KBC Eco Fund - Fondsvermittlung24.de€¦ · KBC Bank N.V., 2 Havenlaan - B-1080 Brussels, Belgium....

Audited annual report as at 31st August 2016

KBC Eco Fund

Public open-ended investment company under Belgian law (bevek) with a variable number of units/shares opting for Investments

complying with the conditions of Directive 2009/65/EC UCITS

No subscriptions will be accepted on the basis of this report. Subscriptions will only be valid if effected after a free copy of the key investor information or prospectus has been provided.

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TABLE OF CONTENTS

1. General information on the bevek

1.1. Organisation of the bevek

1.2. Management report

1.2.1. Information for the shareholders 1.2.2. General market overview

1.3. Auditor's report

1.4. Aggregate balance sheet

1.5. Aggregate profit and loss account

1.6. Summary of recognition and valuation rules

1.6.1. Summary of the rules 1.6.2. Exchange rates

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1. GENERAL INFORMATION ON THE BEVEK

1.1 ORGANIZATION OF THE BEVEK

REGISTERED OFFICE :

2 Havenlaan - B-1080 Brussels, Belgium.

DATE OF INCORPORATION:

27 March 1992

LIFE:

Unlimited.

BOARD OF DIRECTORS OF THE BEVEK:

Wouter Vanden Eynde, Representative KBC Asset Management NV Luc Vanbriel, Head of Management Structured Products and Money Market Funds KBC Asset Management NV Jean-Louis Claessens, Independent Manager Jozef Walravens, Independent Manager Chairman: Jean-François Gillard, Financial Manager CBC Banque SA Natural persons to whom the executive management of the bevek has been entrusted: Wouter Vanden Eynde, Representative KBC Asset Management NV Luc Vanbriel, Head of Management Structured Products and Money Market Funds KBC Asset Management NV

MANAGEMENT TYPE:

Bevek that has appointed a company for the management of undertakings for collective investments. The appointed management company is KBC Asset Management NV, Havenlaan 2, B-1080 Brussels.

DATE OF INCORPORATION OF THE MANAGEMENT COMPANY:

30 December 1999.

NAMES AND POSITIONS OF THE DIRECTORS OF THE MANAGEMENT COMPANY:

Chairman: L. Gijsens Directors: D. Mampaey, President of the Executive Committee J. Peeters, Independent Director J. Daemen, Non-Executive Director P. Konings, Non-Executive Director J. Verschaeve, Managing Director G. Rammeloo, Managing Director O. Morel, Non-Executive Director K. Mattelaer, Non-Executive Director S. Van Riet, Non-Executive Director C. Sterckx, Managing Director K. Vandewalle, Managing Director L. Demunter, Managing Director

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NAMES AND POSITIONS OF THE NATURAL PERSONS TO WHOM THE EXECUTIVE MANAGEMENT OF

THE MANAGEMENT COMPANY HAS BEEN ENTRUSTED:

D. Mampaey, President of the Executive Committee J. Verschaeve, Managing Director G. Rammeloo, Managing Director C. Sterckx, Managing Director K. Vandewalle, Managing Director L. Demunter, Managing Director These persons may also be directors of various beveks.

AUDITOR OF THE MANAGEMENT COMPANY:

PriceWaterhouseCoopers België, Woluwe Garden, Woluwedal 18, 1932 Sint-Stevens-Woluwe, represented by Gregory Joos, company auditor and recognized auditor.

STATUS OF THE BEVEK:

Public Bevek with various sub-funds that has opted for investments complying with the conditions of Directive 2009/65/EC and which, as far as its operations and investments are concerned, is governed by the Act of 3 August 2012 relative to undertakings for collective investment complying with the conditions of Directive 2009/65/EC and the undertakings for investment in receivables. In the relationship between the investors, each sub-fund will be viewed as a separate entity. Investors have a right only to the assets of and return from the sub-fund in which they have invested. The liabilities of each individual sub-fund are covered only by the assets of that sub-fund.

FINANCIAL PORTFOLIO MANAGEMENT:

In this regard, please see ‘Information concerning the sub-fund’.

FINANCIAL-SERVICES PROVIDERS:

The financial services providers in Belgium are: CBC Banque SA, Grand Place 5, B-1000 Brussels KBC Bank NV, Havenlaan 2, B-1080 Brussels

CUSTODIAN:

KBC Bank N.V., 2 Havenlaan - B-1080 Brussels, Belgium.

ADMINISTRATION AND ACCOUNTING MANAGEMENT:

KBC Asset Management N.V., 2 Havenlaan - B-1080 Brussels, Belgium.

ACCREDITED AUDITOR OF THE BEVEK:

Deloitte Bedrijfsrevisoren BV o.v.v.e. CVBA, in the form of a CVBA (co-operative limited liability company), Berkenlaan 8b, B-1831 Diegem, represented by partner Frank Verhaegen, company auditor and recognized auditor.

DISTRIBUTOR:

KBC Asset Management S.A., 5, Place de la Gare, L-1616 Luxembourg.

PROMOTER:

KBC The official text of the articles of association has been filed with the registry of the Commercial Court.

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LIST OF SUB-FUNDS OF KBC ECO FUND

1. Alternative Energy

2. Climate Change

3. CSOB Water

4. Impact Investing

5. Water

6. World

SHARE CLASSES

The characteristics of the different share classes are given in the prospectus. The following sub-funds have a share class called ‘Classic Shares’:

Alternative Energy

Climate Change

Water

World

The following sub-funds have a share class called ‘Institutional B Shares’:

Alternative Energy

Climate Change

Water

World

In the event of discrepancies between the Dutch and the other language versions of the (Semi-)Annual report, the Dutch will prevail.

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1.2 MANAGEMENT REPORT

1.2.1 INFORMATION FOR THE SHAREHOLDERS

Pursuant to Article 96 of the Companies Code, information is supplied regarding the following:

The balance sheet and profit and loss account provide a true and fair view of the performance and results of the undertaking for collective investment. The ‘General market overview’ section includes a description of the main risks and uncertainties facing the undertaking for collective investment.

No important events took place after the close of the financial year.

As regards events that might have a material impact on the development of the undertaking for collective investment, please refer to the ‘Outlook’ heading in the ‘General market overview’ section.

The undertaking for collective investment does not conduct any research and development.

The undertaking for collective investment does not have any branch offices.

In establishing and applying the valuation rules, it is assumed that the undertaking for collective investment will continue to pursue its activities, even if the profit and loss account shows a loss for two consecutive financial years.

All information required by the Companies Code has been included in this report.

The risk profile of the undertaking for collective investment specified in the prospectus provides an overview regarding risk management.

Reclaims of foreign withholding taxes on dividends. In some Member States of the European Union domestic investment funds benefit from exemptions or refunds of withholding taxes when they receive dividends from a domestic entity. The same tax benefits do not apply to non-resident investment funds investing cross-border. Such tax system is not in accordance with the free movement of capital within the European Union. Since 2006 KBC investment funds yearly file requests for a refund of discriminatory withholding tax paid on dividends in France, Spain, Italy, Germany, Finland, Sweden, Norway and Austria. Refunds have already been received from French, Norwegian, Swedish, Spanish and Austrian fiscal administration. The funds no longer file requests in The Netherlands as a consequence of recent Dutch Court decisions.

Bevek Country Year Amount

KBC Eco Fund France

409.011,84

KBC Eco Fund Norway 2013 3.458,66

Compulsory sale of unclaimed bearer units: In application of Section 11 of the Act of 14 December 2005 providing for the abolition of bearer securities and of the Royal Decree of 25 July 2014 implementing Section 11 of the Act of 14 December 2005 providing for the abolition of bearer units and establishing detailed rules for sale by the issuer, for the transfer of the proceeds of those sales and of the unsold securities to the Deposit and Consignment Office and for the restitution of those securities, the bearer units issued by the open-ended investment company before 2008 and the titleholders (or assigns) of which have not made themselves known, were offered for sale by the open-ended investment company in the course of 2015 on the Expert Market (the former Public Auctions Market) of Euronext Brussels.

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These units were offered in the course of multiple (maximum of 5) auction rounds. The proceeds from the sold units were transferred by the open-ended investment company to the Deposit and Consignment Office. The units that remained unsold after five auction rounds were deposited by the open-ended investment company with the Deposit and Consignment Office, by entry of these units in the open-ended investment company's register of securities in the name of the Deposit and Consignment Office. In a report dated 15 January 2016 to the Board of Management, the open-ended investment company's auditor confirmed that the open-ended investment company had observed the provisions in S. 11 of the Act of 14 December 2005 providing for the abolition of bearer units. The table below successively shows the following information from left to right for each sub-fund:

- Name of the sub-fund

- ISIN code - Number of units offered for sale - Number of auction rounds

- Number of units that were sold and the proceeds of sale of which were transferred to the Deposit and Consignment Office

- Number of units that were unsold and that were entered in the open-ended investment company's register of securities in the name of the Deposit and Consignment Office

- Date of the final auction

Name of sub-fund ISIN

Number of units offered for sale

Number of

auction rounds

Number of secondary

market sales

Number of unsold units (to Deposit

and Consignment Office)

Date of latest secondary market sale

Alternative Energy BE0175279976 19.00 5

19.0000 13OKT2015

Alternative Energy BE0175280016 147.00 5

147.0000 13OKT2015

Impact Investing BE0175718510 3.00 5

3.0000 13OKT2015

Water BE0175478057 6.00 4 6.00 0.0000 06OKT2015

Water BE0175479063 77.00 5

77.0000 13OKT2015

World BE0133741752 144.00 5

144.0000 13OKT2015

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1.2.2 GENERAL MARKET OVERVIEW

1 September 2015 – 31 August 2016 Volatile equity markets

The international equity markets have been extremely volatile during the period under review. Following a sharp dip in August/September last year when the markets were having major concerns about Chinese economic growth, there was a rally in the closing months of 2015. However, there was another dip at the start of 2016 when the US economy started showing signs of weakness. These concerns had just been laid to rest when a new period of turbulence was ushered in by the UK's unexpected vote to leave the European Union. However, it turned out to be short-lived. The strength of the US and Chinese economies and clear signals from the central banks (not least the Fed) that monetary policy would remain accommodating was positively received by the markets. Since the period under review started in the middle of a market dip in the summer of 2015, the period ended with a tidy gain of more than 10% for the global index. The biggest gains were posted by the emerging markets (+25%) and in North America (+15.8%). In Japan (+6.1%) and the euro area (+0.8%), the returns were more modest. Commodity prices have recovered in 2016 from the losses incurred in 2015. Materials (+16.6%) and oil companies (+10.8%) duly managed to record positive results again on the stock market. However, the biggest gains were recorded in the Technology sector (+22.9%) and in Consumer Staples (+17.6%), which includes the Food and Food Distribution segments. Bringing up the rear were Health Care (+2.8%) and Financials (+4.8%). Health Care was held back primarily by fears that a win for Hillary Clinton in the US presidential elections would increase pressure on reducing costs for medicinal drugs. New concerns about the stability of the (Italian) banking system and the persistently low (and even negative) interest rates weighed on bank share prices, especially in Europe. Interest rates sink to new lows

Anyone thinking that interest rates could not fall any further has been disappointed in recent months. Both US and German ten-year rates reached new lows, and in the latter case actually dipped well below zero. The main drivers of this movement were the central banks; in the US, the Fed decided to put the cycle of interest rate hikes initiated in December 2015 on hold in response to the uncertain international economic climate and the hesitant local growth. The central banks of Japan and Europe went a step further. The Bank of Japan introduced a negative key rate in its latest attempt to drag the economy out of the doldrums and weaken the currency. The ECB followed suit by launching an unprecedented raft of new measures in March. The deposit rate was cut further to -0.4%, the quantitative easing programme was expanded to include corporate bonds and a TLTRO operation was initiated to enable the banks, under certain conditions, to borrow at negative interest rates from the central bank. All this monetary turbulence had little impact on the foreign exchange markets. The euro remained virtually unchanged against the US dollar during the period under review, while the Japanese yen, contrary to the intentions of the Bank of Japan, appreciated strongly against the dollar (+15%). The risk aversion of investors proved to be a stronger force than the central bankers. The safe haven status of the Japanese currency drove the yen upwards, while on the other hand the vote in favour of Brexit hit sterling hard. The pound reached its lowest level for more than 30 years against the US dollar and lost almost 14% against the euro during the period under review.

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Outlook

The economic outlook is clearly overshadowed by the uncertainty created by the British decision on 23 June to leave the European Union. Negotiating a clear 'divorce settlement' will undoubtedly take a long time, and this could weigh on investor and consumer confidence. A recession in the United Kingdom cannot be ruled out, and the consequences will also be felt on the European continent. Despite this, we do not foresee a sharp downturn in global growth. The US economy is continuing to perform reasonably well, and the uncertainty created by Brexit could prompt the Federal Reserve to make only modest changes to its monetary policy. That said, we think the Fed will resume its policy of gradually raising its key rate during the course of 2017. Inflation is beginning to rise now that the effect of falling oil prices has gradually played out. The growing squeeze on the US labour market will also prompt the Fed to adopt a cautious approach. None of this applies in Europe, where the central banks (ECB and Bank of England) will continue to pursue a very supportive policy. Combined with a weak euro and the transition to a mildly expansionary fiscal policy, this could provide additional oxygen for the euro area economies. The emerging markets have moved into calmer waters. The worst seems to be over for commodity exporters now that prices have clearly flattened out. Equilibrium will continue to return to the oil market owing to stagnating or even contracting supply, whereas the demand for oil will continue to increase. Investments will slowly start being scaled back, with hardly any new oil projects being launched, for instance. The natural decline in production from the existing oil wells is speeding up. We expect the oil price to recover gradually, though there may be some volatility. This will ease the pressure on commodity exporters somewhat. The panic about the feared hard landing of the Chinese economy (the reason for a sharp correction on the stock markets in August 2015) has ended. Even so, it remains to be seen whether the Chinese government can keep the rate of growth high enough through conventional stimulatory measures, to facilitate the switch quickly enough from an industrial and export-driven model to one more oriented to domestic consumption and the service sector. Investors will have to allow for an upside risk for bond yields – perhaps not in the immediate months ahead, but certainly during the course of 2017. Although rates are low by historical standards, however, no unduly dramatic increase need be feared: the low level of inflation and accommodative monetary policy will prevent any sharp rise. Although prices will remain rather volatile, we believe that equities offer the prospect of better returns. The equity markets can draw strength from two sources: valuation and earnings growth. The second factor will be crucial in the months ahead. Edited to 9 September 2016

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1.3 AUDITOR’S REPORT

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1.4 AGGREGATE BALANCE SHEET (IN EUR)

Balance sheet layout 31/08/2016 (in the currency of the bevek)

31/08/2015 (in the currency of the bevek)

TOTAL NET ASSETS 424.968.011,63 339.267.410,85

II. Securities, money market instruments, UCIs and derivatives

C. Shares and similar instruments

a) Shares 423.511.199,49 342.037.075,63

D. Other securities 2.296,71

F. Derivative financial instruments

j) Foreign exchange

Futures and forward contracts (+/-) -163.394,12 -54.409,31

IV. Receivables and payables within one year

A. Receivables

a) Accounts receivable 367.676,86 487.319,51

B. Payables

a) Accounts payable (-) -98.665,81 -459.588,49

c) Borrowings (-) -1.073.044,20 -3.952.663,74

V. Deposits and cash at bank and in hand

A. Demand balances at banks 2.195.204,13 1.049.356,51

VI. Accruals and deferrals

A. Expense to be carried forward 105.504,27 94.295,41

B. Accrued income 561.540,67 421.646,75

C. Accrued expense (-) -438.009,66 -377.066,87

TOTAL SHAREHOLDERS' EQUITY 424.968.011,63 339.267.410,85

A. Capital 385.524.340,22 337.617.408,83

B. Income equalization 440.269,92 140.658,81

D. Result of the book year 39.003.401,51 1.509.343,21

Off-balance-sheet headings

III Notional amounts of futures and forward contracts

III.A Purchased futures and forward contracts 16.393.885,29 11.049.272,11

III.B Written futures and forward contracts -698.121,99 -1.877.900,67

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1.5 AGGREGATE PROFIT AND LOSS ACCOUNT (IN EUR)

Income Statement 31/08/2016 (in the currency of the bevek)


I. Net gains(losses) on investments


a) Shares 39.713.974,74 -22.501.405,00

D. Other securities -21.725,04 -104.339,17

G. Receivables, deposits, cash at bank and in hand and payables

0,03 -0,03

H. Foreign exchange positions and transactions

a) Derivative financial instruments

Futures and forward contracts -108.962,67 115.074,70

b) Other foreign exchange positions and transactions

-1.074.311,68 24.133.567,90

Det.section I gains and losses on investments

Realised gains on investments 27.543.928,06 38.526.904,45

Unrealised gains on investments 27.152.914,05 7.086.114,83

Realised losses on investments -24.455.694,25 -18.292.529,86

Unrealised losses on investments 8.267.827,53 -25.677.591,02

II. Investment income and expenses

A. Dividends 7.636.946,78 6.637.810,52

B. Interests

a) Securities and money market instruments 17.500,02 101,08

b) Cash at bank and in hand and deposits 3.304,52 -15.049,40

C. Interest on borrowings (-) -9.784,63 -19.253,73

III. Other income

A. Income received to cover the acquisition and realizaion of assets, to discourage withdrawals and for delivery charges

48.170,29 71.012,27

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IV. Operating expenses

A. Investment transaction and delivery costs (-) -308.437,49 -440.783,43

B. Financial expenses (-) -3.118,39 -8.587,88

C. Custodian's fee (-) -287.312,55 -241.662,18

D. Manager's fee (-)

a) Financial management -5.703.718,37 -5.277.608,79

b) Administration and accounting management -373.995,64 -345.156,50

E. Administrative expenses (-) -3.563,19 -2.243,09

F. Formation and organisation expenses (-) -47.359,62 -53.778,13

G. Remuneration, social security charges and pension

-15.612,93 -9.453,00

H. Services and sundry goods (-) -99.914,35 -97.933,41

J. Taxes -292.237,07 -255.818,58

K. Other expenses (-) -66.441,26 -75.150,94

Income and expenditure for the period

Subtotal II + III + IV 494.426,14 -133.555,19

V. Profit (loss) on ordinary activities before tax 39.003.401,51 1.509.343,21

VII. Result of the book year 39.003.401,51 1.509.343,21

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Appropriation Account 31/08/2016 (in the currency of the bevek)


I. Profit to be appropriated 39.443.671,43 1.650.002,02

Profit for the period available for appropriation 39.003.401,51 1.509.343,21

Income on the creation of shares (income on the cancellation of shares)

440.269,92 140.658,81

II. (Appropriations to) Deductions from capital -38.366.900,89 -735.023,96

IV. (Dividends to be paid out) -1.076.770,54 -914.978,06

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1.6 SUMMARY OF RECOGNITION AND VALUATION RULES

1.6.1 SUMMARY OF THE RULES

Summary of the valuation rules pursuant to the Royal Decree of 10 November 2006 on the accounting, annual accounts and periodic reports of certain open-ended undertakings for collective investment. The assets of the various sub-funds are valued as follows:

o When purchased or sold, securities, money market instruments, units in undertakings for collective investment and financial derivatives are recorded in the accounts at their acquisition price or sale price, respectively. Any additional expenses, such as trading and delivery costs, are charged directly to the profit and loss account.

o After initial recognition, securities, money market instruments and financial derivatives are measured at fair value on the basis of the following rules:

Securities that are traded on an active market without the involvement of third-party financial institutions are measured at fair value using the closing price;

Assets that have an active market which functions through third-party financial institutions that guarantee continuous bid and ask prices are measured using the current bid price set on that market. However, since most international benchmarks use mid-prices, and the data providers cannot supply bid prices (e.g., JP Morgan, iBoxx, MSCI, etc.), the mid-prices are used to measure debt instruments, as provided for in the Notes to the aforementioned Royal Decree. The method to correct these mid-prices and generate the bid price is not used, as it is not reliable enough and could result in major fluctuations.

Securities whose last known price is not representative and securities that are not admitted to official listing or admitted to another organised market are valued as follows:

1. When measuring these securities at fair value, use is made of the current fair value of similar assets for which there is an active market, provided this fair value is adjusted to take account of the differences between the assets concerned.

2. If no fair value for similar assets exists, the fair value is calculated on the basis of other valuation techniques which make maximum use of market data, which are consistent with generally accepted economic methods and which are verified and tested on a regular basis.

3. If no organised or unofficial market exists for the assets being valued, account is also taken of the uncertain character of these assets, based on the risk that the counterparties involved might not meet their obligations.

Shares for which there is no organised or unofficial market, and whose fair value cannot be calculated reliably as set out above, are measured at cost. Impairment is applied to these shares if there are objective instructions to this end.

Units in undertakings for collective investment (for which there is no organised market) are measured at fair value using their last net asset value.

o Liquid assets, including assets on demand at credit institutions, obligations on current account vis-à-vis credit institutions, amounts payable and receivable in the short term that are not represented by negotiable securities or money market instruments (other than vis-à-vis credit institutions), tax assets and liabilities, are measured at nominal value. Other amounts receivable in the longer term that are not represented by negotiable securities are measured at fair value. Impairment is applied to assets, amounts to be received and receivables if there is uncertainty that they will be paid in full or in part at maturity, or if the realisation value of this asset is less than its acquisition value. Additional impairment is recorded on the assets, amounts to be received and receivables referred to in the previous paragraph to ensure that any change in their value, or risks inherent in the asset in question, are taken into account.

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o The income arising from securities lending is recognised as other income (Profit and loss account III.B) and is included on an accruals basis in the profit and loss account over the term of the transaction.

o Securities issued in a currency other than that of the relevant sub-fund are converted into the currency of the sub-fund at the last known mid-market exchange rate.

DIFFERENCES

A minor difference may appear from time to time between the net asset value as published in the press and the net asset value shown in this report. These are minimal differences in the net asset value calculated that are identified after publication. If these differences reach or exceed a certain tolerance limit, the difference will be compensated. For those buying or selling shares in the bevek and for the bevek itself, this tolerance limit will be a certain percentage of the net asset value and the net assets, respectively. This tolerance limit is:

money market funds: 0.25%

bond funds, balanced funds and funds offering a capital guarantee: 0.50%

equity funds: 1%

other funds (real estate funds, etc.): 0.50%

1.6.2 EXCHANGE RATES

1 EUR =

31/08/2016

31/08/2015

1,4819 AUD 1,5805 AUD

3,60165 BRL 4,08115 BRL

1,4613 CAD 1,49085 CAD

1,09435 CHF 1,0836 CHF

756,103 CLP 776,14801 CLP

27,0295 CZK 27,0405 CZK

7,44275 DKK 7,4637 DKK

1,00 EUR 1,00 EUR

0,85035 GBP 0,72855 GBP

8,63905 HKD 8,68395 HKD

4,21315 ILS 4,4083 ILS

74,5879 INR 74,4853 INR

115,201 JPY 135,788 JPY

1.241,83 KRW 1.325,27 KRW

21,015 MXN 18,802 MXN

4,5168 MYR 4,7061 MYR

9,2899 NOK 9,3959 NOK

1,53515 NZD 1,76945 NZD

51,8952 PHP 52,3722 PHP

9,5514 SEK 9,5077 SEK

1,5179 SGD 1,58025 SGD

38,5798 THB 40,1643 THB

3,2957 TRY 3,2618 TRY

35,3399 TWD 36,4566 TWD

1,11375 USD 1,1205 USD

16,3879 ZAR 14,8626 ZAR

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EXISTENCE OF COMMISSION SHARING AGREEMENTS

What the Commission Sharing Agreement entails The Management Company, or where appropriate, the appointed manager can ask the broker to pay invoices on their behalf for a number of goods and services provided. The broker will then pay those invoices using the savings that have been built up to a certain percentage above the gross commission that it receives from the sub-funds for carrying out transactions. N.B.: Only goods and services that assist the Management Company, or where applicable, the appointed manager in managing the sub-funds in the interest of this sub-fund can be covered by a Commission Sharing Agreement. Goods and services eligible for a Commission Sharing Agreement:

Research-related and advice-related services;

Portfolio valuation and analysis;

Market information and related services;

Return analysis;

Services related to market prices;

Computer hardware linked to specialised computer software or research services;

Dedicated telephone lines;

Fees for seminars when the topic is relevant to investment services;

Publications when the topic is relevant to investment services;

All other goods and services that contribute directly or indirectly to achieving the sub-funds' investment objectives.

The Management Company, or where appropriate, the appointed manager has laid down an internal policy as regards entering into Commission Sharing Agreements and avoiding possible conflicts of interest in this respect, and has put appropriate internal controls in place to ensure this policy is observed.

Broker

Commission gross

in EUR

paid during the period:

1-09-15

-

31-08-16

CSA Credits

in EUR

accrued during the period:

1-09-15

-

31-08-16 Percentage

CITI 1.836 470 25,58%

CSFBSAS 1.717 470 27,38%

DEUTSCHE 69 12 16,67%

HSBC 1.677 550 32,79%

INSTINET 6.704 1.402 20,92%

MACQUARIE 136 28 20,43%

MERRILL 236 59 25,00%

MORGAN STANLEY 316 93 29,48%

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TABLE OF CONTENTS

2. Information on KBC Eco Fund CSOB Water

2.1. Management report 2.1.1. Launch date and subscription price 2.1.2. Stock exchange listing 2.1.3. Goal and key principles of the investment policy 2.1.4. Financial portfolio management 2.1.5. Distributors 2.1.6. Index and benchmark 2.1.7. Policy pursued during the financial year 2.1.8. Future policy 2.1.9. Synthetic risk and reward indicator (SRRI)

2.2. Balance sheet

2.3. Profit and loss account

2.4. Composition of the assets and key figures

2.4.1. Composition of the assets 2.4.2. Changes in the composition of the assets 2.4.3. Amount of commitments in respect of financial derivatives positions 2.4.4. Changes in the number of subscriptions and redemptions and the net asset value 2.4.5. Performance figures 2.4.6. Costs 2.4.7. Notes to the financial statements and other data

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2 INFORMATION ON KBC ECO FUND CSOB WATER


2.1.1 LAUNCH DATE AND SUBSCRIPTION PRICE

Launche date: 31 July 2007 Initial subscription price: 1000 CZK Currency: CZK

2.1.2 STOCK EXCHANGE LISTING

Not applicable.

2.1.3 GOAL AND KEY PRINCIPLES OF THE INVESTMENT POLICY

SUB-FUND’S OBJECT:

The main objective of this sub-fund is to generate the highest possible return for its shareholders by investing directly or indirectly in transferable securities. This is reflected in its pursuit of capital gains and income. To this end, the assets are invested, either directly or indirectly via correlated financial instruments, primarily in shares.

SUB-FUND’S INVESTMENT POLICY:

PERMITTED ASSET CLASSES:

The sub-fund may invest in securities, money market instruments, units in undertakings for collective investment, deposits, financial derivatives, liquid assets and all other instruments insofar as permitted by the applicable laws and regulations and consistent with the sub-fund's object. The sub-fund shall invest no more than 10% of its assets in units of other undertakings for collective investment. with the sub-fund's object.

RESTRICTIONS OF THE INVESTMENT POLICY:

The investment policy will be implemented within the limits set by law and regulations. The sub-fund may borrow up to 10% of its net assets, insofar as these are short-term borrowings aimed at solving temporary liquidity problems.

PERMITTED DERIVATIVES TRANSACTIONS:

Derivatives may be used to achieve the investment objectives as well as to hedge in risks. It is possible to work with either listed or unlisted derivatives: these may be forward contracts, options or swaps on securities, indices, currencies or interest rates or other transactions involving derivatives. Unlisted derivatives transactions may only be concluded with prime financial institutions specialised in such transactions. Subject to the applicable laws and regulations and the articles of association, the sub-fund will always seek to conclude the most effective transactions. All costs associated with the transactions will be charged to the sub-fund and all income generated will be paid to the sub-fund. If the transactions result in a risk in respect of the counterparty, this risk can be hedged by using a margin management system that ensures that the sub-fund is the beneficiary of security (collateral) in the form of cash or investment grade bonds. When calculating the value of the bonds, a margin will be applied that varies depending on their residual term to maturity and the currency in which they are denominated. The relationship with the counterparty or counterparties is governed by standard international agreements. Derivatives can also be used to hedge the assets of the sub-fund against open exchange risks in relation to the currency. Where derivatives are used, they must be easily transferable and liquid instruments. Using derivatives does not, therefore, affect liquidity risk. Furthermore, using derivatives does not affect the portfolio's allocation across regions, industry sectors or themes. As a result, they have no effect on concentration risk. Derivatives may not be used to protect capital, either fully or partially. They neither increase nor decrease capital risk. In addition, using derivatives has no effect on credit risk, settlement risk, custody risk, flexibility risk or inflation risk or risk dependent on external factors.

20

Selected strategy

The sub-fund invests at least 75% of its assets in companies that operate on a sustainable basis and that generate a substantial proportion of their turnover in the water sector.

The companies have to satisfy a number of basic criteria regarding the environment, human rights, the trade and manufacture of arms, and nuclear energy. The basic criteria are set out by KBC Asset Management in co-operation with the Independent Environmental Advisory Committee. They may also change the method used to perform the sustainability screening, based on new trends in society.

Screening is carried out by KBC Asset Management’s Sustainable and Socially Responsible Investment Department and the Environmental Advisory Committee.

Lending financial instruments:

The subfund is not allowed to lend financial instruments.

Volatility of the net asset value:

The volatility of the net asset value may be high due to the composition of the portfolio.

General strategy for hedging the exchange rate risk:

In order to protect its assets against exchange rate fluctuations and within the limitations laid down in the articles of association, the sub-fund may perform transactions relating to the sale of forward currency contracts, as well as the sale of call options and the purchase of put options on currencies. The transactions in question may relate solely to contracts traded on a regulated market that operates regularly, is recognised and is open to the public or that are traded with a recognised, prime financial institution specialising in such transactions and dealing in the over-the-counter (OTC) market in options. With the same objective, the sub-fund may also sell currencies forward or exchange them in private transactions with prime financial institutions specialising in such transactions.

Social, ethical and environmental aspects:

Investments may not be made in financial instruments issued by manufacturers of controversial weapons whose use over the past five decades, according to international consensus, has led to disproportionate human suffering among the civilian population. This involves the manufacturers of anti-personnel mines, cluster bombs and munitions and weapons containing depleted uranium. In addition, as of 31 March 2014 no new investments may be made in financial instruments issued by companies that do not have an anti-corruption policy and that have been given a negative score in a thorough screening for corruption in the last two years. A company has no anti-corruption policy if it cannot be demonstrated that it has an acceptable policy concerning the fight against corruption. An acceptable policy should be made public and must at least state that bribery will not be tolerated and that the law will be followed in this respect. The screening will be based on a generally accepted and independent 'Social, ethical and environmental factors' database. In this way, not only is a purely financial reality represented, but also the social reality of the sector or region. Where relevant, please refer to 'Information concerning the Bevek – Tax treatment' in the prospectus to find out more about the application of European and Belgian tax provisions.

2.1.4 FINANCIAL PORTFOLIO MANAGEMENT

The management company has delegated the intellectual management, with the exception of the sustainability screening described in the prospectus, to KBC Fund Management Limited, Joshua Dawson House, Dawson Street , Dublin 2, IRELAND.

2.1.5 DISTRIBUTORS


2.1.6 INDEX AND BENCHMARK

See ‘Sub-fund’s investment policy’.

2.1.7 POLICY PERSUED DURING THE FINANCIAL YEAR

Please refer to the general market review text for an overview of developments during the period under review.

21

2.1.8 FUTURE POLICY

Please refer to the general market outlook text for an overview of developments during the period under review.

2.1.9 SYNTHETIC RISK AND REWARD INDICATOR

5 on a scale of 1 (lowest risk) to 7 (highest risk). The value of a share can decrease or increase and the investor may not get back the amount invested. In accordance with Commission Regulation (EU) No. 583/2010, a synthetic risk and reward indicator has been calculated. This indicator provides a quantitative measure of the sub-fund's potential return and the risk involved, calculated in the currency in which the sub-fund is denominated. It is given as a figure between 1 and 7. The higher the figure, the greater the potential return, but also the more difficult it is to predict this return. Losses are possible too. The lowest figure does not mean that the investment is entirely free of risk. However, it does indicate that, compared with the higher figures, this product will generally provide a lower, but more predictable return. The synthetic risk and reward indicator is assessed regularly and can therefore go up or down based on data from the past. Data from the past is not always a reliable indicator of future risk and return.

22

2.2 BALANCE SHEET

Balance sheet layout 31/08/2016 (in the currency of the sub-fundt)

31/08/2015 (in the currency of the sub-fund )

TOTAL NET ASSETS 549.154.049,84 477.792.446,78



a) Shares 548.042.718,81 479.925.198,03

D. Other securities 16,22

F. Derivative financial instruments

j) Foreign exchange

Futures and forward contracts (+/-) -4.416.461,24 -1.471.254,85


A. Receivables

a) Accounts receivable 503.206,02 1.146.840,56

B. Payables


c) Borrowings (-) -975.467,32 -2.977.460,97


A. Demand balances at banks 5.429.733,41 1.761.368,14



B. Accrued income 843.215,84 532.932,78



A. Capital 483.153.312,70 520.324.448,63

B. Income equalization 52.433,35 -317.655,89

D. Result of the book year 65.948.303,79 -42.214.345,96

Off-balance-sheet headings

III Notional amounts of futures and forward contracts

III.A Purchased futures and forward contracts 443.118.522,33 298.777.842,48

III.B Written futures and forward contracts -18.869.888,37 -50.779.372,96

23

2.3 PROFIT AND LOSS ACCOUNT

Income Statement 31/08/2016 (in the currency of the sub-fund)

31/08/2015 (in the currency of the sub-fund)



a) Shares 72.553.982,12 -35.835.155,19

D. Other securities -35.958,42


0,02 -0,02


a) Derivative financial instruments

Futures and forward contracts -2.945.206,39 3.111.677,42


-2.018.089,32 -5.153.364,57



Unrealised gains on investments 151.022.092,28 -132.559.381,35


Unrealised losses on investments -95.682.075,68 81.291.720,08


A. Dividends 10.282.120,68 9.038.916,88

B. Interests

b) Cash at bank and in hand and deposits 9.512,60 8.791,51





C. Custodian's fee (-) -431.292,24 -416.338,29


a) Financial management -10.138.718,35 -10.843.953,50




-21.248,34 -13.141,51


J. Taxes -24.543,23 -33.907,20

K. Other expenses (-) -52.418,74 -69.455,97


Subtotal II + III + IV -1.606.424,22 -4.337.503,60

V. Profit (loss) on ordinary activities before tax 65.948.303,79 -42.214.345,96

VII. Result of the book year 65.948.303,79 -42.214.345,96

24

Appropriation Account 31/08/2016 (in the currency of the sub-fundm)


I. Profit to be appropriated 66.000.737,14 -42.532.001,85

Profit for the period available for appropriation 65.948.303,79 -42.214.345,96


52.433,35 -317.655,89

II. (Appropriations to) Deductions from capital -66.000.737,14 42.532.001,85

25

2.4 COMPOSITION OF THE ASSETS AND KEY FIGURES

2.4.1 COMPOSITIONS OF THE ASSETS OF KBC ECO FUND CSOB WATER

Name Quantity on 31/08/2016

Cur rency

Price in currency

Evaluation (in the currency of the

sub-fund)

% owned by

UCI

% portfolio

% Net

assets

NET ASSETS

SECURITIES PORTFOLIO

Shares

Exchange-listed shares

Australia

G.U.D. HOLDINGS LTD - 34.986,00 AUD 10,040 6.406.887,86 1,18 1,17

Bermuda

CONSOLIDATED WATER CO LTD - 15.615,00 USD 12,680 4.805.200,85 0,88 0,88

Brazil

CIA DE SANEAMENTO DE MINAS GER - 38.500,00 BRL 33,000 9.534.790,98 1,75 1,74

CIA SANEAMENTO BASICO - 35.157,00 USD 9,050 7.721.660,29 1,42 1,41

Canada

ENERCARE INC - 19.240,00 CAD 18,270 6.501.929,33 1,20 1,18

PURE TECHNOLOGIES LTD - 55.745,00 CAD 6,150 6.341.319,94 1,17 1,16

Cayman Islands

CT ENVIRONMENTAL GROUP LTD - 672.000,00 HKD 2,390 5.025.036,25 0,92 0,92

Finland

KEMIRA (HEL) 21.105,00 EUR 11,500 6.560.262,51 1,21 1,20

UPONOR OYJ - 14.092,00 EUR 16,200 6.170.575,50 1,14 1,12

France

SUEZ - 21.158,00 EUR 13,565 7.757.690,20 1,43 1,41

VEOLIA ENVIRONNEMENT SA (PAR) 14.706,00 EUR 19,065 7.578.258,11 1,39 1,38

Hong Kong

BEIJING ENTERPRISES WATER GROUP LTD - 386.000,00 HKD 5,410 6.533.660,96 1,20 1,19

CHINA EVERBRIGHT INTL - 156.000,00 HKD 9,920 4.841.816,16 0,89 0,88

CHINA WATER AFFAIRS GROUP LTD - 514.000,00 HKD 4,840 7.783.599,93 1,43 1,42

CHINA WATER AFFAIRS GROUP LTD - 1.880.000,00 HKD 1,270 7.470.223,49 1,37 1,36

India

JAIN IRRIGATION SYSTEMS LTD - 184.882,00 INR 84,200 5.641.266,87 1,04 1,03

THERMAX LTD - 16.162,00 INR 836,850 4.901.315,36 0,90 0,89

Ireland

PENTAIR PLC - 3.086,00 USD 64,050 4.796.951,84 0,88 0,87

Italy

ACEA SPA (MIL) 20.394,00 EUR 11,690 6.443.991,33 1,19 1,17

HERA SPA - 123.746,00 EUR 2,484 8.308.464,77 1,53 1,51

Japan

KURITA WATER INDUSTR. - 14.300,00 JPY 2.359,000 7.914.922,81 1,46 1,44

ORGANO CORPORATION - 65.000,00 JPY 412,000 6.283.379,32 1,16 1,14

TSURUMI MANUFACTURING CO LTD - 14.000,00 JPY 1.492,000 4.900.942,02 0,90 0,89

26

Jersey/The Channel Islands

WOLSELEY PLC - 7.314,00 GBP 43,800 10.182.850,51 1,87 1,85

Malaysia

SALCON BERHAD - 1.262.000,00 MYR 0,615 4.644.528,41 0,85 0,85

Netherlands

AALBERTS INDUSTRIES (AMS) 7.050,00 EUR 30,050 5.726.267,27 1,05 1,04

ARCADIS N.V. (AMS) 12.230,00 EUR 12,020 3.973.460,92 0,73 0,72

Philippines

MANILA WATER CO - 421.800,00 PHP 28,000 6.151.426,61 1,13 1,12

METRO PACIFIC INVESTMENTS CORP - 1.624.000,00 PHP 6,920 5.853.334,72 1,08 1,07

Singapore

SEMBCORP INDUSTRIES LTD - 79.100,00 SGD 2,720 3.831.247,81 0,71 0,70

SIIC ENVIRONMENT HOLDINGS LTD - 338.500,00 SGD 0,600 3.616.635,82 0,67 0,66

SOUND GLOBAL LTD - 374.000,00 HKD 2,980 3.487.063,78 0,64 0,64

South Korea

COWAY CO LTD - 3.598,00 KRW 83.400,000 6.531.344,93 1,20 1,19

Spain

FLUIDRA SA - 66.386,00 EUR 4,000 7.177.521,71 1,32 1,31

Sweden

ALFA LAVAL - 12.194,00 SEK 133,000 4.589.536,32 0,84 0,84

Switzerland

GEBERIT AG - 1.371,00 CHF 429,000 14.527.019,56 2,67 2,65

Thailand

TTW PCL - 977.000,00 THB 11,000 7.529.495,05 1,39 1,37

U.K.

AMIAD FILTRATION SYSTEMS LTD - 73.448,00 GBP 1,475 3.443.596,81 0,63 0,63

COSTAIN GROUP PLC - 75.800,00 GBP 3,525 8.493.146,76 1,56 1,55

HALMA PLC - 17.290,00 GBP 10,600 5.825.606,69 1,07 1,06

PENNON GROUP PLC - 22.513,00 GBP 8,775 6.279.438,31 1,16 1,14

POLYPIPE GROUP PLC - 45.983,00 GBP 2,943 4.301.578,63 0,79 0,78

ROTORK PLC - 63.624,00 GBP 2,009 4.062.947,47 0,75 0,74

RPS GROUP - 64.662,00 GBP 1,823 3.745.906,84 0,69 0,68

SEVERN TRENT - 13.842,00 GBP 23,810 10.476.073,62 1,93 1,91

UNITED UTILITIES WATER PLC - 33.902,00 GBP 9,715 10.469.077,77 1,93 1,91

U.S.A.

ADVANCED DRAINAGE SYSTEMS INC - 10.529,00 USD 23,130 5.910.348,12 1,09 1,08

AGILENT TECHNOLOGIES - 6.411,00 USD 46,980 7.309.523,93 1,35 1,33

AMERICAN STATES WATER CO - 6.187,00 USD 38,980 5.852.915,49 1,08 1,07

AMERICAN WATER WORKS INC. - 11.907,00 USD 73,990 21.380.885,31 4,75 3,90

AO SMITH CORP - 2.546,00 USD 96,480 5.961.368,89 1,10 1,09

AQUA AMERICA INC - 20.888,00 USD 30,410 15.415.711,78 2,84 2,81

ARTESIAN RESOURCES CORP -A- 11.668,00 USD 27,470 7.778.670,63 1,43 1,42

BADGER METER INC - 3.905,00 USD 65,990 6.253.878,93 1,15 1,14

CADIZ INC - 33.470,00 USD 7,770 6.311.419,31 1,16 1,15

CALGON CARBON CORP - 16.244,00 USD 14,500 5.716.250,94 1,05 1,04

CALIFORNIA WATER SERVICE GROUP - 13.536,00 USD 30,490 10.016.086,65 1,84 1,82

CONNECTICUT WATER SVC INC - 6.276,00 USD 46,370 7.062.693,08 1,30 1,29

DANAHER CORPORATION - 2.490,00 USD 81,410 4.919.572,95 0,91 0,90

ECOLAB, INC. - 3.295,00 USD 123,050 9.839.824,21 1,81 1,79

ENERGY RECOVERY INC - 21.500,00 USD 12,080 6.303.121,77 1,16 1,15

27

FLOWSERVE CORP - 3.652,00 USD 48,370 4.287.036,28 0,79 0,78

FRANKLIN ELECTRIC CO INC - 6.832,00 USD 38,250 6.342.049,10 1,17 1,16

HD SUPPLY HOLDINGS INC - 6.924,00 USD 36,110 6.067.850,20 1,12 1,11

IDEX CORPORATION - 2.929,00 USD 93,440 6.642.055,56 1,22 1,21

INSITUFORM TECHN. CORP. - 11.749,00 USD 18,520 5.280.708,43 0,97 0,96

ITRON INC - 4.965,00 USD 47,630 5.739.183,85 1,06 1,05

LAYNE CHRISTENSEN COMPANY - 26.511,00 USD 8,990 5.784.104,15 1,06 1,05

LINDSAY MANUFACTURING CO - 3.176,00 USD 71,960 5.546.537,47 1,02 1,01

MIDDLESEX WATER CO - 8.844,00 USD 33,370 7.162.345,11 1,32 1,30

MUELLER WATER PRODUCTS INC -A- 22.807,00 USD 12,090 6.691.827,95 1,23 1,22

NORTHWEST PIPE COMPANY - 13.684,00 USD 11,750 3.902.125,52 0,72 0,71

PURE CYCLE CORP - 36.540,00 USD 4,810 4.265.440,83 0,79 0,78

REXNORD HOLDINGS INC - 9.240,00 USD 22,110 4.958.051,31 0,91 0,90

SJW CORP - 7.594,00 USD 42,690 7.867.686,57 1,45 1,43

SPX CORPORATION - 15.262,00 USD 18,940 7.015.226,97 1,29 1,28

STANTEC INC - 7.405,00 CAD 31,270 4.283.034,51 0,79 0,78

TETRA TECH INC. - 13.241,00 USD 35,300 11.343.466,53 2,09 2,07

VALMONT INDUSTRIES - 1.662,00 USD 130,470 5.262.498,50 0,97 0,96

WATTS WATER TECHNOLOGIES INC "A" 3.710,00 USD 64,400 5.798.425,48 1,07 1,06

XYLEM INC/NY - 5.385,00 USD 50,860 6.646.796,25 1,22 1,21

YORK WATER CO - 8.708,00 USD 28,300 5.980.743,25 1,10 1,09

Total shares 548.042.718,81 100,81 99,80

Forward contracts CZK -4.416.461,24 -0,81

TOTAL SECURITIES PORTFOLIO 543.626.257,57 100,00 98,99

CASH AT BANK AND IN HAND

Demand accounts

Belgium

KBC GROUP AUD 6.874,92 AUD 1,000 125.396,89 0,02

KBC GROUP CAD 7.209,97 CAD 1,000 133.362,00 0,02

KBC GROUP CHF 7.081,50 CHF 1,000 174.906,94 0,03

KBC GROUP CZK 3.986.487,53 CZK 1,000 3.986.487,53 0,73

KBC GROUP EURO -25.915,17 EUR 1,000 -700.474,10 -0,13

KBC GROUP GBP 7.043,28 GBP 1,000 223.879,98 0,04

KBC GROUP HKD -14.288,20 HKD 1,000 -44.704,33 -0,01

KBC GROUP JPY -772.813,00 JPY 1,000 -181.324,77 -0,03

KBC GROUP MXN -38.068,90 MXN 1,000 -48.964,12 -0,01

KBC GROUP SEK 47.550,82 SEK 1,000 134.564,03 0,03

KBC GROUP SGD 7.337,61 SGD 1,000 130.662,05 0,02

KBC GROUP USD 21.446,12 USD 1,000 520.473,99 0,10

Total demand accounts 4.454.266,09 0,81

TOTAL CASH AT BANK AND IN HAND 4.454.266,09 0,81

OTHER RECEIVABLES AND PAYABLES

Receivables

Belgium

KBC GROUP CZK RECEIVABLE 503.206,02 CZK 1,000 503.206,02 0,09

Total receivables 503.206,02 0,09

Payables

Belgium

KBC GROUP CZK PAYABLE -118.504,63 CZK 1,000 -118.504,63 -0,02

Payables -118.504,63 -0,02

TOTAL RECEIVABLES AND PAYABLES 384.701,39 0,07

28

OTHER

Interest receivable CZK 843.215,84 0,15

Expenses payable CZK -299.754,94 -0,06

Expenses to be carried forward CZK 145.363,89 0,03

TOTAL OTHER 688.824,79 0,13

TOTAL NET ASSETS 549.154.049,84 100,00

29

Geographic breakdown (as a % of securities portfolio)

28/02/2015 31/08/2015 29/02/2016 31/08/2016

Australia 1,13 1,20 0,87 1,18

Belgium -0,37 -0,38 -0,69 -0,99

Bermuda 0,63 0,68 0,81 0,89

Brazil 1,43 0,84 1,75 3,18

Canada 4,09 3,46 3,10 2,37

Switzerland 6,28 5,36 3,33 3,56

China 1,50 1,70 0,00 0,00

Cayman Islands 0,00 0,00 0,97 0,93

Germany 1,02 0,93 0,00 0,00

Spain 0,10 0,11 0,94 1,32

Finland 0,86 1,43 2,04 2,35

France 3,14 3,66 3,62 2,83

U.K. 9,79 11,07 10,50 10,52

Greece 0,59 0,00 0,00 0,00

Hong Kong 6,98 6,91 5,90 4,91

India 3,18 2,94 2,55 1,94

Italy 1,41 1,72 3,06 2,72

Jersey/The Channel Islands 1,65 2,48 1,95 1,88

Japan 10,38 9,92 3,82 3,52

South Korea 1,25 1,27 1,47 1,20

Mexico 0,39 0,20 0,45 0,00

Malaysia 1,03 0,92 0,80 0,86

Netherlands 1,69 1,59 1,84 1,79

Philippines 1,55 1,32 2,10 2,21

Singapore 3,30 2,77 2,48 2,02

Sweden 0,30 0,29 0,81 0,85

Thailand 1,80 1,79 1,19 1,39

U.S.A. 34,90 35,82 44,34 46,57

Total 100,00 100,00 100,00 100,00

Sector breakdown (as a % of securities portfolio)

28/02/2015 31/08/2015 29/02/2016 31/08/2016

Cyclicals 50,90 50,63 42,22 42,33

Consum(cycl) 6,19 5,64 5,42 6,14

Pharma 0,55 0,68 0,00 0,00

Financials 0,81 0,71 0,33 0,08

Technology 4,79 4,27 4,43 4,42

Telecomm. 1,49 1,49 1,06 1,09

Utilities 35,27 36,58 46,54 45,94

Total 100,00 100,00 100,00 100,00

30

Currency breakdown (as a % of net assets)

28/02/2015 31/08/2015 29/02/2016 31/08/2016

AUD 1,11 1,19 0,88 1,19

BRL 0,36 0,15 0,75 1,74

CAD 4,83 4,17 0,18 0,01

CHF 5,54 4,65 -0,98 2,69

CZK 67,52 72,50 88,39 85,25

EUR -0,05 -0,09 -0,09 -0,13

GBP -0,08 -0,15 -0,05 -0,06

HKD 9,32 9,58 7,79 6,41

INR 3,20 2,95 2,58 1,93

JPY 0,50 -0,61 -0,29 0,01

KRW 1,26 1,28 1,48 1,19

MXN 0,45 0,25 0,47 -0,01

MYR 1,03 0,92 0,81 0,85

PHP 1,56 1,32 2,12 2,19

SEK 0,30 0,29 0,82 0,86

SGD 2,53 1,92 1,67 1,38

THB 0,31 0,30 1,20 1,38

USD 0,31 -0,62 -7,73 -6,88

Total 100,00 100,00 100,00 100,00

31

2.4.2 CHANGES IN THE COMPOSITION OF THE ASSETS OF KBC ECO FUND CSOB WATER (IN THE

CURRENCY OF THE SUB-FUND)

1st half of year 2nd half of year Year

Purchases 114.346.634,03 28.753.602,74 143.100.236,77

Sales 121.577.654,50 24.591.826,94 146.169.481,45

Total 1 235.924.288,53 53.345.429,69 289.269.718,22

Subscriptions 27.593.441,03 37.772.149,56 65.365.590,59

Redemptions 26.321.392,32 33.683.332,34 60.004.724,66

Total 2 53.914.833,35 71.455.481,90 125.370.315,25

Monthly average of total assets

484.288.485,10 525.675.917,38 504.982.201,23

Turnover rate 37,58 % -3,44 % 32,46 %


Purchases 114.346.634,03 28.753.602,74 143.100.236,77

Sales 121.577.654,50 24.591.826,94 146.169.481,45

Total 1 235.924.288,53 53.345.429,69 289.269.718,22

Subscriptions 27.593.441,03 37.772.149,56 65.365.590,59

Redemptions 26.321.392,32 33.683.332,34 60.004.724,66

Total 2 53.914.833,35 71.455.481,90 125.370.315,25


490.737.024,94 542.054.840,26 496.093.598,18

Corrected turnover rate

37,09 % -3,34 % 33,04 %

The table above shows the capital volume of portfolio transactions. This volume (adjusted to take account of total subscriptions and redemptions) is also compared to the average net assets at the beginning and end of the period. A figure close to 0% implies that the transactions relating to the securities or transactions relating to the assets (excluding deposits and cash) in a given period only involve subscriptions and redemptions. A negative percentage shows that subscriptions and redemptions entailed few, if any, transactions in the portfolio. Active asset management may result in high turnover rates (monthly percentage >50%). The detailed list of transactions is available for consultation free of charge at the registered office of the Bevek or fund at Havenlaan 2, 1080 Brussels.

2.4.3 AMOUNT OF COMMITMENTS IN RESPECT OF FINANCIAL DERIVATIVES POSITIONS

NAME Currency

Value in

currency

In the currency of the sub-fund

Lot-size

Transaction

date

KBC AK-VK CZK-GBP 161116-160831 31.55563

CZK 67.314.137,74 67.314.137,74 N/A 26.08.2016

KBC AK-VK CZK-USD 161116-160830 23.84741

CZK 298.871.934,51 298.871.934,51 N/A 26.08.2016

KBC AK-VK CZK-CAD 161116-160830 18.53175

CZK 17.220.592,55 17.220.592,55 N/A 26.08.2016

KBC AK-VK CZK-EUR 161116-160830 27.03275

CZK 59.711.857,53 59.711.857,53 N/A 26.08.2016

KBC VK-AK JPY-CZK 161116-160830 4.186823

JPY -80.424.177,00 -18.869.888,37 N/A 26.08.2016

32

2.4.4 CHANGES OF THE NUMBER OF SUBSCRIPTIONS AND REDEMPTIONS AND THE NET ASSET

VALUE

Period Change in number of shares in circulation

Year Subscriptions Redemptions End of period

Cap. Dis. Cap. Dis. Cap. Dis. Total

2014 - 08* 212.398,01 0,00 130.691,08 0,00 488.546,70 0,00 488.546,70

2015 - 08* 75.200,72 0,00 116.569,20 0,00 447.178,22 0,00 447.178,22

2016 - 08* 58.448,05 0,00 53.626,26 0,00 452.000,02 0,00 452.000,02

Period Amounts received and paid by the UCI

(in the currency of the sub-fund)

Year Subscriptions Redemptions

Capitalization Distribution Capitalization Distribution

2014 - 08* 232.357.221,85 0,00 140.903.574,76 0,00

2015 - 08* 85.690.963,23 0,00 133.629.949,45 0,00

2016 - 08* 65.988.348,57 0,00 60.575.049,29 0,00

Period Net asset value

End of period (in the currency of the sub-fund)

Year Of the sub-fund Of one share

Capitalization Distribution

2014 - 08* 567.945.778,96 1.162,52 N/A

2015 - 08* 477.792.446,78 1.068,46 N/A

2016 - 08* 549.154.049,84 1.214,94 N/A

* The financial year does not coincide with the calender year.

33

2.4.5 PERFORMANCE FIGURES

34

Cap Div

ISIN code Cur-

rency

1 Year 3 Years* 5 Years* 10 Years* Since launch*

Share classes

Bench mark

Share classes

Bench mark

Share classes

Bench mark

Share classes

Bench mark

Launch Date

Share classes

CAP BE0947250453 EUR 13.76% 7.77% 10.47% 31/07/2007 2.58%

CAP BE0947250453 CZK 13.71% 9.49% 13.02% 31/07/2007 2.17%

DIV BE0947249448 EUR 31/07/2007

DIV BE0947249448 CZK 31/07/2007

Risk warning: Past performance is not a guide to future performance. * Return on annual basis.

35

The bar chart shows the performance for full financial years.

The figures do not take account of any restructuring.

Calculated in CZK and in EUR.

the return is calculated as the change in the net asset value between two dates expressed as a percentage. In the case of units that pay dividends, the dividend is incorporated geometrically in the return.

Calculation method for date D, where NAV stands for net asset value: Capitalisation units (CAP) Return on date D over a period of X years:

[NAV(D) / NAV(Y)] ^ [1 / X] - 1 where Y = D-X

Return on date D since the start date S of the unit: [NAV(D) / NAV(S)] ^ [1 / F] - 1 where F = 1 if the unit has existed for less than one year on date D where F = (D-S) / 365.25 if the unit has existed for longer than one year on date D

Distribution units (DIV) Return on date D over a period of X years:

[ C * NAV(D) / NAV(Y)] ^ [1 / X] - 1 where Y = D-X

Return on date D since the start date S of the unit: [ C * NAV(D) / NAV(S)] ^ [1 / F] - 1 where F = 1 if the unit has existed for less than one year on date D where F = (D-S) / 365.25 if the unit has existed for longer than one year on date D

where C is a factor that is determined for all N dividends between the calculation date D and the reference date. For dividend i on date Di with value Wi:

Ci = [Wi / NAV(Di)] + 1 i = 1 ... N

from which C = C0 * .... * CN.

If the interval between the two dates exceeds one year, the ordinary return calculation is converted into a return on an annual basis by taking the nth square root of 1 plus the total return of the unit.

The return figures shown above do not take account of the fees and charges associated with the issue and redemption of units.

These are the performance figures for capitalisation and distribution shares.

36

2.4.6 COSTS

Ongoing charges: *

Distribution: Not applicable Capitalization: 2.264%

* The following are not included in the charges shown: entry and exit charges, performance fees, transaction costs paid when buying or selling assets, interest paid, payments made with a view to providing collateral in the context of derivative financial instruments, or commissions relating to Commission Sharing Agreements or similar fees received by the Management Company or any person associated with it.


The Management Company, or where applicable, the appointed manager has entered into a Commission Sharing Agreement with one or more brokers for transactions in shares on behalf of one or more sub-funds. This agreement specifically concerns the execution of orders and the delivery of research reports. For more information, please see the ‘General’ section of the annual report.

Broker

Commission gross

in EUR


1-09-15

-

31-08-16

CSA Credits

in EUR


1-09-15

-

31-08-16 Percentage

CITI 164 41 25,00%

INSTINET 699 88 12,63%


FEE-SHARING AGREEMENTS AND REBATES:

The management company may share its fee with the distributor, and institutional and/or professional parties. In principle, the percentage share amounts to between 35% and 60% if the distributor is an entity of KBC Group NV or to between 35% and 70% if the distributor is not an entity of KBC Group NV. However, in a small number of cases, the distributor’s fee is less than 35%. Investors may, on request, obtain more information on these cases. If the management company invests the assets of the undertaking for collective investment in units of undertakings for collective investment that are not managed by an entity of KBC Group NV, and receives a fee for doing so, it will pay this fee to the undertaking for collective investment. Fee-sharing does not affect the amount of the management fee paid by the sub-fund to the management company. This management fee is subject to the limitations laid down in the articles of association. The limitations may only be amended after approval by the general meeting of shareholders. The management company has concluded a distribution agreement with the distributor in order to facilitate the wider distribution of the sub-fund's units by using multiple distribution channels. It is in the interests of the holders of units, the sub-fund and of the distributor for the largest possible number of units to be sold and for the assets of the sub-fund to be maximised in this way. In this respect, there is therefore no question of any conflict of interest.

37

2.4.7 NOTES TO THE FINANCIAL STATEMENTS AND OTHER DATA

Fee for managing the investment portfolio: 2% per year (0.1% of which for the sustainability screening referred to in the prospectus) calculated on the basis of the average total net assets of the sub-fund, no management fee is charged on assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group.

KBC Fund Management Limited receives a fee from the management company of max. 1.9% per year calculated on that part of the portfolio that it manages, without the total management fee received by the management company being exceeded.

The administration agent’s fee is payable at the end of each month and is calculated on the basis of the average total net assets of the sub-fund. Auditor's fee: 1786 EUR per year. This fee is not including VAT and can be indexed on an annual basis in accordance with the decisions of the general meeting. The custody fee is calculated on the value of the securities held in custody by the custodian on the final banking day of the preceding calendar year, except on those assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group. The custody fee is paid at the beginning of the calendar year. Exercising voting rights. If necessary, relevant and in the interest of the shareholders, the management company will exercise the voting rights attached to the shares in the Bevek’s portfolio. The management company will adhere to the following criteria when determining how it stands relative to the items on the agenda that are put to the vote: - Shareholder value may not be adversely affected. - Corporate governance rules, especially with regard to the rights of minority shareholders, must be respected. - The minimum standards with regard to sustainable business and corporate social responsibility must be met. The list of companies for which voting rights are exercised is available at the registered office of the Bevek.

38


TABLE OF CONTENTS

2. Information on KBC Eco Fund World


2.2. Balance sheet




39

2 INFORMATION ON KBC ECO FUND WORLD



Classic Shares :

Launch date: 30 April 1992 Initial subscription price: 10000 BEF Currency: EUR Institutional B Shares :

Launch date: 25 September 2013 Initial subscription price: 1000 EUR Currency: EUR


Not applicable.










Derivatives may be used to achieve the investment objectives as well as to hedge in risks. It is possible to work with either listed or unlisted derivatives: these may be forward contracts, options or swaps on securities, indices, currencies or interest rates or other transactions involving derivatives. Unlisted derivatives transactions may only be concluded with prime financial institutions specialised in such transactions. Subject to the applicable laws and regulations and the articles of association, the sub-fund will always seek to conclude the most effective transactions. All costs associated with the transactions will be charged to the sub-fund and all income generated will be paid to the sub-fund. If the transactions result in a risk in respect of the counterparty, this risk can be hedged by using a margin management system that ensures that the sub-fund is the beneficiary of security (collateral) in the form of cash or investment grade bonds. When calculating the value of the bonds, a margin will be applied that varies depending on their residual term to maturity and the currency in which they are denominated. The relationship with the counterparty or counterparties is governed by standard international agreements. Derivatives can also be used to hedge the assets of the sub-fund against open exchange risks in relation to the currency.

41

Where derivatives are used, they must be easily transferable and liquid instruments. Using derivatives does not, therefore, affect liquidity risk. Furthermore, using derivatives does not affect the portfolio's allocation across regions, industry sectors or themes. As a result, they have no effect on concentration risk. Derivatives may not be used to protect capital, either fully or partially. They neither increase nor decrease capital risk. In addition, using derivatives has no effect on credit risk, settlement risk, custody risk, flexibility risk or inflation risk or risk dependent on external factors.

Selected strategy

At least 75% of the assets are invested in the shares of companies in all sectors worldwide that outperform their peers in managing the environmental impact of both their production process and their end product. These companies must also have been approved by KBC Asset Management’s Sustainable and Socially Responsible Investment Department and the Independent Environmental Advisory Committee.

The shares must satisfy the following criteria: • the companies must be considered the ‘best in class’ in terms of sustainability: This means

that the companies have to be screened based on the following criteria: - economic policy and role in society business ethics and corporate governance environment - internal social relations human rights - socially controversial practices and technologies

• the companies must be considered the ‘best in class’ in environmental terms.

Each criterion is sub-divided into measurable indicators. The requirements, criteria and indicators are set out by KBC Asset Management in co-operation with the External Advisory Board for Sustainability Analysis and the Independent Environmental Advisory Committee. These requirements, criteria and indicators are constantly checked to ensure their relevance. Accordingly, the method used to conduct the sustainability screening may be changed, subject to approval by the External Advisory Board for Sustainability Analysis and the Independent Environmental Advisory Committee.

The shares are screened by KBC Asset Management’s Sustainable and Socially Responsible Investment Department, in co-operation with the External Advisory Board for Sustainability Analysis and the Independent Environmental Advisory Committee.

Because the External Advisory Board for Sustainability Analysis and the Independent Environmental Advisory Committee work independently, the assessment of companies is objective, assuring the credibility of the sustainability screening. Their task also consists in overseeing the quality of the methods used and the research carried out by KBC Asset Management.







42




The management company has delegated the intellectual management, with the exception of the sustainability screening described in the prospectus, to KBC Fund Management Limited, Joshua Dawson House, Dawson Street , Dublin 2, IRELAND..

2.1.5 DISTRIBUTORS





KBC Eco Fund World underperformed the broad developed equity market over the twelve-month period to end August 2016. Stock selection was mixed over the period. Sector performance was positive for Materials and Healthcare. In terms of underperformers, Consumer Discretionary and Telecommunication Services are the worst.

2.1.8 FUTURE POLICY

Please refer to the general future policy.


Classic Shares: 6 on a scale of 1 (lowest risk) to 7 (highest risk). Institutional B-Shares: 6 on a scale of 1 (lowest risk) to 7 (highest risk). The value of a share can decrease or increase and the investor may not get back the amount invested. In accordance with Commission Regulation (EU) No. 583/2010, a synthetic risk and reward indicator has been calculated. This indicator provides a quantitative measure of the sub-fund's potential return and the risk involved, calculated in the currency in which the sub-fund is denominated. It is given as a figure between 1 and 7. The higher the figure, the greater the potential return, but also the more difficult it is to predict this return. Losses are possible too. The lowest figure does not mean that the investment is entirely free of risk. However, it does indicate that, compared with the higher figures, this product will generally provide a lower, but more predictable return. The synthetic risk and reward indicator is assessed regularly and can therefore go up or down based on data from the past. Data from the past is not always a reliable indicator of future risk and return.

43

2.2 BALANCE SHEET



TOTAL NET ASSETS 100.112.262,62 57.119.260,61



a) Shares 100.300.752,75 56.988.775,65

D. Other securities 2.295,30


A. Receivables


B. Payables

a) Accounts payable (-) -17.568,60

c) Borrowings (-) -373.018,94 -31.342,01


A. Demand balances at banks 128.099,85 131.576,06



B. Accrued income 134.030,88 73.512,03



A. Capital 93.861.711,86 55.960.703,77


D. Result of the book year 5.924.089,25 898.550,84

44






a) Shares 4.685.985,86 -1.340.788,26

D. Other securities 3.021,13 3.279,97


0,02 -0,01



1.032.721,16 2.008.857,94



Unrealised gains on investments 803.837,70 -1.831,06




A. Dividends 1.675.843,41 1.064.786,83

B. Interests

a) Securities and money market instruments 17.500,02

b) Cash at bank and in hand and deposits 1.008,15 -6.313,99

C. Interest on borrowings (-) -1.431,84 -574,25

III. Other income


45.754,65 63.685,05



B. Financial expenses (-) -622,38 -1.078,47

C. Custodian's fee (-) -52.766,00 -22.420,21


a) Financial management

Classic Shares -558.534,20 -384.756,49

Institutional B Shares -629.386,55 -298.793,95


E. Administrative expenses (-) -594,52 -90,68



-3.260,03 -1.541,20


J. Taxes

Classic Shares -32.381,39 -21.263,27


K. Other expenses (-) -19.468,26 -20.997,45


Subtotal II + III + IV 202.361,08 227.201,20

V. Profit (loss) on ordinary activities before tax 5.924.089,25 898.550,84

VII. Result of the book year 5.924.089,25 898.550,84

45




Profit for the period available for appropriation 5.924.089,25 898.550,84


326.461,51 260.006,00

II. (Appropriations to) Deductions from capital -6.135.166,77 -1.103.306,20

IV. (Dividends to be paid out) -115.383,99 -55.250,64

46


2.4.1 COMPOSITIONS OF THE ASSETS OF KBC ECO FUND WORLD


Cur rency

Price in currency


sub-fund)

% owned by

UCI

% portfolio

% Net

assets

NET ASSETS


Shares


Australia

COCA-COLA AMATIL LTD - 14.949,00 AUD 9,780 98.657,95 0,10 0,10

COMMONWEALTH BANK AUST - 15.951,00 AUD 71,810 772.954,52 0,77 0,77

NATIONAL AUSTRALIA BANK - 14.091,00 AUD 27,340 259.968,92 0,26 0,26

SANTOS LTD. - 42.761,00 AUD 4,440 128.118,52 0,13 0,13

WESTPAC BANKING - 28.720,00 AUD 29,460 570.950,27 0,57 0,57

Austria

AUST&NZ BANKING GROUP - 3.170,00 AUD 26,900 57.543,02 0,06 0,06

OMV AG (WIEN) 16.336,00 EUR 25,120 410.360,32 0,41 0,41

RAIFFEISEN BANK INTL - 8.270,00 EUR 12,740 105.359,80 0,11 0,11

Belgium

KBC GROUP - 9.798,00 EUR 53,070 519.979,86 0,52 0,52

Canada

BANK OF MONTREAL - 2.430,00 CAD 86,980 144.639,29 0,14 0,14

BANK OF NOVA SCOTIA - 27.309,00 CAD 69,810 1.304.620,06 1,30 1,30

CANADIAN NATIONAL RAILWAY CO - 4.798,00 CAD 84,270 276.690,25 0,28 0,28

CANADIAN TIRE CORP "A" NON VOTING 3.193,00 CAD 134,330 293.516,52 0,29 0,29

CENOVUS ENERGY INC - 22.728,00 CAD 18,950 294.734,55 0,29 0,29

POWER CORP - 76.317,00 CAD 27,720 1.447.688,52 1,44 1,45

ROYAL BK CANADA - 3.872,00 CAD 81,530 216.029,67 0,22 0,22

TECK CORP CLASS B 28.552,00 CAD 21,250 415.198,80 0,41 0,42

WESTON GEORGE LTD - 2.890,00 CAD 112,900 223.281,32 0,22 0,22

Denmark

DANSKE BK AS - 30.421,00 DKK 195,800 800.299,86 0,80 0,80

NOVO NORDISK A/S "B" 21.006,00 DKK 312,700 882.546,93 0,88 0,88

NOVOZYMES A/S "B" 4.074,00 DKK 289,300 158.356,55 0,16 0,16

Finland

NESTE OIL OYJ - 26.276,00 EUR 37,340 981.145,84 0,98 0,98

UPM-KYMMENE CORP - 38.129,00 EUR 18,010 686.703,29 0,69 0,69

France

ATOS SE - 12.328,00 EUR 88,210 1.087.452,88 1,08 1,09

AXA - 45.699,00 EUR 18,820 860.055,18 0,86 0,86

CAP GEMINI SA - 8.171,00 EUR 87,340 713.655,14 0,71 0,71

CREDIT AGRICOLE - 72.117,00 EUR 8,490 612.273,33 0,61 0,61

SOCIETE GENERALE SA - 12.965,00 EUR 32,645 423.242,43 0,42 0,42

Germany

BASF SE - 1.961,00 EUR 72,900 142.956,90 0,14 0,14

DAIMLER AG - 3.231,00 EUR 62,080 200.580,48 0,20 0,20

DEUTSCHE LUFTHANSA AG REG 28.633,00 EUR 10,445 299.071,69 0,30 0,30

47

DEUTSCHE TELEKOM INT FIN REG 4.368,00 EUR 14,970 65.388,96 0,07 0,07

METRO AG - 9.772,00 EUR 26,600 259.935,20 0,26 0,26

TELEFONICA DEUTSCHLAND HOLDING - 256.326,00 EUR 3,676 942.254,38 0,94 0,94

Hong Kong

CLP - 90.000,00 HKD 79,550 828.736,96 0,83 0,83

HONG KONG EXCHANGES & CLEARING LTD. - 1.400,00 HKD 189,700 30.741,81 0,03 0,03

Italy

A2A SPA - 398.733,00 EUR 1,189 474.093,54 0,47 0,47

INTESA SANPAOLO SPA - 15.219,00 EUR 2,130 32.416,47 0,03 0,03

TELECOM ITALIA SPA (MIL) 133.407,00 EUR 0,814 108.526,59 0,11 0,11

UNICREDIT SPA - 328.302,00 EUR 2,306 757.064,41 0,76 0,76

Japan

ASTELLAS PHARMA INC - 47.800,00 JPY 1.580,500 655.792,05 0,65 0,66

BRIDGESTONE CORP - 7.200,00 JPY 3.555,000 222.185,57 0,22 0,22

EAST JAPAN RAILWAY - 1.800,00 JPY 8.860,000 138.436,30 0,14 0,14

FAST RETAILING CO LTD. - 1.300,00 JPY 36.340,000 410.083,25 0,41 0,41

FUJI PHOTO FILM - 15.300,00 JPY 3.887,000 516.237,71 0,52 0,52

FUJITSU LTD - 237.000,00 JPY 525,200 1.080.480,20 1,08 1,08

KAO CORP - 400,00 JPY 5.377,000 18.669,98 0,02 0,02

MINEBEA - 43.100,00 JPY 1.050,000 392.835,13 0,39 0,39

NOMURA HOLDINGS INC - 255.600,00 JPY 487,300 1.081.187,49 1,08 1,08

NTT DATA CORPORATION - 22.400,00 JPY 5.390,000 1.048.046,46 1,05 1,05

NTT DOCOMO, INC. - 23.900,00 JPY 2.603,000 540.027,43 0,54 0,54

OSAKA GAS - 21.000,00 JPY 407,300 74.246,75 0,07 0,07

RICOH CO - 126.200,00 JPY 933,000 1.022.079,67 1,02 1,02

ROHM CORP. - 2.900,00 JPY 5.170,000 130.146,44 0,13 0,13

SHISEIDO CO - 8.300,00 JPY 2.601,000 187.396,81 0,19 0,19

SONY CORP - 27.100,00 JPY 3.325,000 782.176,37 0,78 0,78

TEIJIN LTD - 329.000,00 JPY 386,000 1.102.368,90 1,10 1,10

TERUMO CORP. - 2.400,00 JPY 4.025,000 83.853,44 0,08 0,08

TOKYO ELECTRON - 5.600,00 JPY 9.508,000 462.190,43 0,46 0,46

TONENGENERAL SEKIYU KK - 98.000,00 JPY 955,000 812.406,14 0,81 0,81

YAMADA DENKI - 19.100,00 JPY 484,000 80.245,83 0,08 0,08

Netherlands

CNH INDUSTRIAL NV - 18.198,00 USD 7,320 119.604,36 0,12 0,12

KON. AHOLD DELHAIZE NV - 23.897,00 EUR 21,465 512.949,11 0,51 0,51

KONINKLIJKE D.S.M. NV (AMS) 3.070,00 EUR 62,490 191.844,30 0,19 0,19

REPSOL INTERNATIONAL FINANCE B - 7.150,00 EUR 12,040 86.086,00 0,09 0,09

Norway

DNB BANK ASA - 20.608,00 NOK 101,300 224.716,13 0,22 0,22

Papua New Guinea

OIL SEARCH LTD - 11.367,00 AUD 6,720 51.546,15 0,05 0,05

Portugal

GALP ENERGIA SGPS SA - 32.434,00 EUR 13,030 422.615,02 0,42 0,42

Spain

FERROVIAL SA - 68.304,00 EUR 17,665 1.206.590,16 1,20 1,21

Sweden

GETINGE AB B 53.449,00 SEK 167,000 934.520,91 0,93 0,93

SCA-SVENSKA CELLULOSA AB "B" 13.816,00 SEK 263,100 380.571,39 0,38 0,38

SKANDINAVISKA ENSKILDA "A" 16.890,00 SEK 83,700 148.008,98 0,15 0,15

SKANSKA AB "B" 9.830,00 SEK 187,700 193.174,93 0,19 0,19

VOLVO TREASURY AB "B" 7.853,00 SEK 92,050 75.681,96 0,08 0,08

48

Switzerland

COCA-COLA HBC AG - 52.776,00 GBP 16,740 1.038.948,95 1,04 1,04

GEBERIT AG - 3.109,00 CHF 429,000 1.218.770,05 1,22 1,22

GIVAUDAN (NOM) 46,00 CHF 2.033,000 85.455,29 0,09 0,09

LAFARGEHOLCIM LTD (NOM) 513,00 CHF 52,150 24.446,43 0,02 0,02

LONZA AG - 8.264,00 CHF 186,400 1.407.602,32 1,40 1,41

NOVARTIS AG REG 481,00 CHF 77,400 34.019,65 0,03 0,03

ROCHE HOLDING GENOTS 5.243,00 CHF 239,800 1.148.875,04 1,15 1,15

SWISS RE - 6.423,00 CHF 83,000 487.146,71 0,49 0,49

TE CONNECTIVITY LTD - 27.215,00 USD 63,570 1.553.362,56 1,55 1,55

U.K.

BUNZL - 6.658,00 GBP 23,580 184.624,73 0,18 0,18

COMPASS GROUP - 10.288,00 GBP 14,420 174.461,06 0,17 0,17

MARKS&SPENCER - 165.130,00 GBP 3,447 669.375,09 0,67 0,67

NAT. GRID PLC - 6.386,00 GBP 10,465 78.590,57 0,08 0,08

NEXT PLC - 1.259,00 GBP 55,250 81.801,32 0,08 0,08

PERSIMMON - 26.448,00 GBP 18,240 567.309,37 0,57 0,57

RELX PLC - 7.819,00 GBP 14,450 132.868,29 0,13 0,13

SKYPLC - 10.218,00 GBP 8,490 102.017,78 0,10 0,10

VODAFONE GROUP PLC - 398.663,00 GBP 2,299 1.077.587,94 1,07 1,08

WPP GROUP PLC - 40.788,00 GBP 17,560 842.285,27 0,84 0,84

3IGROUP - 21.974,00 GBP 6,145 158.793,71 0,16 0,16

U.S.A.

ACCENTURE LTD "A" 13.462,00 USD 115,000 1.390.015,71 1,39 1,39

ADOBE SYSTEMS - 1.201,00 USD 102,310 110.324,86 0,11 0,11

AETNA INC NEW 2.610,00 USD 117,120 274.463,03 0,27 0,27


AIR PRODUCTS & CHEMICALS - 4.727,00 USD 155,620 660.485,51 0,66 0,66

ALLSTATE CORPORATION - 3.116,00 USD 68,960 192.933,21 0,19 0,19

AMERICAN WATER WORKS INC. - 1.385,00 USD 73,990 92.010,01 0,09 0,09

ANTHEM INC - 6.481,00 USD 125,080 727.850,49 0,73 0,73

APPLIED MATERIALS - 39.481,00 USD 29,840 1.057.789,49 1,06 1,06

BAKER HUGHES INC - 11.593,00 USD 49,130 511.393,12 0,51 0,51

BANK OF NEW YORK MELLON CORP - 39.385,00 USD 41,670 1.473.555,96 1,47 1,47

BAXTER INTL INC - 6.576,00 USD 46,730 275.911,54 0,28 0,28

BEST BUY - 6.606,00 USD 38,480 228.236,93 0,23 0,23

BIOGEN INC - 4.054,00 USD 305,630 1.112.479,48 1,11 1,11

BRISTOL-MYERS SQUIBB CO - 18.153,00 USD 57,390 935.399,03 0,93 0,93

CAMPBELL SOUP CO - 19.095,00 USD 60,720 1.041.031,11 1,04 1,04

CB RICHARD ELLIS GROUP INC - 14.229,00 USD 29,890 381.867,39 0,38 0,38

CLOROX COMPANY - 778,00 USD 131,040 91.536,81 0,09 0,09

CMS ENERGY CORPORATION - 7.693,00 USD 41,970 289.899,18 0,29 0,29

COGNIZANT TECHNOLOGY SOLUTIONS CORP. - 12.713,00 USD 57,440 655.654,07 0,65 0,66

CUMMINS INC. - 2.973,00 USD 125,610 335.298,34 0,33 0,34

DEERE & COMPANY - 17.865,00 USD 84,550 1.356.216,16 1,35 1,36

ECOLAB, INC. - 11.661,00 USD 123,050 1.288.337,64 1,28 1,29

EVERSOURCE ENERGY - 4.535,00 USD 53,970 219.756,63 0,22 0,22

FEDEX CORP - 2.676,00 USD 164,930 396.276,26 0,40 0,40

FORD MOTOR CY - 115.088,00 USD 12,600 1.302.005,66 1,30 1,30

GENERAL ELEC CAP CORP - 78.871,00 USD 31,240 2.212.282,86 2,21 2,21

HERSHEY CORP - 11.511,00 USD 99,890 1.032.398,46 1,03 1,03

HOME DEPOT - 12.759,00 USD 134,120 1.536.464,27 1,53 1,54

HOST HOTELS & RESORTS INC - 63.170,00 USD 17,820 1.010.720,00 1,01 1,01

INTEL CORP - 27.865,00 USD 35,890 897.934,77 0,90 0,90

INTERPUBLIC GROUP - 23.342,00 USD 23,140 484.968,69 0,48 0,48

JUNIPER NETWORKS INC. - 26.816,00 USD 23,080 555.702,16 0,55 0,56

49

KIMBERLEY-CLARK CORP - 4.414,00 USD 128,060 507.525,78 0,51 0,51

KOHL'S CORPORATION - 9.777,00 USD 44,380 389.587,66 0,39 0,39

LILLY (ELI) & CO - 6.216,00 USD 77,750 433.934,01 0,43 0,43

LOWE'S CIE - 13.404,00 USD 76,560 921.400,89 0,92 0,92

MACY'S INC - 869,00 USD 36,180 28.229,33 0,03 0,03

MANPOWER GROUP - 18.648,00 USD 71,460 1.196.485,82 1,19 1,20

MARRIOTT INTERNATIONAL - 18.075,00 USD 71,330 1.157.611,45 1,15 1,16

MCGRAW HILL FINANCIAL INC - 7.841,00 USD 123,540 869.743,78 0,87 0,87

MICROSOFT CORP - 11.218,00 USD 57,460 578.753,11 0,58 0,58

MONDELEZ INTERNATIONAL INC "A" 36.339,00 USD 45,020 1.468.894,98 1,46 1,47

MORGAN STANLEY - 2.976,00 USD 32,060 85.666,05 0,09 0,09

NORTHERN TRUST CORPORATION - 711,00 USD 70,590 45.063,52 0,05 0,05

NVIDIA CORP NAS 750,00 USD 61,340 41.306,40 0,04 0,04

OCCID. PETROLEUM - 17.531,00 USD 76,850 1.209.658,68 1,21 1,21

ORACLE CORP - 7.936,00 USD 41,220 293.712,16 0,29 0,29

PEPSICO INC - 19.045,00 USD 106,750 1.825.413,02 1,82 1,82

PFIZER - 67.048,00 USD 34,800 2.094.967,81 2,09 2,09

PRINCIPAL FINANCIAL GROUP INC - 13.511,00 USD 49,070 595.272,52 0,59 0,60

PROLOGIS TRUST - 26.026,00 USD 53,110 1.241.069,23 1,24 1,24

PRUDENTIAL FINANCIAL INC - 19.362,00 USD 79,380 1.379.982,55 1,38 1,38

QUALCOMM CORP - 2.719,00 USD 63,070 153.972,91 0,15 0,15

RESMED INC - 12.549,00 USD 66,690 751.418,91 0,75 0,75

ROYAL CARIBBEAN CRUISES LTD - 2.303,00 USD 71,110 147.040,48 0,15 0,15

SOUTHWEST AIRLINES - 20.779,00 USD 36,880 688.062,42 0,69 0,69

SPECTRA ENERGY CORP - 25.047,00 USD 35,620 801.054,22 0,80 0,80

STATE STREET CORPORATION - 6.641,00 USD 70,240 418.822,75 0,42 0,42

SYMANTEC CORPORATION - 19.083,00 USD 24,130 413.443,58 0,41 0,41

TERADATA CORP - 38.544,00 USD 31,730 1.098.093,04 1,10 1,10

TEXAS INSTRUMENTS - 8.759,00 USD 69,540 546.891,91 0,55 0,55

TJX COMPANIES INC. - 996,00 USD 77,440 69.252,74 0,07 0,07

TOYOTA MOTOR CREDIT - 12.400,00 JPY 6.238,000 671.445,56 0,67 0,67

VARIAN MEDICAL SYSTEMS - 16.089,00 USD 96,130 1.388.673,91 1,39 1,39

WALT DISNEY - 17.870,00 USD 94,460 1.515.600,63 1,51 1,51

WASTE MANAGEMENT INC. - 12.900,00 USD 63,940 740.584,51 0,74 0,74

WYNDHAM WORLDWIDE CORP - 19.175,00 USD 70,790 1.218.763,86 1,22 1,22

XCEL ENERGY INC - 6.274,00 USD 41,360 232.990,02 0,23 0,23

XEROX CORPORATION - 100.458,00 USD 9,850 888.450,10 0,89 0,89

3M CO - 9.353,00 USD 179,240 1.505.213,67 1,50 1,50

Total shares 100.300.752,75 100,00 100,19



Demand accounts

Belgium

KBC GROUP AUD 11.434,57 AUD 1,000 7.716,15 0,01

KBC GROUP CAD 3.490,10 CAD 1,000 2.388,35 0,00

KBC GROUP CHF -10.538,74 CHF 1,000 -9.630,14 -0,01

KBC GROUP DKK 470.258,06 DKK 1,000 63.183,37 0,06


KBC GROUP GBP -258,09 GBP 1,000 -303,51

KBC GROUP HKD 1.864,53 HKD 1,000 215,83

KBC GROUP ILS 13.733,23 ILS 1,000 3.259,61 0,00

KBC GROUP JPY 980.115,00 JPY 1,000 8.507,87 0,01

KBC GROUP NOK -22.701,92 NOK 1,000 -2.443,72 0,00

KBC GROUP NZD 1.204,29 NZD 1,000 784,48 0,00

KBC GROUP SEK -2.473,42 SEK 1,000 -258,96

50

KBC GROUP SGD -2.158,94 SGD 1,000 -1.422,32 0,00

KBC GROUP TRY -1.632,36 TRY 1,000 -495,30

KBC GROUP USD 44.039,32 USD 1,000 39.541,48 0,04

KBC GROUP ZAR 41.014,08 ZAR 1,000 2.502,71 0,00

Total demand accounts -244.919,09 -0,25

TOTAL CASH AT BANK AND IN HAND -244.919,09 -0,25


Receivables

Belgium

KBC GROUP EUR RECEIVABLE 4.782,39 EUR 1,000 4.782,39 0,01



OTHER

Interest receivable EUR 116.530,86 0,12

Accrued interest EUR 17.500,02 0,02

Expenses payable EUR -103.254,47 -0,10

Expenses to be carried forward EUR 20.870,16 0,02

TOTAL OTHER 51.646,57 0,05

TOTAL NET ASSETS 100.112.262,62 100,00

51


28/02/2015 31/08/2015 29/02/2016 31/08/2016

Australia 0,74 0,68 0,97 1,88

Austria 0,63 0,00 0,00 0,51

Belgium 1,24 1,50 1,36 0,52

Canada 5,01 5,67 5,11 4,60

Switzerland 3,71 4,10 6,05 5,43

Germany 1,39 0,87 1,46 1,90

Denmark 2,02 2,77 2,79 1,84

Spain 3,02 1,79 1,09 1,29

Finland 1,67 1,85 0,85 1,66

France 0,88 5,12 4,58 3,69

U.K. 5,03 5,00 3,63 4,06

Hong Kong 0,26 0,05 0,05 0,86

Ireland 1,34 0,00 0,00 0,00

Italy 0,41 0,41 0,69 1,37

Japan 11,39 11,49 10,85 11,48

Luxembourg 0,88 0,00 0,00 0,00

Netherlands 1,34 1,53 1,59 0,82

Norway 2,39 1,68 0,60 0,22

Papua New Guinea 0,00 0,00 0,00 0,05

Portugal 0,79 0,00 0,00 0,42

Sweden 1,39 1,19 0,80 1,73

U.S.A. 54,47 54,30 57,53 55,67

Total 100,00 100,00 100,00 100,00


28/02/2015 31/08/2015 29/02/2016 31/08/2016

Cyclicals 20,32 18,37 18,76 17,00

Consum(cycl) 19,22 18,13 17,15 16,84

Cons.goods 10,31 11,41 11,37 12,17

Pharma 11,13 10,38 11,86 11,70

Financials 15,90 15,96 15,85 17,37

Technology 12,68 15,63 15,29 16,94

Telecomm. 2,43 2,46 2,81 2,73

Utilities 3,85 4,39 3,99 2,06

Real est. 4,16 3,27 2,92 3,19

Total 100,00 100,00 100,00 100,00

52


28/02/2015 31/08/2015 29/02/2016 31/08/2016

AUD 0,75 0,69 1,04 1,95

CAD 5,03 5,65 5,13 4,62

CHF 3,72 4,09 5,40 4,39

DKK 2,02 2,82 2,76 1,90

EUR 12,36 13,07 11,46 11,74

GBP 5,05 4,98 4,41 5,11

HKD 0,26 0,14 0,05 0,86

JPY 11,41 11,46 10,97 11,51

NOK 2,39 1,68 0,60 0,22

SEK 1,39 1,22 0,81 1,73

USD 55,62 54,20 57,37 55,97

Total 100,00 100,00 100,00 100,00

53

2.4.2 CHANGES IN THE COMPOSITION OF THE ASSETS OF KBC ECO FUND WORLD (IN THE



Purchases 19.658.335,64 66.917.994,32 86.576.329,96

Sales 17.184.592,69 40.580.277,48 57.764.870,18

Total 1 36.842.928,34 107.498.271,80 144.341.200,14

Subscriptions 3.644.425,38 29.092.740,79 32.737.166,17

Redemptions 1.750.513,29 3.126.542,34 4.877.055,63

Total 2 5.394.938,67 32.219.283,13 37.614.221,80


58.122.343,61 80.783.385,65 69.452.864,63

Turnover rate 54,11 % 93,19 % 153,67 %


Purchases 19.658.335,64 66.917.994,32 86.576.329,96

Sales 17.184.592,69 40.580.277,48 57.764.870,18

Total 1 36.842.928,34 107.498.271,80 144.341.200,14

Subscriptions 3.644.425,38 29.092.740,79 32.737.166,17

Redemptions 1.750.513,29 3.126.542,34 4.877.055,63

Total 2 5.394.938,67 32.219.283,13 37.614.221,80


58.810.969,40 81.000.891,66 69.630.132,60


53,47 % 92,94 % 153,28 %

The table above shows the capital volume of portfolio transactions. This volume (adjusted to take account of total subscriptions and redemptions) is also compared to the average net assets at the beginning and end of the period. A figure close to 0% implies that the transactions relating to the securities or transactions relating to the assets (excluding deposits and cash) in a given period only involve subscriptions and redemptions. A negative percentage shows that subscriptions and redemptions entailed few, if any, transactions in the portfolio. Active asset management may result in high turnover rates (monthly percentage >50%), reason: Universe rebalance. The detailed list of transactions is available for consultation free of charge at the registered office of the Bevek or fund at Havenlaan 2, 1080 Brussels.


Nil

54


VALUE

Classic Shares




2014 - 08* 21.143,42 1.418,10 16.276,71 35,53 29.791,53 2.181,52 31.973,05

2015 - 08* 10.828,81 2.138,22 10.752,01 616,34 29.868,33 3.703,40 33.571,73

2016 - 08* 34.974,30 10.194,51 23.475,54 5.017,37 41.367,10 8.880,54 50.247,64


(in the currency of the class)



2014 - 08* 13.825.273,28 780.133,50 10.647.232,82 19.158,38

2015 - 08* 8.644.028,32 1.369.614,66 8.572.229,53 408.472,98

2016 - 08* 7.518.183,91 667.530,47 14.919.414,19 2.938.331,21


End of period (in the currency of the class)

Year Of the class Of one share


2014 - 08* 22.607.206,63 715,62 590,26

2015 - 08* 26.059.061,87 792,51 644,84

2016 - 08* 40.613.046,00 838,82 665,89


55

Institutional B Shares




2014 - 08* 6.220,00 0,00 6.220,00 6.220,00

2015 - 08* 36.080,00 3.100,00 39.200,00 39.200,00

2016 - 08* 80.717,83 49.116,78 70.801,05 70.801,05





2014 - 08* 4.100.376,60 0,00

2015 - 08* 30.613.229,20 2.458.603,00

2016 - 08* 25.530.917,70 31.991.215,21





2014 - 08* 4.450.087,00 715,45

2015 - 08* 31.060.198,74 792,35

2016 - 08* 59.499.216,62 840,37


56


Classic Shares

Cap Div

ISIN code Cur-

rency


Share classes

Bench mark

Share classes

Bench mark

Share classes

Bench mark

Share classes

Bench mark

Launch Date

Share classes

CAP BE0133741752 EUR 5.84% 12.69% 14.32% 4.86% 30/04/1992 5.13%

DIV BE0177657500 EUR 5.49% 12.53% 14.22% 4.80% 03/09/2001 3.01%


57


Cap Div

ISIN code Cur-

rency


Share classes

Bench mark

Share classes

Bench mark

Share classes

Bench mark

Share classes

Bench mark

Launch Date

Share classes

CAP BE6257810497 EUR 6.06% 01/12/2013 10.79%


58

Classic Shares



Calculated in EUR (ex BEF).









Ci = [Wi / NAV(Di)] + 1 i = 1 ... N


If the interval between the two dates exceeds one year, the ordinary return calculation is converted into a return on an annual basis by taking the nth square root of 1 plus the total

return of the unit.



Institutional B Shares The bar chart shows the performance for full financial years.


Calculated in EUR.

The return is calculated as the change in the net asset value between two dates expressed as a percentage.


[NIW(D) / NIW(Y)] ^ [1 / X] - 1 where Y = D-X

Return on date D since the start date S of the unit: [NIW(D) / NIW(S)] ^ [1 / F] - 1 where F = 1 if the unit has existed for less than one year on date D where F = (D-S) / 365.25 if the unit has existed for longer than one year on date D



These are the performance figures for capitalization shares.

Dividend on ex-dividend date 30/11/2016: 9,4848 EUR net (12,9929 EUR gross).

59

2.4.6 COSTS

Ongoing charges: *

Classic Shares Distribution: 3.276% Classic Shares Capitalization: 2.157% Capitalization: 1.851%




Broker

Commission gross

in EUR


1-09-15

-

31-08-16

CSA Credits

in EUR


1-09-15

-

31-08-16 Percentage

CSFBSAS 3 0 16,61%

INSTINET 89 25 28,54%



60


Fee for managing the investment portfolio: 1.5% per year (0.1% of which for the sustainability screening referred to in the prospectus) calculated on the basis of the average total net assets of the sub-fund, no management fee is charged on assets invested in underlying undertakings for collective investment managed by a financial institution of the KBC group.



61


TABLE OF CONTENTS

2. Information on KBC Eco Fund Alternative Energy


2.2. Balance sheet




62

2 INFORMATION ON KBC ECO FUND ALTERNATIVE ENERGY



Classic Shares :

Launch date: 31 October 2000 Initial subscription price: 500 EUR Currency: EUR Institutional B Shares :

Launch date: 25 November 2011 Initial subscription price: 160.81 EUR Currency: EUR


Not applicable.











64


Selected strategy

At any time, at least 75% of the assets are invested in the shares of companies that that operate on a sustainable basis in the alternative energy sector. These companies have to realize a substantial proportion of their turnover in this sector.


The shares are screened by KBC Asset Management’s Sustainable and Socially Responsible Investment Department and the independent Environmental Advisory Committee.

VOLATILITY OF THE NET ASSET VALUE










65

2.1.5 DISTRIBUTORS





KBC Eco Fund Alternative Energy underperformed the broad equity market over the twelve month period to end August 2016. The main outperforming sectors over the period were Materials and Utilities. In terms of underperformers, IT stocks, led by solar producers, were the worst performers in the period.

2.1.8 FUTURE POLICY

Whilst we believe in the long-term that alternative energy is a theme that will generate positive returns, in the medium-term we see challenges and volatility. Recent over-supply in the solar sector, most notably in China, has led to falling prices and margins for producers. The global trend of phasing out renewable energy tax credits for wind and solar projects compounds this. On the utilities side, persistently low fossil fuel prices is pushing down the prices being paid to solar and wind producers, further constricting margins. However, the increased emphasis on energy efficiency and storage, which fall under the fund’s remit, present opportunities to generate returns in other areas.



66

2.2 BALANCE SHEET



TOTAL NET ASSETS 30.102.648,97 29.970.686,33



a) Shares 30.082.785,18 30.063.614,99


A. Receivables


B. Payables


c) Borrowings (-) -24.447,30 -239.736,96





B. Accrued income 65.478,01 72.049,40



A. Capital 28.335.078,50 32.649.892,35

B. Income equalization -10.861,84 -15.353,97


67






a) Shares 1.714.056,93 -5.264.130,14

D. Other securities 1.673,83 -77.714,78



-75.538,08 2.595.946,96



Unrealised gains on investments 154.568,88 1.638.462,42




A. Dividends 695.010,92 728.921,40

B. Interests

b) Cash at bank and in hand and deposits 280,76 -9.449,18

C. Interest on borrowings (-) -798,30 -1.049,78



B. Financial expenses (-) -244,78 -820,34

C. Custodian's fee (-) -25.002,97 -26.125,57



Classic Shares -439.523,67 -496.949,51





-1.244,29 -840,76


J. Taxes

Classic Shares -27.312,84 -25.798,52

K. Other expenses (-) -2.751,19 -3.528,74





68






-10.861,84 -15.353,97



69


2.4.1 COMPOSITIONS OF THE ASSETS OF KBC ECO FUND ALTERNATIVE ENERGY


Cur rency

Price in currency


sub-fund)

% owned by

UCI

% portfolio

% Net

assets

NET ASSETS


Shares


Australia

INFIGEN ENERGY - 488.229,00 AUD 0,885 291.573,43 0,97 0,97

Austria

VERBUND AG - 22.541,00 EUR 13,850 312.192,85 1,04 1,04

ZUMTOBEL AG - 31.773,00 EUR 14,665 465.951,05 1,55 1,55

Belgium

BEKAERT - 9.414,00 EUR 37,030 348.600,42 1,16 1,16

ELIA SYSTEM OPERATOR - 10.515,00 EUR 45,270 476.014,05 1,58 1,58

UMICORE - 5.216,00 EUR 52,940 276.135,04 0,92 0,92

Brazil

CIA ENERGETICA DE MINAS GER PREF 143.800,00 BRL 8,750 349.353,77 1,16 1,16

SAO MARTINHO SA - 18.055,00 BRL 50,240 251.852,12 0,84 0,84

British Virgin Islands

RENESOLA LTD -_ADR 134.184,00 USD 1,160 139.756,18 0,47 0,46

Canada

BALLARD POWER SYSTEMS - 142.705,00 USD 2,080 266.510,80 0,89 0,89

BORALEX INC - 26.628,00 CAD 17,890 325.993,92 1,08 1,08

HYDROGENICS CORP - 25.159,00 USD 5,660 127.856,29 0,43 0,43

INNERGEX RENEWABLE ENERGY INC - 30.714,00 CAD 14,580 306.446,40 1,02 1,02

NORTHLAND POWER INC - 28.043,00 CAD 23,760 455.965,02 1,52 1,52

Cayman Islands

TRINA SOLAR LTD -SP0N ADR- 17.223,00 USD 10,510 162.526,36 0,54 0,54

Chile

EMPRESA NACIONAL DE ELECTR SA/CHILE - 426.930,00 CLP 508,150 286.924,51 0,95 0,95

ENERSIS SA - 2.030.607,00 CLP 112,800 302.938,18 1,01 1,01

China

DONGFANG ELECTRIC CORP LTD - 270.800,00 HKD 6,060 189.957,00 0,63 0,63

GCL POLY ENERGY HOLDINGS LTD - 1.444.400,00 HKD 1,100 183.913,74 0,61 0,61

HANWHA SOLARONE CO LTD - 12.575,00 USD 11,780 133.004,26 0,44 0,44

Denmark


ROCKWOOL INTERNATIONAL A/S - 1.951,00 DKK 1.266,000 331.862,01 1,10 1,10

VESTAS WINDS SYSTEMS - 3.330,00 DKK 553,500 247.644,35 0,82 0,82

France

ALBIOMA - 11.560,00 EUR 15,510 179.295,60 0,60 0,60

CIE DE ST-GOBAIN - 8.462,00 EUR 39,320 332.725,84 1,11 1,11

LEGRAND (PAR) 4.445,00 EUR 53,710 238.740,95 0,79 0,79

70

MERSEN (PAR) 7.193,00 EUR 17,610 126.668,73 0,42 0,42

SCHNEIDER ELECTRIC SE - 3.514,00 EUR 61,090 214.670,26 0,71 0,71

Germany

AIXTRON AG - 45.188,00 EUR 5,535 250.115,58 0,83 0,83

CAPITAL STAGE AG - 117.265,00 EUR 6,372 747.212,58 2,48 2,48

CENTROTEC SUSTAINABLE AG - 12.959,00 EUR 15,270 197.883,93 0,66 0,66

INFINEON TECHNOLOGIES AG - 14.545,00 EUR 15,095 219.556,78 0,73 0,73

MANZ AG - 6.340,00 EUR 29,900 189.566,00 0,63 0,63

NORDEX AG - 7.313,00 EUR 24,805 181.398,97 0,60 0,60

PNE WIND AG - 335.408,00 EUR 2,063 691.946,70 2,30 2,30

SMA SOLAR TECHNOLOGY AG - 4.664,00 EUR 31,420 146.542,88 0,49 0,49

WACKER CHEMIE AG - 2.441,00 EUR 83,340 203.432,94 0,68 0,68

Guernsey The Channel Islands

RENEWABLES INFRASTRUCTURE GROUP LTD - 716.560,00 GBP 1,047 882.270,03 2,93 2,93

Hong Kong

CHIANE LONGYUAN POWER GROUP CORP - 459.000,00 HKD 6,520 346.413,09 1,15 1,15

CHINA EVERBRIGHT INTL - 196.000,00 HKD 9,920 225.061,78 0,75 0,75

COMTEC SOLAR SYSTEMS GROUP LTD - 1.142.000,00 HKD 0,495 65.434,28 0,22 0,22

WASION GROUP HOLDINGS LTD - 280.000,00 HKD 4,390 142.284,16 0,47 0,47

India

PRAJ INDUSTRIES LTD - 174.518,00 INR 91,500 214.088,30 0,71 0,71

Ireland

KINGSPAN GROUP PLC - 8.772,00 EUR 24,580 215.615,76 0,72 0,72

Italy

FALK RENEWABLES SPA - 173.760,00 EUR 0,795 138.139,20 0,46 0,46

PRYSMIAN SPA - 15.005,00 EUR 22,120 331.910,60 1,10 1,10

TERNA RETE ELETTRICA NAZIONALE - 70.331,00 EUR 4,632 325.773,19 1,08 1,08

Japan

ULVAC INC - 16.500,00 JPY 2.914,000 417.366,17 1,39 1,39

WEST HOLDINGS CORP - 58.100,00 JPY 650,000 327.818,33 1,09 1,09

Netherlands

ADVANCED METALLURGICAL GROUP - 27.504,00 EUR 17,690 486.545,76 1,62 1,62

New Zealand

CONTACT ENERGY LTD - 131.113,00 NZD 5,200 444.117,90 1,48 1,48

TRUSTPOWER LTD - 28.064,00 NZD 7,850 143.505,46 0,48 0,48

Norway

RENEWABLE ENERGY CORP AS - 864.259,00 NOK 1,203 111.917,63 0,37 0,37

Philippines

ENERGY DEVELOPMENT CORPORATION - 2.407.000,00 PHP 5,730 265.768,51 0,88 0,88

Portugal

REN REDES ENERGETICAS - 126.404,00 EUR 2,617 330.799,27 1,10 1,10

South Korea

DC CHEMICAL CO LTD - 3.353,00 KRW 87.400,000 235.984,15 0,78 0,78

TAEWOONG CO LTD TAEWOONG CO LTD 13.566,00 KRW 27.300,000 298.230,68 0,99 0,99

Spain

ABENGOA S.A. EMISSIE 2012 495.237,00 EUR 0,199 98.552,16 0,33 0,33

ACCIONA SA - 4.046,00 EUR 63,880 258.458,48 0,86 0,86

EDP RENOVAVEIS SA - 81.297,00 EUR 7,163 582.330,41 1,94 1,93

GAMESA CORP TECNOLOGICA SA - 15.034,00 EUR 20,575 309.324,55 1,03 1,03

71

RED ELECTRICA DE ESPANA - 19.336,00 EUR 19,305 373.281,48 1,24 1,24

SOLARIA ENERGIA Y MEDIO AMBIENTE SA - 71.911,00 EUR 0,770 55.371,47 0,18 0,18

Switzerland

ABB LTD - 32.072,00 CHF 21,310 624.529,92 2,08 2,08

GURIT HOLDING AG - 308,00 CHF 750,000 211.084,21 0,70 0,70

MEYER BURGER TECHNOLOGY AG MEYER BURGER TECHNOLOGY AG

43.087,00 CHF 3,860 151.976,81 0,51 0,51

OC OERLIKON CORP AG (NOM)20CHF 29.022,00 CHF 9,450 250.612,60 0,83 0,83

Taiwan

E-TON SOLAR TECH CO LTD - 566.000,00 TWD 10,800 172.971,63 0,58 0,58

GINTECH ENERGY CORP - 293.024,00 TWD 21,800 180.756,69 0,60 0,60

GLOBALWAFERS CO LTD - 136.248,00 TWD 76,000 293.007,28 0,97 0,97

MOTECH INDUSTRIES INC - 191.000,00 TWD 30,950 167.274,10 0,56 0,56

U.K.

DIALIGHT PLC - 27.771,00 GBP 6,310 206.073,98 0,69 0,69

GREENCOAT UK WIND PLC - 508.350,00 GBP 1,143 683.000,97 2,27 2,27

JOHNSON MATTHEY PLC - 9.768,00 GBP 33,380 383.437,22 1,28 1,27

NAT. GRID PLC - 28.205,00 GBP 10,465 347.110,40 1,15 1,15

SIG PLC - 116.985,00 GBP 1,251 172.103,53 0,57 0,57

SPIRAX-SARCO ENGINEERING PLC - 5.012,00 GBP 43,340 255.447,85 0,85 0,85

SSE PLC - 15.193,00 GBP 15,040 268.716,08 0,89 0,89

U.S.A.

ADVANCED ENERGY INDUSTRIES - 11.144,00 USD 43,950 439.756,50 1,46 1,46

AMERESCO INC - 101.061,00 USD 4,780 433.734,30 1,44 1,44

AMYRIS INC - 329.101,00 USD 0,401 118.343,39 0,39 0,39

AVISTA CORP - 13.838,00 USD 40,620 504.690,96 1,68 1,68

CANADIAN SOLAR INC - 10.289,00 USD 12,890 119.079,87 0,40 0,40

COSAN LTD - 52.041,00 USD 7,040 328.950,52 1,09 1,09

COVANTA HOLD CORP - 27.429,00 USD 14,890 366.705,10 1,22 1,22

CREE RESEARCH INC - 8.858,00 USD 24,010 190.958,99 0,64 0,63

CUMMINS INC. - 2.097,00 USD 125,610 236.502,06 0,79 0,79

EMERSON ELECTRIC CO - 5.262,00 USD 52,680 248.890,83 0,83 0,83

ENERNOC INC - 48.638,00 USD 5,710 249.358,46 0,83 0,83

ENERSYS - 3.544,00 USD 70,380 223.952,16 0,74 0,74

ENPHASE ENERGY INC - 63.546,00 USD 1,820 103.841,72 0,35 0,35

ESCO TECHNOLOGIES INC - 8.276,00 USD 45,120 335.275,53 1,12 1,11

FIRST SOLAR INC - 4.681,00 USD 37,820 158.954,36 0,53 0,53

FUELCELL ENERGY LTD - 30.772,00 USD 5,160 142.566,57 0,47 0,47

GEVO INC - 240.843,00 USD 0,590 127.584,62 0,42 0,42

ITRON INC - 8.534,00 USD 47,630 364.960,20 1,21 1,21

JINKOSOLAR HOLDING CO LTD - 8.814,00 USD 18,460 146.088,84 0,49 0,49

MASTEC INC - 9.352,00 USD 29,450 247.287,45 0,82 0,82

MAXWELL TECHNOLOGIES INC - 34.282,00 USD 5,070 156.058,13 0,52 0,52

ORMAT TECHNOLOGIES INC - 9.673,00 USD 48,400 420.357,53 1,40 1,40

PATTERN ENERGY GROUP INC - 15.074,00 USD 23,800 322.120,04 1,07 1,07

PLUG POWER INC - 105.703,00 USD 1,550 147.106,31 0,49 0,49

SILVER SPRING NETWORKS INC - 18.450,00 USD 13,650 226.121,21 0,75 0,75

SUNPOWER CORP -A- 13.339,00 USD 9,960 119.287,49 0,40 0,40

TERRAFORM POWER INC - 16.468,00 USD 12,840 189.853,31 0,63 0,63

TERRAVIA HOLDINGS INC - 85.432,00 USD 2,650 203.272,55 0,68 0,68

TESLA MOTORS INC - 899,00 USD 212,010 171.130,86 0,57 0,57

VEECO INSTRUMENTS INC - 11.008,00 USD 19,670 194.412,89 0,65 0,65

VMWARE INC CLASS A - 4.526,00 USD 73,330 297.994,68 0,99 0,99

72

YINGLI GREEN ENERGY HOLD ADR 39.394,00 USD 3,690 130.517,49 0,43 0,43

Total shares 30.082.785,18 100,00 99,93



Demand accounts

Belgium

KBC GROUP AUD -942,24 AUD 1,000 -635,83 0,00

KBC GROUP CAD 6.921,96 CAD 1,000 4.736,85 0,02

KBC GROUP CHF -208,86 CHF 1,000 -190,85 0,00

KBC GROUP DKK -1.636,66 DKK 1,000 -219,90 0,00


KBC GROUP GBP 5.393,83 GBP 1,000 6.343,07 0,02

KBC GROUP HKD -1.361,70 HKD 1,000 -157,62 0,00

KBC GROUP JPY -18.800,00 JPY 1,000 -163,19 0,00

KBC GROUP NOK -172.241,35 NOK 1,000 -18.540,71 -0,06

KBC GROUP NZD -1.261,77 NZD 1,000 -821,92 0,00

KBC GROUP SEK -15.624,07 SEK 1,000 -1.635,79 -0,01

KBC GROUP USD 2.338,13 USD 1,000 2.099,33 0,01




Receivables

Belgium



Payables

Belgium

KBC GROUP EUR PAYABLE -23.140,86 EUR 1,000 -23.140,86 -0,08

Payables -23.140,86 -0,08

TOTAL RECEIVABLES AND PAYABLES -12.410,35 -0,04

OTHER




TOTAL OTHER 43.542,19 0,15

TOTAL NET ASSETS 30.102.648,97 100,00

73


28/02/2015 31/08/2015 29/02/2016 31/08/2016

Australia 0,15 0,12 0,57 0,97

Austria 2,95 3,19 2,32 2,59

Belgium 1,93 2,07 3,53 3,66

Brazil 1,07 0,66 1,42 2,00

Canada 5,63 5,14 6,42 4,93

Switzerland 2,35 2,53 3,77 4,12

Chile 2,75 2,62 2,83 1,96

China 1,49 1,10 1,53 1,68

Cayman Islands 0,41 0,39 0,59 0,54

Germany 9,76 12,22 8,61 9,40

Denmark 1,20 1,43 2,35 2,82

Spain 5,59 6,01 6,68 5,58

France 2,31 2,64 3,28 3,63

U.K. 8,02 8,73 7,45 7,70

Greece 0,13 0,00 0,00 0,00

Hong Kong 3,36 3,48 1,92 2,59

India 1,35 1,29 0,60 0,71

Ireland 0,42 0,58 0,66 0,72

Italy 3,35 3,74 4,14 2,65

Japan 3,83 3,78 2,74 2,48

South Korea 1,04 0,90 1,26 1,78

Netherlands 1,60 1,51 0,85 1,62

Norway 0,23 0,14 0,34 0,37

New Zealand 1,00 0,80 1,49 1,95

Philippines 1,28 0,92 0,94 0,88

Portugal 0,97 1,06 1,10 1,10

Sweden 0,78 0,70 0,00 0,00

Taiwan 3,26 2,26 2,95 2,71

U.S.A. 28,52 26,38 25,89 25,47

British Virgin Islands 0,19 0,20 0,53 0,46

Guernsey The Channel Islands 3,08 3,41 3,24 2,93

Total 100,00 100,00 100,00 100,00


28/02/2015 31/08/2015 29/02/2016 31/08/2016

Cyclicals 50,30 51,06 55,11 56,13

Consum(cycl) 4,83 4,29 2,21 2,54

Cons.goods 1,09 0,69 1,33 1,93

Pharma 0,03 0,02 0,11 0,00

Financials 8,25 10,80 6,16 5,42

Technology 14,43 13,35 11,57 11,72

Telecomm. 0,89 0,70 1,27 1,48

Utilities 20,18 19,09 22,24 20,78

Total 100,00 100,00 100,00 100,00

74


28/02/2015 31/08/2015 29/02/2016 31/08/2016

AUD 0,10 0,07 0,57 0,97

BRL 1,08 0,66 1,42 2,00

CAD 5,02 4,73 5,23 3,64

CHF 2,37 2,62 3,79 4,12

CLP 0,00 0,00 2,84 1,96

DKK 1,17 1,40 2,37 2,82

EUR 28,19 32,45 30,94 30,91

GBP 12,06 12,80 10,76 10,66

HKD 4,72 4,38 2,93 3,84

INR 0,48 0,65 0,60 0,71

JPY 3,92 3,81 2,75 2,48

KRW 1,05 0,90 1,27 1,78

NOK 0,19 0,10 0,28 0,31

NZD 1,01 0,89 1,49 1,95

PHP 1,30 0,92 0,95 0,88

SEK 0,79 0,73 -0,01 -0,01

TWD 3,29 2,27 2,96 2,71

USD 33,26 30,62 28,86 28,27

Total 100,00 100,00 100,00 100,00

75

2.4.2 CHANGES IN THE COMPOSITION OF THE ASSETS OF KBC ECO FUND ALTERNATIVE ENERGY

(IN THE CURRENCY OF THE SUB-FUND)


Purchases 6.466.924,53 3.007.150,65 9.474.075,18

Sales 7.619.221,69 3.492.156,09 11.111.377,77

Total 1 14.086.146,22 6.499.306,74 20.585.452,95

Subscriptions 840.929,47 905.550,59 1.746.480,06

Redemptions 1.804.417,43 1.477.936,47 3.282.353,90

Total 2 2.645.346,90 2.383.487,06 5.028.833,96


29.116.372,44 29.273.944,63 29.195.480,11

Turnover rate 39,29 % 14,06 % 53,28 %


Purchases 6.466.924,53 3.007.150,65 9.474.075,18

Sales 7.619.221,69 3.492.156,09 11.111.377,77

Total 1 14.086.146,22 6.499.306,74 20.585.452,95

Subscriptions 840.929,47 905.550,59 1.746.480,06

Redemptions 1.804.417,43 1.477.936,47 3.282.353,90

Total 2 2.645.346,90 2.383.487,06 5.028.833,96


29.183.479,11 29.244.135,85 29.170.483,77


39,20 % 14,07 % 53,33 %



Nil

76


VALUE

Classic Shares




2014 - 08* 11.244,97 1.770,83 31.960,00 4.674,85 122.369,73 24.176,06 146.545,78

2015 - 08* 12.411,47 1.440,09 21.414,42 3.906,42 113.366,78 21.709,73 135.076,51

2016 - 08* 6.427,22 1.541,98 12.848,62 1.865,09 106.945,37 21.386,61 128.331,98





2014 - 08* 2.588.962,06 363.032,30 7.272.807,84 958.378,87

2015 - 08* 3.087.013,22 313.095,63 5.128.004,97 834.198,11

2016 - 08* 1.455.552,93 307.945,29 2.943.446,24 367.457,85





2014 - 08* 35.268.460,19 245,09 218,28

2015 - 08* 29.970.686,33 226,34 198,57

2016 - 08* 30.102.648,97 240,25 206,12


Institutional B Shares Change in number of shares in circulation: Nil Amounts received and paid by the UCI: Nil Net asset value: Nil

77


Classic Shares

Cap Div

ISIN code Cur-

rency


Share classes

Bench mark

Share classes

Bench mark

Share classes

Bench mark

Share classes

Bench mark

Launch Date

Share classes

CAP BE0175280016 EUR 6.15% 4.76% 3.73% -4.28% 31/10/2000 -4.52%

DIV BE0175279976 EUR 6.13% 4.75% 3.72% -4.29% 31/10/2000 -4.53%


Institutional B Shares :

The cumulative returns are shown where they relate to a period of at least one year.

78

Classic Shares :



Calculated in EUR.









Ci = [Wi / NAV(Di)] + 1 i = 1 ... N



return of the unit.



Institutional B Shares :

The cumulative returns are shown where they relate to a period of at least one year.

Dividend on ex-dividend date 30/11/2016: 3,4312 EUR net (4,7003 EUR gross

79

2.4.6 COSTS

Ongoing charges: *

Classic Shares Distribution: 1.867% Classic Shares Capitalization: 1.851% Institutional B-Shares Capitalization: Not applicable




Broker

Commission gross

in EUR


1-09-15

-

31-08-16

CSA Credits

in EUR


1-09-15

-

31-08-16 Percentage

CITI 1 0 16,81%

CSFBSAS 348 99 28,57%

HSBC 388 111 28,57%

INSTINET 461 153 33,24%




80





81


TABLE OF CONTENTS

2. Information on KBC Eco Fund Water


2.2. Balance sheet




82

2 INFORMATION ON KBC ECO FUND WATER



Classic Shares :

Launch date: 1 December 2000 Initial subscription price: 500 EUR Currency: EUR Institutional B Shares :



Not applicable.











84


Selected strategy

At any time, at least 75% of the assets are invested, in the shares of companies that operate on a sustainable basis in the water sector. These companies have to realize a substantial proportion of their turnover in this sector.


The shares are screened by KBC Asset Management’s Sustainable and Socially Responsible Investment Department and the External Advisory Board for Sustainability Analysis.









2.1.5 DISTRIBUTORS




85



2.1.8 FUTURE POLICY




86

2.2 BALANCE SHEET



TOTAL NET ASSETS 208.752.958,98 176.363.199,65



a) Shares 207.239.355,19 179.026.340,93


A. Receivables


B. Payables


c) Borrowings (-) -321.962,47 -3.120.300,44


A. Demand balances at banks 1.429.481,11 565.345,46



B. Accrued income 294.764,07 187.749,41



A. Capital 183.569.218,90 170.305.696,44

B. Income equalization 101.671,20 -157.923,32

D. Result of the book year 25.082.068,90 6.215.426,53

87






a) Shares 26.025.057,97 -10.378.932,17

D. Other securities -26.279,16



-1.269.739,60 16.888.504,33







A. Dividends 3.878.908,41 3.454.726,62

B. Interests

b) Cash at bank and in hand and deposits 1.416,17 2.523,43


III. Other income


2.014,90 1.639,08




C. Custodian's fee (-) -152.345,20 -140.660,68



Classic Shares -2.793.490,15 -2.855.577,14



E. Administrative expenses (-) -1.869,04 -1.455,33



-7.927,85 -5.102,29


J. Taxes

Classic Shares -167.175,39 -159.718,79

Institutional B Shares -300,74 -481,30

K. Other expenses (-) -27.510,57 -32.394,27


Subtotal II + III + IV 353.029,69 -294.145,63

V. Profit (loss) on ordinary activities before tax 25.082.068,90 6.215.426,53

VII. Result of the book year 25.082.068,90 6.215.426,53

88




Profit for the period available for appropriation 25.082.068,90 6.215.426,53


101.671,20 -157.923,32

II. (Appropriations to) Deductions from capital -24.564.498,70 -5.571.927,66


89


2.4.1 COMPOSITIONS OF THE ASSETS OF KBC ECO FUND WATER


Cur rency

Price in currency


sub-fund)

% owned by

UCI

% portfolio

% Net

assets

NET ASSETS


Shares


Australia

G.U.D. HOLDINGS LTD - 456.861,00 AUD 10,040 3.095.272,58 1,49 1,48

Bermuda

CONSOLIDATED WATER CO LTD - 77.887,00 USD 12,680 886.740,44 0,43 0,43

Brazil

CIA DE SANEAMENTO DE MINAS GER - 261.300,00 BRL 33,000 2.394.152,68 1,16 1,15

CIA SANEAMENTO BASICO - 465.111,00 USD 9,050 3.779.353,13 1,82 1,81

Canada

ENERCARE INC - 222.327,00 CAD 18,270 2.779.658,04 1,34 1,33

PURE TECHNOLOGIES LTD - 642.051,00 CAD 6,150 2.702.123,90 1,30 1,29

Cayman Islands

CT ENVIRONMENTAL GROUP LTD - 9.300.000,00 HKD 2,390 2.572.852,34 1,24 1,23

Finland

KEMIRA (HEL) 236.508,00 EUR 11,500 2.719.842,00 1,31 1,30

UPONOR OYJ - 116.192,00 EUR 16,200 1.882.310,40 0,91 0,90

France

SUEZ - 239.765,00 EUR 13,565 3.252.412,23 1,57 1,56

VEOLIA ENVIRONNEMENT SA (PAR) 177.058,00 EUR 19,065 3.375.610,77 1,63 1,62

Hong Kong

BEIJING ENTERPRISES WATER GROUP LTD - 4.632.000,00 HKD 5,410 2.900.680,05 1,40 1,39

CHINA EVERBRIGHT INTL - 2.242.000,00 HKD 9,920 2.574.431,22 1,24 1,23

CHINA WATER AFFAIRS GROUP LTD - 3.160.000,00 HKD 4,840 1.770.379,85 0,85 0,85

CHINA WATER AFFAIRS GROUP LTD - 4.536.000,00 HKD 1,270 666.823,32 0,32 0,32

India

JAIN IRRIGATION SYSTEMS LTD - 2.161.132,00 INR 84,200 2.439.635,84 1,18 1,17

THERMAX LTD - 87.218,00 INR 836,850 978.555,28 0,47 0,47

Ireland

PENTAIR PLC - 46.993,00 USD 64,050 2.702.493,06 1,30 1,30

Italy

ACEA SPA (MIL) 102.980,00 EUR 11,690 1.203.836,20 0,58 0,58

HERA SPA - 1.931.768,00 EUR 2,484 4.798.511,71 2,32 2,30

Japan

KURITA WATER INDUSTR. - 186.200,00 JPY 2.359,000 3.812.864,47 1,84 1,83

ORGANO CORPORATION - 347.000,00 JPY 412,000 1.240.996,17 0,60 0,59

TSURUMI MANUFACTURING CO LTD - 18.000,00 JPY 1.492,000 233.122,98 0,11 0,11

90


WOLSELEY PLC - 55.978,00 GBP 43,800 2.883.326,16 1,39 1,38

Malaysia

SALCON BERHAD - 2.599.000,00 MYR 0,615 353.875,53 0,17 0,17

Netherlands

AALBERTS INDUSTRIES (AMS) 95.222,00 EUR 30,050 2.861.421,10 1,38 1,37

ARCADIS N.V. (AMS) 140.228,00 EUR 12,020 1.685.540,56 0,81 0,81

Philippines

MANILA WATER CO - 2.482.100,00 PHP 28,000 1.339.214,42 0,65 0,64

METRO PACIFIC INVESTMENTS CORP - 28.783.000,00 PHP 6,920 3.838.088,30 1,85 1,84

Singapore

SEMBCORP INDUSTRIES LTD - 1.198.400,00 SGD 2,720 2.147.472,17 1,04 1,03

SIIC ENVIRONMENT HOLDINGS LTD - 4.056.180,00 SGD 0,600 1.603.338,82 0,77 0,77

SOUND GLOBAL LTD - 2.051.000,00 HKD 2,980 707.482,88 0,34 0,34

South Korea

COWAY CO LTD - 39.108,00 KRW 83.400,000 2.626.452,25 1,27 1,26

Spain

FLUIDRA SA - 125.871,00 EUR 4,000 503.484,00 0,24 0,24

Sweden

ALFA LAVAL - 169.904,00 SEK 133,000 2.365.855,48 1,14 1,13

Switzerland

GEBERIT AG - 14.910,00 CHF 429,000 5.844.921,64 2,82 2,80

Thailand

TTW PCL - 1.431.200,00 THB 11,000 408.068,47 0,20 0,20

U.K.

AMIAD FILTRATION SYSTEMS LTD - 337.294,00 GBP 1,475 585.063,39 0,28 0,28

COSTAIN GROUP PLC - 175.545,00 GBP 3,525 727.695,80 0,35 0,35

HALMA PLC - 248.776,00 GBP 10,600 3.101.106,13 1,50 1,49

PENNON GROUP PLC - 286.131,00 GBP 8,775 2.952.665,99 1,43 1,41

POLYPIPE GROUP PLC - 494.088,00 GBP 2,943 1.710.002,92 0,83 0,82

ROTORK PLC - 875.609,00 GBP 2,009 2.068.675,82 1,00 0,99

RPS GROUP - 580.537,00 GBP 1,823 1.244.227,30 0,60 0,60

SEVERN TRENT - 171.312,00 GBP 23,810 4.796.776,29 2,32 2,30

UNITED UTILITIES WATER PLC - 372.212,00 GBP 9,715 4.252.413,22 2,05 2,04

U.S.A.

ADVANCED DRAINAGE SYSTEMS INC - 122.841,00 USD 23,130 2.551.122,18 1,23 1,22


AMERICAN STATES WATER CO - 87.985,00 USD 38,980 3.079.376,25 1,49 1,48

AMERICAN WATER WORKS INC. - 90.580,00 USD 73,990 6.017.521,17 2,91 2,88

AO SMITH CORP - 35.195,00 USD 96,480 3.048.811,31 1,47 1,46

AQUA AMERICA INC - 182.132,00 USD 30,410 4.972.959,93 2,40 2,38

ARTESIAN RESOURCES CORP -A- 33.148,00 USD 27,470 817.576,26 0,40 0,39

BADGER METER INC - 53.149,00 USD 65,990 3.149.093,16 1,52 1,51

CADIZ INC - 245.683,00 USD 7,770 1.713.990,49 0,83 0,82

CALGON CARBON CORP - 238.752,00 USD 14,500 3.108.331,31 1,50 1,49

CALIFORNIA WATER SERVICE GROUP - 154.094,00 USD 30,490 4.218.474,58 2,04 2,02

CONNECTICUT WATER SVC INC - 45.637,00 USD 46,370 1.900.056,29 0,92 0,91

DANAHER CORPORATION - 48.124,00 USD 81,410 3.517.642,95 1,70 1,69

ECOLAB, INC. - 35.835,00 USD 123,050 3.959.144,11 1,91 1,90

ENERGY RECOVERY INC - 217.578,00 USD 12,080 2.359.903,25 1,14 1,13

91

FLOWSERVE CORP - 56.921,00 USD 48,370 2.472.070,73 1,19 1,18

FRANKLIN ELECTRIC CO INC - 80.941,00 USD 38,250 2.779.791,92 1,34 1,33

HD SUPPLY HOLDINGS INC - 72.591,00 USD 36,110 2.353.545,24 1,14 1,13

IDEX CORPORATION - 42.418,00 USD 93,440 3.558.732,14 1,72 1,71

INSITUFORM TECHN. CORP. - 108.468,00 USD 18,520 1.803.660,93 0,87 0,86

ITRON INC - 68.016,00 USD 47,630 2.908.733,63 1,40 1,39

LAYNE CHRISTENSEN COMPANY - 177.675,00 USD 8,990 1.434.162,29 0,69 0,69

LINDSAY MANUFACTURING CO - 38.626,00 USD 71,960 2.495.647,10 1,20 1,20

MIDDLESEX WATER CO - 74.864,00 USD 33,370 2.243.063,24 1,08 1,08

MUELLER WATER PRODUCTS INC -A- 266.165,00 USD 12,090 2.889.279,33 1,39 1,38

NORTHWEST PIPE COMPANY - 70.877,00 USD 11,750 747.748,37 0,36 0,36

PURE CYCLE CORP - 45.374,00 USD 4,810 195.958,64 0,10 0,09

REXNORD HOLDINGS INC - 129.264,00 USD 22,110 2.566.129,78 1,24 1,23

SJW CORP - 86.269,00 USD 42,690 3.306.687,87 1,60 1,58

SPX CORPORATION - 206.898,00 USD 18,940 3.518.427,04 1,70 1,69

STANTEC INC - 113.769,00 CAD 31,270 2.434.514,90 1,18 1,17

TETRA TECH INC. - 187.479,00 USD 35,300 5.942.095,35 2,87 2,85

VALMONT INDUSTRIES - 24.919,00 USD 130,470 2.919.130,80 1,41 1,40

WATTS WATER TECHNOLOGIES INC "A" 52.442,00 USD 64,400 3.032.336,52 1,46 1,45

XYLEM INC/NY - 76.144,00 USD 50,860 3.477.157,21 1,68 1,67

YORK WATER CO - 45.733,00 USD 28,300 1.162.059,62 0,56 0,56

Total shares 207.239.355,19 100,00 99,28



Demand accounts

Belgium

KBC GROUP AUD -165.112,79 AUD 1,000 -111.419,66 -0,05

KBC GROUP CAD 33.802,93 CAD 1,000 23.132,09 0,01

KBC GROUP CHF -57.575,17 CHF 1,000 -52.611,29 -0,03

KBC GROUP EURO 818.350,75 EUR 1,000 818.350,75 0,39

KBC GROUP GBP 107.211,79 GBP 1,000 126.079,60 0,06

KBC GROUP HKD -1.129.471,50 HKD 1,000 -130.740,24 -0,06

KBC GROUP JPY -699.933,00 JPY 1,000 -6.075,75 0,00

KBC GROUP MXN 2.141.622,13 MXN 1,000 101.909,21 0,05

KBC GROUP SEK 800.341,66 SEK 1,000 83.793,13 0,04

KBC GROUP SGD -32.051,25 SGD 1,000 -21.115,52 -0,01

KBC GROUP USD 307.635,94 USD 1,000 276.216,33 0,13

Total demand accounts 1.107.518,65 0,53

TOTAL CASH AT BANK AND IN HAND 1.107.518,65 0,53


Receivables

Belgium



Payables

Belgium


Payables -26.323,81 -0,01


92

OTHER




TOTAL OTHER 129.682,12 0,06

TOTAL NET ASSETS 208.752.958,98 100,00

93


28/02/2015 31/08/2015 29/02/2016 31/08/2016

Australia 1,04 1,09 1,13 1,49

Bermuda 0,20 0,22 0,44 0,43

Brazil 1,65 1,22 1,81 2,98

Canada 3,77 3,30 2,53 2,65

Switzerland 5,96 5,40 3,74 4,12

China 1,80 1,86 0,00 0,00

Cayman Islands 0,00 0,00 1,06 1,24

Germany 1,19 1,06 0,00 0,00

Spain 0,01 0,01 0,06 0,24

Finland 0,96 1,13 2,20 2,22

France 3,75 3,75 3,88 3,20

U.K. 11,08 11,54 11,61 10,34

Greece 0,19 0,00 0,00 0,00

Hong Kong 6,66 5,96 5,01 3,82

India 2,24 1,79 2,01 1,65

Italy 1,07 2,65 3,48 2,90


Japan 8,88 8,58 2,88 2,55

South Korea 1,36 1,38 1,59 1,27

Mexico 0,40 0,19 0,18 0,00

Malaysia 0,52 0,49 0,18 0,17

Netherlands 1,79 2,15 2,47 2,19

Philippines 0,76 1,75 2,48 2,50

Singapore 3,55 3,11 2,63 2,15

Sweden 0,71 0,76 1,17 1,14

Thailand 2,91 1,80 0,16 0,20

U.S.A. 35,63 37,01 45,81 49,16

Total 100,00 100,00 100,00 100,00


28/02/2015 31/08/2015 29/02/2016 31/08/2016

Cyclicals 52,84 51,79 46,51 45,24

Consum(cycl) 7,18 6,76 6,31 6,97

Pharma 0,65 0,80 0,00 0,00

Financials 0,92 1,88 1,76 1,85

Technology 4,70 4,38 5,33 5,37

Telecomm. 2,85 1,74 1,23 1,23

Utilities 30,86 32,65 38,86 39,34

Total 100,00 100,00 100,00 100,00

94


28/02/2015 31/08/2015 29/02/2016 31/08/2016

AUD 0,97 1,04 1,04 1,43

BRL 0,52 0,30 0,50 1,15

CAD 4,57 4,14 3,74 3,81

CHF 5,03 4,52 2,74 2,78

EUR 8,12 9,21 11,86 11,21

GBP 13,21 13,63 13,19 11,72

HKD 9,30 8,86 6,53 5,30

INR 2,26 1,82 2,02 1,64

JPY 8,97 8,71 2,85 2,53

KRW 1,37 1,40 1,60 1,26

MXN 0,40 0,20 0,11 0,05

MYR 0,53 0,50 0,18 0,17

PHP 0,76 1,77 2,49 2,48

SEK 0,71 0,76 1,17 1,17

SGD 2,80 2,32 2,18 1,79

THB 0,05 0,07 0,16 0,20

USD 40,43 40,75 47,64 51,31

Total 100,00 100,00 100,00 100,00

95

2.4.2 CHANGES IN THE COMPOSITION OF THE ASSETS OF KBC ECO FUND WATER (IN THE



Purchases 38.306.085,17 12.601.317,79 50.907.402,96

Sales 40.892.752,85 6.622.582,88 47.515.335,73

Total 1 79.198.838,03 19.223.900,67 98.422.738,69

Subscriptions 14.243.649,34 24.840.076,49 39.083.725,83

Redemptions 13.637.535,70 17.704.408,61 31.341.944,31

Total 2 27.881.185,04 42.544.485,10 70.425.670,14


181.550.811,10 194.648.317,76 188.099.564,43

Turnover rate 28,27 % -11,98 % 14,88 %


Purchases 38.306.085,17 12.601.317,79 50.907.402,96

Sales 40.892.752,85 6.622.582,88 47.515.335,73

Total 1 79.198.838,03 19.223.900,67 98.422.738,69

Subscriptions 14.243.649,34 24.840.076,49 39.083.725,83

Redemptions 13.637.535,70 17.704.408,61 31.341.944,31

Total 2 27.881.185,04 42.544.485,10 70.425.670,14


182.391.430,85 195.839.640,85 183.394.920,42


28,14 % -11,91 % 15,27 %



Nil

96


VALUE

Classic Shares




2014 - 08* 42.866,32 10.173,25 44.692,29 6.646,55 149.304,30 28.807,46 178.111,76

2015 - 08* 37.901,59 14.834,79 46.361,03 13.201,32 140.844,85 30.440,94 171.285,79

2016 - 08* 23.031,75 14.922,04 18.777,06 11.354,98 145.099,54 34.008,00 179.107,54





2014 - 08* 39.858.275,14 7.798.257,85 41.860.608,29 5.033.228,25

2015 - 08* 42.500.957,25 12.984.344,72 51.619.337,03 11.616.115,17

2016 - 08* 25.590.950,94 13.284.191,43 20.744.054,72 10.055.646,51





2014 - 08* 175.850.815,11 1.016,54 835,79

2015 - 08* 173.707.068,98 1.049,66 849,77

2016 - 08* 206.016.838,38 1.196,64 952,26


97





2014 - 08* 12.759,00 57.890,86 3.708,00 3.708,00

2015 - 08* 94,00 1.279,00 2.523,00 2.523,00

2016 - 08* 513,00 758,00 2.278,00 2.278,00





2014 - 08* 11.012.197,26 52.507.382,92

2015 - 08* 98.919,32 1.441.246,51

2016 - 08* 581.649,56 851.544,92





2014 - 08* 3.777.524,45 1.018,75

2015 - 08* 2.656.130,67 1.052,77

2016 - 08* 2.736.120,60 1.201,11


98


Classic Shares

Cap Div

ISIN code Cur-

rency


Share classes

Bench mark

Share classes

Bench mark

Share classes

Bench mark

Share classes

Bench mark

Launch Date

Share classes

CAP BE0175479063 EUR 14.00% 14.04% 16.58% 7.20% 01/12/2000 5.70%

DIV BE0175478057 EUR 13.98% 14.02% 16.56% 7.19% 01/12/2000 5.68%


99


Cap Div

ISIN code Cur-

rency


Share classes

Bench mark

Share classes

Bench mark

Share classes

Bench mark

Share classes

Bench mark

Launch Date

Share classes

CAP BE6228912570 EUR 14.09% 14.14% 25/11/2011 17.84%


100

Classic Shares



Calculated in EUR.









Ci = [Wi / NAV(Di)] + 1 i = 1 ... N



return of the unit.






Calculated in EUR.






return of the unit.


These are the performance figures for capitalization shares.

Dividend on ex-dividend date 30/11/2016: 13,2924 EUR net (18,2087 EUR gross).

101

2.4.6 COSTS

Ongoing charges: *

Distribution: 1.840% Capitalization: 1.817% Capitalization: 1.740%




Broker

Commission gross

in EUR


1-09-15

-

31-08-16

CSA Credits

in EUR


1-09-15

-

31-08-16 Percentage

CITI 1.551 388 25,00%

INSTINET 3.279 551 16,80%

MACQUARIE 136 28 20,43%



102





103


TABLE OF CONTENTS

2. Information on KBC Eco Fund Impact Investing


2.2. Balance sheet




104

2 INFORMATION ON KBC ECO FUND IMPACT INVESTING



Launche date: 29 December 2000 Initial subscription price: 500 EUR Currency: EUR


Not applicable.










Derivatives may be used to achieve the investment objectives as well as to hedge in risks. It is possible to work with either listed or unlisted derivatives: these may be forward contracts, options or swaps on securities, indices, currencies or interest rates or other transactions involving derivatives. Unlisted derivatives transactions may only be concluded with prime financial institutions specialised in such transactions. Subject to the applicable laws and regulations and the articles of association, the sub-fund will always seek to conclude the most effective transactions. All costs associated with the transactions will be charged to the sub-fund and all income generated will be paid to the sub-fund. If the transactions result in a risk in respect of the counterparty, this risk can be hedged by using a margin management system that ensures that the sub-fund is the beneficiary of security (collateral) in the form of cash or investment grade bonds. When calculating the value of the bonds, a margin will be applied that varies depending on their residual term to maturity and the currency in which they are denominated. The relationship with the counterparty or counterparties is governed by standard international agreements. Derivatives can also be used to hedge the assets of the sub-fund against open exchange risks in relation to the currency. Where derivatives are used, they must be easily transferable and liquid instruments. Using derivatives does not, therefore, affect liquidity risk. Furthermore, using derivatives does not affect the portfolio's allocation across regions, industry sectors or themes. As a result, they have no effect on concentration risk. Derivatives may not be used to protect capital, either fully or partially. They neither increase nor decrease capital risk. In addition, using derivatives has no effect on credit risk, settlement risk, custody risk, flexibility risk or inflation risk or risk dependent on external factors.

106

Selected strategy At least 75% of the assets are invested in the shares of companies worldwide that contribute to sustainable development as described by the Brundtland Commission already in 1987: “development that meets the needs of the present without compromising the ability of future generations to meet their own needs”. As such sustainable development ties together the concern for the carrying capacity of natural systems with the social and economic challenges faced by humanity.It is built on the interaction of three pillars: social development economic development environmental protection The investment philosophy is based on the concept of impact investing. These are investments made into shares of companies with the intention to generate social and environmental impact alongside a financial return via their offering of products and/or services.

The companies are screened and selected by KBC Asset Management’s Investment Research Department, in co- operation with an independent external board. Companies that via their offering of products and/or services have a positive impact on a sustainability/impact theme are potential candidates for inclusion. The impact a company has on the theme via its core business will be measured and evaluated on a regular basis. The selected companies must comply with all SRI exclusion criteria applicable to general SRI funds offered by KBC Asset Management. KBC Asset Management is co-operating with an independent external board of experts to assure the credibility of the sustainability screening and to oversee the quality of the methods used and the research carried out by KBC Asset Management









107



2.1.5 DISTRIBUTORS






2.1.8 FUTURE POLICY



6 on a scale of 1 (lowest risk) to 7 (highest risk). The value of a share can decrease or increase and the investor may not get back the amount invested. In accordance with Commission Regulation (EU) No. 583/2010, a synthetic risk and reward indicator has been calculated. This indicator provides a quantitative measure of the sub-fund's potential return and the risk involved, calculated in the currency in which the sub-fund is denominated. It is given as a figure between 1 and 7. The higher the figure, the greater the potential return, but also the more difficult it is to predict this return. Losses are possible too. The lowest figure does not mean that the investment is entirely free of risk. However, it does indicate that, compared with the higher figures, this product will generally provide a lower, but more predictable return. The synthetic risk and reward indicator is assessed regularly and can therefore go up or down based on data from the past. Data from the past is not always a reliable indicator of future risk and return.

108

2.2 BALANCE SHEET



TOTAL NET ASSETS 43.637.606,70 26.451.688,00



a) Shares 43.333.047,23 26.236.342,68

D. Other securities 0,81


A. Receivables


B. Payables

a) Accounts payable (-) -36.899,88

c) Borrowings (-) -13.583,43 -5.810,94





B. Accrued income 14.379,70



A. Capital 41.156.317,08 26.874.305,71


D. Result of the book year 2.457.262,00 -534.957,72

109






a) Shares 3.298.716,01 -689.281,10

D. Other securities -0,60 158,40



-614.398,46 290.784,95




Realised losses on investments -2.633.231,49 -223.082,16

Unrealised losses on investments -178.776,08 -3.225.999,38


A. Dividends 514.979,59 216.685,99

B. Interests

b) Cash at bank and in hand and deposits 33,16 44,77

C. Interest on borrowings (-) -347,74 -106,35




C. Custodian's fee (-) -22.772,03 -6.908,17


a) Financial management -549.251,33 -235.801,40





-1.500,71 -575,60


J. Taxes -46.384,60 -24.891,48

K. Other expenses (-) -11.418,67 -12.026,20


Subtotal II + III + IV -227.054,95 -136.619,97

V. Profit (loss) on ordinary activities before tax 2.457.262,00 -534.957,72

VII. Result of the book year 2.457.262,00 -534.957,72

110



I. Profit to be appropriated 2.481.289,62 -422.617,71

Profit for the period available for appropriation 2.457.262,00 -534.957,72


24.027,62 112.340,01

II. (Appropriations to) Deductions from capital -2.284.143,35 557.449,05


111


2.4.1 COMPOSITIONS OF THE ASSETS OF KBC ECO FUND IMPACT INVESTING


Cur rency

Price in currency


sub-fund)

% owned by

UCI

% portfolio

% Net

assets

NET ASSETS


Shares


Belgium

ABLYNX - 58.307,00 EUR 11,420 665.865,94 1,54 1,53

BIOCARTIS NV - 23.428,00 EUR 7,450 174.538,60 0,40 0,40

CARE PROPERTIES INVEST - 21.256,00 EUR 19,400 412.366,40 0,95 0,95

UMICORE - 22.371,00 EUR 52,940 1.184.320,74 2,73 2,71

Brazil

KROTON EDUCACIONAL SA - 234.100,00 BRL 13,800 896.972,22 2,07 2,06

Denmark

BAVARIAN NORDIC A/S - 19.586,00 DKK 242,500 638.151,89 1,47 1,46

NOVO NORDISK A/S "B" 21.408,00 DKK 312,700 899.436,58 2,08 2,06


VESTAS WINDS SYSTEMS - 16.091,00 DKK 553,500 1.196.650,23 2,76 2,74

Finland

RAISIO GROUP (HEL) 'V' 288.076,00 EUR 4,010 1.155.184,76 2,67 2,65

SPONDA OYJ (HEL) 251.885,00 EUR 4,684 1.179.829,34 2,72 2,70

France


ESSILOR (PAR) 10.233,00 EUR 113,850 1.165.027,05 2,69 2,67

India

JAIN IRRIGATION SYSTEMS LTD - 825.099,00 INR 84,200 931.429,04 2,15 2,13

SHRIRAM CITY UNION FINANCE LTD - 43.003,00 INR 2.150,550 1.239.880,75 2,86 2,84

Ireland

KINGSPAN GROUP PLC - 1.676,00 EUR 24,580 41.196,08 0,10 0,09

KINGSPAN GROUP PLC - 43.238,00 EUR 24,770 1.071.005,26 2,47 2,45

Luxembourg

MILLICOM INTL. CELLULAR - 15.216,00 SEK 438,500 698.558,95 1,61 1,60

Netherlands

CORBION NV (AMS)NRC 50.850,00 EUR 24,450 1.243.282,50 2,87 2,85

KONINKLIJKE D.S.M. NV (AMS) 19.838,00 EUR 62,490 1.239.676,62 2,86 2,84

WESSANEN (AMS) 118.337,00 EUR 11,000 1.301.707,00 3,00 2,98

Norway

TOMRA SYSTEMS - 109.256,00 NOK 93,000 1.093.747,83 2,52 2,51

Philippines

MANILA WATER CO - 2.210.000,00 PHP 28,000 1.192.403,15 2,75 2,73

Spain

CONSTRUCCIONES Y AUXILIAR DE F - 3.321,00 EUR 343,250 1.139.933,25 2,63 2,61

112

Sweden

DORO AB - 152.141,00 SEK 55,750 888.022,78 2,05 2,04

U.K.

CAMBIAN GROUP PLC - 791.957,00 GBP 0,850 791.631,03 1,83 1,81

DIALIGHT PLC - 108.715,00 GBP 6,310 806.716,82 1,86 1,85

DS SMITH PLC - 168.280,00 GBP 4,085 808.401,01 1,87 1,85

HALMA PLC - 92.555,00 GBP 10,600 1.153.740,22 2,66 2,64

PURECIRCLE LTD - 168.159,00 GBP 3,040 601.168,18 1,39 1,38

UNITE GROUP PLC - 144.535,00 GBP 6,265 1.064.869,49 2,46 2,44

3IGROUP - 140.325,00 GBP 6,145 1.014.049,66 2,34 2,32

U.S.A.

BIOMARIN PHARMACEUTICAL INC - 7.895,00 USD 93,890 665.554,70 1,54 1,53

BLUEBIRD BIO INC - 11.969,00 USD 49,340 530.236,10 1,22 1,22

BRIGHT HORIZONS FAMILY SOLUTIO - 21.082,00 USD 68,160 1.290.190,01 2,98 2,96

CHEGG INC - 195.757,00 USD 6,730 1.182.890,78 2,73 2,71

GILEAD SCIENCES - 10.265,00 USD 78,380 722.397,93 1,67 1,66

ITRON INC - 25.023,00 USD 47,630 1.070.119,41 2,47 2,45

LKQ CORP - 35.330,00 USD 36,090 1.144.834,75 2,64 2,62

ORMAT TECHNOLOGIES INC - 37.399,00 USD 48,400 1.625.240,49 3,75 3,73

STEELCASE INC -A- 74.757,00 USD 14,940 1.002.800,97 2,31 2,30


TRIMBLE NAVIGATION LTD - 40.415,00 USD 27,400 994.272,50 2,29 2,28

VMWARE INC CLASS A - 18.811,00 USD 73,330 1.238.528,06 2,86 2,84

WHOLE FOODS MARKET INC. - 39.932,00 USD 30,380 1.089.233,81 2,51 2,50

3-D SYSTEMS-DELAWARE - 33.704,00 USD 14,500 438.795,06 1,01 1,01

Total shares 43.333.047,23 100,00 99,30



Demand accounts

Belgium

KBC GROUP CHF 102,02 CHF 1,000 93,22

KBC GROUP DKK 264.798,01 DKK 1,000 35.577,98 0,08

KBC GROUP EURO 295.200,68 EUR 1,000 295.200,68 0,68

KBC GROUP GBP 12.092,46 GBP 1,000 14.220,57 0,03

KBC GROUP HKD 5.796,44 HKD 1,000 670,96 0,00

KBC GROUP NOK 41.238,19 NOK 1,000 4.439,03 0,01

KBC GROUP SEK -129.740,81 SEK 1,000 -13.583,43 -0,03

KBC GROUP USD 23.987,09 USD 1,000 21.537,23 0,05

Total demand accounts 358.156,24 0,82

TOTAL CASH AT BANK AND IN HAND 358.156,24 0,82


Receivables

Belgium



113

Payables

Belgium


Payables -36.899,88 -0,09


OTHER



TOTAL OTHER -46.527,42 -0,11

TOTAL NET ASSETS 43.637.606,70 100,00

114


28/02/2015 31/08/2015 29/02/2016 31/08/2016

Belgium 2,90 2,57 7,20 5,62

Brazil 2,07 1,54 1,75 2,07

Canada 1,56 1,95 0,00 0,00

China 1,24 0,00 0,00 0,00

Denmark 5,37 4,99 8,64 8,53

Spain 2,71 3,10 2,63 2,63

Finland 2,79 2,93 2,52 5,39

France 3,13 2,61 4,82 4,76

U.K. 11,52 10,45 12,65 14,40

India 3,97 4,07 3,49 5,01

Ireland 2,51 2,52 2,44 2,57

Luxembourg 2,64 2,74 2,18 1,61

Netherlands 10,96 11,26 9,94 8,73

Norway 2,58 2,54 2,19 2,52

Philippines 3,10 3,35 2,90 2,75

Sweden 4,55 3,88 5,42 2,05

U.S.A. 36,40 39,50 31,23 31,36

Total 100,00 100,00 100,00 100,00


28/02/2015 31/08/2015 29/02/2016 31/08/2016

Cyclicals 26,84 28,04 26,98 27,00

Consum(cycl) 20,59 18,87 17,63 17,48

Cons.goods 15,09 14,19 13,01 15,08

Pharma 14,30 13,95 12,84 12,20

Financials 2,38 2,48 4,07 5,20

Technology 12,27 13,45 11,85 10,08

Telecomm. 2,64 2,74 2,18 1,61

Utilities 3,10 3,35 5,34 5,22

Real est. 2,79 2,93 6,10 6,13

Total 100,00 100,00 100,00 100,00


28/02/2015 31/08/2015 29/02/2016 31/08/2016

BRL 2,05 1,52 1,75 2,05

DKK 5,32 4,95 8,66 8,55

EUR 25,79 25,64 29,49 30,12

GBP 11,40 10,34 12,71 14,32

HKD 1,24 0,00 0,00 0,00

INR 3,93 4,04 3,49 4,97

NOK 2,55 2,51 2,18 2,51

PHP 3,07 3,32 2,90 2,73

SEK 7,11 6,59 7,59 3,60

USD 37,54 41,09 31,23 31,15

Total 100,00 100,00 100,00 100,00

115

2.4.2 CHANGES IN THE COMPOSITION OF THE ASSETS OF KBC ECO FUND IMPACT INVESTING (IN

THE CURRENCY OF THE SUB-FUND)


Purchases 19.569.738,73 4.574.966,49 24.144.705,22

Sales 5.510.156,56 4.219.476,84 9.729.633,40

Total 1 25.079.895,28 8.794.443,33 33.874.338,61

Subscriptions 14.702.948,59 3.410.175,45 18.113.124,04

Redemptions 468.010,62 2.783.914,36 3.251.924,98

Total 2 15.170.959,21 6.194.089,81 21.365.049,02


32.118.839,89 40.623.491,35 36.388.522,05

Turnover rate 30,85 % 6,40 % 34,38 %


Purchases 19.569.738,73 4.574.966,49 24.144.705,22

Sales 5.510.156,56 4.219.476,84 9.729.633,40

Total 1 25.079.895,28 8.794.443,33 33.874.338,61

Subscriptions 14.702.948,59 3.410.175,45 18.113.124,04

Redemptions 468.010,62 2.783.914,36 3.251.924,98

Total 2 15.170.959,21 6.194.089,81 21.365.049,02


32.190.683,11 39.681.878,79 35.709.199,25


30,78 % 6,55 % 35,03 %



Nil

116


VALUE




2014 - 08* 894,40 545,48 2.269,94 68,97 7.214,17 1.638,68 8.852,85

2015 - 08* 26.414,15 27.116,10 1.368,76 761,73 32.259,55 27.993,05 60.252,61

2016 - 08* 25.369,58 16.415,84 3.323,44 4.529,00 54.305,69 39.879,90 94.185,59


(in the currency of the sub-fund)



2014 - 08* 398.687,43 197.726,08 1.004.546,32 24.780,84

2015 - 08* 13.285.085,76 10.882.224,68 708.421,51 314.739,74

2016 - 08* 12.217.663,19 5.943.090,58 1.588.635,35 1.686.989,35


End of period (in the currency of the sub-fund)

Year Of the sub-fund Of one share


2014 - 08* 3.880.660,25 454,28 368,24

2015 - 08* 26.451.688,00 485,16 385,83

2016 - 08* 43.637.606,70 509,53 400,38


117


Cap Div

ISIN code Cur-

rency


Share classes

Bench mark

Share classes

Bench mark

Share classes

Bench mark

Share classes

Bench mark

Launch Date

Share classes

CAP BE0175718510 EUR 5.02% 8.61% 10.37% 0.35% 29/12/2000 0.12%

DIV BE0175717504 EUR 5.04% 8.55% 10.31% 0.32% 29/12/2000 0.10%


118



Calculated in EUR.









Ci = [Wi / NAV(Di)] + 1 i = 1 ... N




These are the performance figures for capitalisation and distribution shares. Dividend on ex-dividend date 30/11/2016: 3,6088 EUR net (4,9435 EUR gross).

119

2.4.6 COSTS

Ongoing charges: *

Distribution: 1.879% Capitalization: 1.900% * The following are not included in the charges shown: entry and exit charges, performance fees, transaction costs paid when buying or selling assets, interest paid, payments made with a view to providing collateral in the context of derivative financial instruments, or commissions relating to Commission Sharing Agreements or similar fees received by the Management Company or any person associated with it.



Broker

Commission gross

in EUR


1-09-15

-

31-08-16

CSA Credits

in EUR


1-09-15

-

31-08-16 Percentage

CITI 37 9 25,00%

CSFBSAS 849 278 32,79%

HSBC 1.177 407 34,58%

INSTINET 1.683 491 29,17%

MERRILL 236 59 25,00%




120





121


TABLE OF CONTENTS

2. Information on KBC Eco Fund Climate Change


2.2. Balance sheet




122

2 INFORMATION ON KBC ECO FUND CLIMATE CHANGE



Classic Shares :

Launch date: 2 February 2007 Initial subscription price: 500 EUR Currency: EUR Institutional B Shares :



Not applicable.











124


Selected strategy

At any time, at least 75% of the assets are invested, directly or indirectly, in companies that operate on a sustainable basis in combating climate change and/or focus on reducing greenhouse gas emissions. These companies have to realize a substantial proportion of their turnover in this sector.


Screening is carried out by KBC Asset Management’s Sustainable and Socially Responsible Investment Department and the independent Environmental Advisory Committee.








Investments may not be made in financial instruments issued by manufacturers of controversial weapons whose use over the past five decades, according to international consensus, has led to disproportionate human suffering among the civilian population. This involves the manufacturers of anti-personnel mines, cluster bombs and munitions. In addition, as of 31 March 2014 no new investments may be made in financial instruments issued by companies that do not have an anti-corruption policy and that have been given a negative score in a thorough screening for corruption in the last two years. A company has no anti-corruption policy if it cannot be demonstrated that it has an acceptable policy concerning the fight against corruption. An acceptable policy should be made public and must at least state that bribery will not be tolerated and that the law will be followed in this respect. The screening will be based on a generally accepted and independent 'Social, ethical and environmental factors' database. In this way, not only is a purely financial reality represented, but also the social reality of the sector or region. Where relevant, please refer to 'Information concerning the Bevek – Tax treatment' in the prospectus to find out more about the application of European and Belgian tax provisions.

125


The management company has delegated the intellectual management, with the exception of the sustainability screening described in the prospectus, to KBC Fund Management Limited, Joshua Dawson House, Dawson Street , Dublin 2, IRELAND

2.1.5 DISTRIBUTORS





KBC Eco Fund Climate Change underperformed the broad equity market over the twelve month period to end August 2016. The outperformers were Materials and, the largest allocation of the fund, Utilities. In terms of underperformers, Industrials, the second largest component of the fund, were a drag on overall performance.

2.1.8 FUTURE POLICY

Whilst we believe in the long-term that climate change is a theme that will generate positive returns, in the medium-term we see challenges and volatility. Recent over-supply in the solar sector, most notably in China, has led to falling prices and margins for producers. The global trend of phasing out renewable energy tax credits for wind and solar projects compounds this. On the utilities side, persistently low fossil fuel prices is pushing down the prices being paid to solar and wind producers, further constricting margins. However, the increased commitments to fighting climate change in light of the Paris agreement last December, coupled with strong investment in water and energy efficiency projects, presents a positive outlook for the fund.



126

2.2 BALANCE SHEET



TOTAL NET ASSETS 22.045.693,51 19.309.330,46



a) Shares 22.279.533,77 19.521.872,48


A. Receivables

a) Accounts receivable 989,68 14.373,27

B. Payables


c) Borrowings (-) -303.943,07 -291.740,64





B. Accrued income 36.071,58 38.240,35



A. Capital 20.726.976,88 20.417.622,85

B. Income equalization -2.968,43 -25.496,69


127






a) Shares 1.305.906,24 -3.095.017,23

D. Other securities 1.190,10 -40.304,94


0,01 -0,01



-72.694,23 2.042.470,06



Unrealised gains on investments 11.967,27 791.778,04


Unrealised losses on investments 702.114,51 -1.924.345,85


A. Dividends 491.800,79 439.698,03

B. Interests

b) Cash at bank and in hand and deposits 214,35 -2.845,68

C. Interest on borrowings (-) -309,66 -823,47

III. Other income


400,74 1.081,56

128




C. Custodian's fee (-) -18.470,00 -18.522,94



Classic Shares -299.551,66 -310.867,97






-893,93 -554,49


J. Taxes

Classic Shares -11.187,96 -10.073,53

Institutional B Shares -95,70 -116,90

K. Other expenses (-) -3.353,25 -2.219,39





129






-2.968,43 -25.496,69



130


2.4.1 COMPOSITIONS OF THE ASSETS OF KBC ECO FUND CLIMATE CHANGE


Cur rency

Price in currency


sub-fund)

% owned by

UCI

% portfolio

% Net

assets

NET ASSETS


Shares


Austria

VERBUND AG - 15.921,00 EUR 13,850 220.505,85 0,99 1,00

ZUMTOBEL AG - 7.959,00 EUR 14,665 116.718,74 0,52 0,53

Belgium

BEKAERT - 8.368,00 EUR 37,030 309.867,04 1,39 1,41

ELIA SYSTEM OPERATOR - 9.192,00 EUR 45,270 416.121,84 1,87 1,89

UMICORE - 4.248,00 EUR 52,940 224.889,12 1,01 1,02

Brazil

CIA ENERGETICA DE MINAS GER PREF 67.700,00 BRL 8,750 164.473,23 0,74 0,75

CIA SANEAMENTO BASICO - 23.666,00 USD 9,050 192.302,85 0,86 0,87

SAO MARTINHO SA - 10.742,00 BRL 50,240 149.841,90 0,67 0,68

British Virgin Islands

RENESOLA LTD -_ADR 86.035,00 USD 1,160 89.607,72 0,40 0,41

Canada

BALLARD POWER SYSTEMS - 94.087,00 USD 2,080 175.713,54 0,79 0,80

ENERCARE INC - 14.477,00 CAD 18,270 180.999,65 0,81 0,82

HYDROGENICS CORP - 15.575,00 USD 5,660 79.151,07 0,36 0,36

NORTHLAND POWER INC - 20.212,00 CAD 23,760 328.636,91 1,48 1,49

PURE TECHNOLOGIES LTD - 34.790,00 CAD 6,150 146.416,55 0,66 0,66

Chile

EMPRESA NACIONAL DE ELECTR SA/CHILE - 202.460,00 CLP 508,150 136.066,18 0,61 0,62

ENERSIS SA - 925.115,00 CLP 112,800 138.014,23 0,62 0,63

China

GCL POLY ENERGY HOLDINGS LTD - 850.200,00 HKD 1,100 108.254,96 0,49 0,49

HANWHA SOLARONE CO LTD - 4.523,00 USD 11,780 47.839,23 0,22 0,22

Denmark


VESTAS WINDS SYSTEMS - 2.837,00 DKK 553,500 210.981,09 0,95 0,96

France


SUEZ - 13.148,00 EUR 13,565 178.352,62 0,80 0,81

VEOLIA ENVIRONNEMENT SA (PAR) 4.840,00 EUR 19,065 92.274,60 0,41 0,42

Germany

AIXTRON AG - 29.551,00 EUR 5,535 163.564,79 0,73 0,74

CAPITAL STAGE AG - 35.919,00 EUR 6,372 228.875,87 1,03 1,04

MANZ AG - 4.536,00 EUR 29,900 135.626,40 0,61 0,62

PNE WIND AG - 122.783,00 EUR 2,063 253.301,33 1,14 1,15

131

Guernsey The Channel Islands

RENEWABLES INFRASTRUCTURE GROUP LTD - 281.248,00 GBP 1,047 346.288,77 1,55 1,57

Hong Kong

BEIJING ENTERPRISES WATER GROUP LTD - 244.000,00 HKD 5,410 152.799,21 0,69 0,69

CHIANE LONGYUAN POWER GROUP CORP - 270.000,00 HKD 6,520 203.772,41 0,92 0,92

CHINA EVERBRIGHT INTL - 198.000,00 HKD 9,920 227.358,33 1,02 1,03

CHINA WATER AFFAIRS GROUP LTD - 320.000,00 HKD 4,840 179.278,97 0,81 0,81

COMTEC SOLAR SYSTEMS GROUP LTD - 946.000,00 HKD 0,495 54.203,88 0,24 0,25

WASION GROUP HOLDINGS LTD - 196.000,00 HKD 4,390 99.598,91 0,45 0,45

India

JAIN IRRIGATION SYSTEMS LTD - 206.798,00 INR 84,200 233.447,94 1,05 1,06

Ireland

PENTAIR PLC - 3.472,00 USD 64,050 199.669,23 0,90 0,91

Italy

HERA SPA - 88.602,00 EUR 2,484 220.087,37 0,99 1,00

PRYSMIAN SPA - 15.294,00 EUR 22,120 338.303,28 1,52 1,54

TERNA RETE ELETTRICA NAZIONALE - 47.421,00 EUR 4,632 219.654,07 0,99 1,00

Japan

CENTRAL JAPAN RAILWAY - 1.700,00 JPY 16.990,000 250.718,31 1,13 1,14

EAST JAPAN RAILWAY - 3.600,00 JPY 8.860,000 276.872,60 1,24 1,26

KURITA WATER INDUSTR. - 11.700,00 JPY 2.359,000 239.583,86 1,08 1,09

LIXIL GROUP CORP - 10.900,00 JPY 2.087,000 197.466,17 0,89 0,90

TOTO - 4.500,00 JPY 3.930,000 153.514,29 0,69 0,70

ULVAC INC - 7.200,00 JPY 2.914,000 182.123,42 0,82 0,83

WEST HOLDINGS CORP - 36.700,00 JPY 650,000 207.072,86 0,93 0,94


WOLSELEY PLC - 4.756,00 GBP 43,800 244.973,01 1,10 1,11

New Zealand

CONTACT ENERGY LTD - 104.160,00 NZD 5,200 352.820,25 1,58 1,60

Norway

RENEWABLE ENERGY CORP AS - 594.945,00 NOK 1,203 77.042,68 0,35 0,35

Philippines

ENERGY DEVELOPMENT CORPORATION - 1.594.000,00 PHP 5,730 176.001,25 0,79 0,80

MANILA WATER CO - 320.100,00 PHP 28,000 172.709,61 0,78 0,78

Portugal

REN REDES ENERGETICAS - 72.564,00 EUR 2,617 189.899,99 0,85 0,86

Singapore

SEMBCORP INDUSTRIES LTD - 111.100,00 SGD 2,720 199.085,58 0,89 0,90

SIIC ENVIRONMENT HOLDINGS LTD - 278.600,00 SGD 0,600 110.125,83 0,49 0,50

SOUND GLOBAL LTD - 75.000,00 HKD 2,980 25.870,90 0,12 0,12

South Korea

COWAY CO LTD - 2.172,00 KRW 83.400,000 145.869,24 0,66 0,66

DC CHEMICAL CO LTD - 2.407,00 KRW 87.400,000 169.404,67 0,76 0,77

Spain

ACCIONA SA - 2.700,00 EUR 63,880 172.476,00 0,77 0,78

EDP RENOVAVEIS SA - 27.371,00 EUR 7,163 196.058,47 0,88 0,89

RED ELECTRICA DE ESPANA - 16.948,00 EUR 19,305 327.181,14 1,47 1,48

132

Switzerland

ABB LTD - 25.149,00 CHF 21,310 489.720,10 2,20 2,23

GEBERIT AG - 643,00 CHF 429,000 252.064,70 1,13 1,14

MEYER BURGER TECHNOLOGY AG MEYER BURGER TECHNOLOGY AG

24.547,00 CHF 3,860 86.582,37 0,39 0,39

Taiwan

E-TON SOLAR TECH CO LTD - 403.000,00 TWD 10,800 123.158,24 0,55 0,56

GINTECH ENERGY CORP - 120.057,00 TWD 21,800 74.059,14 0,33 0,34

GLOBALWAFERS CO LTD - 70.881,00 TWD 76,000 152.432,69 0,68 0,69

MOTECH INDUSTRIES INC - 94.000,00 TWD 30,950 82.323,38 0,37 0,37

U.K.

DIALIGHT PLC - 26.570,00 GBP 6,310 197.161,99 0,89 0,89

GREENCOAT UK WIND PLC - 258.847,00 GBP 1,143 347.777,62 1,56 1,58

JOHNSON MATTHEY PLC - 4.542,00 GBP 33,380 178.293,60 0,80 0,81

NAT. GRID PLC - 6.212,00 GBP 10,465 76.449,20 0,34 0,35

PENNON GROUP PLC - 13.009,00 GBP 8,775 134.243,52 0,60 0,61

SEVERN TRENT - 3.682,00 GBP 23,810 103.096,87 0,46 0,47

SHANKS GROUP PLC - 155.304,00 GBP 1,025 187.201,27 0,84 0,85

SIG PLC - 92.429,00 GBP 1,251 135.977,75 0,61 0,62

SSE PLC - 4.838,00 GBP 15,040 85.568,91 0,38 0,39

TRAVIS PERINKS PLC - 10.565,00 GBP 16,650 206.864,53 0,93 0,94

UNITED UTILITIES WATER PLC - 9.643,00 GBP 9,715 110.168,45 0,49 0,50

U.S.A.

ADVANCED DRAINAGE SYSTEMS INC - 6.931,00 USD 23,130 143.940,77 0,65 0,65

ADVANCED ENERGY INDUSTRIES - 8.802,00 USD 43,950 347.338,18 1,56 1,58

AGILENT TECHNOLOGIES - 2.745,00 USD 46,980 115.789,09 0,52 0,53

AMERESCO INC - 32.789,00 USD 4,780 140.724,06 0,63 0,64

AMERICAN STATES WATER CO - 6.504,00 USD 38,980 227.632,70 1,02 1,03

AMERICAN WATER WORKS INC. - 3.077,00 USD 73,990 204.415,02 0,92 0,93

AQUA AMERICA INC - 7.126,00 USD 30,410 194.569,39 0,87 0,88

ARTESIAN RESOURCES CORP -A- 7.998,00 USD 27,470 197.266,05 0,89 0,90

AVISTA CORP - 9.246,00 USD 40,620 337.214,38 1,51 1,53

CALGON CARBON CORP - 13.582,00 USD 14,500 176.825,14 0,79 0,80

CONNECTICUT WATER SVC INC - 5.761,00 USD 46,370 239.854,16 1,08 1,09

COSAN LTD - 28.823,00 USD 7,040 182.189,83 0,82 0,83

COVANTA HOLD CORP - 17.665,00 USD 14,890 236.167,77 1,06 1,07

CREE RESEARCH INC - 4.633,00 USD 24,010 99.877,29 0,45 0,45

DANAHER CORPORATION - 4.554,00 USD 81,410 332.876,44 1,49 1,51

ECOLAB, INC. - 1.803,00 USD 123,050 199.200,13 0,89 0,90

ENERNOC INC - 33.057,00 USD 5,710 169.477,41 0,76 0,77

ESCO TECHNOLOGIES INC - 11.191,00 USD 45,120 453.367,38 2,04 2,06

FIRST SOLAR INC - 1.590,00 USD 37,820 53.992,19 0,24 0,25

FLOWSERVE CORP - 4.174,00 USD 48,370 181.276,21 0,81 0,82

FUELCELL ENERGY LTD - 21.323,00 USD 5,160 98.789,39 0,44 0,45

HD SUPPLY HOLDINGS INC - 5.017,00 USD 36,110 162.661,16 0,73 0,74

INSITUFORM TECHN. CORP. - 9.126,00 USD 18,520 151.751,76 0,68 0,69

ITRON INC - 7.371,00 USD 47,630 315.224,00 1,42 1,43

MAXWELL TECHNOLOGIES INC - 18.128,00 USD 5,070 82.522,07 0,37 0,37

NORTHWEST NATURAL GAS CO - 5.306,00 USD 59,730 284.558,81 1,28 1,29

ORMAT TECHNOLOGIES INC - 6.903,00 USD 48,400 299.982,22 1,35 1,36

PATTERN ENERGY GROUP INC - 7.542,00 USD 23,800 161.166,87 0,72 0,73

PIEDMONT NATURAL GAS COMPANY INC - 6.201,00 USD 60,100 334.617,37 1,50 1,52

PLUG POWER INC - 58.307,00 USD 1,550 81.145,54 0,36 0,37

REGAL-BELDIT CORP - 5.602,00 USD 61,330 308.480,95 1,39 1,40

REXNORD HOLDINGS INC - 13.042,00 USD 22,110 258.907,85 1,16 1,17

SILVER SPRING NETWORKS INC - 10.308,00 USD 13,650 126.333,74 0,57 0,57

133

SUNPOWER CORP -A- 3.857,00 USD 9,960 34.492,23 0,16 0,16

TERRAFORM POWER INC - 8.411,00 USD 12,840 96.967,22 0,44 0,44


TETRA TECH INC. - 12.359,00 USD 35,300 391.715,11 1,76 1,78

VEECO INSTRUMENTS INC - 11.152,00 USD 19,670 196.956,09 0,88 0,89

Total shares 22.279.533,77 100,00 101,06



Demand accounts

Belgium

KBC GROUP CAD 10.456,74 CAD 1,000 7.155,78 0,03

KBC GROUP CHF -46,21 CHF 1,000 -42,23

KBC GROUP DKK -97.860,73 DKK 1,000 -13.148,46 -0,06


KBC GROUP GBP 14.381,11 GBP 1,000 16.911,99 0,08

KBC GROUP HKD 13.502,85 HKD 1,000 1.563,00 0,01

KBC GROUP JPY 168.664,00 JPY 1,000 1.464,08 0,01

KBC GROUP NOK 10.217,11 NOK 1,000 1.099,81 0,01

KBC GROUP NZD 8.581,42 NZD 1,000 5.589,96 0,03

KBC GROUP SEK 6.650,22 SEK 1,000 696,26 0,00

KBC GROUP SGD 11.879,32 SGD 1,000 7.826,15 0,04

KBC GROUP USD 10.597,84 USD 1,000 9.515,46 0,04




Receivables

Belgium

KBC GROUP EUR RECEIVABLE 989,68 EUR 1,000 989,68 0,00

Total receivables 989,68 0,00

Payables

Belgium


Payables -7.917,00 -0,04


OTHER




TOTAL OTHER 25.207,64 0,11

TOTAL NET ASSETS 22.045.693,51 100,00

134


28/02/2015 31/08/2015 29/02/2016 31/08/2016

Austria 1,74 1,57 1,38 1,51

Belgium 1,06 1,21 4,17 4,27

Brazil 1,34 0,99 1,62 2,27

Canada 6,12 5,44 5,37 4,09

Switzerland 4,73 4,95 4,36 4,61

Chile 2,11 2,10 2,24 1,23

China 1,49 1,20 0,37 0,70

Cayman Islands 0,35 0,24 0,00 0,00

Germany 5,31 5,17 3,26 3,51

Denmark 0,93 1,12 1,72 1,74

Spain 3,79 3,92 4,72 3,12

France 2,63 2,98 2,81 2,54

U.K. 9,06 10,16 8,36 7,91

Hong Kong 4,78 5,30 4,15 4,12

India 1,07 0,89 0,74 1,05

Italy 3,22 3,83 4,31 3,49


Japan 5,17 5,64 4,48 6,77

South Korea 0,91 0,85 1,56 1,42

Malaysia 0,19 0,19 0,00 0,00

Netherlands 1,64 1,51 0,00 0,00

Norway 0,25 0,17 0,32 0,35

New Zealand 0,40 0,34 1,37 1,58

Philippines 1,19 0,92 1,66 1,57

Portugal 0,70 0,81 0,92 0,85

Singapore 0,75 0,92 1,71 1,50

Thailand 0,59 0,74 0,00 0,00

Taiwan 2,49 1,83 2,44 1,94

U.S.A. 32,30 30,65 32,68 34,81

British Virgin Islands 0,30 0,28 0,44 0,40

Guernsey The Channel Islands 2,17 2,53 1,74 1,55

Total 100,00 100,00 100,00 100,00


28/02/2015 31/08/2015 29/02/2016 31/08/2016

Cyclicals 50,06 51,84 53,02 48,29

Consum(cycl) 8,23 7,13 3,95 6,66

Cons.goods 1,01 0,67 1,05 1,49

Pharma 0,87 0,91 0,76 0,84

Financials 6,24 6,90 2,87 2,58

Technology 11,67 9,56 9,74 9,44

Telecomm. 0,99 1,08 1,97 2,23

Utilities 20,93 21,91 26,64 28,47

Total 100,00 100,00 100,00 100,00

135


28/02/2015 31/08/2015 29/02/2016 31/08/2016

BRL 0,83 0,54 1,03 1,43

CAD 5,47 4,98 4,21 3,01

CHF 3,91 4,25 3,64 3,76

CLP 0,00 0,00 2,25 1,24

DKK 0,91 1,10 1,65 1,70

EUR 19,23 19,85 21,44 18,17

GBP 13,36 15,00 11,25 10,77

HKD 6,31 6,68 4,30 4,78

INR 0,41 0,37 0,74 1,06

JPY 5,28 5,71 4,48 6,85

KRW 0,91 0,86 1,56 1,43

MYR 0,19 0,19 0,00 0,00

NOK 0,26 0,17 0,33 0,35

NZD 0,40 0,38 1,37 1,63

PHP 1,20 0,93 1,66 1,58

SGD 0,51 0,63 1,57 1,44

TWD 2,52 1,85 2,44 1,96

USD 38,30 36,51 36,08 38,84

Total 100,00 100,00 100,00 100,00

136

2.4.2 CHANGES IN THE COMPOSITION OF THE ASSETS OF KBC ECO FUND CLIMATE CHANGE (IN

THE CURRENCY OF THE SUB-FUND)


Purchases 7.967.665,36 2.337.894,32 10.305.559,69

Sales 6.501.630,93 2.293.920,22 8.795.551,15

Total 1 14.469.296,30 4.631.814,54 19.101.110,84

Subscriptions 4.104.127,50 487.839,43 4.591.966,93

Redemptions 2.323.921,96 811.648,24 3.135.570,20

Total 2 6.428.049,46 1.299.487,67 7.727.537,13


20.674.283,24 21.625.453,53 21.151.809,55

Turnover rate 38,89 % 15,41 % 53,77 %


Purchases 7.967.665,36 2.337.894,32 10.305.559,69

Sales 6.501.630,93 2.293.920,22 8.795.551,15

Total 1 14.469.296,30 4.631.814,54 19.101.110,84

Subscriptions 4.104.127,50 487.839,43 4.591.966,93

Redemptions 2.323.921,96 811.648,24 3.135.570,20

Total 2 6.428.049,46 1.299.487,67 7.727.537,13


20.642.399,78 21.946.304,48 21.531.480,05


38,96 % 15,18 % 52,82 %



Nil

137


VALUE

Classic Shares




2014 - 08* 7.743,33 758,20 15.596,76 699,73 40.194,40 4.533,79 44.728,19

2015 - 08* 2.122,95 847,00 7.622,81 1.361,00 34.694,53 4.019,79 38.714,32

2016 - 08* 8.719,65 989,59 5.612,32 701,00 37.801,87 4.308,38 42.110,24





2014 - 08* 3.553.397,77 338.930,07 7.163.970,07 306.380,87

2015 - 08* 1.038.528,01 396.303,68 3.798.059,11 640.493,97

2016 - 08* 4.167.125,74 447.166,89 2.576.821,79 317.688,00





2014 - 08* 21.979.494,53 493,28 474,71

2015 - 08* 17.931.714,89 465,64 441,97

2016 - 08* 20.848.229,32 498,65 463,81


138





2014 - 08* 1.463,00 709,00 4.267,00 4.267,00

2015 - 08* 116,00 1.427,00 2.956,00 2.956,00

2016 - 08* 0,00 558,00 2.398,00 2.398,00





2014 - 08* 658.182,18 328.837,04

2015 - 08* 55.939,84 718.665,88

2016 - 08* 0,00 267.156,02





2014 - 08* 2.105.796,45 493,51

2015 - 08* 1.377.615,56 466,04

2016 - 08* 1.197.464,19 499,36


139


Classic Shares

Cap Div

ISIN code Cur-

rency


Share classes

Bench mark

Share classes

Bench mark

Share classes

Bench mark

Share classes

Bench mark

Launch Date

Share classes

CAP BE0946844272 EUR 7.09% 6.36% 9.11% 02/02/2007 -0.03%

DIV BE0946843266 EUR 7.04% 6.32% 9.07% 02/02/2007 -0.05%


140


Cap Div

ISIN code Cur-

rency


Share classes

Bench mark

Share classes

Bench mark

Share classes

Bench mark

Share classes

Bench mark

Launch Date

Share classes

CAP BE6228923684 EUR 7.15% 6.42% 25/11/2011 11.52%


141

Classic Shares



Calculated in EUR.









Ci = [Wi / NAV(Di)] + 1 i = 1 ... N



return of the unit.



Institutional B Shares The bar chart shows the performance for full financial years.


Calculated in EUR.







These are the performance figures for capitalization shares. Dividend on ex-dividend date 30/11/2016: 7,5358 EUR net (10,3230 EUR gross).

142

2.4.6 COSTS

Ongoing charges: *

Distribution: 1.883% Capitalization: 1.833% Capitalization: 1.774%




Broker

Commission gross

in EUR


1-09-15

-

31-08-16

CSA Credits

in EUR


1-09-15

-

31-08-16 Percentage

CITI 5 2 36,93%

CSFBSAS 12 3 28,57%

HSBC 112 32 28,57%

INSTINET 238 79 33,33%




143





144

KBC Eco Fund - Fondsvermittlung24.de€¦ · KBC Bank N.V., 2 Havenlaan - B-1080 Brussels, Belgium....

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Transcript of KBC Eco Fund - Fondsvermittlung24.de€¦ · KBC Bank N.V., 2 Havenlaan - B-1080 Brussels, Belgium....