CGS FMS - gewinn2.ttweb.netgewinn2.ttweb.net/funddocuments/HBEN20150630-0000728424.pdf · CGS FMS,...

Semi-Annual Reportas of June 30, 2015

CGS FMS

Société d’Investissement à Capital Variable

R.C.S. LuxembourgB 157.442

Administrative Agent:

For the following Sub-Fund of CGS FMS (the “Fund”) no notification for distribution in the Federal

Republic of Germany has been submitted and Shares in this Sub-Fund may NOT be offered to

investors within the scope of the German Investment Code. As a consequence, the following Sub-

Fund is NOT available to investors in Germany:

CGS FMS - Global Evolution Emerging Frontier Fund

CGS FMS

Organisation 4

Report of the Board of Directors 5 - 6

Global Exposure 7

Risk Management 8

CGS FMS - SICAV

Combined Statement of Net Assets 9

Combined Statement of Changes in Net Assets 10

Changes in the number of shares outstanding 11 - 15

Statistical Information 11 - 15

CGS FMS - Global Evolution Frontier Markets

Fund Structure 16

Statement of Net Assets 17 - 20

Statement of Forward Transactions 21 - 23

Statement of Bank balances, Other Assets and Liabilities 24

Statement of Changes in Net Assets 25

CGS FMS - Global Evolution EM Debt

Fund Structure 26


Statement of Forward Transactions 29



CGS FMS - Global Evolution EM Local Debt

Fund Structure 32



Statement of Bank balances, Other Assets and Liabilities 36 - 37


Table of Contents

2

CGS FMS - Global Evolution EM Blended Debt

Fund Structure 39





CGS FMS - Global Evolution EM Debt and FX

Fund Structure 47


Statement of Forward Transactions 50 - 51

Statement of Swaps 52

Statement of Option Rights 52



CGS FMS - Global Evolution Emerging Frontier

Fund Structure 56





Notes to the Financial Statements 64 - 71

Local Centralizing, Paying, Facilities, Information or Representative Agents 72

Additional Information for Investors in the Federal Republic of Germany 73

3

CGS FMS

Registered Office Custodian Bank

CGS FMS The Bank of New York Mellon SA/NV, Luxembourg Branch

Vertigo Building - Polaris, 2 - 4, rue Eugène Ruppert, L - 2453 Luxembourg Vertigo Building - Polaris, 2 - 4, rue Eugène Ruppert, L - 2453 Luxembourg

R.C.S. Luxembourg B 157.442

Domiciliary, Paying, Registrar and Transfer AgentBoard of Directors

The Bank of New York Mellon (Luxembourg) S.A.

Chairman of the Board of Directors Vertigo Building - Polaris, 2-4, rue Eugène Ruppert, L - 2453 Luxembourg

Mr. Eric Chinchon Investment ManagersME Business Solutions S.à.r.l.

16, rue Jean-Pierre Brasseur, L - 1258 Luxembourg Global Evolution Fondsmæglerselskab A/S

Kokholm 3A, DK - 6000 Kolding

Directors Legal Advisor

Mr. Bjørn Krog Andersen (until January 31. 2015) Elvinger, Hoss & Prussen

Head of Legal and Compliance of Saxo Bank A/S (Denmark) 2, place Winston Churchill, L - 1340 Luxembourg

Philip Heymans Allé 15, DK - 2900 Hellerup

AuditorMrs. Priscilla Hardison

Head of Investment Funds and Client Management of CGS FMS SICAV KPMG Luxembourg, Société coopérative

16, rue Jean-Pierre Brasseur, L - 1258 Luxembourg Cabinet de révision agréé

39, avenue John F. Kennedy, L - 1855 Luxembourg

Mr. Søren Rump

CEO Global Evolution

Fondsmæglerselskab A/S, Kokholm 3A, DK - 6000 Kolding

Management Company

Universal-Investment-Luxembourg S.A.

15, rue de Flaxweiler, L - 6776 Grevenmacher

Organisation

4

CGS FMS

Sub-fund Share class ISIN Currency Launch date

CGS FMS Global Evolution Frontier Markets R(CL) LU1034966835 GBP 20-Mar-15

CGS FMS Global Evolution Frontier Markets R (CL) DD LU1209899365 EUR 15-Jun-15

CGS FMS Global Evolution Frontier Markets R (CL) DD LU1209899449 USD 15-Jun-15

Share class ISIN Net asset value of the share class

in currency

Performance of

the share price in %

CGS FMS Global Evolution Frontier Markets I EUR LU0501220262 453.377.360,56 3,58

CGS FMS Global Evolution Frontier Markets R EUR LU0501220429 165.783.713,06 3,21

CGS FMS Global Evolution Frontier Markets E EUR LU0697197597 10.515.203,71 2,78

CGS FMS Global Evolution Frontier Markets R USD LU0735966888 114.088.178,62 3,18

CGS FMS Global Evolution Frontier Markets R SEK LU0875246554 315.999.627,94 3,07

CGS FMS Global Evolution Frontier Markets R CHF LU0875244427 3.763.102,92 2,39

CGS FMS Global Evolution Frontier Markets I USD LU1034966249 35.215.844,80 3,69

CGS FMS Global Evolution Frontier Markets R CL CHF LU1034967130 3.324.648,35 3,04

CGS FMS Global Evolution Frontier Markets R CL EUR LU1034966678 29.110.476,19 3,40

CGS FMS Global Evolution Frontier Markets R DD EUR LU1034966751 8.927.149,65 3,07*

CGS FMS Global Evolution Frontier Markets E USD LU0735966961 50.439,31 1,33

As of June 30, 2015, the net asset value and the share price performance of the active share classes during the reporting period were as follows:

Report of the Board of Directors

Dear Shareholders,

In the first half of the year, there were three share class launches and no share class or sub-fund liquidation. Listed below and in the Statistical Information section of the financial report are launched share classes for the period:

With this report, we would like to give you an overview of the general economic environment and the performance of the CGS FMS, SICAV and its respective sub-funds Global Evolution Frontier Markets, Global Evolution EM Debt, Global

Evolution EM Local Debt, Global Evolution EM Blended Debt, Global Evolution EM Debt and FX and Global Evolution Emerging Frontier.

CGS FMS, SICAV ("the fund") was established in the Grand Duchy of Luxembourg on December 3, 2010 in the form of an investment company governed by the Law of Luxembourg. The fund is subject to Part 1 of the Law of December 17,

2010 on undertakings for collective investments in transferable securities ("UCITS").

In the first half of 2015, Mr. Bjørn Krog Andersen tendered his resignation as a member of the board; his resignation was effective as of January 31, 2015.

On April 24, 2015, at the Annual General Shareholders meeting, the proposed dividend distribution by the Company’s board of directors was approved for the class R (DD) shares of the sub-fund CGS FMS – Global Evolution Frontier Markets.

5

CGS FMS Global Evolution Frontier Markets R CL GBP LU1034966835 1.715.389,97 1,08

CGS FMS Global Evolution Frontier Markets R CL DD EUR LU1209899365 2.624.202,14 -0,33

CGS FMS Global Evolution Frontier Markets R CL DD USD LU1209899449 2.820.698,44 -0,45

CGS FMS Global Evolution EM Debt I EUR LU0616502026 80.253.960,23 0,67

CGS FMS Global Evolution EM Local Debt I EUR LU0616502372 4.353.997,48 6,06

CGS FMS Global Evolution EM Local Debt R EUR LU0616502455 6.410.436,89 5,18

CGS FMS Global Evolution EM Blended Debt R EUR LU0616502612 19.420.466,48 -2,93

CGS FMS Global Evolution EM Blended Debt I EUR LU0616502539 12.180.417,65 -2,59

CGS FMS Global Evolution EM Debt and FX I EUR LU0501220775 43.267.412,66 0,32

CGS FMS Global Evolution EM Debt and FX R EUR LU0501220858 15.555.757,60 -0,09

CGS FMS Global Evolution Emerging Frontier Z USD LU0914716807 271.660.741,03 1,68

* including dividend, record date April 28, 2015, payable on April 30, 2015 EUR 2.32 per share

6

CGS FMS

1. Commitment approach

Sub-fund



2. Relative VaR approach

Confidence level : 99% Holding Period: 1 day Observation Period: 1 year

Sub-fund Reference Portfolio Minimum Maximum Average


0.52% 1.01% 0.89%


0.52% 1.74% 1.16%

CGS FMS - Global Evolution EM Blended Debt 0.77% 1.31% 0.91%

CGS FMS - Global Evolution EM Debt and FX 0.42% 1.08% 0.76%

Global Exposure (not audited)¹

The global exposure is calculated for all sub-funds regardless of their investment strategies. The methods used to measure the global exposure for the sub-funds are the commitment approach and VaR approach according to the CSSF Circular 11/512.

The commitment approach is used for the sub-funds that do not use financial derivative instruments to a large extent and in a systematic way as part of complex investment strategies. The sum of the underlying equivalents must not exceed the net asset

value of the fund.

The VaR approach is considered for sub-funds that use financial derivative instruments to a large extent and in a systematic way as part of complex investment strategies. The relative VaR approach was used for the following sub-funds (listed below)

because a derivative-free benchmark (Reference Portfolio), which reflects the investment policy and investment strategy, could be defined.

The Sub-Fund’s VaR was calculated using historical simulation based on these figures:

20% JP Morgan GBI-EM Global Div Asia Traded In- dex Total Return Index Level US $ (Morgan Markets), 25% JP Morgan GBI-EM Global Div Middle

East & Africa Traded Index Total Return Index Level US $ (Morgan Markets), 25% JP Morgan GBI-EM Global Div Latin America Traded Index Total

Return Index Level US $ (Morgan Markets) and 30% JP Morgan GBI-EM Global Div Europe Traded Index Total Return Index Level US $ (Morgan

Markets)

100% JPM Emerging Markets Bond Index (EMBI Global Diversified USD)

100% JPM EMBI Global Total Return USD

100% JPM Emerging Markets Bond Index (EMBI Global Diversified USD)

8

Risk Management (not audited)¹

Derivatives Exposure and Average level of Leverage (not audited)

Sub-fund Derivative Exposure in %

80.00

93.00

41.00

115.00

296.00

0.00

For sub-funds using relative VaR, the average level of leverage (sum of notionals of derivatives) is shown below.

Sub-fund Average level of Leverage (sum of

notional) in %

CGS FMS - Global Evolution EM Debt 201.00

CGS FMS - Global Evolution EM Local Debt 201.00

CGS FMS - Global Evolution EM Blended Debt 222.00

CGS FMS - Global Evolution EM Debt and FX 383.00

¹ see page 71, point 13




CGS FMS - Global Evolution EM Debt and FX


CGS FMS - Global Evolution EM Blended Debt

The derivative exposure (as per reporting period end) is shown in the following table.

9

CGS FMS

Combined Statement of Net Assets as of June 30, 2015EUR %

Assets

Portfolio at market value 1.150.435.502,52 90,19

Options rights -29.096,84 0,00

Unrealised result on forward transactions -4.930.469,00 -0,39

Unrealised result on swap transactions 67.245,81 0,01

Cash at banks 115.447.378,85 9,05

Interest receivables 19.164.228,67 1,50

Incorporation cost, net 81.723,11 0,01

Performance fee receivable 0,00 0,00

Other receivables 0,00 0,00

Total Assets 1.280.236.513,12 100,36

Liabilities

Administration fee payable -549.404,10 -0,04

Custodian Bank fee payable -55.680,19 0,00

Asset Management fee payable -3.631.102,11 -0,28

Audit fee payable -43.649,87 0,00

Performance fee payable 0,00 0,00

Other payables (incl. interest payables) -331.603,92 -0,03

Total Liabilities -4.611.440,19 -0,36

Total Net Assets as of December 31, 2014 1.275.625.072,92 100,00

10

CGS FMS

Combined statement of Changes in Net Assets 2015I. Net assets at the beginning of the period EUR 1.258.473.759,80

1. Distribution for the previous year/tax reduction for the previous year EUR -205.875,04

2. Interim distributions EUR 0,00

3. Net cash flow EUR -50.147.755,32

a) Proceeds from shares issued EUR 288.417.862,93

b) Proceeds from shares redeemed EUR -338.565.618,25

4. Income/expense equalisation EUR 9.224.060,34

5. Results of operations for the period EUR 58.280.883,14

II. Net assets at the end of the period EUR 1.275.625.072,92

12

CGS FMS

CGS FMS Global Evolution Frontier Markets I EUR CGS FMS Global Evolution Frontier Markets I EUR 31.12.2013 31.12.2014 30.06.2015

Number of shares outstanding at the beginning of the period 3.049.914,388 Net Assets in EUR 294.836.324,65 405.823.923,14 453.377.360,56

Number of shares issued 579.882,656 Number of shares outstanding 2.322.887,602 3.049.914,388 3.289.620,046

Number of shares redeemed -340.176,998 Net Assets value per share in EUR 126,93 133,06 137,82

Number of shares outstanding as of June 30, 2015 3.289.620,046

CGS FMS Global Evolution Frontier Markets R EUR CGS FMS Global Evolution Frontier Markets R EUR 31.12.2013 31.12.2014 30.06.2015





CGS FMS Global Evolution Frontier Markets E EUR CGS FMS Global Evolution Frontier Markets E EUR 31.12.2013 31.12.2014 30.06.2015

Number of shares outstanding at the beginning of the period 107.985,432 Net Assets in EUR 9.249.552,30 12.292.754,35 10.515.203,71

Number of shares issued 19.146,422 Number of shares outstanding 83.836,527 107.985,432 89.874,982


Number of shares outstanding as of June 30, 2015 89.874,982

CGS FMS Global Evolution Frontier Markets R USD CGS FMS Global Evolution Frontier Markets R USD 31.12.2013 31.12.2014 30.06.2015

Number of shares outstanding at the beginning of the period 1.099.080,167 Net Assets in USD 143.731.209,49 117.860.532,46 114.088.178,62

Number of shares iussued 257.316,377 Number of shares outstanding 1.391.837,269 1.099.080,167 1.031.045,484

Number of shares redeemed -325.351,060 Net Assets value per share in USD 103,27 107,24 110,65


CGS FMS Global Evolution Frontier Markets R SEK CGS FMS Global Evolution Frontier Markets R SEK 31.12.2013 31.12.2014 30.06.2015

Number of shares outstanding at the beginning of the period 2.616.768,194 Net Assets in SEK 365.580.856,53 279.348.666,77 315.999.627,94


Number of shares redeemed -125.495,169 Net Assets value per share in SEK 102,03 106,75 110,03


Changes in the number of shares outstanding for the period from

January 1, 2015 to June 30, 2015

Statistical information

13

CGS FMS Global Evolution Frontier Markets R CHF CGS FMS Global Evolution Frontier Markets R CHF 31.12.2013 31.12.2014 30.06.2015

Number of shares outstanding at the beginning of the period 18.267,609 Net Assets in CHF 515.377,95 1.878.177,15 3.763.102,92


Number of shares redeemed -280,000 Net Assets value per share in CHF 99,27 102,81 105,27


CGS FMS Global Evolution Frontier Markets I USD CGS FMS Global Evolution Frontier Markets I USD 31.12.2013 31.12.2014 30.06.2015

Number of shares outstanding at the beginning of the period 392.651,772 Net Assets in USD 41.062.841,17 35.215.844,80

Number of shares issued 46.441,833 Number of shares outstanding 392.651,772 324.757,464

Number of shares redeemed -114.336,141 Net Assets value per share in USD 104,58 108,44


CGS FMS Global Evolution Frontier Markets R CL CHF CGS FMS Global Evolution Frontier Markets R CL CHF 31.12.2013 31.12.2014 30.06.2015

Number of shares outstanding at the beginning of the period 32.885,692 Net Assets in CHF 3.413.648,59 3.324.648,35

Number of shares issued 117,009 Number of shares outstanding 32.885,692 31.082,701

Number of shares redeemed -1.920,000 Net Assets value per share in CHF 103,80 106,96


CGS FMS Global Evolution Frontier Markets R CL EUR CGS FMS Global Evolution Frontier Markets R CL EUR 31.12.2013 31.12.2014 30.06.2015

Number of shares outstanding at the beginning of the period 63.154,719 Net Assets in EUR 6.296.580,77 29.110.476,19


Number of shares redeemed -10.295,053 Net Assets value per share in EUR 99,70 103,09


CGS FMS Global Evolution Frontier Markets R DD EUR CGS FMS Global Evolution Frontier Markets R DD EUR 31.12.2013 31.12.2014 30.06.2015





14

CGS FMS Global Evolution Frontier Markets E USD CGS FMS Global Evolution Frontier Markets E USD 31.12.2013 31.12.2014 30.06.2015

Number of shares outstanding at the beginning of the period 500,000 Net Assets in USD 49.780,23 50.439,31

Number of shares issued 0,000 Number of shares outstanding 500,000 500,000

Number of shares redeemed 0,000 Net Assets value per share in USD 99,56 100,88

Number of shares outstanding as of June 30, 2015 500,000

CGS FMS Global Evolution Frontier Markets R CL GBP CGS FMS Global Evolution Frontier Markets R CL GBP 31.12.2013 31.12.2014 30.06.2015

Number of shares outstanding at the beginning of the period 0,000 Net Assets in GBP 1.715.389,97

Number of shares issued 16.970,000 Number of shares outstanding 16.970,000

Number of shares redeemed 0,000 Net Assets value per share in GBP 101,08


CGS FMS Global Evolution Frontier Mar. R CL DD EUR CGS FMS Global Evolution Frontier Mar. R CL DD EUR 31.12.2013 31.12.2014 30.06.2015

Number of shares outstanding at the beginning of the period 0,000 Net Assets in EUR 2.624.202,14

Number of shares iussued 28.317,000 Number of shares outstanding 26.330,000

Number of shares redeemed -1.987,000 Net Assets value per share in EUR 99,67


CGS FMS Global Evolution Frontier Mar. R CL DD USD CGS FMS Global Evolution Frontier Mar. R CL DD USD 31.12.2013 31.12.2014 30.06.2015

Number of shares outstanding at the beginning of the period 0,000 Net Assets in USD 2.820.698,44

Number of shares issued 28.335,000 Number of shares outstanding 28.335,000

Number of shares redeemed 0,000 Net Assets value per share in USD 99,55


15

CGS FMS Global Evolution EM Debt I EUR CGS FMS Global Evolution EM Debt I EUR 31.12.2013 31.12.2014 30.06.2015


Number of shares issued 207.261,437 Number of shares outstanding 1.055.503,980 1.073.366,579 647.071,016



CGS FMS Global Evolution EM Local Debt I EUR CGS FMS Global Evolution EM Local Debt I EUR 31.12.2013 31.12.2014 30.06.2015


Number of shares issued 47,072 Number of shares outstanding 854.814,000 922.301,034 40.235,547



CGS FMS Global Evolution EM Local Debt R EUR CGS FMS Global Evolution EM Local Debt R EUR 31.12.2013 31.12.2014 30.06.2015





CGS FMS Global Evolution EM Blended Debt R EUR CGS FMS Global Evolution EM Blended Debt R EUR 31.12.2013 31.12.2014 30.06.2015





CGS FMS Global Evolution EM Blended Debt I EUR CGS FMS Global Evolution EM Blended Debt I EUR 31.12.2013 31.12.2014 30.06.2015





16

CGS FMS Global Evolution EM Debt and FX I CGS FMS Global Evolution EM Debt and FX I 31.12.2013 31.12.2014 30.06.2015



Number of shares redeemed -3.000,000 Net Assets value per share in EUR 1.035,12 1.038,42


CGS FMS Global Evolution EM Debt and FX R CGS FMS Global Evolution EM Debt and FX R 31.12.2013 31.12.2014 30.06.2015



Number of shares redeemed -173,923 Net Assets value per share in EUR 103,03 102,94


CGS FMS Global Evolution Emerging Frontier Z USD CGS FMS Global Evolution Emerging Frontier Z USD 31.12.2013 31.12.2014 30.06.2015

Number of shares outstanding at the beginning of the period 25.000,000 Net Assets in USD 253.768.344,95 267.160.309,71 271.660.741,03

Number of shares issued 0,000 Number of shares outstanding 25.000,000 25.000,000 25.000,000

Number of shares redeemed 0,000 Net Assets value per share in USD 10.150,73 10.686,41 10.866,43


17

CGS FMS Global Evolution Frontier Markets

Fund Structure as at 30/06/2015

Investment Focus

Market Value

in EUR % of Fund Assets

I. Assets 853.664.464,01 100,39

1. Bonds 750.531.932,75 88,26

2. Derivatives -3.783.491,72 -0,44

3. Bank balances 94.468.092,51 11,11

4. Other Assets 12.447.930,47 1,46

II. Liabilities -3.320.580,79 -0,39

III. Fund Assets 850.343.883,22 100,00

18


Statement of Net Assets as at June 30, 2015

Description ISIN Holdings Currency Market Value %

30/06/2015 in EUR of the sub-fund-

assets

Securities

Exchange-traded securities 105.381.157,75 12,40

Interest-bearing securities 105.381.157,75 12,40

0,0000 % European Bank Rec. Dev. DR/DL-FLR Med.-T.Nts 2015(17) XS1248432277 4.800.000.000 AMD 9.147.818,53 1,08

0,8750 % Federation of Bosnia and Herzegovina DM-FLR Bds 1997(10-21) Reg.S XS0082227546 29.300.000 DEM 6.856.860,86 0,81

0,8750 % Federation of Bosnia and Herzegovina DM-FLR Bds 1997(98/05-17) Reg.S XS0082227462 22.000.000 DEM 3.377.900,94 0,40

17,0000 % ABSA Bank Ltd. NM/DL-FLR Cred. Lkd MTN 12(16) XS0721890357 4.981.000 USD 3.377.155,54 0,40

5,8750 % Egypt, Arab Republic DL-Bonds 2015(25) Reg.S XS1245432742 3.600.000 USD 3.187.168,12 0,37

6,8750 % Egypt, Arab Republic DL-Bonds 2010(40) Reg.S XS0505478684 17.000.000 USD 15.037.393,41 1,77

7,0000 % Argentina, Republic DL-Bonds 2007(17) ARARGE03F441 12.000.000 USD 10.527.708,46 1,24

11,7500 % Buenos Aires, Province of... DL-Bonds 2010(15) Reg.S XS0546539486 3.800.000 USD 3.462.021,36 0,41

5,1250 % Mongolia DL-Med.-Term Nts 2012(22) Reg.S US60937GAB23 11.950.000 USD 9.763.582,26 1,15

8,7500 % Senegal, Republic DL-Bonds 2011(21) Reg.S XS0625251854 6.200.000 USD 6.209.293,60 0,73

7,0000 % Seychelles, Republic DL-Notes 2010(16-26) XS0471464023 6.174.000 USD 5.382.369,18 0,63

6,1250 % Sri Lanka, Republic DL-Bonds 2015(25) Reg.S USY8137FAC24 5.500.000 USD 4.879.187,69 0,57

5,7500 % Banque Centrale de Tunisie-Bond DL-Notes 2015(25) Reg.S XS1175223699 15.700.000 USD 13.795.030,97 1,62

4,8000 % Vietnam, Republic DL-Notes 2014(24) Reg.S USY9384RAA87 1.000.000 USD 899.398,62 0,11

5,0000 % Uruguay, Republic PU/DL-Infl.lkd Bonds 2006(18) US760942AT98 143.000.000 UYU 9.478.268,21 1,11

Securities admitted to or included in organised markets 613.162.048,38 72,12


16,0000 % Dominican Republic DP/DL-Glbl Dep.Nts 10(20) Reg.S US25714PBB31 116.000.000 DOP 2.912.951,72 0,34

15,5000 % Dominican Republic DP/DL-Glbl Dep.Nts 11(18) Reg.S US25714RAK05 252.000.000 DOP 5.759.662,10 0,68

15,9500 % Dominican Republic DP/DL-Glbl Dep.Nts 11(21) Reg.S US25714PBF45 374.600.000 DOP 9.658.698,08 1,14

16,9500 % Dominican Republic DP/DL-Glbl Dep.Nts 12(22) Reg.S US25714PBP27 100.000.000 DOP 2.711.187,69 0,32

12,5000 % Dominican Republic DP/DL-Glbl Dep.Nts 13(18) Reg.S XS0900686956 300.000.000 DOP 6.407.233,52 0,75

12,0000 % Dominican Republic DP/DL-Glbl Dep.Nts 15(22) Reg.S XS1180454321 43.000.000 DOP 932.381,79 0,11



3,9750 % Macedonia, Republic EO-Bonds 2014(21) Reg.S XS1087984164 4.650.000 4.486.552,50 0,53

21,0000 % Ghana, Republic of... CG-Bonds 2012(15) GHGGOG029117 20.500.000 GHS 4.174.585,54 0,49

19





21,0000 % Ghana, Republic of... CG-Bonds 2015(20) GHGGOG038951 5.000.000 GHS 993.826,52 0,12

12,0000 % Kenya, Republic KS-Treasury Bonds 2011(15-23) KE2000002242 2.712.500.000 KES 25.284.567,23 2,97

11,0000 % Kenya, Republic KS-Treasury Bonds 2013(17-25) KE3000008130 400.000.000 KES 3.614.085,22 0,43

10,6000 % Citigroup Inc. CR/DL-Credit Lkd MTN 2014(19) XS1057555978 600.000.000 LKR 4.541.633,99 0,53

8,5000 % Citigroup Inc. CR/DL-FLR Cr.Lkd MTN 2013(18) XS0876274621 1.000.000.000 LKR 6.957.998,11 0,82

0,0000 % Citigroup Inc. CR/DL-FLR Cr.Lkd MTN 2014(19) XS1055190877 750.000.000 PKR 5.675.531,97 0,67

0,0000 % Citigroup Inc. PR/DL-FLR Cr.Lkd MTN 2014(16) XS1074140374 1.342.000.000 RSD 12.789.047,61 1,50

10,0000 % Citigroup Inc. SJ/EO-Cred.Linked MTN 2013(18) XS0880306138 1.275.000.000 RSD 11.684.184,49 1,37

Citigroup Inc. DL-Zo Cred.Lkd MTN 2015(16) XS1255067552 9.500.000 USD 8.113.602,01 0,95


10,7500 % Uganda, Republic UG-Bonds 2011(16) UG0000000972 5.500.000.000 UGX 1.402.444,68 0,16

14,1250 % Uganda, Republic UG-Bonds 2013(16) UG0000001368 1.000.000.000 UGX 260.928,48 0,03




7,1500 % Armenia, Republic DL-Notes 2015(25) Reg.S XS1207654853 22.500.000 USD 20.026.029,98 2,36

6,6250 % Ethiopia, Federal Democratic Republic of... DL-Notes 2014(24) Reg.S XS1151974877 20.400.000 USD 18.195.020,20 2,14

10,8750 % Buenos Aires, Province of... DL-Bonds 2011(19-21) Reg.S XS0584493349 6.000.000 USD 5.385.512,97 0,63


0,0000 % Citigroup Inc. DL-FLR Credit Lkd MTN 2014(16) XS1122013193 3.200.000 USD 2.970.792,57 0,35

5,8000 % Citigroup Inc. CR-Credit Linked MTN 2012(17) XS0834224593 820.000.000 LKR 5.463.723,32 0,64

7,5000 % Citigroup Inc. CR/DL-Cr.Lkd M.-T.Nts 2012(18) XS0861554516 650.000.000 LKR 4.407.365,44 0,52

12,3750 % Córdoba, Province of... DL-Nts 2010(10/17) Reg.S USP79171AB31 3.700.000 USD 3.362.778,92 0,40

5,7500 % Côte d'Ivoire, Republic DL-Bonds 2010(10/16-32) Reg.S XS0496488395 39.700.000 USD 33.852.436,94 3,98

9,3750 % Ecuador, Republic DL-Bonds 2005(15) Reg.S USP8055QDE90 8.081.000 USD 7.252.953,18 0,85

10,5000 % Ecuador, Republic DL-Bonds 2015(15/20) Reg.S XS1199929826 24.400.000 USD 22.126.886,28 2,60

Frontera Capital B.V. DL-Zo Credit Lkd MTN 14(14-16) XS1111166366 8.760.000 USD 7.522.387,58 0,88


Frontera Capital B.V. DL-Zo Credit Lkd MTNs 2014(15) XS1088133266 14.500.000 USD 14.753.792,30 1,74


7,8750 % Ghana, Republic of... DL-Bonds 2013(23) Reg.S XS0956935398 5.000.000 USD 4.078.404,09 0,48

8,7500 % Honduras, Republic DL-Notes 2013(20) Reg.S XS1006084211 3.000.000 USD 3.064.249,17 0,36

7,5000 % Honduras, Republic DL-Notes 2013(22-24) Reg.S XS0905659230 7.800.000 USD 7.611.108,52 0,90

4,7788 % ICBC Standard Bank PLC DL-FLR Cr.Lkd MTN 11(12/13-18) XS0659669484 3.750.000 USD 2.210.399,65 0,26

16,1250 % ING Bank N.V. DL-Credit Linked MTN 2014(17) XS1122197061 8.327.000 USD 7.247.696,43 0,85

0,0000 % ING Bank N.V. DL-FLR Credit Lkd MTN 2014(17) XS1136231872 5.440.000 USD 4.808.420,93 0,57


ING Bank N.V. DL-Zo Cr.Lkd M.-T.Nts 2014(15) XS1122197145 5.732.000 USD 4.648.404,53 0,55

ING Bank N.V. DL-Zo Cr.Lkd M.-T.Nts 2014(15) XS1136288716 6.008.000 USD 4.892.364,93 0,585,8000 % Iraq, Republic DL-Notes 2006(06/20-28) Reg.S XS0240295575 16.500.000 USD 12.016.371,96 1,41

6,8750 % Kenya, Republic DL-Notes 2014(24) Reg.S XS1028952403 4.000.000 USD 3.652.095,86 0,43

4,0000 % Congo, Republic DL-Bonds 2007(07/07-29) XS0334989000 11.800.000 USD 8.339.797,27 0,98

6,3050 % Mozambique Ematum Fin. 2020 BV DL-LPN 2013(15-20) Ematum XS0969351450 14.000.000 USD 11.749.017,14 1,38

5,0000 % Nicaragua, Republic DL-Bonds 2001(12-16) Ser.J XS0132444216 7.046.000 USD 1.344.534,59 0,16

5,0000 % Nicaragua, Republic DL-Bonds 2003(14-18) XS0264192393 6.505.000 USD 3.554.584,46 0,42

20

7,8750 % Pakistan, Republic DL-Notes 2006(36) Reg.S USY8793YAL66 14.295.000 USD 12.532.664,26 1,47

6,7500 % Pakistan, Republic DL-Notes 2014(19) Reg.S XS1147732553 2.600.000 USD 2.386.697,78 0,28


6,6250 % Rwanda, Republic DL-Notes 2013(23) Reg.S XS0925613217 18.750.000 USD 16.978.334,53 2,00

12,5000 % Saderea Ltd. DL-Notes 2014(15-26) XS1136935506 16.800.000 USD 13.174.559,38 1,55


10,0000 % Serbia, Republic SJ-Bonds 2012(17) RSMFRSD16132 310.000.000 RSD 2.712.017,55 0,32



10,0000 % Serbia, Republic SJ-Treasury Bonds 2012(15) RSMFRSD52228 300.000.000 RSD 2.530.139,23 0,30

10,0000 % Serbia, Republic SJ-Treasury Notes 2014(17) RSMFRSD44555 610.000.000 RSD 5.261.594,62 0,62


11,0000 % Singularity Africa PCC DL-Credit Linked Nts 2013(15) XS0953721049 15.000.000 USD 5.523.180,15 0,65

11,2300 % Standard Chartered Bank DL-Credit Linked MTN 2014(19) XS1020319890 5.029.000 USD 4.967.716,07 0,58

0,0000 % Standard Chartered Bank DL-FLR Cred.Lkd MTN 2013(15) XS0961652699 12.485.312 USD 11.669.917,24 1,37





7,0000 % Venezuela, Boliv. Republic of... DL-Bonds 2007(38) Reg.S USP97475AJ95 12.900.000 USD 4.191.544,74 0,49

9,0000 % Venezuela, Boliv. Republic of... DL-Bonds 2008(23) Reg.S USP17625AA59 17.250.000 USD 6.050.118,93 0,71

7,7500 % Venezuela, Boliv. Republic of... DL-Bonds 2009(19) Reg.S USP97475AN08 10.000.000 USD 3.552.194,60 0,42

10,2500 % Uruguay, Republic PU-Bonds 2012(15) UYNA00006UY8 400.000.000 UYU 13.291.736,89 1,56

11,0000 % Uruguay, Republic PU-Bonds 2012(17) UYNA00005UY0 100.000.000 UYU 3.180.349,71 0,37

11,0000 % Zambia, Republic ZK-Bonds 2014(19) ZM1000002239 800.000 ZMW 75.280,30 0,01

11,0000 % Zambia, Republic ZK-Bonds 2015(20) ZM1000002676 90.000.000 ZMW 6.859.525,92 0,81



11,0000 % ZAMBIA GOVERNMENT BOND 04092017 ZM1000001876 81.250.000 ZMW 8.631.704,93 1,02

0,0000 % ZAMBIA GOVERNMENT BOND 20022017 ZM1000000753 4.000.000 ZMW 449.886,15 0,05

New issue 30.835.142,27 3,63


7,0000 % Zambezi B.V. DL-Cred.Lkd MTN 2014(24) Reg.S XS1143243969 26.300.000 USD 23.627.744,37 2,78

Zambezi B.V. DL-Zo Cred.Lkd MTN 2014(16.17) XS1154204298 6.110.000 USD 7.207.397,90 0,85

Unlisted securities 1.153.584,35 0,14


Zambia, Republic ZK-Treasury Bills 21.9.2015 ZM3000000858 10.000.000 ZMW 1.153.584,35 0,14

Total securities 750.531.932,75 88,26

21


Statement of Forward Transactions as of June 30, 2015

Transaction Ccy Amount Transaction Ccy Amount Commitment in EUR Maturity Unrealised Profit/ Loss in EUR Counterparty

Sell USD -620.389.000,00 Buy EUR 550.000.000,00 556.852.167,67 21.08.2015 -6.638.325,82 The Bank of New York Mellon (G) London (V)

Buy MZN 120.600.000,00 Sell USD -3.000.000,00 2.842.998,59 18.09.2015 89.397,85 Standard Bank (G) GB (V)



Buy SEK 316.189.879,37 Sell EUR -33.897.445,41 34.206.356,76 15.07.2015 311.253,96 The Bank of New York Mellon (G) London (V)

Sell SEK -110.492,21 Buy EUR 11.808,83 11.953,37 15.07.2015 -145,36 The Bank of New York Mellon (G) London (V)

Buy SEK 152.468,07 Sell EUR -16.294,99 16.494,45 15.07.2015 200,59 The Bank of New York Mellon (G) London (V)





Buy SEK 9.275,55 Sell EUR -1.007,02 1.003,46 15.07.2015 -3,49 The Bank of New York Mellon (G) London (V)

Sell SEK -392.325,45 Buy EUR 42.593,59 42.442,93 15.07.2015 147,76 The Bank of New York Mellon (G) London (V)

Sell SEK -3.807,00 Buy EUR 413,34 411,85 15.07.2015 1,46 The Bank of New York Mellon (G) London (V)


Sell SEK -57,77 Buy EUR 6,27 6,25 15.07.2015 0,02 The Bank of New York Mellon (G) London (V)







22





Buy USD 124.196.763,18 Sell EUR -109.830.592,23 111.477.213,16 15.07.2015 1.634.314,87 The Bank of New York Mellon (G) London (V)

Sell USD -5.954.816,06 Buy EUR 5.266.523,56 5.344.956,52 15.07.2015 -77.842,92 The Bank of New York Mellon (G) London (V)

Buy USD 13.500,00 Sell EUR -11.939,59 12.117,40 15.07.2015 176,47 The Bank of New York Mellon (G) London (V)

Sell USD -260.000,00 Buy EUR 231.340,60 233.372,23 15.07.2015 -2.005,87 The Bank of New York Mellon (G) London (V)




Buy USD 1.948.161,00 Sell EUR -1.730.586,48 1.748.641,06 15.07.2015 17.861,54 The Bank of New York Mellon (G) London (V)


Sell USD -2.849,00 Buy EUR 2.514,66 2.557,22 15.07.2015 -42,29 The Bank of New York Mellon (G) London (V)

Buy USD 100.000,00 Sell EUR -88.246,22 89.758,55 15.07.2015 1.502,42 The Bank of New York Mellon (G) London (V)





Buy CHF 3.781.017,68 Sell EUR -3.603.680,56 3.631.752,65 15.07.2015 29.136,36 The Bank of New York Mellon (G) London (V)






Buy GBP 1.721.318,11 Sell EUR -2.364.672,08 2.430.210,52 15.07.2015 65.027,32 The Bank of New York Mellon (G) London (V)

Buy CHF 3.378.599,60 Sell EUR -3.220.136,67 3.245.221,02 15.07.2015 26.035,34 The Bank of New York Mellon (G) London (V)

Sell CHF -8.058,00 Buy EUR 7.699,77 7.739,89 15.07.2015 -42,39 The Bank of New York Mellon (G) London (V)


23

Buy CHF 5.000,00 Sell EUR -4.778,76 4.802,61 15.07.2015 25,26 The Bank of New York Mellon (G) London (V)


Buy CHF 1.100,00 Sell EUR -1.047,98 1.056,57 15.07.2015 8,90 The Bank of New York Mellon (G) London (V)






Buy USD 109.020,00 Sell EUR -95.580,10 97.854,77 15.07.2015 2.263,87 The Bank of New York Mellon (G) London (V)







Total -3.783.491,72

24



Description Currency Balance %

in EUR of the sub-fund-

assets

Bank balances EUR 94.468.092,51 11,11

Balances with The Bank of New York Mellon S.A./NV, Luxembourg Branch (G)

Balances in the Fund currency

EUR 82.629.117,87 9,72

Balances in other EU/EEA currencies

DKK 0,37 0,00

GBP 1.995,31 0,00

SEK 94.024,35 0,01

Balances in non-EU/EEA currencies

CHF 64.155,29 0,01

GHS 368.589,58 0,04

RSD 8.522,52 0,00

UGX 321.813,34 0,04

USD 10.940.088,97 1,28

ZMW 39.784,91 0,00

Other Assets 12.447.930,47 1,47


Start-up Costs 67.647,60 0,01

Liabilities -3.320.580,79 -0,37

Management fee payable -371.391,23 -0,04


Custody fee -4.166,65 0,00

Asset Management fee payable -2.762.168,38 -0,32


Amortisation of start-up costs -16.911,90 0,00

Other payables -124.731,03 -0,01

Total 103.595.442,19 12,18

25


Statement of Changes in Net Assets 2015I. Net assets at the beginning of the period EUR 741.744.529,10

1. Distribution for the previous year/tax reduction for the previous year EUR -205.875,04


3. Net cash flow EUR 71.290.832,09




5. Results of operations for the period EUR 32.827.324,18

II. Net assets at the end of the period EUR 850.343.883,22

26

CGS FMS Global Evolution EM Debt


Investment Focus

Market Value


I. Assets 80.572.444,58 100,40

1. Bonds 76.038.005,51 94,75

2. Derivatives -509.840,42 -0,64

3. Bank balances 3.775.932,57 4,70

4. Other Assets 1.268.346,92 1,58

II. Liabilities -318.484,35 -0,40

III. Fund Assets 80.253.960,23 100,00

27





assets

Securities



3,5000 % Morocco, Kingdom EO-Notes 2014(24) Reg.S XS1079233810 800.000.000 820.320,00 1,02

5,8750 % Egypt, Arab Republic DL-Med-T. Nts 2015(25) Reg.S XS1245432742 1.500.000.000 USD 1.327.986,72 1,65

7,0000 % Argentina, Republic DL-Bonos 2007(17) ARARGE03F441 2.000.000.000 USD 1.754.618,08 2,19

5,7500 % Development Bank of Mongolia DL-Medium-Term Notes 2012(17) XS0755567301 1.300.000.000 USD 1.149.486,58 1,43

6,8750 % Georgia DL-Notes 2011(21) Reg.S XS0617134092 700.000.000 USD 681.967,51 0,85

4,4890 % Hazine Müste.Varl.Kiralama AS DL-Notes 2014(24) Reg.S XS1141043296 2.400.000.000 USD 2.115.472,58 2,64

6,7500 % Indonesia, Republic DL-Notes 2014(44) Reg.S USY20721BK48 2.300.000.000 USD 2.387.842,20 2,98

3,8750 % Kazakhstan, Republic DL-Notes 2014(24) Reg.S XS1120709669 2.500.000.000 USD 2.118.413,97 2,64

6,0000 % Croatia, Republic DL-Notes 2013(24) Reg.S XS0997000251 2.000.000.000 USD 1.901.552,82 2,37

4,2500 % Morocco, Kingdom DL-Notes 2012(22) Reg.S XS0850020586 1.000.000.000 USD 919.630,19 1,15

6,2500 % MFB Magyar Fejlesztesi Bk Zrt. DL-Notes 2013(20) Reg.S XS0954674312 1.000.000.000 USD 998.626,69 1,24

3,3000 % Perusah.Pen.SBSN Indonesia III DL-Trust Certs 2012(22) Reg.S US71567RAA41 1.700.000.000 USD 1.422.134,46 1,77

6,7500 % Romania DL-Med.-Term Nts 2012(22)Reg.S US77586TAA43 1.600.000.000 USD 1.680.998,12 2,09

4,8750 % Romania DL-Med.-Term Nts 2014(24)Reg.S US77586TAD81 1.000.000.000 USD 952.901,89 1,19

8,5000 % Zambia, Republic DL-Bonds 2014(24) Reg.S XS1056386714 1.600.000.000 USD 1.456.558,66 1,81

7,2500 % Serbia, Republic DL-Notes 2011(21) Reg.S XS0680231908 2.100.000.000 USD 2.118.321,52 2,64

5,8750 % Sri Lanka, Republic DL-Bonds 2012(22) Reg.S USY2029SAH77 1.400.000.000 USD 1.242.218,83 1,55

5,7500 % Banque Centrale de Tunisie DL-Notes 2015(25) Reg.S XS1175223699 1.500.000.000 USD 1.317.996,59 1,64

6,3750 % Hungary DL-Notes 2011(21) US445545AE60 2.200.000.000 USD 2.248.166,59 2,80

6,7500 % Vietnam, Republic DL-Bonds 2010(20) Reg.S USY9374MAF06 600.000.000 USD 597.355,71 0,74

3,9030 % ZAR Sovereign Cap.Fd Pty Ltd. DL-Notes 2014(20) Reg.S XS1113141441 1.400.000.000 USD 1.276.298,36 1,59



6,0000 % Armenia, Republic DL-Notes 2013(20) Reg.S XS0974642273 1.700.000.000 USD 1.499.573,65 1,87

6,6250 % Ethiopia, Democratic Federal Republic DL-Notes 2014(24) Reg.S XS1151974877 1.200.000.000 USD 1.070.295,31 1,33

6,0000 % Bahrain, Kingdom DL-Bonds 2014(44) Reg.S XS1110833123 1.400.000.000 USD 1.177.176,20 1,47

4,8750 % Brazil DL-Bonds 2010(21) US105756BS83 2.400.000.000 USD 2.255.991,38 2,81

4,2500 % Brazil DL-Bonds 2013(25) US105756BV13 2.100.000.000 USD 1.819.956,02 2,27

3,6250 % Chile, Republic DL-Bonds 2012(42) US168863BP27 900.000.000 USD 727.153,31 0,91

12,3750 % Córdoba, Province of... DL-Nts 2010(10/17) Reg.S USP79171AB31 1.000.000.000 USD 908.859,17 1,13

28

4,2500 % Costa Rica, Republic DL-Notes 2012(23) Reg.S USP3699PGB78 1.200.000.000 USD 999.174,22 1,25

5,7500 % Côte d'Ivoire, Republic DL-Bonds 2010(10/16-32) Reg.S XS0496488395 2.400.000.000 USD 2.046.494,93 2,55

6,6000 % Dominican Republic DL-Bonds 2013(24) Reg.S USP3579EAT49 1.400.000.000 USD 1.366.250,96 1,70

5,5000 % Dominican Republic DL-Bonds 2015(25) Reg.S USP3579EBD87 600.000.000 USD 542.024,95 0,68

6,8500 % Dominican Republic DL-Bonds 2015(45) Reg.S USP3579EBE60 1.300.000.000 USD 1.194.562,43 1,49

5,2500 % Dubai DOF Sukuk Ltd. DL-Med.-T.Trust Certs 2013(43) XS0880597603 2.400.000.000 USD 1.931.115,70 2,41

9,3750 % Ecuador, Republic DL-Bonds 2005(15) Reg.S USP8055QDE90 1.250.000.000 USD 1.121.914,55 1,40

10,5000 % Ecuador, Republic DL-Bonds 2015(15/20) Reg.S XS1199929826 1.100.000.000 USD 997.523,56 1,24

6,9500 % Gabon DL-Bonds 2015(25) Reg.S XS1245960684 550.000.000 USD 490.927,21 0,61

7,8750 % Ghana, Republic of... DL-Bonds 2013(23) Reg.S XS0956935398 2.000.000.000 USD 1.631.361,64 2,03

4,8750 % Guatemala, Republic DL-Notes 2013(28) Reg.S USP5015VAE67 1.300.000.000 USD 1.150.474,91 1,43

8,7500 % Honduras, Republic DL-Notes 2013(20) Reg.S XS1006084211 1.700.000.000 USD 1.736.407,86 2,16

5,8000 % Iraq, Republic DL-Notes 2006(06/20-28) Reg.S XS0240295575 1.500.000.000 USD 1.092.397,45 1,36

6,8750 % Kenya, Republic DL-Notes 2014(24) Reg.S XS1028952403 800.000.000 USD 730.419,17 0,91

4,3750 % Columbia, Republic DL-Bonds 2011(11/21) US195325BN40 2.200.000.000 USD 2.070.006,28 2,58

2,6250 % Columbia, Republic DL-Bonds 2013(13/23) USP3772NHK11 1.600.000.000 USD 1.321.288,93 1,65

4,0000 % Columbia, Republic DL-Bonds 2013(13/24) US195325BQ70 700.000.000 USD 627.700,39 0,78

5,6250 % Columbia, Republic DL-Bonds 2014(14/44) US195325BR53 600.000.000 USD 548.665,29 0,68

6,3050 % Mozambique Ematum Fin. 2020 BV DL-LPN 2013(15-20) Ematum XS0969351450 900.000.000 USD 755.293,96 0,94

3,6250 % Mexiko DL-Med.-Term Notes 2012(12/22) US91086QBA58 4.200.000.000 USD 3.818.867,25 4,76

8,2500 % Pakistan, Republic DL-Notes 2014(24) Reg.S XS1056560920 1.900.000.000 USD 1.867.699,49 2,33

4,0000 % Panama, Republic DL-Bonds 2014(14/24) US698299BD54 800.000.000 USD 726.433,89 0,91

4,8750 % Panama, Republic DL-Bonds 2014(21) PAL634445PA9 1.800.000.000 USD 1.716.137,87 2,14

4,6250 % Paraguay, Republic DL-Bonds 2013(23) Reg.S USP75744AA38 800.000.000 USD 725.665,56 0,90

6,6250 % Rwanda, Republic DL-Notes 2013(23) Reg.S XS0925613217 2.000.000.000 USD 1.811.022,35 2,26

5,1000 % Uruguay, Republic DL-Bonds 2014(48-50) US760942BA98 2.000.000.000 USD 1.714.388,30 2,14

9,0000 % Venezuela, Boliv. Republic of... DL-Bonds 2008(23) Reg.S USP17625AA59 2.100.000.000 USD 736.536,22 0,92

11,7500 % Venezuela, Boliv. Republic of... DL-Bonds 2011(26) Reg.S USP17625AE71 1.600.000.000 USD 619.377,08 0,77


29





Total -509.840,42

30





assets

Bank balances 3.775.932,57 4,70



EUR 1.368.570,64 1,71


DKK 31.010,98 0,04


USD 2.376.350,95 2,96

Other Assets 1.268.346,92 1,58



Liabilities -318.484,35 -0,40


Custodian Bank fee payable -4.395,80 -0,01

Custody fee -4.166,65 -0,01

Asset Management fee payable -249.360,02 -0,31

Audit fee payable -4.852,28 -0,01

Other payables -4.574,80 0,00

Total 4.725.795,14 5,88

31



1. Distribution for the previous year/tax reduction for the previous year EUR 0,00





4. Income/expense equalisation EUR -1.922.233,40

5. Result of operations for the period EUR 4.214.506,07


32

CGS FMS Global Evolution EM Local Debt


Investment Focus

Market Value


I. Assets 10.958.557,34 101,80

1. Bonds 9.789.040,81 90,94

2. Derivatives -2.065,87 -0,02

3. Bank balances 986.852,86 9,17

4. Other Assets 184.729,54 1,71

II. Liabilities -194.122,97 -1,80

III. Fund Assets 10.764.434,37 100,00

33





assets

Securities



0,0000 % European Bank Rec. Dev. DR/DL-FLR Med.-T.Nts 2015(17) XS1248432277 100.000.000 AMD 190.579,55 1,77

10,0000 % Brazil RB-Nota 2014(25) Ser.NTNF BRSTNCNTF170 2.000 BRL 526.917,97 4,89

Brazil RB-Zero Nota 2012(16) BRSTNCLTN6S3 1.000 BRL 270.027,17 2,51

12,0000 % Columbia, Republic KP/DL-Bonds 2005(15) XS0213272122 1.000.000.000 COP 352.234,49 3,27

6,7500 % Hungary UF-Bonds 2006(17) Ser.17/B HU0000402375 56.500.000 HUF 194.804,15 1,81

3,5000 % Hungary UF-Notes 2014(20) Ser.20/B HU0000402953 150.000.000 HUF 487.509,52 4,53

5,2500 % INDONESIA GOVERNMENT 15052018 IDG000010604 3.250.000.000 IDR 203.799,35 1,89

5,6250 % Indonesia, Republic RP-Notes 2012(23) FR63 IDG000010208 3.000.000.000 IDR 171.399,10 1,59



6,3000 % International Finance Corp. IR/DL-Medium-Term Nts 2014(24) US45950VEM46 45.000.000 INR 600.583,17 5,58

8,0000 % Mexiko MN-Bonos 2003(23) MX0MGO000003 75.000 MXN 485.534,56 4,51

8,0000 % Mexiko MN-Bonos 2006(15) MX0MGO000086 102.000 MXN 596.346,57 5,54

3,3940 % Malaysia MR-Bonds 2014(17) Ser.0214 MYBMG1400027 2.500.000 MYR 597.737,61 5,55

5,8000 % Romania LN-Bonds 2012(15) RO1215DBN073 500.000 RON 113.187,05 1,05

4,7500 % Romania LN-Bonds 2014(25) RO1425DBN029 800.000 RON 187.077,61 1,74

3,1250 % Thailand BA-Bonds 2010(15) TH062303PC09 15.000.000 THB 401.808,14 3,73

8,2000 % Turkey, Republic TN-Bonds 2014(16) TRT161116T19 1.300.000 TRY 427.958,78 3,98


8,0000 % Turkey, Republic TN-Bonds 2015(25) TRT120325T12 500.000 TRY 155.031,84 1,44

4,2500 % Uruguay, Republic PU/DL-Infl.lkd Bds 2007(25-27) US760942AU61 3.000.000 UYU 180.495,91 1,68



Banco Central del Uruguay PU-Comm. Paper Tr. 5.10.2015 UYLR12881UY3 4.250.000 UYU 137.589,45 1,28

10,0000 % Columbia Republic KP-Bonos 2008(24) Ser.B COL17CT02385 1.300.000.000 COP 529.937,19 4,92

6,9500 % Peru NS/DL-Glbl Dep.Nts 08(31) Reg.S US715638BE14 1.300.000 PEN 363.417,53 3,38

5,0000 % Poland, Republic ZY-Bonds 2010(16) Ser.0416 PL0000106340 4.000.000 PLN 980.312,22 9,11

34

7,0000 % South Africa, Republic of... RC-Loan 2010(31) No.R213 ZAG000077470 9.100.000 ZAR 574.443,81 5,34

13,5000 % South Africa, Republic of... RC-Loan 2012(15) No.R158 ZAG000099862 800.000 ZAR 60.013,32 0,56

Unlisted securities 353.676,80 3,29

Interest-bearing securities 353.676,80 3,29

15,0000 % Dominican Republic DP/DL-Glbl Dep.Nts 12(19) Reg.S US25714PBR82 15.000.000 DOP 353.676,80 3,29


35




Sell BRL -775.625,00 Buy USD 250.000,00 224.182,03 10.08.2015 3.617,50 The Bank of New York Mellon (G) London (V)

Buy CLP 257.750.000,00 Sell USD -402.325,76 361.867,34 10.08.2015 -403,10 The Bank of New York Mellon (G) London (V)

Sell COP -2.000.000.000,00 Buy USD 770.208,34 690.676,18 10.08.2015 3.915,40 The Bank of New York Mellon (G) London (V)

Buy KRW 468.950.000,00 Sell USD -421.036,09 377.441,47 10.08.2015 -1.084,65 The Bank of New York Mellon (G) London (V)

Buy USD 413.111,57 Sell PLN -1.530.000,00 370.802,95 10.08.2015 6.163,74 The Bank of New York Mellon (G) London (V)

Buy USD 452.892,09 Sell TRY -1.270.000,00 406.509,37 10.08.2015 -14.274,76 The Bank of New York Mellon (G) London (V)

Total Total -2.065,87

36





assets

Bank balances 986.852,86 9,17



EUR 241.611,94 2,24


CZK 503,53 0,00

HUF 13.549,10 0,13

PLN 14.398,35 0,13


BRL 7.706,26 0,07

COP 6.722,88 0,06

IDR 469,84 0,00

MXN 42.337,35 0,39

NGN 58.479,13 0,54

RON 305,89 0,00

RSD 1.851,73 0,02

THB 41.421,40 0,38

TRY 1.257,26 0,01

USD 431.828,03 4,01

UYU 160,78 0,00

ZAR 22,71 0,00

ZMW 124.226,68 1,15

37

Other Assets 184.729,54 1,71

Interest receivables 178.697,18 1,66


Liabilities -194.122,97 -1,80



Custody fee -3.402,77 -0,03




Total 977.459,43 9,08

38









5. Results of operations for the period EUR -1.360.197,89


39

CGS FMS Global Evolution EM Blended Debt


Investment Focus

Market Value


I. Assets 31.749.019,86 100,47

1. Bonds 30.482.958,56 96,46

2. Derivatives -191.322,19 -0,61

3. Bank balances 990.115,59 3,13

4. Other Assets 467.267,90 1,48

II. Liabilities -148.135,73 -0,47

III. Fund Assets 31.600.884,13 100,00

40





assets

Securities





Brazil RB-Zero Nota 2012(16) BRSTNCLTN6S3 1.000 BRL 270.027,17 0,85

3,5000 % Morocco, Kingdom EO-Notes 2014(24) Reg.S XS1079233810 150.000 EUR 153.810,00 0,49





7,7500 % International Finance Corp. IR/DL-Medium-Term Nts 2013(16) US45950VCQ77 65.000.000 INR 927.011,16 2,93

8,5000 % Mexiko MN-Bonos 2009(18) MX0MGO0000G1 248.000 MXN 1.585.058,10 5,02

3,1720 % Malaysia MR-Bonds 2013(16) MYBMH1300019 3.000.000 MYR 715.385,71 2,26

5,9500 % Romania LN-Bonds 2011(21) RO1121DBN032 2.000.000 RON 506.130,65 1,60

3,1250 % Thailand BA-Bonds 2010(15) TH062303PC09 25.000.000 THB 669.680,24 2,12

3,2500 % Thailand BA-Bonds 2011(17) TH062303R603 15.000.000 THB 411.979,95 1,30


5,8750 % Egypt, Arab Republic DL-Med-T. Nts 2015(25) Reg.S XS1245432742 400.000 USD 354.129,79 1,12

2,5000 % Argentina, Republic DL-Bonds 2005(29-38) Par US040114GK09 300.000 USD 146.755,23 0,46

7,0000 % Argentina, Republic DL-Bonos 2007(17) ARARGE03F441 250.000 USD 219.327,26 0,69

5,8750 % Indonesia, Republic DL-Med.-Term Nts 2014(24)Reg.S USY20721BJ74 500.000 USD 497.347,63 1,57

5,1250 % Indonesia, Republic DL-Med.-Term Nts 2015(45)Reg.S USY20721BM04 400.000 USD 343.297,73 1,09

3,8750 % Kazakhstan, Republic DL-Notes 2014(24) Reg.S XS1120709669 850.000 USD 720.260,75 2,28

6,3750 % Croatia, Republic DL-Notes 2011(21) Reg.S XS0607904264 600.000 USD 583.164,89 1,85

4,2500 % Morocco, Kingdom DL-Notes 2012(22) Reg.S XS0850020586 300.000 USD 275.889,06 0,87

4,8750 % Romania DL-Med.-Term Nts 2014(24)Reg.S US77586TAD81 800.000 USD 762.321,52 2,41

5,3750 % Zambia, Republic DL-Bonds 2012(22) Reg.S XS0828779594 300.000 USD 234.113,63 0,74

8,5000 % Zambia, Republic DL-Bonds 2014(24) Reg.S XS1056386714 200.000 USD 182.069,83 0,58

7,2500 % Serbia, Republic DL-Notes 2011(21) Reg.S XS0680231908 500.000 USD 504.362,27 1,60

5,8750 % Sri Lanka, Republic DL-Bonds 2012(22) Reg.S USY2029SAH77 200.000 USD 177.459,83 0,56

5,1250 % Sri Lanka, Republic DL-Bonds 2014(19) Reg.S USY8137FAB41 200.000 USD 178.991,11 0,57

41

5,7500 % Banque Centrale de Tunisie DL-Notes 2015(25) Reg.S XS1175223699 300.000 USD 263.599,32 0,83

5,7500 % Turkey, Republic DL-Notes 2014(24) US900123CF53 400.000 USD 389.868,05 1,23

5,7500 % Hungary DL-Notes 2013(23) US445545AJ57 800.000 USD 798.068,40 2,53

3,9030 % ZAR Sovereign Cap.Fd Pty Ltd. DL-Notes 2014(20) Reg.S XS1113141441 350.000 USD 319.074,59 1,01

4,2500 % Uruguay, Republic PU/DL-Infl.lkd Bds 2007(25-27) US760942AU61 8.000.000 UYU 481.322,42 1,52

5,0000 % Uruguay, Republic PU/DL-Infl.lkd Bonds 2006(18) US760942AT98 1.700.000 UYU 112.678,71 0,36



10,0000 % Columbia, Republic KP-Bonos 2008(24) Ser.B COL17CT02385 2.400.000.000 COP 978.345,57 3,10

6,9500 % Peru NS/DL-Glbl Dep.Nts 08(31)Reg.S US715638BE14 2.000.000 PEN 559.103,89 1,77


6,0000 % Armenia, Republic DL-Notes 2013(20) Reg.S XS0974642273 500.000 USD 441.051,07 1,40

6,6250 % Ethiopia, Democratic Federal Republic DL-Notes 2014(24) Reg.S XS1151974877 500.000 USD 445.956,38 1,41

6,0000 % Bahrain, Kingdom DL-Bonds 2014(44) Reg.S XS1110833123 250.000 USD 210.210,04 0,67

4,8750 % Brazil DL-Bonds 2010(21) US105756BS83 300.000 USD 281.998,92 0,89

4,2500 % Brazil DL-Bonds 2013(25) US105756BV13 350.000 USD 303.326,00 0,96

5,7500 % Côte d'Ivoire, Republic DL-Bonds 2010(10/16-32) Reg.S XS0496488395 500.000 USD 426.353,11 1,35

5,8750 % Dominican Republic DL-Bonds 2013(22-24) Reg.S USP3579EAS65 200.000 USD 186.512,88 0,59

6,8500 % Dominican Republic DL-Bonds 2015(45) Reg.S USP3579EBE60 350.000 USD 321.612,96 1,02

15,9500 % Dominican Republic DP/DL-Glbl Dep.Nts 11(21)Reg.S US25714PBF45 2.500.000 USD 64.460,08 0,20

10,3750 % Dominican Republic DP/DL-Glbl Dep.Nts 15(22)Reg.S XS1203837528 15.000.000 USD 311.133,06 0,98

5,2500 % Dubai DOF Sukuk Ltd. DL-Med.-T.Trust Certs 2013(43) XS0880597603 300.000 USD 241.389,46 0,76

9,3750 % Ecuador, Republic DL-Bonds 2005(15) Reg.S USP8055QDE90 150.000 USD 134.629,75 0,43

10,5000 % Ecuador, Republic DL-Bonds 2015(15/20) Reg.S XS1199929826 500.000 USD 453.419,80 1,43

7,8750 % Ghana, Republic of... DL-Bonds 2013(23) Reg.S XS0956935398 350.000 USD 285.488,29 0,90

8,1250 % Ghana, Republic of... DL-Bonds 2014(24-26) Reg.S XS1108847531 200.000 USD 164.258,15 0,52

8,7500 % Honduras, Republic DL-Notes 2013(20) Reg.S XS1006084211 200.000 USD 204.283,28 0,65

5,8000 % Iraq, Republic DL-Notes 2006(06/20-28) Reg.S XS0240295575 400.000 USD 291.305,99 0,92

5,8750 % Kenya, Republic DL-Notes 2014(19) Reg.S XS1028951850 200.000 USD 183.926,04 0,58

6,8750 % Kenya, Republic DL-Notes 2014(24) Reg.S XS1028952403 200.000 USD 182.604,79 0,58

4,3750 % Columbia, Republic DL-Bonds 2011(11/21) US195325BN40 400.000 USD 376.364,78 1,19

2,6250 % Columbia, Republic DL-Bonds 2013(13/23) USP3772NHK11 650.000 USD 536.773,63 1,70

3,6250 % Mexiko DL-Med.-Term Notes 2012(12/22) US91086QBA58 700.000 USD 636.477,87 2,01

42

6,3050 % Mozambique Ematum Fin. 2020 BV DL-LPN 2013(15-20) Ematum XS0969351450 250.000 USD 209.803,88 0,66

7,2500 % Pakistan, Republic DL-Notes 2014(19) Reg.S XS1056560763 400.000 USD 378.159,95 1,20

4,0000 % Panama, Republic DL-Bonds 2014(14/24) US698299BD54 200.000 USD 181.608,47 0,57

4,8750 % Panama, Republic DL-Bonds 2014(21) PAL634445PA9 700.000 USD 667.386,95 2,11

4,6250 % Paraguay, Republic DL-Bonds 2013(23) Reg.S USP75744AA38 200.000 USD 181.416,39 0,57

6,6250 % Rwanda, Republic DL-Notes 2013(23) Reg.S XS0925613217 300.000 USD 271.653,35 0,86

10,0000 % Serbia, Republic SJ-Bonds 2012(17) RSMFRSD16132 15.000.000 RSD 131.226,66 0,42

5,1000 % Uruguay, Republic DL-Bonds 2014(48-50) US760942BA98 250.000 USD 214.298,54 0,68

9,0000 % Venezuela, Boliv. Republic DL-Bonds 2008(23) Reg.S USP17625AA59 1.100.000 USD 385.804,69 1,22

11,7500 % Venezuela, Boliv. Republic DL-Bonds 2011(26) Reg.S USP17625AE71 200.000 USD 77.422,13 0,24

7,0000 % South Africa, Republic of... RC-Loan 2010(31) No.R213 ZAG000077470 6.000.000 ZAR 378.754,16 1,20

7,7500 % South Africa, Republic of... RC-Loan 2012(23) No.2023 ZAG000096165 11.000.000 ZAR 795.463,49 2,52

Frontera Capital B.V. DL-Zo Credit Lkd MTNs 2014(23) XS1086068274 300.000 USD 277.273,14 0,88

Unlisted securities 787.623,76 2,49

Interest-bearing securities 787.623,76 2,49

6,0000 % Chile, Republic CP/DL-Glbl Dep.Nts 11(18) Reg.S XS0831748115 350.000.000 CLP 518.280,16 1,64

5,7000 % Peru NS/DL-Glbl Dep.Nts 14(24) Reg.S USP78024AB57 1.000.000 PEN 269.343,60 0,85


43




Sell BRL -2.196.000,00 Buy USD 675.069,17 634.718,77 10.08.2015 -19.151,22 The Bank of New York Mellon (G) London (V)

Sell COP -1.970.400.000,00 Buy USD 758.809,26 680.454,17 10.08.2015 3.857,47 The Bank of New York Mellon (G) London (V)

Buy IDR 12.879.500.000,00 Sell USD -953.895,72 867.250,74 10.08.2015 5.093,16 The Bank of New York Mellon (G) London (V)

Buy MYR 2.711.500,00 Sell USD -726.398,41 645.395,47 10.08.2015 -8.967,69 The Bank of New York Mellon (G) London (V)


Total -191.322,19

44





assets

Bank balances 990.115,59 3,13



EUR 96.674,77 0,31


CZK 412,32 0,00

DKK 0,37 0,00

HUF 32.101,66 0,10

PLN 335,01 0,00


BRL 9.685,55 0,03

COP 1.347,03 0,00

IDR 13.592,12 0,04

MXN 877,28 0,00

MYR 5.662,53 0,02

NGN 15.879,44 0,05

RON 26.584,49 0,08

RSD 2.415,69 0,01

THB 6.461,74 0,02

TRY 1.334,20 0,00

USD 776.527,36 2,46

ZAR 224,03 0,00

45

Other Assets 467.267,90 1,48


Liabilities -148.135,73 -0,46

Interest payable -96,55 0,00



Custody fee -4.166,65 -0,01




Total 1.309.247,76 4,14

46








4. Income/expense equalisation EUR -391.873,67

5. Results of operations for the period EUR -386.156,94


47

CGS FMS Global Evolution EM Debt and FX


Investment Focus

Market Value


I. Assets 59.029.848,87 100,34

1. Bonds 52.113.993,41 88,59

2. Derivatives -550.491,67 -0,94

3. Bank balances 6.540.878,19 11,12

4. Other Assets 925.468,94 1,57

II. Liabilities -206.678,61 -0,34

III. Fund Assets 58.823.170,26 100,00

48





assets

Securities



10,0000 % Brazil, RB-Nota 2007(17) Ser.F BRSTNCNTF0G9 7.000 BRL 2.017.805,94 3,43

10,0000 % Brazil, RB-Nota 2010(21) Ser.F BRSTNCNTF0N5 2.000 BRL 546.580,73 0,93

10,0000 % Brazil, RB-Nota 2012(23) Ser.NTNF BRSTNCNTF147 4.000 BRL 1.074.138,97 1,83

2,6250 % Bulgaria, EO-Medium-Term Notes 2015(27) XS1208855889 2.000.000 EUR 1.839.500,00 3,13

0,5000 % Germany, Fed. Republic of... 2015 (2025) DE0001102374 3.000.000 EUR 2.926.950,00 4,98

3,8750 % Croatia, Republic EO-Notes 2014(22) XS1028953989 1.000.000 EUR 1.002.210,00 1,70

3,0000 % Croatia, Republic EO-Notes 2015(25) XS1117298916 400.000 EUR 362.112,00 0,62

5,3750 % Montenegro, Republic EO-Notes 2014(19) Reg.S XS1069342407 1.000.000 EUR 1.017.702,00 1,73


6,2500 % Indonesia, Republic RP-Notes 2011(17) FR60 IDG000009903 30.000.000.000 IDR 1.970.156,39 3,35

7,8750 % Indonesia, Republic RP-Notes 2013(19) FR69 IDG000010901 20.000.000.000 IDR 1.340.142,95 2,28

10,0000 % Mexiko MN-Bonos 2005(24) MX0MGO000078 350.000 MXN 2.567.695,91 4,37

5,2000 % Peru NS-Bonos Tes. 2012(23) PEP01000C4N3 4.000.000 PEN 1.047.214,13 1,78

5,8500 % Romania LN-Bonds 2013(23) RO1323DBN018 2.750.000 RON 686.637,07 1,17

3,8750 % Thailand BA-Bonds 2009(19) TH062303T609 40.000.000 THB 1.133.468,20 1,93

10,5000 % Turkey, Republic TN-Bonds 2010(20) TRT150120T16 4.000.000 TRY 1.402.050,94 2,38



5,3750 % Côte d'Ivoire, Republic DL-Notes 2014(24) Reg.S XS1089413089 1.000.000 USD 846.692,40 1,44

5,3750 % Zambia, Republic DL-Bonds 2012(22) Reg.S XS0828779594 1.900.000 USD 1.482.719,68 2,52

5,7500 % Banque Centrale de Tunisie DL-Notes 2015(25) Reg.S XS1175223699 600.000 USD 527.198,64 0,90

10,5000 % South Africa, Republic of... RC-Loan 1997(26) No. 186 ZAG000016320 25.000.000 ZAR 2.150.995,04 3,66

8,2500 % South Africa, Republic of... RC-Loan 2004(17) No.203 ZAG000021833 10.000.000 ZAR 754.923,43 1,28

7,2500 % South Africa, Republic of... RC-Loan 2005(20) No.207 ZAG000024738 15.000.000 ZAR 1.087.408,45 1,85

49



12,0000 % Dominican Republic DP/DL-Glbl Dep.Nts 15(22)Reg.S XS1180454321 22.000.000 DOP 477.032,55 0,81

10,3750 % Dominican Republic DP/DL-Glbl Dep.Nts 15(22)Reg.S XS1203837528 100.000.000 DOP 2.074.220,39 3,53

7,2500 % Columbia, Republic KP-Bonos 2009(16) Ser.B COL17CT02401 2.400.000.000 COP 849.092,43 1,44

7,0000 % Columbia, Republic KP-Bonos 2014(19) Ser.B COL17CT03011 3.900.000.000 COP 1.401.111,51 2,38

3,9750 % Macedonia, Republic EO-Bonds 2014(21) Reg.S XS1087984164 500.000 EUR 482.425,00 0,82


4,7500 % Mexiko MN-Bonos 2013(18) Ser.M MX0MGO0000T4 270.000.000 MXN 1.552.412,34 2,64


3,2500 % Poland, Republic ZY-Bonds 2014(19) Ser.0719 PL0000108148 5.000.000 PLN 1.227.622,09 2,09

7,1500 % Armenia, Republic DL-Notes 2015(25) Reg.S XS1207654853 500.000 USD 445.022,89 0,76

6,6250 % Ethiopia, Democratic Federal Republic DL-Notes 2014(24) Reg.S XS1151974877 1.000.000 USD 891.912,75 1,52

9,9500 % Buenos Aires, Province of... DL-Bonds 2015(20-21) Reg.S XS1244682487 250.000 USD 220.135,09 0,37


10,5000 % Ecuador, Republic DL-Bonds 2015(15/20) Reg.S XS1199929826 1.100.000 USD 997.523,56 1,70

6,3750 % Gabon DL-Bonds 2013(22-24) Reg.S XS1003557870 1.400.000 USD 1.220.190,29 2,07

7,8750 % Ghana, Republic of... DL-Bonds 2013(23) Reg.S XS0956935398 1.400.000 USD 1.141.953,15 1,94

8,1250 % Ghana, Republic of... DL-Bonds 2014(24-26) Reg.S XS1108847531 500.000 USD 410.645,36 0,70

7,0000 % Northern Lights III B.V. DL-LPN 2012(15-19) Rep. Angola XS0814512223 1.400.000 USD 1.261.558,21 2,14


8,2500 % Pakistan, Republic DL-Notes 2014(24) Reg.S XS1056560920 1.000.000 USD 982.999,73 1,67

10,0000 % Serbia, Republic SJ-Bonds 2015(22) RSMFRSD98312 60.000.000 RSD 529.302,28 0,90

7,0000 % Venezuela, Boliv. Republic DL-Bonds 2007(38) Reg.S USP97475AJ95 1.500.000 USD 487.388,92 0,83

9,0000 % Venezuela, Boliv. Republic DL-Bonds 2008(23) Reg.S USP17625AA59 1.000.000 USD 350.731,53 0,60


50




Buy BRL 3.500.000,00 Sell USD -1.098.970,11 1.011.619,17 28.08.2015 3.133,21 The Bank of New York Mellon (G) London (V)

Sell BRL -3.500.000,00 Buy USD 1.075.434,01 1.011.619,17 28.08.2015 -24.258,87 The Bank of New York Mellon (G) London (V)

Sell BRL -6.000.000,00 Buy USD 1.872.074,88 1.734.204,29 28.08.2015 -16.029,04 Deutsche Bank AG (GD) London (V)

Sell BRL -6.000.000,00 Buy USD 1.884.126,24 1.734.204,29 28.08.2015 -5.211,92 Deutsche Bank AG (GD) London (V)

Sell CHF -2.000.000,00 Buy EUR 1.926.708,03 1.921.045,05 28.08.2015 3.325,95 The Bank of New York Mellon (G) London (V)

Buy CLP 700.000.000,00 Sell USD -1.128.486,22 982.762,90 28.08.2015 -34.588,56 The Bank of New York Mellon (G) London (V)

Sell CLP -1.400.000.000,00 Buy USD 2.254.791,43 1.965.525,80 28.08.2015 67.219,49 The Bank of New York Mellon (G) London (V)

Buy CLP 1.400.000.000,00 Sell USD -2.255.881,41 1.965.525,80 28.08.2015 -68.197,84 The Bank of New York Mellon (G) London (V)

Sell CLP -2.800.000.000,00 Buy USD 4.462.151,39 3.931.051,60 28.08.2015 91.865,18 The Bank of New York Mellon (G) London (V)

Buy CLP 1.000.000.000,00 Sell USD -1.573.564,12 1.403.947,00 28.08.2015 -14.802,19 The Bank of New York Mellon (G) London (V)

Buy COP 2.000.000.000,00 Sell USD -821.523,93 690.676,18 28.05.2015 -51.374,09 The Bank of New York Mellon (G) London (V)

Sell COP 2.000.000.000,00 Buy USD 776.246,85 690.676,18 28.05.2015 10.734,04 The Bank of New York Mellon (G) London (V)

Sell COP 6.000.000.000,00 Buy USD 2.313.922,10 2.072.028,55 28.05.2015 18.901,30 Deutsche Bank AG (GD) London (V)

Sell HUF 460.000.000,00 Buy EUR -1.512.063,64 1.459.761,36 28.05.2015 -55.914,71 The Bank of New York Mellon (G) London (V)

Buy HUF -2.000.000.000,00 Sell EUR 6.350.617,60 6.346.788,53 28.05.2015 19.535,31 The Bank of New York Mellon (G) London (V)

Sell IDR -50.000.000.000,00 Buy USD 3.667.033,37 3.366.787,30 28.05.2015 -42.297,35 The Bank of New York Mellon (G) London (V)

Sell KRW -2.000.000.000,00 Buy USD 1.800.666,25 1.609.730,11 28.05.2015 10.193,64 The Bank of New York Mellon (G) London (V)

Sell KRW -2.000.000.000,00 Buy USD 1.800.342,06 1.609.730,11 28.05.2015 9.902,65 The Bank of New York Mellon (G) London (V)

Sell MYR -5.000.000,00 Buy USD 1.345.532,83 1.190.107,82 28.05.2015 24.105,06 The Bank of New York Mellon (G) London (V)

Sell MYR -5.000.000,00 Buy USD 1.329.964,09 1.190.107,82 28.05.2015 10.130,79 Deutsche Bank AG (GD) London (V)

Buy MYR 10.000.000,00 Sell USD -2.664.535,04 2.380.215,65 28.05.2015 -24.396,63 The Bank of New York Mellon (G) London (V)

Sell PEN -4.000.000,00 Buy USD 1.243.974,50 1.130.742,05 28.05.2015 -4.576,30 The Bank of New York Mellon (G) London (V)

Buy THB 40.000.000,00 Sell USD -1.184.553,42 1.063.300,96 28.05.2015 -2.308,92 The Bank of New York Mellon (G) London (V)

Sell TWD -60.000.000,00 Buy USD 1.956.309,10 1.745.596,73 28.05.2015 11.979,07 The Bank of New York Mellon (G) London (V)

Sell TWD -60.000.000,00 Buy USD 1.958.224,54 1.745.596,73 28.05.2015 13.698,34 The Bank of New York Mellon (G) London (V)

51


Buy USD 5.000.000,00 Sell EUR -4.608.605,00 4.487.927,48 28.05.2015 -122.815,53 The Bank of New York Mellon (G) London (V)

Buy USD 5.000.000,00 Sell EUR -4.583.048,04 4.487.927,48 28.05.2015 -97.258,57 The Bank of New York Mellon (G) London (V)



Buy USD 2.059.838,30 Sell ILS -8.000.000,00 1.848.880,98 28.05.2015 -55.234,23 The Bank of New York Mellon (G) London (V)



Buy USD 1.926.856,53 Sell MXN -30.000.000,00 1.729.518,47 28.05.2015 21.900,19 The Bank of New York Mellon (G) London (V)




Buy USD 2.345.903,47 Sell THB -80.000.000,00 2.105.648,93 28.05.2015 -16.245,41 The Bank of New York Mellon (G) London (V)

Buy USD 1.460.227,07 Sell TRY -4.000.000,00 1.310.678,64 28.05.2015 -7.737,63 The Bank of New York Mellon (G) London (V)

Buy USD 1.825.950,41 Sell TRY -5.000.000,00 1.638.946,60 28.05.2015 -9.063,67 The Bank of New York Mellon (G) London (V)

Buy USD 2.012.963,48 Sell ZAR -25.000.000,00 1.806.806,82 28.05.2015 -24.285,57 The Bank of New York Mellon (G) London (V)

Buy USD 5.614.278,23 Sell ZAR -70.000.000,00 5.039.294,70 28.05.2015 -87.965,61 The Bank of New York Mellon (G) London (V)

Total -588.640,64

52

Statement of Swaps as of June 30, 2015

Credit Default Swaps

Description Maturity Nominal Currency Interest Rate Commitment in EUR Unrealised Result in EUR Counterparty

Bulgarien EO-Bonds 2014(24) 20.03.15/20.06.20 2.000.000,00 USD

-2.000.000,00 USD 1,0000 1.795.170,99

Total 67.245,81

Statement of FX Options as of June 30, 2015

Exp. Date No. Contracts Ccy Acqu. Price in Ccy Curr. Price in Ccy Total value in EUR Commitment in EUR Unrealised Profit/ Loss in EUR Counterparty

CrossRate USD/EUR CALL 02.10.15 BP 0,83 OTC 02.10.2015 -10.000.000 USD 0,0040 0,0075 -67.025,53 6.675.382,46 -31.873,80 Deutsche Bank AG

CrossRate USD/EUR CALL 03.07.15 BP 0,87 OTC 03.07.2015 10.000.000 USD 0,0047 0,0042 37.928,69 5.456.454,93 -3.452,46 Deutsche Bank AG

Total -29.096,84

20.06.2020 67.245,81 Deutsche Bank AG (GD) London (V)

53





assets

Bank balances 6.540.878,19 11,12



EUR 2.581.962,57 4,39


HUF 1.016.837,87 1,73

PLN 115.139,40 0,20


BRL 84.644,52 0,14

COP 27.980,53 0,05

IDR 227.034,82 0,39

MXN 149.587,00 0,25

MYR 49.106,23 0,08

PEN 58.797,13 0,10

RON 35.929,65 0,06

THB 20.545,01 0,03

TRY 68.017,52 0,12

USD 1.962.505,87 3,34

ZAR 142.790,07 0,24

54

Other Assets 925.468,94 1,57


Liabilities -206.678,61 -0,34

Interest payable -448,79 0,00



Custody fee -4.166,67 -0,01




Total 7.259.668,52 12,35

55








4. Income/expense equalisation EUR -422.036,09

5. Results of operations for the period EUR -41.444,66


56

CGS FMS Global Evolution Emerging Frontier Z USD


Investment Focus

Market Value

in USD % of Fund Assets

I. Assets 272.132.493,02 100,16

1. Bonds 257.891.390,59 94,93

2. Derivatives 161.424,00 0,06

3. Bank balances 9.676.523,49 3,56

4. Other Assets 4.403.154,94 1,62

II. Liabilities -471.751,99 -0,16

III. Fund Assets 271.660.741,03 100,00

57




30/06/2015 in USD of the sub-fund-

assets

Securities

Exchange-traded securities USD 45.951.604,05 16,92

Interest-bearing securities USD 45.951.604,05 16,92

0,0000 % European Bank Rec. Dev. DR/DL-FLR Med.-T.Nts 2015(17) XS1248432277 1.300.000.000 AMD 2.760.220,83 1,02

0,8750 % Federation of Bosnia and Herzegovina, DM-FLR Bds 97(98/05-17)Reg.S A XS0082227462 18.637.000 DEM 3.188.044,75 1,17

5,8750 % Egypt, Arab Republic DL-Med-T. Nts 2015(25) Reg.S XS1245432742 1.000.000 USD 986.340,00 0,36

6,8750 % Egypt, Arab Republic DL-Notes 2010(40) Reg.S XS0505478684 6.000.000 USD 5.912.880,00 2,18

7,0000 % Argentina, Republic DL-Bonos 2007(17) ARARGE03F441 3.000.000 USD 2.932.230,00 1,08

11,7500 % Buenos Aires, Province of... DL-Bonds 2010(15) Reg.S XS0546539486 3.000.000 USD 3.045.030,00 1,12

5,1250 % Mongolia DL-Med.-Term Nts 2012(22)Reg.S US60937GAB23 3.120.000 USD 2.840.011,20 1,05


7,0000 % Seychelles, Republic DL-Notes 2010(16-26) XS0471464023 1.550.000 USD 1.505.437,50 0,55

6,1250 % Sri Lanka, Republic DL-Bonds 2015(25) Reg.S USY8137FAC24 3.500.000 USD 3.459.211,00 1,27

5,7500 % Banque Centrale de Tunisie DL-Notes 2015(25) Reg.S XS1175223699 7.250.000 USD 7.097.170,00 2,61

4,3750 % Uruguay, Republic PU/DL-Infl.lkd Bds 2011(26-28) US917288BD36 50.000.000 UYU 2.389.144,22 0,88

5,0000 % Uruguay, Republic PU/DL-Infl.lkd Bonds 2006(18) US760942AT98 106.000.000 UYU 7.827.498,55 2,88

Securities admitted to or included in organised markets USD 204.631.097,71 75,35


3,9750 % Macedonia, Republic EO-Bonds 2014(21) Reg.S XS1087984164 1.050.000 EUR 1.128.686,35 0,42




16,9000 % Ghana, Republic of... CG-Bonds 2013(16) GHGGOG030495 300.000 GHS 65.785,77 0,02


12,0000 % Kenya, Republic KS-Treasury Bonds 2011(15-23) KE2000002242 650.000.000 KES 6.750.303,64 2,48

0,0000 % Citigroup Inc. CR/DL-FLR Cr.Lkd MTN 2014(19) XS1055190877 150.000.000 LKR 1.264.622,03 0,47

0,0000 % Citigroup Inc. PR/DL-FLR Cr.Lkd MTN 2014(16) XS1074140374 250.000.000 PKR 2.654.299,17 0,98

10,0000 % Citigroup Inc. SJ/EO-Cred.Linked MTN 2013(18) XS0880306138 375.000.000 RSD 3.828.632,34 1,41

58

12,5000 % Dominican Republic DP/DL-Glbl Dep.Nts 13(18)Reg.S XS0900686956 207.000.000 DOP 4.925.426,21 1,81



14,0000 % Dominican Republic DP/DL-Glob.Dep.Nts 12(19)Reg.S XS0855622741 144.000.000 DOP 3.691.388,32 1,36

11,5000 % Dominican Republic DP/DL-Glob.Dep.Nts 14(24)Reg.S XS1084826483 100.000.000 DOP 2.448.124,13 0,90


14,1250 % Uganda, Republic UG-Bonds 2013(16) UG0000001368 185.000.000 UGX 53.779,58 0,02

16,7500 % Uganda, Republic UG-Bonds 2015(17) UG0000001509 3.270.700.000 UGX 987.566,94 0,36

7,1500 % Armenia, Republic DL-Notes 2015(25) Reg.S XS1207654853 6.750.000 USD 6.693.300,00 2,46

6,6250 % Ethiopia, Democratic Federal Republic DL-Notes 2014(24) Reg.S XS1151974877 10.050.000 USD 9.986.484,00 3,68


0,0000 % Citigroup Inc. DL-FLR Credit Lkd MTN 2014(16) XS1122013193 1.700.000 USD 1.758.310,00 0,65



12,3750 % Córdoba, Province of... DL-Nts 2010(10/17) Reg.S USP79171AB31 1.250.000 USD 1.265.700,00 0,47


9,3750 % Ecuador, Republic DL-Bonds 2005(15) Reg.S USP8055QDE90 2.500.000 USD 2.499.850,00 0,92

10,5000 % Ecuador, Republic DL-Bonds 2015(15/20) Reg.S XS1199929826 7.150.000 USD 7.223.716,50 2,66

Frontera Capital B.V. DL-Zo Credit Lkd MTN 14(14-16) XS1111166366 300.000 USD 287.010,00 0,11




6,3750 % Gabon DL-Bonds 2013(22-24) Reg.S XS1003557870 4.000.000 USD 3.884.040,00 1,43

7,8750 % Ghana, Republic of... DL-Bonds 2013(23) Reg.S XS0956935398 1.000.000 USD 908.750,00 0,33

8,1250 % Ghana, Republic of... DL-Bonds 2014(24-26) Reg.S XS1108847531 1.150.000 USD 1.052.250,00 0,39

7,5000 % Honduras, Republic DL-Notes 2013(22-24) Reg.S XS0905659230 6.800.000 USD 7.392.416,00 2,72

4,7788 % ICBC Standard Bank PLC DL-FLR Cr.Lkd MTN 11(12/13-18) XS0659669484 1.250.000 USD 820.868,75 0,30

16,1250 % ING Bank N.V. DL-Credit Linked MTN 2014(17) XS1122197061 3.600.000 USD 3.490.905,60 1,29




5,8000 % Iraq, Republic DL-Notes 2006(06/20-28) Reg.S XS0240295575 5.000.000 USD 4.056.800,00 1,49

6,8750 % Kenya, Republic DL-Notes 2014(24) Reg.S XS1028952403 1.000.000 USD 1.017.200,00 0,37

4,0000 % Kongo, Demokratische Republic DL-Bonds 2007(07/07-29) XS0334989000 3.135.000 USD 2.468.511,79 0,91


5,0000 % Nicaragua, Republic DL-Bonds 2004(15-19) XS0264206367 3.350.000 USD 2.698.957,85 0,99

7,8750 % Pakistan, Republic DL-Notes 2006(36) Reg.S USY8793YAL66 3.910.000 USD 3.819.092,50 1,41

6,8750 % Pakistan, Republic DL-Notes 2007(17) Reg.S USY8793YAM40 1.250.000 USD 1.304.812,50 0,48

6,7500 % Pakistan, Republic DL-Notes 2014(19) Reg.S XS1147732553 550.000 USD 562.485,00 0,21


6,6250 % Rwanda, Republic DL-Notes 2013(23) Reg.S XS0925613217 5.750.000 USD 5.800.772,50 2,14

12,5000 % Saderea Ltd. DL-Notes 2014(15-26) XS1136935506 5.000.000 USD 4.368.385,89 1,61





11,0000 % Singularity Africa PCC DL-Credit Linked Nts 2013(15) XS0953721049 6.000.000 USD 2.461.350,00 0,91



59


7,0000 % Venezuela, Boliv. Republic DL-Bonds 2007(38) Reg.S USP97475AJ95 5.000.000 USD 1.810.000,00 0,67

9,0000 % Venezuela, Boliv. Republic DL-Bonds 2008(23) Reg.S USP17625AA59 3.300.000 USD 1.289.475,00 0,47

7,7500 % Venezuela, Boliv. Republic DL-Bonds 2009(19) Reg.S USP97475AN08 3.000.000 USD 1.187.250,00 0,44




10,2500 % UGANDA GOVERNMENT BOND 02062016 UG0000001269 3.147.400.000 UGX 903.240,81 0,33

10,7500 % UGANDA GOVERNMENT BOND 13.08.2015 UG0000000790 4.500.000.000 UGX 1.362.157,37 0,50



0,0000 % ZAMBIA GOVT BOND 20022017 ZM1000000753 1.200.000 ZMW 150.365,45 0,06

New issue USD 6.871.718,00 2,53


7,0000 % Zambezi B.V. DL-Cred.Lkd MTN 2014(24)Reg.S XS1143243969 5.500.000 USD 5.504.950,00 2,03

Zambezi B.V. DL-Zo Cred.Lkd MTN 2014(16.17) XS1154204298 1.040.000 USD 1.366.768,00 0,50

Unlisted securities USD 436.970,83 0,16

Interest-bearing securities USD 436.970,83 0,16

Zambia, Republic ZK-Treasury Bills 21.9.2015 ZM3000000858 3.400.000 ZMW 436.970,83 0,16


60



Transaction Ccy Amount Transaction Ccy Amount Commitment in USD Maturity Unrealised Profit/ Loss in USD Counterparty

Sell EUR -12.000.000,00 Buy USD 13.535.760,00 13.369.200,00 21.08.2015 161.424,00 The Bank of New York Mellon Corp.

Total 161.424,00

61




in USD of the sub-fund-

assets

Bank balances 9.676.523,49 3,56



USD 7.687.558,92 2,82


EUR 1.503.153,32 0,55


GHS 38.216,92 0,01

RSD 7.920,91 0,00

UGX 159.084,74 0,06

ZMW 280.588,68 0,10

Other Assets 4.403.154,94 1,62


Liabilities -471.751,99 -0,16



Custody fee -4.642,06 0,00



Other payables -23,21 0,00

Total 13.607.926,44 5,02

62


Statement of Changes in Net Assets 2015I. Net assets at the beginning of the period USD 267.160.309,71

1. Distribution for the previous year/tax reduction for the previous year USD 0,00

2. Interim distributions USD 0,00

3. Net cash flow USD 0,00

a) Proceeds from shares issued USD 0,00

b) Proceeds from shares redeemed USD 0,00

4. Income/expense equalisation USD 0,00

5. Result of operations for the period USD 4.500.431,32

II. Net assets at the end of the period USD 271.660.741,03

63

CGS FMS

1. General

2.1 Annual charges and expenses borne by the fund

2.2 Determination of the net asset value of shares

f. The value of money market instruments not listed or dealt in on any stock exchange or any other regulated market and with remaining maturity of less than twelve (12) calendar months and of more than ninety (90) calendar days is deemed to be

the market value thereof, increased by any interest accrued thereon. Money market instruments with a remaining maturity of ninety (90) calendar days or less will be valued by the amortized cost method, which approximates market value;

c. The value of assets dealt in on any other regulated market is based on the last available price;

g. Units or shares of open-ended UCI will be valued at their last determined and available net asset value or, if such price is not representative of the fair market value of such assets, then the price shall be determined by the Board of Directors on a

fair and equitable basis. Units or shares of a closed-ended UCI will be valued at their last available stock market value;

h. All other securities and other assets will be valued at fair market value, as determined in good faith pursuant to procedures established by the Board of Directors.

a. The value of any cash on hand or in deposits, bills, demand notes and accounts receivables, prepaid expenses, dividends and interests matured but not yet received shall be valued at the par-value of the assets except however if it appears that

such value is unlikely to be received. In such a case, subject to the approval of the Board of Directors, the value shall be determined by deducting a certain amount to reflect the true value of these assets;

b. The value of assets which are listed or dealt in on any stock exchange is based on the last available price on the stock exchange which is normally the principal market for such assets;

d. In the event that any assets are not listed or dealt in on any stock exchange or on any other regulated market, or if, with respect to assets listed or dealt in on any stock exchange, or other regulated market as aforesaid, the price as determined

pursuant to sub-paragraph (b) or (c) is not representative of the fair market value of the relevant assets, the value of such assets will be based on the reasonably foreseeable sales price determined prudently and in good faith;

The value of such assets is determined by the management company as follows:

e. The market value of forward or options contracts not traded on exchanges or on other regulated markets shall mean their net liquidating value determined, pursuant to the policies established by the Board of Directors, on a basis consistently

applied for each different variety of contracts. The market value of futures or options contracts traded on exchanges or on other regulated markets shall be based upon the last available settlement prices of these contracts on exchanges and regulated

markets on which the particular futures or options contracts are traded by the fund. Provided that if a futures forward or options contract could not be liquidated on the day with respect to which net assets are being determined, the basis for determining

the liquidating value of such contract shall be such value as the Board of Directors may deem fair and reasonable. Interest rate swaps will be valued at their market value established by reference to the applicable interest rate curve;

Notes to the Financial Statements

2. Significant accounting policies

All costs and expenses relating to the organisation of the fund, including government incorporation charges, professional fees and expenses in connection with the preparation of the fund´s offering documents and the preparation of its basic corporate

and contract documents will be amortized by the fund over a period of five (5) years from the fund´s commencement of operation.

For any additional sub-fund created, expenses incurred in connection with the creation of such additional sub-fund shall exclusively be borne by the relevant sub-fund and shall be written off over a period of a maximum of five (5) years as indicated in

the relevant appendix to the prospectus.

The calculation of the net asset value per share of each class within each sub-fund will be carried out by the management company, in accordance with the requirements of the articles. The net asset value per share of each class within each sub-fund

shall be expressed in the reference currency of each class within each sub-fund, to the nearest two (2) decimal places, and shall be determined for each sub-fund on the relevant valuation day, by dividing the net assets of the sub-fund attributable to

shares in such class within such sub-fund (being the value of the portion of assets less the portion of liabilities attributable to such class within such sub-fund, on any such valuation day) by the number of shares of the relevant class within the relevant

sub-fund then outstanding, in accordance with the valuation rules set forth below. If, since the time of determination of the net asset value, there has been a material change in the quotations in the markets on which a substantial portion of the

investments attributable to the relevant class within the relevant sub-fund are dealt in or quoted, the fund may, in order to safeguard the interests of the shareholders and the fund, cancel the first valuation and carry out a second valuation for all

applications received on the relevant valuation day or temporarily suspend the net asset value calculation in accordance with section 1.14.3 of the prospectus.

CGS FMS, SICAV ("the fund") was established in the Grand Duchy of Luxembourg on December 3, 2010 in accordance with Part 1 of the Law of December 17, 2010. The fund is organized as a variable capital company, Société d´investissement à

capital variable (SICAV), under the Law of August 10, 1915 relating to commercial companies. The fund has been established for an indefinite period.

The fund keeps the books of each sub-fund in ist respective currency and the financial statements were prepared in EUR in accordance with the Luxembourg regulation relating to undertakings for collective investments.

64

Also exempt from this tax are:

4. Changes in portfolio composition

The equalisation procedure characterizes a method to keep the regular result and the earnings per share for all shares of the fund equal, irrespective of the time of purchase or sale.

The value of all assets and liabilities not expressed in the reference currency of a class or sub-fund will be converted into the reference currency of such class or sub-fund at the rate of exchange determined at the relevant valuation day in good faith by

or under procedures established by the Board of Directors.

To the extent that the Board of Directors consider that it is in the best interests of the fund, given the prevailing market conditions and the level of subscriptions or redemptions requested by shareholders in relation to the size of any sub-fund, an

adjustment, as determined by the Board of Directors at their discretion, may be reflected in the net asset value of the sub-fund for such sum as may represent the percentage estimate of costs and expenses which may be incurred by the relevant sub-

fund under such conditions.

b) Sub-funds whose main objective is the investment in microfinance institutions;

The net asset value per share and the issue, redemption and conversion prices per share of each class within each sub-fund may be obtained during business hours at the registered office of the management company.

The company is not subject to any Luxembourg taxes on income or capital gains under existing legislation. The company is, however, subject to the "taxe d'abonnement", which is charged at the rate of 0.05% per annum, based on the net assets of the

sub-fund at the end of each calendar quarter. Such tax is reduced to a rate of 0.01% per annum in respect of the assets attributable to such unit classes which are reserved to institutional investors as well as to certain sub-funds investing exclusively in

money market instruments and the placing of deposits with credit institutions and sub-funds whose sole object is the collective investment in deposits with credit institutions. The tax is calculated daily and paid quarterly.

3. Taxes

The Board of Directors and the management company may at their discretion permit any other method of valuation to be used if they consider that such method of valuation better reflects value generally or in particular markets or market conditions and

is in accordance with good practice.

The classes/sub-funds may be exempt from this tax if they comply with the requirements of the 2010 law of which there are the following: (i) the shares of the class/sub-fund must be reserved to institutional investors; (ii) the exclusive object of the

class/sub-fund's portfolio must be the investment in money market instruments and/or deposits with credit institutions; (iii) the remaining average maturity of the class/sub-fund's portfolio must be less than 90 days and (iv) the class/sub-fund must

benefit from the highest possible rating of a recognised rating agency. Also exempt from the tax are the value of assets represented by units/shares held in other UCIs provided that such units/shares have already been subject to this tax as provided for

by article 174 of the 2010 law or by article 68 of the law of 13 February 2007 on specialised investment funds, as amended.

a) Sub-funds/classes whose shares are reserved for (i) institutions for occupational retirement pension or similar investment vehicles, set-up on one or more employers' initiative for the benefit of their employees and (ii) companies of one or more

employers investing funds they hold, to provide retirement benefits to their employees;

c) Sub-funds/classes of shares whose shares are listed or traded on at least one stock exchange or another regulated market operating regularly, recognised and open to the public and whose exclusive object is to replicate the performance of one or

more indices.

No tax is paid on the portion of net assets invested in other Luxembourg investment fund already subject to the "taxe d'abonnement".

5. Equalisation

Details of purchases and sales of investments are available, free of charge, from the registered office of the fund.

65

Foreign exchange rate to EUR

AMD (Armenian Dram) 524,3700

BRL (Brazilian Real) 3,4598

CHF (Swiss Franc) 1,0411

CLP (Chilean Peso) 712,2776

COP (Colombian Peso) 2.895,7130

CZK (Czech Koruna) 27,2440

DEM (Deutsche Mark) 1,9558

DKK (Danish Krone) 7,4597

DOP (Dominican Peso) 49,9674

GBP (United Kingdom Pound) 0,7083

GHS (Ghana Cedi) 4,8352

HUF (Hungarian Forint) 315,1200

IDR (Indonesian Rupiah) 14.850,9530

INR (Indian Rupee) 70,9403

KES (Kenyan Shilling) 110,5187

LKR (Sri Lanka Rupee) 148,9552

MXN (Mexican Peso) 17,4789

MYR (Malaysian Ringgit) 4,2013

NGN (Naira (Nigeria)) 221,5388

PEN (Nuevo Sol (Peru)) 3,5375

PKR (Pakistan Rupee) 113,3597

PLN (Zloty) 4,1894

RON (New Romanian Leu) 4,4775

RSD (Serbian Dinar) 120,0777

SEK (Swedish Krona) 9,2436

THB (Baht (Thailand) 37,6187

TRY (New Turkish Lira) 2,9840

UGX (Uganda Shilling) 3.674,3018

USD (US Dollar) 1,1933

UYU (Peso Uruguayo) 30,0250

ZAR (South African Rand) 13,5170

ZMW (Zambia Kwacha) 8,3446

As of June 30, 2015, positions denominated in foreign currencies were valuated at the following exchange rates (WM-Company/Fixing 5:00 CET):

6. Foreign exchange rate

66

Foreign exchange rate to USD

AMD (Armenian Dram) 470,6669

DEM (Deutsche Mark) 1,7555

DOP (Dominican Peso) 44,8500

EUR (Euro) 1,1141

GHS (Ghana Cedi) 4,3400

KES (Kenyan Shilling) 99,2000

LKR (Sri Lanka Rupee) 133,7000

NGN (Nigeria Naira) 198,8500

PKR (Pakistan Rupee) 101,7500

RSD (Serbian Dinar) 107,7800

UGX (Uganda Shilling) 3.298,0000

UYU (Peso Uruguayo) 26,9500

ZMW (Zambia Kwacha) 7,4900

The PTR was calculated using the following formula:

Turnover = [Total 1 - Total 2] * 100

M

Total 1 = Total purchases + Total sales of securities

Total 2 = Total subscription + Total redemption

M = Average Assets (daily)

Sub-fund Reporting period PTR in %

CGS FMS - Global Evolution Frontier Markets January 1, 2015 until June 30, 2015 7,80

CGS FMS - Global Evolution EM Debt January 1, 2015 until June 30, 2015 50,61

CGS FMS - Global Evolution EM Local Debt January 1, 2015 until June 30, 2015 118,47

CGS FMS - Global Evolution EM Blended Debt January 1, 2015 until June 30, 2015 76,60

CGS FMS - Global Evolution EM Debt and FX January 1, 2015 until June 30, 2015 89,62

CGS FMS - Global Evolution Emerging Frontier January 1, 2015 until June 30, 2015 61,55

7. Portfolio Turnover Ratio/PTR

As of June 30, 2015, positions denominated in foreign currencies were valuated at the following exchange rates (WM-Company/Fixing 5:00 CET):

67

Share class Reporting period TER in %

CGS FMS Global Evolution Frontier Markets I EUR January 1, 2015 until June 30, 2015 0,63

CGS FMS Global Evolution Frontier Markets R EUR January 1, 2015 until June 30, 2015 0,95

CGS FMS Global Evolution Frontier Markets E EUR January 1, 2015 until June 30, 2015 1,42

CGS FMS Global Evolution Frontier Markets R USD January 1, 2015 until June 30, 2015 0,98

CGS FMS Global Evolution Frontier Markets R SEK January 1, 2015 until June 30, 2015 1,00

CGS FMS Global Evolution Frontier Markets R CHF January 1, 2015 until June 30, 2015 1,18

CGS FMS Global Evolution Frontier Markets I USD January 1, 2015 until June 30, 2015 0,66

CGS FMS Global Evolution Frontier Markets R CL CHF January 1, 2015 until June 30, 2015 0,51

CGS FMS Global Evolution Frontier Markets R CL EUR January 1, 2015 until June 30, 2015 0,80

CGS FMS Global Evolution Frontier Markets R DD EUR January 1, 2015 until June 30, 2015 1,08

CGS FMS Global Evolution Frontier Markets E USD January 1, 2015 until June 30, 2015 3,01

CGS FMS Global Evolution Frontier Markets R CL GBP March 20, 2015 until June 30, 2015 0,39

CGS FMS Global Evolution Frontier Markets R CL DD EUR June 15, 2015 until June 30, 2015 0,07

CGS FMS Global Evolution Frontier Markets R CL DD USD June 15, 2015 until June 30, 2015 0,07

CGS FMS Global Evolution EM Debt I EUR January 1, 2015 until June 30, 2015 0,52

CGS FMS Global Evolution EM Local Debt I EUR January 1, 2015 until June 30, 2015 0,62

CGS FMS Global Evolution EM Local Debt R EUR January 1, 2015 until June 30, 2015 1,57

CGS FMS Global Evolution EM Blended Debt R EUR January 1, 2015 until June 30, 2015 1,14

CGS FMS Global Evolution EM Blended Debt I EUR January 1, 2015 until June 30, 2015 0,83

CGS FMS Global Evolution EM Debt and FX I EUR January 1, 2015 until June 30, 2015 0,73

CGS FMS Global Evolution EM Debt and FX R EUR January 1, 2015 until June 30, 2015 1,05

CGS FMS Global Evolution Emerging Frontier Z USD January 1, 2015 until June 30, 2015 0,40

8. Total Expense Ratio/TER

Total expense ratio (TER) - a measure of the total costs charged to an investment fund and expressed in percentage terms of the fund´s average total assets in the reporting period. The total expense ratio includes the administration fee, custodian

bank fee, global custody fee, subscription tax, audit fee, publication fee, legal fee, asset manager fee, registrar and transfer agent fee, payment agent fee and other expenses. Withholding tax, interest on bank overdraft and performance-fee are

excluded from the total expense ratio.

68

Sub-fund Reporting period Transaction cost

CGS FMS - Global Evolution Frontier Markets January 1, 2015 until June 30, 2015 2.130,01

CGS FMS - Global Evolution EM Debt January 1, 2015 until June 30, 2015 600,00

CGS FMS - Global Evolution EM Local Debt January 1, 2015 until June 30, 2015 814,50

CGS FMS - Global Evolution EM Blended Debt January 1, 2015 until June 30, 2015 1.203,50

CGS FMS - Global Evolution EM Debt and FX January 1, 2015 until June 30, 2015 1.190,00

CGS FMS - Global Evolution Emerging Frontier January 1, 2015 until June 30, 2015 1.330,37

The following pool factors have been used:

Sub-fund Description and ISIN Factor

CGS FMS - Global Evolution Frontier Markets Bosnia and Herzegovina, 2017-A, FRN

XS0082227462

0,33000000

Bosnia and Herzegovina, 2017-B, FRN

XS0082227546

0,54166667

Frontera Capital B.V. DL-Zo Credit Lkd MTN 14(14-16)

XS1111166366

0,60000000

ICBC Standard Bank PLC DL-FLR Cr.Lkd MTN 11(12/13-18)

XS0659669484

0,65000000

Kongo, Demokratische Republik DL-Bonds 2007(07/07-29)

XS0334989000

0,87400000

Saderea Ltd. DL-Notes 2014 (15-26)

XS1136935506

0,97920623

Singularity Africa PCC DL-Credit Linked Nts 2013(15)

XS0953721049

0,25000000

Nicaragua, Republik DL-Bonds 2001(12-16) Ser.J

XS0132444216

0,21917034

Nicaragua, Republik DL-Bonds 2003(14-18)

XS0264192393

0,64082892

9. Transaction cost

The following transaction cost which is limited to brokerage commission occurred during the corresponding period:

10. Pool factor

The pool factor is a percentage of the original principal that is left to be distributed in the debt security, as represented by numerical factor that will be attached on periodic market quotes. The original principal will be multiplied by the pool factor.

69

CGS FMS - Global Evolution Emerging Frontier Bosnia and Herzegovina, 2017-A, FRN

XS0082227462

0,33000000

Nicaragua, Republik DL-Bonds 2004(15-19)

XS0264206367

0,85029980

ICBC Standard Bank PLC DL-FLR Cr.Lkd MTN 11(12/13-18)

XS0659669484

0,65000000

Saderea Ltd. DL-Notes 2014 (15-26)

XS1136935506

0,97920623

Singularity Africa PCC DL-Credit Linked Nts 2013(15)

XS0953721049

0,25000000

Kongo, Demokratische Republik DL-Bonds 2007(07/07-29)

XS0334989000

0,87400000

Sub-fund Description and ISIN Ratio

CGS FMS - Global Evolution Frontier Markets URUGUAY 2006 5% 14/09/18 INDXLK

US760942AT98 1,95884180

CGS FMS - Global Evolution EM Local Debt 4,25% Uruguay, Republik PU/DL-Infl.lkd Bds 2007(25-27)

US760942AU61 1,88909210

CGS FMS - Global Evolution EM Blended Debt 5% Uruguay, Republik 2006 14/09/18 INDXLK

US760942AT98 1,958841804,25% Uruguay, Republik PU/DL-Infl.lkd Bds 2007(25-27)

US760942AU61 1,88909210

CGS FMS - Global Evolution Emerging Frontier URUGUAY 2006 5% 14/09/18 INDXLK

US760942AT98 1,95884180

URUGUAY 2011 4,375% 15/12/28 INDXLK

US917288BD36 1,34003720

The fund also holds inflation-linked bonds where interests are paid at fixed intervals and the principal is returned at maturity. However, the interest rate and maturity value are adjusted by the rate of inflation (index ratio) over the life of the bond. The

following bonds are inflation-linked using the below mentioned index ratios.

70

11. Collateral

Sub-fund Amount collateral Counterparty

CGS FMS - Global Evolution Frontier Markets 366.305,82 EUR Standard Bank; The Currency Exchange Fund

CGS FMS - Global Evolution Emerging Frontier 149.244,00 USD Standard Bank

12. Changes in portfolio composition

13. Global Exposure and Risk Management

Derivatives

Leverage

As per CESR guidelines 10/788, leverage is calculated as the sum of notionals of the derivatives used. So leverage is determined the following way: (NAV + sum of notionals of the derivatives) / NAV. The figures shown in the semi-annual report

represent the average of the leverage calculated during the financial period. Leverage is only disclosed for sub-funds that use the VaR approach.

The Derivative Exposure is calculated as follows: Derivative Exposure / NAV. The Derivative Exposure is disclosed for all sub funds regardless of the risk management approach used.

The Leverage Calculation is the sum of Notional Approach (Gross Approach). In this case, we added the absolute value of each derivate position converted into the underlying and “normal” long investments together. CGS FMS’ sub-funds mainly use

FX forwards and swaps. In this case, we used the value of the bonds and added the notional of the swaps. For the FX Forwards, we added each FX forward leg different to the sub-fund’s currency together.

The Leverage Calculation is provided by the authorities, so it is not in line with the common interpretation of leverage used in the market place.

The cash accounts of the below mentioned sub-funds include the following collaterals:

Details of purchases and sales of investments are available, free of charge, from the registered office of the fund.

71

CGS FMS

Country Agent address details

Austria ERSTE BANK der oesterreichischen Sparkassen AG

Graben 21,

1010 Wien, Austria

Denmark SKANDINAVISKA ENSKILDA BANKEN AB

GTS Custody Services

SEB Merchant Banking, Denmark

Bernstorffsgade 50

1577 Copenhagen V, Denmark

France Société Générale Securities Services

189, rue d'Aubervilliers

75886 Paris Cedex 18, France

Germany Marcard, Stein & Co AG

Ballindamm 36

20095 Hamburg, Germany

Italy Société Générale Securities Services S.p.A.

Via Benigno Crespi 19A-MAC2

Milan, Italy

Ireland Société Générales S.A.

(acting through its Dublin Branch)

3rd

Floor IFSC House Dublin 1, Ireland

Sweden Skandinaviska Enskilda Banken AB (publ)

Global Transaction Services

SEB Merchant Banking

Sergels Torg

ST MH1

106 40 Stockholm, Sweden

Switzerland Notenstein Privatbank AG

Bohl 17

9004 St. Gallen, Switzerland

United Kingdom Global Funds Registration Ltd.

1st Floor, 10 New Street

London EC2M 4TP, UK

Local Centralizing, Paying, Facilities, Information or Representative Agents

The articles of incorporation, the prospectus, the Key Investor Information Document, periodic financial reports (semi-annual and annual reports), the subscription and redemption prices are available free of charge at the local agent address listed below:

72

Additional Information for Investors in the Federal Republic of Germany

Paying and information agent for Germany:

Marcard, Stein & Co AG

Ballindamm 36

20095 Hamburg

has been appointed as paying and information agent in the Federal Republic of Germany (the ’’German Paying

and Information Agent’’).

The Articles of Incorporation, the prospectus and Key Investor Information Document, semi-annual and

annual reports, the subscription and redemption prices are available free of charge from the Management

Company and the German Paying and Information Agent during usual business hours. In addition, this

information is available electronically at the management company’s website on http://www.universal-

investment.lu .

The current Net Asset Value per share, subscription and redemption prices of al l share classes are

available free of charge at the German Paying and Information Agent. Additionally these prices (Net Asset

Value per Share, Subscription, and Redemption) of all share classes are published and visible at

www.universal -investement.lu.

An investor is allowed to convert shares from one Share Class into another Share Class (please refer to the

prospectus for more information); the conversion price(s) correspond to the redemption a n d

s u b s c r i p t i o n prices or the Net Asset Value per share. Requests for redemption and conversion may be

submitted to the German Paying and Information Agent.

All payments (redemption proceeds, any distributions and other payments) are paid by the German

Paying and Information Agent to the Shareholders. Any notices to shareholders shall be published in the

Bundesanzeiger.

The statement of changes in the composition of the investment portfolio is also available free of charge upon

request at the office of the German Paying and Information Agent.

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