Arabesque SICAV fileArabesque SICAV The accompanying notes form an integral part of this semi-annual...

Arabesque SICAV

with the sub-funds: Arabesque SICAV – Arabesque Prime Arabesque SICAV – Arabesque Systematic

Semi – Annual Report as at 30 June 2016 Investment Company in accordance with Part I of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment in its current version in the legal form of a Société d’Investissement à Capital Variable (SICAV) R.C.S. Luxembourg B 188325 Management Company

R.C.S. Luxembourg B 82183

Arabesque SICAV

Table of Content _____________________________________________________________________________________________________

Consolidated semi-annual report of the Arabesque SICAV 2

Geographic and economic classification of the Arabesque SICAV – Arabesque Prime 4

Statement of sub-fund’s net assets of the Arabesque SICAV – Arabesque Prime 6

Statement of investments of the Arabesque SICAV – Arabesque Prime 7

Purchases and sales from 1 January 2016 to 30 June 2016 of the Arabesque SICAV – Arabesque Prime 17

Geographic and economic classification of the Arabesque SICAV – Arabesque Systematic 22

Statement of sub-fund’s net assets of the Arabesque SICAV – Arabesque Systematic 24

Statement of investments of the Arabesque SICAV – Arabesque Systematic 25

Purchases and sales from 1 January 2016 to 30 June 2016 of the Arabesque SICAV – Arabesque Systematic 29

Notes to the semi-annual report as at 30 June 2016 33

Management, distribution and advisory 37

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, Depositary, Paying Agents or distributors in the respective countries of distribution. Additional information is 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.

Arabesque SICAV

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

Consolidated semi-annual report

of Arabesque SICAV with the sub-funds

Arabesque SICAV - Arabesque Prime and Arabesque SICAV - Arabesque Systematic

Statement of sub-fund’s net assets

as at 30 June 2016

USD

Investments in securities at market value 19,343,582.41

(Cost of investments: USD 18,050,410.36)

Cash at bank 1,880,300.56

Interest receivable 222.01

Dividends receivable 19,824.51

Receivable for share sold 22,675.31

Receivable on security trades 1,307,039.30

Receivable from currency exchange transactions 1,187,065.75

Other assets 1) 8,110.96

23,768,820.81

Interest payable -23.81

Liabilities on security trades -900,317.08

Liabilities from currency exchange transactions -1,178,343.90

Other liabilities 2) -32,531.35

-2,111,216.14

Total net assets 21,657,604.67

1) The position includes amortisation of formation expenses. 2) This position consists primarily of audit fee and management fee.

Arabesque SICAV - Arabesque Prime


Semi-annual report

1 January 2016 - 30 June 2016

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

The following share classes currently exist with the following features:

(EUR) (USD)

Securitiy No.: A1XCPN A1XCPP

ISIN: LU1023698662 LU1023699801

Subscription fee: none none

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


Minimum subsequent investment: 1,000.00 EUR 1,000.00 USD

Use of income: distributing distributing

Currency: EUR USD



Geographic classification 1)

United States of America 51.61 %

Japan 11.41 %

Great Britain 4.13 %

Netherlands 3.05 %

Canada 2.21 %

Sweden 2.21 %

Germany 2.08 %

Switzerland 1.97 %

Australia 1.57 %

France 1.45 %

Singapore 1.39 %

South Africa 1.39 %

Bermuda 1.31 %

Ireland 1.30 %

South Korea 1.05 %

Italy 0.97 %

Denmark 0.93 %

Finland 0.90 %

Cayman Islands 0.89 %

Austria 0.72 %

Jersey 0.70 %

New Zealand 0.67 %

Faroe Islands 0.49 %

Poland 0.49 %

Spain 0.44 %

Indonesia 0.29 %

Norway 0.28 %

Malaysia 0.27 %

China 0.24 %

Curacao 0.21 %

Hong Kong 0.20 %

Belgium 0.11 %

Investment in securities 96.93 %

Cash at bank 3.16 %

Balance of other receivables and liabilities -0.09 %

100.00 %

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



Economic classification 1)

Wholesale and retail 13.72 %

Software & Services 9.47 %

Raw, auxiliary & operating materials 8.59 %

Commercial & Professional Services 8.49 %

Capital Goods 5.98 %

Pharmaceuticals, Biotechnology & Life Sciences 5.83 %

Health services: Equipment & services 5.12 %

Consumer Durables & Apparel 4.55 %

Transportation 4.40 %

Technology Hardware & Equipment 4.21 %

Energy 3.97 %

Automobile & components 3.64 %

Food, Beverage & Tobacco 3.51 %

Household & Personal Products 3.40 %

Semiconductors & Semiconductor Equipment 3.04 %

Media 2.48 %

Consumer Services 2.21 %

Telecommunication Services 1.89 %

Real Estate 1.24 %

Public utilities 0.96 %

Diversified financial services 0.13 %

Food & Staples Retailing 0.10 %


Cash at bank 3.16 %

Balance of other receivables and liabilities -0.09 %

100.00 %





as at 30 June 2016

USD



Cash at bank 206,741.94

Interest receivable 222.01



6,554,185.10


-12,553.78

Total sub-fund’s net assets 6,541,631.32

1) The position includes amortisation of formation expenses. 2) This position consists primarily of audit fee and management fee.

Allocations by share class

(EUR)

Proportion of sub-fund net assets 1,219,181.36 USD

Number of shares outstanding 10,000.000

Sub-fund net asset value per share 121.92 USD

Sub-fund net asset value per share 109.82 EUR 1)

(USD)




1) conversion into USD as at 30 June 2016: 1 USD = 0,9007 EUR



Statement of investments as at 30 June 2016

ISIN Securities Purchases Sales Quantity Price Market value % TNA 1) USD

Shares, rights and participation certificates

Transferable securities admitted to an official exchange listing

Australia

AU000000CTX1 Caltex Australia Ltd. AUD 0 0 672 31.8700 15,929.76 0.24

AU000000COH5 Cochlear Ltd. AUD 65 491 106 119.6900 9,436.73 0.14

AU000000CSR5 CSR Ltd. AUD 8,497 29,433 8,497 3.5400 22,373.13 0.34

AU000000NST8 Northern Star Resources Ltd.

AUD 7,483 0 7,483 5.0100 27,885.04 0.43

AU000000TLS2 Telstra Corporation Ltd. AUD 0 5,999 4,396 5.4800 17,918.27 0.27

AU000000WPL2 Woodside Petroleum Ltd. AUD 0 0 519 26.1000 10,075.48 0.15

103,618.41 1.57

Austria

AT0000A18XM4 AMS AG CHF 518 0 518 26.5000 14,008.38 0.21

AT0000730007 Andritz AG EUR 574 0 715 42.3400 33,609.20 0.51

47,617.58 0.72

Belgium

BE0003739530 UCB S.A. EUR 101 0 101 67.0000 7,512.72 0.11

7,512.72 0.11

Bermuda

BMG5800U1071 Man Wah Holdings Ltd. HKD 6,400 0 6,400 11.0000 9,073.06 0.14

BMG657731060 Nordic American Tankers Ltd.

USD 1,111 0 2,918 13.9700 40,764.46 0.62

BMG9400S1329 VTech Holdings Ltd. HKD 1,000 0 2,500 82.2000 26,484.58 0.40

BMG988031446 Yue Yuen Industrial Holding Ltd.

HKD 2,500 2,000 2,500 29.6000 9,537.03 0.15

85,859.13 1.31

Canada

CA13321L1085 Cameco Corporation CAD 1,131 0 1,131 14.0000 12,186.42 0.19

CA1363751027 Canadian National Railway Co.

CAD 242 328 484 76.0200 28,317.74 0.43

CA25675T1075 Dollarama Inc. CAD 88 267 412 90.7300 28,769.58 0.44

CA5592224011 Magna International Inc. -A-

CAD 0 470 565 45.3700 19,728.89 0.30

CA7677441056 Ritchie Brothers Auction. Inc.

CAD 1,085 0 1,683 43.1100 55,840.27 0.85

144,842.90 2.21

Cayman Islands

KYG2953R1149 AAC Technologies Holdings Inc.

HKD 1,500 0 1,500 64.1500 12,401.36 0.19

KYG4402L1510 Hengan International Group Co. Ltd.

HKD 500 1,500 1,500 64.5000 12,469.02 0.19

US64110W1027 NetEase Inc. ADR USD 57 0 57 181.4800 10,344.36 0.16

1) TNA = Total net assets.





Cayman Islands (continued)

KYG730611061 Qinqin Foodstuffs Group Cayman Co Ltd.

HKD 300 0 300 11.0000 425.30 0.01

KYG9222R1065 Uni-President China Holdings Ltd.

HKD 8,000 0 8,000 6.5500 6,753.25 0.10

KYG9431R1039 Want Want China Holdings Ltd.

HKD 11,000 0 11,000 5.5000 7,797.16 0.12

KYG9829N1025 Xinyi Solar Holdings Ltd. HKD 0 0 20,000 3.0100 7,758.50 0.12

57,948.95 0.89

China

CNE1000004C8 Sinopec Shanghai Petrochemical

HKD 18,000 0 34,000 3.5100 15,380.39 0.24

15,380.39 0.24

Curacao

AN8068571086 Schlumberger NV Ltd. USD 87 80 173 77.8300 13,464.59 0.21

13,464.59 0.21

Denmark

DK0060079531 DSV A/S DKK 259 0 652 276.0000 26,860.10 0.41

DK0010287234 H. Lundbeck AS DKK 233 0 233 247.0000 8,590.21 0.13

DK0060534915 Novo-Nordisk AS DKK 106 365 483 355.1000 25,600.51 0.39

61,050.82 0.93

Faroe Islands

FO0000000179 Bakkafrost P/F NOK 177 0 841 321.6000 32,231.74 0.49

32,231.74 0.49

Finland

FI0009013403 Kone Corporation -new- EUR 299 0 299 40.6600 13,497.08 0.21

FI0009005318 Nokian Renkaat OYJ EUR 853 0 853 31.8800 30,190.38 0.46

FI0009014377 Orion Corporation -new- EUR 0 0 393 34.7900 15,179.18 0.23

58,866.64 0.90

France

FR0000124570 Compagnie Plastic-Omnium S.A.

EUR 211 0 211 25.2900 5,924.24 0.09

FR0000121667 Essilor International S.A. EUR 0 0 67 118.9500 8,847.91 0.14

FR0000120578 Sanofi S.A. EUR 66 213 317 74.3000 26,148.65 0.40

FR0000121220 Sodexho S.A. EUR 443 0 509 94.3600 53,322.06 0.82

94,242.86 1.45

Germany

DE0005158703 Bechtle AG EUR 67 0 67 94.2500 7,010.64 0.11

DE0005200000 Beiersdorf AG EUR 0 0 96 82.1800 8,758.68 0.13

DE0005439004 Continental AG EUR 49 0 115 169.1000 21,589.50 0.33

DE0005565204 Dürr AG EUR 115 0 115 66.1200 8,441.74 0.13

DE000EVNK013 Evonik Industries AG EUR 182 0 929 26.4900 27,321.14 0.42 1) TNA = Total net assets.





Germany (continued)

DE000A0D6554 Nordex SE EUR 565 0 1,495 25.2550 41,916.97 0.64

DE000LED4000 OSRAM Licht AG EUR 134 0 134 44.9000 6,679.63 0.10

DE0007164600 SAP SE EUR 0 0 116 67.7200 8,721.20 0.13

DE0007493991 Ströer SE & Co. KGaA EUR 126 0 126 41.5850 5,817.13 0.09

136,256.63 2.08

Great Britain

GB00BK1PTB77 Aggreko Plc. GBP 0 0 360 12.1900 5,936.40 0.09

GB0006731235 Associated British Foods Plc.

GBP 168 0 168 26.6500 6,056.52 0.09

GB0009895292 Astrazeneca Plc. GBP 60 0 191 43.8050 11,318.12 0.17

GB0000811801 Barratt Developments Plc.

GBP 1,721 0 1,721 4.0870 9,514.86 0.15

GB0000904986 Bellway Plc. GBP 268 103 716 19.1400 18,538.38 0.28

GB0030913577 BT Group Plc. GBP 0 0 1,144 4.1155 6,368.91 0.10

GB0059822006 Dialog Semiconductor Plc.

EUR 0 589 459 26.5450 13,526.85 0.21

GB00B7KR2P84 EASYJET Plc. GBP 0 1,185 482 10.8700 7,087.51 0.11

GB00B63QSB39 Greggs Plc. GBP 771 1,842 488 9.4750 6,254.84 0.10

GB0005576813 Howden Joinery Group Plc.

GBP 0 2,844 1,231 3.8460 6,404.49 0.10

GB00BMJ6DW54 Informa Plc. GBP 1,385 0 1,385 6.9200 12,965.01 0.20

GB0031638363 Intertek Group Plc. GBP 199 0 199 33.3600 8,980.41 0.14

GB00B5N0P849 John Wood Group Plc. GBP 752 0 752 6.7050 6,820.77 0.10

GB00B1CRLC47 Mondi Plc. GBP 899 0 2,919 13.4100 52,951.68 0.81

GB00B1ZBKY84 Moneysupermarket.com Group Plc.

GBP 3,471 0 9,351 2.6130 33,053.26 0.51

GB0032089863 Next Group Plc. GBP 116 114 171 48.9300 11,318.48 0.17

GB00BVVBC028 Steris Plc. USD 0 0 145 67.3600 9,767.20 0.15

GB00B2PDGW16 WH Smith Plc. -new- GBP 225 230 2,039 15.3500 42,339.19 0.65

269,202.88 4.13

Hong Kong

HK0014000126 Hysan Development Co. Ltd.

HKD 3,000 0 3,000 34.1000 13,184.29 0.20

13,184.29 0.20

Indonesia

ID1000129000 PT Telekomunikasi Indonesia Persero Tbk

IDR 0 0 37,100 3,970.0000 11,192.02 0.17

ID1000130008 Samit Sumbermas Sarana Tbk PT

IDR 0 0 59,100 1,815.0000 8,150.95 0.12

19,342.97 0.29

Ireland

IE00B4XKTT64 Fleetmatics Group Plc. USD 410 0 559 42.3300 23,662.47 0.36

IE0005711209 Icon Plc. USD 292 0 531 69.1100 36,697.41 0.56

AU000000JHX1 James Hardie Industries Plc.

AUD 0 623 672 19.7000 9,846.76 0.15

IE0004927939 Kingspan Group Plc. EUR 0 0 678 20.2200 15,219.91 0.23 1) TNA = Total net assets. 85,426.55 1.30





Italy

IT0001050910 Brembo S.p.A. EUR 0 455 871 48.5300 46,927.74 0.72

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

EUR 552 775 552 26.8600 16,460.62 0.25

63,388.36 0.97

Japan

JP3856000009 Adastria Co. Ltd. JPY 400 0 500 4,065.0000 19,804.16 0.30

JP3105250009 AIN Holdings Inc. JPY 300 0 400 7,720.0000 30,088.67 0.46

JP3126400005 Alps Electric Co. Ltd. JPY 400 0 900 1,961.0000 17,196.73 0.26

JP3122800000 Amada Co. Ltd. JPY 1,500 0 1,500 1,026.0000 14,995.62 0.23

JP3119920001 Askul Corporation JPY 300 0 500 3,635.0000 17,709.25 0.27

JP3220400000 Calsonic Kansei Corporation

JPY 1,000 0 4,000 793.0000 30,907.15 0.47

JP3493800001 Dai Nippon Printing Co. Ltd.

JPY 0 1,000 1,000 1,118.0000 10,893.50 0.17

JP3496600002 Daihatsu Motor Co. Ltd. JPY 500 0 500 1,338.0000 6,518.56 0.10

JP3486800000 Daito Trust Construction Co. Ltd.

JPY 200 100 200 16,730.0000 32,602.56 0.50

JP3802400006 Fanuc Corporation JPY 0 0 100 16,300.0000 15,882.30 0.24

JP3818400008 Fujitsu General Ltd. JPY 0 0 2,000 2,268.0000 44,197.61 0.68

JP3766550002 Hakuhodo dy Holdings Inc.

JPY 300 0 1,600 1,244.0000 19,393.94 0.30

JP3785000005 Hitachi Chemical Co. Ltd. JPY 600 0 900 1,883.0000 16,512.72 0.25

JP3294600006 Hitachi Kokusai Elec. Inc. JPY 1,000 500 500 1,720.0000 8,379.62 0.13

JP3894900004 Isetan Mitsukoshi Holdings Ltd.

JPY 500 0 500 903.0000 4,399.30 0.07

JP3143900003 Itochu Techno-Solutions Corporation

JPY 0 0 300 2,197.0000 6,422.10 0.10

JP3705200008 Japan Airlines Co. Ltd. JPY 600 0 600 3,318.0000 19,397.84 0.30

JP3263000006 Kinden Corporation JPY 500 0 500 1,119.0000 5,451.62 0.08

JP3283650004 Kose Corporation JPY 0 0 200 8,530.0000 16,622.82 0.25

JP3247050002 Kyudenko Corporation JPY 300 0 300 3,050.0000 8,915.52 0.14

JP3965400009 Lion Corporation JPY 1,000 0 2,000 1,714.0000 33,401.55 0.51

JP3918000005 MEIJI Holdings Co Ltd. JPY 200 100 300 10,410.0000 30,429.71 0.47

JP3906000009 Minebea Co. Ltd. JPY 0 0 1,000 676.0000 6,586.77 0.10

JP3902400005 Mitsubishi Electric Corporation

JPY 1,000 2,000 2,000 1,218.5000 23,745.50 0.36

JP3469000008 Mitsubishi Tanabe Pharma Corporation

JPY 800 0 800 1,850.0000 14,420.74 0.22

JP3926400007 Morinaga & Co. Ltd. JPY 3,000 0 4,000 651.0000 25,372.70 0.39

JP3914400001 Murata Manufacturing Co. Ltd.

JPY 100 0 100 11,425.0000 11,132.23 0.17

JP3687200000 Nichi-iko Pharmaceutical Co. Ltd.

JPY 300 0 300 2,116.0000 6,185.33 0.09

JP3715200006 Nippon Shokubai Co. Ltd. JPY 300 0 400 5,920.0000 23,073.18 0.35

JP3164800009 Nok Corporation JPY 0 600 300 1,728.0000 5,051.16 0.08

JP3379900008 NS Solutions Corporation JPY 0 0 1,000 1,605.0000 15,638.71 0.24

JP3165650007 NTT Docomo Inc. JPY 1,400 0 2,200 2,795.0000 59,914.27 0.92

JP3197600004 Ono Pharmaceutical Co. Ltd.

JPY 500 300 200 4,470.0000 8,710.91 0.13






Japan (continued)

JP3244800003 Q.P. Corporation JPY 300 0 300 3,300.0000 9,646.30 0.15

JP3755200007 Relo Holdings Inc. JPY 0 0 200 18,050.0000 35,174.91 0.54

JP3977400005 Rinnai Corporation JPY 100 0 100 9,100.0000 8,866.81 0.14

JP3419400001 Sekisui Chemical Co. Ltd. JPY 0 0 1,400 1,281.0000 17,474.43 0.27

JP3347200002 Shionogi & Co. Ltd. JPY 0 0 200 5,615.0000 10,942.22 0.17

JP3405400007 Sumitomo Heavy Industries Ltd.

JPY 0 2,000 2,000 441.0000 8,593.98 0.13

JP3602600003 Toho Holdings Co. Ltd. JPY 300 0 300 2,502.0000 7,313.65 0.11

JP3535400000 Tsubakimoto Chain Co. JPY 0 2,000 1,000 624.0000 6,080.09 0.09

JP3949400000 United Arrows Ltd. JPY 200 0 400 3,025.0000 11,789.93 0.18

JP3725400000 Zeon Corporation JPY 1,000 0 3,000 666.0000 19,468.00 0.30

745,304.67 11.41

Jersey

JE00B783TY65 Delphi Automotive Plc. USD 0 128 245 62.7500 15,373.75 0.24

JE00BFNWV485 Wolseley Plc. GBP 69 148 578 38.1500 29,829.04 0.46

45,202.79 0.70

Malaysia

MYL3816OO005 Malaysia International Shipping Corporate Berhad

MYR 6,200 0 6,200 7.4800 11,484.86 0.18

MYL7113OO003 Top Glove Corporation Berhad

MYR 5,000 0 5,000 4.6500 5,757.79 0.09

17,242.65 0.27

Netherlands

NL0000009132 Akzo Nobel NV EUR 0 0 99 55.2400 6,071.42 0.09

NL0010060661 AVG Technologies NV USD 204 0 901 18.6100 16,767.61 0.26

NL0009272269 Cimpress NV USD 90 0 90 90.9800 8,188.20 0.13

NL0009434992 Lyondellbasell Industries NV

USD 54 132 568 74.0100 42,037.68 0.64

NL0000379121 Ranstad Holding NV EUR 559 0 1,592 36.7150 64,891.50 0.99

NL0000009355 Unilever NV EUR 112 264 561 41.0100 25,541.94 0.39

NL0000395903 Wolters Kluwer NV EUR 900 0 900 35.8300 35,800.62 0.55

199,298.97 3.05

New Zealand

NZTELE0001S4 Spark New Zealand Ltd. NZD 0 5,561 3,789 3.5150 9,475.79 0.14

NZZELE0001S1 Z Energy Ltd. NZD 3,943 0 6,039 8.0600 34,631.03 0.53

44,106.82 0.67

Norway

NO0005052605 Norsk Hydro ASA NOK 1,764 0 1,764 30.3100 6,371.71 0.10

NO0010208051 Yara International ASA NOK 296 568 374 264.6000 11,793.24 0.18

18,164.95 0.28

Poland

PLPGNIG00014 Polish Oil & Gas PLN 0 4,671 23,797 5.4000 32,282.24 0.49 1) TNA = Total net assets. 32,282.24 0.49





Singapore

SG9999014823 Broadcom Ltd. USD 546 0 546 155.0000 84,630.00 1.29

SG0531000230 Venture Corporation Ltd. SGD 1,100 0 1,100 8.3400 6,813.15 0.10

91,443.15 1.39

South Africa

ZAE000145892 Life Healthcare Group Holdings Pte. Ltd.

ZAR 3,542 0 3,542 36.2000 8,662.10 0.13

ZAE000156550 Mondi Ltd. ZAR 1,408 0 2,043 270.0000 37,264.73 0.57

ZAE000117321 New Bidvest Group Ltd. ZAR 894 0 894 134.0000 8,092.97 0.12

ZAE000118279 Pioneer Food Group Ltd. ZAR 881 0 881 172.2000 10,248.85 0.16

ZAE000173951 Sibanye Gold Ltd. ZAR 2,250 0 2,250 50.7500 7,714.09 0.12

ZAE000132577 Vodacom Group Ltd. ZAR 1,689 0 1,689 165.2400 18,854.31 0.29

90,837.05 1.39

South Korea

KR7090430000 Amorepacific Corporation KRW 0 45 23 429,000.0000 8,506.03 0.13

KR7051910008 LG Chemical Ltd. KRW 25 0 25 257,000.0000 5,538.79 0.08

KR7051900009 LG Household & Health Care Ltd.

KRW 11 0 23 1,112,000.0000 22,048.28 0.34

KR7021240007 Woongjin Coway Co. Ltd. KRW 364 0 364 105,000.0000 32,948.28 0.50

69,041.38 1.05

Spain

ES0130670112 Endesa S.A. EUR 1,043 0 1,043 17.5150 20,281.30 0.31

ES0148396007 Industria de Diseño Textil S.A.

EUR 0 0 250 29.8100 8,273.77 0.13

28,555.07 0.44

Sweden

SE0006886750 Atlas Copco AB SEK 367 0 367 210.9000 9,111.23 0.14

SE0000862997 Billerud AB SEK 0 0 892 121.0000 12,705.29 0.19

SE0000869646 Boliden AB SEK 0 0 791 158.3000 14,739.80 0.23

SE0000103814 Electrolux AB -B- SEK 0 0 720 224.3000 19,010.61 0.29

SE0000109290 Holmen AB SEK 0 715 426 263.0000 13,188.63 0.20

SE0000949331 Nobia AB SEK 2,249 0 2,249 73.3000 19,405.63 0.30

SE0000113250 Skanska AB SEK 0 1,356 842 172.3000 17,077.79 0.26

SE0000112724 Svenska Cellulosa AB -B- SEK 1,269 0 1,269 264.8000 39,556.14 0.60

144,795.12 2.21

Switzerland

CH0010532478 Actelion Ltd. CHF 106 0 106 159.6000 17,264.38 0.26

CH0012138605 Adecco Group AG CHF 68 0 333 49.0900 16,682.05 0.26

CH0003541510 Forbo Holding AG CHF 7 0 7 1,140.0000 8,143.57 0.12

CH0010645932 Givaudan S.A. CHF 0 2 8 1,944.0000 15,870.78 0.24

CH0025238863 Kühne + Nagel International AG

CHF 247 0 400 135.2000 55,188.53 0.84






Switzerland (continued)

CH0025751329 Logitech International S.A.

CHF 505 0 505 15.5000 7,987.95 0.12

CH0012032048 Roche Holding AG Genussscheine

CHF 33 0 33 254.2000 8,560.55 0.13

129,697.81 1.97

United States of America

US0009571003 ABM Industries Inc. USD 0 0 193 35.7400 6,897.82 0.11

US00507V1098 Activision Blizzard Inc. USD 238 0 238 38.0200 9,048.76 0.14

US00508Y1029 Acuity Brands Inc. USD 32 0 32 246.6100 7,891.52 0.12

US0091581068 Air Products & Chemicals Inc.

USD 27 0 130 139.2600 18,103.80 0.28

US0116591092 Alaska Air Group Inc. USD 516 0 734 57.6900 42,344.46 0.65

US01748X1028 Allegiant Travel Co. USD 0 0 158 145.5100 22,990.58 0.35

US02079K3059 Alphabet Inc. USD 24 0 36 695.1900 25,026.84 0.38

US0234361089 Amedisys Inc. USD 0 0 182 49.5400 9,016.28 0.14

US02553E1064 American Eagle Outfitters Inc.

USD 1,290 0 1,290 15.6800 20,227.20 0.31

US0305061097 American Woodmark Corporation

USD 222 0 222 65.3400 14,505.48 0.22

US03073E1055 AmerisourceBergen Corporation

USD 0 69 83 77.2600 6,412.58 0.10

US0311621009 Amgen Inc. USD 244 0 415 150.1000 62,291.50 0.95

US03673L1035 Antero Midstream Partners LP

USD 655 0 655 26.9900 17,678.45 0.27

US0375981091 Apogee Enterprises Inc. USD 0 0 155 45.2400 7,012.20 0.11

US0378331005 Apple Inc. USD 0 301 417 94.4000 39,364.80 0.60

US04685W1036 athenahealth Inc. USD 112 0 112 135.9000 15,220.80 0.23

US0533321024 AutoZone Inc. USD 14 0 26 792.8200 20,613.32 0.32

US0536111091 Avery Dennison USD 223 0 919 72.8200 66,921.58 1.02

US0893021032 Big Lots Inc. USD 84 148 434 50.4400 21,890.96 0.33

US09062X1037 Biogen Inc. USD 87 0 87 238.9100 20,785.17 0.32

US1046741062 Brady Corporation USD 1,772 0 1,772 29.7200 52,663.84 0.81

US1101221083 Bristol-Myers Squibb Co. USD 134 197 606 73.0000 44,238.00 0.68

US1170431092 Brunswick Corporation USD 740 0 908 44.5400 40,442.32 0.62

US1273871087 Cadence Design Systems Inc.

USD 350 0 350 23.9500 8,382.50 0.13

US1295001044 Caleres Inc. USD 256 0 256 23.8000 6,092.80 0.09

US1320111073 Cambrex Corporation USD 182 0 182 50.7500 9,236.50 0.14

US1344291091 Campbell Soup Co. USD 211 0 480 62.8200 30,153.60 0.46

US14149Y1082 Cardinal Health Inc. USD 74 0 500 77.2900 38,645.00 0.59

US15670R1077 Cepheid Inc. USD 0 0 139 29.5500 4,107.45 0.06

US1567821046 Cerner Corporation USD 0 103 131 57.4800 7,529.88 0.12

US16359R1032 Chemed Corporation USD 24 143 281 132.7300 37,297.13 0.57

US1729081059 Cintas Corporation USD 0 46 599 95.6500 57,294.35 0.88

US1773761002 Citrix Systems Inc. USD 329 0 459 80.6300 37,009.17 0.57

US1890541097 Clorox Co. USD 0 44 418 135.2100 56,517.78 0.86

US1999081045 Comfort Systems USA Inc.

USD 563 0 799 31.5300 25,192.47 0.39

US2124851062 Convergys Corporation USD 0 0 919 24.5200 22,533.88 0.34 1) TNA = Total net assets.





United States of America (continued)

US2168311072 Cooper Tire & Rubber Co.

USD 452 0 616 29.5300 18,190.48 0.28

US0673831097 C.R. Bard Inc. USD 46 0 88 232.3500 20,446.80 0.31

US22410J1060 Cracker Barrel Old Country Store Inc.

USD 0 231 457 171.3100 78,288.67 1.20

US1263491094 CSG Systems International Inc.

USD 234 0 234 39.4500 9,231.30 0.14

US2480191012 Deluxe Corporation USD 424 0 1,082 64.4600 69,745.72 1.07

US2533931026 Dick's Sporting Goods Inc.

USD 0 0 128 43.2900 5,541.12 0.08

US26138E1091 Dr. Pepper Snapple Group Inc.

USD 0 242 292 94.0800 27,471.36 0.42

US26168L2051 Drew Industries Inc. USD 170 0 310 81.9900 25,416.90 0.39

US2674751019 Dycom Industries Inc. USD 232 0 232 89.1800 20,689.76 0.32

US28176E1082 Edwards Lifesciences Corporation

USD 0 65 303 96.9100 29,363.73 0.45

US2635341090 E.I. du Pont de Nemours & Co.

USD 0 0 136 63.9400 8,695.84 0.13

US2855121099 Electronic Arts Inc. USD 0 0 241 73.7400 17,771.34 0.27

US5324571083 Eli Lilly & Co. USD 104 0 199 78.1500 15,551.85 0.24

US29358P1012 Ensign Group Inc. USD 364 0 364 20.4700 7,451.08 0.11

US26885B1008 EQT Midstream Partners L.P.

USD 160 0 384 77.5400 29,775.36 0.46

US2944291051 EQUIFAX USD 334 0 492 125.7000 61,844.40 0.95

US2987361092 Euronet Worldwide Inc. USD 0 0 107 68.5400 7,333.78 0.11

US30219E1038 Express Inc. USD 863 0 1,224 14.3100 17,515.44 0.27

US3448491049 Foot Locker Inc. USD 228 0 1,460 55.0800 80,416.80 1.23

US3156161024 F5 Networks Inc. USD 0 0 232 112.5200 26,104.64 0.40

US36467W1099 Gamestop Corporation -new-

USD 146 0 613 26.4100 16,189.33 0.25

US3715321028 Genesco Inc. USD 113 0 113 63.5600 7,182.28 0.11

US37253A1034 Gentherm Inc. USD 230 0 376 33.6500 12,652.40 0.19

US3755581036 Gilead Sciences Inc. USD 91 0 162 82.2700 13,327.74 0.20

US38268T1034 GoPro Inc. USD 0 0 269 10.8100 2,907.89 0.04

US38526M1062 Grand Canyon Education Inc.

USD 0 0 881 39.0700 34,420.67 0.53

US4042511000 HNI Corporation USD 0 108 796 45.4000 36,138.40 0.55

US4370761029 Home Depot Inc. USD 209 0 712 127.3700 90,687.44 1.39

US4043031099 HSN Inc. USD 193 0 283 48.0700 13,603.81 0.21

US45778Q1076 Insperity Inc. USD 504 0 627 74.5100 46,717.77 0.71

US4581181066 Integrated Device Technology Inc.

USD 332 462 340 19.6000 6,664.00 0.10

US4581401001 Intel Corporation USD 0 475 543 31.9300 17,337.99 0.27

US4586653044 Interface Inc. USD 0 0 721 15.0100 10,822.21 0.17

US4606901001 Interpublic Group Co. Inc. USD 152 0 2,249 22.9900 51,704.51 0.79

US4612021034 Intuit Inc. USD 174 0 333 109.2900 36,393.57 0.56

US4771431016 Jetblue Airways Corporation

USD 343 0 343 16.4100 5,628.63 0.09

US4989042001 Knoll Inc. USD 961 661 961 23.8600 22,929.46 0.35

US5017971046 L Brands Inc. USD 161 92 161 67.0800 10,799.88 0.17

US5150981018 Landstar Systems Inc. USD 0 0 102 67.8800 6,923.76 0.11 1) TNA = Total net assets.






US5053361078 La-Z-Boy Inc. USD 648 0 892 27.5200 24,547.84 0.38

US5246601075 Leggett & Platt Inc. USD 619 0 619 49.9700 30,931.43 0.47

US5261071071 Lennox International Inc. USD 25 0 165 138.2800 22,816.20 0.35

US5356781063 Linear Technology Corporation

USD 180 0 180 45.6000 8,208.00 0.13

US54142L1098 LogMeIn Inc. USD 150 0 397 63.1000 25,050.70 0.38

US5486611073 Lowe's Companies Inc. USD 0 352 384 77.7600 29,859.84 0.46

US5590792074 Magellan Health Services Inc.

USD 99 0 99 64.9500 6,430.05 0.10

US5627501092 Manhattan Associates Inc.

USD 278 0 278 62.8900 17,483.42 0.27

US5747951003 Masimo Corporation USD 421 0 421 51.5600 21,706.76 0.33

US57776J1007 MaxLinear Inc. USD 445 0 445 17.4200 7,751.90 0.12

US58155Q1031 Mc Kesson Corporation USD 0 0 81 183.3400 14,850.54 0.23

US5801351017 McDonald's Corporation USD 407 0 407 119.4900 48,632.43 0.74

US5949724083 Microstrategy Inc. -A- USD 0 0 40 174.3200 6,972.80 0.11

US6005441000 Miller Inc., Herman USD 1,116 0 1,116 29.1400 32,520.24 0.50

US6098391054 Monolithic Power Systems Inc.

USD 134 0 134 66.9200 8,967.28 0.14

US6400791090 Neenah Paper Inc. USD 53 0 187 70.3800 13,161.06 0.20

US64111Q1040 Netgear Inc. USD 171 0 171 46.3500 7,925.85 0.12

US6541061031 Nike Inc. -B- USD 288 0 546 55.1300 30,100.98 0.46

US6819191064 Omnicom Group Inc. USD 0 0 446 80.1000 35,724.60 0.55

US67103H1077 O'Reilly Automotive Inc. -new-

USD 67 0 67 273.6700 18,335.89 0.28

US6914973093 Oxford Industries Inc. USD 0 0 186 55.4700 10,317.42 0.16

US7043261079 Paychex Inc. USD 293 0 1,262 56.1400 70,848.68 1.08

US7134481081 PepsiCo Inc. USD 0 0 335 103.1200 34,545.20 0.53

US7185461040 Phillips 66 USD 261 0 261 79.7000 20,801.70 0.32

US7274931085 Plantronics Inc. USD 182 0 182 42.9500 7,816.90 0.12

US7291321005 Plexus Corporation USD 0 0 172 42.3300 7,280.76 0.11

US73278L1052 Pool Corp. USD 406 0 406 91.3100 37,071.86 0.57

US6935061076 PPG Industries Inc. USD 35 0 123 102.4900 12,606.27 0.19

US7434241037 Proofpoint Inc. USD 128 0 128 61.6700 7,893.76 0.12

US74876Y1010 Quintiles Transnational Holdings Inc.

USD 131 0 251 63.4900 15,935.99 0.24

US75606N1090 RealPage Inc. USD 399 460 399 22.0000 8,778.00 0.13

US7565771026 Red Hat Inc. USD 129 41 350 72.9300 25,525.50 0.39

US7703231032 Robert Half International Inc.

USD 0 391 565 36.6200 20,690.30 0.32

US7766961061 Roper Industries Inc. USD 43 0 43 167.1500 7,187.45 0.11

US7782961038 Ross Stores Inc. USD 0 364 1,090 55.7700 60,789.30 0.93

US79466L3024 Salesforce.com Inc. USD 139 62 481 79.0000 37,999.00 0.58

US81762P1021 ServiceNow Inc. USD 129 0 129 66.4400 8,570.76 0.13

US8243481061 Sherwin-Williams Co. USD 0 133 65 290.4100 18,876.65 0.29

US8447411088 Southwest Airlines USD 0 1,176 520 38.8900 20,222.80 0.31

US8552441094 Starbucks Corporation USD 333 0 604 56.7400 34,270.96 0.52

US8581552036 Steelcase Inc. USD 0 1,520 547 13.6900 7,488.43 0.11

US8636671013 Stryker Corporation USD 87 0 171 118.8100 20,316.51 0.31 1) TNA = Total net assets.






US86800U1043 Super Micro Computer Inc.

USD 0 0 261 24.3700 6,360.57 0.10

US8712371033 Sykes Enterprises Inc. USD 566 0 819 27.8700 22,825.53 0.35

US87612E1064 Target Corporation USD 1,019 0 1,857 70.0000 129,990.00 1.99

US88162G1031 Tetra Tech Inc. USD 337 0 585 29.8300 17,450.55 0.27

US8825081040 Texas Instruments Inc. USD 418 284 613 61.2500 37,546.25 0.57

US8851601018 Thor Industries Inc. USD 182 0 294 63.6000 18,698.40 0.29

US8919061098 Total System Services Inc.

USD 86 313 421 51.3200 21,605.72 0.33

US8923561067 Tractor Supply Co. USD 0 424 418 95.1700 39,781.06 0.61

US9022521051 Tyler Technologies Inc. USD 0 103 177 165.1400 29,229.78 0.45

US90384S3031 Ulta Salon Cosmetics & Fragrance

USD 0 27 211 240.6600 50,779.26 0.78

US90385D1072 Ultimate Software Group Inc.

USD 98 0 141 206.7700 29,154.57 0.45

US91879Q1094 Vail Resorts Inc. USD 63 0 63 135.7800 8,554.14 0.13

US91913Y1001 Valero Energy Corporation

USD 493 0 1,276 51.9200 66,249.92 1.01

US92220P1057 Varian Medical Systems Inc.

USD 100 0 100 80.6100 8,061.00 0.12

US9418481035 Waters Corporation USD 0 0 132 134.6500 17,773.80 0.27

US98138H1014 Workday Inc. USD 0 0 106 73.8900 7,832.34 0.12

3,371,163.78 51.61

Transferable securities admitted to an official exchange listing 6,336,574.86 96.93

Shares, rights and participation certificates 6,336,574.86 96.93

Investment in securities 6,336,574.86 96.93

Cash at bank - current accounts 206,741.94 3.16

Balance of other receivables and liabilities -1,685.48 -0.09

Total sub-fund assets in USD 6,541,631.32 100.00




Purchases and sales from 1 January 2016 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 0 439

AU000000CSL8 CSL Ltd. AUD 0 319

AU000000FXJ5 Fairfax Media Ltd. AUD 0 53,559

AU000000SPO4 Spotless Group Holdings Ltd. AUD 0 12,885

Austria

AT0000APOST4 Österreichische Post AG EUR 85 401

Bermuda

BMG8162K1137 Sihuan Pharmaceutical Holdings Group Ltd. HKD 0 21,000

Canada

CA00900Q1037 Aimia Inc. CAD 0 570

CA21037X1006 Constellation Software Inc. CAD 0 45

Cayman Islands

KYG040111059 Anta Sports Products Ltd. HKD 2,000 7,000

KYG2198S1093 CIMC Enric Holdings Ltd. HKD 0 10,000

China

CNE1000002V2 China Telecom Corporation Ltd. HKD 14,000 14,000

Denmark

DK0015998017 Bavarian Nordic AS DKK 0 183

DK0060252690 Pandora AS DKK 0 255

DK0010268606 Vestas Wind Systems AS DKK 0 190

Finland

FI0009005870 Konecranes Oyj EUR 0 285

France

FR0010259150 Ipsen S.A. EUR 0 218

FR0000130338 Valéo S.A. EUR 29 90

Germany

DE000BAY0017 Bayer AG EUR 0 63

DE0005552004 Dte. Post AG EUR 119 407

DE0005772206 Fielmann AG EUR 0 388

DE000KSAG888 K+S AG EUR 170 684

DE0006916604 Pfeiffer Vacuum Technology AG EUR 0 114






Great Britain

GB0008220112 D S Smith Plc. GBP 0 1,408

GB0009457366 Daily Mail & General Trust Plc. GBP 0 545

GB0002418548 Elementis Plc. GBP 0 2,934

GB00B012TP20 Halfords Ltd. GBP 0 2,416

GB00BZ4BQC70 Johnson, Matthey Plc. GBP 163 163

GB00B70FPS60 Johnson Matthey Plc. GBP 0 332

GB00B135BJ46 Savills Plc. GBP 0 583

GB00B8C3BL03 The Sage Group Plc. GBP 0 2,347

Hong Kong

HK0285041858 BYD Electronic (Intl.) Co. Ltd. HKD 0 5,500

Indonesia

ID1000061302 PT Indocement Tunggal Prakarsa Tbk IDR 0 6,700

ID1000111602 PT Perusahaan Gas Negara Tbk IDR 0 28,600

ID1000106800 PT Semen Indonesia (Persero) Tbk IDR 0 10,200

ID1000058407 PT United Tractors Tbk IDR 11,600 71,700

Ireland

IE0003864109 Greencore Group Plc. GBP 583 2,738

IE00BLS09M33 Pentair Plc. USD 0 146

Italy

IT0001479374 Luxottica Group S.p.A. EUR 0 145

Japan

JP3100800006 Aica Kogyo Co. Ltd. JPY 0 500

JP3111200006 Asahi Kasei Corporation JPY 0 2,000

JP3242800005 Canon Inc. JPY 0 1,100

JP3293200006 Coca-Cola West Japan Co. Ltd. JPY 0 500

JP3814800003 Fuji Heavy Industries Ltd. JPY 700 1,400

JP3104890003 IT Holdings Corporation JPY 300 600

JP3277230003 Keihin Corporation JPY 0 500

JP3304200003 Komatsu Ltd. JPY 0 400

JP3300600008 Konica Minolta Holding Inc. JPY 0 2,000

JP3742600004 NHK Spring Co. Ltd. JPY 0 700

JP3172100004 OKUMA Corporation JPY 0 1,000

JP3188200004 Otsuka Corporation JPY 0 300

JP3400400002 SCSK Corporation JPY 0 400

JP3357200009 Shimadzu Corporation JPY 0 1,000

JP3351100007 Sysmex Corporation JPY 0 800

JP3452000007 Taiyo Yuden Co. Ltd. JPY 500 500

JP3538800008 TDK Corporation JPY 100 200

JP3546800008 Terumo Corporation JPY 300 300

Jersey

US92932M1018 WNS (Holdings) Ltd. ADR USD 289 289






Malaysia

MYL6947OO005 Digi.Com Berhad MYR 0 13,300

Mexico

MX01GA000004 Grupo Aeroportuario del Pacifico S.A. MXN 461 3,403

Netherlands

NL0000852580 Boskalis Westminster NV EUR 0 373

NL0009538784 NXP Semiconductors NV USD 0 536

New Zealand

NZFAPE0001S2 Fisher & Paykel Healthcare Corporation NZD 0 2,581

Singapore

SG9999006241 Avago Technologies Ltd. USD 159 365

SG1U89935555 M1 Ltd./Singapore SGD 0 3,400

South Africa

ZAE000049433 AVI Ltd. ZAR 0 3,304

ZAE000216537 Bid Corp. Ltd. ZAR 894 894

ZAE000044897 Telkom South Africa SOC Ltd. ZAR 0 1,130

ZAE000071080 Tiger Brands Ltd. ZAR 0 661

South Korea

KR7005930003 Samsung Electronics Co. Ltd. KRW 0 7

Spain

ES0112501012 Ebro Foods S.A. EUR 334 1,494

Sweden

SE0007100581 Assa-Abloy AB SEK 0 960

SE0001662230 Husqvarna AB SEK 0 1,314

Taiwan

TW0003474003 Inotera Memories Inc. TWD 0 8,000

TW0002325008 Siliconware Precision Industries Co. TWD 0 25,000

TW0002330008 Taiwan Semiconductor Manufacturing Co. Ltd. TWD 0 9,000


US0025671050 Abaxis Inc. USD 0 143

US0153511094 Alexion Pharmaceuticals Inc. USD 0 58

US01861G1004 Alliance Hldgs Group L.P. USD 0 398

US02052T1097 Alon USA Partners L.P. USD 677 2,231

US0298991011 American States Water Co. USD 0 443

US0383361039 AptarGroup Inc. USD 0 235

US0394831020 Archer-Daniels-Midland Corporation USD 0 191

US0453271035 Aspen Technology Inc. USD 0 521

US0736851090 Beacon Roofing Supply Inc. USD 163 163







US0758961009 Bed Bath & Beyond Inc. USD 0 103

US09739D1000 Boise Cascade Co. USD 0 247

US1113201073 Broadcom Corporation -A- USD 0 435

US13342B1052 Cameron International Corporation USD 0 122

US1475281036 Casey's General Stores Inc. USD 67 67

US12504L1098 CBRE Group Inc. USD 0 257

US2310211063 Cummins Inc. USD 0 80

US2435371073 Deckers Outdoor Corporation USD 0 197

US29084Q1004 Emcor Group Inc. USD 0 313

US30219G1085 Express Scripts Holding Co. USD 0 81

US3612681052 G & K Services Inc. USD 0 139

US36237H1014 G-III Apparel Group Ltd. USD 0 201

US4180561072 Hasbro Inc. USD 0 188

US42235N1081 Heartland Payment Services Inc. USD 84 84

US45168D1046 Idexx Laboratories Inc. USD 0 144

US4523271090 Illumina Inc. USD 0 188

US46069S1096 Intersil Corporation USD 436 1,431

US44980X1090 IPG Photonics Corporation USD 0 201

US4262811015 Jack Henry & Associates Inc. USD 0 267

US4990641031 Knight Transportation Inc. USD 0 597

US5339001068 Lincoln Electric Holdings Inc. USD 0 337

US5500211090 Lululemon Athletica Inc. USD 0 180

US5590801065 Magellan Midstream Partners LP USD 0 235

US56585A1025 Marathon Petroleum Corporation USD 455 572

US57772K1016 Maxim Integrated Products Inc. USD 0 495

US5779331041 Maximus Inc. USD 0 249

US5950171042 Microchip Technology Inc. USD 0 429

US5951121038 Micron Technology Inc. USD 0 327

US6267551025 Murphy USA Inc. USD 0 201

US64115T1043 Netscout Systems Inc. USD 0 202

US6658261036 Northern Tier Energy L.P. USD 0 561

US67072V1035 NxStage Medical Inc. USD 373 373

US6795801009 Old Dominion Freight Line Inc. USD 0 265

US72147K1088 Pilgrim's Pride Corporation USD 0 776

US7475821044 Quality Systems Inc. USD 813 813

US74758T3032 Qualys Inc. USD 0 456

US8000131040 Sanderson Farms Inc. USD 0 108

US8010561020 Sanmina Corporation USD 0 628

US8101861065 Scotts Miracle-Gro Co. USD 131 131

US81616X1037 Select Comfort Corporation USD 147 1,028

US83416B1098 Solarwinds Inc. USD 0 237

US8354511052 Sonic Corporation USD 269 269

US8354951027 Sonoco Products Co. USD 0 226

US8485771021 Spirit Airlines Inc. USD 0 447

US7908491035 St. Jude Medical Inc. USD 60 447

US8550301027 Staples Inc. USD 0 1,043

US8715031089 Symantec Corporation USD 0 710

US87157D1090 Synaptics Inc. USD 0 233







US87157B1035 Synchronoss Technologies Inc. USD 0 198

US88076W1036 Teradata Corporation (Del.) USD 0 179

US88164L1008 Tessera Technologies Inc. USD 0 420

US9078181081 Union Pacific Corporation USD 0 83

US9113121068 United Parcel Service -B- USD 0 292

US90328M1071 USANA Health Sciences Inc. USD 0 377

US9507551086 Werner Enterprises Inc. USD 0 264

Securities listed or included on organised markets

Germany

DE000CLS1001 Celesio AG EUR 0 250

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

Arabesque SICAV - Arabesque Systematic


Semi-annual report

1 January 2016 - 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 (EUR) Share class (USD) Share class R

Securitiy No.: A1XCPQ A1XCPR A12HQR

ISIN: LU1023698746 LU1023699983 LU1164757400

Subscription fee: none none up to 3.00 %

Redemption fee: none none none

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






Minimum subsequent investment: 1,000.00 EUR 1,000.00 USD none

Use of income: distributing distributing distributing

Currency: EUR USD EUR

Geographic classification 1)

United States of America 42.30 %

Japan 15.73 %

Switzerland 6.99 %

Canada 3.10 %

Germany 2.07 %

Italy 2.06 %

Sweden 1.97 %

Netherlands 1.96 %

Great Britain 1.92 %

South Korea 1.08 %

Mexico 1.07 %

New Zealand 0.99 %

Bermuda 0.98 %

Cayman Islands 0.97 %

Ireland 0.97 %

Australia 0.96 %

Belgium 0.93 %


Cash at bank 11.07 %

Balance of other receivables and liabilities 2.88 %

100.00 %




Economic classification 1)

Raw, auxiliary & operating materials 12.12 %

Health services: Equipment & services 12.10 %

Capital Goods 10.71 %

Pharmaceuticals, Biotechnology & Life Sciences 8.01 %

Wholesale and retail 6.27 %

Commercial & Professional Services 6.11 %

Software & Services 5.81 %

Food, Beverage & Tobacco 5.05 %

Household & Personal Products 4.89 %

Consumer Durables & Apparel 4.07 %

Media 3.07 %

Technology Hardware & Equipment 2.16 %

Banks 1.92 %

Semiconductors & Semiconductor Equipment 1.88 %

Real Estate 0.95 %

Automobile & components 0.93 %


Cash at bank 11.07 %

Balance of other receivables and liabilities 2.88 %

100.00 %





as at 30 June 2016

USD



Cash at bank 1,673,558.62


Receivable for share sold 22,675.31

Receivable on security trades 1,307,039.30

Receivable from currency exchange transactions 1,187,065.75


17,214,635.71

Interest payable -23.81

Liabilities on security trades -900,317.08

Liabilities from currency exchange transactions -1,178,343.90


-2,098,662.36

Total sub-fund’s net assets 15,115,973.35

1) The position includes amortisation of formation expenses. 2) This position consists primarily of management fee and audit fee.

Allocations by share class

(EUR)





(USD)




R





1) conversion into USD as at 30 June 2016: 1 USD = 0,9007 EUR







Australia

AU000000ABC7 Adelaide Brighton Ltd. AUD 36,000 0 36,000 5.4100 144,863.03 0.96

144,863.03 0.96

Belgium

BE0003884047 Umicore S.A. EUR 2,800 0 2,800 45.4350 141,237.42 0.93

141,237.42 0.93

Bermuda

BMG3922B1072 Genpact Ltd. USD 0 0 5,630 26.2700 147,900.10 0.98

147,900.10 0.98

Canada

CA2506691088 Detour Gold Corporation

CAD 13,300 7,400 5,900 32.7400 148,667.52 0.98

CA32076V1031 First Majestic Silver Corporation

CAD 11,400 0 11,400 17.0300 149,418.68 0.99

CA3518581051 FRANCO-NEVADA Corporation

CAD 2,300 0 2,300 96.5200 170,856.12 1.13

468,942.32 3.10

Cayman Islands

US64110W1027 NetEase Inc. ADR USD 810 0 810 181.4800 146,998.80 0.97

146,998.80 0.97

Germany

DE000A1EWWW0 adidas AG EUR 1,200 0 1,200 125.8000 167,595.79 1.11

DE0006231004 Infineon Technologies AG

EUR 10,200 0 10,200 12.8050 145,004.33 0.96

312,600.12 2.07

Great Britain

GB0004052071 Halma Plc. GBP 11,300 0 11,300 9.9150 151,561.21 1.00

GB00BVVBC028 Steris Plc. USD 150 0 2,071 67.3600 139,502.56 0.92

291,063.77 1.92

Ireland

AU000000JHX1 James Hardie Industries Plc.

AUD 10,000 0 10,000 19.7000 146,529.14 0.97

146,529.14 0.97






Italy

IT0003977540 Ansaldo STS S.p.A. EUR 0 0 12,700 10.0700 141,982.37 0.94

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

EUR 5,700 0 5,700 26.8600 169,973.84 1.12

311,956.21 2.06

Japan

JP3942400007 Astellas Pharma Inc. JPY 0 0 8,600 1,615.0000 135,330.83 0.90

JP3494600004 Dainippon Sreen Co. Ltd.

JPY 16,000 0 16,000 1,129.0000 176,010.95 1.16

JP3766550002 Hakuhodo dy Holdings Inc.

JPY 12,800 0 12,800 1,244.0000 155,151.55 1.03

JP3205800000 Kao Corporation JPY 2,670 0 2,670 6,031.0000 156,901.23 1.04

JP3263000006 Kinden Corporation JPY 10,400 0 10,400 1,119.0000 113,393.77 0.75

JP3283650004 Kose Corporation JPY 200 0 1,530 8,530.0000 127,164.60 0.84

JP3965400009 Lion Corporation JPY 12,000 16,000 10,000 1,714.0000 167,007.74 1.10

JP3469000008 Mitsubishi Tanabe Pharma Corporation

JPY 8,000 0 8,000 1,850.0000 144,207.38 0.95

JP3880800002 Miura Co. Ltd. JPY 8,300 1,500 6,800 2,304.0000 152,657.15 1.01

JP3926400007 Morinaga & Co. Ltd. JPY 4,000 5,000 24,000 651.0000 152,236.22 1.01

JP3670800006 Nissan Chemical Industries Ltd.

JPY 5,400 0 5,400 2,950.0000 155,217.81 1.03

JP3756100008 Nitori Co. Ltd. JPY 0 300 1,300 12,610.0000 159,729.16 1.06

JP3197600004 Ono Pharmaceutical Co. Ltd.

JPY 3,200 0 3,200 4,470.0000 139,374.48 0.92

JP3347200002 Shionogi & Co. Ltd. JPY 200 600 2,900 5,615.0000 158,662.22 1.05

JP3351100007 Sysmex Corporation JPY 4,100 2,000 2,100 7,080.0000 144,869.95 0.96

JP3942600002 Yamaha Corporation JPY 5,000 0 5,000 2,854.0000 139,043.20 0.92

2,376,958.24 15.73

Mexico

MXP554091415 Industrias Peñoles S.A.B.de CV

MXN 7,400 0 7,400 404.0000 161,339.99 1.07

161,339.99 1.07

Netherlands

NL0000009355 Unilever NV EUR 0 0 3,100 41.0100 141,140.84 0.93

NL0000395903 Wolters Kluwer NV EUR 3,900 0 3,900 35.8300 155,136.02 1.03

296,276.86 1.96

New Zealand

NZFAPE0001S2 Fisher & Paykel Healthcare Corporation

NZD 0 4,000 21,000 10.0000 149,411.69 0.99

149,411.69 0.99

South Korea

KR7021240007 Woongjin Coway Co. Ltd.

KRW 1,800 0 1,800 105,000.0000 162,931.03 1.08

162,931.03 1.08 1) TNA = Total net assets.





Sweden

SE0000869646 Boliden AB SEK 8,300 0 8,300 158.3000 154,665.44 1.02

SE0000170375 Hufvudstaden AB SEK 9,300 0 9,300 131.2000 143,631.95 0.95

298,297.39 1.97

Switzerland

CH0010532478 Actelion Ltd. CHF 900 0 900 159.6000 146,584.33 0.97

CH0011795959 dorma+kaba Holding AG

CHF 20 0 235 678.0000 162,595.95 1.08

CH0001752309 Georg Fischer AG CHF 175 0 175 767.5000 137,065.64 0.91

CH0010645932 Givaudan S.A. CHF 0 0 73 1,944.0000 144,820.91 0.96

CH0010570759 Lindt & Sprüngli AG CHF 0 0 2 69,120.0000 141,073.64 0.93

CH0024638196 Schindler Holding AG CHF 850 810 850 171.9000 149,110.07 0.99

CH0012280076 Straumann Holding AG

CHF 450 0 450 378.0000 173,586.71 1.15

1,054,837.25 6.99


US0017441017 AMN Healthcare Services Inc.

USD 3,900 0 3,900 39.1800 152,802.00 1.01

US8318652091 A.O. Smith Corporation

USD 1,900 0 1,900 85.6000 162,640.00 1.08

US1011371077 Boston Scientific Corporation

USD 6,600 0 6,600 23.0300 151,998.00 1.01

US1101221083 Bristol-Myers Squibb Co.

USD 2,100 0 2,100 73.0000 153,300.00 1.01

US1273871087 Cadence Design Systems Inc.

USD 6,400 0 6,400 23.9500 153,280.00 1.01

US1320111073 Cambrex Corporation USD 6,309 3,059 3,250 50.7500 164,937.50 1.09

US1729081059 Cintas Corporation USD 0 0 1,573 95.6500 150,457.45 1.00

US1890541097 Clorox Co. USD 1,100 0 1,100 135.2100 148,731.00 0.98

US0673831097 C.R. Bard Inc. USD 700 0 700 232.3500 162,645.00 1.08

US22410J1060 Cracker Barrel Old Country Store Inc.

USD 1,020 0 1,020 171.3100 174,736.20 1.16

US2480191012 Deluxe Corporation USD 2,250 2,200 2,250 64.4600 145,035.00 0.96

US26168L2051 Drew Industries Inc. USD 2,200 200 2,000 81.9900 163,980.00 1.08

US2674751019 Dycom Industries Inc. USD 1,750 0 1,750 89.1800 156,065.00 1.03

US28176E1082 Edwards Lifesciences Corporation

USD 1,696 296 1,400 96.9100 135,674.00 0.90

US2855121099 Electronic Arts Inc. USD 0 0 1,900 73.7400 140,106.00 0.93

US2944291051 EQUIFAX USD 0 0 1,300 125.7000 163,410.00 1.08

US2987361092 Euronet Worldwide Inc.

USD 1,950 0 1,950 68.5400 133,653.00 0.88

US34964C1062 Fortune Brands Home & Sec.Inc.

USD 2,700 0 2,700 56.7100 153,117.00 1.01

US8064071025 Henry Schein Inc. USD 862 0 862 175.5200 151,298.24 1.00

US4370761029 Home Depot Inc. USD 1,050 1,071 1,050 127.3700 133,738.50 0.88

US4523081093 Illinois Tool Works Inc. USD 1,400 0 1,400 101.8200 142,548.00 0.94

US4571871023 Ingredion Inc. USD 1,350 0 1,350 123.6700 166,954.50 1.10

US45778Q1076 Insperity Inc. USD 2,700 650 2,050 74.5100 152,745.50 1.01

US46120E6023 Intuitive Surgical Inc. USD 465 235 230 657.7200 151,275.60 1.00 1) TNA = Total net assets.






US5138471033 Lancaster Colony Corporation

USD 0 0 1,200 124.5700 149,484.00 0.99

US5246601075 Leggett & Platt Inc. USD 2,900 0 2,900 49.9700 144,913.00 0.96

US5486611073 Lowe's Companies Inc.

USD 2,000 0 2,000 77.7600 155,520.00 1.03

US5950171042 Microchip Technology Inc.

USD 2,800 0 2,800 49.7000 139,160.00 0.92

US6707041058 NuVasive Inc. USD 2,700 0 2,700 59.2700 160,029.00 1.06

US6819191064 Omnicom Group Inc. USD 1,900 0 1,900 80.1000 152,190.00 1.01

US67103H1077 O'Reilly Automotive Inc. -new-

USD 570 0 570 273.6700 155,991.90 1.03

US73278L1052 Pool Corporation USD 0 0 1,630 91.3100 148,835.30 0.98

US79466L3024 Salesforce.com Inc. USD 1,900 1,750 1,900 79.0000 150,100.00 0.99

US8290731053 Simpson Manufacturing Co. Inc.

USD 3,800 0 3,800 39.0400 148,352.00 0.98

US8636671013 Stryker Corporation USD 1,300 0 1,300 118.8100 154,453.00 1.02

US8851601018 Thor Industries Inc. USD 2,200 0 2,200 63.6000 139,920.00 0.93

US8910921084 Toro Co. USD 1,650 0 1,650 86.7900 143,203.50 0.95

US90384S3031 Ulta Salon Cosmetics & Fragrance

USD 700 813 700 240.6600 168,462.00 1.11

US90385D1072 Ultimate Software Group Inc.

USD 750 669 750 206.7700 155,077.50 1.03

US9135431040 Universal Forest Products Inc.

USD 3,500 1,700 1,800 88.7300 159,714.00 1.06

US9291601097 Vulcan Materials Co. USD 1,270 0 1,270 118.6500 150,685.50 1.00

US9662441057 WhiteWave Foods Co. USD 3,400 0 3,400 45.1900 153,646.00 1.02

6,394,864.19 42.30

Transferable securities admitted to an official exchange listing 13,007,007.55 86.05

Shares, rights and participation certificates 13,007,007.55 86.05

Investment in securities 13,007,007.55 86.05

Cash at bank - current accounts 1,673,558.62 11.07

Balance of other receivables and liabilities 435,407.18 2.88

Total sub-fund assets in USD 15,115,973.35 100.00









Cayman Islands

US22943F1003 Ctrip.com International Ltd. ADR USD 3,300 3,300

KYG8167W1380 Sino Biopharmaceutical Ltd. HKD 0 162,000

Denmark

DK0060079531 DSV A/S DKK 0 3,312

DK0010287234 H. Lundbeck AS DKK 4,000 4,000

DK0060534915 Novo-Nordisk AS DKK 0 2,350

DK0060252690 Pandora AS DKK 1,000 2,083

Finland

FI0009000285 Amer Sports Corporation EUR 0 4,800

FI0009013403 Kone Corporation -new- EUR 2,950 2,950

FI0009013296 Neste Oyj EUR 4,300 4,300

France

FR0000120644 Danone S.A. EUR 2,015 2,015

FR0000130650 Dassault Systemes S.A. EUR 0 1,708

FR0000125346 Ingenico S.A. EUR 0 1,140

FR0000120321 L'Oreal S.A. EUR 0 760

FR0000051807 Téléperformance SE EUR 0 1,711

Germany

DE0005200000 Beiersdorf AG EUR 0 1,420

DE000A0D6554 Nordex SE EUR 0 3,700

DE0007042301 Rhön-Klinikum AG EUR 4,600 4,600

DE0005089031 United Internet AG EUR 0 2,682

Great Britain

GB0000904986 Bellway Plc. GBP 4,300 7,870

GB00B0744B38 Bunzl Plc. GBP 0 4,303

GB0006825383 Persimmon Plc. GBP 0 4,219

GB00B2PDGW16 WH Smith Plc. -new- GBP 6,200 6,200

Hong Kong

HK0669013440 Techtronic Industries Co. HKD 0 35,000

Ireland

IE00B4BNMY34 Accenture Plc. USD 0 1,250

Italy

IT0003115950 De'Longhi S.p.A. EUR 4,560 4,560



Purchases and sales from 1 January 2016 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.


Japan

JP3220580009 Calbee Inc. JPY 3,000 3,000

JP3209000003 Casio Computer Co. Ltd. JPY 0 5,900

JP3486800000 Daito Trust Construction Co. Ltd. JPY 1,000 1,000

JP3818400008 Fujitsu General Ltd. JPY 9,000 9,000

JP3496400007 KDDI Corporation JPY 4,900 4,900

JP3240400006 Kikkoman Corporation JPY 3,900 3,900

JP3677600003 Nissin Electric Co. Ltd. JPY 13,000 13,000

JP3170800001 OSG Corporation JPY 0 6,800

JP3982400008 Rohto Pharmaceutical Co. Ltd. JPY 7,000 7,000

JP3976300008 Ryohin Keikaku Co. Ltd. JPY 0 644

JP3357200009 Shimadzu Corporation JPY 0 8,550

JP3546800008 Terumo Corporation JPY 4,300 4,300

Jersey

JE00B783TY65 Delphi Automotive Plc. USD 2,100 2,100

GB00B01C3S32 Randgold Resources Ltd. GBP 1,450 1,450

Netherlands

NL0000334118 ASM International NV EUR 0 3,500

NL0009272269 Cimpress NV USD 0 1,500

Spain

ES0143416115 Gamesa Corporacion Tecnologica S.A. EUR 14,300 14,300

ES0148396007 Industria de Diseño Textil S.A. EUR 0 3,550

Sweden

SE0007100581 Assa-Abloy AB SEK 0 6,500

SE0000862997 Billerud AB SEK 0 7,684

SE0007074281 Hexpol AB SEK 0 13,000

SE0000872095 Swedish Orphan Biovitrum AB SEK 8,808 8,808

Switzerland

CH0025238863 Kühne + Nagel International AG CHF 0 990

CH0013841017 Lonza Group AG CHF 850 850

CH0002497458 SGS S.A. CHF 71 71


US0025671050 Abaxis Inc. USD 2,459 2,459

US00508Y1029 Acuity Brands Inc. USD 570 570

US0051251090 Acxiom Corporation USD 6,500 6,500

US0091581068 Air Products & Chemicals Inc. USD 950 950

US02079K3059 Alphabet Inc. USD 176 176

US0234361089 Amedisys Inc. USD 3,000 3,000

US0533321024 AutoZone Inc. USD 0 187

US0736851090 Beacon Roofing Supply Inc. USD 3,810 3,810

US09227Q1004 Blackbaud Inc. USD 0 2,100

US1344291091 Campbell Soup Co. USD 2,400 2,400

US14149Y1082 Cardinal Health Inc. USD 0 1,600



Purchases and sales from 1 January 2016 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.



US1475281036 Casey's General Stores Inc. USD 0 1,100

US16359R1032 Chemed Corporation USD 0 950

US5324571083 Eli Lilly & Co. USD 0 1,600

US29414B1044 EPAM Systems Inc. USD 1,734 1,734

US3020811044 ExlService Holdings Inc. USD 3,033 3,033

US30219E1038 Express Inc. USD 6,900 6,900

US3377381088 Fiserv Inc. USD 0 1,450

US3448491049 Foot Locker Inc. USD 0 2,013

US3755581036 Gilead Sciences Inc. USD 1,364 1,364

US42235N1081 Heartland Payment Services Inc. USD 1,420 1,420

US48123V1026 j2 Global Inc. USD 0 1,700

US5017971046 L Brands Inc. USD 0 1,453

US53220K5048 Ligand Pharmaceuticals Inc. USD 1,200 1,200

US5370081045 Littelfuse Inc. USD 1,350 1,350

US5627501092 Manhattan Associates Inc. USD 0 1,773

US5747951003 Masimo Corporation USD 3,300 3,300

US57686G1058 Matson Inc. USD 3,250 3,250

US6541061031 Nike Inc. -B- USD 0 2,080

US62944T1051 NVR Inc. USD 0 84

US6780261052 Oil States International Inc. USD 13,500 13,500

US7043261079 Paychex Inc. USD 0 2,480

US69370C1009 PTC Inc. USD 0 3,800

US7782961038 Ross Stores Inc. USD 2,300 2,300

US8330341012 Snap-On Incorporated USD 0 850

US83416B1098 Solarwinds Inc. USD 0 2,300

US8447411088 Southwest Airlines USD 0 2,900

US8552441094 Starbucks Corporation USD 2,400 2,400

US8712371033 Sykes Enterprises Inc. USD 650 5,000

US87612E1064 Target Corporation USD 240 1,900

US88162G1031 Tetra Tech Inc. USD 4,800 4,800

US8919061098 Total System Services Inc. USD 0 2,578

US89785X1019 TrueBlue Inc. USD 5,400 5,400

US9022521051 Tyler Technologies Inc. USD 0 870

US9043111072 Under Armour Inc. USD 0 1,400



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

Hungarian forint HUF 1 285.3180

Japanese yen JPY 1 102.6300

Mexican peso MXN 1 18.5298

New Zealand dollar NZD 1 1.4055

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

Arabesque SICAV

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 in its current version(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 1 July 2014 for an unlimited period in the form of an umbrella fund with sub-funds. Its Articles of Association were published on 24 July 2014 in the Mémorial, Recueil des Sociétés et Associations, the official journal of the Grand Duchy of Luxembourg ("Mémorial"). The latest amendment of the Articles of Association came into effect on 13 May 2015 and was published in the Mémorial on 4 June 2015. The Investment Company is entered in the commercial register in Luxembourg under registration number R.C.S. Luxembourg B 188325.

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 Strassen, Luxembourg (“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.

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 a 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 net asset value per share 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.

Arabesque SICAV


5. Insofar as information on the situation of the net assets of the company must be specified in the financial statements 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:

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 UCI 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 subscription tax known as the “taxe d‘abonnement”, which is currently levied in an amount of 0.05% p.a. The “taxe d‘abonnement” is payable quarterly on the total net assets reported as at the end of each respective quarter. The amount of the “taxe d‘abonnement” is specified for the fund or share 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.

Arabesque SICAV


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.

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

Effective 18 March 2016 the Sales Prospectus was amended according to the legal regulations of UCITS V. 7.) Subsequent Events after the reporting period There were no subsequent events after the reporting period.

Arabesque SICAV

Management, distribution and advisory __________________________________________________________________________________________

Investment Company Arabesque SICAV

4, rue Thomas Edison

L-1445 Strassen, Luxembourg

Board of Directors of the Investment Company Chairwoman of the Board of Directors

Anja Mikus

Member of the Board of Managing Directors

Arabesque Asset Management Ltd

Deputy Chairman of the Board of Directors

Tarek Selim


Arabesque Asset Management Ltd

Member of the Board of Directors

Ulrich Juchem

Director of DZ PRIVATBANK S.A.

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


DZ PRIVATBANK S.A.

Deputy Chairman of the Supervisory Board

Ralf Bringmann


DZ PRIVATBANK S.A.

Arabesque SICAV


Member of the Supervisory Board

Julien Zimmer

General Manager Investment Fund

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 Agents

Grand Duchy of Luxembourg DZ PRIVATBANK S.A.



Germany DZ BANK AG

Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main

Platz der Republik

D-60265 Frankfurt am Main

Fund Manager Arabesque Asset Management Ltd

68 Brook St

London

W1K 5DZ

United Kingdom

Arabesque SICAV


Additional Information for Switzerland for the Sub-Fund Arabesque SICAV – Arabesque Systematic

Paying Agent in Switzerland DZ PRIVATBANK (Schweiz) AG Münsterhof 12 CH-8022 Zürich Jurisdiction and Place of fulfilment IPConcept (Schweiz) AG In Gassen 6 CH-8022 Zürich Representative and Information Agent IPConcept (Schweiz) AG in Switzerland In Gassen 6 CH-8022 Zürich

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