Sivek - TeleTrader sector. The ECB deployed its bazooka in September 2012: the OMT (Outright...

Interim report for the period ending 30 June 2013

Sivek

Openbare bevek (Public open-ended investment company) under Belgian law opting for

Investments complying with the conditions of Directive 2009/65/EEC 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 Document or prospectus has been provided.

TABLE OF CONTENTS

1. General information on the bevek

1.1. Organisation of the bevek

1.2. Management report 1.2.1. Information for shareholders 1.2.2. General market overview

1.3. Aggregate balance sheet

1.4. Aggregate profit and loss account

1.5. Summary of recognition and valuation rules

1.5.1. Summary of the rules 1.5.2. Exchange rates

1. GENERAL INFORMATION ON THE BEVEK

1.1 ORGANISATION OF THE BEVEK

REGISTERED OFFICE

2 Havenlaan, B-1080 Brussels, Belgium.

DATE OF ESTABLISHMENT:

15 July 1991

LIFE:

Unlimited

BOARD OF DIRECTORS OF THE BEVEK

Wouter Vanden Eynde, Managing Director of KBC Asset Management NV, Jan Seynhaeve, Group Knowledge & Internal Communication Manager KBC Asset Management NV Olivier Morel, Financial Director CBC Banque NV Jef Vuchelen, Independent Director Luc Vanderhaegen, Private Banking & Wealth Management Branch General Manager KBC Bank NV Chairman: Luc Vanderhaegen, Private Banking & Wealth ManagementBranch General Manager KBC Bank NV. Natural persons to whom the executive management of the bevek has been entrusted: Wouter Vanden Eynde, Managing Director of KBC Asset Management NV, Jan Seynhaeve, Group Knowledge & Internal Communication Manager KBC Asset Management NV

MANAGEMENT TYPE

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

DATE OF INCORPORATION OF THE MANAGEMENT COMPANY

30 December 1999.

NAME AND POSITION OF THE DIRECTORS OF THE MANAGEMENT COMPANY

Chairman: L. Gijsens Directors: D. Mampaey, President of the Executive Committee J. Peeters, Independent Director P. Buelens, Managing 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 K. Van Eeckhoutte, Non-Executive Director W. Vanden Eynde, Managing Director C. Sterckx, Managing Director D. Cuypers, Managing Director

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 P. Buelens, Managing Director J. Verschaeve, Managing Director G. Rammeloo, Managing Director W. Vanden Eynde, Managing Director C. Sterckx, Managing Director D. Cuypers, Managing Director These persons may also be directors of various beveks.

AUDITOR OF THE MANAGEMENT COMPANY:

Ernst & Young Bedrijfsrevisoren BCVBA, represented by partner Christel Weymeersch, company auditor and auditor recognised by the Belgian Financial Services and Markets Authority, De Kleetlaan 2, B-1831 Diegem.

STATUS OF THE BEVEK

Bevek with various sub-funds that has opted for investments complying with the conditions of Directive 2009/65/EEC and which, as far as its operations and investments are concerned, is governed by the Act of 3 August 2012 on certain forms of collective management of investment portfolios.

FINANCIAL PORTFOLIO MANAGEMENT

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

FINANCIAL SERVICES:

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

CUSTODIAN:

KBC Bank NV, Havenlaan 2, B-1080 Brussels.

ADMINISTRATION AND ACCOUNTING MANAGEMENT:

KBC Asset Management NV, Havenlaan 2, B-1080 Brussels.

ACCREDITED AUDITOR OF THE BEVEK

Deloitte Bedrijfsrevisoren BV, in the form of a CVBA (co-operative limited liability company), Berkenlaan 8b, B-1831 Diegem, represented by partner Frank Verhaegen, company auditor and auditor recognised by the Belgian Financial Services and Markets Authority. Deloitte Bedrijfsrevisoren BV, in the form of a CVBA (co-operative limited liability company), Berkenlaan 8b, B-1831 Diegem, represented by partner Frank Verhaegen, company auditor and auditor recognised by the Belgian Financial Services and Markets Authority.

DISTRIBUTOR:

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

PROMOTER:

KBC

LIST OF SIVEK SUB-FUNDS

1. Global High

2. Global Low

3. Global Medium

In the event of discrepancies between the Dutch and the other language versions of the Annual or Interim Report, the Dutch shall prevail.

1.2 MANAGEMENT REPORT

1.2.1 INFORMATION FOR SHAREHOLDERS

Not applicable.

1.2.2 GENERAL MARKET OVERVIEW

1 January – 30 June 2013

Doubts about the sustainability of the economic recovery continued to shape investor sentiment. The debt crisis in Europe continued unabated in the past year, although the European Central Bank (ECB) managed to convince the market that it had the crisis under control. Major steps were taken in the United States to reform the federal budget, and seemingly without adversely affecting economic growth too much. Fortunately, strong economic growth in Asia created export opportunities for American and European businesses. The economic tightrope

Although more jobs have been created than lost in the US since 2010, the rate of employment growth remained on the thin side for some considerable time. The situation began to improve in the last reporting period, with the result that the jobless rate declined more markedly. Pay rises barely outstripped inflation. Taken together, these two factors ensured that household purchasing power only grew to a very limited extent and so contributed very modestly to economic growth. The latter was therefore limited (+1.6% growth year-on-year in the four quarters to the first three months of 2013). Real GDP in the EMU contracted by an annualised 1.1%. The austerity programme and credit restrictions pushed Southern Europe into a deep recession. Germany played its traditional role as European economic engine to a lesser extent than in the recent past. Greater divergence within Europe resulted primarily in a further decline in unemployment in Germany and an alarmingly rapid rise in unemployment in countries such as Greece, Spain and Portugal. Belgium was closer to the strong core of the euro area. The weak growth in the Western economies also had an impact on the export performance in emerging countries. In recent years, however, domestic demand (due to a rapidly growing middle class with a high consumption ratio) and inter-regional trade within Asia have been playing an increasingly important role. The region is better armed to deal with financial crises than it was in the past. Public finances are healthy, the balance of payments is generally neutral (China actually has an astronomical surplus) and the internal savings buffer is high. Asia’s economic development no longer depends on fickle foreign capital. Thanks to the contribution by the emerging markets the growth of world GDP held up in 2012–13 (estimated at 2–2.5%). Stemming the euro crisis

There have been no significant bankruptcies in the business sector in recent years. The solvency and liquidity of non-financial companies have seldom been as strong as they are at present. A new feature of this cycle is that government paper, which had previously been seen as entirely risk-free, also started to be tainted with a degree of credit risk. Greece, Ireland, Portugal and Cyprus were no longer able to finance their sovereign debt through the usual channels and are under the curatorship of the ECB, the EU and the IMF. Private bond-holders were obliged to accept a rescheduling of the Greek government debt. In Cyprus deposit holders are being required to help defray the cost of cleaning up the banking sector. Italy and Spain were frequently in the firing line. Spain has already applied for European assistance for the recapitalisation of its banks. During all these storms the euro leaders have tried to reform the rules of the game of the monetary union, but it takes a lot of time and effort to get 17 parties singing from the same hymn sheet. The European Stability Mechanism (ESM) became operational after much delay. The new budget treaty, which only came into force on 1 January 2013, is already being questioned. The competitiveness pact does not include any solid commitments. The negotiations on the formation of a banking union are proving tricky. So it is no wonder that the eurosceptics are having a field day.

European banks, which have traditionally been faithful investors in government bonds, were oversensitive to the consequences of the euro crisis and the devaluation of their bond portfolios. The banks had seen their capital base significantly eroded by the 2008–09 credit crisis. The euro crisis could therefore easily end up as a systemic crisis. Something the ECB wanted to avoid at all costs. The central bank launched several programmes to secure and strengthen the flow of liquidity to the sector. The ECB deployed its bazooka in September 2012: the OMT (Outright Monetary Transactions) programme. The ECB has stated that it is prepared to buy up short-dated bonds of under-fire countries for an unlimited period and in unlimited quantities, provided a number of conditions have been met. he most important of these is that the countries in question submit a formal bailout request under the ESM. That explains why, almost a year later, the OMT programme has yet to launch. The financial markets have not however been disturbed by this. For them the setting up of the European bazooka was enough in itself to regard the euro crisis as having been averted. At least for the present. Public finances have gone off the rails not only in the EMU, but also in the UK and the US. The budget debate in the US had reached a political impasse. The ideological divisions between Republicans and Democrats long prevented a compromise. The decisions were postponed, and so 31 December 2012 became an important deadline A whole series of tax cuts and other temporary support measures from the past would then lapse. In total these involved a sum of 550 billion USD. Extending all the measures again was not feasible in budgetary terms, while allowing them all to die out was economic suicide. The fiscal cliff was averted on 1 January 2013 by means of an agreement in Congress: half the stimulus measures were made permanent or were extended for a further twelve months, while the other half lapsed. This has not been the only measure involving tightening of budgetary policy in 2013: on 1 March, automatic spending cuts came into effect under which Federal expenditure will be pruned by 85 billion USD each year for a period of ten years. Since no budget has been approved in the current financial year, the federal administrations have been assigned budgets equal to the expenditure in the previous financial year. That too is automatically leading to more frugal management. New record for corporate earnings

Equally as spectacular as the slump in profits during the recession was the recovery of corporate earnings from the fourth quarter of 2009 onwards. Even though the economic recovery in the West may have been on the lean side, that certainly did not apply to corporate earnings. So although the economic recovery in the West may be modest, the same was certainly not true of corporate earnings. After going from negative to positive in the last quarter of 2009, earnings per share of the S&P companies as a whole rose by an average 48% in 2010, by 14% in 2011 and by 4.8% in 2012. The lacklustre economic situation in the West was plainly not an obstacle to a strong increase in turnover. The emerging economies, which are booming, are becoming an increasingly significant market outlet for Western companies. However, the increase in earnings was due even more to a sharp reduction in (wage) cost pressure, until the first quarter of 2012 at least. Expensive commodities: more than a gauge of the economic recovery

The Arab Spring and the power struggle in Libya meant a barrel of Brent crude oil cost 126 US dollars at the end of April 2011. The balance of supply and demand over the last two years (weak global demand, high stocks and rising supplies) has caused the oil price to fall since then, apart from an occasional increase due to a flare-up in geopolitical tensions (e.g. the embargo on Iranian oil exports). At the end of June 2013 the price of a barrel of crude oil was 102.6 dollars. The steep price rises on most other commodity markets had already come to an end earlier. The prices of many industrial metals and agricultural products peaked around mid-February 2011. This was followed by a correction of 20–30%. This too could be interpreted as a sign of increasing doubts about the economy. Inflation cooled as a result. In the US the annual increase in the consumer price index fell from a peak of 3.9% in September 2011 to 1.6% in May 2013. Over the same period inflation in the euro area fell from 3% to 1.4%. A policy of (almost) free money and other unconventional measures

The US central bank (the Fed) had already cut its key rate very early on in the crisis. Since December 2008 the rate has been a symbolic 0.25%. The ECB waited much longer before cutting rates. But when Mario Draghi took over as president on 1 November 2011, the ECB jumped on the bandwagon of monetary easing. Its key rate currently stands at 0.50%.

The interest rate policy did not lead to a sustained economic recovery, however. The Fed therefore explored the scope for other measures, It intervened directly in the bond markets and bought up large amounts of debt paper in an attempt to keep the long-term rate low as well. The ECB dragged its feet, and only followed the Fed’s example much later. The intensification of the euro crisis in fact left the ECB no other choice. Bond markets volatile

Increasing doubts about the economy and the ongoing euro crisis have pushed US and German bond rates down since March 2011. This movement continued in 2012 and well into Spring 2013. On 1 June 2012, US and German ten-year rates reached lows of 1.45% and 1.15%, respectively. Ten-year rates remained close to these low levels (below the inflation rate) for almost a full year. After Fed chairman Ben Bernanke dropped a hint at the end of May 2013 about scaling back the government bond purchase programmes, bond yields shot up in June. At the end of the period under review, ten-year yields stood at 2.48% in the US and 1.78% in Germany. Bond portfolios were restructured en masse. Debt paper issued by under-fire European governments was dumped, in spite of the international guarantees, and replaced by German paper. In the course of 2012 Spanish government bonds were the most targeted. The tensions within the euro area also had an impact on Belgian-German yield spreads. The days when Belgium could borrow money at the same terms as Germany are long gone. The Belgian-German rate spread peaked on 25 November 2011 at 365 basis points, but fell by more than the euro area average during the period under review. On 30 June 2013, bond investors were satisfied with a premium of 90 basis points for the Belgian risk. The health of the European banks is closely bound up with the euro crisis. Pessimism about the intractability of the euro problems and optimism about an ultimate and radical breakthrough produced alternating waves of panic and relief concerning the solvency of European banks. This was in turn reflected in highly erratic movements in the rates at which banks were able to obtain funding in the bond market. Similarly the interest-rate premiums for non-financial debtors suffered from the credit risk fears. The fact that these companies could in most cases boast cast-iron balance sheets was not always taken into account. In brief, even though credit spreads have narrowed substantially in recent months, they are still on the high side. Every reserve currency has its problems

In a year marked by problems in keeping the EMU from imploding, the EUR/USD exchange rate was no more volatile than at other times. The euro was trading at USD 1.30 at the end of June 2013, which is roughly the same rate as 2012 year-end. Of course the dollar also has its problems. The image of the world reserve currency suffered from QE2, QE3 and TWIST, acronyms for the pure monetary financing of budget deficits that had reached irresponsible levels. The political impasse in which the budgetary debate had become ensnared also undermined confidence. The rise of the yen – a notable feature in recent years – was finally halted. As the Japanese government’s policy of talking down the currency bore fruit. At the end of June 2013, the yen was already trading 12.5% down on the dollar since the end of 2012, when the Abe government came to power. Other Asian countries perceived this as a looming currency war. The Australian dollar (-10.8%), Norwegian krone (-6.3%), Polish zloty (-5.6%), sterling (-5.1%) and Canadian dollar (-4.3%) all fell substantially against the euro in 2013. Consolidation of the stock-market rally

The initial phase of the economic recovery went hand in hand with a fine stock-market rally, leaving the S&P 500 75% higher at the end of April 2010 than its low point on 9 March 2009. Since then, the equity markets have struggled to find fresh impetus. The euro crisis and fear that the European banking sector would collapse naturally cast a permanent dark cloud over the market. On top of this, the stock markets were affected by vacillating sentiment about the economic situation. This has not changed in recent months. Relative optimism about the prospects for economic growth pushed the markets up in the first three months of 2012. We eased back a little in April–May 2012, but witnessed another fine rally from the beginning of June, which ignored the gloomier growth signals. Jitters were sparked at the end of the reporting period by comments from the Fed Chairman about the possible end of quantitative easing and concerns about China (local authority debt problems). Overall, the MSCI All Country World (the broadest global index) was up 7.9% in euro terms on 30 June 2013 compared to year-end 2012.

Western Europe did not continue its catching-up exercise in the traditional markets which had begun in 2012, (the return of the MSCI Europe Index over this period was +4.1%). Despite this, fears that the EMU problems harboured a systemic risk disappeared completely. The cheaper valuation of Europe (compared with the US) also failed to provide any support. Since the first quarter of 2012, corporate earnings in Europe have continued to lag far behind expectations. They show a downward trend, in stark contrast to the developments in other regions. At the end of June 2013 Wall Street was sharply higher than at the end of 2012 (S&P 500: +12.6%, Dow Jones: +13.8%). The BEL 20 (+2.0%) performed more or less in line with the other European markets. Supermarket chain Delhaize made a strong comeback, after its share had suffered badly in 2011 and 2012 from problems with its US operations. The bank stocks KBC and Delta Lloyd also recorded fine performances. Belgacom, Umicore and the biotech firm Thrombogenics, which had triumphantly joined the BEL 20 in 2012, were the biggest disappointments. The Brussels stock exchange welcomed Bpost in June 2013. Japan was ultimately an outperformer (+10% stated in euros), despite the steep depreciation of the yen. The winds of change have been blowing through Tokyo since the advent of the Abe government in December. The prospect of fresh tax stimuli, a cheaper yen and large-scale money creation have contributed to an atmosphere of optimism about the economy, something very rare in Japan, which has been struggling with defeatism for many years. The emerging regions performed downright badly. The Asian emerging markets (-4.3%) were unable to capitalise on their role as the growth engine of the world economy. Confidence indicators began to decline in mid-2012, breaking through barriers that pointed to a serious economic slowdown. That failed to materialise but it was sufficient to perpetuate the doubts concerning the growth narrative in the region. This gave rise to concerns about Chinese local authority debt levels, an overheating Chinese housing market and fear of a credit crisis – especially when the Chinese interbank rate shot up to 30% within the space of a few days in June. Stock-market valuations remain favourable, especially given the high growth forecasts, sound macroeconomic balance and a banking sector that was barely – if at all – affected by the credit crisis. Latin America (-13.4%) was hit by an economic slowdown. The link to the commodity markets is always at the fore in this region. Eastern Europe (-10.5%) was likewise a disappointment. Russia was likewise not immune to the weakness of European economic growth. Oil prices below 100 dollars per barrel mean trouble for Russian state finances. The Turkish stock market, for its part, suffered from street protests in Istanbul against increasing Islamisation. There were wide sectoral differences in the returns. The best performing sectors included Financials, Pharmaceuticals and Consumer Discretionary. Materials, Technology and Energy lagged behind. The outperformance of the Banks may be attributed to the quantitative easing programmes undertaken by the central banks. By this we mean the Fed’s QE3 programme, and especially the announcement by the ECB of its OMT programme, which took the heat out of the euro crisis. Pharmaceuticals had been shunned for a long time due to a lack of product innovation, patent expiry and the reforms to healthcare insurance in the US. In recent months, however, investors began to focus more on the sector’s response to these challenges such as restructuring operations and the sell-off of non-strategic divisions. The car industry has risen from the ashes, in the US and in the European luxury segment at least. Demand remained robust in the emerging markets too, despite the slowdown in China, where German luxury marques generate 50% of their profits. In spite of the slow growth, advertising budgets have also held up surprisingly well. The rise of the e-book and ongoing breakthrough of digital television continue undiminished. More and more media companies are exploiting these trends. Mining companies lost ground on excessive expectations concerning commodity prices. A failed stock market flotation by Facebook and the giant leaps made by Apple meant that price trends in the Technology sector differed from what might have been expected on the basis of the fundamentals. Oil companies suffered from the vagaries of the oil market, the political instability in the Middle East and frequent accidents.

The Real Estate sector (+3.0%) eased up a little in 2013 following its strong performance in 2012. The financial turbulence in 2007/08 forced real estate companies to clean up their balance sheets. This accordingly provided the sector with a sound base to make the most of the recovery. The traditional discount against the intrinsic value at which the sector normally trades consequently disappeared, leaving it somewhat overvalued. Outlook

The US and European barometers measuring confidence among business leaders peaked in spring 2011 at record levels, but fell away sharply in the past two years. In the US they are in the twilight zone between recession and expansion. We are expecting US growth to remain positive but modest (around 2% y-o-y in the coming quarters) as pay increases are barely keeping pace with inflation and budgetary policy has now finally (and probably for many years) struck down the path of austerity. The fragile recovery of the housing market and corporate investment could be sustained. How strong the growth proves to be will depend largely on the dynamic of the labour market. In recent months employment in the US has grown by around 200 000 new jobs each month. This will need to continue in order to achieve +2% growth in 2013 and in 2014. Confidence indicators in Europe are well below freezing point. The budgetary plans, tighter lending policy of the banks and major uncertainty among consumers and producers will continue to depress growth. 2013 will see a contraction of GDP in Europe. Recovery is not expected until the first half of 2014. Deflation or depression scenarios, which are currently dominating bond market sentiment, are not however justified. Recent years have laid the foundation for more sustainable growth in 2014 and beyond. US households have trimmed back their debt level significantly, the savings rate has already increased considerably and loan servicing (instalments and interest payments combined) now accounts for only 8% of household budgets (the lowest level in 15 years – it was still 14% three years ago). Households are gradually moving towards a position where they can spend more of their money on consumption. The explosive growth in earnings between 2009 and 2012 bolstered companies’ already substantial cash positions. During the crisis investments were scaled back heavily, with the foundations being laid for a catch-up process. In the US, Republicans and Democrats take completely different views on the budget policy to be pursued. They nevertheless agree that the federal finances need to be reorganised and that a tighter budget policy will have to be followed in the years ahead than in the recent past. Tighter also than the average budgetary policy in the EMU. To counter this, the Fed is pursuing an extremely accommodative monetary policy. Its purchase programme for government bonds and other debt paper means unprecedented amounts of liquidity are being injected into the market, thus avoiding the banks having to think too much about their own solvency and applying overly strict lending criteria as a result, which would undermine economic growth. These cash injections must either find their way into the real economy or generate inflationary expectations. In any case they will keep long rates low and banish any fears of deflation. Economic growth in Europe will remain lacklustre. Very high unemployment and the euro crisis are undermining consumer confidence and banks’ willingness to lend freely. The ECB’s monetary policy is also much less aggressive than the Fed’s. In contrast, real wage rises (however limited) will be somewhat higher in Europe than in the US. Today’s world is one of two-speed economies. The mature industrialised economies (US, Europe, Japan) still find themselves in a low-growth environment, with no underlying inflationary pressure, persistently low interest rates and runaway public finances. The picture in the emerging markets is altogether different. The strong economic growth has already created inflationary pressure in Asia. Appropriate monetary policy is therefore required: sometimes restrictive (as in 2011) and at other times stimulatory (as at present). Monetary policy in China and elsewhere in Asia is highly geared to preventing asset-price inflation. Countries are not only deploying the interest-rate weapon to this end, they are also actively intervening in the credit and housing markets. One of the major challenges for this decade will be the further development of consumption in China and the rest of Asia. This can contribute to a more balanced world economic order. It will not only reduce the region’s dependence on exports but, at least as importantly, will have an effect on international capital flows. More consumption in China will mean lower savings and higher imports, including from the US and Europe. That will help the West to ‘grow out’ of its debt problems.

Time is of the essence for the euro area. Everyone knows that the EMU is not a perfect monetary union. In its twelve-year history, little has been done to improve its internal operation. National autonomy was off-limits. The crisis brought the realisation that ‘economic governance’, as it is now called in Eurospeak, needs to be tackled as a matter of urgency. In concrete terms, this involves measures such as supranational supervision of banks (scheduled to be in place by early 2015), strict monitoring and sanctioning of budgetary policy (a huge challenge given the emergence of austerity fatigue), monitoring of pay policy and harmonising European taxation (a big taboo). The banks will need to strengthen their capital base further to ensure the stability of the financial system, so that there is a sufficient buffer to offset reserves and unforeseen write-downs. This will remain high on the agenda this year and in the coming years. Europe has already taken any number of measures with this in mind. Examples include the almost 2 000 billion euros that were set aside in the space of two years to ensure continuity of funding for European governments; the introduction of stress tests to establish whether the banks have sufficient capital to cope with a new and serious crisis; the gradual introduction of new and stricter capital requirements under Basel III; and making ESM reserves available for direct loans to ailing European banks. Maintaining a (virtually) zero money market rate also fits with this. There is no urgent macroeconomic reason to adopt a more restrictive policy so long as the economic situation in the West remains weak and there is no sign of any real inflationary pressure. The central banks are conducting a policy of low interest rates And have totally given up their resistance towards quantitative easing measures. They are intervening directly on the capital markets on a large scale. By buying bonds and other debt instruments, they are having a direct influence on the bond yield in certain market segments, ensuring secondary trading (for instance, in paper issued by governments in which the market could lose confidence) and flooding the financial system with cash. The ECB, too, is now firmly set on this path. Concern about inflation has given way to worries about the economic situation and stemming the euro crisis. The ECB is probably still striving for a normal short rate of 3% for the euro area (its official target for inflation in the euro area is 2%), but that has now become a very long-term objective And is totally ruled out in the short term. The ECB is more likely to cut – where this is still possible – than raise its key rate in the coming months. The first rate hike is not expected until the second half of 2014 at the earliest. In our opinion, the central banks in the US, the UK and Japan will wait even longer before raising their key rates. The US Federal Reserve has already officially postponed the earliest date for a rate hike to mid-2015. The official stance is that the key rate will not be increased so long as unemployment (currently 7.6% of the working population) is above 6.5%. The bond yield may have bottomed out, at least as regards issues of German Bunds or US Treasuries. It would be logical for yields to increase again from the current record lows, on the back of an improved economic environment (or an ongoing reduction in the downside risks to growth). As a result, the market might, in the coming months, start to anticipate tighter monetary policy in 2014 or 2015. A number of unconventional measures will first be withdrawn in the US; only after that can the market begin to anticipate a normalisation of the key rate. This interest-rate increase need not, however, be very big. The measures taken by the central banks are also keeping the short end of the yield curve artificially low. If necessary, they will not hesitate to intervene actively in market segments where yields threaten to head too rapidly in the wrong direction. The default risk premium in the corporate bond market has fallen very steeply in recent years. It remains relatively high, however, both by historical standards and considering that most companies have a healthy financial structure and limited funding requirements. Spreads could therefore narrow further. Rate spreads in the euro area will probably remain volatile for a long time yet due to the many problems that have yet to be solved. Thanks to the continuing strength of the emerging markets, the global economy could post growth of 2.5–3% in 2013 and 2014. This is one of the reasons why corporate earnings could continue to grow in the coming quarters at a rate of 5–10%.

Although it might appear paradoxical, it is businesses that have emerged as the big winners from the crisis of 2008–2009. They are now reaping the benefits of the considerable restructuring measures pushed through during the recession. Cost controls go beyond (one-off and in some cases spectacular) restructuring measures and have now become an integral part of business culture. The recession of 2008-2009 caused companies to be even more aware of risks (money, and hence costs). Investment projects are subject to more thorough profitability studies. A combination of debt reduction and low interest rates has resulted in a steep drop in financial charges. Globalisation (pressure of relocation) and ongoing high unemployment have made employees powerless to demand high pay increases. Maintaining purchasing power is now about all that is on offer. There is no question of real wage rises. In brief, every one-cent increase in revenue translates (almost) entirely into an extra cent of profit, rather than into higher pay. The money market rate won’t increase rapidly and bond yields are close to historical lows. Everything seems to point to shares being the most attractive investment option for the months ahead. The lack of alternatives is not, of course, sufficient reason to increase the market valuation. For that to happen, investors will need to be more predisposed to taking risk. The current valuation of equities continues to discount a number of very pessimistic scenarios. Based on forecast earnings for the coming 12 months, the price-earnings ratio is 14.5 for the US S&P 500 index and 11.4 for the MSCI Europe. That is 25% to 30% lower than the historical average. Equities are certainly dirt-cheap compared with bonds. The earnings yield – the inverse of the price/earnings ratio – is currently 8.8% for the MSCI Europe, an unprecedented premium of 700 basis points above German bond yields. Edited to 4 July 2013

1.3 AGGREGATE BALANCE SHEET (IN EUR)

Balance sheet summary 30/06/2013 (in the currency of the bevek:)

30/06/2012 (in the currency of the bevek:)

TOTAL NET ASSETS 469 140 777.79 525 394 384.59

II. Securities, money market instruments, UCIs and derivative financial instruments

A. Bonds and other debt instruments

a) Bonds 20 448 450.78 25 050 999.75

a} Collateral received in the form of bonds 87 775.90

C. Shares and similar instruments

a) Shares 1 362.67 32 788 900.32

Of which shares lent 82 833.90

b) Closed-end undertakings for collective investment

749 430.00 686 340.00

D. Other securities 17.33 658.61

E. Open-end undertakings for collective investment 445 325 561.44 458 252 573.07

F. Financial derivatives

j) Foreign exchange

Futures and forward contracts (+/-) 462 101.44

m) On financial indices


IV. Receivables and payables within one year

A. Receivables

a) Accounts receivable 1 346 736.03 46 900.78

b) Tax assets -20 893.28 8 214.47

B. Amounts receivable

a) Accounts payable (-) -1 001 715.24 -400 465.89

d) Collateral (-) -87 775.90

V. Deposits and cash at bank and in hand

A. Demand balances at banks 1 901 905.51 8 784 215.98

VI. Accruals and deferrals

A. Expenses to be carried forward 22 041.70 25 160.91

B. Accrued income 8 216.36 45 453.94

C. Accrued expenses (-) -102 436.95 -66 931.72

TOTAL SHAREHOLDERS' EQUITY 469 140 777.79 525 394 384.59

A. Capital 453 853 689.98 507 376 200.72

B. Share in profit -71 256.12 -81 926.84

D. Result for the period 15 358 343.93 18 100 110.71

Off-balance-sheet headings

I Collateral (+/-)

I.A Collateral (+/-)

I.A.A

Securities/money market instruments 87 775.90

III Notional amounts of futures and forward contracts (+)

III.A Futures and forward contracts purchased 26 224 324.94 5 757 919.49

IX. Financial instruments lent 82 833.90

1.4 AGGREGATE PROFIT AND LOSS ACCOUNT (IN EUR)

Profit and loss account 30/06/2013 (in the currency of the bevek:)

30/06/2012 (in the currency of the bevek:)

I. Write-downs, capital gains and losses


a) Bonds 518 677.93 -258 133.11


a) Shares 2 740 537.95 1 549 462.46


35 100.00 59 737.84

D. Other securities 44.84 -554.27



l) On financial indices

Forward contracts 512 827.07 -920 138.91

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

0.01

H. Foreign exchange positions and transactions

a) Financial derivatives

Forward contracts 462 101.44

b) Other foreign exchange positions and transactions

-424 916.04 1 448 443.25

II. Investment income and expenses

A. Dividends 154 004.93 364 900.22

B. Interest

a) Securities and money market instruments 257 655.70 515 175.07

b) Deposits and cash at bank and in hand -27 824.78 12 744.13

c) Collateral (+/-) 0.31

C. Interest on borrowings (-) -379.73 -5 882.04

IV. Operating expenses

A. Investment transaction and delivery costs (-) -738 799.04 -939 306.25

B. Financial expenses (-) -3 929.19 -4 480.84

C. Custodian’s fee (-) -17 785.97 -24 451.56

D. Manager’s fee (-)

a) Financial management -553 201.51 -756 999.68

b) Administration and accounting management -239 667.78 -257 484.89

E. Administrative expenses (-) -1 585.98 -1 403.57

F. Formation and organisation expenses (-) -10 979.71 -20 492.53

G. Remuneration, social security charges and pensions (-)

-868.00 -347.50

H. Services and sundry goods (-) -9 527.34 -134 083.02

J. Taxes -9 261.57 -26 180.21

K. Other expenses (-) -27 599.29 -23 963.84

Income and expenditure for the period

Subtotal II + III + IV before tax on the profit -1 229 749.26 -1 302 256.20

V. Profit (loss) on ordinary activities 15 358 343.93 18 100 110.71

VII. Result for the period 15 358 343.93 18 100 110.71

1.5 SUMMARY OF RECOGNITION AND VALUATION RULES

1.5.1 SUMMARY OF THE RULES

Summary of the valuation rules in accordance with the Royal Decree of 10 November 2006 on the bookkeeping, the annual accounts and the periodical reports of certain undertakings for collective investment with a variable number of units. The assets of the various sub-funds are valued as follows:

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.

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

o 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: 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.

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.

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.

o 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.

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

Cash balances, including demand balances held with credit institutions, current-account obligations towards credit institutions, amounts payable and receivable in the short-term that are not embodied in negotiable securities or money market instruments (other than with respect to credit institutions), tax credits or liabilities are valued at nominal value. Other long-term receivables that are not embodied in negotiable securities or money market instruments are valued at fair value. Impairment is recorded on the assets, amounts to be received and receivables where there is uncertainty concerning their payment in full or in part on the maturity date or if the going concern value of those assets is lower than the 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.

The income arising from securities lending is recognised as the lending rate. And is included on an accruals basis in the profit and loss account over the term of the transaction.

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:

o Money market funds 0.25% o Bond funds, balanced funds and funds offering capital protection: 0.50% o Equity funds 1% o Other funds (real estate funds, etc.) 0.50%

1.5.2 EXCHANGE RATES

1 EUR =

30/06/2013

30/06/2012

1.42005 AUD 1.23805 AUD

2.8714 BRL 2.5615 BRL

1.3713 CAD 1.29375 CAD

1.2299 CHF 1.20115 CHF

25.975 CZK 25.533 CZK

7.4588 DKK 7.4344 DKK

0.857 GBP 0.8091 GBP

10.0821 HKD 9.8438 HKD

294.54 HUF 285.76 HUF

129.12 JPY 101.26 JPY

7.9369 NOK 7.5438 NOK

1.6831 NZD 1.5789 NZD

4.3302 PLN 4.2352 PLN

8.7733 SEK 8.7595 SEK

1.6486 SGD 1.6077 SGD

2.508 TRY 2.2954 TRY

1.2999 USD 1.2691 USD

12.9039 ZAR 10.379 ZAR

SOFT COMMISSIONS.

The 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.

What the Commission Sharing Agreement entails The Manager can ask the broker to pay invoices on its behalf for a number of goods and services provided. The broker will then pay those invoices up to a certain percentage of the gross commission that it receives from the sub-funds for carrying out transactions (specified below under ‘CSA Credits’). NB: Only goods and services that assist the manager in managing the sub-funds in the interest of the bevek can be covered by a Commission Sharing Agreement. Goods and services eligible for a Commission Sharing Agreement:

Research and advisory services,

Portfolio valuation and analysis,

Performance measurement,

Market price services,

Computer hardware associated with specialised computer software or research services,

Dedicated telephone lines,

Seminar fees, where the subject matter is of relevance to the provision of investment services,

Publications, where the subject matter is of relevance to the provision of investment services.

Intermediary

Gross Commision in EUR

paid during the period: 1-01-13

- 30-06-13

CSA Credits in EUR

accrued during the period: 1-01-13

- 30-06-13 Percentage

CITI 844 422 50.00%

CSFBSAS 2,419 1,093 45.20%

DEUTSCHE 1,975 988 50.00%

INSTINET 503 252 50.13%

MERRILL 10,914 5,627 51.56% MORGAN STANLEY 1,001 498 49.79%

UBSWDR 1,481 740 50.00%


TABLE OF CONTENTS

2. Information on Sivek Global High

2.1. Management report 2.1.1. Launch date and subscription price 2.1.2. Listing 2.1.3. Goal and key principles of investment policy 2.1.4. Financial portfolio management 2.1.5. Distributors 2.1.6. Index and benchmark 2.1.7. Investment policy 2.1.8. Future investment 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 the commitments in respect of financial derivatives positions 2.4.4. Changes in the number of subscriptions and redemptions and in the net asset value 2.4.5. Performance figures 2.4.6. Charges 2.4.7. Notes to the financial statements

2 INFORMATION ON SIVEK GLOBAL HIGH


2.1.1 LAUNCH DATE AND SUBSCRIPTION PRICE

Launch date: 14 February 1994 Initial subscription price: 5 000 BEF Currency of denomination: EUR

2.1.2 LISTING

Not applicable

2.1.3 GOAL AND KEY PRINCIPLES OF INVESTMENT POLICY

OBJECT OF THE SUB-FUND:

The main object 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. The investment policy aims to follow the investment strategy designed for an investor with a specific risk profile.

SUB-FUND’S INVESTMENT POLICY:

PERMITTED ASSET CLASSES:

The sub-fund may invest in securities, money market instruments, units or shares in collective investment undertakings, deposits, financial derivatives, liquid assets and all other instruments in so far as permitted by the applicable laws and regulations and consistent with the stated object.

RESTRICTIONS OF THE INVESTMENT POLICY

The investment policy shall 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 either for hedging purposes or to achieve investment objectives.

Changes are made to investments at regular intervals in keeping with the sub-fund’s investment strategy. Listed and unlisted derivatives may, moreover be used to achieve the objectives:

these may be forward contracts, options or swaps on securities, indexes, currencies or interest rates or other transactions involving derivatives. Unlisted derivatives transactions will only be concluded with high-quality financial institutions specialised in such transactions. Such derivatives may also be used to hedge the assets against exchange-rate fluctuations. Subject to the applicable laws

and regulations and the articles of association, the sub-fund always seeks 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. The UCI may conclude contracts that entail a credit risk in respect of issuers of debt instruments. Credit risk is the risk that the issuer of the debt instrument will default. This credit risk relates to parties whose creditworthiness at the time the contract is concluded is equal to that of the issuers whose debt instruments the UCI can hold directly.

STRATEGY SELECTED

The assets are invested, either directly or indirectly via correlated financial instruments, primarily in international shares and bonds. As a rule, the portfolio contains more shares than bonds. The percentage of equities in this fund is higher than in the Global Low and Global Medium funds.

CHARACTERISTICS OF THE BONDS AND DEBT INSTRUMENTS

The Fund invests in bonds and certificates of debt, issued by both companies and governmental bodies. The sub-fund invests, directly and/or indirectly, at least 50% of the assets invested in bonds and debt instruments:

- in investment-grade securities (at least BBB-/Baa3 long term or A3/F3/P3 short term) as rated by at least one of the following rating agencies:

o Moody’s (Moody’s Investors Service); o S&P (Standard & Poor’s, a Division of the McGraw-Hill Companies); o Fitch (Fitch Ratings), and/or

- in money market instruments issued by entities that have been assigned an investment grade rating by one of the above agencies.

In addition, the sub-fund may invest up to 50% of the assets invested in bonds and debt instruments: - in securities which have a lower credit rating (or, in the case of money market instruments,

the issuer has a lower credit rating) and/or in securities for which no credit rating is available from one of the above agencies (or, in the case of money market instruments, the issuer does not have a rating from one of the above agencies). All maturities are taken into consideration when selecting the bonds and debt instruments.

LENDING FINANCIAL INSTRUMENTS:

The sub-fund may lend financial instruments within the limits set by law and regulations. This lending does not affect the sub-fund’s risk profile since: - it takes place within the framework of a securities lending system managed by a principal. In

addition, the sub-fund has a relationship only with the principal of the securities lending system which acts as counterparty and to which title of the loaned securities is transferred. The choice of principal is subject to strict selection criteria. The return of securities similar to the securities that have been lent is guaranteed by the principal.

- through a margin management system, the sub-fund is always guaranteed financial security, the actual value of which always exceeds the actual value of the securities that have been lent, in case the principal does not return similar securities.

The return of securities similar to the securities that have been lent can be requested at any time, which means that the lending of securities does not affect the management of the sub-fund. By lending securities, the sub-fund can achieve extra return. The principal pays a fee to the management company. This accrues largely to the sub-fund, after deduction of the fee for managing the investment profile and KBC Bank’s clearing services. The relationship with the counterparty or counterparties is governed by standard international agreements. More information is provided on the terms and conditions governing securities lending in the annual or half-yearly report for the sub-fund.

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. The hedging objective of the aforementioned transactions suggests that there is a direct link between these transactions and the assets to be hedged, which implies that the transactions carried out in a particular currency may in principle not exceed, in terms of volume, either the valuation value of all the assets in the same currency or the holding period of those assets.

SOCIAL, ETHICAL AND ENVIRONMENTAL ASPECTS:

No manufacturers of controversial weapons whose use over the past five decades, according to the international consensus, has led to disproportionate human suffering among the civilian population will be included in the portfolio of investments. This relates to manufacturers of anti-personnel mines, cluster bombs and munitions and weapons containing depleted uranium. In this way, the sub-fund seeks to reflect not only a purely financial reality but also the social reality of the sector or region in question.

THE EUROPEAN SAVINGS DIRECTIVE AND TAX ON DEBT CLAIM RETURNS OBTAINED THROUGH THE

REDEMPTION OF OWN UNITS OR IN THE EVENT OF FULL OR PARTIAL DISTRIBUTION OF EQUITY

CAPITAL.

The tax information in the following sections is of a general character and is not intended to cover all aspects of an investment in a UCITS. In certain cases entirely different rules might even apply. Moreover, both tax law and the interpretation of it can change. Investors who wish to have more information about the tax implications – in both Belgium and abroad – of acquiring, holding and transferring units should seek the advice of their usual financial and tax advisers.

This UCITS invests more than 15% but no more than 40% of its assets directly or indirectly in debt claims within the meaning of the European Savings Directive. The debt instrument percentage is determined based on a periodic asset test: every six months the composition of the portfolio is examined, the debt instrument percentage calculated and the average taken of the debt instrument percentages calculated in this way. The average percentage obtained in this way continues to apply for 12 months calculated from the first day of the fifth month following the closure of the financial year. Please refer to www.kbcam.be/assettest for the result of the asset test and the specific tax implications.

A. European Savings Directive (Directive 2003/48/EC)

The European Savings Directive has been incorporated in Belgian law. Dividends A paying agency based in Belgium that pays dividends (coupons) of this UCITS to a natural person (beneficial owner) who is resident in another EU member state (or one of the dependent or associated territories) is obliged to communicate details of this payment to the Belgian government, which will then pass on the information to the tax authorities in the beneficial owner’s state of residence. Income realised on the sale, redemption or repayment of shares If the UCITS has invested more than 25% of its assets directly or indirectly in debt claims, the interest income realised on the sale, redemption or repayment of the shares falls within the scope of the European Savings Directive. If that is the case, a paying agency based in Belgium that pays this interest income to a natural person (beneficial owner) who is resident in another EU member state (or one of the dependent or associated territories) is obliged to communicate details of this payment to the Belgian government, which will then pass on the information to the tax authorities in the beneficial owner's state of residence.

B. Tax on debt claim returns obtained through the redemption of own units or in the event of full or partial distribution of equity capital (Article 19bis Income Tax Code 1992).

If the UCITS has invested more than 25% of its assets directly or indirectly in debt instruments, both the capitalisation and dividend-entitled shares of the UCITS will fall on redemption or full or partial distribution of the equity capital within the area of application of Article 19bis of the 1992 Income Tax

Code. Article 19bis of the 1992 Income Tax Code only applies to shareholders subject to Belgian personal income tax. On the basis of that article, tax will be levied on the debt claim returns included in the redemption or repayment price according to the period in which the investor held the shares. The rate is 25%. The debt claim return comprises the totality of the income arising directly or indirectly, in the form of interest, capital gains or losses, from the income on the assets that were invested in debt claims.

2.1.4 FINANCIAL PORTFOLIO MANAGEMENT

The management company has delegated the intellectual management of the equity portfolio to KBC Fund Management Ltd., 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 INVESTMENT POLICY IMPLEMENTED DURING THE FINANCIAL YEAR

Doubts about the sustainability of the economic recovery continued to shape investor sentiment. The debt crisis in Europe continued unabated, although the European Central Bank (ECB) managed to convince the market that it had the crisis under control. Major steps were taken in the United States to reform the federal budget, and seemingly without adversely affecting economic growth too much. Fortunately, strong economic growth in Asia created export opportunities for American and European businesses. The weak growth in the Western economies was not without its impact on the export performance in emerging countries. In recent years, however, domestic demand (due to a rapidly growing middle class with a high consumption ratio) and inter-regional trade within Asia have been playing an increasingly important role. In comparison with the past, the region is now much more proof against financial crises. Public finances are healthy, the balance of payments is generally neutral (China actually has an astronomical surplus) and the internal savings buffer is high. Asia’s economic development no longer depends on fickle foreign capital. Thanks to the contribution by the emerging markets the growth of world GDP held up in 2012–13 (estimated at 2–2.5%). There were major differences in the returns for the various sectors. The best performing sectors included Financials, Pharmaceuticals and Consumer Discretionary. Materials, Technology and Energy lagged behind. The outperformance of the Banks may be attributed to the quantitative easing programmes undertaken by the central banks. By this we mean the Fed’s QE3 programme, and especially the announcement by the ECB of its OMT programme, which took the heat out of the euro crisis. Pharmaceuticals had been shunned for a long time due to a lack of product innovation, patent expiry and the reforms to healthcare insurance in the US. In recent months, however, investors began to focus more on the sector’s response to these challenges such as restructuring operations and the sell-off of non-strategic divisions. The car industry has risen from the ashes, in the US and the European luxury segment at least. Demand from the emerging markets is also strong, despite the slowdown in Chinese growth, where German luxury marques generate 50% of their profits. In spite of the slow growth, advertising budgets have also held up surprisingly well. The rise of the e-book and ongoing breakthrough of digital television continue undiminished. More and more media companies are successfully exploiting these trends.

Mining companies lost ground on excessive expectations concerning commodity prices. A failed stock market flotation by Facebook and the giant leaps made by Apple meant that price trends in the Technology sector differed from what might have been expected on the basis of the fundamentals. Oil companies suffered from the vagaries of the oil market, the political instability in the Middle East and frequent accidents. The Real Estate sector (+3.0%) eased up a little in 2013 compared to its strong performance in 2012. The financial turbulence in 2007/08 forced real estate companies to clean up their balance sheets. This accordingly provided the sector with a sound base to make the most of the recovery. The traditional discount against the intrinsic value at which the sector normally trades consequently disappeared, leaving the sector somewhat overvalued. Increasing doubts about the economy and the ongoing euro crisis have pushed US and German bond rates down since March 2011. This trend continued well into the spring of 2013. On 1 June 2012, US and German ten-year rates reached lows of 1.45% and 1.15%, respectively. Ten-year rates remained close to these low levels (lower than inflation) for almost a full year. After Fed chairman Ben Bernanke dropped a hint at the end of May 2013 about scaling back the government bond purchase programmes, bond yields shot up in June. At the end of the period under review, ten-year yields stood at 2.48% in the US and 1.78% in Germany.

2.1.8 FUTURE INVESTMENT POLICY

Today’s world is one of two-speed economies. The mature industrialised economies (US, Europe, Japan) still find themselves in a low-growth environment, with no underlying inflationary pressure, persistently low interest rates and runaway public finances. The picture in the emerging markets is altogether different. The strong economic growth has already created inflationary pressure in Asia. Appropriate monetary policy is therefore required: sometimes restrictive (as in 2011) and at other times stimulatory (as at present). Monetary policy in China and elsewhere in Asia is highly geared to preventing asset-price inflation. This did not just involve the interest-rate weapon: there was also active intervention in the credit market and the housing market. One of the major challenges for this decade will be the further development of consumption in China and the rest of Asia. That could help bring about a more balanced economic world order: It will not only reduce the region’s dependence on exports but, at least as importantly, will have an effect on international capital flows. More consumption in China will mean lower savings and higher imports, including from the US and Europe. That will help the West to ‘grow out’ of its debt problems. The bond yield may have bottomed out, at least as regards issues of German Bunds or US Treasuries. It would be logical for yields to increase again from the current record lows, on the back of an improved economic environment (or an ongoing reduction in the downside risks to growth). As a result, the market might, in the coming months, start to anticipate tighter monetary policy in 2014 or 2015. A number of unconventional measures will first be withdrawn in the US; only after that can the market begin to anticipate a normalisation of the key rate. This interest-rate increase need not, however, be very big. The measures taken by the central banks are also keeping the short end of the yield curve artificially low. If necessary, they will not hesitate to intervene actively in market segments where yields threaten to head too rapidly in the wrong direction.

2.1.9 SYNTHETIC RISK AND REWARD INDICATOR

6 on a scale of 1 (low risk) to 7 (high risk). The value of a unit can go down as well as up and investors may get back less than they have 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. The indicator is expressed as a figure between 1 and 7. The higher this figure, the higher the potential return, but also the harder the return is to predict. 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. Which is not always a reliable indication of risk and return in the future.

2.2 BALANCE SHEET

Balance sheet summary 30/06/2013 (in the sub-fund’s currency)

30/06/2012 (in the sub-fund’s currency)

TOTAL NET ASSETS 85 437 692.68 77 788 697.08



a) Bonds 1 821 552.53 1 688 731.58



a) Shares 380.83 7 366 275.60



166 540.00 152 520.00




j) Foreign exchange



A. Receivables

a) Accounts receivable 46 605.32 3 640.04

b) Tax assets 468.24 1 847.55


a) Accounts payable (-) -37 799.48 -47 749.06

d) Collateral (-) -24 103.92


A. Demand balances at banks 987 756.58 2 545 229.71



B. Accrued income 1 186.83 11 154.96



A. Capital 81 107 212.47 74 577 830.28

B. Share in profit -660.31 -6 411.65



I Collateral (+/-)


I.A.A Securities/money market instruments 24 103.92


III.A Futures and forward contracts purchased 4 748 826.83


2.3 PROFIT AND LOSS ACCOUNT

Profit and loss account 30/06/2013 (in the sub-fund’s currency)




a) Bonds 179 834.29 -83 483.86


a) Shares 706 054.81 369 958.61


7 800.00 11 429.85





Forward contracts -27 093.61





18 242.48 263 114.94


A. Dividends 36 252.64 82 181.77

B. Interest


b) Deposits and cash at bank and in hand -937.82 2 135.76

C. Interest on borrowings (-) -7.78 -599.89



B. Financial expenses (-) -612.05 -842.96

C. Custodian’s fee (-) -3 336.28 -4 750.88




E. Administrative expenses (-) -44.88 -33.14



-157.10 -50.89


J. Taxes -1 184.83 -4 546.15

K. Other expenses (-) -5 810.74 -3 488.99


Subtotal II + III + IV before tax on the profit -128 594.44 -50 947.71



2.4 COMPOSITION OF THE ASSETS AND KEY FIGURES

2.4.1 COMPOSITION OF THE ASSETS OF SIVEK GLOBAL HIGH

Name Quantity as at

30/06/2013 Currency

Price in currency

Evaluation (in the sub-fund’s

currency)

% owned by

the UCI

% %

Portfolio

% Net

assets

NET ASSETS

SECURITIES PORTFOLIO

Investment funds

Closed-end funds

Listed closed-end investment funds

Belgium

KBC EQUITY FUND AMERICA IS B KAP 3 437.00 USD 1 738.060 4 595 516.75 1.94 5.44 5.38

KBC PARTICIPATION LOCAL EMERGING MARKET BONDS KAP IS B

1 336.00 EUR 928.910 1 241 023.76 0.18 1.47 1.45

France

SOC GESTION XANGE PRIVATE EQUITY XPANSION 2 000.00 EUR 83.270 166 540.00 0.20 0.20

Luxembourg

KBC BONDS CORPOR USD IS B KAP 605.00 USD 949.610 441 967.88 0.15 0.52 0.52

KBC BONDS CORPORATES EURO IS B KAP 2 218.00 EUR 759.770 1 685 169.86 0.16 2.00 1.97

KBC BONDS HIGH INTEREST IS B KAP 414.00 EUR 1 963.760 812 996.64 0.08 0.96 0.95

KBC MONEY EURO MEDIUM IS B_KAP 183.00 EUR 4 023.290 736 262.07 0.25 0.87 0.86

KBC RENTA AUD RENTA IS B KAP 150.00 AUD 1 666.510 176 033.59 0.15 0.21 0.21

KBC RENTA CANARENTA IS B KAP 83.00 CAD 2 287.410 138 448.94 0.11 0.16 0.16

KBC RENTA EMURENTA IS B KAP 4 023.00 EUR 555.670 2 235 460.41 0.24 2.65 2.62

KBC RENTA EURORENTA IS B KAP 897.00 EUR 2 491.300 2 234 696.10 0.23 2.65 2.62

KBC RENTA MEDIUM EUR IS B KAP 712.00 EUR 942.930 671 366.16 0.23 0.80 0.79

KBC RENTA NOKRENTA IS B KAP 186.00 NOK 5 841.630 136 897.68 0.06 0.16 0.16

KBC RENTA SEKRENTA IS B KAP 220.00 SEK 5 667.210 142 111.43 0.13 0.17 0.17

KBC RENTA STERLINGRENTA IS B KAP 131.00 GBP 915.620 139 960.58 0.14 0.17 0.16

KBC RENTA STRATEGIC ACCENTS 1 IS B KAP 2 202.00 EUR 1 037.470 2 284 508.94 0.24 2.71 2.67

Open-end funds

UCITS registered with the CBFA

Belgium

KBC ECO FUND WATER IS B KAP 725.87 EUR 810.380 588 232.15 0.34 0.70 0.69

KBC EQUITY FUND BUYBACK AMERICA IS B KAP 1 738.38 USD 1 194.520 1 597 448.81 0.64 1.89 1.87

KBC EQUITY FUND COMMODITIES & MATERIALS IS B KAP

0.35 EUR 416.400 144.49 0.00

KBC EQUITY FUND CONSUMER DURABLES IS B KAP 2 564.83 EUR 407.150 1 044 270.53 1.59 1.24 1.22

KBC EQUITY FUND EUROPE KAP 742.00 EUR 1 211.620 899 022.04 1.23 1.07 1.05

KBC EQUITY FUND EUROZONE IS B KAP 23 544.99 EUR 360.810 8 495 266.76 1.80 10.16 9.94

KBC EQUITY FUND FINANCE IS B KAP 11 969.73 EUR 415.980 4 979 167.45 1.84 5.90 5.83

KBC EQUITY FUND FOOD & PERSONAL PRODUCTS IS B KAP

2 269.00 EUR 1 196.230 2 714 242.28 1.62 3.21 3.18

KBC EQUITY FUND HIGH DIVIDEND IS B KAP 3 603.13 EUR 955.260 3 441 929.78 0.97 4.08 4.03

KBC EQUITY FUND HIGH DIVIDEND NEW MARKETS IS B KAP

4 081.21 EUR 430.250 1 755 939.31 1.64 2.08 2.06

KBC EQUITY FUND HIGH DIVIDEND NORTH AMERICA IS B KAP

7 169.75 USD 673.110 3 712 618.23 1.94 4.40 4.35

KBC EQUITY FUND INDUSTRIALS & INFRASTRUCTUR IS B KAP

3 409.99 EUR 227.170 774 646.75 1.56 0.92 0.91

KBC EQUITY FUND JAPAN IS B KAP 1 775.00 JPY 42 171.000 579 720.61 1.71 0.69 0.68

KBC EQUITY FUND LUXURY & TOURISM IS B KAP 15 955.00 EUR 122.750 1 958 476.25 1.47 2.32 2.29

KBC EQUITY FUND MEDICAL TECHNOLOGIES IS B KAP

20.00 USD 2 055.890 31 631.51 0.07 0.04 0.04

KBC EQUITY FUND NEW ASIA IS B KAP 2 439.05 EUR 525.430 1 281 549.52 0.60 1.52 1.50

KBC EQUITY FUND NEW MARKETS IS B KAP 916.00 EUR 1 398.410 1 280 943.56 1.07 1.52 1.50

KBC EQUITY FUND OIL IS B KAP 1 201.44 EUR 640.360 769 350.92 1.20 0.91 0.90

KBC EQUITY FUND PACIFIC IS B KAP 0.58 EUR 395.530 230.99 0.00

KBC EQUITY FUND PHARMA IS B KAP 4 047.52 EUR 870.530 3 523 483.23 1.29 4.17 4.12

KBC EQUITY FUND QUANT EMU IS B KAP 12 746.91 EUR 536.270 6 835 785.43 2.31 8.09 8.00

KBC EQUITY FUND QUANT EUROPE IS B KAP 2 319.23 EUR 369.420 856 769.95 2.04 1.01 1.00

KBC EQUITY FUND SATELLITES IS B KAP 3 774.23 EUR 1 020.130 3 850 209.33 1.73 4.56 4.51

KBC EQUITY FUND TECHNOLOGY IS B KAP 13 899.72 USD 153.830 1 644 890.73 1.18 1.95 1.93

KBC EQUITY FUND TELECOM IS B KAP 1 718.25 EUR 298.020 512 071.97 1.30 0.61 0.60

KBC EQUITY FUND TRENDS IS B KAP 12 147.94 EUR 92.460 1 123 198.81 1.30 1.33 1.32

KBC MASTER FUND MINIMUM VARIANCE GLOBAL IS B KAP

3 934.00 EUR 1 078.870 4 244 274.58 0.58 5.03 4.97

KBC PARTICIPATION COMMODITIES IS B 625.00 EUR 909.400 568 375.00 0.66 0.67 0.67

KBC PARTICIPATION SRI CORPORATE BONDS IS B KAP

1 487.00 EUR 1 133.660 1 685 752.42 0.18 2.00 1.97

PRIVILEGED PORTFOLIO REAL ESTATE IS B KAP 3 197.00 EUR 399.240 1 276 370.28 0.69 1.51 1.49

UCI registered with the CBFA

Belgium

KBC MULTI TRACK GERMANY KAP 2 791.78 EUR 219.320 612 293.41 0.72 0.73 0.72

Luxembourg

KBC MONEY EURO KAP 345.00 EUR 6 001.060 2 070 365.70 1.40 2.45 2.42

Total investment funds 82 547 633.57 97.74 96.62

Bonds

Private sector bonds

Ireland

ARCADE FINANCE PLC R17 MEZ 3E+50BP 31/05-31/08 1.930%

60 000.00 EUR 100.002 60 193.87 0.07 0.07

ARCADE FINANCE PLC R17 SUB 14/05/13 1 217 000.00 EUR 74.660 908 612.20 1.08 1.06

D-STAR FINANCE PLC MEZ 3E+50BP 31/05-31/08 1.930%

850 000.00 EUR 100.002 852 746.46 1.01 1.00

Total bonds 1 821 552.53 2.16 2.13

Shares

Exchange-listed shares

Belgium

AGEAS NV (BRU) B STRIP-VVPR 264.00 EUR 0.001 0.26

ANHEUSER-BUSCH INBEV NV STRIP-VVPR 3 376.00 EUR 0.001 3.38

NYRSTAR STRIP VVPR 1 876.00 EUR 0.001 1.88

France

GDF SUEZ STRIP VVPR 7 129.00 EUR 0.001 7.13

UK

ROYAL DUTCH SHELL PLC -A- 15.00 EUR 24.545 368.18

Total equities 380.83

Rights

UK

ROYAL DUTCH SHELL PLC CP 15/05/13 15.00 EUR 0.347 5.20

Total rights 5.20

Forward contracts EUR 83 679.55 0.10

TOTAL SECURITIES PORTFOLIO 84 453 251.68 100.00 98.85

CASH AT BANK AND IN HAND

Demand accounts

Belgium

KBC GROUP AUD 956.65 AUD 1.000 673.67 0.00

KBC GROUP CAD 6 945.43 CAD 1.000 5 064.85 0.01

KBC GROUP CHF 3 984.90 CHF 1.000 3 240.02 0.00

KBC GROUP CZK 210.32 CZK 1.000 8.10

KBC GROUP DKK 6 667.89 DKK 1.000 893.96 0.00

KBC GROUP EURO 937 011.83 EUR 1.000 937 011.83 1.10

KBC GROUP GBP 2 963.34 GBP 1.000 3 457.81 0.00

KBC GROUP HKD 154.17 HKD 1.000 15.29

KBC GROUP HUF 233.69 HUF 1.000 0.79

KBC GROUP JPY 13 564.00 JPY 1.000 105.05

KBC GROUP NOK 4 981.12 NOK 1.000 627.59 0.00

KBC GROUP NZD 54.77 NZD 1.000 32.54

KBC GROUP PLN 2 529.71 PLN 1.000 584.20 0.00

KBC GROUP SEK 4 640.12 SEK 1.000 528.89 0.00

KBC GROUP SGD 412.03 SGD 1.000 249.93

KBC GROUP TRY 257.77 TRY 1.000 102.78

KBC GROUP USD 5 368.40 USD 1.000 4 129.86 0.01

Total demand accounts 956 727.16 1.12

Managed futures accounts

Belgium

KBC GROUP EURO FUT REK 23 313.36 EUR 1.000 23 313.36 0.03

KBC GROUP USD FUT REK 10 030.10 USD 1.000 7 716.06 0.01

Total managed futures accounts 31 029.42 0.04

TOTAL CASH AT BANK AND IN HAND 987 756.58 1.16

OTHER RECEIVABLES AND PAYABLES

Receivables

Belgium

KBC GROUP EUR RECEIVABLES 46 605.32 EUR 1.000 46 605.32 0.06

KBC GROUP WHT RECOVERABLE IN EUR 468.24 EUR 1.000 468.24 0.00

Total receivables 47 073.56 0.06

Amounts receivable

Belgium

KBC GROUP EUR PAYABLES -37 799.48 EUR 1.000 -37 799.48 -0.04

Total payables -37 799.48 -0.04

TOTAL RECEIVABLES AND PAYABLES 9 274.08 0.01

OTHER

Interest receivable EUR 1 007.66 0.00

Accrued interest EUR 179.17

Expenses payable EUR -17 910.99 -0.02

Expenses to be carried forward EUR 4 134.50 0.01

TOTAL OTHER -12 589.66 -0.02

TOTAL NET ASSETS 85 437 692.68 100.00

Geographical allocation (as % of securities portfolio)

31/12/2011 30/06/2012 31/12/2012 30/06/2013

United Arab Emirates 0.06 0.02 0.00 0.12

Argentina 0.03 0.01 0.00 0.00

Australia 1.27 0.87 1.36 1.14

Austria 1.04 0.65 0.27 0.75

Belgium 3.81 3.64 3.80 3.00

Bulgaria 0.01 0.00 0.00 0.00

Bermuda 0.26 0.33 0.26 0.28

Brazil 1.00 0.91 0.99 0.82

Central America 0.03 0.04 0.00 0.12

Canada 1.44 1.16 1.75 1.48

Switzerland 2.09 1.82 2.03 2.20

Chile 0.07 0.12 0.16 0.11

China 1.27 1.58 1.83 1.37

Colombia 0.22 0.17 0.14 0.10

Czech Republic 0.27 0.17 0.09 0.08

Cayman Islands 0.17 0.28 0.28 0.22

Cyprus 0.00 0.01 0.00 0.00

Germany 9.80 11.89 10.25 10.13

Denmark 0.59 0.49 0.62 0.45

Egypt 0.01 0.00 0.00 0.00

Spain 2.74 3.86 3.47 3.31

Finland 1.16 0.47 0.60 0.46

France 10.15 11.60 9.58 9.57

UK 6.66 5.89 5.37 4.84

Greece 0.07 0.06 0.08 0.05

Hong Kong 1.24 1.31 1.26 1.07

Central Europe excluding Hungary 0.04 0.03 0.03 0.09

India 0.54 0.67 0.58 0.55

Indonesia 0.32 0.40 0.30 0.37

Ireland 6.64 3.18 2.89 4.26

Israel 0.04 0.04 0.03 0.14

Italy 2.57 4.32 2.43 3.65

Jersey, Channel Islands 0.36 0.23 0.32 0.26

Asia, excl. Japan 3.04 3.07 4.54 5.09

South Korea 1.70 2.02 1.92 1.58

Croatia 0.02 0.00 0.00 0.00

Luxembourg 1.09 0.78 0.36 0.68

Mexico 0.58 0.43 0.42 0.57

Malaysia 0.58 0.61 0.44 0.57

Netherlands 5.02 4.24 3.71 4.41

Norway 0.51 0.50 0.51 0.40

New Zealand 0.02 0.01 0.03 0.04

Ukraine 0.01 0.00 0.00 0.00

Panama 0.05 0.00 0.00 0.00

Peru 0.20 0.12 0.09 0.08

Philippines 0.22 0.17 0.15 0.18

Papua N.Guin. 0.00 0.00 0.00 0.01

Poland 0.23 0.41 0.21 0.37

Portugal 0.20 0.09 0.10 0.25

Romania 0.01 0.00 0.00 0.02

Russia 1.13 0.42 0.45 0.23

Singapore 0.26 0.23 0.27 0.22

Int.Org. 0.00 0.00 0.00 0.01

Slovakia 0.02 0.01 0.00 0.08

Sweden 1.17 0.92 1.18 0.94

Thailand 0.25 0.44 0.41 0.54

Turkey 0.32 0.28 0.27 0.28

Taiwan 1.36 1.65 1.54 0.99

Uruguay 0.01 0.00 0.00 0.00

USA 25.31 26.75 32.01 30.78

Venezuela 0.11 0.00 0.00 0.00

Outside BLEU territory (EX. EU INST) 0.00 0.00 0.00 0.03

EU Inst. outside BLEU territory 0.10 0.04 0.00 0.18

South Africa 0.49 0.56 0.62 0.47

Zaire 0.02 0.03 0.00 0.01

Total 100.00 100.00 100.00 100.00

Sector allocation (as % of securities portfolio)

31/12/2011 30/06/2012 31/12/2012 30/06/2013

Cyclical Sectors 18.74 21.83 22.01 16.68

Consumer Discretionary 8.06 11.04 10.10 12.94

Consumer Staples 9.09 11.21 11.61 11.17

Pharma 6.49 7.61 8.89 8.76

Excl. financial sectors 26.10 22.63 25.50 23.20

Technology 7.61 9.96 11.61 7.91

Telecommunication 5.40 4.13 4.59 3.16

Utilities 3.79 4.00 4.16 3.60

Real estate 1.90 1.18 1.46 3.13

Government 12.60 6.29 0.00 9.26

Investment funds 0.11 0.02 0.00 0.01

Sundry 0.11 0.10 0.07 0.18

Total 100.00 100.00 100.00 100.00

Currency allocation (as % of net assets)

31/12/2011 30/06/2012 31/12/2012 30/06/2013

AUD 1.14 0.74 1.18 0.98

BRL 0.96 0.91 0.91 0.86

CAD 2.24 2.16 2.65 1.53

CHF 1.77 1.48 1.91 2.04

CNY 0.12 0.04 0.04 0.07

COP 0.03 0.05 0.00 0.09

CZK 0.23 0.13 0.09 0.03

DKK 0.52 0.47 0.58 0.39

EUR 49.10 49.06 41.32 38.03

GBP 5.07 4.34 4.74 4.35

HKD 2.37 3.03 3.15 2.50

HUF 0.02 0.02 0.03 0.09

IDR 0.35 0.43 0.28 0.44

ILS 0.05 0.03 0.02 0.15

INR 0.42 0.58 0.51 0.48

ISK 0.02 0.00 0.00 0.00

JPY 2.95 3.01 4.32 3.81

KRW 1.62 1.93 1.82 1.56

MXN 0.35 0.42 0.34 0.59

MYR 0.55 0.57 0.42 0.57

NGN 0.00 0.00 0.00 0.01

NOK 0.46 0.45 0.40 0.42

NZD 0.02 0.01 0.02 0.04

PEN 0.08 0.05 0.00 0.06

PHP 0.09 0.17 0.14 0.19

PLN 0.21 0.41 0.20 0.34

RON 0.01 0.00 0.00 0.02

RUB 0.07 0.04 0.00 0.13

SEK 0.76 0.68 0.94 0.72

SGD 0.24 0.22 0.25 0.22

THB 0.26 0.43 0.39 0.54

TRY 0.21 0.31 0.25 0.32

TWD 1.29 1.60 1.40 1.04

USD 25.96 25.67 31.10 36.86

ZAR 0.46 0.56 0.60 0.53

Total 100.00 100.00 100.00 100.00

2.4.2 CHANGES IN THE COMPOSITION OF THE ASSETS OF THE SUB-FUND SIVEK GLOBAL HIGH (IN

THE CURRENCY OF THE SUB-FUND)

1st half-year Year

Buy 39 781 480.74 39 781 480.74

Sell 32 099 547.36 32 099 547.36

Total 1 71 881 028.10 71 881 028.10

Subscriptions 6 620 573.61 6 620 573.61

Redemptions 6 259 239.12 6 259 239.12

Total 2 12 879 812.73 12 879 812.73

Average of total assets 85 591 041.61 85 591 041.61

Turnover rate 68.93 % 68.93 %

1st half-year Year

Buy 39 781 480.74 39 781 480.74

Sell 32 099 547.36 32 099 547.36

Total 1 71 881 028.10 71 881 028.10

Subscriptions 6 620 573.61 6 620 573.61

Redemptions 6 259 239.12 6 259 239.12

Total 2 12 879 812.73 12 879 812.73

Average of total restated assets

84 393 545.27 84 393 545.27

Adjusted turnover rate 69.91 % 69.91 %

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 THE COMMITMENTS IN RESPECT OF FINANCIAL DERIVATIVES POSITIONS

In securities Currency in

currency In the sub-

fund's currency Lot size

Transaction

Date

KBC AK-VK USD-EUR 130722-130625 1.323334

USD 6 173 000.00 4 748 826.83 n.a. 25.06.2013

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

VALUE

Period Changes in number of shares outstanding

Year Subscriptions Redemptions End of period

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

2011 - 06 13 554.73 1 965.26 68 874.98 3 220.00 341 123.36 15 969.26 357 092.62

2012 - 06 10 793.02 1 014.00 56 726.09 2 805.00 295 190.29 14 178.26 309 368.55

2013 - 06 41 881.52 5 421.01 51 674.28 2 595.82 285 397.53 17 003.46 302 400.98

Period Amounts received and paid by the UCI

(in the sub-fund’s currency)

Year Subscriptions Redemptions

Capitalisation Distribution Capitalisation Distribution

2011 - 06 3 360 309.78 375 819.15 17 150 966.12 601 361.85

2012 - 06 2 663 803.26 194 321.67 14 028 089.01 517 271.70

2013 - 06 11 661 750.25 1 130 574.19 14 272 649.90 534 453.04

Period Net asset value

At the end of the period (in the currency of the sub-fund)

Year of the sub-fund of one share

Capitalisation Distribution

2011 - 06 89 204 547.60 252.67 188.75

2012 - 06 77 788 697.08 254.43 189.18

2013 - 06 85 437 692.68 286.71 212.40

2.4.5 PERFORMANCE FIGURES

CAP DIS

ISIN code Currenc

y

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

Shares classes

Bench mark

Shares classes

Bench mark

Shares classes

Bench mark

Shares classes

Bench mark

Starting date Share classes

CAP BE0146657904 EUR 12.69% 7.35% 3.39% 3.87% 14/02/1994 4.42%

DIV BE0146658910 EUR 12.66% 7.34% 3.38% 3.86% 14/02/1994 4.41%

* Performance figures are annualised. Past returns are no guarantee of future performance.

The bar chart shows the performance for full financial years.

The figures do not take account of possible restructuring.

Calculated in euros (formerly Belgian francs).

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 more 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 more 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 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 units.

2.4.6 EXPENSES

Ongoing charges: *

Distribution: 2.012% Capitalisation: 1.987%

* The following charges are not included in the current costs: - interest payments on loans taken out - payments in respect of financial derivatives - fees and charges paid directly by the investor - any soft commissions Fee for managing the investment portfolio

The management fee amounts to 40 811.97 EUR. In addition a payment of 21 030.28 EUR was made in relation to fees and expenses for the allocation of the assets.

SOFT COMMISSIONS

The management company or the appointed manager, as the case may be, is the recipient of soft commissions. The recipient has laid down an internal policy as regards accepting soft commissions and avoiding possible conflicts of interest in this respect, and has put appropriate internal controls in place to ensure this policy is observed. For more information, please see the ‘General’ section of the annual report.

Intermediary



- 30-06-13

CSA Credits in EUR



CITI 844 422 50.00%

CSFBSAS 649 291 44.86%

INSTINET 132 66 49.81%

MERRILL 2.640 1.349 51.10% MORGAN STANLEY 188 94 50.01%

UBSWDR 426 213 50.01%

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 collective investment undertaking in units of collective investment undertakings 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 collective investment undertaking. 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 in 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.

2.4.7 NOTES TO THE FINANCIAL STATEMENTS AND OTHER DATA

Fee for managing the investment portfolio: 1.2% per year, calculated on the sub-fund’s average total net assets; no management fee will be charged on the assets invested in investment institutions managed by a financial institution belonging to the KBC group. KBC Fund Management Limited receives a fee from the management company of maximum 1.2% calculated on that part of the portfolio that it manages, without the total management fee received by the management company being exceeded. Additional: fees and expenses for the allocation of the assets. 0.05% per year, calculated on the sub-fund’s average total net assets. 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 remuneration: 1 700 euros per year. This remuneration does not include VAT and may be annually index-linked in accordance with the decision 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 investment undertakings managed by a financial institution of the KBC group. The custody fee is paid at the beginning of the calendar year. Social, ethical and environmental aspects: No manufacturers of controversial weapons whose use over the past five decades, according to the international consensus, has led to disproportionate human suffering among the civilian population will be included in the portfolio of investments. This relates to the manufacturers of anti-personnel mines, cluster bombs and munitions and weapons containing depleted uranium. In this way, the sub-fund seeks to reflect not only a purely financial reality but also the social reality of the sector or region in question. 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.

Security Maximum

Management fee

KBC Equity Fund-America-Institutional B Shares 1.50

KBC Participation-Local Emerging Market Bonds-Institutional B Shares 0.70

KBC Bonds-Corporates USD-Institutional B Shares capitalisation 1.10

KBC Bonds-Corporates Euro-Institutional B Shares capitalisation 1.10

KBC Bonds-High Interest-Institutional B Shares capitalisation 1.10

KBC Money-EURO MEDIUM-Institutional B Shares Capitalisation 0.50

KBC Renta-AUD-Renta-Institutional B Shares Capitalisation 1.10

KBC Renta-Canarenta-Institutional B Shares Capitalisation 1.10

KBC Renta-Emurenta-Institutional B Shares Capitalisation 1.10

KBC Renta-Eurorenta-Institutional B Shares Capitalisation 1.10

KBC Renta-Medium EUR-Institutional B Shares Capitalisation 1.10

KBC Renta-Nokrenta-Institutional B Shares Capitalisation 1.10

KBC Renta-Sekarenta-Institutional B Shares Capitalisation 1.10

KBC Renta-Sterlingrenta-Institutional B Shares Capitalisation 1.10

KBC Renta-Strategic Accents 1 1.10

KBC Eco Fund-Water-Institutional B Shares 1.50

KBC Equity Fund-Buyback America-Institutional B Shares 1.50

KBC Equity Fund-Commodities & Materials-Institutional B Shares 1.50

KBC Equity Fund-Consumer Durables-Institutional B Shares 1.50

KBC Equity Fund-Europe 1.50

KBC Equity Fund-Eurozone-Institutional B Shares 1.50

KBC Equity Fund-Finance-Institutional B Shares 1.50

KBC Equity Fund-Food & Personal Products-Institutional B Shares 1.50

KBC Equity Fund-High Dividend-Institutional B Shares 1.50

KBC Equity Fund-High Dividend New Markets-Institutional B Shares 1.50

KBC Equity Fund-High Dividend North America-Institutional B Shares 1.50

KBC Equity Fund-Industrials & Infrastructure-Institutional B Shares 1.50

KBC Equity Fund-Japan-Institutional B Shares 1.50

KBC Equity Fund-Luxury & Tourism-Institutional B Shares 1.50

KBC Equity Fund-Medical Technologies-Institutional B Shares 1.50

KBC Equity Fund-New Asia-Institutional B Shares 1.60

KBC Equity Fund-New Markets-Institutional B Shares 1.60

KBC Equity Fund-Oil-Institutional B Shares 1.50

KBC Equity Fund-Pacific-Institutional B Shares 1.50

KBC Equity Fund-Pharma-Institutional B Shares 1.50

KBC Equity Fund-Quant EMU-Institutional B Shares 1.50

KBC Equity Fund-Quant Europe-Institutional B Shares 1.50

KBC Equity Fund-Satellites-Institutional B Shares 1.50

KBC Equity Fund-Technology-Institutional B Shares 1.50

KBC Equity Fund-Telecom-Institutional B Shares 1.50

KBC Equity Fund-Trends-Institutional B Shares 1.50

KBC Master Fund-Minimum Variance Global-Institutional B Shares 1.50

KBC Participation-Commodities-Institutional B Shares 1.10

KBC Participation-SRI Corporate Bonds-Institutional B Shares 1.25

Privileged Portfolio Fund-Privileged Portfolio Real Estate-Institutional B Shares 0.93

KBC Multi Track-Germany 0.70

KBC Money-EURO-Capitalisation 0.50

Sivek-Global High 1.20

Securities lending Pursuant to the Royal Decree of 7 March 2006 on securities lending, the collective investment undertaking has entered into securities lending arrangements with a Principal, to whom title to the securities that have been lent has been transferred, without recognition of that transfer of ownership in the accounts. For the period from 1 January 2013 to 30 June 2013, the fee for securities lent comes to 90.58 EUR. The undertaking for collective investment in transferable securities will thus receive 50% of the fee received for securities lent. The detailed list of securities lending transactions carried out can be obtained from the registered office of the collective investment undertaking at 2 Havenlaan, 1080 Brussels.


TABLE OF CONTENTS

2. Information on Sivek Global Medium


2.2. Balance sheet




2 INFORMATION ON SIVEK GLOBAL MEDIUM




2.1.2 LISTING

Not applicable














STRATEGY SELECTED

The assets are invested, either directly or indirectly via correlated financial instruments, primarily in international shares and bonds. The portfolio will generally be spread evenly between equities and bonds. The percentage of equities in this fund is higher than in the Global Low fund, but lower than in the Global High fund.

INVESTMENTS PRIMARILY IN ASSETS OTHER THAN SECURITIES AND MONEY MARKET INSTRUMENTS

Within the scope of the aforementioned investment policy, the sub-fund can invest primarily in permitted assets other than securities and money market instruments, namely units in UCIs.



















CAPITAL.

The tax information in the following sections is of a general character and is not intended to cover all aspects of an investment in a UCITS. In certain cases entirely different rules might even apply. Moreover, both tax law and the interpretation of it can change. Investors who wish to have more information about the tax implications – in both Belgium and abroad – of acquiring, holding and transferring units should seek the advice of their usual financial and tax advisers.

This UCITS invests more than 15% but no more than 40% of its assets directly or indirectly in debt claims within the meaning of the European Savings Directive. The debt instrument percentage is determined based on a periodic asset test: every six months the composition of the portfolio is examined, the debt instrument percentage calculated and the average taken of the debt instrument percentages calculated in this way. The average percentage obtained in this way continues to apply for 12 months calculated from the first day of the fifth month following the closure of the financial year. Please refer to www.kbcam.be/assettest for the result of the asset test and the specific tax implications.


The European Savings Directive has been incorporated in Belgian law. Dividends A paying agency based in Belgium that pays dividends (coupons) of this UCITS to a natural person (beneficial owner) who is resident in another EU member state (or one of the dependent or associated territories) is obliged to communicate details of this payment to the Belgian government, which will then pass on the information to the tax authorities in the beneficial owner’s state of residence. Income realised on the sale, redemption or repayment of shares If the UCITS has invested more than 25% of its assets directly or indirectly in debt claims, the interest income realised on the sale, redemption or repayment of the shares falls within the scope of the European Savings Directive. If that is the case, a paying agency based in Belgium that pays this interest income to a natural person (beneficial owner) who is resident in another EU member state (or one of the dependent or associated territories) is obliged to communicate details of this payment to the Belgian government, which will then pass on the information to the tax authorities in the beneficial owner's state of residence.

B. Tax on debt claim returns obtained through the redemption of own units or in the event of full or partial distribution of equity capital (Article 19bis Income Tax Code 1992).

If the UCITS has invested more than 25% of its assets directly or indirectly in debt instruments, both the capitalisation and dividend-entitled shares of the UCITS will fall on redemption or full or partial distribution of the equity capital within the area of application of Article 19bis of the 1992 Income Tax

Code. Article 19bis of the 1992 Income Tax Code only applies to shareholders subject to Belgian personal income tax. On the basis of that article, tax will be levied on the debt claim returns included in the redemption or repayment price according to the period in which the investor held the shares. The rate is 25%. The debt claim return comprises the totality of the income arising directly or indirectly, in the form of interest, capital gains or losses, from the income on the assets that were invested in debt claims.



2.1.5 DISTRIBUTORS





Doubts about the sustainability of the economic recovery continued to shape investor sentiment. The debt crisis in Europe continued unabated, although the European Central Bank (ECB) managed to convince the market that it had the crisis under control. Major steps were taken in the United States to reform the federal budget, and seemingly without adversely affecting economic growth too much. Fortunately, strong economic growth in Asia created export opportunities for American and European businesses. The weak growth in the Western economies was not without its impact on the export performance in emerging countries. In recent years, however, domestic demand (due to a rapidly growing middle class with a high consumption ratio) and inter-regional trade within Asia have been playing an increasingly important role. In comparison with the past, the region is now much more proof against financial crises. Public finances are healthy, the balance of payments is generally neutral (China actually has an astronomical surplus) and the internal savings buffer is high. Asia’s economic development no longer depends on fickle foreign capital. Thanks to the contribution by the emerging markets the growth of world GDP held up in 2012–13 (estimated at 2–2.5%). There were major differences in the returns for the various sectors. The best performing sectors included Financials, Pharmaceuticals and Consumer Discretionary. Materials, Technology and Energy lagged behind. The outperformance of the Banks may be attributed to the quantitative easing programmes undertaken by the central banks. By this we mean the Fed’s QE3 programme, and especially the announcement by the ECB of its OMT programme, which took the heat out of the euro crisis. Pharmaceuticals had been shunned for a long time due to a lack of product innovation, patent expiry and the reforms to healthcare insurance in the US. In recent months, however, investors began to focus more on the sector’s response to these challenges such as restructuring operations and the sell-off of non-strategic divisions. The car industry has risen from the ashes, in the US and the European luxury segment at least. Demand from the emerging markets is also strong, despite the slowdown in Chinese growth, where German luxury marques generate 50% of their profits. In spite of the slow growth, advertising budgets have also held up surprisingly well. The rise of the e-book and ongoing breakthrough of digital television continue undiminished. More and more media companies are successfully exploiting these trends. Mining companies lost ground on excessive expectations concerning commodity prices. A failed stock market flotation by Facebook and the giant leaps made by Apple meant that price trends in the Technology sector differed from what might have been expected on the basis of the fundamentals. Oil companies suffered from the vagaries of the oil market, the political instability in the Middle East and frequent accidents. The Real Estate sector (+3.0%) eased up a little in 2013 compared to its strong performance in 2012. The financial turbulence in 2007/08 forced real estate companies to clean up their balance sheets. This accordingly provided the sector with a sound base to make the most of the recovery. The traditional discount against the intrinsic value at which the sector normally trades consequently disappeared, leaving the sector somewhat overvalued.

Increasing doubts about the economy and the ongoing euro crisis have pushed US and German bond rates down since March 2011. This trend continued well into the spring of 2013. On 1 June 2012, US and German ten-year rates reached lows of 1.45% and 1.15%, respectively. Ten-year rates remained close to these low levels (lower than inflation) for almost a full year. After Fed chairman Ben Bernanke dropped a hint at the end of May 2013 about scaling back the government bond purchase programmes, bond yields shot up in June. At the end of the period under review, ten-year yields stood at 2.48% in the US and 1.78% in Germany.





2.2 BALANCE SHEET



TOTAL NET ASSETS 283 142 527.43 342 931 872.01



a) Bonds 13 523 304.29 17 462 884.72



a) Shares 828.13 21 948 005.18



499 620.00 457 560.00




j) Foreign exchange





A. Receivables

a) Accounts receivable 1 008 658.25 34 977.52

b) Tax assets -2 194.85 5 512.41



d) Collateral (-) -63 671.98





B. Accrued income 2 547.49 25 530.64



A. Capital 273 776 633.57 331 050 103.18

B. Share in profit -44 775.28 -43 058.11



I Collateral (+/-)


I.A.A Securities/money market instruments 63 671.98









a) Bonds 65 779.92 -46 669.94


a) Shares 1 756 114.53 1 062 591.49


23 400.00 42 593.06







0.01 0.02





-240 510.99 951 073.31


A. Dividends 84 850.78 247 625.07

B. Interest



c) Collateral (+/-) 0.31




B. Financial expenses (-) -2 449.44 -2 636.40

C. Custodian’s fee (-) -11 621.54 -16 216.50




E. Administrative expenses (-) -338.20 -231.03



-525.60 -227.00


J. Taxes -5 980.12 -17 292.09

K. Other expenses (-) -15 054.71 -15 298.70


Subtotal II + III + IV before tax on the profit -848 794.83 -1 053 908.13




2.4.1 COMPOSITION OF THE ASSETS OF SIVEK GLOBAL MEDIUM

Name Quantity as at

30/06/2013 Currency

Price in currency


currency)

% owned by

the UCI

% %

Portfolio

% Net

assets

NET ASSETS


Investment funds

Closed-end funds


Belgium



10 789.00 EUR 928.910 10 022 009.99 1.47 3.55 3.54

France


Luxembourg

KBC BONDS CORPOR USD IS B KAP 4 881.00 USD 949.610 3 565 694.60 1.22 1.26 1.26


KBC BONDS HIGH INTEREST IS B KAP 3 341.00 EUR 1 963.760 6 560 922.16 0.62 2.33 2.32

KBC MONEY EURO MEDIUM IS B_KAP 1 478.00 EUR 4 023.290 5 946 422.62 2.00 2.11 2.10

KBC RENTA AUD RENTA IS B KAP 1 209.00 AUD 1 666.510 1 418 830.74 1.20 0.50 0.50

KBC RENTA CANARENTA IS B KAP 857.00 CAD 2 287.410 1 429 527.00 1.09 0.51 0.51

KBC RENTA EMURENTA IS B KAP 32 484.00 EUR 555.670 18 050 384.28 1.95 6.40 6.38

KBC RENTA EURORENTA IS B KAP 7 243.00 EUR 2 491.300 18 044 485.90 1.82 6.40 6.37

KBC RENTA MEDIUM EUR IS B KAP 5 969.00 EUR 942.930 5 628 349.17 1.91 2.00 1.99

KBC RENTA NOKRENTA IS B KAP 1 909.00 NOK 5 841.630 1 405 041.22 0.60 0.50 0.50

KBC RENTA SEKRENTA IS B KAP 2 174.00 SEK 5 667.210 1 404 319.30 1.29 0.50 0.50

KBC RENTA STERLINGRENTA IS B KAP 1 339.00 GBP 915.620 1 430 589.47 1.42 0.51 0.51


Open-end funds


Belgium

KBC ECO FUND WATER IS B KAP 1 547.99 EUR 810.380 1 254 458.52 0.73 0.45 0.44

KBC EQUITY FUND BUYBACK AMERICA IS B KAP 3 708.46 USD 1 194.520 3 407 819.73 1.37 1.21 1.20

KBC EQUITY FUND COMMODITIES & MATERIALS IS B KAP

0.67 EUR 416.400 277.74 0.00

KBC EQUITY FUND CONSUMER DURABLES IS B KAP 5 471.86 EUR 407.150 2 227 868.61 3.39 0.79 0.79

KBC EQUITY FUND EUROPE KAP 1 583.00 EUR 1 211.620 1 917 994.46 2.63 0.68 0.68




4 840.83 EUR 1 196.230 5 790 750.86 3.45 2.05 2.05



8 769.30 EUR 430.250 3 772 992.62 3.53 1.34 1.33


15 296.64 USD 673.110 7 920 854.42 4.13 2.81 2.80


7 275.23 EUR 227.170 1 652 713.32 3.32 0.59 0.58

KBC EQUITY FUND JAPAN IS B KAP 3 814.00 JPY 42 171.000 1 245 664.45 3.67 0.44 0.44

KBC EQUITY FUND LUXURY & TOURISM IS B KAP 34 036.00 EUR 122.750 4 177 919.00 3.15 1.48 1.48

KBC EQUITY FUND NEW ASIA IS B KAP 5 240.20 EUR 525.430 2 753 356.71 1.29 0.98 0.97

KBC EQUITY FUND NEW MARKETS IS B KAP 1 969.00 EUR 1 398.410 2 753 469.29 2.30 0.98 0.97

KBC EQUITY FUND OIL IS B KAP 2 563.04 EUR 640.360 1 641 265.73 2.55 0.58 0.58

KBC EQUITY FUND PACIFIC IS B KAP 0.76 EUR 395.530 299.42 0.00



KBC EQUITY FUND QUANT EUROPE IS B KAP 4 947.47 EUR 369.420 1 827 695.11 4.36 0.65 0.65


KBC EQUITY FUND TECHNOLOGY IS B KAP 29 651.92 USD 153.830 3 509 004.31 2.51 1.24 1.24

KBC EQUITY FUND TELECOM IS B KAP 3 664.88 EUR 298.020 1 092 206.94 2.77 0.39 0.39

KBC EQUITY FUND TRENDS IS B KAP 25 915.24 EUR 92.460 2 396 123.00 2.76 0.85 0.85


13 066.00 EUR 1 078.870 14 096 515.42 1.94 5.00 4.98

KBC PARTICIPATION COMMODITIES IS B 2 250.00 EUR 909.400 2 046 150.00 2.38 0.73 0.72


12 006.00 EUR 1 133.660 13 610 721.96 1.46 4.83 4.81



Belgium

KBC MULTI TRACK GERMANY KAP 5 956.80 EUR 219.320 1 306 444.28 1.53 0.46 0.46


Bonds


Ireland


342 000.00 EUR 100.002 343 105.05 0.12 0.12

ARCADE FINANCE PLC R17 SUB 14/05/13 455 000.00 EUR 74.660 339 703.00 0.12 0.12

ARCADE FINANCE PLC R2 6E+2 10/05-10/11 1.723% 2 000 000.00 EUR 100.280 2 005 600.00 0.71 0.71


10 800 000.00 EUR 100.002 10 834 896.24 3.84 3.83

Total bonds 13 523 304.29 4.79 4.78

Shares


Belgium



NYRSTAR STRIP VVPR 5 824.00 EUR 0.001 5.82

UMICORE STRIP VVPR 5 000.00 EUR 0.001 5.00

France


UK



Rights

UK


Total rights 10.74




Demand accounts

Belgium

KBC GROUP AUD 7 264.17 AUD 1.000 5 115.43 0.00

KBC GROUP CAD 3 469.06 CAD 1.000 2 529.76 0.00

KBC GROUP CHF 3 770.05 CHF 1.000 3 065.33 0.00

KBC GROUP CZK 4 463.98 CZK 1.000 171.86

KBC GROUP DKK 5 648.16 DKK 1.000 757.25


KBC GROUP GBP 2 896.44 GBP 1.000 3 379.74 0.00

KBC GROUP HKD 271.29 HKD 1.000 26.91

KBC GROUP HUF 3 015.33 HUF 1.000 10.24

KBC GROUP JPY 3 123.00 JPY 1.000 24.19

KBC GROUP NOK 6 731.64 NOK 1.000 848.14

KBC GROUP NZD 123.81 NZD 1.000 73.56

KBC GROUP PLN 35.16 PLN 1.000 8.12

KBC GROUP SEK 19 424.03 SEK 1.000 2 213.99 0.00

KBC GROUP SGD 3 121.53 SGD 1.000 1 893.44 0.00

KBC GROUP TRY 384.68 TRY 1.000 153.38

KBC GROUP USD 38 250.93 USD 1.000 29 426.06 0.01



Belgium






Receivables

Belgium


KBC GROUP WHT RECOVERABLE IN EUR -2 194.85 EUR 1.000 -2 194.85 0.00

KBC GROUP USD RECEIVABLES 228 917.86 USD 1.000 176 104.21 0.06

Total receivables 1 006 463.40 0.36

Amounts receivable

Belgium



TOTAL RECEIVABLES AND PAYABLES 404 051.79 0.14

OTHER





TOTAL OTHER -43 290.53 -0.02

TOTAL NET ASSETS 283 142 527.43 100.00


31/12/2011 30/06/2012 31/12/2012 30/06/2013

Dutch Antilles 0.01 0.00 0.00 0.00


Argentina 0.04 0.00 0.00 0.00

Australia 0.95 0.83 1.42 1.25

Austria 1.74 1.39 0.23 1.23

Belgium 9.06 3.99 3.64 2.56

Bulgaria 0.01 0.00 0.00 0.00

Bermuda 0.17 0.24 0.22 0.19

Brazil 0.68 0.62 0.84 0.70


Canada 1.09 0.88 1.66 1.28

Switzerland 1.65 1.52 1.99 1.75

Chile 0.05 0.08 0.13 0.07

China 0.77 1.10 1.58 0.98

Colombia 0.20 0.17 0.11 0.17

Czech Republic 0.30 0.30 0.09 0.10

Cayman Islands 0.14 0.20 0.25 0.24

Cyprus 0.00 0.01 0.00 0.00

Germany 10.92 10.49 9.24 8.83

Denmark 0.74 0.36 0.58 0.34

Egypt 0.02 0.00 0.00 0.00

Spain 2.14 4.40 3.57 4.40

Finland 1.35 0.52 0.52 0.41

France 11.54 12.88 9.53 10.25

UK 6.20 5.79 5.70 4.69

Greece 0.06 0.04 0.07 0.04

Hong Kong 0.87 0.97 1.12 0.79


India 0.33 0.46 0.49 0.37

Indonesia 0.28 0.27 0.26 0.28

Ireland 6.05 6.32 6.44 7.46

Iceland 0.01 0.00 0.00 0.00

Israel 0.02 0.02 0.03 0.22

Italy 2.67 6.73 2.83 6.30


Asia, excl. Japan 2.03 2.34 4.26 3.71

South Korea 1.17 1.49 1.65 1.61

Croatia 0.03 0.00 0.00 0.01

Luxembourg 1.53 1.46 0.34 1.38

Mexico 0.68 0.40 0.35 0.80

Malaysia 0.56 0.59 0.40 0.69

Netherlands 6.43 5.50 4.87 5.35

Norway 0.53 0.59 0.72 0.88

New Zealand 0.01 0.01 0.02 0.03

Ukraine 0.02 0.00 0.00 0.00

Panama 0.09 0.00 0.00 0.00

Peru 0.27 0.19 0.07 0.17

Philippines 0.28 0.13 0.13 0.21

Papua N.Guin. 0.00 0.00 0.00 0.01

Poland 1.84 0.92 0.21 0.69

Portugal 0.13 0.08 0.09 0.17

Romania 0.00 0.00 0.00 0.06

Russia 0.84 0.28 0.38 0.21

Singapore 0.18 0.19 0.24 0.17

Int.Org. 0.00 0.00 0.00 0.03

Slovakia 0.13 0.03 0.00 0.05

Sweden 1.35 1.20 1.38 1.30

Thailand 0.18 0.38 0.39 0.63

Turkey 0.37 0.19 0.23 0.35

Taiwan 0.84 1.15 1.33 0.70

Uruguay 0.02 0.00 0.00 0.00

USA 19.06 21.13 29.34 24.02

Venezuela 0.18 0.00 0.00 0.00

Brit. Virgin Islands 0.00 0.01 0.00 0.00



South Africa 0.34 0.39 0.53 0.46

Zaire 0.01 0.02 0.00 0.00

Total 100.00 100.00 100.00 100.00


31/12/2011 30/06/2012 31/12/2012 30/06/2013




Pharma 4.47 5.47 7.77 6.16


Technology 4.70 6.72 9.74 5.42


Utilities 3.67 4.09 5.07 3.67

Real estate 2.03 1.08 1.35 2.68

Government 23.25 18.70 0.00 23.61


Sundry 0.29 0.24 0.18 0.44

Total 100.00 100.00 100.00 100.00


31/12/2011 30/06/2012 31/12/2012 30/06/2013

AUD 0.74 0.51 1.05 1.09

BRL 0.69 0.71 0.82 0.92

CAD 1.42 1.65 2.44 1.56

CHF 1.18 1.02 1.76 1.47

CLP 0.00 0.00 0.00 0.01

CNY 0.08 0.07 0.03 0.13

COP 0.02 0.10 0.00 0.21

CZK 0.25 0.19 0.09 0.10

DKK 0.53 0.34 0.55 0.34

EUR 63.89 62.00 46.67 46.59

GBP 3.34 3.11 4.25 3.59

HKD 1.59 2.17 2.89 1.79

HUF 0.02 0.02 0.03 0.15

IDR 0.28 0.33 0.26 0.42

ILS 0.09 0.07 0.03 0.23

INR 0.26 0.40 0.45 0.34

ISK 0.03 0.01 0.00 0.00

JPY 2.09 2.35 4.23 2.86

KRW 1.10 1.40 1.63 1.56

MXN 0.37 0.46 0.30 0.94

MYR 0.52 0.57 0.40 0.70

NGN 0.00 0.00 0.00 0.03

NOK 0.46 0.48 0.36 0.88

NZD 0.01 0.01 0.02 0.03

PEN 0.15 0.14 0.00 0.16

PHP 0.06 0.13 0.12 0.22

PLN 0.18 0.90 0.21 0.60

RON 0.00 0.00 0.00 0.04

RUB 0.12 0.12 0.00 0.33

SEK 0.65 0.54 0.83 0.91

SGD 0.17 0.18 0.23 0.18

SKK 0.01 0.01 0.00 0.01

THB 0.19 0.38 0.39 0.64

TRY 0.18 0.29 0.23 0.47

TWD 0.82 1.11 1.27 0.73

USD 18.22 17.85 27.92 29.17

ZAR 0.29 0.38 0.54 0.60

Total 100.00 100.00 100.00 100.00

2.4.2 CHANGES IN THE COMPOSITION OF THE ASSETS OF THE SUB-FUND SIVEK GLOBAL MEDIUM

(IN THE CURRENCY OF THE SUB-FUND)

1st half-year Year

Buy 115 319 275.18 115 319 275.18

Sell 129 148 196.95 129 148 196.95

Total 1 244 467 472.13 244 467 472.13

Subscriptions 11 546 181.28 11 546 181.28

Redemptions 38 036 074.58 38 036 074.58

Total 2 49 582 255.86 49 582 255.86



1st half-year Year

Buy 115 319 275.18 115 319 275.18

Sell 129 148 196.95 129 148 196.95

Total 1 244 467 472.13 244 467 472.13

Subscriptions 11 546 181.28 11 546 181.28

Redemptions 38 036 074.58 38 036 074.58

Total 2 49 582 255.86 49 582 255.86


296 362 803.98 296 362 803.98




In securities Currency in currency In the sub-fund's

currency Lot size

Transaction

Date

KBC AK-VK USD-EUR 130722-130625 1.323334

USD 20 651 000.00 15 886 606.66 n.a. 25.06.2013


VALUE




2011 - 06 56 761.93 4 092.96 434 606.13 27 284.00 1 468 757.94 106 259.96 1 575 017.90

2012 - 06 43 109.94 7 379.00 302 236.76 18 775.00 1 209 631.13 94 863.96 1 304 495.08

2013 - 06 59 994.56 27 484.40 378 688.24 21 326.46 890 937.44 101 021.91 991 959.35





2011 - 06 14 787 743.35 705 184.50 113 486 488.79 4 668 641.44

2012 - 06 11 346 417.02 1 255 185.89 79 726 799.39 3 212 899.58

2013 - 06 17 379 926.79 5 146 776.50 109 336 869.76 4 005 018.00





2011 - 06 407 630 397.47 265.08 172.10

2012 - 06 342 931 872.01 269.88 173.71

2013 - 06 283 142 527.43 296.28 189.78


CAP DIS

ISIN code Currenc

y


Shares classes

Bench mark

Shares classes

Bench mark

Shares classes

Bench mark

Shares classes

Bench mark


CAP BE0146659926 EUR 9.78% 6.44% 3.80% 3.92% 14/02/1994 4.60%

DIV BE0146660932 EUR 9.77% 6.43% 3.79% 3.91% 14/02/1994 4.58%













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





2.4.6 EXPENSES

Ongoing charges: *

Distribution: 1.915% Capitalisation: 1.893%



SOFT COMMISSIONS


Intermediary



- 30-06-13

CSA Credits in EUR



DEUTSCHE 1,975 988 50.00%

CSFBSAS 1,557 711 45.64%

INSTINET 293 148 50.31%

MERRILL 7,181 3,716 51.76% MORGAN STANLEY 393 196 50.00%

UBSWDR 950 475 49.99%



Security Maximum

Management fee






KBC Money-EURO MEDIUM-Institutional B Shares Capitalisation 0.50



KBC Renta-Emurenta-Institutional B Shares Capitalisation 1.10

KBC Renta-Eurorenta-Institutional B Shares Capitalisation 1.10








KBC Equity Fund-Commodities & Materials-Institutional B Shares 1.50















KBC Equity Fund-Pacific-Institutional B Shares 1.50













Sivek-Global Medium 1.20


TABLE OF CONTENTS

2. Information on Sivek Global Low


2.2. Balance sheet




2 INFORMATION ON SIVEK GLOBAL LOW




2.1.2 LISTING

Not applicable














STRATEGY SELECTED

The assets are invested, either directly or indirectly via correlated financial instruments, primarily in international shares and bonds. The portfolio systematically contains more bonds than shares. The percentage of equities in this fund is lower than in the Global Medium and Global High funds.

INVESTMENTS PRIMARILY IN ASSETS OTHER THAN SECURITIES AND MONEY MARKET INSTRUMENTS

Within the scope of the aforementioned investment policy, the sub-fund will invest primarily in permitted assets other than securities and money market instruments, namely units in UCIs.



















CAPITAL.

The tax information in the following sections is of a general character and is not intended to cover all aspects of an investment in a UCITS. In certain cases entirely different rules might even apply. Moreover, both tax law and the interpretation of it can change. Investors who wish to have more information about the tax implications – in both Belgium and abroad – of acquiring, holding and transferring units should seek the advice of their usual financial and tax advisers. This UCITS invests more than 40% of its assets directly or indirectly in debt claims within the meaning of the European Savings Directive.


The European Savings Directive has been incorporated in Belgian law.

A paying agency established in Belgium that pays interest income – either in the form of dividends (coupons) or through the sale, redemption or repayment of shares – relating to this UCITS to a natural person (beneficial owner) who is resident in another EU Member State (or one of the dependent or associated territories) is obliged to communicate details of this payment to the Belgian government, which will then pass on the information to the tax authorities in the beneficial owner’s state of residence.

B. Tax on debt instrument returns obtained through the purchase of own participation rights or in the event of full or partial distribution of equity capital (Article 19bis 1992 Income Tax Code).

Both the capitalisation and dividend-entitled shares of this UCITS will, on redemption or on full or partial distribution of the equity capital, fall within the area of application of Article 19bis of the 1992 Income Tax Code. Article 19bis of the 1992 Income Tax Code only applies to shareholders subject to Belgian personal income tax. On the basis of that article, tax will be levied on the debt claim returns included in the redemption or repayment price according to the period in which the investor held the shares. The rate is 25%. The debt claim return comprises the totality of the income arising directly or indirectly, in the form of interest, capital gains or losses, from the income on the assets that were invested in debt claims.



2.1.5 DISTRIBUTORS





Doubts about the sustainability of the economic recovery continued to shape investor sentiment. The debt crisis in Europe continued unabated, although the European Central Bank (ECB) managed to convince the market that it had the crisis under control. Major steps were taken in the United States to reform the federal budget, and seemingly without adversely affecting economic growth too much. Fortunately, strong economic growth in Asia created export opportunities for American and European businesses. The weak growth in the Western economies was not without its impact on the export performance in emerging countries. In recent years, however, domestic demand (due to a rapidly growing middle class with a high consumption ratio) and inter-regional trade within Asia have been playing an increasingly important role. In comparison with the past, the region is now much more proof against financial crises. Public finances are healthy, the balance of payments is generally neutral (China actually has an astronomical surplus) and the internal savings buffer is high. Asia’s economic development no longer depends on fickle foreign capital. Thanks to the contribution by the emerging markets the growth of world GDP held up in 2012–13 (estimated at 2–2.5%). There were major differences in the returns for the various sectors. The best performing sectors included Financials, Pharmaceuticals and Consumer Discretionary. Materials, Technology and Energy lagged behind. The outperformance of the Banks may be attributed to the quantitative easing programmes undertaken by the central banks. By this we mean the Fed’s QE3 programme, and especially the announcement by the ECB of its OMT programme, which took the heat out of the euro crisis. Pharmaceuticals had been shunned for a long time due to a lack of product innovation, patent expiry and the reforms to healthcare insurance in the US. In recent months, however, investors began to focus more on the sector’s response to these challenges such as restructuring operations and the sell-off of non-strategic divisions. The car industry has risen from the ashes, in the US and the European luxury segment at least. Demand from the emerging markets is also strong, despite the slowdown in Chinese growth, where German luxury marques generate 50% of their profits. In spite of the slow growth, advertising budgets have also held up surprisingly well. The rise of the e-book and ongoing breakthrough of digital television continue undiminished. More and more media companies are successfully exploiting these trends. Mining companies lost ground on excessive expectations concerning commodity prices. A failed stock market flotation by Facebook and the giant leaps made by Apple meant that price trends in the Technology sector differed from what might have been expected on the basis of the fundamentals. Oil companies suffered from the vagaries of the oil market, the political instability in the Middle East and frequent accidents. The Real Estate sector (+3.0%) eased up a little in 2013 compared to its strong performance in 2012. The financial turbulence in 2007/08 forced real estate companies to clean up their balance sheets. This accordingly provided the sector with a sound base to make the most of the recovery. The traditional discount against the intrinsic value at which the sector normally trades consequently disappeared, leaving the sector somewhat overvalued. Increasing doubts about the economy and the ongoing euro crisis have pushed US and German bond rates down since March 2011. This trend continued well into the spring of 2013. On 1 June 2012, US and German ten-year rates reached lows of 1.45% and 1.15%, respectively. Ten-year rates remained close to these low levels (lower than inflation) for almost a full year. After Fed chairman Ben Bernanke dropped a hint at the end of May 2013 about scaling back the government bond purchase programmes, bond yields shot up in June. At the end of the period under review, ten-year yields stood at 2.48% in the US and 1.78% in Germany.

2.2 BALANCE SHEET



TOTAL NET ASSETS 100 560 557.68 104 673 815.50



a) Bonds 5 103 593.96 5 899 383.45


a) Shares 153.71 3 474 619.54

Of which shares lent 30.34


83 270.00 76 260.00




j) Foreign exchange





A. Receivables

a) Accounts receivable 291 472.46 8 283.22

b) Tax assets -19 166.67 854.51







B. Accrued income 4 482.04 8 768.34



A. Capital 98 969 843.94 101 748 267.26

B. Share in profit -25 820.53 -32 457.08





IX. Financial instruments lent 30.34






a) Bonds 273 063.72 -127 979.31


a) Shares 278 368.61 116 912.36


3 900.00 5 714.93







-0.01 -0.01





-202 647.53 234 255.00


A. Dividends 32 901.51 35 093.38

B. Interest






B. Financial expenses (-) -867.70 -1 001.48

C. Custodian’s fee (-) -2 828.15 -3 484.18




E. Administrative expenses (-) -1 202.90 -1 139.40



-185.30 -69.61


J. Taxes -2 096.62 -4 341.97

K. Other expenses (-) -6 733.84 -5 176.15


Subtotal II + III + IV before tax on the profit -252 359.99 -197 400.36




2.4.1 COMPOSITION OF THE ASSETS OF SIVEK GLOBAL LOW

Name Quantity as at

30/06/2013 Currency

Price in currency


currency)

% owned by

the UCI

% %

Portfolio

% Net

assets

NET ASSETS


Investment funds

Closed-end funds


Belgium



6 083.00 EUR 928.910 5 650 559.53 0.83 5.63 5.62

France


Luxembourg

KBC BONDS CORPOR USD IS B KAP 2 753.00 USD 949.610 2 011 136.50 0.69 2.00 2.00


KBC BONDS EMU SHORT MEDIUM IS B KAP 12 465.00 EUR 1 092.800 13 621 752.00 13.66 13.66 13.55

KBC BONDS EMU SHORTIS B KAP 4 610.00 EUR 1 039.070 4 790 112.70 3.79 4.77 4.76

KBC BONDS HIGH INTEREST IS B KAP 1 884.00 EUR 1 963.760 3 699 723.84 0.35 3.68 3.68

KBC RENTA AUD RENTA IS B KAP 682.00 AUD 1 666.510 800 366.06 0.68 0.80 0.80

KBC RENTA CANARENTA IS B KAP 483.00 CAD 2 287.410 805 672.74 0.62 0.80 0.80

KBC RENTA MEDIUM EUR IS B KAP 9 037.00 EUR 942.930 8 521 258.41 2.88 8.49 8.47

KBC RENTA NOKRENTA IS B KAP 1 076.00 NOK 5 841.630 791 945.71 0.34 0.79 0.79

KBC RENTA SEKRENTA IS B KAP 1 226.00 SEK 5 667.210 791 948.24 0.73 0.79 0.79

KBC RENTA STERLINGRENTA IS B KAP 755.00 GBP 915.620 806 643.06 0.80 0.80 0.80


Open-end funds


Belgium

KBC ECO FUND WATER IS B KAP 244.00 EUR 810.380 197 732.72 0.12 0.20 0.20

KBC EQUITY FUND BUYBACK AMERICA IS B KAP 583.00 USD 1 194.520 535 737.49 0.22 0.53 0.53

KBC EQUITY FUND CONSUMER DURABLES IS B KAP 861.00 EUR 407.150 350 556.15 0.53 0.35 0.35

KBC EQUITY FUND EUROPE KAP 249.00 EUR 1 211.620 301 693.38 0.41 0.30 0.30




762.00 EUR 1 196.230 911 527.26 0.54 0.91 0.91



1 370.00 EUR 430.250 589 442.50 0.55 0.59 0.59


2 406.00 USD 673.110 1 245 867.11 0.65 1.24 1.24


1 144.00 EUR 227.170 259 882.48 0.52 0.26 0.26

KBC EQUITY FUND JAPAN IS B KAP 596.00 JPY 42 171.000 194 655.48 0.57 0.19 0.19

KBC EQUITY FUND LUXURY & TOURISM IS B KAP 5 354.00 EUR 122.750 657 203.50 0.50 0.65 0.65

KBC EQUITY FUND NEW ASIA IS B KAP 818.00 EUR 525.430 429 801.74 0.20 0.43 0.43

KBC EQUITY FUND NEW MARKETS IS B KAP 307.00 EUR 1 398.410 429 311.87 0.36 0.43 0.43

KBC EQUITY FUND OIL IS B KAP 403.00 EUR 640.360 258 065.08 0.40 0.26 0.26



KBC EQUITY FUND QUANT EUROPE IS B KAP 778.00 EUR 369.420 287 408.76 0.69 0.29 0.29


KBC EQUITY FUND TECHNOLOGY IS B KAP 4 665.00 USD 153.830 552 055.50 0.39 0.55 0.55

KBC EQUITY FUND TELECOM IS B KAP 577.00 EUR 298.020 171 957.54 0.44 0.17 0.17

KBC EQUITY FUND TRENDS IS B KAP 4 077.00 EUR 92.460 376 959.42 0.44 0.38 0.38


4 630.00 EUR 1 078.870 4 995 168.10 0.69 4.97 4.97

KBC PARTICIPATION COMMODITIES IS B 793.00 EUR 909.400 721 154.20 0.84 0.72 0.72


6 770.00 EUR 1 133.660 7 674 878.20 0.83 7.64 7.63



Belgium

KBC MULTI TRACK GERMANY KAP 937.00 EUR 219.320 205 502.84 0.24 0.21 0.20


Bonds


Ireland


3 112 000.00 EUR 100.002 3 122 055.28 3.11 3.11

ARCADE FINANCE PLC R17 SUB 14/05/13 1 150 000.00 EUR 74.660 858 590.00 0.86 0.85


600 000.00 EUR 100.002 601 938.68 0.60 0.60

D-STAR FINANCE PLC SUB 14/05/13 700 000.00 EUR 74.430 521 010.00 0.52 0.52

Total bonds 5 103 593.96 5.08 5.08

Shares


Belgium



NYRSTAR STRIP VVPR 889.00 EUR 0.001 0.89

France


UK



Rights

UK


Total rights 1.39




Demand accounts

Belgium

KBC GROUP AUD 4 507.83 AUD 1.000 3 174.42 0.00

KBC GROUP CAD 2 738.11 CAD 1.000 1 996.73 0.00

KBC GROUP CHF 4 331.65 CHF 1.000 3 521.95 0.00

KBC GROUP CZK 307.90 CZK 1.000 11.85

KBC GROUP DKK 2 969.37 DKK 1.000 398.10


KBC GROUP GBP 1 491.28 GBP 1.000 1 740.12 0.00

KBC GROUP HKD 221.65 HKD 1.000 21.98

KBC GROUP HUF 507.93 HUF 1.000 1.72

KBC GROUP JPY 8 085.00 JPY 1.000 62.62

KBC GROUP NOK 3 922.38 NOK 1.000 494.20

KBC GROUP NZD 708.26 NZD 1.000 420.81

KBC GROUP PLN 935.94 PLN 1.000 216.14

KBC GROUP SEK 11 788.96 SEK 1.000 1 343.73 0.00

KBC GROUP SGD 463.41 SGD 1.000 281.09

KBC GROUP TRY 1 076.44 TRY 1.000 429.20

KBC GROUP USD 27 133.51 USD 1.000 20 873.54 0.02

KBC GROUP ZAR 15.53 ZAR 1.000 1.20



Belgium






Receivables

Belgium

KBC GROUP AUD TE ONTVANGEN 6 667.09 AUD 1.000 4 694.97 0.01

KBC GROUP CAD RECEIVABLES 6 856.98 CAD 1.000 5 000.35 0.01


KBC GROUP GBP RECEIVABLES 3 662.93 GBP 1.000 4 274.13 0.00

KBC GROUP NOK TE ONTVANGEN 34 903.02 NOK 1.000 4 397.56 0.00

KBC GROUP SEK TE ONTVANGEN 39 674.01 SEK 1.000 4 522.13 0.00

KBC GROUP WHT RECOVERABLE IN EUR -19 166.67 EUR 1.000 -19 166.67 -0.02

KBC GROUP USD RECEIVABLES 17 090.17 USD 1.000 13 147.30 0.01

Total receivables 272 305.79 0.27

Amounts receivable

Belgium



TOTAL RECEIVABLES AND PAYABLES -89 198.36 -0.09

OTHER





TOTAL OTHER -16 298.70 -0.02

TOTAL NET ASSETS 100 560 557.68 100.00


31/12/2011 30/06/2012 31/12/2012 30/06/2013

Dutch Antilles 0.01 0.00 0.00 0.00


Argentina 0.08 0.00 0.00 0.00

Australia 0.74 1.02 1.57 1.78

Austria 2.62 0.88 0.18 0.73

Belgium 6.92 3.32 3.51 2.18

Bulgaria 0.03 0.00 0.00 0.00

Bermuda 0.10 0.22 0.17 0.12

Brazil 0.45 0.46 0.64 0.71


Canada 0.89 0.79 1.58 1.31

Switzerland 1.48 1.62 2.01 1.59

Chile 0.05 0.06 0.09 0.04

China 0.33 0.84 1.22 0.69

Colombia 0.21 0.23 0.08 0.31

Czech Republic 0.41 0.55 0.10 0.16

Cayman Islands 0.13 0.18 0.20 0.34

Cyprus 0.00 0.01 0.00 0.00

Germany 13.07 8.72 7.90 6.00

Denmark 0.84 0.32 0.54 0.34

Egypt 0.03 0.00 0.00 0.00

Spain 1.87 3.07 3.88 3.93

Finland 1.89 0.77 0.42 0.42

France 13.37 12.02 9.72 9.08

UK 5.90 7.37 6.49 5.79

Greece 0.05 0.04 0.07 0.02

Hong Kong 0.56 0.85 0.95 0.61


India 0.14 0.32 0.35 0.21

Indonesia 0.30 0.19 0.20 0.22

Ireland 8.70 8.74 11.72 10.14

Iceland 0.01 0.00 0.00 0.00

Israel 0.01 0.02 0.03 0.38

Italy 3.38 5.55 3.60 5.79


Asia, excl. Japan 1.16 2.21 3.99 2.79

South Korea 0.78 1.28 1.25 2.05

Croatia 0.05 0.00 0.00 0.02

Luxembourg 2.38 2.23 0.31 1.96

Mexico 0.96 0.49 0.25 1.33

Malaysia 0.64 0.75 0.35 1.02

Netherlands 8.45 7.18 6.97 6.88

Norway 0.67 0.89 1.10 1.70

New Zealand 0.01 0.00 0.02 0.02

Ukraine 0.04 0.00 0.00 0.00

Panama 0.16 0.00 0.00 0.00

Peru 0.41 0.33 0.05 0.35

Philippines 0.41 0.11 0.09 0.31

Poland 0.20 1.81 0.24 1.29

Portugal 0.06 0.09 0.08 0.11

Romania 0.00 0.00 0.00 0.12

Russia 0.67 0.19 0.27 0.24

Singapore 0.11 0.19 0.18 0.16

Int.Org. 0.00 0.00 0.00 0.06

Slovakia 0.06 0.06 0.00 0.11

Sweden 1.86 1.90 1.77 2.13

Thailand 0.13 0.43 0.37 0.92

Turkey 0.51 0.13 0.18 0.54

Taiwan 0.39 0.87 1.04 0.47

Uruguay 0.03 0.00 0.00 0.00

USA 13.43 18.96 23.01 19.31

Venezuela 0.32 0.00 0.00 0.00

Brit. Virgin Islands 0.00 0.01 0.00 0.00



South Africa 0.22 0.30 0.40 0.55

Zaire 0.00 0.01 0.00 0.00

Total 100.00 100.00 100.00 100.00


31/12/2011 30/06/2012 31/12/2012 30/06/2013




Pharma 2.71 4.43 6.18 4.29


Technology 2.12 4.71 7.26 3.43


Utilities 4.03 5.52 6.78 4.84

Real estate 1.58 1.28 1.27 2.77

Government 38.51 13.77 0.00 25.93


Sundry 0.32 0.49 0.36 0.91

Total 100.00 100.00 100.00 100.00


31/12/2011 30/06/2012 31/12/2012 30/06/2013

AUD 0.34 0.34 0.75 1.53

BRL 0.44 0.66 0.61 1.22

CAD 0.60 1.46 1.93 1.95

CHF 0.46 0.73 1.43 1.08

CLP 0.00 0.00 0.00 0.02

CNY 0.04 0.11 0.02 0.25

COP 0.01 0.20 0.00 0.44

CZK 0.28 0.32 0.10 0.22

DKK 0.58 0.27 0.47 0.36

EUR 77.33 68.02 58.80 45.43

GBP 1.64 2.39 3.17 3.40

HKD 0.79 1.69 2.28 1.25

HUF 0.01 0.02 0.04 0.26

IDR 0.22 0.29 0.20 0.49

ILS 0.14 0.13 0.03 0.40

INR 0.10 0.27 0.31 0.24

ISK 0.04 0.01 0.00 0.00

JPY 1.04 2.20 3.89 2.27

KRW 0.59 1.09 1.21 1.93

MXN 0.43 0.62 0.21 1.66

MYR 0.53 0.71 0.34 1.04

NGN 0.00 0.00 0.00 0.06

NOK 0.49 0.67 0.26 1.68

NZD 0.01 0.01 0.02 0.02

PEN 0.23 0.29 0.00 0.34

PHP 0.02 0.12 0.09 0.33

PLN 0.15 1.83 0.23 1.10

RON 0.00 0.00 0.00 0.09

RUB 0.19 0.25 0.00 0.68

SEK 0.58 0.52 0.59 1.35

SGD 0.09 0.17 0.17 0.16

SKK 0.01 0.01 0.00 0.01

THB 0.12 0.43 0.36 0.92

TRY 0.17 0.33 0.17 0.78

TWD 0.34 0.79 0.98 0.47

USD 11.88 12.79 20.94 25.72

ZAR 0.11 0.26 0.40 0.85

Total 100.00 100.00 100.00 100.00

2.4.2 CHANGES IN THE COMPOSITION OF THE ASSETS OF THE SUB-FUND SIVEK GLOBAL LOW (IN

THE CURRENCY OF THE SUB-FUND)

1st half-year Year

Buy 35 018 692.31 35 018 692.31

Sell 38 364 864.75 38 364 864.75

Total 1 73 383 557.06 73 383 557.06

Subscriptions 7 577 842.82 7 577 842.82

Redemptions 12 799 693.39 12 799 693.39

Total 2 20 377 536.21 20 377 536.21



1st half-year Year

Buy 35 018 692.31 35 018 692.31

Sell 38 364 864.75 38 364 864.75

Total 1 73 383 557.06 73 383 557.06

Subscriptions 7 577 842.82 7 577 842.82

Redemptions 12 799 693.39 12 799 693.39

Total 2 20 377 536.21 20 377 536.21


104 546 302.53 104 546 302.53




In securities Currency in

currency In the sub-

fund's currency Lot size

Transaction

Date

KBC AK-VK USD-EUR 130722-130625 1.323334

USD 7 265 000.00 5 588 891.45 n.a. 25.06.2013


VALUE




2011 - 06 14 960.50 14 668.79 116 606.34 43 573.00 372 027.50 153 464.42 525 491.91

2012 - 06 13 679.64 38 263.07 87 608.47 29 896.85 298 098.66 161 830.63 459 929.30

2013 - 06 37 821.38 24 746.39 71 736.83 33 415.77 264 183.22 153 161.25 417 344.46





2011 - 06 3 927 934.11 2 002 388.18 30 612 728.52 5 966 603.31

2012 - 06 3 671 493.76 5 236 754.78 23 515 455.83 4 140 490.30

2013 - 06 11 033 151.35 3 653 140.02 20 892 941.53 4 921 242.99





2011 - 06 119 890 526.62 265.85 136.75

2012 - 06 104 673 815.50 275.38 139.55

2013 - 06 100 560 557.68 295.12 147.52


CAP DIS

ISIN code Currenc

y


Shares classes

Bench mark

Shares classes

Bench mark

Shares classes

Bench mark

Shares classes

Bench mark


CAP BE0146661948 EUR 7.17% 5.49% 3.98% 3.84% 14/02/1994 4.58%

DIV BE0146662953 EUR 7.16% 5.48% 3.96% 3.83% 14/02/1994 4.56%













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





2.4.6 EXPENSES

Ongoing charges: *

Distribution: 1.702% Kapitalisatie: 1.693%



SOFT COMMISSIONS


Intermediary



- 30-06-13

CSA Credits in EUR



CSFBSAS 212 91 42.98%

INSTINET 78 39 50.02%

MERRILL 1,093 561 51.37% MORGAN STANLEY 420 208 49.49%

UBSWDR 105 52 50.00%



Security Maximum

Management fee





KBC Bonds-EMU Short 1.10

KBC Bonds-EMU Short 1.10





































Sivek-Global Low 1.20

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