001 Document Cover - AIA Report.pdfInformation Page 5 Establishment PARVEST (the “Fund”, the...

PARVEST SICAV

ANNUAL REPORT

at 31/12/2015

R.C.S. Luxembourg B 33 363

Table of contents

Page

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Organisation 3 Information 5 Manager's report 6 Audit report 10 Financial statements at 31/12/2015 12 Key figures relating to the last 3 years 22 Securities portfolio at 31/12/2015

Bond Asia ex-Japan 35 Bond Best Selection World Emerging 36 Bond USD 37 Bond USD Short Duration 40 Bond World 41 Bond World Emerging Local 45 Bond World High Yield 46 Bond World Inflation-Linked 50 Convertible Bond Asia 51 Convertible Bond World 52 Equity Best Selection Asia ex-Japan 54 Equity Best Selection Euro 55 Equity Best Selection Europe 56 Equity Brazil 57 Equity Bric 58 Equity China 60 Equity Europe Emerging 61 Equity Europe Growth 62 Equity Europe Mid Cap 63 Equity Europe Small Cap 64 Equity High Dividend Europe 65 Equity High Dividend Pacific 66 Equity High Dividend USA 67 Equity India 68 Equity Indonesia 69 Equity Japan 70 Equity Latin America 71 Equity Russia 72 Equity Russia Opportunities 73 Equity USA Growth 74 Equity USA Mid Cap 75 Equity World Consumer Durables 76

Table of contents

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Equity World Emerging 77 Equity World Energy 79 Equity World Finance 80 Equity World Health Care 81 Equity World Low Volatility 82 Equity World Materials 84 Equity World Technology 85 Equity World Telecom 86 Equity World Utilities 87 Green Tigers 88 Real Estate Securities Pacific 89 Real Estate Securities World 90

Notes to the financial statements 91 Unaudited appendix 122

No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the current prospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.

Organisation

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Registered office 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg

Board of Directors Chairman

Mr. Philippe MARCHESSAUX, Chief Executive Officer, BNP Paribas Investment Partners, Paris

Members

Mr. Marnix ARICKX, Chief Executive Officer, BNP Paribas Investment Partners Belgium, Brussels

Mr. Vincent CAMERLYNCK, CEO Asia Pacific, BNP Paribas Investment Partners, Hong Kong (until 31 July 2015)

Mr. Christian DARGNAT, Head of Distributors Business Line, BNP Paribas Investment Partners, Paris

Mrs. Marianne DEMARCHI, Head of Group Networks, BNP Paribas Investment Partners, Paris

Mr. Anthony FINAN, Deputy-Head of Distributors Business Line, BNP Paribas Investment Partners, Paris

Mr. François HULLO, Head of External Distribution, BNP Paribas Investment Partners, Paris

Mr. Marc RAYNAUD, Head of Global Fund Solutions, BNP Paribas Investment Partners, Paris (until 24 November 2015)

Mr. Christian VOLLE, Chairman of the “Fondation pour l’Art et la Recherche”, Paris

Managing Director

Mr. Anthony FINAN, Deputy-Head of Distributors Business Line, BNP Paribas Investment Partners, Paris

Company Secretary (non-member of the Board)

Mr. Stéphane BRUNET, Chief Executive Officer, BNP Paribas Investment Partners Luxembourg, Hesperange

Management Company BNP Paribas Investment Partners Luxembourg, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg BNP Paribas Investment Partners Luxembourg is a Management Company as defined in chapter 15 of the Law of 17 December 2010 concerning undertakings for collective investment, as amended. The Management Company performs the administration, portfolio management and marketing duties.

Net asset values calculation, transfer agent, bearer shares depositary and registrar are delegated to: BNP Paribas Securities Services - Luxembourg Branch Until 31 December 2015 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Since 1 January 2016 60 Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Organisation

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Portfolio management is delegated to:

Management entities of the BNP Paribas Group

• Alfred Berg Kapitalförvaltning AB Nybrokajen 5, SE-10725 Stockholm, Sweden • BNP Paribas Asset Management S.A.S., 1 Boulevard Haussmann, F-75009 Paris, France • BNP Paribas Asset Management Inc., 75 State Street, 6th Floor, Boston, Ma 02109, USA (until 31 July 2015) • BNP Paribas Asset Management Brasil Ltda, Av. Juscelino Kubitchek 510-11 Andar, 04543-00 Sao Paulo – SP, Brazil • BNP Paribas Investment Partners Asia Ltd., 30/F Three Exchange Square, 8 Connaught Place, Central

Hong Kong • BNP Paribas Investment Partners Japan Ltd., Gran Tokyo North Tower, 9-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo

100-6739, Japan • BNP Paribas Investment Partners Netherlands N.V., Herengracht 595, PO box 71770, NL-1008 DG Amsterdam, The

Netherlands (until 14 December 2015) • BNP Paribas Investment Partners Nederland N.V., Herengracht 595, PO box 71770, NL-1008 DG Amsterdam, The

Netherlands (since 15 December 2015) • BNP Paribas Investment Partners Singapore Limited, 10 Collyer Quay #15-01 Ocean Financial Centre Singapore 049315 • BNP Paribas Investment Partners UK Ltd., 5 Aldermanbury Square, London EC2V 7BP, United Kingdom • Fischer Francis Trees & Watts, Inc., 200 Park Avenue, 11th floor, New York, NY 10166, USA • TEB Portföy Yönetimi A.Ş., Gayrettepe Mahallesi Yener Sokak n° 1 Kat. 9 Besiktas 34353 Istanbul, Turkey • THEAM S.A.S., 1 Boulevard Haussmann, F-75009 Paris, France

Management entities not part of the Group:

• Fairpointe Capital LLC., One North Franklin Street, Suite 3300, Chicago, IL 60606, USA, Manager for the “Equity USA Mid Cap” sub-fund

• RiverRoad Asset Management, LLC, 462 South Fourth Street, Suite 1600 Louisville, Kentucky 40202-3466, USA, Manager for the “Equity High Dividend USA” sub-fund

The Company may also seek advice from the following investment advisors:

• FundQuest Advisor, 1 Boulevard Haussmann, F-75009 Paris, France, Advisor on the selection of portfolio managers from outside the Group

• TEB Portföy Yönetimi A.Ş., Gayrettepe Mahallesi Yener Sokak n° 1 Kat. 9 Besiktas 34353 Istanbul, Turkey, Advisor for the “Equity Europe Emerging” sub-fund

Depositary/Paying agent BNP Paribas Securities Services - Luxembourg Branch Until 31 December 2015 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Since 1 January 2016 60 Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Auditor PricewaterhouseCoopers, Société coopérative, 2 Rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg, Grand Duchy of Luxembourg

Information

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Establishment PARVEST (the “Fund”, the “Company”) is an open-ended investment company (Société d’Investissement à Capital Variable – SICAV) incorporated under Luxembourg law on 27 March 1990 for an indefinite period. The Company is currently governed by the provisions of Part I of the law of 17 December 2010 governing undertakings for collective investment, as amended, as well as by Directive 2009/65. The Articles of Association have been modified at various times, most recently at the Extraordinary General Meeting on 21 July 2014, with publication in the Mémorial, Recueil Spécial des Sociétés et Associations on 11 August 2014. The latest version of the Articles of Association has been filed on 1 August 2014 with the Registrar of the District Court of Luxembourg, where any interested party may consult it and obtain a copy. The Company is registered in the Luxembourg Trade and Companies Register under the number B 33 363. The minimum capital amounts to EUR 1 250 000. It is at all times equal to the total net assets of the various sub-funds. It is represented by fully paid-up shares issued without a designated par value. The capital varies automatically without the notification and specific recording measures required for increases and decreases in the capital of limited companies.

Listing The shares of the Company are not listed on a Stock Exchange.

Information to the Shareholders Net Asset Values and Dividends Net Assets values are calculated every full bank business day in Luxembourg. The Company publishes the legally required information in the Grand Duchy of Luxembourg and in all other countries where the shares are publicly offered. This information is also available on the website: www.bnpparibas-ip.com. Financial Year The Company’s financial year starts on 1 January and ends on 31 December. Financial Reports The Company publishes an annual report closed on the last day of the financial year, certified by the auditors, as well as a non-certified, semi-annual interim report closed on the last day of the sixth month of the financial year. The Company is authorised to publish a simplified version of the financial report when required. The financial reports of each sub-fund are published in the accounting currency of the sub-fund, although the consolidated accounts of the Company are expressed in euro. The annual report is made public within four months of the end of the financial year and the interim report within two months of the end of the half-year. Documents for Consultation The Articles of Association, the Prospectus, the KIID and periodic reports may be consulted at the Company’s registered office and at the establishments responsible for the Company’s financial service. Copies of the Articles of Association and the annual and interim reports are available upon request. Information on changes to the Company will be published in the Luxemburger Wort newspaper and in any other newspapers deemed appropriate by the Board of Directors of the SICAV in countries in which the Company publicly markets its shares. Documents and information are also available on the website: www.bnpparibas-ip.com.

Manager's report

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Economic context The desynchronised growth of the world economy continued to be an ongoing trend and a source of concern, especially as major international organisations were forced to regularly downgrade their growth forecasts following disappointing results in the emerging economies. In view of this situation, and although the downgrading of indicators in most of the major emerging countries (with the exception of Brazil) ended at the close of the year, this was not welcome news to investors. On the contrary, renewed weakness in oil from November onwards reignited fears about global growth although the price was more a reflection of the imbalance between excess supply (due to OPEC’s refusal to set production quotas) and limited demand, especially following a very mild early winter in Europe and North America. United States GDP fluctuated in a fairly volatile manner during the year: after modest growth in the first quarter due to weather conditions and the shut-down affecting ports on the west coast, GDP bounced back sharply in the second quarter (almost 4% year-on-year) then stabilised at around 2%. Inventory adjustments played a role in the fluctuation of GDP and business activities. In fact, widespread de-stocking since the summer has negatively affected the manufacturing sector, casting a shadow over the surveys of purchasing managers (as also seen in the ISM index which fell below 50 in November compared with 53.5 in June), along with industrial production and investments. This downturn has alarmed some observers who believed that these could be the first signs the economy was running out of steam. The facts did not support this assumption, as the service sector managed to withstand the industrial vacuum and the housing market rose sharply, with the outlook remaining very encouraging. Finally, in terms of private consumption the trends have been more regular and this sector has seen steadier growth, reflecting the undeniable improvement in the labour market. With 2.7 million jobs created in 2015 and the unemployment rate falling to 5% in October, full employment is on the horizon. Up to now wages have only risen moderately for several reasons: the use of part-time jobs by companies is still high and households continue to question the possibility of easily finding a new job. However, several surveys have revealed that businesses, especially smaller ones, are looking for qualified employees and are willing to increase wages significantly to take on and retain staff. A rise in wages is set to become a more widespread trend. Inflation remained low in 2015 (0.5% year-on-year in November) due to the effects of the lower oil price during the previous year. The Fed believes that this should be a temporary phenomenon. Inflation, excluding food and energy, rose from 1.6% in January to 2% in November year-on-year, a trend that validated this assumption. Europe GDP was up strongly in the euro zone from the start of the year onwards, with a quarterly rise from 0.3% to 0.5%, and the rate standing at 1.6% year-on-year in the third quarter (compared with 0.8% a year earlier), the highest rise since mid-2011. Growth was above expectations due to consumption that remained strong throughout the year and good performance by the exports sectors in the first six months. Investment in productive assets is still not picking up convincingly. The steady improvement in the distribution of credit to the private sector was a positive point. Low interest rates in line with the extremely accommodating monetary policy of the ECB further emphasised this trend. Moreover, banks are reporting that the demand for credit is rising. Finally, according to the survey of purchasing managers, the expansion rate for total business (manufacturing and service sectors combined) rallied in December to reach a four-month high. This rising trend at the end of the year appeared very encouraging. According to several official institutions, GDP growth in the 4th quarter should stand at 0.4%, close to the rate observed since the end of 2014. This performance is even more remarkable given the occurrence of number of events in 2015 likely to affect the confidence of economic operators: the first six months were marked by the Greek crisis and the second half of the year witnessed regional and general elections that resulted in a fairly confusing political landscape in several countries (Portugal and Spain) and the widespread rise of Euro-sceptic parties in response to the refugee crisis, not to mention the tragic events which cast a pall over Paris. Inflation, which stood at -0.6% year-on-year in January, remained very weak (+0.2% in November). Japan In Japan, GDP rose sharply in the first quarter of 2015 after a year that had witnessed a technical recession following the increase in VAT on 1 April 2014. After this, growth was much more faltering, even raising fears of a return to recession. The PMI index, which reflects the survey of purchasing managers in the manufacturing sector, dropped from 52 at the end of 2014 to around 50 in the spring before resuming an upward trend and closing the year at 52.6. Through its exporting companies, the Japanese economy is suffering from the difficulties in China, while domestic demand appears to be picking up, linked to an improving job market (the unemployment rate stood at 3.3% at year-end). With inflation again standing at close to zero in the second half of the year (0.3% in November year-on-year compared with 2.4% in January), the Bank of Japan was forced to acknowledge that it would not meet its target of 2% within the expected deadline.

Manager's report

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Emerging markets Although the OECD forecast in June 2015 that the GDP of emerging economies would increase by 4.2% in 2015 and 4.9% in 2016, in November the organisation published a new report predicting figures of 3.7% and 4.2% respectively. Among the leading countries, only India reported faster growth in 2015. The staggering drop in the price of oil from mid-2014 and another drop in mid-2015 obviously affected commodity-producing countries. Logically, this situation should have a positive effect on Asia; however, the slowdown in activity in China and concerns about the nature of the slowdown had a negative effect on the more cyclical stocks from this region. Following changes to the Chinese business model, the official target was lowered to 6.5% for the coming years compared with 7% previously. In this context, the aggregated PMI index, which reflects the opinions of purchasing managers on emerging economies, fell below 50 in the spring, thus revealing a contraction in manufacturing activity. The trend over the last quarter was a little more encouraging; however, the index failed to rise above 50. Signs of improvement are currently very tenuous and mostly hidden by the difficulties of the major economies. Russia and Brazil are both in recession due to the tense foreign relations situation in the former country and a major power struggle in the latter. The difficulties in Russia are mainly due to declining oil prices, while in Brazil the crisis is more deep-rooted. In fact, President Dilma Rousseff is facing impeachment following a corruption scandal. Inflation has also reached its highest point since 2002, meaning that the central bank will continue to increase its rates after the 250 bp rise in 2015. Monetary policy In 2015, the monetary policy of the European Central Bank (ECB) reached another decisive turning point. On 22 January, a QE (Quantitative Easing) programme comparable to the policy rolled out in the United States and United Kingdom was announced. The key feature of the programme is €60 billion per month of asset purchases. In addition to the covered bonds and asset-backed securities (ABS) purchased since the autumn of 2014, the programme now includes securities (including inflation-indexed securities) issued by supranational agencies and governments. Purchases of government bonds, which began on 9 March, also include securities with a negative interest rate, with the deposit rate used as a limit. For several months after the roll-out of these operations, the comments made by the ECB mainly consisted of saying that the programme was operating “without any difficulties” and would continue until at least September 2016. The financial turbulence in the summer and inflation that remained very low in the euro zone led some observers to consider the announcement of additional measures. In October, Mario Draghi also hinted that far-reaching measures would be announced in December and other extremely accommodating statements further fuelled expectations in November such as: “we will do what we need to do to increase inflation as soon as possible”. This attitude may have been counter-productive as on 3 December the ECB failed to live up to expectations by only lowering the deposit facility rate by 10 bp (to stand at -0.30%), leaving the two other key interest rates unchanged (the interest rate on the main refinancing operations has stood at 0.05% and the marginal lending facility rate at 0.30% since September 2014) and extending purchases of securities under the scope of QE until “March 2017 or beyond if necessary”. A decision was also taken to “reinvest the principal payments on the securities purchased under the public sector asset purchasing programme as they mature”. The monetary policy was therefore more accommodating than in October in order to ensure that inflation (0.2% year-on-year in November) returned to levels “below but close to 2%”. While the ending of the monthly securities purchasing scheme in November 2014 for the purpose of normalising its monetary policy failed to trigger any specific reaction, the US Federal Reserve (the Fed) has found it trickier to control expectations on interest rates. The forward-looking statements in the official communiqué issued after each monetary policy committee have changed over the months. The Fed took a decisive step in March by refusing to fix a timetable stating that the economic situation would determine the decision to raise rates. Moreover, Janet Yellen indicated that once the increase starts, the rise will be gradual; she also restated that monetary policy should be forward-looking. Linking monetary policy decisions and economic data has unfortunately complicated the analysis, since the latter has been particularly volatile since the start of 2015 and expectations of higher rates only slowly gained ground and continued to fluctuate until the autumn. After raising concerns about growth by failing to increase the key rates in September (due to the difficult international financial situation), it was right at the end of the year (16 December) that Janet Yellen was finally able to announce the abandonment of the zero-rate policy that had been in force since the end of 2008. The ground for such an action had been well prepared during the previous meeting. The target federal funds rate in the US will now range between 0.25% and 0.50% and the Fed is considering further increases in the coming months (a total of 100 bp in 2016 according to the forecasts supplied by all the participants at the FOMC).

Manager's report

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Foreign exchange markets Volatility on the foreign exchange market remained high in 2015, attaining at the start of year the levels seen in 2012 and 2013 for currencies of the major developed countries, with emerging currencies even exceeding these levels. The reason for this feverish climate was the prospect of the Fed increasing interest rates, which would be likely to trigger capital flows within the emerging areas. In addition, the difficulties experienced by commodity-producing countries played a role and also affected the currencies of developed countries (CAD, AUD, NZD, NOK). Moreover, two adjustments of the exchange rate policy revived the spectre of a currency war, further highlighting the nervousness. This was due, firstly, to the totally unexpected decision of the SNB (Swiss National Bank) on 15 January to scrap the cap on its currency put in place in September 2011 and, secondly, the surprise devaluation of the Chinese yuan in August, clumsily implemented by the Central Bank. The extremely accommodating policy put in place by the ECB – widening the difference between its monetary policy and that of the United States – was responsible for changes in the EUR/USD rate. After this wave of extremely wide fluctuations (1.05–1.21), the euro had dropped by 10.3% against the dollar in the space of twelve months to stand at 1.0861. A low was reached in March (the lowest point since January 2003), and concerns about Greece further penalised the euro. The exchange rate then moved up and down without any great direction, fluctuating several times above 1.14 on the basis of elements such as economic data, political developments and trends on other financial markets. In October, the theme of divergent actions from the central banks returned to the fore. The exchange rate returned virtually to its low point in early December in anticipation of another major easing programme until the actual announcements dashed hopes and saw it return to 1.10. The USD/JPY exchange rate went over 120 in late December 2014 (the highest point since mid-2007) before fluctuating widely around this level until May. It did not manage to settle long term at 125 – the level attained during the summer – as the announcements from the Bank of Japan and the government about their willingness to retain the “weak yen” policy were fairly vague. In August, the announced devaluation of the Chinese yuan temporarily brought the exchange rate to 116 before it stabilised at around 120 until October. For the rest of the year, fluctuations moved within a slightly broader range (120–124) without reflecting much conviction on the part of traders as the Bank of Japan continued to maintain a degree of uncertainty about its future securities purchasing operations and simply made a minor adjustment in December. The USD/JPY rate ended the year at 120.20, a 0.3% rise. Bond markets In twelve months, the yield of 10-year US T-notes fell by 10 bp: after fluctuating between 1.65% in January (the lowest point since May 2013) and 2.50% during the summer, it ended the year at 2.27%. The annual change seems modest when taking into account the fact that the Fed stopped QE at the end of 2014 and that a 25 bp rise in interest rates occurred in December. Furthermore, although volatile, the economic data has reflected a steady improvement in the job market, which is a key factor for solid growth. In a reversal of the customary relationship between American and European bonds, as a result of the ECB’s asset purchasing programme from March onwards, the sharp easing in the euro zone up to April mechanically strengthened the yield offered by US securities. In May and June, the speed and the magnitude of the pressure on German rates weighed heavily on US markets. In terms of bonds, the year witnessed several peaks in volatility as a result of trends on other financial markets. While the level of US long-term interest rates in June and July (around 2.50%) seemed to correctly reflect the improvement in US domestic demand, concerns about global growth and the renewed weakness of commodity prices led to an easing of long-term interest rates, exacerbated by the difficulties experienced by shares. From August onwards, the 10-year rate fluctuated within a narrower range (2%–2.35%) in line with the Fed’s monetary policy. The surprise decision to maintain the status quo in September saw a significant easing of long-term interest rates while the eagerly awaited rise in interest rates in December had an impact on the short section of the curve: the 2-year rate ended the year at 1.05% (compared with 0.66% at the end of 2014) – the highest rate since the spring of 2010 – in view of expectations of a continued normalisation of rates in 2016. In the euro zone, the trends observed for government bonds primarily reflected the ECB’s monetary policy (expectations and decisions). It seems paradoxical that the German 10-year Bund’s yield dropped by 9 bp in twelve months as the ECB announced in January a massive securities purchasing policy that was implemented from March onwards. This performance was due to the excessive easing implemented during the first four months of the year. Against a backdrop of a very accommodating monetary policy and a sharp slowdown in inflation, the German 10-year rate dropped from 0.54% at the end of 2014 to below 0.08% on 20 April 2015, in a virtually uninterrupted movement. The safe-haven investment status of German Government bonds played a role in the easing of rates in view of concerns arising in particular from the heated discussions between Greece and its creditors. The subsequent sharp correction was triggered by technical factors, special market conditions and adjustments of positions by hedge funds. After initially settling at around 0.60%, the yield of the German 10-year Bund was around 1% on 10 June. It then resumed a bearish trend, though a weaker and much more uneven one than in the spring.

Manager's report

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The end of the year was characterised by increased volatility triggered by the words of Mario Draghi, who raised hopes before dashing them by easing monetary policy a little more (but less than expected). During the second half of the year, investors, without taking economic fundamentals into consideration, were inclined to take profits each time the yield of German Bunds dipped below 0.50%. The Bund ended 2015 at 0.63%. Equity markets

The MSCI AC World Index (in USD) posted an annual drop of 4.3% and the MSCI Emerging index (in USD) was down by 17%. From this perspective, 2015 was a bad year. At the same time, S&P 500 was down 0.7% – a disappointing performance – while the Eurostoxx 50 was up 3.9% and the Nikkei 225 up 9.1%, with all these indices expressed in the local currencies. The figures mentioned above are variations in the price of the indices excluding dividends reinvested. The first half of the year was generally positive, particularly in Europe and Japan, and the gains amassed then compensated for the second half of the year, which was more or less negative on all of the major markets. There were several peaks in volatility during the summer months when the markets experienced stress levels not seen since the European sovereign crisis. Several factors explained the jitteriness of investors. In Greece, after Alexis Tsipras won the elections on a platform of rejecting the reforms and measures associated with the European and international bailout packages, the Greek issue returned to centre stage. In July, while Greece seemed to be on the edge of bankruptcy and the euro zone about to split apart, the compromises reached in extremis were enough to reassure investors despite the enormity of the Greek debt placing an ongoing threat on the country’s future. Fears then began to focus on China. The sharp correction of stock exchanges in mainland China from the middle of June induced the authorities to put in place various support and control measures, though without producing tangible results. Doubts about the health of the Chinese economy were then fuelled by disappointing economic data. The surprise devaluation of the yuan against the dollar in August increased nervousness. Finally, the further drop in the price of oil from late June (although the price of a barrel of WTI had returned to $60 compared with less than $45 in March) was interpreted as a clear sign of a global economic slowdown. At year-end, OPEC’s decision not to set production quotas drove the price of a WTI barrel below $35. In one year, the price of oil, which had fallen 46% in 2014, dropped another 30%. International equities fell sharply in August. The role of central bankers was again decisive this year. Fluctuations in monetary policy expectations, especially in the United States and in the euro zone, triggered sharp variations on the stock markets, reflecting a certain continued “addiction” of investors to liquid stocks. European equities benefited in the first half of the year from the roll-out of the ECB’s quantitative easing programme. The recovery of global equities in October (which did not last) was based on hopes of a widening of the easing programme from the ECB. It took a while for the message from the Chairman of the Fed to be clearly understood; however, the rise in American interest rates announced in December was ultimately fairly well accepted. The Board of Directors Luxembourg, 3 February 2016 Note: The information stated in this report is historical and not necessarily indicative of future performance.

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T: +352 494848 1, F:+352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518

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Audit report

To the Shareholders of PARVEST We have audited the accompanying financial statements of PARVEST and of each of its sub-funds, which comprise the statement of net assets and the securities portfolio as at 31 December 2015 and the statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the 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 “Réviseur d’entreprises agréé” 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 about 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 judgment of the “Réviseur d’entreprises agréé”, 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 “Réviseur d’entreprises agréé” 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 PARVEST and of each of its sub-funds as of 31 December 2015, 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. Other matters Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.

PricewaterhouseCoopers, Société coopérative Luxembourg, 7 April 2016 Represented by Thierry Blondeau

Financial statements at 31/12/2015

The accompanying notes form an integral part of these financial statements

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Bond Asia ex-Japan Bond Best Selection World Emerging Bond USD Bond USD Short

Duration

Expressed in USD USD USD USDNotes

Statement of net assets Assets 309 539 188 179 441 626 152 169 007 115 584 280

Securities portfolio at cost price 274 468 473 155 717 983 150 536 260 98 468 371Unrealised gain/(loss) on securities portfolio (3 399 049) (12 231 471) (5 723 533) (1 170 835)

Securities portfolio at market value 2 271 069 424 143 486 512 144 812 727 97 297 536Options at market value 2,12 0 0 0 0Net Unrealised gain on financial instruments 2,9,10,11 0 0 218 663 0Cash at banks and time deposits 33 539 868 32 751 994 5 778 024 4 134 372Other assets 4 929 896 3 203 120 1 359 593 14 152 372

Liabilities 2 420 001 5 248 011 29 067 322 16 164 118 Options at market value 2,12 0 0 7 897 0Bank overdrafts 0 0 0 0Net Unrealised loss on financial instruments 2,9,10,11 1 238 022 1 137 303 0 86 471Other liabilities 1 181 979 4 110 708 29 059 425 16 077 647

Net asset value 307 119 187 174 193 615 123 101 685 99 420 162 Statement of operations and changes in net assetsIncome on investments and assets 17 552 137 14 589 548 8 554 171 1 827 355

Management and advisory fees 3 3 915 530 2 123 098 683 048 314 280Bank interest 842 12 010 1 952 300Interest on swaps 2 0 3 368 100 284 679 0Other fees 4 973 455 461 986 362 316 172 549Taxes 5 174 899 85 011 67 366 39 834Distribution fees 50 21 616 1 570 7 427Transaction fees 19 3 377 0 34 559 932

Total expenses 5 068 153 6 071 821 1 435 490 535 322 Net result from investments 12 483 984 8 517 727 7 118 681 1 292 033 Net realised result on:

Investments securities 2 (710 106) (35 243 651) (737 304) (349 716)Financial instruments (10 136 413) (19 365 706) (35 012) (381 933)

Net realised result 1 637 465 (46 091 630) 6 346 365 560 384 Movement on net unrealised gain/loss on:

Investments securities 708 715 16 388 889 (7 829 943) (790 058)Financial instruments 321 783 2 683 476 (192 350) (70 487)

Change in net assets due to operations 2 667 963 (27 019 265) (1 675 928) (300 161)Net subscriptions/(redemptions) (146 008 286) 4 086 129 (9 087 157) 24 516 541 Dividends paid 6 (4 969 004) (2 468 858) (728 102) (14 900)Increase/(Decrease) in net assets during the year/period (148 309 327) (25 401 994) (11 491 187) 24 201 480

Net assets at the beginning of the financial year/period 455 428 514 199 595 609 134 592 872 75 218 682 Reevaluation of opening NAV 0 0 0 0 Reevaluation of opening consolidated NAV 0 0 0 0 Net assets at the end of the financial year/period 307 119 187 174 193 615 123 101 685 99 420 162


Page 13

Bond World Bond World Emerging Corporate Bond World

Emerging Local Bond World High

Yield Bond World Inflation-

Linked Convertible Bond

Asia

EUR USD USD EUR EUR USD

128 056 382 0 403 017 986 175 253 438 138 108 740 107 656 331 117 529 008 0 467 544 604 164 841 733 133 946 529 107 038 121

4 017 212 0 (97 509 605) 132 969 (1 785 676) (1 625 263)121 546 220 0 370 034 999 164 974 702 132 160 853 105 412 858

149 292 0 0 0 0 0219 293 0 0 134 052 72 327 6 126

5 114 414 0 23 783 852 3 198 708 4 088 025 1 970 5261 027 163 0 9 199 135 6 945 976 1 787 535 266 8218 623 327 0 3 689 882 5 524 643 5 056 899 8 684 928

0 0 0 0 0 01 714 0 0 0 0 0

0 0 2 099 699 0 0 08 621 613 0 1 590 183 5 524 643 5 056 899 8 684 928

119 433 055 0 399 328 104 169 728 795 133 051 841 98 971 403 7 098 468 5 418 995 48 410 140 16 864 978 1 393 377 896 903

815 379 653 006 3 795 227 2 124 414 676 211 1 246 3381 558 5 772 59 334 2 453 1 107 1 181

366 863 43 700 9 968 877 0 0 0355 898 203 501 1 265 266 723 735 315 094 383 03566 139 25 542 123 205 131 618 50 034 64 416

214 55 14 428 5 662 27 322 19 49926 305 94 0 0 10 393 8 237

1 632 356 931 670 15 226 337 2 987 882 1 080 161 1 722 706 5 466 112 4 487 325 33 183 803 13 877 096 313 216 (825 803)

7 097 236 (47 295 858) (195 386 142) 2 594 866 13 819 072 (1 967 958)

139 229 3 533 835 (29 072 265) (22 354 696) (11 216 075) (475 212)12 702 577 (39 274 698) (191 274 604) (5 882 734) 2 916 213 (3 268 973)

(4 506 822) 35 678 442 57 007 244 (7 841 110) (8 633 121) 733 657

219 616 (3 429 572) 15 227 757 4 865 063 2 678 180 (24 578)8 415 371 (7 025 828) (119 039 603) (8 858 781) (3 038 728) (2 559 894)

(31 488 624) (176 756 491) (443 980 882) (85 915 322) 14 811 946 (23 524 789)(480 997) (1 595 144) (4 464 752) (8 280 839) 0 (171 267)

(23 554 250) (185 377 463) (567 485 237) (103 054 942) 11 773 218 (26 255 950)

142 987 305 185 377 463 966 813 341 272 783 737 121 278 623 125 227 353 0 0 0 0 0 0 0 0 0 0 0 0

119 433 055 0 399 328 104 169 728 795 133 051 841 98 971 403



Page 14

Convertible Bond

World Equity Best

Selection Asia ex-Japan

Equity Best Selection Euro

Equity Best Selection Europe

Expressed in USD EUR EUR EURNotes

Statement of net assets Assets 2 298 814 310 574 313 700 1 236 064 741 1 671 570 929

Securities portfolio at cost price 1 962 362 224 523 393 954 978 145 147 1 485 968 768Unrealised gain/(loss) on securities portfolio 82 540 169 41 509 412 257 063 262 172 925 968

Securities portfolio at market value 2 2 044 902 393 564 903 366 1 235 208 409 1 658 894 736Options at market value 2,12 2 409 789 0 0 0Net Unrealised gain on financial instruments 2,9,10,11 0 0 140 840 198Cash at banks and time deposits 228 346 842 7 553 482 0 1 090Other assets 23 155 286 1 856 852 715 492 12 674 905

Liabilities 79 561 638 3 949 044 2 401 159 12 623 882 Options at market value 2,12 0 0 0 0Bank overdrafts 0 0 1 0Net Unrealised loss on financial instruments 2,9,10,11 34 162 282 0 0 0Other liabilities 45 399 356 3 949 044 2 401 158 12 623 882

Net asset value 2 219 252 672 570 364 656 1 233 663 582 1 658 947 047 Statement of operations and changes in net assetsIncome on investments and assets 24 983 431 12 270 962 31 775 851 50 884 888

Management and advisory fees 3 15 599 563 6 656 469 12 490 877 20 052 794Bank interest 21 670 5 062 2 664 4 603Interest on swaps 2 0 0 0 0Other fees 4 5 440 064 2 088 217 4 637 182 6 999 827Taxes 5 538 442 460 196 551 096 848 192Distribution fees 1 486 43 170 28 810 131 869Transaction fees 19 1 876 845 1 250 423 837 944 2 129 785

Total expenses 23 478 070 10 503 537 18 548 573 30 167 070 Net result from investments 1 505 361 1 767 425 13 227 278 20 717 818 Net realised result on:

Investments securities 2 274 869 892 53 938 607 73 894 563 177 033 669Financial instruments (122 001 431) 331 219 977 445 483 193

Net realised result 154 373 822 56 037 251 88 099 286 198 234 680 Movement on net unrealised gain/loss on:

Investments securities (51 902 303) (35 729 047) 30 121 955 (66 322 864)Financial instruments (8 888 176) 0 101 316 670

Change in net assets due to operations 93 583 343 20 308 204 118 322 557 131 912 486 Net subscriptions/(redemptions) 2 103 903 137 687 884 (36 432 487) (360 430 210)Dividends paid 6 (3 442 672) (1 597 127) (2 993 550) (8 514 936)Increase/(Decrease) in net assets during the year/period 92 244 574 156 398 961 78 896 520 (237 032 660)

Net assets at the beginning of the financial year/period 2 357 270 824 413 965 695 1 154 767 062 1 895 979 707 Reevaluation of opening NAV (230 262 726) 0 0 0 Reevaluation of opening consolidated NAV 0 0 0 0 Net assets at the end of the financial year/period 2 219 252 672 570 364 656 1 233 663 582 1 658 947 047


Page 15

Equity Brazil Equity Bric Equity China Equity Europe Emerging Equity Europe

Growth Equity Europe Mid

Cap

USD USD USD EUR EUR EUR

101 637 074 139 479 945 226 080 244 80 294 460 547 436 911 158 084 543 148 097 587 161 733 428 237 383 704 96 243 446 454 208 505 125 226 977(52 310 920) (25 764 354) (13 401 497) (18 307 220) 92 550 038 29 211 21795 786 667 135 969 074 223 982 207 77 936 226 546 758 543 154 438 194

0 0 0 0 0 00 0 0 0 97 717 0

3 182 914 2 820 189 2 080 151 1 378 456 512 3 176 8642 667 493 690 682 17 886 979 778 580 139 469 4852 967 292 742 406 1 694 668 827 627 707 877 603 204

0 0 0 0 0 00 0 0 0 0 00 0 0 0 0 0

2 967 292 742 406 1 694 668 827 627 707 877 603 20498 669 782 138 737 539 224 385 576 79 466 833 546 729 034 157 481 339 4 789 816 4 773 436 8 501 964 4 653 110 17 937 122 4 552 227 2 651 208 2 904 839 4 526 864 1 416 606 5 948 881 1 733 389

389 977 6 095 255 2 536 2870 0 0 0 0 0

615 385 708 331 1 164 915 453 057 2 536 705 571 45197 568 107 376 184 473 54 412 233 940 78 03525 384 30 070 178 503 19 495 14 298 22 784

901 140 662 023 1 356 762 209 758 991 591 340 2304 291 074 4 413 616 7 417 612 2 153 583 9 727 951 2 746 176

498 742 359 820 1 084 352 2 499 527 8 209 171 1 806 051

(68 414 334) (20 182 334) 4 111 455 (8 815 966) 78 415 870 16 213 503(432 407) (250 371) 23 892 (214 446) 2 179 784 (1 647 872)

(68 347 999) (20 072 885) 5 219 699 (6 530 885) 88 804 825 16 371 682

(12 517 814) 3 530 931 (33 267 819) 2 757 173 (16 280 063) 8 557 1080 0 0 0 (246 938) 102 816

(80 865 813) (16 541 954) (28 048 120) (3 773 712) 72 277 824 25 031 606 (25 728 902) (68 661 208) (74 876 818) (28 255 976) (207 078 740) 16 890 421

(356 253) (75 472) (546 155) (211 132) (4 676 495) (37 670)

(106 950 968) (85 278 634) (103 471 093) (32 240 820) (139 477 411) 41 884 357

205 620 750 224 016 173 327 856 669 111 707 653 686 206 445 115 596 982 0 0 0 0 0 0 0 0 0 0 0 0

98 669 782 138 737 539 224 385 576 79 466 833 546 729 034 157 481 339



Page 16

Equity Europe Small

Cap Equity High Dividend

Europe Equity High Dividend

Pacific Equity High Dividend

USA

Expressed in EUR EUR EUR USDNotes

Statement of net assets Assets 2 166 593 183 613 200 347 67 785 365 80 455 501

Securities portfolio at cost price 1 714 479 913 589 347 777 67 596 290 76 880 763Unrealised gain/(loss) on securities portfolio 401 093 122 7 682 153 (2 096 417) 2 684 492

Securities portfolio at market value 2 2 115 573 035 597 029 930 65 499 873 79 565 255Options at market value 2,12 0 0 0 0Net Unrealised gain on financial instruments 2,9,10,11 382 699 30 908 0 0Cash at banks and time deposits 45 325 718 14 436 567 1 475 102 738 026Other assets 5 311 731 1 702 942 810 390 152 220

Liabilities 7 842 384 2 114 418 117 064 862 057 Options at market value 2,12 0 0 0 0Bank overdrafts 0 0 0 0Net Unrealised loss on financial instruments 2,9,10,11 0 0 0 295 559Other liabilities 7 842 384 2 114 418 117 064 566 498

Net asset value 2 158 750 799 611 085 929 67 668 301 79 593 444 Statement of operations and changes in net assetsIncome on investments and assets 34 504 911 30 802 447 2 438 649 2 211 884

Management and advisory fees 3 22 130 601 6 414 530 659 978 1 380 512Bank interest 1 953 1 512 978 56Interest on swaps 2 0 0 0 0Other fees 4 6 244 497 2 869 604 219 042 396 096Taxes 5 874 090 324 335 46 550 58 230Distribution fees 124 452 53 091 579 15 493Transaction fees 19 5 055 424 1 276 098 73 225 46 398

Total expenses 34 431 017 10 939 170 1 000 352 1 896 785 Net result from investments 73 894 19 863 277 1 438 297 315 099 Net realised result on:

Investments securities 2 97 257 785 55 228 335 645 355 4 654 855Financial instruments 290 182 700 583 (8 834) (3 515 489)


Investments securities 214 465 080 (30 554 039) (2 190 622) (11 065 090)Financial instruments 379 676 30 484 0 284 451

Change in net assets due to operations 312 466 617 45 268 640 (115 804) (9 326 174)Net subscriptions/(redemptions) 829 720 778 (55 709 363) 34 290 252 (33 868 136)Dividends paid 6 (872 179) (2 105 351) (1 302 908) (392 916)Increase/(Decrease) in net assets during the year/period 1 141 315 216 (12 546 074) 32 871 540 (43 587 226)

Net assets at the beginning of the financial year/period 1 017 435 583 623 632 003 34 796 761 123 180 670 Reevaluation of opening NAV 0 0 0 0 Reevaluation of opening consolidated NAV 0 0 0 0 Net assets at the end of the financial year/period 2 158 750 799 611 085 929 67 668 301 79 593 444


Page 17

Equity India Equity Indonesia Equity Japan Equity Latin America Equity Russia Equity Russia Opportunities

USD USD JPY USD EUR USD

1 512 202 570 52 477 061 84 499 050 890 81 187 270 512 618 736 79 103 278 1 401 024 864 57 807 239 82 260 039 817 105 981 840 603 276 946 104 448 110

826 061 (8 324 732) 646 586 942 (27 962 645) (117 737 722) (26 610 076)1 401 850 925 49 482 507 82 906 626 759 78 019 195 485 539 224 77 838 034

0 0 0 0 0 00 0 0 0 0 0

78 460 680 2 912 982 532 373 589 1 160 930 17 617 213 549 17731 890 965 81 572 1 060 050 542 2 007 145 9 462 299 716 06762 741 638 141 840 1 763 127 066 1 583 483 2 213 208 187 164

0 0 0 0 0 00 0 0 0 0 00 0 764 800 803 0 0 0

62 741 638 141 840 998 326 263 1 583 483 2 213 208 187 1641 449 460 932 52 335 221 82 735 923 824 79 603 787 510 405 528 78 916 114

11 374 161 1 147 351 1 641 742 578 3 428 976 28 937 190 6 039 910 12 228 300 1 021 772 1 078 006 846 1 909 783 7 508 429 1 259 302

1 563 6 6 829 220 1 415 590 4830 0 0 0 0 0

4 419 969 268 100 360 601 363 506 048 2 230 999 421 0322 417 246 35 140 49 686 979 74 584 308 126 50 407

212 131 472 5 802 755 40 771 60 500 38 6064 927 972 336 291 185 012 232 808 016 946 108 265 148

24 207 181 1 661 781 1 685 939 395 3 340 617 11 054 752 2 034 978 (12 833 020) (514 430) (44 196 817) 88 359 17 882 438 4 004 932

13 054 208 (7 065 380) 31 014 414 114 (49 298 850) (63 685 285) (11 927 724)

(828 311) (7 061) (6 654 976 306) (96 674) (860 907) (422 883)(607 123) (7 586 871) 24 315 240 991 (49 307 165) (46 663 754) (8 345 675)

(95 461 566) (9 423 325) (21 096 727 535) (173 633) 99 867 715 4 698 650

0 0 294 376 160 0 0 0(96 068 689) (17 010 196) 3 512 889 616 (49 480 798) 53 203 961 (3 647 025)839 791 107 (43 767 850) (41 148 416 302) (47 497 710) 90 280 887 30 017 608

(132 853) (208 981) (14 379 312) (345 869) (1 222 588) (237 151)

743 589 565 (60 987 027) (37 649 905 998) (97 324 377) 142 262 260 26 133 432

705 871 367 113 322 248 120 385 829 822 176 928 164 368 143 268 52 782 682 0 0 0 0 0 0 0 0 0 0 0 0

1 449 460 932 52 335 221 82 735 923 824 79 603 787 510 405 528 78 916 114



Page 18

Equity USA Growth Equity USA Mid Cap Equity World Consumer Durables Equity World

Emerging

Expressed in USD USD EUR USDNotes

Statement of net assets Assets 1 067 668 202 968 249 903 155 386 049 410 913 988

Securities portfolio at cost price 987 721 876 1 138 788 408 128 328 539 425 513 292Unrealised gain/(loss) on securities portfolio 61 425 196 (189 548 895) 23 071 348 (21 683 438)

Securities portfolio at market value 2 1 049 147 072 949 239 513 151 399 887 403 829 854Options at market value 2,12 0 0 0 0Net Unrealised gain on financial instruments 2,9,10,11 0 0 0 5 354Cash at banks and time deposits 17 683 031 16 464 984 3 824 427 6 509 220Other assets 838 099 2 545 406 161 735 569 560

Liabilities 3 491 706 3 825 934 379 790 1 077 338 Options at market value 2,12 0 0 0 0Bank overdrafts 0 0 0 0Net Unrealised loss on financial instruments 2,9,10,11 1 731 541 883 746 0 0Other liabilities 1 760 165 2 942 188 379 790 1 077 338

Net asset value 1 064 176 496 964 423 969 155 006 259 409 836 650 Statement of operations and changes in net assetsIncome on investments and assets 9 793 616 16 365 724 2 078 931 8 718 119

Management and advisory fees 3 11 055 263 19 253 354 2 040 589 3 794 193Bank interest 537 164 1 348 10 052Interest on swaps 2 0 0 0 0Other fees 4 4 117 691 4 957 399 604 139 2 022 783Taxes 5 479 398 601 274 103 931 145 971Distribution fees 40 477 33 277 14 017 25 755Transaction fees 19 771 196 437 744 159 702 1 547 301

Total expenses 16 464 562 25 283 212 2 923 726 7 546 055 Net result from investments (6 670 946) (8 917 488) (844 795) 1 172 064 Net realised result on:

Investments securities 2 101 788 268 154 496 755 24 418 859 (16 466 342)Financial instruments (1 122 297) (6 099 340) (64 780) (48 348)

Net realised result 93 995 025 139 479 927 23 509 284 (15 342 626)Movement on net unrealised gain/loss on:

Investments securities (86 658 123) (315 518 831) (4 455 605) (46 554 302)Financial instruments (1 513 857) 149 007 0 5 354

Change in net assets due to operations 5 823 045 (175 889 897) 19 053 679 (61 891 574)Net subscriptions/(redemptions) 63 792 158 (349 022 755) 5 050 416 (137 451 441)Dividends paid 6 (1 829 301) (551 196) (402 378) (127 257)Increase/(Decrease) in net assets during the year/period 67 785 902 (525 463 848) 23 701 717 (199 470 272)

Net assets at the beginning of the financial year/period 996 390 594 1 489 887 817 131 304 542 609 306 922 Reevaluation of opening NAV 0 0 0 0 Reevaluation of opening consolidated NAV 0 0 0 0 Net assets at the end of the financial year/period 1 064 176 496 964 423 969 155 006 259 409 836 650


Page 19

Equity World Energy Equity World Finance Equity World Health Care Equity World Low

Volatility Equity World

Materials Equity World Technology

EUR EUR EUR EUR EUR EUR

120 810 572 27 052 386 388 807 665 690 543 010 73 519 750 126 694 545 155 037 354 24 121 788 320 249 287 661 459 054 65 489 470 117 594 018(35 228 797) 2 797 193 65 607 328 27 128 661 7 181 504 7 108 137119 808 557 26 918 981 385 856 615 688 587 715 72 670 974 124 702 155

0 0 0 0 0 00 0 0 0 0 0

615 046 72 479 2 420 956 268 803 703 400 1 842 712386 969 60 926 530 094 1 686 492 145 376 149 678555 317 52 698 1 187 629 1 382 079 166 168 246 387

0 0 0 0 0 00 0 0 0 0 00 0 0 0 0 0

555 317 52 698 1 187 629 1 382 079 166 168 246 387120 255 255 26 999 688 387 620 036 689 160 931 73 353 582 126 448 158

4 042 891 664 553 3 957 413 15 969 958 1 884 292 1 081 793 1 983 822 354 730 5 974 851 7 998 188 1 159 497 1 354 000

681 39 1 119 10 251 35 3930 0 0 0 0 0

575 919 114 865 1 720 753 2 519 538 329 054 421 88098 804 19 745 296 649 361 817 57 902 74 72828 145 22 55 113 21 008 35 19 625

113 020 39 129 482 611 784 494 18 674 481 5502 800 391 528 530 8 531 096 11 695 296 1 565 197 2 352 176 1 242 500 136 023 (4 573 683) 4 274 662 319 095 (1 270 383)

(6 824 105) 3 369 750 82 182 923 71 830 459 1 038 354 32 007 312

22 029 (7 526) (359 320) 1 195 739 (20 503) 17 355(5 559 576) 3 498 247 77 249 920 77 300 860 1 336 946 30 754 284

(18 349 537) (1 411 312) (20 945 490) (33 804 184) (21 454) (13 059 345)

0 0 0 0 0 0(23 909 113) 2 086 935 56 304 430 43 496 676 1 315 492 17 694 939

8 515 373 (2 984 399) (55 156 272) 146 969 287 (7 557 912) (1 172 893)(1 444 204) (318 153) (1 099 278) (478 120) (144 035) (130 508)

(16 837 944) (1 215 617) 48 880 189 987 843 (6 386 455) 16 391 538

137 093 199 28 215 305 387 571 156 499 173 088 79 740 037 110 056 620 0 0 0 0 0 0 0 0 0 0 0 0

120 255 255 26 999 688 387 620 036 689 160 931 73 353 582 126 448 158



Page 20

Equity World

Telecom Equity World Utilities Green Tigers Real Estate

Securities Pacific

Expressed in EUR EUR EUR EURNotes

Statement of net assets Assets 65 468 182 73 407 512 58 702 980 27 393 605

Securities portfolio at cost price 60 832 931 63 150 136 58 154 768 26 010 605Unrealised gain/(loss) on securities portfolio 4 051 980 9 559 599 (2 013 245) 1 050 745

Securities portfolio at market value 2 64 884 911 72 709 735 56 141 523 27 061 350Options at market value 2,12 0 0 0 0Net Unrealised gain on financial instruments 2,9,10,11 0 0 0 0Cash at banks and time deposits 404 276 513 469 2 534 676 219 611Other assets 178 995 184 308 26 781 112 644

Liabilities 171 210 198 814 118 657 95 927 Options at market value 2,12 0 0 0 0Bank overdrafts 0 0 0 0Net Unrealised loss on financial instruments 2,9,10,11 0 0 0 0Other liabilities 171 210 198 814 118 657 95 927

Net asset value 65 296 972 73 208 698 58 584 323 27 297 678 Statement of operations and changes in net assetsIncome on investments and assets 2 454 859 2 552 376 1 741 559 835 447

Management and advisory fees 3 1 048 207 1 197 845 1 074 134 477 073Bank interest 688 274 48 666 1 464Interest on swaps 2 0 0 0 0Other fees 4 292 507 336 219 373 012 139 678Taxes 5 50 363 57 946 45 280 22 183Distribution fees 294 699 253 207Transaction fees 19 381 818 87 577 320 825 78 568

Total expenses 1 773 877 1 680 560 1 862 170 719 173 Net result from investments 680 982 871 816 (120 611) 116 274 Net realised result on:

Investments securities 2 11 978 949 6 415 625 9 118 948 6 606 622Financial instruments (89 888) 65 080 (481 186) (85 207)


Investments securities (4 835 173) (5 068 574) (14 343 264) (3 120 931)Financial instruments 0 0 0 0

Change in net assets due to operations 7 734 870 2 283 947 (5 826 113) 3 516 758 Net subscriptions/(redemptions) (11 235 009) (24 250 219) (14 418 650) (20 328 375)Dividends paid 6 (428 708) (738 591) (1 421 243) (510 682)Increase/(Decrease) in net assets during the year/period (3 928 847) (22 704 863) (21 666 006) (17 322 299)

Net assets at the beginning of the financial year/period 69 225 819 95 913 561 80 250 329 44 619 977 Reevaluation of opening NAV 0 0 0 0 Reevaluation of opening consolidated NAV 0 0 0 0 Net assets at the end of the financial year/period 65 296 972 73 208 698 58 584 323 27 297 678


Page 21

Real Estate Securities World Consolidated

EUR EUR 79 366 664 18 230 592 901 79 031 847 16 864 236 886 (1 192 425) 667 532 253 77 839 422 17 531 769 139

0 2 367 638 0 1 289 894

427 361 547 383 052 1 099 881 147 783 178

70 257 277 065 922 0 7 270 0 1 715 0 44 179 632

70 257 232 877 305 79 296 407 17 953 526 979 2 769 109 480 249 060

508 469 205 189 856 1 650 259 310

0 12 946 589 392 672 67 392 216 25 835 10 565 912

176 1 367 143 405 059 30 789 202

1 333 861 328 510 228 1 435 248 151 738 832

7 736 573 1 081 005 125

217 452 (257 299 881) 9 389 273 975 444 076

(6 695 222) (612 371 337)

0 14 574 708 2 694 051 377 647 447 6 438 297 (533 640 127)

(75 995) (60 455 758)

9 056 353 (216 448 438)

70 240 054 17 393 797 822 0 (211 969 738) 0 988 147 333

79 296 407 17 953 526 979

Key figures relating to the last 3 years (Note 7)


Page 22

Bond Asia ex-Japan USD USD USD Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 486 292 342 455 428 514 307 119 187

Net asset value per share Share “Classic - Capitalisation” 145.70 150.05 154.35 298 801.695Share “Classic - Distribution” 134.72 133.39 132.58 165 591.098Share “Classic EUR - Capitalisation” 110.61 130.02 149.01 75 584.064Share “Classic EUR - Distribution” 96.26 108.77 120.86 81 148.651Share “Classic MD - Distribution” 95.01 94.13 92.47 519 809.269Share “Classic RH AUD MD - Distribution” 94.90 93.93 92.10 39 802.291Share “Classic RH EUR - Capitalisation” 98.13 100.89 102.99 31 076.949Share “Classic RH SGD MD - Distribution” 93.75 92.78 92.07 54 878.059Share “I - Capitalisation” 174.56 181.06 187.81 323 218.415Share “I RH EUR - Capitalisation” 99.79 103.44 106.58 841 119.376Share “N - Capitalisation” 101.85 105.08 0 0Share “Privilege - Capitalisation” 98.97 102.27 105.73 973.356Share “Privilege - Distribution” 102.02 101.68 101.62 1.000Share “Privilege MD - Distribution” 100.72 100.04 98.81 1 969.000Share “X - Capitalisation” 0 100.45 104.43 1.000

Bond Best Selection World Emerging USD USD USD Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 261 764 190 199 595 609 174 193 615

Net asset value per share Share “Classic - Capitalisation” 217.52 203.41 183.92 299 739.811Share “Classic - Distribution” 196.24 173.31 146.22 69 708.727Share “Classic EUR - Capitalisation” 97.46 104.03 0 0Share “Classic MD - Distribution” 29.03 25.67 21.54 1 004 589.171Share “Classic RH EUR - Capitalisation” 75.65 70.79 63.44 271 277.592Share “Classic RH EUR - Distribution” 32.00 28.27 23.44 271 650.854Share “I - Capitalisation” 234.18 221.00 96.66* 84 805.541Share “I RH EUR - Capitalisation” 82.18 77.64 70.46 611 965.182Share “N - Capitalisation” 123.24 114.77 103.25 29 768.596Share “Privilege - Capitalisation” 98.28 92.49 84.25 5 990.584Share “Privilege - Distribution” 90.16 80.02 0 0Share “Privilege RH EUR - Distribution” 99.92 88.86 74.76 37 093.784Share “X - Capitalisation” 99.64 93.97 96.69 1.199

Bond USD USD USD USD Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 100 923 718 134 592 872 123 101 685

Net asset value per share Share “Classic - Capitalisation” 713.21 735.52 727.43 56 150.584Share “Classic - Distribution” 343.54 345.73 334.36 75 614.279Share “Classic EUR - Capitalisation” 108.78 128.04 141.05 8 724.011Share “Classic MD - Distribution” 117.13 118.56 114.64 12 152.776Share “I - Capitalisation” 752.11 779.86 776.18 4 778.294Share “N - Capitalisation” 102.28 105.04 103.36 890.707Share “Privilege - Capitalisation” 102.51 106.01 105.20 103 408.405Share “Privilege - Distribution” 102.37 103.39 100.30 33.000Share “X - Capitalisation” 102.37 106.41 106.22 372 443.924

* This share class has been desactivated during the year and reactivated as at a level of NAV/share of 100.



Page 23

Bond USD Short Duration USD USD USD Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 78 923 112 75 218 682 99 420 162

Net asset value per share Share “Classic - Capitalisation” 439.38 443.98 443.99 88 988.845Share “Classic H EUR - Capitalisation” 110.99 112.05 111.04 57 514.045Share “Classic MD - Distribution” 118.55 118.09 116.77 11 408.791Share “I - Capitalisation” 198 670.29 20.18 20.28 1 901 364.144Share “N - Capitalisation” 409.89 412.47 410.84 4 249.220Share “Privilege - Capitalisation” 1 631.65 165.38 165.85 68 302.123Share “X - Capitalisation” 100.39 102.26 0 0

Bond World EUR EUR EUR Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 100 323 606 142 987 305 119 433 055

Net asset value per share Share “Classic - Capitalisation” 297.05 331.41 351.60 137 684.064Share “Classic - Distribution” 183.12 200.14 207.41 88 166.871Share “Classic USD - Capitalisation” 410.39 401.14 382.06 38 321.883Share “I - Capitalisation” 310.47 348.29 371.89 102 996.532Share “N - Capitalisation” 102.10 113.67 120.77 1.001Share “Privilege - Capitalisation” 99.24 111.11 118.29 8 071.911Share “Privilege - Distribution” 102.37 112.26 0 0Share “X - Capitalisation” 102.36 114.59 122.70 1.000

Bond World Emerging Corporate USD USD USD Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 220 739 260 185 377 463 0

Net asset value per share Share “Classic - Capitalisation” 113.63 102.23 0 0Share “Classic - Distribution” 99.11 86.07 0 0Share “Classic EUR - Capitalisation” 113.98 117.03 0 0Share “Classic EUR - Distribution” 97.66 96.79 0 0Share “Classic H AUD MD - Distribution” 0 0 0 0Share “Classic H SGD MD - Distribution” 0 0 0 0Share “Classic MD - Distribution” 101.10 87.05 0 0Share “I - Capitalisation” 118.13 107.26 0 0Share “IH EUR - Capitalisation” 100.46 93.43 0 0Share “N - Capitalisation” 101.12 90.59 0 0Share “Privilege - Capitalisation” 101.41 91.79 0 0Share “Privilege - Distribution” 104.38 91.22 0 0Share “X - Capitalisation” 137.81 125.75 0 0



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Bond World Emerging Local USD USD USD Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 1 255 905 052 966 813 341 399 328 104

Net asset value per share Share “Classic - Capitalisation” 151.63 139.62 116.10 305 739.742Share “Classic - Distribution” 97.23 83.48 64.80 77 197.916Share “Classic EUR - Capitalisation” 95.93 100.82 93.38 81 635.448Share “Classic EUR - Distribution” 81.87 80.22 69.92 235 456.990Share “Classic GBP - Distribution” 81.92 75.54 0 0Share “Classic HUF - Capitalisation” 92.04 96.55 90.18 1 019 240.602Share “Classic MD - Distribution” 78.48 67.72 51.87 345 724.205Share “Classic RH EUR - Capitalisation” 103.84 95.57 78.99 51 073.306Share “Classic RH EUR - Distribution” 85.91 73.73 56.47 63 580.074Share “Classic RH SGD MD - Distribution” 89.83 77.52 0 0Share “I - Capitalisation” 165.07 153.41 128.96 947 129.236Share “I - Distribution” 98.18 85.09 0 0Share “I RH EUR - Capitalisation” 122.17 113.52 94.59 405 299.997Share “N - Capitalisation” 97.79 90.51 74.92 59 198.555Share “Privilege - Capitalisation” 87.33 80.86 67.75 59 059.738Share “Privilege - Distribution” 87.33 75.41 58.99 2 816.773Share “X - Capitalisation” 93.70 87.52 74.02 1 806 808.428

Bond World High Yield EUR EUR EUR Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 235 788 543 272 783 737 169 728 795

Net asset value per share Share “Classic - Capitalisation” 96.42 94.92 90.78 217 760.094Share “Classic - Distribution” 35.26 32.86 30.18 1 647 343.941Share “Classic H AUD MD - Distribution” 102.18 94.19 83.33 124 521.787Share “Classic H CZK - Capitalisation” 0 97.56 92.96 303 711.170Share “Classic H USD - Capitalisation” 103.32 101.75 97.34 187 339.279Share “Classic H USD - Distribution” 44.56 41.57 38.18 21 030.152Share “Classic H USD MD - Distribution” 102.41 94.31 83.72 4 682.500Share “Classic USD - Capitalisation” 130.48 112.53 96.60 7 311.573Share “Classic USD - Distribution” 115.80 94.57 0 0Share “Classic USD MD - Distribution” 103.83 83.45 65.79 505 834.039Share “I - Capitalisation” 103.00 102.13 98.49 212 616.496Share “IH USD - Capitalisation” 158.21 156.87 151.43 4 865.389Share “N - Capitalisation” 94.05 92.20 87.73 11 344.172Share “Privilege - Capitalisation” 105.90 104.77 100.79 4 092.139Share “Privilege - Distribution” 108.35 101.47 93.75 213 934.119Share “X - Capitalisation” 102.87 102.56 99.52 1.000

Bond World Inflation-Linked EUR EUR EUR Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 101 920 904 121 278 623 133 051 841

Net asset value per share Share “Classic - Capitalisation” 133.29 139.89 137.63 250 896.025Share “Classic - Distribution” 122.72 128.80 126.71 58 590.173Share “I - Capitalisation” 139 056.54 146.74 145.29 572 926.644Share “N - Capitalisation” 128.61 134.41 131.57 34 548.085Share “Privilege - Capitalisation” 1 099.63 115.74 114.26 26 280.163Share “Privilege - Distribution” 95.93 100.96 99.67 3 109.127Share “X - Capitalisation” 101.53 106.81 105.71 1.000



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Convertible Bond Asia USD USD USD Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 146 213 385 125 227 353 98 971 403

Net asset value per share Share “Classic - Capitalisation” 355.80 353.29 349.79 138 425.435Share “Classic - Distribution” 102.73 100.76 98.86 93 210.137Share “Classic EUR - Capitalisation” 0 0 322.00 8 066.266Share “Classic EUR - Distribution” 0 0 91.01 5 065.898Share “Classic MD - Distribution” 177.44 174.72 171.22 25 219.072Share “I - Capitalisation” 263 880.74 26.38 26.34 973 436.508Share “N - Capitalisation” 328.77 324.81 319.66 8 297.003Share “Privilege - Capitalisation” 2 013.38 20.08 19.99 269 486.942Share “Privilege - Distribution” 101.89 100.35 99.01 194.000Share “X - Capitalisation” 100.48 100.68 0 0

Convertible Bond World EUR EUR USD Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 1 853 168 894 1 948 077 207 2 219 252 672

Net asset value per share Share “Classic - Capitalisation” 124.83 108.93 99.86 83 141.159Share “Classic - Distribution” 0 0 97.79 2 346.830Share “Classic RH CHF - Capitalisation” 103.93 103.35 102.41 1 171.047Share “Classic RH CZK - Capitalisation” 3 074.88 30.49 30.60 13 185 958.208Share “Classic RH EUR - Capitalisation” 152.38 151.77 154.67 1 045 821.576Share “Classic RH EUR - Distribution” 86.73 84.85 85.46 2 890 333.072Share “Classic RH PLN - Distribution” 433.24 431.92 433.35 5 980.553Share “I - Capitalisation” 148.27 148.75 152.32 2 748 528.183Share “I RH EUR - Capitalisation” 163.32 163.79 168.39 5 825 639.380Share “I RH EUR - Distribution” 104.27 102.66 104.46 1.000Share “I RH NOK - Capitalisation” 130.49 132.37 135.87 290 105.206Share “N - Capitalisation” 145.27 143.96 0 0Share “N - Capitalisation” 0 0 95.08 1.000Share “Privilege - Capitalisation” 0 0 95.23 1.000Share “Privilege RH EUR - Capitalisation” 109.35 109.41 112.38 18 324.288Share “Privilege RH EUR - Distribution” 109.48 107.61 108.90 23 772.000Share “X - Capitalisation” 123.31 124.29 139.84 1 830 005.078

Equity Best Selection Asia ex-Japan EUR EUR EUR Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 306 846 584 413 965 695 570 364 656

Net asset value per share Share “Classic - Capitalisation” 398.19 499.42 538.01 489 395.801Share “Classic - Distribution” 291.13 356.32 374.79 87 680.058Share “Classic USD - Capitalisation” 107.85 118.54 114.63 528 054.824Share “Classic USD - Distribution” 402.16 431.25 405.98 8 830.341Share “I - Capitalisation” 434.29 549.38 597.85 243 453.468Share “N - Capitalisation” 93.69 116.77 124.86 35 878.464Share “Privilege - Capitalisation” 97.35 122.87 133.36 344 912.901Share “Privilege - Distribution” 92.62 114.07 120.90 120 758.977Share “X - Capitalisation” 99.71 126.77 138.79 32 846.415



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Equity Best Selection Euro EUR EUR EUR Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 1 103 689 914 1 154 767 062 1 233 663 582

Net asset value per share Share “Classic - Capitalisation” 424.29 425.42 462.18 1 077 287.527Share “Classic - Distribution” 265.52 257.86 272.70 371 157.801Share “Classic H CZK - Capitalisation” 3 665.38 36.58 39.72 13 574 804.984Share “Classic H HUF - Capitalisation” 0 9 835.61 10 737.85 2 569.940Share “Classic H SGD - Capitalisation” 105.11 105.28 114.47 4 910.000Share “Classic H USD - Capitalisation” 105.33 105.33 113.44 134 434.344Share “Classic USD - Capitalisation” 586.08 514.84 502.13 271.144Share “I - Capitalisation” 472.17 477.50 524.04 762 553.806Share “I - Distribution” 0 98.79 105.64 35 745.254Share “N - Capitalisation” 403.11 401.65 433.10 7 013.100Share “Privilege - Capitalisation” 139.17 140.42 153.71 133 431.344Share “Privilege - Distribution” 114.96 112.36 119.72 14 752.000Share “X - Capitalisation” 142.53 144.87 159.94 1 071 170.542

Equity Best Selection Europe EUR EUR EUR Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 2 492 955 353 1 895 979 707 1 658 947 047

Net asset value per share Share “Classic - Capitalisation” 187.45 185.26 198.62 2 903 417.231Share “Classic - Distribution” 137.46 131.39 136.94 2 046 701.782Share “Classic CHF - Capitalisation” 128.52 125.54 121.72 186 807.818Share “Classic CHF - Distribution” 131.08 123.81 116.12 3 365.569Share “Classic RH HUF - Capitalisation” 127.12 126.30 135.88 260 210.462Share “Classic USD - Capitalisation” 258.90 224.17 215.75 6 529.359Share “I - Capitalisation” 206.83 206.17 223.28 2 404 446.821Share “N - Capitalisation” 138.58 136.10 144.82 101 298.155Share “Privilege - Capitalisation” 136.88 136.14 147.05 47 131.409Share “Privilege - Distribution” 102.30 98.39 103.32 37 389.386Share “X - Capitalisation” 140.18 140.44 153.00 1 418 231.093

Equity Brazil USD USD USD Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 251 276 359 205 620 750 98 669 782

Net asset value per share Share “Classic - Capitalisation” 103.47 95.62 54.87 1 586 005.764Share “Classic - Distribution” 84.23 74.99 40.95 105 728.873Share “Classic EUR - Capitalisation” 0 0 50.51 37 706.077Share “I - Capitalisation” 111 871.43 104.36 60.56 47 732.431Share “N - Capitalisation” 98.04 90.04 51.28 42 986.392Share “Privilege - Capitalisation” 872.91 81.25 47.03 3 122.309Share “X - Capitalisation” 94.40 89.17 52.47 1.000

Equity Bric USD USD USD Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 179 727 533 224 016 173 138 737 539

Net asset value per share Share “Classic - Capitalisation” 122.99 119.82 105.33 1 041 953.572Share “Classic - Distribution” 106.50 100.56 85.54 18 116.165Share “Classic EUR - Capitalisation” 0 0 96.95 182 147.649Share “I - Capitalisation” 134 048.30 131.82 117.18 39 193.617Share “N - Capitalisation” 116.05 112.35 98.02 31 724.847Share “Privilege - Capitalisation” 1 045.57 102.58 90.96 6 062.567Share “X - Capitalisation” 96.21 95.85 0 0



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Equity China USD USD USD Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 355 633 652 327 856 669 224 385 576

Net asset value per share Share “Classic - Capitalisation” 314.91 330.58 289.93 374 386.069Share “Classic - Distribution” 218.54 221.58 189.08 55 796.243Share “Classic EUR - Capitalisation” 96.35 115.43 112.78 313 742.782Share “Classic EUR - Distribution” 88.11 101.97 97.22 15 098.508Share “I - Capitalisation” 336.83 356.94 316.55 40 248.636Share “N - Capitalisation” 297.87 310.73 270.48 60 712.230Share “Privilege - Capitalisation” 99.19 104.86 92.75 357 702.602Share “Privilege - Distribution” 96.41 98.73 84.98 840.000Share “X - Capitalisation” 102.02 108.78 97.20 29 302.303

Equity Europe Emerging EUR EUR EUR Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 145 192 098 111 707 653 79 466 833

Net asset value per share Share “Classic - Capitalisation” 1 031.54 90.03 84.72 411 092.332Share “Classic - Distribution” 753.33 630.61 574.49 8 650.113Share “Classic USD - Capitalisation” 1 424.99 108.95 92.04 50 965.661Share “Classic USD - Distribution” 1 040.66 76.34 0 0Share “I - Capitalisation” 1 128.21 99.39 94.58 218 829.679Share “N - Capitalisation” 972.58 84.35 78.78 24 942.788Share “Privilege - Capitalisation” 80.11 70.40 66.81 189 863.257Share “Privilege - Distribution” 90.26 76.25 70.08 66.000Share “X - Capitalisation” 90.39 80.43 77.33 1.000

Equity Europe Growth EUR EUR EUR Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 864 118 988 686 206 445 546 729 034

Net asset value per share Share “Classic - Capitalisation” 41.34 40.75 43.97 1 913 925.585Share “Classic - Distribution” 145.15 138.43 145.24 128 295.585Share “Classic RH SGD - Capitalisation” 0 97.92 105.46 300.000Share “Classic RH SGD MD - Distribution” 102.36 98.87 104.29 78 653.821Share “Classic RH USD - Capitalisation” 0 98.09 104.40 3 611.028Share “Classic RH USD MD - Distribution” 102.90 99.35 103.25 56 201.480Share “Classic USD - Capitalisation” 0 0 47.76 72 303.706Share “I - Capitalisation” 15 561.47 154.73 168.65 1 910 104.944Share “N - Capitalisation” 62.45 61.18 65.52 22 790.155Share “Privilege - Capitalisation” 138.04 136.93 148.87 8 117.939Share “Privilege - Distribution” 121.83 116.89 123.56 848 813.828Share “X - Capitalisation” 105.69 105.99 0 0

Equity Europe Mid Cap EUR EUR EUR Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 87 465 256 115 596 982 157 481 339

Net asset value per share Share “Classic - Capitalisation” 596.13 631.62 762.31 102 133.881Share “Classic - Distribution” 388.92 400.01 473.23 11 309.215Share “Classic USD - Capitalisation” 0 0 828.09 2 313.890Share “I - Capitalisation” 175 105.96 187.12 228.13 247 307.155Share “N - Capitalisation” 536.39 564.77 676.52 5 661.726Share “Privilege - Capitalisation” 114.44 122.00 148.35 19 484.755Share “X - Capitalisation” 110.83 119.35 146.38 64 001.000



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Equity Europe Small Cap EUR EUR EUR Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 943 789 137 1 017 435 583 2 158 750 799

Net asset value per share Share “Classic - Capitalisation” 150.07 158.51 200.27 5 097 030.423Share “Classic - Distribution” 148.90 153.70 190.29 346 827.789Share “Classic RH SGD - Capitalisation” 0 110.65 140.15 23 809.765Share “Classic RH USD - Capitalisation” 0 0 102.80 319 672.180Share “Classic USD - Capitalisation” 207.24 191.78 217.52 25 680.208Share “I - Capitalisation” 158 205.37 168.76 215.71 3 641 305.073Share “N - Capitalisation” 143.48 150.60 188.86 141 924.030Share “Privilege - Capitalisation” 1 244.18 132.36 168.66 378 466.718Share “Privilege - Distribution” 132.36 137.60 171.82 33 651.542Share “X - Capitalisation” 132.90 142.60 183.56 830 786.138

Equity High Dividend Europe EUR EUR EUR Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 701 589 426 623 632 003 611 085 929

Net asset value per share Share “Classic - Capitalisation” 84.83 84.49 89.44 3 523 780.713Share “Classic - Distribution” 48.31 46.58 47.51 299 460.814Share “Classic RH USD MD - Distribution” 0 94.67 95.66 27 816.389Share “I - Capitalisation” 94 687.73 95.12 101.73 726 031.572Share “N - Capitalisation” 76.76 75.97 79.83 72 531.789Share “Privilege - Capitalisation” 1 082.48 108.49 115.73 9 750.638Share “Privilege - Distribution” 115.59 112.14 115.25 263 147.893Share “X - Capitalisation” 104.09 105.21 113.20 1 485 239.942

Equity High Dividend Pacific EUR EUR EUR Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 45 196 469 34 796 761 67 668 301

Net asset value per share Share “Classic - Capitalisation” 60.62 66.28 71.45 196 482.033Share “Classic - Distribution” 44.23 46.52 48.28 128 249.041Share “Classic USD - Capitalisation” 104.37 99.99 96.76 53 839.728Share “Classic USD - Distribution” 98.92 91.15 84.51 4 464.166Share “Classic USD MD - Distribution” 103.75 95.71 87.99 6 986.868Share “I - Capitalisation” 103.15 114.18 124.82 1.000Share “N - Capitalisation” 103.00 113.28 121.26 228.745Share “Privilege - Capitalisation” 99.48 109.44 119.19 3 178.266Share “Privilege - Distribution” 103.11 109.55 114.84 357 062.135Share “Privilege USD - Capitalisation” 98.34 95.57 0 0Share “Privilege USD MD - Distribution” 97.70 91.35 0 0Share “X - Capitalisation” 90.43 100.23 109.83 2 872.005

Equity High Dividend USA USD USD USD Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 139 086 858 123 180 670 79 593 444

Net asset value per share Share “Classic - Capitalisation” 104.35 113.02 106.07 289 048.788Share “Classic - Distribution” 125.07 130.38 117.59 36 644.633Share “Classic EUR - Capitalisation” 151.24 186.95 195.44 32 993.513Share “Classic EUR - Distribution” 135.58 161.30 162.79 2 481.438Share “Classic H EUR - Capitalisation” 48.13 52.17 48.76 353 132.638Share “Classic H EUR - Distribution” 42.10 43.94 39.35 40 880.939Share “I - Capitalisation” 13 199.63 144.19 136.69 59 942.865Share “N - Capitalisation” 73.37 78.97 73.55 24 035.576Share “Privilege - Capitalisation” 106.79 116.38 110.04 24 549.756Share “Privilege - Distribution” 100.54 105.49 96.13 1.000Share “Privilege H EUR - Distribution” 101.02 110.12 99.54 20 553.000Share “X - Capitalisation” 109.08 119.91 114.55 16 094.916



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Equity India USD USD USD Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 312 060 804 705 871 367 1 449 460 932

Net asset value per share Share “Classic - Capitalisation” 95.27 125.09 120.74 974 251.953Share “Classic - Distribution” 88.39 114.60 109.27 84 132.488Share “Classic EUR - Capitalisation” 81.63 122.33 131.51 816 084.313Share “Classic EUR - Distribution” 64.01 94.72 100.73 29 066.461Share “I - Capitalisation” 16 981.67 225.08 219.68 5 269 102.925Share “N - Capitalisation” 34.61 45.16 43.26 530 255.561Share “Privilege - Capitalisation” 88.45 116.95 113.85 196 941.407Share “Privilege - Distribution” 103.04 134.64 129.49 31.850Share “X - Capitalisation” 103.21 138.61 0 0

Equity Indonesia USD USD USD Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 84 706 416 113 322 248 52 335 221

Net asset value per share Share “Classic - Capitalisation” 203.13 221.68 175.80 160 621.593Share “Classic - Distribution” 177.10 189.82 147.62 46 942.254Share “Classic EUR - Capitalisation” 92.31 114.99 101.58 35 179.756Share “Classic EUR - Distribution” 87.07 106.52 92.49 5 346.565Share “I - Capitalisation” 225.00 247.87 198.77 52 447.789Share “N - Capitalisation” 89.84 97.45 76.71 954.443Share “Privilege - Capitalisation” 100.63 110.60 88.46 9 632.395Share “Privilege - Distribution” 84.47 91.18 71.52 3 639.773Share “Privilege EUR - Capitalisation” 0 107.90 96.12 10 897.023Share “X - Capitalisation” 120.87 134.64 0 0

Equity Japan JPY JPY JPY Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 152 470 693 342 120 385 829 822 82 735 923 824

Net asset value per share Share “Classic - Capitalisation” 4 221.00 4 604.00 4 995.00 1 445 021.424Share “Classic - Distribution” 3 350.00 3 591.00 3 839.00 162 862.861Share “Classic EUR - Capitalisation” 0 0 38.22 167 930.341Share “Classic H EUR - Capitalisation” 73.40 79.68 86.05 3 765 708.729Share “Classic H USD - Capitalisation” 96.30 104.62 112.97 103 874.090Share “Classic USD - Capitalisation” 0 0 41.51 90 579.375Share “I - Capitalisation” 3 268 127.00 3 595.00 3 940.00 1 318 365.277Share “IH USD - Capitalisation” 0 111.98 122.44 15 554.590Share “N - Capitalisation” 3 783.00 4 100.00 4 415.00 142 009.899Share “Privilege - Capitalisation” 89 355.00 98 072.00 107 196.00 8 572.787Share “Privilege - Distribution” 12 823.00 13 830.00 14 898.00 15 732.618Share “Privilege H EUR - Capitalisation” 99.38 108.62 118.00 63 560.590Share “X - Capitalisation” 5 197.00 5 752.00 6 350.00 3 411 462.906

Equity Latin America USD USD USD Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 232 839 629 176 928 164 79 603 787

Net asset value per share Share “Classic - Capitalisation” 625.16 583.85 390.20 132 306.501Share “Classic - Distribution” 442.29 401.22 258.80 22 995.519Share “Classic EUR - Capitalisation” 0 0 359.20 10 414.908Share “I - Capitalisation” 381 766.32 35.99 24.32 9 691.025Share “N - Capitalisation” 568.06 527.18 349.69 10 258.627Share “Privilege - Capitalisation” 3 436.46 32.32 21.79 649 005.717Share “X - Capitalisation” 94.82 90.38 62.09 1.000



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Equity Russia EUR EUR EUR Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 1 427 929 498 368 143 268 510 405 528

Net asset value per share Share “Classic - Capitalisation” 91.28 66.55 79.70 1 310 431.815Share “Classic - Distribution” 79.89 55.67 64.21 421 059.021Share “Classic USD - Capitalisation” 84.51 53.98 58.03 4 904 939.269Share “Classic USD - Distribution” 82.92 50.63 52.19 20 489.154Share “Classic USD MD - Distribution” 0 0 77.08 783.580Share “I - Capitalisation” 98.34 72.38 87.65 886 873.448Share “I - Distribution” 0 82.59 96.57 237 801.000Share “N - Capitalisation” 209.47 151.77 180.39 40 050.501Share “Privilege - Capitalisation” 92.32 67.80 81.89 95 268.307Share “Privilege - Distribution” 91.04 64.03 74.49 648.000Share “Privilege GBP - Distribution” 0 0 84.85 1.000Share “Privilege USD - Capitalisation” 0 78.11 85.02 1 012.429Share “X - Capitalisation” 91.16 67.47 0 0

Equity Russia Opportunities USD USD USD Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 83 298 420 52 782 682 78 916 114

Net asset value per share Share “Classic - Capitalisation” 76.11 50.73 53.25 937 916.699Share “Classic - Distribution” 68.58 43.77 43.98 93 355.822Share “Classic EUR - Capitalisation” 0 0 49.02 18 519.768Share “I - Capitalisation” 80 559.49 54.20 57.53 208 023.181Share “N - Capitalisation” 72.83 48.24 50.25 109 359.971Share “Privilege - Capitalisation” 631.95 424.23 449.09 1 231.865Share “X - Capitalisation” 113.43 76.81 82.13 71 390.860

Equity USA Growth USD USD USD Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 943 206 440 996 390 594 1 064 176 496

Net asset value per share Share “Classic - Capitalisation” 218.92 235.36 236.21 856 823.396Share “Classic - Distribution” 98.30 104.02 102.95 911 920.281Share “Classic EUR - Capitalisation” 162.44 199.33 222.85 350 068.549Share “Classic H CZK - Capitalisation” 2 080.71 223.77 223.13 393 487.053Share “Classic H EUR - Capitalisation” 132.30 142.42 142.74 826 026.218Share “Classic H EUR - Distribution” 128.72 136.32 134.89 12 050.520Share “I - Capitalisation” 21 366.60 231.69 234.89 1 625 227.336Share “N - Capitalisation” 93.71 100.11 99.72 44 374.442Share “Privilege - Capitalisation” 125.92 136.22 137.74 404 949.894Share “Privilege - Distribution” 125.43 134.32 0 0Share “X - Capitalisation” 118.41 129.20 131.77 818 238.889

Equity USA Mid Cap USD USD USD Number of shares 28/02/2014 31/12/2014 31/12/2015 31/12/2015

Net assets 1 547 373 626 1 489 887 817 964 423 969

Net asset value per share Share “Classic - Capitalisation” 202.79 210.89 182.88 2 139 009.829Share “Classic - Distribution” 180.34 184.82 157.89 161 367.820Share “Classic EUR - Capitalisation” 0 0 168.34 397 987.468Share “

001 Document Cover - AIA Report.pdfInformation Page 5 Establishment PARVEST (the “Fund”, the...

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