ABC Legacy Fund

R.C.S. Luxembourg B119039

ABC Legacy Fund Société d'Investissement à Capital Variable incorporated in Luxembourg

Annual report, including audited financial statements,

as at December 31, 2019

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ABC Legacy Fund Société d'Investissement à Capital Variable incorporated in Luxembourg

Annual report, including audited financial statements, as at December 31, 2019

ABC Legacy Fund

Annual report, including audited financial statements, as at December 31, 2019

No subscription can be received on the basis of these financial statements. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the Key Investor Information Documents ("KIIDs"), the latest annual report, including audited financial statements, and the most recent unaudited semi-annual report, if published thereafter.

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ABC Legacy Fund

Table of contents

3

Organisation of the SICAV 4

General information 6

Management report 7

Report of the Réviseur d’Entreprises Agréé / Auditor's report 11

Financial statements

Statement of net assets 14

Statement of operations and changes in net assets 15

Number of shares outstanding and net asset value per share 16

Sub-fund : ABC Legacy Fund - Global Flexible

- Statement of investments and other net assets 17

- Geographical and industrial classification of investments 19

Sub-fund : ABC Legacy Fund - Balanced Diversified

- Statement of investments and other net assets 20

- Geographical and industrial classification of investments 23

Notes to the financial statements 24

Other information to Shareholders (unaudited appendix) 30

ABC Legacy Fund

Organisation of the SICAV

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REGISTERED OFFICE 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

BOARD OF DIRECTORS OF THE SICAV

CHAIRMAN Mr Frédéric FASEL, Senior Vice President, FundPartner Solutions (Europe) S.A., Grand Duchy of Luxembourg

DIRECTORS Mr Mike KARA, Assistant Vice President, FundPartner Solutions (Europe) S.A., Grand Duchy of Luxembourg

Mr Henri Christophe OPPENHEIM, Independent Administrator, 5, Chemin des Ecoussons, CH - 1134 Chigny, Switzerland

MANAGEMENT COMPANY

FundPartner Solutions (Europe) S.A., 15, Avenue J.F. Kennedy, L-1855 Luxembourg,Grand Duchy of Luxembourg

BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY

CHAIRMAN Mr Christian SCHRÖDER, Group Chief Digital Officer and Head of Organisation, Banque Pictet & Cie SA, 60, route des Acacias, CH-1211 Geneva 73, Switzerland

MEMBERS Mrs Michèle BERGER, CEO and Managing Director, FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Me. Claude KREMER, Partner, Arendt & Medernach - Avocats, 41A, avenue J.F. Kennedy, L-2082 Luxembourg, Grand Duchy of Luxembourg (until April 2, 2019)

Mr Yves FRANCIS, Independant Director , 67, rue du Panebourg, 6700 - Arlon, Belgium (since April 3, 2019)

Mr Geoffroy LINARD DE GUERTECHIN, Independant Director, 2, rue Jean-Pierre Beicht, L-1226 Luxembourg, Grand Duchy of Luxembourg

MEMBERS OF THE MANAGEMENT COMMITTEE

Mrs Michèle BERGER, CEO and Managing Director, FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Mr Pascal CHAUVAUX, Head of Central Administration, FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Mr Laurent DORLÉAC, Head of Risk & Compliance, FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Mr Dorian JACOB, Head of Investment Management Oversight, FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L 1855 Luxembourg, Grand Duchy of Luxembourg

ABC Legacy Fund

Organisation of the SICAV (continued)

5

DEPOSITARY BANK Pictet & Cie (Europe) S.A., 15A, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

CENTRAL ADMINISTRATION

FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

INVESTMENT MANAGERS

For the sub-fund ABC Legacy Fund - Global Flexible:

Notz, Stucki Europe S.A., 11, boulevard de la Foire, L-1528 Luxembourg, Grand Duchy of Luxembourg

For the sub-fund ABC Legacy Fund - Balanced Diversified:

Banque Pictet & Cie SA, 60, route des Acacias, CH-1211 Geneva 73, Switzerland

INVESTMENT ADVISER

For the sub-fund ABC Legacy Fund - Balanced Diversified:

Bankinter, gestion de activos S.A., S.G.I.I.C., Marques de Riscal, 11 Duplicato, E-28010 Madrid, Spain

CABINET DE REVISION AGRÉÉ / AUDITOR

Deloitte Audit, Société à responsabilité limitée*, 20, boulevard de Kockelscheuer, L-1821Luxembourg, Grand Duchy of Luxembourg

LEGAL AND TAX ADVISER

Allen & Overy, Société en commandite simple, 33, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

* As at June 1, 2019, Deloitte Audit, Société à responsabilité limitée moved from 560, rue de Neudorf, L-2220 Luxembourg to 20, Boulevard de Kockelscheuer, L-1821 Luxembourg

ABC Legacy Fund

General information

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Annual reports, including audited financial statements, and unaudited semi-annual reports are made available to the shareholders free of charge at the registered office of ABC Legacy Fund (the "SICAV") and at the Central Administration.

The business year of the SICAV runs from January 1 until December 31.

Subscription and redemption prices of the different sub-funds are available at the registered office of the SICAV and at the Central Administration.

Any amendments to the Articles of Incorporation are published in the "Recueil électronique des

sociétés et associations" ("RESA") of the Grand-Duchy of Luxembourg.

A detailed schedule of changes in the investments for the reporting year is available free of charge upon request at the registered office of the SICAV.

ABC Legacy Fund - Global Flexible

Management report

Past performance is not an indicator of current or future returns.

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A good month to end a very good year for financial markets overall which clearly "broke on

through to the other side" to paraphrase the mighty Doors in their 1967 song: equity markets

performed extremely well in 2019, but credit, commodities, Government bonds were also on the

rise. One simple statement is that it was impossible to lose money in 2019, apart for those who

shorted risky assets. They eventually had good reasons to do so at the beginning of 2019 after

a very painful 2018 and many clouds on the horizon for 2019, but the combination of

accommodative central banks, a slowing - and not receding - global economy, and not so

disappointing results and outlooks from the corporate world finally changed the investment

landscape to produce these kind of returns nobody would have dreamt of at the beginning of the

year.

The MSCI World in USD rose +24% (+27.5% in euros) in 2019, the S&P 500 +28.9%, the

Nasdaq +38%, the MSCI Europe +22.2%, and the laggards but still good performers were the

Nikkei and the MSCI Emerging Markets which were up +18.2% and +18.4% respectively.

On the fixed income side, December saw Government bonds yields rise, but this did not prevent

the major Developed markets benchmarks to post pleasant returns: the 10 year US Treasury

delivered a +8.98% performance in 2019 and its German equivalent +4.65%. The Italian

benchmark shone with a +15.4% return. Credit was also positive, as the Itraxx Crossover was

up +6.6% for the year.

Finally, commodities in general did well, very much helped by a strong December: Gold rose

+18.8% in 2019 (of which +4% in December), the WTI soared +34.5% (+10.6% in December),

and the CRB Index was up +9.4% for the year (+5.2% in December).

In this context the fund has realized a performance of +11.97%.

During the year, we took profits on the Treasury Notes positions, we sold a market neutral long

short fund, that was underperforming and we sold also a CTA fund. On the Buy side we added

an equity fund investing in medical technology, two long /short equity fund, and in November we

invested in an Emerging Market debt fund.

After such a strong year, investors will once again question the possibility to make decent

returns going forward, but for different reasons than 12 months ago: this time it’s a question of

valuation, as equity markets trade a relatively high multiples in absolute terms (but still

reasonable when taking ultra-low interest rates into consideration) and fixed income markets

clearly trade at expensive levels, whatever the sub-asset class (Government bonds, credit, high

yield). 2020 might be, at last, the very year of security selection and active management:

"Riders on the storm" (the Doors again, 1971) could eventually be the winners in 2020.

January, 2020

Established by Notz, Stucki Europe S.A.

ABC Legacy Fund - Balanced Diversified

Management report


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Previous fiscal year’s market review

December capped off a highly successful year for risky and safe assets alike, with the MSCI AC World Index rising about 3% (in US dollars).The risk-on mood could be seen in even stronger performances for tech and emerging-market indices, as trade tensions and fears of a global recession eased. The final quarter showed a similar pattern. After a sharp fall in December 2018, when the S&P 500 lost about 6%, the market was in a grim mood at the start of this year. Indeed, most of 2019 was characterised by equity outflows - a move that could readily be justified by virtually non-existent earnings growth over the 12-month period. And yet investors willing to endure the heat and noise generated by trade tensions and a noticeably drop in economic momentum (although later in the US than elsewhere) were amply rewarded. Risk assets were helped to no small degree by the U-turn in Federal Reserve policy, which early in the year intimated that it was putting further rate rises on hold and was considering easing policy instead. The first of three cuts came in July, with the European Central Bank likewise easing policy during the year. Buoyant M&A and robust buy-backs (particularly in the US) likewise contributed to boost equities.

Another major factor was low bond yields, which flattered equities and helped justify valuations that remained constantly high. Bond yields slid for much of the year, with the volume of negative-yielding debt reaching a peak of USD 17 trillion in mid-August. However, negative yielding debt started to melt in the late-summer sun as investors began to question the gloomiest prognostics for economic growth and negative interest rates reached their limit. Nevertheless, 2019 was a highly successful year for fixed-income investors, helped not least by a fall of about 75 bps in the US 10-year Treasury yield. The hunt for yield helped boost previously beaten-down areas of the European sovereign market, such as Italian and even Greek debt. In spite of a rising default rate in US high yield, credit markets put in a robust performance in 2019. Investors in EM debt also made double-digit returns, with problems in countries like Turkey and Argentina remaining isolated.

Performance review

During the fiscal year ending as at December 31, 2019, the performance of the sub-fund was +6.58%.

The strategy of the fund is to follow a prudent, low volatility strategy to try to generate positive real returns whilst maintaining capital preservation as a core target.

The strategy of the fund is to follow a prudent, low volatility strategy to try to generate positive real returns whilst maintaining capital preservation as a core target.

During the first part of 2019 we maintained a relatively higher exposure to equities trying to benefit from the attractive valuations reached at the end of 2018. As the year went on, we progressively took profits in parts of the equity portfolio. During the summer protection strategies were put in place for a substantial part of the equity exposure to prevent any possible downfall in the markets caused by geopolitical aspects or purely for profit taking by market participants.

In the second part of the year we rotated somewhat the portfolio from stable, solid companies, trading already at very high multiples, into value stocks, left behind in the rally of the first part of the year. However, overall equity exposure was maintained at rather modest levels. A more benign geopolitical environment led us to increase the risk profile through this portfolio rotation.


Management report (continued)


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In the fixed income part of the portfolio we maintained a rather prudent approach, with very low interest rate duration. We kept on building on the credit part of the portfolio, as oppose to the government side, where we did not find much opportunities. We also maintained part of the fixed income portfolio through third party funds with a similar approach. Derivatives were used to maintain duration at very low levels, even if that limited the good rally in fixed income assets. Cash levels were maintained at comfortable levels.

The currency exposure was maintained at a stable level for most of the year. In the fourth quarter, however, in view of a certain stabilization of the growth differentials and rate differentials between Europe and the US, we decided to reduce the USD exposure by a third, hence limiting the currency exposure of the portfolio whilst maintaining a broad geographical diversification.

Current fiscal year’s outlook for financial markets

Markets are on the front foot as we enter the new year. There is certainly room for optimism, at least of the cautious variety. US-China relations are showing signs of thawing, while holiday sales and good job numbers point to US consumer spending remaining healthy. In Europe, a measure of clarity surrounding the road to Brexit was provided by the UK general election in December, while hopeful signs have started to emerge that the slowdown may be bottoming out in Germany. Growth in Japan is likely to be boosted by fresh fiscal stimulus announced in December, with the Chinese authorities also pushing (carefully) on the policy levers to ensure that China glides down to a sustainable, more comfortable long-term growth path. Going into 2020, emerging markets are benefiting from signs of a rebound in commodities, led by a rebound in oil, as well as by a lowering of trade tensions, which could lessen the attractiveness of the US dollar. Not only did the final weeks of 2019 see a turnaround in the fortunes of energy stocks, but banks in the US and Europe have also started to reflect a steepening of yield curves, the growing resistance to further rate cuts and consistent central bank support for a sector that generally remains on the mend. Yet, while equities could benefit from the "fear of missing out" which was leading to a revival in equity inflows toward the end of 2019, the recent rise in bond yields means it is becoming harder to justify elevated equity valuations, especially as earnings growth could remain anemic in 2020, leaving dividends and buybacks to drive shareholder returns. Importantly, it is unusual to see bonds and equities to supply positive returns in unison, as they did in 2019. Further improvements in the economic picture could lead to a continuation of the recent rise in bond yields and drop in prices. Alternatively, risk assets could falter again, especially as international tensions remain and the world economy is by no means out of the woods. All in all, investors probably cannot count on the low volatility of recent months holding throughout 2020, at this stage, it is difficult to see a repeat of the double-digit returns registered by a whole range of assets last year.

January 2020

Established by Banque Pictet & Cie S.A.

ABC Legacy Fund

Management report (continued)


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COVID 19

At the end of 2019, a strain of coronavirus (COVID 19) was reported in China and the virus has begun to spread worldwide. A significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets worldwide, resulting in an economic downturn that could affect the future performance of the sub-fund. All managers’ reports have been approved by the Board of Directors of the SICAV

Deloitte.

Report of the Reviseur d'Entreprises Agree / Auditor's report

To the Shareholders of ABC LEGACY FUND Societe d'lnvestissement a Capital Variable incorporated in Luxembourg 15, avenue J.F. Kennedy, L-1855 Luxembourg

Opinion

Deloit te Audit Societe a responsab ilite limitee 20, boulevard de Kockelscheuer L- 1821 Luxembourg BP 1173 L- 1011 Luxembourg

Tel : +352 451 451 www.deloitte.lu

We have audited the financial statements of ABC LEGACY FUND (the "SICAV") and of each of its sub-funds , which comprise the statement of net assets and the statement of investments and other net assets as at December 31, 2019 and the statement of operations and changes in net assets for the year then ended , and 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 SICAV and of each of its sub-funds as at December 31 , 2019, 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 (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 the Law of July 23, 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the "Responsibilities of the Reviseur d'Entreprises Agree for the Audit of the Financial Statements" section of our report. We are also independent of the SICAV 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 SICAV is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our report of the Reviseur d'Entreprises Agree 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 .

Societe a responsabilite limitee au capita l de 35,000 € RCS Luxembourg B 67.895 Autorisation d'E!tablissement 10022179 11

Deloitte.

Responsibilities of the Board of Directors of the SICAV for the Financial Statements

The Board of Directors of the SICAV is responsible for the preparation and fair presentation of the 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 SICAV 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 SICAV is responsible for assessing the SICAV'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 SICAV either intends to liquidate the SICAV or to cease operations , or has no realistic alternative but to do so.

Responsibilities of the Reviseur d'Entreprises Agree for the Audit of the Financial Statements

The objectives of our audit 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 Reviseur d'Entreprises Agree 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 dated 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 dated 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 SICAV'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 SICAV.

• Conclude on the appropriateness of the Board of Directors of the SICAV 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 SICA V'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 Reviseur d'Entreprises Agree 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 Reviseur d'Entreprises Agree. However, future events or conditions may cause the SICAV to cease to continue as a going concern.

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Deloitte.

• Evaluate the overall presentation , structure and content of the financial statements, including the disclosures, and whether the financial 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 and significant audit findings , including any significant deficiencies in internal control that we identify during our audit.

For Deloitte Audit, Cabinet de Revision Agree

( · f- ~-v~ .,..,, ............. ---..---------rouy-Chanel, Reviseur d'Entreprises Agree

April 16, 2020

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ABC Legacy Fund

Statement of net assets as at December 31, 2019

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

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COMBINED ABC Legacy Fund - Global Flexible


EUR EUR EUR

ASSETS

Investments in securities at acquisition cost 197,834,472.56 93,505,151.98 104,329,320.58

Net unrealised gain on investments 41,867,457.08 20,303,595.76 21,563,861.32

Investments in securities at market value (note 2.e) 239,701,929.64 113,808,747.74 125,893,181.90 Cash at banks (notes 2.e, 2.j) 8,978,229.04 3,530,979.01 5,447,250.03

Bank deposits (note 2.e) 32,043,002.54 10,360,800.59 21,682,201.95

Interest receivable, net 639,637.95 199,388.29 440,249.66

281,362,799.17 127,899,915.63 153,462,883.54 LIABILITIES

Advisory and Management fees payable (note 4) 181,736.92 47,553.66 134,183.26

"Taxe d’abonnement" payable (note 3) 28,010.81 16,105.81 11,905.00

Other fees payable (note 5) 221,705.24 119,716.59 101,988.65

431,452.97 183,376.06 248,076.91

TOTAL NET ASSETS AS AT DECEMBER 31, 2019 280,931,346.20 127,716,539.57 153,214,806.63



ABC Legacy Fund

Statement of operations and changes in net assets for the year ended December 31, 2019


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COMBINED ABC Legacy Fund - Global Flexible


EUR EUR EUR

NET ASSETS AT THE BEGINNING OF THE YEAR 261,237,060.24 114,064,066.51 147,172,993.73 INCOME

Dividends, net (note 2.h) 645,425.49 0.00 645,425.49

Interest on bonds, net (note 2.h) 2,596,648.61 936,846.54 1,659,802.07

Bank interest (note 2.h) 209,361.13 98,948.25 110,412.88

Other income 21,222.10 0.00 21,222.10

3,472,657.33 1,035,794.79 2,436,862.54 EXPENSES

Advisory and Management fees (note 4) 712,973.68 183,772.43 529,201.25

Depositary fees, bank charges and interest 380,844.63 163,983.16 216,861.47

Professional fees, audit fees and other expenses 162,441.16 85,584.12 76,857.04

Administration fees 372,491.16 211,520.92 160,970.24

"Taxe d’abonnement" (note 3) 69,050.04 21,743.62 47,306.42

Transaction fees (note 2.k) 138,588.33 14,292.34 124,295.99

1,836,389.00 680,896.59 1,155,492.41 NET INVESTMENT INCOME 1,636,268.33 354,898.20 1,281,370.13

Net realised gain on sales of investments 3,678,485.28 1,022,065.27 2,656,420.01

Net realised gain/loss on foreign exchange 280,280.00 -28,127.82 308,407.82

Net realised loss on options -245,416.37 0.00 -245,416.37

Net realised loss on forward exchange contracts -128,619.05 -128,619.05 0.00

Net realised loss on futures contracts (note 2.j) -4,393,685.65 0.00 -4,393,685.65 NET REALISED GAIN/LOSS 827,312.54 1,220,216.60 -392,904.06 Change in net unrealised appreciation:

- on investments 22,394,890.22 12,432,256.46 9,962,633.76 INCREASE IN NET ASSETS AS A RESULT OF OPERATIONS 23,222,202.76 13,652,473.06 9,569,729.70

Cost of shares redeemed -3,527,916.80 0.00 -3,527,916.80 NET ASSETS AT THE END OF THE YEAR 280,931,346.20 127,716,539.57 153,214,806.63

ABC Legacy Fund

Number of shares outstanding and net asset value per share


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Sub-fund

Class

Currency Number of shares

outstanding

31.12.2019

Net asset value

per share

31.12.2019

Net asset value

per share

31.12.2018

Net asset value

per share

31.12.2017


A EUR EUR 153,661.39 831.16 742.31 786.70


A EUR EUR 129,191.08 1,185.95 1,112.75 1,161.16


Statement of investments and other net assets as at December 31, 2019 (expressed in EUR)


17

Description Currency Quantity/Nominal Market value (note 2) % of net assets

I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

BONDS

GERMANY

1.00% NORDDEUTSCHE LANDESBANK 16/21 -SR- EUR 2,000,000.00 2,018,570.00 1.58

2,018,570.00 1.58

SPAIN

8.625% SUB. BANKINTER (COCO) 16/PERP -JR- EUR 8,200,000.00 9,094,766.78 7.12

9,094,766.78 7.12

SWITZERLAND

5.00% SUB. UBS GROUP 18/PERP -JR-S USD 2,000,000.00 1,754,261.54 1.37

1,754,261.54 1.37

TOTAL I. 12,867,598.32 10.07

II. UNITS OF INVESTMENT FUNDS

GERMANY

ACATIS - GANE VALUE EVENT B EUR 200.00 3,968,260.00 3.11

3,968,260.00 3.11

IRELAND

AKO GLOBAL UCITS B2 EUR HEDGED -ACC.- EUR 27,374.76 3,993,703.81 3.13

AKO GLOBAL UCITS B2 EUR HEDGED EQU. 03/07/19 EUR 98,822.89 98,822.89 0.08

PIMCO GIS - INCOME FUND INSTITUTIONAL HEDGED EUR EUR 254,545.00 3,606,902.65 2.82

7,699,429.35 6.03

LUXEMBOURG

BLACKROCK SF - UK EMERGING COMPANIES ABS. RETURN D2 EUR H

EUR 37,700.00 4,148,885.00 3.25

DGC - BOND A EUR EUR 77,750.00 13,244,712.50 10.37

DGC - CONVERTIBLE & CREDIT - B EUR -CAP- EUR 100,271.39 12,479,777.57 9.77

DGC - FM LUXURY B EUR (EQUAL. 04/06/18) EUR 3,676.77 0.00 0.00

DGC - FRANCK MULLER LUXURY B EUR -ACC- EUR 41,906.38 5,783,080.44 4.53

DGC - NOTZ STUCKI EMERGING MARKETS & MACRO B EUR EUR 39,778.00 3,824,654.70 2.99

DGC - STOCK SELECTION B-ACC-EUR EUR 116,898.17 17,814,112.43 13.96

DGC - SWISS EXCELLENCE B CHF CHF 26,917.00 3,107,046.81 2.43

DGC - SWISS EXCELLENCE B CHF (CONT. 10/07/18) CHF -10,670.36 0.00 0.00

MSIF - GLOBAL BRANDS I USD USD 65,622.46 10,711,805.27 8.39

ODDO BHF - EURO CREDIT SHORT DURATION CP -ACC- EUR 547,745.00 6,096,949.60 4.77

SCHRODER GAIA - TWO SIGMA DIVERSIFIED C EUR HEDGED EUR 28,166.00 3,248,948.10 2.54

VARIOPARTNER - MIV GLOBAL MEDTECH I3 -ACC.- USD 2,110.00 4,705,327.65 3.68

VONTOBEL FS - EMERGING MARKETS DEBT HI EUR -ACC.- EUR 32,000.00 4,108,160.00 3.22

89,273,460.07 69.90

TOTAL II. 100,941,149.42 79.04


Statement of investments and other net assets as at December 31, 2019 (expressed in EUR) (continued)


18

Description Market value (note 2) % of net assets

TOTAL INVESTMENTS 113,808,747.74 89.11

CASH AT BANKS

3,530,979.01 2.76

BANK DEPOSITS

10,360,800.59 8.11

OTHER NET ASSETS

16,012.23 0.02

TOTAL NET ASSETS 127,716,539.57 100.00



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Geographical and industrial classification of investments as at December 31, 2019

Geographical classification

(in % of net assets)

Luxembourg 69.90

Spain 7.12

Ireland 6.03

Germany 4.69

Switzerland 1.37

89.11

Industrial classification


Units of investment funds 79.04

Bonds issued by companies 10.07

89.11


Statement of investments and other net assets as at December 31, 2019 (expressed in EUR)


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Description Currency Quantity Market value (note 2) % of net assets

I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

SHARES

BELGIUM

ANHEUSER-BUSCH INBEV EUR 15,000.00 1,090,650.00 0.71

1,090,650.00 0.71

FRANCE

AXA EUR 31,000.00 778,410.00 0.51

BNP PARIBAS 'A' EUR 9,000.00 475,470.00 0.31

CAPGEMINI EUR 5,000.00 544,500.00 0.36

RENAULT S.A. EUR 15,000.00 632,700.00 0.41

SANOFI EUR 9,145.00 819,574.90 0.53

TOTAL EUR 20,000.00 984,000.00 0.64

VINCI EUR 5,000.00 495,000.00 0.32

VIVENDI EUR 25,000.00 645,500.00 0.42

5,375,154.90 3.50

GERMANY

ALLIANZ EUR 5,000.00 1,092,000.00 0.71

DEUTSCHE POST EUR 20,000.00 680,200.00 0.44

MUENCHENER RUECKVERSICHERUNG EUR 2,800.00 736,400.00 0.48

2,508,600.00 1.63

ITALY

PRYSMIAN EUR 46,666.00 1,002,852.34 0.65

1,002,852.34 0.65

LUXEMBOURG

ARCELORMITTAL EUR 60,000.00 938,520.00 0.61

938,520.00 0.61

NETHERLANDS

ING GROUP EUR 50,000.00 534,400.00 0.35

ROYAL PHILIPS EUR 10,000.00 435,200.00 0.28

969,600.00 0.63

SPAIN

GESTAMP AUTOMOCION EUR 15,700.00 67,290.20 0.04

INDITEX INDUSTRIA DE DISENO TEXTIL EUR 20,000.00 629,000.00 0.41

MASMOVIL IBERCOM EUR 25,000.00 508,500.00 0.33

1,204,790.20 0.78

SWITZERLAND

NESTLE CHF 4,000.00 385,584.55 0.25

ROCHE HOLDING D.RIGHT CHF 4,000.00 1,155,502.48 0.75

1,541,087.03 1.00

TOTAL SHARES 14,631,254.47 9.51




21

Description Currency Nominal Market value (note 2) % of net assets

BONDS

BELGIUM

3.25% SUB. AGEAS 19/49 -JR-S EUR 200,000.00 222,490.88 0.15

222,490.88 0.15

CHINA

0.125% CHINA 19/26 -SR-S EUR 200,000.00 199,465.00 0.13

199,465.00 0.13

DENMARK

0.25% NYKREDIT REALKREDIT 19/23 -SR-S EUR 400,000.00 399,702.48 0.26

399,702.48 0.26

FRANCE

1.75% SUB. DANONE 17/PERP -JR- EUR 1,500,000.00 1,545,658.20 1.01

1.875% SUB. BFCM 19/29 EUR 100,000.00 106,498.39 0.07

1,652,156.59 1.08

GERMANY

3.099% SUB. ALLIANZ SE 17/47 -JR- EUR 2,000,000.00 2,295,831.80 1.50

2,295,831.80 1.50

IRELAND

0.00% ABBOTT IRELAND FINANCING 18/20 -SR- EUR 200,000.00 200,353.14 0.13

200,353.14 0.13

ITALY

3.75% ITALY (BTP) 14/24 -SR- EUR 1,000,000.00 1,145,797.90 0.75

1,145,797.90 0.75

JAPAN

0.632% SUMITOMO MITSUI FINANCIAL GROUP 19/29 -SR-S EUR 1,000,000.00 986,469.20 0.64

986,469.20 0.64

LUXEMBOURG

0.00% MEDTRONIC GLOBAL HOLDINGS 19/22 -SR- EUR 800,000.00 801,287.60 0.52

0.25% MEDTRONIC GLOBAL HOLDINGS 19/25 -SR- EUR 300,000.00 300,978.36 0.20

1.25% ALLERGAN FUNDING 17/24 S.7 -SR- EUR 1,000,000.00 1,042,809.00 0.68

2,145,074.96 1.40

NETHERLANDS

0.00% ENEL FINANCE INTERNATIONAL 19/24 -SR-S EUR 750,000.00 742,554.90 0.48

0.75% RABOBANK 18/23 -SR- EUR 1,500,000.00 1,536,835.80 1.00

1.00% SUB. ING GROEP 19/30 -S- EUR 400,000.00 399,058.24 0.26

2.124% SUB. FERROVIAL 17/PERP -S- EUR 1,100,000.00 1,079,034.00 0.70

6.375% SUB. ABN AMRO BANK 11/21 '40' -S- EUR 2,000,000.00 2,167,039.80 1.41

5,924,522.74 3.85




22

Description Currency Quantity/Nominal Market value (note 2) % of net assets

SPAIN

FRN BANCO SANTANDER 15/20 '323' -SR- EUR 2,000,000.00 2,001,804.80 1.31

0.50% KUTXABANK 19/24 -SR-S EUR 1,000,000.00 1,000,960.80 0.65

1.00% BANKIA 19/24 -SR- EUR 2,000,000.00 2,026,625.20 1.32

2.125% SUB. BANCO SANTANDER 18/28 EUR 2,000,000.00 2,148,372.00 1.40

2.50% SUB. BANKINTER 17/27 -S- EUR 1,500,000.00 1,566,359.85 1.02

3.80% SPAIN 14/24 -SR- EUR 600,000.00 701,570.28 0.46

5.25% SUB. BANCO SANTANDER (COCO)17/PERP -JR-S EUR 1,000,000.00 1,067,873.80 0.70

6.75% SUB. BANCO SANTANDER (COCO) 17/PERP -JR-S EUR 600,000.00 662,863.74 0.43

8.625% SUB. BANKINTER (COCO) 16/PERP -JR- EUR 11,600,000.00 12,865,767.64 8.41

24,042,198.11 15.70

UNITED STATES

FRN BANK OF AMERICA 17/21 -SR- EUR 2,500,000.00 2,503,665.25 1.63

FRN JP MORGAN CHASE 16/21 -SR- USD 3,000,000.00 2,703,774.74 1.76

FRN MORGAN STANLEY 18/21 -SR- EUR 2,500,000.00 2,502,160.25 1.63

2.25% US TREASURY 18/20 'AX-2020' USD 3,000,000.00 2,675,633.01 1.75

10,385,233.25 6.77

TOTAL BONDS 49,599,296.05 32.36

TOTAL I. 64,230,550.52 41.87

II. UNITS OF INVESTMENT FUNDS

IRELAND

BRANDES INVESTMENT - GLOBAL VALUE FUND - I USD USD 95,700.00 2,753,772.51 1.80

2,753,772.51 1.80

LUXEMBOURG

AMUNDI FS - EURO ALPHA BOND M2 EUR EUR 5,047.49 4,970,166.39 3.25

BLACKROCK GFS - USD SHORT DURATION BOND A2 EUR HGD EUR 489,000.00 4,885,110.00 3.20

DWS FLOATING RATE NOTES LC EUR 35,890.00 3,016,195.60 1.97

GAMCO INTERNATIONAL - MERGER ARBITRAGE I EUR H EUR 258,000.00 3,078,069.00 2.01

JPMIF - INCOME OPPORTUNITY C EUR HEDGED -CAP- EUR 37,227.67 5,174,646.41 3.39

M&G (LUX) IF1 - GLOBAL H/Y BOND C H EUR EUR 272,110.66 4,385,389.79 2.86

NORDEA 1 - STABLE RETURN BI BASE CUR. EUR 311,324.23 5,840,442.59 3.82

PICTET - EUR SHORT TERM HIGH YIELD - I EUR EUR 44,300.00 5,767,417.00 3.77

PICTET - USA INDEX I USD USD 81,915.79 21,791,422.09 14.23

58,908,858.87 38.50

TOTAL II. 61,662,631.38 40.30

TOTAL INVESTMENTS 125,893,181.90 82.17

CASH AT BANKS

5,447,250.03 3.56

BANK DEPOSITS

21,682,201.95 14.15

OTHER NET ASSETS

192,172.75 0.12

TOTAL NET ASSETS 153,214,806.63 100.00



23

Geographical and industrial classification of investments as at December 31, 2019

Geographical classification


Luxembourg 40.51

Spain 16.48

United States 6.77

France 4.58

Netherlands 4.48

Germany 3.13

Ireland 1.93

Italy 1.40

Switzerland 1.00

Belgium 0.86

Japan 0.64

Denmark 0.26

China 0.13

82.17

Industrial classification


Units of investment funds 40.30

Bonds issued by companies 29.27

Bonds issued by countries or cities 3.09

Insurance 1.70

Communications 1.40

Pharmaceuticals and cosmetics 1.28

Tobacco and alcohol 0.71

Banks and credit institutions 0.66

Oil and gas 0.64

Metals and minings 0.61

Automobiles 0.45

Transport and freight 0.44

Retail and supermarkets 0.41

Computer and office equipment 0.36

Construction and building materials 0.32

Electronics and electrical equipment 0.28

Food and soft drinks 0.25

82.17

ABC Legacy Fund

Notes to the financial statements as at December 31, 2019

24

NOTE 1 GENERAL

ABC Legacy Fund (the "SICAV") is an open-ended investment company ("Société d’Investissement à Capital Variable") ("SICAV") governed by Luxembourg law, established in accordance with the provisions of Part I of the amended Law of December 17, 2010 (the "2010 Law") relating to undertakings for collective investment ("UCI").

The SICAV was incorporated for an indefinite period on September 8, 2006 with the initial capital of USD 45,000 and its articles of incorporation have been published in the Memorial C, Recueil Electronique des Sociétés et Associations ("Mémorial") on September 26, 2006. The SICAV has been converted from Part II of the 2010 Law into an Undertakings for Collective Investment in Transferable Securities ("UCITS") subject to Part I of the 2010 Law after an Extraordinary General Meeting of Shareholders held on October 9, 2015. The minutes of such general meeting have been published in the Mémorial on October 30, 2015. The Articles of Incorporation of the SICAV have been modified on May 4, 2007 and for the last time on October 9, 2015 and were published in the Mémorial on June 12, 2007 and on October 30, 2015. A legal statement giving notice of the issue and sale of Shares by the SICAV has been filed with the Clerk’s Office of the District Court of Luxembourg.

The SICAV is registered in the Commercial Register of Luxembourg under No B119039.

The SICAV’s capital is at all times equal to the value of its total net assets; it may never fall below the minimum capital of EUR 1,250,000 as required by law.

FundPartner Solutions (Europe) S.A., a public limited company (société anonyme) with registered office at 15, avenue J.F. Kennedy, L-1855 Grand Duchy of Luxembourg, was appointed management company of the SICAV as of October 9, 2015. It is a management company within the meaning of Chapter 15 of the 2010 Law.

a) Sub-funds in activity

As at December 31, 2019, the SICAV has two active sub-funds:

- ABC Legacy Fund - Global Flexible, denominated in EUR: - ABC Legacy Fund - Balanced Diversified, denominated in EUR:

The Board of Directors of the SICAV is allowed to create new sub-funds.

b) Significant events and material changes

No significant events and material changes occurred during the year.

c) Share classes

As at December 31, 2019, the following share classes are issued:

- ABC Legacy Fund - Global Flexible: o A EUR

- ABC Legacy Fund - Balanced Diversified: o A EUR

ABC Legacy Fund

Notes to the financial statements as at December 31, 2019 (continued)

25

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a) General

The financial statements are prepared in accordance with generally accepted accounting principles and with the legal reporting requirements applicable in Luxembourg relating to UCI.

b) Foreign exchange translation for each sub-fund

Cash at banks, other net assets as well as the market value of the investment portfolio in

currencies other than the base currency of the sub-fund are translated into the base currency of

the sub-fund at the exchange rate prevailing at the end of the year.

Income and expenses in currencies other than the base currency of the sub-fund are translated

into the base currency of the sub-fund at the exchange rate prevailing at the transaction date.

Net realised gain/loss and change in net unrealised appreciations and depreciations on foreign

exchange are included in the statement of operations and changes in net assets.

c) Presentation of financial statements

The reference currency of the SICAV is the euro ("EUR").

The accounting year of the SICAV terminates on December 31 of each year.

d) Combined financial statements of the SICAV

The combined financial statements of the SICAV are expressed in EUR and correspond to the sum of items in the financial statements of each sub-fund, converted into EUR at the exchange rate prevailing at the closing date.

e) Valuation of assets of each sub-fund

1) Transferable securities or money market instruments quoted or traded on an official stock exchange or any other regulated market, are valued on the basis of the last known price as of the relevant valuation day and, if the securities or money market instruments are listed on several stock exchanges or regulated markets, the last known price of the stock exchange which is the principal market for the security or money market instrument in question, unless these prices are not representative.

2) For transferable securities or money market instruments not quoted or traded on an official stock exchange or any other regulated market, and for quoted transferable securities or money market instruments, but for which the last known price as of the relevant valuation day is not representative, valuation is based on the probable sales price estimated prudently and in good faith by the Board of Directors of the SICAV.

3) Units and shares issued by UCITS or other UCIs are valued at their last available Net Asset Value ("NAV") as of the relevant valuation day.

ABC Legacy Fund


26

4) The liquidating value of futures, forward or options contracts that are not traded on exchanges or on other regulated markets is determined pursuant to the policies established in good faith by the Board of Directors of the SICAV, on a basis consistently applied. The liquidating value of futures, forward or options contracts traded on exchanges or on other regulated markets is based upon the last available settlement prices as of the relevant valuation day of these contracts on exchanges and regulated markets on which the particular futures, forward or options contracts are traded; provided that if a futures, forward or options contract could not be liquidated on such business day with respect to which a NAV is being determined, then the basis for determining the liquidating value of such contract is such value as the Board of Directors of the SICAV may, in good faith and pursuant to verifiable valuation procedures, deem fair and reasonable.

5) Liquid assets and money market instruments with a maturity of less than 12 months may be valued at nominal value plus any accrued interest or using an amortised cost method (it being understood that the method which is more likely to represent the fair market value is retained). This amortised cost method may result in periods during which the value deviates from the price the SICAV would receive if it sold the investment. The Board of Directors of the SICAV may, from time to time, assess this method of valuation and recommend changes, where necessary, to ensure that such assets are valued at their fair value as determined in good faith pursuant to procedures established by the Board of Directors of the SICAV. If the Board of Directors of the SICAV believes that a deviation from the amortised cost may result in material dilution or other unfair results to Shareholders, the Board of Directors of the SICAV takes such corrective action, if any, as it deems appropriate, to eliminate or reduce, to the extent reasonably practicable, the dilution or unfair results.

6) Accrued interest on securities are taken into account if it is not reflected in the share price.

7) Cash is valued at nominal value, plus accrued interest.

8) All other securities and other permissible assets as well as any of the above mentioned assets for which the valuation in accordance with the above paragraphs would not be possible or practicable, or would not be representative of their probable realisation value, are valued at probable realisation value, as determined with care and in good faith pursuant to procedures established by the Board of Directors of the SICAV.

f) Net realised gain/loss on sales of investments

The net realised gain/loss on sales of investments is calculated on the basis of the weighted average cost of the investments sold.

g) Cost of investment securities

Cost of investment securities in currencies other than the base currency of the sub-fund is translated into the base currency of the sub-fund at the exchange rate applicable at purchase date.

h) Income

Dividends are recorded net of withholding tax at ex-date. Interest is recorded on an accrual basis.

ABC Legacy Fund


27

i) Recognition of futures contracts

At the time of each NAV calculation, the margin call on futures contracts is recorded directly in the realised capital gains and losses accounts relating to futures contracts by the bank account counterparty.

j) Accounting of futures contracts

Unrealised appreciations/depreciations on futures contracts are settled daily through the reception/payment of a cash amount corresponding to the daily increase/decrease of the market value of each opened futures contract. Such cash amount is recorded under the caption "Cash at banks" in the statement of net assets and the corresponding amount is recorded under the caption "net realised gain/loss on futures contracts" in the statement of operations and changes in net assets.

k) Transaction fees

The transaction fees represent the costs incurred by each sub-fund in connection with purchases and sales of investments.

Transaction fees include brokerage fees as well as bank commissions, tax, depositary fees and other transaction fees, and are included in the statement of operations and changes in net assets.

NOTE 3 "TAXE D'ABONNEMENT"

In accordance with current Luxembourg Law, the SICAV is not subject to any tax on income, capital gains tax or wealth tax. However, income collected by the SICAV on securities in its portfolios may be subject to withholding tax, which in normal circumstances, cannot be reclaimed.

Nevertheless, the SICAV’s net assets are subject to a subscription tax of 0.05% per annum payable at the end of each calendar quarter and calculated on the basis of the SICAV’s total net assets at the end of the relevant quarter.

For the portion of the assets of the SICAV invested in other UCIs which are established in Luxembourg, no such tax is payable as provided for in Article 175 of the 2010 Law.

NOTE 4 ADVISORY AND MANAGEMENT FEES

The Investment Adviser / Managers are entitled to a fee, payable on a quarterly basis at an annual rate which could vary according to the sub-funds.

For the services rendered, the Investment Managers are paid on a quarterly basis a management fee at an annual rate of maximum 2.50%.

The Investment Adviser is remunerated by the Investment Manager out of its own remuneration.

When a sub-fund invests in target funds (such as other UCITS or UCIs), the maximum level of management fees charged does not exceed 2.50% of the assets of the target funds.

ABC Legacy Fund


28

NOTE 5 OTHER FEES PAYABLE

As at December 31, 2019, the other fees payable included mainly depositary, Management Company, audit and administration expenses.

NOTE 6 SUBSCRIPTIONS AND REDEMPTIONS

Under certain circumstances (for example, large volumes of deals) the Board of Directors of the SICAV has the power to charge a "dilution levy" on the issue, redemption and/or conversion of shares. If charged, the dilution levy will be paid into the relevant sub-fund and will become part of the relevant sub-fund.

The dilution levy for each sub-fund is calculated by reference to the costs of dealing in the underlying investments of that sub-fund, including any dealing spreads, commission and transfer taxes.

In any case the dilution levy shall not exceed 2.50% of the NAV per share.

a) Subscriptions

Shareholders or prospective investors may subscribe for a class in a sub-fund at a subscription price per share equal to:

i. the initial subscription price where the subscription relates to the initial subscription period, the initial subscription date or the class launch date; or

ii. the NAV per share or the adjusted price as of the valuation day on which the subscription is effected where the subscription relates to a subsequent offering (other than the initial subscription period, the initial subscription date or the class launch date) of shares of an existing class in an existing sub-fund.

A subscription fee of up to 5.00% is added to the subscription price to be paid by the investor. This fee will be payable to the SICAV, the Management Company or the Distributor.

b) Redemptions

A shareholder who redeems its shares receives an amount per share redeemed equal to the NAV or adjusted price per share as of the applicable valuation day for the relevant class in the relevant sub-fund, less, a redemption fee of up to 3.00%, payable to the SICAV, and any tax or duty imposed on the redemption of the shares.

ABC Legacy Fund


29

NOTE 7 FUTURES CONTRACTS

The following futures contracts were outstanding as at December 31, 2019:


Maturity date Currency Commitment

in EUR

Purchase of 225.00 EUR/USD 16/03/2020 USD -28,125,000.00 Sale of 20.00 Euro Stoxx 50 ESTX 50 EUR 20/03/2020 EUR -749,030.00 Sale of 25.00 Germany 10Y Bund Government Bond 06/03/2020 EUR -2,609,690.97 Sale of 47.00 Germany 5Y BOBL Government Bond 06/03/2020 EUR -4,808,379.79 Sale of 89.00 S&P 500 Index 20/03/2020 USD -12,788,051.22 Sale of 20.00 US 10Y Treasury Bond 20/03/2020 USD -1,802,616.93

NOTE 8 SUBSEQUENT EVENT

Subsequent to the end of 2019, COVID 19 has widespread across the world. The consequences of the pandemic are unknown to date and will likely affect the financial markets performance as well as the asset management industry and the SICAV. The Board of Directors of the Management Company is carefully monitoring the situation as well as its potential impacts on the SICAV. The SICAV is in full capacity to continue its usual operations in accordance with its investment policy and its prospectus. The published unaudited sub-funds net assets values and financial information are available on Fundsquare and upon request at the registered office of the SICAV.

•

•

•

•

•

ABC Legacy Fund

31

Other information to Shareholders (unaudited appendix) (continued)

2. Securities Financing Transactions Regulation ("SFTR")

As at December 31, 2019, the SICAV is in the scope of the requirements of the Regulation (EU) 2015/2365 on transparency of Securities Financing Transactions and of Reuse. Nevertheless, no corresponding transactions were carried out during the year referring to the financial statements.

3. Information on risk measurement

The sub-funds’ global risk exposure is monitored by using the commitment approach. In that respect, financial derivative instruments are converted into their equivalent position in the underlying asset. The global risk exposure shall not exceed the sub-funds’ NAV.

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