La Française LUX - Euronext

La Française LUXSociété d'Investissement à Capital Variable

R.C.S. Luxembourg B 66.785Annual Report, including Audited Financial Statements as at December 31, 2016

La Française LUX

La Française LUX - GTS Réactif

La Française LUX - Inflection Point European Equity

La Française LUX - Inflection Point Leaders Emergents

La Française LUX - Inflection Point Global Equity

La Française LUX - Euro Inflation

La Française LUX - Multistrategies Obligataires

La Française LUX - Obligations Emergentes

La Française LUX - Absolute Emerging Debt

La Française LUX - Protectaux

La Française LUX - Rendement Global 2020 - USD

La Française LUX - Rendement Global 2022**

La Française LUX - Allocation

La Française LUX - Forum Global Real Estate Securities

La Française LUX - Inflection Point Zero Carbon

La Française LUX - JKC Asia Bond

La Française LUX - Sub Debt*

La Française LUX - Multi-Asset Income

La Française LUX - Inflection Point Gonet Swiss Equity

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus and relevant Key InvestorInformation Document ("KIID") which will be accompanied by a copy of the latest available Annual Report including audited financial statements and a copy of thelatest available Semi-Annual Report, if published after such Annual Report if published after such Annual Report.

* This Sub-Fund was liquidated on June 10, 2016.** This Sub-Fund was liquidated on September 22, 2016.

La Française LUX

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Table of Contents

Organisation of the SICAV 5

Information to shareholders 9

Directors' Report 10

Report of the Réviseur d'entreprises agréé 24

Statistics 26

Combined Statement of Net Assets as at December 31, 2016 31

Combined Statement of Operations and Changes in Net Assets for the year ended December 31, 2016 31


Statement of Net Assets as at December 31, 2016 32

Statement of Operations and Changes in Net Assets for the year ended December 31, 2016 32

Statement of Changes in Number of Shares 32

Securities Portfolio as at December 31, 2016 33

Portfolio Breakdowns 35

Top Ten Holdings 35







Top Ten Holdings 38







Top Ten Holdings 41







Top Ten Holdings 45


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Table of Contents






Financial derivative instruments as at December 31, 2016 47


Top Ten Holdings 48








Top Ten Holdings 52








Top Ten Holdings 55








Top Ten Holdings 58








Top Ten Holdings 61


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Table of Contents







Top Ten Holdings 64



Statement of Operations and Changes in Net Assets for the period ended December 31, 2016 65








Top Ten Holdings 68








Top Ten Holdings 73







Top Ten Holdings 77








Top Ten Holdings 81


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Table of Contents



Statement of Operations and Changes in Net Assets for the period ended December 31, 2016 82









Top Ten Holdings 86







Top Ten Holdings 89

Notes to the Financial Statements 90

Information for Shareholders in Germany (not audited) 105


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Registered Office

La Française LUX 60, avenue John Fitzgerald KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Board of Directors of the SICAV

Chairman

Alain GERBALDILa Française AM International 2, Boulevard de la FoireL-1528 LuxembourgGrand Duchy of Luxembourg

Directors

Pascale AUCLAIRLa Française Asset Management 128, Boulevard RaspailF-75006 ParisFrance

Andrea BERTOCCHINI La Française AM International2, Boulevard de la FoireL-1528 LuxembourgGrand Duchy of Luxembourg

Philippe VERDIER (until April 14, 2016)La Française AM International2, Boulevard de la FoireL-1528 LuxembourgGrand Duchy of Luxembourg

Joël KONOP La Française Asset Management 128, Boulevard RaspailF-75006 ParisFrance

Isabelle KINTZ (since April 14, 2016)La Française AM International2, Boulevard de la FoireL-1528 LuxembourgGrand Duchy of Luxembourg

Management Company

La Française AM International2, Boulevard de la FoireL-1528 LuxembourgGrand Duchy of Luxembourg

Custodian Bank, Domiciliation and Listing Agent

BNP Paribas Securities Services - Luxembourg Branch60, avenue John Fitzgerald KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Administrative Agent

BNP Paribas Securities Services - Luxembourg Branch60, avenue John Fitzgerald KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Organisation of the SICAV

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Investment Managers

For the Sub-Fund:La Française LUX - GTS Réactif

La Française Bank (until July 31st, 2016)2, Boulevard de la FoireL-1528 LuxembourgGrand Duchy of Luxembourg

La Française Asset Management (since August 1st, 2016)128, Boulevard RaspailF-75006 ParisFrance

For the Sub-Funds:La Française LUX - Inflection Point European EquityLa Française LUX - Inflection Point Leaders EmergentsLa Française LUX - Inflection Point Global EquityLa Française LUX - Inflection Point Zero Carbon

La Française Inflection Point 128, Boulevard RaspailF-75006 Paris France

For the Sub-Funds:La Française LUX - Euro InflationLa Française LUX - Multistrategies ObligatairesLa Française LUX - Obligations EmergentesLa Française LUX - Absolute Emerging DebtLa Française LUX - ProtectauxLa Française LUX - Rendement Global 2020 - USDLa Française LUX - Rendement Global 2022 (liquidated on September 22, 2016) La Française LUX - AllocationLa Française LUX - Sub Debt (liquidated on June 10, 2016)

La Française Asset Management128, Boulevard RaspailF-75006 ParisFrance

For the Sub-Fund:La Française LUX - Forum Global Real Estate Securities

Forum Securities (UK) Limited1 Floor16 Berkeley StreetW1J8DZ, LondonUnited Kingdom

For the Sub-Fund:La Française LUX - Multi-Asset Income

Investment ManagerLa Française Asset Management128, Boulevard RaspailF-75006 ParisFrance

Sub-Investment ManagerLa Française Inflection Point128, Boulevard RaspailF-75006 ParisFrance

Sub-Investment ManagerForum Securities (UK) Limited1 Floor16 Berkeley StreetW1J8DZ, LondonUnited Kingdom

Organisation of the SICAV (continued)

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For the Sub-Fund:La Française LUX - JKC Asia Bond

Investment ManagerJK Capital Management Itd.Suite 1101, Chinachem Tower34-37 Connaught Road CentralHong KongChina

Investment AdvisorLa Française Asset Management128, Boulevard RaspailF-75006 ParisFrance

For the Sub-Fund:La Française LUX - Inflection Point Gonet Swiss Equity

Investment ManagerGonet & Cie, Geneva6, Boulevard du ThéatreCH-1204 GenevaSwitzerland

Investment AdvisorInflection Point Capital Management, London12 Berkley StreetUK-London W1J8DTUnited Kingdom

Cabinet de révision agréé

Deloitte Audit Société à responsabilité limitée560, rue de NeudorfL-2220 LuxembourgGrand Duchy of Luxembourg

Paying Agents / Representative Agents

FranceBNP Paribas Securities Services Paris 3, rue d'Antin F-75002 ParisFrance

SwitzerlandRepresentative Agent Acolin Fund Services AG56, AffolternstrasseCH-8050 ZürichSwitzerland

Paying Agent NPB Neue Privat Bank AG Limmatquai 1/am BellevueCH-8022 ZurichSwitzerland

Belgium Financial AgentCACEIS BelgiumAvenue du Port 86C b320B-1000 BruxellesBelgium

ItalyBNP Paribas Securities Services Milan BranchVia Ansperto, 5I-20123 MilanItaly


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GermanyBNP Paribas Securities Services Frankfurt BranchEuropa Allee, 12D-60327 FrankfurtGermany

AustriaErste Bank der österreichischenSparkassen AGAm Belvedere 1AT-1100 VienaAustria

SwedenSkandinaviska Enskilda BankenKungsträdgardsgatanSE-10640 Stockholm Sweden

United KingdomBNP Paribas Securities Services LondonMoorgate, 55UK-London EC2R 6PAUnited Kingdom


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Incorporation

La Française LUX is an open-ended undertaking for collective investment (the "SICAV") with multiple sub-funds, subject to Part I of the amended2010 Law (the "Law") relating to undertakings for collective investment. Part I covers the provisions of the European Directive dated July 13, 2009(2009/65/EC). The SICAV has been incorporated on October 28, 1998 for an unlimited period. The SICAV’s Articles of Incorporation were publishedin the Mémorial C, Recueil des Sociétés et Associations on November 26, 1998.

The SICAV's capital is expressed in EUR and is at all times equal to the sum of the values of the Net Assets of its Sub-Funds and represented byshares of no par value.

Communications and reports to shareholders

1. Periodic reports

Annual Reports as of December 31, unaudited semi-annual reports for the six months ended June 30 and the list of changes made to thecomposition of the Securities Portfolio are available to shareholders free of charge at the offices of the Custodian Bank as well as at the SICAV'sregistered office. These reports cover each of the Sub-Funds and the assets of the SICAV as a whole.

The financial statements of each Sub-Fund are drawn up in the reference currency of the Sub-Fund but the Combined Statement of Net Asset andStatements of Operation and Changes in Net Assets are denominated in EUR.

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

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

2. Information to shareholders

a) Net asset values

The net asset values of the shares of each Sub-Fund, category or class of shares of the SICAV are available on each business day at theregistered office of the SICAV. The Board of Directors of the SICAV may subsequently decide to publish these net asset values in the newspapersof countries where the shares of the SICAV are offered or sold. They are posted each business day on Fundsquare and Bloomberg.

Valuation day:Every bank working day in Luxembourg and in Paris for some Sub-Funds:

La Française LUX - GTS Réactif;La Française LUX - Inflection Point European Equity; La Française LUX - Inflection Point Leaders Emergents; La Française LUX - Inflection Point Global Equity;La Française LUX - Euro Inflation;La Française LUX - Multistrategies Obligataires; La Française LUX - Obligations Emergentes; La Française LUX - Absolute Emerging Debt; La Française LUX - Protectaux;La Française LUX - Rendement Global 2020 - USD; La Française LUX - Rendement Global 2022 (liquidated on September 22, 2016);La Française LUX - Allocation; La Française LUX - Forum Global Real Estate Securities;La Française LUX - Inflection Point Zero Carbon;La Française LUX - JKC Asia Bond;La Française LUX - Sub Debt (liquidated on June 10, 2016);La Française LUX - Multi-Asset Income;La Française LUX - Inflection Point Gonet Swiss Equity.

b) Subscription and redemption prices

The subscription and redemption prices of shares in each Sub-Fund, category or class of shares of the SICAV category or class of shares of theSICAV are published daily at the Custodian Bank.

c) Notifications to shareholders

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

Information to shareholders

LA FRANCAISE LUX Directors’ Report ECONOMIC TRENDS The financial markets suffered a dramatic collapse during the first quarter of 2016. The continued fall in oil prices raised fears of a wave of defaults in the US energy sector. Some economists claimed that the economic repercussions of this decline increased the likelihood of another US recession. At the same time, China and several emerging countries seemed to be struggling with an economic slowdown of indefinite magnitude, while Europe remained plagued by deflation. Therefore, at the start of this year, financial markets across the board fell sharply, with significant losses on equity markets as well as a marked decline in credit markets with a significant decrease in liquidity. Against this backdrop, the banking sector was particularly affected, notably in the euro zone where increasingly stringent regulations, low levels of long-term yields and large excess liquidity paid on negative yields all weighed on margins. At the start of February, an initial agreement between Saudi Arabia and Russia on their respective freeze on oil production, a more accommodating tone from the FED on the tightening cycle of its monetary policy as well as an announcement by Mario Draghi, President of the ECB, regarding the preparation of new easing measures reversed this downward trend. Several measures put forward by the ECB during its meeting in March, coupled with American, Chinese and European economic data which, although not dazzling, was nevertheless more positive, ultimately brought about a turnaround in the markets. However, they were unable to rise to the highs achieved at the end of the previous year. At the end of this quarter, inflation and growth remained at levels that were too low to alleviate all concerns. During the second quarter of 2016, political events taking place at the end of June, such as the British referendum on its membership of the European Union and the new legislative elections in Spain, rapidly increased volatility on the financial markets. Contradictory opinion polls carried out on the Brexit issue left observers unable to forge a clear outlook on the outcome, while leading political figures slowly drifted towards the pro-Brexit camp. The Fed claimed to be concerned about the consequences of a negative vote and seemed willing to push back its decision to raise key interest rates to the summer. At the end of May, the U.S. Bureau of Labor Statistics (BLS) announced weak job creation figures, which convinced the markets that the delay in raising rates was justified. Amidst this mood of risk aversion, despite the historically modest levels, bond markets continued to rally. For the first time ever, German 10-year bonds fell below 0% and US rates fell sharply to under 1.5%. Banking sector securities, notably the British institutions, continued to perform poorly on the equity and credit markets, even more so following the ECB’s decision to include corporate debt in its quantitative easing programme. On the morning of the 24 June, the announcement of the referendum result weighed heavily on the markets, which only a few days earlier had been certain of a positive outcome. Equity markets fell sharply and sterling plummeted on the foreign exchange markets; bond yields of AAA countries declined further. Over the following days, the markets recovered without returning to their previous levels, yields on Bunds, T.Notes and the price of gold maintained the gains that they achieved during the quarter. Summer began under a cloud of fear concerning a slowdown in the American economy as well as the economic and political consequences of Britain leaving the European Union. Aside from the risk of a sharp economic slowdown relating to uncertainty over the discussions to be undertaken with the European Union, the hostile positioning of Scotland as a result of the Brexit vote and Northern Ireland’s desire to seek reunification with the Republic of Ireland under these conditions, increased the risk of the United Kingdom collapsing. Moreover, the collateral damage was hard to fathom and likely to have a major impact on the euro zone. During the summer, against all expectations, the financial markets were calm. On the one hand, Great Britain’s decision to not immediately trigger its exit from the European Union reassured markets. On the other hand, it seemed that financial markets decided to catch their collective breath after a volatile start to the year. Sterling's fall on the currency markets led to an upturn in London equity markets, thus providing support to its European neighbours. Interest rate markets also remained subdued with the exception of UK rates which were boosted by a cut in key rates by the BOE as well as the promise of new measures, if necessary, combined with the re-launch of a QE programme on Government debts. Economic figures published in August, in particular with regard to confidence, fell slightly before recovering in September. However, these variations can once again be put down to the Brexit effect. At the end of August, at the Jackson Hole symposium, the Fed reassured the market on the outlook for the American economy, but at the same time warned of its desire to tighten its economic policy before the end of the year. Finally, September witnessed the convergence of three eagerly awaited central bank meetings: ECB, BOJ and the Fed. The ECB suspended any decision on measures to extend its QE programme, the BOJ decided to set a target of 0% on 10-year JGB purchases as part of its QQE, and the Fed did not amend its federal rate but three members voted for an immediate rate increase. From a global growth perspective, the quarter began with stable growth forecasts which should on the whole remain moderate. The fourth quarter of 2016 was packed with events. The most notable was the surprise election of Donald Trump on November 8 and the Fed’s decision to raise interest rates 0.25 percentage points in a range of 0.50% and 0.75%. The Fed’s unanimous decision was based on the improvement in the unemployment rate, which dropped to 4.6% with the labour participation rate at 63% and an increase in inflation as measured by the PCE (personal consumption expenditures) index to 1.4%. These two factors, combined with favourable household and company confidence surveys, resulted in an increase in American GDP growth to 3.5% on an annualised basis during the third quarter of 2016. At the same time, the dollar rose against the major currencies: the DXY index rose from 98.26 at the end of December 2015 to 102.98 at the end of 2016. In the immediate aftermath of the US election, the financial markets somewhat sensibly opted for a positive outlook based on growth and inflation forecasts owing to anticipated budgetary stimulus. The agreement by OPEC and certain non-OPEC countries to reduce oil production also soothed financial markets, with the price of crude stabilising at a level deemed satisfactory to producers and consumers alike. In China, the dynamism of domestic demand seems more and more to be the engine of growth, with the trend towards a gradual slow down, perfectly orchestrated by the Chinese authorities. Finally, the Japanese and European economies already witnessed a favourable outlook despite the underlying inflation which is proving slow to materialise, hence the highly accommodating monetary policies by the BOJ and ECB. During its final committee meeting in 2016, the ECB decided to extend its QE programme from March to December 2017. However, it decided to cut its monthly purchases to €60 billion from the current level of €80 billion. In the euro zone, the central bank also adopted a wait-and-see approach as a result of the political uncertainty surrounding the victory of the ‘No’ camp in the Italian referendum and the upcoming general elections in the Netherlands, France and Germany.

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LA FRANCAISE LUX Directors’ Report (continued) Across the channel, the British economy continued to hold up better than expected, despite the looming shadow of Brexit and its repercussions on Sterling (down more than 13% against the euro and 17% against the dollar over the quarter). Negotiations are expected to begin during the first quarter of 2017 and will continue over the next two years. On the financial markets, over the quarter rates rose sharply with a steepening of the yield curve: for 10-year rates, +94bp in the United States at more than 2.50%, +60bp in the United Kingdom at around 1.35%, +30bp in Germany at around 0.20% and +15bp in Japan at 0.06%. The rise in break-even inflation rates underpinned the rise in interest rates. On the equity markets, the star performer was Japan, with a 18% rise in the Nikkei, followed by 9% increase for the EuroStoxx 50 and, last but not least, the S&P 500 rose 4%. La Française LUX - GTS Réactif As anticipated, the stock market in 2016 provided investors with a lot of surprises, twists and turns, ending the year in positive territory in most countries. The outlook for 2017 is generally more favourable. Conversely, on the bond markets, the increases in government bond rates led to significant withdrawals, while pressure on rates witnessed since mid-October have, in some cases, been significant, even taking into account the accommodating approach of central banks. Consequently, the American 10-year hit a high of 2.56% and the German 10-year Bund went from a low of -0.15% to 0.35% at the start of December. In fact, over the course of the last quarter of 2016, we opted for a re-balancing of investments from bond markets to equity markets, strengthened by the unexpected election of Donald Trump as President of the United States. This led to an improved performance on the equity markets which began in the summer, when the shock of the Brexit vote had been completely digested by the markets. To conclude: The US Dollar regained its highs of 2000 and Sterling staged a 10% recovery following the post-Brexit pull-back. Conversely, the Yen has fallen 15% since the end of September. Gold, which profited from the general unease experienced by market investors in the first quarter, is down by more than 10% as compared to its summer high. On the bond markets, the risk premiums of intra-euro zone countries regained their 2014 levels, i.e. the levels prior to the ECB’s highly supportive policy approach. In the meantime, the ECB has injected more than 1500 billion euros into the system, and it does not envisage in the near term to cease its monthly injections of liquidity which are set to be maintained for at least another nine months (repurchase of all types of bond assets up to 60 billion euros per month as compared to 80 billion euros, as from April 2017). The credit market is suffering from this rise in government interest rates, although bonds from issuers with the lowest rating were more resilient over the recent period (the higher premium required for these High Yield issuers served as a buffer to mitigate the impact of the increase in the benchmark rate during the period of high tension at the start of November). Emerging markets, which were finally able to attract investors following a disastrous 2015, witnessed massive outflows since November, provoking a significant downturn in equity and bond markets (all regions combined), despite a general recovery in commodities and, especially, oil. Share indices in developed countries were the predominant beneficiaries of these outflows and welcomed the improved macro-economic data, rising confidence indicators and positive growth revision projections for 2016 and 2017. Moreover, companies’ earnings announcements for Q3 2016 provided further support for the macro-economic upturn and should remain positive for the Q4 earnings releases. This should appeal to long-term investors who do not flinch at the prospect of investing at historically high p/e multiples. At the start of December, as if to further strengthen this renewed sense of optimism on the financial markets, the agreement between oil-producing nations (OPEC and non-OPEC), which for a long time was deemed improbable, to encourage a sustainable increase in the price of oil, provided further impetus to the rise in stock market indices. Finally, the publication of the best macro-economic figures for several months contributed to this positive sentiment returning to the financial equity and commodity markets. This led to a rise in discounted and value-type equities at the expense of defensive and observable growth stocks. The American Federal Reserve, in proceeding with its anticipated 25 bps rate hike in mid December, following a whole year of hesitation and dithering, providing confirmation of the more positive global sentiment and reassuring investors in the need to shift their portfolio more towards equities and less towards interest rates. This portfolio rotation has been in evidence for several weeks and should be confirmed in 2017. The management of the La Française LUX - GTS Réactif fund remained relatively flexible throughout the year: The share delta has been gradually increased and, at the end of the year, stood at a high of 41%, mainly invested in European securities with a notable increase in banking sector shares. The geographic diversification on the US (2.5% invested in the MSCI USA tracker) and emerging (2% in iShares MSCI Emerging tracker) markets has been maintained. At its lowest point, last June, the share delta of the fund was lowered to 24%. The bond segment is still mainly composed of High Yield risky European Credit bonds and subordinated financial bond securities. The diversification in emerging bonds which was implemented during the first half-year has been scaled back and currently represents 5% of the fund. Finally, euro zone government bonds were reduced for peripheral zones before Brexit. Only the main core government bonds were retained, also totalling 5% of the portfolio. The bond sensitivity has therefore remained modest and stands at 1.35 at the end of the year, after a temporary peak of 2.40 last April and May (position strengthened after the positive announcements by the ECB). Over the year, the La Française LUX - GTS Réactif fund (I units) achieved a performance of -0.49%. During the second half-year of 2016, the fund made significant progress and posted a performance of +4.2% as compared to 2.26% for its indicative benchmark 40% MSCI Europe + 60% EuroMTS global.

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LA FRANCAISE LUX Directors’ Report (continued) This outperformance was achieved owing to net bond sub-sensitivity of the fund, which enabled us to significantly limit the negative impact of the rate rises over the previous three months. La Française LUX – Inflection Point European Equity The intense correction in January 2016 caught us wrong-footed but we were able to make up ground over the following three months. We reaped the rewards of our sectoral allocation but our stock picking suffered due to the decline in certain securities (in particular Yoox and Ashtead). Post-Brexit, the fund suffered as a result of its under-exposure to the utilities and drinks sectors, domains where investors sought refuge. Firstly, the French automobile sector (highest level of exposure to the UK) suffered greatly before recovering following solid vehicle registration figures, leading manufacturers to revise their growth forecasts upwards (+2% to +5%). In contrast, the under-exposure to the UK financial sector helped the fund’s performance. We took advantage of the opportunity to purchase UK stocks benefiting from lower sterling: Rio Tinto, BP, Acacia Mining (gold), which have performed well. Summer proved fruitful for the fund which benefited from positive announcements - or to be precise, not as bad as expected - of European companies, and its bias towards cyclical securities against a backdrop of a post-Brexit recovery fuelled by the central banks (low rates and liquidity). In September, financial stocks suffered a setback due to the Deutsche Bank crisis and fears surrounding the Italian banking system. The last three months of the year were marked by major events, which actually proved to be profitable for the fund. In fact, since the pre-agreement between OPEC which was settled on 29 September in Algiers, we have turned positive again on oil. In November, the agreement was confirmed, reassuring us regarding our outlook. The election of Donald Trump in the USA has had an extremely positive effect on securities with exposure to American infrastructure, which were already among our favourite stocks, as well as for financial shares which benefited from the rate hike across the Atlantic. Despite the victory for the ‘No’ camp in the Italian referendum on 4 December, European banking stocks, and Italian banking stocks in particular, rose strongly at year-end as a result of the Italian government's decision to bailout the Banca Monte Dei Paschi di Sienna, demonstrating the stability of the institutions in Italy. Over 2016, the La Française Lux - Inflection Point European Equity fund (I units) achieved a performance of +3.49% as compared to +1.73% for the Stoxx 600 Net Return,its benchmark, i.e. an outperformance of +1.76%. While our sectoral allocation was successful, our main performance driver was a result of stock picking with Aperam, ST Microelectonics and Adidas leading the pack. At the other end of the spectrum were three Italian securities Yoox-Net-à-porter, Unicredit and Banca Popolare di Milano. La Française LUX – Inflection Point Leaders Emergents During the 2016 financial year, the La Française LUX - Inflection Point Leaders Emergents - I (C) EUR fund achieved a performance of +6.60% while its benchmark, the MSCI Emerging Markets Daily Net (total return) index denominated in euro rose 14.51%. In 2016, the MSCI World rose 9% denominated in dollars and 10.73% in euros. The American markets performed the best during the period in question. Japan ranked last with the Nikkei more or less stable in local currency terms, victim of the yen's strong rise over the first nine months of the year and the late upturn in macro-economic figures. Europe finished the year in mid-table between the two aforementioned countries. The Stoxx600 gained 2.4%, marked by the significant downward revisions of analysts' earnings forecasts, Brexit and the negative performance of its sectors positively correlated to interest rates, while risk-free rates fell sharply over the year. After an extremely difficult start, emerging markets ended the year up 9.7% (+14.51% in euros), driven in large part by the marked rise in commodity prices (+52% for oil, +17.6% for industrial metals) and despite the meteoric rise in the dollar during the last six months of the year. With regard to valuations, the multiples on emerging markets remain significantly lower than those in the ‘developed’ world markets, at 12.2 x 2017e as compared to 16.5x, i.e. close to their historic averages, while the US market at the end of 2016 was at its peak. Concerning our management approach, the underperformance of Latin America, in particular Brazil, had a positive effect on the fund’s relative performance in 2015 (the latter having outperformed its index by 7.25% during the 2015 financial year). Its recovery, essentially linked to the strong growth in commodities, had a negative effect in 2016. This underperformance was evident throughout the year. The fund was underweighted in Brazil at the start of the year, but the ‘Latin America’ selection was also negative, while the regional index recorded the strongest performance in emerging markets +25%. This differential explains virtually all of the negative selection effect (-3.8%) amplified by a strong currency effect (-2.47% contribution over 12 months). Furthermore, it is in this selection where we find the stocks which contributed the most in negative terms Credito Real (-1.9%), Alfa S.A.B. (-0.61%), Grupo Bimbo SAB (-0.35%) and Embraer SA ADR (-0.29%). The second area of underperformance was the selection of Asian securities (-2.1% contribution) and mainly: the car rental company Car Inc (-1.31%), the electronic payment solution provider Pax Global Technology Ltd (-1.31%), China Overseas & Investment Asia (-0.74%), Hotel Shilla Co Ltd (-0.71%) and Lenovo Group Ltd (-0.69%). In contrast, the selection effect applied to emerging Europe enabled us to partially offset the two phenomena described above, owing to the positive impact of the increase in oil prices on Russian companies, particularly Lukoil and Rosneft, as well as Sberbank bank which rose more than 100% in euro terms in 2016. Our positive selection includes investments in the Taiwanese optoelectronic company Largan Precision, which rose by 75% in euro terms over the year, and Tencent Holdings Ltd, an e-commerce company that has one of the largest market capitalisation of the index and which gained more than 30% in euro terms in 2016. The recovery in Daewoo International, Tata Motors and Hon Hai Precision Industry were also strong contributors to the fund’s performance. In 2016, the fund maintained volatility levels in line with its benchmark at 20.86% vs. 20.21% and a Tracking Error of around 5%. The relative performance of the fund since its launch remains positive.

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LA FRANCAISE LUX Directors’ Report (continued) La Française LUX – Inflection Point Global Equity At the end of the 2016 financial year, the La Française LUX - Inflection Point Global Equity fund rose by 12.01%, i.e. an outperformance of 1.3% as compared to its benchmark, the MSCI World index denominated in euros (+10.73%). In 2016, the MSCI World rose 9% denominated in dollars and 10.73% in euros. The American markets performed the best during the period in question. Japan ranked last with the Nikkei more or less stable in local currency, victim of the yen's strong rise over the first nine months of the year and the late upturn in macro-economic figures. Europe finished the year in mid-table between the two aforementioned countries. The Stoxx600 gained 2.4%, despite the weakness in the euro in the second half of the year, marked by the significant downward revisions of analysts' earnings forecasts, Brexit and the negative performance of its sectors positively correlated to interest rates, while risk-free rates fell sharply over the year. After an extremely difficult start, emerging markets ended the year up 9.7% (+14.8% in euros), driven in a large part by the marked rise in commodity prices (+52% for oil, +17.6% for industrial metals) and despite the meteoric rise in the dollar during the last six months of the year. With regard to valuations, the multiples continued to rise in 2016. The overall 12-month sliding p/e increased from 15.3x to 15.8x. With regard to the management approach of the La Française LUX - Inflection Point Global Equity fund, the months when the markets experienced corrections - January and June - were particularly difficult, but eight months of outperformance (2/3 positive months) enabled the fund to not only compensate for these downturns but post higher returns overall, notably in the fourth quarter. These performance are mostly related to value-style investments, which were typical of the fund during 2016. The sectoral allocation proved beneficial by almost 1% owing to our overweight position in oil and raw material stocks - in particular gold, which played a very positive role during the first half-year - and also owing to the underweight position and careful selection of healthcare stocks. The net selection effect is slightly negative over the year (-0.53% contribution). The positive individual contributions of Devon Energy, Technip-coflexip in energy, Rockwell Automation and Eaton Corp in manufacturing, Micron Tech in Technology and, finally, Morgan Stanley for US financial institutions, were unable to offset the underperformances resulting from our exposure to Italian banks, Banco Popolare and BMPS, Lenovo Group's IT equipment for construction, and, more specifically, the counter-performance of the Industrial & Commercial Bank of China and EDF in France. Amongst the best ideas for the year, we are able to highlight the outstanding performance of Marriot International (+28% denominated in euros) and AP Moeller - Maersk A/S (+30% denominated in euros) in shipping. For the start of 2017, we have maintained the main positions as well as the fund structure. La Française LUX – Euro Inflation The interest rate markets evolved in two stages in 2016. The first half-year saw a decrease in bond yields, fuelled first of all by fears of a slowdown of the Chinese and American economies as well as the fall in the price of commodities. ECB reacted to this drop in inflation with three measures: a new cut in its deposit rate to -0.40%, an increase in the scope of its repurchasing programme and including the private sector in its programme. These measures contributed to the continuation of the fall in yields over the second quarter, which reached its climax at the end of June with the results of the British referendum on membership of the European Union. During the first two months of the year, the fund benefited from its defensive position both in terms of inflation-linked securities and government bonds in peripheral countries which had depreciated. From spring, the sensitivity of the fund was reduced by taking short positions on long maturities of the German curve. This positioning weighed negatively on the fund until the end of the first half-year. The second half-year witnessed a rise in yields in all developed countries. The euro zone did not escape this trend. An improvement in the global economic outlook as well as the rise in inflation largely explained this correction trend in bond assets. The outcome of the American presidential election at the end of the year increased this trend owing to the prospect of budgetary stimulus. Against this backdrop, the rise in bond yields occurred exclusively by an increase in inflation break-even points. The fund’s positioning, very defensive in terms of sensitivity and taking into account its significant exposure to inflation-linked securities, took advantage of these market developments throughout the whole second half-year. The short position on futures on nominal rates was reduced at the end of the year, and the portfolio, heavily invested in break-even inflation, has been reworked towards an allocation more centred on real rates. The allocation of peripheral government debt was increased slightly during December. Over the financial year, the La Française LUX - Euro Inflation I (C) achieved a performance of +4.88% as compared to +3.79% for its benchmark. La Française LUX – Multistratégies Obligataires In 2016, the La Française LUX - Multistratégies Obligataires (I units) achieved a performance of 5.30%. During the financial year under review, the fund’s bond sensitivity was gradually decreased. Close to its highest authorised level of 5% at the start of 2016, it was negative in December 2016. Several stages of reduction were carried out during the year, the most significant after the rally in January caused by the rout on equity markets, the second after the decline in rates following the referendum decision in the United Kingdom to exit the EU and, finally, the last one after Donald Trump’s victory in the US elections and the OPEC agreement to cut oil production. During the spring, bond exposure was reallocated from core euro zone countries to core European countries, namely the Norwegian government debt and Swedish interest rates. At the same time, a significant reallocation of interest rate risk was carried out, moving from fixed-rate bonds to inflation-linked debt. After exiting these positions during the summer (excluding inflation-linked securities, which were mainly strengthened), the reduction in sensitivity was mainly achieved by selling core positions and, more modestly, by gradually reducing positions in peripheral euro zone countries. Conversely, the positions in the private sector were maintained on the whole, with the exception of arbitrage positions which do not affect the portfolio structure.

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LA FRANCAISE LUX Directors’ Report (continued) With regard to government debt, we were active outside the euro zone, in the United Kingdom, United States, Japan, Mexico, Sweden and Norway. In terms of private debt, taking advantage of the favourable macro-economic climate, we remained close to the upper limit for high-yield debt, i.e. around 25% to 30% by favouring maturities close to five years, corresponding to the acceptable risk segment for this strategy. Elsewhere, in the private debt segment of the investment category, the banking sector is under-represented due to the corporate QE of the ECB which led, from mid June, to a high price for this segment. The segment of subordinated bank securities, which had suffered severely in January, was retained throughout the year (but securities related to Anglo-Saxon banks were sold pre-Brexit) and even strengthened in the fourth quarter after the loosening of the regulations regarding euro zone banks’ capital requirements was confirmed. Although moderate throughout the period under review, risk management was more aggressive in the first part of the year and then subsequently reduced. This affirmation is based on the ex-ante calculations carried out by the French AM risk team and the observed ex-post volatility. Part of this reduction in risk resulted from the decline in market volatility, and the second, more deliberate reason was the choice made by management in view of the many upcoming political milestones. As at 30 December 2016, the forecast made regarding the low level of value on G7 sovereign rates led us to establish a short position on German government interest rates and a neutral position on US rates. In view of this situation, at the start of spring, we initiated significant long positions on inflation (US, euro and, lastly, Japan) and maintained our credit positions by permanently adjusting them according to the latest news specific to each issuer. Finally, we carried out very little activity with regard to risky equities (only one convertible position in the portfolio). We have been invested in currencies, with regular positions in the yen, sterling, dollar, peso and Norwegian and Swedish krone, however, only risk on the latter currency remained in the portfolio at the end of the year. La Française LUX – Obligations Emergentes Following a difficult start to the year characterised by fears surrounding the health of the Chinese economy, the emerging debt markets recovered and ended 2016 with a performance of +10.15% for debt denominated in dollars (JP EMBI GD index) and +9.94% for debt denominated in local currencies not hedged against the USD (JP GBI EM GD index). Yields from debt in dollars fell over the year, dropping from 6.39% to 5.80%, as well as the spreads now at 342 (as compared to 415 as at 31 December 2015). The emerging currencies which performed best against the USD in 2016 were the Brazilian real (+22%), the Russian rouble (+20%) and the South African rand (+13%). In contrast, the Mexican peso fell 17%, as did the Turkish lira and the Chinese renminbi by 6.5%. The macro-economic improvement observed in emerging economies, the recovery in the price of oil and more generally in commodities enabled investors to realign their positions to this asset class. While early indicators in China do not point to a sharp slowdown in the country, Russia is slowly clawing its way out of recession, as is Brazil. The hike in US interest rates during the last quarter of the year in combination with positive economic results and a change in tone from the Fed has had a negative impact on emerging debt in USD, for which the yield tightened by 84 bps over the period. The La Française Lux - Obligations Emergentes fund achieved a performance of 9.42% in euros in 2016. Its benchmark, JPMorgan Global Diversified achieved a performance of 10.15% in US dollars. La Française LUX – Absolute Emerging Debt Following a difficult start to the year characterised by fears surrounding the health of the Chinese economy, the emerging debt markets recovered and ended 2016 with a performance of +10.15% for debt denominated in dollars (JP EMBI GD index) and +9.94% for debt denominated in local currencies not hedged against the USD (JP GBI EM GD index). Yields from debt in dollars fell over the year, dropping from 6.39% to 5.80%, as well as the spreads now at 342 (as compared to 415 as at 31 December 2015). The emerging currencies which performed best against the USD in 2016 were the Brazilian real (+22%), the Russian rouble (+20%) and the South African rand (+13%). In contrast, the Mexican peso fell 17%, as did the Turkish lira and the Chinese renminbi by 6.5%. The macro-economic improvement observed in emerging economies, the recovery in the price of oil and more generally in commodities enabled investors to realign their positions to this asset class. While early indicators in China do not point to a sharp slowdown in the country, Russia is slowly clawing its way out of recession, as is Brazil. The hike in US interest rates during the last quarter of the year in combination with positive economic results and a change in tone from the Fed has had a negative impact on emerging debt in USD, for which the yield tightened by 84 bps over the period. The La Française LUX - Absolute Emerging Debt fund achieved a performance of 8.46% in 2016. La Française LUX – Protectaux During the first half-year, the German 10-year rate fell by about 80 bps, from 0.63% to -0.17%. Although volatility was on expected, we experienced a more or less continuous decline in core rates, as well as an inflationary impact on the fund and fears about China and emerging countries in general. All these elements generated doubts surrounding the stability of US growth and therefore the sequence of normalisation of the Fed's monetary policy. The latest employment figures pushed back any potential rate hike to the end of the year. During its meeting in March, the ECB cut its key rates by 10 bps and strengthened its quantitative easing programme. However, Mr Draghi stated that there would be no more cuts, except in the event of fresh fundamental changes.

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LA FRANCAISE LUX Directors’ Report (continued) At the end of June, rates were initially affected by the Brexit referendum result, which pushed Bund yields to all-time lows (-0.19% on the 10-year) at the start of July. This took the market even more by surprise as opinion polls published on the eve of the referendum declared “Bremain” as the winner. The trend quickly reversed with positive US figures placing a potential rate hike by the Fed back on the table, combined with a more prudent approach by the BOE regarding Brexit and its desire to not embark on excessive monetary easing. Subsequently, rates fluctuated up until mid September between -0.02% and -0.12% and returning to positive territory with the rise in oil prices and no changes to the status quo concerning the purchasing rules governing QE during the ECB meeting. In October, the rise in oil prices, the markets pricing-in higher inflation in the near future, positive US figures and leaks regarding potential tapering by the ECB affected German rates, which returned to positive territory. A second period of increases materialised at the end of the month owing to encouraging PMI figures in the euro zone and the strong resilience of the UK economy in the third quarter, driving the Bund to approximately 0.15%. The end of the year was marked by the election of Donald Trump at the start of November. This triggered a sharp increase in sovereign rates, clearly the opposite reaction to the initial anticipated reaction of a return to risk aversion. This unexpected occurrence can be largely explained by the first speech made by the US president-elect. The emphasis was placed on the need to ease tensions and revive the US economy by means of a major investment programme and protectionist measures. These methods can be highly inflationary if they are properly carried out, which could provide a major stimulus for growth and give the Fed more scope for manoeuvre in exiting its accommodating monetary policy. The sharp increase in US rates which followed the future president’s announcement prompted a knock-on effect across the globe, with significant increases in European rates. At the end of November, the increase in rates continued under the inflationary pressure of oil prices, following the agreement between OPEC members to cut production. The announcement by the ECB at the start of December (reduction in the amount of monthly purchases from 80 to 60 billion euros per month as from April 2017) resulted in a sharp steepening of the curve, with short-term rates falling (the ECB is authorised to purchase bonds with a maturity between one and two years as opposed to more than two years previously, and at a rate lower than the deposit facility, currently at -0.4%). During its last monetary policy meeting in mid December, the Fed increased its key rates by 25 bps as anticipated and revealed its intentions for 2017; its committee members foresee not two but three rate hikes in 2017. As from mid December, the core rates eased as part of the year-end process and the search for bonds with high ratings for the turn of the year. The German 10-year ended the year at +0.21%. Over the year, the German 10-year and 30-year declined respectively by 42 bps and 55 bps. In 2016, the fund posted an annual performance of -7.88% for F units and -8.54 % for the I units; the Short German Bund Index posted a performance of --7%. Fund sensitivity hovered between -8.70 and -10, ending 2016 at -9.62. La Française LUX – Rendement Global 2020 USD 2016 witnessed very strong disparity within the following asset classes: From a geographical standpoint, American and emerging issuers (who respectively represented 23.15% and 24.6% of the fund on 31 December 2016), experienced much higher performances than European issuers (50.86%). In fact, the BofA Merrill Lynch H0A0 and EMUH indices, benchmarks for the American and emerging HY ended the year with an increase of 17.49% and 18.39% while the HE00 index, benchmark for European HY issuers, ended the year with an increase of 9.07%. Depending on the credit quality, performances varied significantly. In the USA, the BB recorded 13.2%, B 16.9% and the CCC 36.5% (source BofA Merrill Lynch). In Europe, the results were more consistent (8.4% for BB, 11.8% for B and 4.7% for CCC). These performances according to rating also varied greatly over the year. In Europe for example, BB recorded the best performance during the first six months of the year (+3.8% vs +3.7% for B and -1.6% for CCC) before ceding first place to B and CCC. In Q4, for example, BB posted a performance of +1.4% vs +3% for B and +2.9% for CCC. From a sectoral viewpoint, strong performance disparities occurred during the year. The mining and energy sectors, which recorded the worst performance in 2015, recorded the best performances this year. These sectors benefited from an increase in commodity prices. The fund was boosted by its direct (via corporate bonds) or indirect (via government bonds of producing nations) exposure to these two sectors. At the end of December, exposure to the producing countries represented 14.26%; exposure to the commodities sector stood at 6.43% and energy at 7.08%. Idiosyncratic risk increased significantly, as seen in the increase in default rates, in particularly in the United States (approaching 7% at the end of December 2016). The first quarter of 2016 up until mid February was particularly volatile, mainly due to the fall in commodity prices (notably oil prices) and the publication of disappointing macro-economic indicators, especially in China. The second half of Q1 was more favourable for investors owing to the recovery in the price of oil and commodities, improved macro-economic indicators and the announcement by the ECB of a new asset purchasing programme including corporate debt.

15

LA FRANCAISE LUX Directors’ Report (continued) During the second quarter, risky assets were driven by: (1) better macro-economic figures (especially in China); (2) the implementation of an effective purchasing programme by the ECB of bonds from the non-banking private sector; (3) the strong recovery in oil prices; (4) comments by the Fed committee members, interpreted as a sign of confidence in the US economy. In contrast, the (unexpected) vote in favour of Brexit shocked market stakeholders and provoked an intense reaction. In July, market sentiment improved significantly, allowing bond and equity indices to recover strongly and return to pre-Brexit levels. Q3 was filled with good news (encouraging results for European stress tests, rumours of a potential production freeze by OPEC members in order to re-establish the supply/demand balance and the doveish comments from the Fed, etc.). The last quarter of the 2016 financial year ended on a positive note and this, despite two events which could have stopped the high level of investor optimism in its tracks: the election of Donald Trump and the (unexpected) victory of the ‘No’ camp in the Italian referendum and especially the announcement regarding the soft tapering by the ECB (continuation of a nuanced asset purchasing programme). On a positive note, OPEC members finally reached an agreement to cut their production, enabling oil prices to rise above the 50 dollar level. Despite solid performances in the High Yield segment and unusual for years which are not 'post-crisis’ years, the volumes issued decreased in 2016. On the High Yield Euro, the volumes issued, for example, went from 75.9 M euros in 2015 to 58.9 M euros in 2016. This decrease occurred as a result of an increase in Leveraged Loans issues, lower p/e fund activity and the volatility stated above. Management: The fund is not open to sale. Assets over the year went from 124.7 M to 120.3 M at the end of 2016. The portfolio continues to be actively managed in order to maximise performance. At the end of 2016, the portfolio still maintains a high level of diversity: 76 issues and 72 issuers. Very few positions above 2% (the largest exposure represents 2.75% of the fund). The largest sectors (cyclical and non-cyclical consumption) represented 15.4% and 14.7% respectively and consisted of highly diversified companies with low correlations. The three largest exposures from a geographical perspective were the United States (17.13% of the fund), France (15.05%) and the United Kingdom (11.08%). No other country represented more than 7% of the fund. The actuarial yield of the fund at 31/12/2016 stood at 5.42% gross, representing an average spread of 491 bps. The average rating of the fund is B+ and the sensitivity level is 2.28. With regard to the health of companies in the portfolio, we should note that: The overwhelming majority of companies posted results that were more than satisfactory (either up and/or in line with the expectations of the consensus). We sold several positions as a precautionary measure, such as the Oi and CGG bonds held in the portfolio. Outlook: Following a particularly encouraging year for High Yields (in euro and dollar terms), 2017 may prove to be slightly more volatile, taking into account that certain important issues will resurface, such as the consequences of the election of Donald Trump in the USA or the effect of Brexit on the UK economy. However, the asset class and the fund shall benefit from an improvement in the global macro-economic situation, positive technical factors (inflows into the asset class, lower issuance volumes, etc.) and the projected fall in defaults. La Française LUX – Allocation The La Francaise Lux – Allocation fund (I units) ended 2016 with a decrease of -4.92% (-5.48% for the R units). The reason for this difficult year are as follows: Reason number 1: the start of the year We began the year reasonably confident about global growth and with the belief that emerging markets, commodities and inflation would recover in 2016 following two years of severe corrections. We also believed that European equity markets were relatively attractive following the declines in December, as a result of the ECB’s disappointing announcement, from the market’s perspective. The start of the year delivered a vicious blow with regard to our outlook on China. The sharp decline in commodities and equity markets had a significant impact ‘forcing’ us to exit our positions at the worst time, at the beginning of February. In total, at the end of February, we lost 5.4% which mainly came from the following positions: -2% overall on the commodity/ emerging market/inflation segments; -3% on our equity exposure.

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LA FRANCAISE LUX Directors’ Report (continued) Reason number 2: Emerging markets Once the events at the start of the year had been digested, we returned to the theme which we had endorsed at the start of the year (which, unfortunately, we disregarded) but has proved fruitful since mid February: emerging markets. However, we came back too late and we have encountered problems in implementing our position due to our management strategy. We have various ratios to respect (no more than 10% < BBB, max 20% ex OECD, etc.) which made it difficult to implement. On the whole, we focused on a normalisation theme that was too concentrated on certain countries and implemented too late. Moreover, we were wrong on the Mexican peso. All in all, between April and November, the fund lost approximately 3% on this theme. Reason number 3: Negative outlook on US equities Overall, we maintained our selling position with regard to US equities throughout 2016 with fluctuations during the year. The reason for this stance were the high valuations, declining earnings and no growth in turnover. We are still of the opinion that these valuations remain excessive. Overall, we lost approximately -0.9% on this theme in 2016. Reason number 4: Insufficient gains on the winning themes Positions on inflation: these are positions which we exited at the start of the year but to which we returned. We could have undoubtedly allocated a larger risk budget but this was handled properly. Overall, we gained +1.6% on this theme. Interest rate short positions: We took significant short positions for long periods in 2016 but we did not maintain these positions following the election of Donald Trump. As much as we did not believe Trump's election would be as negative as forecast, we did not anticipate that his election would be the catalyst for a strong reflationary trend and bond sell-off. Overall, we gained approximately +1% on this theme in 2016. La Française LUX - Forum Global Real Estate Securities Year 2016 in review The year 2016 was a year that is unlikely to fall into oblivion for some time, as a year that was marked by some remarkable political outcomes and market swings. 2016 started on a volatile note, due to China macroeconomic worries and commodity market related volatility; after a storm came a recovery, as the markets lived off a notion that global macro recovery was a slow one and any increase in interest rates would only be gradual and likely to be deferred further. The “Brexit” vote by the end of the first half 2016 created a perception that yields would continue to remain lower for longer as Brexit would hurt the UK economy and consequently, also the economy in the Eurozone and around the world. Thus, global yields saw their trough levels in the summer of 2016 and markets continued to enjoy the rally linked to low rates and high valuation multiples. Since August 2016, the market gears changed and the markets started to brace themselves for some uncertainty surrounding the US elections; additionally, the continued strength in the US macro data continued to point to yet another round of interest rate hikes by the end of 2016. This caused volatility in the global real estate securities markets, as the anticipation of higher rates got negatively reflected in the public market pricing during Q3 2016 and in the early part of Q4 2016. Another political surprise of the year came in the US elections with Mr Trump surfacing as its winner; the markets reacted positively to the promised reform agenda and the anticipation of possibly faster growth in the US going forward. Let’s put the above statements into quantifiable context for 2016. Global real estate securities were up 5.0% in USD terms and 8.1% in EUR in 2016. Global equities delivered even stronger performance with 7.5% return in USD and 8.3% in EUR. Global fixed income lagged, with a 1.3% return in USD and a 4.7% return in EUR. The global hedge fund index was up 2.5% in USD and 0.7% in EUR for the past 12 months. The La Francaise Forum Securities Global Real Estate Securities fund was flat for the year inclusive of a distributable dividend yield of 4.9% and an annualized volatility of 6.9%. In the volatile months/quarters, the ability of the fund to protect against the downside varied; in the first six weeks of the year 2016 the fund was able to protect around 30% of the downside, in the period August – October 2016 about 75-80% of the downside. From a regional perspective, North America outperformed Asia; Europe and in particular the United Kingdom were the weaker regions. Canadian, Australian and Asian REIT markets all achieved double digit returns. Among the poor performers were the United Kingdom (down 8.5% in local FX, exacerbated in EUR/USD down 21% and 23.4% respectively). Japanese and Singapore developers also performed poorly, down 8% in local FX. The fund’s positions on the long side in Canada, Japan, Australia, Singapore and the US all delivered double-digit returns. Parts of the portfolio in negative territory included positions in the UK, Western Europe and Latin America. The long book was up about 2.5% in EUR terms for the year. The short book detracted about 1%. The fund management cost and hedging cost brought net performance to a flat territory for the year. The fund’s size did not change materially in 2016; at the end of the year the fund had over 50 individual investors spread across Asia and Europe and across different distribution channels, including institutional and retail channels.

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LA FRANCAISE LUX Directors’ Report (continued)

SICAV – La Française LUX –

Forum Global Real Estate Securities (LU1013052367)

Global Real Estate Securities Index

(RNGL Index)

Global Equities Index (MSERWI Index)

Hedge Fund Index EUR

(HFRXGLE Index)

Performance (ITD) 9.6% 53.5% 44.8% (5.5%)

Volatility (Annualized) 6.4% 14.5% 15.2% 3.9%

Return/Risk Ratio 1.5 3.7 3.0 (1.4)

Fund and index performance in USD terms since inception:

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LA FRANCAISE LUX Directors’ Report (continued)

SICAV – La Française LUX –

Forum Global Real Estate Securities (LU1013052367)1

Global Real Estate Securities Index

(RUGL Index)

Global Equities Index

(NDDUWI Index)

Hedge Fund Index USD

(HFRXGL Index)

Performance (ITD) 9.6% 17.2% 10.6% (3.1%)

Volatility (Annualized) 6.4% 11.9% 11.9% 4.0%

Return/Risk Ratio 1.5 1.5 0.9 (0.8)

Outlook for 2017 We continue to believe that global real estate securities should constitute a part of client’s portfolio. The asset class is trading at a single digit discount to NAV, below average price-to-cash flow multiple, an attractive dividend yield spread to the global average of ten-year yields (ca 250 basis points) and offers a good, less highly correlated diversification benefit in a portfolio context. While volatility may continue to reign in 2017 as result of market pricing of potentially higher rates, the asset class is known to show relatively low mid/long term correlation to interest rates and the duration of negative response to interest rate hikes is typically quite limited. If higher rates are supported by stronger growth in the economy, global real estate securities are naturally benefiting from the growth in the economy via increased revenue line (rents). The US is likely to continue with rate hikes, however, we expect most of the rest of the world to remain accommodative. We do not forecast any massive expansion in cap rates across the market place; only a few selected markets could be negative impacted as result of higher supply and/or weaker demand (i.e. Central London office market in anticipation of Brexit). As far as rental growth and price evolution are concerned rental growth remains muted in most markets but is slightly positive. Highest mispricing / cheapness relative to historical valuations is currently seen for the Asian developers and the United Kingdom. On the other hand, Japanese REITs are trading at significant premiums to NAVs. Our models suggest high single digit expected returns on the universe based on our underwriting for the next two to three years. What are the biggest opportunities / challenges in the individual markets? Asian and European markets continue to screen relatively cheaper than the US market. The United Kingdom trades at the highest discount rates but as these valuations are not forward looking, with some adjustments likely in the future, the market may not be as cheap as the discounted NAV metric suggests. While the expected return for the UK is in high single digit territory the expectations for Continental Europe seems to be even more attractive. The Asian markets are relatively cheap as far as the riskier developers are concerned (Hong Kong, Singapore and Japan). We continue to be selective as we think that major recovery in HK/SG residential markets in unlikely, but in particular the SG market may be hovering around its bottom; the cheapest valuations are found in the Japanese developer’s space. On the other hand, Japanese REITs would be considered one of the most overvalued part of the global universe. HK/SG REITs are still offering a good proxy to yield and growth. Australian yields are attractive but current level of REIT pricing is a bit demanding. Despite Canada being such a strong performer in 2016, we continue to find value and good level of income in this North American market. The US screens as relatively pricey, but volatility has to be used as an entry/exit point to the sector. We continue to prefer storage and specialty (data centers) in the US but recognize that there is a good value also in the struggling retail sector, which is faced with some challenging trends like consolidation of retailers and ever-growing penetration of e-commerce. In conclusion, access to yield & growth and the ability to protect against downside and volatility in the real estate securities asset class should be viewed as a good portfolio addition and solution for 2017.

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LA FRANCAISE LUX Directors’ Report (continued) La Française LUX – Inflection Point Zero Carbon The fund targets capital growth by investing in equities of international companies playing an active role in the transition towards energy sources with lower carbon emissions and in energy efficiency by not overlooking any sector of activity. The SAITM approach applied to the Zero Carbon fund also includes the analysis of non-financial criteria of companies, notably regarding carbon management and companies' exposure to the risks and opportunities related to carbon or, more broadly, the consequences of climate change. Throughout 2016, the fund succeeded in delivering a carbon footprint that was not only largely inferior to its benchmark, but also below zero, exceeding its initial objective which was to aim for a zero carbon footprint. 2016 performance analysis In 2016, the fund achieved a positive performance of 8.42% as compared to 11.09% for its benchmark the MSCI ACWI, i.e. an under-performance of 2.67%. 2016 was a year of surprises marked by formidable periods of volatility which affected the fund during the first part of the year. Right from the start of January, the pull-back in Shanghai dragged the world's stock markets down due to the fears of a slowdown in Chinese growth. This correction had a major impact on positions in renewable energy companies in the fund (mainly Chinese) owing to their role as global leaders in photovoltaics. At the end of January 2016, the fund lagged behind its benchmark by 3%. June witnessed a second period of under-performance as the markets were left in shock following the official announcement of the referendum result with the UK opting to leave the EU. The securities with most exposure to the domestic British market as well as the value stocks in the fund were responsible for the negative performance. Elsewhere, our position in Canadian Solar bore the brunt of the sell-off after a tornado resulted in the closure of its Chinese factory. The second part of 2016 was favourable for the fund, which posted an outperformance of 3.5% as compared to its benchmark over the six-month period. Value stocks in the portfolio benefited most from the market rally, while the rise in interest rates and the steepening of the US curve proved advantageous to our overweight position in US banks. Regional allocation: -0.87% The fund's regional bets taken in 2016 were characterised by an underweighting of the American market of 7% over the period as we believed US equities were already fully valued. This negative contribution of this bet in 2016 was -0.17%. In contrast, during 2016, the fund was overexposed to European markets by 5% which contributed to the relative negative performance of the fund by -0.15%. The other notable overexposure related to Japan, with the active bet amounting to 5% over the period in question. This bet contributed negatively to the performance by 1% over the year but we continue to believe that the Japanese market offers investment opportunities in quality companies offering innovation linked to energy efficiency and trading at attractive valuation levels. Sector allocation: +0.85% The overweight position in the Oil and Gas sector delivered a strong positive performance of +0.67% to the fund performance in 2016. The recovery in the oil price was the catalyst for a rally in oil and renewal energy stocks in the portfolio. The fund also profited from our underweighting in the consumer goods sector (0.12%), in which the valuation levels seemed to be too high. Our overweight position in cyclical consumption also had a positive impact of +0.16%. The automobile sector and the challenges relating to the reduction in the consumption of carbon and controlling pollution was a particularly important Zero Carbon strategy in our opinion. On the US market in particular, our overweight position of US financial stocks delivered a positive performance to the fund in 2016, benefiting from the increase in interest rates and the steeping of the curve across the Atlantic. Finally, the election of Donald Trump proved highly beneficial for our overweighting of industrial stocks, particularly those exposed to infrastructure and the American defence industry. Selection (-1.33%) The selection of Chinese equities such as Lenovo (-0.43%) and Pax Global Technology (-0.24%) as well as renewables, Canadian Solar (-1.65%) and Shunfeng International Clean Energy (-0.22%) had a particularly negative effect on performance, but these stocks played a major role in reducing the carbon footprint of the fund. In contrast, several equities contributed strongly to the positive performance, such as US banks Goldman Sachs (+0.65%) and Morgan Stanley (+0.57%), our selection of tech stocks, Lam Research (+0.57%), Microsoft (+0.52%) and Apple (+0.31%), and Rockwell Automation (+0.49%) as well as Eaton Corp (+0.41%) in industrials. Conclusion Although the fund suffered from the significant pull-back of energy prices in 2015, the recovery in oil prices in 2016 strengthened the demand for companies with energy efficient solutions, providing reassurance regarding the importance of the Zero Carbon strategy, which aims to identify companies able to adapt to, and take advantage of, the opportunities relating to energy transition. While the election of Donald Trump stirred investors fears about renewables due to the new president’s negative stance on climate change, the demand for renewable energy could increase as solar and wind energy are alternatives which are proving more and more economically attractive.

20

LA FRANCAISE LUX Directors’ Report (continued) La Française LUX - JKC Asia Bond We launched the JKC Asia Bond fund on August 24th 2015. The Fund was initially seeded with EUR25m at inception with a further EUR25m invested in early December 2015. The Asian USD bond market started 2016 with a cautious tone. Following a largely flat performance for most of 2015 culminating, in December 2015, with the first interest rate hike by the US Federal Reserve in over eight years, Asian bond investors understandably began the year with defensive positioning. However, when it became clear that it would not be a typical rate rising cycle and rhetoric from the FOMC committee signaled further rate rises would be slow and data dependent, the bond market quickly shifted sentiment. US Treasury yields fell sharply in January resulting in a rush from many market participants to cover their initial short duration and underweight risk positions. This, in turn, triggered credit spread tightening in emerging markets, setting up a market rally that was sustained for much of the year. Indeed, in the first nine months of 2016, Asian bonds as measured by the investment grade IBOXX Asian Dollar Bond Index (ADBI) generated a total return of 8.6%, while Asian High Yield bonds garnered an even more impressive return of 14.2% over the same period. Much of the initial strong performance in Asia was driven by the continued “hunt-for-yield” demand from global investors as more and more of the developed world’s bond markets fell into negative interest rate territory. Meanwhile softness in the USD, stemming from falling US Treasury yields, also significantly bolstered sentiment for Asian emerging markets, in particular current account sensitive countries such as Indonesia, Sri Lanka and India which outperformed in the rally. Another factor which clearly affected Asian bond markets was the decision by the Chinese government to embark on fiscal stimulation of the economy in the 2Q16 to ensure its widely advertised 6.5% GDP growth target would be met. With concerns on the slowdown of the Chinese economy at its peak in late 2015, the unexpected relaxation of onshore credit conditions drove a rally in heavy industry and construction sectors which, combined with supply side curtailment of key commodities, also bolstered a rally in energy and metal prices, benefiting bonds issued by property and commodity related issuers. These market gains did see a reversal in the fourth quarter however after US Treasury markets fell following the surprise US election win by President Trump. With the Republican Party winning control of both the executive and legislative branches of the US government, this significantly raised speculation of fiscal stimulus by the US government and, combined with key employment and inflation data already pointing to a heating up US economy, the bond market began to anticipate an acceleration of Fed monetary tightening. As a result, Asian USD bonds gave up some of the early gains to end the year with a 2016 total return for the ADBI of 5.08%. In 2016, the fund (USD share class) generated a return of 3.33% vs a chained performance of the ADBI of 5.08%. In April, the reference Index was changed from the HSBC ADBI to the Markit IBoxx ADBI after HSBC sold their bond Index business to Markit. This change had very little impact on the tracking as both HSBC and Markit ADBI Indices constituents were virtually identical, however we present the Index performance with the chained return of the two indices before and after the change. With the portfolio only five months old at the start of 2016, it was decided the new fund should closely follow the benchmark in its first year of operation and so for most of 2016 we maintained our strategy of keeping a low tracking error to the reference ADBI Index. As a result, the underperformance versus the Index during the year was predominantly the result of management and other operational fees. Stripping out these costs, gross total return for the portfolio was 4.72%. In addition to fees, we were also negatively impacted by an underweight in long bond exposure at the start of 2016, as the spread between 10yr and 30yr US treasuries fell sharply in March. In September, at the first anniversary of the fund we shifted to a more directional position taking strategy and while tracking error was still kept low and the portfolio adjustment process intentionally remained slow and incremental to avoid sudden shocks to the relative returns, we did begin to outperform on a gross return basis in the 4Q. This included our decision to reduce exposure to Philippines and Korea on valuation grounds and to take selective alpha positions in Chinese high yield names. We also benefited from a shorter duration bias during the fourth quarter US Treasury sell off. 2017 Outlook After years of low and declining interest rates the recent US election has potentially provided in inflection catalyst for the global USD bond market. In reality the change in US interest rate trajectory is more a factor of loose monetary policy from the past decade which has finally begun to reflate the global economy, however speculation of increased fiscal stimulus under a President Trump administration has clearly accelerated rate hike speculation. While we expect short dated interest rates will continue on a rising trend in 2017, we also believe yields at the long end of the US interest rate curve will be volatile but more range bound and hence we will look to continuously adjust our portfolio duration on a cyclical basis with moves in long bond yields. In other words, while we start the year with a relative short duration bias to the portfolio but would take any material spike in 10 year yields as a signal to move to a more neutral positioning. The sharp rally in credit spreads in recent months does provide some cause for vigilance and while we remain moderately bullish on risk in the near term, particularly given the benign political and economic environment in Asia in 2017, we will also continue to objectively track valuations against historical ranges. Meanwhile the recent expansion in diversity of high yield issuers in the Asian market does, in our view, present an excellent opportunity to capture alpha through single name position taking and we expect to focus significantly on single name due diligence in both on- and off-index short dated high yield issues in the year ahead. To offset our moving down the credit curve on a selective basis we will maintain portfolio cash balance in the 4-6% range, which will also dampen the effect of volatility in the USD/EUR FX rate, given the majority of our fund is in a EUR hedged share class and therefore directly impacted by currency movements.

21

LA FRANCAISE LUX Directors’ Report (continued) La Française LUX - Multi-Asset Income 2016 ended with an increase of +8.32% for the La Francaise Lux – Multi Asset Income fund. The performance breakdown demonstrates a significant contribution from emerging and High Yield segments: REITs: +0.82% contribution, with a performance of +7.8%. Emerging markets: +4.21% contribution, with a performance of +13.59%. The best contributions came from oil producing countries. We entered these positions at the start of the year in order to take advantage of the profitable commodities market: Ghana: +40% and +0.67% contribution; Zambia: +38% and +0.30% contribution; Eskom (South Africa): +28% and +1.14% contribution. Credit / High Yield: +5.9% contribution, with a performance of +16%. In this segment are certain positions related to the commodity sector as well as certain financials which we added following the referendum in the UK: Newfield Exploration: +38% and +0.35% contribution; Antero Resources: +33% and +0.21% contribution; Banco Santander: +17% and +0.27% contribution. Equities with the highest yielding dividends: +0.24% contribution, with a performance of +4%. As at 31 December 2016, the fund is invested as follows: 9.8% in European equities with high dividends. The dividend in the segment is 4.09%. 31.18% in High Yield bonds with a 5.4% yield. 38.22% in emerging bond markets with a 6.92% yield. 12.46% in REITs with a 4.82% yield. Overall, we remain positive on High Yield assets, subordinate banks and emerging bonds in dollars. La Française LUX - Inflection Point Gonet Swiss Equity Management Policy during the financial year During the 2016 financial year, the La Française LUX - Inflection Point Gonet Swiss Equity Fund rose by 2.77%, posting an outperformance of 4.18% compared to its benchmark, the Swiss Performance index denominated in CHF (reinvested dividends). The index generated a negative yield (-1.41%) over the whole year. The Fund delivered an outperformance during eight months out of 12. The period of strong turbulence (from April to the end of July), particularly for financial securities, was to our detriment, although the Fund outperformed virtually throughout the remainder of the year. Two-thirds of the outperformance can be attributed to the allocation effect. Throughout the year, the Fund was underexposed to pharmaceutical securities and overrepresented in the financial and industrial sectors. The investment limits stipulated in the UICITS regulations oblige us to remain structurally underweighted in Nestlé, which comprises 18% of the index, with Novartis (pharma) accounting for 15.5% and Roche (pharma) 14%. These constraints largely explain our underweighting in pharmaceutical securities. The Fund wishes to convey a sense of conviction, and the number of securities may fluctuate from 20 to 35. Throughout 2016, we maintained a portfolio of 28 securities, whilst at the same time restructuring in order to take account of the individual performances of the securities. Six positions were hedged (including Burkhalter, EMS Chemie and Partners Group), as the intended price level had already been reached. Two others were also hedged, since the investment hypothesis no longer seemed justified. These were two real-estate companies whose inclusion in the portfolio, beyond their valuation, was justified on account of their defensive character and the high yield of the dividend. In a more profitable market, however, it was advisable to switch to more cyclical securities. After all, a financial security (Bâloise) was liquidated because our investment hypothesis failed to materialize and the industrial sector provided more promising opportunities. Although the number of positions was not changed substantially, the market's topsy-turvy trend throughout the year enabled certain positions to be actively managed, particularly those representing more than 3% of the assets under management. Management of the Fund was rather conservative over the past year, which produced a tracking error of 3.5% and a beta of 0.99 (risk indicators calculated over 12 months). The excellent performances posted by ABB (+24%) and G. Fischer (+26%), two positions featured in the initial portfolio, were both worthy of note. Furthermore, Gurit (+41%) faired extremely well following its introduction into the Fund. On the other hand, the Crédit Suisse Group fell by 32%, UBS by 18% and Novartis and Roche (both pharma) by 15% during 2016. Since the beginning of the year, two new securities have been bought, increasing the number of positions to 30.

22

LA FRANCAISE LUX Directors’ Report (continued) Value at risk (VaR)

Name of the Sub-Funds Market Risk

Calculation Method Lowest

VaR Highest VaR Average VaR La Française LUX – GTS Réactif Commitment N/A N/A N/A La Française LUX – Inflection Point European Equity Commitment N/A N/A N/A La Française LUX – Inflection Point Leaders Emergents Commitment N/A N/A N/A La Française LUX – Inflection Point Global Equity Commitment N/A N/A N/A La Française LUX – Euro Inflation Absolute VaR (3.05%) (5.97%) (4.68%) La Française LUX – Multistrategies Obligataires Absolute VaR (2.12%) (4.70%) (3.29%) La Française LUX – Obligations Emergentes Absolute VaR (3.40%) (9.22%) (4.57%) La Française LUX – Absolute Emerging Debt Absolute VaR (1.77%) (5.42%) (3.12%) La Française LUX – Protectaux Commitment N/A N/A N/A La Française LUX – Rendement Global 2020 - USD Commitment N/A N/A N/A La Française LUX – Allocation Commitment N/A N/A N/A La Française LUX – Forum Global Real Estate Securities Commitment N/A N/A N/A La Française LUX – Inflection Point Zero Carbon Commitment N/A N/A N/A La Française LUX – JKC Asia Bond Absolute VaR (2.43%) (7.24%) (2.90%) La Française LUX – Multi-Asset Income Absolute VaR (3.24%) (6.58%) (4.78%) La Française LUX – Inflection Point Gonet Swiss Equity Commitment N/A N/A N/A

Leverage

Name of the Sub-Funds Leverage Calculation

Methodology Maximum expected

level of leverage Realised average level of leverage

La Française LUX – GTS Réactif N/A N/A N/A La Française LUX – Inflection Point European Equity N/A N/A N/A La Française LUX – Inflection Point Leaders Emergents N/A N/A N/A La Française LUX – Inflection Point Global Equity N/A N/A N/A La Française LUX – Euro Inflation Sum of Notionals 500% 53% La Française LUX – Multistrategies Obligataires Sum of Notionals 500% 246% La Française LUX – Obligations Emergentes Sum of Notionals 500% 102% La Française LUX – Absolute Emerging Debt Sum of Notionals 1000% 164% La Française LUX – Protectaux N/A N/A N/A La Française LUX – Rendement Global 2020 - USD N/A N/A N/A La Française LUX – Allocation N/A N/A N/A La Française LUX – Forum Global Real Estate Securities N/A N/A N/A La Française LUX – Inflection Point Zero Carbon N/A N/A N/A La Française LUX – JKC Asia Bond Sum of Notionals 400% 6% La Française LUX – Multi-Asset Income Sum of Notionals 500% 65% La Française LUX – Inflection Point Gonet Swiss Equity N/A N/A N/A

Luxembourg, March, 2017 The Board of Directors of the SICAV

Note: The information stated in this report is historical and not necessarily indicative of future performance.

23

Deloitte

To the Shareholders of LA FRANCAISE LUX Societe d'investissement a capital variable 60, avenue John Fitzgerald Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg

Deloitte Audit Societe a responsabilite limitee 560, rue de Neudorf L-2220 Luxembourg BP 1173 L-1011 Luxembourg

Tel: +352 451 451

Following our appointment by the Annual General Meeting of the Shareholders dated May 17, 2016, we have audited the accompanying financial statements of LA FRANCAISE LUX (the "SICA V') and of each of its Sub-Funds, which comprise the Statement of Net Assets and the Securities Portfolio of each of its Sub-Funds as at December 31, 2016 and the Statement of Operations and Changes in Net Assets of each of its Sub-Funds for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements.

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

The Board of Directors of the SICAV 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 SICAV 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 SICAV, 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 LA FRANCAISE LUX and of each of its Sub-Funds as at December 31, 2016, 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 lim1tee au capital de 35.000 c RCS Luxembourg B 67.895 Autorisation d'etablissement 10022179

24

Deloitte.

Other informations

The Board of Directors of the SICAV is responsible for the other information. The other information comprises the information included in the annual report but does not include the financial statements and our report of Reviseur d'entreprises agree thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard.

Partner

April 24, 2017

25

La Française LUX

26

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

Statistics


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

20,161,180.75 23,897,649.51 23,205,082.32EUR

Net asset value per share

Class B Capitalisation 107.59 108.69 105.30EURClass I EUR Capitalisation 98.46 98.94 -EURClass R Capitalisation 109.15 111.15 108.55EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class B Capitalisation 155,271.08 155,695.08 156,257.70Class I EUR Capitalisation 5,776.38 14,696.09 -Class R Capitalisation 26,449.97 49,674.52 62,197.05−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

93,461,756.35 92,343,222.10 81,825,407.44EUR


Class B EUR Capitalisation 193.07 188.52 170.75EURClass I EUR Capitalisation 25,379.87 24,524.81 21,983.45EURClass F EUR Capitalisation 136.34 130.43 115.75EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class B EUR Capitalisation 76,169.35 77,876.85 81,091.38Class I EUR Capitalisation 2,206.49 2,215.72 2,278.62Class F EUR Capitalisation 166,907.00 178,808.00 154,532.00−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

13,485,279.44 13,215,373.58 21,281,522.47EUR


Class B EUR Capitalisation 143.74 135.87 134.25EURClass I EUR Capitalisation 19,197.20 18,003.84 17,647.90EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class B EUR Capitalisation 3,133.38 3,504.91 4,248.10Class I EUR Capitalisation 679.00 707.58 1,173.58−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

27,738,691.20 49,252,333.05 51,963,221.73EUR


Class F EUR Capitalisation 1,155.62 1,028.97 1,039.24EURClass I USD Capitalisation 981.50 900.31 1,012.36USDClass R EUR Capitalisation 113.09 101.75 103.82EURClass R USD Capitalisation 99.49 90.31 101.29USDClass I EUR Capitalisation 1,120.01 - -EURClass R EUR Distribution 109.70 99.52 -EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

December 31, 2014December 31, 2016 December 31, 2015

La Française LUX

27


Statistics

Number of shares

Class F EUR Capitalisation 8,412.30 46,785.20 50,000.00Class I USD Capitalisation 1.00 1.00 1.00Class R EUR Capitalisation 4,301.54 5,480.90 1.00Class R USD Capitalisation 1.00 1.00 1.00Class I EUR Capitalisation 15,600.00 - -Class R EUR Distribution 524.87 5,557.86 -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

282,626,237.04 153,154,979.44 155,264,035.88EUR


Class B EUR Capitalisation 109.68 105.05 103.44EURClass I EUR Capitalisation 1,115.16 1,063.14 1,042.78EURClass F EUR Capitalisation 115.27 108.92 105.91EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class B EUR Capitalisation 100,001.00 100,001.00 100,001.00Class I EUR Capitalisation 67,781.97 19,194.68 30,387.51Class F EUR Capitalisation 1,701,015.00 1,122,272.05 1,069,146.75−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

536,100,003.53 307,556,340.17 215,048,702.68EUR


Class B EUR Capitalisation 115.80 110.34 107.41EURClass I EUR Capitalisation 1,191.61 1,131.61 1,094.50EURClass F EUR Capitalisation 125.00 117.07 112.25EURClass I EUR Distribution 1,027.20 - -EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class B EUR Capitalisation 1,213,567.58 1,372,922.74 998,667.03Class I EUR Capitalisation 183,306.20 90,691.25 80,779.06Class F EUR Capitalisation 1,211,710.00 456,473.24 172,562.14Class I EUR Distribution 25,000.00 - -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

21,301,380.38 77,159,060.29 139,616,354.67EUR


Class B EUR Capitalisation - - 103.52EURClass I EUR Capitalisation - 998.80 1,025.69EURClass F EUR Capitalisation 110.45 100.94 102.36EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class B EUR Capitalisation - - 1.00Class I EUR Capitalisation - 13,081.00 33,836.39Class F EUR Capitalisation 192,861.00 634,961.19 1,024,931.31−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

104,786,841.75 23,572,255.73 31,814,030.10EUR


La Française LUX

28


Statistics


Class I EUR Capitalisation 100.03 - -EURClass F EUR Capitalisation 115.54 106.53 105.51EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class I EUR Capitalisation 907,565.82 - -Class F EUR Capitalisation 121,210.00 221,279.23 301,525.34−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

85,197,657.31 76,977,294.47 88,295,754.29EUR


Class B EUR Capitalisation - - 876.72EURClass I EUR Capitalisation 773.34 845.60 872.21EURClass F EUR Capitalisation 77.01 83.60 85.68EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class B EUR Capitalisation - - 1.00Class I EUR Capitalisation 13,583.00 1.00 1,935.00Class F EUR Capitalisation 969,910.00 920,749.33 1,010,876.70−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

4,451,359.18 4,574,306.63 5,074,091.42USD


Class D USD Distribution - - 97.39USDClass I USD Capitalisation 1,118.81 1,000.44 989.10USDClass R USD Capitalisation 109.94 98.88 98.34USD−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class D USD Distribution - - 1.00Class I USD Capitalisation 3,679.04 3,764.53 4,127.25Class R USD Capitalisation 3,048.82 8,172.31 10,084.81−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

- 2,186,170.27 1,467,547.12EUR


Class D EUR Distribution - 97.20 98.46EURClass T EUR Distribution - 98.00 98.61EURClass D USD Hedged Distribution - 98.16 98.54USDClass R USD Hedged Capitalisation - 97.58 98.30USDClass I USD Hedged Capitalisation - 985.64 985.97USDClass D SEK Hedged Distribution - 97.60 98.47SEKClass R SEK Hedged Capitalisation - 97.60 98.47SEK−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class D EUR Distribution - 1,752.00 2.00Class T EUR Distribution - 301.00 1.00Class D USD Hedged Distribution - 5,000.00 5,000.00Class R USD Hedged Capitalisation - 10,250.67 6,754.68Class I USD Hedged Capitalisation - 559.00 500.00Class D SEK Hedged Distribution - 5,000.00 5,000.00Class R SEK Hedged Capitalisation - 5,000.00 5,000.00−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


La Française LUX

29


Statistics


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

16,206,401.36 43,763,849.85 37,296,778.30EUR


Class I EUR Capitalisation 1,013.36 1,065.80 1,007.99EURClass R EUR Capitalisation 100.13 105.95 100.76EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class I EUR Capitalisation 12,334.00 37,380.90 37,000.90Class R EUR Capitalisation 37,027.75 37,028.75 2.00−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

96,742,303.50 117,353,967.73 73,861,066.24EUR


Class R EUR Distribution 94.49 99.91 105.64EURClass R EUR Capitalisation 107.29 108.11 109.00EURClass R USD Distribution 72.20 78.57 92.53USDClass R USD Capitalisation 81.94 85.04 95.50USDClass R USD Hedged Capitalisation 97.76 97.17 -USDClass I EUR Distribution 96.49 101.27 106.30EURClass I EUR Capitalisation 109.59 109.61 109.68EURClass I USD Distribution 73.73 79.65 93.11USDClass I USD Capitalisation 83.68 86.20 96.10USDClass I USD Hedged Distribution 88.04 91.07 -USDClass I USD Hedged Capitalisation - 95.18 -USDClass LatAm A USD Distribution 72.28 78.73 92.60USDClass LatAm C USD Capitalisation 82.15 85.19 95.56USDClass I CHF Capitalisation 99.27 - -CHFClass J JPY Hedged Capitalisation 9,800.00 9,717.00 -JPY−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class R EUR Distribution 97,570.44 92,689.28 58,833.59Class R EUR Capitalisation 164,815.40 129,475.77 74,345.88Class R USD Distribution 3,423.00 8,676.23 9,439.75Class R USD Capitalisation 4,093.06 6,527.52 15,126.38Class R USD Hedged Capitalisation 515.00 5,000.00 -Class I EUR Distribution 420,831.86 429,842.10 237,000.00Class I EUR Capitalisation 200,271.38 325,253.13 281,438.49Class I USD Distribution 7,164.00 11,201.54 10,000.00Class I USD Capitalisation 27,904.00 68,991.00 10,000.00Class I USD Hedged Distribution 12,475.00 10,475.00 -Class I USD Hedged Capitalisation - 21,676.93 -Class LatAm A USD Distribution 10.00 10.00 10.00Class LatAm C USD Capitalisation 10.00 10.00 10.00Class I CHF Capitalisation 25,535.00 - -Class J JPY Hedged Capitalisation 7,074.28 57,214.67 -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

62,931,502.77 24,029,071.33 -EUR


La Française LUX

30


Statistics



Class I EUR Capitalisation 1,002.45 924.64 -EURClass I USD Capitalisation 937.32 891.37 -USD−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class I EUR Capitalisation 62,287.40 25,100.00 -Class I USD Capitalisation 553.00 1,000.00 -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

53,625,082.99 54,409,140.77 -USD


Class I EUR Capitalisation - 1,045.74 -EURClass I EUR Hedged Capitalisation 1,019.01 1,001.80 -EURClass I USD Capitalisation 1,037.46 1,004.06 -USD−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class I EUR Capitalisation - 100.00 -Class I EUR Hedged Capitalisation 49,800.00 49,800.00 -Class I USD Capitalisation 96.33 100.00 -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

- 474,417.04 -EUR


Class R EUR Capitalisation - 94.88 -EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class R EUR Capitalisation - 5,000.00 -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

43,238,802.63 39,874,709.11 -EUR


Class I EUR Distribution 100.29 - -EURClass R EUR Distribution 106.65 99.69 -EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class I EUR Distribution 5,001.00 - -Class R EUR Distribution 400,730.00 400,000.00 -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

45,445,355.60 9,916,765.69 -CHF


Class I CHF Capitalisation 1,034.40 1,006.57 -CHFClass S CHF Capitalisation 1,062.91 - -CHF−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class I CHF Capitalisation 37,126.37 9,852.00 -Class S CHF Capitalisation 6,625.00 - -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


31


La Française LUX

Combined Statement

EUR

AssetsInvestment in securities at cost 1,388,898,657.97Unrealised appreciation / (depreciation) on securities 23,071,900.84

Investment in securities at market value 3.3 1,411,970,558.81Investment in options at market value 14 933,619.33Cash at bank 3.3 89,057,321.54Receivable on subscriptions of shares 1,623,910.36Receivable on withholding tax reclaim 271,965.10Net unrealised appreciation on forward foreign exchangecontracts

3.3, 11 996,912.20

Net unrealised appreciation on Interest Rate Swap 3.3, 12 1,282,484.00Net unrealised appreciation on contracts for difference 3.3, 13 10,010.05Dividends and interest receivable 8,243,642.65Formation expenses 3.5 53,166.15Prepaid expenses and other assets 44,526.41

Total assets 1,514,488,116.60

LiabilitiesBank overdraft 1,126,846.87Accrued expenses 5,070,016.61Payable on redemptions of shares 102,176.11Payable on contracts for difference 146,383.03Net unrealised depreciation on forward foreign exchangecontracts

3.3, 11 1,221,329.63

Net unrealised depreciation on futures contracts 3.3, 10 4,968,993.25Net unrealised depreciation on Credit Default Swap 382,048.58Dividend distribution and other liabilities 20 37,410.56

Total liabilities 13,055,204.64

Net assets at the end of the year / period 1,501,432,911.96

Notes

Statement of Net Assets as at December 31, 2016

IncomeDividends (net of withholding taxes) 3.4 8,816,512.55Interest on bonds 3.4 23,944,192.78Bank interest 3,387.29Income on swaps 431,466.82Other income 18 52,482.86

Total income 33,248,042.30

ExpensesManagement fees 6 8,843,297.40Performance fees 9 2,394,448.10Operating costs 8 3,000,000.50Professional fees 15 27,144.29Transaction costs 17 1,139,883.57Taxe d'abonnement 5 241,516.03Bank interest and charges 150,480.06Interest charges on swaps contracts 1,720,566.30Printing & Publication fees 22,490.78Amortisation of formation expenses 3.5 36,528.15Other expenses 16 475,023.78

Total expenses 18,051,378.96

Net investment income / (loss) 15,196,663.34

Net realised gain / (loss) on: Investments 3.3 9,592,907.31Foreign currencies transactions 3.2 (702,185.42)Futures contracts 3.3 4,209,250.92Forward foreign exchange contracts 3.3 (2,375,520.08)Options and swaps contracts 3.3 3,104,602.49Contracts for difference 3.3 (1,705,968.69)

Net realised gain / (loss) for the year / period 27,319,749.87

Net change in unrealised appreciation / (depreciation) on: Investments 3.3 33,666,075.82Futures contracts 3.3, 10 (6,137,581.44)Forward foreign exchange contracts 3.3, 11 (3,364,487.57)Options and swaps contracts 3.3, 12 1,045,360.23Contracts for difference 3.3, 13 (139,911.67)

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

52,389,205.24

Proceeds received on subscription of shares 829,097,553.92Net amount paid on redemption of shares (486,963,006.37)Dividend distribution 20 (3,073,985.15)Net assets at the beginning of the year / period 1,108,227,965.72Translation difference 3.2 1,755,178.60

Net assets at the end of the year / period 1,501,432,911.96

EURNotes

Statement of Operations and Changes in Net Assets forthe year / period ended December 31, 2016

32


La Française LUX

La Française LUX - GTS Réactif (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2016

EUR

AssetsInvestment in securities at cost 19,186,937.05Unrealised appreciation / (depreciation) on securities 179,102.22

Investment in securities at market value 3.3 19,366,039.27Cash at bank 3.3 804,310.01Receivable on withholding tax reclaim 4,520.55Dividends and interest receivable 54,567.67

Total assets 20,229,437.50

LiabilitiesAccrued expenses 68,256.75

Total liabilities 68,256.75

Net assets at the end of the year 20,161,180.75

Notes


IncomeDividends (net of withholding taxes) 3.4 198,691.25Interest on bonds 3.4 150,326.73Other income 18 2,798.89

Total income 351,816.87

ExpensesManagement fees 6 246,188.14Operating costs 8 109,181.94Professional fees 15 50.96Transaction costs 17 20,226.68Taxe d'abonnement 5 8,991.11Bank interest and charges 978.22Printing & Publication fees 117.00Other expenses 16 8,492.12

Total expenses 394,226.17

Net investment income / (loss) (42,409.30)

Net realised gain / (loss) on: Investments 3.3 (310,512.07)Foreign currencies transactions 3.2 (39,813.47)

Net realised gain / (loss) for the year (392,734.84)

Net change in unrealised appreciation / (depreciation) on: Investments 3.3 12,683.43


(380,051.41)

Proceeds received on subscription of shares 344,752.34Net amount paid on redemption of shares (3,701,169.69)Net assets at the beginning of the year 23,897,649.51


EURNotes

Statement of Operations and Changes in Net Assets forthe year ended December 31, 2016

Number of shares in issue atthe end of the year

Number of shares in issue atthe beginning of the year

Number of sharessubscribed

Number of sharesredeemed

Statement of Changes in Number of Shares

Class B Capitalisation 155,695.08 1.00 (425.00) 155,271.08

Class I EUR Capitalisation 14,696.09 2,996.47 (11,916.18) 5,776.38

Class R Capitalisation 49,674.52 593.39 (23,817.94) 26,449.97

La Française LUX

33

La Française LUX - GTS Réactif (in EUR)


Securities Portfolio as at December 31, 2016

BAYER AG-REG EUR 218,086.00 1.092,200.00

Transferable securities admitted to an official exchange listing

SharesCosmetics

ESSILOR INTERNATIONAL EUR 214,700.00 1.062,000.00KORIAN EUR 83,520.00 0.413,000.00PROCTER & GAMBLE CO/THE USD 111,601.80 0.551,400.00ROCHE HOLDING AG-GENUSSCHEIN CHF 162,733.21 0.81750.00SANOFI EUR 199,940.00 0.992,600.00

990,581.01 4.91

BNP PARIBAS EUR 181,650.00 0.903,000.00Banks

CREDIT AGRICOLE SA EUR 239,357.82 1.1920,319.00ING GROEP NV EUR 253,762.60 1.2518,980.00NATIXIS EUR 160,800.00 0.8030,000.00

835,570.42 4.14

ALSTOM EUR 261,750.00 1.2910,000.00Auto Parts & Equipment

DAIMLER CHRYSLER AG EUR 219,232.00 1.093,100.00FAURECIA EUR 176,808.00 0.884,800.00PEUGEOT SA EUR 163,270.82 0.8110,537.00

821,060.82 4.07

ALPHABET INC-CL C USD 102,445.89 0.51140.00Internet

AMAZON.COM INC USD 177,736.43 0.88250.00ILIAD SA EUR 215,527.00 1.071,180.00NETFLIX INC USD 117,373.79 0.581,000.00YOOX NET-A-PORTER GROUP EUR 94,290.00 0.473,500.00

707,373.11 3.51

CASINO GUICHARD PERRACHON EUR 230,229.50 1.145,050.00Food services

DANONE GROUPE EUR 90,300.00 0.451,500.00HEINEKEN NV EUR 260,099.00 1.293,650.00

580,628.50 2.88

COMPAGNIE DE SAINT GOBAIN EUR 221,275.00 1.095,000.00Building materials

GAZTRANSPORT ET TECHNIGA SA EUR 164,380.00 0.824,000.00LAFARGEHOLCIM LTD-REG CHF 94,588.15 0.471,890.00VINCI SA EUR 97,050.00 0.481,500.00

577,293.15 2.86

AIRBUS SE EUR 377,040.00 1.876,000.00Engineering & Construction

ZODIAC AEROSPACE EUR 109,075.00 0.545,000.00486,115.00 2.41

ENGIE EUR 218,160.00 1.0818,000.00Energy

TOTAL SA EUR 132,762.00 0.662,725.00350,922.00 1.74

AXA SA EUR 287,820.00 1.4312,000.00Insurance

287,820.00 1.43

RYANAIR HOLDINGS PLC EUR 226,824.00 1.1315,600.00Transportation

226,824.00 1.13

AIR LIQUIDE SA EUR 117,618.75 0.591,125.00Chemical

TECHNIP SA EUR 61,029.00 0.30900.00178,647.75 0.89

INGENICO GROUP EUR 166,914.00 0.832,200.00Office & Business equipment

166,914.00 0.83

NameQuantity/Nominal

Market valuein EUR

Currency %NAV

SCHNEIDER ELECTRIC SE EUR 158,664.00 0.792,400.00Electric & Electronic

158,664.00 0.79

ACCOR SA EUR 113,376.00 0.563,200.00Lodging & Restaurants

113,376.00 0.56

GENERAL ELECTRIC CO USD 104,858.97 0.523,500.00Diversified machinery

104,858.97 0.52

HUGO BOSS AG -ORD EUR 58,130.00 0.291,000.00Distribution & Wholesale

58,130.00 0.29

6,644,778.73 32.96

BELGIAN 1% 16-22/06/2026 EUR 313,166.51 1.56300,000.00

Bonds and other debt instrumentsGovernment

IRISH GOVT 1% 16-15/05/2026 EUR 716,309.13 3.56700,000.001,029,475.64 5.12

FAURECIA 3.125% 15-15/06/2022 EUR 517,525.00 2.57500,000.00Auto Parts & Equipment

FIAT FIN & TRADE 6.625% 13-15/03/2018 EUR 106,970.00 0.53100,000.00624,495.00 3.10

ANHEUSER-BUSCH 2.5% 12-15/07/2022 USD 186,862.67 0.93200,000.00Food services

CASINO GUICHARD 13-31/01/2049 FRN EUR 381,400.00 1.89400,000.00568,262.67 2.82

SOLVAY FIN 13-29/05/2049 FRN EUR 240,423.37 1.19230,000.00Chemical

240,423.37 1.19

ARCELORMITTAL 3% 15-09/04/2021 EUR 210,366.80 1.04200,000.00Metal

210,366.80 1.04

AXA SA 14-29/11/2049 FRN EUR 208,043.75 1.03200,000.00Insurance

208,043.75 1.03

CRED AGRICOLE SA 14-29/04/2049 FRN EUR 103,546.90 0.51100,000.00Banks

KBC GROEP NV 14-29/03/2049 FRN EUR 101,002.50 0.50100,000.00204,549.40 1.01

TELECOM ITALIA 4% 12-21/01/2020 EUR 108,946.50 0.54100,000.00Telecommunication

108,946.50 0.54

HOCHTIEF AG 3.875% 13-20/03/2020 EUR 108,604.10 0.54100,000.00Building materials

108,604.10 0.54

ACCOR 14-30/06/2049 FRN EUR 103,405.00 0.51100,000.00Lodging & Restaurants

103,405.00 0.51

3,406,572.23 16.90

AMUNDI ETF RUSSELL 2000 UCIT EUR 526,864.00 2.612,980.00

Funds

Undertakings for collective investmentOpen-ended Funds

G FUND-ALPHA FIXED INCOME-IC EUR 1,089,760.00 5.411,000.00HSBC GIF-GEM DEBT T/R-M1CHEUR EUR 522,650.00 2.5950,000.00ISHARES MSCI EM MK USD SHS ETF USD EUR 409,240.00 2.0313,000.00LA FRANCAISE LUX - ABSOL EMERGDEBT ICA

EUR 430,000.00 2.134,300.00


Market valuein EUR

Currency %NAV

La Française LUX

34




LA FRANCAISE LUX-LFP MULTISTRATOBLI ICA

EUR 904,650.80 4.49760.00

LFIS VISION UCITS - PREMIA SHARE MEC EUR 884,126.25 4.39875.00LFP RENDEMENT GLB 2022-I EUR 619,107.50 3.07550.00LYXOR ETF DJ STOXX 600 BANKS EUR 219,450.00 1.0911,000.00LYXOR ETF MSCI USA PART A CAP ETDIST

EUR 477,144.00 2.372,350.00

NATIX-LS ST EM MRKT BOND-I/A USD 517,136.76 2.575,000.00UFG TRESORERIE - CLASSE I EUR 2,714,559.00 13.4525.00

9,314,688.31 46.20

9,314,688.31 46.20

Total Securities Portfolio 19,366,039.27 96.06


Market valuein EUR

Currency %NAV

Summary of net assets%

NAV19,366,039.27 96.06Total Securities Portfolio

804,310.01 3.99Cash at bank and Bank Overdraft

(9,168.53) (0.05)Other assets and liabilities

20,161,180.75 100.00Total net assets

La Française LUX

35



Nature allocation % of portfolio % of netassets

Undertakings for collective investment 48.10 46.20

Shares 34.31 32.96

Bonds and other debt instruments 17.59 16.90

100.00 96.06

Country allocation % of portfolio % of netassets

France 52.55 50.45

Luxembourg 24.09 23.15

Ireland 6.98 6.72

Netherlands 4.60 4.41

United States 4.14 3.97

Germany 3.12 3.01

Belgium 2.14 2.06

Other 2.38 2.29

100.00 96.06

Portfolio Breakdowns

Top Ten Holdings Market value % ofnet

assets

UFG TRESORERIE - CLASSE I 2,714,559.00 13.45Open-ended Funds

G FUND-ALPHA FIXED INCOME-IC 1,089,760.00 5.41Open-ended Funds

LA FRANCAISE LUX-LFP MULTISTRAT OBLI ICA 904,650.80 4.49Open-ended Funds

LFIS VISION UCITS - PREMIA SHARE MEC 884,126.25 4.39Open-ended Funds

IRISH GOVT 1% 16-15/05/2026 716,309.13 3.56Government

LFP RENDEMENT GLB 2022-I 619,107.50 3.07Open-ended Funds

AMUNDI ETF RUSSELL 2000 UCIT 526,864.00 2.61Open-ended Funds

HSBC GIF-GEM DEBT T/R-M1CHEUR 522,650.00 2.59Open-ended Funds

FAURECIA 3.125% 15-15/06/2022 517,525.00 2.57Auto Parts &Equipment

NATIX-LS ST EM MRKT BOND-I/A 517,136.76 2.57Open-ended Funds

EUR

Sector

Top Ten Holdings

36


La Française LUX

La Française LUX - Inflection Point European Equity (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2016

EUR

AssetsInvestment in securities at cost 90,157,985.15Unrealised appreciation / (depreciation) on securities 3,284,551.13

Investment in securities at market value 3.3 93,442,536.28Cash at bank 3.3 45,600.32Receivable on withholding tax reclaim 217,618.34


LiabilitiesBank overdraft 9.40Accrued expenses 243,989.19



Notes


IncomeDividends (net of withholding taxes) 3.4 2,180,953.60


ExpensesManagement fees 6 777,291.93Operating costs 8 427,703.29Professional fees 15 75.82Transaction costs 17 299,019.61Taxe d'abonnement 5 14,077.61Bank interest and charges 1,285.40Printing & Publication fees 2,613.65Other expenses 16 12,597.31


Net investment income / (loss) 646,288.98

Net realised gain / (loss) on: Investments 3.3 1,484,316.01Foreign currencies transactions 3.2 49,923.63Futures contracts 3.3 (407,800.00)

Net realised gain / (loss) for the year 1,772,728.62

Net change in unrealised appreciation / (depreciation) on: Investments 3.3 1,384,827.07


3,157,555.69

Proceeds received on subscription of shares 3,768,989.95Net amount paid on redemption of shares (5,808,011.39)Net assets at the beginning of the year 92,343,222.10


EURNotes







Class B EUR Capitalisation 77,876.85 1,009.18 (2,716.68) 76,169.35

Class I EUR Capitalisation 2,215.72 3.77 (13.00) 2,206.49

Class F EUR Capitalisation 178,808.00 29,781.50 (41,682.50) 166,907.00

La Française LUX

37

La Française LUX - Inflection Point European Equity (in EUR)



ACTELION LTD-REG CHF 1,101,677.24 1.185,356.00


SharesCosmetics

ESSILOR INTERNATIONAL EUR 1,736,600.95 1.8616,177.00FRESENIUS MEDICAL CARE AG & EUR 1,381,970.10 1.4817,178.00HIKMA PHARMACEUTICALS PLC GBP 1,108,833.18 1.1950,000.00IPSEN EUR 965,097.60 1.0314,048.00LOREAL EUR 1,994,100.00 2.1411,500.00ROCHE HOLDING AG-GENUSSCHEIN CHF 927,579.29 0.994,275.00SHIRE PLC GBP 1,591,330.83 1.7029,000.00

10,807,189.19 11.57

BP PLC GBP 999,451.21 1.07167,412.00Energy

ENGIE EUR 922,659.24 0.9976,127.00ENI SPA EUR 2,377,785.41 2.54153,703.00NORDEX SE EUR 1,169,203.38 1.2557,342.00ROYAL DUTCH SHELL PLC-B SHS GBP 1,179,151.03 1.2642,758.00STATOIL ASA NOK 1,976,990.42 2.12113,315.00SUEZ EUR 1,541,650.00 1.65110,000.00

10,166,890.69 10.88

ALSTOM EUR 1,491,975.00 1.6057,000.00Auto Parts & Equipment

FAURECIA EUR 1,915,420.00 2.0452,000.00MICHELIN (CGDE) EUR 1,303,703.80 1.3912,334.00PEUGEOT SA EUR 1,161,923.57 1.2474,987.00PLASTIC OMNIUM EUR 1,231,943.94 1.3240,618.00RENAULT SA EUR 978,118.74 1.0511,574.00RHEINMETALL AG EUR 1,117,994.40 1.2017,496.00

9,201,079.45 9.84

BANCA POPOLARE DI MILANO EUR 702,268.00 0.751,960,000.00Banks

BANCO BILBAO VIZCAYA ARGENTA EUR 898,909.27 0.96140,148.00CREDIT AGRICOLE SA EUR 1,178,000.00 1.26100,000.00INTESA SANPAOLO EUR 895,931.50 0.96369,304.00KBC GROEP NV EUR 2,078,052.09 2.2235,323.00SOCIETE GENERALE EUR 894,418.83 0.9619,134.00UNICREDIT SPA EUR 2,250,188.63 2.41823,039.00

8,897,768.32 9.52

AIR LIQUIDE SA EUR 2,377,970.20 2.5522,508.00Chemical

HUNTING PLC GBP 1,617,878.20 1.73220,083.00KONINKLIJKE DSM EUR 2,049,990.40 2.1935,990.00SYNGENTA AG-2ND LINE CHF 940,881.53 1.012,500.00TECHNIP SA EUR 965,614.40 1.0314,240.00

7,952,334.73 8.51

AEGON NV EUR 1,502,966.35 1.61287,484.00Insurance

AXA SA EUR 1,457,088.75 1.5660,750.00MUENCHENER RUECKVER AG-REG EUR 1,473,130.00 1.588,200.00PRUDENTIAL PLC GBP 1,715,967.67 1.8390,000.00

6,149,152.77 6.58

APERAM EUR 3,086,710.44 3.3171,016.00Metal

RIO TINTO PLC GBP 1,147,361.39 1.2331,008.00SALZGITTER AG EUR 1,546,655.00 1.6546,100.00

5,780,726.83 6.19

ARYZTA AG CHF 2,237,395.80 2.3953,478.00Food services

CARREFOUR SA EUR 1,352,867.67 1.4559,103.00DANONE GROUPE EUR 2,185,801.80 2.3436,309.00

5,776,065.27 6.18

GAMESA CORP TECNOLOGICA SA EUR 1,566,824.43 1.6881,309.00Electric & Electronic


Market valuein EUR

Currency %NAV

STMICROELECTRONICS NV EUR 2,689,632.00 2.87249,040.004,256,456.43 4.55

AP MOLLER-MAERSK A/S-B DKK 1,918,865.45 2.051,266.00Transportation

DEUTSCHE POST AG-REG EUR 1,434,935.90 1.5445,940.003,353,801.35 3.59

ACS ACTIVIDADES CONS Y SERV EUR 1,428,321.58 1.5347,579.00Building materials

CRH PLC EUR 1,874,579.27 2.0056,883.003,302,900.85 3.53

ATLANTIA SPA EUR 1,669,500.00 1.7975,000.00Diversified services

EUROPCAR GROUPE SA EUR 1,403,731.60 1.50145,706.003,073,231.60 3.29

CAPGEMINI EUR 1,408,235.50 1.5117,570.00Office & Business equipment

INGENICO GROUP EUR 1,402,912.17 1.5018,491.002,811,147.67 3.01

PROSIEBENSAT.1 MEDIA SE EUR 2,198,686.77 2.3560,057.00Media

2,198,686.77 2.35

ORANGE EUR 2,167,039.94 2.32150,124.00Telecommunication

2,167,039.94 2.32

YOOX NET-A-PORTER GROUP EUR 2,086,314.42 2.2377,443.00Internet

2,086,314.42 2.23

AIRBUS SE EUR 1,827,010.16 1.9529,074.00Engineering & Construction

1,827,010.16 1.95

SMURFIT KAPPA GROUP PLC EUR 1,176,930.00 1.2654,000.00Forest products & Paper

1,176,930.00 1.26

HUGO BOSS AG -ORD EUR 1,046,340.00 1.1218,000.00Distribution & Wholesale

1,046,340.00 1.12


899,284.26 0.96

TECHNICOLOR - REGR EUR 512,185.58 0.5599,647.00Private Equity

512,185.58 0.55

93,442,536.28 99.98



Market valuein EUR

Currency %NAV





93,461,756.35 100.00Total net assets

La Française LUX

38

La Française LUX - Inflection Point European Equity (in EUR)



Shares 100.00 99.98

100.00 99.98


France 35.80 35.80

Germany 12.17 12.17

Italy 10.68 10.68


United Kingdom 7.05 7.05

Switzerland 5.57 5.57

Spain 4.17 4.17


Ireland 3.27 3.26

Belgium 2.22 2.22

Norway 2.12 2.12

Denmark 2.05 2.05

Jersey 1.70 1.70

100.00 99.98



assets

APERAM 3,086,710.44 3.31Metal

STMICROELECTRONICS NV 2,689,632.00 2.87Electric & Electronic

AIR LIQUIDE SA 2,377,970.20 2.55Chemical

ENI SPA 2,377,785.41 2.54Energy

UNICREDIT SPA 2,250,188.63 2.41Banks

ARYZTA AG 2,237,395.80 2.39Food services

PROSIEBENSAT.1 MEDIA SE 2,198,686.77 2.35Media

DANONE GROUPE 2,185,801.80 2.34Food services

ORANGE 2,167,039.94 2.32Telecommunication

YOOX NET-A-PORTER GROUP 2,086,314.42 2.23Internet

EUR

Sector

Top Ten Holdings

39


La Française LUX

La Française LUX - Inflection Point Leaders Emergents (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2016

EUR


Investment in securities at market value 3.3 13,453,692.67Cash at bank 3.3 67,777.40Dividends and interest receivable 13,067.01





Notes


IncomeDividends (net of withholding taxes) 3.4 213,866.50


ExpensesManagement fees 6 163,754.37Operating costs 8 64,240.92Professional fees 15 75.82Transaction costs 17 9,102.38Taxe d'abonnement 5 1,481.64Bank interest and charges 1,798.23Printing & Publication fees 2,659.20Other expenses 16 15,935.47



Net realised gain / (loss) on: Investments 3.3 369,972.98Foreign currencies transactions 3.2 (1,867.21)

Net realised gain / (loss) for the year 322,924.24



815,721.25

Proceeds received on subscription of shares 93,999.61Net amount paid on redemption of shares (639,815.00)Net assets at the beginning of the year 13,215,373.58


EURNotes







Class B EUR Capitalisation 3,504.91 703.10 (1,074.63) 3,133.38

Class I EUR Capitalisation 707.58 - (28.58) 679.00

La Française LUX

40

La Française LUX - Inflection Point Leaders Emergents (in EUR)



ALIBABA GROUP HOLDING-SP ADR USD 457,885.75 3.405,500.00


SharesInternet

CTRIP.COM INTERNATIONAL-ADR USD 299,597.06 2.227,900.00TENCENT HOLDINGS LTD HKD 927,894.93 6.8940,000.00

1,685,377.74 12.51

HAVELLS INDIA LTD INR 262,953.32 1.9555,000.00Electric & Electronic

HON HAI PRECISION INDUSTRY TWD 429,129.94 3.18173,250.00LG DISPLAY CO LTD KRW 296,249.29 2.2012,000.00RADIANT OPTO-ELECTRONICS COR TWD 120,687.60 0.8973,000.00SAMSUNG ELECTRONICS CO LTD KRW 254,614.26 1.89180.00

1,363,634.41 10.11

GOME ELECTRICAL APPLIANCES HKD 229,894.90 1.702,000,000.00Distribution & Wholesale

HAIER ELECTRONICS GROUP CO HKD 264,061.19 1.96177,000.00HOTEL SHILLA CO LTD KRW 143,626.74 1.073,800.00POSCO DAEWOO CORP KRW 300,959.14 2.2314,200.00SSI GROUP INC PHP 102,127.90 0.762,100,000.00STEINHOFF INTERNATIONAL H NV ZAR 247,093.33 1.8350,000.00

1,287,763.20 9.55

ICICI BANK LTD-SPON ADR USD 213,036.26 1.5830,000.00Banks

INDUSTRIAL AND CIAL BK CHINA -H- HKD 284,311.51 2.11500,000.00SBERBANK PJSC -SPONSORED ADR USD 658,734.30 4.8860,000.00

1,156,082.07 8.57

CNOOC LTD HKD 137,594.54 1.02116,000.00Energy

LUKOIL PJSC-SPON ADR USD 531,879.59 3.9410,000.00ROSNEFT OIL CO PJSC-REG GDR USD 363,593.27 2.7059,000.00

1,033,067.40 7.66

CHINA RAILWAY CONSTRUCTION-H HKD 472,904.81 3.51387,500.00Building materials

LARSEN & TOUBRO-GDR REG S USD 339,606.54 2.5218,000.00812,511.35 6.03

KT CORP KRW 230,782.44 1.7110,000.00Telecommunication

MTN GROUP LTD ZAR 209,937.81 1.5624,000.00TIM PARTICIPACOES SA-ADR USD 167,812.28 1.2415,000.00ZTE CORP-H HKD 203,741.66 1.51123,600.00

812,274.19 6.02

CHINA MENGNIU DAIRY CO HKD 365,386.14 2.71200,000.00Food services

GRUPO BIMBO SAB- SERIES A MXN 432,685.67 3.21200,000.00798,071.81 5.92

ALFA S.A.B.-A MXN 153,754.82 1.14130,000.00Financial services

CREDITO REAL SAB DE CV SOFOM MXN 289,598.42 2.15230,000.00HONG KONG EXCHANGES & CLEAR HKD 319,325.58 2.3714,254.00

762,678.82 5.66

INFOSYS LTD INR 100,232.87 0.747,100.00Office & Business equipment

LENOVO GROUP LTD HKD 143,684.31 1.07250,000.00PAX GLOBAL TECHNOLOGY LTD HKD 325,584.98 2.41518,000.00

569,502.16 4.22

LARGAN PRECISION CO LTD TWD 557,458.69 4.135,000.00Diversified machinery

557,458.69 4.13

NASPERS LTD-N SHS ZAR 418,912.62 3.113,000.00Media

418,912.62 3.11


Market valuein EUR

Currency %NAV

CHINA OVERSEAS LAND & INVEST HKD 376,942.03 2.80150,000.00Real estate

CHINA OVERSEAS PROPERTY HOLD HKD 8,131.92 0.0650,000.00385,073.95 2.86

ASIAN PAINTS LTD INR 255,343.58 1.8920,514.00Chemical

255,343.58 1.89

TATA MOTORS LTD-SPON ADR USD 240,689.24 1.787,382.00Auto Parts & Equipment

240,689.24 1.78

CAR INC HKD 235,740.10 1.75255,000.00Diversified services

235,740.10 1.75

EMBRAER SA-SPON ADR USD 141,443.47 1.057,750.00Engineering & Construction

141,443.47 1.05

12,515,624.80 92.82

JBS SA-SPONSORED ADR USD 232,282.53 1.7235,000.00

Other transferable securities

SharesFood services

232,282.53 1.72

232,282.53 1.72

UFG TRESORERIE - CLASSE I EUR 705,785.34 5.236.50

Funds


705,785.34 5.23

705,785.34 5.23



Market valuein EUR

Currency %NAV





13,485,279.44 100.00Total net assets

La Française LUX

41

La Française LUX - Inflection Point Leaders Emergents (in EUR)



Shares 94.75 94.54


100.00 99.77


Cayman Islands 17.06 17.03

Russia 11.55 11.52

India 10.49 10.46

South Korea 9.11 9.10

Taiwan 8.23 8.20

Hong Kong 7.27 7.26

China 7.14 7.13

Mexico 6.51 6.50

Bermuda 6.09 6.07

France 5.25 5.23

South Africa 4.67 4.67

Brazil 4.03 4.01

Other 2.60 2.59

100.00 99.77



assets

TENCENT HOLDINGS LTD 927,894.93 6.89Internet

UFG TRESORERIE - CLASSE I 705,785.34 5.23Open-ended Funds

SBERBANK PJSC -SPONSORED ADR 658,734.30 4.88Banks

LARGAN PRECISION CO LTD 557,458.69 4.13Diversifiedmachinery

LUKOIL PJSC-SPON ADR 531,879.59 3.94Energy

CHINA RAILWAY CONSTRUCTION-H 472,904.81 3.51Building materials

ALIBABA GROUP HOLDING-SP ADR 457,885.75 3.40Internet

GRUPO BIMBO SAB- SERIES A 432,685.67 3.21Food services

HON HAI PRECISION INDUSTRY 429,129.94 3.18Electric & Electronic

NASPERS LTD-N SHS 418,912.62 3.11Media

EUR

Sector

Top Ten Holdings

42


La Française LUX

La Française LUX - Inflection Point Global Equity (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2016

EUR

AssetsInvestment in securities at cost 29,106,872.25Unrealised appreciation / (depreciation) on securities (1,342,606.80)

Investment in securities at market value 3.3 27,764,265.45Cash at bank 3.3 105,342.73Receivable on subscriptions of shares 18,530.52Receivable on withholding tax reclaim 30,814.90Dividends and interest receivable 15,399.75





Notes


IncomeDividends (net of withholding taxes) 3.4 1,068,555.74Bank interest 146.66Other income 18 666.67


ExpensesManagement fees 6 454,255.68Performance fees 9 74,469.50Operating costs 8 137,109.30Professional fees 15 564.90Transaction costs 17 125,970.48Taxe d'abonnement 5 4,397.38Bank interest and charges 1,631.89Printing & Publication fees 3,393.12Other expenses 16 12,990.03



Net realised gain / (loss) on: Investments 3.3 (3,904,047.60)Foreign currencies transactions 3.2 210,644.05Futures contracts 3.3 61,542.21Forward foreign exchange contracts 3.3 (127,510.08)Options and swaps contracts 3.3 173,132.83

Net realised gain / (loss) for the year (3,331,651.80)

Net change in unrealised appreciation / (depreciation) on: Investments 3.3 8,174,543.82Futures contracts 3.3, 10 (11,138.73)Forward foreign exchange contracts 3.3, 11 (12,017.77)


4,819,735.52

Proceeds received on subscription of shares 42,958,948.46Net amount paid on redemption of shares (69,291,874.45)Dividend distribution 20 (451.38)Net assets at the beginning of the year 49,252,333.05


EURNotes








Class I USD Capitalisation 1.00 - - 1.00

Class R EUR Capitalisation 5,480.90 1,476.29 (2,655.65) 4,301.54

Class R USD Capitalisation 1.00 - - 1.00

Class I EUR Capitalisation - 39,830.00 (24,230.00) 15,600.00

Class R EUR Distribution 5,557.86 232.01 (5,265.00) 524.87

La Française LUX

43

La Française LUX - Inflection Point Global Equity (in EUR)



AUST AND NZ BANKING GROUP AUD 297,725.88 1.0714,256.00


SharesBanks

BANCO SANTANDER SA EUR 409,033.20 1.4782,483.00CITIGROUP INC USD 316,997.56 1.145,626.00GOLDMAN SACHS GROUP INC USD 439,284.90 1.581,935.00MITSUBISHI UFJ FINANCIAL GRO JPY 459,029.38 1.6578,409.00MORGAN STANLEY USD 524,144.35 1.9013,085.00PNC FINANCIAL SERVICES GROUP USD 366,931.16 1.323,309.00SIGNATURE BANK USD 174,016.97 0.631,222.00SUMITOMO MITSUI FINANCIAL GR JPY 166,115.97 0.604,582.00

3,153,279.37 11.36

AES CORP USD 263,632.71 0.9523,930.00Energy

CONCHO RESOURCES INC USD 288,017.63 1.042,291.00EDF EUR 288,473.68 1.0429,801.00ENERGY DEVELOPMENT CORP PHP 375,235.14 1.353,820,422.00EOG RESOURCES INC USD 312,381.99 1.133,259.00HUANENG RENEWABLES CORP-H HKD 539,350.85 1.931,750,247.00NRG ENERGY INC USD 167,461.31 0.6014,407.00REPSOL SA EUR 254,054.02 0.9218,931.00ROYAL DUTCH SHELL PLC-A SHS EUR 258,316.89 0.939,941.00

2,746,924.22 9.89

BAYERISCHE MOTOREN WERKE AG EUR 284,000.00 1.023,200.00Auto Parts & Equipment

DELPHI AUTOMOTIVE PLC USD 344,811.57 1.245,400.00FAURECIA EUR 262,744.06 0.957,133.00MITSUBISHI ELECTRIC CORP JPY 424,883.21 1.5432,077.00ROCKWELL AUTOMATION INC USD 369,783.17 1.332,902.00TOYOTA MOTOR CORP JPY 358,657.80 1.296,415.00

2,044,879.81 7.37

ABBVIE INC USD 489,679.79 1.778,248.00Cosmetics

ASTELLAS PHARMA INC JPY 497,221.69 1.7837,677.00GILEAD SCIENCES INC USD 309,387.79 1.124,557.00LOREAL EUR 257,845.80 0.931,487.00SHIRE PLC GBP 349,159.93 1.266,363.00

1,903,295.00 6.86

AT&T INC USD 269,151.69 0.976,675.00Telecommunication

MTN GROUP LTD ZAR 506,501.21 1.8357,903.00NIPPON TELEGRAPH & TELEPHONE JPY 325,255.18 1.178,146.00ORANGE EUR 446,128.11 1.6130,906.00

1,547,036.19 5.58

AP MOLLER-MAERSK A/S-B DKK 668,419.96 2.41441.00Transportation

FEDEX CORP USD 382,727.28 1.382,168.00JAPAN AIRLINES CO LTD JPY 257,941.58 0.939,292.00

1,309,088.82 4.72

ARYZTA AG CHF 763,495.94 2.7518,249.00Food services

CARREFOUR SA EUR 529,010.79 1.9123,111.001,292,506.73 4.66

MOSAIC CO/THE USD 446,255.36 1.6116,048.00Chemical

TECHNIP SA EUR 614,968.89 2.219,069.00YARA INTERNATIONAL ASA NOK 174,512.61 0.634,660.00

1,235,736.86 4.45

INTEL CORP USD 313,199.49 1.139,108.00Electric & Electronic

LAM RESEARCH CORP USD 104,652.40 0.381,044.00MICRON TECHNOLOGY INC USD 474,644.11 1.7122,839.00RADIANT OPTO-ELECTRONICS COR TWD 193,604.40 0.70117,105.00

1,086,100.40 3.92


Market valuein EUR

Currency %NAV

COMCAST CORP-CLASS A USD 299,964.07 1.084,582.00Media

TIME WARNER INC USD 326,174.85 1.183,564.00WALT DISNEY Co USD 392,375.08 1.413,971.00

1,018,514.00 3.67

ALPHABET INC-CL C USD 398,807.21 1.44545.00Internet

CRITEO SA-SPON ADR USD 469,357.74 1.6912,051.00868,164.95 3.13

MICROSOFT CORP USD 407,157.66 1.466,911.00Computer software

ORACLE CORP USD 254,267.60 0.926,975.00VERINT SYSTEMS INC USD 184,613.42 0.675,524.00

846,038.68 3.05

APPLE INC USD 806,869.27 2.917,348.00Computer hardware

806,869.27 2.91

MARRIOTT INTERNATIONAL -CL A USD 740,376.96 2.679,445.00Lodging & Restaurants

740,376.96 2.67

ANTOFAGASTA PLC GBP 141,721.53 0.5117,922.00Metal

GOLDCORP INC USD 380,774.21 1.3829,531.00NEWCREST MINING LTD AUD 184,037.83 0.6613,238.00

706,533.57 2.55

CHEVRON CORP USD 425,271.11 1.543,811.00Oil Services

DEVON ENERGY CORP USD 253,517.75 0.915,855.00678,788.86 2.45

SEKISUI HOUSE LTD JPY 336,973.21 1.2221,308.00Building materials

TOLL BROTHERS INC USD 272,159.28 0.989,260.00609,132.49 2.20

BABCOCK INTL GROUP PLC GBP 300,994.38 1.0926,960.00Diversified services

ROYAL CARIBBEAN CRUISES LTD USD 297,047.41 1.073,819.00598,041.79 2.16

BIOGEN INC USD 591,491.82 2.132,200.00Biotechnology

591,491.82 2.13

EATON CORP PLC USD 534,366.52 1.938,401.00Diversified machinery

534,366.52 1.93

ALLIANCE DATA SYSTEMS CORP USD 271,448.68 0.981,253.00Financial services

HANNON ARMSTRONG SUSTAINABLE USD 252,095.74 0.9114,002.00523,544.42 1.89

FOOT LOCKER INC USD 284,030.47 1.024,226.00Distribution & Wholesale

TUPPERWARE BRANDS CORP USD 238,766.84 0.864,786.00522,797.31 1.88

INTL BUSINESS MACHINES CORP USD 248,335.83 0.901,578.00Office & Business equipment

LENOVO GROUP LTD HKD 248,341.66 0.89432,096.00496,677.49 1.79

PRUDENTIAL FINANCIAL INC USD 395,423.07 1.434,008.00Insurance

395,423.07 1.43


Market valuein EUR

Currency %NAV

La Française LUX

44




HANESBRANDS INC USD 270,578.50 0.9813,231.00Textile

270,578.50 0.98

BUNGE LTD USD 163,006.59 0.592,380.00Agriculture

163,006.59 0.59

26,689,193.69 96.22

REPSOL SA RTS 06/01/2017 EUR 6,663.71 0.0218,931.00

RightsEnergy

6,663.71 0.02

6,663.71 0.02

BANCO POPOLARE SC EUR 330,048.00 1.19144,000.00


SharesBanks

330,048.00 1.19

330,048.00 1.19

UFG TRESORERIE - CLASSE I EUR 738,360.05 2.666.80

Funds


738,360.05 2.66

738,360.05 2.66



Market valuein EUR

Currency %NAV





27,738,691.20 100.00Total net assets

La Française LUX

45




Shares 97.32 97.41


Rights 0.02 0.02

100.00 100.09



France 12.99 13.00

Japan 10.18 10.18


Jersey 2.50 2.50

Spain 2.41 2.41

Denmark 2.41 2.41

Other 18.18 18.18

100.00 100.09



assets

APPLE INC 806,869.27 2.91Computer hardware

ARYZTA AG 763,495.94 2.75Food services

MARRIOTT INTERNATIONAL -CL A 740,376.96 2.67Lodging &Restaurants

UFG TRESORERIE - CLASSE I 738,360.05 2.66Open-ended Funds

AP MOLLER-MAERSK A/S-B 668,419.96 2.41Transportation

TECHNIP SA 614,968.89 2.21Chemical

BIOGEN INC 591,491.82 2.13Biotechnology

HUANENG RENEWABLES CORP-H 539,350.85 1.93Energy

EATON CORP PLC 534,366.52 1.93Diversifiedmachinery

CARREFOUR SA 529,010.79 1.91Food services

EUR

Sector

Top Ten Holdings

46


La Française LUX

La Française LUX - Euro Inflation (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2016

EUR


Investment in securities at market value 3.3 276,540,664.28Investment in options at market value 14 296,000.00Cash at bank 3.3 5,610,263.70Receivable on subscriptions of shares 1,736.57Net unrealised appreciation on Interest Rate Swap 3.3, 12 1,282,484.00Dividends and interest receivable 895,757.48Formation expenses 3.5 6,705.27


LiabilitiesBank overdraft 984,913.23Accrued expenses 435,689.32Payable on redemptions of shares 2,996.76Net unrealised depreciation on forward foreign exchangecontracts

3.3, 11 6,424.95

Net unrealised depreciation on futures contracts 3.3, 10 577,350.00



Notes


IncomeInterest on bonds 3.4 1,861,470.02Bank interest 127.53Other income 18 257.70


ExpensesManagement fees 6 901,056.84Performance fees 9 131,133.63Operating costs 8 288,870.89Professional fees 15 589.15Transaction costs 17 50,765.27Taxe d'abonnement 5 28,396.03Bank interest and charges 9,669.32Printing & Publication fees 426.72Amortisation of formation expenses 3.5 3,450.82Other expenses 16 2,015.76



Net realised gain / (loss) on: Investments 3.3 1,537,606.67Foreign currencies transactions 3.2 151,233.21Futures contracts 3.3 1,295,795.57Forward foreign exchange contracts 3.3 139,767.45Options and swaps contracts 3.3 738,174.29


Net change in unrealised appreciation / (depreciation) on: Investments 3.3 5,907,677.77Futures contracts 3.3, 10 (477,250.00)Forward foreign exchange contracts 3.3, 11 79,381.72Options and swaps contracts 3.3, 12 1,514,484.00


11,332,351.50



EURNotes







Class B EUR Capitalisation 100,001.00 - - 100,001.00


Class F EUR Capitalisation 1,122,272.05 837,771.68 (259,028.73) 1,701,015.00

La Française LUX

47

La Française LUX - Euro Inflation (in EUR)



DEUTSCHLAND I/L 0.1% 15-15/04/2046 EUR 6,378,410.40 2.265,107,100.00



DEUTSCHLAND I/L 0.5% 14-15/04/2030 EUR 41,258,265.15 14.5934,561,000.00FRANCE O.A.T. I/L 0.25% 13-25/07/2024 EUR 40,415,028.07 14.3036,788,760.00FRANCE O.A.T. 0.1% 16-01/03/2021 EUR 10,703,616.32 3.7910,063,100.00FRANCE O.A.T. 0.1% 16-25/07/2047 EUR 3,166,517.02 1.123,012,030.00FRANCE O.A.T.I/L 0.7% 14-25/07/2030 EUR 5,898,185.34 2.095,043,900.00FRANCE O.A.T.I/L 1.1% 10-25/07/2022 EUR 18,596,209.50 6.5816,368,750.00ITALY BTPS I/L 0.1% 16-15/05/2022 EUR 10,169,415.08 3.6010,141,000.00ITALY BTPS I/L 1.25% 15-15/09/2032 EUR 18,978,051.14 6.7118,087,840.00ITALY BTPS I/L 1.7% 13-15/09/2018 EUR 31,859,823.41 11.2730,510,000.00ITALY BTPS I/L 2.35% 08-15/09/2019 EUR 11,468,699.13 4.0610,579,200.00ITALY BTPS I/L 2.35% 14-15/09/2024 EUR 27,744,203.93 9.8224,263,040.00ITALY BTPS I/L 3.1% 11-15/09/2026 EUR 19,579,181.10 6.9316,002,600.00SPAIN I/L BOND 1% 15-30/11/2030 EUR 19,130,217.37 6.7718,082,260.00

265,345,822.96 93.89

265,345,822.96 93.89

UFG TRESORERIE - CLASSE I EUR 11,194,841.32 3.96103.10

Funds


11,194,841.32 3.96

11,194,841.32 3.96



Market valuein EUR

Currency %NAV

EURO OAT FUTURE FRENCH GOVTB 08/03/2017

EUR 6,831,900.00(45.00) (99,000.00)

Futures

EURO-BTP FUTURE 08/03/2017 EUR 12,854,450.00(95.00) (49,100.00)EURO-BUND FUTURE 08/03/2017 EUR 84,537,250.00(515.00) (429,250.00)

(577,350.00)

Total Futures (577,350.00)

NameQuantity Commitmentin EUR

Currency Unrealisedappreciation /(depreciation)

in EUR

Financial derivative instruments as at December 31,2016

1,162,500.00 31/01/171,094,608.03 (6,424.95)USDEUR 1,094,608.03Forward foreign exchange contracts

(6,424.95)

Total Forward foreign exchange contracts (6,424.95)

SalePurchase Unrealisedappreciation /(depreciation)

in EUR

MaturityDate

Commitmentin EUR

PUT EURO-BUND FUTURE 27/01/2017161

EUR(800.00) 128,800,000.00 (168,000.00)

Options

NameQuantity Market valuein EUR

Currency Commitmentin EUR


EUR800.00 130,400,000.00 464,000.00

296,000.00

Total Options 296,000.00



INFLATION LINKED SWAP 32 USD 1,282,484.0013/05/46 15,000,000.00

1,282,484.00

Inflation Linked Swap

Name MaturityDate


in EUR

Notional

Total Inflation Linked Swaps 1,282,484.00

Total financial derivative instruments 994,709.05

Summary of net assets

994,709.05 0.35Total financial derivative instruments

%NAV

276,540,664.28 97.85Total Securities Portfolio

4,625,350.47 1.64Cash at bank and Bank Overdraft

465,513.24 0.16Other assets and liabilities

282,626,237.04 100.00Total net assets

La Française LUX

48

La Française LUX - Euro Inflation (in EUR)





100.00 97.85


Italy 43.31 42.39

France 32.54 31.84

Germany 17.23 16.85

Spain 6.92 6.77

100.00 97.85



assets

DEUTSCHLAND I/L 0.5% 14-15/04/2030 41,258,265.15 14.59Government

FRANCE O.A.T. I/L 0.25% 13-25/07/2024 40,415,028.07 14.30Government

ITALY BTPS I/L 1.7% 13-15/09/2018 31,859,823.41 11.27Government



SPAIN I/L BOND 1% 15-30/11/2030 19,130,217.37 6.77Government


FRANCE O.A.T.I/L 1.1% 10-25/07/2022 18,596,209.50 6.58Government



EUR

Sector

Top Ten Holdings

49


La Française LUX

La Française LUX - Multistrategies Obligataires (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2016

EUR


Investment in securities at market value 3.3 490,419,816.54Investment in options at market value 14 444,000.00Cash at bank 3.3 45,927,819.92Receivable on subscriptions of shares 336,428.99Net unrealised appreciation on forward foreign exchangecontracts

3.3, 11 536,813.84

Dividends and interest receivable 4,552,469.96Formation expenses 3.5 6,729.92


LiabilitiesBank overdraft 5.20Accrued expenses 2,903,641.40Payable on redemptions of shares 22,682.69Net unrealised depreciation on futures contracts 3.3, 10 3,197,746.35



Notes


IncomeDividends (net of withholding taxes) 3.4 0.02Interest on bonds 3.4 12,010,510.47Bank interest 1,879.12Income on swaps 385,192.19Other income 18 1,605.25


ExpensesManagement fees 6 2,329,980.67Performance fees 9 2,172,958.45Operating costs 8 935,598.75Professional fees 15 4,231.65Transaction costs 17 139,503.39Taxe d'abonnement 5 105,043.18Bank interest and charges 64,709.49Printing & Publication fees 860.45Amortisation of formation expenses 3.5 3,450.82Other expenses 16 33,222.42



Net realised gain / (loss) on: Investments 3.3 2,295,283.32Foreign currencies transactions 3.2 (84,366.15)Futures contracts 3.3 6,436,480.88Forward foreign exchange contracts 3.3 1,550,981.53Options and swaps contracts 3.3 3,503,484.44


Net change in unrealised appreciation / (depreciation) on: Investments 3.3 7,730,599.28Futures contracts 3.3, 10 (3,327,020.14)Forward foreign exchange contracts 3.3, 11 (1,060,019.85)Options and swaps contracts 3.3, 12 348,000.00


24,003,051.09



EURNotes







Class B EUR Capitalisation 1,372,922.74 6,224.78 (165,579.94) 1,213,567.58


Class F EUR Capitalisation 456,473.24 944,402.60 (189,165.84) 1,211,710.00

Class I EUR Distribution - 25,000.00 - 25,000.00

La Française LUX

50

La Française LUX - Multistrategies Obligataires (in EUR)



FRANCE O.A.T.I/L 1.85% 11-25/07/2027 EUR 6,882,409.97 1.285,376,950.00



ITALY BTPS I/L 1.25% 15-15/09/2032 EUR 15,815,042.62 2.9515,073,200.00ITALY BTPS I/L 1.7% 13-15/09/2018 EUR 23,363,870.51 4.3622,374,000.00ITALY BTPS I/L 2.35% 08-15/09/2019 EUR 3,621,694.46 0.683,340,800.00ITALY BTPS I/L 3.1% 11-15/09/2026 EUR 19,579,181.10 3.6516,002,600.00JAPAN I/L-10YR 0.1% 16-10/03/2026 JPY 14,963,434.48 2.791,723,858,500.

00PORTUGUESE OTS 2.2% 15-17/10/2022 EUR 7,905,320.00 1.478,000,000.00PORTUGUESE OTS 3.85% 05-15/04/2021 EUR 19,131,416.70 3.5717,700,000.00PORTUGUESE OTS 3.875% 14-15/02/2030 EUR 15,712,677.00 2.9316,350,000.00SPAIN I/L BOND 1% 15-30/11/2030 EUR 12,753,478.25 2.3812,054,840.00SPAIN I/L BOND 1.8% 14-30/11/2024 EUR 14,912,497.20 2.7813,095,290.00SPANISH GOVT 1.3% 16-31/10/2026 EUR 16,626,379.72 3.1016,700,000.00US TSY INFL IX N/B 0.75% 12-15/02/2042 USD 29,342,338.37 5.4732,627,070.00

200,609,740.38 37.41

ABN AMRO BANK NV 15-29/12/2049 FRN EUR 2,046,650.00 0.382,000,000.00Banks

BANCO BILBAO VIZ 14-29/12/2049 FRN EUR 961,760.00 0.181,000,000.00BANCO BILBAO VIZ 15-29/12/2049 FRN EUR 2,869,155.00 0.543,000,000.00BANCO SANTANDER 14-11/09/2049 FRN EUR 1,880,420.00 0.352,000,000.00BANCO SANTANDER 14-12/03/2049 FRN EUR 3,187,347.00 0.593,400,000.00BANK OF AMER CRP 04-06/05/2019 SR EUR 3,925,456.15 0.733,850,000.00BANK OF AMER CRP 06-28/03/2018 SR EUR 3,306,656.10 0.623,300,000.00BANQ FED CRD MUT 2.375% 16-24/03/2026 EUR 2,032,116.80 0.382,000,000.00BNP PARIBAS 08-18/04/2018 FRN EUR 1,000,646.00 0.191,000,000.00BNP PARIBAS 14-20/03/2026 FRN EUR 1,042,864.95 0.191,000,000.00BNP PARIBAS 15-29/12/2049 FRN EUR 4,205,588.00 0.784,000,000.00BPCE 5.7% 13-22/10/2023 USD 3,021,348.00 0.563,024,000.00CFCM NORD EUROPE 14-30/07/2019 FRN EUR 2,008,440.00 0.372,000,000.00CITIGROUP INC 05-30/11/2017 SR EUR 4,007,840.00 0.754,000,000.00COOPERATIEVE RAB 16-29/12/2049 FRN EUR 2,145,720.00 0.402,000,000.00CRED AGRICOLE SA 14-29/04/2049 FRN EUR 5,591,532.60 1.035,400,000.00DEUTSCHE BANK AG 14-15/04/2019 FRN EUR 4,922,695.00 0.925,000,000.00DEUTSCHE BANK AG 14-31/05/2049 FRN EUR 1,322,733.00 0.251,500,000.00DEUTSCHE BANK AG 4.5% 16-19/05/2026 EUR 3,621,828.00 0.683,500,000.00DEUTSCHE BANK AG 5% 10-24/06/2020 EUR 2,742,519.90 0.512,550,000.00FORTIS BNK SA/NV 5.65% 08-26/03/2018 EUR 1,326,146.30 0.251,239,000.00INTESA SANPAOLO 15-29/12/2049 FRN USD 2,602,862.05 0.492,909,000.00INTESA SANPAOLO 16-29/12/2049 FRN EUR 1,982,240.00 0.372,000,000.00KBC GROEP NV 14-29/03/2049 FRN EUR 4,747,117.50 0.894,700,000.00RABOBANK 15-22/01/2049 FRN EUR 3,140,672.00 0.593,100,000.00SOCIETE GENERALE 14-07/04/2049 FRN EUR 5,145,500.00 0.955,000,000.00UBS GROUP 15-29/12/2049 FRN EUR 1,478,372.00 0.281,400,000.00UNICREDIT SPA 11-31/10/2017 FRN EUR 2,021,250.00 0.382,000,000.00UNICREDIT SPA 14-29/12/2049 FRN EUR 3,088,857.02 0.583,267,000.00

81,376,333.37 15.18

AREVA SA 3.125% 14-20/03/2023 EUR 3,867,420.00 0.724,000,000.00Auto Parts & Equipment

FAURECIA 3.125% 15-15/06/2022 EUR 2,435,472.65 0.452,353,000.00FIAT FIN & TRADE 6.75% 13-14/10/2019 EUR 6,329,042.50 1.195,500,000.00IHO VERWALTUNGS 2.75% 16-15/09/2021 EUR 2,478,588.00 0.462,400,000.00PEUGEOT 2.375% 16-14/04/2023 EUR 3,797,661.60 0.713,600,000.00VOLKSWAGEN GRP 1.25% 14-23/05/2017 USD 2,934,602.99 0.553,100,000.00VOLKSWAGEN INTFN 1.6% 12-20/11/2017 USD 2,742,881.73 0.512,900,000.00

24,585,669.47 4.59

BUREAU VERITAS 1.25% 16-07/09/2023 EUR 2,496,605.00 0.472,500,000.00Diversified services

EC FINANCE 5.125% 14-15/07/2021 EUR 2,614,725.00 0.492,500,000.00KLESIA PREVOYANC 5.375% 16-08/12/2026 EUR 2,512,500.00 0.472,500,000.00NOVALIS SAS 3% 15-30/04/2022 EUR 3,180,848.75 0.593,077,000.00PAPREC HOLDING 5.25% 15-01/04/2022 EUR 3,111,859.52 0.582,926,000.00

13,916,538.27 2.60

ARDAGH PKG FIN 4.125% 16-15/05/2023 EUR 4,619,780.00 0.874,400,000.00Storage & Warehousing

CROWN EUROPEAN 4% 14-15/07/2022 EUR 2,651,184.00 0.492,400,000.00GUALA CLOSURES 16-15/11/2021 EUR 2,596,058.00 0.482,518,000.00


Market valuein EUR

Currency %NAV

HORIZON HOLD III 5.125% 15-01/08/2022 EUR 2,771,730.00 0.522,600,000.0012,638,752.00 2.36

EUROFINS SCIEN 3.375% 15-30/01/2023 EUR 3,090,045.00 0.583,000,000.00Cosmetics

HOMEVI 16-15/11/2021 EUR 2,023,817.45 0.381,989,000.00MEDI-PARTENAIRES 7% 13-15/05/2020 EUR 2,638,125.00 0.492,500,000.00SYNLAB BONDCO 6.25% 15-01/07/2022 EUR 4,015,365.00 0.743,667,000.00

11,767,352.45 2.19

ALSTRIA OFFICE 2.125% 16-12/04/2023 EUR 3,783,581.46 0.713,600,000.00Real estate

FONCIERE REGIONS 1.75% 14-10/09/2021 EUR 3,121,002.60 0.583,000,000.00SOCIETE FONCIERE 2.25% 15-16/11/2022 EUR 3,427,868.64 0.643,200,000.00

10,332,452.70 1.93

DIAMOND 1 FIN/DI 5.45% 16-15/06/2023 USD 5,035,074.66 0.945,000,000.00Office & Business equipment

INGENICO 2.5% 14-20/05/2021 EUR 3,574,562.80 0.673,400,000.008,609,637.46 1.61

CAMPOFRIO FOOD 3.375% 15-15/03/2022 EUR 2,085,000.00 0.392,000,000.00Food services

CASINO GUICHARD 5.976% 11-26/05/2021 EUR 3,152,034.00 0.592,700,000.00LABEYRIE 5.625% 14-15/03/2021 EUR 3,104,565.00 0.583,000,000.00

8,341,599.00 1.56

LOUIS DREYFUS CO BV 4% 13-04/12/2020 EUR 3,080,679.00 0.573,000,000.00Agriculture

TEREOS FIN GROUP 4.125% 16-16/06/2023 EUR 5,065,375.00 0.954,900,000.008,146,054.00 1.52

CEMEX FINANCE 5.25% 14-01/04/2021 EUR 4,003,692.00 0.743,850,000.00Building materials

SALINI IMPREGILO 3.75% 16-24/06/2021 EUR 1,165,535.08 0.221,097,000.00SWISSPORT INVEST 6.75% 15-15/12/2021 EUR 2,404,435.00 0.452,200,000.00

7,573,662.08 1.41

CELLNEX TELECOM 3.125% 15-27/07/2022 EUR 2,328,812.20 0.432,200,000.00Telecommunication

TELECOM ITALIA 4.5% 14-25/01/2021 EUR 3,367,833.00 0.643,000,000.00TELEFONICA EUROP 16-31/12/2049 EUR 1,469,950.50 0.271,500,000.00

7,166,595.70 1.34

DUFRY FINANCE 4.5% 14-15/07/2022 EUR 1,619,135.47 0.301,534,000.00Distribution & Wholesale

GROUPE FNAC SA 3.25% 16-30/09/2023 EUR 3,058,477.50 0.572,964,000.00STEINHOFF FINANC 1.25% 15-11/08/2022CV

EUR 2,333,350.00 0.442,300,000.00

7,010,962.97 1.31

PETROLEOS MEXICA 3.75% 16-15/03/2019 EUR 4,433,625.00 0.834,200,000.00Energy

TOTAL SA 15-29/12/2049 FRN EUR 1,886,596.70 0.352,000,000.006,320,221.70 1.18

AXA SA 14-20/05/2049 FRN EUR 2,079,914.86 0.392,018,000.00Insurance

AXA SA 16-06/07/2047 FRN EUR 764,679.34 0.14750,000.00CNP ASSURANCES 1.875% 16-20/10/2022 EUR 3,454,342.88 0.643,400,000.00

6,298,937.08 1.17

WEPA HYGIENEPROD 3.75% 16-15/05/2024 EUR 4,820,420.89 0.904,612,000.00Forest products & Paper

4,820,420.89 0.90

BOMBARDIER INC 6.125% 10-15/05/2021 EUR 4,232,980.00 0.794,000,000.00Diversified machinery

4,232,980.00 0.79

LAGARDERE SCA 2.75% 16-13/04/2023 EUR 3,874,295.90 0.723,700,000.00Media

3,874,295.90 0.72


Market valuein EUR

Currency %NAV

La Française LUX

51




ILIAD 2.125% 15-05/12/2022 EUR 3,762,849.60 0.703,600,000.00Internet

3,762,849.60 0.70

CRDT AGR ASSR 15-29/01/2049 FRN EUR 1,087,249.68 0.201,100,000.00Diversified services

HUMANIS PREVOYAN 5.75% 15-22/10/2025 EUR 2,540,870.00 0.482,500,000.003,628,119.68 0.68

THYSSENKRUPP 2.75% 16-08/03/2021 EUR 3,495,540.75 0.653,350,000.00Metal

3,495,540.75 0.65

INTL GAME TECH 4.125% 15-15/02/2020 EUR 3,242,766.00 0.603,000,000.00Private Equity

3,242,766.00 0.60

XPO LOGISTICS 5.75% 15-15/06/2021 EUR 3,193,701.00 0.603,000,000.00Transportation

3,193,701.00 0.60

LINCOLN FINANCE 6.875% 16-15/04/2021 EUR 2,997,912.50 0.562,750,000.00Financial services

2,997,912.50 0.56

447,943,094.95 83.56

AVIVA INVESTORS MONETAIRE F EUR 0.31 0.000.00


VICTOIRE MONETAIRE C EUR 0.23 0.000.000.54 0.00

0.54 0.00


Funds


42,476,721.05 7.92

42,476,721.05 7.92



Market valuein EUR

Currency %NAV

EURO BUXL 30Y BONDS 08/03/2017 EUR 13,187,520.00(76.00) (139,840.00)

Futures

EURO OAT FUTURE FRENCH GOVTB 08/03/2017

EUR 37,195,900.00(245.00) (254,800.00)

EURO-BUND FUTURE 08/03/2017 EUR 230,466,600.00(1,404.00) (3,061,560.00)US 10YR NOTE FUT (CBT) 22/03/2017 USD 72,818,973.69(618.00) 379,928.653MO EURO EURIBOR LIFFE18/03/2019

EUR 215,322,500.00(860.00) (121,475.00)

(3,197,746.35)

Total Futures (3,197,746.35)



in EUR


18,775,784.04 31/01/17181,030,000.00 121,674.57EURSEK 18,775,784.04Forward foreign exchange contracts

2,009,864.24 31/01/172,135,000.00 12,235.85EURUSD 2,009,864.241,815,000,000.00 31/01/1715,256,985.64 506,749.63JPYEUR 15,256,985.64

57,094,700.00 31/01/1753,971,762.78 (103,846.21)USDEUR 53,971,762.78

536,813.84

Total Forward foreign exchange contracts 536,813.84


in EUR

MaturityDate

Commitmentin EUR


EUR(1,200.00) 193,200,000.00 (252,000.00)

Options


EUR1,200.00 195,600,000.00 696,000.00

444,000.00




Total financial derivative instruments (2,216,932.51)


(2,216,932.51) (0.42)Total financial derivative instruments

%NAV



1,969,304.78 0.37Other assets and liabilities

536,100,003.53 100.00Total net assets

La Française LUX

52






100.00 91.48


France 30.35 27.72

Italy 16.15 14.80

Spain 11.75 10.74


Portugal 8.72 7.97

Germany 5.54 5.08

Japan 3.05 2.79




Other 5.34 4.91

100.00 91.48



assets


US TSY INFL IX N/B 0.75% 12-15/02/2042 29,342,338.37 5.47Government



PORTUGUESE OTS 3.85% 05-15/04/2021 19,131,416.70 3.57Government

SPANISH GOVT 1.3% 16-31/10/2026 16,626,379.72 3.10Government


PORTUGUESE OTS 3.875% 14-15/02/2030 15,712,677.00 2.93Government

JAPAN I/L-10YR 0.1% 16-10/03/2026 14,963,434.48 2.79Government

SPAIN I/L BOND 1.8% 14-30/11/2024 14,912,497.20 2.78Government

EUR

Sector

Top Ten Holdings

53


La Française LUX

La Française LUX - Obligations Emergentes (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2016

EUR


Investment in securities at market value 3.3 20,441,033.24Cash at bank 3.3 807,610.33Receivable on subscriptions of shares 2,209.00Dividends and interest receivable 308,147.84Formation expenses 3.5 6,729.94


LiabilitiesBank overdraft 0.02Accrued expenses 62,719.23Payable on redemptions of shares 14,298.10Net unrealised depreciation on forward foreign exchangecontracts

3.3, 11 187,332.62



Notes


IncomeDividends (net of withholding taxes) 3.4 124,111.82Interest on bonds 3.4 4,634,473.47Bank interest 327.07Other income 18 4,654.61


ExpensesManagement fees 6 292,481.81Operating costs 8 115,514.21Professional fees 15 75.82Transaction costs 17 291.80Taxe d'abonnement 5 7,616.10Bank interest and charges 2,737.17Amortisation of formation expenses 3.5 3,450.80Other expenses 16 2,562.34



Net realised gain / (loss) on: Investments 3.3 4,408,745.09Foreign currencies transactions 3.2 (340,921.56)Futures contracts 3.3 (59,682.02)Forward foreign exchange contracts 3.3 (592,687.04)


Net change in unrealised appreciation / (depreciation) on: Investments 3.3 1,203,642.62Forward foreign exchange contracts 3.3, 11 (1,881,470.28)


7,076,463.73



EURNotes







Class B EUR Capitalisation - - - -

Class I EUR Capitalisation 13,081.00 25,463.54 (38,544.54) -


La Française LUX

54

La Française LUX - Obligations Emergentes (in EUR)



ARAB REP EGYPT 5.875% 15-11/06/2025 USD 431,678.12 2.03500,000.00



ARGENTINA 5% 16-15/01/2027 EUR 884,786.00 4.151,000,000.00BRAZIL REP OF 4.25% 13-07/01/2025 USD 887,651.10 4.171,000,000.00COLOMBIA REP OF 7.375% 06-18/09/2037 USD 865,726.48 4.06750,000.00COSTA RICA 4.25% 12-26/01/2023 USD 873,429.72 4.101,000,000.00DOMINICAN REPUBL 7.45% 14-30/04/2044 USD 479,379.00 2.25500,000.00HUNGARY 5.375% 14-25/03/2024 USD 1,036,401.99 4.861,000,000.00INDONESIA (REP) 3.75% 16-14/06/2028 EUR 1,023,750.00 4.811,000,000.00IVORY COAST-PDI 6.375% 15-03/03/2028 USD 555,344.87 2.61600,000.00KAZAKHSTAN 5.125% 15-21/07/2025 USD 1,015,643.52 4.771,000,000.00MEXICAN UTD STS 6.75% 04-27/09/2034 USD 1,130,599.67 5.301,000,000.00NORTHERN LIGHTS 7% 12-16/08/2019 USD 430,033.78 2.02446,875.00PANAMA 8.875% 97-30/09/2027 USD 783,598.01 3.68600,000.00REP OF SRI LANKA 5.875% 12-25/07/2022 USD 467,527.85 2.19500,000.00REPUBLIC OF ECUA 10.5% 15-24/03/2020 USD 1,023,939.32 4.811,000,000.00REPUBLIC OF PERU 8.75% 03-21/11/2033 USD 836,217.11 3.93600,000.00ROMANIA 6.125% 14-22/01/2044 USD 443,232.99 2.08400,000.00RUSSIA 5.625% 12-04/04/2042 USD 613,652.52 2.88600,000.00SERBIA REPUBLIC 7.25% 11-28/09/2021 USD 636,406.73 2.99600,000.00TURKEY REP OF 6.625% 14-17/02/2045 USD 945,721.74 4.441,000,000.00ZAMBIA REP OF 5.375% 12-20/09/2022 USD 518,369.28 2.43600,000.00

15,883,089.80 74.56

EMPRESA NACIONAL 4.375% 14-30/10/2024

USD 854,322.07 4.01900,000.00Energy

ESKOM HOLDINGS 7.125% 15-11/02/2025 USD 718,179.66 3.37750,000.00STATE OIL CO AZE 4.75% 13-13/03/2023 USD 555,344.87 2.61600,000.00

2,127,846.60 9.99

BANK OF CHINA 5% 14-13/11/2024 USD 736,212.02 3.46750,000.00Banks

736,212.02 3.46

18,747,148.42 88.01


Funds


1,693,884.82 7.95

1,693,884.82 7.95



Market valuein EUR

Currency %NAV

18,037,903.46 31/01/1716,896,909.25 (187,332.62)USDEUR 16,896,909.25Forward foreign exchange contracts

(187,332.62)



in EUR

MaturityDate

Commitmentin EUR


Total financial derivative instruments (187,332.62)


(187,332.62) (0.88)Total financial derivative instruments

%NAV




21,301,380.38 100.00Total net assets

La Française LUX

55

La Française LUX - Obligations Emergentes (in EUR)





100.00 95.96


France 8.29 7.95

Mexico 5.53 5.30

Hungary 5.07 4.86

Ecuador 5.01 4.81

Indonesia 5.01 4.81

Kazakhstan 4.97 4.77

Turkey 4.63 4.44

Brazil 4.34 4.17

Argentina 4.33 4.15

Costa Rica 4.27 4.10

Colombia 4.24 4.06

Chile 4.18 4.01

Peru 4.09 3.93

Panama 3.83 3.68

Other 32.21 30.92

100.00 95.96



assets


MEXICAN UTD STS 6.75% 04-27/09/2034 1,130,599.67 5.30Government

HUNGARY 5.375% 14-25/03/2024 1,036,401.99 4.86Government

REPUBLIC OF ECUA 10.5% 15-24/03/2020 1,023,939.32 4.81Government

INDONESIA (REP) 3.75% 16-14/06/2028 1,023,750.00 4.81Government

KAZAKHSTAN 5.125% 15-21/07/2025 1,015,643.52 4.77Government

TURKEY REP OF 6.625% 14-17/02/2045 945,721.74 4.44Government

BRAZIL REP OF 4.25% 13-07/01/2025 887,651.10 4.17Government

ARGENTINA 5% 16-15/01/2027 884,786.00 4.15Government

COSTA RICA 4.25% 12-26/01/2023 873,429.72 4.10Government

EUR

Sector

Top Ten Holdings

56


La Française LUX

La Française LUX - Absolute Emerging Debt (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2016

EUR


Investment in securities at market value 3.3 91,030,956.75Cash at bank 3.3 12,937,060.12Receivable on subscriptions of shares 731,262.46Dividends and interest receivable 971,976.08Formation expenses 3.5 6,705.27


LiabilitiesBank overdraft 649.61Accrued expenses 71,913.36Payable on redemptions of shares 1,097.25Net unrealised depreciation on forward foreign exchangecontracts

3.3, 11 285,463.23

Net unrealised depreciation on futures contracts 3.3, 10 149,946.90Net unrealised depreciation on Credit Default Swap 382,048.58



Notes


IncomeInterest on bonds 3.4 1,234,120.37Bank interest 132.68Income on swaps 45,199.57Other income 18 666.66


ExpensesManagement fees 6 36,223.14Performance fees 9 15,886.52Operating costs 8 33,410.36Professional fees 15 50.96Transaction costs 17 1,130.73Taxe d'abonnement 5 4,741.82Bank interest and charges 7,025.25Interest charges on swaps contracts 100,762.45Amortisation of formation expenses 3.5 3,450.82Other expenses 16 2,959.32



Net realised gain / (loss) on: Investments 3.3 1,609,221.24Foreign currencies transactions 3.2 (273,068.38)Futures contracts 3.3 131,967.76Forward foreign exchange contracts 3.3 207,210.83Options and swaps contracts 3.3 341,110.47


Net change in unrealised appreciation / (depreciation) on: Investments 3.3 308,245.63Futures contracts 3.3, 10 (234,796.27)Forward foreign exchange contracts 3.3, 11 (739,991.13)Options and swaps contracts 3.3, 12 (471,944.02)


1,952,434.04



EURNotes







Class I EUR Capitalisation - 907,565.82 - 907,565.82


La Française LUX

57

La Française LUX - Absolute Emerging Debt (in EUR)



ARGENTINA 3.875% 16-15/01/2022 EUR 6,727,000.00 6.417,000,000.00



ARGENTINA 6.625% 16-06/07/2028 USD 561,033.42 0.54600,000.00BRAZIL REP OF 5% 14-27/01/2045 USD 1,925,811.80 1.842,500,000.00GHANA REP OF 9.25% 16-15/09/2022 USD 1,982,815.83 1.891,950,000.00INDONESIA (REP) 3.75% 16-14/06/2028 EUR 6,142,500.00 5.866,000,000.00KAZAKHSTAN 4.875% 14-14/10/2044 USD 452,121.36 0.43500,000.00MACEDONIA-C BOND 5.625% 16-26/07/2023

EUR 1,035,765.00 0.991,000,000.00

MONGOLIA 5.125% 12-05/12/2022 USD 609,758.71 0.58750,000.00MONTENEGRO REP 5.75% 16-10/03/2021 EUR 5,210,400.00 4.975,000,000.00REP OF HUNGARY 7.625% 11-29/03/2041 USD 4,255,795.21 4.063,200,000.00REP OF POLAND 5% 11-23/03/2022 USD 6,211,727.90 5.936,000,000.00REP OF SRI LANKA 6.85% 15-03/11/2025 USD 939,796.16 0.901,000,000.00RUSSIA 5.625% 12-04/04/2042 USD 3,068,262.62 2.933,000,000.00SERBIA REPUBLIC 5.875% 13-03/12/2018 USD 2,980,454.14 2.843,000,000.00TURKEY REP OF 6.625% 14-17/02/2045 USD 945,721.74 0.901,000,000.00ZAMBIA REP OF 8.5% 14-14/04/2024 USD 1,863,000.71 1.782,000,000.00

44,911,964.60 42.85

BULG ENRGY HLD 4.875% 16-02/08/2021 EUR 1,819,345.00 1.741,741,000.00Energy

ESKOM HOLDINGS 7.125% 15-11/02/2025 USD 4,117,563.40 3.924,300,000.00STATE OIL CO AZE 4.75% 13-13/03/2023 USD 1,851,149.56 1.772,000,000.00

7,788,057.96 7.43

OFFICE CHERIFIEN 5.625% 14-25/04/2024 USD 1,473,690.45 1.411,500,000.00Chemical

1,473,690.45 1.41

54,173,713.01 51.69

ITALY BOTS 0% 16-31/03/2017 EUR 11,513,204.30 10.9911,500,000.00


Money market instrumentsGovernment

LETRAS 0% 16-10/03/2017 EUR 17,015,772.43 16.2417,000,000.0028,528,976.73 27.23

28,528,976.73 27.23


Funds


8,328,267.01 7.95

8,328,267.01 7.95



Market valuein EUR

Currency %NAV

EURO-BUND FUTURE 08/03/2017 EUR 4,924,500.00(30.00) (78,840.00)

Futures

US 10YR NOTE FUT (CBT) 22/03/2017 USD 5,891,502.73(50.00) (71,106.90)

(149,946.90)

Total Futures (149,946.90)



in EUR


2,036,000,000.00 31/01/173,074,367.69 40,484.94CLPUSD 2,864,273.25Forward foreign exchange contracts

2,226,179.07 28/04/1749,700,000.00 12,038.22EURMXN 2,226,179.074,785,267.57 31/01/1721,500,000.00 89,447.71EURPLN 4,785,267.573,791,773.04 31/01/1714,100,000.00 (22,177.16)EURTRY 3,791,773.043,877,139.58 31/01/1757,500,000.00 79,838.78EURZAR 3,877,139.58

1,500,000,000.00 31/01/174,769,708.91 (84,697.32)HUFEUR 4,769,708.9149,700,000.00 28/04/172,248,672.30 10,683.92MXNEUR 2,248,672.3014,100,100.00 31/01/173,831,238.67 62,118.49TRYEUR 3,831,238.6735,236,949.18 31/01/1733,110,320.55 (263,550.69)USDEUR 33,110,320.553,078,797.80 31/01/1763,240,000.00 (21,032.37)USDMXN 2,882,859.88

57,500,000.00 31/01/173,769,757.13 (188,617.75)ZAREUR 3,769,757.13

(285,463.23)



in EUR

MaturityDate

Commitmentin EUR

20/12/18BRAZIL REP OF4.25% 13-07/01/2025

13,000,000.00 29,428.04USDSell 1.000Credit Default Swaps contracts

20/12/21BRAZIL REP OF4.25% 13-07/01/2025

6,500,000.00 (484,471.15)USDBuy 1.000

20/12/21MOROCCOKINGDOM 5.375%07-27/06/2017

1,500,000.00 51,624.97USDSell 1.000

20/12/20PEMEX MASTERTR 6.625% 06-15/06/2035

2,400,000.00 (131,145.40)USDBuy 1.000

20/12/21PETROMEXICANOS 9.5%97-15/09/2027

3,000,000.00 (250,652.72)USDBuy 1.000

20/12/21SOUTH AFRICA5.5% 10-09/03/2020

5,000,000.00 247,622.60USDSell 1.000

20/12/20SOUTH AFRICA5.5% 10-09/03/2020

2,600,000.00 65,617.35USDSell 1.000

20/12/21UNITED MEXICAN5.95% 08-19/03/2019

3,000,000.00 71,109.34USDSell 1.000

20/12/20UNITED MEXICAN5.95% 08-19/03/2019

2,400,000.00 18,818.39USDSell 1.000

(382,048.58)

Sell /Buy

Underlying NotionalMaturityDate

Unrealisedappreciation /(depreciation)

in EUR

CurrencyInterestrate

(%)

Total Credit Default Swap contracts (382,048.58)




%NAV



1,636,933.20 1.55Other assets and liabilities

104,786,841.75 100.00Total net assets

La Française LUX

58

La Française LUX - Absolute Emerging Debt (in EUR)




Money market instruments 31.34 27.23


100.00 86.87


Spain 18.68 16.24

Italy 12.65 10.99

France 9.15 7.95

Argentina 8.01 6.95

Poland 6.82 5.93

Indonesia 6.75 5.86

Montenegro 5.72 4.97

Hungary 4.68 4.06


Russia 3.37 2.93

Republic of Serbia 3.27 2.84

Ghana 2.18 1.89

Brazil 2.12 1.84

Zambia 2.05 1.78

Other 10.03 8.72

100.00 86.87



assets

LETRAS 0% 16-10/03/2017 17,015,772.43 16.24Government

ITALY BOTS 0% 16-31/03/2017 11,513,204.30 10.99Government


ARGENTINA 3.875% 16-15/01/2022 6,727,000.00 6.41Government

REP OF POLAND 5% 11-23/03/2022 6,211,727.90 5.93Government


MONTENEGRO REP 5.75% 16-10/03/2021 5,210,400.00 4.97Government

REP OF HUNGARY 7.625% 11-29/03/2041 4,255,795.21 4.06Government

ESKOM HOLDINGS 7.125% 15-11/02/2025 4,117,563.40 3.92Energy

RUSSIA 5.625% 12-04/04/2042 3,068,262.62 2.93Government

EUR

Sector

Top Ten Holdings

59


La Française LUX

La Française LUX - Protectaux (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2016

EUR

AssetsInvestment in securities at cost 82,951,822.48Unrealised appreciation / (depreciation) on securities (143,119.55)

Investment in securities at market value 3.3 82,808,702.93Cash at bank 3.3 2,933,201.79Receivable on subscriptions of shares 507,476.35Formation expenses 3.5 6,729.94


LiabilitiesBank overdraft 1.07Accrued expenses 14,502.63Net unrealised depreciation on futures contracts 3.3, 10 1,043,950.00



Notes


IncomeBank interest 0.09Other income 18 666.67

Total income 666.76

ExpensesManagement fees 6 9,208.18Operating costs 8 52,371.71Professional fees 15 640.12Transaction costs 17 4,401.51Taxe d'abonnement 5 7,410.97Bank interest and charges 8,027.70Amortisation of formation expenses 3.5 3,450.80Other expenses 16 6,339.01



Net realised gain / (loss) on: Investments 3.3 (201,307.82)Foreign currencies transactions 3.2 (0.03)Futures contracts 3.3 (3,110,680.00)


Net change in unrealised appreciation / (depreciation) on: Investments 3.3 (122,188.04)Futures contracts 3.3, 10 (2,081,250.00)


(5,606,609.13)



EURNotes







Class B EUR Capitalisation - - - -

Class I EUR Capitalisation 1.00 28,319.65 (14,737.65) 13,583.00


La Française LUX

60

La Française LUX - Protectaux (in EUR)



FRENCH BTF 0% 16-01/02/2017 EUR 10,005,400.00 11.7410,000,000.00


Money market instrumentsGovernment

FRENCH BTF 0% 16-04/01/2017 EUR 18,000,360.00 21.1418,000,000.00FRENCH BTF 0% 16-08/02/2017 EUR 9,006,525.00 10.579,000,000.00FRENCH BTF 0% 16-21/06/2017 EUR 10,031,500.00 11.7710,000,000.00FRENCH BTF 0% 16-24/05/2017 EUR 7,021,805.00 8.247,000,000.00FRENCH BTF 0% 16-25/01/2017 EUR 3,401,326.00 3.993,400,000.00FRENCH BTF 0% 16-26/04/2017 EUR 9,521,232.50 11.189,500,000.00FRENCH BTF 0% 16-29/03/2017 EUR 11,015,785.00 12.9311,000,000.00

78,003,933.50 91.56

78,003,933.50 91.56


Funds


4,804,769.43 5.64

4,804,769.43 5.64



Market valuein EUR

Currency %NAV

EURO BUXL 30Y BONDS 08/03/2017 EUR 14,749,200.00(85.00) (194,600.00)

Futures

EURO-BUND FUTURE 08/03/2017 EUR 60,735,500.00(370.00) (849,350.00)

(1,043,950.00)

Total Futures (1,043,950.00)



in EUR


Total financial derivative instruments (1,043,950.00)


(1,043,950.00) (1.23)Total financial derivative instruments

%NAV




85,197,657.31 100.00Total net assets

La Française LUX

61

La Française LUX - Protectaux (in EUR)



Money market instruments 94.20 91.56


100.00 97.20


France 100.00 97.20

100.00 97.20



assets

FRENCH BTF 0% 16-04/01/2017 18,000,360.00 21.14Government









EUR

Sector

Top Ten Holdings

62


La Française LUX

La Française LUX - Rendement Global 2020 - USD (in USD)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2016

USD


Investment in securities at market value 3.3 4,449,432.21Cash at bank 3.3 9,838.55





Notes


Income

ExpensesManagement fees 6 29,724.70Operating costs 8 9,296.90Professional fees 15 56.74Taxe d'abonnement 5 749.51Bank interest and charges 40.02Other expenses 16 4,809.82



Net realised gain / (loss) on: Investments 3.3 56,279.20




515,153.16



USDNotes







Class D USD Distribution - - - -

Class I USD Capitalisation 3,764.53 - (85.49) 3,679.04

Class R USD Capitalisation 8,172.31 840.00 (5,963.49) 3,048.82

La Française LUX

63

La Française LUX - Rendement Global 2020 - USD (in USD)



LFP RDM GLOB 2020 PARTS F 3DECIMALES

USD 4,449,432.21 99.9638,483.24

Funds


4,449,432.21 99.96

4,449,432.21 99.96



Market valuein USD

Currency %NAV





4,451,359.18 100.00Total net assets

La Française LUX

64

La Française LUX - Rendement Global 2020 - USD (in USD)




100.00 99.96


France 100.00 99.96

100.00 99.96



assets

LFP RDM GLOB 2020 PARTS F 3 DECIMALES 4,449,432.21 99.96Open-ended Funds

USD

Sector

Top Ten Holdings

65


La Française LUX

La Française LUX - Rendement Global 2022** (in EUR)Statement of Operations and Changes in Net Assets for theperiod ended December 31, 2016

EUR

Assets

Liabilities

Net assets at the end of the period -

Notes


** This Sub-Fund was liquidated on September 22, 2016.

Income

ExpensesManagement fees 6 10,108.29Operating costs 8 43.92Taxe d'abonnement 5 326.71Bank interest and charges 39.93Printing & Publication fees 304.80Amortisation of formation expenses 3.5 3,183.04Other expenses 16 3,258.76



Net realised gain / (loss) on: Investments 3.3 58,993.11Foreign currencies transactions 3.2 88,170.81Futures contracts 3.3 (7,265.08)Forward foreign exchange contracts 3.3 (14,557.84)

Net realised gain / (loss) for the period 108,075.55

Net change in unrealised appreciation / (depreciation) on: Investments 3.3 1,669.56Forward foreign exchange contracts 3.3, 11 (11,117.80)


98,627.31

Proceeds received on subscription of shares 115,103.82Net amount paid on redemption of shares (2,363,569.47)Dividend distribution 20 (36,331.93)Net assets at the beginning of the period 2,186,170.27


EURNotes

Statement of Operations and Changes in Net Assets forthe period ended December 31, 2016

Number of shares in issue atthe end of the period

Number of shares in issue atthe beginning of the period




Class D EUR Distribution 1,752.00 1,025.00 (2,777.00) -

Class T EUR Distribution 301.00 - (301.00) -

Class D USD Hedged Distribution 5,000.00 - (5,000.00) -

Class R USD Hedged Capitalisation 10,250.67 137.65 (10,388.32) -

Class I USD Hedged Capitalisation 559.00 - (559.00) -

Class D SEK Hedged Distribution 5,000.00 - (5,000.00) -

Class R SEK Hedged Capitalisation 5,000.00 - (5,000.00) -

66


La Française LUX

La Française LUX - Allocation (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2016

EUR


Investment in securities at market value 3.3 16,211,368.80Cash at bank 3.3 94,239.15





Notes


Income

ExpensesManagement fees 6 466,264.31Operating costs 8 78,135.11Professional fees 15 50.97Transaction costs 17 7.00Taxe d'abonnement 5 4,982.31Bank interest and charges 26.61Printing & Publication fees 2,181.12Other expenses 16 9,530.19





Net change in unrealised appreciation / (depreciation) on: Investments 3.3 (2,484,342.41)


(2,267,220.77)

Proceeds received on subscription of shares -Net amount paid on redemption of shares (25,290,227.72)Net assets at the beginning of the year 43,763,849.85


EURNotes







Class I EUR Capitalisation 37,380.90 - (25,046.90) 12,334.00

Class R EUR Capitalisation 37,028.75 - (1.00) 37,027.75

La Française LUX

67

La Française LUX - Allocation (in EUR)



LFP ALLOCATION F 5D EUR 16,211,368.80 100.03155,460.00

Funds


16,211,368.80 100.03

16,211,368.80 100.03



Market valuein EUR

Currency %NAV





16,206,401.36 100.00Total net assets

La Française LUX

68

La Française LUX - Allocation (in EUR)




100.00 100.03


France 100.00 100.03

100.00 100.03



assets

LFP ALLOCATION F 5D 16,211,368.80 100.03Open-ended Funds

EUR

Sector

Top Ten Holdings

69


La Française LUX

La Française LUX - Forum Global Real Estate Securities (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2016

EUR


Investment in securities at market value 3.3 86,079,906.00Investment in options at market value 14 193,619.33Cash at bank 3.3 11,187,453.04Receivable on subscriptions of shares 26,266.47Receivable on withholding tax reclaim 2,247.52Net unrealised appreciation on contracts for difference 3.3, 13 10,010.05Dividends and interest receivable 431,880.87


LiabilitiesBank overdraft 28,988.85Accrued expenses 420,958.82Payable on redemptions of shares 61,101.31Payable on contracts for difference 146,383.03Net unrealised depreciation on forward foreign exchangecontracts

3.3, 11 494,198.48

Dividend distribution and other liabilities 20 37,449.29



Notes


IncomeDividends (net of withholding taxes) 3.4 3,843,707.42Bank interest 18.90Income on swaps 1,075.06


ExpensesManagement fees 6 1,570,645.63Operating costs 8 482,795.06Professional fees 15 7,852.45Transaction costs 17 276,143.46Taxe d'abonnement 5 21,499.54Bank interest and charges 42,085.75Interest charges on swaps contracts 1,619,803.85Printing & Publication fees 9,724.12Other expenses 16 83,180.54



Net realised gain / (loss) on: Investments 3.3 1,570,915.47Foreign currencies transactions 3.2 (63,199.13)Futures contracts 3.3 (8,868.39)Forward foreign exchange contracts 3.3 (225,085.73)Options and swaps contracts 3.3 (1,675,624.55)Contracts for difference 3.3 (1,705,968.69)


Net change in unrealised appreciation / (depreciation) on: Investments 3.3 1,729,842.28Forward foreign exchange contracts 3.3, 11 423,773.56Options and swaps contracts 3.3, 12 (345,179.75)Contracts for difference 3.3, 13 (139,911.67)


(708,235.62)

Proceeds received on subscription of shares 25,615,544.18Net amount paid on redemption of shares (42,985,770.95)Dividend distribution 20 (2,533,201.84)Net assets at the beginning of the year 117,353,967.73


EURNotes







Class R EUR Distribution 92,689.28 15,697.69 (10,816.53) 97,570.44

Class R EUR Capitalisation 129,475.77 72,107.21 (36,767.58) 164,815.40

Class R USD Distribution 8,676.23 34.65 (5,287.88) 3,423.00

Class R USD Capitalisation 6,527.52 0.03 (2,434.49) 4,093.06

Class R USD Hedged Capitalisation 5,000.00 515.00 (5,000.00) 515.00

70


La Française LUX

La Française LUX - Forum Global Real Estate Securities (in EUR)






Class I EUR Distribution 429,842.10 11,000.01 (20,010.25) 420,831.86


Class I USD Distribution 11,201.54 7,164.00 (11,201.54) 7,164.00

Class I USD Capitalisation 68,991.00 88,945.00 (130,032.00) 27,904.00

Class I USD Hedged Distribution 10,475.00 2,000.00 - 12,475.00

Class I USD Hedged Capitalisation 21,676.93 - (21,676.93) -

Class LatAm A USD Distribution 10.00 - - 10.00

Class LatAm C USD Capitalisation 10.00 - - 10.00

Class I CHF Capitalisation - 56,660.00 (31,125.00) 25,535.00

Class J JPY Hedged Capitalisation 57,214.67 - (50,140.39) 7,074.28

La Française LUX

71




AKELIUS RESIDENTIAL AB-PREF SEK 849,625.55 0.8826,736.00


SharesReal estate

APOLLO COMMERCIAL REAL ESTAT USD 1,150,282.06 1.1973,000.00ASHFORD HOSPITAL 7.375% 16-31/12/2049 USD 2,807,121.34 2.91124,065.00ATRIUM EUROPEAN REAL ESTATE EUR 858,280.56 0.89218,392.00BOSTON PROPERTIES INC USD 989,783.36 1.028,300.00BRITISH LAND CO PLC GBP 1,895,233.06 1.96256,993.00CARE CAPITAL PROPERTIES INC USD 2,194,832.90 2.2792,600.00CDL HOSPITALITY TRUSTS SGD 979,981.62 1.011,114,400.00CHARTER HALL RETAIL REIT AUD 2,138,246.70 2.21736,305.00CHATHAM LODGING TRUST USD 1,116,119.74 1.1557,286.00CHEUNG KONG PROPERTY HOLDING HKD 2,308,407.67 2.39397,000.00CHINA JINMAO HOLDINGS GROUP HKD 1,228,291.75 1.274,806,000.00CHINA RESOURCES LAND LTD HKD 1,313,707.48 1.36616,000.00CITYCON OYJ EUR 1,355,018.29 1.40579,563.00CROMBIE REAL ESTATE INVESTME CAD 1,961,292.06 2.03204,282.00CUBESMART USD 1,347,700.40 1.3953,100.00CYRUSONE INC USD 1,860,657.74 1.9243,875.00DIGITAL REALTY 7.375% 14-31/12/2049FLAT

USD 2,171,227.78 2.2484,350.00

DREAM OFFICE REAL ESTATE INV CAD 1,202,398.60 1.2486,994.00EPR PROPERTIES USD 1,095,925.69 1.1316,106.00EQUITY RESIDENTIAL USD 1,433,951.17 1.4823,500.00EUROCOMMERCIAL PROPERTIE-CV EUR 1,664,727.26 1.7245,503.00FORTUNE REIT HKD 658,043.57 0.68625,000.00FRASERS LOGISTICS & INDUSTRI SGD 1,193,005.97 1.231,965,300.00GRAND CITY PROPERTIES EUR 1,215,556.16 1.2670,304.00GREAT PORTLAND ESTATES PLC GBP 855,094.20 0.88109,186.00HAMMERSON PLC GBP 1,280,859.07 1.32190,810.00HANG LUNG PROPERTIES LTD HKD 868,474.44 0.90432,000.00H&R REAL ESTATE INV-REIT UTS CAD 1,284,584.74 1.3381,224.00IMMOBILIARE GRANDE DISTRIBUZ EUR 1,111,351.58 1.151,535,016.00INDUSTRIA REIT AUD 1,217,377.18 1.26844,396.00INVESTA OFFICE FUND AUD 2,114,842.56 2.19652,644.00JAPAN HOTEL REIT INVESTMENT JPY 1,392,198.72 1.442,179.00JAPAN RETAIL FUND INVESTMENT JPY 952,009.74 0.98495.00KENEDIX RESIDENTIAL INVESTME JPY 900,457.48 0.93350.00KEPPEL REIT SGD 1,403,152.64 1.452,096,200.00KLEPIERRE EUR 2,536,098.95 2.6267,910.00KLOVERN AB-PREF SEK 1,009,027.40 1.0433,513.00MACERICH CO/THE USD 1,371,666.58 1.4220,423.00MACQUARIE MEXICO REAL ESTATE MXN 942,431.58 0.97958,730.00MAPLETREE GREATER CHINA COMM SGD 1,712,655.86 1.772,747,100.00MERCIALYS EUR 1,710,803.52 1.7788,896.00MERLIN PROPERTIES SOCIMI SA EUR 1,653,409.47 1.71160,059.00MITSUI FUDOSAN CO LTD JPY 2,630,112.75 2.73119,615.00NSI NV EUR 1,143,471.60 1.18318,960.00ORIX JREIT INC JPY 991,332.36 1.02661.00PROLOGIS PROPERTY MEXICO SA MXN 811,387.31 0.84593,635.00PROSPERITY REIT HKD 1,310,415.58 1.353,502,000.00QTS REALTY TRUST INC-CL A USD 989,422.47 1.0221,019.00REGENCY CENTERS 6% 12-31/12/2049FLAT

USD 1,537,479.02 1.5966,900.00

SIMON PROPERTY GROUP INC USD 1,465,493.24 1.518,700.00SPIRIT REALTY CAPITAL INC USD 1,175,557.03 1.22114,173.00STAG INDUSTRIAL INC USD 1,228,295.09 1.2754,275.00STARWOOD PROPERTY TRUST INC USD 1,273,776.35 1.3261,208.00STOCKLAND AUD 2,507,199.41 2.59797,377.00SUMITOMO REALTY + DEVELOPMEN JPY 934,167.23 0.9737,000.00TOKYO TATEMONO CO LTD JPY 1,837,167.37 1.90144,600.00VONOVIA SE EUR 854,492.35 0.8827,649.00WASHINGTON PRIME GROUP INC USD 885,306.47 0.9289,700.00WERELDHAVE NV EUR 1,515,670.96 1.5735,446.00YUEXIU REAL ESTATE INVESTMEN HKD 1,127,323.86 1.172,254,000.00

85,523,984.64 88.41

EXTENDED STAY AMERICA INC USD 555,921.36 0.5736,307.00Lodging & Restaurants

555,921.36 0.57

86,079,906.00 88.98


Market valuein EUR

Currency %NAV



Market valuein EUR

Currency %NAV

565,077.37 31/01/1769,298,828.00 (1,891.80)EURJPY 565,077.37Forward foreign exchange contracts

1,090,110.21 31/01/171,140,593.21 (9,832.16)EURUSD 1,090,110.2111,062,500.00 18/01/1710,000,000.00 (482,474.52)USDEUR 10,000,000.00

(494,198.48)



in EUR

MaturityDate

Commitmentin EUR


PUT S&P 500 INDEX - SPX 16/06/20172000

USD34.00 6,447,025.60 110,566.48

Options

PUT S&P 500 INDEX - SPX 17/03/20172000

USD73.00 13,842,143.20 83,052.85

193,619.33




AVALONBAY COMMUNITIES INC 26/03/2060 EUR 4,628.22(499,881.00)

Contract for Difference ("CFD")

Name Currency Unrealisedappreciation /(depreciation)

in EUR

Commitmentin EUR

CASTELLUM AB 09/02/2061 EUR 7,107.92(1,960,546.32)DAIWA HOUSE INDUSTRY CO LTD15/01/2061

EUR (2,648.18)(2,414,548.31)

DEXUS PROPERTY GROUP 17/02/2061 EUR 3.38(1,390,600.56)DOUGLAS EMMETT INC 05/02/2061 EUR 714.24(1,179,312.20)EMPIRE STATE REALTY TRUST-A23/05/2061

EUR 4,488.64(992,169.88)

FELCOR LODGING TRUST INC 21/01/2061 EUR 3,285.59(1,715,207.11)GECINA SA 08/12/2056 EUR 1,448.85(2,537,902.25)GOODMAN GROUP 24/08/2060 EUR (8,022.28)(1,922,812.92)HIGHWOODS PROPERTIES INC 09/10/2059 EUR 1,334.15(1,340,014.81)JAPAN PRIME REALTY INVESTMEN06/01/2060

EUR (4,782.12)(1,705,023.47)

KERRY PROPERTIES LTD 13/10/2061 EUR 676.00(940,994.42)KIMCO REALTY CORP 26/03/2060 EUR 469.28(676,944.61)LAND SECURITIES GROUP PLC 09/10/2059 EUR 5.00(624,197.20)LEG IMMOBILIEN AG 12/08/2058 EUR 1,295.00(1,364,005.00)LIBERTY PROPERTY TRUST 06/07/2061 EUR 621.30(599,340.78)PROLOGIS INC 09/10/2059 EUR 1,794.74(1,501,622.86)REALTY INCOME CORP 09/10/2059 EUR 963.75(801,158.95)REGENCY CENTERS CORP 09/10/2059 EUR 932.43(869,615.35)SCENTRE GROUP 24/02/2061 EUR (3,920.89)(741,071.03)SHIMAO PROPERTY HOLDINGS LTD12/01/2061

EUR 1,641.20(1,089,013.20)

SUN HUNG KAI PROPERTIES 06/01/2060 EUR (1,567.62)(2,157,641.82)TAUBMAN CENTERS INC 09/11/2060 EUR 428.40(350,482.95)UNITED URBAN INVESTMENT CORP19/01/2060

EUR (2,104.99)(1,813,817.22)

URBAN EDGE PROPERTIES 09/02/2061 EUR 1,218.04(1,636,089.47)10,010.05

Total swap CFD 10,010.05


La Française LUX

72





%NAV




96,742,303.50 100.00Total net assets

La Française LUX

73




Shares 100.00 88.98

100.00 88.98



Japan 11.20 9.97

Australia 9.27 8.25

Singapore 6.91 6.14

Hong Kong 5.27 4.69

Canada 5.17 4.60


France 4.93 4.39



Sweden 2.16 1.92

Mexico 2.04 1.81

Other 8.19 7.29

100.00 88.98



assets

ASHFORD HOSPITAL 7.375% 16-31/12/2049 2,807,121.34 2.91Real estate

MITSUI FUDOSAN CO LTD 2,630,112.75 2.73Real estate

KLEPIERRE 2,536,098.95 2.62Real estate

STOCKLAND 2,507,199.41 2.59Real estate

CHEUNG KONG PROPERTY HOLDING 2,308,407.67 2.39Real estate

CARE CAPITAL PROPERTIES INC 2,194,832.90 2.27Real estate

DIGITAL REALTY 7.375% 14-31/12/2049 FLAT 2,171,227.78 2.24Real estate

CHARTER HALL RETAIL REIT 2,138,246.70 2.21Real estate

INVESTA OFFICE FUND 2,114,842.56 2.19Real estate

CROMBIE REAL ESTATE INVESTME 1,961,292.06 2.03Real estate

EUR

Sector

Top Ten Holdings

74


La Française LUX

La Française LUX - Inflection Point Zero Carbon (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2016

EUR


Investment in securities at market value 62,854,102.42Cash at bank 77,722.33Receivable on withholding tax reclaim 8,628.38Dividends and interest receivable 34,308.91Prepaid expenses and other assets 44,526.41





Notes


IncomeDividends (net of withholding taxes) 638,453.37Bank interest 12.45Other income 18 41,166.41


ExpensesManagement fees 6 237,302.99Operating costs 8 78,474.49Transaction costs 17 90,188.67Taxe d'abonnement 3,379.94Bank interest and charges 1,249.00Other expenses 16 8,092.29



Net realised gain / (loss) on: Investments (555,054.20)Foreign currencies transactions (234,391.29)Futures contracts 3.3 (16,374.51)Forward foreign exchange contracts 3.3 (192,944.86)Options and swaps contracts 24,325.01


Net change in unrealised appreciation / (depreciation) on: Investments 4,109,408.27Futures contracts 3.3, 10 (6,126.30)Forward foreign exchange contracts 3.3, 11 (4,553.41)


3,385,233.56

Proceeds received on subscription of shares 36,414,639.66Net amount paid on redemption of shares (897,441.78)Net assets at the beginning of the year 24,029,071.33


EURNotes







Class I EUR Capitalisation 25,100.00 37,187.40 - 62,287.40

Class I USD Capitalisation 1,000.00 553.00 (1,000.00) 553.00

La Française LUX

75

La Française LUX - Inflection Point Zero Carbon (in EUR)



AUST AND NZ BANKING GROUP AUD 1,185,264.78 1.8856,754.00


SharesBanks

CITIGROUP INC USD 747,868.59 1.1913,273.00GOLDMAN SACHS GROUP INC USD 1,203,209.29 1.915,300.00INDUSTRIAL AND CIAL BK CHINA -H- HKD 656,541.80 1.041,154,617.00ING GROEP NV EUR 952,853.16 1.5171,268.00INVESTEC PLC GBP 583,452.58 0.9392,917.00MITSUBISHI UFJ FINANCIAL GRO JPY 1,244,985.99 1.98212,662.00MORGAN STANLEY USD 1,196,939.80 1.9029,881.00SKANDINAVISKA ENSKILDA BAN-A SEK 950,214.93 1.5195,290.00SUMITOMO MITSUI FINANCIAL GR JPY 578,360.57 0.9215,953.00TORONTO-DOMINION BANK CAD 627,344.90 1.0013,400.00UNICREDIT SPA EUR 355,127.46 0.56129,893.00

10,282,163.85 16.33

ABBVIE INC USD 949,556.08 1.5115,994.00Cosmetics

ASTELLAS PHARMA INC JPY 933,341.47 1.4870,724.00FRESENIUS MEDICAL CARE AG & EUR 988,891.40 1.5712,292.00GILEAD SCIENCES INC USD 707,918.91 1.1210,427.00LOREAL EUR 661,000.80 1.053,812.00MERCK & CO. INC. USD 643,537.43 1.0211,530.00PFIZER INC USD 884,096.52 1.4028,710.00ROCHE HOLDING AG-GENUSSCHEIN CHF 634,442.54 1.012,924.00SHIRE PLC GBP 777,447.42 1.2414,168.00

7,180,232.57 11.40

BEIJING ENTERPRISES WATER GR HKD 596,806.86 0.95945,829.00Energy

BEIJING JINGNENG CLEAN ENE-H HKD 596,817.93 0.952,025,132.00CANADIAN SOLAR INC USD 586,487.64 0.9350,788.00CONCHO RESOURCES INC USD 813,263.24 1.296,469.00ENERGY DEVELOPMENT CORP PHP 391,394.01 0.623,984,942.00ENI SPA EUR 638,617.07 1.0141,281.00EOG RESOURCES INC USD 802,857.17 1.288,376.00FIRST SOLAR INC USD 187,230.96 0.306,154.00HUANENG RENEWABLES CORP-H HKD 770,040.87 1.222,498,859.00PIONEER NATURAL RESOURCES CO USD 572,092.51 0.913,351.00TOTAL SA EUR 1,135,322.16 1.8123,303.00

7,090,930.42 11.27

AT&T INC USD 641,649.58 1.0215,913.00Telecommunication

EUTELSAT COMMUNICATIONS EUR 333,648.51 0.5318,138.00MTN GROUP LTD ZAR 631,335.48 1.0072,174.00NIPPON TELEGRAPH & TELEPHONE JPY 1,007,827.88 1.6025,241.00ORANGE EUR 939,675.20 1.4965,097.00VERIZON COMMUNICATIONS INC USD 1,012,638.46 1.6220,009.00

4,566,775.11 7.26

ACUITY BRANDS INC-W/D USD 959,335.75 1.524,383.00Electric & Electronic

INTEL CORP USD 613,091.09 0.9717,829.00LAM RESEARCH CORP USD 973,648.25 1.559,713.00MURATA MANUFACTURING CO LTD JPY 595,617.16 0.954,682.00NIDEC CORP JPY 639,428.45 1.027,800.00

3,781,120.70 6.01

BAYERISCHE MOTOREN WERKE AG EUR 709,112.50 1.137,990.00Auto Parts & Equipment

BYD CO LTD-H HKD 541,353.10 0.86108,372.00DELPHI AUTOMOTIVE PLC USD 936,482.67 1.4914,666.00NGK INSULATORS LTD JPY 644,714.24 1.0234,986.00ROCKWELL AUTOMATION INC USD 907,510.59 1.447,122.00

3,739,173.10 5.94

CAPGEMINI EUR 624,368.50 0.997,790.00Office & Business equipment

CHECK POINT SOFTWARE TECH USD 647,253.07 1.038,083.00INTL BUSINESS MACHINES CORP USD 698,739.61 1.114,440.00LENOVO GROUP LTD HKD 250,010.70 0.40435,000.00


Market valuein EUR

Currency %NAV

PAX GLOBAL TECHNOLOGY LTD HKD 270,901.79 0.43431,000.002,491,273.67 3.96


MARRIOTT INTERNATIONAL -CL A USD 1,020,693.32 1.6313,021.00WHITBREAD PLC GBP 643,724.84 1.0214,552.00

2,281,396.18 3.63

ALPHABET INC-CL C USD 979,821.74 1.561,339.00Internet

CRITEO SA-SPON ADR USD 1,076,395.32 1.7127,637.002,056,217.06 3.27

LINCOLN NATIONAL CORP USD 802,088.48 1.2712,766.00Insurance

PRUDENTIAL FINANCIAL INC USD 597,376.91 0.956,055.00SUNCORP GROUP LTD AUD 613,672.11 0.9866,115.00

2,013,137.50 3.20

ARYZTA AG CHF 802,614.18 1.2819,184.00Food services

CARREFOUR SA EUR 1,170,800.61 1.8651,149.001,973,414.79 3.14

BIOGEN INC USD 1,016,828.22 1.623,782.00Biotechnology

CELGENE CORP USD 591,178.24 0.945,387.001,608,006.46 2.56

TUPPERWARE BRANDS CORP USD 552,715.79 0.8811,079.00Distribution & Wholesale

WHIRLPOOL CORP USD 1,021,427.63 1.625,927.001,574,143.42 2.50

EATON CORP PLC USD 847,251.77 1.3413,320.00Diversified machinery

INGERSOLL-RAND PLC USD 696,009.78 1.119,783.001,543,261.55 2.45

LVMH MOET HENNESSY LOUIS VUI EUR 768,229.00 1.224,235.00Textile

NIKE INC CL B USD 765,714.98 1.2215,889.001,533,943.98 2.44

APPLE INC USD 1,445,183.24 2.3013,161.00Computer hardware

1,445,183.24 2.30

MICROSOFT CORP USD 1,398,746.51 2.2223,742.00Computer software

1,398,746.51 2.22

PROSIEBENSAT.1 MEDIA SE EUR 469,999.18 0.7512,838.00Media

WALT DISNEY Co USD 607,682.39 0.966,150.001,077,681.57 1.71

HANNON ARMSTRONG SUSTAINABLE USD 615,133.77 0.9834,166.00Financial services

VISA INC-CLASS A SHARES USD 461,721.58 0.736,242.001,076,855.35 1.71

NEWMONT MINING CORP USD 359,257.21 0.5711,122.00Metal

RIO TINTO PLC GBP 548,445.26 0.8714,822.00907,702.47 1.44

FEDEX CORP USD 867,315.10 1.384,913.00Transportation

867,315.10 1.38

SEKISUI HOUSE LTD JPY 852,902.16 1.3653,932.00Building materials

852,902.16 1.36


Market valuein EUR

Currency %NAV

La Française LUX

76




AIRBUS SE EUR 761,055.24 1.2112,111.00Engineering & Construction

761,055.24 1.21

TECHNIP SA EUR 751,470.42 1.1911,082.00Chemical

751,470.42 1.19

62,854,102.42 99.88



Market valuein EUR

Currency %NAV




(86.02) -Other assets and liabilities

62,931,502.77 100.00Total net assets

La Française LUX

77




Shares 100.00 99.88

100.00 99.88



France 12.85 12.83

Japan 10.34 10.33

China 4.08 4.07

Germany 3.45 3.45

Australia 2.86 2.86


Jersey 2.73 2.73


Ireland 2.46 2.45


Other 9.46 9.44

100.00 99.88



assets

APPLE INC 1,445,183.24 2.30Computer hardware

MICROSOFT CORP 1,398,746.51 2.22Computer software

MITSUBISHI UFJ FINANCIAL GRO 1,244,985.99 1.98Banks

GOLDMAN SACHS GROUP INC 1,203,209.29 1.91Banks

MORGAN STANLEY 1,196,939.80 1.90Banks

AUST AND NZ BANKING GROUP 1,185,264.78 1.88Banks

CARREFOUR SA 1,170,800.61 1.86Food services

TOTAL SA 1,135,322.16 1.81Energy

CRITEO SA-SPON ADR 1,076,395.32 1.71Internet

WHIRLPOOL CORP 1,021,427.63 1.62Distribution &Wholesale

EUR

Sector

Top Ten Holdings

78


La Française LUX

La Française LUX - JKC Asia Bond (in USD)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2016

USD

AssetsInvestment in securities at cost 49,988,560.80Unrealised appreciation / (depreciation) on securities (52,767.11)

Investment in securities at market value 3.3 49,935,793.69Cash at bank 3.3 2,924,758.35Net unrealised appreciation on forward foreign exchangecontracts

3.3, 11 485,288.73

Dividends and interest receivable 539,427.10Formation expenses 3.5 10,554.87


LiabilitiesBank overdraft 117,617.41Accrued expenses 153,163.19Dividend distribution and other liabilities 20 (40.85)



Notes


IncomeInterest on bonds 3.4 2,316,352.46Bank interest 126.99


ExpensesManagement fees 6 544,882.60Operating costs 8 740.87Professional fees 15 547.57Taxe d'abonnement 5 5,704.72Amortisation of formation expenses 3.5 2,373.05Other expenses 16 234,740.13



Net realised gain / (loss) on: Investments 3.3 152,625.43Foreign currencies transactions 3.2 178.25Forward foreign exchange contracts 3.3 (3,325,314.28)


Net change in unrealised appreciation / (depreciation) on: Investments 3.3 202,568.61Forward foreign exchange contracts 3.3, 11 780,100.40


(662,351.08)



USDNotes







Class I EUR Capitalisation 100.00 - (100.00) -

Class I EUR Hedged Capitalisation 49,800.00 - - 49,800.00

Class I USD Capitalisation 100.00 96.33 (100.00) 96.33

La Française LUX

79

La Française LUX - JKC Asia Bond (in USD)



ADANI TRANSMISSI 4% 16-03/08/2026 USD 189,807.05 0.35200,000.00


Bonds and other debt instrumentsEnergy

CHINA RESOURCE 4.5% 12-05/04/2022 USD 313,729.95 0.59300,000.00CLP POWER HK FIN 3.125% 15-06/05/2025 USD 389,258.00 0.73400,000.00CN ENERGY RSRVE 6.125% 16-15/01/2019 USD 403,832.68 0.75400,000.00CNOOC FIN 2012 5% 12-02/05/2042 USD 527,957.50 0.98500,000.00CNOOC FIN 2014 4.25% 14-30/04/2024 USD 819,952.00 1.53800,000.00CNPC GENERAL CAP 2.7% 14-25/11/2019 USD 807,528.80 1.51800,000.00GREENKO DUTCH BV 8% 14-01/08/2019 USD 211,992.13 0.40200,000.00INDIAN OIL CORP 5.625% 11-02/08/2021 USD 326,262.30 0.61300,000.00KOREA GAS CORP 2.875% 13-29/07/2018 USD 507,285.50 0.95500,000.00KOREA HYDRO & NU 2.375% 14-28/10/2019 USD 703,774.75 1.31700,000.00KOREA NATL OIL 4% 14-23/01/2024 USD 524,881.25 0.98500,000.00LISTRINDO CAP 4.95% 16-14/09/2026 USD 195,000.00 0.36200,000.00MAJAPAHIT HOLD 7.75% 09-20/01/2020 USD 225,000.00 0.42200,000.00PERTAMINA 4.3% 13-20/05/2023 USD 298,482.00 0.56300,000.00PERTAMINA 6.45% 14-30/05/2044 USD 507,720.00 0.95500,000.00PERUSAHAAN LISTR 5.25% 12-24/10/2042 USD 266,625.00 0.50300,000.00PETRONAS CAP LTD 3.5% 15-18/03/2025 USD 500,822.33 0.93500,000.00PETRONAS SUKUK 2.707% 15-18/03/2020 USD 499,375.00 0.93500,000.00PTT PCL 3.375% 12-25/10/2022 USD 302,346.30 0.56300,000.00PTT PCL 4.5% 12-25/10/2042 USD 188,776.60 0.35200,000.00RELIANCE HDG USA 4.5% 10-19/10/2020 USD 525,440.50 0.98500,000.00RELIANCE HDG USA 5.4% 12-14/02/2022 USD 270,015.88 0.50250,000.00SINOPEC GRP OVER 4.375% 13-17/10/2023 USD 1,361,646.65 2.531,300,000.00STATE GRID OSEAS 4.125% 14-07/05/2024 USD 728,275.80 1.36700,000.00TALENT YIELD INV 4.5% 12-25/04/2022 USD 210,199.00 0.39200,000.00YUNNAN ENERGY 3.5% 16-13/12/2019 USD 197,904.00 0.37200,000.00

12,003,890.97 22.38

AGRI BK CHINA/NY 2.75% 15-21/05/2020 USD 696,940.65 1.30700,000.00Banks

BANGKOK BANK HK 3.875% 12-27/09/2022 USD 310,897.20 0.58300,000.00BANK OF CEYLON 6.875% 12-03/05/2017 USD 201,747.20 0.38200,000.00BANK OF CHINA 5% 14-13/11/2024 USD 931,823.55 1.74900,000.00BANK OF CHINA/HK 3.875% 15-30/06/2025 USD 505,937.50 0.94500,000.00CHINA CONST ASIA 3.25% 14-02/07/2019 USD 1,024,359.00 1.911,000,000.00CITIC PACIFIC 6.8% 12-17/01/2023 USD 581,227.75 1.08500,000.00EXPORT-IMPORT 2.874% 14-19/02/2019 USD 401,784.36 0.75400,000.00ICBC LTD 4.875% 15-21/09/2025 USD 619,500.00 1.16600,000.00ICBC/NEW YORK 2.157% 15-13/11/2018 USD 798,416.56 1.49800,000.00ICICI BANK/DUBAI 4.8% 13-22/05/2019 USD 839,201.20 1.56800,000.00IDBI BANK/DIFC 4.25% 15-30/11/2020 USD 706,092.45 1.32700,000.00KASIKORNBANK PCL 3.5% 14-25/10/2019 USD 206,334.20 0.38200,000.00KOREA DEV BANK 2.5% 16-13/01/2021 USD 990,870.20 1.851,000,000.00KOREA EXCH BANK 2.5% 14-12/06/2019 USD 503,940.25 0.94500,000.00OVERSEA-CHINESE 4.25% 14-19/06/2024 USD 604,407.60 1.13600,000.00SECURITY BK CORP 3.95% 15-03/02/2020 USD 208,197.00 0.39200,000.00ST BK INDIA/LON 3.622% 14-17/04/2019 USD 204,516.20 0.38200,000.00UNITED OVERSEAS 16-08/03/2027 USD 191,788.80 0.36200,000.00WOORI BANK 2.875% 13-02/10/2018 USD 608,149.50 1.13600,000.00

11,136,131.17 20.77

EXP-IMP BK CHINA 2% 16-26/04/2021 USD 194,445.21 0.36200,000.00Government

EXP-IMP BK CHINA 2.5% 14-31/07/2019 USD 404,500.00 0.75400,000.00EXP-IMP BK KOREA 2.5% 15-10/05/2021 USD 1,187,221.98 2.221,200,000.00HONG KONG SUKUK 2.005% 14-18/09/2019 USD 200,400.00 0.37200,000.00INDONESIA (REP) 08 7.75% 17/01/2038 USD 516,000.00 0.96400,000.00INDONESIA (REP) 3.7% 16-08/01/2022 USD 201,400.00 0.38200,000.00INDONESIA (REP) 5.875% 14-15/01/2024 USD 884,000.00 1.65800,000.00INDONESIA (REP) 8.5% 05-12/10/2035 USD 681,250.00 1.27500,000.00INDONESIA 4.75% 15-08/01/2026 USD 621,375.00 1.16600,000.00MONGOLIA 4.125% 12-05/01/2018 USD 193,375.00 0.36200,000.00MY SUKUK GLOBAL 4.08% 16-27/04/2046 USD 239,229.16 0.45250,000.00PERUSAHAAN PENER 4.35% 14-10/09/2024 USD 1,006,250.00 1.881,000,000.00PHILIPPINES (REP) 8.375% 09-17/06/2019 USD 929,302.40 1.73800,000.00PHILIPPINES(REP) 3.7% 16-01/03/2041 USD 288,021.90 0.54300,000.00PHILIPPINES(REP) 6.375% 09-23/10/2034 USD 522,287.20 0.97400,000.00REP OF KOREA 3.875% 13-11/09/2023 USD 320,975.25 0.60300,000.00REP OF SRI LANKA 5.125% 14-11/04/2019 USD 404,486.00 0.75400,000.00


Market valuein USD

Currency %NAV

REP OF SRI LANKA 6.25% 11-27/07/2021 USD 203,250.00 0.38200,000.00REP OF SRI LANKA 6.825% 16-18/07/2026 USD 197,750.00 0.37200,000.00VIETNAM (REP OF) 4.8% 14-19/11/2024 USD 296,793.00 0.55300,000.00

9,492,312.10 17.70

AGILE PROPERTY 9.875% 12-20/03/2017 USD 202,609.00 0.38200,000.00Real estate

BESTGAIN REAL E 2.625% 13-13/03/2018 USD 596,949.21 1.11600,000.00CHAMPION MTN 3.75% 13-17/01/2023 USD 299,541.60 0.56300,000.00CHINA OVERSEAS F 5.95% 14-08/05/2024 USD 1,006,875.00 1.88900,000.00SHIMAO PROPERTY 8.125% 14-22/01/2021 USD 541,625.50 1.01500,000.00SINO OC TR FIN I 6% 14-30/07/2024 USD 205,860.30 0.38200,000.00SUN HUNG KAI PRO 4.5% 12-14/02/2022 USD 642,769.80 1.20600,000.00THETA CAPITAL 7% 14-11/04/2022 USD 205,946.20 0.38200,000.00VLL INTERNATIONA 7.375% 15-18/06/2022 USD 317,328.72 0.59300,000.00YUEXIU PROPERTY 4.5% 13-24/01/2023 USD 294,368.15 0.55300,000.00

4,313,873.48 8.04

ALLIANCE GL GRP 6.5% 10-18/08/2017 USD 204,828.00 0.38200,000.00Financial services

BOC AVIATION 2.375% 16-15/09/2021 USD 383,798.00 0.72400,000.00CHARMING LIGHT 2.375% 16-30/08/2021 USD 383,456.06 0.72400,000.00CHINA MERCHANTS 4.75% 15-03/08/2025 USD 209,383.80 0.39200,000.00HUARONG FIN II 5.5% 15-16/01/2025 USD 732,303.60 1.36700,000.00HUTCH WHA INT 11 4.625% 12-13/01/2022 USD 1,072,911.00 1.991,000,000.00NOBLE GROUP LTD 3.625% 13-20/03/2018 USD 188,000.00 0.35200,000.00PSALM 7.25% 09-27/05/2019 USD 222,625.00 0.42200,000.00UNIGROUP INT 5.25% 15-10/12/2018 USD 512,375.23 0.96500,000.00

3,909,680.69 7.29

CHINALCO CAPITAL 4% 16-25/08/2021 USD 590,859.00 1.10600,000.00Metal

MINMETALS BOUNTE 4.2% 16-27/07/2026 USD 194,085.00 0.36200,000.00POSCO 4.25% 10-28/10/2020 USD 313,891.95 0.59300,000.00VEDANTA RESOURCE 9.5% 08-18/07/2018 USD 318,750.00 0.59300,000.00

1,417,585.95 2.64

BAIDU INC 2.75% 14-09/06/2019 USD 505,000.00 0.94500,000.00Internet

JD.COM INC 3.875% 16-29/04/2026 USD 380,375.96 0.71400,000.00TENCENT HOLDINGS 3.375% 14-02/05/2019

USD 512,709.50 0.96500,000.00

1,398,085.46 2.61

BHARTI AIRTEL IN 5.35% 14-20/05/2024 USD 523,182.75 0.97500,000.00Telecommunication

HKT CAPITAL NO 2 3.625% 15-02/04/2025 USD 195,749.40 0.37200,000.00PROVEN HONOUR 4.125% 16-06/05/2026 USD 499,062.50 0.93500,000.00

1,217,994.65 2.27

HYUNDAI CAP AMER 2.55% 14-06/02/2019 USD 200,962.00 0.37200,000.00Auto Parts & Equipment

HYUNDAI CAP AMER 3% 16-18/03/2021 USD 399,965.60 0.75400,000.00SAMVARDHANA 4.875% 16-16/12/2021 USD 201,760.00 0.38200,000.00TATA MOTORS LTD 4.625% 14-30/04/2020 USD 413,000.00 0.77400,000.00

1,215,687.60 2.27

FPT FINANCE LTD 6.375% 10-28/09/2020 USD 432,666.40 0.81400,000.00Food services

OLAM INTERNATION 4.5% 14-05/02/2020 USD 398,904.80 0.74400,000.00831,571.20 1.55

PARKSON RETAIL 4.5% 13-03/05/2018 USD 389,500.00 0.73400,000.00Distribution & Wholesale

SM INVESTMENTS 4.875% 14-10/06/2024 USD 413,350.00 0.77400,000.00802,850.00 1.50

AIA GROUP 3.2% 15-11/03/2025 USD 290,270.10 0.54300,000.00Diversified services

PING AN LIFE INS 2.375% 16-19/01/2019 USD 499,889.85 0.93500,000.00790,159.95 1.47

SHANXI ROAD&BRDG 4.85% 16-04/11/2019 USD 195,488.00 0.36200,000.00Building materials


Market valuein USD

Currency %NAV

La Française LUX

80




WUHAN METRO 2.375% 16-08/11/2019 USD 198,576.11 0.37200,000.00394,064.11 0.73

KING POWER CAP 5.625% 14-03/11/2024 USD 218,656.60 0.41200,000.00Diversified services

218,656.60 0.41

COSCO FINANCE CO 4% 12-03/12/2022 USD 206,633.76 0.39200,000.00Transportation

206,633.76 0.39

SEMICONDUCTOR MA 4.125% 14-07/10/2019

USD 205,016.00 0.38200,000.00Electric & Electronic

205,016.00 0.38

FAR EAST CONSORT 3.75% 16-08/09/2021 USD 190,975.00 0.36200,000.00Lodging & Restaurants

190,975.00 0.36

FORMOSA GROUP CA 3.375% 15-22/04/2025

USD 190,625.00 0.36200,000.00Chemical

190,625.00 0.36

49,935,793.69 93.12



Market valuein USD

Currency %NAV

53,319,589.20 31/01/1750,959,647.91 485,288.73USDEUR 53,319,589.20Forward foreign exchange contracts

485,288.73

Total Forward foreign exchange contracts 485,288.73


in USD

MaturityDate

Commitmentin USD


Total financial derivative instruments 485,288.73


485,288.73 0.90Total financial derivative instruments

%NAV




53,625,082.99 100.00Total net assets

La Française LUX

81





100.00 93.12


Virgin Islands 19.23 17.91


South Korea 11.34 10.57

China 10.10 9.40

Indonesia 9.98 9.31

India 5.36 4.99

Philippines 5.17 4.82

Hong Kong 4.79 4.45

Singapore 3.57 3.33

Malaysia 3.29 3.06



Thailand 2.02 1.87

Sri Lanka 2.02 1.88

Other 4.27 3.97

100.00 93.12



assets

SINOPEC GRP OVER 4.375% 13-17/10/2023 1,361,646.65 2.53Energy

EXP-IMP BK KOREA 2.5% 15-10/05/2021 1,187,221.98 2.22Government

HUTCH WHA INT 11 4.625% 12-13/01/2022 1,072,911.00 1.99Financial services

CHINA CONST ASIA 3.25% 14-02/07/2019 1,024,359.00 1.91Banks

CHINA OVERSEAS F 5.95% 14-08/05/2024 1,006,875.00 1.88Real estate

PERUSAHAAN PENER 4.35% 14-10/09/2024 1,006,250.00 1.88Government

KOREA DEV BANK 2.5% 16-13/01/2021 990,870.20 1.85Banks

BANK OF CHINA 5% 14-13/11/2024 931,823.55 1.74Banks

PHILIPPINES (REP) 8.375% 09-17/06/2019 929,302.40 1.73Government

INDONESIA (REP) 5.875% 14-15/01/2024 884,000.00 1.65Government

USD

Sector

Top Ten Holdings

82


La Française LUX

La Française LUX - Sub Debt* (in EUR)Statement of Operations and Changes in Net Assets for theperiod ended December 31, 2016

EUR

Assets

Liabilities


Notes


* This Sub-Fund was liquidated on June 10, 2016.

Income

ExpensesManagement fees 6 1,748.85Operating costs 8 13,278.90Taxe d'abonnement 5 57.60Bank interest and charges 6.07Printing & Publication fees 210.60Amortisation of formation expenses 3.5 11,700.00Other expenses 16 21,279.61



Net realised gain / (loss) on: Investments 3.3 (8,294.30)

Net realised gain / (loss) for the period (56,575.93)



(48,283.44)

Proceeds received on subscription of shares 7,788.16Net amount paid on redemption of shares (433,921.76)Net assets at the beginning of the period 474,417.04


EURNotes

Statement of Operations and Changes in Net Assets forthe period ended December 31, 2016

Number of shares in issue atthe end of the period

Number of shares in issue atthe beginning of the period




Class R EUR Capitalisation 5,000.00 82.84 (5,082.84) -

83


La Française LUX

La Française LUX - Multi-Asset Income (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2016

EUR


Investment in securities at market value 3.3 39,039,120.75Cash at bank 3.3 4,161,981.41Receivable on withholding tax reclaim 8,135.41Dividends and interest receivable 454,640.56Formation expenses 3.5 9,558.82


LiabilitiesBank overdraft 503.26Accrued expenses 186,220.71Net unrealised depreciation on forward foreign exchangecontracts

3.3, 11 247,910.35



Notes


IncomeDividends (net of withholding taxes) 3.4 421,416.52Interest on bonds 3.4 1,857,176.48Bank interest 622.39


ExpensesManagement fees 6 632,094.01Operating costs 8 123,887.75Professional fees 15 50.97Transaction costs 17 53,236.35Taxe d'abonnement 5 20,895.23Bank interest and charges 1,322.22Amortisation of formation expenses 3.5 2,141.18Other expenses 16 12,524.27



Net realised gain / (loss) on: Investments 3.3 89,737.22Foreign currencies transactions 3.2 (164,698.90)Futures contracts 3.3 (105,865.50)Forward foreign exchange contracts 3.3 32,009.53


Net change in unrealised appreciation / (depreciation) on: Investments 3.3 2,904,737.72Forward foreign exchange contracts 3.3, 11 (898,079.56)


3,290,903.92

Proceeds received on subscription of shares 616,491.86Net amount paid on redemption of shares (39,302.26)Dividend distribution 20 (504,000.00)Net assets at the beginning of the year 39,874,709.11


EURNotes







Class I EUR Distribution - 5,001.00 - 5,001.00

Class R EUR Distribution 400,000.00 1,099.00 (369.00) 400,730.00

La Française LUX

84

La Française LUX - Multi-Asset Income (in EUR)



ARGENT USD DIS 8.28% 14-31/12/2033 USD 970,028.19 2.24700,000.00



ARMENIA 6% 13-30/09/2020 USD 986,015.64 2.281,000,000.00DOMINICAN REPUBL 7.45% 14-30/04/2044 USD 767,006.40 1.77800,000.00GABONESE REPUB 6.95% 15-16/06/2025 USD 356,482.58 0.82400,000.00GHANA REP OF 7.875% 13-07/08/2023 USD 1,031,168.52 2.381,100,000.00INDONESIA (REP) 8.5% 05-12/10/2035 USD 1,808,485.42 4.191,400,000.00KENYA REP OF 6.875% 14-24/06/2024 USD 900,687.37 2.081,000,000.00MONGOLIA 5.125% 12-05/12/2022 USD 1,219,517.42 2.831,500,000.00NORTHERN LIGHTS 7% 12-16/08/2019 USD 926,226.59 2.14962,500.00REP OF NIGERIA 6.375% 13-12/07/2023 USD 919,649.21 2.131,000,000.00REP OF SRI LANKA 5.875% 12-25/07/2022 USD 1,215,572.41 2.811,300,000.00RUSSIA 5.625% 12-04/04/2042 USD 409,101.68 0.95400,000.00ZAMBIA REP OF 8.5% 14-14/04/2024 USD 931,500.36 2.151,000,000.00

12,441,441.79 28.77

AMERIGAS PARTNER 5.5% 16-20/05/2025 USD 320,055.70 0.74333,000.00Energy

ANTERO RESOURCES 6% 13-01/12/2020 USD 97,658.21 0.23100,000.00ECOPETROL SA 7.375% 13-18/09/2043 USD 1,161,602.28 2.691,200,000.00ESKOM HOLDINGS 7.125% 15-11/02/2025 USD 1,723,631.19 3.981,800,000.00NEWFIELD EXPLOR 5.625% 12-01/07/2024 USD 198,625.27 0.46200,000.00PARSLEY ENERGY 6.25% 16-01/06/2024 USD 94,227.26 0.2294,000.00PDC ENERGY INC 6.125% 16-15/09/2024 USD 121,770.56 0.28125,000.00RANGE RESOURCES 5% 16-15/08/2022 USD 94,690.69 0.22100,000.00STATE OIL CO AZE 4.75% 13-13/03/2023 USD 925,574.78 2.141,000,000.00TES LOG LP/CORP 6.25% 16-15/10/2022 USD 151,457.69 0.35150,000.00

4,889,293.63 11.31

BANCO SANTANDER 14-12/03/2049 FRN EUR 749,964.00 1.73800,000.00Banks

BNP PARIBAS 15-29/12/2049 FRN EUR 525,698.50 1.22500,000.00CRED AGRICOLE SA 14-29/12/2049 FRN USD 480,609.15 1.11500,000.00INTESA SANPAOLO 16-29/12/2049 FRN EUR 495,560.00 1.15500,000.00KBC GROEP NV 14-29/03/2049 FRN EUR 757,518.75 1.75750,000.00RABOBANK 15-22/01/2049 FRN EUR 506,560.00 1.17500,000.00

3,515,910.40 8.13

CENTURYLINK INC 5.8% 12-15/03/2022 USD 389,051.43 0.90400,000.00Telecommunication

IHS NETHERLANDS 9.5% 16-27/10/2021 USD 387,295.57 0.90400,000.00T-MOBILE USA INC 6.25% 14-01/04/2021 USD 375,586.63 0.87380,000.00WIND ACQ 7% 14-23/04/2021 EUR 417,460.00 0.96400,000.00

1,569,393.63 3.63

ALCOA NEDERLAND 6.75% 16-30/09/2024 USD 721,735.01 1.67700,000.00Metal

CONSOL ENERGY 8% 16-01/04/2023 USD 293,315.95 0.68300,000.00CONSTELLIUM NV 7.875% 16-01/04/2021 USD 306,826.26 0.71300,000.00

1,321,877.22 3.06

EUROPCAR GROUPE 5.75% 15-15/06/2022 EUR 636,168.00 1.47600,000.00Diversified services

LOXAM SAS 7% 14-23/07/2022 EUR 595,728.68 1.38555,000.001,231,896.68 2.85

ALTICE 7.25% 14-15/05/2022 EUR 643,500.00 1.49600,000.00Media

VIRGIN MEDIA SEC 5.125% 15-15/01/2025 GBP 421,303.89 0.97350,000.001,064,803.89 2.46

CERBERUS 8.25% 15-01/02/2020 EUR 484,983.60 1.12470,000.00Cosmetics

EPHIOS HOLDCO II 8.25% 15-01/07/2023 EUR 513,475.00 1.19470,000.00HORIZON PHARMA 8.75% 16-01/11/2024 USD 27,975.82 0.0629,000.00

1,026,434.42 2.37

JBS INVESTMENTS 7.75% 13-28/10/2020 USD 403,887.18 0.93400,000.00Food services

STRETFORD 6.25% 14-15/07/2021 GBP 476,832.24 1.11400,000.00880,719.42 2.04


Market valuein EUR

Currency %NAV

ARDAGH PKG FIN 6.75% 16-15/05/2024 EUR 644,160.60 1.49600,000.00Storage & Warehousing

644,160.60 1.49

BOMBARDIER INC 8.75% 16-01/12/2021 USD 504,266.41 1.17500,000.00Diversified machinery

504,266.41 1.17

INFOR US INC 5.75% 16-15/05/2022 EUR 463,072.50 1.07450,000.00Computer software

463,072.50 1.07

29,553,270.59 68.35

AIMS AMP CAPITAL INDUSTRIAL SGD 72,042.26 0.1783,800.00

SharesReal estate

APOLLO COMMERCIAL REAL ESTAT USD 60,082.54 0.143,813.00ASHFORD HOSPITAL 7.375% 16-31/12/2049 USD 216,646.01 0.499,575.00ATRIUM EUROPEAN REAL ESTATE EUR 79,342.77 0.1820,189.00BLUEROCK RESIDENTIAL GROWTH USD 93,656.32 0.227,200.00BRITISH LAND CO PLC GBP 123,694.99 0.2916,773.00CARE CAPITAL PROPERTIES INC USD 156,435.17 0.356,600.00CDL HOSPITALITY TRUSTS SGD 64,898.28 0.1573,800.00CHARTER HALL RETAIL REIT AUD 79,154.96 0.1827,257.00CHATHAM LODGING TRUST USD 59,638.35 0.143,061.00CHEUNG KONG PROPERTY HOLDING HKD 101,756.01 0.2417,500.00CHINA RESOURCES LAND LTD HKD 59,713.98 0.1428,000.00CITYCON OYJ EUR 106,189.62 0.2545,419.00CROMBIE REAL ESTATE INVESTME CAD 126,799.15 0.2813,207.00CUBESMART USD 58,374.97 0.142,300.00CYRUSONE INC USD 98,598.96 0.232,325.00DIGITAL REALTY 6.35% 15-31/12/2049FLAT

USD 60,585.92 0.142,550.00

EPR PROPERTIES USD 59,062.68 0.14868.00EQUITY RESIDENTIAL USD 54,917.28 0.13900.00EUROCOMMERCIAL PROPERTIE-CV EUR 60,035.99 0.141,641.00FORTUNE REIT HKD 70,542.27 0.1667,000.00FRASERS LOGISTICS & INDUSTRI SGD 72,479.98 0.17119,400.00GENERAL GROWTH PROPERTIES USD 74,389.36 0.173,141.00GRAND CITY PROPERTIES EUR 59,788.82 0.143,458.00HAMBORNER REIT AG EUR 42,338.35 0.104,685.00HAMMERSON PLC GBP 90,588.51 0.2113,495.00HANG LUNG PROPERTIES LTD HKD 68,352.16 0.1634,000.00HOST HOTELS & RESORTS INC USD 73,627.38 0.174,122.00H&R REAL ESTATE INV-REIT UTS CAD 122,885.15 0.287,770.00HUDSON PACIFIC PROPERTIES IN USD 102,913.85 0.243,121.00IMMOBILIARE GRANDE DISTRIBUZ EUR 98,737.67 0.23136,378.00INDUSTRIA REIT AUD 78,990.05 0.1854,789.00INVESTA OFFICE FUND AUD 99,331.92 0.2330,654.00JAPAN HOTEL REIT INVESTMENT JPY 81,781.29 0.19128.00JAPAN RETAIL FUND INVESTMENT JPY 101,932.36 0.2453.00KEPPEL DC REIT SGD 60,861.31 0.1478,262.00KEPPEL REIT SGD 110,059.33 0.25164,420.00KLEPIERRE EUR 108,785.99 0.252,913.00KLOVERN AB-PREF SEK 88,157.80 0.202,928.00MACERICH CO/THE USD 103,162.11 0.241,536.00MACQUARIE MEXICO REAL ESTATE MXN 48,195.51 0.1149,029.00MAPLETREE GREATER CHINA COMM SGD 100,872.82 0.23161,800.00MERCIALYS EUR 78,981.48 0.184,104.00MERLIN PROPERTIES SOCIMI SA EUR 104,880.49 0.2410,153.00MITSUI FUDOSAN CO LTD JPY 197,893.36 0.459,000.00NSI NV EUR 101,842.68 0.2428,408.00ORIX JREIT INC JPY 91,484.53 0.2161.00QTS REALTY TRUST INC-CL A USD 56,487.32 0.131,200.00REGENCY CENTERS 6% 12-31/12/2049FLAT

USD 58,603.46 0.142,550.00

SABRA HEALTH CARE REIT INC USD 21,323.37 0.05921.00SIMON PROPERTY GROUP INC USD 84,223.75 0.19500.00SL GREEN REALTY CORP USD 81,573.83 0.19800.00STAG INDUSTRIAL INC USD 65,516.62 0.152,895.00STARWOOD PROPERTY TRUST INC USD 72,046.36 0.173,462.00STOCKLAND AUD 104,881.56 0.2433,356.00SUMITOMO REALTY + DEVELOPMEN JPY 50,495.53 0.122,000.00SUN HUNG KAI PROPERTIES HKD 71,903.30 0.176,000.00


Market valuein EUR

Currency %NAV

La Française LUX

85




TOKYO TATEMONO CO LTD JPY 121,969.62 0.289,600.00VENTAS INC USD 77,057.12 0.181,300.00WASHINGTON PRIME GROUP INC USD 89,813.70 0.219,100.00WERELDHAVE NV EUR 65,294.52 0.151,527.00

5,246,672.80 12.12

BNP PARIBAS EUR 87,252.55 0.201,441.00Banks

ING GROEP NV EUR 84,471.66 0.206,318.00INTESA SANPAOLO EUR 122,345.61 0.2750,431.00NATIXIS EUR 111,032.40 0.2620,715.00SKANDINAVISKA ENSKILDA BAN-A SEK 89,417.33 0.218,967.00SOCIETE GENERALE EUR 82,972.38 0.191,775.00

577,491.93 1.33

ENGIE EUR 63,157.32 0.155,211.00Energy

ENI SPA EUR 137,915.05 0.328,915.00GAS NATURAL SDG SA EUR 83,854.62 0.194,682.00SNAM SPA EUR 73,524.49 0.1718,785.00STATOIL ASA NOK 125,582.47 0.297,198.00VEOLIA ENVIRONNEMENT EUR 83,495.35 0.195,162.00

567,529.30 1.31

GLAXOSMITHKLINE PLC GBP 136,180.93 0.317,442.00Cosmetics

LOREAL EUR 84,792.60 0.20489.00SANOFI EUR 162,951.10 0.382,119.00UNILEVER NV-CVA EUR 82,767.34 0.192,116.00

466,691.97 1.08

ALLIANZ AG REG EUR 85,722.00 0.20546.00Insurance

AVIVA PLC GBP 106,761.83 0.2518,736.00EULER HERMES GROUP EUR 78,824.00 0.18944.00MUENCHENER RUECKVER AG-REG EUR 168,152.40 0.39936.00

439,460.23 1.02

GAMESA CORP TECNOLOGICA SA EUR 174,778.90 0.419,070.00Electric & Electronic

KONINKLIJKE PHILIPS ELECTRONICS EUR 129,659.00 0.304,471.00STMICROELECTRONICS NV EUR 91,404.33 0.218,483.00

395,842.23 0.92

ORANGE EUR 126,854.78 0.298,788.00Telecommunication

SWISSCOM AG-REG CHF 80,838.62 0.19190.00TELEFONICA DEUTSCHLAND HOLDI EUR 72,051.21 0.1717,703.00

279,744.61 0.65

ALSTOM EUR 81,247.20 0.193,104.00Auto Parts & Equipment

MICHELIN (CGDE) EUR 82,974.50 0.19785.00SCHAEFFLER AG EUR 93,268.98 0.226,636.00

257,490.68 0.60

GIVAUDAN-REG CHF 81,811.57 0.1947.00Chemical

SYNGENTA AG-2ND LINE CHF 121,938.25 0.28324.00203,749.82 0.47

PROSIEBENSAT.1 MEDIA SE EUR 106,864.59 0.252,919.00Media

VIVENDI EUR 82,150.25 0.194,550.00189,014.84 0.44

COMPAGNIE DE SAINT GOBAIN EUR 89,218.08 0.212,016.00Building materials

SKANSKA AB-B SHS SEK 62,361.49 0.142,778.00151,579.57 0.35

HUGO BOSS AG -ORD EUR 130,443.72 0.302,244.00Distribution & Wholesale

130,443.72 0.30


Market valuein EUR

Currency %NAV


130,134.39 0.30

ATLANTIA SPA EUR 125,702.22 0.295,647.00Diversified services

125,702.22 0.29

DEUTSCHE POST AG-REG EUR 106,511.35 0.253,410.00Transportation

106,511.35 0.25

AMUNDI SA EUR 85,974.53 0.201,729.00Financial services

85,974.53 0.20

IMPERIAL BRANDS PLC GBP 84,412.43 0.202,034.00Agriculture

84,412.43 0.20

UPM-KYMMENE OYJ EUR 47,403.54 0.112,031.00Forest products & Paper

47,403.54 0.11

9,485,850.16 21.94



Market valuein EUR

Currency %NAV

854,681.00 31/01/171,001,265.23 609.55GBPEUR 1,001,265.23Forward foreign exchange contracts

25,988,262.52 31/01/1724,365,476.26 (248,519.90)USDEUR 24,365,476.26

(247,910.35)



in EUR

MaturityDate

Commitmentin EUR





%NAV




43,238,802.63 100.00Total net assets

La Française LUX

86





Shares 24.30 21.94

100.00 90.29



France 9.88 8.93



Indonesia 4.63 4.19



Mongolia 3.12 2.83

Sri Lanka 3.11 2.81

Colombia 2.98 2.69

Spain 2.85 2.57

Italy 2.70 2.43

Ghana 2.64 2.38

Armenia 2.53 2.28

Other 31.61 28.51

100.00 90.29



assets


ESKOM HOLDINGS 7.125% 15-11/02/2025 1,723,631.19 3.98Energy

MONGOLIA 5.125% 12-05/12/2022 1,219,517.42 2.83Government

REP OF SRI LANKA 5.875% 12-25/07/2022 1,215,572.41 2.81Government

ECOPETROL SA 7.375% 13-18/09/2043 1,161,602.28 2.69Energy

GHANA REP OF 7.875% 13-07/08/2023 1,031,168.52 2.38Government

ARMENIA 6% 13-30/09/2020 986,015.64 2.28Government

ARGENT USD DIS 8.28% 14-31/12/2033 970,028.19 2.24Government

ZAMBIA REP OF 8.5% 14-14/04/2024 931,500.36 2.15Government

NORTHERN LIGHTS 7% 12-16/08/2019 926,226.59 2.14Government

EUR

Sector

Top Ten Holdings

87


La Française LUX

La Française LUX - Inflection Point Gonet Swiss Equity (in CHF)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2016

CHF


Investment in securities at market value 3.3 43,904,990.62Cash at bank 3.3 1,623,727.48





Notes


IncomeDividends (net of withholding taxes) 3.4 135,882.74


ExpensesManagement fees 6 182,145.59Operating costs 8 53,457.60Professional fees 15 13,144.60Transaction costs 17 74,928.76Taxe d'abonnement 5 2,250.83Bank interest and charges 8,415.06Other expenses 16 13,859.83





Net change in unrealised appreciation / (depreciation) on: Investments 3.3 1,751,832.42


1,722,794.97



CHFNotes







Class I CHF Capitalisation 9,852.00 31,706.37 (4,432.00) 37,126.37

Class S CHF Capitalisation - 6,625.00 - 6,625.00

La Française LUX

88

La Française LUX - Inflection Point Gonet Swiss Equity (in CHF)



ACTELION LTD-REG CHF 1,697,850.00 3.747,700.00


SharesCosmetics

NOVARTIS AG-REG CHF 4,446,000.00 9.7860,000.00ROCHE HOLDING AG-GENUSSCHEIN CHF 4,256,580.00 9.3718,300.00

10,400,430.00 22.89

SWISS LIFE HOLDING AG-REG CHF 1,354,540.00 2.984,700.00Insurance

SWISS RE AG CHF 1,978,250.00 4.3520,500.00ZURICH INSURANCE GROUP AG CHF 3,505,000.00 7.7212,500.00

6,837,790.00 15.05

ABB LTD-REG CHF 1,546,560.00 3.4072,000.00Auto Parts & Equipment

AUTONEUM HOLDING AG CHF 267,250.00 0.591,000.00BUCHER INDUSTRIES AG-REG CHF 952,850.00 2.103,800.00FISCHER (GEORG)-REG CHF 834,000.00 1.841,000.00INFICON HOLDING AG-REG CHF 917,500.00 2.022,500.00INTERROLL HOLDING AG-REG CHF 299,700.00 0.66270.00OC OERLIKON CORP AG-REG CHF 638,000.00 1.4063,800.00

5,455,860.00 12.01

CLARIANT AG-REG CHF 922,425.00 2.0352,500.00Chemical

GIVAUDAN-REG CHF 1,287,540.00 2.83690.00GURIT HOLDING AG-BR CHF 809,000.00 1.781,000.00LONZA GROUP AG-REG CHF 1,410,400.00 3.118,000.00SYNGENTA AG-REG CHF 1,006,250.00 2.212,500.00

5,435,615.00 11.96

NESTLE SA-REG CHF 4,383,000.00 9.6460,000.00Food services

4,383,000.00 9.64

CREDIT SUISSE GROUP AG-REG CHF 1,994,265.00 4.39136,500.00Banks

UBS GROUP AG-REG CHF 1,977,800.00 4.35124,000.003,972,065.00 8.74

ADECCO GROUP AG-REG CHF 1,432,975.00 3.1521,500.00Diversified services

SGS SA-REG CHF 932,400.00 2.05450.002,365,375.00 5.20

LAFARGEHOLCIM LTD-REG CHF 1,416,360.00 3.1226,400.00Building materials

1,416,360.00 3.12

CIE FINANCIERE RICHEMONT-REG CHF 1,349,000.00 2.9720,000.00Distribution & Wholesale

1,349,000.00 2.97

DORMAKABA HOLDING AG CHF 908,400.00 2.001,200.00Electric & Electronic

908,400.00 2.00

KUEHNE & NAGEL INTL AG-REG CHF 888,360.00 1.956,600.00Transportation

888,360.00 1.95

JULIUS BAER GROUP LTD CHF 492,735.62 1.0810,894.00Financial services

492,735.62 1.08

43,904,990.62 96.61



Market valuein CHF

Currency %NAV





45,445,355.60 100.00Total net assets

La Française LUX

89

La Française LUX - Inflection Point Gonet Swiss Equity (in CHF)



Shares 100.00 96.61

100.00 96.61



100.00 96.61



assets

NOVARTIS AG-REG 4,446,000.00 9.78Cosmetics

NESTLE SA-REG 4,383,000.00 9.64Food services

ROCHE HOLDING AG-GENUSSCHEIN 4,256,580.00 9.37Cosmetics

ZURICH INSURANCE GROUP AG 3,505,000.00 7.72Insurance

CREDIT SUISSE GROUP AG-REG 1,994,265.00 4.39Banks

SWISS RE AG 1,978,250.00 4.35Insurance

UBS GROUP AG-REG 1,977,800.00 4.35Banks

ACTELION LTD-REG 1,697,850.00 3.74Cosmetics

ABB LTD-REG 1,546,560.00 3.40Auto Parts &Equipment

ADECCO GROUP AG-REG 1,432,975.00 3.15Diversified services

CHF

Sector

Top Ten Holdings

Notes to the Financial Statements as at December 31, 2016

La Française LUX

Note 1 - General information La Française LUX, (the "SICAV"), is an open-ended investment SICAV organised as a société anonyme under the laws of the Grand Duchy of Luxembourg and qualifies as a société d’investissement à capital variable ("SICAV"), incorporated on October 28, 1998 and authorised by the Part I of the amended Law of December 17, 2010 (the “Law”) relating to Undertakings for Collective Investment in Transferable Securities. The SICAV is registered with the Luxembourg Trade and Companies Register under number B 66.785. LA FRANCAISE AM INTERNATIONAL (the “Management Company”) has been appointed as Management Company of the SICAV. The Management Company is accredited as Management Company in accordance with the Chapter 15 of the Law. The following Sub-Funds are open to subscription as at December 31, 2016: La Française LUX - GTS Réactif; La Française LUX - Inflection Point European Equity; La Française LUX - Inflection Point Leaders Emergents; La Française LUX - Inflection Point Global Equity; La Française LUX - Euro Inflation; La Française LUX - Multistrategies Obligataires; La Française LUX - Obligations Emergentes; La Française LUX - Absolute Emerging Debt; La Française LUX - Protectaux; La Française LUX - Rendement Global 2020 - USD; La Française LUX - Allocation; La Française LUX - Forum Global Real Estate Securities; La Française LUX - Inflection Point Zero Carbon; La Française LUX - Multi-Asset Income; La Française LUX - JKC Asia Bond; La Française LUX - Inflection Point Gonet Swiss Equity. The following Sub-Funds were closed during the year ending December 31, 2016 : La Française LUX - Rendement Global 2022 was liquidated on September 22, 2016. La Française LUX - Sub Debt was liquidated on June 10, 2016. Master Funds The Sub-Fund La Française LUX - Rendement Global 2020 - USD is a Feeder Sub-Fund of the Master Fund LFP Rendement Global 2020. The Sub-Fund La Française LUX - Rendement Global 2022 (this Sub-Fund was liquidated on September 22, 2016) is a Feeder Sub-Fund of the Master Fund LFP Rendement Global 2022. The Sub-Fund La Française LUX - Allocation is a Feeder Sub-Fund of the Master Fund LFP Allocation. The Sub-Fund La Française LUX - Sub Debt (this Sub-Fund was liquidated on June 10, 2016) is a Feeder of the the Master Fund La Française Sub Debt. The Master Funds’ prospectuses, the annual and unaudited semi-annual reports are made available to the shareholders of the SICAV on the website of La Française AM www.lafrancaise-am.com or at its registered office and at the registered office of its management company, La Française AM, 128, Boulevard Raspail, F-75006 Paris. The Sub-Funds invest at least 85% of its total net exposure in the respective Master Fund. The rest of the assets are invested in cash (for ancillary purposes), deposits, repurchase agreements, current accounts and derivatives for hedging. The objective, the investment policy and the risk profile of the respective Feeder Sub-Fund and Master Fund are similar. The performance of the Feeder Sub-Fund and the Master Fund are similar with the exception of the assets of the Feeder Sub-Fund which will not be invested in the Master Fund. La Française LUX - Rendement Global 2020 - USD The objective of the Sub-Fund is to outperform (net of fees) the US Treasury Note 2.625% 15/11/2020 [US912828PC88] maturing in 2020 over the recommended investment period of 7 years from the launch date of the Sub-Fund until 31 December 2020. The Master Fund is invested in portfolio of bonds issued by private or public bodies, maturing on or before 31 December 2020. The strategy is not limited to bond carrying; the management company may use arbitrage in the event of new market opportunities or an increased risk of defaulting by one of the issuers in the portfolio. The portfolio is invested up to 100% in bonds and other negotiable debt securities issued by public or private-sector bodies, investment grade (rating above or equal to BBB- (Standard & Poor's) or Baa3 (Moody’s), High Yield (speculative) or with no rating (0-100%), of all economic sectors, issued by issued of OECD countries (all zones) (0-100%) or non-OECD countries (0-30%). Investments will be made in securities denominated in euros and/or dollars and/or pounds sterling. In so far as the securities are not denominated in euros, the currency exchange risk will be automatically hedged. The Sub-Fund’s base currency is US dollar and the Master Fund’s currency is euro.

90

http://www.lafrancaise-am.com/

Notes to the Financial Statements as at December 31, 2016 (continued)

La Française LUX

Note 1 - General information (continued) Master Funds (continued) La Française LUX - Rendement Global 2022 (this Sub-Fund was liquidated on September 22, 2016) The objective of the Sub-Fund was to outperform (net of fees) over the recommended investment period of 8 years from the launch date of the Sub-Fund until 31 December 2022, the 2022 debt issued by the below countries: - Germany in EUR for the Euro-denominated shares - The United States of America in USD for the USD denominated shares - Kingdom of Sweden in SEK for the SEK-denominated shares The management objective of the Master Fund is based on the realisation of market assumptions set by its management company. It is not a guarantee of Master Fund’s return or performance. The performance of the Feeder Fund and of the Master Fund will not be equal due to, in particular, costs and expenses incurred by the Fund and the currency hedging of the classes of the Sub-Fund denominated in a currency other than the reference currency of the Sub-Fund. The investment strategy involves the discretionary management of a portfolio of bonds issued by private or public entities, maturing on or before 31 December 2022. The strategy is not limited to bond carrying; the management company of the Master Fund may use arbitrage in the event of new market opportunities or an increased risk of default by one of the issuers in the portfolio. During the subscription period, the portfolio management will be active in order to manage overall exposure by means of risk management. To achieve the investment objective, the Master Fund is invested up to 100% in interest rate products: fixed or floating-rate bonds, debt securities and money market instruments and up to 30% in convertible bonds, issued by public and/or private-sector of OECD countries (0-100%), public sector of non-OECD countries (0-100%), private sector of non-OECD countries (0-50%), of all economic sectors. The Master Fund is invested up to 100% in: investment grade rated issues rating above or equal to BBB- (S&P's) or Baa3 (Moody’s) and/or high yield (speculative). When the issue is not rated, the rating condition shall be fulfilled by the issuer. No investments shall be made in issues where the issuer is not rated. The Master Fund will invest in securities denominated in euros and/or US dollars and/or pounds sterling. In so far as the securities are not denominated in euros, the Master Fund will systematically hedge the exchange risk. The Sub-Fund’s and the Master Fund’s base currency is the Euro. La Française LUX - Allocation The objective of the Sub-Fund is to outperform (net of fees) the capitalised 1 month Euribor index + 3.50% over the recommended investment period of 2 years. The Sub-Fund aims for a maximum target volatility of 10% under normal market conditions. The Master Fund’s strategy is based on "Tactical Allocation" management and is reflected in the different asset classes and geographical regions mentioned above, by i) long and/or short positions on underlying markets, ii) long and/or short positions on the volatility of underlying markets and arbitrage positions between different underlying markets and types of underlying instruments. In order to ensure the management objective, spreads of exposure and sensitivity to the various markets have been pre-determined, and a "stop-loss" policy on the Master Fund’s performance has been implemented. Exposure spreads and the levels at which "stop-loss" policies are triggered have been calculated to meet the limitation of the maximum Master Fund’s volatility (maximum 10% under normal market conditions). The investment strategies will be mainly "top/down", stemming from macroeconomic analyses carried out by the investment manager. Equities: opportunistic biased strategy with a net exposure to equity markets between -60% and +60%. These investments will be solely made via derivatives. Fixed income products: The sensitivity spread of the portfolio is between -10 and +10. These investments will be made via derivatives and/or investment grade securities (issuer’s rating above or equal to BBB- Standard & Poor's or Baa3 Moody’s) up to 100% of the net assets; the Master Fund may invest up to 10% in lower ratings when market opportunities arise. Credit: use of credit default swap (CDS) on indices based on "investment grade" credit or speculative credit on European, United States and Japan markets, with no maturity restrictions. La Française LUX – Sub Debt (this Sub-Fund was liquidated on June 10, 2016) The objective of the Master Fund was to achieve an annual return of more than 7% over a recommended investment horizon of more than 10 years through exposure, in particular, to subordinate debt securities with a specific risk profile different from that of conventional bonds. For the purpose of compliance with 42 paragraph (3) of the 2010 Law, the Feeder Sub-Fund shall calculate its global exposure related to financial derivative instruments by combining its own direct exposure with either: • the Master Fund actual exposure to financial derivative instruments in proportion to the Feeder Sub-Fund investment to the Master Fund; or • the Master Fund’s potential maximum global exposure to financial derivative instruments provided for the Master Fund management regulations or

instruments of incorporation in proportion to the Feeder Sub-Fund’s investment into the Master Fund.

91


La Française LUX

Note 1 - General information (continued)

Master Funds (continued)

Feeder Sub-Fund percentage ownership share of the Master Fund as at December 31, 2016:

Sub-Funds Feeder net assets Master net assets % ownership

La Française LUX - Rendement Global 2020 - USD USD 4,451,455.68 EUR 120,324,654.48 3.51%

La Française LUX - Allocation EUR 16,207,055.84 EUR 244,289,429.58 6.63%

Total expenses of the Master Fund presented with the total expenses of the Feeder Sub-Funds.

Sub-Funds Feeder - Fees

% Feeder - Fees Master - Fees % Master -

Fees*(2) ) ) in EUR in EUR(1)

La Française LUX - Rendement Global 2020 – USD 50,199.65 1.08%(4) 6,973.67 (1) 0.15%(2)

La Française LUX – Allocation 884,800.06 (3) 2.27%(4) 292,603.66 (1) 0.75%(2)

* Share Class dedicated to the Feeder Sub-Funds(1) Ongoing Charges of the Master Fund’s share class dedicated to the Feeder Sub-Funds (2) Ongoing Charges Rate of the Master Fund’s share class dedicated to the Feeder Sub-Funds (3) Direct fees paid by the Feeder Sub-Funds since inception (4) Weighted average of the annualized Ongoing Charge Rate of each Feeder Sub-Fund’s share classes

The semi-annual and annual reports of the Master Funds are available free of charges at the Management Company’s office in Luxembourg.

Note 2 - Shares of the SICAV

The Share Classes available for subscription as at December 31, 2016 are listed below:

- Class A distribution shares, which receive an annual dividend, and the Net Asset Value of which is reduced by an amount equal to the distribution made;

- Class B capitalisation shares, which do not receive a dividend;

- Class D distribution shares, which received an annual dividend, and the Net Asset Value of which is reduced by an amount equal to the distribution made;

- Class R capitalisation shares, which are distinct from share Class B by a different fees structure as specified in the particulars of the Sub-Funds;

- Class R distribution shares, which received an annual dividend, and the Net Asset Value of which is reduced by an amount equal to the distribution made;

- Class I capitalisation shares, which do not receive a dividend, and of which the Net Asset Value remains unchanged (resulting in a percentage increase of the global Net Asset Value attributable to the capitalisation shares). The shares of Class I are distinct from share Class B by a different fees structure as specified in the particulars of the Sub-Funds and are reserved for Institutional Investors within the meaning of article 174 of the 2010 law;

92


La Française LUX

Note 2 - Shares of the SICAV (continued) - Class I distribution shares, which received an annual dividend, and the Net Asset Value of which is reduced by an amount equal to the distribution made. The Class I Shares are distinct from Class B Shares by a different structure fee as specified in the particulars of the Sub-Funds (Appendix 1) and are reserved for Institutional Investors, within the meaning of article 174 of the 2010 Law; - Class F capitalisation shares, which do not receive a dividend, and of which the Net Asset Value remains unchanged (resulting in a percentage increase of the global Net Asset Value attributable to the capitalisation shares). The shares of Class F are distinct from share Class B, R and I by a different fees structure as specified in the particulars of the Sub-Funds and are reserved for the entities of the group of the Management Company and/or funds managed by management companies of the group of the Management Company; - Class LatAm A distribution shares which receive an annual dividend and the Net Asset Value of which is reduced by an amount equal to the distribution made and which are reserved for Institutional Investors. The Class LatAm A Shares are reserved for the South American market and are denominated in USD. They bear no expenses resulting from European distribution; - Class LatAm C capitalisation shares which do not receive a dividend. The shares of the Class LatAm C are reserved for Institutional Investors. The Class LatAm C Shares are reserved for the South American market and are denominated in USD. They bear no expenses resulting from European distribution; - Class T capitalisation shares, which do not receive a dividend, and of which the Net Asset Value remains unchanged (resulting in a percentage increase of the global Net Asset Value attributable to the capitalisation shares). The shares of Class T are distinct by a different fees structure as specified in the particulars of the Sub-Funds. The Shares of Class T are reserved for any kind of subscriber and independent financial advisers on international scale more precisely; - Class T distribution shares, which received an annual dividend, and the Net Asset Value of which is reduced by an amount equal to the distribution made. The Shares of Class T are reserved for any kind of subscriber and independent financial advisers on international scale more precisely; - Class J capitalisation Shares, which do not receive a dividend. The Shares of Class J are distinct by a different fees structure as specified in the particulars of the Sub-Funds. The Shares of Class J are reserved for Institutional Investors in the Japanese market, within the meaning of article 174 of the 2010 Law; - Class S capitalisation Shares, which do not receive a dividend. Class S Shares are distinct from Class I Shares by a different structure fee as specified in the particulars of the Sub-Fund (Appendix 1) and are reserved for large Institutional Investors which invest a minimum initial subscription amount of EUR/USD/CHF 1,000,000. Note 3 - Accounting Principles The SICAV's financial statements are prepared in accordance with legal and regulatory requirements in force in Luxembourg relating to Undertakings for Collective Investment in Transferable Securities and accounting principles generally accepted in Luxembourg. 3.1 Consolidation of the different Sub-Funds The combined financial statements of La Française LUX are expressed in euro and are equal to the sum of the corresponding accounts in the financial statements of each Sub-Fund converted into euro at the exchange rate prevailing at the end of the financial year. 3.2 Currency conversion The accounts of each Sub-Fund are kept in the currency of its net asset value and the financial statements are expressed in the same currency. The acquisition cost of securities purchased in a currency other than that of the Sub-Fund is converted into the currency of the Sub-Fund on the basis of the exchange rates prevailing on the date on which the securities are acquired. Income and expenses denominated in a currency other than the one of the Sub-Fund are converted into the currency of the Sub-Fund on the basis of the exchange rates prevailing on the transaction date. At the end of the period, the security valuations (determined as described below), receivables, bank deposits and debts denominated in a currency other than that of the Sub-Fund are converted into the currency of the Sub-Fund on the basis of the exchange rates prevailing on that date; the foreign exchange differences resulting from the conversion of receivables, bank deposits and debts are included in the net gain/loss on foreign exchange for the year in the Statement of Operations and Changes in Net Assets. 3.3 Valuation of investments The assets and liabilities of the SICAV’s Sub-Funds are valued on the basis of the following principles: a) The value of cash in hand or on deposit, notes and bills payable on demand and all accounts receivable, prepaid costs, dividends and interest due but not yet received shall correspond to the full par value, unless it proves to be unlikely that the full value shall be received; in which case the value shall be calculated by subtracting a certain amount which appears to be appropriate in order to reflect the true value of such assets with prudence and in good faith by the Board of Directors of the SICAV;

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Note 3 - Accounting Principles (continued)

3.3 Valuation of investments (continued)

b) The valuation of transferable securities and money market instruments listed or traded on an official stock market or other regulated market which operatesregularly and is recognised and open to the public, shall be based on the last known price and if that transferable security / money market instrument is traded on several markets, on the basis of the last known price on the principal market for that security or instrument. If the last known price is not representative, the valuation shall be based on the probable realisation value estimated with prudence and in good faith by the Board of Directors of the SICAV;

c) Securities and money market instruments not listed or traded on an official stock exchange or on another regulated market which operates regularly and isrecognized and open to the public shall be valued on the basis of their probable sale price as estimated prudently and in accordance with the principle of prudence and good faith by the Board of Directors of the SICAV;

d) The Board of Directors of the SICAV may authorise the use of amortised cost method of valuation for short-term transferable debt securities in the Sub-Fund. This method involves valuing a security at its cost and thereafter assuming a constant amortisation to maturity of any discount or premium regardless of the impact of fluctuating interest rates on the market value of the security or other instrument. While this method provides certainty in valuation, it may result in periods during which value as determined by amortised cost, is higher or lower than the price the Sub-Funds would receive if it has sold the securities. This method of valuation will only be used in accordance with ESMA guidelines concerning eligible assets for investments by UCITS and only with respect to securities with a maturity at issuance or residual term to maturity of 397 days or less or securities that undergo regular yield adjustments at least every 397 days;

e) All other securities and assets shall be valued at their market value determined in good faith, in accordance with the procedures established by the Board ofDirectors of the SICAV;

f) Prices of securities denominated in currencies other than the currency of account of the Sub-Funds shall be converted at the last available exchange rate ateach NAV calculation;

g) The settlement value of futures contracts and option contracts which are not traded on regulated markets shall be equivalent to their net settlement valuedetermined in accordance with the policies established by the Board of Directors of the SICAV, on a basis applied consistently to each type of contract. The settlement value of futures contracts or option contracts traded on regulated markets shall be based on the last price available for settlement of those contracts on the regulated markets on which those futures contracts or those option contracts are traded by the SICAV; insofar as if a futures contract or an option contract cannot be settled on the day on which the net assets are valued, the basis which shall serve to determine the settlement value of that contract shall be determined by the Board of Directors of the SICAV in a fair and reasonable manner.

h) Open foreign forward exchange contracts are valued with reference to the forward exchange rate corresponding to the remaining life of the contract. Allrealised net gains and losses and net changes in unrealized appreciation and depreciation are included in the Statement of Operations and Changes in Net Assets.

i) Interest rate swaps are valued at their market value established by reference to the applicable rate curve. Swaps on indices or financial instruments arevalued at their market value established by reference to the index of the financial instrument concerned. The valuation of swap contracts relating to those indices or financial instruments are based on the market value of those swap transactions in accordance with the procedures established by the Board of Directors of the SICAV at each NAV calculation. All realised net gains and losses and net changes in unrealized appreciation and depreciation are included in the Statement of Operations and Changes in Net Assets.

j) Contracts for Difference ("CFD") are over-the-counter financial instruments which allow an investor to take advantage of the share price movements withouthaving to hold such shares or to manage the holding constraints (custody, financing, loan for shorts). Indeed, a "CFD" is a contract entered into between two parties to exchange, at the end of this contract, the difference between the opening and the closing prices of the contract, multiplied by the number of units of the underlying asset as specified in the contract. The settlement of these differences is completed through a cash payment, not through a physical delivery of the underlying assets. Contracts for Difference are valued at their market value according to the closing price of the underlying securities on the valuation day. The market value of the corresponding line indicates the difference between the market value and the strike price of the underlying securities.

All realised net gains and losses and net changes in unrealised appreciation and depreciation are included in the Statement of Operations and changes in Net Assets.

k) Total return swap is a bilateral agreement in which each party agrees to exchange payments based on the performance of an underlying instrumentrepresented by a security, commodity, basket or index thereof for a fixed or variable rate. One party pays out the total return of a specific reference asset, and in return, receives a regular stream of payments. The total performance will include gains and losses on the underlying, as well as any interest or dividends during the contract period according to the type of underlying. The cash flows to be exchanged are calculated by reference to an agreed upon notional amount or quantity.

Total return swaps are marked to market at each NAV calculation date. The unrealised appreciation/(depreciation) is disclosed in the Statement of Net Assets under "Net unrealised appreciation/(depreciation) on Swaps contracts". Realised gains/(losses) and change in unrealised appreciation/depreciation as a result thereof are included in the Statement of Operations and Changes in Net Assets respectively under "Net realised gain/(loss) on Swaps contracts" and "Net change in unrealised appreciation/(depreciation) on Swaps contracts.

Realised gains and losses on the sales of investments in securities are usually determined on the average cost basis.

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Note 3 - Accounting Principles (continued) 3.3 Valuation of investments (continued) l) Credit Default Swaps are valued at their market value established by reference to the applicable rate curve. Swaps on indices or financial instruments are valued at their market value established by reference to the index of the financial instrument concerned. The valuation of swap contracts relating to those indices or financial instruments shall be based on the market value of those swap transaction in accordance with the procedures established by the Board of Directors of the SICAV. All realised appreciation and depreciation and changes in unrealised appreciation and depreciation are included in the Statement of Operations and Changes in Net Assets. 3.4 Income Dividends are recognised as income on the date when shares are quoted ex-dividend for the first time. Dividends and interest received by the SICAV on its investments are in many cases subject to irrecoverable withholding taxes at source. Interest income is accrued net of withholding tax at the time of each Net Asset Value calculation. 3.5 Formation expenses The formation expenses are being amortised over a period of 5 years. If the launch of a Sub-fund occurs after the launch date of the SICAV, the formation expenses in connection with the launch of the new Sub-fund will be charged to this single Sub-fund and may be amortized over a maximum of five years from the date of launch of the Sub-fund. Note 4 - Exchange rates at December 31, 2016 The exchange rates used in the conversion on the SICAV’s assets or liabilities denominated in currencies other than Euro (EUR) are:

1 EUR = 1.072000 CHF 1 EUR = 9.079000 NOK 1 EUR = 7.435550 DKK 1 EUR = 52.434250 PHP 1 EUR = 0.853600 GBP 1 EUR = 4.402850 PLN 1 EUR = 8.177650 HKD 1 EUR = 9.582000 SEK 1 EUR = 123.020800 JPY 1 EUR = 1.054750 USD 1 EUR = 1,273.927100 KRW 1 EUR = 1.414450 CAD 1 EUR = 21.729400 MXN 1 EUR = 1.456600 AUD 1 EUR = 3.710200 TRY 1 EUR = 33.993550 TWD 1 EUR = 4.542500 RON 1 EUR = 14.423700 ZAR 1 EUR = 308.865000 HUF 1 EUR = 1.523800 SGD 1 EUR = 706.455800 CLP 1 EUR = 1.512650 NZD 1 EUR = 71.585900 INR

Note 5 - Taxes Luxembourg The SICAV is not subject to any taxes in Luxembourg on income or capital gains. The only tax to which the SICAV in Luxembourg is subject is the “taxe d’abonnement” of 0.05% p.a. based on the net assets of the Sub-Fund at the end of the relevant quarter, calculated and paid quarterly. In respect of any share class which comprises only Institutional Investors, the tax levied is at the rate of 0.01% p.a.. In accordance with article 175 a) of the Law, the portion of the net assets invested in UCIs already subject to the taxe d’abonnement is exempt from this tax. Belgium The Sicav is registered with the Belgium Financial Services and Markets Authority in accordance with the Article 154 of the Act of August 3, 2012 relating to financials markets. Funds registered for public distribution in Belgium are subject to an annual tax of 0.0925% on the Net Asset Value of shares distributed in Belgium via Belgian intermediaries as at December 31 of the previous year.

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Note 6 - Management fees Under the terms of a management agreement, the Investment Managers are entitled to receive the following annual fees calculated daily and based on the net assets of the Sub-Fund:

Sub-Funds Classes Maximum Management fees Investment Managers

La Française LUX - GTS Réactif*

B 1.25% p.a. La Française Bank (until July 31, 2016) La Française Asset Management (since

August 1, 2016)

R 2.00% p.a.

I 0.60% p.a.


B 2.00% p.a. La Française Inflection

Point I 1.00% p.a.

F n/a

La Française LUX - Inflection Point Leaders Emergents B 2.00% p.a. La Française Inflection

Point I 1.25% p.a.


I and F 1.00% p.a. La Française Inflection

Point R 2.00% p.a.

T 1.20% p.a.


B 1.34% p.a. La Française Asset

Management I 0.68% p.a.

F 0.38% p.a.




F n/a

La Française LUX - Obligations Emergentes I 1.11% p.a. La Française Asset

Management F n/a

La Française LUX – Absolute Emerging Debt



F n/a

La Française LUX - Protectaux I 0.39% p.a. La Française Asset

Management F n/a

La Française LUX - Rendement Global 2020 - USD R 1.10% p.a. La Française Asset


La Française LUX - Rendement Global 2022 (this Sub-Fund was liquidated on September 22, 2016)

D 0.95% p.a.

La Française Asset Management

T 0.75% p.a.

R 0.95% p.a.

I 0.55% p.a.

La Française LUX - Allocation R 1.70% p.a. La Française Asset


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Note 6 - Management fees (continued)

Sub-Funds Classes Maximum Management fees Investment Managers

La Française Lux - Forum Global Real Estate Securities

R 2.00% p.a.

Forum Securities (UK) Limited

LatAm A 2.00% p.a.

LatAm C 2.00% p.a.

I 1.30% p.a.

J 1.03% p.a.

La Française LUX - Inflection Point Zero Carbon I

1.00% p.a. (until August 30th, 2016)

0.70% p.a. (since September 1st, 2016)

La Française Inflection Point

La Française LUX – JKC Asia Bond I 1.00% p.a. JK Capital Management Ltd.

La Française LUX – Sub Debt (this Sub-Fund was liquidated on June 10, 2016) R 1.00 % p.a. La Française Asset

Management

La Française LUX – Multi-Asset Income R 1.60% p.a. La Française Asset


La Française LUX - Inflection Point Gonet Swiss Equity I 1.10% p.a.

GONET & CIE Geneva S 0.80% p.a.

* Management fee of the targeted funds : when the Sub-Fund invests in shares or units of other investment funds, the management fee paid by these other investment funds amount to a maximum of 1.80% p.a., calculated on their respective average net assets. Note 7 - Share subscription, redemption and conversion fees

Sub-Funds Classes Maximum Subscription fees of the Net Asset Value per share

Maximum Redemption fees of the Net Asset Value per share Conversion fees


B 3.00% n/a n/a

R 3.00% n/a n/a

I 3.00% n/a n/a


B 3.00% n/a n/a

I Dis 3.00% n/a n/a

I Cap n/a n/a n/a

F n/a n/a n/a


B 3.00% n/a n/a

I 3.00% n/a n/a


I 3.00% n/a n/a

R 3.00% n/a n/a

T 3.00% n/a n/a

F n/a n/a n/a


B 3.00% n/a n/a

I 3.00% n/a n/a

F n/a n/a n/a

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Note 7 - Share subscription, redemption and conversion fees (continued)

Sub-Funds Classes Maximum Subscription fees of the Net Asset Value per share

Maximum Redemption fees of the Net Asset Value per share Conversion fees


B 3.00% n/a n/a

I 3.00% n/a n/a

F n/a n/a n/a

La Française LUX - Obligations Emergentes I 3.00% n/a n/a

F n/a n/a n/a

La Française LUX – Absolute Emerging Debt

B 3.00% n/a n/a

I 3.00% n/a n/a

F n/a n/a n/a

La Française LUX - Protectaux I 3.00% n/a n/a

F n/a n/a n/a


R 4.00% n/a n/a

I 4.00% n/a n/a

La Française LUX - Rendement Global 2022 (this Sub-Fund was liquidated on September 22, 2016)

D 3.00% n/a n/a

T 3.00% n/a n/a

R 3.00% n/a n/a I 3.00% n/a n/a

La Française LUX - Allocation R 4.00% n/a n/a

I 4.00% n/a n/a

La Française Lux - Forum Global Real Estate Securities

R up to 5.00% n/a n/a

LatAm A up to 5.00% n/a n/a

LatAm C up to 5.00% n/a n/a

I up to 5.00% n/a n/a

J up to 5.00% n/a n/a

La Française LUX - Inflection Point Zero Carbon I up to 3.00 % p.a. n/a n/a

La Française LUX – JKC Asia Bond I 3.00% n/a n/a La Française LUX – Sub Debt (this Sub-Fund was liquidated on June 10, 2016) R 3.00% n/a n/a

La Française LUX – Multi-Asset Income R

I

3.00%

3.00%

n/a

n/a

n/a

n/a


I 3.00% n/a n/a

S n/a n/a n/a

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Note 8 - Operating costs Under the terms of a service agreement dated July 21, 2010, the SICAV has appointed La Française AM International as Management Company to provide it with management, administration and distribution services. The Management Company is an approved management company pursuant to chapter 15 of the Law. For the remuneration of the services of the Management Company, the Administrative Agent and the Custodian Bank, operating costs are payable by the SICAV as follows:

Sub-Funds Classes Operating costs Minimum per annum

La Française LUX - GTS Réactif B, R, I 0.50% p.a. EUR 50,000

La Française LUX - Inflection Point European Equity B, I, F 0.50% p.a. EUR 50,000

La Française LUX - Inflection Point Leaders Emergents B, I 0.50% p.a. EUR 50,000

La Française LUX - Inflection Point Global Equity I, R, T, F 0.30% p.a. EUR 30,000

La Française LUX - Euro Inflation B, I

0.21% p.a. EUR 50,000

F n/a

La Française LUX - Multistrategies Obligataires B, I 0.25% p.a. EUR 50,000

F 0.13% p.a. n/a

La Française LUX - Obligations Emergentes I 0.23% p.a. EUR 50,000

F 0.09% p.a. n/a

La Française LUX – Absolute Emerging Debt B, I 0.25% p.a. EUR 50,000

F 0.06% p.a. n/a

La Française LUX - Protectaux B, I 0.20% p.a. EUR 50,000

F 0.06% p.a. n/a

La Française LUX - Rendement Global 2020 - USD R, I 0.20% p.a. n/a La Française LUX - Rendement Global 2022 (this Sub-Fund was liquidated on September 22, 2016) D, T, R, I 0.20% p.a. n/a

La Française LUX - Allocation R, I 0.20% p.a. EUR 30,000

La Française Lux - Forum Global Real Estate Securities R, LatAm A, LatAm C, I,

J up to 0.45% n/a

La Française LUX - Inflection Point Zero Carbon I 0.30% p.a. (until August

31st, 2016) 0.27% p.a. (since

September 1st, 2016) EUR 30,000

La Française LUX – JKC Asia Bond I 0.40% p.a. EUR 30,000

La Française LUX – Sub Debt (this Sub-Fund was liquidated on June 10, 2016) R 0.25% p.a. EUR 30,000

La Française LUX – Multi-Asset Income R, I 0.30% p.a. EUR 30,000

La Française LUX - Inflection Point Gonet Swiss Equity I, S 0.30% p.a. EUR 30,000

These fees are calculated daily on the net assets of each share class. The payment is due in the month following the end of each quarter.

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Note 9 - Performance fees La Française LUX - GTS Réactif: there is no performance fee calculation. La Française LUX - Inflection Point European Equity: the performance fee shall represent 20% maximum of the difference between the Sub-Fund’s performance and the STOXX EUROPE 600 Index (SXXR) denominated in Euro. The total amount of the performance fee is set at an upper limit of 2.50% of the average net assets of the Sub-Fund during the year ended on December 31, 2016. The performance is calculated by comparing the evolution of the assets of the Sub-Fund to the assets of a reference fund with a performance identical to that of the STOXX EUROPE 600 Index (SXXR) denominated in Euro and registering the same variations in subscriptions and redemptions as the Sub-Fund. No performance fee is applicable to Class F. As at December 31, 2016, no performance fee was paid by the Sub-Fund La Française LUX - Inflection Point European Equity. La Française LUX - Inflection Point Leaders Emergents: the performance fee shall represent 25% maximum of the difference between the Sub-Fund’s performance and the MSCI Emerging Markets Daily Net TR index denominated in Euro. The total amount of the outperformance fee is set at an upper limit of 2.5% of the average net assets of the Sub-Fund during the year ended on December 31, 2016. The performance is calculated by comparing the evolution of the assets of the Sub-Fund to the assets of a reference fund with a performance identical to that of the MSCI Emerging Markets Daily Net TR index denominated in Euro and registering the same variations in subscriptions and redemptions as the Sub-Fund. As at December 31, 2016, no performance fee was paid by the Sub-Fund La Française LUX - Inflection Point Leaders Emergents. La Française LUX - Inflection Point Global Equity: the performance fee shall represent 20% maximum of the difference between the Sub-Fund’s performance and the MSCI World index denominated in Euro. The total amount of the outperformance fee is set at an upper limit of 2.5% of the average net assets of the Sub-Fund during the year ended on December 31, 2016. The performance is calculated by comparing the evolution of the assets of the Sub-Fund to the assets of a reference fund with a performance identical to that of the MSCI World index denominated in Euro and registering the same variations in subscriptions and redemptions as the Sub-Fund. As at December 31, 2016, the Sub-Fund La Française LUX - Inflection Point Global Equity booked a performance fee of EUR 74,469.50. La Française LUX - Euro Inflation: the performance fee shall represent a maximum of 20% of the difference between the performance of the Sub-Fund’s and the performance of the Barclays Capital Euro Government Inflation Linked Bond Index denominated in Euro (total return) (BEIG1T Index). The total amount of the outperformance fee is set at an upper limit of 2.50% of the average net assets of the Sub-Fund during the year ended on December 31, 2016. The performance is calculated by comparing the evolution of the assets of the Sub-Fund to the assets of a reference fund with a performance identical to that of the Barclays Capital Euro Government Inflation-Linked Bond Index denominated in Euro (total return) and registering the same variations in subscriptions and redemptions as the Sub-Fund. No performance fee is applicable for class F As at December 31, 2016, the Sub-Fund La Française LUX - Euro Inflation booked a performance fee of EUR 131,133.63. La Française LUX - Multistrategies Obligataires: the performance fee shall represent a maximum of 25% of the difference between the performance of the Sub-Fund and the performance of the 3 month Euribor + 3.5%. The performance is calculated by comparing the evolution of the assets of the Sub-Fund to the assets of a reference fund with a performance identical to that of the 3 month Euribor + 3.5% and registering the same variations in subscriptions and redemptions as the Sub-Fund. A provision, or the recovery of the provision in the event of underperformance, is accounted on each NAV calculation. The proportion of variable fees corresponding to redemptions is paid to the manager. No performance fee is applicable to class F. As at December 31, 2016, the Sub-Fund La Française LUX - Multistrategies Obligataire booked a performance fee of EUR 2,172,958.45. La Française LUX - Obligations Emergentes: The performance fee shall represent a maximum of 25% of the difference between the performance of the Sub-Fund and the performance of the index JP Morgan Emerging Markets Bond Index Global Diversified $ coupons included. The total amount of the outperformance fee is set at an upper limit of 2.50% of the average net assets of the Sub-Fund during the year ended on December 31, 2016.

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Note 9 - Performance fees (continued) The performance is calculated by comparing the evolution of the assets of the Sub-Fund to the assets of a reference fund with a performance identical to that of the composite index JP Morgan Emerging Markets Bond Index Global Diversified $ coupons included and registering the same variations in subscriptions and redemptions as the Sub-Fund. A provision, or the recovery of the provision in the event of underperformance, is accounted on each NAV calculation. The proportion of variable fees corresponding to redemptions is paid to the manager. No performance fee is applicable to class F. As at December 31, 2016, no performance fee was paid by La Française LUX - Obligations Emergentes. La Française LUX – Absolute Emerging Debt: The performance fee shall represent a maximum of 20% of the difference between the performance of the Sub-Fund and the performance of the Euribor 3 Months +3% (EUR003M Index), provided that the annual performance of the Sub-Fund (after deduction of all fees) is positive. The performance is calculated by comparing the evolution of the assets of the Sub-Fund to the assets of a reference fund with a performance identical to that of the Euribor 3 Months +3% and registering the same variations in subscriptions and redemptions as the actual Sub-Fund. A provision, or the recovery of the provision in the event of underperformance, is accounted on each NAV calculation. The proportion of variable fees corresponding to redemptions is paid to the manager. No performance fee is applicable to class F. As at December 31, 2016, the Sub-Fund La Française LUX – Absolute Emerging Debt booked a performance fee of EUR 15,886.52. La Française LUX – Protectaux: there is no performance fee applicable. La Française LUX - Rendement Global 2020 – USD: there is no performance fee applicable. La Française LUX - Rendement Global 2022 (this Sub-Fund was liquidated on September 22, 2016): there was no performance fee applicable. La Française LUX - Allocation: there is no performance fee applicable. La Française LUX - Forum Global Real Estate Securities: there is no performance fee applicable. La Française LUX - Inflection Point Zero Carbon: the performance fee shall represent 20% maximum of the difference between the Sub-Fund’s performance and the MSCI All Country World Index denominated in the currency of the referred Class of Shares. The total amount of the outperformance fee is set at an upper limit of 2.5% of the average net asset of the Sub-Fund during the reference year. The performance is calculated by comparing the evolution of the assets of the Sub-Fund to the assets of a reference fund with a performance identical to that of the MSCI All Country World index denominated in the currency of the referred Class of Shares and registering the same variations in subscriptions and redemptions as the Sub-Fund. A provision, or the recovery of the provision in the event of underperformance, is accounted for in each NAV calculation. The proportion of variable fees corresponding to redemptions is paid to the investment manager. The performance fee is calculated based on the last net assets of the Sub-Fund in December. The performance fee is payable annually in the month following the end of the year As at December 31, 2016, no performance fee was paid by the Sub-Fund La Française LUX - Inflection Point Zero Carbon. La Française LUX – JKC Asia Bond: there is no performance fee applicable. La Française LUX – Sub Debt (this Sub-Fund was liquidated on June 10, 2016): The performance fee if any represented a maximum of 25% of the outperformance calculated by comparing the evolution of the assets of the Sub-Fund to the assets of a similar fund achieving a return of exactly 7% per year and registering the same variations in subscriptions and redemptions as the Sub-Fund. At the liquidation date, no performance fee was paid by the Sub-Fund La Française LUX – Sub Debt. La Française LUX – Multi-Asset Income: there is no performance fee applicable. La Française LUX - Inflection Point Gonet Swiss Equity: there is no performance fee applicable.

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Note 10 - Futures contracts As at December 31, 2016, the following Sub-Funds La Française LUX - Euro Inflation, La Française LUX - Multistrategies Obligataires, La Française LUX - Absolute Emerging Debt and La Française LUX - Protectaux held positions in futures contracts. The counterparty for all of these positions is Newedge. Note 11 - Forward foreign exchange contracts As at December 31, 2016, the Sub-Fund La Française LUX – Euro Inflation held positions in forward foreign exchange contracts. The counterparty for all of these positions is BNP Paribas Securities Services Luxembourg. As at December 31, 2016, the Sub-Fund La Française LUX - Multistrategies Obligataires held positions in forward foreign exchange contracts. The counterparties for all of these positions are Société Générale Paris, JP Morgan Secs Ltd and Calyon. As at December 31, 2016, the Sub-Fund La Française LUX - Obligations Emergentes held positions in forward foreign exchange contracts. The counterparty for all of these positions is Morgan Stanley & Co International PLC. As at December 31, 2016, the Sub-Fund La Française LUX - Absolute Emerging Debt held positions in forward foreign exchange contracts. The counterparties for all of these positions are JP Morgan Securities PLC, Morgan Stanley & Co International PLC, Goldman Sachs International, Barclay Bank plc, BNP Paribas Paris, Calyon, JP Morgan Chase Bank and Nomura International plc. As at December 31, 2016, the Sub-Fund La Française LUX - Forum Global Real Estate Securities held positions in forward foreign exchange contracts. The counterparty for all of these positions is BNP Paribas Securities Services Luxembourg and BNP Paribas Securities Services Germany. As at December 31, 2016, the Sub-Fund La Française LUX - JKC Asia Bond held positions in forward foreign exchange contracts. The counterparty for all of these positions is BNP Paribas Securities Services Luxembourg and the Sub-Fund did not receive collateral. As at December 31, 2016, the Sub-Fund La Française LUX - Multi-Asset Income held positions in forward foreign exchange contracts. The counterparties for all of these positions are BNP Paribas France and Calyon. Note 12 - Swap contracts As at December 31, 2016, La Française LUX - Euro Inflation held positions in swap contracts. The type of collateral pledged is composed of cash and the counterparty for these positions is BNP Paribas France. As at December 31, 2016, La Française LUX - Absolute Emerging Debt held positions in swap contracts. The type of collateral pledged is composed of cash and the counterparty for these positions is BNP Paribas France and JP Morgan London. Note 13 - Contracts for Difference As at December 31, 2016, La Française LUX - Forum Global Real Estate Securities held positions in Contracts for Difference. The counterparty for all of these positions is BNP Corporate Investment Banking. Note 14 - Options contracts As at December 31, 2016, the following Sub-Funds La Française LUX - Euro Inflation, La Française LUX - Multistrategies Obligataires and La Française LUX - Forum Global Real Estate Securities held positions in options contracts. The counterparty for all of these positions is Newedge.

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La Française LUX

Note 15- Professional fees The caption “Professional fees” include mainly Legal fees. Note 16 - Other expenses This caption is mainly composed of Distribution fees. Note 17 - Transaction costs The SICAV incurred transaction costs which have been defined as brokerage fees, certain taxes and certain custodian fees relating to the purchase and sale of transferable securities, money market instruments or other eligible assets. The global amounts of transaction costs are taken into account through the Statements of Operations and Changes in Net Assets. In line with market practices for debt securities, the transaction fees are included in the spreads relating to the purchase and sale of debt securities. Note 18 - Other income The caption « Other Income » is mainly composed of reimbursements from other member states due to unduly withholding taxes following the “Aberdeen case” (European Court of Justice : Case number 303/07. Note 19 - Changes in the composition of the Securities Portfolio The report on changes in the composition of the Securities Portfolio for each Sub-Fund is available upon request and free of charge from the registered office of the SICAV and the Representative Principal Paying agent in France. Note 20 - Dividend distribution On May 25, 2016, the Board of Directors of the SICAV resolved to pay a yearly interim dividend for the financial year of the Sub-Fund La Française Lux - Inflection Point Global Equity as follows:

Classes Amount distributed per share Ex-date

R EUR Distribution EUR 0.86 May 25, 2016 On May 25, 2016, the Board of Directors of the SICAV resolved to pay a yearly interim dividend for the financial year of the Sub-Fund La Française Lux – Rendement Global 2022 as follows:


D EUR Distribution EUR 4.66 May 25, 2016

D SEK Distribution SEK 4.67 May 25, 2016

T EUR Distribution EUR 4.69 May 25, 2016

D USD Distribution USD 4.70 May 25, 2016 On May 25, 2016, the Board of Directors of the SICAV resolved to pay a quarterly interim dividend for the financial year of the Sub-Fund La Française Lux - Multi-Asset Income as follows:


R EUR Distribution EUR 1.26 May 25, 2016

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La Française LUX

Note 20 - Dividend distribution (continued) On March 10, 2016, on June 10, 2016 and on September 12, 2016, the Board of Directors of the SICAV resolved to pay a quarterly interim dividend for the financial year of the Sub-Fund La Française Lux - Forum Global Real Estate Securities as follows:


I USD Distribution USD 0.99 March 10, 2016

LatAm A USD Distribution USD 0.98 March 10, 2016

R EUR Distribution EUR 1.24 March 10, 2016

R USD Distribution USD 0.97 March 10, 2016

I EUR Distribution EUR 1.26 March 10, 2016

I USD Hedged Distribution USD 1.13 March 10, 2016

I EUR Distribution EUR 1.15 June 10, 2016

R EUR Distribution EUR 1.13 June 10, 2016

LatAm A USD Distribution USD 0.91 June 10, 2016

I USD H Distribution USD 1.04 June 10, 2016

I USD Distribution USD 0.93 June 10, 2016

R USD Distribution USD 0.91 June 10, 2016

I EUR Distribution EUR 1.15 September 12, 2016

R EUR Distribution EUR 1.13 September 12, 2016

LatAm A USD Distribution USD 0.92 September 12, 2016

I USD H Distribution USD 1.05 September 12, 2016

I USD Distribution USD 0.93 September 12, 2016

R USD Distribution USD 0.92 September 12, 2016

I EUR Distribution EUR 1.19 December 12, 2016

R EUR Distribution EUR 1.16 December 12, 2016

LatAm A USD Distribution USD 0.89 December 12, 2016

I USD H Distribution USD 1.08 December 12, 2016

I USD Distribution USD 0.91 December 12, 2016

R USD Distribution USD 0.89 December 12, 2016 Note 21 - Related party transactions During the year-ended December 31, 2016, the Sub-Funds GTS Réactif, Inflection Point Leaders Emergents, Inflection Point Global Equity, Euro Inflation, Multistrategies Obligataires, Obligations Emergentes, Absolute Emerging Debt, Protectaux and Rendement Global 2020 – USD, Allocation invested part of their assets in other UCIs of the Group La Française. No subscription or redemption fees were charged to the SICAV but these UCIs paid Management fees. Note 22 – Remuneration Policy The up-to-date remuneration policy of La Française AM International, including,but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits, including the composition of the remuneration committee, is made available at http://lfgrou.pe/I4q2sT. A paper copy is available free of charge upon request at the La Française AM International’s registered office. Note 16 - SFT Regulation During the year ending December 31, 2016, the Fund did not engage in transactions which are the subject of EU Regulation No 2015/2365 on the transparency of securities financing transactions and of reuse. Accordingly, no global, concentration or transaction data, or information on the reuse or safekeeping of collateral is required to be reported.

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http://lfgrou.pe/I4q2sT

Information for Shareholders in Germany (not audited)

La Française LUX

No distribution notices have been submitted for the Sub-Funds named below, which means that shares of those Sub-Funds may not be distributed to investors within the scope of the German Investment Code. As a consequence the following Sub-Funds are not available to investors in Germany: La Française LUX – GTS Réactif La Française LUX – Inflection Point European Equity La Française LUX – Inflection Point Leaders Emergents La Française LUX – Inflection Point Global Equity La Française LUX – Euro Inflation La Française LUX – Obligations Emergentes La Française LUX – Absolute Emerging Debt La Française LUX – Protectaux La Française LUX – Rendement Global 2020 - USD La Française LUX – Inflection Point Zero Carbon La Française LUX – JKC Asia Bond La Française LUX – Multi-Asset Income La Française LUX – Inflection Point Gonet Swiss Equity The following Sub-Funds are available to investors in Germany: La Française LUX – Multistrategies Obligataires La Française LUX – Allocation La Française LUX – Forum Global Real Estate Securities The function of the Paying and Information Agent in the Federal Republic of Germany is performed by: BNP Paribas Securities Services S.C.A. Zweigniederlassung Frankfurt am Main Address: Europa-Allee 12, 60327 Frankfurt am Main (hereafter: Paying and Information Agent). A list of changes incurred to the securities’ portfolio can be obtained free of charge from the Paying and Information Agent. Requests for redemption or conversion of shares may be submitted to the Paying and Information Agent. All payments to investors, including redemption proceeds and potential distributions and other payments may, upon request, be conducted through the Paying and Information Agent. The following documents may be obtained, free of charge, in hardcopy form at the office of the Paying and Information Agent:

• the prospectus, • the key investor information documents, • the current annual and semi-annual reports, • the Articles of Incorporation of the Sicav, • the Investment Management Agreement, • the Collective Portfolio Management Agreement, • the Custodian Agreement.

The issue, redemption and conversion prices, the net asset value as well as any notices to investors are also available from the Paying and Information Agent. In addition, the issue, redemption and conversion prices and any notices to investors are published on the website www.fundinfo.com In addition, communications to investors in Germany will be published by means of a durable medium (section 167 of the Investment Code) in the following cases:

• suspension of the redemption of the shares, • termination of the management of the Sicav or its liquidation, • any amendments to the articles of incorporation which are inconstant with the previous investment principles, which affect material investor rights or

which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool, • merger of the Sicav with one or more other funds and • the change of the fund into a feeder fund or the modification of a master fund.

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