federal reserve

PensPlan SICAV Lux

Investment Company with Variable Share Capital « Société d'Investissement à Capital Variable »

SICAV with multiple Sub-Funds

Annual report and audited financial statements for the year ended 31 December 2014

R.C.S. Luxembourg B 153.441

Subscriptions may not be received on the basis of financial reports. Subscriptions are valid only if made on the basis of the current prospectus or the KIID (Key Investor Information

Document), supplemented by the last annual report and audited financial statements, and the most recent semi-annual report, if published thereafter.

PensPlan SICAV Lux

TABLE OF CONTENTS

Organisation of the Fund 3 Board of Directors’ Management Report 5 Report of the Réviseur d’entreprises agréé

9

Comparative Net Asset Values over the last three years 11 Combined Statement of Net Assets 12 Combined Statement of Operations and Changes in Net Assets 13 PensPlan SICAV Lux – PensPlan Invest Cash Fund 14 Statement of Net Assets 14 Statement of Operations and Changes in Net Assets 15 Statement of Investments and other Net Assets 16 PensPlan SICAV Lux – PensPlan Invest Euro Government Bond Fund 18 Statement of Net Assets 18 Statement of Operations and Changes in Net Assets 19 Statement of Investments and other Net Assets 20 PensPlan SICAV Lux – PensPlan Invest Euro Corporate Bond Fund 23 Statement of Net Assets 23 Statement of Operations and Changes in Net Assets 24 Statement of Investments and other Net Assets 25 PensPlan SICAV Lux – PensPlan Invest Euro Bond Fund 1-3 Years 29 Statement of Net Assets 29 Statement of Operations and Changes in Net Assets 30 Statement of Investments and other Net Assets 31 PensPlan SICAV Lux – Local Investment Fund 33 Statement of Net Assets 33 Statement of Operations and Changes in Net Assets 34 Statement of Investments and other Net Assets 35 PensPlan SICAV Lux – PensPlan Invest Global Equities 37 Statement of Net Assets 37 Statement of Operations and Changes in Net Assets 38 Statement of Investments and other Net Assets 39 PensPlan SICAV Lux – PensPlan Invest Europe Equities 41 Statement of Net Assets 41 Statement of Operations and Changes in Net Assets 42 Statement of Investments and other Net Assets 43 PensPlan SICAV Lux – PensPlan Invest US Equities 45 Statement of Net Assets 45 Statement of Operations and Changes in Net Assets 46 Statement of Investments and other Net Assets 47 Notes to the financial statements 48

2

PensPlan SICAV Lux

ORGANISATION OF THE FUND

BOARD OF DIRECTORS Chairman Mr Michel THOMAS

AlpenBank Aktiengesellschaft Investment Manager Kaiserjägerstraße 9 6020 Innsbruck Austria

Directors Mr Florian SCHWIENBACHER

PensPlan Invest SGR S.p.A. Managing Director Mustergasse 11/13 - Via della Mostra 11/13 I-39100 Bozen – Bolzano Italy

Mr Gianluigi SAGRAMOSO

LEMANIK S.A. Board member Via G. Bagutti, 5 CH-6900 Lugano Switzerland

Mr Philippe MELONI

Lemanik Asset Management S.A. Managing Director 106, route d’Arlon L-8210 Mamer Grand Duchy of Luxembourg

Mr Jean-Philippe CLAESSENS

Lemanik Asset Management S.A. General Manager 106, route d’Arlon L-8210 Mamer Grand Duchy of Luxembourg

PRINCIPAL AND REGISTERED OFFICE 106, route d’Arlon

L-8210 Mamer Grand Duchy of Luxembourg

MANAGEMENT COMPANY AND DOMICILIARY AGENT Lemanik Asset Management S.A.

106, route d’Arlon L-8210 Mamer Grand Duchy of Luxembourg

3

PensPlan SICAV Lux

INVESTMENT MANAGER PensPlan Invest SGR S.p.A.

Mustergasse 11/13 - Via della Mostra 11/13 I-39100 Bozen – Bolzano Italy

CUSTODIAN BANK State Street Bank Luxembourg S.A.

49, avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg

CENTRAL ADMINISTRATOR, LISTING AND PAYING AGENT AND REGISTRAR AND TRANSFER AGENT State Street Bank Luxembourg S.A.

49, avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg

CABINET DE REVISION AGREE Deloitte Audit, Société à Responsabilité Limitée

560, rue de Neudorf L-2220 Luxembourg Grand Duchy of Luxembourg

INITIATOR Lemanik S.A.

Via G. Bagutti, 5 CH-6900 Lugano Switzerland

4

PensPlan SICAV Lux

BOARD OF DIRECTORS’ MANAGEMENT REPORT

PensPlan SICAV Lux - PensPlan Invest Cash Fund

Only the B share class of the sub-fund was active throughout the year 2014 and returned 0,1%.

The European fixed income assets had another extraordinary year in 2014 when yields in core sovereign markets like Germany, Finland, the Netherlands, Austria and France turned to negative levels till bond maturities of 4 to 5 years. The peripheral markets did even better, the spread of Italian and Spanish bonds to its German peers decreased across all maturities. The reason for this, at the beginning of 2014, quiet unexpected evolution was the continued subdued economic activity in the Monetary Union as well as the largely unexpected introduction of additional monetary stimulus by the European Central Bank (“ECB”) in order to fight deflationary price trends in Europe, especially in counties with weak GDP growth rates. Corporate bonds benefited indirectly from the expansive monetary policy by the ECB because historical low yield levels of government bonds increased demand for corporate bonds from investors seeking for some basis points of additional yield.

The portfolio of the sub-fund is invested in government bonds, corporate bonds and time deposits with banks from the Italian region Trentino South Tyrol, a mix that has not been altered substantially during the year 2014. The time deposits represented almost half of the portfolio’s assets, which was a good choice given their high and stable yields with respect to government bonds and high quality corporate issues.

PensPlan SICAV Lux - PensPlan Invest Euro Government Bond Fund In 2014 the performance of the no load B share class was 9,72%, the C share class returned 9,28% after management fees in the same period.

Investors had a quiet common opinion concerning the evolution of European fixed income assets during 2014: falling prices and rising yields. At the end of the year markets proofed that the opposite was true. In fact the German Bund rose around 12% last year, and yields in core sovereign markets like Germany, Finland, the Netherlands, Austria and France turned to negative levels till bond maturities of 4 to 5 years. The peripheral markets did even better, the Italian and Spanish 10 year bonds returned 18% and 26% respectively. The reason for this, once again, extraordinary performance was the continued subdued economic activity in the Monetary Union as well as the largely unexpected introduction of additional monetary stimulus by the ECB in order to fight deflationary price trends in Europe, especially in counties with weak GDP growth rates. The measures include not only another reduction of the main refinancing rate to 0,05% and of the depositary rate to -0,2%, but also the commitment to expand the balance sheet of the ECB by estimated € 1 trillion via the TLTROs and the acquisition of covered bonds, ABS and (potentially) sovereign bonds.

The duration and the geographical exposure of the sub-fund is actively managed and contributed to the positive performance numbers in 2014. The portfolios short duration stance was continuously reduced throughout the year with the biggest duration contribution coming from peripheral issuers like Italy and Spain. Both countries have been kept in overweight during the whole 2014. The share of German bonds in the portfolio has been raised a bit during the year reducing slightly the underweight to the benchmark. A part of the sub-funds portfolio is invested in supranational and corporate bonds, which offer an appealing risk/return relationship, especially if compared to government issues from core European countries.

5

PensPlan SICAV Lux

PensPlan SICAV Lux - PensPlan Invest Euro Corporate Bond Fund

In 2014 the performance of the no load B share class was 6,97%, the institutional C share class returned 6,44% after management fees and the retail A share class 5,76% after management fees.

European corporate bonds exhibited a good performance in 2014 but could not hold the pace of government bonds. Nevertheless, the asset class benefited indirectly from the additional monetary stimulus by the ECB which brought government bond yields down to historical low levels and increased demand for corporate bonds from investors seeking for some basis points of additional yield. Companies used the favorable yield environment by issuing a record high of €317 billion of new bonds which have been absorbed by markets without problems.

The two main drivers of the sub-fund’s good performance is its active duration management and the diversification into fixed income instruments that are not part of the benchmark. The portfolios short duration stance was continuously reduced throughout the year. The sub-fund was overweight in peripheral issues from Italian and Spanish companies and underweight in financials. In addition some out of benchmark bond classes like subordinated debt from high quality issues contributed positively to the performance of the portfolio.

PensPlan SICAV Lux - PensPlan Invest Euro Bond Fund 1-3 Years

Only the B share class of the sub-fund was active during the whole 2014 and returned 1,91%. The C share class was re-activated in June 2014 an had a performance of 0,29% until the end of the year.

The European fixed income assets had another extraordinary year in 2014 when yields in core sovereign markets like Germany, Finland, the Netherlands, Austria and France turned to negative levels till bond maturities of 4 to 5 years. The peripheral markets did even better, the spread of Italian and Spanish bonds to its German peers decreased across all maturities. The reason for this, at the beginning of 2014, quiet unexpected evolution was the continued subdued economic activity in the Monetary Union as well as the largely unexpected introduction of additional monetary stimulus by the ECB in order to fight deflationary price trends in Europe, especially in counties with weak GDP growth rates. Corporate bonds benefited indirectly from the expansive monetary policy by the ECB because historical low yield levels of government bonds increased demand for corporate bonds from investors seeking for some basis points of additional yield.

The duration and the geographical exposure of the sub-fund is actively managed and contributed to the positive performance numbers in 2014. The portfolios short duration stance was continuously reduced throughout the year with the biggest duration contribution coming from Italy. A part of the sub-funds portfolio is invested in supranational and corporate bonds, which offer an appealing risk/return relationship, especially if compared to government issues from core European countries.

PensPlan SICAV Lux - Local Investment Fund

In 2014 the performance of the no load B share class was 3,67%, the C share class returned 3,42% after management fees in the same period.

The goal of the sub-fund is to deliver a good performance by investing part of its assets in the Italian region Trentino South Tyrol, which should sustain the local economy. For this reason, a substantial amount of the portfolio was invested in time deposits with banks from Trentino South Tyrol, a local investment that offers stable returns and higher yields than the yields of plain vanilla fixed income securities with similar maturities. In addition, a marginal portion of the portfolio was dedicated to bonds issued by local entities of the same region. The rest of the assets where invested in a mix of government and corporate fixed income securities and in a small equity holding of a company from Trentino active in the wine business.

6

PensPlan SICAV Lux

PensPlan SICAV Lux - PensPlan Invest Global Equities

In 2014 the performance of the no load B share class was 18,39%, the C share class returned 17,33% after management fees in the same period.

The common theme that ran through global equity markets in 2014 was the surge in volatility: periods of aggressive selling were rapidly followed by forceful rebounds. In March, for example, it was the sell-off in US biotechnology and technology shares which then morphed into a global sell-off in the so-called momentum shares; in October, unfounded fears about a sudden global economic slowdown, combined with worries about the spread of Ebola ignited another rout in global equities; finally, in early December, mounting concerns about a currency crisis in Russia, turmoil on oil markets and Greek elections contributed to send global equity indices lower. Nevertheless all this brief periods of risk aversion were promptly followed by sharp rebounds as the overall setup for risky assets remained benign: accommodative monetary policies worldwide, absence of inflationary pressures and the lack of appeal of other asset classes namely bonds and cash.

In this context, the sub-fund behaved well delivering, for a second year running, strong returns to its shareholders. The philosophy of the investment manager remains centered in allocating between one third and half of the portfolio to passive instruments which aim to replicate the performance of the MSCI World Index, while the remaining part of the portfolio is allocated to single stocks that are a reflection of the investment manager’s most favored and differentiated ideas and selected through a bottom-up process.

Looking at 2015, global equity markets will likely offer an uneven performance on a regional basis: while US markets have been strong outperformers during the last two years, such leadership is expected to fade as a less favorable monetary policy and slowing earnings growth will likely cap the performance of US equity indices; on the contrary, European and marginally Japanese equities will continue to benefit from a very accommodative stance by the respective central banks and positive earnings momentum for corporates in such regions.

PensPlan SICAV Lux - PensPlan Invest Europe Equities

The performance of the no load B share class in 2014 was 2,46%, the C share class returned 1,65% after management fees in the same period.

European equity markets in general, and Euro Zone in particular, endured a difficult year. Two major and opposite forces were at work in 2014: on one hand tentative signs of economic recovery in the region driven by accommodative measures from the ECB and, on the other hand, increasing geopolitical concerns over Russia, renewed fears about “Grexit” towards the end of the year and nervousness about a deflationary spiral within the Euro Zone.

In this context, it was a year of two halves for the sub-fund: the first half proved to be somewhat challenging as, for example, the underweight position in Utilities hurt performance as investors were looking for yield, favouring the more defensive sectors within the market. Despite losing some relative performance, the investment manager stuck to his investment process seeking quality companies at compelling valuations, thus increasing somewhat the cyclical exposure of the portfolio towards the second half of the year.

The investment philosophy remains centered in allocating roughly one third of the portfolio to passive instruments which aim to replicate the performance of the MSCI EMU Index, while the remaining two thirds are allocated to single stocks selected through a bottom-up approach that seeks quality companies that offer financial strength, a committed management team, a clear competitive advantage combined with a valuation that offers an attractive upside potential.

Looking at 2015, there are reasons for being overall optimistic for European equities: the dominant catalyst will likely remain the ECB that, with the implementation of the so-called Quantitative Easing, will support growth in the region. Additionally, the substantial fall of the Euro, combined with the plunge in energy prices will provide further stimulus to the economy, which will likely translate in greater earnings growth for corporates. Nevertheless some caution is advisable for the first part of the year when tensions about a new Greek crisis, combined with geopolitical turmoil in Ukraine could temporarily delay the positive outlook described above.

7

PensPlan SICAV Lux

PensPlan SICAV Lux - PensPlan Invest US Equities

The per formance o f the sub-fund for 2014 was strongly positive: the no load B share class returned 28,87%, while the C share class 27.78% after management fees in the same period.

US stocks were the clear outpertormer in 2014, rising by double digits for the third year in a row, supported by accelerating economic growth and rising earnings and tinally able to shrug off the frequent waves of risk aversion that caused much volatility in financial markets wortdwide.

In this context, the sub-fund delivered strong returns to its shareholders for the second year running. The philosophy of the iovestment manager remains centered in allocating bet\veen one third and half of the portfolio to passive instruments which aim to replicate the perfonnance of the MSC! USA Index. while the remaining part of the portfolio is allocated to a concentrated bottom-tJp portfolio of single stocks that seeks superior investment performance by identifying and analyzing the best research ideas of the investment manager, with a 12-month time horizon. Stock selection is not constrained by market cap, sector weightings or specific market indices (but obviously complying w it11 the investment restrictions contemplated in the prospectus o f the PensPlan SICAV Lux).

Looking at 2015, it is reasonable to expect that the strong outporformancc of US equity indices experienced in the last years is set to "veaken as monetary policy becomes more restrictive and earnings gro\vth \'Jill likely become more subdued. Moreover, current valuation appears to be slightly above its long-term average price to earnings ratio cf 15.

The Board of Directors Luxembourg, 31 March 2015

Mic~omas

~~~

8

Deloitte.

PensPlan SICAV Lux

Deloitte Aud it Societe a responsabilite limitee

560, rue de Neudorf L-2220 Luxembourg B.P. 1173 L-1011 Luxembourg

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

REPORT OF THE REVISEUR D'ENTREPRISES AGREE

To the Shareholders of

PensPlan SICAV Lux

106, route d'Arlon

L-8210 Mamer

Grand Duchy of Luxembourg

Following our appointment by the annual general meeting of the Shareholders dated 8 April 2014, we have audited the accompanying financial statements of PensPlan SICAV Lux (the "Company") and of each of its Sub-Funds, which comprise the combined statement of net assets and the statement of investments and other net assets as at 31 December 2014 and the combined statement of operations and changes in net assets for the year then ended and a summary of significant accounting policies and other explanatory notes to the financial statements.

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

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

Responsibility of the reviseur d'entreprises agree

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

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

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

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of PensPlan SICAV Lux and of each of its Sub-Funds as of 31 December 2014, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Societe a responsabilite limitee au capital de 35.000 € RCS Luxembourg B 67 .895 Autorisation d'etablissement . 10022179 9

Deloitte.

PensPlan SICAV Lux

Other matter

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

31 March 2015

10

PensPlan SICAV Lux

COMPARATIVE NET ASSET VALUES OVER THE LAST THREE YEARS

31 December 2014 31 December 2013 31 December 2012 Currency Total NAV per Share Total NAV per Share Total NAV per Share PensPlan SICAV Lux - PensPlan Invest Cash Fund Class B EUR 10 119 064,12 98,87 8 256 528,27 98,77 8 189 843,69 97,97 Class C * EUR – – 27 997 364,11 99,99 78 368 269,05 99,97 Total Net Assets EUR 10 119 064,12 36 253 892,38 86 558 112,74 PensPlan SICAV Lux - PensPlan Invest Euro Government Bond Fund Class B EUR 124 097 907,61 127,00 99 333 795,94 115,75 87 901 434,56 113,40 Class C EUR 23 239 854,82 121,99 38 808 272,39 114,17 2 653 673,96 115,21 Total Net Assets EUR 147 337 762,43 138 142 068,33 90 555 108,52 PensPlan SICAV Lux - PensPlan Invest Euro Corporate Bond Fund Class A EUR 8 754 238,23 106,63 9 084 429,74 100,82 – – Class B EUR 53 056 845,89 124,28 35 508 488,59 116,18 30 686 110,22 113,68 Class C EUR 46 971 097,49 118,25 44 379 735,81 112,95 50 968,02 113,58 Total Net Assets EUR 108 782 181,61 88 972 654,14 30 737 078,24 PensPlan SICAV Lux - PensPlan Invest Euro Bond Fund 1-3 Years Class B EUR 32 942 162,32 110,13 58 181 305,37 108,06 49 789 499,07 105,84 Class C ** EUR 55 985 861,21 100,29 – – – – Total Net Assets EUR 88 928 023,53 58 181 305,37 49 789 499,07 PensPlan SICAV Lux - Local Investment Fund Class B EUR 15 341 862,36 110,87 12 826 409,77 106,95 12 601 812,07 105,08 Class C EUR 1 220 221,95 104,33 4 291 829,66 104,52 10 565 647,08 104,84 Total Net Assets EUR 16 562 084,31 17 118 239,43 23 167 459,15 PensPlan SICAV Lux - PensPlan Invest Global Equities Class B EUR 34 497 598,44 144,00 29 245 435,57 121,64 27 039 309,75 103,04 Class C EUR 11 810 088,62 136,95 49 868,83 116,73 23 969 106,54 99,77 Total Net Assets EUR 46 307 687,06 29 295 304,40 51 008 416,29 PensPlan SICAV Lux - PensPlan Invest Europe Equities Class B EUR 91 790 987,29 142,21 89 338 127,86 138,80 83 643 562,87 113,40 Class C EUR 18 367 558,38 121,45 22 084 048,94 119,48 27 961 490,68 98,43 Total Net Assets EUR 110 158 545,67 111 422 176,80 111 605 053,55 PensPlan SICAV Lux - PensPlan Invest US Equities Class B EUR 25 775 021,20 178,84 24 578 853,15 138,78 12 140 580,82 111,16 Class C EUR 12 132 905,53 169,23 51 992,03 132,44 18 130 382,96 107,06 Total Net Assets EUR 37 907 926,73 24 630 845,18 30 270 963,78

* See Note 1: class was inactive on 21 February 2014 ** Class launched on 6 June 2014

11

PensPlan SICAV Lux

COMBINED STATEMENT OF NET ASSETS AS AT 31 DECEMBER 2014 IN EUR

Assets Investments in securities at market value Cash at bank Net interest receivable Net dividends receivable Receivable on investments sold Receivable on subscriptions Net formation expenses Other assets Total assets

Liabilities Bank overdrafts Payable on investments purchased Other liabilities Total liabilities Total Net Assets

Michel Thomas

~

The <i::oo.T1;."'l<lnyiod notes fOl'm en lniei)l'al pa1t of tMse flnttncli!I sta-U!mem: •.

12

(Note 3a) (Note Jb} (Note 31) (Note Ji}

(Note 8)

536 603 643,29 24 242 709,28 4 917 346,71

571 000,10 11 060,00

5 146 247,57 5 750,00

51939,75 571 549 696,70

(6 743,52) (4 818 103,26)

(621 574,46) ( 5 446 421,24)

566 103 275,46

PensPlan SICAV Lux

COMBINED STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED 31 DECEMBER 2014 IN EUR

Net assets at the beginning of the year Net income from investments: - Interest on bonds - Dividend income Interest on casl1 account Jncome on securities lending Total income Interest paid Investment management fees Administration, accounting and domiciliation fees Custodian fees Shareholder services fees Management company fees Audit and legal fees Subscription tax Amortisation of formation expenses Otl1er charges and taxes Total expenses Net investment income/ (loss) Net realised profit I (loss) on : - Investments - Foreign currencies Change in unrealised appreciation I (depreciation) on: - Investments - Foreign currencies Net result of operations for the year Distributions Subscriptions for the year Redemptions for the year Net assets at the end of the year

13

(Note 3i) (Note 3i)

(Notes 3h, 11)

(Note 5) (Note 6) (Note 6) (Note 6) (Note 7)

(Note 4) (Note 8) (Note 9)

(Note 3c) (Note 3d)

(Note 12)

504 016 486,03

7 136 550,78 3 675 471,29

356 097,13 135 221,72

11303 340 92 (236,39)

(1 033 928,80) (315 058,24) (133 134,02) (105 988,19) (392 625,95)

(72 373,09) (61 640,21) (5 750,00)

(152 441,84) (2 273 176,73)

9030164,19

25 199 354,81 2 302 460,78

6 053 416,91 69 046,10

42 654 442,79 ( l 580 000,00) 187 871 820,25

(166 859 473,61) 566 103 275,46


STATEMENT OF NET ASSETS AS AT 31 DECEMBER 2014 IN EUR

Assets Investments in securities at market value (Note 3a) 5 531 400,30 Cash at bank (Note 3b) 4 478 080,77 Net interest receivable (Note 3i) 154 572,34 Net formation expenses (Note 8) 1 150,00 Total assets 10 165 203,41

Liabilities Other liabilities (46 139,29) Total liabilities (46 139,29) Total Net Assets 10 119 064,12

Currency Net Asset Value per Share Shares outstanding

Class B EUR 98,87 102 351,16

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

14


STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED 31 DECEMBER 2014 IN EUR

Net assets at the beginning of the year 36 253 892,38 Net income from investments: - Interest on bonds, net (Note 3i) 63 428,29 Interest on cash account, net 79 172,09 Income on securities lending (Notes 3h, 11) 541,64 Total income 143 142,02 Investment management fees (Note 5) (5 481,90) Administration, accounting and domiciliation fees (Note 6) (30 847,39) Custodian fees (Note 6) (8 625,62) Shareholder services fees (Note 6) (11 839,44) Management company fees (Note 7) (32 080,30) Audit and legal fees (9 118,52) Subscription tax (Note 4) (1 010,28) Amortisation of formation expenses (Note 8) (1 150,00) Other charges and taxes (Note 9) (16 293,24) Total expenses (116 446,69) Net investment income / (loss) 26 695,33 Net realised profit / (loss) on: - Investments (Note 3c) (8 446,44) Change in unrealised appreciation / (depreciation) on: - Investments 7 327,33 Net result of operations for the year 25 576,22 Subscriptions for the year 3 800 001,00 Redemptions for the year (29 960 405,48) Net assets at the end of the year 10 119 064,12


15


STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT 31 DECEMBER 2014 IN EUR

Nominal / Quantity Description Currency Acquisition cost

Market value in EUR

% of Net Assets

TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET 5 522 043,39 5 531 400,30 54,66

Bonds 3 684 803,06 3 685 286,55 36,42

Basic Goods 369 621,17 369 325,50 3,65

200 000,00 IMPERIAL TOBACCO FINANCE PLC. 8.38% 17/02/2016 EUR 217 872,65 217 509,00 2,15

150 000,00 MONDELEZ INTERNATIONAL, INC. 6.25% 20/03/2015 EUR 151 748,52 151 816,50 1,50

Consumer Retail 170 421,91 170 452,20 1,69

170 000,00 VOLKSWAGEN INTERNATIONAL FINANCE NV 3.50% 02/02/2015 EUR 170 421,91 170 452,20 1,69

Energy 208 627,75 208 244,00 2,06

200 000,00 REPSOL INTERNATIONAL FINANCE BV 4.25% 12/02/2016 EUR 208 627,75 208 244,00 2,06

Finance 442 215,51 442 538,65 4,37 230 000,00 STANDARD CHARTERED PLC. 3.63% 15/12/2015 EUR 237 302,92 237 211,65 2,34 200 000,00 BBVA SENIOR FINANCE SAU 4.38% 21/09/2015 EUR 204 912,59 205 327,00 2,03

Government 1 427 003,75 1 428 110,95 14,11

500 000,00 ITALY BUONI POLIENNALI DEL TESORO 3.75% 01/08/2015 EUR 508 957,08 509 787,50 5,04

300 000,00 BELGIUM GOVERNMENT BOND 8.00% 28/03/2015 EUR 305 541,67 305 520,00 3,02 250 000,00 SPAIN GOVERNMENT BOND 4.00% 30/07/2015 EUR 254 537,57 255 306,25 2,52



Industries 153 303,03 153 533,25 1,52 150 000,00 CIE DE SAINT-GOBAIN 3.50% 30/09/2015 EUR 153 303,03 153 533,25 1,52

Multi-Utilities 202 569,53 202 461,00 2,00 200 000,00 SNAM SPA 2.00% 13/11/2015 EUR 202 569,53 202 461,00 2,00

Supranational 301 187,70 301 380,00 2,98

300 000,00 EUROPEAN FINANCIAL STABILITY FACILITY 1.13% 01/06/2015 EUR 301 187,70 301 380,00 2,98

Telecommunication 409 852,71 409 241,00 4,04 200 000,00 TELEFONICA EMISIONES SAU 4.38% 02/02/2016 EUR 208 658,46 208 511,00 2,06 200 000,00 TELEFONICA EMISIONES SAU 3.41% 24/03/2015 EUR 201 194,25 200 730,00 1,98

Floating Rate Notes 1 618 177,33 1 626 971,75 16,08

Consumer Retail 200 000,00 200 251,00 1,98 200 000,00 BMW FINANCE NV FRN 05/09/2016 EUR 200 000,00 200 251,00 1,98

Finance 720 990,90 723 868,25 7,15 220 000,00 GOLDMAN SACHS GROUP, INC. FRN 02/02/2015 EUR 219 756,23 220 066,00 2,17 200 000,00 UNICREDIT SPA FRN 31/01/2017 EUR 199 917,21 201 247,00 1,99 150 000,00 GE CAPITAL EUROPEAN FUNDING FRN 15/06/2017 EUR 151 238,33 152 333,25 1,51 150 000,00 MORGAN STANLEY FRN 13/04/2016 EUR 150 079,13 150 222,00 1,48

Government 496 370,70 501 897,50 4,96

300 000,00 ITALY CERTIFICATI DI CREDITO DEL TESORO FRN 01/07/2016 EUR 297 743,63 300 757,50 2,97

200 000,00 ITALY CERTIFICATI DI CREDITO DEL TESORO FRN 15/12/2015 EUR 198 627,07 201 140,00 1,99

Multi-Utilities 200 815,73 200 955,00 1,99 200 000,00 ENEL SPA FRN 26/02/2016 EUR 200 815,73 200 955,00 1,99


16



Market value in EUR

% of Net Assets

Zero-Coupon Bonds 219 063,00 219 142,00 2,16

Government 219 063,00 219 142,00 2,16

220 000,00 ITALY CERTIFICATI DI CREDITO DEL TESORO ZCP 31/12/2015 EUR 219 063,00 219 142,00 2,16

Total investments 5 522 043,39 5 531 400,30 54,66

Other net assets 4 587 663,82 45,34

Total Net Assets 10 119 064,12 100,00


17

PensPlan SICAV Lux - PensPlan Invest Euro Government Bond Fund


Assets Investments in securities at market value (Note 3a) 145 477 469,74 Cash at bank (Note 3b) 137 730,66 Net interest receivable (Note 3i) 1 831 999,04 Net formation expenses (Note 8) 1 150,00 Total assets 147 448 349,44



Class B EUR 127,00 977 164,60 Class C EUR 121,99 190 507,22


18



Net assets at the beginning of the year 138 142 068,33 Net income from investments: - Interest on bonds, net (Note 3i) 3 596 596,92 Income on securities lending (Notes 3h, 11) 25 638,70 Total income 3 622 235,62 Interest paid (236,39) Investment management fees (Note 5) (112 558,84) Administration, accounting and domiciliation fees (Note 6) (60 569,71) Custodian fees (Note 6) (31 178,10) Shareholder services fees (Note 6) (13 844,97) Management company fees (Note 7) (87 660,72) Audit and legal fees (9 081,92) Subscription tax (Note 4) (15 225,39) Amortisation of formation expenses (Note 8) (1 150,00) Other charges and taxes (Note 9) (18 801,62) Total expenses (350 307,66) Net investment income / (loss) 3 271 927,96 Net realised profit / (loss) on: - Investments (Note 3c) 3 180 561,91 Change in unrealised appreciation / (depreciation) on: - Investments 7 781 611,83 Net result of operations for the year 14 234 101,70 Distributions (Note 12) (750 000,00) Subscriptions for the year 34 754 203,28 Redemptions for the year (39 042 610,88) Net assets at the end of the year 147 337 762,43


19




Market value in EUR

% of Net Assets


Bonds 132 451 329,64 143 829 662,24 97,62

Basic Goods 3 190 724,43 3 209 510,00 2,18 1 000 000,00 ANHEUSER-BUSCH INBEV NV 2.88% 25/09/2024 EUR 1 147 195,95 1 145 610,00 0,78 1 000 000,00 CARLSBERG BREWERIES A/S 2.50% 28/05/2024 EUR 1 035 217,47 1 037 640,00 0,71 1 000 000,00 COCA-COLA CO. 1.13% 22/09/2022 EUR 1 008 311,01 1 026 260,00 0,69

Computing and IT 2 504 561,27 2 542 840,00 1,73

1 500 000,00 INTERNATIONAL BUSINESS MACHINES CORP. 1.25% 26/05/2023 EUR 1 496 708,63 1 529 595,00 1,04

1 000 000,00 APPLE, INC. 1.00% 10/11/2022 EUR 1 007 852,64 1 013 245,00 0,69

Consumer Retail 1 072 875,41 1 078 065,00 0,73 1 000 000,00 WAL-MART STORES, INC. 1.90% 08/04/2022 EUR 1 072 875,41 1 078 065,00 0,73

Energy 3 090 020,97 3 141 610,00 2,13 1 000 000,00 ENI SPA 4.88% 11/10/2017 EUR 1 081 303,80 1 118 410,00 0,76 1 000 000,00 TOTAL CAPITAL CANADA LTD. 1.13% 18/03/2022 EUR 1 005 953,84 1 014 495,00 0,69

1 000 000,00 SHELL INTERNATIONAL FINANCE BV 1.00% 06/04/2022 EUR 1 002 763,33 1 008 705,00 0,68

Finance 7 086 842,75 7 219 835,00 4,90

2 000 000,00 NEDERLANDSE WATERSCHAPSBANK NV 1.63% 23/08/2019 EUR 2 008 492,00 2 129 640,00 1,44

1 000 000,00 ASSICURAZIONI GENERALI SPA 5.13% 16/09/2024 EUR 1 297 052,29 1 298 575,00 0,88

1 000 000,00 COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK BA 2.38% 22/05/2023 EUR 1 109 303,15 1 112 995,00 0,76

1 000 000,00 GOLDMAN SACHS GROUP, INC. 2.13% 30/09/2024 EUR 1 041 383,75 1 045 110,00 0,71 1 000 000,00 STANDARD CHARTERED PLC. 1.63% 13/06/2021 EUR 1 024 874,38 1 026 390,00 0,70 600 000,00 LLOYDS BANK PLC. 1.00% 19/11/2021 EUR 605 737,18 607 125,00 0,41

Government 105 402 484,73 115 102 863,24 78,12

3 900 000,00 ITALY BUONI POLIENNALI DEL TESORO 5.50% 01/11/2022 EUR 4 155 504,62 5 016 862,50 3,40

4 050 000,00 BELGIUM GOVERNMENT BOND 3.00% 28/09/2019 EUR 4 318 320,39 4 594 623,75 3,12

3 700 000,00 CANADA GOVERNMENT INTERNATIONAL BOND 3.50% 13/01/2020 EUR 3 922 547,93 4 324 597,00 2,94

3 000 000,00 BUNDESREPUBLIK DEUTSCHLAND 3.25% 04/07/2042 * EUR 3 323 921,64 4 319 925,00 2,93

4 071 375,00 DEUTSCHE BUNDESREPUBLIK INFLATION LINKED BOND 1.50% 15/04/2016 EUR 4 104 962,14 4 104 963,84 2,79


3 400 000,00 SPAIN GOVERNMENT BOND 4.00% 30/04/2020 EUR 3 731 469,59 3 944 340,00 2,68 3 400 000,00 SPAIN GOVERNMENT BOND 5.50% 30/07/2017 EUR 3 742 205,63 3 832 735,00 2,60


3 000 000,00 EUROPEAN FINANCIAL STABILITY FACILITY 2.63% 02/05/2019 * EUR 3 148 819,82 3 322 575,00 2,25



3 000 000,00 SPAIN GOVERNMENT BOND 3.30% 30/07/2016 EUR 3 061 031,86 3 136 350,00 2,13 3 000 000,00 UNITED MEXICAN STATES 2.38% 09/04/2021 * EUR 3 139 083,22 3 114 675,00 2,11


2 500 000,00 IRELAND GOVERNMENT BOND 4.50% 18/04/2020 EUR 2 772 717,62 3 012 750,00 2,04


2 000 000,00 FINLAND GOVERNMENT BOND 4.00% 04/07/2025 * EUR 2 237 303,49 2 644 850,00 1,80


* Nominal/quantity partially or entirely lent at year-end The accompanying notes form an integral part of these financial statements.

20



Market value in EUR

% of Net Assets

2 350 000,00 SPAIN GOVERNMENT BOND 4.25% 31/10/2016 EUR 2 363 587,73 2 514 558,75 1,71


2 000 000,00 POLAND GOVERNMENT INTERNATIONAL BOND 3.38% 09/07/2024 EUR 2 378 910,24 2 375 860,00 1,61

2 000 000,00 PROVINCE OF ONTARIO CANADA 3.00% 28/09/2020 * EUR 2 044 926,20 2 286 350,00 1,55

2 000 000,00 ITALY GOVERNMENT INTERNATIONAL BOND 5.75% 25/07/2016 EUR 2 109 618,26 2 157 550,00 1,46

2 000 000,00 EUROPEAN FINANCIAL STABILITY FACILITY 1.50% 22/01/2020 EUR 1 979 322,49 2 126 250,00 1,44





1 500 000,00 BELGIUM GOVERNMENT BOND 2.25% 22/06/2023 EUR 1 509 802,44 1 696 200,00 1,15



1 150 000,00 CZECH REPUBLIC INTERNATIONAL 5.00% 11/06/2018 EUR 1 268 914,32 1 337 737,50 0,91


1 002 880,00 SPAIN GOVERNMENT INFLATION LINKED BOND 1.80% 30/11/2024 EUR 1 001 573,83 1 112 595,07 0,76

1 000 000,00 CASSA DEL TRENTINO SPA 3.75% 31/12/2018 EUR 1 000 000,00 1 098 865,00 0,75

1 000 000,00 FRANCE GOVERNMENT BOND OAT 1.75% 25/05/2023 EUR 958 757,99 1 095 100,00 0,74


1 000 600,00 ITALY BUONI POLIENNALI DEL TESORO 3.55% 11/06/2016 EUR 999 970,00 1 041 949,80 0,71




650 000,00 EUROPEAN FINANCIAL STABILITY FACILITY 3.38% 05/07/2021 * EUR 659 008,34 773 500,00 0,52

450 000,00 FRANCE GOVERNMENT BOND OAT 4.75% 25/04/2035 EUR 561 098,48 693 315,00 0,47

650 000,00 BRAZILIAN GOVERNMENT INTERNATIONAL BOND 7.38% 03/02/2015 EUR 651 011,05 655 216,25 0,44


400 000,00 BELGIUM GOVERNMENT BOND 5.00% 28/03/2035 EUR 508 837,45 632 360,00 0,43 500 000,00 PROVINCE OF ONTARIO CANADA 4.75% 23/04/2019 EUR 538 068,64 595 135,00 0,40

500 000,00 MEXICO GOVERNMENT INTERNATIONAL BOND 4.25% 14/07/2017 * EUR 531 773,14 544 072,50 0,37

500 000,00 CASSA DEPOSITI E PRESTITI SPA 4.25% 14/09/2016 EUR 514 699,01 527 695,00 0,36

500 000,00 POLAND GOVERNMENT INTERNATIONAL BOND 1.63% 15/01/2019 EUR 502 880,86 524 712,50 0,36

500 000,00 CASSA DEL TRENTINO SPA 1.70% 30/10/2024 EUR 500 000,00 485 932,50 0,33

300 000,00 NETHERLANDS GOVERNMENT BOND 3.50% 15/07/2020 EUR 334 328,57 355 357,50 0,24

300 000,00 IRELAND GOVERNMENT BOND 5.50% 18/10/2017 EUR 332 869,74 343 710,00 0,23

200 000,00 FADE - FONDO DE AMORTIZACION DEL DEFICIT ELECTRICO 4.00% 17/12/2015 EUR 201 551,89 206 762,00 0,14

100 000,00 BANCO NACIONAL DE DESENVOLVIMENTO ECONOMICO E SOCIAL 4.13% 15/09/2017 EUR 100 710,51 102 245,00 0,07

Supranational 8 100 704,73 9 512 934,00 6,46 2 700 000,00 EUROPEAN INVESTMENT BANK 3.63% 15/01/2021 * EUR 2 710 530,00 3 240 540,00 2,20

2 000 000,00 INTERNATIONAL BANK FOR RECONSTRUCTION & DEVELOPMENT 3.88% 20/05/2019 EUR 2 091 637,06 2 328 120,00 1,58

1 500 000,00 EUROPEAN UNION 3.50% 04/06/2021 EUR 1 560 197,09 1 802 700,00 1,23 1 000 000,00 EUROPEAN INVESTMENT BANK 4.00% 15/04/2030 EUR 1 091 341,94 1 387 600,00 0,94


21



Market value in EUR

% of Net Assets

650 000,00 COUNCIL OF EUROPE DEVELOPMENT BANK 2.88% 31/08/2021 EUR 646 998,64 753 974,00 0,51

Telecommunication 2 003 115,35 2 022 005,00 1,37

1 000 000,00 VERIZON COMMUNICATIONS, INC. 1.63% 01/03/2024 EUR 1 009 302,21 1 014 975,00 0,69

1 000 000,00 VODAFONE GROUP PLC. 1.00% 11/09/2020 * EUR 993 813,14 1 007 030,00 0,68


Finance 1 014 605,71 1 116 635,00 0,76 1 000 000,00 ALLIANZ SE FRN 31/12/2049 EUR 1 014 605,71 1 116 635,00 0,76

Industries 510 000,00 531 172,50 0,36

500 000,00 SIEMENS FINANCIERINGSMAATSCHAPPIJ NV FRN 14/09/2066 EUR 510 000,00 531 172,50 0,36



Total Net Assets 147 337 762,43 100,00


22



Assets Investments in securities at market value (Note 3a) 102 503 773,21 Cash at bank (Note 3b) 4 218 962,81 Net interest receivable (Note 3i) 1 790 209,87 Receivable on subscriptions 346 247,57 Net formation expenses (Note 8) 1 150,00 Other assets 27 451,44 Total assets 108 887 794,90



Class A EUR 106,63 82 102,00 Class B EUR 124,28 426 899,56 Class C EUR 118,25 397 220,82


23



Net assets at the beginning of the year 88 972 654,14 Net income from investments: - Interest on bonds, net (Note 3i) 2 256 693,66 - Dividend income, net (Note 3i) 104 103,30 Interest on cash account, net 74 175,06 Income on securities lending (Notes 3h, 11) 34 840,51 Total income 2 469 812,53 Investment management fees (Note 5) (332 167,51) Administration, accounting and domiciliation fees (Note 6) (45 070,39) Custodian fees (Note 6) (18 552,79) Shareholder services fees (Note 6) (16 491,07) Management company fees (Note 7) (58 006,41) Audit and legal fees (9 081,76) Subscription tax (Note 4) (14 359,13) Amortisation of formation expenses (Note 8) (1 150,00) Other charges and taxes (Note 9) (24 847,62) Total expenses (519 726,68) Net investment income / (loss) 1 950 085,85 Net realised profit / (loss) on: - Investments (Note 3c) 938 333,64 Change in unrealised appreciation / (depreciation) on: - Investments 3 288 485,28 Net result of operations for the year 6 176 904,77 Distributions (Note 12) (750 000,00) Subscriptions for the year 21 586 615,96 Redemptions for the year (7 203 993,26) Net assets at the end of the year 108 782 181,61


24




Market value in EUR

% of Net Assets


Bonds 76 284 974,95 80 546 595,61 74,04

Basic Goods 9 345 090,60 9 753 293,00 8,97 800 000,00 ANHEUSER-BUSCH INBEV NV 4.00% 02/06/2021 EUR 882 257,93 963 104,00 0,89 800 000,00 CARREFOUR S.A. 4.00% 09/04/2020 EUR 922 781,73 932 784,00 0,86 800 000,00 GROUPE AUCHAN S.A. 2.25% 06/04/2023 EUR 837 516,82 879 228,00 0,81

700 000,00 BRITISH AMERICAN TOBACCO HOLDINGS THE NETHERLANDS BV 4.88% 24/02/2021 * EUR 799 239,45 871 423,00 0,80

800 000,00 SABMILLER HOLDINGS, INC. 1.88% 20/01/2020 EUR 807 133,10 845 780,00 0,78

700 000,00 IMPERIAL TOBACCO FINANCE PLC. 4.50% 05/07/2018 EUR 754 927,41 792 771,00 0,73

700 000,00 CARLSBERG BREWERIES A/S 3.38% 13/10/2017 EUR 728 922,36 752 650,50 0,69 700 000,00 PEPSICO, INC. 1.75% 28/04/2021 EUR 721 260,20 743 225,00 0,68 600 000,00 ANHEUSER-BUSCH INBEV NV 2.25% 24/09/2020 EUR 638 857,12 653 568,00 0,60 600 000,00 CARREFOUR S.A. 1.88% 19/12/2017 EUR 613 362,49 625 191,00 0,57 600 000,00 COCA-COLA CO. 1.13% 22/09/2022 EUR 597 065,43 615 756,00 0,57

500 000,00 CASINO GUICHARD PERRACHON S.A. 3.16% 06/08/2019 EUR 520 456,16 551 552,50 0,51

500 000,00 GROUPE AUCHAN S.A. 3.00% 02/12/2016 EUR 521 310,40 526 260,00 0,48

Computing and IT 3 483 027,99 3 603 036,50 3,31 800 000,00 MICROSOFT CORP. 2.13% 06/12/2021 EUR 858 927,76 874 788,00 0,80 700 000,00 ORACLE CORP. 2.25% 10/01/2021 EUR 715 823,46 763 794,50 0,70

700 000,00 INTERNATIONAL BUSINESS MACHINES CORP. 1.25% 26/05/2023 EUR 698 464,03 713 811,00 0,66


600 000,00 APPLE, INC. 1.00% 10/11/2022 EUR 597 441,36 607 947,00 0,56

Consumer Retail 3 296 560,18 3 453 907,50 3,17 800 000,00 DAIMLER AG 2.25% 24/01/2022 EUR 846 909,09 882 868,00 0,81 800 000,00 VOLKSWAGEN LEASING GMBH 2.13% 04/04/2022 EUR 833 285,06 875 528,00 0,80 800 000,00 WAL-MART STORES, INC. 1.90% 08/04/2022 EUR 841 107,13 862 452,00 0,79 780 000,00 TOYOTA MOTOR CREDIT CORP. 1.80% 23/07/2020 EUR 775 258,90 833 059,50 0,77

Energy 6 965 805,42 7 161 235,50 6,58 700 000,00 ENI SPA 2.63% 22/11/2021 EUR 742 934,69 772 247,00 0,71 700 000,00 PETROLEOS MEXICANOS 6.38% 05/08/2016 EUR 748 141,45 756 542,50 0,70 600 000,00 ENI SPA 4.25% 03/02/2020 EUR 652 855,15 701 886,00 0,64 600 000,00 ENI SPA 4.00% 29/06/2020 EUR 605 211,15 699 912,00 0,64


600 000,00 TOTAL CAPITAL CANADA LTD. 1.88% 09/07/2020 EUR 596 526,08 641 187,00 0,59 600 000,00 BP CAPITAL MARKETS PLC. 1.53% 26/09/2022 EUR 600 432,00 616 707,00 0,57

600 000,00 SHELL INTERNATIONAL FINANCE BV 1.00% 06/04/2022 EUR 600 250,28 605 223,00 0,56

600 000,00 PETROBRAS INTERNATIONAL FINANCE CO. S.A. 5.88% 07/03/2022 * EUR 693 210,00 580 629,00 0,53

500 000,00 ENI SPA 4.88% 11/10/2017 EUR 541 206,58 559 205,00 0,51


Finance 28 544 787,78 30 612 296,35 28,14 900 000,00 GOLDMAN SACHS GROUP, INC. 5.13% 23/10/2019 EUR 1 008 247,81 1 077 984,00 0,99 1 000 000,00 CREDIT SUISSE AG 0.75% 17/09/2021 EUR 994 227,30 1 008 725,00 0,93 900 000,00 WELLS FARGO & CO. 2.25% 03/09/2020 EUR 908 635,87 978 084,00 0,90 900 000,00 BANCO SANTANDER S.A. 2.88% 30/01/2018 * EUR 972 793,33 969 430,50 0,89

800 000,00 COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK BA 4.13% 14/09/2022 * EUR 830 189,09 926 212,00 0,85

700 000,00 INTESA SANPAOLO SPA 5.00% 27/01/2021 EUR 743 192,37 881 006,00 0,81 700 000,00 HSBC HOLDINGS PLC. 6.00% 10/06/2019 EUR 798 478,63 838 124,00 0,77 700 000,00 ALLIANZ FINANCE II BV 3.50% 14/02/2022 EUR 702 235,87 830 931,50 0,76 700 000,00 CREDIT SUISSE AG 4.75% 05/08/2019 EUR 763 042,38 829 248,00 0,76 800 000,00 NOMURA EUROPE FINANCE NV 1.88% 29/05/2018 EUR 802 287,86 826 024,00 0,76


25



Market value in EUR

% of Net Assets

800 000,00 STANDARD CHARTERED PLC. 3.63% 15/12/2015 EUR 801 439,77 825 084,00 0,76

700 000,00 NATIONAL AUSTRALIA BANK LTD. 4.63% 10/02/2020 EUR 763 573,50 813 295,00 0,75

700 000,00 NORDEA BANK AB 4.50% 26/03/2020 EUR 734 590,71 809 567,50 0,74 700 000,00 INTESA SANPAOLO SPA 3.50% 17/01/2022 EUR 729 325,31 797 128,50 0,73

700 000,00 GE CAPITAL EUROPEAN FUNDING 2.63% 15/03/2023 EUR 757 752,52 794 853,50 0,73

700 000,00 JPMORGAN CHASE & CO. 2.75% 24/08/2022 EUR 782 893,04 789 320,00 0,73 700 000,00 ASSICURAZIONI GENERALI SPA 2.88% 14/01/2020 EUR 722 386,57 767 049,50 0,71 700 000,00 BARCLAYS BANK PLC. 2.25% 10/06/2024 EUR 763 362,23 765 964,50 0,70 700 000,00 INTESA SANPAOLO SPA 4.00% 09/11/2017 EUR 727 182,50 760 651,50 0,70 600 000,00 ING BANK NV 4.50% 21/02/2022 EUR 675 405,84 753 087,00 0,69 700 000,00 BNP PARIBAS S.A. 3.00% 24/02/2017 EUR 713 855,84 740 442,50 0,68


700 000,00 LLOYDS BANK PLC. 1.00% 19/11/2021 EUR 701 592,89 708 312,50 0,65 600 000,00 BANK OF AMERICA CORP. 2.50% 27/07/2020 EUR 612 064,54 652 812,00 0,60 600 000,00 MORGAN STANLEY 2.38% 31/03/2021 EUR 601 169,86 645 696,00 0,59 600 000,00 UNICREDIT SPA 3.38% 11/01/2018 EUR 598 415,61 641 724,00 0,59 600 000,00 BBVA SENIOR FINANCE SAU 2.38% 22/01/2019 EUR 598 777,71 639 807,00 0,59 600 000,00 DEUTSCHE BANK AG 1.25% 08/09/2021 * EUR 596 573,37 614 532,00 0,56 570 000,00 MEDIOBANCA SPA 3.75% 12/10/2015 EUR 572 637,81 583 623,00 0,54

500 000,00 ABBEY NATIONAL TREASURY SERVICES PLC. 2.63% 16/07/2020 EUR 545 571,78 549 450,00 0,51


500 000,00 BNZ INTERNATIONAL FUNDING LTD. 4.00% 08/03/2017 EUR 500 908,73 539 167,50 0,50

500 000,00 BARCLAYS BANK PLC. 4.00% 20/01/2017 EUR 515 688,11 537 882,50 0,49 314 450,00 AXA S.A. 3.75% 01/01/2017 EUR 358 727,66 535 358,25 0,49 500 000,00 UNICREDIT SPA 1.88% 31/01/2019 EUR 498 348,16 529 852,50 0,49 500 000,00 BANK OF AMERICA CORP. 1.88% 10/01/2019 EUR 519 606,24 523 662,50 0,48 500 000,00 MORGAN STANLEY 1.88% 30/03/2023 EUR 498 287,90 517 892,50 0,48

500 000,00 SANTANDER INTERNATIONAL DEBT SAU 1.38% 25/03/2017 EUR 499 175,60 509 047,50 0,47

420 000,00 SPAREBANK 1 BOLIGKREDITT AS 4.00% 03/02/2021 * EUR 424 664,56 508 989,60 0,47

400 000,00 UNICREDIT BANK AUSTRIA AG 4.13% 24/02/2021 EUR 404 128,54 489 204,00 0,45 400 000,00 BARCLAYS BANK PLC. 4.00% 12/01/2021 * EUR 401 131,69 484 126,00 0,45

400 000,00 CIE DE FINANCEMENT FONCIER S.A. 3.50% 05/11/2020 EUR 390 778,98 472 602,00 0,43

400 000,00 UNICREDIT SPA 3.25% 14/01/2021 EUR 399 888,09 437 932,00 0,40 400 000,00 HSBC BANK PLC. 3.13% 15/11/2017 EUR 421 811,22 431 956,00 0,40

Government 3 847 415,10 4 078 024,16 3,75 1 000 000,00 CASSA DEL TRENTINO SPA 3.57% 30/06/2017 EUR 999 608,74 1 046 690,00 0,96

997 780,00 ITALY BUONI POLIENNALI DEL TESORO 2.25% 22/04/2017 EUR 997 780,00 1 030 831,46 0,95

700 000,00 BANCO NACIONAL DE DESENVOLVIMENTO ECONOMICO E SOCIAL 4.13% 15/09/2017 EUR 711 662,34 715 715,00 0,66


440 000,00 CAISSE FRANCAISE DE FINANCEMENT LOCAL 4.25% 26/01/2021 EUR 438 364,02 540 982,20 0,50


Health 909 834,93 993 202,50 0,91 700 000,00 SANOFI 2.50% 14/11/2023 EUR 711 570,74 792 116,50 0,73 200 000,00 ASTRAZENECA PLC. 0.88% 24/11/2021 EUR 198 264,19 201 086,00 0,18

Industries 3 993 316,88 4 233 452,50 3,89 800 000,00 DEUTSCHE POST FINANCE BV 2.95% 27/06/2022 EUR 849 613,52 919 460,00 0,84 800 000,00 ATLAS COPCO AB 2.50% 28/02/2023 EUR 857 816,57 899 820,00 0,83 600 000,00 ATLANTIA SPA 3.63% 30/11/2018 EUR 636 318,59 665 691,00 0,61 600 000,00 ALSTOM S.A. 3.00% 08/07/2019 EUR 608 413,62 659 169,00 0,61

500 000,00 AUTOROUTES DU SUD DE LA FRANCE S.A. 2.95% 17/01/2024 EUR 541 976,42 570 160,00 0,52

500 000,00 CRH FINANCE GERMANY GMBH 1.75% 16/07/2021 EUR 499 178,16 519 152,50 0,48

Multi-Utilities 10 594 145,85 11 082 528,10 10,19 800 000,00 GDF SUEZ 6.88% 24/01/2019 EUR 1 001 614,14 1 007 764,00 0,93 800 000,00 IBERDROLA INTERNATIONAL BV 4.25% 11/10/2018 EUR 887 099,89 906 508,00 0,83 800 000,00 ENEL SPA 4.88% 20/02/2018 EUR 857 531,14 899 100,00 0,83 700 000,00 DONG ENERGY A/S 6.50% 07/05/2019 EUR 818 659,90 874 345,50 0,80 600 000,00 GDF SUEZ 6.38% 18/01/2021 EUR 782 986,69 802 335,00 0,74 700 000,00 ELECTRICITE DE FRANCE S.A. 2.75% 10/03/2023 EUR 704 956,95 797 475,00 0,73


26



Market value in EUR

% of Net Assets

600 000,00 ENEL FINANCE INTERNATIONAL NV 5.00% 14/09/2022 EUR 751 919,74 756 477,00 0,70

700 000,00 RTE RESEAU DE TRANSPORT D'ELECTRICITE S.A. 2.13% 20/09/2019 * EUR 704 374,49 754 477,50 0,69

700 000,00 TERNA RETE ELETTRICA NAZIONALE SPA 4.13% 17/02/2017 EUR 732 290,87 754 292,00 0,69

600 000,00 ENEL SPA 5.25% 20/06/2017 EUR 649 828,85 669 210,00 0,62

600 000,00 GAS NATURAL CAPITAL MARKETS S.A. 4.38% 02/11/2016 EUR 619 989,25 641 241,00 0,59

600 000,00 NATIONAL GRID NORTH AMERICA, INC. 1.75% 20/02/2018 EUR 602 230,09 623 712,00 0,57

500 000,00 SNAM SPA 5.00% 18/01/2019 EUR 531 491,68 583 182,50 0,54


420 000,00 SNAM SPA 4.38% 11/07/2016 EUR 423 513,72 444 761,10 0,41

Raw materials 2 320 241,41 2 476 422,00 2,28 900 000,00 BHP BILLITON FINANCE LTD. 2.25% 25/09/2020 EUR 910 758,10 978 291,00 0,90 800 000,00 ANGLO AMERICAN CAPITAL PLC. 2.50% 29/04/2021 EUR 772 203,05 839 136,00 0,77

600 000,00 GLENCORE FINANCE EUROPE S.A. 5.25% 22/03/2017 EUR 637 280,26 658 995,00 0,61

Telecommunication 2 984 748,81 3 099 197,50 2,85

800 000,00 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 6.00% 20/01/2017 EUR 874 583,25 892 340,00 0,82

700 000,00 ORANGE S.A. 3.13% 09/01/2024 * EUR 770 337,83 811 538,00 0,75 700 000,00 TELEFONICA EMISIONES SAU 4.80% 21/02/2018 EUR 743 539,85 791 101,50 0,73 600 000,00 VODAFONE GROUP PLC. 1.00% 11/09/2020 * EUR 596 287,88 604 218,00 0,55


Basic Goods 760 869,97 774 945,00 0,71 750 000,00 HENKEL AG & CO. KGAA FRN 25/11/2104 EUR 760 869,97 774 945,00 0,71

Consumer Retail 1 738 148,97 1 760 864,00 1,62

900 000,00 VOLKSWAGEN INTERNATIONAL FINANCE NV FRN 15/04/2019 * EUR 900 385,68 910 872,00 0,84

800 000,00 VOLKSWAGEN INTERNATIONAL FINANCE NV FRN 29/09/2049 EUR 837 763,29 849 992,00 0,78

Energy 567 628,60 550 352,50 0,51 500 000,00 OMV AG FRN 29/06/2049 EUR 567 628,60 550 352,50 0,51

Finance 7 128 455,02 7 292 016,50 6,70 700 000,00 ALLIANZ SE FRN 17/10/2042 EUR 761 905,32 848 347,50 0,78 600 000,00 DANSKE BANK A/S FRN 04/10/2023 EUR 645 808,39 645 012,00 0,59 600 000,00 DNB BANK ASA FRN 08/03/2022 EUR 636 730,00 642 990,00 0,59 600 000,00 ABN AMRO BANK NV FRN 06/03/2019 * EUR 601 280,80 612 126,00 0,56 600 000,00 ING BANK NV FRN 16/09/2020 EUR 578 284,58 610 785,00 0,56

500 000,00 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG FRN 26/05/2041 EUR 602 887,92 606 860,00 0,56

600 000,00 INTESA SANPAOLO SPA FRN 17/04/2019 EUR 604 049,68 605 193,00 0,56 600 000,00 UNICREDIT SPA FRN 10/04/2017 EUR 599 908,71 602 916,00 0,55 600 000,00 DEUTSCHE BANK AG FRN 15/04/2019 EUR 598 765,82 601 056,00 0,55 550 000,00 DNB BANK ASA FRN 26/09/2023 * EUR 553 553,56 575 663,00 0,53

500 000,00 GENERAL ELECTRIC CAPITAL CORP. FRN 15/09/2067 EUR 546 135,34 538 140,00 0,50

400 000,00 WELLS FARGO & CO. FRN 24/04/2019 EUR 399 144,90 402 928,00 0,37

Health 1 249 305,87 1 228 655,00 1,13 700 000,00 BAYER AG FRN 29/07/2105 EUR 736 240,00 712 880,00 0,66 500 000,00 BAYER AG FRN 01/07/2075 EUR 513 065,87 515 775,00 0,47

Industries 511 591,95 531 172,50 0,49

500 000,00 SIEMENS FINANCIERINGSMAATSCHAPPIJ NV FRN 14/09/2066 EUR 511 591,95 531 172,50 0,49

Multi-Utilities 3 451 677,00 3 536 552,10 3,25

880 000,00 HUTCHISON WHAMPOA EUROPE FINANCE 13 LTD. FRN 29/05/2049 EUR 875 149,78 894 119,60 0,82

800 000,00 RWE AG FRN 29/09/2049 EUR 792 693,57 809 584,00 0,74

700 000,00 ENBW ENERGIE BADEN-WUERTTEMBERG AG FRN 02/04/2072 EUR 769 736,66 780 836,00 0,72

500 000,00 NGG FINANCE PLC. FRN 18/06/2076 EUR 501 069,55 542 617,50 0,50 500 000,00 SUEZ ENVIRONNEMENT CO. FRN 29/09/2049 EUR 513 027,44 509 395,00 0,47


27



Market value in EUR

% of Net Assets

Raw materials 1 576 815,80 1 539 420,00 1,42 800 000,00 LINDE FINANCE BV FRN 14/07/2066 EUR 906 584,72 871 800,00 0,80 600 000,00 GLENCORE FINANCE EUROPE S.A. FRN 03/04/2018 EUR 670 231,08 667 620,00 0,62

ETFs 4 500 184,69 4 743 200,00 4,36

Finance 4 500 184,69 4 743 200,00 4,36

35 200,00 ISHARES EURO CORPORATE BOND LARGE CAP UCITS ETF EUR 4 500 184,69 4 743 200,00 4,36



Total Net Assets 108 782 181,61 100,00


28



Assets Investments in securities at market value (Note 3a) 82 505 827,50 Cash at bank (Note 3b) 5 510 522,84 Net interest receivable (Note 3i) 965 477,97 Other assets 19 988,01 Total assets 89 001 816,32





29



Net assets at the beginning of the year 58 181 305,37 Net income from investments: - Interest on bonds, net (Note 3i) 979 912,69 Interest on cash account, net 83 704,18 Income on securities lending (Notes 3h, 11) 8 362,25 Total income 1 071 979,12 Investment management fees (Note 5) (48 338,13) Administration, accounting and domiciliation fees (Note 6) (28 732,10) Custodian fees (Note 6) (15 696,92) Shareholder services fees (Note 6) (10 165,19) Management company fees (Note 7) (44 142,02) Audit and legal fees (9 018,55) Subscription tax (Note 4) (6 988,17) Other charges and taxes (Note 9) (17 336,63) Total expenses (180 417,71) Net investment income / (loss) 891 561,41 Net realised profit / (loss) on: - Investments (Note 3c) 30 758,04 Change in unrealised appreciation / (depreciation) on: - Investments 240 019,06 Net result of operations for the year 1 162 338,51 Subscriptions for the year 60 714 000,01 Redemptions for the year (31 129 620,36) Net assets at the end of the year 88 928 023,53


30




Market value in EUR

% of Net Assets


Bonds 59 302 192,41 59 962 732,00 67,43

Basic Goods 1 587 827,43 1 594 666,50 1,79 800 000,00 GROUPE AUCHAN S.A. 3.00% 02/12/2016 EUR 841 284,12 842 016,00 0,95 700 000,00 CARLSBERG BREWERIES A/S 3.38% 13/10/2017 EUR 746 543,31 752 650,50 0,84

Consumer Retail 551 057,83 582 997,50 0,66 500 000,00 BMW FINANCE NV 5.00% 06/08/2018 EUR 551 057,83 582 997,50 0,66

Energy 2 786 543,53 2 807 699,00 3,16 1 000 000,00 PETROLEOS MEXICANOS 5.50% 09/01/2017 EUR 1 089 032,22 1 079 995,00 1,21 800 000,00 ENI SPA 4.88% 11/10/2017 EUR 865 930,52 894 728,00 1,01


Finance 11 865 390,06 11 973 412,20 13,47 1 000 000,00 BANCO SANTANDER S.A. 4.63% 20/01/2016 EUR 1 021 603,15 1 042 020,00 1,17


800 000,00 STANDARD CHARTERED PLC. 3.63% 15/12/2015 EUR 805 984,76 825 084,00 0,93 700 000,00 CITIGROUP, INC. 4.38% 30/01/2017 EUR 757 317,27 757 746,50 0,85 700 000,00 NORDEA BANK AB 3.75% 24/02/2017 EUR 742 687,58 751 649,50 0,85 700 000,00 CREDIT SUISSE AG 3.88% 25/01/2017 EUR 742 203,85 750 701,00 0,85 700 000,00 WELLS FARGO & CO. 4.13% 03/11/2016 EUR 751 492,45 745 944,50 0,84 700 000,00 JPMORGAN CHASE & CO. 3.75% 15/06/2016 EUR 729 608,61 734 783,00 0,83 675 000,00 MEDIOBANCA SPA 3.75% 12/10/2015 EUR 678 367,09 691 132,50 0,78 600 000,00 GOLDMAN SACHS GROUP, INC. 4.38% 16/03/2017 EUR 640 074,61 650 805,00 0,73 600 000,00 MORGAN STANLEY 4.38% 12/10/2016 EUR 634 000,87 640 524,00 0,72 600 000,00 BBVA SENIOR FINANCE SAU 4.38% 21/09/2015 EUR 617 739,70 615 981,00 0,69 500 000,00 BARCLAYS BANK PLC. 4.13% 15/03/2016 EUR 518 428,61 523 245,00 0,59 500 000,00 BNP PARIBAS S.A. 3.50% 07/03/2016 EUR 514 413,16 519 035,00 0,58 500 000,00 ING BANK NV 2.13% 10/07/2015 EUR 499 937,53 504 855,00 0,57

500 000,00 COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK BA 3.00% 16/02/2015 EUR 500 641,49 501 682,50 0,56

500 000,00 RAIFFEISEN BANK INTERNATIONAL AG 2.88% 06/03/2015 * EUR 500 485,83 500 880,00 0,56

205 220,00 AXA S.A. 3.75% 01/01/2017 EUR 343 985,12 349 391,70 0,39

Government 35 029 539,15 35 438 739,44 39,85






2 000 000,00 IRELAND GOVERNMENT BOND 5.50% 18/10/2017 EUR 2 259 902,26 2 291 400,00 2,58




1 628 550,00 DEUTSCHE BUNDESREPUBLIK INFLATION LINKED BOND 1.50% 15/04/2016 EUR 1 641 984,86 1 641 985,54 1,85


1 200 000,00 FADE - FONDO DE AMORTIZACION DEL DEFICIT ELECTRICO 4.00% 17/12/2015 * EUR 1 216 594,85 1 240 572,00 1,40

1 000 000,00 INSTITUTO DE CREDITO OFICIAL 4.13% 28/09/2017 EUR 1 094 280,23 1 093 500,00 1,23



31



Market value in EUR

% of Net Assets

1 000 000,00 CASSA DEPOSITI E PRESTITI SPA 4.25% 14/09/2016 EUR 1 030 106,55 1 055 390,00 1,19


500 000,00 TURKEY GOVERNMENT INTERNATIONAL BOND 5.00% 01/03/2016 EUR 519 376,90 526 487,50 0,59

Industries 520 614,91 534 480,00 0,60 500 000,00 ATLANTIA SPA 5.63% 06/05/2016 EUR 520 614,91 534 480,00 0,60

Multi-Utilities 3 803 584,56 3 835 413,26 4,31 800 000,00 A2A SPA 4.50% 02/11/2016 EUR 842 378,95 853 280,00 0,96


600 000,00 TERNA RETE ELETTRICA NAZIONALE SPA 4.13% 17/02/2017 EUR 637 500,05 646 536,00 0,73

600 000,00 SNAM SPA 4.38% 11/07/2016 EUR 629 899,98 635 373,00 0,71 500 000,00 ENEL SPA 3.50% 26/02/2016 EUR 508 401,29 516 930,00 0,58

368 000,00 ENEL FINANCE INTERNATIONAL NV 4.00% 14/09/2016 EUR 392 228,46 388 587,76 0,44

Raw materials 1 807 447,26 1 816 819,00 2,04

1 000 000,00 GLENCORE FINANCE EUROPE S.A. 5.25% 22/03/2017 EUR 1 087 115,26 1 098 325,00 1,23

700 000,00 ANGLO AMERICAN CAPITAL PLC. 1.75% 20/11/2017 * EUR 720 332,00 718 494,00 0,81

Telecommunication 1 350 187,68 1 378 505,10 1,55 1 000 000,00 TELEFONICA EMISIONES SAU 4.38% 02/02/2016 EUR 1 018 031,25 1 042 555,00 1,17 310 000,00 KONINKLIJKE KPN NV 4.75% 17/01/2017 EUR 332 156,43 335 950,10 0,38


Finance 1 681 206,23 1 699 648,50 1,91 700 000,00 INTESA SANPAOLO SPA FRN 03/03/2017 EUR 678 288,69 694 211,00 0,78 500 000,00 UNICREDIT SPA FRN 24/07/2015 EUR 499 861,67 503 007,50 0,57 500 000,00 UNICREDIT SPA FRN 10/04/2017 EUR 503 055,87 502 430,00 0,56

Government 5 386 161,53 5 388 727,00 6,06

3 000 000,00 STATE OF NORTH RHINE-WESTPHALIA FRN 15/09/2017 EUR 3 000 060,00 3 004 410,00 3,38

1 800 000,00 ITALY CERTIFICATI DI CREDITO DEL TESORO FRN 15/06/2017 EUR 1 886 101,53 1 883 340,00 2,12

500 000,00 STATE OF BADEN-WURTTEMBERG FRN 19/07/2016 EUR 500 000,00 500 977,00 0,56

Health 501 100,00 501 970,00 0,57 500 000,00 SANOFI FRN 10/09/2018 EUR 501 100,00 501 970,00 0,57

Zero-Coupon Bonds 14 437 638,25 14 441 850,00 16,24

Government 14 437 638,25 14 441 850,00 16,24 5 500 000,00 SPAIN LETRAS DEL TESORO ZCP 20/11/2015 * EUR 5 483 914,74 5 488 560,00 6,17

5 500 000,00 ITALY CERTIFICATI DI CREDITO DEL TESORO ZCP 30/08/2016 EUR 5 454 154,77 5 453 360,00 6,13

3 500 000,00 ITALY BUONI ORDINARI DEL TESORO BOT ZCP 30/01/2015 EUR 3 499 568,74 3 499 930,00 3,94

OTHER TRANSFERABLE SECURITIES 500 000,00 510 900,00 0,57

Floating Rate Notes 500 000,00 510 900,00 0,57

Government 500 000,00 510 900,00 0,57 500 000,00 PATRIMONIO DEL TRENTINO FRN 31/03/2017 EUR 500 000,00 510 900,00 0,57



Total Net Assets 88 928 023,53 100,00


32



Assets Investments in securities at market value (Note 3a) 9 174 969,19 Cash at bank (Note 3b) 7 259 386,60 Net interest receivable (Note 3i) 175 087,49 Other assets 4 311,19 Total assets 16 613 754,47





33



Net assets at the beginning of the year 17 118 239,43 Net income from investments: - Interest on bonds, net (Note 3i) 239 919,22 - Dividend income, net (Note 3i) 2 775,00 Interest on cash account, net 118 938,90 Total income 361 633,12 Investment management fees (Note 5) (4 489,02) Administration, accounting and domiciliation fees (Note 6) (33 612,21) Custodian fees (Note 6) (8 014,00) Shareholder services fees (Note 6) (13 429,50) Management company fees (Note 7) (32 116,09) Audit and legal fees (9 018,51) Subscription tax (Note 4) (1 680,72) Other charges and taxes (Note 9) (18 718,94) Total expenses (121 078,99) Net investment income / (loss) 240 554,13 Net realised profit / (loss) on: - Investments (Note 3c) 215 754,60 Change in unrealised appreciation / (depreciation) on: - Investments 154 684,60 Net result of operations for the year 610 993,33 Distributions (Note 12) (80 000,00) Subscriptions for the year 2 000 000,00 Redemptions for the year (3 087 148,45) Net assets at the end of the year 16 562 084,31


34




Market value in EUR

% of Net Assets


Bonds 7 212 487,77 7 610 330,19 45,95

Basic Goods 302 568,24 314 077,50 1,90 100 000,00 HEINEKEN NV 2.13% 04/08/2020 EUR 99 872,90 107 687,50 0,65 100 000,00 CARLSBERG BREWERIES A/S 2.50% 28/05/2024 EUR 103 521,75 103 764,00 0,63 100 000,00 COCA-COLA CO. 1.13% 22/09/2022 EUR 99 173,59 102 626,00 0,62

Computing and IT 99 780,58 101 973,00 0,61


Energy 516 398,62 536 236,00 3,24


100 000,00 ENI SPA 4.75% 14/11/2017 EUR 104 962,03 112 140,00 0,68 100 000,00 TOTAL CAPITAL CANADA LTD. 1.13% 18/03/2022 EUR 99 802,86 101 449,50 0,61

100 000,00 SHELL INTERNATIONAL FINANCE BV 1.00% 06/04/2022 EUR 100 447,31 100 870,50 0,61

Finance 1 015 443,62 1 062 877,00 6,42 250 000,00 ALLIANZ FINANCE II BV 4.75% 22/07/2019 EUR 270 970,70 299 322,50 1,81 100 000,00 ASSICURAZIONI GENERALI SPA 5.13% 16/09/2024 EUR 129 705,23 129 857,50 0,79

100 000,00 COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK BA 4.75% 15/01/2018 EUR 104 616,04 113 172,00 0,68

100 000,00 STANDARD CHARTERED PLC. 3.88% 20/10/2016 EUR 102 900,00 106 217,00 0,64 100 000,00 UNICREDIT SPA 1.88% 31/01/2019 EUR 99 669,63 105 970,50 0,64 100 000,00 GOLDMAN SACHS GROUP, INC. 2.13% 30/09/2024 EUR 104 138,38 104 511,00 0,63 100 000,00 STANDARD CHARTERED PLC. 1.63% 13/06/2021 EUR 102 487,44 102 639,00 0,62 100 000,00 LLOYDS BANK PLC. 1.00% 19/11/2021 EUR 100 956,20 101 187,50 0,61

Government 4 290 890,17 4 567 729,89 27,58


400 000,00 CASSA DEL TRENTINO SPA 3.75% 31/12/2018 EUR 400 000,00 439 546,00 2,65 400 000,00 CASSA DEL TRENTINO SPA 1.94% 31/01/2022 EUR 400 000,00 398 354,00 2,41 300 000,00 BELGIUM GOVERNMENT BOND 2.25% 22/06/2023 EUR 301 960,49 339 240,00 2,05



250 000,00 SPAIN GOVERNMENT BOND 3.75% 31/10/2018 EUR 262 149,52 278 962,50 1,68


200 000,00 IRELAND GOVERNMENT BOND 3.90% 20/03/2023 EUR 243 855,81 244 300,00 1,48 200 000,00 SPAIN GOVERNMENT BOND 4.00% 30/04/2020 EUR 221 333,39 232 020,00 1,40



150 000,00 CZECH REPUBLIC INTERNATIONAL 5.00% 11/06/2018 EUR 163 775,35 174 487,50 1,05



100 000,00 CASSA DEPOSITI E PRESTITI SPA 4.25% 14/09/2016 EUR 102 958,23 105 539,00 0,64


Multi-Utilities 315 264,83 331 011,00 2,00


100 000,00 NATIONAL GRID NORTH AMERICA, INC. 1.75% 20/02/2018 EUR 99 871,96 103 952,00 0,63

Raw materials 164 320,85 163 932,80 0,99 160 000,00 ANGLO AMERICAN CAPITAL PLC. 1.75% 03/04/2018 EUR 164 320,85 163 932,80 0,99


35



Market value in EUR

% of Net Assets

Supranational 307 509,33 330 292,50 1,99

300 000,00 EUROPEAN FINANCIAL STABILITY FACILITY 1.88% 23/05/2023 EUR 307 509,33 330 292,50 1,99

Telecommunication 200 311,53 202 200,50 1,22

100 000,00 VERIZON COMMUNICATIONS, INC. 1.63% 01/03/2024 EUR 100 930,22 101 497,50 0,61

100 000,00 VODAFONE GROUP PLC. 1.00% 11/09/2020 EUR 99 381,31 100 703,00 0,61


Basic Goods 156 796,87 154 989,00 0,94 150 000,00 HENKEL AG & CO. KGAA FRN 25/11/2104 EUR 156 796,87 154 989,00 0,94

Finance 700 000,00 736 960,00 4,45

700 000,00 MEDIOCREDITO TRENTINO ALTO ADIGE SPA FRN 10/05/2017 EUR 700 000,00 736 960,00 4,45

OTHER TRANSFERABLE SECURITIES 659 000,00 672 690,00 4,06

Shares 159 000,00 161 790,00 0,98

Consumer Retail 159 000,00 161 790,00 0,98 500,00 NOSIO SPA EUR 159 000,00 161 790,00 0,98


Government 500 000,00 510 900,00 3,08 500 000,00 PATRIMONIO DEL TRENTINO FRN 31/03/2017 EUR 500 000,00 510 900,00 3,08



Total Net Assets 16 562 084,31 100,00


36



Assets Investments in securities at market value (Note 3a) 45 538 888,24 Cash at bank (Note 3b) 758 059,04 Net dividends receivable (Note 3i) 76 746,53 Total assets 46 373 693,81





37



Net assets at the beginning of the year 29 295 304,40 Net income from investments: - Dividend income, net (Note 3i) 662 143,93 Interest on cash account, net 40,33 Income on securities lending (Notes 3h, 11) 2 988,07 Total income 665 172,33 Investment management fees (Note 5) (169 511,40) Administration, accounting and domiciliation fees (Note 6) (33 311,10) Custodian fees (Note 6) (13 839,66) Shareholder services fees (Note 6) (13 503,06) Management company fees (Note 7) (35 477,37) Audit and legal fees (9 017,69) Subscription tax (Note 4) (5 592,51) Other charges and taxes (Note 9) (19 045,60) Total expenses (299 298,39) Net investment income / (loss) 365 873,94 Net realised profit / (loss) on: - Investments (Note 3c) 7 896 632,71 - Foreign currencies (Note 3d) 1 315 992,62 Change in unrealised appreciation / (depreciation) on: - Investments (234 890,56) - Foreign currencies 22 019,77 Net result of operations for the year 9 365 628,48 Subscriptions for the year 24 695 000,00 Redemptions for the year (17 048 245,82) Net assets at the end of the year 46 307 687,06


38




Market value in EUR

% of Net Assets


Shares 25 327 892,49 26 474 346,24 57,17

Basic Goods 1 927 403,55 1 839 557,63 3,97 14 500,00 LOBLAW COMPANIES LTD. CAD 632 199,87 643 195,76 1,39 20 500,00 MONDELEZ INTERNATIONAL, INC. - CLASS A USD 644 995,50 615 398,03 1,33 28 000,00 WOOLWORTHS LTD. * AUD 650 208,18 580 963,84 1,25

Computing and IT 1 948 004,89 2 156 068,41 4,66 1 500,00 SAMSUNG ELECTRONICS CO. LTD. - GDR USD 662 924,38 749 968,89 1,62 25 500,00 MICRON TECHNOLOGY, INC. USD 633 168,71 737 783,44 1,60 9 800,00 VMWARE, INC. - CLASS A * USD 651 911,80 668 316,08 1,44

Consumer Retail 7 154 250,41 7 724 765,70 16,68 14 500,00 UNITED CONTINENTAL HOLDINGS, INC. USD 653 819,69 801 541,13 1,73 18 000,00 TOYOTA INDUSTRIES CORP. JPY 655 521,53 770 476,95 1,66 4 100,00 CONTINENTAL AG EUR 645 431,35 719 755,00 1,56 12 500,00 COLGATE-PALMOLIVE CO. USD 653 097,40 714 743,08 1,54 11 000,00 FACEBOOK, INC. - CLASS A USD 651 592,33 709 243,31 1,53 7 500,00 HANESBRANDS, INC. USD 642 952,72 691 830,81 1,50 14 400,00 WOLSELEY PLC. GBP 646 764,63 683 959,17 1,48 10 500,00 MARRIOTT INTERNATIONAL, INC. - CLASS A USD 648 542,80 677 091,75 1,46 3 600,00 TESLA MOTORS, INC. USD 659 567,67 661 688,25 1,43 62 700,00 SUMITOMO ELECTRIC INDUSTRIES LTD. JPY 644 591,22 653 885,96 1,41 3 400,00 BAIDU, INC. - ADR USD 652 369,07 640 550,29 1,38

Energy 3 864 094,63 3 586 087,13 7,74 16 500,00 TRANSCANADA CORP. * CAD 663 885,31 672 224,53 1,45 7 000,00 CHEVRON CORP. USD 614 220,83 648 948,29 1,40 9 400,00 CHINA PETROLEUM & CHEMICAL CORP. - ADR USD 638 192,66 629 307,78 1,36 25 000,00 RELIANCE INDUSTRIES LTD. - GDR. USD 650 714,12 582 620,46 1,26 14 700,00 WILLIAMS COMPANIES, INC. USD 646 262,76 545 942,64 1,18 15 600,00 HALLIBURTON CO. USD 650 818,95 507 043,43 1,09

Finance 5 214 086,14 5 355 380,28 11,57 4 300,00 AFFILIATED MANAGERS GROUP, INC. USD 659 993,56 754 210,04 1,63 24 000,00 LONDON STOCK EXCHANGE GROUP PLC. GBP 649 953,08 686 866,21 1,48 6 300,00 BOSTON PROPERTIES, INC. USD 642 305,17 670 011,05 1,45 19 000,00 VOYA FINANCIAL, INC. USD 639 898,98 665 443,47 1,44 11 500,00 ROYAL BANK OF CANADA * CAD 657 395,30 658 389,76 1,42 34 000,00 PRUDENTIAL PLC. GBP 657 216,20 653 672,31 1,41 4 800,00 CREDICORP LTD. USD 651 017,86 635 398,44 1,37 58 300,00 ING GROEP NV EUR 656 305,99 631 389,00 1,37

Health 1 295 044,70 1 469 758,04 3,17 10 700,00 AETNA, INC. USD 653 495,29 785 488,90 1,69 16 000,00 CATAMARAN CORP. USD 641 549,41 684 269,14 1,48

Industries 1 972 053,02 2 291 933,19 4,95 25 100,00 SEALED AIR CORP. USD 659 104,01 880 123,00 1,90 7 600,00 SIEMENS AG EUR 658 401,17 712 500,00 1,54 198 000,00 TOSHIBA CORP. JPY 654 547,84 699 310,19 1,51

Telecommunication 1 952 955,15 2 050 795,86 4,43 137 500,00 BT GROUP PLC. GBP 653 392,64 711 378,28 1,54 250 000,00 ITV PLC. GBP 650 260,28 693 257,58 1,50 98 500,00 NOKIA OYJ EUR 649 302,23 646 160,00 1,39

ETFs 9 291 919,07 10 552 350,00 22,79

Finance 9 291 919,07 10 552 350,00 22,79 280 000,00 ISHARES MSCI WORLD UCITS ETF EUR 7 174 069,07 8 412 600,00 18,17 15 000,00 UBS ETF-MSCI WORLD UCITS ETF EUR 2 117 850,00 2 139 750,00 4,62


39


OPEN-ENDED COLLECTIVE INVESTMENT SCHEME QUALIFYING UNDER ARTICLE 41 (1) (E) OF THE LAW OF 17 DECEMBER 2010 - ETF 7 054 098,89 8 512 192,00 18,38

Finance 7 054 098,89 8 512 192,00 18,38 41 600,00 SSGA WORLD INDEX EQUITY FUND EUR 7 054 098,89 8 512 192,00 18,38


Other net assets 768 798,82 1,66

Total Net Assets 46 307 687,06 100,00


40



Assets Investments in securities at market value (Note 3a) 109 372 109,66 Cash at bank (Note 3b) 467 621,29 Net dividends receivable (Note 3i) 452 683,86 Receivable on investments sold 11 060,00 Net formation expenses (Note 8) 1 150,00 Total assets 110 304 624,81

Liabilities Bank overdrafts (6 743,52) Payable on investments purchased (34 063,26) Other liabilities (105 272,36) Total liabilities (146 079,14) Total Net Assets 110 158 545,67




41



Net assets at the beginning of the year 111 422 176,80 Net income from investments: - Dividend income, net (Note 3i) 2 399 722,12 Income on securities lending (Notes 3h, 11) 61 977,32 Total income 2 461 699,44 Investment management fees (Note 5) (227 458,27) Administration, accounting and domiciliation fees (Note 6) (51 691,81) Custodian fees (Note 6) (26 065,29) Shareholder services fees (Note 6) (13 595,02) Management company fees (Note 7) (71 062,95) Audit and legal fees (9 018,12) Subscription tax (Note 4) (12 117,87) Amortisation of formation expenses (Note 8) (1 150,00) Other charges and taxes (Note 9) (18 875,17) Total expenses (431 034,50) Net investment income / (loss) 2 030 664,94 Net realised profit / (loss) on: - Investments (Note 3c) 9 298 635,27 - Foreign currencies (Note 3d) 161,81 Change in unrealised appreciation / (depreciation) on: - Investments (9 500 526,93) - Foreign currencies (98,30) Net result of operations for the year 1 828 836,79 Subscriptions for the year 17 022 000,00 Redemptions for the year (20 114 467,92) Net assets at the end of the year 110 158 545,67


42




Market value in EUR

% of Net Assets


Shares 72 275 846,04 74 142 800,66 67,31

Basic Goods 3 520 264,25 3 471 640,00 3,15 84 000,00 KONINKLIJKE AHOLD NV EUR 1 056 598,13 1 239 420,00 1,12 309 000,00 C&C GROUP PLC. EUR 1 180 739,91 1 118 580,00 1,02 44 000,00 METRO AG EUR 1 282 926,21 1 113 640,00 1,01

Computing and IT 6 419 988,77 6 751 917,50 6,13 20 000,00 ATOS * EUR 1 269 613,72 1 326 000,00 1,20 18 500,00 GEMALTO NV * EUR 1 195 232,19 1 256 705,00 1,14 20 700,00 SAP AG EUR 1 152 424,87 1 205 982,00 1,10 46 000,00 KONINKLIJKE PHILIPS NV EUR 1 061 758,08 1 110 900,00 1,01 21 300,00 AMADEUS IT HOLDING S.A. - CLASS A EUR 610 851,47 704 710,50 0,64 96 000,00 STMICROELECTRONICS NV * EUR 601 605,00 594 720,00 0,54 100 000,00 TOMTOM NV EUR 528 503,44 552 900,00 0,50

Consumer Retail 11 294 870,35 12 819 519,40 11,64 111 000,00 TUI AG EUR 1 283 476,49 1 531 800,00 1,39 25 000,00 TELEPERFORMANCE EUR 1 121 334,87 1 410 750,00 1,28 18 800,00 DAIMLER AG EUR 737 553,14 1 296 636,00 1,18 9 400,00 LVMH MOET HENNESSY LOUIS VUITTON S.A. * EUR 1 153 974,17 1 243 150,00 1,13 119 000,00 PEUGEOT S.A. EUR 1 097 294,59 1 216 180,00 1,10 80 000,00 REXEL S.A. EUR 1 277 098,48 1 188 000,00 1,08 17 000,00 BEIERSDORF AG EUR 1 175 446,90 1 146 140,00 1,04 8 000,00 L'OREAL S.A. * EUR 1 000 403,81 1 114 400,00 1,01 23 000,00 ELRINGKLINGER AG * EUR 626 690,33 662 285,00 0,60 19 000,00 PROSIEBENSAT.1 MEDIA AG EUR 609 482,53 661 770,00 0,60 51 500,00 SOCIETE TELEVISION FRANCAISE 1 * EUR 659 999,88 655 080,00 0,60 3 100,00 VOLKSWAGEN AG EUR 518 089,05 558 310,00 0,51 458,00 HERMES INTERNATIONAL EUR 34 026,11 135 018,40 0,12

Energy 5 245 603,26 4 411 205,50 4,00 36 000,00 TOTAL S.A. EUR 1 665 090,25 1 530 720,00 1,39 102 000,00 ENI SPA EUR 1 807 158,81 1 480 020,00 1,34 42 300,00 OMV AG EUR 1 242 178,31 931 023,00 0,84 9 500,00 TECHNIP S.A. * EUR 531 175,89 469 442,50 0,43

Finance 16 793 280,25 17 062 421,26 15,49 99 283,00 DEUTSCHE BANK AG EUR 3 172 538,15 2 480 585,76 2,25 46 000,00 BNP PARIBAS S.A. * EUR 2 212 513,27 2 265 960,00 2,06 173 000,00 ING GROEP NV EUR 1 479 870,80 1 873 590,00 1,70 175 000,00 BANCO BILBAO VIZCAYA ARGENTARIA S.A. EUR 1 321 311,55 1 374 450,00 1,25 70 000,00 AXA S.A. EUR 1 013 223,23 1 344 350,00 1,22 76 900,00 ASSICURAZIONI GENERALI SPA EUR 1 264 983,25 1 307 300,00 1,19 9 500,00 ALLIANZ SE EUR 1 102 907,43 1 304 825,00 1,18 202 000,00 AEGON NV EUR 1 303 521,63 1 264 318,00 1,15 32 000,00 SOCIETE GENERALE S.A. EUR 1 239 522,00 1 119 680,00 1,02 155 000,00 BANCO SANTANDER S.A. EUR 1 070 581,66 1 084 380,00 0,98 12 500,00 KBC GROEP NV EUR 538 729,45 581 187,50 0,53 98 000,00 BANCA POPOLARE DELL'EMILIA ROMAGNA SC EUR 537 750,01 535 570,00 0,48 970 000,00 BANCA POPOLARE DI MILANO SCARL EUR 535 827,82 526 225,00 0,48

Health 4 757 261,93 5 546 293,00 5,04 28 600,00 SANOFI EUR 2 029 544,20 2 163 876,00 1,97 12 000,00 BAYER AG EUR 897 694,28 1 356 000,00 1,23 35 600,00 GRIFOLS S.A. * EUR 1 179 540,15 1 179 072,00 1,07 13 700,00 FRESENIUS MEDICAL CARE AG & CO. KGAA EUR 650 483,30 847 345,00 0,77

Industries 12 076 717,28 11 421 262,00 10,37 48 500,00 CIE DE SAINT-GOBAIN EUR 1 725 549,34 1 708 655,00 1,55 36 000,00 VINCI S.A. * EUR 1 723 026,08 1 638 360,00 1,49 18 900,00 MTU AERO ENGINES AG EUR 1 233 287,36 1 363 824,00 1,24 259 000,00 ITALCEMENTI SPA EUR 1 545 894,49 1 279 460,00 1,16 31 400,00 RANDSTAD HOLDING NV EUR 1 307 740,76 1 257 884,00 1,14 18 500,00 HEIDELBERGCEMENT AG EUR 1 046 991,43 1 087 985,00 0,99 22 200,00 AIRBUS GROUP NV EUR 1 064 756,08 917 970,00 0,83


43



Market value in EUR

% of Net Assets

13 900,00 ANDRITZ AG EUR 636 902,43 635 091,00 0,58 56 000,00 PIRELLI & C. SPA EUR 615 436,42 627 760,00 0,57 173 000,00 MOTA-ENGIL SGPS S.A. EUR 554 136,30 460 353,00 0,42 24 800,00 TARKETT S.A. EUR 622 996,59 443 920,00 0,40

Multi-Utilities 4 114 192,13 4 287 555,00 3,89 137 000,00 E.ON SE EUR 1 852 508,31 1 944 715,00 1,77 268 000,00 SNAM SPA EUR 1 075 459,97 1 098 800,00 1,00 37 600,00 ENDESA S.A. EUR 556 272,45 622 280,00 0,56 32 000,00 GDF SUEZ EUR 629 951,40 621 760,00 0,56

Raw materials 3 467 098,36 3 498 950,00 3,18 25 000,00 KONINKLIJKE DSM NV EUR 1 216 188,81 1 266 000,00 1,15 110 000,00 ARCELORMITTAL * EUR 1 170 739,09 999 680,00 0,91 135 000,00 OUTOKUMPU OYJ * EUR 539 918,82 644 220,00 0,59 31 500,00 SMURFIT KAPPA GROUP PLC. EUR 540 251,64 589 050,00 0,53

Telecommunication 4 586 569,46 4 872 037,00 4,42 147 000,00 TELEFONICA S.A. * EUR 1 664 467,09 1 752 240,00 1,59 35 400,00 VIVENDI S.A. EUR 651 427,20 732 426,00 0,66 238 000,00 ALCATEL-LUCENT * EUR 627 221,04 706 860,00 0,64 42 700,00 DEUTSCHE TELEKOM AG EUR 551 488,61 565 775,00 0,51 85 000,00 NOKIA OYJ EUR 528 151,52 557 600,00 0,51 212 000,00 KONINKLIJKE KPN NV EUR 563 814,00 557 136,00 0,51

ETFs 15 634 015,05 15 532 125,00 14,10

Finance 15 634 015,05 15 532 125,00 14,10 485 000,00 ISHARES EURO STOXX UCITS ETF DE EUR 15 634 015,05 15 532 125,00 14,10

OPEN-ENDED COLLECTIVE INVESTMENT SCHEME QUALIFYING UNDER ARTICLE 41 (1) (E) OF THE LAW OF 17 DECEMBER 2010 - ETF 14 969 321,62 19 697 184,00 17,88

Finance 14 969 321,62 19 697 184,00 17,88 18 000,00 LYXOR INDEX FUND - LYXOR EURO STOXX 300 DR EUR 14 969 321,62 19 697 184,00 17,88


Other net assets 786 436,01 0,71

Total Net Assets 110 158 545,67 100,00


44



Assets Investments in securities at market value (Note 3a) 36 499 205,45 Cash at bank (Note 3b) 1 412 345,27 Net dividends receivable (Note 3i) 41 569,71 Receivable on subscriptions 4 800 000,00 Net formation expenses (Note 8) 1 150,00 Other assets 189,11 Total assets 42 754 459,54

Liabilities Payable on investments purchased (4 784 040,00) Other liabilities (62 492,81) Total liabilities (4 846 532,81) Total Net Assets 37 907 926,73




45



Net assets at the beginning of the year 24 630 845,18 Net income from investments: - Dividend income, net (Note 3i) 506 726,94 Interest on cash account, net 66,57 Income on securities lending (Notes 3h, 11) 873,23 Total income 507 666,74 Investment management fees (Note 5) (133 923,73) Administration, accounting and domiciliation fees (Note 6) (31 223,53) Custodian fees (Note 6) (11 161,64) Shareholder services fees (Note 6) (13 119,94) Management company fees (Note 7) (32 080,09) Audit and legal fees (9 018,02) Subscription tax (Note 4) (4 666,14) Amortisation of formation expenses (Note 8) (1 150,00) Other charges and taxes (Note 9) (18 523,02) Total expenses (254 866,11) Net investment income / (loss) 252 800,63 Net realised profit / (loss) on: - Investments (Note 3c) 3 647 125,08 - Foreign currencies (Note 3d) 986 306,35 Change in unrealised appreciation / (depreciation) on: - Investments 4 316 706,30 - Foreign currencies 47 124,63 Net result of operations for the year 9 250 062,99 Subscriptions for the year 23 300 000,00 Redemptions for the year (19 272 981,44) Net assets at the end of the year 37 907 926,73


46




Market value in EUR

% of Net Assets


Shares 16 203 149,82 19 437 620,55 51,27

Basic Goods 760 974,26 855 553,35 2,26 28 500,00 MONDELEZ INTERNATIONAL, INC. - CLASS A USD 760 974,26 855 553,35 2,26

Computing and IT 1 565 657,13 1 657 805,61 4,37 12 600,00 VMWARE, INC. - CLASS A * USD 918 600,47 859 263,53 2,27 27 600,00 MICRON TECHNOLOGY, INC. USD 647 056,66 798 542,08 2,10

Consumer Retail 4 599 230,65 5 894 357,97 15,55 14 600,00 MARRIOTT INTERNATIONAL, INC. - CLASS A USD 503 235,51 941 479,95 2,48 15 500,00 UNITED CONTINENTAL HOLDINGS, INC. USD 562 568,39 856 819,83 2,26 30 500,00 ALLISON TRANSMISSION HOLDINGS, INC. USD 691 801,35 854 468,69 2,26 4 600,00 TESLA MOTORS, INC. USD 927 659,58 845 490,55 2,23 8 700,00 HANESBRANDS, INC. USD 760 038,58 802 523,73 2,12 14 000,00 COLGATE-PALMOLIVE CO. USD 612 033,92 800 512,25 2,11 12 300,00 FACEBOOK, INC. - CLASS A USD 541 893,32 793 062,97 2,09

Energy 2 595 414,25 2 498 769,89 6,59 9 300,00 CHEVRON CORP. USD 777 573,19 862 174,15 2,27 25 900,00 HALLIBURTON CO. USD 920 594,98 841 822,10 2,22 21 400,00 WILLIAMS COMPANIES, INC. USD 897 246,08 794 773,64 2,10

Finance 2 773 342,66 3 347 742,13 8,83 24 800,00 VOYA FINANCIAL, INC. USD 656 546,91 868 578,85 2,29 4 900,00 AFFILIATED MANAGERS GROUP, INC. USD 788 124,37 859 448,65 2,27 7 800,00 BOSTON PROPERTIES, INC. USD 795 234,98 829 537,49 2,19 14 600,00 DISCOVER FINANCIAL SERVICES USD 533 436,40 790 177,14 2,08

Health 2 045 393,08 2 695 564,22 7,11 21 900,00 CATAMARAN CORP. USD 744 979,99 936 593,38 2,47 18 300,00 BRISTOL-MYERS SQUIBB CO. USD 688 718,47 892 730,74 2,35 11 800,00 AETNA, INC. USD 611 694,62 866 240,10 2,29

Industries 1 210 699,70 1 747 329,17 4,61 5 600,00 CANADIAN PACIFIC RAILWAY LTD. USD 697 805,80 891 751,44 2,35 24 400,00 SEALED AIR CORP. USD 512 893,90 855 577,73 2,26

Telecommunication 652 438,09 740 498,21 1,95 114 000,00 NOKIA OYJ - ADR USD 652 438,09 740 498,21 1,95

ETFs 13 755 146,10 17 061 584,90 45,01

Finance 13 755 146,10 17 061 584,90 45,01 36 000,00 SPDR S&P 500 UCITS ETF USD 4 329 903,24 6 207 213,59 16,38 39 000,00 VANGUARD S&P 500 ETF USD 4 641 202,86 6 073 756,31 16,02 274 000,00 LYXOR ETF S&P 500 - CLASS A EUR 4 784 040,00 4 780 615,00 12,61



Total Net Assets 37 907 926,73 100,00


47

PensPlan SICAV Lux

NOTES TO THE FINANCIAL STATEMENTS

1. GENERAL INFORMATION

PensPlan SICAV Lux ("the Company") is an investment company organised as a société anonyme under the laws of the Grand Duchy of Luxembourg and qualifies as an investment company with variable share capital (SICAV). It was incorporated in Luxembourg for an unlimited period on 4 June 2010. The Board of Directors of the Company has appointed Lemanik Asset Management S.A. as its designated management company, and domiciliary agent pursuant to the agreement signed 4 June 2010.

The Company is registered under Part I of the Luxembourg amended Law of 17 December 2010 (the "2010 Law"), on Undertakings for Collective Investment in Transferable Securities (UCITS) as defined by the Council Directive 2009/65/CE, as amended.

The Company is an umbrella structure comprising different Sub-Funds, each having a separate portfolio of Net Assets. As at 31 December 2014, the following Sub-Funds are offered to investors:

Sub-Funds Classes Launch dates PensPlan SICAV Lux - PensPlan Invest Cash Fund B EUR Cap 5 November 2010 C EUR Cap * 1 July 2011 PensPlan SICAV Lux - PensPlan Invest Euro Government Bond Fund B EUR Cap 25 June 2010 C EUR Dis 1 July 2011 PensPlan SICAV Lux - PensPlan Invest Euro Corporate Bond Fund A EUR Dis 16 August 2013 B EUR Cap 9 July 2010 C EUR Dis 1 July 2011 PensPlan SICAV Lux - PensPlan Invest Euro Bond Fund 1-3 Years B EUR Cap 4 February 2011 C EUR Dis 6 June 2014 PensPlan SICAV Lux - Local Investment Fund B EUR Cap 23 September 2011 C EUR Dis 23 September 2011 PensPlan SICAV Lux - PensPlan Invest Global Equities B EUR Cap 10 June 2011 C EUR Cap 1 July 2011 PensPlan SICAV Lux - PensPlan Invest Europe Equities B EUR Cap 23 July 2010 C EUR Cap 1 July 2011 PensPlan SICAV Lux - PensPlan Invest US Equities B EUR Cap 3 September 2010 C EUR Cap 1 July 2011

* The class was inactive as from 21 February 2014.

The financial year starts each year on 1 January and ends on 31 December.

2. SHARE CLASSES

Eight Sub-Funds are currently available to investors out of the twelve Sub-Funds planned in the Prospectus. The remaining ones will be launched at a later stage upon decision of the Board of Directors. In each Sub-Fund three share classes (A, B and C) may be opened:

Classes Description Target investors

A Capitalisation - Retail Class Individuals and corporate entities Not launched

A Distribution - Retail Class Individuals and corporate entities Launched on 16 August 2013

B Capitalisation - Institutional Class Pensplan Invest SGR Launched on 25 June 2010

C Capitalisation - Institutional Class Institutional investors Launched on 1 July 2011

C Distribution - Institutional Class Institutional investors Launched on 23 September 2011

48

PensPlan SICAV Lux

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in accordance with generally accepted accounting principles in the Grand Duchy of Luxembourg.

(a) Valuation of investment securities

Investment securities, including zero-coupon bonds and money market instruments, quoted on an official stock exchange or on another regulated market are valued according to the last known price and, in the event of being quoted on several markets, according to the last known price of the principal market.

Valuation of investment securities, including zero-coupon bonds and money market instruments, neither quoted on an official stock exchange nor on another regulated market, is based on the probable sales price determined prudently and in good faith by the Board of Directors.

The Board of Directors, at its sole discretion, may permit some other method of valuation to be used if it considers that such valuation better reflects the fair value of any asset of the Company.

The value of each investment in open-ended collective schemes, either listed or not, is based on the last known Net Asset Value on the Valuation Day.

(b) Cash at bank

The value of any cash at hand or on deposit (defined as "cash at bank" in the Statement of Net Assets), shall be valued at the par-value of the assets.

(c) Net realised profit / (loss) on sale of investments

Realised profits or losses made on the sales of investments are calculated according to the average cost.

(d) Forward foreign exchange contracts

Forward foreign exchange contracts are valued at forward foreign exchange rate for the remaining period to run until maturity at the date of valuation.

Unrealised profits and losses (if any) are recorded in the Statement of Net Assets and their variations are recorded in the Statement of Operations and Changes in Net Assets under the heading "Change in unrealised appreciation / (depreciation) on forward foreign exchange contracts".

As at 31 December 2014, the Company has no open transactions in forward foreign exchange contracts.

(e) Future contracts

Commitments related to future contracts are recorded off balance sheet and future contracts are valued according to the last available contract price. Unrealised profits and losses on future contracts (if any) are recorded in the Statement of Net Assets and their variations are recorded in the Statement of Operations and Changes in Net Assets under the heading "Change in unrealised appreciation / (depreciation) on future contracts". Guarantee deposits are booked under the heading "Amounts due from brokers" and "Amounts due to brokers".

As at 31 December 2014, the Company has no open positions in future contracts.

49

PensPlan SICAV Lux

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(f) Swap contracts

Swap contracts are valued using the difference between the values of forecasted flows the counterparty is to pay to the Sub-Fund and those owed by the Sub-Fund to its counterparties.

Unrealised profits and losses on swap contracts (if any) are recorded in the Statement of Net Assets and their variations are recorded in the Statement of Operations and Changes in Net Assets under the heading "Change in unrealised appreciation / (depreciation) on swap contracts".

As at 31 December 2014, the Company has no open positions in swap contracts.

(g) Option contracts

Options quoted on an official stock exchange or on another regulated market are valued according to the last known market price or, if there are several markets, according to the last known price of the principal market.

Options not quoted on an official stock exchange or on another regulated market are valued at their last known market value or, in the absence of a market value, according to their probable market value in the reasonable estimation of the Board of Directors of the Management Company.

Premiums received on the written of option contracts are recorded as liabilities and premiums paid on purchased of option contracts are recorded as assets. Unrealised gains and losses (if any) are recorded in the Statement of Net Assets and their variations in the Statement of Operations and Changes in Net Assets under the heading "Change in unrealised appreciation / (depreciation) on option contracts".

As at 31 December 2014, the Company has no open positions in option contracts.

(h) Securities lending

Securities which are being lent are valued according to the last known market price. The securities, including accrued interest, are recorded in the Statement of Net Assets. Any income made by virtue of a share loan contract is redeemed over the course of the contract and recorded in the Statement of Operations and Changes in Net Assets under the heading “Income on securities lending".

As at 31 December 2014, the Company has open transactions in securities lending, as disclosed in Note 11.

(i) Income

Dividends are recognised on the date on which the Shares/Units concerned are quoted "ex-dividend", net of withholding tax. Interest is calculated on a prorata temporis basis, net of withholding tax.

(j) Net Asset Value per Share

The Net Asset Value of each Sub-Fund is equal to the difference between the total assets and the liabilities of the Sub-Fund. The Net Asset Value per Share is calculated by dividing the Net Asset Value by the number of Shares outstanding on the day of calculation.

(k) Combined Statements of the Company

To calculate the Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets, statements of Sub-Funds in foreign currencies are converted in EUR at the exchange rates as at 31 December 2014. The combined statements correspond to the sum of the statements of each Sub-Fund.

50

PensPlan SICAV Lux

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(l) Presentation of the financial statements

The financial statements are presented on the basis of the last Net Asset Value of the financial year. In accordance with the Prospectus, the Net Asset Values have been calculated on the basis of the last market price available at the time the calculation was performed.

(m) Cost of purchase of securities in portfolios

For securities in currencies other than the base currency of the Sub-Fund, the purchase price is calculated according to the closing exchange rate on the day of purchase. Changes in the exchange rate between the reference currency of the Sub-Fund and the currency of its underlying assets lead to fluctuations of the Sub-Fund’s Net Asset Value. Any resulting gain or loss made on foreign exchange is included in the Statement of Operations and Changes in Net Assets.

(n) Translation of items expressed in foreign currencies

Assets and liabilities in foreign currencies are converted into the base currency of the Sub-Fund at the closing exchange rate on the final day of the financial year.

Income and expenses in currencies other than the base currency of the Sub-Fund are converted into the currency of the Sub-Fund at the closing exchange rate in force on the day of the transaction.

(o) Exchange rates

The main exchange rates prevailing as at 31 December 2014 are:

1 EUR = 1,4786 AUD 1 EUR = 145,0790 JPY 1 EUR = 1,4015 CAD 1 EUR = 1,5482 NZD 1 EUR = 1,2024 CHF 1 EUR = 9,4726 SEK 1 EUR = 7,4463 DKK 1 EUR = 1,2101 USD 1 EUR = 0,7760 GBP

4. TAXATION

Under current law and practice, the Company is not liable to any Luxembourg tax on income or capital gains, nor are dividends (if any) paid by the Company liable to any Luxembourg withholding tax.

The Company is however liable in Luxembourg to a taxe d’abonnement of 0,05% per annum of its Net Asset Value, such tax being payable quarterly and calculated on the Net Asset Value of the Sub-Funds at the end of the relevant quarter. As per Article 174 of the Law of 17 December 2010 such rate is decreased to 0,01% per annum of their Net Asset Value for Class B shares and Class C shares which are restricted to Institutional Investors as specified in the Prospectus. This tax is payable quarterly and calculated on the basis of the Company's net assets at the end of the relevant quarter.

In case some Sub-Funds are invested in other Luxembourg investment funds, which in turn are subject to the subscription tax, no subscription tax is due from the Sub-Funds on the portion of assets invested therein. No Luxembourg tax is payable on the realised capital appreciation of the assets of the Company.

Dividends and interest received by the Company in its investments may be subject to non-recoverable withholdings or other taxes in the countries of origin.

5. INVESTMENT MANAGEMENT FEES

The Investment Manager, as remuneration for its services, is entitled to receive an investment management fee calculated according to the Net Asset Value of each Sub-Fund. This fee is expressed in annual rate of the Net Asset Value but is payable monthly and calculated on the basis of the average Net Asset Value during the relevant month.

51

PensPlan SICAV Lux

5. INVESTMENT MANAGEMENT FEES (CONTINUED)

As at 31 December 2014, no investment management fee is charged to Class B and the following rates are charged to Classes A and C.

Sub-Funds Investment Management Fee Class A Class B Class C PensPlan SICAV Lux - PensPlan Invest Cash Fund Not Active 0,00% 0,15%*

PensPlan SICAV Lux - PensPlan Invest Euro Government Bond Fund Not Active 0,00% 0,40%

PensPlan SICAV Lux - PensPlan Invest Euro Corporate Bond Fund 1,10% 0,00% 0,50%

PensPlan SICAV Lux - PensPlan Invest Euro Bond Fund 1-3 Years Not Active 0,00% 0,35%

PensPlan SICAV Lux - Local Investment Fund Not Active 0,00% 0,18%

PensPlan SICAV Lux - PensPlan Invest Global Equities Not Active 0,00% 0,90%

PensPlan SICAV Lux - PensPlan Invest Europe Equities Not Active 0,00% 0,80%

PensPlan SICAV Lux - PensPlan Invest US Equities Not Active 0,00% 0,85%

* The class was inactive as from 21 February 2014.

As at 31 December 2014, PensPlan SICAV Lux - PensPlan Invest Global Equities and PensPlan SICAV Lux - PensPlan Invest Europe Equities invest a significant part of their assets in UCITS. The maximum total of investment management fees charged both to the Sub-Fund and the UCITS are 1,5% and 0,88% respectively.

6. CUSTODIAN, CENTRAL ADMINISTRATOR, LISTING AGENT AND PAYING AGENT, REGISTRAR, SHAREHOLDER SERVICES AND CORPORATE AND DOMICILIARY FEES

(a) Custodian, Central Administrator, Listing Agent and Paying Agent, Registrar and Shareholder Services fees:

In remuneration for their services, the Custodian Bank, Central Administrator, principal Paying Agent, Listing Agent and Shareholder Services receive fees at such rates and/or amounts as may be agreed from time to time with the Company in accordance with customary banking practice in Luxembourg. These fees may not exceed 0,02% per annum for the Custodian Bank and 0,05% per annum for the Central Administrator, principal Paying Agent, Shareholder Services and Listing Agent (exclusive of specific fees payable for the processing of multiple Share Classes), in each time based on the Net Asset Value of the relevant Sub-Fund, unless the Net Asset Value of the Sub-Fund falls below certain levels in which case agreed minimums which are not higher than 5 000 EUR per month will apply.

Furthermore, the Custodian and the Central Administrator, Paying Agent, Registrar and Shareholder Services are entitled, as the case may be, to a charge per transaction, and upon presentation of any receipts, invoices or expenditures documents, a flat fee for certain services or products, reimbursements by the Company for out-of-pocket expenses and disbursements and for charges of any correspondents.

(b) Corporate and Domiciliary fees:

In remuneration for its Corporate and Domiciliary services, the Management Company as Domiciliary Agent will receive from the Company an annual fee of 5 000 EUR plus 1 000 EUR p.a. per Sub-Fund.

7. MANAGEMENT COMPANY FEES

In remuneration for its Management services, the Management Company is entitled to receive from the Company a fee of maximum 0,06 % p.a. per Sub-Fund with a minimum of 25 000 EUR p.a. per Sub-Fund. This fee will be calculated on the average net assets of each Sub-Fund. This fee is payable monthly in arrears and is based on the average net assets of each Sub-Fund during the relevant month.

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PensPlan SICAV Lux

8. FORMATION EXPENSES

The costs incurred in connection with the formation of the Company, including the costs of services rendered in the incorporation of the Company and in obtaining approval by the competent authorities are charged to the Company. These costs are amortised over a period of five years from the date of the incorporation of the Company.

Costs related to the establishment of any new Sub-Fund will be borne by such new Sub-Fund and amortised over a period of one year from the date of establishment of such Sub-Fund or over any other period as the Directors may determine, with a maximum of five years starting on the date of the Sub-Fund’s establishment. When a Sub-Fund is liquidated, any setting-up costs that have not yet been amortised will be charged to the Sub-Fund being liquidated.

9. OTHER CHARGES AND TAXES

Registration fees payable to the regulator and other charges (insurance fees, miscellaneous fees) are recorded in the Statement of Operations and Changes in Net Assets under the heading "Other charges and taxes".

10. TRANSACTION COSTS

For the year ended 31 December 2014, the Company incurred transaction costs relating to purchase and sale of transferable securities, money market instruments, derivatives or other eligible assets as follows:

Sub-Funds Transaction costs in EUR PensPlan SICAV Lux - PensPlan Invest Global Equities 149 302,15

PensPlan SICAV Lux - PensPlan Invest Europe Equities 337 083,18

PensPlan SICAV Lux - PensPlan Invest US Equities 80 421,39

Those transaction costs are composed of brokerage costs and are included in the cost of securities. For Bonds Sub-Funds transaction costs are included in the spread.

11. SECURITIES LENDING

A securities lending authorization agreement between PensPlan SICAV Lux, State Street Bank GmbH, London Branch, State Street Bank and Trust Company and Lemanik Asset Management S.A. has been signed on 11 October 2011.

State Street is engaged in securities lending as agent. The lending agent acts as the securities lending broker between the Company and third parties. As at 31 December 2014, the Company had securities on loan to the following counterparties: ABN AMRO Bank N.V., Barclays Bank Plc., Barclays Capital Securities Ltd., BNP Paribas Arbitrage, Citigroup Global Markets Ltd., Deutsche Bank AG, HSBC Bank Plc., ING Bank N.V., Jefferies International Ltd., JP Morgan Securities Plc., Merrill Lynch International, Morgan Stanley & Co. International Plc., Societe Generale SA, UBS AG.

The Sub-Funds listed below entered into securities lending transactions with third parties against the provision of collateral:

Sub-Funds Market value of

securities lent in EUR PensPlan SICAV Lux - PensPlan Invest Euro Government Bond Fund 14 133 803,73

PensPlan SICAV Lux - PensPlan Invest Euro Corporate Bond Fund 6 824 094,11

PensPlan SICAV Lux - PensPlan Invest Euro Bond Fund 1-3 Years 7 256 844,78

PensPlan SICAV Lux - PensPlan Invest Global Equities 1 923 113,13

PensPlan SICAV Lux - PensPlan Invest Europe Equities 12 253 762,28

PensPlan SICAV Lux - PensPlan Invest US Equities 477 329,35

Net income earned by each Sub-Fund is included in "Income on securities lending" in the Statement of Operations and Changes in Net Assets of the respective Sub-Funds.

53

PensPlan SICAV Lux

11. SECURITIES LENDING (CONTINUED)

Sub-Funds

Gross Income in

EUR Fees in

EUR

Net Income in

EUR PensPlan SICAV Lux - PensPlan Invest Cash Fund *

770,42 228,78 541,64

PensPlan SICAV Lux - PensPlan Invest Euro Government Bond Fund 35 763,35 10 124,65 25 638,70

PensPlan SICAV Lux - PensPlan Invest Euro Corporate Bond Fund 48 967,39 14 126,88 34 840,51

PensPlan SICAV Lux - PensPlan Invest Euro Bond Fund 1-3 Years 11 760,48 3 398,23 8 362,25

PensPlan SICAV Lux - PensPlan Invest Global Equities 4 269,76 1 281,69 2 988,07

PensPlan SICAV Lux - PensPlan Invest Europe Equities 79 460,79 17 483,47 61 977,32

PensPlan SICAV Lux - PensPlan Invest US Equities 1 238,92 365,69 873,23

* The Sub-Fund does not have any securities lent at year-end.

As per the agreement, the collateral received by each Sub-Fund can be in the form of cash, securities, letters of credit, Deliveries by Value ("DBV") or other assets delivered by the Counterparty. As at 31 December 2014 the collateral market values were as follows:

Sub-Funds Type of collateral Collateral market

value in EUR PensPlan SICAV Lux - PensPlan Invest Euro Government Bond Fund Cash and securities 14 575 224,68

PensPlan SICAV Lux - PensPlan Invest Euro Corporate Bond Fund Cash 6 945 663,82

PensPlan SICAV Lux - PensPlan Invest Euro Bond Fund 1-3 Years Cash 7 444 350,00

PensPlan SICAV Lux - PensPlan Invest Global Equities Cash and securities 2 155 494,75

PensPlan SICAV Lux - PensPlan Invest Europe Equities Cash and securities 13 024 076,03

PensPlan SICAV Lux - PensPlan Invest US Equities Cash 488 782,48

12. DIVIDENDS

On proposal of the Board of Directors, the General Meeting of Shareholders may decide to distribute dividends, within the limits of applicable laws. No interest shall be paid on a dividend declared by the Company and kept by it at the disposal of its beneficiary.

In any event, no distribution may be made if, as a result, the net assets of the Company would fall below the minimum provided for by Luxembourg law.

During the year ended 31 December 2014, the Company resolved to distribute the dividends in respect of the C classes of shares of the following Sub-Funds:

Sub-Funds

Ex- Dividend

Date Payment

Date Currency Number of

Shares

Dividend Per

Share

Total Amount of Dividends

Paid

PensPlan SICAV Lux - PensPlan Invest Euro Government Bond Fund 30 April 2014 6 May 2014 EUR 284 080,438 2,64 750 000 PensPlan SICAV Lux - PensPlan Invest Euro Corporate Bond Fund 30 April 2014 6 May 2014 EUR 392 920,819 1,91 750 000 PensPlan SICAV Lux - Local Investment Fund 30 April 2014 6 May 2014 EUR 21 283,622 3,76 80 000

13. CHANGES IN THE PORTFOLIO OF INVESTMENTS

The list of movements in investments composition of each Sub-Fund of the Company for the financial year from 1 January 2014 to 31 December 2014 may be obtained free of charge at the Company’s registered office.

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PensPlan SICAV Lux

14. RISK MANAGEMENT

In terms of risk management the Board of Directors of the Management Company decided to adopt the commitment approach as a method of determining the global exposure.

15. SUBSCRIPTIONS IN KIND

During the year ended 31 December 2014, the following contributions in kind took place:


Date of contribution Shares Amount in EUR

24 January 2014 171 359,99 20 052 203,28 Total 171 359,99 20 052 203,28


Date of contribution Shares Amount in EUR

24 January 2014 21 380,06 2 504 503,44 Total 21 380,06 2 504 503,44

16. SUBSEQUENT EVENTS

On 1 January 2015 the Management Company and the Registered Office changed their address from 41 op Bierg, L-8217 Mamer, Grand Duchy of Luxembourg to 106 route d’Arlon, L-8210 Mamer, Grand Duchy of Luxembourg. PensPlan SICAV Lux - Pensplan Invest Cash Fund has been liquidated on 27 January 2015. The Class C of PensPlan SICAV Lux - Local Investment Fund was fully redeemed on 9 February 2015.

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Date post:	20-Feb-2017
Category:	Business
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