equities

hitting new highs.

It was a bullish year for US equities with major indices reaching new highs and relatively high returns also came from the less

developed and emerging stock markets.

VAM Funds (Lux) – Americas All Cap Fund was liquidated through shareholders redemptions with the final net asset value

calculated as at 15 March 2017.

VAM Funds (Lux) – Frontier Markets Fund was merged by absorption into VAM Funds (Lux) – Emerging Markets Growth Fund on

the net asset value calculated as at 22 September 2017.

VAM Funds (Lux) – Focused Global Equity Fund was merged by absorption into VAM Funds (Lux) – World Growth Fund on the net

asset value calculated as at 22 September 2017.

VAM Funds (Lux) – Accessible Clean Energy Fund was merged by absorption into Argos Funds – Accessible Clean Energy Fund on

the net asset value calculated as at 25 September 2017.

Total net assets of each Compartment as of 31 December 2017 were as follows:

31 December 2017

Compartment (USD million)

VAM Funds (Lux) – US Mid Cap Growth Fund 15.3

VAM Funds (Lux) – US Small Cap Growth Fund 34.2

VAM Funds (Lux) – US Micro Cap Growth Fund 33.7

VAM Funds (Lux) – US Large Cap Growth Fund 29.1

VAM Funds (Lux) – Emerging Markets Growth Fund 36.4

VAM Funds (Lux) – International Real Estate Equity Fund 9.6

VAM Funds (Lux) – World Growth Fund 49.2

VAM Funds (Lux) – International Opportunities Fund 24.0

TOTAL 231.5

VAM Funds (Lux)

7

Net subscriptions for the year ended on 31 December 2017 reflected new business and growth in equity market prices. Total net

subscriptions and redemptions were as follows:

Compartment -et Subscriptions/ Redemptions 2017

(USD million)

VAM Funds (Lux) – US Mid Cap Growth Fund -2.9

VAM Funds (Lux) – US Small Cap Growth Fund -0.8

VAM Funds (Lux) – US Micro Cap Growth Fund -17.7

VAM Funds (Lux) – US Large Cap Growth Fund 5.6

VAM Funds (Lux) – Emerging Markets Growth Fund 2.7

VAM Funds (Lux) – International Real Estate Equity Fund -3.3

VAM Funds (Lux) – World Growth Fund 8.2

VAM Funds (Lux) – Americas All Cap Fund -2.6

VAM Funds (Lux) – Accessible Clean Energy Fund -23.1

VAM Funds (Lux) – Frontier Markets Fund -12.0

VAM Funds (Lux) – Focused Global Equity Fund -25.5

VAM Funds (Lux) – International Opportunities Fund -2.5

TOTAL -73.9

2. VAM FU-DS (LUX) - US FU-DS PERFORMA-CE


The VAM Funds (Lux) - US Large Cap Growth Fund Class B shares, which is the largest share class, finished its year with a gain of

21.37% against the Russell 1000® Index gain of 21.69%.

VAM Fund (Lux) - US Mid Cap Growth Fund

The VAM Funds (Lux) - US Mid Cap Growth Fund Class B shares, which is the largest share class, incurred a gain of 24.27% in

comparison with the Russell 2500 Growth Index gain of 24.46%.


The VAM Funds (Lux) - US Small Cap Growth Fund Class B shares, which is the largest share class, finished its year with a gain of

26.09% in comparison with the Russell 2000® Growth Index gain of 22.17%.


The VAM Funds (Lux) - US Micro Cap Growth Fund Class B shares, which is the largest share class, finished its year with a gain of

20.30% in comparison with the Russell Microcap® Growth Index gain of 16.65%.

The Investment Manager of the four above-mentioned Compartments of the Fund, Driehaus Capital Management LLC (“Driehaus”),

commented as follows:

The current macroeconomic environment has improved markedly over the past year with the US and most parts of the globe

benefitting from synchronized global economic growth. This positive backdrop is conducive to rising earnings and provides

fundamental support for the recent market gains. Many economic indicators have seen a sharp acceleration. The majority of recent US

macro data (initial jobless claims, personal income, Purchasing Manager’s Index (PMI), business and consumer confidence, durable

goods, housing starts, etc.) support the prospect for sustained growth into 2018. As we enter 2018, most key economic statistics and

indicators are trending positively, with many at new cycle highs. The economic expansion is boosting most industries and most parts

of the economy. The synchronized global growth backdrop is healthy and provides a bullish environment for equities. Tax cuts are

incrementally boosting earnings (and helping valuations) and deregulation is helping business optimism. The Federal Reserve Chair

will transition to Jerome (Jay) Powell but the Fed’s accommodative monetary policy is expected to remain status quo. Naturally, there

are risks that could disrupt these positive conditions. The pace of growth could tip inflation higher causing the Fed to get more

aggressive with rates, ruining the current positive interplay between growth, inflation and rates. With the Fed raising rates, if the long

VAM Funds (Lux)

8

end of the treasury yield curve does not rise greater than the short end, the shape of the yield curve could flatten further. Trump’s

trade and immigration rhetoric could move from potential risks to actual policies with uncertain outcomes. Terrorism and the war of

words with North Korea could also result in dangerous scenarios. Finally, a deceleration in economic growth or earnings, even if

short-term, could cause a correction in equities and an increase in volatility.

In 2017, security selection and underweights to the health care and energy sectors contributed to the VAM Funds (Lux) - US Large

Cap Growth Fund performance. An overweight to the information technology sector and an underweight to the utilities detracted from

performance for the year.

For the year 2017, the VAM Funds (Lux) - US Mid Cap Growth Fund benefitted from security selection within the information

technology and health care sectors. Stock selection within the financials sector and overweight to the energy sector detracted from

performance for the year.

The top contributor to VAM Funds (Lux) - US Small Cap Growth Fund in 2017 was stock selection within the information

technology and financials sectors. The main detractor from returns for the year was security selections within the materials and

utilities sectors.

Over the course of 2017, VAM Funds (Lux) - US Micro Cap Growth Fund benefitted from stock selection within the information

technology and health care sectors. A key detractor from performance was an underweight to the telecommunication services and

materials sectors.

3. VAM FU-DS (LUX) – EX-US FU-DS PERFORMA-CE


The VAM Funds (Lux) - Emerging Markets Growth Fund Class B shares, which is the largest share class, finished its year with a gain

of 32.92% in comparison with the MSCI Emerging Markets Growth Index gain of 37.28%.


The VAM Funds (Lux) - International Real Estate Equity Fund Class B shares, which is the largest share class, finished its year with a

gain of 18.91% in comparison with the S&P Developed ex-US Property Index gain of 22.89%.

VAM Fund (Lux) - World Growth Fund

The VAM Funds (Lux) - World Growth Fund Class B shares, which is the largest share class, incurred a gain of 28.63% in

comparison with the MSCI AC World Small Mid Cap Growth Index gain of 27.51%.

VAM Funds (Lux) – International Opportunities Fund

The VAM Funds (Lux) - International Opportunities Fund Class A shares finished the year with a gain of 33.70% in comparison with

the MSCI All Country World ex-USA Growth Index gain of 33.64%.

The Investment Manager of the four above-mentioned Compartments of the Fund, Driehaus Capital Management LLC (“Driehaus”),

commented as follows:

Multiple factors set the stage for a robust year of global equity market performance. Strong economic figures, notably European GDP

and North Asian trade data, confirmed a pickup in coordinated global growth. At the same time, subdued US inflation sustained

market expectations of a modest interest rate tightening cycle, while progress on tax reform lifted investor sentiment. Moderate

depreciation of the US dollar versus most major currencies further helped encourage risk-on sentiment during the fourth quarter.

Emerging markets completed a clean sweep for the year, leading global equity market gains in each quarter. For 2017 as a whole,

emerging markets rose 37 %, while global equities returned 22% and the S&P 500 appreciated by 22%. Accelerating earnings growth

and positive earnings revisions created a favorable backdrop for our investment approach in 2017. Key variables for 2018 will include

the yield curve and the Chinese economy. The potential for US growth and inflation expectations to rise, driven by fiscal stimulus or a

tightening labor market, could pull up the long end of the yield curve and drive a value rotation that may act as a headwind to our

style. Cyclical opportunities in countries that are recovering after having undergone significant economic slowdowns and adjustments

during the 2011-2015 period. Following a substantial easing of financial conditions over the past two years, we expect earnings

growth to be the primary driver of share prices, as further compression of the cost of equity may be more limited at this point in the

market cycle.

The VAM Funds (Lux) - Emerging Markets Growth Fund benefited from security selection and overweights to the consumer

discretionary and financials sectors for 2017. In addition, stock selection within China and India contributed to returns.

VAM Funds (Lux)

9

Underweight to the materials sector and an overweight to the utilities sector detracted from performance in 2017. From a country

perspective, security selection within South Korea and Brazil detracted from relative returns for the year.

During the year 2017, a key contributors to performance of the VAM Funds (Lux) - World Growth Fund was security selection within

the information technology and consumer discretionary sectors. Additionally, security selection within Japan and Canada contributed

to performance.

At the sector level, security selection in the materials and financials sectors along with an underweight to financials detracted from

relative performance. At the country level, security selection within the South Korea and an overweight to Brazil also detracted from

returns.

The VAM Funds (Lux) - International Real Estate Equity Fund saw strong contributions to relative performance for the year from

security selection within Japan and an overweight to Germany.

Underweight to China and overweight to Indonesia also detracted value.

The VAM Funds (Lux) – International Opportunities Fund benefitted from security selection within the industrials and information

technology sectors. In addition, security selection within Japan and Switzerland contributed to relative performance.

At the sector level, detractors of value include security selection within the financials and materials sectors. From a country

perspective, underweights to India and Taiwan detracted from performance for the year.

Luxembourg, 12 March 2018 The Board of Directors

Notice: The information in this report represents historical data and is not an indication of future results.

VAM Funds (Lux)

10

To the Shareholders of

VAM Funds (Lux)

26, Avenue de la Liberté

L-1930 Luxembourg

Independent auditor’s report

Opinion

We have audited the financial statements of VAM Funds (Lux) (the “Fund”) and of each of its compartments, which comprise the

statements of assets and liabilities and the portfolios of investments as at December 31, 2017, and the statements of operations and

changes in net assets for the year then ended, and the notes to the financial statements, including a summary of significant accounting

policies.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Fund and of each of its

compartments as at December 31, 2017, 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 and presentation of the financial

statements.

Basis for Opinion

We conducted our audit in accordance with the Law of July 23, 2016 on the audit profession (the “Law of July 23, 2016”) and with

International Standards on Auditing (“ISAs”) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier”

(“CSSF”). Our responsibilities under those Law and standards are further described in the “responsibilities of the “réviseur

d’entreprises agréé” for the audit of the financial statements” section of our report. We are also independent of the Fund in accordance

with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (“IESBA Code”) as

adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements,

and have fulfilled our other ethical responsibilities under those ethical requirements. We believe that the audit evidence we have

obtained is sufficient and appropriate to provide a basis for our opinion.

Other information

The Board of Directors of the Fund is responsible for the other information. The other information comprises the information included

in the annual report but does not include the financial statements and our report of the “réviseur d’entreprises agréé” thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion

thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider

whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or

otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material

misstatement of this other information, we are required to report this fact. We have nothing to report in this regard.

VAM Funds (Lux)

11

Responsibilities of the Board of Directors of the Fund and those charged with governance for the financial statements

The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements in accordance

with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for

such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements

that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund’s ability to continue as a

going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the

Board of Directors of the Fund either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the “réviseur d’entreprises agréé” for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material

misstatement, whether due to fraud or error, and to issue a report of the “réviseur d’entreprises agréé” that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of July

23, 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be

expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the Law of July 23, 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise

professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and

perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for

our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud

may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit 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 Fund’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related

disclosures made by the Board of Directors of the Fund.

• Conclude on the appropriateness of the Board of Directors of the Fund’s use of the going concern basis of accounting and,

based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant

doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw

attention in our report of the “réviseur d’entreprises agréé” to the related disclosures in the financial statements or, if such disclosures

are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our report of the

“réviseur d’entreprises agréé”. However, future events or conditions may cause the Fund to cease to continue as a going concern.

VAM Funds (Lux)

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether thefinancial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit andsignificant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Ernst & Young

Societe anonyme

Cabinet de revision agree

Luxembourg, 18 April 2018

12

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

13

Consolidated statement of net assetsas at December 31, 2017

ASSETSInvestment portfolio at market value 223,976,301.18Cost 187,911,626.79Cash held with custodian bank 8,334,310.44Receivables on securities sold 329,807.45Receivables on spot forex transactions 165,807.81Receivables on subscriptions 604,636.71Dividends receivable 95,992.82Formation expenses (net) (8) 9,941.40Unrealised profit on forward foreign exchange contracts (12) 38,187.00TOTAL ASSETS 233,554,984.81

LIABILITIESPayables on redemptions -115,661.88Payables on securities purchased -151,710.81Payables on spot forex transactions -165,807.81Other liabilities -1,617,016.84TOTAL LIABILITIES -2,050,197.34Total net assets 231,504,787.47

Note USD


14

Net assets at the beginning of the year 195,567,010.19

Subscriptions 84,130,798.62

Redemptions -94,799,607.00

Result for the year 46,606,585.66

NET ASSETS AT THE END OF THE YEAR 231,504,787.47

Note

Consolidated Statement of Changes in Net Assets for the Year from January 1, 2017 to December 31, 2017

USD

15

Consolidated Statement of Operations for the Yearfrom January 1, 2017 to December 31, 2017

INCOMEDividends 1,826,440.10Bank interest 5,279.78Other income 13,373.98TOTAL INCOME 1,845,093.86

CHARGESInterests on bonds -385.60Bank interest -2,854.36Management company fee (4) -2,889,323.72Portfolio management fee -520.70Performance fee (10) -4,191,183.63Depositary bank fee (5) -101,319.11Directors fee -88,002.42Service fee -245,939.80Amortization of formation expenses (8) -3,959.16Taxe d'abonnement (7) -26,811.99Audit fees payable -126,236.35Other charges -676,937.79TOTAL CHARGES -8,353,474.63Net income -6,508,380.77Realised profit on investments 46,783,815.59Realised loss on investments -16,149,802.38Realised profit on foreign exchange 17,934.59Realised loss on foreign exchange -428,310.30Realised profit on forward foreign exchange contracts 458,537.77Realised loss on forward foreign exchange contracts -105,071.34Net Realised Result 24,068,723.16Change of unrealised profit on securities 22,651,487.74Change of unrealised loss on securities -128,589.19Change of unrealised profit on foreign exchange 3.18Change of unrealised loss on foreign exchange 218.19Change of unrealised profit on forward foreign exchange contracts 14,742.58Result for the year 46,606,585.66

Note USD

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

16

Statement of net assetsas at December 31, 2017

ASSETSInvestment portfolio at market value 15,365,851.96Cost 12,617,280.58Cash held with custodian bank 138,673.53Receivables on subscriptions 49,536.61Dividends receivable 4,036.21Unrealised profit on forward foreign exchange contracts (12) 38,187.00TOTAL ASSETS 15,596,285.31

LIABILITIESPayables on redemptions -90,484.83Other liabilities -200,250.71TOTAL LIABILITIES -290,735.54Total net assets 15,305,549.77

USDNote


VAM Funds (Lux)

154.44178.65197.04

22,009.4533,010.139

51,609.978

Class A GBPClass A USDClass B USD

Number of sharesClass A GBPClass A USDClass B USD

Net assets per share



Subscriptions1,301,827.86

258,912.13748,440.08


Redemptions-3,013,493.98

-302,047.13-1,848,426.51



USDNote

Statement of changes in net assets for the yearfrom January 1, 2017 to December 31, 2017


17

Changes in the number of shares in issue

31,308.7687,547.632

-16,846.94722,009.453

Shares in issue at the beginning of the yearNumber of shares subscribedNumber of shares redeemedShares in issue at the end of the year

Class A GBP

3,287.4661,633.967

-1,911.2943,010.139


Class A USD

57,823.5594,151.571

-10,365.15251,609.978


Class B USD


VAM Funds (Lux)

Statement of operations for the yearfrom January 1, 2017 to December 31, 2017

INCOMEDividends 63,070.02TOTAL INCOME 63,070.02

CHARGESBank interest -474.11Management company fee (4) -302,262.86Performance fee (10) -300,260.34Depositary bank fee (5) -6,812.43Directors fee -6,762.85Service fee -17,459.26Taxe d'abonnement (7) -3,721.53Audit fees payable -10,508.55Other charges -18,887.76TOTAL CHARGES -667,149.69Net income -604,079.67Realised profit on investments 2,840,973.42Realised loss on investments -1,047,819.23Realised profit on foreign exchange 17.79Realised loss on foreign exchange -2,300.32Realised profit on forward foreign exchange contracts 458,537.77Realised loss on forward foreign exchange contracts -105,071.34Net Realised Result 1,540,258.42Change of unrealised profit on securities 2,090,048.69Change of unrealised profit on forward foreign exchange contracts 14,742.58Result for the year 3,645,049.69

USDNote

18

Essent Group (R) 3,388 147,106.96 1.0USD 131,027.89

SECURITIES

Exchange-traded securitiesEquities

Bermudas

BMG3198U1027Marvell Tech Gro (N) 3,339 71,688.33 0.5USD 76,883.06

218,795.29 1.4207,910.95Total BermudasBMG5876H1051

Waste Connections Inc 2,240 158,905.60 1.0USD 122,335.78Canada

158,905.60 1.0122,335.78Total CanadaCA94106B1013

Atlassian Rg-A (N) 4,106 186,905.12 1.2USD 161,522.30Great Britain

186,905.12 1.2161,522.30Total Great BritainGB00BZ09BD16

Tower Semicon In (N) 4,370 148,929.60 1.0USD 119,577.33Israel

148,929.60 1.0119,577.33Total IsraelIL0010823792

Garmin N (N) 1,357 80,836.49 0.5USD 80,147.96Switzerland

80,836.49 0.580,147.96Total SwitzerlandCH0114405324

ABIOMED Inc 759 142,244.19 0.9USD 106,851.69United States

US0036541003Adtalem Glb Educ (N) 2,061 86,665.05 0.6USD 91,030.81US00737L1035Air Lease Rg-A (N) 2,397 115,271.73 0.8USD 101,393.59US00912X3026Albemarle Corp 934 119,449.26 0.8USD 80,580.44US0126531013Align Technology Inc 589 130,869.91 0.9USD 72,010.72US0162551016Alnylam Pharma (N) 676 85,885.80 0.6USD 52,537.66US02043Q1076ANGI Homesvcs-A (N) 6,149 64,318.54 0.4USD 63,848.99US00183L1026AO Smith Corp 2,449 150,074.72 1.0USD 123,447.13US8318652091Arista Networks Inc 592 139,463.36 0.9USD 72,776.33US0404131064Array BioPharma Inc 17,797 227,801.60 1.5USD 200,072.38US04269X1054


Cost in USD Valuation inUSD

%-NAVCcyQuantity /Face value

Security Description

as at December 31, 2017Composition of portfolio

VAM Funds (Lux)

19

Blueprint Medicines Corp 2,264 170,728.24 1.1USD 93,249.43US09627Y1091Bright Horizons Family Solutions Inc 854 80,276.00 0.5USD 60,882.29US1091941005Burlington Stores Inc 662 81,445.86 0.5USD 76,953.27US1220171060BWX Technologies (N) 2,701 163,383.49 1.1USD 127,731.19US05605H1005Camping World Holdings Inc 3,743 167,424.39 1.1USD 159,071.94US13462K1097CarGurus-A (N) 2,631 78,877.38 0.5USD 76,564.51US1417881091Catalent (N) 1,690 69,425.20 0.5USD 66,097.93US1488061029Centennial Resource Development Inc/DE 7,313 144,797.40 0.9USD 143,145.28US15136A1025Cintas (N) 1,047 163,154.01 1.1USD 139,104.76US1729081059Copart Inc 3,890 168,009.10 1.1USD 111,863.57US2172041061CoStar Group (R) 744 220,930.80 1.4USD 208,125.35US22160N1090D R Horton (N) 2,111 107,808.77 0.7USD 76,023.82US23331A1097Diamondback Energy Inc 799 100,873.75 0.7USD 93,322.75US25278X1090Donaldson (N) 2,326 113,857.70 0.7USD 113,667.22US2576511099Eagle Materials (N) 1,382 156,580.60 1.0USD 141,596.25US26969P1084Eldorado Resorts (N) 3,718 123,251.70 0.8USD 103,447.59US28470R1023EPAM Systems (N) 2,397 257,509.71 1.7USD 214,251.96US29414B1044Evoqua Wtr Tech (N) 4,464 105,841.44 0.7USD 84,912.08US30057T1051Exact Sciences (N) 2,516 132,190.64 0.9USD 72,552.11US30063P1057Five9 Inc 3,679 91,533.52 0.6USD 79,838.58US3383071012Gardner Denver Hldgs (N) 4,302 145,966.86 1.0USD 116,083.07US36555P1075Global Payments Inc 792 79,390.08 0.5USD 72,671.54US37940X1028Graco (N) 1,755 79,361.10 0.5USD 70,277.39US3841091040Grand Canyon Education Inc 1,802 161,333.06 1.1USD 126,672.13US38526M1062GTT Communications Inc 3,668 172,212.60 1.1USD 91,753.93US3623931009Guidewire Softwa (N) 924 68,616.24 0.4USD 75,931.11US40171V1008HEICO Corp 1,965 185,397.75 1.2USD 148,142.42US4228061093IDEX Corp 707 93,302.79 0.6USD 72,987.45US45167R1041Inogen Inc 1,316 156,709.28 1.0USD 124,512.09US45780L1044





as at December 31, 2017Composition of portfolio (continued)

VAM Funds (Lux)

20

Insulet (N) 4,022 277,518.00 1.8USD 221,798.00US45784P1012Intuitive Surgical Inc 481 175,536.14 1.1USD 140,207.02US46120E6023Invitation REIT (N) 6,462 152,309.34 1.0USD 138,398.16US46187W1071IPG Photonics (N) 350 74,945.50 0.5USD 44,423.32US44980X1090Jacobs Engineering Group Inc 1,654 109,097.84 0.7USD 108,370.88US4698141078John Bean Technologies Corp 798 88,418.40 0.6USD 60,831.95US4778391049Keane Group (N) 5,579 106,056.79 0.7USD 94,261.78US48669A1088KLA-Tencor Corp 809 85,001.63 0.6USD 73,031.87US4824801009Knght-Swft Rg-A (N) 1,989 86,959.08 0.6USD 85,740.80US4990491049Lamb Wst Hldg-WI (N) 2,929 165,342.05 1.1USD 126,196.31US5132721045Live Nation Entertainment Inc 5,574 237,285.18 1.6USD 185,243.05US5380341090Live Oak Bancshares Inc 5,437 129,672.45 0.8USD 128,877.06US53803X1054LogMeIn (N) 843 96,523.50 0.6USD 95,021.90US54142L1098Loxo Oncology Inc 3,384 284,865.12 1.9USD 258,816.91US5488621013Lululemon Athl (N) 1,249 98,158.91 0.6USD 92,233.42US5500211090MarketAxess Holdings Inc 264 53,262.00 0.3USD 42,260.10US57060D1081Masco (N) 3,145 138,191.30 0.9USD 115,877.58US5745991068Mastec (N) 2,298 112,487.10 0.7USD 107,835.13US5763231090Mercury Systems Inc 2,666 136,899.10 0.9USD 96,706.92US5893781089Mettler-Toledo International Inc 262 162,314.24 1.1USD 107,011.40US5926881054Monolithic Power Systems Inc 685 76,966.60 0.5USD 60,428.47US6098391054MSCI (N) 1,027 129,956.58 0.8USD 106,819.15US55354G1004MyoKardia Inc 1,926 81,084.60 0.5USD 76,655.20US62857M1053NetApp Inc 1,737 96,090.84 0.6USD 92,149.43US64110D1046Neurocrine Biosc (N) 1,666 129,264.94 0.8USD 96,568.14US64125C1099Nordson Corp 570 83,448.00 0.5USD 84,181.03US6556631025Nutanix Rg-A (N) 7,679 270,915.12 1.8USD 267,487.02US67059N1081Old Dominion Freight Line Inc 2,176 286,252.80 1.9USD 188,647.83US6795801009ON Semiconductor Corp 9,436 197,589.84 1.3USD 142,669.48US6821891057






VAM Funds (Lux)

21

Oshkosh Corp 1,988 180,689.32 1.2USD 128,729.61US6882392011Packaging Corp of America 675 81,371.25 0.5USD 79,922.32US6951561090Penn Natl Gaming (N) 4,772 149,506.76 1.0USD 106,709.33US7075691094Planet Fitness Inc 5,103 176,716.89 1.2USD 119,190.42US72703H1014Polaris Inds (N) 1,341 166,270.59 1.1USD 146,602.74US7310681025Pool Corp 1,169 151,560.85 1.0USD 133,180.00US73278L1052Proofpoint Inc 1,506 133,747.86 0.9USD 127,591.08US7434241037PulteGroup Inc 3,048 101,346.00 0.7USD 70,559.36US7458671010PVH (N) 956 131,172.76 0.9USD 119,970.63US6936561009QTS REIT Rg-A (N) 1,492 80,806.72 0.5USD 87,107.73US74736A1034Q2 Holdings Inc 2,087 76,905.95 0.5USD 80,234.50US74736L1098Red Rock Resor Rg-A (N) 2,543 85,800.82 0.6USD 68,439.84US75700L1089Rexford Ind REIT (N) 3,928 114,540.48 0.7USD 108,031.17US76169C1009RingCentral Rg-A (N) 5,177 250,566.80 1.6USD 210,665.40US76680R2067Roku-A (N) 3,860 199,870.80 1.3USD 180,061.98US77543R1023Sage Therapeutics Inc 437 71,978.27 0.5USD 74,514.14US78667J1088Sarepta Therap (N) 3,479 193,571.56 1.3USD 150,845.92US8036071004SiteOne Landscape Supply Inc 1,063 81,532.10 0.5USD 50,958.05US82982L1035Skechers USA-A (N) 3,791 143,451.44 0.9USD 132,809.65US8305661055Splunk (N) 2,155 178,520.20 1.2USD 157,766.94US8486371045Square Rg-A (N) 1,605 55,645.35 0.4USD 30,052.30US8522341036Steel Dynamics Inc 1,761 75,951.93 0.5USD 76,729.03US8581191009SVB Financial Group 802 187,483.54 1.2USD 163,175.30US78486Q1013Synopsys Inc 1,494 127,348.56 0.8USD 110,262.33US8716071076Thor Industries (N) 1,503 226,532.16 1.5USD 161,201.54US8851601018Trimble Inc 3,837 155,935.68 1.0USD 130,156.72US8962391004United Rentals Inc 800 137,528.00 0.9USD 94,270.63US9113631090Vail Resorts Inc 486 103,260.42 0.7USD 84,017.14US91879Q1094Visteon (N) 1,295 162,056.30 1.1USD 134,046.30US92839U2069






VAM Funds (Lux)

22

WABCO Hldgs (N) 1,083 155,410.50 1.0USD 137,834.95US92927K1025Western Alliance (N) 2,736 154,912.32 1.0USD 149,008.26US9576381092Westlake Chemica (N) 1,193 127,090.29 0.8USD 93,532.38US9604131022Wolverine Worldw (N) 6,956 221,757.28 1.4USD 200,434.61US9780971035Workday-A (N) 1,105 112,422.70 0.7USD 120,975.93US98138H1014XPO Logistics Inc 4,280 392,005.20 2.6USD 179,009.32US9837931008Xylem (N) 1,428 97,389.60 0.6USD 79,072.71US98419M1009Zynga Rg-A (N) 26,044 104,176.00 0.7USD 103,383.94

Total Equities 15,365,851.96 100.412,617,280.58

15,365,851.96 100.412,617,280.58Total Exchange-traded securities

TOTAL SECURITIES 15,365,851.96 100.412,617,280.58

TOTAL INVESTMENT PORTFOLIO 15,365,851.96 100.412,617,280.58

14,571,479.86 95.211,925,786.26Total United StatesUS98986T1088






Minor rounding differences may occur due to the rounding of percentages.Details of changes in investments for the period concerned are available, free of charge, at the Company's head office as well as at all Paying Agents.

VAM Funds (Lux)


23


ASSETSInvestment portfolio at market value 33,962,160.69Cost 28,038,977.12Cash held with custodian bank 494,766.78Receivables on subscriptions 66,523.45Dividends receivable 6,189.58TOTAL ASSETS 34,529,640.50

LIABILITIESOther liabilities -314,757.76TOTAL LIABILITIES -314,757.76Total net assets 34,214,882.74

USDNote


VAM Funds (Lux)

37.1337.70

4,313.99120.20

47,762.040451,215.989

3,539.8211,336.135

Class A USDClass B USDClass C USDClass D USD

Number of sharesClass A USDClass B USDClass C USDClass D USD




Subscriptions509,373.82

8,383,235.351,707,987.85

143,493.29


Redemptions-400,217.51

-7,207,738.40-3,953,857.85

0.00



USDNote



24


44,592.92315,419.320

-12,250.20347,762.040


Class A USD

411,734.628255,700.811

-216,219.450451,215.989


Class B USD

4,220.239409.579

-1,089.9973,539.821


Class C USD

0.0001,336.135

0.0001,336.135


Class D USD


VAM Funds (Lux)


INCOMEDividends 73,546.48Bank interest 560.15TOTAL INCOME 74,106.63

CHARGESManagement company fee (4) -461,779.42Performance fee (10) -690,044.99Depositary bank fee (5) -13,903.66Directors fee -13,697.32Service fee -35,318.70Taxe d'abonnement (7) -3,778.80Audit fees payable -19,296.12Other charges -13,412.76TOTAL CHARGES -1,251,231.77Net income -1,177,125.14Realised profit on investments 8,372,535.20Realised loss on investments -2,750,387.20Realised profit on foreign exchange 22.76Realised loss on foreign exchange -139.48Net Realised Result 4,444,906.14Change of unrealised profit on securities 2,668,597.44Change of unrealised loss on foreign exchange 2.46Result for the year 7,113,506.04

USDNote

25

Materialise Sp ADS (N) 7,992 101,578.32 0.3USD 110,855.97

SECURITIES


Belgium

101,578.32 0.3110,855.97Total BelgiumUS57667T1007

Essent Group (R) 7,411 321,785.62 0.9USD 288,910.94Bermudas

321,785.62 0.9288,910.94Total BermudasBMG3198U1027

Canada Goose SV (N) 6,028 190,243.68 0.6USD 167,414.44Canada

190,243.68 0.6167,414.44Total CanadaCA1350861060

Silicon Motion Technology Corp ADR 3,708 196,375.68 0.6USD 198,938.05Cayman Islands

US82706C1080Smart Glb (N) 15,167 511,127.90 1.5USD 353,149.79

707,503.58 2.1552,087.84Total Cayman IslandsKYG8232Y1017

Ferroglobe (N) 19,845 321,489.00 0.9USD 308,322.20Great Britain

GB00BYW6GV68Mimecast Ltd 8,170 234,233.90 0.7USD 194,968.23GB00BYT5JK65Venator Mtls (N) 12,820 283,578.40 0.8USD 294,309.78

839,301.30 2.5797,600.21Total Great BritainGB00BF3ZNS54

SodaStream International Ltd 2,884 202,860.56 0.6USD 179,578.14Israel

IL0011213001SolarEdge Tech (N) 10,287 386,276.85 1.1USD 291,451.34US83417M1045Tower Semicon In (N) 13,111 446,822.88 1.3USD 345,721.99

1,035,960.29 3.0816,751.47Total IsraelIL0010823792

arGEN-X SpADR (N) 2,508 158,355.12 0.5USD 162,283.30Netherlands

158,355.12 0.5162,283.30Total NetherlandsUS04016X1019






VAM Funds (Lux)

26

Aaon (N) 4,407 161,736.90 0.5USD 166,162.87United States

US0003602069Aclaris Therapeutics Inc 6,722 165,764.52 0.5USD 167,075.02US00461U1051Adtalem Glb Educ (N) 4,590 193,009.50 0.6USD 202,842.27US00737L1035Aerie Pharmaceut (N) 2,611 156,007.25 0.5USD 147,794.58US00771V1089Air Lease Rg-A (N) 5,065 243,575.85 0.7USD 208,653.46US00912X3026Air Transport Services Group Inc 10,348 239,452.72 0.7USD 197,572.85US00922R1059Alarm.com Holdin (N) 4,639 175,122.25 0.5USD 169,811.64US0116421050Altair Engnrng-A (N) 15,963 381,834.96 1.1USD 305,664.20US0213691035Altra Indust Motors (N) 3,412 171,964.80 0.5USD 153,321.35US02208R1068American Woodmar (N) 2,674 348,288.50 1.0USD 331,296.61US0305061097ANGI Homesvcs-A (N) 13,741 143,730.86 0.4USD 142,486.54US00183L1026Array BioPharma Inc 38,583 493,862.40 1.4USD 430,553.96US04269X1054At Home Group (N) 6,249 189,907.11 0.6USD 171,530.75US04650Y1001AxoGen Inc 9,584 271,227.20 0.8USD 184,610.17US05463X1063Blueprint Medicines Corp 6,000 452,460.00 1.3USD 264,633.70US09627Y1091Boingo Wireless (N) 10,561 237,622.50 0.7USD 218,276.30US09739C1027Boston Beer -A- (N) 720 137,592.00 0.4USD 129,853.98US1005571070Bright Horizons Family Solutions Inc 1,894 178,036.00 0.5USD 128,187.18US1091941005Builders FirstSo (N) 11,559 251,870.61 0.7USD 173,042.79US12008R1077Callaway Golf (N) 21,447 298,756.71 0.9USD 275,701.80US1311931042Callon Petroleum Co 16,519 200,705.85 0.6USD 205,944.22US13123X1028Camping World Holdings Inc 10,400 465,192.00 1.4USD 352,210.66US13462K1097CarGurus-A (N) 5,778 173,224.44 0.5USD 168,636.73US1417881091Catalent (N) 4,320 177,465.60 0.5USD 173,869.99US1488061029Central Garden & Pet Co 8,571 333,583.32 1.0USD 319,156.89US1535271068Chegg (N) 16,312 266,211.84 0.8USD 249,605.98US1630921096Children'S Place (N) 2,403 349,276.05 1.0USD 286,365.10US1689051076Eagle Materials (N) 2,920 330,836.00 1.0USD 305,488.15US26969P1084






VAM Funds (Lux)

27

Eldorado Resorts (N) 15,675 519,626.25 1.5USD 372,144.72US28470R1023Envestnet (N) 6,196 308,870.60 0.9USD 279,812.63US29404K1060EPAM Systems (N) 6,071 652,207.53 1.9USD 535,467.50US29414B1044Everbridge (N) 9,688 287,927.36 0.8USD 267,577.29US29978A1043Evoqua Wtr Tech (N) 9,670 229,275.70 0.7USD 187,051.40US30057T1051Exact Sciences (N) 5,935 311,824.90 0.9USD 179,593.48US30063P1057Extract Oil&Gas (N) 11,904 170,346.24 0.5USD 196,318.51US30227M1053Ferro Corp (N) 12,602 297,281.18 0.9USD 227,419.27US3154051003Five Below (N) 5,236 347,251.52 1.0USD 265,629.05US33829M1018Five9 Inc 12,029 299,281.52 0.9USD 226,645.92US3383071012ForeScout Tchnlg (N) 8,177 260,764.53 0.8USD 211,378.95US34553D1019G-III Apparel Gr (N) 5,638 207,985.82 0.6USD 169,996.05US36237H1014Glbl Blood Therp (N) 6,025 237,083.75 0.7USD 241,794.08US37890U1088GMS (N) 11,264 423,976.96 1.2USD 382,885.33US36251C1036Grand Canyon Education Inc 4,547 407,092.91 1.2USD 335,822.46US38526M1062Green Dot Rg-A (N) 5,221 314,617.46 0.9USD 173,545.43US39304D1028GrubHub (N) 3,933 282,389.40 0.8USD 224,115.38US4001101025GTT Communications Inc 13,210 620,209.50 1.8USD 362,424.26US3623931009H&E Equipment Services Inc 5,073 206,217.45 0.6USD 136,801.54US4040301081Hilton Grand (N) 4,444 186,425.80 0.5USD 171,016.32US43283X1054Ingevity Corp 3,506 247,067.82 0.7USD 201,909.92US45688C1071Inogen Inc 4,580 545,386.40 1.6USD 324,228.67US45780L1044Insmed (N) 5,191 161,855.38 0.5USD 151,611.27US4576693075Insulet (N) 9,042 623,898.00 1.8USD 507,749.19US45784P1012Invitation REIT (N) 1 23.57 0.0USD 21.29US46187W1071iRhythm Technologies Inc 5,224 292,805.20 0.9USD 230,810.05US4500561067John Bean Technologies Corp 2,820 312,456.00 0.9USD 201,449.35US4778391049Keane Group (N) 12,201 231,941.01 0.7USD 206,166.05US48669A1088Knght-Swft Rg-A (N) 3,937 172,125.64 0.5USD 171,090.49US4990491049






VAM Funds (Lux)

28

LCI Industries (N) 2,274 295,620.00 0.9USD 248,244.15US50189K1034LendingTree (N) 1,186 403,773.70 1.2USD 213,672.05US52603B1070Live Oak Bancshares Inc 15,500 369,675.00 1.1USD 367,138.13US53803X1054Loxo Oncology Inc 8,160 686,908.80 2.0USD 379,737.79US5488621013Malibu Boats Rg-A (N) 7,872 234,034.56 0.7USD 208,521.42US56117J1007Mastec (N) 5,068 248,078.60 0.7USD 238,096.77US5763231090Medidata Soltns (N) 2,405 152,404.85 0.4USD 174,691.32US58471A1051Mercury Systems Inc 5,983 307,227.05 0.9USD 201,091.52US5893781089Meritor (N) 6,108 143,293.68 0.4USD 113,830.83US59001K1007Monolithic Power Systems Inc 1,462 164,270.32 0.5USD 122,069.44US6098391054MyoKardia Inc 6,880 289,648.00 0.8USD 276,831.73US62857M1053NCI Building Sys (N) 13,391 258,446.30 0.8USD 265,372.18US6288522047Nutanix Rg-A (N) 16,889 595,843.92 1.7USD 588,418.50US67059N1081OptiNose (N) 9,900 187,110.00 0.5USD 179,441.21US68404V1008Pacific Premier Bancorp Inc 6,042 241,680.00 0.7USD 235,973.73US69478X1054Patrick Industries Inc 6,466 449,063.70 1.3USD 378,073.47US7033431039Penn Natl Gaming (N) 10,243 320,913.19 0.9USD 234,654.99US7075691094Planet Fitness Inc 10,663 369,259.69 1.1USD 226,889.46US72703H1014Pool Corp 1,531 198,494.15 0.6USD 199,374.76US73278L1052Proofpoint Inc 3,207 284,813.67 0.8USD 271,000.10US7434241037ProPetro Holding (N) 9,102 183,496.32 0.5USD 149,691.92US74347M1080Pure Storage Rg-A (N) 20,282 321,672.52 0.9USD 363,801.14US74624M1027QTS REIT Rg-A (N) 3,091 167,408.56 0.5USD 173,972.01US74736A1034Q2 Holdings Inc 6,063 223,421.55 0.7USD 187,193.56US74736L1098Red Rock Resor Rg-A (N) 5,534 186,717.16 0.5USD 149,974.20US75700L1089Rexford Ind REIT (N) 5,714 166,620.24 0.5USD 157,400.06US76169C1009RingCentral Rg-A (N) 14,204 687,473.60 2.0USD 519,170.90US76680R2067Roku-A (N) 9,836 509,308.08 1.5USD 283,637.80US77543R1023Rush Enterprises-A (N) 5,588 283,926.28 0.8USD 236,188.87US7818462092






VAM Funds (Lux)

29

Sage Therapeutics Inc 966 159,109.86 0.5USD 164,477.03US78667J1088Saia (N) 6,265 443,248.75 1.3USD 323,817.89US78709Y1055Sarepta Therap (N) 8,250 459,030.00 1.3USD 362,797.44US8036071004Seacoast Banking (N) 12,638 318,603.98 0.9USD 316,866.19US8117078019SiteOne Landscape Supply Inc 2,331 178,787.70 0.5USD 83,513.90US82982L1035Skywest Inc Shs (N) 3,709 196,947.90 0.6USD 172,652.74US8308791024Slrs Olfld Inf-A (N) 10,378 222,192.98 0.6USD 203,693.74US83418M1036Tactile Systems Technology Inc 16,953 491,297.94 1.4USD 564,515.90US87357P1003Varonis Systems (N) 5,463 265,228.65 0.8USD 209,078.74US9222801022Visteon (N) 2,215 277,185.10 0.8USD 224,313.64US92839U2069Vocera Comm (N) 7,727 233,509.94 0.7USD 189,734.89US92857F1075William Lyon H Rg-A (N) 5,892 171,339.36 0.5USD 170,453.67US5520747008Winnebago Industries Inc 4,052 225,291.20 0.7USD 218,163.56US9746371007Wolverine Worldw (N) 14,571 464,523.48 1.4USD 420,605.60US9780971035XPO Logistics Inc 8,781 804,251.79 2.4USD 386,601.30US9837931008Zendesk (N) 5,078 171,839.52 0.5USD 175,025.99US98936J1016Zynga Rg-A (N) 61,977 247,908.00 0.7USD 239,781.13

Total Equities 33,962,160.69 99.328,038,977.12




30,607,432.78 89.525,143,072.95Total United StatesUS98986T1088







VAM Funds (Lux)


30



LIABILITIESPayables on redemptions -25,177.05Other liabilities -188,288.44TOTAL LIABILITIES -213,465.49Total net assets 33,675,756.34

USDNote


VAM Funds (Lux)

64.4665.07

7,565.04132.69274.15

45,868.751208,015.480

1,919.2683,565.8947,988.809

Class A USDClass B USDClass C USDClass D USDClass E USD

Number of sharesClass A USDClass B USDClass C USDClass D USDClass E USD




Subscriptions1,063,683.043,969,249.64

0.00287,176.00299,999.94


Redemptions-1,091,346.34-7,088,793.28-7,122,004.30

-162,789.16-7,819,548.91



USDNote



31


47,100.43717,961.907

-19,193.59345,868.751


Class A USD

263,447.57369,940.968

-125,373.061208,015.480


Class B USD

2,991.9570.000

-1,072.6891,919.268


Class C USD

2,454.0682,521.106

-1,409.2803,565.894


Class D USD

41,260.1301,328.021

-34,599.3427,988.809


Class E USD


VAM Funds (Lux)



CHARGESBank interest -24.93Management company fee (4) -508,397.64Performance fee (10) -479,788.58Depositary bank fee (5) -15,350.36Directors fee -15,237.94Service fee -42,089.94Taxe d'abonnement (7) -4,566.18Audit fees payable -19,778.78Other charges -21,344.31TOTAL CHARGES -1,106,578.66Net income -1,020,639.19Realised profit on investments 12,489,333.00Realised loss on investments -4,898,337.67Realised loss on foreign exchange -0.01Net Realised Result 6,570,356.13Change of unrealised loss on securities -128,589.19Change of unrealised profit on foreign exchange 3.18Result for the year 6,441,770.12

USDNote

32

Materialise Sp ADS (N) 10,954 139,225.34 0.4USD 159,645.69

SECURITIES


Belgium

139,225.34 0.4159,645.69Total BelgiumUS57667T1007

GasLog (N) 4,675 104,018.75 0.3USD 92,235.13Bermudas

104,018.75 0.392,235.13Total BermudasBMG375851091

Clemnt Phrmctcls (N) 15,186 288,230.28 0.9USD 254,274.02Canada

288,230.28 0.9254,274.02Total CanadaCA1855751071

Ichor Holdings Ltd 4,438 109,174.80 0.3USD 91,128.75Cayman Islands

KYG4740B1059Silicon Motion Technology Corp ADR 3,661 193,886.56 0.6USD 196,426.63US82706C1080Smart Glb (N) 20,745 699,106.50 2.1USD 310,546.84

1,002,167.86 3.0598,102.22Total Cayman IslandsKYG8232Y1017

TALEND Sp ADR (N) 3,979 149,132.92 0.4USD 145,483.99France

149,132.92 0.4145,483.99Total FranceUS8742242071

Mimecast Ltd 10,540 302,181.80 0.9USD 227,549.66Great Britain

302,181.80 0.9227,549.66Total Great BritainGB00BYT5JK65

Foamix Pharmaceuticals Ltd 21,219 127,526.19 0.4USD 179,002.49Israel

IL0011334385Nova Measuring I (N) 6,284 162,818.44 0.5USD 186,669.39IL0010845571Radcom (N) 9,945 197,408.25 0.6USD 199,040.36IL0010826688Silicom (N) 3,388 237,532.68 0.7USD 189,913.13IL0010826928SodaStream International Ltd 2,824 198,640.16 0.6USD 147,034.90IL0011213001






VAM Funds (Lux)

33

SolarEdge Tech (N) 10,609 398,367.95 1.2USD 294,754.47

1,322,293.67 3.91,196,414.74Total IsraelUS83417M1045

Star Bulk Carrie (N) 14,285 160,849.10 0.5USD 168,494.13Marshall Islands

160,849.10 0.5168,494.13Total Marshall IslandsMHY8162K2046

arGEN-X SpADR (N) 4,235 267,397.90 0.8USD 196,677.82Netherlands

267,397.90 0.8196,677.82Total NetherlandsUS04016X1019

Aclaris Therapeutics Inc 6,148 151,609.68 0.5USD 148,757.51United States

US00461U1051Adamas Pharmaceu (N) 8,410 285,014.90 0.8USD 240,524.94US00548A1060Adesto Technolog (N) 33,812 218,087.40 0.6USD 248,436.98US00687D1019AdvanSix Inc 3,982 167,522.74 0.5USD 105,873.41US00773T1016Aerie Pharmaceut (N) 2,275 135,931.25 0.4USD 126,922.58US00771V1089Air Transport Services Group Inc 11,266 260,695.24 0.8USD 178,166.98US00922R1059Altair Engnrng-A (N) 16,880 403,769.60 1.2USD 330,248.33US0213691035Altra Indust Motors (N) 3,428 172,771.20 0.5USD 159,167.09US02208R1068Array BioPharma Inc 51,657 661,209.60 2.0USD 590,548.92US04269X1054Asure Software (N) 17,980 253,877.60 0.8USD 265,622.70US04649U1025Atlas Air Worldw (N) 2,759 161,815.35 0.5USD 157,087.88US0491642056Audentes Therapt (N) 7,160 223,750.00 0.7USD 119,713.79US05070R1041AxoGen Inc 22,799 645,211.70 1.9USD 225,122.37US05463X1063AXT (N) 15,197 132,213.90 0.4USD 108,391.60US00246W1036Bluegreen Vctns (N) 11,657 212,856.82 0.6USD 163,236.67US09629F1084Blueprint Medicines Corp 5,576 420,486.16 1.2USD 236,809.95US09627Y1091Boingo Wireless (N) 17,230 387,675.00 1.2USD 363,963.89US09739C1027Boot Barn Holdings Inc 8,020 133,212.20 0.4USD 96,832.29US0994061002CalAmp (N) 3,804 81,519.72 0.2USD 88,220.04US1281261099Calavo Growers Inc 3,563 300,717.20 0.9USD 232,365.83US1282461052






VAM Funds (Lux)

34

Callaway Golf (N) 26,696 371,875.28 1.1USD 341,013.27US1311931042Career Education (N) 9,450 114,156.00 0.3USD 121,763.65US1416651099Casella Waste Systems Inc 11,778 271,129.56 0.8USD 163,367.55US1474481041Catalyst Pharma (N) 40,398 157,956.18 0.5USD 148,196.64US14888U1016Century Casinos (N) 27,720 253,083.60 0.8USD 215,258.23US1564921005Chefs' Warehouse (N) 5,450 111,725.00 0.3USD 110,179.22US1630861011Chegg (N) 21,513 351,092.16 1.0USD 272,093.91US1630921096Citi Trends (N) 4,432 117,270.72 0.3USD 121,931.20US17306X1028Columbus Mckinno (N) 5,328 213,013.44 0.6USD 168,247.02US1993331057Conn's (N) 8,377 297,802.35 0.9USD 223,655.99US2082421072Control4 (N) 4,666 138,860.16 0.4USD 81,102.37US21240D1072Crocs (N) 24,808 313,573.12 0.9USD 230,268.35US2270461096CryoLife Inc 8,581 164,326.15 0.5USD 130,387.95US2289031005Eldorado Resorts (N) 15,345 508,686.75 1.5USD 335,008.22US28470R1023Energy Recovery (N) 19,611 171,596.25 0.5USD 188,638.13US29270J1007Everbridge (N) 16,557 492,074.04 1.5USD 372,178.17US29978A1043Everi Holdings (N) 40,721 307,036.34 0.9USD 288,613.71US30034T1034Federal Signal (N) 8,815 177,093.35 0.5USD 154,361.64US3138551086Ferro Corp (N) 9,778 230,663.02 0.7USD 184,145.44US3154051003Five9 Inc 15,587 387,804.56 1.2USD 289,263.28US3383071012ForeScout Tchnlg (N) 8,893 283,597.77 0.8USD 228,027.29US34553D1019Found Build Mat (N) 20,509 303,328.11 0.9USD 277,195.90US3503921062Freshpet (N) 21,731 411,802.45 1.2USD 323,311.68US3580391056G-III Apparel Gr (N) 7,371 271,916.19 0.8USD 235,376.79US36237H1014Glbl Blood Therp (N) 8,122 319,600.70 0.9USD 253,788.81US37890U1088GMS (N) 8,262 310,981.68 0.9USD 296,055.89US36251C1036Golden Entertain (N) 6,740 220,061.00 0.7USD 134,949.11US3810131017GTT Communications Inc 13,977 656,220.15 1.9USD 249,533.11US3623931009H&E Equipment Services Inc 5,388 219,022.20 0.7USD 137,844.46US4040301081






VAM Funds (Lux)

35

Inogen Inc 3,983 474,295.64 1.4USD 220,670.95US45780L1044Internap (N) 12,380 194,489.80 0.6USD 250,357.18US45885A4094Intersect ENT (R) 6,887 223,138.80 0.7USD 194,624.72US46071F1030iRhythm Technologies Inc 7,834 439,095.70 1.3USD 260,109.33US4500561067Kadant (N) 2,115 212,346.00 0.6USD 167,774.62US48282T1043Keane Group (N) 10,018 190,442.18 0.6USD 176,127.46US48669A1088Kinsale Capital (N) 4,361 196,245.00 0.6USD 177,022.05US49714P1084KMG Chemicals (N) 4,597 303,769.76 0.9USD 255,104.17US4825641016Kratos Defense & Security Solutions Inc 15,562 164,801.58 0.5USD 129,512.76US50077B2079LeMaitre Vascular Inc 4,299 136,880.16 0.4USD 89,186.47US5255582018Live Oak Bancshares Inc 18,362 437,933.70 1.3USD 362,737.17US53803X1054Loxo Oncology Inc 7,833 659,381.94 2.0USD 237,568.64US5488621013Lumber Liq Hldg (N) 4,259 133,690.01 0.4USD 126,270.24US55003T1079Malibu Boats Rg-A (N) 13,800 410,274.00 1.2USD 322,417.02US56117J1007MCBC Holdings Inc 10,338 229,710.36 0.7USD 179,458.73US55276F1075Medifast (N) 1,819 126,984.39 0.4USD 128,223.38US58470H1014Mercury Systems Inc 6,269 321,913.15 1.0USD 209,494.04US5893781089Meta Financial Group Inc 2,940 272,391.00 0.8USD 246,506.91US59100U1088MGP Ingredients Inc 4,470 343,653.60 1.0USD 224,484.68US55303J1060Modine Manufacturing Co 17,379 351,055.80 1.0USD 250,874.33US6078281002Monarch Casino&R (N) 2,440 109,360.80 0.3USD 84,048.54US6090271072Monmouth Real Est-A (N) 14,924 265,647.20 0.8USD 224,151.57US6097201072Movado (N) 5,480 176,456.00 0.5USD 167,216.55US6245801062MyoKardia Inc 7,222 304,046.20 0.9USD 135,264.99US62857M1053Natera Inc 20,444 183,791.56 0.5USD 239,288.09US6323071042NCI Building Sys (N) 12,856 248,120.80 0.7USD 249,120.95US6288522047NMI Hldgs Rg-A (N) 18,869 320,773.00 1.0USD 236,701.80US6292093050NN (N) 5,897 162,757.20 0.5USD 178,039.44US6293371067NV5 Global Inc 2,831 153,298.65 0.5USD 86,734.35US62945V1098






VAM Funds (Lux)

36

OptiNose (N) 8,908 168,361.20 0.5USD 159,133.52US68404V1008OrthoPediatrics (N) 15,408 295,679.52 0.9USD 220,576.04US68752L1008Ovid Theraptcs (N) 10,487 103,506.69 0.3USD 148,324.24US6904691010Patrick Industries Inc 7,632 530,042.40 1.6USD 396,767.51US7033431039PGT Innovations (N) 14,629 246,498.65 0.7USD 188,048.39US69336V1017Preferred Bank/Los Angeles CA 7,132 419,218.96 1.2USD 406,501.46US7403674044ProPetro Holding (N) 9,811 197,789.76 0.6USD 160,344.23US74347M1080QuinStreet (N) 18,276 153,152.88 0.5USD 170,474.89US74874Q1004Q2 Holdings Inc 4,739 174,632.15 0.5USD 129,415.12US74736L1098Ring Energy Inc 15,535 215,936.50 0.6USD 221,632.30US76680V1089Saia (N) 5,797 410,137.75 1.2USD 301,620.71US78709Y1055Schnitzer Steel-A (N) 3,092 103,582.00 0.3USD 103,115.13US8068821060Seacoast Banking (N) 6,866 173,091.86 0.5USD 181,353.48US8117078019Sientra (N) 11,948 167,988.88 0.5USD 116,549.73US82621J1051SiteOne Landscape Supply Inc 2,608 200,033.60 0.6USD 87,204.54US82982L1035Slrs Olfld Inf-A (N) 22,130 473,803.30 1.4USD 312,907.35US83418M1036Spartan Motors Inc 11,954 188,275.50 0.6USD 189,642.39US8468191007Sterling Bncrp (N) 17,601 223,532.70 0.7USD 215,388.73US85917W1027Sterling Constr (N) 15,416 250,972.48 0.7USD 190,040.94US8592411016Stoneridge (N) 9,742 222,702.12 0.7USD 217,459.09US86183P1021Tactile Systems Technology Inc 21,674 628,112.52 1.9USD 354,607.97US87357P1003Teladoc (N) 5,545 193,243.25 0.6USD 151,719.93US87918A1051TriState Capital Holdings Inc 6,782 155,986.00 0.5USD 144,803.45US89678F1003Triumph Bancorp (N) 6,391 201,316.50 0.6USD 190,807.16US89679E3009Upland Software (N) 9,187 198,990.42 0.6USD 218,041.31US91544A1097Usa Technologies (N) 8,548 83,343.00 0.2USD 79,253.60US90328S5001Varonis Systems (N) 7,964 386,652.20 1.1USD 251,807.57US9222801022Virtusa (N) 7,370 324,869.60 1.0USD 255,673.32US92827P1021Vocera Comm (N) 8,688 262,551.36 0.8USD 190,324.69US92857F1075






VAM Funds (Lux)

37

William Lyon H Rg-A (N) 6,041 175,672.28 0.5USD 164,311.26US5520747008Winnebago Industries Inc 9,592 533,315.20 1.6USD 390,086.04US9746371007Zagg (N) 8,669 159,943.05 0.5USD 164,842.92US98884U1088Zogenix (N) 4,919 197,005.95 0.6USD 193,609.10

Total Equities 33,459,477.37 99.426,176,127.37




29,723,979.75 88.323,137,249.97Total United StatesUS98978L2043







VAM Funds (Lux)


38




USDNote


VAM Funds (Lux)

43.5343.32

5,126.36115.28

23,283.255120,378.931

4,433.0321,323.946


Number of sharesClass A USDClass B USDClass C USDClass D USD




Subscriptions1,946,779.391,146,115.82

11,499,997.56138,938.38


Redemptions-1,777,435.79-3,166,931.85-4,173,928.39

0.00



USDNote



39


19,142.42448,475.413

-44,334.58223,283.255


Class A USD

173,012.98829,341.934

-81,975.991120,378.931


Class B USD

2,872.2922,506.959-946.219

4,433.032


Class C USD

0.0001,323.946

0.0001,323.946


Class D USD


VAM Funds (Lux)


INCOMEDividends 354,633.71Bank interest 852.41Other income 909.28TOTAL INCOME 356,395.40

CHARGESBank interest -230.99Management company fee (4) -270,661.25Performance fee (10) -381,389.47Depositary bank fee (5) -10,983.74Directors fee -9,999.38Service fee -23,609.91Taxe d'abonnement (7) -2,698.35Audit fees payable -16,481.39Other charges -8,747.93TOTAL CHARGES -724,802.41Net income -368,407.01Realised profit on investments 3,131,021.39Realised loss on investments -688,800.56Realised loss on foreign exchange -92.16Net Realised Result 2,073,721.66Change of unrealised profit on securities 2,552,533.12Change of unrealised loss on foreign exchange 2.12Result for the year 4,626,256.90

USDNote

40

Invesco (N) 5,963 217,888.02 0.7USD 202,115.01

SECURITIES


Bermudas

217,888.02 0.7202,115.01Total BermudasBMG491BT1088

Thomson Reuters (N) 2,742 119,523.78 0.4USD 119,923.30Canada

119,523.78 0.4119,923.30Total CanadaCA8849031056

Aon (N) 1,593 213,462.00 0.7USD 217,127.72Great Britain

GB00B5BT0K07STERIS (N) 2,760 241,417.20 0.8USD 246,693.70

454,879.20 1.6463,821.42Total Great BritainGB00BVVBC028

Accenture PLC 2,972 454,983.48 1.6USD 436,330.19Ireland

IE00B4BNMY34Eaton Corp -NPV- (N) 2,959 233,790.59 0.8USD 242,763.92

688,774.07 2.4679,094.11Total IrelandIE00B8KQN827

Ryl Caribbean Cr (N) 1,434 171,047.52 0.6USD 169,729.69Liberia

171,047.52 0.6169,729.69Total LiberiaLR0008862868

Lyondellbasell Ind (N) 2,362 260,575.84 0.9USD 219,853.02Netherlands

NL0009434992NXP Semiconducto Br 2,117 247,879.53 0.9USD 246,382.08

508,455.37 1.7466,235.10Total NetherlandsNL0009538784

AbbVie Inc 2,829 273,592.59 0.9USD 199,549.72United States

US00287Y1091Affiliated Managers Group Inc 947 194,371.75 0.7USD 174,314.75US0082521081Aflac Inc 2,907 255,176.46 0.9USD 236,080.25US0010551028Allison Transmi (N) 3,764 162,115.48 0.6USD 136,945.06US01973R1014Ameren (N) 2,774 163,638.26 0.6USD 160,673.14US0236081024






VAM Funds (Lux)

41

American Express Co 4,319 428,919.89 1.5USD 360,980.60US0258161092Ameriprise Fincl (N) 1,806 306,062.82 1.1USD 239,342.18US03076C1062AMETEK (N) 4,394 318,433.18 1.1USD 281,413.13US0311001004Amgen Inc 1,680 292,152.00 1.0USD 279,630.10US0311621009Amphenol Rg-A (N) 2,491 218,709.80 0.8USD 201,396.11US0320951017Andeavor (N) 1,859 212,558.06 0.7USD 193,699.81US03349M1053Anthem (N) 1,189 267,536.89 0.9USD 231,578.40US0367521038Apple Inc 7,701 1,303,240.23 4.5USD 1,094,806.15US0378331005Applied Materials Inc 8,517 435,389.04 1.5USD 291,094.40US0382221051Baxter International Inc 6,504 420,418.56 1.4USD 399,385.22US0718131099Blackrock (N) 833 427,920.43 1.5USD 393,220.15US09247X1019Boeing Co (N) 841 248,019.31 0.9USD 216,441.75US0970231058BorgWarner (N) 2,653 135,541.77 0.5USD 139,935.76US0997241064Caterpillar Inc 1,739 274,031.62 0.9USD 244,982.75US1491231015CBRE Group Rg-A (N) 4,730 204,856.30 0.7USD 177,249.68US12504L1098Celanese (R) 1,770 189,531.60 0.7USD 186,881.59US1508701034Centerpoint Ener (N) 15,273 433,142.28 1.5USD 420,272.03US15189T1079Cigna Corp (N) 1,576 320,069.84 1.1USD 295,277.34US1255091092Citigroup Inc 6,530 485,897.30 1.7USD 406,810.25US1729674242Cognizant Tech So-A (N) 3,024 214,764.48 0.7USD 216,492.52US1924461023Comcast-A (N) 5,384 215,629.20 0.7USD 203,950.44US20030N1019Comerica Inc (N) 2,403 208,604.43 0.7USD 177,489.64US2003401070Eastman Chemical (N) 3,415 316,365.60 1.1USD 286,589.10US2774321002E*TRADE Financial Corp 3,919 194,264.83 0.7USD 142,834.43US2692464017Exxon Mobil Corp 4,201 351,371.64 1.2USD 342,904.80US30231G1022Freeport-McMoRan Inc 11,755 222,874.80 0.8USD 169,844.60US35671D8570GameStop Corp 7,988 143,384.60 0.5USD 170,429.14US36467W1099Harris (N) 2,343 331,885.95 1.1USD 328,693.28US4138751056HollyFrontier (N) 3,287 168,360.14 0.6USD 144,924.19US4361061082






VAM Funds (Lux)

42

Honeywell International Inc 3,479 533,539.44 1.8USD 479,635.60US4385161066International Business Machines Corp 935 143,447.70 0.5USD 154,200.94US4592001014International Paper Co 3,029 175,500.26 0.6USD 167,594.96US4601461035Johnson & Johnson 3,319 463,730.68 1.6USD 407,186.36US4781601046JPMorgan Chase & Co 4,048 432,893.12 1.5USD 337,911.17US46625H1005Kohl's (N) 6,785 367,950.55 1.3USD 296,584.13US5002551043Lam Research Corp 1,999 367,955.93 1.3USD 243,607.80US5128071082Lear Corp 2,366 417,977.56 1.4USD 321,031.60US5218652049Leidos Holdg (N) 4,181 269,967.17 0.9USD 242,564.88US5253271028LogMeIn (N) 1,534 175,643.00 0.6USD 180,822.23US54142L1098Manpower (N) 1,167 147,170.37 0.5USD 125,907.73US56418H1005Marathon Petro (N) 6,861 452,688.78 1.6USD 363,103.01US56585A1025Marriott Intl Rg-A (N) 2,475 335,931.75 1.2USD 305,931.71US5719032022Mastercard Inc 3,664 554,583.04 1.9USD 469,386.43US57636Q1040Microsoft Corp 13,321 1,139,478.34 3.9USD 971,648.04US5949181045NextEra Energy (N) 918 143,382.42 0.5USD 137,202.07US65339F1012Park Hotels & Resorts (N) 7,031 202,141.25 0.7USD 203,012.08US7005171050PepsiCo Inc 3,647 437,348.24 1.5USD 402,078.05US7134481081Pfizer Inc 11,495 416,348.90 1.4USD 391,936.17US7170811035Philip Morris International Inc 3,760 397,244.00 1.4USD 390,620.39US7181721090Pilgrims Pride (N) 6,187 192,168.22 0.7USD 178,489.66US72147K1088PNC Finl Ser (N) 1,630 235,192.70 0.8USD 210,032.90US6934751057Principal Financial Group Inc 5,582 393,865.92 1.4USD 315,949.53US74251V1026Progressive (Ohi (N) 7,087 399,139.84 1.4USD 293,799.80US7433151039Prologis REIT (N) 6,550 422,540.50 1.5USD 424,983.10US74340W1036Rayonier REIT (N) 11,619 367,508.97 1.3USD 365,498.71US7549071030Reliance Steel & Aluminium (N) 1,842 158,025.18 0.5USD 144,987.87US7595091023Ryder System (N) 2,158 181,638.86 0.6USD 178,107.01US7835491082SEI Investments (N) 2,279 163,768.94 0.6USD 136,653.95US7841171033






VAM Funds (Lux)

43

Service Corp Int (R) 5,111 190,742.52 0.7USD 177,265.95US8175651046ServiceNow (N) 2,672 348,402.08 1.2USD 326,796.33US81762P1021S&P Global Inc 2,275 385,385.00 1.3USD 317,532.71US78409V1044Stanley Black & Decker Inc 1,628 276,255.32 0.9USD 236,539.31US8545021011T Rowe Price Grp (N) 1,418 148,790.74 0.5USD 144,787.67US74144T1088The Home Depot Inc 1,098 208,103.94 0.7USD 156,320.50US4370761029The Priceline Group Inc 119 206,791.06 0.7USD 217,848.29US7415034039The Procter & Gamble Co 4,402 404,455.76 1.4USD 385,402.99US7427181091The Western Unio (N) 14,274 271,348.74 0.9USD 280,200.14US9598021098Time Warner Inc 4,134 378,136.98 1.3USD 407,370.06US8873173038Total Syst Servi (N) 3,938 311,456.42 1.1USD 267,362.09US8919061098United Rentals Inc 1,235 212,308.85 0.7USD 123,642.40US9113631090UnitedHealth Group Inc 2,838 625,665.48 2.1USD 453,514.96US91324P1021Unum Group 5,941 326,101.49 1.1USD 245,866.97US91529Y1064Valero Energy Corp 4,347 399,532.77 1.4USD 301,653.49US91913Y1001Verisign (N) 2,173 248,678.12 0.9USD 237,581.35US92343E1029Visa Inc 5,580 636,231.60 2.2USD 577,518.23US92826C8394WABCO Hldgs (N) 1,200 172,200.00 0.6USD 179,961.30US92927K1025Wal-Mart Stores Inc 2,579 254,676.25 0.9USD 191,457.25US9311421039Wellcare Health (N) 698 140,374.78 0.5USD 144,818.71US94946T1060Western Digital Corp 1,897 150,868.41 0.5USD 167,527.37

Total Equities 28,884,677.03 99.225,628,467.04




26,724,109.07 91.823,527,548.41Total United StatesUS9581021055







VAM Funds (Lux)


44


ASSETSInvestment portfolio at market value 34,913,851.60Cost 28,672,079.82Cash held with custodian bank 1,420,486.32Receivables on securities sold 277,224.92Receivables on spot forex transactions 74,002.18Receivables on subscriptions 20,753.90Dividends receivable 39,636.45TOTAL ASSETS 36,745,955.37

LIABILITIESPayables on securities purchased -87,431.00Payables on spot forex transactions -74,002.18Other liabilities -172,170.69TOTAL LIABILITIES -333,603.87Total net assets 36,412,351.50

USDNote


VAM Funds (Lux)

118.42119.19

13,818.10157.25

35,913.33854,906.2591,615.369

20,947.599

Class A USDClass B USDClass C USDClass E USD

Number of sharesClass A USDClass B USDClass C USDClass E USD




Subscriptions1,985,405.801,746,937.24

10,724,072.741,101,244.93



-4,780,509.43-5,586,464.40-1,827,961.39



USDNote



45


24,481.97918,070.449-6,639.09035,913.338


Class A USD

83,688.18816,228.429

-45,010.35854,906.259


Class B USD

1,268.049811.611

-464.2911,615.369


Class C USD

26,743.0007,616.032

-13,411.43320,947.599


Class E USD


VAM Funds (Lux)



CHARGESInterests on bonds -385.60Bank interest -1,334.43Management company fee (4) -375,888.49Portfolio management fee -520.70Performance fee (10) -765,862.07Depositary bank fee (5) -16,268.04Directors fee -12,201.67Service fee -39,465.32Taxe d'abonnement (7) -4,045.32Audit fees payable -21,009.34Other charges -259,540.45TOTAL CHARGES -1,496,521.43Net income -1,069,048.43Realised profit on investments 5,785,166.75Realised loss on investments -1,786,889.47Realised profit on foreign exchange 1,465.41Realised loss on foreign exchange -111,840.21Net Realised Result 2,818,854.05Change of unrealised profit on securities 5,105,378.66Change of unrealised loss on foreign exchange 190.19Result for the year 7,924,422.90

USDNote

46

Grupo Financiero Galicia SA ADR 4,742 312,260.70 0.9USD 219,763.53

SECURITIES


Argentina

312,260.70 0.9219,763.53Total ArgentinaUS3999091008

Erste Group Bk I 5,812 252,820.35 0.7EUR 259,977.04Austria

252,820.35 0.7259,977.04Total AustriaAT0000652011

Credicorp Ltd 1,093 226,720.99 0.6USD 190,209.42Bermudas

226,720.99 0.6190,209.42Total BermudasBMG2519Y1084

BMF Bovespa NM (N) 34,348 235,898.49 0.6BRL 243,156.96Brazil

BRBVMFACNOR3Braskem Pfd Rg-A (N) /VZ 13,699 177,056.68 0.5BRL 176,845.86BRBRKMACNPA4Kroton Educacional SA 78,217 433,899.31 1.2BRL 407,766.25BRKROTACNOR9Lojas Renner NM (N) 17,169 183,705.00 0.5BRL 160,882.31BRLRENACNOR1Odontoprev NM (N) 44,240 212,204.84 0.6BRL 189,326.65BRODPVACNOR4R Banco Santander Brasil Uts 24,867 239,007.59 0.7BRL 236,684.85BRSANBCDAM13Raia Drogasil NM (N) 8,669 239,928.40 0.7BRL 189,356.32BRRADLACNOR0Telef Brasil Pfd (N) /VZ 10,352 151,743.19 0.4BRL 157,682.86BRVIVTACNPR7Via Varejo CDA N2 Ant 33,433 246,648.96 0.7BRL 230,210.16BRVVARCDAM10Weg NM (N) 20,500 149,011.93 0.4BRL 148,403.51BRWEGEACNOR0Vale SA ADR 24,862 304,062.26 0.8USD 249,662.58

2,573,166.65 7.12,389,978.31Total BrazilUS91912E1055

Li Ning Co Ltd 313,634 254,045.48 0.7HKD 277,600.45Cayman Islands

KYG5496K1242Shenzhou International Group Holdings Ltd 29,008 276,169.27 0.8HKD 211,226.94KYG8087W1015Shimao Ppty (N) 34,543 75,143.88 0.2HKD 76,115.44KYG810431042Tencent Holdings Ltd 33,350 1,732,632.69 4.8HKD 917,405.05KYG875721634






VAM Funds (Lux)

47

Silergy Corp 5,805 132,648.03 0.4TWD 109,520.27KYG8190F1028NetEase Inc ADR 662 228,436.34 0.6USD 218,529.47US64110W1027New Oriental Education & Technology Group Inc ADR 2,755 258,970.00 0.7USD 245,928.25US6475811070Silicon Motion Technology Corp ADR 5,477 290,061.92 0.8USD 291,154.44

3,248,107.61 8.92,347,480.31Total Cayman IslandsUS82706C1080

Aluminum Corp of China Ltd 210,440 150,530.58 0.4HKD 140,997.88China

CNE1000001T8China Construction Bank Corp 813,428 749,438.93 2.1HKD 664,615.69CNE1000002H1China Shenhua Energy Co Ltd 169,277 438,639.38 1.2HKD 428,880.13CNE1000002R0ICBC-H (N) 569,143 458,096.19 1.3HKD 461,846.77CNE1000003G1Ping An Insurance Group Co of China Ltd 74,044 770,782.88 2.1HKD 419,020.03CNE1000003X6Alibaba Group Holding Ltd ADR 6,928 1,194,595.04 3.3USD 743,498.33US01609W1027Baidu Inc ADR 912 213,599.52 0.6USD 218,346.21US0567521085JD.com Sp ADR-A (N) 8,478 351,158.76 1.0USD 347,468.59

4,326,841.28 11.93,424,673.63Total ChinaUS47215P1066

Commercial International Bank Egypt SAE 27,509 119,841.45 0.3EGP 156,303.55Egypt

119,841.45 0.3156,303.55Total EgyptEGS60121C018

LVMH 1,482 436,717.69 1.2EUR 411,322.75France

436,717.69 1.2411,322.75Total FranceFR0000121014

Infineon Technolo N (N) 8,432 231,211.61 0.6EUR 222,723.54Germany

231,211.61 0.6222,723.54Total GermanyDE0006231004

HSBC Hldg (N) 17,952 186,050.34 0.5GBP 179,016.16Great Britain

186,050.34 0.5179,016.16Total Great BritainGB0005405286

Hellenic Telecommunications Organization SA 19,705 272,114.89 0.7EUR 193,608.89Greece

272,114.89 0.7193,608.89Total GreeceGRS260333000






VAM Funds (Lux)

48

AIA Group Ltd 58,341 497,575.12 1.4HKD 353,072.53Hong Kong

HK0000069689China Mengniu Da (N) 96,163 286,098.51 0.8HKD 265,462.08KYG210961051CSPC Pharmaceuti (N) 179,052 361,552.03 1.0HKD 323,773.23HK1093012172Galaxy Entertain (N) 44,375 356,033.23 1.0HKD 255,788.14HK0027032686Techtronic Ind (N) 44,265 288,595.32 0.8HKD 238,754.67

1,789,854.21 4.91,436,850.65Total Hong KongHK0669013440

Crompton (N) 14,187 61,236.80 0.2INR 60,672.66India

INE299U01018Edelweiss Finan (N) 46,781 217,683.88 0.6INR 117,063.49INE532F01054Indraprastha Gas (N) 56,875 299,228.13 0.8INR 250,724.05INE203G01027Maruti Suzuki India Ltd 2,311 352,284.07 1.0INR 187,090.37INE585B01010Motherson Sumi DS (N) 34,577 205,453.34 0.6INR 137,778.32INE775A01035Petronet LNG (N) 60,144 240,052.82 0.7INR 240,239.43INE347G01014Reliance Industries Ltd 17,565 253,472.98 0.7INR 169,264.28INE002A01018State Bank of In (N) 76,868 373,222.20 1.0INR 384,480.27INE062A01020Titan Com (N) 24,165 324,900.45 0.9INR 284,850.18INE280A01028Zee Entertainment (R) 34,976 318,818.98 0.9INR 315,556.01INE256A01028HDFC Bank Ltd ADR 9,239 939,329.13 2.6USD 607,226.95

3,585,682.78 9.82,754,946.01Total IndiaUS40415F1012

Bank Central Asia Tbk PT 379,083 613,379.25 1.7IDR 469,643.57Indonesia

613,379.25 1.7469,643.57Total IndonesiaID1000109507

Keyence Corp 561 314,350.62 0.9JPY 249,692.78Japan

314,350.62 0.9249,692.78Total JapanJP3236200006

Aptiv (N) 2,069 175,513.27 0.5USD 184,740.09Jersey

175,513.27 0.5184,740.09Total JerseyJE00B783TY65






VAM Funds (Lux)

49

Sands China Ltd 54,766 282,773.82 0.8HKD 287,197.77Macao

282,773.82 0.8287,197.77Total MacaoKYG7800X1079

Public Bank Bhd 69,392 356,305.39 1.0MYR 326,532.34Malaysia

356,305.39 1.0326,532.34Total MalaysiaMYL1295OO004

Grupo Financiero Banorte SAB de CV 53,863 296,851.11 0.8MXN 329,019.45Mexico

MXP370711014Wal-Mart (N) 159,469 392,773.10 1.1MXN 381,791.92MX01WA000038Am Movil Sp ADR-L (N) 10,041 172,203.15 0.5USD 174,824.13

861,827.36 2.4885,635.50Total MexicoUS02364W1053

X5 Retail Group NV 2,150 81,753.75 0.2USD 96,330.45Netherlands

US98387E2054Yandex NV 8,791 287,905.25 0.8USD 290,280.19


Buenaventura Sp.ADR (N) 21,869 307,915.52 0.8USD 312,132.64Peru

307,915.52 0.8312,132.64Total PeruUS2044481040

BDO Unibank (N) 112,374 369,172.98 1.0PHP 291,138.75Philippines

PHY077751022SM Prime Holdings Inc 313,445 235,457.67 0.6PHP 170,779.76

604,630.65 1.7461,918.51Total PhilippinesPHY8076N1120

LUKOIL PJSC ADR 7,835 452,001.15 1.2USD 399,591.06Russia

US69343P1057MMC Norilsk Nickel PJSC ADR 17,734 331,359.79 0.9USD 328,253.83US55315J1025NOVATEK SP GDR Reg-S (N) 1,912 228,484.00 0.6USD 228,252.87US6698881090Sberbank of Russia PJSC ADR 86,534 1,466,751.30 4.0USD 935,439.36

2,478,596.24 6.81,891,537.12Total RussiaUS80585Y3080

Capitec Bank Holdings Ltd 2,944 261,046.10 0.7ZAR 138,690.68South Africa

ZAE000035861






VAM Funds (Lux)

50

Mr. Price Group (N) 16,104 318,465.38 0.9ZAR 207,918.71ZAE000200457Naspers Rg-N (N) 2,393 666,930.45 1.8ZAR 476,957.46ZAE000015889Sasol Ltd 5,661 195,754.80 0.5ZAR 177,415.31ZAE000006896Standard Bank Gr (N) 15,993 252,711.43 0.7ZAR 203,385.41

1,694,908.16 4.71,204,367.57Total South AfricaZAE000109815

HANA FINL GR (N) 5,746 267,211.11 0.7KRW 263,064.48South Korea

KR7086790003Hyundai Marine & Fire Insurance Co Ltd 3,469 152,251.54 0.4KRW 142,290.76KR7001450006ING Life Korea (N) 4,318 215,319.54 0.6KRW 163,856.07KR7079440004Macquarie Korea Infrastructure Fund 17,262 132,985.60 0.4KRW 121,887.09KR7088980008NAVER (N) 452 367,212.31 1.0KRW 349,259.03KR7035420009Netmarble Games (N) 636 111,951.01 0.3KRW 99,311.73KR7251270005POSCO CHEMTECH (N) 2,342 87,042.13 0.2KRW 81,696.36KR7003670007Samsung Biologics Co Ltd (N) 1,052 364,459.44 1.0KRW 277,062.45KR7207940008Samsung Electronics Co Ltd 227 443,028.53 1.2KRW 278,623.27KR7005931001Samsung Electronics Co Ltd 438 1,042,156.84 2.9KRW 802,569.70KR7005930003Shinhan Financial Group Co Ltd 3,196 147,432.51 0.4KRW 140,581.07KR7055550008SK (N) 1,188 313,951.40 0.9KRW 306,036.94

3,645,001.96 10.03,026,238.95Total South KoreaKR7034730002

Nestle SA 2,976 255,914.62 0.7CHF 259,168.10Switzerland


Cathay Financial Holding Co Ltd 374,382 673,067.19 1.8TWD 522,511.10Taiwan

TW0002882008MediaTek (N) 18,405 181,833.05 0.5TWD 169,231.25TW0002454006Taiwan Semiconductor Manufacturing Co Ltd ADR 26,872 1,065,474.80 2.9USD 809,232.87

1,920,375.04 5.31,500,975.22Total TaiwanUS8740391003

Kasikornbank PCL 35,203 250,602.88 0.7THB 208,598.36Thailand

TH0016010R14






VAM Funds (Lux)

51

Minor Intl NVDR (N) 207,852 279,029.85 0.8THB 255,809.95

529,632.73 1.5464,408.31Total ThailandTH0128010R17

Turk Hava Yollari AO 1 2.90 0.0TRY 1.01Turkey

TRATHYAO91M5Turkcell Iletisi Br 109,311 446,285.84 1.2TRY 398,339.85

446,288.74 1.2398,340.86Total TurkeyTRATCELL91M1

DP World Ltd 7,069 176,725.00 0.5USD 133,739.61United Arab Emirates

176,725.00 0.5133,739.61Total United Arab EmiratesAEDFXA0M6V00

MercadoLibre Inc 1,006 316,547.96 0.9USD 272,539.04United States

US58733R1023Yum China Hld-WI (N) 6,370 254,927.40 0.7USD 251,522.09

Total Equities 33,166,663.28 91.127,153,794.50


571,475.36 1.6524,061.13Total United StatesUS98850P1093

Parade Technolog (N) 11,231 222,291.78 0.6TWD 173,419.57

Unlisted securitiesEquities

Cayman Islands

222,291.78 0.6173,419.57Total Cayman IslandsKYG6892A1085

Larsen & Toubro DS (N) 9,148 180,340.56 0.5INR 179,877.49India

INE018A01030Tata Consultancy DS (N) 10,784 456,390.85 1.3INR 450,582.73

Total Equities 859,023.19 2.4803,879.79

859,023.19 2.4803,879.79Total Unlisted securities

636,731.41 1.7630,460.22Total IndiaINE467B01029






VAM Funds (Lux)

52

iShs MSCI South Korea ETF 5,225 391,509.25 1.1USD 373,823.15

Investment fund unitsUnits of non-group investment funds

Total Units of non-group investment funds 391,509.25 1.1373,823.15

391,509.25 1.1373,823.15Total Investment fund units


United States

391,509.25 1.1373,823.15Total United StatesUS4642867729

Call-Wts Powergrid/ML 05/18 158,676 496,655.88 1.4USD 340,582.38WARRANTS

TOTAL WARRANTS 496,655.88 1.4340,582.38


CWN5645J6999







VAM Funds (Lux)


53


ASSETSInvestment portfolio at market value 8,356,187.78Cost 7,389,340.47Cash held with custodian bank 1,258,940.84Dividends receivable 20,535.85TOTAL ASSETS 9,635,664.47


USDNote

VAM Funds (Lux) - International Real Estate Equity

VAM Funds (Lux)

221.62163.38

16,989.19

1,864.87750,366.435

57.195

Class A USDClass B USDClass C USD

Number of sharesClass A USDClass B USDClass C USD





3,191,742.320.00



-3,489,824.03-2,782,974.40



USDNote



54


2,764.050783.584

-1,682.7571,864.877


Class A USD

52,443.53121,464.782

-23,541.87850,366.435


Class B USD

231.7330.000

-174.53857.195


Class C USD


VAM Funds (Lux)


INCOMEDividends 275,646.09Bank interest 528.87Other income 349.90TOTAL INCOME 276,524.86

CHARGESBank interest -419.74Management company fee (4) -183,475.84Performance fee (10) -101,699.96Depositary bank fee (5) -5,649.81Directors fee -4,815.52Service fee -15,355.48Taxe d'abonnement (7) -1,199.59Audit fees payable -6,069.76Other charges -40,013.07TOTAL CHARGES -358,698.77Net income -82,173.91Realised profit on investments 943,777.71Realised loss on investments -1,362,153.32Realised profit on foreign exchange 13,014.50Realised loss on foreign exchange -25,707.78Net Realised Result -513,242.80Change of unrealised profit on securities 2,372,111.19Change of unrealised loss on foreign exchange 170.74Result for the year 1,859,039.13

USDNote

55

Goodman Group 37,857 249,313.23 2.6AUD 193,148.25

SECURITIES


Australia

AU000000GMG2Mirvac Group 157,116 288,785.45 3.0AUD 244,064.59

538,098.68 5.6437,212.84Total AustraliaAU000000MGR9

BUWOG AG 6,287 216,898.78 2.3EUR 142,930.15Austria

216,898.78 2.3142,930.15Total AustriaAT00BUWOG001

MRV Engenharia e Participacoes SA 13,041 59,132.84 0.6BRL 41,781.67Brazil

BRMRVEACNOR2Multiplan Empreendimentos Imobiliarios SA 8,596 183,743.77 1.9BRL 165,735.89

242,876.61 2.5207,517.56Total BrazilBRMULTACNOR5

China Resources Land Ltd 39,511 116,286.82 1.2HKD 120,255.78Cayman Islands

KYG2108Y1052CK Asset (N) 17,543 153,323.67 1.6HKD 104,093.57KYG2177B1014Wynn Macau (N) 46,400 146,952.78 1.5HKD 146,734.82

416,563.27 4.3371,084.17Total Cayman IslandsKYG981491007

Nexity SA 1,013 60,359.30 0.6EUR 54,959.44France

FR0010112524Unibail-Rodamco SE 1,093 275,624.29 2.9EUR 258,549.52

335,983.59 3.5313,508.96Total FranceFR0000124711

Alstria office REIT-AG 17,747 274,911.36 2.9EUR 233,481.21Germany

DE000A0LD2U1Deutsche Wohnen AG 4,658 203,936.13 2.1EUR 126,934.62DE000A0HN5C6LEG Immobilien AG 1,159 132,619.93 1.4EUR 86,972.94DE000LEG1110PATRIZIA Immobilien AG 7,170 166,472.06 1.7EUR 121,116.53DE000PAT1AG3TLG Immobilien AG 8,153 216,805.93 2.3EUR 135,220.27DE000A12B8Z4






VAM Funds (Lux)

56

Vonovia SE 6,594 327,734.68 3.4EUR 230,492.91

1,322,480.09 13.8934,218.48Total GermanyDE000A1ML7J1

Balfour Beatty PLC 61,058 244,658.22 2.5GBP 223,083.15Great Britain

GB0000961622Barratt Devlop (N) 14,855 130,924.00 1.4GBP 96,931.79GB0000811801Berkeley Grp Ant 2,471 141,866.64 1.5GBP 96,364.07GB00B02L3W35Big Yellow Group PLC 19,710 230,640.14 2.4GBP 186,582.70GB0002869419Capital & Regional PLC 92,064 72,235.39 0.8GBP 87,362.05GB0001741544Derwent London PLC 1,572 66,137.09 0.7GBP 75,922.90GB0002652740Land Sec REIT (N) 7,455 102,061.12 1.1GBP 141,489.24GB00BYW0PQ60Safestore Holdings PLC 17,311 116,529.19 1.2GBP 94,310.47GB00B1N7Z094The UNITE Group PLC 19,931 216,239.80 2.2GBP 138,418.73

1,321,291.59 13.71,140,465.10Total Great BritainGB0006928617

Henderson Land Development Co Ltd 15,919 104,907.77 1.1HKD 80,730.99Hong Kong

HK0012000102Link REIT 26,974 250,073.91 2.6HKD 152,928.25HK0823032773Sino Land Co Ltd 86,946 153,982.13 1.6HKD 141,766.15HK0083000502Sun Hung Kai Properties Ltd 9,275 154,766.21 1.6HKD 137,262.98

663,730.02 6.9512,688.37Total Hong KongHK0016000132

Bumi Serpong Damai Tbk PT 1,119,485 140,610.53 1.5IDR 178,723.40Indonesia

ID1000110802Ciputra Development Tbk PT 1,161,347 101,678.94 1.1IDR 135,266.64ID1000115306Summarecon Agung Tbk PT 671,004 46,849.78 0.5IDR 88,637.47


Green REIT plc 99,756 186,271.94 1.9EUR 167,568.12Ireland

186,271.94 1.9167,568.12Total IrelandIE00BBR67J55

Daiwa House Industry Co Ltd 3,870 148,655.96 1.5JPY 92,659.91Japan

JP3505000004Iida Group Holdings Co Ltd 7,603 143,426.17 1.5JPY 124,549.58JP3131090007






VAM Funds (Lux)

57

Mitsubishi Estate Co Ltd 11,945 207,838.83 2.2JPY 277,132.99JP3899600005Mitsui Fudosan Co Ltd 11,265 252,509.11 2.6JPY 316,468.73JP3893200000Penta-Ocean Construction Co Ltd 17,327 129,207.32 1.3JPY 76,993.94JP3309000002Sekisui House Ltd 7,373 133,229.32 1.4JPY 119,000.39JP3420600003Sumitomo Realty & Development Co Ltd 7,109 233,693.53 2.4JPY 245,809.40JP3409000001Taisei Corp 2,934 146,119.25 1.5JPY 93,883.24JP3443600006Tokyo Tatemono Co Ltd 15,936 215,317.06 2.2JPY 276,059.84JP3582600007Tokyu Fudosan Holdings Corp 28,500 206,199.18 2.1JPY 206,256.27

1,816,195.73 18.91,828,814.29Total JapanJP3569200003

ADO Properties SA 1,823 92,554.95 1.0EUR 59,158.74Luxembourg

92,554.95 1.059,158.74Total LuxembourgLU1250154413

Sands China Ltd 31,661 163,475.55 1.7HKD 131,497.64Macao

163,475.55 1.7131,497.64Total MacaoKYG7800X1079

Corp Inmobiliaria Vesta SAB de CV 36,864 45,897.42 0.5MXN 70,725.82Mexico

MX01VE0M0003Macquarie Mexico Real Estate Management SA de CV 29,419 31,200.00 0.3MXN 51,770.16MXCFFI0U0002PLA Administradora Industrial S de RL de CV 28,619 43,779.39 0.5MXN 58,434.46

120,876.81 1.3180,930.44Total MexicoMXCFTE0B0005

NSI Br 2,409 100,567.37 1.0EUR 87,155.15Netherlands


Ayala Land Inc 138,954 124,144.11 1.3PHP 110,029.08Philippines

124,144.11 1.3110,029.08Total PhilippinesPHY0488F1004

Mapletree Industrial Trust 90,186 136,993.51 1.4SGD 100,049.55Singapore

136,993.51 1.4100,049.55Total SingaporeSG2C32962814






VAM Funds (Lux)

58

Hyundai Devt -E&C (N) 1,313 47,265.98 0.5KRW 51,300.57South Korea

47,265.98 0.551,300.57Total South KoreaKR7012630000

Merlin Properties Socimi SA 6,837 92,773.10 1.0EUR 76,549.27Spain

92,773.10 1.076,549.27Total SpainES0105025003

Sinpas Gayrimenkul Yatirim Ortakligi AS 1 0.12 0.0TRY 0.62

Total Equities 8,228,181.05 85.67,255,306.61


Turkey

0.12 0.00.62Total TurkeyTRESNGY00019

China Overseas Land & Investment Ltd 39,775 128,006.73 1.3HKD 134,033.86

Transferable securities dealt on another regulated marketEquities

Total Equities 128,006.73 1.3134,033.86

128,006.73 1.3134,033.86Total Transferable securities dealt on another regulated market



Hong Kong








VAM Funds (Lux)


59


ASSETSInvestment portfolio at market value 47,457,604.44Cost 41,331,557.78Cash held with custodian bank 2,059,440.16Receivables on spot forex transactions 1,408.39Receivables on subscriptions 79,317.81Dividends receivable 5,475.73TOTAL ASSETS 49,603,246.53

LIABILITIESPayables on spot forex transactions -1,408.39Other liabilities -385,496.81TOTAL LIABILITIES -386,905.20Total net assets 49,216,341.33

USDNote


VAM Funds (Lux)

201.02121.43

13,285.06

7,265.404199,410.497

1,772.039


Number of sharesClass A USDClass B USDClass C USD




Subscriptions1,428,235.532,084,097.59

22,697,814.45


Redemptions-1,333,367.55-5,588,418.98

-11,124,423.91



USDNote



60


6,651.3657,685.107

-7,071.0687,265.404


Class A USD

233,381.15318,563.084

-52,533.740199,410.497


Class B USD

882.4161,825.632-936.009

1,772.039


Class C USD


VAM Funds (Lux)


INCOMEDividends 286,883.33Bank interest 2,636.07Other income 12,054.14TOTAL INCOME 301,573.54

CHARGESBank interest -366.44Management company fee (4) -585,618.62Performance fee (10) -855,713.31Depositary bank fee (5) -20,798.18Directors fee -16,022.69Service fee -45,458.02Taxe d'abonnement (7) -4,069.23Audit fees payable -19,556.05Other charges -113,046.43TOTAL CHARGES -1,660,648.97Net income -1,359,075.43Realised profit on investments 7,869,940.00Realised loss on investments -2,676,166.76Realised profit on foreign exchange 3,254.33Realised loss on foreign exchange -174,186.93Net Realised Result 3,663,765.21Change of unrealised profit on securities 5,276,110.79Change of unrealised loss on foreign exchange -96.41Result for the year 8,939,779.59

USDNote

61

NEXTDC Ltd 127,480 598,246.74 1.2AUD 408,699.90

SECURITIES


Australia

598,246.74 1.2408,699.90Total AustraliaAU000000NXT8

Erste Group Bk I 11,036 480,062.86 1.0EUR 463,195.96Austria

480,062.86 1.0463,195.96Total AustriaAT0000652011

Umicore (N) 10,850 514,055.26 1.0EUR 391,392.45Belgium

514,055.26 1.0391,392.45Total BelgiumBE0974320526

Lojas Renner NM (N) 41,100 439,762.10 0.9BRL 475,697.94Brazil

BRLRENACNOR1Raia Drogasil NM (N) 19,400 536,925.94 1.1BRL 459,673.35BRRADLACNOR0Via Varejo CDA N2 Ant 37,299 275,170.03 0.6BRL 255,641.98

1,251,858.07 2.51,191,013.27Total BrazilBRVVARCDAM10

Arcos Dor Hldg Rg-A (N) 36,773 380,600.55 0.8USD 349,940.65British Virgin Islands

380,600.55 0.8349,940.65Total British Virgin IslandsVGG0457F1071

Air Canada Vtg (N) 25,272 522,023.09 1.1CAD 480,933.62Canada

CA0089118776CAE (N) 26,325 490,615.31 1.0CAD 415,257.66CA1247651088CES Energy Soltn (N) 94,556 492,819.75 1.0CAD 471,319.74CA15713J1049Dollarama Inc 2,839 355,868.19 0.7CAD 265,680.90CA25675T1075Parkland Fuel (N) 12,225 261,986.55 0.5CAD 275,536.30CA70137T1057Canada Goose SV (N) 16,738 528,251.28 1.1USD 321,657.50

2,651,564.17 5.42,230,385.72Total CanadaCA1350861060






VAM Funds (Lux)

62

Nexteer Automotive (R) 170,000 405,054.29 0.8HKD 351,354.53Cayman Islands

405,054.29 0.8351,354.53Total Cayman IslandsKYG6501M1050

JD.com Sp ADR-A (N) 5,700 236,094.00 0.5USD 244,270.65China

236,094.00 0.5244,270.65Total ChinaUS47215P1066

Chr. Hansen Holding 2,780 260,943.99 0.5DKK 189,857.01Denmark

260,943.99 0.5189,857.01Total DenmarkDK0060227585

Maisons du monde 12,160 551,224.55 1.1EUR 472,186.71France

FR0013153541Teleperformance 3,148 451,542.78 0.9EUR 433,662.87

1,002,767.33 2.0905,849.58Total FranceFR0000051807

Covestro I 5,347 552,380.24 1.1EUR 461,954.07Germany

DE0006062144Fraport I 4,512 497,706.78 1.0EUR 479,968.78DE0005773303MTU Aero Engines N (N) 3,360 602,792.58 1.2EUR 584,380.87DE000A0D9PT0PUMA I 1,141 497,359.36 1.0EUR 392,564.96

2,150,238.96 4.41,918,868.68Total GermanyDE0006969603

Abcam (N) 26,783 384,783.03 0.8GBP 342,636.70Great Britain

GB00B6774699Anglo American (N) 12,604 265,137.38 0.5GBP 240,329.78GB00B1XZS820Ashtead Group (N) 18,580 500,939.38 1.0GBP 484,128.48GB0000536739ASOS (N) 2,812 255,575.84 0.5GBP 244,133.70GB0030927254Clinigen Group Plc 24,251 337,908.44 0.7GBP 315,878.72GB00B89J2419Croda Intl (N) 10,850 648,760.16 1.3GBP 612,370.75GB00BYZWX769Halma PLC 16,207 278,005.93 0.6GBP 223,505.29GB0004052071Spirax-Sarco Engineering PLC 4,801 366,954.59 0.7GBP 311,396.87GB00BWFGQN14Superdry (N) 19,325 519,456.92 1.1GBP 476,337.44GB00B60BD277Atlassian Rg-A (N) 9,933 452,150.16 0.9USD 367,950.65GB00BZ09BD16






VAM Funds (Lux)

63

Venator Mtls (N) 10,515 232,591.80 0.5USD 241,418.09

4,242,263.63 8.63,860,086.47Total Great BritainGB00BF3ZNS54

Burford Cap -NPV (N) 16,051 251,879.17 0.5GBP 239,634.45Guernsey

251,879.17 0.5239,634.45Total GuernseyGG00B4L84979

Galaxy Entertain (N) 65,240 523,439.06 1.1HKD 435,866.23Hong Kong


Moncler N (n) 17,723 555,038.17 1.1EUR 478,168.47Italy

555,038.17 1.1478,168.47Total ItalyIT0004965148

ASAHI INTECC (N) 14,200 489,107.74 1.0JPY 349,511.26Japan

JP3110650003Itochu Techno-Solutions Corp 13,000 564,334.60 1.1JPY 406,425.83JP3143900003Keyence Corp 600 336,203.87 0.7JPY 267,606.43JP3236200006Koito Manufacturing Co Ltd 5,701 400,830.44 0.8JPY 350,275.41JP3284600008KOSE (N) 1,800 281,075.38 0.6JPY 243,107.09JP3283650004MINEBEA MITSUMI Inc 27,400 574,776.17 1.2JPY 451,669.58JP3906000009Mitsubishi Chem Hld (N) 37,500 411,632.69 0.8JPY 353,312.86JP3897700005Nihon M&A Center Inc 4,705 224,294.37 0.5JPY 173,516.75JP3689050007Nintendo (N) 1,300 475,356.69 1.0JPY 481,255.26JP3756600007OMRON Corp (N) 8,800 524,972.33 1.1JPY 446,003.86JP3197800000Recruit Hldg (N) 19,800 492,161.56 1.0JPY 391,603.70JP3970300004Seria Co Ltd 8,400 507,075.55 1.0JPY 381,367.37JP3423520000SMC Corp (N) 1,200 494,079.07 1.0JPY 396,085.82JP3162600005Start Today Co Ltd 8,512 258,807.38 0.5JPY 208,977.90JP3399310006TechnoPro Holdings Inc 10,100 548,728.18 1.1JPY 388,414.19

6,583,436.02 13.45,289,133.31Total JapanJP3545240008

Aptiv (N) 4,695 398,276.85 0.8USD 385,247.92Jersey

JE00B783TY65






VAM Funds (Lux)

64

Delphi Tech(s) (N) 4,365 229,031.55 0.5USD 217,233.51

627,308.40 1.3602,481.43Total JerseyJE00BD85SC56

B&M European Value Retail SA 81,410 465,469.04 0.9GBP 352,658.82Luxembourg

LU1072616219Samsonite International SA (N) 112,218 515,515.36 1.0HKD 420,741.92


Aalberts Industries NV 7,685 391,233.96 0.8EUR 348,114.50Netherlands

NL0000852564AerCap Hold Br 9,573 503,635.53 1.0USD 470,283.30NL0000687663X5 Retail Group NV 6,198 235,678.95 0.5USD 247,351.91US98387E2054Yandex NV 13,998 458,434.50 0.9USD 464,262.49

1,588,982.94 3.21,530,012.20Total NetherlandsNL0009805522

Aker BP (N) 10,466 258,345.03 0.5NOK 246,281.07Norway

NO0010345853Marine Harvest ASA 14,594 248,011.72 0.5NOK 282,921.52

506,356.75 1.0529,202.59Total NorwayNO0003054108

Broadcom Ltd 3,142 807,179.80 1.6USD 654,059.95Singapore

807,179.80 1.6654,059.95Total SingaporeSG9999014823

Indutrade (N) 14,267 389,631.01 0.8SEK 349,089.04Sweden

389,631.01 0.8349,089.04Total SwedenSE0001515552

Temenos Group AG 2,885 370,061.57 0.8CHF 225,647.36Switzerland

CH0012453913Coca-Cola HBC AG 13,363 440,365.63 0.9GBP 455,545.26


Alarm.com Holdin (N) 6,506 245,601.50 0.5USD 254,969.43United States

US0116421050Albemarle Corp 2,856 365,253.84 0.7USD 307,815.52US0126531013Altair Engnrng-A (N) 11,152 266,755.84 0.5USD 212,754.54US0213691035






VAM Funds (Lux)

65

Analog Devices Inc 5,504 490,021.12 1.0USD 469,543.26US0326541051ANGI Homesvcs-A (N) 19,885 207,997.10 0.4USD 243,997.80US00183L1026Applied Materials Inc 6,382 326,247.84 0.7USD 267,016.46US0382221051Arista Networks Inc 1,239 291,883.62 0.6USD 217,331.23US0404131064Array BioPharma Inc 30,697 392,921.60 0.8USD 351,509.86US04269X1054Builders FirstSo (N) 25,514 555,950.06 1.1USD 448,602.70US12008R1077Camping World Holdings Inc 11,465 512,829.45 1.0USD 522,232.58US13462K1097Catalent (N) 8,859 363,927.72 0.7USD 359,596.25US1488061029Diamondback Energy Inc 3,757 474,321.25 1.0USD 362,330.67US25278X1090Eagle Materials (N) 4,325 490,022.50 1.0USD 440,406.79US26969P1084EPAM Systems (N) 5,723 614,821.89 1.2USD 476,332.27US29414B1044Extract Oil&Gas (N) 24,291 347,604.21 0.7USD 380,182.56US30227M1053Fortive Corp 6,589 476,714.15 1.0USD 377,310.16US34959J1088Gardner Denver Hldgs (N) 12,408 421,003.44 0.9USD 346,801.76US36555P1075Ingevity Corp 6,721 473,628.87 1.0USD 437,340.75US45688C1071Inogen Inc 2,433 289,721.64 0.6USD 220,410.97US45780L1044Invitation REIT (N) 20,018 471,824.26 1.0USD 432,283.69US46187W1071Lamb Wst Hldg-WI (N) 9,744 550,048.80 1.1USD 476,767.10US5132721045Live Nation Entertainment Inc 7,724 328,810.68 0.7USD 254,125.38US5380341090LogMeIn (N) 4,207 481,701.50 1.0USD 478,312.70US54142L1098Loxo Oncology Inc 4,875 410,377.50 0.8USD 403,840.51US5488621013Masco (N) 11,458 503,464.52 1.0USD 439,572.89US5745991068Mercury Systems Inc 9,658 495,938.30 1.0USD 445,359.06US5893781089Monster Beverage Corp 12,974 821,124.46 1.7USD 653,954.67US61174X1090Nutanix Rg-A (N) 10,100 356,328.00 0.7USD 364,476.39US67059N1081Old Dominion Freight Line Inc 3,969 522,121.95 1.1USD 346,917.20US6795801009ON Semiconductor Corp 14,964 313,346.16 0.6USD 250,199.84US6821891057Oshkosh Corp 6,054 550,248.06 1.1USD 460,467.01US6882392011Polaris Inds (N) 4,161 515,922.39 1.0USD 490,489.86US7310681025






VAM Funds (Lux)

66

Proofpoint Inc 2,845 252,664.45 0.5USD 243,175.50US7434241037Quanta Services (N) 12,860 502,954.60 1.0USD 473,876.42US74762E1029Raymond J Financ (N) 5,763 514,635.90 1.0USD 461,458.56US7547301090Royal Gold (N) 5,176 425,053.12 0.9USD 429,779.97US7802871084ServiceMast Glb (N) 7,686 394,061.22 0.8USD 351,804.95US81761R1095United Rentals Inc 3,362 577,961.42 1.2USD 409,334.95US9113631090Vantiv Inc 8,314 611,494.70 1.2USD 594,935.98US92210H1059Vertex Pharmaceu (N) 2,088 312,907.68 0.6USD 323,095.32US92532F1003Welbilt (N) 16,300 383,213.00 0.8USD 352,452.12US9490901041Western Alliance (N) 8,700 492,594.00 1.0USD 486,155.85US9576381092Workday-A (N) 2,297 233,696.78 0.5USD 250,385.59US98138H1014XPO Logistics Inc 8,662 793,352.58 1.6USD 449,200.80US9837931008Yum China Hld-WI (N) 5,900 236,118.00 0.5USD 245,494.01

Total Equities 47,457,604.44 96.441,331,557.78




19,659,191.67 39.917,264,401.88Total United StatesUS98850P1093







VAM Funds (Lux)


67


Class E GBPClass E USD

Subscriptions0.000.00

Class E GBPClass E USD

Redemptions-1,031,380.70-1,556,004.70

Result for the year 73,369.67

NET ASSETS AT THE END OF THE YEAR 0.00

USDNote


VAM Funds (Lux)

Statement of changes in net assets for the yearfrom January 1, 2017 to March 15, 2017


68


8,293.9550.000

-8,293.9550.000


Class E GBP

15,000.0000.000

-15,000.0000.000


Class E USD


VAM Funds (Lux)

Statement of operations for the yearfrom January 1, 2017 to March 15, 2017

INCOMEDividends 2,872.01Interest on bonds 1,489.61TOTAL INCOME 4,361.62

CHARGESManagement company fee (4) -9,358.51Directors fee -67.49Amortization of formation expenses (8) -7,005.39Taxe d'abonnement (7) -8.66Trading fees on securities (9) -43.71Audit fees payable -985.21Other charges -6,320.50TOTAL CHARGES -23,789.47Net income -19,427.85Realised profit on investments 63,064.46Realised loss on foreign exchange -8,287.40Realised loss on forward foreign exchange contracts -8,038.34Net Realised Result 27,310.87Change of unrealised profit on securities 50,928.02Change of unrealised loss on foreign exchange -4,869.22Result for the year 73,369.67

USDNote


69


Class A USDClass D USDClass U USD


3,047,067.910.00

Class A USDClass D USDClass U USD

Redemptions-2,039,365.03-4,500,371.49

-19,857,322.84



USDNote


VAM Funds (Lux)

Statement of changes in net assets for the yearfrom January 1, 2017 to September 22, 2017


70


18,761.0612,719.671

-21,480.7320.000


Class A USD

11,999.84431,830.955

-43,830.7990.000


Class D USD

161,348.2610.000

-161,348.2610.000


Class U USD


VAM Funds (Lux)

Statement of operations for the yearfrom January 1, 2017 to September 22, 2017


CHARGESBank interest -721.35Management company fee (4) -198,661.15Performance fee (10) -444,526.37Depositary bank fee (5) -6,373.65Directors fee -6,888.04Service fee -18,693.05Amortization of formation expenses (8) -13,262.34Taxe d'abonnement (7) -1,938.17Audit fees payable -8,746.60Other charges -10,496.58TOTAL CHARGES -710,307.30Net income -352,926.33Realised profit on investments 796,314.35Realised loss on investments -445,234.99Realised profit on foreign exchange 208.60Realised loss on foreign exchange -3,587.91Net Realised Result -5,226.28Change of unrealised profit on securities 4,653,751.93Change of unrealised profit on foreign exchange 12,279.44Result for the year 4,660,805.09

USDNote


71


Class A USDClass C USDClass E USD


0.0054,257.80

Class A USDClass C USDClass E USD


-10,610,647.94-1,024,025.79



USDNote


VAM Funds (Lux)



72


4,227.1693,851.968

-8,079.1370.000


Class A USD

1,000.0000.000

-1,000.0000.000


Class C USD

7,816.824464.000

-8,280.8240.000


Class E USD


VAM Funds (Lux)



CHARGESBank interest -458.50Management company fee (4) -82,213.86Performance fee (10) -141,568.13Depositary bank fee (5) -4,532.92Directors fee -3,773.50Service fee -17,455.95Amortization of formation expenses (8) -11,015.93Taxe d'abonnement (7) -1,005.39Audit fees payable -8,235.02Other charges -105,124.56TOTAL CHARGES -375,383.76Net income -116,442.90Realised profit on investments 2,992,760.63Realised loss on investments -771,962.25Net Realised Result 2,104,355.48Change of unrealised loss on securities -674,334.74Change of unrealised loss on foreign exchange -193,763.23Result for the year 1,236,257.51

USDNote


73


Class A USDClass C USD


0.00



-24,865,823.58



USDNote


VAM Funds (Lux)



74


6,482.9911,286.953

-7,769.9440.000


Class A USD

2,378.31311.608

-2,389.9210.000


Class C USD


VAM Funds (Lux)


INCOMEDividends 394,061.55Other income 1,271.42TOTAL INCOME 395,332.97

CHARGESBank interest -177.53Management company fee (4) -144,164.36Performance fee (10) -139,144.91Depositary bank fee (5) -5,472.63Directors fee -6,652.52Service fee -24,509.86Amortization of formation expenses (8) -20,290.76Taxe d'abonnement (7) -1,632.00Audit fees payable -8,307.96Other charges -55,190.47TOTAL CHARGES -405,543.00Net income -10,210.03Realised profit on investments 3,895,976.90Realised loss on investments -742,557.28Net Realised Result 3,143,209.59Change of unrealised loss on securities -320,887.25Result for the year 2,822,322.34

USDNote


75


ASSETSInvestment portfolio at market value 21,576,490.31Cost 18,057,796.61Cash held with custodian bank 2,233,822.70Receivables on securities sold 52,582.53Receivables on spot forex transactions 90,397.24Receivables on subscriptions 232,864.86Dividends receivable 4,260.53Formation expenses (net) (8) 9,941.40TOTAL ASSETS 24,200,359.57

LIABILITIESPayables on securities purchased -64,279.81Payables on spot forex transactions -90,397.24Other liabilities -85,981.51TOTAL LIABILITIES -240,658.56Total net assets 23,959,701.01

USDNote


VAM Funds (Lux)

121.7712,560.98

19,731.2301,716.183


Number of sharesClass A USDClass C USD




Subscriptions3,185,901.872,419,571.08


Redemptions-1,827,727.06-6,317,205.16



USDNote



76


8,197.55227,992.585

-16,458.90719,731.230


Class A USD

2,113.853202.082

-599.7521,716.183


Class C USD


VAM Funds (Lux)


INCOMEDividends 259,950.28Other income 60.66TOTAL INCOME 260,010.94

CHARGESBank interest -3.72Management company fee (4) -201,239.60Performance fee (10) -616,424.91Depositary bank fee (5) -11,552.89Directors fee -9,265.05Service fee -27,183.17Amortization of formation expenses (8) -3,959.16Taxe d'abonnement (7) -2,732.99Audit fees payable -13,536.36Other charges -201,945.08TOTAL CHARGES -1,087,842.93Net income -827,831.99Realised profit on investments 5,351,068.12Realised loss on investments -939,248.17Realised profit on foreign exchange 159.80Realised loss on foreign exchange -114,043.41Net Realised Result 3,470,104.35Change of unrealised profit on securities 2,586,707.85Change of unrealised loss on foreign exchange -50.91Result for the year 6,056,761.29

USDNote

77

ALS (N) 24,289 132,792.59 0.6AUD 145,269.37

SECURITIES


Australia

AU000000ALQ6Bapcor Ltd 43,100 190,463.94 0.8AUD 196,496.42AU000000BAP9NEXTDC Ltd 67,673 317,580.42 1.3AUD 188,931.04

640,836.95 2.7530,696.83Total AustraliaAU000000NXT8

BUWOG AG 5,065 174,740.31 0.7EUR 122,595.39Austria

AT00BUWOG001FACC I 10,283 213,435.80 0.9EUR 182,353.07

388,176.11 1.6304,948.46Total AustriaAT00000FACC2

Haier Elect Grp (N) 51,863 142,022.14 0.6HKD 125,720.08Bermudas

142,022.14 0.6125,720.08Total BermudasBMG423131256

Cyrela Brazil (N) 17,527 69,856.85 0.3BRL 79,741.39Brazil

BRCYREACNOR7GOL Lin Aere Pfd (N) /VZ 34,998 154,051.55 0.6BRL 121,028.94BRGOLLACNPR4Marcopolo Pfd (N) /VZ 90,420 108,769.56 0.5BRL 113,359.70BRPOMOACNPR7R Fibria Celulose 6,260 90,308.01 0.4BRL 101,704.71BRFIBRACNOR9Randon Part Pfd (N) /VZ 46,718 100,988.84 0.4BRL 113,205.95

523,974.81 2.2529,040.69Total BrazilBRRAPTACNPR4

Arcos Dor Hldg Rg-A (N) 15,171 157,019.85 0.7USD 141,739.21British Virgin Islands

157,019.85 0.7141,739.21Total British Virgin IslandsVGG0457F1071

Air Canada Vtg (N) 15,367 317,423.59 1.3CAD 304,917.96Canada

CA0089118776CAE (N) 15,461 288,144.48 1.2CAD 246,112.73CA1247651088CES Energy Soltn (N) 47,446 247,285.48 1.0CAD 258,146.50CA15713J1049Kelt Exploration (N) 20,019 114,883.35 0.5CAD 95,581.17CA4882951060






VAM Funds (Lux)

78

Kirkland Lake Gl (N) 8,150 125,350.24 0.5CAD 98,902.58CA49741E1007Martinrea Intl (N) 15,273 195,530.52 0.8CAD 179,871.29CA5734591046Parex Resources Inc 13,931 201,922.15 0.8CAD 146,758.03CA69946Q1046Parkland Fuel (N) 10,605 227,269.31 0.9CAD 242,418.26CA70137T1057Trican Well Svc (N) 59,818 194,795.03 0.8CAD 210,888.45CA8959451037Canada Goose SV (N) 7,855 247,903.80 1.0USD 144,071.63

2,160,507.95 9.01,927,668.60Total CanadaCA1350861060

CIMC Enric Hldgs (N) 135,976 114,317.38 0.5HKD 115,339.82Cayman Islands

KYG2198S1093Nexteer Automotive (R) 58,169 138,597.66 0.6HKD 81,994.33KYG6501M1050GDS Holding SpADS-A (N) 9,554 215,251.62 0.9USD 153,273.96

468,166.66 2.0350,608.11Total Cayman IslandsUS36165L1089

China Railway Signal & Communication Corp Ltd 207,312 162,353.07 0.7HKD 165,298.96China

162,353.07 0.7165,298.96Total ChinaCNE1000021L3

Chr. Hansen Holding 1,848 173,462.05 0.7DKK 125,355.48Denmark

DK0060227585FLSmidth & Co. 2,445 142,470.96 0.6DKK 129,806.95

315,933.01 1.3255,162.43Total DenmarkDK0010234467

Latecoere 16,226 111,256.55 0.5EUR 107,961.22France

FR0000032278Maisons du monde 6,355 288,078.29 1.2EUR 210,235.29FR0013153541MERSEN P 3,855 172,852.92 0.7EUR 173,601.46FR0000039620Teleperformance 2,337 335,214.57 1.4EUR 220,028.56

907,402.33 3.8711,826.53Total FranceFR0000051807

Carl Zeiss Meditec 3,661 227,547.48 0.9EUR 163,415.64Germany

DE0005313704CTS Eventim 1,986 92,590.99 0.4EUR 73,570.76DE0005470306Fraport I 2,852 314,596.57 1.3EUR 298,060.02DE0005773303MTU Aero Engines N (N) 1,230 220,665.14 0.9EUR 215,207.71DE000A0D9PT0






VAM Funds (Lux)

79

PUMA I 500 217,948.89 0.9EUR 180,573.70DE0006969603Scout24 N (N) 4,202 171,811.09 0.7EUR 168,627.17DE000A12DM80SGL Carbon I 13,327 182,277.95 0.8EUR 220,214.42DE0007235301STRATEC Biomed N (N) 1,444 112,431.56 0.5EUR 117,381.35DE000STRA555Vapiano 4,646 135,291.02 0.6EUR 121,555.51

1,675,160.69 7.01,558,606.28Total GermanyDE000A0WMNK9

Abcam (N) 14,327 205,831.55 0.9GBP 161,563.78Great Britain

GB00B6774699Balfour Beatty PLC 70,326 281,794.90 1.2GBP 257,513.20GB0000961622Clinigen Group Plc 13,829 192,690.44 0.8GBP 141,801.78GB00B89J2419Croda Intl (N) 6,733 402,590.06 1.7GBP 357,474.26GB00BYZWX769Dechra Pharmaclt (N) 7,715 218,025.12 0.9GBP 176,036.85GB0009633180Dunelm Group (N) 12,411 116,183.66 0.5GBP 123,509.13GB00B1CKQ739Fenner (N) 26,030 140,765.05 0.6GBP 113,110.44GB0003345054Rentokil Initial PLC 49,878 214,839.56 0.9GBP 143,488.69GB00B082RF11Scapa Group (N) 43,968 261,710.75 1.1GBP 218,116.38GB0007281198Sophos Group (N) 31,378 241,316.99 1.0GBP 135,025.18GB00BYZFZ918Spirax-Sarco Engineering PLC 1,716 131,158.94 0.5GBP 84,575.25GB00BWFGQN14SSP Group Plc 17,338 160,078.80 0.7GBP 82,044.41GB00BNGWY422Stock Spirits (N) 33,136 120,022.24 0.5GBP 102,500.43GB00BF5SDZ96Superdry (N) 4,265 114,643.40 0.5GBP 107,198.98GB00B60BD277Vesuvius (N) 44,651 355,173.60 1.5GBP 300,772.03GB00B82YXW83Worldpay Group PLC 31,102 178,859.32 0.7GBP 127,679.55

3,335,684.38 13.92,632,410.34Total Great BritainGB00BYYK2V80

Burford Cap -NPV (N) 13,797 216,508.43 0.9GBP 204,486.00Guernsey

216,508.43 0.9204,486.00Total GuernseyGG00B4L84979

Bumi Serpong Damai Tbk PT 667,535 83,844.31 0.3IDR 104,082.96Indonesia







VAM Funds (Lux)

80

Azimut Holding SpA 10,990 210,756.33 0.9EUR 197,479.47Italy

IT0003261697DiaSorin N (N) 1,186 105,388.79 0.4EUR 112,422.18IT0003492391GIMA TT (N) 11,417 227,719.20 1.0EUR 199,745.57IT0005279143Maire Tecnimont N (n) 30,548 158,395.72 0.7EUR 125,084.76IT0004931058Moncler N (n) 7,636 239,139.62 1.0EUR 216,236.70IT0004965148OVS N (N) 20,559 137,139.98 0.6EUR 157,893.69

1,078,539.64 4.51,008,862.37Total ItalyIT0005043507

ASAHI INTECC (N) 5,654 194,747.55 0.8JPY 137,332.22Japan

JP3110650003DAIFUKU (N) 1,370 74,674.69 0.3JPY 37,932.03JP3497400006FUJI ELECTRIC (N) 31,420 236,809.07 1.0JPY 220,327.83JP3820000002Furukawa Electri (N) 1,649 81,391.66 0.3JPY 88,787.43JP3827200001Ichikoh Ind (N) 36,444 324,497.56 1.4JPY 297,329.24JP3141600001Itochu Techno-Solutions Corp 7,006 304,132.94 1.3JPY 201,145.96JP3143900003Koito Manufacturing Co Ltd 3,328 233,987.67 1.0JPY 177,310.52JP3284600008KOSE (N) 2,084 325,422.83 1.4JPY 227,709.77JP3283650004KUSURI AOKI HLD (N) 3,716 196,940.26 0.8JPY 206,125.97JP3266190002M&A Cap Partners (R) 4,116 269,294.40 1.1JPY 207,465.32JP3167320005MINEBEA MITSUMI Inc 8,458 177,425.43 0.7JPY 87,854.56JP3906000009Miura Co (N) 9,298 250,101.70 1.0JPY 222,110.58JP3880800002Net One Systems (N) 15,882 244,195.44 1.0JPY 198,579.65JP3758200004Nichias Corp 9,549 127,239.82 0.5JPY 98,503.79JP3660400007Nifco Inc/Japan 2,743 187,256.38 0.8JPY 159,584.71JP3756200006Nihon M&A Center Inc 2,066 98,489.30 0.4JPY 56,446.33JP3689050007NOK (N) 7,577 176,971.20 0.7JPY 179,212.30JP3164800009PALTAC CORPORATION 3,625 165,407.65 0.7JPY 83,365.64JP3782200004Rohm (N) 2,976 329,709.89 1.4JPY 250,435.95JP3982800009Ryohin Keikaku (N) 769 239,617.16 1.0JPY 188,399.13JP3976300008






VAM Funds (Lux)

81

Seria Co Ltd 2,033 122,724.36 0.5JPY 63,434.39JP3423520000Start Today Co Ltd 4,241 128,947.62 0.5JPY 78,573.42JP3399310006TADANO (N) 13,678 227,185.63 0.9JPY 213,236.71JP3465000002TechnoPro Holdings Inc 4,829 262,357.27 1.1JPY 139,828.27JP3545240008Tokai Carbon Co (N) 14,471 179,207.93 0.7JPY 123,893.58JP3560800009Tokyo Tatemono Co Ltd 14,131 190,929.05 0.8JPY 183,919.96

5,349,664.46 22.34,128,845.26Total JapanJP3582600007

ADO Properties SA 4,470 226,944.95 0.9EUR 187,325.84Luxembourg

LU1250154413APERAM SA 3,405 175,511.45 0.7EUR 169,942.27LU0569974404B&M European Value Retail SA 47,377 270,882.28 1.1GBP 196,312.25LU1072616219Samsonite International SA (N) 38,077 174,920.94 0.7HKD 168,502.72


Promotora y Operadora de Infraestructura SAB de CV 11,628 115,676.64 0.5MXN 131,659.89Mexico

115,676.64 0.5131,659.89Total MexicoMX01PI000005

Aalberts Industries NV 6,590 335,488.84 1.4EUR 252,237.73Netherlands

NL0000852564RHI-MAG (N) 3,928 205,677.03 0.9EUR 149,450.35NL0012650360TomTom Br 18,648 184,853.37 0.8EUR 210,723.32


Skandiabanken ASA 17,391 172,223.59 0.7NOK 149,102.60Norway

NO0010739402Walls Wilh Log (N) 16,280 117,930.41 0.5NOK 111,950.28

290,154.00 1.2261,052.88Total NorwayNO0010571680

Metro Pacific Investments Corp 747,214 102,531.14 0.4PHP 94,626.52Philippines

102,531.14 0.494,626.52Total PhilippinesPHY603051020






VAM Funds (Lux)

82

Mota Engil (N) 70,377 309,560.61 1.3EUR 270,492.69Portugal

309,560.61 1.3270,492.69Total PortugalPTMEN0AE0005

Clicks Group (N) 9,357 136,873.67 0.6ZAR 87,378.35South Africa

136,873.67 0.687,378.35Total South AfricaZAE000134854

Hotel Shilla (N) 1,126 89,270.02 0.4KRW 78,898.37South Korea

KR7008770000Koh Young Tech (N) 1,977 152,307.11 0.6KRW 90,906.84

241,577.13 1.0169,805.21Total South KoreaKR7098460009

Tubacex I 24,073 96,839.61 0.4EUR 90,948.69Spain

96,839.61 0.490,948.69Total SpainES0132945017

Com Hem Holding AB 14,482 221,806.94 0.9SEK 137,850.05Sweden

SE0005999778Saab AB 3,686 179,629.34 0.7SEK 129,701.38SE0000112385SAS (N) 43,168 112,302.80 0.5SEK 128,966.25

513,739.08 2.1396,517.68Total SwedenSE0003366871

Bobst Grp N (N) 849 112,909.59 0.5CHF 98,253.62Switzerland

CH0012684657Bucher Industries N (N) 862 350,284.25 1.5CHF 320,863.11


Kingpak Tech (N) 13,541 126,270.94 0.5TWD 121,700.38

Total Equities 21,576,490.31 90.118,057,796.61




Taiwan

126,270.94 0.5121,700.38Total TaiwanTW0006238009







VAM Funds (Lux)

VAM Funds (Lux)

83

�otes to the Audited Annual Report as at December 31, 2017

1. General Information

VAM Funds (Lux) (the “Fund”) is an open-ended investment fund with multiple compartments (société d‘investissement à capital

variable (“SICAV”) à compartiments multiples) governed by Luxembourg law, established in accordance with the provisions of Part I

of the amended Law of December 17, 2010 (the “Law of 2010”) relating to undertakings for collective investment.

The Fund was incorporated for an indefinite period on April 11, 2005. The purpose of the Fund is to offer investors access to a world-

wide selection of markets and a variety of investment techniques via a range of specialised products (“Compartments”) included

under a same and single structural umbrella.

The Board of Directors has appointed VAM Global Management Company SA (hereafter the “Management Company”) as the

Management Company of the Fund to be responsible on a day-to-day basis, under the supervision of the Board of Directors, for

providing administration, marketing and investment management and advisory services in respect of all Funds.

The Management Company is a public limited company (“société anonyme”) incorporated on June 9, 2016. Its registered office is at

16, rue Jean-Pierre Brasseur, L-1258 Luxembourg, Grand Duchy of Luxembourg and its share capital amounted to EUR 300,000 as at

that date.

The Management Company has been set up with the main object of creating and administering UCITS as well as other types of

Luxembourg funds. It may manage the portfolio of such investment funds and perform all the functions enumerated in Annex II of the

2010 Law. In addition, it may distribute in Luxembourg and/or third countries the parts and shares of investment funds. It may

delegate all or part only of its activities in accordance with Luxembourg law.

Each Compartment may issue the Classes of Shares listed below, each available in USD, or any other currencies as determined by the

Board of Directors, each again available as Distributive Shares or Accumulative Shares, each again available as hedged Classes of

Shares or unhedged Classes of Shares, except Class C Shares which are only available in USD and only Accumulative. Each Class of

Shares are subject to a minimum initial subscription and holding requirements set forth in the Prospectus.

Class A Shares:

− for all Compartments shall be normally available in accordance with the provisions of the Prospectus and the Appendix to the

Prospectus.

Class B Shares:

− for all Compartments shall be reserved for investments made by investors qualifying as institutional investors within the

meaning of the Law of 2010.

Class C Shares:

− for all Compartments may only be subscribed by investment funds of the VAM Group.

Class D Shares:

− for all Compartments shall be reserved to investors qualifying as Institutional Investors.

Class E Shares:

− VAM Funds (Lux) - Americas All Cap Fund (until March 15, 2017) may only be subscribed by investors having entered into a

specific agreement with the Investment Manager;

− for all other Compartments (when applicable) shall be reserved for investments made by investors qualifying as institutional

investors within the meaning of the Law of 2010.

Class H Shares:

− Only applicable to VAM Funds (Lux) - Accessible Clean Energy Fund (until September 22, 2017). They shall be reserved for

investments made by investors qualifying as institutional investors within the meaning of the Law of 2010 and having

entered into a specific agreement with the Investment Manager.

Class U Shares:

− Only applicable to VAM Funds (Lux) - Accessible Clean Energy Fund (until September 22, 2017). They shall be reserved for

investments made by investors qualifying as institutional investors with the meaning of the Law of 2010.

VAM Funds (Lux)

84

2. Summary of significant accounting policies

The financial statements of the Fund are prepared in accordance with Luxembourg regulations relating to undertakings for collective

investments. The combined financial statements are expressed in USD.

a) Foreign currency translation

For the preparation of the combined financial statements as of December 31, 2017 in USD, the statements of each Compartment

denominated in currencies other than USD (the base currency) have been translated at the exchange rates prevailing as at the

date of the report (please refer to Note 11). Combined statements are obtained by the arithmetic sum of statements of each

individual Compartment.

In each Compartment, investments as well as other assets and liabilities stated in foreign currencies are translated into the base

currency of the Compartment at the exchange rates prevailing as at the date of the report. The costs of investments are at

historical exchange rates. Transactions in foreign currency during the year are translated at the rates prevailing at the date of

transaction. Realised and unrealised exchange gains and losses, if any, are recorded in the statement of operations of each

Compartment.

b) Investments

The value of securities, which are traded on a stock exchange or traded on another regulated market providing reliable price

quotations are valued at the latest price available on the valuation day. In the event that any securities held in the portfolio are not

listed on any stock exchange or not traded on any other regulated market or if the price obtained as described above is not

representative of the fair value of the securities, the value of such securities will be based on the reasonably foreseeable sales

price determined prudently and in good faith by the Board of Directors of the Fund.

The cost of investments sold is determined on the basis of the weighted average price method.

c) Forward foreign exchange contracts

Forward foreign exchange contracts are valued at forward market rates for the remaining period from valuation date to the

maturity of the contract.

d) Futures contracts

Initial margin deposits are made upon entering into future contracts and can be made either in cash or securities. During the

period for which the future contract is open, changes in the value of the contract are recognised as unrealised gains or losses by

marking to market on a daily basis to reflect the value of the contract at the end of each day’s trading. Variation margin payments

are made or received, depending on whether unrealised losses or gains are incurred. Any unrealised gains or losses, if any, are

reported in the statement of net assets. When the contract is closed, the Compartment records a realised gain or loss equal to the

difference between the proceeds from (or cost of) the closing transaction and the Fund basis in the contract.

Futures contracts remaining open at the closing date are valued by reference to the last known market price. Any unrealised gains

and losses, if any, are included in the statement of net assets.

e) Income recognition

Interest income is accounted for on an accrual basis.

Dividends are accrued on the date upon which the relevant security becomes ex-dividend. These are accounted for net of any

applicable withholding taxes in the relevant country.

f) Options

An option is a contract that gives the buyer the right, but not the obligation, to buy (call) or sell (put) the underlying asset at or

within a certain point in time in the futures at a pre-determined price (strike price) against the payment of a premium, which

represent the maximum loss for the buyer of an option.

Options remaining open at the closing date are valued by reference to the last known market price. Any unrealised gains and

losses, if any, are included in the statement of net assets.

VAM Funds (Lux)

85

3. �et asset value

a) Computation

The net asset value of a share type in each Compartment will be calculated by dividing the net assets of that Compartment

attributable to that type of share by the total number of shares outstanding of that type of that Compartment. The net assets of a

Compartment correspond to the difference between the total assets and the total liabilities of the Compartment.

b) Redemption of shares

Each Shareholder of any Class of a Compartment has the right to request at any time the redemption of her/his/its shares at an

amount equal to the net asset value per share of the relevant Class of the Compartment as described in the preceding paragraph.

For each Compartment the Fund may temporarily suspend the calculation of the net asset value per share, the redemption and the

conversion of shares under certain well defined circumstances as disclosed in the Prospectus.

4. Management company fees

The Management Company and the Fund have appointed the following investment managers for the Compartments shown below:

Driehaus Capital Management LLC for

• VAM Funds (Lux) - US Mid Cap Growth Fund

• VAM Funds (Lux) - US Small Cap Growth Fund

• VAM Funds (Lux) - US Micro Cap Growth Fund

• VAM Funds (Lux) - US Large Cap Growth Fund

• VAM Funds (Lux) - Emerging Markets Growth Fund

• VAM Funds (Lux) - International Real Estate Equity Fund

• VAM Funds (Lux) - World Growth Fund

• VAM Funds (Lux) - Frontier Markets Fund (until September 22, 2017)

• VAM Funds (Lux) - Focused Global Equity Fund (until September 22, 2017)

• VAM Funds (Lux) - International Opportunities Fund

SCD & Co. Ltd for

• VAM Funds (Lux) - Americas All Cap Fund (until March 15, 2017)

Opportunité S.A. for

• VAM Funds (Lux) - Accessible Clean Energy Fund (until September 22, 2017)

In relation to the Compartments, the Management Company was entitled to receive from the Fund fees, payable on a monthly basis at

a total annual rate (expressed in percentage) per Share Class of the average net asset of the relevant Class, as detailed in the below

table:

A* B* C D* E H U

VAM Funds (Lux) - US Mid Cap Growth Fund 1.75 1.75 0.75 0.85 1.00

VAM Funds (Lux) - US Small Cap Growth Fund 1.75 1.75 0.75 0.85 1.00

VAM Funds (Lux) - US Micro Cap Growth Fund 1.75 1.75 0.75 0.85 1.25

VAM Funds (Lux) - US Large Cap Growth Fund 1.75 1.75 0.75 0.85 1.00

VAM Funds (Lux) - Emerging Markets Growth Fund 1.75 1.75 0.75 0.85 1.00

VAM Funds (Lux) - World Growth Fund 1.75 1.75 0.75 0.85 1.00

VAM Funds (Lux) - International Real Estate Equity Fund 1.75 1.75 0.75 0.85 1.00

VAM Funds (Lux) - Americas All Cap Fund (until March 15, 2017) 2.25 0.75 1.50 1.25 1.00

VAM Funds (Lux) - Accessible Clean Energy Fund (until September 22, 2017) 2.25 0.75 1.50 1.50 1.00

VAM Funds (Lux) - Frontier Markets Fund (until September 22, 2017) 1.75 0.75 0.85 1.00

VAM Funds (Lux) - Focused Global Equity Fund (until September 22, 2017) 1.75 1.75 0.75 0.85 1.00

VAM Funds (Lux) - International Opportunities Fund 1.75 1.75 0.75 0.85 1.00 * Except for VAM Funds (Lux) - Americas All Cap Fund and for VAM Funds (Lux) - Accessible Clean Energy Fund, since March 1, 2017, the Class A and Class B

Shares have had a fee reduced from 2.25% p.a. to 1.75% p.a. and the Class D shares from 1.50% p.a. to 0.85% p.a.

The investment managers were remunerated by the Management Company out of the fees that it received from the Fund.

VAM Funds (Lux)

86

Under the terms of the Management Services Agreement dated September 1, 2016, as may be amended from time to time, the

Management Company is entitled to receive a Management Company Service fee in accordance to the following scale of fees,

payable monthly in arrears:

• up to USD 250 mln: 0.21%

• from USD 250 mln to USD 500 mln: 0.17%

• from USD 500 mln to USD 1 bln: 0.07%

• above USD 1 bln 0.06%

subject to a minimum fee of USD 18,000 p.a. per Compartment.

As from June 1, 2017, the Depositary Bank fees, included within the above detailed fee scale, have been accrued separately and are

payable monthly in arrears to the Depositary Bank, in accordance to the agreement executed on September 1, 2016.

5. Depositary Bank fee

Under the terms of the Depositary Bank and Paying Agent agreement dated September 1, 2016 and out of the Management Company

fees, the Depositary Bank is entitled to receive a Depositary Bank fee in accordance to the following details, payable monthly in

arrears:

• 4 bps p.a. for the following compartments

VAM Funds (Lux) — US Mid Cap Growth Fund, VAM Funds (Lux) — US Small Cap Growth Fund, VAM Funds (Lux) —

US Micro Cap Growth Fund, VAM Funds (Lux) US Large Cap Growth Fund, VAM Funds (Lux) — Accessible Clean Energy

Fund (until September 22, 2107) and VAM Funds (Lux) – Focused Global Equity Fund (until September 22, 2107).

• 6 bps for the other compartments;

Subject to a minimum of USD 18,000.- per compartment.

6. Administration fees

The administration of Share Classes denominated in other currency than the compartment’s currency will be charged via a fixed fee of

EUR 10,000 p.a. (prorated) per Share Class, charged to the relevant Compartment (the “Share Administration Charge”).

7. Taxes

In accordance with the Law of 2010, the Fund is not subject to any tax on income, capital gains tax or wealth tax. Moreover, no

dividends distributed by the Fund, if any, are subject to withholding tax.

However, income collected by the Fund on securities in its portfolios may be subject to withholding tax which, in normal

circumstances, cannot be reclaimed.

The Fund is only subject to the Luxembourg subscription tax (“taxe d’abonnement”) payable quarterly, at a rate of 0.05% per annum

based on the net asset value of each Compartment at the end of the relevant quarter, calculated and paid quarterly. In respect of any

Class of Shares which comprises only institutional investors (within the meaning of article 174 of the Law of 2010), the tax levied

will be at the rate of 0.01% per annum.

However, no tax is levied on the asset value represented by shares held in other undertakings for collective investment falling under

Luxembourg law.

8. Formation expenses

The costs and expenses incurred in connection with the formation of the Fund respectively in connection with the launching of new

Compartments or Classes of Shares are amortised over a period not exceeding 5 years.

9. Transaction costs

The transaction costs are included within the costs of the securities and in the net realised profit/loss on securities for securities sold. A

portion of these transaction costs being invoiced by sub-custodians are included in the Statement of Operations i.a. in “Other charges”.

VAM Funds (Lux)

87

9. Transaction costs (continued)

For the period ended December 31, 2017, the transaction costs amounted to / and expressed in percentage on average NAV:

VAM Funds (Lux) - US Mid Cap Growth Fund USD 75,204.86 0.50%

VAM Funds (Lux) - US Small Cap Growth Fund USD 184,686.21 0.61%

VAM Funds (Lux) - US Micro Cap Growth Fund USD 320,087.96 0.91%

VAM Funds (Lux) - US Large Cap Growth Fund USD 42.142,36 0.19%

VAM Funds (Lux) - Emerging Markets Growth Fund USD 355.501,67 1.26%

VAM Funds (Lux) - International Real Estate Equity Fund USD 39.396,85 0.36%

VAM Funds (Lux) - World Growth Fund USD 232.822,87 0.65%

VAM Funds (Lux) - Americas All Cap Fund (until March 15, 2017) USD 7,045.02 0.29%

VAM Funds (Lux) - Accessible Clean Energy Fund (until September 22, 2017) USD 52.694,78 0.25%

VAM Funds (Lux) - Frontier Markets Fund (until September 22, 2017) USD 161.681,25 1.40%

VAM Funds (Lux) - Focused Global Equity Fund (until September 22, 2017) USD 81.683,45 0.39%

VAM Funds (Lux) - International Opportunities Fund USD 237.839,15 1.15%

10. Performance Fee

Compartments eligible for performance fees are as follows:

• VAM Funds (Lux) - US Mid Cap Growth Fund

• VAM Funds (Lux) - US Small Cap Growth Fund

• VAM Funds (Lux) - US Micro Cap Growth Fund

• VAM Funds (Lux) - US Large Cap Growth Fund

• VAM Funds (Lux) - Emerging Markets Growth Fund

• VAM Funds (Lux) - International Real Estate Equity Fund

• VAM Funds (Lux) - World Growth Fund

• VAM Funds (Lux) - Americas All Cap Fund (until March 15, 2017)

• VAM Funds (Lux) - Frontier Markets Fund (until September 22, 2017)

• VAM Funds (Lux) - Focused Global Equity Fund (until September 22, 2017)

• VAM Funds (Lux) - International Opportunities Fund

In addition to the Management Company Fee, a performance fee may be paid to the Management Company on a quarterly basis in

relation to Class A, Class B, Class C and Class D Shares.

The Management Company is entitled to a performance fee calculated and due in relation of each Valuation Day for each share and

fraction thereof in issue at the rate of 15% of the difference – if positive – between:

− the net asset value per share before deduction of the daily performance fee to be calculated, but after deduction of all other fees

attributable to the respective Class of Shares, including but not limited to the Management Company Fee;

and

− the greater of (“High Water Mark”)

i) the highest net asset value per share of the Class recorded on any preceding day during the same financial year of the Fund,

and

ii) the last net asset value per share of the Class recorded for the immediately preceding financial year of the Fund,

each of them increased on a pro rata temporis basis by a rate of 12% p.a. (the “hurdle rate”).

In relation to Classes of Shares launched during the financial year of the Fund, the initial High Water Mark shall be equal to the initial

subscription price of such Class of Shares. Performance of Classes of Shares in currencies other than the reference currency of the

Compartment shall be measured in the currency of such Classes of Shares.

The amounts so accumulated during each calendar quarter shall be paid to the Management Company after each calendar quarter end.

No performance fee is due in relation to Class E and Class H Shares (if any).

VAM Funds (Lux)

88

10. Performance Fee (continued)

• VAM Funds (Lux) - Accessible Clean Energy Fund (until September 22, 2017)

In addition to the Management Company Fee, a performance fee may be paid to the Management Company on a quarterly basis in

relation to Class A, Class C, Class D, Class H and Class U Shares.

In relation to Class A, Class C and Class D Shares, the Management Company is entitled to a performance fee calculated and due in

relation of each Valuation Day for each share and fraction thereof in issue at the rate of 15% of the difference – if positive (the

“Performance Fee”) – between:



and



and



In relation to Class H Shares, the Management Company is entitled to a performance fee calculated and due in relation of each

Valuation Day for each Share and fraction thereof in issue at the rate of 12% of the difference – if positive (the “Performance Fee”) –

between:



and



and



In relation to Class U Shares, the Management Company is entitled to a performance fee calculated and due in relation of each

Valuation Day for each Share and fraction thereof in issue at the rate of 12% of the difference – if positive (the “Performance Fee”) –

between:



and

− the highest net asset value per share of the Class recorded since launch of the Class (the “High Water Mark”), increased on a pro

rata temporis basis by a rate of 10% p.a. (the “hurdle rate”).

In relation to Classes of Shares launched during the financial year of the Fund, the initial High Water Mark shall be equal to the initial

subscription price of such Class of Shares. Performance of Classes of Shares in currencies other than the reference currency of the

Compartment shall be measured in the currency of such Classes of Shares.

The performance fee is paid to VAM Global Management SA after each calendar quarter end.

VAM Funds (Lux)

89

11. Exchange rates

The exchange rates used as of December 31, 2017 are:

1 USD = AED 3.672799 1 USD = JPY 112.645937 1 USD = TRY 3.791593

1 USD = AUD 1.278536 1 USD = KES* 103.250213 1 USD = TWD 29.758451

1 USD = BDT* 81.964301 1 USD = KRW 1,070.879121 1 USD = VND* 22,802.380952

1 USD = BRL 3.316882 1 USD = KWD* 0.301500 1 USD = XOF* 548.020362

1 USD = CAD 1.252894 1 USD = MXN 19.565523 1 USD = ZAR 12.382465

1 USD = CHF 0.974500 1 USD = MYR 4.046994

1 USD = CLP 614.826498 1 USD = NGN 359.992612

1 USD = CNY* 6.593713 1 USD = NOK 8.179315

1 USD = DKK 6.200411 1 USD = PEN* 3.247495

1 USD = EGP 17.782847 1 USD = PHP 49.920598

1 USD = EUR 0.832764 1 USD = PKR* 105.303771

1 USD = GBP 0.739210 1 USD = RON* 3.841549

1 USD = HKD 7.814755 1 USD = RUB 57.570745

1 USD = HRK* 6.253066 1 USD = SEK 8.187493

1 USD = IDR 13,534.722222 1 USD = SGD 1.336396

1 USD = INR 63.826303 1 USD = THB 32.589793

*exchange rate used as at September 22, 2017

12. Forward foreign exchange contracts

As of December 31, 2017, the following forward foreign exchange contracts were open and were only invested in to hedge the

Classes of shares denominated in currencies other than the compartment base currency:

The counterparty for all the financial derivative instruments listed in the table below is VP Bank (Luxembourg) SA.


Currency Purchases Currency Sales Maturity Unrealised

gains/losses (-)

(in USD)

GBP 76,193.00 USD 102,868.17 March 29, 2018 507.30

GBP 3,346,885.24 USD 4,503,234.09 March 29, 2018 37,679.70

TOTAL 38,187.00

13. Related party transactions

All transactions with related parties were entered into the ordinary course of business and under normal commercial terms. The

related parties to the Fund is the Management Company. The fees for the transactions with related parties are described in Notes 4, 5

and 10.

As of December 31, 2017, the Compartments had not invested in related parties and there were no direct shareholdings in the Fund by

any member of the Board of Directors of the Fund.

14. Risk Management Process

The Fund must employ a risk management process that enables it to monitor and measure at any time the risk of the positions in its

portfolios and their contribution to the overall risk profile of its portfolios, as included but not limited to the CSSF Circular 11/512.

The global risk exposure relating to financial derivative instruments may be calculated through the “commitment approach” or

through a Value-at-Risk (“VaR”) methodology. Generally, a Compartment that uses derivatives more extensively or as part of its

investment objective will utilize the VaR methodology, and a Compartment that uses derivatives less extensively will utilize the

commitment approach.

For all Compartments the commitment approach is used to calculate the global risk exposure.

VAM Funds (Lux)

90

15. Corporate governance statement

The Board of Directors of the Fund confirms its adherence with the principles contained in the ALFI (Association Luxembourgeoise

des Fonds d’Investissements) Code of Conduct for Luxembourg Investment Funds.

16. Events

On February 21, 2017, the Board of Directors co-opted Mr David Macdonald as Board Member.

As from March 1, 2017, the Management Company fees have decreased for the Class A, Class B and Class D shares for all

compartments except VAM Funds (Lux) - Americas All Cap Fund and VAM Funds (Lux) - Accessible Clean Energy Fund (please

refer to Note 4).

On March 17, 2017, the Class D shares of VAM Funds (Lux) - US Small Cap Growth Fund and of VAM Funds (Lux) - US Large

Cap Growth Fund were launched at USD 100.00.

On September 22, 2017 following Compartments were merged:

VAM Funds (Lux) - Focused Global Equity Fund into VAM Funds (Lux) - World Growth Fund

and

VAM Funds (Lux) - Frontier Markets Fund into VAM Funds (Lux) - Emerging Markets Growth Fund

and

VAM Funds (Lux) - Accessible Clean Energy Fund into Argos Funds - Accessible Clean Energy Fund

17. Remuneration Policy (unaudited)

VAM Global Management Company SA (VAM ManCo) will adopt a remuneration policy which shall be in line with the requirements

of Luxembourg law of May 10, 2016 transposing Directive 2014/91/EU of the European Parliament and of the Council of

July 23, 2014 amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to

undertakings for collective investment in transferable securities (UCITS).

In accordance with the requirements imposed under the UCITS law, VAM ManCo needs to put in place remuneration policies and

procedures that:

- Promote sound and effective risk management

- Discourage risk taking that is inconsistent with the risk profile of the UCITS it manages

- Prevent conflicts of interest and discourage risk taking

- Are aligned with the business strategy, objectives, values and interests of VAM ManCo and the UCITS it manages.

VAM ManCo has adopted, for those categories of staff, including senior management, risk takers, control functions, and any

employees receiving any type of remuneration that takes them into the same remuneration bracket as senior management and risk

takers, whose professional activities have a material impact on the risk profile of the Funds, remuneration principles that are

consistent with and promote sound and effective risk management and do not encourage risk-taking which is inconsistent with the risk

profiles, rules or instruments of incorporation of the Funds.

The policy is also in line with the business strategy, objectives, values and long-term interests of the Funds and is consistent with the

principles relating to the protection of clients and investors in the course of services provided and the avoidance of conflict of interest

as a result of the implementation of the said strategy.

These principles shall apply to remuneration of any type paid by VAM ManCo.

In light of the above, and by virtue of the principle of proportionality, the board of directors of VAM ManCo has adopted this policy.

This policy is made available at the registered office of VAM ManCo.

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17. Remuneration Policy (continued)

Scope of the policy

VAM ManCo has identified individuals whose professional activities have a material impact on the risk profiles of the Company and

the UCITS it manages (“Identified Staff”), including:

- members of the board of directors of VAM ManCo

- Conducting Officers

- Persons undertaking control functions

- Entities to which administration, investment management or marketing activities have been delegated, when applicable.

The Board of VAM ManCo approves the list of Identified Staff annually and individuals are notified of their identification and

implications of this status on at least an annual basis.

Analysis of remuneration structure

The policy is implemented through the following components of remuneration:

- Fixed Salary

- Short-term incentive of a potential annual bonus

There are no other benefits, long-term incentives or employee share plans.

The remuneration framework is overseen by the Board of Directors of VAM ManCo taking into account the Luxembourg

remuneration legislation applicable.

Members of the board of directors of VAM ManCo

The members of the board of directors of VAM ManCo are not entitled to any direct remuneration, with the exception of an annual

lump sum which reflects market practices and is subject to periodic reviews.

The achievement of certain performance targets at the level of the Funds does not influence the remuneration paid to board members

in respect of their performance of this activity.

Conducting Officers

The Conducting Officers are entitled to direct remuneration by VAM ManCo that is market competitive in order to align individual

awards with client and shareholder success and the business strategy, objectives values and interests of VAM ManCo, the UCITS and

their investors and avoid conflicts of interest.

The achievement of certain performance targets at the level of the Funds does not influence the fixed remuneration paid to the

Conducting Officers.

Risk Takers, control functions

The staff engaged in positions where risk is taken and control functions are compensated in accordance with the achievement of the

objectives linked to their functions, independently of the performance of the business areas that they control.

Annual Awards

Employees of VAM ManCo may be entitled to annual awards to recognize current year performance and closely align employees’

interest with those of clients and shareholders, differentially rewarding high performers and linking compensation to financial results

and other non-financial criteria.

During VAM ManCo’s first years of operation, due to the size of the assets under management, it is foreseen that it will be

disproportionate to apply the rules concerning variable instruments in remuneration, retention, deferral and risk for variable

remuneration. This policy will be reviewed annually and in any case when the assets under management reach EUR 5 billion or

equivalent.

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17. Remuneration Policy (continued)

Elements of Remuneration

VAM ManCo ensures that fixed and variable elements of remuneration are appropriately balanced and the fixed component represents

a sufficiently high proportion of the total remuneration to allow the operation of a fully flexible policy on variable remuneration

components, including the possibility to pay no variable remuneration component.

Guaranteed variable remuneration is not granted.

Payments related to the termination of a contract reflect Luxembourg law and do not reflect performance achieved over time.

Application of this policy to delegates

VAM ManCo appoints delegates for the activities of administration, investment management and marketing activities. For entities

performing such activities, VAM ManCo undertakes to ensure that the remuneration policy in place within such entities are at least

equally as effective as those required by applicable law and regulation.

In context of delegation, VAM ManCo will ensure that the Delegates are subject to equivalent regulatory requirements on

remuneration that are equally as effective as the Luxembourg law of May 10, 2016.

Supervision

Any decision made in relation with the remuneration of Identified Staff will be specifically documented.

The implementation of the remuneration policy will be reviewed annually by the internal audit function of VAM ManCo and its

compliance with Luxembourg legal requirements will also be reassessed regularly by the Compliance Officer of VAM ManCo. Any

finding or need for update identified by one of these functions will be directly reported to the board for action.

In the implementation and supervision of the remuneration policy, any event, circumstances or indication that may give rise to a

potential risk of conflict of interest will be specifically addressed and the responses given to such situations specifically documented.

This policy will also be subject to the principles enounced in the conflict of interest policy of VAM ManCo.

Effective date

This policy has been approved on July 12, 2016 by the Board of Directors of VAM ManCo.

VAM ManCo reserves the right to amend this procedure from time to time if circumstances (e.g. changes to legislation and regulations

or progressive insight) make this necessary.

18. Transactions of securities and share capital transactions

Transactions of securities received after 9:30 p.m. (CET) if sent via SWIFT, 5 p.m. (CET) otherwise, on December 31, 2017, and

share capital transactions received for trade date December 31, 2017 were not included in the Net Asset Value calculated for the

purposes of the financial statements. There is no material impact.

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Statement of changes in net assets Statistics (3 year summary)

Net assets Net assets

per share

Net assets

per share

Net assets

per share

Net assets

per share

Class A GBP Class A USD Class B USD Class C USD


December 31, 2015 USD 34,239,242.50 GBP 140.23 USD 158.47 USD 174.61 USD 2,029.12

December 31, 2016 USD 14,515,287.63 GBP 125.97 USD 143.86 USD 158.57 USD -

December 31, 2017 USD 15,305,549.77 GBP 154.44 USD 178.65 USD 197.04 USD -


per share

Net assets

per share

Net assets

per share

Net assets

per share

Class A USD Class B USD Class C USD Class D USD


December 31, 2015 USD 33,245,829.54 USD 27.10 USD 27.51 USD 307.61 USD -

December 31, 2016 USD 27,919,100.15 USD 29.45 USD 29.90 USD 3,387.62 USD -

December 31, 2017 USD 34,214,882.74 USD 37.13 USD 37.70 USD 4,313.99 USD 120.20

The Class D Share was launched on March 17, 2017.


per share

Net assets

per share

Net assets

per share

Class A USD Class B USD Class C USD


December 31, 2015 USD 90,277,966.11 USD 46.91 USD 47.33 USD 538.05

December 31, 2016 USD 44,898,359.59 USD 53.61 USD 54.10 USD 6,232.97

December 31, 2017 USD 33.675.756,34 USD 64.46 USD 65.07 USD 7,565.04

The Class D Share was launched on November 23, 2015.

Net assets

per share

Net assets

per share

Class D USD Class E USD


December 31, 2015 USD 95.15 USD 191.49

December 31, 2016 USD 109.51 USD 223.08

December 31, 2017 USD 132.69 USD 274.15


per share

Net assets

per share

Net assets

per share

Net assets

per share

Class A USD Class B USD Class C USD Class D USD


December 31, 2015 USD 30,287,369.27 USD 35.35 USD 35.16 USD 405.59 USD -

December 31, 2016 USD 18,866,461.95 USD 35.87 USD 35.70 USD 4,179.28 USD -


The Class D Share was launched on March 17, 2017.

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Statement of changes in net assets Statistics (3 year summary) (continued)


per share

Net assets

per share

Net assets

per share

Net assets

per share

Class A USD Class B USD Class C USD Class E USD


December 31, 2015 USD 46,885,657.59 USD 86.97 USD 87.41 USD 991.64 USD 108.71


December 31, 2017 USD 36,412,351.50 USD 118.42 USD 119.19 USD 13,818,10 USD 157.25


per share

Net assets

per share

Net assets

per share







per share

Net assets

per share

Net assets

per share







per share

Net assets

per share

Class E GBP Class E USD


December 31, 2015 USD 2,636,380.85 GBP 96.44 USD 97.16

December 31, 2016 USD 2,514,015.73 GBP 98.62 USD 100.22

December 31, 2017 USD - GBP - USD -

The Compartment was entirely liquidated on March 15, 2017.


per share

Net assets

per share

Net assets

per share

Class A USD Class D USD Class U USD




September 22, 2017 USD 25,294,713.23 USD 100.30 USD 102.68 USD 123.07

The Class U Share was launched on January 2, 2015.

The Compartment was merged on September 22, 2017.


per share

Net assets

per share

Net assets

per share

Class A USD Class C USD Class E USD


December 31, 2015 USD 11,222,397.40 USD 84.99 USD 868.80 USD -

December 31, 2016 USD 10,771,712.45 USD 91.79 USD 9.515.05 USD 111.13

September 22, 2017 USD 12,025,393.58 USD 101.61 USD 10,610.65 USD 125.35

The Class E Share was launched on March 4, 2016.


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Statement of changes in net assets Statistics (3 year summary) (continued)


per share

Net assets

per share

Class A USD Class C USD


December 31, 2015 USD 9,970,582.12 USD 94.23 USD 949.05

December 31, 2016 USD 22,672,791.67 USD 91.94 USD 9,402.67

September 22, 2017 USD 20,185,879.71 USD 103.16 USD 10,605.53

The Compartment and Share Classes have been launched on July 10, 2015.



per share

Net assets

per share

Class A USD Class C USD


December 31, 2015 USD 35,436,358.85 USD 97.62 USD 983.71



The Compartment and Share Classes have been launched on July 1, 2015.

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Shareholder Information

The articles of incorporation, the prospectus, the key investor information documents, and the statement of changes in the composition

of the portfolios, the semi-annual and unaudited financial statements, the annual report and audited financial statements are available

free of charge at the registered office of VAM Funds (Lux), 26, avenue de la Liberté, L-1930 Luxembourg, as well as at the

Management Company, Distributor, Depositary Bank and Paying Agent, and Facilities Agents mentioned under chapter “Management

and Administration”.

The semi-annual and unaudited financial statements, the annual report and audited financial statements contain general information

about the Fund as well as data showing the Fund’s development and its total net assets.

The business year of the Fund begins on January 1 and ends on December 31.

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Supplementary information as at December 31, 2017 (unaudited)

Total Expense Ratio

The calculation of the “Total Expense Ratio” is based on the stipulated fees and commissions paid by the Compartment on the

average net assets of the Compartment during the reporting period (annualised), as allocated to each Class of Shares.


Total Expense Ratio (TER) - Class A GBP 2.56% including performance fees: 4.37%

Total Expense Ratio (TER) - Class A USD 2.42% including performance fees: 4.44% Total Expense Ratio (TER) - Class B USD 2.38% including performance fees: 4.47%


Total Expense Ratio (TER) - Class A USD 2.37% including performance fees: 4.59% Total Expense Ratio (TER) - Class B USD 2.33% including performance fees: 4.55% Total Expense Ratio (TER) - Class C USD 1.25% including performance fees: 3.61% Total Expense Ratio (TER) - Class D USD 1.33% including performance fees: 2.79%


Total Expense Ratio (TER) - Class A USD 2.35% including performance fees: 3.81% Total Expense Ratio (TER) - Class B USD 2.33% including performance fees: 3.70% Total Expense Ratio (TER) - Class C USD 1.24% including performance fees: 2.81% Total Expense Ratio (TER) - Class D USD 1.39% including performance fees: 3.06% Total Expense Ratio (TER) - Class E USD 1.56% including performance fees: 1.56%


Total Expense Ratio (TER) - Class A USD 2.38% including performance fees: 4.25% Total Expense Ratio (TER) - Class B USD 2.35% including performance fees: 4.03% Total Expense Ratio (TER) - Class C USD 1.24% including performance fees: 2.99% Total Expense Ratio (TER) - Class D USD 1.34% including performance fees: 2.58%


Total Expense Ratio (TER) - Class A USD 2.70% including performance fees: 5.56% Total Expense Ratio (TER) - Class B USD 2.69% including performance fees: 5.85% Total Expense Ratio (TER) - Class C USD 1.59% including performance fees: 4.60% Total Expense Ratio (TER) - Class E USD 1.82% including performance fees: 1.82%


Total Expense Ratio (TER) - Class A USD 2.55% including performance fees: 3.41% Total Expense Ratio (TER) - Class B USD 2.47% including performance fees: 3.31% Total Expense Ratio (TER) - Class C USD 1.40% including performance fees: 2.78%


Total Expense Ratio (TER) - Class A USD 2.45% including performance fees: 4.78% Total Expense Ratio (TER) - Class B USD 2.43% including performance fees: 4.78% Total Expense Ratio (TER) - Class C USD 1.31% including performance fees: 3.78%


Total Expense Ratio (TER) - Class E GBP 4.86% including performance fees: 4.86% Total Expense Ratio (TER) - Class E USD 4.88% including performance fees: 4.88%

The compartment and the two share classes were closed on March 15, 2017, after full redemption.

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Total Expense Ratio (continued)

VAM Funds (Lux) - Accessible Clean Energy Fund (until September 22, 2017)

Total Expense Ratio (TER) - Class A USD 2.89% including performance fees: 5.11% Total Expense Ratio (TER) - Class D USD 2.15% including performance fees: 4.35% Total Expense Ratio (TER) - Class U USD 1.61% including performance fees: 3.72%

VAM Funds (Lux) - Frontier Markets Fund (until September 22, 2017)

Total Expense Ratio (TER) - Class A USD 3.33% including performance fees: 4.47%

Total Expense Ratio (TER) - Class C USD 2.14% including performance fees: 3.47%

Total Expense Ratio (TER) - Class E USD 2.36% including performance fees: 2.36%

VAM Funds (Lux) - Focused Global Equity Fund (until September 22, 2017)

Total Expense Ratio (TER) - Class A USD 2.73% including performance fees: 3.43% Total Expense Ratio (TER) - Class C USD 1.55% including performance fees: 2.22%


Total Expense Ratio (TER) - Class A USD 2.55% including performance fees: 4.51% Total Expense Ratio (TER) - Class C USD 1.47% including performance fees: 4.53%

Transparency of Securities Financing Transactions and their Reuse

During the financial year of the fund no securities financing transactions and total return swaps in the sense of Regulation (EU)

2015/2365 of the European Parliament and the Council of November 25, 2015 on transparency of securities financing transactions and

of reuse and amending Regulation 648/2012 have taken place. As a consequence, no information according to article 13 of the afore

mentioned Regulation need to be disclosed to the fund’s investors.

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