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Unaudited semi-annual report as at 30th June 2018

Crediinvest SICAV Société d'Investissement à Capital Variable Luxembourg

R.C.S. Luxembourg B 98 745

No subscription can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current issue prospectus and the key investor information document ("KIID") accompanied by the subscription form, the latest annual report and the most recent semi-annual report, if published thereafter.

Crediinvest SICAV

Contents

1

Organisation ........................................................................................................................................... 3

General information ............................................................................................................................... 6

Combined statement of net assets ....................................................................................................... 7

Combined statement of operations and other changes in net assets .............................................. 8

Crediinvest SICAV - Money Market Euro Fund.................................................................................... 9 Statement of net assets ........................................................................................................................ 9 Statement of operations and other changes in net assets .................................................................10 Statistical information ..........................................................................................................................11 Statement of investments and other net assets .................................................................................12 Industrial and geographical classification of investments ...................................................................13

Crediinvest SICAV - Money Market Dollar Fund................................................................................14 Statement of net assets ......................................................................................................................14 Statement of operations and other changes in net assets .................................................................15 Statistical information ..........................................................................................................................16 Statement of investments and other net assets .................................................................................17 Industrial and geographical classification of investments ...................................................................19

Crediinvest SICAV - Spanish Value ....................................................................................................20 Statement of net assets ......................................................................................................................20 Statement of operations and other changes in net assets .................................................................21 Statistical information ..........................................................................................................................22 Statement of investments and other net assets .................................................................................23 Industrial and geographical classification of investments ...................................................................24

Crediinvest SICAV - European Value .................................................................................................25 Statement of net assets ......................................................................................................................25 Statement of operations and other changes in net assets .................................................................26 Statistical information ..........................................................................................................................27 Statement of investments and other net assets .................................................................................28 Industrial and geographical classification of investments ...................................................................30

Crediinvest SICAV - US American Value ............................................................................................31 Statement of net assets ......................................................................................................................31 Statement of operations and other changes in net assets .................................................................32 Statistical information ..........................................................................................................................33 Statement of investments and other net assets .................................................................................34 Industrial and geographical classification of investments ...................................................................35

Crediinvest SICAV - Sustainability .....................................................................................................36 Statement of net assets ......................................................................................................................36 Statement of operations and other changes in net assets .................................................................37 Statistical information ..........................................................................................................................38 Statement of investments and other net assets .................................................................................39 Industrial and geographical classification of investments ...................................................................40

Crediinvest SICAV - Fixed Income Euro ............................................................................................41 Statement of net assets ......................................................................................................................41 Statement of operations and other changes in net assets .................................................................42 Statistical information ..........................................................................................................................43 Statement of investments and other net assets .................................................................................44 Industrial and geographical classification of investments ...................................................................46

Crediinvest SICAV - Fixed Income Dollar ..........................................................................................47 Statement of net assets ......................................................................................................................47 Statement of operations and other changes in net assets .................................................................48 Statistical information ..........................................................................................................................49

Crediinvest SICAV

Contents (continued)

2

Statement of investments and other net assets .................................................................................50 Industrial and geographical classification of investments ...................................................................52

Crediinvest SICAV - Proactive Protection ..........................................................................................53 Statement of net assets ......................................................................................................................53 Statement of operations and other changes in net assets .................................................................54 Statistical information ..........................................................................................................................55 Statement of investments and other net assets .................................................................................56 Industrial and geographical classification of investments ...................................................................57

Crediinvest SICAV - Proactive Protection Opportunity ....................................................................58 Statement of net assets ......................................................................................................................58 Statement of operations and other changes in net assets .................................................................59 Statistical information ..........................................................................................................................60 Statement of investments and other net assets .................................................................................61 Industrial and geographical classification of investments ...................................................................62

Crediinvest SICAV - Short Term Fixed Income Euro Fund ..............................................................63 Statement of net assets ......................................................................................................................63 Statement of operations and other changes in net assets .................................................................64 Statistical information ..........................................................................................................................65 Statement of investments and other net assets .................................................................................66 Industrial and geographical classification of investments ...................................................................68

Crediinvest SICAV - Global Equity Dividend .....................................................................................69 Statement of net assets ......................................................................................................................69 Statement of operations and other changes in net assets .................................................................70 Statistical information ..........................................................................................................................71 Statement of investments and other net assets .................................................................................72 Industrial and geographical classification of investments ...................................................................73

Crediinvest SICAV - Active Allocation Conservative ........................................................................74 Statement of net assets ......................................................................................................................74 Statement of operations and other changes in net assets .................................................................75 Statistical information ..........................................................................................................................76 Statement of investments and other net assets .................................................................................77 Industrial and geographical classification of investments ...................................................................78

Crediinvest SICAV - Active Allocation Flexible .................................................................................79 Statement of net assets ......................................................................................................................79 Statement of operations and other changes in net assets .................................................................80 Statistical information ..........................................................................................................................81 Statement of investments and other net assets .................................................................................82 Industrial and geographical classification of investments ...................................................................83

Crediinvest SICAV - Active Allocation Dynamic ...............................................................................84 Statement of net assets ......................................................................................................................84 Statement of operations and other changes in net assets .................................................................85 Statistical information ..........................................................................................................................86 Statement of investments and other net assets .................................................................................87 Industrial and geographical classification of investments ...................................................................88

Notes to the financial statements .......................................................................................................89

Additional information .......................................................................................................................102

Crediinvest SICAV

3

Organisation

Registered office 30, Boulevard Royal

L-2449 LUXEMBOURG Board of Directors Chairman Sergio MARTÍ PRATS Chief Executive Officer

CREDI-INVEST S.A. 6-8, Bonaventura Armengol

AD-500 ANDORRA LA VELLA Directors Carlo Alberto MONTAGNA Partner at the Directors' Office c/o The Directors' Office

21st Century Building 19, Rue de Bitbourg L-1273 LUXEMBOURG

David MACIA PEREZ Chief Investment Officer CREDI-INVEST S.A.

6-8, Bonaventura Armengol AD-500 ANDORRA LA VELLA Jorge MONTEIRO PEREIRA Conducting Officer and Head of Investment Management

CRÈDIT ANDORRÀ ASSET MANAGEMENT LUXEMBOURG S.A. 30, Boulevard Royal L-2449 LUXEMBOURG

Management Company CRÈDIT ANDORRÀ ASSET MANAGEMENT LUXEMBOURG S.A. 30, Boulevard Royal L-2449 LUXEMBOURG Board of Directors of the Management Company Chairman José Luis DORADO OCAÑA Chief of the investment activities

CRÈDIT ANDORRÀ S.A. 80, Av. Meritxell AD-500 ANDORRA LA VELLA

Directors Carlo Alberto MONTAGNA Partner at the Directors’ Office c/o The Directors’ Office 21st Century Building 19, Rue de Bitbourg L-1273 LUXEMBOURG

Crediinvest SICAV

Organisation (continued)

4

Christophe CANLER Director of Compliance CRÈDIT ANDORRÀ S.A. 80, Av. Meritxell AD-500 ANDORRA LA VELLA

Javier VALLS MARTINEZ Partner at the Directors’ Office c/o The Directors’ Office 21st Century Building 19, Rue de Bitbourg L-1273 LUXEMBOURG (until 31st March 2018) Ventura VIDAL FLINCH Head of Back Office

CRÈDIT ANDORRÀ S.A. 80, Av. Meritxell AD-500 ANDORRA LA VELLA

Conducting officers of the Fernando GIRALDA ALONSO Management Company (until 15th June 2018) Jaime GOMEZ-FERRER RINCON (until 30th June 2018) Sergi MARTÍ PRATS Jorge Miguel MONTEIRO PEREIRA Central administrative agent EUROPEAN FUND ADMINISTRATION S.A.

2, Rue d'Alsace L-1122 LUXEMBOURG (until 30th June 2018) BANQUE DE PATRIMOINES PRIVÉS 30, Boulevard Royal L-2449 LUXEMBOURG (since 1st July 2018)

Depositary, domiciliary BANQUE DE PATRIMOINES PRIVÉS and paying agent 30, Boulevard Royal

L-2449 LUXEMBOURG Auditor PRICEWATERHOUSECOOPERS, Société coopérative 2, Rue Gerhard Mercator L-2182 LUXEMBOURG Distributors CRÈDIT ANDORRÀ S.A.

80, Av. Meritxell AD-500 ANDORRA LA VELLA

Crediinvest SICAV

Organisation (continued)

5

BANCO ALCALÀ 7, Calle Ortega y Gasset E-28006 MADRID

ALLFUNDS BANK, S.A. C/ Estafeta n°6, Complejo Pza. De la Fuente – Edificio 3 E-28109 ALCOBENDAS (MADRID)

ALLFUNDS BANK INTERNATIONAL S.A. 30, Boulevard Royal L-2449 LUXEMBOURG

Investment Advisors CREDI-INVEST S.A.

6-8, Bonaventura Armengol AD-500 ANDORRA LA VELLA

PRIVATE INVESTMENT MANAGEMENT S.A. 20, Rue Général Dufour CH-1204 GENEVA

BANCO ALCALÀ 7, Calle Ortega y Gasset E-28006 MADRID (since 1st January 2018)

Crediinvest SICAV

6

General information

Crediinvest SICAV (the "Company"), being an investment company with variable capital ("société d'investissement à capital variable"), is registered in the Grand Duchy of Luxembourg as an Undertaking for Collective Investment in Transferable Securities pursuant to Part I of the amended law of 17th December 2010 relating to Undertakings for Collective Investment (the "2010 Law") and the Council Directive 2009/65/CE (the "UCITS Directive") as amended. The Company was incorporated on 2nd February 2004 for an unlimited period. The Company is registered under the number B 98 745 at the "Registre de Commerce et des Sociétés de Luxembourg", where its articles of incorporation are available for inspection and a copy thereof may be obtained upon request. In accordance with the provisions of article 27 of the 2010 Law, the Company has designated CRÈDIT ANDORRÀ ASSET MANAGEMENT LUXEMBOURG S.A. as its management company since 1st August 2014. At the date of the financial statements, the Company offers the following Sub-Funds: - Crediinvest SICAV - Money Market Euro Fund (hereafter "Money Market Euro Fund") in EUR - Crediinvest SICAV - Money Market Dollar Fund (hereafter "Money Market Dollar Fund") in USD - Crediinvest SICAV - Spanish Value (hereafter "Spanish Value") in EUR - Crediinvest SICAV - European Value (hereafter "European Value") in EUR - Crediinvest SICAV - US American Value (hereafter "US American Value") in USD - Crediinvest SICAV - Sustainability (hereafter "Sustainability") in EUR - Crediinvest SICAV - Fixed Income Euro (hereafter "Fixed Income Euro") in EUR - Crediinvest SICAV - Fixed Income Dollar (hereafter "Fixed Income Dollar") in USD - Crediinvest SICAV - Proactive Protection (hereafter "Proactive Protection") in EUR - Crediinvest SICAV - Proactive Protection Opportunity (hereafter "Proactive Protection Opportunity")

in EUR

- Crediinvest SICAV - Short Term Fixed Income Euro Fund (hereafter "Short Term Fixed Income Euro Fund")

in EUR

- Crediinvest SICAV - Global Equity Dividend (hereafter "Global Equity Dividend") in EUR - Crediinvest SICAV - Active Allocation Conservative (hereafter "Active Allocation Conservative")

in EUR

- Crediinvest SICAV - Active Allocation Flexible (hereafter "Active Allocation Flexible") in EUR - Crediinvest SICAV - Active Allocation Dynamic (hereafter "Active Allocation Dynamic") in EUR

The Board of Directors of the Company approved:

- The transfer of the transfer agent and fund administration services from European Fund Administration S.A. to Banque de Patrimoine Privées during 2018.

All of the Sub-Funds (except Money Market Euro Fund and Global Equity Dividend) may offer class I Shares (for institutional shareholders only) and class A Shares (for retail shareholders only). A hedged version of each Classes of Shares may be created for each Sub-Fund in favour of investors, which may be denominated in a currency other than the reference currency of the relevant Sub-Fund. The Sub-Funds Spanish Value, European Value, Proactive Protection and Proactive Protection Opportunity, Active Allocation Flexible and Active Allocation Dynamic offer a Hedged Class I3 expressed in USD. The Sub-Fund European Value offers a Hedged Class I5 expressed in GBP.The Sub-Fund US American Value offers a Hedged Class I3 expressed in EUR. The Sub-Fund Global Equity Dividend offers a Hedged Class A expressed in USD. The articles of incorporation, the prospectus, the KIID, the most recent semi-annual and audited annual reports, the statement of changes in investments are available free of charge at the registered office of the Company.

Crediinvest SICAV

Combined statement of net assets (in EUR) as at 30th June 2018

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

7

Assets Securities portfolio at market value 599,715,600.56 Cash at banks 24,483,636.83 Other liquid assets 1,245,269.71 Receivable on sales of securities 2,995,467.64 Income receivable on portfolio 1,794,528.09 Unrealised gain on futures contracts 23,694.00 Unrealised gain on forward foreign exchange contracts 1,314,961.32 Other receivables 369,550.83

Total assets 631,942,708.98

Liabilities Bank overdrafts 655,220.70 Other liquid liabilities 15.93 Payable on purchases of securities 305,721.78 Interest payable on bank overdrafts 2,878.94 Unrealised loss on futures contracts 62,876.99 Unrealised loss on forward foreign exchange contracts 48,930.10 Expenses payable 1,677,025.24 Other liabilities 541,237.57

Total liabilities 3,293,907.25

Net assets at the end of the period 628,648,801.73

Crediinvest SICAV

Combined statement of operations and other changes in net assets (in EUR) from 1st January 2018 to 30th June 2018


8

Income Dividends, net 6,034,342.43 Interest on bonds and other debt securities, net 1,448,497.19 Interest on bank accounts 1,772.62 Other income 15,019.97

Total income 7,499,632.21

Expenses Management fees 7,315,013.71 Fixed TER expenses 1,100,146.27 Performance fees 204,250.15 Banking charges and other fees 24,845.08 Transaction fees 3,188,524.67 Central administration costs 7.50 Other administration costs 1,895,351.52 Bank interest paid 4,821.36

Total expenses 13,732,960.26

Net investment loss -6,233,328.05

Net realised gain/(loss) - on securities portfolio 14,008,077.54 - on futures contracts -443,351.12 - on forward foreign exchange contracts -1,343,906.75 - on foreign exchange -131,238.66

Realised result 5,856,252.96

Net variation of the unrealised gain/(loss) - on securities portfolio -51,839,891.13 - on futures contracts -199,204.55 - on forward foreign exchange contracts 2,911,867.17

Result of operations -43,270,975.55

Subscriptions 63,642,026.87

Redemptions -105,008,475.52

Total changes in net assets -84,637,424.20

Total net assets at the beginning of the period 712,226,293.12

Revaluation difference 1,059,932.81

Total net assets at the end of the period 628,648,801.73

Money Market Euro Fund

Statement of net assets (in EUR) as at 30th June 2018


9

Assets Securities portfolio at market value 26,035,113.29 Cash at banks 5,009,756.94 Income receivable on portfolio 38,931.26 Other receivables 5,389.12


Liabilities Expenses payable 1,370.32 Other liabilities 8,129.78

Total liabilities 9,500.10


Breakdown of net assets per share class

Share class Number of

shares

Currency of

share class

NAV per share in currency of

share class

Net assets per share class

(in EUR)

A 3,127,184.3396 EUR 9.9386 31,079,690.51

31,079,690.51


Statement of operations and other changes in net assets (in EUR) from 1st January 2018 to 30th June 2018


10

Income Interest on bonds and other debt securities, net 100,242.62

Total income 100,242.62

Expenses Management fees 8,059.64 Fixed TER expenses 16,119.33 Banking charges and other fees 3,619.21 Transaction fees 670.00

Total expenses 28,468.18

Net investment income 71,774.44

Net realised gain/(loss) - on securities portfolio -222,725.63

Realised result -150,951.19

Net variation of the unrealised gain/(loss) - on securities portfolio 90,425.36

Result of operations -60,525.83

Subscriptions 834,554.54






Statistical information (in EUR) as at 30th June 2018


11

Total net assets Currency 31.12.2016 31.12.2017 30.06.2018

EUR 44,367,916.21 33,689,941.91 31,079,690.51

Net asset value per share Currency 31.12.2016 31.12.2017 30.06.2018

A EUR 9.9943 9.9570 9.9386

Number of shares outstanding at the

beginning of the period

issued redeemed outstanding at the end of the period

A 3,383,527.4898 83,919.1673 -340,262.3175 3,127,184.3396


Statement of investments and other net assets (in EUR) as at 30th June 2018


12

Currency Number / nominal value

Description Cost Market value % of total net assets

Investments in securities

Transferable securities admitted to an official stock exchange listing

Bonds

EUR 500,000 American Honda Finance Corp FRN EMTN Ser A Sen15/11.03.19

502,135.00 501,257.50 1.61

EUR 500,000 AT&T Inc FRN Sen 14/04.06.19 503,978.00 501,980.00 1.62 EUR 500,000 BMW Finance NV FRN EMTN Sen Reg S 17/17.07.19 501,930.00 501,062.50 1.61 EUR 581,000 Daimler AG FRN EMTN Ser 49 Reg S Sen 14/24.06.19 585,497.06 582,670.37 1.87 EUR 500,000 Deutsche Bank AG 1% EMTN Sen 16/18.03.19 502,060.00 501,515.00 1.61 EUR 2,000,000 Deutsche Bank AG FRN EMTN Sen 14/15.04.19 2,004,000.00 1,995,000.00 6.42 EUR 200,000 Equinor ASA FRN EMTN Reg S S Ser 2015-1 15/17.08.19 200,930.00 200,555.00 0.65 EUR 1,500,000 FCE Bank Plc FRN EMTN Reg S Sen 16/11.08.18 1,518,660.00 1,501,987.50 4.83 EUR 300,000 GE Capital European Funding Co FRN EMTN Sen 15/21.01.20 301,188.00 300,870.00 0.97 EUR 1,000,000 Goldman Sachs Group Inc FRN EMTN Reg S Sen 16/29.04.19 1,008,890.00 1,004,455.00 3.23 EUR 500,000 Goldman Sachs Group Inc FRN EMTN Sen 15/11.09.18 503,090.00 500,542.50 1.61 EUR 1,000,000 Intesa Sanpaolo SpA FRN EMTN Sen 14/17.04.19 1,003,000.00 1,001,780.00 3.22 EUR 2,000,000 Italia FRN CCT 13/01.11.18 2,052,590.00 2,011,530.00 6.47 EUR 1,500,000 Italia T-Bills 0.1% Ser 3Y 16/15.04.19 1,493,445.00 1,499,557.50 4.83 EUR 600,000 LVMH Moët Hennessy L Vuit SE FRN EMTN Sen Reg S

17/26.11.18 602,580.00 600,681.00 1.93

EUR 1,500,000 Norddeutsche LB GZ FRN Sen 16/25.07.18 1,509,150.00 1,500,037.50 4.83 EUR 500,000 RCI Banque FRN EMTN Sen 15/16.07.18 502,500.00 500,135.00 1.61 EUR 1,000,000 Royal Philips NV FRN Sen Reg S 17/06.09.19 1,004,995.00 1,002,880.00 3.23 EUR 1,100,000 Scania CV AB FRN EMTN Sen Reg S 17/06.09.19 1,103,501.00 1,102,689.50 3.55 EUR 2,000,000 The Royal Bank of Scotland Plc FRN EMTN Sen 18/02.03.20 2,005,940.00 2,000,230.00 6.44 EUR 1,200,000 Unicredit SpA 3.625% EMTN Reg S Sen 13/24.01.19 1,227,000.00 1,223,160.00 3.94 EUR 500,000 United Technologies Corp FRN EMTN Sen 17/13.11.19 502,550.00 501,230.00 1.61 EUR 500,000 Volkswagen Intl Finance NV FRN EMTN Ser A07/14

14/15.04.19 503,350.00 501,337.50 1.61

EUR 1,500,000 Volkswagen Intl Finance NV FRN Reg S Sen 17/30.03.19 1,502,700.00 1,501,695.00 4.83

Total bonds 23,145,659.06 23,038,838.37 74.13

Transferable securities dealt in on another regulated market

Bonds

EUR 500,000 Intesa Sanpaolo SpA FRN 13/10.07.18 510,600.00 500,050.00 1.61 EUR 500,000 Intesa Sanpaolo SpA FRN 13/16.10.18 511,650.00 501,700.00 1.61

Total bonds 1,022,250.00 1,001,750.00 3.22

Money market instruments


EUR 1,000,000 Acciona Financia Filiales SA 0% ECP Reg S 18/21.02.19 993,969.92 993,969.92 3.20 EUR 1,000,000 Italia 0% BOT Ser 6M 18/30.11.18 994,890.00 1,000,555.00 3.22

Total money market instruments 1,988,859.92 1,994,524.92 6.42

Total investments in securities 26,156,768.98 26,035,113.29 83.77

Cash at banks 5,009,756.94 16.12

Other net assets/(liabilities) 34,820.28 0.11

Total 31,079,690.51 100.00


Industrial and geographical classification of investments as at 30th June 2018

13

Industrial classification

(in percentage of net assets)

Financials 54.79 %

Countries and governments 14.52 %

Cyclical consumer goods 7.03 %

Industrials 5.16 %

Telecommunications services 1.62 %

Energy 0.65 %

Total 83.77 %

Geographical classification

(by domicile of the issuer) (in percentage of net assets)

Italy 24.90 %

Germany 14.73 %

The Netherlands 11.28 %

United Kingdom 11.27 %

United States of America 9.68 %

Sweden 3.55 %

France 3.54 %

Spain 3.20 %

Ireland 0.97 %

Norway 0.65 %

Total 83.77 %

Money Market Dollar Fund

Statement of net assets (in USD) as at 30th June 2018


14

Assets Securities portfolio at market value 9,131,749.92 Cash at banks 1,941,281.47 Income receivable on portfolio 63,813.18


Liabilities Expenses payable 471.90 Other liabilities 943.83





shares

Currency of

share class


share class


(in USD)

A 1,084,687.6456 USD 10.2660 11,135,428.84

11,135,428.84


Statement of operations and other changes in net assets (in USD) from 1st January 2018 to 30th June 2018


15



Expenses Management fees 2,503.78 Fixed TER expenses 5,007.54 Banking charges and other fees 1,738.80 Transaction fees 1,732.26




Realised result 79,616.64

Net variation of the unrealised gain/(loss) - on securities portfolio -1,674.92

Result of operations 77,941.72



Total changes in net assets 2,069,917.46




Statistical information (in USD) as at 30th June 2018


16


USD 12,245,825.71 9,065,511.38 11,135,428.84


A USD 10.0947 10.1875 10.2660




A 889,870.5079 394,345.5779 -199,528.4402 1,084,687.6456


Statement of investments and other net assets (in USD) as at 30th June 2018


17





Bonds

USD 400,000 African Development Bank FRN Sen Ser 561 Tr 1 16/01.08.18 400,476.00 400,104.00 3.59 USD 150,000 Amgen Inc 2.2% 14/22.05.19 149,305.93 149,208.00 1.34 USD 150,000 Anheuser Bush Inbe WldWide Inc 2.2% Ser B Sen 16/01.08.18 150,493.50 149,969.92 1.35 USD 400,000 Apple Inc FRN Sen 17/08.02.19 400,300.00 400,250.00 3.59 USD 150,000 AstraZeneca Plc 1.75% Sen 15/16.11.18 149,339.66 149,531.25 1.34 USD 150,000 AT&T Inc 2.375% Sen 13/27.11.18 150,594.27 149,857.50 1.35 USD 150,000 Bank of America Corp 2.60% Ser L 13/15.01.19 150,525.00 149,951.25 1.35 USD 200,000 Bank of China (Hong Kong) Ltd FRN EMTN Sen Reg S

17/11.07.19 200,322.00 200,174.00 1.80

USD 150,000 BP Capital Markets Plc 2.241% Sen 13/26.09.18 150,150.00 149,950.50 1.35 USD 150,000 Campbell Soup Co FRN Sen 18/15.03.20 150,825.00 149,955.75 1.35 USD 250,000 Capital One Bank Nation Associ 2.25% Ser BKNT 14/13.02.19 249,125.00 249,076.25 2.24 USD 150,000 Caterpillar Fin Serv Corp FRN MTN Ser I Sen 18/15.05.20 150,071.13 149,982.75 1.35 USD 150,000 Cisco Systems Inc FRN Sen 16/20.09.19 150,735.00 150,585.00 1.35 USD 150,000 Corp Andina de Fomento 2% Sen 16/10.05.19 148,803.00 148,875.00 1.34 USD 150,000 CVS Health Corp 2.25% Sen 13/05.12.18 150,307.50 149,730.00 1.34 USD 150,000 Deutsche Bk AG London 2.5% Ser A Tr 473 Sen 14/13.02.19 149,625.00 149,108.25 1.34 USD 200,000 Deutsche Telekom Intl Fin BV FRN Sen Reg S 16/19.09.19 200,600.00 200,466.00 1.80 USD 200,000 EIB FRN EMTN Sen Reg S 15/09.10.18 200,240.00 200,063.00 1.80 USD 200,000 General Motors Financial Co 3.1% Sen 15/15.01.19 201,540.00 200,207.00 1.80 USD 150,000 Gilead Sciences Inc 1.85% Sen 15/04.09.18 150,117.00 149,861.25 1.35 USD 150,000 Hewlett Packard Enterprise Co Step-down Sen 16/05.10.18 150,268.50 150,093.75 1.35 USD 200,000 Instituto de Credito Oficial 1.625% MTN Reg S 16/14.09.18 199,226.18 199,639.00 1.79 USD 200,000 Israel Electric Corp Ltd 7.25% EMTN Reg-S 08/15.01.19 205,800.00 204,397.00 1.83 USD 150,000 JPMorgan Chase & Co FRN MTN Ser H 14/28.01.19 151,047.00 150,509.25 1.35 USD 150,000 Kinder Morgan Energy Part LP 2.65% Sen 13/01.02.19 150,411.34 149,825.25 1.34 USD 150,000 Korea 7.125% Sen 09/16.04.19 156,058.50 155,025.75 1.39 USD 200,000 Korea Development Bank 2.875% Sen 13/22.08.18 200,740.00 200,008.00 1.80 USD 150,000 Macquarie Group Ltd 3% Reg S Sen Tr 5 13/03.12.18 150,450.00 150,107.25 1.35 USD 150,000 Novartis Sec Investment Ltd 5.125% Sen 09/10.02.19 153,981.20 152,194.50 1.37 USD 150,000 Oracle Corp FRN Sen 14/08.10.19 151,305.00 150,712.50 1.35 USD 200,000 Orange SA 2.75% Sen 14/06.02.19 200,454.00 199,981.00 1.80 USD 200,000 Petroleos Mexicanos 8% Ser B Sen Gl 09/03.05.19 208,750.00 207,346.00 1.86 USD 250,000 Rabobk NL New York Branch 2.25% MTN Tr 1 Sen 14/14.01.19 249,455.00 249,486.25 2.24 USD 150,000 Royal Bank of Canada 2.15% GMTN Ser F Tr 397 Sen

14/15.03.19 149,512.50 149,472.75 1.34

USD 150,000 Santander UK Plc 2.5% Sen 16/14.03.19 150,000.00 149,706.75 1.34 USD 200,000 Sinopec Gr Ov Dev (2016) Ltd 2.125% Reg S Sen 16/03.05.19 198,300.00 198,288.00 1.78 USD 200,000 Standard Chartered Plc FRN EMTN Sen Reg S 16/19.08.19 202,155.46 201,902.00 1.81 USD 200,000 Tencent Holdings Ltd 3.375% EMTN Reg S Sen Tr 2

14/02.05.19 201,000.00 200,690.00 1.80

USD 110,000 Toronto Dominion Bank (The) FRN MTN Ser A 16/22.01.19 111,045.00 110,423.50 0.99 USD 350,000 Toyota Motor Cred Corp FRN Ser B 17/09.01.19 350,630.00 350,329.00 3.15 USD 200,000 UBS AG London FRN Ser 15617/17 Sen Reg S 17/28.05.19 200,500.00 200,154.00 1.80

Total bonds 7,694,584.67 7,677,198.17 68.95


Bonds

USD 300,000 ABN AMRO Bank NV FRN Reg S Sen 17/18.01.19 300,900.00 300,801.00 2.70 USD 150,000 Deutsche Bank AG FRN Ser A Sen 17/18.01.19 150,736.50 150,172.50 1.35 USD 200,000 Ford Motor Cred Co LLC FRN Sen 16/08.01.19 203,840.00 201,237.00 1.81 USD 150,000 Glencore Funding LLC FRN Reg S Sen 13/15.01.19 151,693.50 150,600.00 1.35 USD 250,000 Morgan Stanley FRN Ser F 14/24.01.19 251,875.00 250,965.00 2.25 USD 250,000 Wells Fargo Bank NA 1.8% MTN Sen 16/28.11.18 249,760.00 249,276.25 2.24

Total bonds 1,308,805.00 1,303,051.75 11.70


Statement of investments and other net assets (in USD) (continued) as at 30th June 2018


18



Other transferable securities

Bonds

USD 150,000 Qualcomm Inc FRN Sen Reg S 18/21.05.19 149,731.50 151,500.00 1.36

Total bonds 149,731.50 151,500.00 1.36


Cash at banks 1,941,281.47 17.43


Total 11,135,428.84 100.00



19



Financials 42.32 %

Technologies 10.80 %

International institutions 6.73 %


Non-cyclical consumer goods 4.04 %

Healthcare 4.03 %

Energy 3.21 %

Utilities 3.17 %


Special Purpose Vehicle (SPV) 1.37 %

Total 82.01 %






Ivory Coast 3.59 %

South Korea 3.19 %

Canada 2.33 %

Mexico 1.86 %

Israel 1.83 %

Hong Kong 1.80 %

France 1.80 %

Luxembourg 1.80 %

Cayman Islands 1.80 %

Spain 1.79 %

British Virgin Islands 1.78 %

Bermuda 1.37 %

Germany 1.35 %

Australia 1.35 %

Venezuela 1.34 %

Total 82.01 %

Spanish Value



20

Assets Securities portfolio at market value 40,924,078.67 Other liquid assets 351,929.92 Income receivable on portfolio 87,453.25 Unrealised gain on forward foreign exchange contracts 102,895.76 Other receivables 29,297.49


Liabilities Bank overdrafts 32,801.46 Interest payable on bank overdrafts 11.59 Expenses payable 321,004.84 Other liabilities 42,777.51





shares

Currency of

share class


share class


(in EUR)

A 127,674.8812 EUR 294.6768 37,622,830.03 Hedged I3 364,358.1280 USD 11.1392 3,476,229.66

41,099,059.69

Spanish Value



21

Income Dividends, net 650,697.30


Expenses Management fees 620,204.55 Fixed TER expenses 85,550.42 Performance fees 193,583.64 Banking charges and other fees 1,731.89 Transaction fees 274,260.88 Other administration costs 160,397.80 Bank interest paid 570.64


Net investment loss -685,602.52

Net realised gain/(loss) - on securities portfolio 859,327.74 - on futures contracts -99,640.00 - on forward foreign exchange contracts -103,134.12 - on foreign exchange -85.29


Net variation of the unrealised gain/(loss) - on securities portfolio -151,025.20 - on forward foreign exchange contracts 234,021.58

Result of operations 53,862.19






Spanish Value



22


EUR 50,353,117.76 43,292,220.98 41,099,059.69


A EUR 272.8438 295.2396 294.6768 Hedged I3 USD 10.1708 11.1148 11.1392




A 132,392.5799 6,358.1701 -11,075.8688 127,674.8812 Hedged I3 454,259.9956 4,629.0000 -94,530.8676 364,358.1280

Spanish Value



23





Shares

EUR 56,979 Acerinox SA Reg 661,633.82 646,141.86 1.57 EUR 94,910 Almirall SA 810,485.65 1,089,566.80 2.65 EUR 79,059 Applus Services SA 875,709.79 903,644.37 2.20 EUR 19,180 ArcelorMittal SA Reg S 516,505.98 481,609.80 1.17 EUR 82,372 Cia de Dist Integ Logis Hgs SA 1,633,259.85 1,825,363.52 4.44 EUR 26,000 Coca-Cola Eur Partners PLC 822,509.26 904,280.00 2.20 EUR 21,000 Construccion y Aux de Ferro SA Bearer 823,591.35 863,100.00 2.10 EUR 80,000 Corticeira Amorim SGPS SA Reg 900,233.08 897,600.00 2.18 EUR 31,424 Elecnor SA 303,582.30 400,341.76 0.97 EUR 118,000 Euskaltel SA 813,015.71 916,270.00 2.23 EUR 118,944 Ferrovial SA 2,144,404.52 2,090,440.80 5.09 EUR 127,009 Galp Energia SGPS SA B 1,988,571.11 2,074,692.02 5.05 EUR 48,014 Gas Natural SDG SA 921,106.12 1,088,957.52 2.65 EUR 119,605 Gestamp Automocion Bearer 716,420.98 768,462.13 1.87 EUR 197,751 Iberdrola SA 1,279,918.74 1,309,902.62 3.19 EUR 62,850 Industria de Diseno Textil SA 1,587,531.53 1,838,991.00 4.47 EUR 46,000 Jeronimo Martins SA Reg 596,682.56 569,020.00 1.38 EUR 480,451 Mapfre SA Reg 1,302,600.01 1,241,965.84 3.02 EUR 51,653 Melia Hotels Intl SA 582,272.67 606,406.22 1.48 EUR 50,000 Metrovacesa SA Bearer 762,725.75 750,000.00 1.82 EUR 17,753 Miquel y Costas & Miquel SA 443,946.41 573,421.90 1.40 EUR 377,977 NOS SGPS SA 2,140,448.75 1,774,224.04 4.32 EUR 305,016 Obrascon Huarte Lain SA 1,314,509.73 836,048.86 2.03 EUR 186,335 Prosegur Cia de Seguridad SA 1,257,857.12 1,042,544.33 2.54 EUR 300,000 Quabit Inmobiliaria SA 610,903.97 579,000.00 1.41 EUR 194,035 Repsol SA 2,896,781.26 3,252,996.78 7.92 EUR 96,514 Siemens Gamesa Rene Energy SA 1,120,044.97 1,110,393.57 2.70 EUR 500,000 Sonae SGPS SA Reg 571,963.43 515,000.00 1.25 EUR 150,000 Talgo SA 766,104.57 771,000.00 1.88 EUR 67,642 Tecnicas Reunidas SA 2,010,141.42 1,866,242.78 4.54 EUR 404,588 Telefonica SA 3,625,852.72 2,944,996.05 7.17 EUR 400,018 Tubacex SA 1,061,725.39 1,138,051.21 2.77 EUR 118,785 Zardoya Otis SA 1,034,201.53 971,661.30 2.36

Total shares 38,897,242.05 38,642,337.08 94.02

Closed-ended investment funds

EUR 87,236 Inmobiliaria Colo SOCIMI SA Dist 711,435.14 825,688.74 2.01 EUR 77,354 Lar Espana Real Esta SOCIMI SA EUR 655,614.48 739,504.24 1.80 EUR 57,531 Merlin Properties SOCIMI SA 623,323.29 716,548.61 1.74

Total closed-ended investment funds 1,990,372.91 2,281,741.59 5.55


Shares

EUR 38,713 Hullera Vasco Leonesa SA 196,182.80 0.00 0.00

Total shares 196,182.80 0.00 0.00


Bank overdrafts -32,801.46 -0.08


Total 41,099,059.69 100.00

Spanish Value


24



Industrials 28.93 %

Energy 12.97 %



Raw materials 9.09 %

Utilities 6.81 %

Real estate 5.24 %

Financials 5.22 %


Real estate funds 3.54 %

Healthcare 2.65 %

Total 99.57 %



Spain 82.02 %

Portugal 14.18 %


Luxembourg 1.17 %

Total 99.57 %

European Value



25

Assets Securities portfolio at market value 359,604,713.05 Cash at banks 2,918,388.81 Other liquid assets 49,953.92 Receivable on sales of securities 2,995,467.64 Income receivable on portfolio 659,688.26 Unrealised gain on forward foreign exchange contracts 1,095,832.94 Other receivables 271,844.72


Liabilities Bank overdrafts 53,177.05 Payable on purchases of securities 79,214.19 Interest payable on bank overdrafts 1,973.96 Expenses payable 1,152,199.91 Other liabilities 393,762.90

Total liabilities 1,680,328.01




shares

Currency of

share class


share class


(in EUR)

A 1,470,483.6637 EUR 220.6263 324,427,349.23 Hedged I3 3,460,918.1255 USD 13.3543 39,585,431.47 Hedged I5 182,451.8981 GBP 9.2227 1,902,780.63

365,915,561.33

European Value



26

Income Dividends, net 4,905,284.12

Total income 4,905,284.12

Expenses Management fees 5,791,618.87 Fixed TER expenses 798,843.93 Performance fees 1,487.20 Banking charges and other fees 4,291.86 Transaction fees 2,650,348.10 Other administration costs 1,497,832.50 Bank interest paid 2,305.57


Net investment loss -5,841,443.91

Net realised gain/(loss) - on securities portfolio 11,681,934.21 - on forward foreign exchange contracts -1,206,695.04 - on foreign exchange -116,620.17


Net variation of the unrealised gain/(loss) - on securities portfolio -47,240,454.48 - on forward foreign exchange contracts 2,561,054.73







European Value



27


EUR 381,908,485.14 443,261,313.71 365,915,561.33


A EUR 244.8989 244.4409 220.6263 Hedged I3 USD 14.6262 14.7230 13.3543 Hedged I5 GBP 10.2234 10.2332 9.2227




A 1,612,440.5033 53,506.9038 -195,463.7434 1,470,483.6637 Hedged I3 3,862,210.2282 95,187.7189 -496,479.8216 3,460,918.1255 Hedged I5 152,701.8981 47,050.0000 -17,300.0000 182,451.8981

European Value



28





Shares

CHF 2,877,277 Aryzta AG 62,708,217.67 36,967,434.60 10.10 EUR 122,341 Bayerische Motoren Werke AG Pref 8,741,207.24 8,355,890.30 2.28 EUR 3,820,567 Bollore 15,488,982.89 15,221,138.93 4.16 EUR 2,919,183 Cia Finanziaria De Benedet SpA 1,895,211.04 1,245,031.55 0.34 EUR 4,735,367 Cie Industriali Riunite SpA 5,710,152.66 4,962,664.62 1.36 EUR 418,861 Danieli & C Off Meccaniche SpA Risp non Conv 5,823,261.99 6,316,423.88 1.73 EUR 279,992 Elecnor SA 3,204,236.81 3,567,098.08 0.97 EUR 1,574,142 Euronav NV 11,099,248.03 12,380,626.83 3.38 EUR 690,434 Euskaltel SA 5,031,971.42 5,361,220.01 1.47 EUR 76,760 EXOR NV 3,637,419.24 4,429,052.00 1.21 EUR 713,566 Fugro NV 8,775,297.24 8,873,193.21 2.42 EUR 61,248 Iliad SA 8,163,844.71 8,289,916.80 2.27 EUR 841,463 NOS SGPS SA 4,263,013.78 3,949,827.32 1.08 EUR 385,936 Oci NV Reg 7,466,446.86 8,926,699.68 2.44 EUR 299,487 Porsche Automobile Hg SE Pref 16,727,953.31 16,340,010.72 4.47 EUR 1,318,178 Quabit Inmobiliaria SA 2,302,720.40 2,544,083.54 0.70 EUR 371,288 Renault SA 31,321,444.73 27,040,905.04 7.39 EUR 881,829 Sacyr SA 1,985,323.40 2,068,770.83 0.57 EUR 386,443 Schaeffler AG Pref 5,752,159.37 4,308,839.45 1.18 EUR 65,002 Sol SpA 310,520.04 682,521.00 0.19 EUR 214,572 TechnipFMC Plc Reg 5,098,450.53 5,868,544.20 1.60 EUR 650,601 Tecnicas Reunidas SA 17,073,781.37 17,950,081.59 4.91 EUR 439,521 Telefonica SA 3,734,267.67 3,199,273.36 0.87 EUR 289,460 ThyssenKrupp AG 6,458,690.59 6,026,557.20 1.65 EUR 1,348,657 Vocento SA Reg 2,064,176.67 1,869,238.60 0.51

182,129,781.99 179,777,608.74 49.15

GBP 2,433,438 Babcock Intl Group Plc 24,234,250.97 22,503,396.88 6.15 GBP 1,419,339 DFS Furniture Plc 4,126,745.26 3,298,212.64 0.90 GBP 13,766,348 Dixons Carphone Plc 40,062,362.94 29,047,654.56 7.94 GBP 822,924 Greene King Plc 5,334,710.88 5,356,254.46 1.46 GBP 1,370,565 Mitchells & Butlers Plc 3,990,644.76 4,035,722.58 1.10 GBP 8,068,019 Petra Diamonds Ltd 5,384,349.51 5,136,366.39 1.40 GBP 1,116,507 Petrofac Ltd 5,704,610.84 7,378,232.66 2.02 GBP 528,552 Polymetal International PLC 5,594,899.42 4,004,453.10 1.09 GBP 1,610,490 Sports Direct Intl Plc 6,453,562.84 7,273,555.90 1.99

100,886,137.42 88,033,849.17 24.05

KRW 60,739 Hyundai Motor Co Ltd Pref 4,929,112.19 4,238,359.17 1.16 NOK 316,402 Bonheur ASA 2,766,893.67 3,670,742.19 1.00 NOK 874,520 Hoegh LNG Holding Ltd 6,397,825.85 4,144,688.32 1.13 NOK 153,620 Wilh Wilhelmsen Hg ASA A 4,037,732.27 3,293,241.03 0.90 NOK 175,568 Wilh Wilhelmsen Hg ASA B 4,462,186.22 3,745,303.27 1.02

17,664,638.01 14,853,974.81 4.05

USD 319,372 Intl Seaways Inc Reg 5,442,090.29 6,329,722.99 1.73 USD 1,492,505 Israel Chemicals Ltd 5,509,050.87 5,880,281.79 1.61

European Value

Statement of investments and other net assets (in EUR) (continued) as at 30th June 2018


29



USD 2,123,452 Teekay Corp 16,396,819.41 14,095,116.27 3.85 USD 653,299 Teekay LNG Partners LP Units 10,156,715.26 9,428,365.51 2.58

37,504,675.83 35,733,486.56 9.77


Cash at banks 2,918,388.81 0.80


Other net assets/(liabilities) 3,445,636.52 0.93

Total 365,915,561.33 100.00

European Value


30




Industrials 24.02 %

Energy 14.20 %




Technologies 2.27 %

Financials 2.12 %

Utilities 0.97 %

Real estate 0.70 %

Total 98.28 %




France 13.82 %

Switzerland 10.10 %

Spain 10.00 %

Germany 9.58 %


Marshall Islands 4.31 %

Bahamas 3.85 %

Italy 3.62 %

Belgium 3.38 %

Jersey 3.11 %

Norway 2.92 %

Bermuda 2.53 %

Israel 1.61 %

South Korea 1.16 %

Portugal 1.08 %

Total 98.28 %

US American Value



31



Liabilities Bank overdrafts 5.86 Interest payable on bank overdrafts 241.35 Unrealised loss on forward foreign exchange contracts 32,660.75 Expenses payable 76,344.07 Other liabilities 25,302.45





shares

Currency of

share class


share class


(in USD)

I1 1,185,862.1497 USD 20.0899 23,823,870.58 Hedged I3 109,880.2632 EUR 9.7118 1,245,933.47

25,069,804.05

US American Value



32

Income Dividends, net 186,397.83


Expenses Management fees 379,740.76 Fixed TER expenses 52,378.77 Banking charges and other fees 1,693.27 Transaction fees 169,474.00 Other administration costs 98,211.17 Bank interest paid 257.45



Net realised gain/(loss) - on securities portfolio 3,000,118.24 - on forward foreign exchange contracts 22,259.42 - on foreign exchange -697.09


Net variation of the unrealised gain/(loss) - on securities portfolio -3,093,387.70 - on forward foreign exchange contracts -66,501.39







US American Value



33


USD 24,868,031.35 27,597,302.48 25,069,804.05


I1 USD 19.0228 20.5503 20.0899 Hedged I3 EUR - 10.0690 9.7118




I1 1,270,721.4202 26,728.9191 -111,588.1896 1,185,862.1497 Hedged I3 122,702.4300 12,845.0000 -25,667.1668 109,880.2632

US American Value



34





Shares

USD 4,759 Abbott Laboratories 167,494.62 290,251.41 1.16 USD 5,487 AbbVie Inc 513,887.60 508,370.55 2.03 USD 2,255 Air Products and Chemicals Inc 222,307.51 351,171.15 1.40 USD 2,930 Allergan Plc 393,779.44 488,489.60 1.95 USD 228 Alphabet Inc C 256,309.00 254,368.20 1.01 USD 7,170 American Express Co 499,165.62 702,660.00 2.80 USD 4,090 Apple Inc 756,792.33 757,099.90 3.02 USD 8,053 AT&T Inc 256,301.06 258,581.83 1.03 USD 17,703 Bank of America Corp 507,088.55 499,047.57 1.99 USD 18,113 Bank of New York Mellon Corp 566,641.24 976,834.09 3.90 USD 1,796 Caterpillar Inc Reg 254,870.45 243,663.32 0.97 USD 2,081 Chevron Corp 254,403.87 263,100.83 1.05 USD 6,075 Cisco Systems Inc 255,042.28 261,407.25 1.04 USD 26,128 Comcast Corp A 534,449.80 857,259.68 3.42 USD 2,604 Deere and Co 230,350.14 364,039.20 1.45 USD 10,155 Dish Network Corp A 562,306.72 341,309.55 1.36 USD 7,097 DowDuPont Inc Reg 528,520.53 467,834.24 1.87 USD 16,790 EBay Inc 426,639.45 608,805.40 2.43 USD 3,884 Facebook Inc A 765,968.52 754,738.88 3.01 USD 12,320 General Mills Inc 686,672.63 545,283.20 2.17 USD 4,602 Global Payments Inc 507,929.80 513,076.98 2.05 USD 1,134 Goldman Sachs Group Inc 252,850.40 250,126.38 1.00 USD 5,704 Halliburton Co (Hg Co) 255,507.47 257,022.24 1.02 USD 5,897 Home Depot Inc 428,901.98 1,150,504.70 4.59 USD 4,814 Honeywell Intl Inc 360,315.66 693,456.70 2.77 USD 6,639 Johnson & Johnson 539,957.48 805,576.26 3.21 USD 9,426 Johnson Controls Intl Plc 281,590.36 315,299.70 1.26 USD 6,787 JPMorgan Chase & Co 346,075.30 707,205.40 2.82 USD 1,405 Laboratory Corp of America Hgs 250,469.30 252,239.65 1.01 USD 8,433 Lamb Weston Holdings Inc Reg S 199,845.21 577,744.83 2.30 USD 10,956 Lowe's Companies Inc 436,518.94 1,047,064.92 4.18 USD 7,556 Merck & Co Inc 344,906.60 458,649.20 1.83 USD 20,240 Mondelez Intl Inc 600,108.71 829,840.00 3.31 USD 9,538 National Fuel Gas Co 527,171.53 505,132.48 2.01 USD 17,933 Oracle Corp 774,964.02 790,127.98 3.15 USD 4,554 Pepsico Inc 367,086.57 495,793.98 1.98 USD 7,317 Phillips 66 407,271.26 821,772.27 3.28 USD 3,390 PNC Financial Serv Group 251,652.90 457,989.00 1.83 USD 9,738 Starbucks Corp 496,851.34 475,701.30 1.90 USD 9,042 Textron Inc 528,148.88 595,958.22 2.38 USD 3,646 Thermo Fisher Scientific Inc 453,845.11 755,232.44 3.01 USD 7,826 Trimble Inc 260,230.04 257,005.84 1.02 USD 2,072 United Health Group Inc 504,722.28 508,344.48 2.03


Cash at banks 1,850,334.64 7.38

Bank overdrafts -5.86 0.00

Other net assets/(liabilities) -95,705.53 -0.38

Total 25,069,804.05 100.00

US American Value


35



Healthcare 16.23 %


Financials 15.60 %

Technologies 14.30 %


Industrials 7.57 %

Energy 7.36 %



Total 93.00 %




Ireland 3.21 %

Total 93.00 %

Sustainability



36

Assets Securities portfolio at market value 2,517,291.17 Cash at banks 335,560.75 Other liquid assets 56,826.65 Other receivables 1,180.90


Liabilities Unrealised loss on futures contracts 3,202.42 Expenses payable 6,087.38 Other liabilities 1,769.33





shares

Currency of

share class


share class


(in EUR)

I1 171,028.4639 EUR 16.9551 2,899,800.34

2,899,800.34

Sustainability



37

Income Dividends, net 3,215.60 Interest on bank accounts 256.60


Expenses Management fees 28,606.73 Fixed TER expenses 3,575.79 Performance fees 3.70 Banking charges and other fees 440.20 Transaction fees 733.74 Other administration costs 7,151.67 Bank interest paid 204.89



Net realised gain/(loss) - on securities portfolio 70,531.54 - on futures contracts 19,115.48 - on foreign exchange 3,194.22


Net variation of the unrealised gain/(loss) - on securities portfolio -115,632.29 - on futures contracts -21,096.74



Redemptions -862,865.70

Total changes in net assets -540,987.29



Sustainability



38


EUR 2,742,969.28 3,440,787.63 2,899,800.34


I1 EUR 15.9989 17.5159 16.9551




I1 196,438.5159 23,308.7828 -48,718.8348 171,028.4639

Sustainability



39




Open-ended investment funds

Investment funds (UCITS)

EUR 1,646.4518 Deutsche Invest I Global Agribusiness LC Cap 217,743.95 234,174.84 8.08 EUR 1,473.09 Multipartner Scv RobecoSAM Smart Materi Fd N Cap 269,889.01 302,823.11 10.44 EUR 12,100 Nordea 1 SICAV Global Climate and Environment Fd BP Cap 207,394.00 205,337.00 7.08 EUR 921.32 Parvest Global Environment N Cap 128,004.87 162,566.91 5.61 EUR 896.7 Pictet Global Environmental Opportunities I EUR Cap 160,352.67 180,828.52 6.24 EUR 755 Sycomore Selection Responsable I Cap 314,981.84 303,374.10 10.46 EUR 567.6 Vanguard Inv Ser Plc SRI Global Stock Fd Istl EUR Cap 108,122.37 115,275.02 3.97 EUR 624.56 Vontobel Fd Clean Technology A Dist 135,695.16 182,683.80 6.30 EUR 860.49 Vontobel Fd New Power A Dist 100,936.48 114,823.79 3.96

Total investment funds (UCITS) 1,643,120.35 1,801,887.09 62.14

Tracker funds (UCITS)

EUR 14,240 iShares II Plc Global Timber& Foresty UCITS ETF EUR Dist 297,011.38 355,074.40 12.24 EUR 10,327 Lyxor ETF World Water D Dist 359,592.04 360,329.68 12.43

Total tracker funds (UCITS) 656,603.42 715,404.08 24.67


Cash at banks 335,560.75 11.57


Total 2,899,800.34 100.00

Sustainability


40



Investment funds 86.81 %

Total 86.81 %



Luxembourg 47.71 %

France 22.89 %

Ireland 16.21 %

Total 86.81 %

Fixed Income Euro



41

Assets Securities portfolio at market value 55,632,734.01 Cash at banks 2,095,197.90 Other liquid assets 258,938.40 Income receivable on portfolio 452,046.91 Other receivables 21,460.41


Liabilities Interest payable on bank overdrafts 103.91 Unrealised loss on futures contracts 44,188.09 Expenses payable 49,128.06 Other liabilities 30,954.15





shares

Currency of

share class


share class


(in EUR)

I1 5,420,567.4970 EUR 10.7620 58,336,003.42

58,336,003.42

Fixed Income Euro



42

Income Dividends, net 147,533.34 Interest on bonds and other debt securities, net 712,796.52 Interest on bank accounts 1,114.18





Net realised gain/(loss) - on securities portfolio -396,554.50 - on futures contracts -277,184.95 - on foreign exchange -3,364.97


Net variation of the unrealised gain/(loss) - on securities portfolio -1,176,018.38 - on futures contracts -153,386.80







Fixed Income Euro



43


EUR 62,244,502.19 77,864,411.63 58,336,003.42


I1 EUR 10.8341 11.0314 10.7620




I1 7,058,452.5230 279,758.5968 -1,917,643.6228 5,420,567.4970

Fixed Income Euro



44





Bonds

BRL 2,750,000 Brazil 8.5% Sen 12/05.01.24 706,288.06 573,963.54 0.98 EUR 700,000 Acciona Financia Filiales SA FRN EMTN Sen 16/21.11.18 700,000.00 700,987.00 1.20 EUR 100,000 ACEA SpA 1% EMTN 16/24.10.26 98,377.00 92,808.50 0.16 EUR 500,000 Amgen Inc 1.25% Sen 16/25.02.22 504,965.00 516,917.50 0.89 EUR 500,000 ArcelorMittal SA 3% EMTN Reg S Sen 14/25.03.19 509,177.79 510,772.50 0.88 EUR 1,000,000 AT&T Inc 1.3% Sen 15/05.09.23 992,520.00 1,021,235.00 1.75 EUR 1,000,000 Banco Bilbao Vizcaya Argent SA 3.5% Reg S Sen 17/10.02.27 1,046,420.00 1,047,885.00 1.80 EUR 200,000 Banco de Sabadell SA 0.875% EMTN Sen Reg S 17/05.03.23 198,750.00 197,406.00 0.34 EUR 700,000 Banco Santander SA 2.5% EMTN Sub 15/18.03.25 643,601.00 697,473.00 1.20 EUR 400,000 Banco Santander SA FRN EMTN Sen 17/28.03.23 402,912.00 395,970.00 0.68 EUR 500,000 Bankia SA 4% EMTN Sub 14/22.05.24 522,200.00 511,460.00 0.88 EUR 1,200,000 Barclays Bank Plc 1.5% EMTN Sen 14/01.04.22 1,212,834.00 1,228,584.00 2.11 EUR 1,000,000 Bq Fédérative du Crédit Mutuel 3% EMTN Sub 14/21.05.24 1,042,400.00 1,067,380.00 1.83 EUR 1,000,000 Brisa Concessao Rodoviaria SA 1.875% EMTN Reg S

15/30.04.25 974,144.21 1,029,500.00 1.77

EUR 500,000 Caixabank SA 1.125% EMTN Sen Reg S 17/12.01.23 493,495.00 492,500.00 0.84 EUR 700,000 Carlsberg Breweries A/S 2.5% EMTN Reg S Sen 14/28.05.24 749,967.17 763,854.00 1.31 EUR 500,000 Casino Guichard Perrachon VAR Lk Ratings EMTN 12/09.03.20 559,125.00 527,490.00 0.90 EUR 1,200,000 Cellnex Telecom SA 2.375% EMTN Reg S Sen 16/16.01.24 1,232,046.00 1,206,150.00 2.07 EUR 1,000,000 CNP Assurances 1.875% Sub 16/20.10.22 1,011,500.00 1,019,685.00 1.75 EUR 1,000,000 Cooperatieve Rabobank UA 6.875% EMTN Sen 10/19.03.20 1,197,583.10 1,110,050.00 1.90 EUR 36,884 Credit Andorra VAR Pref 05/31.12.Perpetual 3,725,132.62 3,710,006.65 6.36 EUR 1,000,000 Criteria Caixaholding SA 1.625% EMTN Sen 15/21.04.22 965,850.00 1,015,855.00 1.74 EUR 800,000 Crédit Agricole SA VAR Sub 14/23.06.Perpetual 825,600.00 863,624.00 1.48 EUR 700,000 Cyprus 4.25% EMTN Reg S Sen 15/04.11.25 820,400.00 800,523.50 1.37 EUR 1,000,000 EDP Finance BV 4.125% EMTN Sen 13/20.01.21 1,076,976.84 1,098,745.00 1.88 EUR 500,000 Enel Finance Intl SA 5% EMTN 09/14.09.22 626,580.00 591,192.50 1.01 EUR 300,000 Faurecia SA 3.625% Sen 16/15.06.23 318,375.00 311,892.00 0.53 EUR 300,000 Fnac Darty SA 3.25% Reg S Sen 16/30.09.23 317,850.00 310,233.00 0.53 EUR 1,000,000 Glencore Finance Europe Ltd 3.375% EMTN Sen 13/30.09.20 1,067,023.53 1,070,480.00 1.84 EUR 200,000 Iberdrola Intl BV 3% EMTN Ser 105 Sen Reg S 13/31.01.22 223,436.00 219,275.00 0.38 EUR 1,000,000 Imperial Brands Finance Plc 2.25% EMTN Ser 32 14/26.02.21 1,052,582.00 1,049,950.00 1.80 EUR 500,000 Indra Sistemas SA 3% Sen Reg S 18/19.04.24 499,150.00 498,795.00 0.86 EUR 1,000,000 Inmobiliaria Colo SOCIMI SA 1.863% Sen 15/05.06.19 996,886.67 1,016,545.00 1.74 EUR 1,400,000 Italia 0.35% T-Bonds Ser 3Y Sen 17/15.06.20 1,352,750.00 1,391,180.00 2.38 EUR 1,000,000 Italia 2.15% BTP Sen 14/15.12.21 1,043,573.00 1,030,055.00 1.77 EUR 500,000 Italia ILB BPT Reg S Ser 8YR 15/20.04.23 510,815.80 493,597.97 0.85 EUR 500,000 Kraft Heinz Foods Co 2% Sen 15/30.06.23 514,660.00 526,305.00 0.90 EUR 500,000 La Mondiale Ste Assurances Vie VAR Sub 14/17.12.Perpetual 576,200.00 538,007.50 0.92 EUR 1,000,000 Merlin Properties SOCIMI SA FRN EMTN Sen 16/23.05.22 994,100.00 1,057,870.00 1.81 EUR 500,000 Metro AG 1.375% EMTN Sen 14/28.10.21 498,807.00 517,142.50 0.89 EUR 1,000,000 Mexico 1.625% EMTN Sen 15/06.03.24 976,930.00 1,008,475.00 1.73 EUR 500,000 Munich Reinsurance Co VAR EMTN Sub 11/26.05.41 599,555.75 573,760.00 0.98 EUR 1,000,000 Opel Finance Intl BV 1.875% EMTN Reg S Sen 14/15.10.19 1,013,352.50 1,024,785.00 1.76 EUR 500,000 Orange 3.125% EMTN Sen 14/09.01.24 576,145.00 566,305.00 0.97 EUR 1,900,000 Petroleos Mexicanos 3.125% Reg S 13/27.11.20 2,009,026.11 1,981,320.00 3.40 EUR 500,000 PGE Sweden AB 1.625% EMTN Reg S Ser 1 14/09.06.19 504,950.00 507,105.00 0.87 EUR 500,000 Portugal 4.125% Sen 17/14.04.27 594,645.00 602,312.50 1.03 EUR 1,000,000 Portugal 5.65% OT'S 13/15.02.24 1,271,793.00 1,267,575.00 2.17 EUR 500,000 Prosegur Cash SA 1.375% EMTN Sen Reg S 17/04.02.26 494,400.00 484,035.00 0.83 EUR 300,000 Rallye SA 4.25% EMTN Sen 13/11.03.19 312,033.00 281,046.00 0.48 EUR 300,000 Spie SAS 3.125% Sen 17/22.03.24 315,345.00 300,631.50 0.52 EUR 400,000 Telecom Italia SpA 3.625% EMTN Reg S Sen 16/25.05.26 453,220.00 422,106.00 0.72 EUR 1,000,000 Telefonica Emisiones SA 2.242% EMTN Sen 14/27.05.22 1,044,482.16 1,067,500.00 1.83 EUR 500,000 Telefonica Europe BV VAR Jun Sub Reg S 17/07.06.Perpetual 500,000.00 468,800.00 0.80 EUR 300,000 Tereos Finance Groupe I 4.125% Sen 16/16.06.23 319,470.00 283,833.00 0.49 EUR 600,000 Teva Pharmaceutical Fin II BV 0.375% Reg S Sen 16/25.07.20 590,375.00 585,942.00 1.00 EUR 1,000,000 ThyssenKrupp AG 3.125% EMTN Sen 14/25.10.19 1,021,077.14 1,029,695.00 1.77

Fixed Income Euro



45



EUR 400,000 Unicredit SpA 3.25% EMTN Sen 14/14.01.21 438,548.00 422,034.00 0.72 EUR 200,000 Volkswagen Bank GmbH FRN EMTN Sen Reg S 17/15.06.21 200,000.00 198,878.00 0.34 EUR 300,000 Wind Tre SpA 2.625% Sen Reg S 17/20.01.23 300,990.00 252,684.00 0.43

45,635,103.39 45,578,204.12 78.14

USD 1,700,000 Argentina 4.625% EMTN Sen 18/11.01.23 1,348,473.87 1,289,724.21 2.21

Total bonds 47,689,865.32 47,441,891.87 81.33


Bonds

EUR 1,000,000 Banco de Sabadell SA 0.65% Sen 16/05.03.20 1,000,000.00 1,001,998.00 1.72 EUR 500,000 Unicredit SpA FRN MTN Ser 02/12 Sen Sub 15/03.05.25 507,900.00 490,325.00 0.84

1,507,900.00 1,492,323.00 2.56

USD 1,000,000 US ILB Ser D-2025 15/15.07.25 915,064.62 888,843.81 1.52

Total bonds 2,422,964.62 2,381,166.81 4.08



EUR 6,838.125 Alteralia SCA SICAR I Compartment A 635,588.79 689,542.85 1.18

Total closed-ended investment funds 635,588.79 689,542.85 1.18

Bonds

EUR 700,000 Avintia Proyect Y Construc SL 4% Sen 18/01.09.20 700,000.00 700,385.00 1.20

Total bonds 700,000.00 700,385.00 1.20



EUR 5,500 Edmond Rothschild Fin Bonds I Cap 999,460.00 961,070.00 1.65 EUR 13,400 Salar Fd Plc E1 EUR Cap 1,990,269.00 1,978,778.00 3.39



USD 16,384 iShares II Plc JPM USD Em Mkt Bond Fd UCITS ETF Dist 1,481,005.29 1,479,899.48 2.54

Total tracker funds (UCITS) 1,481,005.29 1,479,899.48 2.54


Cash at banks 2,095,197.90 3.59


Total 58,336,003.42 100.00

Fixed Income Euro


46



Financials 46.87 %





Energy 3.40 %


Industrials 2.03 %

Real estate 1.74 %


Healthcare 0.89 %

Technologies 0.86 %

Utilities 0.68 %

Total 95.37 %



Spain 20.74 %

France 12.05 %


Italy 7.87 %


Ireland 5.93 %

Mexico 5.13 %


Portugal 4.97 %

Germany 3.98 %


Argentina 2.21 %

Luxembourg 2.06 %

Jersey 1.84 %

Cyprus 1.37 %

Denmark 1.31 %

Brazil 0.98 %

Sweden 0.87 %

Total 95.37 %

Fixed Income Dollar



47

Assets Securities portfolio at market value 2,828,328.79 Cash at banks 30,950.15 Other liquid assets 98,775.00 Income receivable on portfolio 27,110.54 Other receivables 1,878.31







shares

Currency of

share class


share class


(in USD)

I1 279,599.2517 USD 10.6527 2,978,494.68

2,978,494.68

Fixed Income Dollar



48

Income Dividends, net 4,394.40 Interest on bonds and other debt securities, net 103,865.66 Interest on bank accounts 161.13





Net realised gain/(loss) - on securities portfolio -70,360.63 - on futures contracts -11,908.82 - on foreign exchange -2,591.72


Net variation of the unrealised gain/(loss) - on securities portfolio -148,569.16 - on futures contracts -11,340.00







Fixed Income Dollar



49


USD 9,027,844.10 8,029,502.87 2,978,494.68


I1 USD 10.6941 11.0037 10.6527




I1 729,707.6375 270,723.9531 -720,832.3389 279,599.2517

Fixed Income Dollar



50





Bonds

BRL 375,000 Brazil 8.5% Sen 12/05.01.24 100,580.42 91,381.52 3.07 USD 50,000 Anheuser-Busch Inbev Fin Inc 2.65% Sen 16/01.02.21 51,959.00 49,326.50 1.66 USD 50,000 ArcelorMittal SA Step-up Sen 10/05.08.20 51,875.00 51,635.75 1.73 USD 100,000 Argentina 4.625% EMTN Sen 18/11.01.23 98,900.00 88,577.50 2.97 USD 75,000 AT&T Inc 3.875% Sen 11/15.08.21 77,925.00 75,782.25 2.55 USD 200,000 Banco Santander SA 5.179% Sen 15/19.11.25 197,969.40 201,375.00 6.76 USD 100,000 Bank of America Corp FRN Ser L 13/15.01.19 100,722.00 100,501.00 3.37 USD 150,000 BBVA Bancomer Texas Agency SA 6.75% Reg S Sub

12/30.09.22 169,500.00 160,839.75 5.40

USD 75,000 Caterpillar Fin Serv Corp 2.1% MTN Ser H Sen 17/10.01.20 74,250.00 74,194.88 2.49 USD 75,000 Citigroup Inc 4.45% Sen Sub 15/29.09.27 78,372.75 73,941.00 2.48 USD 200,000 Crédit Agricole SA VAR Reg S Sub 16/23.03.Perpetual 185,600.00 212,260.00 7.13 USD 100,000 EBay Inc FRN Sen 17/30.01.23 100,583.00 100,612.50 3.38 USD 50,000 General Motors Financial Co 4.375% Sen 14/25.09.21 52,087.48 50,989.50 1.71 USD 100,000 Goldman Sachs Group Inc FRN MTN Ser D Tr 591 13/29.11.23 100,650.00 103,346.00 3.47 USD 50,000 HCA Inc 6.5% Sen 11/15.02.20 56,087.50 52,037.50 1.75 USD 200,000 Mexichem SAB de CV 4.875% Reg S Sen 12/19.09.22 217,050.00 203,435.00 6.83 USD 75,000 Morgan Stanley 3.95% Sub Ser F 15/23.04.27 75,649.50 71,680.88 2.41 USD 50,000 Motorola Solutions Inc 3.5% Sen 14/01.09.21 50,166.27 49,742.50 1.67 USD 75,000 Northrop Grumman Corp 3.5% Sen 10/15.03.21 75,975.00 75,772.50 2.54 USD 50,000 Petrobras Global Finance BV 6.25% Sen 14/17.03.24 52,000.00 49,693.25 1.67 USD 100,000 Petroleos Mexicanos FRN Ser C13 Sen 18/11.03.22 109,000.00 107,173.00 3.60 USD 100,000 Teva Pharma Fin Nether III BV 2.8% Sen 16/21.07.23 95,261.00 86,757.00 2.91

2,071,582.90 2,039,673.26 68.48

Total bonds 2,172,163.32 2,131,054.78 71.55


Bonds

USD 100,000 Dean Foods Co 6.5% Sen Reg S 15/15.03.23 97,750.00 96,289.50 3.23 USD 100,000 US ILB Ser D-2025 15/15.07.25 100,337.77 103,776.96 3.48

Total bonds 198,087.77 200,066.46 6.71



EUR 976.875 Alteralia SCA SICAR I Compartment A 99,155.28 115,010.82 3.86




USD 157 Aberdeen Liquidity Fd (Lux) USD I-2 Cap 197,614.51 197,647.77 6.64 USD 740 Salar Fd Plc E1 USD Cap 99,929.60 102,712.00 3.45

Total investment funds (UCITS) 297,544.11 300,359.77 10.09

Fixed Income Dollar

Statement of investments and other net assets (in USD) (continued) as at 30th June 2018


51




USD 776 iShares II Plc JPM USD Em Mkt Bond Fd UCITS ETF Dist 81,489.39 81,836.96 2.75



Cash at banks 30,950.15 1.04


Total 2,978,494.68 100.00

Fixed Income Dollar


52



Financials 39.79 %




Energy 5.27 %




Industrials 2.54 %

Healthcare 1.75 %

Technologies 1.67 %

Total 94.96 %




Luxembourg 12.23 %

Mexico 10.43 %

France 7.13 %

Spain 6.76 %

Ireland 6.20 %


Brazil 3.07 %

Argentina 2.97 %

Total 94.96 %

Proactive Protection



53

Assets Securities portfolio at market value 7,119,585.06 Cash at banks 325,103.11 Other liquid assets 32,124.70 Unrealised gain on forward foreign exchange contracts 44,658.40 Other receivables 3,368.85


Liabilities Bank overdrafts 569,237.17 Payable on purchases of securities 226,507.59 Unrealised loss on futures contracts 1,420.00 Expenses payable 5,228.81 Other liabilities 4,744.51





shares

Currency of

share class


share class


(in EUR)

I1 619,385.1664 EUR 9.3651 5,800,578.46 Hedged I3 114,105.2525 USD 9.3842 917,123.58

6,717,702.04




54

Income

Total income 0.00

Expenses Management fees 24,269.35 Fixed TER expenses 10,112.26 Performance fees 408.25 Banking charges and other fees 729.19 Transaction fees 4,451.09 Other administration costs 10,112.26 Bank interest paid 3.31



Net realised gain/(loss) - on securities portfolio 20,392.57 - on forward foreign exchange contracts -30,975.17 - on foreign exchange -5,112.93


Net variation of the unrealised gain/(loss) - on securities portfolio -98,279.36 - on futures contracts -1,420.00 - on forward foreign exchange contracts 90,855.96


Subscriptions 586.73








55


EUR 18,417,333.16 9,241,893.35 6,717,702.04


I1 EUR 9.5228 9.5080 9.3651 Hedged I3 USD 9.3822 9.4398 9.3842




I1 850,974.1871 62.0000 -231,651.0207 619,385.1664 Hedged I3 146,391.2525 - -32,286.0000 114,105.2525




56





Investment certificates

USD 1,302 Source Physical Markets Plc Certif Gold Commodity Perpetual 141,845.36 135,943.05 2.02

Total investment certificates 141,845.36 135,943.05 2.02



EUR 10,979 BlackRock Global Fds Euro Short Duration Bd D2 Cap 180,824.13 180,824.13 2.69 EUR 3,480.95 BlackRock Strategic Fds Fixed Income D2 Cap 431,067.59 433,273.85 6.45 EUR 304,694.12 BNY Mellon Global Fds Plc Absolute Ret Eq T (Hedged) EUR

Cap 355,323.60 359,630.47 5.35

EUR 168,172.75 BNY Mellon Global Fds Plc Global Real Return (EUR) C Cap 217,195.97 217,447.37 3.24 EUR 166 Candriam Bonds EUR Short Term I EUR Cap 362,613.72 363,061.92 5.40 EUR 317.19 Candriam Index Arbitrage FCP Cap 432,355.35 430,664.72 6.41 EUR 6,800.69 Carmignac Portfolio Securite F EUR Cap 721,925.26 718,832.93 10.70 EUR 22,013.73 Crediinvest SICAV Fixed Income EUR I1 Cap 243,253.91 236,799.49 3.53 EUR 56,554 Crediinvest SICAV ST Fixed Income EUR Fd I1 EUR Cap 565,774.15 565,483.45 8.42 EUR 4,287 Deutsche FRN FC Cap 361,179.75 360,922.53 5.37 EUR 2,245.38 DNCA Invest Miura I Cap 296,482.69 281,997.27 4.20 EUR 398.41 G Fd Alpha Fixed Income I Cap 434,618.65 434,972.09 6.48 EUR 4,321.09 Janus Henderson Horizon Fd Pan European Alpha I2 Cap 69,396.70 72,291.84 1.08 EUR 14,889 Jupiter Global Fd (The) Dynamic Bd D Cap 180,603.57 180,603.57 2.69 EUR 2,501.171 ML Inv Solutions Marshall Wace Tops Ucits Fd B Cap 350,622.75 361,369.19 5.38 EUR 1,667 Nordea 1 SICAV Flexible Fixed Income Fd BI Cap 180,652.79 180,369.40 2.68 EUR 1,661.41 Ruffer SICAV Total Return Intl O EUR Cap 219,952.03 216,033.14 3.22 EUR 187 Sycomore L/S Opportunities I Cap 67,073.16 72,036.14 1.07 EUR 41.7 Sycomore Partners IB Cap 70,468.36 71,699.81 1.07

5,741,384.13 5,738,313.31 85.43

USD 25,756 Crediinvest SICAV Money Market USD Fd A Cap 226,477.64 226,477.64 3.37



USD 5,014 Amundi Index Solutions FR USD Corporate UCITS ETF Cap 456,243.08 453,108.77 6.74 USD 1,245 iShares II Plc JPM USD Em Mkt Bond Fd UCITS ETF Dist 112,755.32 112,455.74 1.67 USD 105,059 iShares II Plc USD Floating Rate Bd UCITS ETF Unhedged Dist 456,187.37 453,286.55 6.75



Cash at banks 325,103.11 4.84


Other net assets/(liabilities) -157,748.96 -2.35

Total 6,717,702.04 100.00



57




Financials 2.02 %

Total 105.98 %



Luxembourg 78.40 %

Ireland 19.03 %

France 8.55 %

Total 105.98 %

Proactive Protection Opportunity



58

Assets Securities portfolio at market value 3,908,460.20 Cash at banks 490,019.03 Other liquid assets 39,426.68 Unrealised gain on forward foreign exchange contracts 8,564.52 Other receivables 2,103.53


Liabilities Other liquid liabilities 15.93 Unrealised loss on futures contracts 2,762.19 Expenses payable 6,843.48 Other liabilities 3,045.53





shares

Currency of

share class


share class


(in EUR)

I1 427,846.1000 EUR 9.5692 4,094,157.62 Hedged I3 41,683.9225 USD 9.5723 341,749.21

4,435,906.83




59

Income

Total income 0.00

Expenses Management fees 35,828.04 Fixed TER expenses 6,398.90 Performance fees 14.81 Banking charges and other fees 434.75 Transaction fees 2,739.23 Other administration costs 8,961.52 Bank interest paid 45.78



Net realised gain/(loss) - on securities portfolio 39,593.75 - on forward foreign exchange contracts -13,899.79 - on foreign exchange -1,502.46




Subscriptions -








60


EUR 9,364,134.74 5,798,000.85 4,435,906.83


I1 EUR 9.8587 9.8511 9.5692 Hedged I3 USD 9.6411 9.7331 9.5723




I1 547,254.9800 - -119,408.8800 427,846.1000 Hedged I3 50,205.9225 - -8,522.0000 41,683.9225




61










EUR 19,596.11 ANIMA Fds Plc Star High Potential Europe I Dist 147,095.12 149,308.64 3.37 EUR 91 BDL Convictions I Cap 88,867.87 88,097.10 1.99 EUR 54 BG Long Term Value I Cap 176,997.96 174,868.20 3.94 EUR 363.42 Candriam Index Arbitrage FCP Cap 496,049.42 493,433.51 11.13 EUR 18,117.06 Crediinvest SICAV Fixed Income EUR I1 Cap 200,195.33 194,883.40 4.39 EUR 1,551.59 DNCA Invest Miura I Cap 205,197.78 194,864.19 4.39 EUR 771.8 First Eagle Amundi SICAV Intl Fd AHE C Cap 122,762.50 125,571.86 2.83 EUR 183.36 G Fd Alpha Fixed Income I Cap 200,068.29 200,186.95 4.51 EUR 1,650.1506 Lyxor Newcits IRL Plc Tiedemann Arbitrage Str Fd I EUR Cap 168,341.27 179,660.48 4.05 EUR 674 Magallanes Value Investors UCITS Eur Equity I Cap 90,988.32 87,151.57 1.97 EUR 1,206 MainFirst Top European Ideas Fd R Cap 179,488.98 176,630.76 3.98 EUR 68 Mimosa Capital SICAV SA Azvalor Intl I EUR Cap 89,961.59 88,827.70 2.00 EUR 413 RAM (LUX) Syst Fd Emerging Markets Equities IP EUR Cap 88,877.60 84,838.46 1.91 EUR 564 Robeco Capital Gh Fds BP Gl Premium Equities I EUR Cap 89,743.68 89,628.40 2.02 EUR 1,982.25 Ruffer SICAV Total Return Intl O EUR Cap 261,806.89 257,751.97 5.81 EUR 8,879 Russell Inv Co Plc Acad Eur Eq UCITS A Cap 180,243.70 177,580.00 4.00 EUR 988 Seilern International Fds PLC Stryx World Gh U R EUR Dist 276,946.28 275,177.76 6.20 EUR 398.58 Sycomore L/S Opportunities I Cap 143,905.17 153,540.99 3.46 EUR 137 Uni-Global SICAV Eq Japan RAH Cap 183,854.00 178,515.11 4.03



EUR 2,027 Lyxor UCITS ETF MSCI World D 365,406.68 363,785.69 8.20



Cash at banks 490,019.03 11.05


Total 4,435,906.83 100.00



62




Financials 3.93 %

Total 88.11 %



Luxembourg 37.84 %

France 28.72 %

Ireland 21.55 %

Total 88.11 %

Short Term Fixed Income Euro Fund



63



Liabilities Expenses payable 18,929.39 Other liabilities 17,139.54





shares

Currency of

share class


share class


(in EUR)

I1 4,636,079.5660 EUR 10.0025 46,372,191.47

46,372,191.47




64



Expenses Management fees 93,689.01 Fixed TER expenses 35,133.37 Banking charges and other fees 2,865.30 Transaction fees 2,175.99 Other administration costs 23,427.30





Net variation of the unrealised gain/(loss) - on securities portfolio 36,189.11










65


EUR 64,322,577.80 50,115,813.71 46,372,191.47


I1 EUR 10.0899 10.0654 10.0025




I1 4,979,004.3124 524,822.6880 -867,747.4344 4,636,079.5660




66





Bonds

EUR 1,300,000 Acciona Financia Filiales SA FRN EMTN Sen 16/21.11.18 1,300,900.00 1,301,833.00 2.81 EUR 500,000 ACEA SpA 3.75% Sen 13/12.09.18 540,525.00 503,717.50 1.09 EUR 1,000,000 Actividad Const y Servicios SA 2.875% EMTN Reg S

15/01.04.20 1,067,150.00 1,047,325.00 2.26

EUR 500,000 Allergan Funding SCS FRN Ser 2Y Sen 17/01.06.19 500,510.00 500,665.00 1.08 EUR 1,000,000 Amgen Inc 4.375% Sen 11/05.12.18 1,140,800.17 1,019,715.00 2.20 EUR 304,000 AP Moeller Maersk AS 3.375% EMTN Sen 12/28.08.19 332,594.24 316,647.92 0.68 EUR 500,000 Assicurazioni Generali SpA 4.125% EMTN Sen Sub

14/04.05.26 563,500.00 522,610.00 1.13

EUR 1,000,000 AT&T Inc FRN Sen 14/04.06.19 1,001,457.57 1,003,960.00 2.17 EUR 500,000 Atlantia SpA 3.625% Sen 12/30.11.18 548,735.00 507,655.00 1.09 EUR 500,000 Banco BPM SpA 2.75% EMTN Reg S 15/27.07.20 525,040.00 505,512.50 1.09 EUR 500,000 Banco Santander SA FRN EMTN Sen 17/28.03.23 507,725.00 494,962.50 1.07 EUR 1,000,000 Bank of America Corp FRN EMTN Sen Reg S 17/21.09.21 1,000,700.00 998,215.00 2.15 EUR 1,000,000 BPE Financiciones SA 2% EMTN Reg S Sen 15/03.02.20 1,043,340.00 1,031,000.00 2.22 EUR 500,000 Casino Guichard Perrachon VAR Lk Ratings EMTN 12/09.03.20 558,805.00 527,490.00 1.14 EUR 500,000 Cassa Depositi e Prestiti SpA 2.375% EMTN Reg S 14/12.02.19 526,660.00 506,697.50 1.09 EUR 500,000 Cassa Depositi e Prestiti SpA 2.75% EMTN Sen 14/31.05.21 536,700.00 521,925.00 1.13 EUR 300,000 Cellnex Telecom SA 2.375% EMTN Reg S Sen 16/16.01.24 310,865.10 301,537.50 0.65 EUR 800,000 Cie de Saint-Gobain SA 0% Reg S Sen 16/27.03.20 796,768.00 799,812.00 1.72 EUR 1,000,000 Coca-Cola Co 0% Sen 17/09.03.21 994,500.00 1,001,215.00 2.16 EUR 23,600 Credit Andorra VAR Pref 05/31.12.Perpetual 2,382,079.45 2,373,824.88 5.12 EUR 500,000 EDP Finance BV 4.875 % EMTN Sen 13/14.09.20 577,675.00 552,040.00 1.19 EUR 300,000 Faurecia SA 3.625% Sen 16/15.06.23 318,000.00 311,892.00 0.67 EUR 500,000 Fiat Chrysler Fin Europe SA 6.75% EMTN Sen 13/14.10.19 569,490.00 539,232.50 1.16 EUR 500,000 Fiat Chrysler Fin Europe SA 7.375% EMTN 11/09.07.18 552,575.00 500,445.00 1.08 EUR 300,000 Fnac Darty SA 3.25% Reg S Sen 16/30.09.23 317,850.00 310,233.00 0.67 EUR 1,000,000 Glencore Finance Europe Ltd 1.25% EMTN Reg S 15/17.03.21 1,016,000.00 1,020,135.00 2.20 EUR 2,000,000 Goldman Sachs Group Inc FRN EMTN Sen 15/11.09.18 2,000,000.00 2,002,170.00 4.32 EUR 500,000 Imperial Brands Finance Plc VAR EMTN Ser 29 11/05.07.18 545,455.00 500,105.00 1.08 EUR 200,000 Indra Sistemas SA 3% Sen Reg S 18/19.04.24 199,660.00 199,518.00 0.43 EUR 1,000,000 Italia 0.35% T-Bonds Ser 3Y Sen 17/15.06.20 966,250.00 993,700.00 2.14 EUR 500,000 Jaguar Land Rover Automoti Plc 2.2% Reg S Sen 17/15.01.24 502,450.00 489,845.00 1.06 EUR 500,000 Leonardo SpA 5.75% EMTN Sen 03/12.12.18 554,825.00 512,767.50 1.11 EUR 200,000 LVMH Moët Hennessy L Vuit SE FRN EMTN Sen Reg S

17/26.11.18 200,800.00 200,227.00 0.43

EUR 1,547,000 Madrilena Red de Gas Fin BV 3.779% EMTN Sen 13/11.09.18 1,671,920.25 1,558,424.60 3.36 EUR 1,000,000 Natwest Markets Plc VAR Sen 09/08.10.19 1,006,163.36 1,006,105.00 2.17 EUR 500,000 NH Hotel Group SA 3.75% Reg S Sen 16/01.10.23 526,875.00 521,437.50 1.12 EUR 1,000,000 Nykredit Realkredit AS 0.875% Sen 16/13.06.19 1,016,410.00 1,008,535.00 2.17 EUR 100,000 Pearson Funding Five Plc 1.875% Sen 14/19.05.21 104,938.00 105,041.00 0.23 EUR 500,000 Petroleos Mexicanos 1.875% EMTN Sen 15/21.04.22 507,500.00 490,275.00 1.06 EUR 500,000 PGE Sweden AB 1.625% EMTN Reg S Ser 1 14/09.06.19 504,950.00 507,105.00 1.09 EUR 1,000,000 Portugal FRN Sen 17/02.08.22 1,050,500.00 1,039,000.00 2.24 EUR 1,000,000 RCI Banque SA FRN EMTN Sen 17/08.07.20 1,002,000.00 1,001,825.00 2.16 EUR 1,000,000 Repsol Intl Finance BV 3.625% EMTN Sen 13/07.10.21 1,139,900.00 1,111,735.00 2.40 EUR 1,000,000 Société Générale SA 6.125% EMTN Sub Ser 08-8 08/20.08.18 1,120,660.00 1,008,055.00 2.17 EUR 300,000 Spie SAS 3.125% Sen 17/22.03.24 315,000.00 300,631.50 0.65 EUR 500,000 Telecom Italia SpA 4% EMTN Reg S Sen 12/21.01.20 545,605.00 527,800.00 1.14 EUR 300,000 Tereos Finance Groupe I 4.125% Sen 16/16.06.23 319,095.00 283,833.00 0.61 EUR 533,000 Tesco Plc 1.375% EMTN Sen 14/01.07.19 538,825.69 539,798.42 1.16 EUR 500,000 Teva Pharmaceutical Fin II BV 0.375% Reg S Sen 16/25.07.20 493,500.00 488,285.00 1.05 EUR 1,000,000 ThyssenKrupp AG 3.125% EMTN Sen 14/25.10.19 1,062,937.53 1,029,695.00 2.22 EUR 100,000 Volkswagen Bank GmbH FRN EMTN Sen Reg S 17/15.06.21 100,000.00 99,439.00 0.21 EUR 100,000 Volkswagen Intl Finance NV FRN Reg S Sen 17/30.03.19 100,101.00 100,113.00 0.22 EUR 300,000 Wind Tre SpA 2.625% Sen Reg S 17/20.01.23 302,160.00 252,684.00 0.54 EUR 300,000 Worldpay Finance Plc 3.75% Reg S Sen 15/15.11.22 334,470.00 323,472.00 0.70

Total bonds 38,263,895.36 37,221,919.32 80.26




67




Bonds

EUR 1,000,000 Banco de Sabadell SA 0.65% Sen 16/05.03.20 1,000,000.00 1,001,998.00 2.16 EUR 1,000,000 Intesa Sanpaolo SpA FRN 13/10.07.18 1,021,200.00 1,000,100.00 2.16 EUR 500,000 Unicredit SpA FRN MTN Ser 02/12 Sen Sub 15/03.05.25 510,400.00 490,325.00 1.06

Total bonds 2,531,600.00 2,492,423.00 5.38


Bonds

EUR 300,000 Avintia Proyect Y Construc SL 4% Sen 18/01.09.20 300,000.00 300,165.00 0.65

Total bonds 300,000.00 300,165.00 0.65



EUR 1,000,000 Acciona Financia Filiales SA 0% ECP Reg S 18/21.02.19 993,969.92 993,969.92 2.14

Total money market instruments 993,969.92 993,969.92 2.14


Cash at banks 4,946,652.67 10.67


Total 46,372,191.47 100.00



68



Financials 51.92 %

Industrials 7.51 %



Energy 4.42 %




Healthcare 2.20 %

Utilities 1.74 %

Technologies 1.13 %

Total 88.43 %



Spain 15.51 %

Italy 14.77 %


France 10.22 %




Luxembourg 3.32 %

Denmark 2.85 %

Germany 2.43 %

Portugal 2.24 %

Jersey 2.20 %

Sweden 1.09 %

Mexico 1.06 %

Total 88.43 %

Global Equity Dividend



69

Assets Securities portfolio at market value 8,150,480.88 Cash at banks 188,220.71 Other liquid assets 59,642.13 Income receivable on portfolio 18,499.95 Unrealised gain on futures contracts 23,169.40 Unrealised gain on forward foreign exchange contracts 62,937.58 Other receivables 4,529.42


Liabilities Interest payable on bank overdrafts 2.78 Expenses payable 17,639.67 Other liabilities 7,261.88





shares

Currency of

share class


share class


(in EUR)

A EUR CAP 537,018.0691 EUR 9.4177 5,057,455.03 A USD CAP (Hedged) 403,600.0000 USD 9.9083 3,425,120.71

8,482,575.74




70

Income Dividends, net 155,337.93 Interest on bank accounts 204.19


Expenses Management fees 66,706.98 Fixed TER expenses 13,346.41 Performance fees 65.76 Banking charges and other fees 1,123.87 Transaction fees 69,565.91 Central administration costs 7.50 Other administration costs 16,681.76 Bank interest paid 82.13



Net realised gain/(loss) - on securities portfolio 109,326.04 - on futures contracts -73,189.36 - on forward foreign exchange contracts -10,766.16 - on foreign exchange 20,209.54












71

Total net assets Currency 31.12.2017 30.06.2018

EUR 6,805,740.84 8,482,575.74

Net asset value per share Currency 31.12.2017 30.06.2018

A EUR CAP EUR 9.5153 9.4177 A USD CAP (Hedged) USD 10.0754 9.9083




A EUR CAP 650,202.0117 2,070.0000 -115,253.9426 537,018.0691 A USD CAP (Hedged) 73,760.0000 336,400.0000 -6,560.0000 403,600.0000




72





Shares

DKK 176 AP Moeller Maersk AS B 222,327.81 187,746.68 2.21 EUR 18,772 ALD SA 266,000.39 274,446.64 3.24 EUR 4,682 Anheuser-Busch InBev SA 386,669.49 404,993.00 4.77 EUR 17,352 Carrefour SA 266,351.06 240,672.24 2.84 EUR 9,564 Cia de Dist Integ Logis Hgs SA 193,959.68 211,938.24 2.50 EUR 2,953 Danone 196,578.60 185,655.11 2.19 EUR 7,003 Deutsche Post AG Reg 265,633.68 195,873.91 2.31 EUR 7,642 Enagas SA 168,332.68 191,355.68 2.26 EUR 20,414 Ferrovial SA 389,683.94 358,776.05 4.23 EUR 5,292 GEA Group AG 191,375.08 152,885.88 1.80 EUR 9,938 Industria de Diseno Textil SA 258,534.84 290,785.88 3.43 EUR 19,833 Jeronimo Martins SA Reg 265,273.76 245,334.21 2.89 EUR 95,189 Mapfre SA Reg 251,931.74 246,063.57 2.90 EUR 1,323 Muenchener Rueckver AG REG 240,697.10 239,529.15 2.82 EUR 35,731 Nokia Oyj 154,823.77 176,153.83 2.08 EUR 61,243 NOS SGPS SA 333,207.59 287,474.64 3.39 EUR 15,800 Orange SA 225,034.86 226,651.00 2.67 EUR 15,400 Repsol SA 235,999.32 258,181.00 3.04 EUR 8,342 Royal Dutch Shell Plc A 210,706.02 248,341.34 2.93 EUR 24,208 Telefonica SA 193,339.63 176,210.03 2.08 EUR 3,604 Total SA 178,266.88 188,164.84 2.22

4,872,400.11 4,799,486.24 56.59

GBP 22,262 Babcock Intl Group Plc 181,534.24 205,869.49 2.43 GBP 40,882 BAE Syst Plc 295,871.24 299,008.02 3.52 GBP 5,774 Reckitt Benckiser Group Plc 384,038.66 407,354.44 4.80

861,444.14 912,231.95 10.75

USD 3,037 AbbVie Inc 251,628.15 240,998.72 2.84 USD 11,973 AT&T Inc 367,482.27 329,281.86 3.88 USD 2,226 Chevron Corp 219,855.47 241,045.93 2.84 USD 10,861 Cisco Systems Inc 329,132.53 400,281.64 4.72 USD 3,643 J.M. Smucker Co 329,677.06 335,360.06 3.95 USD 4,034 Merck & Co Inc 215,994.32 209,724.47 2.47 USD 3,965 Walmart Inc Reg 270,875.53 290,867.41 3.43

1,984,645.33 2,047,560.09 24.13

Total shares 7,940,817.39 7,947,024.96 93.68


EUR 21,282 Lar Espana Real Esta SOCIMI SA EUR 194,385.03 203,455.92 2.40



Cash at banks 188,220.71 2.22


Total 8,482,575.74 100.00



73




Industrials 19.00 %

Energy 11.03 %


Financials 8.96 %


Technologies 6.80 %

Healthcare 5.31 %

Real estate funds 2.40 %

Utilities 2.26 %

Total 96.08 %




Spain 22.84 %

France 13.16 %


Germany 6.93 %

Portugal 6.28 %

Belgium 4.77 %


Denmark 2.21 %

Finland 2.08 %

Total 96.08 %

Active Allocation Conservative



74

Assets Securities portfolio at market value 5,395,805.89 Cash at banks 1,052,415.65 Other liquid assets 86,949.11 Income receivable on portfolio 16.78 Other receivables 712.03


Liabilities Interest payable on bank overdrafts 258.16 Unrealised loss on futures contracts 3,060.00 Unrealised loss on forward foreign exchange contracts 15,889.57 Expenses payable 6,965.83 Other liabilities 1,883.28





shares

Currency of

share class


share class


(in EUR)

A 655,660.0000 EUR 9.9256 6,507,842.62

6,507,842.62




75

Income Dividends, net 3,365.81 Interest on bonds and other debt securities, net 33.98 Other income 3,834.54


Expenses Management fees 3,505.64 Fixed TER expenses 2,191.01 Performance fees 4,078.21 Banking charges and other fees 820.52 Transaction fees 5,109.92 Other administration costs 1,752.77 Bank interest paid 316.07



Net realised gain/(loss) - on securities portfolio 4,934.18 - on futures contracts -13,475.15 - on forward foreign exchange contracts 864.07 - on foreign exchange -7,951.02


Net variation of the unrealised gain/(loss) - on securities portfolio 14,441.66 - on futures contracts -3,060.00 - on forward foreign exchange contracts -15,889.57



Redemptions -


Total net assets at the beginning of the period 499,547.94





76


EUR 499,547.94 6,507,842.62


A EUR 9.9910 9.9256




A 50,000.0000 605,660.0000 - 655,660.0000




77








Bonds

EUR 117,000 Italia 0.35% T-Bonds Ser 3Y Sen 17/15.06.20 113,550.50 116,262.90 1.79

Total bonds 113,550.50 116,262.90 1.79



EUR 17,653.32 BlackRock Global Fds Euro Short Duration Bd D2 Cap 291,405.51 290,750.18 4.47 EUR 148 Candriam Bonds EUR Short Term I EUR Cap 324,006.67 323,693.76 4.97 EUR 4,591.65 Carmignac Portfolio Securite F EUR Cap 489,494.11 485,337.41 7.46 EUR 43,800.76 Crediinvest SICAV Fixed Income EUR I1 Cap 478,242.72 471,160.40 7.24 EUR 9,832 Crediinvest SICAV Money Market EUR Fd A Cap 97,716.32 97,712.38 1.50 EUR 64,572 Crediinvest SICAV ST Fixed Income EUR Fd I1 EUR Cap 647,022.86 645,655.43 9.92 EUR 3,840 Deutsche FRN FC Cap 323,932.35 323,289.60 4.97 EUR 296.54 G Fd Alpha Fixed Income I Cap 324,220.93 323,753.48 4.97 EUR 13,332.13 Jupiter Global Fd (The) Dynamic Bd D Cap 161,992.41 161,718.74 2.48 EUR 1,492 Nordea 1 SICAV Flexible Fixed Income Fd BI Cap 161,874.12 161,434.40 2.48

3,299,908.00 3,284,505.78 50.46

USD 218 Aberdeen Liquidity Fd (Lux) USD I-2 Cap 230,493.43 235,057.04 3.61 USD 33,904 Crediinvest SICAV Money Market USD Fd A Cap 294,034.08 298,124.64 4.58

524,527.51 533,181.68 8.19



USD 6,501 Amundi Index Solutions FR USD Corporate UCITS ETF Cap 575,312.91 587,487.05 9.03 USD 1,427 iShares II Plc JPM USD Em Mkt Bond Fd UCITS ETF Dist 128,762.86 128,895.05 1.98 USD 136,432 iShares II Plc USD Floating Rate Bd UCITS ETF Unhedged Dist 577,864.77 588,648.19 9.05



Cash at banks 1,052,415.65 16.17


Total 6,507,842.62 100.00



78




Financials 2.41 %


Total 82.91 %



Luxembourg 67.68 %

Ireland 13.44 %

Italy 1.79 %

Total 82.91 %

Active Allocation Flexible



79

Assets Securities portfolio at market value 12,560,124.52 Cash at banks 2,852,085.25 Other liquid assets 104,326.68 Unrealised gain on futures contracts 524.60 Other receivables 1,082.97


Liabilities Interest payable on bank overdrafts 188.88 Unrealised loss on forward foreign exchange contracts 5,066.78 Expenses payable 15,760.63 Other liabilities 3,450.91





shares

Currency of

share class


share class


(in EUR)

A 1,405,055.7997 EUR 10.0606 14,135,637.39 Hedged I3 157,820.2000 USD 10.0467 1,358,039.43

15,493,676.82




80

Income Dividends, net 5,235.37 Interest on bonds and other debt securities, net 3.08 Interest on bank accounts 27.37 Other income 9,377.61


Expenses Management fees 11,290.25 Fixed TER expenses 3,763.24 Performance fees 4,608.58 Banking charges and other fees 884.02 Transaction fees 8,892.71 Other administration costs 6,021.18 Bank interest paid 223.50



Net realised gain/(loss) - on securities portfolio -15,768.28 - on futures contracts -8,463.09 - on forward foreign exchange contracts 1,634.39 - on foreign exchange -17,268.75


Net variation of the unrealised gain/(loss) - on securities portfolio -75,298.06 - on futures contracts 524.60 - on forward foreign exchange contracts -5,066.78



Redemptions -8,201.60







81


EUR 499,199.66 15,493,676.82


A EUR 9.9840 10.0606 Hedged I3 USD - 10.0467




A 50,000.0000 1,355,055.7997 - 1,405,055.7997 Hedged I3 - 158,820 -1,000 157,820




82










EUR 683 Allianz Gl Investors Fd Equity Insights IT Cap 755,787.31 759,728.22 4.90 EUR 237 BG Long Term Value I Cap 788,964.41 767,477.10 4.95 EUR 128,422 Crediinvest SICAV ST Fixed Income EUR Fd I1 EUR Cap 1,286,472.74 1,284,091.58 8.29 EUR 3,817 Deutsche FRN FC Cap 321,429.57 321,353.23 2.07 EUR 55,676 Guardcap UCITS Fds Plc Global Equity I EUR Cap 771,168.28 772,226.12 4.99 EUR 5,224.81 MainFirst Top European Ideas Fd R Cap 789,633.19 765,225.67 4.94 EUR 299 Mimosa Capital SICAV SA Azvalor Intl I EUR Cap 401,342.29 390,580.62 2.52 EUR 1,855.54 RAM (LUX) Syst Fd Emerging Markets Equities IP EUR Cap 398,307.91 381,165.03 2.46 EUR 4,902 Robeco Capital Gh Fds BP Gl Premium Equities I EUR Cap 787,067.89 779,004.27 5.03 EUR 4,162.8 Seilern International Fds PLC Stryx World Gh U R EUR Dist 1,137,148.23 1,159,423.06 7.48 EUR 596 Uni-Global SICAV Eq Japan RAH Cap 793,120.55 776,605.88 5.01

8,230,442.37 8,156,880.78 52.64

USD 73,725 Crediinvest SICAV Money Market USD Fd A Cap 641,064.68 648,278.63 4.19 USD 5,410 Morgan Stanley Inv Fds Global Opportunity Z USD Cap 383,715.57 383,294.25 2.47

1,024,780.25 1,031,572.88 6.66



EUR 8,746 Lyxor UCITS ETF MSCI World D 1,569,537.19 1,569,644.62 10.13 USD 237,566 iShares II Plc USD Floating Rate Bd UCITS ETF Unhedged Dist 1,013,118.38 1,024,999.98 6.62



Cash at banks 2,852,085.25 18.41


Total 15,493,676.82 100.00



83




Financials 5.02 %

Total 81.07 %



Luxembourg 41.88 %

Ireland 24.11 %

France 15.08 %

Total 81.07 %

Active Allocation Dynamic



84

Assets Securities portfolio at market value 6,645,675.46 Cash at banks 996,229.53 Other liquid assets 120,551.29 Unrealised gain on forward foreign exchange contracts 72.12 Other receivables 589.28







shares

Currency of

share class


share class


(in EUR)

A 749,519.0000 EUR 10.0889 7,561,788.12 Hedged I3 22,325.0000 USD 9.7463 186,360.81

7,748,148.93




85

Income Dividends, net 260.49 Interest on bank accounts 32.27 Other income 1,807.82


Expenses Management fees 8,313.16 Fixed TER expenses 2,078.29 Banking charges and other fees 612.62 Transaction fees 5,715.47 Other administration costs 4,997.84 Bank interest paid 135.79



Net realised gain/(loss) - on securities portfolio -13,431.34 - on futures contracts 19,685.79 - on foreign exchange 80.01


Net variation of the unrealised gain/(loss) - on securities portfolio -78,969.80 - on futures contracts -5,384.29 - on forward foreign exchange contracts 72.12



Redemptions -







86


EUR 498,636.16 7,748,148.93


A EUR 9.9727 10.0889 Hedged I3 USD - 9.7463




A 50,000.0000 699,519.0000 - 749,519.0000 Hedged I3 - 22,325 - 22,325




87










EUR 344 Allianz Gl Investors Fd Equity Insights IT Cap 382,263.59 382,644.96 4.94 EUR 202 BDL Convictions I Cap 201,221.50 195,556.20 2.52 EUR 60 BG Long Term Value I Cap 199,481.39 194,298.00 2.51 EUR 110 First Eagle Amundi Intl Fd IE Cap 196,220.37 195,534.90 2.52 EUR 42,023 Guardcap UCITS Fds Plc Global Equity I EUR Cap 582,060.57 582,859.01 7.52 EUR 1,489 Magallanes Value Investors UCITS Eur Equity I Cap 201,572.16 192,535.15 2.48 EUR 2,628.81 MainFirst Top European Ideas Fd R Cap 397,522.79 385,015.51 4.97 EUR 150 Mimosa Capital SICAV SA Azvalor Intl I EUR Cap 202,327.53 195,943.46 2.53 EUR 1,867.09 RAM (LUX) Syst Fd Emerging Markets Equities IP EUR Cap 401,569.06 383,537.63 4.95 EUR 2,467 Robeco Capital Gh Fds BP Gl Premium Equities I EUR Cap 395,223.99 392,044.79 5.06 EUR 9,760 Russell Inv Co Plc Acad Eur Eq UCITS A Cap 200,076.01 195,200.00 2.52 EUR 2,479.07 Seilern International Fds PLC Stryx World Gh U R EUR Dist 675,378.30 690,470.58 8.91 EUR 114 Sycomore Partners IB Cap 197,859.16 196,013.88 2.53 EUR 539.12 Uni-Global SICAV Eq Japan RAH Cap 719,552.91 702,489.53 9.07

4,952,329.33 4,884,143.60 63.03

USD 5,445 Morgan Stanley Inv Fds Global Opportunity Z USD Cap 386,198.02 385,773.97 4.98



EUR 5,491 Lyxor UCITS ETF MSCI World D 985,305.14 985,469.77 12.72



Cash at banks 996,229.53 12.86


Total 7,748,148.93 100.00



88




Financials 5.04 %

Total 85.77 %



Luxembourg 41.50 %

Ireland 23.99 %

France 20.28 %

Total 85.77 %

Crediinvest SICAV

Notes to the financial statements as at 30th June 2018

89

Note 1 - Significant accounting policies a) Presentation of the financial statements

The financial statements of the Company are established in accordance with the Luxembourg legal and regulatory requirements concerning Undertakings for Collective Investment and with generally accepted accounting principles in Luxembourg.

b) Valuation of the assets The value of the assets is determined as follows:

1) The value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends, interest declared or accrued and not yet received, all of which are deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof is arrived at after making such discount as may be considered appropriate in such case to reflect the true value thereof.

2) Securities listed on a recognised stock exchange or dealt on any other regulated market are

valued at their last available prices, or, in the event that there should be several such markets, on the basis of their last available prices on the main market for the relevant security.

3) In the event that the last available price does not, in the opinion of the Board of Directors, truly

reflect the fair market value of the relevant securities, the value of such securities will be defined by the Board of Directors based on the reasonably foreseeable sales proceeds determined prudently and in good faith.

4) Securities not listed or traded on a stock exchange or not dealt on another Regulated Market

are valued on the basis of the probable sales proceeds determined prudently and in good faith by the Board of Directors.

5) The liquidating value of futures, forward and options contracts not traded on Stock exchanges or on other regulated markets is their net liquidating value determined, pursuant to the policies established in good faith by the Board of Directors, on a basis consistently applied for each different variety of contracts. The liquidating value of futures, forward and options contracts traded on regulated markets or Stock exchanges is based upon the settlement prices or last available prices (if no settlement price is available) of these contracts on exchanges or regulated markets on which the particular futures, forwards and options are traded by the Company, provided that if a futures, forward or options contract could not be liquidated on the day with respect to which net assets are being determined, the basis for determination the liquidating value of such contract shall be such value as the Board of Directors may deem fair and reasonable.

6) The value for commercial papers, is determined by using an amortised cost method. This

involves valuing an investment at its cost and thereafter assuming a constant amortisation to maturity of any discount or premium. While this method provides certainty in valuation, it may result in periods during which value, as determined by amortisation cost, is higher or lower than the price such Sub-fund would receive if it sold the investment. From January 2012, the Board of Directors continually assesses this method of valuation and recommend changes, where necessary, to ensure that the relevant Sub-fund's investments are valued at their fair value as determined in good faith by the Board of Directors. If the Board of Directors believes that a deviation from the amortised cost per share may result in material dilution or other unfair results to shareholders, the Board of Directors shall take such corrective action, if any, as they deem appropriate to eliminate or reduce, to the extent

Crediinvest SICAV

Notes to the financial statements (continued) as at 30th June 2018

90

reasonably practicable, the dilution or unfair results. These instruments are shown at cost and the difference between the cost and the cost of redemption on maturity is shown as interest. Instruments not meeting criteria for the usage of the amortised cost method are marked-to-market and, if no market price is available, then they are mark-to-model.

7) Shares or units in other undertakings for collective investment are valued at their latest available net asset value.

c) Acquisition cost of securities in the portfolio The acquisition cost of the securities held by each Sub-Fund that are denominated in currencies other than the reference currency of the Sub-Fund is converted into this currency at the exchange rate prevailing on the date of purchase.

d) Net realised gain/(loss) on securities portfolio The realised gains and losses on securities portfolio are calculated on the basis of the average acquisition cost. e) Investment income Dividend income is recorded at the ex-date, net of any withholding tax. Interest income accrued and payable are recorded, net of any withholding tax. f) Valuation of forward foreign exchange contracts Forward foreign exchange contracts are valued at forward market rates for the remaining period from valuation date to the maturity of the contracts. Net unrealised gains or losses are disclosed in the statement of net assets. Net variation of unrealised gains and losses and net realised gains and losses are disclosed in the statement of operations and other changes in net assets. g) Valuation of futures contracts Futures contracts are posted off-balance sheet and valued at the last settlement or close price on the stock exchanges or regulated markets. Unrealised gains or losses are disclosed in the statement of net assets. Net variation of unrealised gains and losses and net realised gains and losses are disclosed in the statement of operations and other changes in net assets. h) Formation expenses Formation expenses were amortised on a straight line basis over a period of 5 years. The expenses incurred by the Company in relation to the launch of additional Sub-Funds or Class of Shares may, at the discretion of the Board of Directors, be capitalized and amortized over a period not exceeding five years, as permitted by Luxembourg law. i) Conversion of foreign currencies Cash at banks, other net assets, liabilities and the market value of the securities in portfolio expressed in currencies other than the reference currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of the report. Income and expenses expressed in currencies other than the reference currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of the transaction. Net realised gains and losses on foreign exchange are disclosed in the statement of operations and other changes in net assets.

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j) Combined financial statements The combined financial statements of the Company are expressed in EUR and are equal to the sum of the corresponding items in the financial statements of each Sub-Fund converted into this currency at the exchange rate prevailing at the date of the report. At the date of the financial statements, the exchange rate used for the combined statements is the following: 1 EUR = 1.1675500 USD US Dollar

k) Transaction fees Transaction costs disclosed under the item "Transaction fees" in the expenses of the statement of operations and other changes in net assets are mainly composed of broker fees incurred by the Company and transaction fees on financial instruments and derivatives. Note 2 - Management fee The Company has appointed CRÈDIT ANDORRÀ ASSET MANAGEMENT LUXEMBOURG S.A., a société anonyme incorporated under the Luxembourg laws subject to chapter 15 of the 2010 Law, as Management Company. The Management Company is entitled, in accordance with the management company agreement, to a management fee out of the net assets of the Company for its services rendered to the Company. Such management fee is payable monthly in arrears and calculated on the average net assets of the respective period of each Sub-Fund at the annual rates up to 3%. Such management fee is calculated on the average net asset value of the respective period of each Sub-Fund and payable monthly in arrears to the following effective rates:

Sub-Funds Classes of Shares % p.a.

- Money Market Euro Fund class A Share 0.05

- Money Market Dollar Fund class A Share 0.05

- Spanish Value class A Share 2.90

Hedged Class I3 Share 2.90

- European Value

class A Share 2.90



- US American Value Hedged Class l3 Share 2.90

class I1 Share 2.90

- Sustainability class I1 Share 2.00

- Fixed Income Euro class I1 Share 0.80

- Fixed Income Dollar class I1 Share 0.80

- Proactive Protection class l1 Share 0.60

Hedged Class l3 Share 0.60

- Proactive Protection Opportunity class l1 Share 1.40

Hedged Class l3 Share 1.40

- Short Term Fixed Income Euro Fund class I1 Share 0.40

- Global Equity Dividend

Hedged Class A Share 2.00

class A Share 2.00

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Sub-Funds Classes of Shares % p.a.

- Active Allocation Conservative class A Share 0.40

- Active Allocation Flexible class A Share Hedged Class l3 Share

0.75

- Active Allocation Dynamic class A Share Hedged Class l3 Share

1.00

The management fees paid during the year in reference to the report are disclosed under the item "Management fees" in the statement of operations and other changes in net assets. The Management Company has appointed CREDI-INVEST S.A., PRIVATE INVESTMENT MANAGEMENT S.A. and BANCO ALCALÀ as Investment Advisors. In accordance with the investment advisory agreement, the Investment Advisors are entitled to an annual advisory fee paid by the Management Company for its services rendered or to be rendered to the Management Company. The Investment Advisors are entitled to appoint sub-investment advisor ("Sub-Investment Advisor"). Such appointment is at the cost of the Investment Advisors. Note 3 - Performance fee In order to provide an incentive to the Management Company, the Company may in addition pay a performance-related fee. The performance fee is calculated in respect of each performance period. A performance period is the period from 1st January to 31st December of each year. The performance fee is calculated separately per class of Shares within a Sub-Fund. The performance fee is equal to:

10% for the following Sub-Funds:

- Spanish Value - European Value - US American Value - Sustainability - Global Equity Dividend - Active Allocation Conservative - Active Allocation Flexible - Active Allocation Dynamic

15% for the following Sub-Funds:

- Proactive Protection - Proactive Protection Opportunity

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The relevant Benchmarks are the following:

- Spanish Value IBEX (IBEX Index)

- European Value Eurostoxx-50 (SX5E)

- US American Value S&P 500 (SPX Index)

- Sustainability MSCI World Local (MSDLWI)

- Proactive Protection EURO Libor Total Return 3 Months (ECC0TR03) (until 31st May 2018) JPMorgan Cash Index Euro Currency 3 Months (JPCAEU3M) (since 1st June 2018)

- Proactive Protection Opportunity 25% MSCI World Local (MSDLWI) + 75% EURO Libor Total Return 3 Months (ECC0TR03) (until 31st May 2018) 25% MSCI World Local (MSDLWI) + 75% JPMorgan Cash Index Euro Currency 3 Months (JPCAEU3M) (since 1st June 2018)

- Global Equity Dividend MSCI World Local (MSDLWI)

- Active Allocation Conservative Bloomberg Barclays Global Aggregate (LEGATREH Index)

- Active Allocation Flexible 50% Bloomberg Barclays Global Aggregate (LEGATREH Index) +50% MSCI World EUR (MSERWI)

- Active Allocation Dynamic MSCI World EUR (MSERWI)

The performance fee is determined in accordance with the following formula: PF = percentage [NAVi - BIi] Where: PF is performance fee BIi is the benchmark index increase NAVi is the Net Asset Value increase The performance fee is calculated and accrued on each Valuation Day and payable, if any, as of the last Luxembourg Business Day of each calendar year. At the date of the financial statements, the performance fees were recorded for the following Sub-Funds and amounted to: - Spanish Value EUR 193,583.64 - European Value EUR 1,487.20 - US American Value USD 0.00 - Sustainability EUR 3.70 - Global Equity Dividend EUR 65.76 - Active Allocation Conservative EUR 4,078.21 - Active Allocation Flexible EUR 4,608.58 - Active Allocation Dynamic EUR 0,00 - Proactive Protection EUR 408.25 - Proactive Protection Opportunity EUR 14.81

No performance fee is chargeable to the Sub-Funds Money Market Euro Fund, Money Market Dollar Fund, Fixed Income Euro, Fixed Income Dollar and Short Term Fixed Income Euro Fund.

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Note 4 - Central administration costs The item "Central administration costs" disclosed in the statement of operations and other changes in net assets is mainly composed of transfer agent fees. Note 5 - Distribution fee The Management Company is entitled to a distribution fee on the Shares issued and still outstanding. The Management Company has appointed CRÈDIT ANDORRÀ S.A., BANCO ALCALÀ, ALLFUNDS BANK S.A. and ALLFUNDS BANK INTERNATIONAL S.A. (the "Distributors") to serve as the Distributors. Such distribution fee is payable out of the assets of the Company on a monthly basis at the annual rates up to 1%. At the date of the financial statements, the distribution fees were recorded for the following Sub-Funds and amounted to: - Spanish Value EUR 160,397.80 - European Value EUR 1,497,832.50 - US American Value USD 98,211.17 - Sustainability EUR 7,151.67 - Fixed Income Euro EUR 68,317.36 - Fixed Income Dollar USD 6,515.22 - Proactive Protection EUR 10,112.26 - Proactive Protection Opportunity EUR 8,961.52 - Short Term Fixed Income Euro Fund EUR 23,427.30 - Global Equity Dividend EUR 16,681.76 - Active Allocation Conservative EUR 1,752.77 - Active Allocation Flexible EUR 6,021.18 - Active Allocation Dynamic EUR 4,997.84

The distribution fees are recorded under the item "Other administration costs" in the statement of operations and other changes in net assets. Note 6 - Subscription duty ("Taxe d'abonnement") The Company is governed by Luxembourg law. Pursuant to the legislation and regulations in force, the Company is subject to an annual subscription duty ("taxe d'abonnement") of 0.05% which is payable quarterly and calculated on the basis of the net assets of each Sub-Fund on the last day of each quarter. This rate is reduced to 0.01% for Class I Shares reserved to institutional investors and for the Sub-Funds Money Market Euro Fund and Money Market Dollar Fund, whose exclusive object is to invest in money market instruments. Pursuant to Article 175 (a) of the 2010 Law the net assets invested in undertakings for collective investment already subject to the "taxe d'abonnement" are exempt from this tax. The "taxe d'abonnement" has been covered by Fixed TER expenses. See Note 7.

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Note 7 - Fixed Total Expense Ratio expenses (Fixed TER expenses) All the Sub-Funds apply a Fixed TER instead of bearing actual ordinary expenses incurred. The Fixed TER provides greater certainty for Shareholders than actual expenses, as to the amount of ordinary expenses incurred by the Sub-Funds and thus a better view on the management results. The Fixed TER is fixed in the sense that the Management Company or another entity of the CRÈDIT ANDORRÀ GROUP will either (i) bear any excess of the actual ordinary operating expenses to the Fixed TER or (ii) be entitled to retain any amount of Fixed TER in excess of the actual ordinary operating expenses. Each Sub-Fund will incur a distinct Fixed TER expressed in a percentage of the average net assets value of the Sub-Fund. The Fixed TER is accrued on a daily basis and payable quarterly to the Management Company. The Fixed TER covers: a) expenses directly incurred by the Company, including but not limited to:

- depositary fees and expenses; - auditor's fees and expenses; - Directors' fees and expenses - any Director may be entitled to a fee in consideration for his

services as a Director. In addition, all Directors may be paid reasonable travelling, hotel and other incidental expenses for attending meetings of the Board of Directors (or any committee thereof) or of Shareholders;

- ordinary legal fees and expenses (save for any set-up fees for a new Sub-Fund, any tax advices fees or for any other extraordinary transaction such as a merger, split or liquidation of a Sub-Fund);

- hedging costs and fees (including any fees charged by the Management Company). - the Luxembourg annual subscription tax ("taxe d'abonnement"). - all listing costs: initial registration and on-going maintenance fee for the listing or admission to

trading of the Shares on any stock exchanges and any publication costs incurred in connection with such listing or admission to trading (including OAM Service fees and news services fees).

b) a "fund servicing fee" paid to the Management Company for administrative and related additional

management services and certain expenses incurred in the day to day operation and administration of the Company (excluding the Management Fee), including but not limited to:

- domiciliary agent fees and expenses; - principal and local paying agent's fees and expenses; - central administrative agent fees and expenses; - miscellaneous fees - including the cost of publication of the NAV per Share, rating fees, postage,

telephone, facsimile transmission and other electronic means of communication, registration costs, expenses for preparing, printing and distributing the Prospectus, translation costs, KIIDs or any offering document, financial reports and other documents made available to Shareholders and fees payable to permanent representatives and other agents of the Company.

The Management Company may instruct the Company to pay any and all of the expenses listed under b) above and in such case the Fixed TER amount to be received by the Management Company would be reduced accordingly. The expenses incurred by the Company in relation to the launch of additional Sub-Funds or Class of Shares may, at the discretion of the Board of Directors, be capitalized and amortized over a period not exceeding five years, as permitted by Luxembourg law. No double-charging of Fixed TER will occur. The avoidance of a double charge is achieved by the Fixed TER being netted off by a rebate to the Sub-Fund of the Fixed TER (or equivalent) charged to the underlying UCITS or other UCIs managed by the Management Company and any other member of the CRÈDIT ANDORRÀ GROUP. Where the Sub-Funds invest in UCITS and other UCIs managed by other investment managers, the Fixed TER may not be subject to the above-mentioned rebate process.

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The Fixed TER does not cover any cost or expense incurred by a Sub-Fund in respect of the following costs, which will be borne and paid out of the assets of the Company in addition to the Fixed TER:

- management fee; - performance fee; - distribution fee; - dilution levy, brokerage charges and non-custody related transactions; - correspondent and other banking charges; - the full amount of any current and future tax, levy, duty or similar charge which may be due on

the assets and/or on the income of the Company, the Sub-Funds or their assets, excluding the Luxembourg annual subscription tax ("taxe d'abonnement");

- extraordinary expenses: including, litigation expenses and interest, administration and maintenance fees linked to platforms such as Fundsettle and others which are accessible to all investors, redemption charges, the cost of exceptional and/or ad-hoc measures, including particularly tax experts, consulting, appraisals, non-routine filing or legal proceedings undertaken to protect shareholders' interests, any expense linked to non-routine arrangements made by any third party in the interests of the investors and all similar charges and expenses that would not be considered as ordinary expenses by the Board of Directors. Extraordinary expenses are accounted for on a cash basis and are paid when incurred or invoiced from the net assets of the Sub-funds to which they are attributable.

- in the case of a Sub-Fund investing in another UCITS or UCI: any double charging of fees and expenses, in particular the duplication of the fees payable to the depositary(s), transfer agent(s), investment manager(s) and other agents and also subscription and redemption charges, which are generated both at the level of the Company and of the target funds in which the Company invests.

The Fixed TER is disclosed in the table below:

Sub-Funds Fixed TER Fixed TER at the date of the report

- Money Market Euro Fund up to 0.25% 0.10%

- Money Market Dollar Fund up to 0.25% 0.10%

- Spanish Value up to 0.55% 0.40%

- European Value up to 0.55% 0.40%

- US American Value up to 0.55% 0.40%

- Sustainability up to 0.40% 0.25%

- Fixed Income Euro up to 0.35% 0.20%

- Fixed Income Dollar up to 0.35% 0.20%

- Proactive Protection up to 0.35% 0.25%

- Proactive Protection Opportunity up to 0.40% 0.25%

- Short Term Fixed Income Euro Fund up to 0.30% 0.15%

- Global Equity Dividend up to 0.55% 0.40%

- Active Allocation Conservative up to 0.55% 0.25%

- Active Allocation Flexible up to 0.55% 0.25%

- Active Allocation Dynamic up to 0.55% 0.25%

The Fixed TER expenses are recorded under the item "Fixed TER expenses" in the statement of operations and other changes in net assets. Note 8 - Cross investments Pursuant to Article 181 (8) of the amended law of 17th December 2010 relating to Undertakings for Collective Investment, the Subs-Funds Crediinvest SICAV - Proactive Protection, Crediinvest SICAV - Proactive Protection Opportunity and Crediinvest SICAV - Active Allocation Conservative,

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97

Crediinvest SICAV - Active Allocation Flexible invested respectively in the Sub-Funds as described below as at 30th June 2018:

Investing Sub-Funds Description Invested Currency Quantity Market value

% of total net assets

of Investing

Sub-Funds

Crediinvest SICAV - Proactive Protection

Crediinvest SICAV Fixed Income EUR I1 Cap

EUR 22,013.73 236,799.49 3.53%


Crediinvest SICAV Money Market USD Fd A Cap

EUR 25,756 226,477.64 3.37%


Crediinvest SICAV ST Fixed Income EUR Fd I1 EUR Cap

EUR 56,554 565,483.45 8.42%

Crediinvest SICAV - Proactive Protection Opportunity


EUR 18,117.06 194,883.4 4.39%

Crediinvest SICAV - Active Allocation Conservative


EUR 43,800.76 471,160.4 7.24%


Crediinvest SICAV Money Market EUR Fd A Cap

EUR 9,832 97,712.38 1.50%



EUR 33,904 298,124.64 4.58%



EUR 64,572 645,655.43 9.92%

Crediinvest SICAV - Active Allocation Flexible


EUR 73,725 648,278.63 4.19%

Crediinvest SICAV - Active Allocation Flexible


EUR 128,422 1,284,091.58 8.29%

Note 9 - Forward foreign exchange contracts As at 30th June 2018, the following Sub-Funds are committed in the following forward foreign exchange contracts with BANQUE DE PATRIMOINES PRIVÉS S.A., LUXEMBOURG:

Crediinvest SICAV - Spanish Value Currency Purchases Currency Sales Maturity Unrealised result

(in EUR)

Forward foreign exchange contracts linked to Class Hedged I3 Shares EUR 138,827.18 USD 162,036.59 09.08.2018 419.60 EUR 607,746.86 USD 712,315.18 09.08.2018 -701.70 USD 4,925,507.86 EUR 4,104,379.88 09.08.2018 103,177.86

102,895.76

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Crediinvest SICAV - European Value Currency Purchases Currency Sales Maturity Unrealised result

(in EUR)

Forward foreign exchange contracts linked to Class Hedged I3 Shares EUR 1,086,759.18 USD 1,273,971.71 09.08.2018 -1,448.18 EUR 4,224,944.43 USD 4,942,340.00 09.08.2018 3,296.46 EUR 2,060,680.74 USD 2,405,189.47 09.08.2018 6,228.49 EUR 46,007.51 USD 54,549.65 09.08.2018 -589.40 USD 51,757,018.27 EUR 43,128,641.81 09.08.2018 1,084,188.50 USD 1,487,913.07 EUR 1,252,768.43 09.08.2018 18,229.06 USD 1,949,702.97 EUR 1,665,577.16 09.08.2018 -176.85 USD 1,097,483.71 EUR 940,725.86 09.08.2018 -3,284.12

1,106,443.96 Forward foreign exchange contracts linked to Class Hedged I5 Shares EUR 63,628.60 GBP 55,891.36 09.08.2018 493.78 EUR 93,091.21 GBP 81,536.05 09.08.2018 988.45 GBP 1,904,738.59 EUR 2,163,688.87 09.08.2018 -12,093.25

-10,611.02

Crediinvest SICAV - US American Value Currency Purchases Currency Sales Maturity Unrealised result

(in USD)

Forward foreign exchange contracts linked to Class Hedged I3 Shares EUR 32,173.00 USD 38,048.05 09.08.2018 -382.77 EUR 1,058,675.11 USD 1,271,680.54 09.08.2018 -32,277.98

-32,660.75

Crediinvest SICAV - Proactive Protection Currency Purchases Currency Sales Maturity Unrealised result

(in EUR)

Forward foreign exchange contracts EUR 1,312,225.00 USD 1,521,000.00 02.10.2018 18,527.34

18,527.34 Forward foreign exchange contracts linked to Class Hedged I3 Shares EUR 70,942.36 USD 85,350.75 09.08.2018 -1,968.01 EUR 39,338.03 USD 46,454.28 09.08.2018 -343.30 EUR 147,859.17 USD 175,597.55 09.08.2018 -2,138.83 EUR 40,172.85 USD 47,761.50 09.08.2018 -625.85 EUR 219,455.48 USD 257,482.00 09.08.2018 -482.26 USD 1,378,904.61 EUR 1,149,028.38 09.08.2018 28,884.83 USD 221,123.52 EUR 186,865.47 09.08.2018 2,019.67 USD 127,482.86 EUR 108,110.85 09.08.2018 784.81

26,131.06

Crediinvest SICAV - Proactive Protection Opportunity Currency Purchases Currency Sales Maturity Unrealised result

(in EUR)

Forward foreign exchange contracts linked to Class Hedged I3 Shares USD 408,853.57 EUR 340,693.88 09.08.2018 8,564.52

8,564.52

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Crediinvest SICAV - Global Equity Dividend Currency Purchases Currency Sales Maturity Unrealised result

(in EUR)

Forward foreign exchange contracts linked to Class A USD CAP (Hedged) Shares EUR 214,544.03 USD 254,202.49 09.08.2018 -2,598.12 EUR 137,580.73 USD 160,831.87 09.08.2018 201.62 USD 1,374,703.35 EUR 1,158,723.15 09.08.2018 15,565.46 USD 430,785.00 EUR 362,644.16 09.08.2018 5,338.96 USD 334,825.75 EUR 283,484.42 09.08.2018 2,524.46 USD 99,934.00 EUR 84,356.31 09.08.2018 1,008.22 USD 1,296,305.35 EUR 1,084,865.14 09.08.2018 22,475.98 USD 843,130.30 EUR 702,572.64 09.08.2018 17,661.60 USD 90,453.74 EUR 76,506.59 09.08.2018 759.40

62,937.58

Crediinvest SICAV - Active Allocation Conservative Currency Purchases Currency Sales Maturity Unrealised result

(in EUR)

Forward foreign exchange contracts EUR 1,948,414.38 USD 2,304,000.00 06.09.2018 -15,459.82 EUR 118,603.86 USD 140,000.00 13.09.2018 -663.51 USD 140,000.00 EUR 119,031.30 13.09.2018 233.76

-15,889.57

Crediinvest SICAV - Active Allocation Flexible Currency Purchases Currency Sales Maturity Unrealised result

(in EUR)

Forward foreign exchange contracts EUR 2,550,672.80 USD 2,995,000.00 06.09.2018 -2,105.98 EUR 1,364,904.86 USD 1,614,000.00 06.09.2018 -10,829.93

-12,935.91 Forward foreign exchange contracts linked to Class Hedged I3 Shares EUR 76,114.87 USD 88,826.05 09.08.2018 241.93 EUR 89,802.94 USD 104,360.00 09.08.2018 662.32 USD 263,306.41 EUR 224,506.14 09.08.2018 406.50 USD 156,407.56 EUR 134,578.87 09.08.2018 -981.03 USD 94,639.37 EUR 81,096.29 09.08.2018 -257.76 USD 1,100,368.72 EUR 935,210.54 09.08.2018 4,717.13 USD 101,178.36 EUR 84,310.99 09.08.2018 2,119.45 USD 95,212.32 EUR 80,370.64 09.08.2018 960.59

7,869.13

Crediinvest SICAV - Active Allocation Dynamic Currency Purchases Currency Sales Maturity Unrealised result

(in EUR)

Forward foreign exchange contracts EUR 671,768.71 USD 790,000.00 28.09.2018 -446.86

-446.86 Forward foreign exchange contracts linked to Class Hedged I3 Shares EUR 16,663.17 USD 19,445.92 09.08.2018 52.96 EUR 4,693.94 USD 5,483.46 09.08.2018 10.10 EUR 35,606.62 USD 41,772.00 09.08.2018 -74.46 USD 21,085.88 EUR 18,068.45 09.08.2018 -57.43 USD 19,860.00 EUR 16,764.23 09.08.2018 200.36 USD 40,282.32 EUR 34,547.47 09.08.2018 -139.42 USD 41,772.00 EUR 35,976.23 09.08.2018 -296.15 USD 130,250.00 EUR 110,700.32 09.08.2018 558.37 USD 30,993.76 EUR 26,210.37 09.08.2018 264.65

518.98

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Note 10 - Futures contracts As at 30th June 2018, the following Sub-Funds are committed in the following futures contracts:

Crediinvest SICAV - Sustainability Number of

contracts Denomination Currency Exposure

(in EUR) Unrealised

result (in EUR)

Purchase 3 Euro Stoxx 50 EUR (Price) Index FUT 09/18 EUX

EUR 101,730.00 -2,620.00

Purchase 7 EUR FUT 09/18 CME USD 879,571.54 3,522.33 Purchase 2 S&P 500 Index FUT 09/18

CME USD 233,094.94 -4,104.75

-3,202.42

Crediinvest SICAV - Fixed Income Euro Number of


(in EUR) Unrealised

result (in EUR)

Sale 42 Euro Bund 10 Years FUT 09/18 EUX

EUR -6,827,100.00 -60,060.00

Purchase 29 EUR FUT 09/18 CME USD 3,643,939.23 15,871.91

-44,188.09

Crediinvest SICAV - Fixed Income Dollar Number of


(in USD) Unrealised

result (in USD)


EUR -379,570.51 -3,339.19

-3,339.19

Crediinvest SICAV - Proactive Protection Number of


(in EUR) Unrealised

result (in EUR)


EUR -162,550.00 -1,420.00

-1,420.00

Crediinvest SICAV - Proactive Protection Opportunity Number of


(in EUR) Unrealised

result (in EUR)

Purchase 3 S&P 500 Index FUT 09/18 CME

USD 349,642.41 -2,762.19

-2,762.19

Crediinvest SICAV - Global Equity Dividend Number of


(in EUR) Unrealised

result (in EUR)

Purchase 7 EUR FUT 09/18 CME GBP 877,334.99 12,120.62 Purchase 16 EUR FUT 09/18 CME USD 2,010,449.23 11,048.78

23,169.40

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Crediinvest SICAV - Active Allocation Conservative Number of


(in EUR) Unrealised

result (in EUR)


EUR -325,100.00 -3,060.00

-3,060.00

Crediinvest SICAV - Active Allocation Flexible Number of


(in EUR) Unrealised

result (in EUR)


USD 815,832.30 524.60

524.60

Crediinvest SICAV - Active Allocation Dynamic Number of


(in EUR) Unrealised

result (in EUR)

Purchase 5 Euro Stoxx 50 EUR (Price) Index FUT 09/18 EUX

EUR 169,550.00 -3,500.00


USD 932,379.77 -1,884.29

-5,384.29

Note 11 - Statement of changes in investments The statement of changes in investments for the period in reference to the report is available free of charge at the registered office of the Company. Note 12 - Subsequent event The Board of Directors of the Company decided to transfer the transfer agent and fund administration services from European Fund Administration S.A. to Banque de Patrimoines Privés as of 1st July 2018.

Crediinvest SICAV

Additional information as at 30th June 2018

102

Information concerning the transparency of securities financing transactions and of reuse of cash collateral (regulation EU 2015/2365, hereafter "SFTR") During the reporting period, the Company did not engage in transactions which are subject to the publication requirements of SFTR. Accordingly, no Information concerning the transparency of securities financing transactions and of reuse of cash collateral should be reported.

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