Arabesque Q3.17 SICAV - fondsvermittlung24.de · Arabesque Q3.17 SICAV The accompanying notes form...

Arabesque Q3.17 SICAV

with the sub-funds: Arabesque Q3.17 SICAV – Arabesque Q3.17 Prime Arabesque Q3.17 SICAV – Arabesque Q3.17 Systematic

Semi-Annual Report for the period from 13 July 2015 until 30 June 2016 Investment Company in accordance with Part I of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment in the legal form of a Société d’Investissement à Capital Variable (SICAV) R.C.S. Luxembourg B 198488 Management Company

R.C.S. Luxembourg B 82183


Table of Content __________________________________________________________________________________________

Consolidated report of the Arabesque Q3.17 SICAV 2

Geographic and economic classification of Arabesque Q3.17 SICAV – Arabesque Q3.17 Prime 4

Statement of sub-fund’s net assets of Arabesque Q3.17 SICAV - Arabesque Q3.17 Prime 6

Statement of investments of Arabesque Q3.17 SICAV - Arabesque Q3.17 Prime 7

Purchases and sales from 13 July 2015 to 30 June 2016 of Arabesque Q3.17 SICAV - Arabesque Q3.17 Prime 16

Geographic and economic classification of Arabesque Q3.17 SICAV – Arabesque Q3.17 Systematic 24

Statement of sub-fund’s net assets of Arabesque Q3.17 SICAV - Arabesque Q3.17 Systematic 25

Statement of investments of Arabesque Q3.17 SICAV - Arabesque Q3.17 Systematic 26

Purchases and sales from 13 July 2015 to 30 June 2016 of Arabesque Q3.17 SICAV -

Arabesque Q3.17 Systematic

30

Notes to the semi-annual report for the period ended 30 June 2016 35

Management, distribution and advisory 38

The sales prospectus including the Articles of Association, the Key Investor Information Document and the Investment Company’s financial statements and semi-annual reports are available free of charge by post, fax or e-mail at the registered office of the Investment Company, the Depositary, paying agents or distributors in the respective countries of distribution. Additional information are available at the Investment Company at all times during regular business hours. Shares subscriptions are valid only if they are made on the basis of the most recent version of the sales prospectus (including its appendices) in conjunction with the latest available financial statements and any subsequent semi-annual report.

1


The accompanying notes form an integral part of this semi-annual report.

Consolidated semi-annual report

of Arabesque Q3.17 SICAV with the sub-funds

Arabesque Q3.17 SICAV - Arabesque Q3.17 Prime and Arabesque Q3.17 SICAV - Arabesque Q3.17 Systematic

Statement of sub-fund net assets

as at 30 June 2016

USD

Investments in securities at market value 18,381,035.05

(Cost of investments: USD 17,123,067.76)

Cash at bank 2,142,439.63

Dividends receivable 18,362.07

Receivable for share sold 194,344.67

Receivable on security trades 1,495,788.81

Receivable from currency exchange transactions 1,375,618.15

Other assets 1) 2,320.93

23,609,909.31

Liabilities on security trades -1,066,503.34

Liabilities from currency exchange transactions -1,365,353.79

Other liabilities 2) -41,249.75

-2,473,106.88

Total net assets 21,136,802.43

1) The position includes amortisation of formation expenses.

2) This position consists primarily of audit fee and management fee.

2

Arabesque Q3.17 SICAV - Arabesque Q3.17 Prime


Semi-annual report

13 July 2015 - 30 June 2016

The company is entitled to create share classes with different rights.

The following share class currently exist with the following features:

Share class (USD)

Securitiy No.: A14UJ8

ISIN: LU1245541013

Subscription fee: none

Redemption fee: none

Management fee: 0.10 % p.a. plus 500.00 EUR fixed fee

p.m.

Minimum subsequent investment: 1,000.00 USD

Use of income: distributing

Currency: USD

3



Geographic classification 1)

United States of America 51.94 %

Japan 10.58 %

Great Britain 4.15 %

Netherlands 2.98 %

Canada 2.23 %

Sweden 2.23 %

Germany 2.10 %

Switzerland 1.88 %

Australia 1.61 %

France 1.49 %

South Africa 1.41 %

Singapore 1.37 %

Bermuda 1.35 %

Ireland 1.35 %

South Korea 1.07 %

Italy 0.99 %

Denmark 0.95 %

Finland 0.93 %

Cayman Islands 0.86 %

Austria 0.74 %

Jersey 0.69 %

New Zealand 0.69 %

Faroe Islands 0.48 %

Poland 0.47 %

Spain 0.44 %

Indonesia 0.34 %

Norway 0.28 %

Malaysia 0.27 %

China 0.22 %

Curacao 0.21 %

Hong Kong 0.15 %

Belgium 0.12 %

Investment in securities 96.57 %

Cash at bank 3.71 %

Balance of other receivables and liabilities -0.28 %

100.00 %

1) Deviations in the totals are due to rounding differences.

4



Economic classification 1)

Wholesale and retail 13.43 %

Software & Services 9.73 %

Raw, auxiliary & operating materials 8.42 %

Commercial & Professional Services 8.37 %

Pharmaceuticals, Biotechnology & Life Sciences 5.90 %

Capital Goods 5.66 %

Health services: Equipment & services 5.20 %

Consumer Durables & Apparel 4.50 %

Transportation 4.32 %

Technology Hardware & Equipment 4.21 %

Energy 3.94 %

Automobile & components 3.70 %

Household & Personal Products 3.50 %

Food, Beverage & Tobacco 3.46 %

Semiconductors & Semiconductor Equipment 3.01 %

Media 2.52 %

Consumer Services 2.20 %

Telecommunication Services 1.90 %

Real Estate 1.34 %

Public utilities 1.03 %

Diversified financial services 0.13 %

Food & Staples Retailing 0.10 %


Cash at bank 3.71 %

Balance of other receivables and liabilities -0.28 %

100.00 %


5



Statement of sub-fund’s net assets

as at 30 June 2016

USD



Cash at bank 105,262.57



Other assets 1) 895.50

2,852,552.56


-12,799.84

Total sub-fund assets 2,839,752.72

Number of shares outstanding 30,475.299

Fund asset value per share 93.18 USD


2) This position consists primarily of audit fee and management company fee.

6



Statement of investments as at 30 June 2016 ISIN Securities Purchases Sales Quantity Price Market value % TNA1)

USD

Shares, rights and participation certificates

Transferable securities admitted to an official exchange listing

Australia

AU000000CTX1 Caltex Australia Ltd. AUD 249 0 249 31.8700 5,902.54 0.21

AU000000COH5 Cochlear Ltd. AUD 249 202 47 119.6900 4,184.21 0.15

AU000000CSR5 CSR Ltd. AUD 8,677 4,926 3,751 3.5400 9,876.61 0.35

AU000000NST8 Northern Star Resources Ltd. AUD 3,303 0 3,303 5.0100 12,308.47 0.43

AU000000TLS2 Telstra Corporation Ltd. AUD 4,088 2,148 1,940 5.4800 7,907.52 0.28

AU000000WPL2 Woodside Petroleum Ltd. AUD 275 0 275 26.1000 5,338.64 0.19

45,517.99 1.61

Austria

AT0000A18XM4 AMS AG CHF 228 0 228 26.5000 6,165.85 0.22

AT0000730007 Andritz AG EUR 316 0 316 42.3400 14,853.85 0.52

21,019.70 0.74

Belgium

BE0003739530 UCB S.A. EUR 45 0 45 67.0000 3,347.25 0.12

3,347.25 0.12

Bermuda

BMG5800U1071 Man Wah Holdings Ltd. HKD 2,800 0 2,800 11.0000 3,969.46 0.14

BMG657731060 Nordic American Tankers Ltd. USD 1,362 0 1,362 13.9700 19,027.14 0.67

BMG9400S1329 VTech Holdings Ltd. HKD 1,200 100 1,100 82.2000 11,653.21 0.41

BMG988031446 Yue Yuen Industrial Holding Ltd. HKD 2,000 1,000 1,000 29.6000 3,814.81 0.13

38,464.62 1.35

Canada

CA13321L1085 Cameco Corporation CAD 499 0 499 14.0000 5,376.68 0.19

CA1363751027 Canadian National Railway Co. CAD 370 156 214 76.0200 12,520.65 0.44

CA25675T1075 Dollarama Inc. CAD 289 107 182 90.7300 12,708.89 0.45

CA5592224011 Magna International Inc. -A- CAD 425 175 250 45.3700 8,729.60 0.31

CA7677441056 Ritchie Brothers Auction. Inc. CAD 715 0 715 43.1100 23,722.99 0.84

63,058.81 2.23

Cayman Islands

KYG2953R1149 AAC Technologies Holdings Inc. HKD 500 0 500 64.1500 4,133.79 0.15

KYG4402L1510 Hengan International Group Co. Ltd.

HKD 1,500 1,000 500 64.5000 4,156.34 0.15

US64110W1027 NetEase Inc. ADR USD 25 0 25 181.4800 4,537.00 0.16

1) TNA = Total net assets

7




USD

Cayman Islands (continued)

KYG730611061 Qinqin Foodstuffs Group Cayman Co Ltd.

HKD 100 0 100 11.0000 141.77 0.00

KYG9222R1065 Uni-President China Holdings Ltd.

HKD 4,000 0 4,000 6.5500 3,376.62 0.12

KYG9431R1039 Want Want China Holdings Ltd. HKD 5,000 0 5,000 5.5000 3,544.16 0.12

KYG9829N1025 Xinyi Solar Holdings Ltd. HKD 12,000 0 12,000 3.0100 4,655.10 0.16

24,544.78 0.86

China

CNE1000004C8 Sinopec Shanghai Petrochemical

HKD 14,000 0 14,000 3.5100 6,333.10 0.22

6,333.10 0.22

Curacao

AN8068571086 Schlumberger NV Ltd. USD 126 50 76 77.8300 5,915.08 0.21

5,915.08 0.21

Denmark

DK0060079531 DSV A/S DKK 321 33 288 276.0000 11,864.58 0.42

DK0010287234 H. Lundbeck AS DKK 103 0 103 247.0000 3,797.39 0.13

DK0060534915 Novo-Nordisk AS DKK 359 146 213 355.1000 11,289.67 0.40

26,951.64 0.95

Faroe Islands

FO0000000179 Bakkafrost P/F NOK 358 0 358 321.6000 13,720.53 0.48

13,720.53 0.48

Finland

FI0009013403 Kone Corporation -new- EUR 190 58 132 40.6600 5,958.58 0.21

FI0009005318 Nokian Renkaat OYJ EUR 377 0 377 31.8800 13,343.23 0.47

FI0009014377 Orion Corporation -new- EUR 181 0 181 34.7900 6,990.92 0.25

26,292.73 0.93

France

FR0000124570 Compagnie Plastic-Omnium S.A.

EUR 93 0 93 25.2900 2,611.16 0.09

FR0000121667 Essilor International S.A. EUR 34 0 34 118.9500 4,489.98 0.16

FR0000120578 Sanofi S.A. EUR 232 92 140 74.3000 11,548.30 0.41

FR0000121220 Sodexho S.A. EUR 225 0 225 94.3600 23,570.66 0.83

42,220.10 1.49

Germany

DE0005158703 Bechtle AG EUR 30 0 30 94.2500 3,139.09 0.11

DE0005200000 Beiersdorf AG EUR 43 0 43 82.1800 3,923.16 0.14

DE0005439004 Continental AG EUR 58 10 48 169.1000 9,011.27 0.32

DE0005565204 Dürr AG EUR 47 0 47 66.1200 3,450.10 0.12


8




USD

Germany (continued)

DE000EVNK013 Evonik Industries AG EUR 395 0 395 26.4900 11,616.63 0.41

DE000A0D6554 Nordex SE EUR 660 0 660 25.2550 18,505.15 0.65

DE000LED4000 OSRAM Licht AG EUR 59 0 59 44.9000 2,941.03 0.10

DE0007164600 SAP SE EUR 59 0 59 67.7200 4,435.78 0.16

DE0007493991 Ströer SE & Co. KGaA EUR 56 0 56 41.5850 2,585.39 0.09

59,607.60 2.10

Great Britain

GB00BK1PTB77 Aggreko Plc. GBP 191 0 191 12.1900 3,149.59 0.11

GB0006731235 Associated British Foods Plc. GBP 74 0 74 26.6500 2,667.75 0.09

GB0009895292 Astrazeneca Plc. GBP 80 0 80 43.8050 4,740.57 0.17

GB0000811801 Barratt Developments Plc. GBP 1,118 358 760 4.0870 4,201.80 0.15

GB0000904986 Bellway Plc. GBP 336 20 316 19.1400 8,181.74 0.29

GB0030913577 BT Group Plc. GBP 621 0 621 4.1155 3,457.26 0.12

GB0059822006 Dialog Semiconductor Plc. EUR 490 287 203 26.5450 5,982.47 0.21

GB00B7KR2P84 EASYJET Plc. GBP 566 353 213 10.8700 3,132.03 0.11

GB00B63QSB39 Greggs Plc. GBP 989 773 216 9.4750 2,768.53 0.10

GB0005576813 Howden Joinery Group Plc. GBP 1,874 1,331 543 3.8460 2,825.05 0.10

GB00BMJ6DW54 Informa Plc. GBP 611 0 611 6.9200 5,719.58 0.20

GB0031638363 Intertek Group Plc. GBP 84 0 84 33.3600 3,790.72 0.13

GB00B5N0P849 John Wood Group Plc. GBP 316 0 316 6.7050 2,866.18 0.10

GB00B1CRLC47 Mondi Plc. GBP 1,433 145 1,288 13.4100 23,364.77 0.82

GB00B1ZBKY84 Moneysupermarket.com Group Plc.

GBP 4,425 0 4,425 2.6130 15,641.19 0.55

GB0032089863 Next Group Plc. GBP 154 79 75 48.9300 4,964.25 0.17

GB00BVVBC028 Steris Plc. USD 45 0 45 67.3600 3,031.20 0.11

GB00B2PDGW16 WH Smith Plc. -new- GBP 1,037 195 842 15.3500 17,483.86 0.62

117,968.54 4.15

Hong Kong

HK0014000126 Hysan Development Co. Ltd. HKD 1,000 0 1,000 34.1000 4,394.76 0.15

4,394.76 0.15

Indonesia

ID1000129000 PT Telekomunikasi Indonesia Persero Tbk

IDR 19,200 0 19,200 3,970.0000 5,792.10 0.20

ID1000130008 Samit Sumbermas Sarana Tbk PT

IDR 28,200 0 28,200 1,815.0000 3,889.29 0.14

9,681.39 0.34

Ireland

IE00B4XKTT64 Fleetmatics Group Plc. USD 259 12 247 42.3300 10,455.51 0.37

IE0005711209 Icon Plc. USD 234 0 234 69.1100 16,171.74 0.57

AU000000JHX1 James Hardie Industries Plc. AUD 650 353 297 19.7000 4,351.92 0.15

IE0004927939 Kingspan Group Plc. EUR 457 126 331 20.2200 7,430.37 0.26

38,409.54 1.35


9




USD

Italy

IT0001050910 Brembo S.p.A. EUR 482 97 385 48.5300 20,743.03 0.73

IT0003828271 Recordati - Industria Chimica e Farmaceutica S.p.A.

EUR 363 119 244 26.8600 7,276.07 0.26

28,019.10 0.99

Japan

JP3856000009 Adastria Co. Ltd. JPY 200 0 200 4,065.0000 7,921.66 0.28

JP3105250009 AIN Holdings Inc. JPY 200 0 200 7,720.0000 15,044.34 0.53

JP3126400005 Alps Electric Co. Ltd. JPY 400 0 400 1,961.0000 7,642.99 0.27

JP3122800000 Amada Co. Ltd. JPY 700 0 700 1,026.0000 6,997.96 0.25

JP3119920001 Askul Corporation JPY 200 0 200 3,635.0000 7,083.70 0.25

JP3220400000 Calsonic Kansei Corporation JPY 2,000 0 2,000 793.0000 15,453.57 0.54

JP3496600002 Daihatsu Motor Co. Ltd. JPY 200 0 200 1,338.0000 2,607.43 0.09

JP3486800000 Daito Trust Construction Co. Ltd. JPY 100 0 100 16,730.0000 16,301.28 0.57

JP3818400008 Fujitsu General Ltd. JPY 1,000 0 1,000 2,268.0000 22,098.81 0.78

JP3766550002 Hakuhodo dy Holdings Inc. JPY 700 0 700 1,244.0000 8,484.85 0.30

JP3785000005 Hitachi Chemical Co. Ltd. JPY 400 0 400 1,883.0000 7,338.99 0.26

JP3294600006 Hitachi Kokusai Elec. Inc. JPY 200 0 200 1,720.0000 3,351.85 0.12

JP3894900004 Isetan Mitsukoshi Holdings Ltd. JPY 200 0 200 903.0000 1,759.72 0.06

JP3143900003 Itochu Techno-Solutions Corporation

JPY 200 0 200 2,197.0000 4,281.40 0.15

JP3705200008 Japan Airlines Co. Ltd. JPY 300 100 200 3,318.0000 6,465.95 0.23

JP3263000006 Kinden Corporation JPY 200 0 200 1,119.0000 2,180.65 0.08

JP3283650004 Kose Corporation JPY 100 0 100 8,530.0000 8,311.41 0.29

JP3247050002 Kyudenko Corporation JPY 100 0 100 3,050.0000 2,971.84 0.10

JP3965400009 Lion Corporation JPY 1,000 0 1,000 1,714.0000 16,700.77 0.59

JP3918000005 MEIJI Holdings Co Ltd. JPY 200 100 100 10,410.0000 10,143.24 0.36

JP3902400005 Mitsubishi Electric Corporation JPY 2,000 1,000 1,000 1,218.5000 11,872.75 0.42

JP3469000008 Mitsubishi Tanabe Pharma Corporation

JPY 400 100 300 1,850.0000 5,407.78 0.19

JP3926400007 Morinaga & Co. Ltd. JPY 2,000 0 2,000 651.0000 12,686.35 0.45

JP3687200000 Nichi-iko Pharmaceutical Co. Ltd.

JPY 100 0 100 2,116.0000 2,061.78 0.07

JP3715200006 Nippon Shokubai Co. Ltd. JPY 200 100 100 5,920.0000 5,768.30 0.20

JP3164800009 Nok Corporation JPY 300 200 100 1,728.0000 1,683.72 0.06

JP3379900008 NS Solutions Corporation JPY 400 0 400 1,605.0000 6,255.48 0.22

JP3165650007 NTT Docomo Inc. JPY 1,000 100 900 2,795.0000 24,510.38 0.86

JP3197600004 Ono Pharmaceutical Co. Ltd. JPY 100 0 100 4,470.0000 4,355.45 0.15

JP3244800003 Q.P. Corporation JPY 100 0 100 3,300.0000 3,215.43 0.11

JP3755200007 Relo Holdings Inc. JPY 100 0 100 18,050.0000 17,587.45 0.62

JP3419400001 Sekisui Chemical Co. Ltd. JPY 600 0 600 1,281.0000 7,489.04 0.26

JP3347200002 Shionogi & Co. Ltd. JPY 100 0 100 5,615.0000 5,471.11 0.19

JP3405400007 Sumitomo Heavy Industries Ltd. JPY 1,000 0 1,000 441.0000 4,296.99 0.15

JP3602600003 Toho Holdings Co. Ltd. JPY 100 0 100 2,502.0000 2,437.88 0.09

JP3949400000 United Arrows Ltd. JPY 200 0 200 3,025.0000 5,894.96 0.21

JP3725400000 Zeon Corporation JPY 1,000 0 1,000 666.0000 6,489.33 0.23

1) TNA = Total net assets 300,626.59 10.58

10




USD

Jersey

JE00B783TY65 Delphi Automotive Plc. USD 155 51 104 62.7500 6,526.00 0.23

JE00BFNWV485 Wolseley Plc. GBP 306 51 255 38.1500 13,159.87 0.46

19,685.87 0.69

Malaysia

MYL3816OO005 Malaysia International Shipping Corporate Berhad

MYR 2,700 0 2,700 7.4800 5,001.47 0.18

MYL7113OO003 Top Glove Corporation Berhad MYR 2,100 0 2,100 4.6500 2,418.27 0.09

7,419.74 0.27

Netherlands

NL0000009132 Akzo Nobel NV EUR 49 0 49 55.2400 3,005.05 0.11

NL0010060661 AVG Technologies NV USD 339 0 339 18.6100 6,308.79 0.22

NL0009272269 Cimpress NV USD 40 0 40 90.9800 3,639.20 0.13

NL0009434992 Lyondellbasell Industries NV USD 298 47 251 74.0100 18,576.51 0.65

NL0000379121 Ranstad Holding NV EUR 689 53 636 36.7150 25,923.99 0.91

NL0000009355 Unilever NV EUR 349 102 247 41.0100 11,245.74 0.40

NL0000395903 Wolters Kluwer NV EUR 397 0 397 35.8300 15,792.05 0.56

84,491.33 2.98

New Zealand

NZTELE0001S4 Spark New Zealand Ltd. NZD 2,274 624 1,650 3.5150 4,126.43 0.15

NZZELE0001S1 Z Energy Ltd. NZD 2,655 0 2,655 8.0600 15,225.26 0.54

19,351.69 0.69

Norway

NO0005052605 Norsk Hydro ASA NOK 779 0 779 30.3100 2,813.81 0.10

NO0010208051 Yara International ASA NOK 473 308 165 264.6000 5,202.90 0.18

8,016.71 0.28

Poland

PLPGNIG00014 Polish Oil & Gas PLN 10,638 702 9,936 5.4000 13,478.86 0.47

13,478.86 0.47

Singapore

SG9999014823 Broadcom Ltd. USD 242 11 231 155.0000 35,805.00 1.26

SG0531000230 Venture Corporation Ltd. SGD 500 0 500 8.3400 3,096.89 0.11

38,901.89 1.37

South Africa

ZAE000145892 Life Healthcare Group Holdings Pte. Ltd.

ZAR 1,564 0 1,564 36.2000 3,824.82 0.13

ZAE000156550 Mondi Ltd. ZAR 902 0 902 270.0000 16,452.66 0.58

ZAE000117321 New Bidvest Group Ltd. ZAR 395 0 395 134.0000 3,575.76 0.13

ZAE000118279 Pioneer Food Group Ltd. ZAR 389 0 389 172.2000 4,525.31 0.16

ZAE000173951 Sibanye Gold Ltd. ZAR 993 0 993 50.7500 3,404.48 0.12

ZAE000132577 Vodacom Group Ltd. ZAR 851 105 746 165.2400 8,327.60 0.29

40,110.63 1.41


11




USD

South Korea

KR7090430000 Amorepacific Corporation KRW 16 6 10 429,000.0000 3,698.28 0.13

KR7051910008 LG Chemical Ltd. KRW 11 0 11 257,000.0000 2,437.07 0.09

KR7051900009 LG Household & Health Care Ltd.

KRW 10 0 10 1,112,000.0000 9,586.21 0.34

KR7021240007 Woongjin Coway Co. Ltd. KRW 161 0 161 105,000.0000 14,573.28 0.51

30,294.84 1.07

Spain

ES0130670112 Endesa S.A. EUR 449 0 449 17.5150 8,730.88 0.31

ES0148396007 Industria de Diseño Textil S.A. EUR 115 0 115 29.8100 3,805.93 0.13

12,536.81 0.44

Sweden

SE0006886750 Atlas Copco AB SEK 153 0 153 210.9000 3,798.41 0.13

SE0000862997 Billerud AB SEK 408 0 408 121.0000 5,811.39 0.20

SE0000869646 Boliden AB SEK 430 57 373 158.3000 6,950.63 0.24

SE0000103814 Electrolux AB -B- SEK 323 24 299 224.3000 7,894.68 0.28

SE0000109290 Holmen AB SEK 334 146 188 263.0000 5,820.33 0.20

SE0000949331 Nobia AB SEK 993 0 993 73.3000 8,568.16 0.30

SE0000113250 Skanska AB SEK 931 559 372 172.3000 7,545.06 0.27

SE0000112724 Svenska Cellulosa AB -B- SEK 560 0 560 264.8000 17,455.82 0.61

63,844.48 2.23

Switzerland

CH0010532478 Actelion Ltd. CHF 47 0 47 159.6000 7,654.96 0.27

CH0012138605 Adecco Group AG CHF 141 0 141 49.0900 7,063.57 0.25

CH0003541510 Forbo Holding AG CHF 3 0 3 1,140.0000 3,490.10 0.12

CH0010645932 Givaudan S.A. CHF 4 1 3 1,944.0000 5,951.54 0.21

CH0025238863 Kühne + Nagel International AG CHF 177 17 160 135.2000 22,075.41 0.78

CH0025751329 Logitech International S.A. CHF 223 0 223 15.5000 3,527.35 0.12

CH0012032048 Roche Holding AG Genussscheine

CHF 14 0 14 254.2000 3,631.75 0.13

53,394.68 1.88

United States of America

US0009571003 ABM Industries Inc. USD 108 0 108 35.7400 3,859.92 0.14

US00507V1098 Activision Blizzard Inc. USD 105 0 105 38.0200 3,992.10 0.14

US00508Y1029 Acuity Brands Inc. USD 14 0 14 246.6100 3,452.54 0.12

US0091581068 Air Products & Chemicals Inc. USD 55 0 55 139.2600 7,659.30 0.27

US0116591092 Alaska Air Group Inc. USD 324 0 324 57.6900 18,691.56 0.66

US01748X1028 Allegiant Travel Co. USD 76 13 63 145.5100 9,167.13 0.32

US02079K3059 Alphabet Inc. USD 16 0 16 695.1900 11,123.04 0.39

US0234361089 Amedisys Inc. USD 84 0 84 49.5400 4,161.36 0.15

US02553E1064 American Eagle Outfitters Inc. USD 548 0 548 15.6800 8,592.64 0.30

US0305061097 American Woodmark Corporation

USD 98 0 98 65.3400 6,403.32 0.23

US03073E1055 AmerisourceBergen Corporation USD 73 36 37 77.2600 2,858.62 0.10


12




USD

United States of America (continued)

US0311621009 Amgen Inc. USD 183 0 183 150.1000 27,468.30 0.97

US03673L1035 Antero Midstream Partners LP USD 278 0 278 26.9900 7,503.22 0.26

US0375981091 Apogee Enterprises Inc. USD 76 0 76 45.2400 3,438.24 0.12

US0378331005 Apple Inc. USD 264 80 184 94.4000 17,369.60 0.61

US04685W1036 athenahealth Inc. USD 49 0 49 135.9000 6,659.10 0.23

US0533321024 AutoZone Inc. USD 12 0 12 792.8200 9,513.84 0.34

US0536111091 Avery Dennison USD 406 0 406 72.8200 29,564.92 1.04

US0893021032 Big Lots Inc. USD 244 52 192 50.4400 9,684.48 0.34

US09062X1037 Biogen Inc. USD 38 0 38 238.9100 9,078.58 0.32

US1046741062 Brady Corporation USD 782 0 782 29.7200 23,241.04 0.82

US1101221083 Bristol-Myers Squibb Co. USD 293 26 267 73.0000 19,491.00 0.69

US1170431092 Brunswick Corporation USD 401 0 401 44.5400 17,860.54 0.63

US1273871087 Cadence Design Systems Inc. USD 154 0 154 23.9500 3,688.30 0.13

US1295001044 Caleres Inc. USD 109 0 109 23.8000 2,594.20 0.09

US1320111073 Cambrex Corporation USD 81 0 81 50.7500 4,110.75 0.14

US1344291091 Campbell Soup Co. USD 212 0 212 62.8200 13,317.84 0.47

US14149Y1082 Cardinal Health Inc. USD 213 0 213 77.2900 16,462.77 0.58

US15670R1077 Cepheid Inc. USD 65 0 65 29.5500 1,920.75 0.07

US1567821046 Cerner Corporation USD 108 50 58 57.4800 3,333.84 0.12

US16359R1032 Chemed Corporation USD 180 56 124 132.7300 16,458.52 0.58

US1729081059 Cintas Corporation USD 275 16 259 95.6500 24,773.35 0.87

US1773761002 Citrix Systems Inc. USD 203 0 203 80.6300 16,367.89 0.58

US1890541097 Clorox Co. USD 184 6 178 135.2100 24,067.38 0.85

US1999081045 Comfort Systems USA Inc. USD 353 0 353 31.5300 11,130.09 0.39

US2124851062 Convergys Corporation USD 410 0 410 24.5200 10,053.20 0.35

US2168311072 Cooper Tire & Rubber Co. USD 272 0 272 29.5300 8,032.16 0.28

US0673831097 C.R. Bard Inc. USD 44 5 39 232.3500 9,061.65 0.32

US22410J1060 Cracker Barrel Old Country Store Inc.

USD 292 102 190 171.3100 32,548.90 1.15

US1263491094 CSG Systems International Inc. USD 99 0 99 39.4500 3,905.55 0.14

US2480191012 Deluxe Corporation USD 489 11 478 64.4600 30,811.88 1.09

US2533931026 Dick's Sporting Goods Inc. USD 62 0 62 43.2900 2,683.98 0.09

US26138E1091 Dr. Pepper Snapple Group Inc. USD 256 127 129 94.0800 12,136.32 0.43

US26168L2051 Drew Industries Inc. USD 137 0 137 81.9900 11,232.63 0.40

US2674751019 Dycom Industries Inc. USD 102 0 102 89.1800 9,096.36 0.32

US28176E1082 Edwards Lifesciences Corporation

USD 155 26 129 96.9100 12,501.39 0.44

US2635341090 E.I. du Pont de Nemours & Co. USD 67 0 67 63.9400 4,283.98 0.15

US2855121099 Electronic Arts Inc. USD 109 0 109 73.7400 8,037.66 0.28

US5324571083 Eli Lilly & Co. USD 85 0 85 78.1500 6,642.75 0.23

US29358P1012 Ensign Group Inc. USD 155 0 155 20.4700 3,172.85 0.11

US26885B1008 EQT Midstream Partners L.P. USD 163 0 163 77.5400 12,639.02 0.45

US2944291051 EQUIFAX USD 217 0 217 125.7000 27,276.90 0.96

US2987361092 Euronet Worldwide Inc. USD 50 0 50 68.5400 3,427.00 0.12

US30219E1038 Express Inc. USD 540 0 540 14.3100 7,727.40 0.27

US3448491049 Foot Locker Inc. USD 654 38 616 55.0800 33,929.28 1.19

US3156161024 F5 Networks Inc. USD 126 11 115 112.5200 12,939.80 0.46


13




USD


US36467W1099 Gamestop Corporation -NEW- USD 240 0 240 26.4100 6,338.40 0.22

US3715321028 Genesco Inc. USD 48 0 48 63.5600 3,050.88 0.11

US37253A1034 Gentherm Inc. USD 166 0 166 33.6500 5,585.90 0.20

US3755581036 Gilead Sciences Inc. USD 69 0 69 82.2700 5,676.63 0.20

US38268T1034 GoPro Inc. USD 147 0 147 10.8100 1,589.07 0.06

US38526M1062 Grand Canyon Education Inc. USD 407 0 407 39.0700 15,901.49 0.56

US4042511000 HNI Corp. USD 395 20 375 45.4000 17,025.00 0.60

US4370761029 Home Depot Inc. USD 314 15 299 127.3700 38,083.63 1.34

US4043031099 HSN Inc. USD 125 0 125 48.0700 6,008.75 0.21

US45778Q1076 Insperity Inc. USD 277 0 277 74.5100 20,639.27 0.73

US4581181066 Integrated Device Technology Inc.

USD 341 191 150 19.6000 2,940.00 0.10

US4581401001 Intel Corporation USD 312 81 231 31.9300 7,375.83 0.26

US4586653044 Interface Inc. USD 333 0 333 15.0100 4,998.33 0.18

US4606901001 Interpublic Group Co. Inc. USD 1,072 40 1,032 22.9900 23,725.68 0.84

US4612021034 Intuit Inc. USD 147 0 147 109.2900 16,065.63 0.57

US4771431016 Jetblue Airways Corporation USD 151 0 151 16.4100 2,477.91 0.09

US4989042001 Knoll Inc. USD 506 82 424 23.8600 10,116.64 0.36

US5017971046 L Brands Inc. USD 88 17 71 67.0800 4,762.68 0.17

US5150981018 Landstar Systems Inc. USD 48 0 48 67.8800 3,258.24 0.11

US5053361078 La-Z-Boy Inc. USD 394 0 394 27.5200 10,842.88 0.38

US5246601075 Leggett & Platt Inc. USD 273 0 273 49.9700 13,641.81 0.48

US5261071071 Lennox International Inc. USD 67 0 67 138.2800 9,264.76 0.33

US5356781063 Linear Technology Corporation USD 80 0 80 45.6000 3,648.00 0.13

US54142L1098 LogMeIn Inc. USD 169 0 169 63.1000 10,663.90 0.38

US5486611073 Lowe's Companies Inc. USD 259 89 170 77.7600 13,219.20 0.47

US5590792074 Magellan Health Services Inc. USD 44 0 44 64.9500 2,857.80 0.10

US5627501092 Manhattan Associates Inc. USD 123 0 123 62.8900 7,735.47 0.27

US5747951003 Masimo Corporation USD 186 0 186 51.5600 9,590.16 0.34

US57776J1007 MaxLinear Inc. USD 197 0 197 17.4200 3,431.74 0.12

US58155Q1031 Mc Kesson Corporation USD 31 0 31 183.3400 5,683.54 0.20

US5801351017 McDonald's Corporation USD 180 12 168 119.4900 20,074.32 0.71

US5949724083 Microstrategy Inc. -A- USD 19 0 19 174.3200 3,312.08 0.12

US6005441000 Miller Inc., Herman USD 493 0 493 29.1400 14,366.02 0.51

US6098391054 Monolithic Power Systems Inc. USD 57 0 57 66.9200 3,814.44 0.13

US6400791090 Neenah Paper Inc. USD 71 0 71 70.3800 4,996.98 0.18

US64111Q1040 Netgear Inc. USD 134 58 76 46.3500 3,522.60 0.12

US6541061031 Nike Inc. -B- USD 305 42 263 55.1300 14,499.19 0.51

US6819191064 Omnicom Group Inc. USD 189 0 189 80.1000 15,138.90 0.53

US67103H1077 O'Reilly Automotive Inc. -new- USD 29 0 29 273.6700 7,936.43 0.28

US6914973093 Oxford Industries Inc. USD 85 0 85 55.4700 4,714.95 0.17

US7043261079 Paychex Inc. USD 557 0 557 56.1400 31,269.98 1.10

US7134481081 PepsiCo Inc. USD 147 0 147 103.1200 15,158.64 0.53

US7185461040 Phillips 66 USD 128 0 128 79.7000 10,201.60 0.36

US7274931085 Plantronics Inc. USD 77 0 77 42.9500 3,307.15 0.12

US7291321005 Plexus Corporation USD 115 33 82 42.3300 3,471.06 0.12

US73278L1052 Pool Corporation USD 179 0 179 91.3100 16,344.49 0.58


14




USD


US6935061076 PPG Industries Inc. USD 47 0 47 102.4900 4,817.03 0.17

US7434241037 Proofpoint Inc. USD 84 30 54 61.6700 3,330.18 0.12

US74876Y1010 Quintiles Transnational Holdings Inc.

USD 107 0 107 63.4900 6,793.43 0.24

US75606N1090 RealPage Inc. USD 233 57 176 22.0000 3,872.00 0.14

US7565771026 Red Hat Inc. USD 155 0 155 72.9300 11,304.15 0.40

US7703231032 Robert Half International Inc. USD 417 168 249 36.6200 9,118.38 0.32

US7766961061 Roper Industries Inc. USD 18 0 18 167.1500 3,008.70 0.11

US7782961038 Ross Stores Inc. USD 657 176 481 55.7700 26,825.37 0.94

US79466L3024 Salesforce.com Inc. USD 232 19 213 79.0000 16,827.00 0.59

US81762P1021 ServiceNow Inc. USD 57 0 57 66.4400 3,787.08 0.13

US8243481061 Sherwin-Williams Co. USD 79 50 29 290.4100 8,421.89 0.30

US8447411088 Southwest Airlines USD 581 351 230 38.8900 8,944.70 0.31

US8552441094 Starbucks Corporation USD 266 0 266 56.7400 15,092.84 0.53

US8581552036 Steelcase Inc. USD 440 208 232 13.6900 3,176.08 0.11

US8636671013 Stryker Corporation USD 76 0 76 118.8100 9,029.56 0.32

US86800U1043 Super Micro Computer Inc. USD 159 35 124 24.3700 3,021.88 0.11

US8712371033 Sykes Enterprises Inc. USD 362 0 362 27.8700 10,088.94 0.36

US87612E1064 Target Corporation USD 820 42 778 70.0000 54,460.00 1.92

US88162G1031 Tetra Tech Inc. USD 248 0 248 29.8300 7,397.84 0.26

US8825081040 Texas Instruments Inc. USD 557 286 271 61.2500 16,598.75 0.58

US8851601018 Thor Industries Inc. USD 130 0 130 63.6000 8,268.00 0.29

US8919061098 Total System Services Inc. USD 312 126 186 51.3200 9,545.52 0.34

US8923561067 Tractor Supply Co. USD 294 109 185 95.1700 17,606.45 0.62

US9022521051 Tyler Technologies Inc. USD 108 30 78 165.1400 12,880.92 0.45

US90384S3031 Ulta Salon Cosmetics & Fragrance

USD 99 10 89 240.6600 21,418.74 0.75

US90385D1072 Ultimate Software Group Inc. USD 67 5 62 206.7700 12,819.74 0.45

US91879Q1094 Vail Resorts Inc. USD 28 0 28 135.7800 3,801.84 0.13

US91913Y1001 Valero Energy Corporation USD 567 44 523 51.9200 27,154.16 0.96

US92220P1057 Varian Medical Systems Inc. USD 44 0 44 80.6100 3,546.84 0.12

US9418481035 Waters Corporation USD 59 0 59 134.6500 7,944.35 0.28

US98138H1014 Workday Inc. USD 47 0 47 73.8900 3,472.83 0.12

1,473,903.97 51.94

Transferable securities admitted to an official exchange listing 2,741,525.35 96.57

Shares, rights and participation certificates 2,741,525.35 96.57

Investment in securities 2,741,525.35 96.57

Cash at bank - current accounts 105,262.57 3.71

Balance of other receivables and liabilities -7,035.20 -0.28

Total sub-fund assets in USD 2,839,752.72 100.00

1) TNA = -Total net assets. Deviations in the totals are due to rounding differences.

15



Purchases and sales from 13 July 2015 to 30 June 2016

Purchases and sales of securities, bonded loans and derivatives during the reporting period, including changes without cash flows, which were not stated in the statement of assets.

ISIN Securities Purchases Sales



Australia

AU000000ANN9 Ansell Ltd. AUD 202 202

AU000000BSL0 Bluescope Steel Ltd. AUD 314 314

AU000000CSL8 CSL Ltd. AUD 47 47

AU000000FXJ5 Fairfax Media Ltd. AUD 25,464 25,464

AU000000MTU6 M2 Group Ltd. AUD 250 250

AU000000RIO1 Rio Tinto Ltd. AUD 28 28

AU000000SPO4 Spotless Group Holdings Ltd. AUD 1,588 1,588

Austria

AT0000APOST4 Österreichische Post AG EUR 167 167

Canada

CA00900Q1037 Aimia Inc. CAD 77 77

CA39945C1095 CGI Group Inc. CAD 20 20

CA21037X1006 Constellation Software Inc. CAD 6 6

CA4932711001 Keyera Corporation CAD 52 52

CA73755L1076 Potash Corporation of Saskatchewan Inc. CAD 29 29

CA7506491058 Raging River Exploration Inc. CAD 159 159

Cayman Islands

KYG040111059 Anta Sports Products Ltd. HKD 3,000 3,000

US0567521085 Baidu Inc. ADR USD 5 5

KYG2198S1093 CIMC Enric Holdings Ltd. HKD 2,000 2,000

China

CNE1000002V2 China Telecom Corporation Ltd. HKD 6,000 6,000

Denmark

DK0010244508 A P Moller-Maersk AS DKK 1 1

DK0015998017 Bavarian Nordic AS DKK 25 25

DK0060252690 Pandora AS DKK 100 100

DK0010268606 Vestas Wind Systems AS DKK 34 34

Finland

FI0009005870 Konecranes Oyj EUR 170 170

France

FR0000125338 Cap Gemini S.A. EUR 22 22

FR0010259150 Ipsen S.A. EUR 27 27

FR0000121261 Michelin -B- EUR 51 51

FR0000130338 Valéo S.A. EUR 39 39

16



Purchases and sales from 13 July 2015 to 30 June 2016 Purchases and sales of securities, bonded loans and derivatives during the reporting period, including changes without cash flows, which were not stated in the statement of assets.


Germany

DE000BAY0017 Bayer AG EUR 8 8

DE0005552004 Dte. Post AG EUR 173 173

DE0005772206 Fielmann AG EUR 161 161

DE000A1PHFF7 Hugo Boss AG EUR 19 19

DE000KSAG888 K+S AG EUR 294 294

DE0006916604 Pfeiffer Vacuum Technology AG EUR 14 14

Great Britain

GB00B0F99717 Berendsen Plc. GBP 86 86

GB0008220112 D S Smith Plc. GBP 174 174

GB0009457366 Daily Mail & General Trust Plc. GBP 74 74

GB0002418548 Elementis Plc. GBP 403 403

GB00B012TP20 Halfords Ltd. GBP 328 328

GB00B0LCW083 Hikma Pharmaceuticals Plc. GBP 30 30

GB00BGLP8L22 IMI Plc. GBP 53 53

GB00BZ4BQC70 Johnson Matthey Plc. GBP 74 74

GB00B70FPS60 Johnson Matthey Plc. GBP 41 41

GB00BQY7BX88 Micro Focus International Plc. GBP 205 205

GB00B135BJ46 Savills Plc. GBP 72 72

GB00B8C3BL03 The Sage Group Plc. GBP 392 392

GB0007739609 Travis Perkins Plc. GBP 41 41

GB0009292243 Victrex Plc. GBP 34 34

Hong Kong

HK0285041858 BYD Electronic (Intl.) Co. Ltd. HKD 1,500 1,500

Indonesia

ID1000125909 Matahari Putra Prima, PT IDR 6,400 6,400

ID1000061302 PT Indocement Tunggal Prakarsa Tbk IDR 1,800 1,800

ID1000111602 PT Perusahaan Gas Negara Tbk IDR 3,900 3,900

ID1000106800 PT Semen Indonesia (Persero) Tbk IDR 2,600 2,600

ID1000058407 PT United Tractors Tbk IDR 10,600 10,600

Ireland

IE0003864109 Greencore Group Plc. GBP 1,441 1,441

IE00BLS09M33 Pentair Plc. USD 18 18

Italy

IT0001479374 Luxottica Group S.p.A. EUR 59 59

Japan

JP3100800006 Aica Kogyo Co. Ltd. JPY 100 100

JP3830000000 Brother Industries Ltd. JPY 100 100

JP3242800005 Canon Inc. JPY 500 500

JP3293200006 Coca-Cola West Japan Co. Ltd. JPY 200 200

JP3814800003 Fuji Heavy Industries Ltd. JPY 600 600

JP3104890003 IT Holdings Corporation JPY 300 300

17



Purchases and sales from 13 July 2015 to 30 June 2016 Purchases and sales of securities, bonded loans and derivatives during the reporting period, including changes without cash flows, which were not stated in the statement of assets. ISIN Securities Purchases Sales

Japan (continued)

JP3277230003 Keihin Corporation JPY 200 200

JP3304200003 Komatsu Ltd. JPY 200 200

JP3300600008 Konica Minolta Holding Inc. JPY 900 900

JP3914400001 Murata Manufacturing Co. Ltd. JPY 100 100

JP3742600004 NHK Spring Co. Ltd. JPY 200 200

JP3756100008 Nitori Co. Ltd. JPY 100 100

JP3172100004 OKUMA Corporation JPY 1,000 1,000

JP3188200004 Otsuka Corporation JPY 100 100

JP3977400005 Rinnai Corporation JPY 100 100

JP3400400002 SCSK Corporation JPY 100 100

JP3351100007 Sysmex Corporation JPY 200 200

JP3452000007 Taiyo Yuden Co. Ltd. JPY 200 200

JP3538800008 TDK Corporation JPY 100 100

JP3546800008 Terumo Corporation JPY 100 100

JP3630400004 Topcon Corporation JPY 100 100

JP3535400000 Tsubakimoto Chain Co. JPY 3,000 3,000

JP3942600002 Yamaha Corporation JPY 100 100

JP3940000007 Yamato Holding Co. Ltd. JPY 100 100

Jersey

JE00B2QKY057 Shire Plc. GBP 29 29

US92932M1018 WNS (Holdings) Ltd. ADR USD 123 123

Malaysia

MYL6947OO005 Digi.Com Berhad MYR 1,600 1,600

Mexico

MXP4948K1056 Gruma S.A.B. de C.V. MXN 83 83

MX01GA000004 Grupo Aeroportuario del Pacifico S.A. MXN 1,768 1,768

Netherlands

NL0000339760 BE Semiconductor Inds N.V. EUR 60 60

NL0000852580 Boskalis Westminster NV EUR 46 46

NL0009538784 NXP Semiconductors NV USD 204 204

New Zealand

NZFAPE0001S2 Fisher & Paykel Healthcare Corporation NZD 360 360

Norway

NO0003921009 DNO ASA NOK 459 459

Singapore

SG9999006241 Avago Technologies Ltd. USD 51 51

SG1U89935555 M1 Ltd./Singapore SGD 500 500

South Africa

ZAE000049433 AVI Ltd. ZAR 456 456

ZAE000216537 Bid Corp. Ltd. ZAR 395 395

18




South Africa (continued)

ZAE000134854 Clicks Group Ltd. ZAR 271 271

ZAE000085346 Kumba Iron Ore Ltd. ZAR 56 56

ZAE000044897 Telkom South Africa SOC Ltd. ZAR 708 708

ZAE000071080 Tiger Brands Ltd. ZAR 81 81

South Korea

KR7005930003 Samsung Electronics Co. Ltd. KRW 1 1

Spain

ES0112501012 Ebro Foods S.A. EUR 643 643

Sweden

SE0007100581 Assa-Abloy AB SEK 279 279

SE0000106270 Hennes & Mauritz AB SEK 29 29

SE0001662230 Husqvarna AB SEK 162 162

Switzerland

CH0002432174 Bucher Industries AG CHF 5 5

CH0011795959 dorma+kaba Holding AG CHF 7 7

CH0016440353 Ems-Chemie Holding AG CHF 5 5

CH0114405324 Garmin Ltd. USD 26 26

CH0030170408 Geberit AG CHF 7 7

CH0012005267 Novartis AG CHF 59 59

Taiwan

TW0003474003 Inotera Memories Inc. TWD 1,000 1,000

TW0002325008 Siliconware Precision Industries Co. TWD 3,000 3,000

TW0002330008 Taiwan Semiconductor Manufacturing Co. Ltd. TWD 1,000 1,000


US0025671050 Abaxis Inc. USD 84 84

US0036541003 ABIOMED Inc. USD 20 20

US00971T1016 Akamai Technologies Inc. USD 23 23

US0153511094 Alexion Pharmaceuticals Inc. USD 8 8

US01861G1004 Alliance Hldgs Group L.P. USD 54 54

US01877R1086 Alliance Resource Partners L.P. USD 124 124

US02052T1097 Alon USA Partners L.P. USD 948 948

US0298991011 American States Water Co. USD 205 205

US0383361039 AptarGroup Inc. USD 29 29

US0394831020 Archer-Daniels-Midland Corporation USD 49 49

US0453271035 Aspen Technology Inc. USD 171 171

US0530151036 Automatic Data Processing Inc. USD 30 30

US0736851090 Beacon Roofing Supply Inc. USD 69 69

US0758961009 Bed Bath & Beyond Inc. USD 24 24

US08160H1014 Benchmark Electronics Inc. USD 40 40

US09739D1000 Boise Cascade Co. USD 30 30

US1113201073 Broadcom Corporation -A- USD 68 68

US1184401065 Buckle Inc. USD 27 27

19





US13342B1052 Cameron International Corporation USD 70 70

US1475281036 Casey's General Stores Inc. USD 29 29

US12504L1098 CBRE Group Inc. USD 32 32

US1696561059 Chipotle Mexican Grill Inc. USD 3 3

US2310211063 Cummins Inc. USD 18 18

US2328061096 Cypress Semiconductor Corporation USD 136 136

US2435371073 Deckers Outdoor Corporation USD 60 60

US2545431015 Diodes Inc. USD 34 34

US29084Q1004 Emcor Group Inc. USD 39 39

US30219G1085 Express Scripts Holding Co. USD 10 10

US34988V1061 Fossil Group Inc. USD 12 12

US3612681052 G & K Services Inc. USD 17 17

US3647601083 GAP Inc. USD 32 32

US36237H1014 G-III Apparel Group Ltd. USD 25 25

US39153L1061 Greatbatch Inc. USD 18 18

US4062161017 Halliburton Co. USD 24 24

US4180561072 Hasbro Inc. USD 23 23

US42235N1081 Heartland Payment Services Inc. USD 36 36

US4285671016 Hibbett Sports Inc. USD 51 51

US45167R1041 IDEX Corporation USD 21 21

US45168D1046 Idexx Laboratories Inc. USD 18 18

US4523081093 Illinois Tool Works Inc. USD 18 18

US4523271090 Illumina Inc. USD 69 69

US46069S1096 Intersil Corporation USD 608 608

US44980X1090 IPG Photonics Corporation USD 99 99

US4262811015 Jack Henry & Associates Inc. USD 36 36

US4781601046 Johnson & Johnson USD 29 29

US4990641031 Knight Transportation Inc. USD 213 213

US5339001068 Lincoln Electric Holdings Inc. USD 100 100

US5500211090 Lululemon Athletica Inc. USD 28 28

US5590801065 Magellan Midstream Partners LP USD 29 29

US56585A1025 Marathon Petroleum Corporation USD 243 243

US57686G1058 Matson Inc. USD 20 20

US57772K1016 Maxim Integrated Products Inc. USD 241 241

US5779331041 Maximus Inc. USD 34 34

US58933Y1055 Merck & Co. Inc. USD 31 31

US5950171042 Microchip Technology Inc. USD 148 148

US5951121038 Micron Technology Inc. USD 79 79

US5535301064 MSC Industrial Direct Co. Inc. USD 17 17

US6267551025 Murphy USA Inc. USD 71 71

US64115T1043 Netscout Systems Inc. USD 129 129

US6658261036 Northern Tier Energy L.P. USD 78 78

US67072V1035 NxStage Medical Inc. USD 158 158

US6795801009 Old Dominion Freight Line Inc. USD 36 36

US6821591087 On Assignment Inc. USD 22 22

US7202791080 Pier 1 Imports Inc. USD 87 87

US72147K1088 Pilgrim's Pride Corporation USD 96 96

US7437131094 Proto Labs Inc. USD 19 19

20





US69370C1009 PTC Inc. USD 108 108

US7475821044 Quality Systems Inc. USD 345 345

US74758T3032 Qualys Inc. USD 193 193

US8000131040 Sanderson Farms Inc. USD 15 15

US8010561020 Sanmina Corporation USD 77 77

US8101861065 Scotts Miracle-Gro Co. USD 56 56

US81616X1037 Select Comfort Corporation USD 430 430

US83416B1098 Solarwinds Inc. USD 32 32

US8354511052 Sonic Corporation USD 114 114

US8354951027 Sonoco Products Co. USD 28 28

US8485771021 Spirit Airlines Inc. USD 105 105

US7908491035 St. Jude Medical Inc. USD 190 190

US8550301027 Staples Inc. USD 284 284

US8591521005 STERIS Corp USD 18 18

US8715031089 Symantec Corporation USD 96 96

US87157D1090 Synaptics Inc. USD 48 48

US87157B1035 Synchronoss Technologies Inc. USD 87 87

US88076W1036 Teradata Corporation (Del.) USD 43 43

US88164L1008 Tessera Technologies Inc. USD 52 52

US8910921084 Toro Co. USD 14 14

US9078181081 Union Pacific Corporation USD 24 24

US9113121068 United Parcel Service -B- USD 42 42

US90328M1071 USANA Health Sciences Inc. USD 57 57

US9203551042 Valspar Corporation USD 32 32

US9292361071 WD-40 Co. USD 13 13

US9507551086 Werner Enterprises Inc. USD 158 158

US9662441057 WhiteWave Foods Co. USD 34 34

Securities listed or included on organised markets

Germany

DE000CLS1001 Celesio AG EUR 123 123

21



Exchange rates

For the valuation of assets in foreign currencies, conversions into US Dollar were performed using the following exchange rates as at 30 June 2016.

Australian dollar AUD 1 1.3444

British pound GBP 1 0.7392

Canadian dollar CAD 1 1.2993

Danish krone DKK 1 6.6996

Euro EUR 1 0.9007

Hong Kong dollar HKD 1 7.7592

Indonesian rupiah IDR 1 13,160.0000

Japanese yen JPY 1 102.6300

Malaysian ringgit MYR 1 4.0380

Mexican peso MXN 1 18.5298

New Zealand dollar NZD 1 1.4055

Norwegian krone NOK 1 8.3913

Polish zloty PLN 1 3.9806

Singapore dollar SGD 1 1.3465

South African rand ZAR 1 14.8025

South Korean won KRW 1 1,160.0000

Swedish krone SEK 1 8.4950

Swiss franc CHF 1 0.9799

Taiwan dollar TWD 1 32.3350

22

Arabesque Q3.17 SICAV - Arabesque Q3.17 Systematic


Semi-annual report

13 July 2015 - 30 June 2016

The company is entitled to create share classes with different rights.

The following share classes currently exist with the following features:

Share class (USD) Share class R

Securitiy No.: A14UJ9 A14WUR

ISIN: LU1245544975 LU1263139930

Subscription fee: none up to 3.00 %

Redemption fee: none none

Management fee: 0.10 % p.a. plus 500.00 EUR fixed fee p.m. for

the sub-fund

0.10 % p.a. plus 500.00 EUR fixed fee p.m. for

the sub-fund

Minimum subsequent investment: 1,000.00 USD 100.00 USD

Use of income: distributing distributing

Currency: USD USD

23



Geographic classification 1)

United States of America 42.82 %

Japan 15.57 %

Switzerland 6.48 %

Canada 2.99 %

Germany 2.07 %

Italy 1.97 %

Sweden 1.93 %

Great Britain 1.82 %

Netherlands 1.74 %

Cayman Islands 1.15 %

Mexico 1.05 %

Australia 1.03 %

Belgium 0.99 %

South Korea 0.99 %

New Zealand 0.97 %

Bermuda 0.96 %

Ireland 0.96 %


Cash at bank 11.13 %

Balance of other receivables and liabilities 3.38 %

100.00 %

Economic classification 1)

Health services: Equipment & services 12.13 %

Raw, auxiliary & operating materials 12.02 %

Capital Goods 10.70 %

Pharmaceuticals, Biotechnology & Life Sciences 8.01 %

Wholesale and retail 6.23 %

Commercial & Professional Services 6.01 %

Software & Services 5.99 %

Food, Beverage & Tobacco 4.84 %

Household & Personal Products 4.76 %

Consumer Durables & Apparel 4.10 %

Media 2.96 %

Technology Hardware & Equipment 2.07 %

Semiconductors & Semiconductor Equipment 1.88 %

Banks 1.84 %

Automobile & components 1.01 %

Real Estate 0.94 %


Cash at bank 11.13 %

Balance of other receivables and liabilities 3.38 %

100.00 %


24



Statement of sub-fund’s net assets

as at 30 June 2016

USD



Cash at bank 2,037,177.06



Receivable on security trades 1,495,788.81

Receivable from currency exchange transactions 1,375,618.15

Other assets 1) 1,425.43

20,757,356.75

Liabilities on security trades -1,066,503.34

Liabilities from currency exchange transactions -1,365,353.79


-2,460,307.04

Total net assets 18,297,049.71


2) This position consists primarily of management fee and audit fee.

Allocations by share class

Share class (USD)

Proportion of sub-fund net assets 17,817,189.53 USD


Sub-fund net asset value per share 96.22 USD

Share class R

Proportion of sub-fund net assets 479,860.18 USD


Sub-fund net asset value per share 95.95 USD

25




USD



Australia

AU000000ABC7 Adelaide Brighton Ltd. AUD 51,000 4,000 47,000 5.4100 189,126.73 1.03

189,126.73 1.03

Belgium

BE0003884047 Umicore S.A. EUR 3,600 0 3,600 45.4350 181,590.97 0.99

181,590.97 0.99

Bermuda

BMG3922B1072 Genpact Ltd. USD 6,700 0 6,700 26.2700 176,009.00 0.96

176,009.00 0.96

Canada

CA2506691088 Detour Gold Corporation CAD 15,600 8,600 7,000 32.7400 176,385.19 0.96

CA32076V1031 First Majestic Silver Corporation

CAD 13,500 0 13,500 17.0300 176,943.18 0.97

CA3518581051 Franco-Nevada Corporation CAD 2,600 0 2,600 96.5200 193,141.71 1.06

546,470.08 2.99

Cayman Islands

US64110W1027 NetEase Inc. ADR USD 1,164 0 1,164 181.4800 211,242.72 1.15

211,242.72 1.15

Germany

DE000A1EWWW0 adidas AG EUR 1,500 0 1,500 125.8000 209,494.74 1.14

DE0006231004 Infineon Technologies AG EUR 12,000 0 12,000 12.8050 170,593.33 0.93

380,088.07 2.07

Great Britain

GB0004052071 Halma Plc. GBP 13,500 0 13,500 9.9150 181,068.70 0.99

GB00BVVBC028 Steris Plc. USD 2,241 0 2,241 67.3600 150,953.76 0.83

332,022.46 1.82

Ireland

AU000000JHX1 James Hardie Industries Plc. AUD 14,670 2,670 12,000 19.7000 175,834.97 0.96

175,834.97 0.96

1) TNA = Total net assets.

26




USD

Italy

IT0003977540 Ansaldo STS S.p.A. EUR 14,407 0 14,407 10.0700 161,066.14 0.88

IT0003828271 Recordati - Industria Chimica e Farmaceutica S.p.A.

EUR 6,700 0 6,700 26.8600 199,793.81 1.09

360,859.95 1.97

Japan

JP3942400007 Astellas Pharma Inc. JPY 10,200 0 10,200 1,615.0000 160,508.66 0.88

JP3494600004 Dainippon Sreen Co. Ltd. JPY 18,000 0 18,000 1,129.0000 198,012.32 1.08

JP3766550002 Hakuhodo dy Holdings Inc. JPY 15,400 0 15,400 1,244.0000 186,666.71 1.02

JP3205800000 Kao Corporation JPY 3,730 400 3,330 6,031.0000 195,685.81 1.07

JP3263000006 Kinden Corporation JPY 14,100 0 14,100 1,119.0000 153,735.78 0.84

JP3283650004 Kose Corporation JPY 2,050 330 1,720 8,530.0000 142,956.28 0.78

JP3965400009 Lion Corporation JPY 27,000 15,000 12,000 1,714.0000 200,409.28 1.10

JP3469000008 Mitsubishi Tanabe Pharma Corporation

JPY 10,000 0 10,000 1,850.0000 180,259.22 0.99

JP3880800002 Miura Co. Ltd. JPY 9,300 1,300 8,000 2,304.0000 179,596.65 0.98

JP3926400007 Morinaga & Co. Ltd. JPY 33,339 5,000 28,339 651.0000 179,759.26 0.98

JP3670800006 Nissan Chemical Industries Ltd.

JPY 6,100 0 6,100 2,950.0000 175,338.64 0.96

JP3756100008 Nitori Co. Ltd. JPY 1,900 400 1,500 12,610.0000 184,302.88 1.01

JP3197600004 Ono Pharmaceutical Co. Ltd. JPY 4,200 500 3,700 4,470.0000 161,151.75 0.88

JP3347200002 Shionogi & Co. Ltd. JPY 3,900 500 3,400 5,615.0000 186,017.78 1.02

JP3351100007 Sysmex Corporation JPY 5,000 2,300 2,700 7,080.0000 186,261.37 1.02

JP3942600002 Yamaha Corporation JPY 7,100 800 6,300 2,854.0000 175,194.43 0.96

2,845,856.82 15.57

Mexico

MXP554091415 Industrias Peñoles S.A.B.de CV

MXN 8,800 0 8,800 404.0000 191,863.77 1.05

191,863.77 1.05

Netherlands

NL0000009355 Unilever NV EUR 3,244 0 3,244 41.0100 147,697.06 0.81

NL0000395903 Wolters Kluwer NV EUR 4,297 0 4,297 35.8300 170,928.07 0.93

318,625.13 1.74

New Zealand

NZFAPE0001S2 Fisher & Paykel Healthcare Corporation

NZD 24,898 0 24,898 10.0000 177,145.34 0.97

177,145.34 0.97

South Korea

KR7021240007 Woongjin Coway Co. Ltd. KRW 2,000 0 2,000 105,000.0000 181,034.48 0.99

181,034.48 0.99

Sweden

SE0000869646 Boliden AB SEK 9,700 0 9,700 158.3000 180,753.58 0.99

SE0000170375 Hufvudstaden AB SEK 11,100 0 11,100 131.2000 171,431.68 0.94

352,185.26 1.93


27




USD

Switzerland

CH0010532478 Actelion Ltd. CHF 1,150 0 1,150 159.6000 187,302.20 1.02

CH0011795959 dorma+kaba Holding AG CHF 241 0 241 678.0000 166,747.33 0.91

CH0001752309 Georg Fischer AG CHF 230 0 230 767.5000 180,143.41 0.98

CH0010645932 Givaudan S.A. CHF 82 0 82 1,944.0000 162,675.55 0.89

CH0010570759 Lindt & Sprüngli AG CHF 2 0 2 69,120.0000 141,073.64 0.77

CH0024638196 Schindler Holding AG CHF 1,678 758 920 171.9000 161,389.72 0.88

CH0012280076 Straumann Holding AG CHF 489 0 489 378.0000 188,630.89 1.03

1,187,962.74 6.48


US0017441017 AMN Healthcare Services Inc. USD 5,348 548 4,800 39.1800 188,064.00 1.03

US8318652091 A.O. Smith Corporation USD 2,200 0 2,200 85.6000 188,320.00 1.03

US1011371077 Boston Scientific Corporation USD 8,100 0 8,100 23.0300 186,543.00 1.02

US1101221083 Bristol-Myers Squibb Co. USD 2,631 0 2,631 73.0000 192,063.00 1.05

US1273871087 Cadence Design Systems Inc. USD 7,500 0 7,500 23.9500 179,625.00 0.98

US1320111073 Cambrex Corporation USD 7,399 3,499 3,900 50.7500 197,925.00 1.08

US1729081059 Cintas Corporation USD 1,990 0 1,990 95.6500 190,343.50 1.04

US1890541097 Clorox Co. USD 1,350 0 1,350 135.2100 182,533.50 1.00

US0673831097 C.R. Bard Inc. USD 938 88 850 232.3500 197,497.50 1.08

US22410J1060 Cracker Barrel Old Country Store Inc.

USD 1,100 0 1,100 171.3100 188,441.00 1.03

US2480191012 Deluxe Corporation USD 5,202 2,302 2,900 64.4600 186,934.00 1.02

US26168L2051 Drew Industries Inc. USD 2,800 400 2,400 81.9900 196,776.00 1.08

US2674751019 Dycom Industries Inc. USD 2,050 0 2,050 89.1800 182,819.00 1.00

US28176E1082 Edwards Lifesciences Corporation

USD 2,220 320 1,900 96.9100 184,129.00 1.01

US2855121099 Electronic Arts Inc. USD 2,468 0 2,468 73.7400 181,990.32 0.99

US2944291051 EQUIFAX USD 1,540 0 1,540 125.7000 193,578.00 1.06

US2987361092 Euronet Worldwide Inc. USD 2,850 450 2,400 68.5400 164,496.00 0.90

US34964C1062 Fortune Brands Home & Sec.Inc.

USD 3,200 0 3,200 56.7100 181,472.00 0.99

US8064071025 Henry Schein Inc. USD 1,048 0 1,048 175.5200 183,944.96 1.01

US4370761029 Home Depot Inc. USD 2,548 1,098 1,450 127.3700 184,686.50 1.01

US4523081093 Illinois Tool Works Inc. USD 1,730 0 1,730 101.8200 176,148.60 0.96

US4571871023 Ingredion Inc. USD 1,600 0 1,600 123.6700 197,872.00 1.08

US45778Q1076 Insperity Inc. USD 3,300 800 2,500 74.5100 186,275.00 1.02

US46120E6023 Intuitive Surgical Inc. USD 520 235 285 657.7200 187,450.20 1.02

US5138471033 Lancaster Colony Corporation USD 1,495 0 1,495 124.5700 186,232.15 1.02

US5246601075 Leggett & Platt Inc. USD 3,700 0 3,700 49.9700 184,889.00 1.01

US5486611073 Lowe's Companies Inc. USD 2,603 240 2,363 77.7600 183,746.88 1.00

US5950171042 Microchip Technology Inc. USD 3,500 0 3,500 49.7000 173,950.00 0.95

US6707041058 NuVasive Inc. USD 3,300 0 3,300 59.2700 195,591.00 1.07

US6819191064 Omnicom Group Inc. USD 2,300 0 2,300 80.1000 184,230.00 1.01

US67103H1077 O'Reilly Automotive Inc. -new- USD 700 0 700 273.6700 191,569.00 1.05

US73278L1052 Pool Corporation USD 2,050 0 2,050 91.3100 187,185.50 1.02


28




USD


US79466L3024 Salesforce.com Inc. USD 3,937 1,737 2,200 79.0000 173,800.00 0.95

US8290731053 Simpson Manufacturing Co. Inc.

USD 4,700 0 4,700 39.0400 183,488.00 1.00

US8636671013 Stryker Corporation USD 1,600 0 1,600 118.8100 190,096.00 1.04

US8851601018 Thor Industries Inc. USD 2,900 0 2,900 63.6000 184,440.00 1.01

US8910921084 Toro Co. USD 2,000 0 2,000 86.7900 173,580.00 0.95

US90384S3031 Ulta Salon Cosmetics & Fragrance

USD 1,601 741 860 240.6600 206,967.60 1.13

US90385D1072 Ultimate Software Group Inc. USD 1,485 585 900 206.7700 186,093.00 1.02

US9135431040 Universal Forest Products Inc. USD 4,300 2,100 2,200 88.7300 195,206.00 1.07

US9291601097 Vulcan Materials Co. USD 1,750 150 1,600 118.6500 189,840.00 1.04

US9662441057 WhiteWave Foods Co. USD 4,000 0 4,000 45.1900 180,760.00 0.99

7,831,591.21 42.82

Transferable securities admitted to an official exchange listing 15,639,509.70 85.49

Shares, rights and participation certificates 15,639,509.70 85.49

Investment in securities 15,639,509.70 85.49

Cash at bank - current accounts 2,037,177.06 11.13

Balance of other receivables and liabilities 620,362.95 3.38

Total sub-fund assets in USD 18,297,049.71 100.00


29



Purchases and sales from 13 July 2015 to 30 June 2016

Purchases and sales of securities, bonded loans and derivatives during the reporting period, including changes without cash flows, which were not stated in the statement of assets.




Australia

AU000000CSL8 CSL Ltd. AUD 200 200

Bermuda

BMG812761002 Signet Jewelers Ltd. USD 127 127

Canada

CA25675T1075 Dollarama Inc. CAD 460 460

CA5592224011 Magna International Inc. -A- CAD 200 200

CA7677441056 Ritchie Brothers Auction. Inc. CAD 600 600

CA9528451052 West Fraser Timber Co. Ltd. CAD 300 300

Cayman Islands

KYG040111059 Anta Sports Products Ltd. HKD 5,000 5,000

US22943F1003 Ctrip.com International Ltd. ADR USD 3,900 3,900

KYG8087W1015 Shenzhou International Group Holdings Ltd. HKD 2,000 2,000

KYG8167W1380 Sino Biopharmaceutical Ltd. HKD 151,000 151,000

Denmark

DK0060079531 DSV A/S DKK 2,857 2,857

DK0010287234 H. Lundbeck AS DKK 4,700 4,700

DK0060534915 Novo-Nordisk AS DKK 2,091 2,091

DK0060252690 Pandora AS DKK 2,590 2,590

Finland

FI0009000285 Amer Sports Corporation EUR 3,884 3,884

FI0009013403 Kone Corporation -new- EUR 3,300 3,300

FI0009013296 Neste Oyj EUR 5,100 5,100

France

FR0000120644 Danone S.A. EUR 2,072 2,072

FR0000130650 Dassault Systemes S.A. EUR 2,004 2,004

FR0000125346 Ingenico S.A. EUR 1,262 1,262

FR0000120321 L'Oreal S.A. EUR 720 720

FR0000121709 SEB S.A. EUR 176 176

FR0000051807 Téléperformance SE EUR 1,476 1,476

FR0000054470 UBI Soft Entertainment S.A. EUR 3,388 3,388

Germany

DE0005200000 Beiersdorf AG EUR 1,366 1,366

DE0005772206 Fielmann AG EUR 210 210

30




Germany (continued)

DE000A0D6554 Nordex SE EUR 3,631 3,631

DE0007042301 Rhön-Klinikum AG EUR 5,100 5,100

DE0005089031 United Internet AG EUR 2,854 2,854

Great Britain

GB0000904986 Bellway Plc. GBP 8,737 8,737

GB00B0744B38 Bunzl Plc. GBP 4,451 4,451

GB0006825383 Persimmon Plc. GBP 4,135 4,135

GB00B2PDGW16 WH Smith Plc. -new- GBP 7,800 7,800

Hong Kong

HK0669013440 Techtronic Industries Co. HKD 29,500 29,500

Ireland

IE00B4BNMY34 Accenture Plc. USD 1,502 1,502

IE0000669501 Glanbia Plc. EUR 848 848

Italy

IT0003115950 De'Longhi S.p.A. EUR 4,098 4,098

Japan

JP3118000003 Asics Corporation JPY 600 600

JP3830800003 Bridgestone Corporation JPY 400 400

JP3220580009 Calbee Inc. JPY 3,500 3,500

JP3209000003 Casio Computer Co. Ltd. JPY 7,190 7,190

JP3486800000 Daito Trust Construction Co. Ltd. JPY 1,100 1,100

JP3551520004 Dentsu Inc. JPY 300 300

JP3802300008 Fast Retailing Co. Ltd. JPY 30 30

JP3818400008 Fujitsu General Ltd. JPY 10,000 10,000

JP3496400007 KDDI Corporation JPY 6,100 6,100

JP3240400006 Kikkoman Corporation JPY 4,100 4,100

JP3869010003 Matsumotokiyoshi Holdings Co. Ltd. JPY 380 380

JP3914400001 Murata Manufacturing Co. Ltd. JPY 100 100

JP3677600003 Nissin Electric Co. Ltd. JPY 14,000 14,000

JP3684000007 Nitto Denko Corporation JPY 200 200

JP3379900008 NS Solutions Corporation JPY 400 400

JP3170800001 OSG Corporation JPY 6,300 6,300

JP3982400008 Rohto Pharmaceutical Co. Ltd. JPY 8,600 8,600

JP3976300008 Ryohin Keikaku Co. Ltd. JPY 556 556

JP3336000009 Santen Pharmaceutical Co. Ltd. JPY 1,200 1,200

JP3357200009 Shimadzu Corporation JPY 9,150 9,150

JP3546800008 Terumo Corporation JPY 4,400 4,400

Jersey

JE00B783TY65 Delphi Automotive Plc. USD 2,200 2,200

GB00B01C3S32 Randgold Resources Ltd. GBP 1,570 1,570

JE00B3CGFD43 Regus Plc. GBP 19,837 19,837

31




Netherlands

NL0000334118 ASM International NV EUR 2,678 2,678

NL0009272269 Cimpress NV USD 1,411 1,411

South Africa

ZAE000134854 Clicks Group Ltd. ZAR 2,500 2,500

ZAE000011953 Network Healthcare Holdings Ltd. ZAR 4,436 4,436

ZAE000117321 New Bidvest Group Ltd. ZAR 572 572

ZAE000071080 Tiger Brands Ltd. ZAR 760 760

Spain

ES0143416115 Gamesa Corporacion Tecnologica S.A. EUR 17,800 17,800

ES0148396007 Industria de Diseño Textil S.A. EUR 4,518 4,518

Sweden

SE0007100581 Assa-Abloy AB SEK 8,389 8,389

SE0000862997 Billerud AB SEK 5,660 5,660

SE0007074281 Hexpol AB SEK 9,767 9,767

SE0000872095 Swedish Orphan Biovitrum AB SEK 6,793 6,793

Switzerland

CH0025238863 Kühne + Nagel International AG CHF 908 908

CH0013841017 Lonza Group AG CHF 871 871

CH0012005267 Novartis AG CHF 173 173

CH0012032048 Roche Holding AG Genussscheine CHF 48 48

CH0002497458 SGS S.A. CHF 59 59


US0025671050 Abaxis Inc. USD 2,483 2,483

US00508Y1029 Acuity Brands Inc. USD 670 670

US0051251090 Acxiom Corporation USD 8,386 8,386

US0091581068 Air Products & Chemicals Inc. USD 1,100 1,100

US0116591092 Alaska Air Group Inc. USD 230 230

US01748X1028 Allegiant Travel Co. USD 79 79

US02079K3059 Alphabet Inc. USD 179 179

US0234361089 Amedisys Inc. USD 3,600 3,600

US0533321024 AutoZone Inc. USD 217 217

US0736851090 Beacon Roofing Supply Inc. USD 4,278 4,278

US09227Q1004 Blackbaud Inc. USD 1,931 1,931

US1344291091 Campbell Soup Co. USD 2,737 2,737

US14149Y1082 Cardinal Health Inc. USD 1,632 1,632

US1462291097 Carter's Inc. USD 136 136

US1475281036 Casey's General Stores Inc. USD 1,455 1,455

US16359R1032 Chemed Corporation USD 949 949

US1924461023 Cognizant Technology Solution Corporation -A- USD 260 260

US1985161066 Columbia Sportswear USD 215 215

US1266501006 CVS Health Corporation USD 172 172

US5324571083 Eli Lilly & Co. USD 1,614 1,614

32



US29414B1044 EPAM Systems Inc. USD 1,641 1,641



US3020811044 ExlService Holdings Inc. USD 3,305 3,305

US30219E1038 Express Inc. USD 8,666 8,666

US3377381088 Fiserv Inc. USD 1,230 1,230

US3448491049 Foot Locker Inc. USD 2,128 2,128

US3755581036 Gilead Sciences Inc. USD 1,539 1,539

US4052171000 Hain Celestial Group Inc. USD 200 200

US42235N1081 Heartland Payment Services Inc. USD 1,700 1,700

US4042511000 HNI Corporation USD 364 364

US4523271090 Illumina Inc. USD 63 63

US45667G1031 Infinera Corporation USD 830 830

US4586653044 Interface Inc. USD 740 740

US44980X1090 IPG Photonics Corporation USD 232 232

US4262811015 Jack Henry & Associates Inc. USD 200 200

US48203R1041 Juniper Networks Inc. USD 570 570

US48123V1026 j2 Global Inc. USD 1,368 1,368

US5006432000 Korn Ferry International USD 410 410

US5017971046 L Brands Inc. USD 1,714 1,714

US53220K5048 Ligand Pharmaceuticals Inc. USD 1,500 1,500

US5370081045 Littelfuse Inc. USD 1,440 1,440

US5500211090 Lululemon Athletica Inc. USD 252 252

US5627501092 Manhattan Associates Inc. USD 1,981 1,981

US56585A1025 Marathon Petroleum Corporation USD 594 594

US5747951003 Masimo Corporation USD 4,200 4,200

US57686G1058 Matson Inc. USD 3,979 3,979

US5779331041 Maximus Inc. USD 200 200

US58155Q1031 Mc Kesson Corporation USD 63 63

US5949724083 Microstrategy Inc. -A- USD 67 67

US6081901042 Mohawk Industries Inc. USD 93 93

US6541061031 Nike Inc. -B- USD 2,487 2,487

US62944T1051 NVR Inc. USD 64 64

US6780261052 Oil States International Inc. USD 15,800 15,800

US6914973093 Oxford Industries Inc. USD 227 227

US7043261079 Paychex Inc. USD 2,136 2,136

US69370C1009 PTC Inc. USD 3,734 3,734

US7782961038 Ross Stores Inc. USD 2,878 2,878

US8243481061 Sherwin-Williams Co. USD 49 49

US8305661055 Skechers U.S.A. Inc. USD 92 92

US8330341012 Snap-On Incorporated USD 1,002 1,002

US83416B1098 Solarwinds Inc. USD 1,882 1,882

US8447411088 Southwest Airlines USD 2,442 2,442

US78467J1007 SS&C Technologies Holdings Inc. USD 247 247

US8552441094 Starbucks Corporation USD 3,090 3,090

US8591521005 STERIS Corporation USD 255 255

US8712371033 Sykes Enterprises Inc. USD 5,400 5,400

US8716071076 Synopsys Inc. USD 374 374

US87612E1064 Target Corporation USD 2,100 2,100

US88162G1031 Tetra Tech Inc. USD 5,400 5,400

33



US7415034039 The Priceline Group Inc. USD 14 14



US8919061098 Total System Services Inc. USD 1,853 1,853

US8923561067 Tractor Supply Co. USD 149 149

US89785X1019 TrueBlue Inc. USD 6,200 6,200

US9022521051 Tyler Technologies Inc. USD 700 700

US9043111072 Under Armour Inc. USD 1,521 1,521

US90328M1071 USANA Health Sciences Inc. USD 90 90

US9182041080 VF Corporation USD 250 250

US9426222009 Watsco Inc. USD 108 108

US9699041011 Williams-Sonoma Inc. USD 212 212

Exchange rates

For the valuation of assets in foreign currencies, conversions into US Dollar were performed using the following exchange rates as at 30 June 2016.

Australian dollar AUD 1 1.3444

British pound GBP 1 0.7392

Canadian dollar CAD 1 1.2993

Danish krone DKK 1 6.6996

Euro EUR 1 0.9007

Hong Kong dollar HKD 1 7.7592

Japanese yen JPY 1 102.6300

Mexican peso MXN 1 18.5298

New Zealand dollar NZD 1 1.4055

South African rand ZAR 1 14.8025

South Korean won KRW 1 1,160.0000

Swedish krone SEK 1 8.4950

Swiss franc CHF 1 0.9799

34


Notes to the semi-annual report for the period ended 30 June 2016 __________________________________________________________________________________________

1.) General

The investment company is a Luxembourg investment company (société d’Investissement à capital variable) that has been established for an unlimited period in the form of an umbrella fund ("Investment Company") with one or more sub-funds ("sub-funds") in accordance with Part I of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment in Transferable Securities (the “Law of 17 December 2010”) as amended and the law of 10 August 1915 as amended.

The Investment Company is a limited company with variable capital (société d’investissement à capital variable), under Luxembourg law with its registered office at 4, rue Thomas Edison, L-1445 Strassen, Luxembourg. It was established on 13 July 2015 for an unlimited period in the form of an umbrella fund with sub-funds. Its Articles of Association were published on 30 July 2015 in the Mémorial, Recueil des Sociétés et Associations, the official journal of the Grand Duchy of Luxembourg ("Mémorial"). The Investment Company is entered in the commercial register in Luxembourg under registration number R.C.S. Luxembourg B 198.488.

The Board of Directors appointed the Management Company IPConcept (Luxemburg) S.A., a public limited company under the law of the Grand Duchy of Luxembourg with its registered office located at 4, rue Thomas Edison, L-1445 Luxembourg-Strassen (“Management Company”), with the duties of asset management, administration and distribution of the shares of the Investment Company. The Management Company was incorporated for an indefinite period on 23 May 2001. Its Articles of Association were published in the Mémorial on 19 June 2001. The latest amendment to the Articles of Association of the Management Company came into effect on 14 November 2013 and was published in the Mémorial on 11 December 2013. The Management Company is listed in the commercial register in Luxembourg under registration number R.C.S. Luxembourg B 82.183.

The first financial period was prolonged and will cover the period from 13 July 2015 until 31 December 2016.

2.) Significant accounting policies These reports are prepared under the responsibility of the Board of Directors of the Investment Company in accordance with the legal provisions applicable in Luxembourg and the standards for the preparation and presentation of reports. 1. The net assets of the Investment Company are denominated in US-Dollar (USD) (“reference currency”).

2. The value of a share ("net asset value per share") is denominated in the currency laid down in the relevant annex to the Sales Prospectus (“sub-fund currency”), unless any other currency is stipulated for any other share classes in the relevant annex to the Sales Prospectus (“share class currency”).

3. The net asset value per share is calculated by the Investment Company or a third party commissioned for this purpose by the Investment Company, under the supervision of the Depositary, on each banking day in Luxembourg with the exception of 24 and 31 December of each year (“valuation day”) and rounded to two decimal places. The Board of Directors may decide to apply different regulations to individual sub-funds, but the net asset value per share must be calculated at least twice each month.

4. In order to calculate the net asset value per share, the value of the assets of each sub-fund, less the liabilities of each sub-fund (“net assets”) is determined on each day specified in the relevant annex ("valuation day") and is divided by the number of shares outstanding in the respective sub-fund on the valuation day. The Investment Company can, however, decide to determine the net asset value per share on the 24 and 31 December of a year without these determinations of value being calculations of the net asset value per share on a valuation day within the meaning of the above clause 1 of this point 4. Consequently, the shareholders may not demand the issue, redemption or exchange of shares on the basis of a net asset value determined on 24 December and/or 31 December of a year.

5. Insofar as information on the situation of the net assets of the company must be specified in the annual or semi-annual reports and/or other financial statistics pursuant to the applicable legislative provisions or in accordance with the conditions of the Articles of Association, the value of the assets of each sub-fund will be converted to the reference currency. The net assets will be calculated according to the following principles:

35



a) Securities which are officially listed on a stock exchange are valuated at the last available market price. If a security is officially listed on more than one stock exchange, the last available market price on the stock exchange which represents the main market for this security shall apply.

b) Securities not officially listed on a stock exchange but traded on a regulated market will be valued at a price that may not be lower than the bid price and not higher than the ask price at the time of valuation and which the Investment Company deems in good faith to be the best possible price at which the securities can be sold.

c) OTC derivatives shall be evaluated on a daily basis using a method to be determined and validated by the investment company in good faith on the basis of the sale value that is likely attainable and using generally accepted valuation models.

d) Units of UCITS and UCIs are valuated at the most recently established and available redemption price. In the event that the redemption of the investment units is suspended, or no redemption prices are established, these units together with all other assets will be valued at their appropriate market value, as determined in good faith by the Investment Company and in accordance with generally accepted valuation standards.

e) If the respective prices are not fair market prices and if no prices are set for securities other than those listed under paragraphs a) to d), these securities and the other legally permissible assets will be valued at the current trading value, which will be established in good faith by the Investment Company on the basis of the sale value that is in all probability achievable.

f) Cash and cash equivalents are valued at their nominal value plus interest.

g) Receivables, for example deferred interest receivables and liabilities, shall in principle be rated at the nominal value.

h) The market value of securities and other investments which are denominated in a currency other than the currency of the relevant sub-fund shall be converted into the currency of the sub-fund at the last mean rate of exchange. Gains and losses from foreign exchange transactions will on each occasion be added or subtracted.

Any distributions paid out to the shareholders of the relevant sub-fund will be deducted from the net assets of the sub-fund.

6. The net asset value per share is calculated separately for each sub-fund pursuant to the aforementioned criteria. However, if there are different share classes within a sub-fund, the net asset value per share will be calculated separately for each share class within this sub-fund pursuant to the aforementioned criteria. The composition and allocation of assets always occurs separately for each sub-fund.

The tables published in this report may, for arithmetical reasons, contain rounding differences of + / - one unit (currency, percentage, etc.).

3.) Taxation

Taxation of the Investment Company In the Grand Duchy of Luxembourg, the assets of the Fund are subject to a tax known as the “taxe d'abonnement”, which is currently levied at a rate of 0.05% p.a. or 0.01% p.a. for the sub-funds or classes of units that are issued exclusively to institutional investors. The “taxe d'abonnement” is payable quarterly on the sub-fund’s net assets reported as at the end of each respective quarter. The amount of the “taxe d’abonnement” is specified for each sub-fund or unit classes in the relevant Annex to the Sales Prospectus. If all or some sub-fund assets are invested in other Luxembourg investment funds that are already subject to the “taxe d’abonnement”, the assets invested in such funds are exempt from the tax.

The income of the Investment Company or its sub-funds from investing its assets is not taxed in the Grand Duchy of Luxembourg. However, such income may be subject to taxation at source in countries in which the sub-fund assets are invested. In such cases, neither the Depositary nor the Investment Company are obliged to collect tax certificates.

36



Taxation of income from shares of the Investment Company held by the shareholder

On 1 January 2015, the agreement of the EU member states on the automatic exchange of information between national tax authorities, which specifies that all interest payments should be taxed according to the provisions of the country of residence, was transposed into Luxembourg law in accordance with Directive 2003/48/EC. This renders obsolete the former regulation establishing a withholding tax (35 % of the interest payment) instead of information exchange, which the government of Luxembourg had decided upon as a temporary solution. From 1 January 2015, information on the amounts of interest paid by banks in Luxembourg directly to individuals who are resident in another member state of the European Union will be automatically forwarded to the Luxembourg tax authorities, who will then inform the tax authority of the country in which the beneficiary is resident. The first exchange of information takes place in 2016 and applies to interest paid during the tax year 2015. As a result, the system of non-recoverable withholding tax of 35 % on interest payments is abolished on 1 January 2015.

Shareholders who are not resident in and/or do not maintain a business establishment in the Grand Duchy of Luxembourg are not required to pay any further income, inheritance or wealth tax in the Grand Duchy of Luxembourg in respect of their shares or of income derived from their shares. These parties are subject to their relevant national tax regulations.

Since 1 January 2006, natural persons who are resident in the Grand Duchy of Luxembourg and are not resident in another state for tax purposes have been required to pay a withholding tax of 10% on interest income accrued in Luxembourg, in accordance with the Luxembourg law implementing the Directive. Under certain circumstances, investment fund interest income may also be subject to the withholding tax. At the same time, the Grand Duchy of Luxembourg abolished the wealth tax.

Prospective shareholders should enquire about the laws and regulations that apply to the purchase, possession and redemption of shares and, where necessary, seek advice.

4.) Use of Income

Further details on the use of income of each sub-fund are provided in the relevant annex of the Sales Prospectus. 5.) Information relating to fees and expenses

Please refer to the current Sales Prospectus for information regarding management and depositary fees.

6.) Significant Events during the reporting period

Following changes during the reporting period came effective 1 April 2016 according to changes in the Sales Prospectus:

1) The Sales Prospectus was amended according to the legal regulations of UCITS V. 2) Changing of the calculation method for fee from month’s end to average of the month. 3) Launch of a new share class “R (EUR)” (LU1329517301 / A2ABGS) in the sub-fund Arabesque Q3.17 SICAV – Arabesque

Q3.17 Systematic. 7.) Subsequent Events after the reporting period There were no subsequent events after the reporting period.

37


Management, distribution and advisory __________________________________________________________________________________________

Investment Company Arabesque Q3.17 SICAV

4, rue Thomas Edison

L-1445 Strassen, Luxembourg

Board of Directors of the Investment Company Chairman of the Board of Directors

Tarek Selim

Arabesque Asset Management Ltd

Deputy Chairman of the Board of Directors

Ulrich Juchem

DZ PRIVATBANK S.A.

Member of the Board of Directors

Philipp Thielen

Arabesque Asset Management Ltd (Germany)

Auditor of the Investment Company KPMG Luxembourg, Société coopérative

Cabinet de Révision agréé

39, Avenue John F. Kennedy

L-1855 Luxembourg

Management Company IPConcept (Luxemburg) S.A.



Supervisory Board of the Management Company Chairman of the Supervisory Board

Dr. Frank Müller

Member of the Board of Managing Directors

DZ PRIVATBANK S.A.

Deputy Chairman of the Supervisory Board

Ralf Bringmann

Member of the Board of Managing Directors

DZ PRIVATBANK S.A.

38


Management, distribution and advisory services __________________________________________________________________________________________

Member of the Supervisory Board

Julien Zimmer

Chief Representative „Investment Funds“

DZ PRIVATBANK S.A.

Executive Board of the Management Company Nikolaus Rummler

(management body) Michael Borelbach

Auditor of the Management Company Ernst & Young S.A.

35E, Avenue John F. Kennedy

L-1855 Luxembourg

Depositary DZ PRIVATBANK S.A.



Central Administration Agent and DZ PRIVATBANK S.A.

Registrar and Transfer Agent 4, rue Thomas Edison


Paying Agent

Grand Duchy of Luxembourg DZ PRIVATBANK S.A.



Fund Manager Arabesque Asset Management Ltd

68 Brook St

London

W1K 5DZ

United Kingdom

39

Arabesque Q3.17 SICAV - fondsvermittlung24.de · Arabesque Q3.17 SICAV The accompanying notes form...

Documents

Transcript of Arabesque Q3.17 SICAV - fondsvermittlung24.de · Arabesque Q3.17 SICAV The accompanying notes form...