R.C.S. Luxembourg B

Transcription

1 R.C.S. Luxembourg B Unaudited SemiAnnual Report as at 31 July 217 No subscription can be accepted on the basis of the financial reports. Subscriptions are only valid if they are made on the basis of the latest published prospectus accompanied by the latest annual report and the most recent semiannual report, if published thereafter.

2 Table of contents Page Management and Administration 3 Statement of Assets 5 Key Figures as at 31 July Statement of Operations and Changes in Assets 14 Statistics 18 Statement of Investments Commodity Euro 25 CROCI Branchen Stars 26 Commodity 28 CROCI World 29 PWM CROCI Multi Fund 33 CROCI Sectors Fund 34 CROCI Global Dividends 36 CROCI US Dividends 39 Chilton Diversified 41 Ivory Optimal 43 CROCI World ESG 47 Chilton European Equities 5 MCP Terra Grove Pan Asia 52 MidOcean Absolute Return Credit 53 Notes to the Financial Statements 58 Information to Shareholders 152

3 Management and Administration Registered Office 1113, boulevard de la Foire L1528 Luxembourg GrandDuchy of Luxembourg Board of Directors Freddy Brausch, Independent Director, c/o Linklaters LLP, 35, avenue John F. Kennedy, L1855 Luxembourg, GrandDuchy of Luxembourg Alexander McKenna (chairman of the Board of Directors), Head of Product Platform Passive Europe & Asia, Deutsche Bank AG, London Branch, Winchester House, 1 Great Winchester Street, London EC2N 2DB, United Kingdom Petra Hansen, Director, Deutsche Asset Management S.A., 2, boulevard Konrad Adenauer, L1115 Luxembourg, GrandDuchy of Luxembourg Manooj Mistry, Head of Passive Asset Management EMEA, Deutsche Bank AG, London Branch, Winchester House, 1 Great Winchester Street, London EC2N 2DB, United Kingdom Philippe AhSun, Chief Operating Officer of Exchange Traded Funds (ETF) and Systematic UCITS, Deutsche Bank AG, London Branch, Winchester House, 1 Great Winchester Street, London EC2N 2DB, United Kingdom Depositary RBC Investor Services Bank S.A. 14, Porte de France L436 EschsurAlzette GrandDuchy of Luxembourg Administrative Agent, Paying Agent, Domiciliary Agent and Listing Agent RBC Investor Services Bank S.A. 14, Porte de France L436 EschsurAlzette GrandDuchy of Luxembourg Registrar and Transfer Agent RBC Investor Services Bank S.A. 14, Porte de France L436 EschsurAlzette GrandDuchy of Luxembourg Management Company Deutsche Asset Management S.A. 2, boulevard Konrad Adenauer L1115 Luxembourg GrandDuchy of Luxembourg R.C.S. Luxembourg B

4 Management and Administration (continued) Investment Managers 1 State Street Global Advisors Limited 2 Churchill Place, Canary Wharf London E14 5HJ United Kingdom Chilton Investment Company, LLC 129 East Main Street 1st Floor Stamford, CT 692 United States of America Ivory Investment Management, LLC Wilshire Boulevard Suite 135 Los Angeles, CA 925 United States of America MCP Asset Management Company Limited Suite 1918 Two Pacific Place 88 Queensway Hong Kong MidOcean Credit Fund Management, L.P. 32 Park Avenue Suite 16 New York, NY 122 United States of America SubInvestment Manager 2 Chilton Investment Company Limited 5th Floor 33 Sackville Street London EC4A 3AE United Kingdom Independent Auditor of the Company Ernst & Young S.A. 35E, avenue John F. Kennedy, L1855 Luxembourg GrandDuchy of Luxembourg Legal Adviser of the Company Linklaters LLP 35, avenue John F. Kennedy, L1855 Luxembourg GrandDuchy of Luxembourg Capitalised terms used herein shall have the same meaning as in the current Prospectus. 1 In relation to certain SubFunds only, as further detailed in this report. 2 In relation to Chilton European Equities only, as further detailed in this report. 4

5 Statement of Assets as at 31 July 217 Commodity Euro CROCI Branchen Stars Commodity CROCI World Note EUR EUR EUR ASSETS Investment portfolio at market value 61,331,694 Options (long position) at market value Cash at bank 338,11 Amounts receivable on sale of investments Amounts receivable on subscriptions 624 Interest receivable on swaps Interest and dividends receivable 216,59 Interest receivable on s gain on forward foreign (9) exchange contracts gain on futures (1) gain on swaps (7,8) 1,998,223 gain on s (11) Other assets TOTAL ASSETS 63,885,16 87,64, ,714 4,989,173 61,571 1,27,145 1,887 4,618 94,479,877 29,69,836 48,192 1,971,57 95,63 12,89 611,791 32,43,279 76,62, , ,157 1,763 73,513 76,977,84 LIABILITIES Options (short position) at market (12) value Bank overdraft Amounts payable on purchase of investments Amounts payable on redemptions 89,749 Interest payable on swaps Interest payable 4 Interest payable on s loss on forward foreign (9) exchange contracts loss on futures (1) loss on swaps loss on s (11) Management fee payable (4) 63,964 Performance fee payable (6) Taxes and expenses payable 18,396 Other liabilities TOTAL LIABILITIES 172,113 1,887 6,138, ,19 16,216 5,477 6,221,56 1,455 1,83,748 28, ,121 8,157 11,836 1,888,99 1, ,236 21,915 8,915 TOTAL NET ASSETS 63,713,47 88,258,821 3,542,18 76,896,925 The accompanying notes form an integral part of these financial statements. 5

6 Statement of Assets (continued) as at 31 July 217 PWM CROCI Multi Fund CROCI Sectors Fund CROCI Global Dividends CROCI US Dividends Note EUR EUR ASSETS Investment portfolio at market value 133,16,376 Options (long position) at market value Cash at bank 2,78,793 Amounts receivable on sale of investments 136,82 Amounts receivable on subscriptions Interest receivable on swaps Interest and dividends receivable 37 Interest receivable on s gain on forward foreign (9) exchange contracts gain on futures (1) gain on swaps (7,8) gain on s (11) Other assets TOTAL ASSETS 135,862,8 482,372, ,345 94,5 49,42 46,27 5,671 49, ,789, ,713, ,46 859, , ,74 259,666, ,959, ,893 7,18,727 17, , ,675,895 LIABILITIES Options (short position) at market (12) value Bank overdraft Amounts payable on purchase of investments Amounts payable on redemptions 88,317 Interest payable on swaps Interest payable 16 Interest payable on s loss on forward foreign (9) exchange contracts loss on futures (1) loss on swaps loss on s (11) Management fee payable (4) 134,662 Performance fee payable (6) Taxes and expenses payable 58,392 Other liabilities TOTAL LIABILITIES 281,387 5, , , , , , , ,184 71,517 3,5 1,87, ,7, , ,986 45,491 7,39,823 TOTAL NET ASSETS 135,58, ,118, ,579, ,285,72 The accompanying notes form an integral part of these financial statements. 6

7 Statement of Assets (continued) as at 31 July 217 Chilton Diversified Ivory Optimal CROCI World ESG Chilton European Equities Note EUR EUR ASSETS Investment portfolio at market value 38,629,865 Options (long position) at market value Cash at bank 2,91,177 Amounts receivable on sale of investments 68,21 Amounts receivable on subscriptions Interest receivable on swaps Interest and dividends receivable 7,545 Interest receivable on s 6,32 gain on forward foreign (9) exchange contracts 12,495 gain on futures (1) gain on swaps (7,8) gain on s (11) Other assets 28,593 TOTAL ASSETS 42,284, ,6, ,215 44,312,94 5,899,851 32,196 98, , , ,57,352 22,3,735 69,9 155,647 4,619 17,955 24,829 22,275,794 18,326,872 14,788,528 1,12, , , ,547,969 LIABILITIES Options (short position) at market (12) value Bank overdraft 7 Amounts payable on purchase of investments 213,668 Amounts payable on redemptions 11,878 Interest payable on swaps Interest payable Interest payable on s 225 loss on forward foreign (9) exchange contracts loss on futures (1) loss on swaps loss on s (11) 49,236 Management fee payable (4) 67,36 Performance fee payable (6) Taxes and expenses payable 18,488 Other liabilities 14,957 TOTAL LIABILITIES 375,495 81, ,539 4,656,811 9,371 56,63 2,888, ,312 4,487 67,251 2,15,86 11,431,179 42, ,748 6,252 68, ,35 419, ,446 16,441 12, ,75 47, ,296 1,731,169 TOTAL NET ASSETS 41,98, ,139,173 22,27, ,816,8 The accompanying notes form an integral part of these financial statements. 7

8 Statement of Assets (continued) as at 31 July 217 MCP Terra Grove Pan Asia MidOcean Absolute Return Credit Combined Note EUR ASSETS Investment portfolio at market value 15,265,679 Options (long position) at market value Cash at bank 2,669,555 Amounts receivable on sale of investments 1,49,931 Amounts receivable on subscriptions Interest receivable on swaps Interest and dividends receivable 5 Interest receivable on s gain on forward foreign (9) exchange contracts 22,694 gain on futures (1) gain on swaps (7,8) gain on s (11) 12,5 Other assets 174,15 TOTAL ASSETS 19,635,424 LIABILITIES Options (short position) at market (12) value Bank overdraft 487 Amounts payable on purchase of investments Amounts payable on redemptions 2,21,629 Interest payable on swaps Interest payable Interest payable on s 4,527 loss on forward foreign (9) exchange contracts loss on futures (1) loss on swaps loss on s (11) Management fee payable (4) 19,191 Performance fee payable (6) 4,311 Taxes and expenses payable 6,853 Other liabilities 131,393 TOTAL LIABILITIES 2,413,391 TOTAL NET ASSETS 17,222,33 431,854,413 52,88 65,528,694 2,88,19 1,397,455 16,15 5,85,568 3,471, , ,13, ,185 29,95,793 49,86 234, ,133,692 3,797,515 1,317, ,55 19, ,254 23,77 37,796, ,334,384 1,878,962,233 55, ,216,987 8,848,85 15,911,965 9,34 6,411,573 5,651 5,686,755 9,745 2,517,13 1,63 2,41,68 2,39,623,92 69,327 76,763 43,68,836 3,645, , ,8, ,32 3,22,961 3,77,153 1,664, , ,61 2,579,77 62,138,31 1,977,485,61 The accompanying notes form an integral part of these financial statements. 8

9 Key Figures as at 31 July 217 Commodity Euro CROCI Branchen Stars Commodity CROCI World EUR EUR EUR asset value per share R1C R1CA R1CB R1CC (SGD) R1CE R1CS (CHF) R1CU () R1D R2CA I1C I1CE I1CU () I1DE I2C I2C (GBP) I3C (CHF) I4C , , , , , , Number of shares outstanding R1C R1CA R1CB R1CC R1CE R1CS R1CU R1D R2CA I1C I1CE I1CU I1DE I2C I2C I3C I4C 767, , , , , , , , , , , , , , , ,

10 Key Figures as at 31 July 217 (continued) PWM CROCI Multi Fund CROCI Sectors Fund CROCI Global Dividends CROCI US Dividends EUR EUR asset value per share R1C R1CA (EUR) R1CE (EUR) R1CG (GBP) R1CU R1CU () R1DE (EUR) R1DU R3C R3CN (NOK) I1CE (EUR) I1CG (GBP) I1CU () I1CU I1DA (AUD) I1DE (EUR) I1DE I1DG (GBP) I1DU I2C I3C RCE (EUR) RCE RCG (GBP) Number of shares outstanding R1C R1CA R1CE R1CG R1CU R1CU R1DE R1DU R3C R3CN I1CE I1CG I1CU I1CU I1DA I1DE I1DE I1DG I1DU I2C I3C RCE RCE RCG 715, , , ,61, ,591, , , , , , , , , , , , , , , ,334. 3, , , , , ,16. 97,643. 1

11 Key Figures as at 31 July 217 (continued) Chilton Diversified Ivory Optimal CROCI World ESG Chilton European Equities EUR EUR asset value per share R1CE (EUR) R1CE R1CN (NOK) R1CU R1DE R5CC (CHF) R5CE (EUR) R5CE R5CG (GBP) R5CU () R5CU R6CC (CHF) R6CE (EUR) R6CG (GBP) R6CU R6DG (GBP) I1CC (CHF) I1CE (EUR) I1CE I1CG (GBP) I1CU () I1CU I1CS (SEK) I2CE (EUR) I2CE I2CU I2CU () I2DE I3CE I4CE (EUR) I5CC (CHF) I5CE (EUR) I5CE (EUR) I5CG (GBP) I5CU () I5CU I5DG (GBP) RCE (EUR) RCU 1, , , , , , ,91.6 9, , ,67.3 9, ,.95 9,72.4 9, , , , , , , ,

12 , , , , , , Number of shares outstanding R1CE R1CE R1CN R1CU R1DE R5CC R5CE R5CE R5CG R5CU R5CU R6CC R6CE R6CG R6CU R6DG I1CC I1CE I1CE I1CG I1CU I1CU I1CS I2CE I2CE I2CU I2CU I2DE I3CE I4CE I5CC I5CE I5CE I5CG I5CU I5CU I5DG RCE RCU Chilton Diversified , , , , , ,. 16, , ,6. 26, , Ivory Optimal 83, , ,14. CROCI World ESG , , , , , , , Chilton European Equities Key Figures as at 31 July 217 (continued)

13 Key Figures as at 31 July 217 (continued) MCP Terra Grove Pan Asia MidOcean Absolute Return Credit asset value per share R1CE (EUR) R1CU I1CE (EUR) I1CU I2CE (EUR) I2CU I3CC (CHF) I3CE (EUR) I3CU I3DU I5CE (EUR) I5CU , , , ,26.78 Number of shares outstanding R1CE R1CU I1CE I1CU I2CE I2CU I3CC I3CE I3CU I3DU I5CE I5CU , ,. 11, , , ,3, , , , , , ,

14 Statement of Operations and Changes in Assets for the Period ended 31 July 217 Commodity Euro CROCI Branchen Stars Commodity CROCI World Note EUR EUR EUR NET ASSETS AT THE BEGINNING OF THE PERIOD 7,947,46 46,725,989 32,95, ,288,77 INCOME Dividends on shares, net Interest on bonds / 's bonds, net 228,922 Bank interest Dividends on s, net Other income TOTAL INCOME 228, , ,61 177,287 1,7 178,294 1,29,919 1,186 1,211,15 EXPENSES Management Fee (4) 389,252 Performance Fee (6) Subscription tax (3) 17,43 Bank charges Interest paid 849 Interest paid on s Interest on swaps Dividends on s, net Fixed Fee (5) 32,559 TOTAL EXPENSES 44,9 293,937 12, ,6 332, ,586 5, , , ,948 9, ,59 485,848 NET INCOME / (LOSS) FROM INVESTMENTS (211,168) realised on sales of investments (118,432) realised on s realised on swaps (118,48) realised on options realised on forward foreign exchange contracts realised on futures realised on foreign exchange 1,188 NET REALISED GAIN / (LOSS) (446,892) Change in net appreciation / (depreciation) on investments (718,692) Change in net appreciation / (depreciation) on futures Change in net appreciation / (depreciation) on forward foreign exchange contracts Change in net appreciation / (depreciation) on s Change in net appreciation / (depreciation) on swaps (283,31) Change in net appreciation / (depreciation) on options NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS (1,448,894) 182,893 4,874,214 2,197,11 (1,544) 95,63 7,348,294 (4,472,72) 1,887 1,97,866 3,975,327 4,343 (24,55) (1,21,93) 555,62 (2,672) (857,667) 1,949,638 (376,892) (1,65,54) (35,425) 725,257 1,294,74 (33,997) 16,129 1,631 11,12,724 (5,58,577) 648 5,954,795 EVOLUTION OF THE CAPITAL Subscriptions of shares 825,15 Redemptions of shares (6,61,21) Dividends paid (16) translation NET ASSETS AT THE END OF THE PERIOD 63,713,47 43,28,576 (5,169,434) (31,637) 88,258,821 3,126,69 (4,329,649) 3,542,18 13,875,498 (75,172,59) (49,566) 76,896,925 Any inconsistencies on the amounts of changes in net appreciation/(depreciation) are the result of rounding differences. 14 The accompanying notes form an integral part of these financial statements.

15 Statement of Operations and Changes in Assets (continued) for the Period ended 31 July 217 PWM CROCI Multi Fund CROCI Sectors Fund CROCI Global Dividends CROCI US Dividends Note EUR EUR NET ASSETS AT THE BEGINNING OF THE PERIOD 134,98,38 62,622, ,474, ,825,881 INCOME Dividends on shares, net 4 Interest on bonds / 's bonds, net Bank interest 5,175 Dividends on s, net Other income TOTAL INCOME 5,179 5,477,424 1,26 5,478,684 4,21,65 2,187 1,16 4,24,952 1,727,234 1,26 192,958 1,921,452 EXPENSES Management Fee (4) 794,54 Performance Fee (6) Subscription tax (3) 3,32 Bank charges Interest paid 3,645 Interest paid on s Interest on swaps Dividends on s, net Fixed Fee (5) 13,572 TOTAL EXPENSES 94,33 2,166,52 43, ,64 269,522 2,482,881 1,248,43 37,711 1, ,89 1,417,6 586,75 27, ,82 693,96 NET INCOME / (LOSS) FROM INVESTMENTS (899,124) realised on sales of investments 993,442 realised on s realised on swaps realised on options realised on forward foreign exchange contracts realised on futures realised on foreign exchange (116,248) NET REALISED GAIN / (LOSS) (21,93) Change in net appreciation / (depreciation) on investments 4,788,48 Change in net appreciation / (depreciation) on futures Change in net appreciation / (depreciation) on forward foreign exchange contracts Change in net appreciation / (depreciation) on s Change in net appreciation / (depreciation) on swaps Change in net appreciation / (depreciation) on options NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 4,766,55 2,995,83 31,851,177 (1,47,82) 19,556 (14,18) 33,768,68 (3,961,376) (7,41) 14,965 2,94,796 2,787,946 16,276,46 29,582 13,21 19,17,189 9,375,382 (519) 28,482,52 1,227,546 8,63,36 2,632 27, ,888,691 4,16, ,994,886 EVOLUTION OF THE CAPITAL Subscriptions of shares 71,485 Redemptions of shares (4,867,794) Dividends paid (16) translation NET ASSETS AT THE END OF THE PERIOD 135,58,621 22,536,892 (161,887,922) (94,315) 484,118,198 3,989,792 (56,38,4) (1,329,338) 258,579,198 34,262,428 (15,53,868) (2,294,255) 174,285,72 Any inconsistencies on the amounts of changes in net appreciation/(depreciation) are the result of rounding differences. The accompanying notes form an integral part of these financial statements. 15

16 Statement of Operations and Changes in Assets (continued) for the Period ended 31 July 217 Chilton Diversified Ivory Optimal CROCI World ESG Chilton European Equities Note EUR EUR NET ASSETS AT THE BEGINNING OF THE PERIOD 79,74,98 174,214,884 19,185,9 14,417,861 INCOME Dividends on shares, net 253,571 Interest on bonds / 's bonds, net Bank interest 7,545 Dividends on s, net Other income TOTAL INCOME 261, ,85 77,998 64,7 698,9 252, ,215 1,926, ,926,481 EXPENSES Management Fee (4) 518,3 Performance Fee (6) Subscription tax (3) 6,523 Bank charges Interest paid 414 Interest paid on s 14,368 Interest on swaps 5,47 Dividends on s, net 159,532 Fixed Fee (5) 42,561 TOTAL EXPENSES 746,898 1,458,76 29,694 14,64 21, ,566 1,48,67 129,776 3,362, ,93 3, , , , ,75 6,18 2,583 17,686 43,332 1,873,56 87,859 3,53,645 NET INCOME / (LOSS) FROM INVESTMENTS (485,782) realised on sales of investments 3,523,356 realised on s (2,959,952) realised on swaps realised on options realised on forward foreign exchange contracts 1,22,863 realised on futures realised on foreign exchange (12,142) NET REALISED GAIN / (LOSS) 1,268,343 Change in net appreciation / (depreciation) on investments 1,285,694 Change in net appreciation / (depreciation) on futures Change in net appreciation / (depreciation) on forward foreign exchange contracts 32 Change in net appreciation / (depreciation) on s 1,477,352 Change in net appreciation / (depreciation) on swaps Change in net appreciation / (depreciation) on options NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 4,31,421 (2,664,299) 15,25,963 18,244 32,586 5,565,652 (4,15,389) (87,556) 14,253,21 2,81,96 22,72 287,349 (3,257,268) 71,519 14,358, , ,828 (1,19) (2,941) 67,544 (483,873) 186,671 (1,577,164) 6,16,76 (4,25,617) (98,921) (94,85) (4,711) 3,574,91 25, ,421 4,338,16 EVOLUTION OF THE CAPITAL Subscriptions of shares 1,355,52 Redemptions of shares (43,217,879) Dividends paid (16) translation NET ASSETS AT THE END OF THE PERIOD 41,98,692 3,71,36 (55,135,616) 164,139,173 3,779,276 (889,265) (54,385) 22,27,387 47,271,931 (33,211,98) 122,816,8 Any inconsistencies on the amounts of changes in net appreciation/(depreciation) are the result of rounding differences. 16 The accompanying notes form an integral part of these financial statements.

17 Statement of Operations and Changes in Assets (continued) for the Period ended 31 July 217 MCP Terra Grove Pan Asia MidOcean Absolute Return Credit Combined Note EUR NET ASSETS AT THE BEGINNING OF THE PERIOD 12,65,885 INCOME Dividends on shares, net Interest on bonds / 's bonds, net Bank interest 4,879 Dividends on s, net 83,273 Other income 228 TOTAL INCOME 88,38 EXPENSES Management Fee (4) 91,73 Performance Fee (6) 4,311 Subscription tax (3) 854 Bank charges Interest paid 42 Interest paid on s 292,531 Interest on swaps Dividends on s, net Fixed Fee (5) 11,546 TOTAL EXPENSES 437,347 NET INCOME / (LOSS) FROM INVESTMENTS (348,967) realised on sales of investments 37,425 realised on s 1,41,788 realised on swaps realised on options realised on forward foreign exchange contracts 65,99 realised on futures realised on foreign exchange (4,451) NET REALISED GAIN / (LOSS) 791,785 Change in net appreciation / (depreciation) on investments 8,824 Change in net appreciation / (depreciation) on futures Change in net appreciation / (depreciation) on forward foreign exchange contracts 22,5 Change in net appreciation / (depreciation) on s 15,557 Change in net appreciation / (depreciation) on swaps Change in net appreciation / (depreciation) on options NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 838,171 EVOLUTION OF THE CAPITAL Subscriptions of shares 6,288,82 Redemptions of shares (2,51,843) Dividends paid (16) translation NET ASSETS AT THE END OF THE PERIOD 17,222,33 143,615,326 1,873,275 5,834 1,924,19 1,385,432 16,29 16,8 8,45 2,61 4,69,815 33,79 218,15 6,587,284 4,336,825 1,292,417 (5,167,376) 3,657,522 (313,91) 24,3,979 (24,31) 27,812,435 2,917,565 2,272,758 (488,58) (4,85,936) (18,462) 27,527, ,617,513 (25,229,44) (196,867) 473,334,384 1,98,821,982 15,96,336 9,667,91 119,529 7,63 164,85 25,119,246 9,474,362 57, ,168 28,16 32,21 4,766, ,139 3,264,686 1,112,18 19,657,872 5,461,374 92,426,998 (1,244,927) 1,956,683 5,67 27,693,23 (3,334,494) (345,3) 113,619,27 (14,295,2) 167,29 3,134,32 (1,168,47) (5,263,325) (92,43) 96,11,41 5,416,813 (459,11,349) (3,74,325) (65,4,461) 1,977,485,61 Any inconsistencies on the amounts of changes in net appreciation/(depreciation) are the result of rounding differences. The accompanying notes form an integral part of these financial statements. 17

18 Statistics Commodity Euro CROCI Branchen Stars Commodity CROCI World Total Asset Value 31 July January January 216 EUR 63,713,47 7,947,46 71,858,985 EUR 88,258,821 46,725,989 44,59,258 3,542,18 32,95,645 4,977,454 EUR 76,896, ,288,77 117,2,524 NAV per share at the end of the period 31 July 217 R1C R1CA R1CB R1CC ( SGD) R1CE R1CS ( CHF) R1CU ( ) R1D R2CA I1C I1CE I1CU ( ) I1DE I2C I2C ( GBP) I3C ( CHF) I4C , , , , , , NAV per share at the end of the period 31 January 217 R1C R1CA R1CB R1CC (SGD) R1CE R1CS (CHF) R1CU () R1D R2CA I1C I1CE I1CU () I1DE I2C I2C (GBP) I3C (CHF) I4C , , , , , ,53.72 NAV per share at the end of the period 31 January R1C R1CA R1CB R1CC (SGD) R1CE R1CS (CHF) R1CU () R1D R2CA I1C I1CE I1CU () I1DE I2C I2C (GBP) I3C (CHF) I4C , , , , , ,763.98

19 Statistics (continued) PWM CROCI Multi Fund CROCI Sectors Fund CROCI Global Dividends CROCI US Dividends Total Asset Value 31 July January January 216 EUR 135,58, ,98,38 128,87,234 EUR 484,118,198 62,622, ,913, ,579, ,474, ,1, ,285,72 143,825, ,453,72 NAV per share at the end of the period 31 July 217 R1C R1CA ( EUR) R1CE ( EUR) R1CG ( GBP) R1CU R1CU ( ) R1DE ( EUR) R1DU R3C R3CN ( NOK) I1CE ( EUR) I1CG ( GBP) I1CU ( ) I1CU I1DA ( AUD) I1DE ( EUR) I1DE I1DG ( GBP) I1DU I2C I3C RCE ( EUR) RCE RCG ( GBP) NAV per share at the end of the period 31 January 217 R1C R1CA (EUR) R1CE (EUR) R1CG (GBP) R1CU R1CU () R1DE (EUR) R1DU R3C R3CN (NOK) I1CE (EUR) I1CG (GBP) I1CU () I1CU I1DA (AUD) I1DE (EUR) I1DE I1DG (GBP) I1DU I1DU () I2C I3C RCE (EUR) RCE RCG (GBP)

20 Statistics (continued) PWM CROCI Multi Fund CROCI Sectors Fund CROCI Global Dividends CROCI US Dividends EUR EUR NAV per share at the end of the period 31 January 216 R1C R1CA (EUR) R1CE (EUR) R1CG (GBP) R1CU R1CU () R1DE (EUR) R1DU R3C R3CN (NOK) I1CE (EUR) I1CG (GBP) I1CU () I1CU I1DA (AUD) I1DE (EUR) I1DE I1DG (GBP) I1DU I1DU () I2C I3C RCE (EUR) RCE RCG (GBP)

21 21 Statistics (continued) 1, , , , ,98,692 79,74,98 122,914,631 Total Asset Value NAV per share at the end of the period 31 July January January July 217 ) ( R1CE EUR R1CE ) ( R1CN NOK R1CU R1DE ) ( R5CC CHF ) ( R5CE EUR R5CE ) ( R5CG GBP ) ( R5CU R5CU ) ( R6CC CHF ) ( R6CE EUR ) ( R6CG GBP R6CU ) ( R6DG GBP ) ( I1CC CHF ) ( I1CE EUR I1CE ) ( I1CG GBP ) ( I1CU I1CU ) ( I1CS SEK ) ( I2CE EUR I2CE I2CU ) ( I2CU I2DE I3CE ) ( I4CE EUR ) ( I5CC CHF ) ( I5CE EUR ) ( I5CE EUR ) ( I5CG GBP ) ( I5CU I5CU ) ( I5DG GBP ) ( RCE EUR RCU Chilton Diversified 9, , ,91.6 9, , ,67.3 9, ,.95 9,72.4 9, ,139, ,214, ,12,151 Ivory Optimal EUR , , ,27,387 19,185,9 4,179,962 CROCI World ESG EUR 11, , , , , ,816,8 14,417, ,317,44 Chilton European Equities

22 Statistics (continued) Chilton Diversified Ivory Optimal CROCI World ESG Chilton European Equities EUR EUR NAV per share at the end of the period 31 January 217 R1CE (EUR) R1CE R1CN (NOK) R1CU R1CU () R1DE R5CC (CHF) R5CE (EUR) R5CE R5CG (GBP) R5CU () R5CU R6CC (CHF) R6CE (EUR) R6CG (GBP) R6CU R6DG (GBP) I1CC (CHF) I1CE (EUR) I1CE I1CG (GBP) I1CU () I1CU I1CS (SEK) I2CE (EUR) I2CE I2CU I2CU () I2DE I3CE I4CE (EUR) I5CC (CHF) I5CE (EUR) I5CE (EUR) I5CG (GBP) I5CU () I5CU I5DG (GBP) RCE (EUR) RCG (GBP) RCU 1, , , , , , , , ,815. 9, , , , , , , , , ,856. 1, ,49.4 1, , ,

23 23 Statistics (continued) 11, , , ,4.18 9,39.3 NAV per share at the end of the period 31 January 216 (EUR) R1CE R1CE (NOK) R1CN R1CU () R1CU R1DE (CHF) R5CC (EUR) R5CE (GBP) R5CG R5CU (CHF) R6CC (EUR) R6CE (GBP) R6CG R6CU (CHF) I1CC (EUR) I1CE I1CE (GBP) I1CG () I1CU I1CU (SEK) I1CS (EUR) I2CE I2CE (GBP) I2CG I2CU () I2CU I2DE (EUR) I4CE I4CU (CHF) I5CC (EUR) I5CE (GBP) I5CG I5CU (EUR) RCE (GBP) RCG Chilton Diversified 9,2.47 9, , , ,82.6 8, , , , , Ivory Optimal EUR , ,69.5 CROCI World ESG EUR 1, , Chilton European Equities

24 Statistics (continued) MCP Terra Grove Pan Asia MidOcean Absolute Return Credit Total Asset Value 31 July January January ,222,33 12,65,885 66,299, ,334, ,615,326 15,17,789 NAV per share at the end of the period 31 July 217 R1CE ( EUR) R1CU I1CE ( EUR) I1CU I2CE ( EUR) I2CU I3CC ( CHF) I3CE ( EUR) I3CU I3DU I5CE ( EUR) I5CU , , , ,26.78 NAV per share at the end of the period 31 January 217 R1CE (EUR) R1CU I1CE (EUR) I1CU I2CE (EUR) I2CU I3CC (CHF) I3CE (EUR) I3CU I3DU RCG (GBP) 9, , , , , ,358.5 NAV per share at the end of the period 31 January 216 R1CE (EUR) R1CU I1CE (EUR) I1CU I2CC (CHF) I2CE (EUR) I2CU I3CE (EUR) I3CU RCG (GBP) 9, , , ,1.74 1, ,6.2 24

25 Commodity Euro Statement of Investments as at 31 July 217 (expressed in EUR) Quantity/ Cost Evaluation % net Face value assets Description Transferable securities admitted to an official stock exchange listing Bonds France Com.fin.foncier 5.5% ,6, GBP 2,226,6 2,354, Dexia Clf 2.125% ,9, GBP 18,274,275 16,96, Dexia Mun Ag 2.5% ,7, CHF 1,726,56 1,529, ,226,895 19,981, Germany Germany % 9425 /int.strip 3,, EUR 3,3,3 3,42, Germany % Strips 16,9, EUR 17,246,45 17,72, Germany % Strip Io 16,95, EUR 16,866,87 16,869, Germany.5% ,75, EUR 1,794,275 1,776, ,91,895 38,761, Japan Japan.1% ,1, JPY 2,486,65 2,589, ,486,65 2,589, Total Bonds 63,624,395 61,331, Total Transferable securities admitted to an official stock exchange listing 63,624,395 61,331, TOTAL INVESTMENT PORTFOLIO 63,624,395 61,331,

26 CROCI Branchen Stars Statement of Investments as at 31 July 217 (expressed in EUR) Quantity/ Cost Evaluation % net Face value assets Description Transferable securities admitted to an official stock exchange listing Shares France Sanofi 34,76 EUR 2,644,57 2,75, ,644,57 2,75, Germany Bayer Ag 25,172 EUR 2,636,12 2,697, Continental Ag 15,6 EUR 2,946,86 2,858, ,582,872 5,555, Ireland Eaton Corporation Public Ltd 44,215 2,849,554 2,934, Ryanair Holdings Plc 165,583 EUR 2,589,456 2,941, ,439,1 5,876, Japan Ana Holdings Inc 979,816 JPY 2,76,719 2,846, Astellas Pharma Inc 272,5 JPY 3,262,229 2,945, Bridgestone Corp 77,3 JPY 2,962,821 2,763, Central Japan Railway Co 19,933 JPY 2,92,519 2,715, Daiichi Sankyo Co Ltd 151,638 JPY 3,74,94 2,82, Isuzu Motors Ltd 276,9 JPY 3,2,13 3,222, Itochu Corp 233,9 JPY 3,37,652 3,17, Mitsubishi Electric Corp 233,471 JPY 2,769,322 3,65, Mitsubishi Heavy Industries 851, JPY 3,312,491 2,869, Nissan Motor Co.ltd 346,1 JPY 3,1,72 2,911, Sekisui House Ltd 193,7 JPY 2,996,49 2,842, Smc Corp 1,34 JPY 2,547,442 2,786, Subaru Shs 97,7 JPY 3,6,26 2,995, Sumitomo Electric Industries 29,7 JPY 2,93,79 2,877, Toyota Motor Corp 62,5 JPY 2,977,766 2,99, ,534,32 43,742, herlands Mylan N.v. 87,43 3,32,956 2,891, ,32,956 2,891, United States Amgen Inc 21,16 3,178,147 3,132, Biogen Inc 13,17 3,216,728 3,219, Delta Air Lines 65,821 2,83,451 2,755, Gilead Sciences Inc. 52,372 3,43,125 3,379, Mckesson Corp 2,845 2,912,526 2,861, Merck 52,45 2,929,44 2,841, Southwest Airlines Co 56,116 2,62,28 2,642,

27 CROCI Branchen Stars Statement of Investments (continued) as at 31 July 217 (expressed in EUR) Quantity/ Cost Evaluation % net Face value assets Description Transferable securities admitted to an official stock exchange listing (continued) Shares (continued) United States (continued) Target Corp 61,781 2,938,79 2,969, st Century shs A 122,429 2,992,875 3,21, ,994,633 26,824, Total Shares 88,227,56 87,64, Total Transferable securities admitted to an official stock exchange listing 88,227,56 87,64, TOTAL INVESTMENT PORTFOLIO 88,227,56 87,64,

28 Commodity Statement of Investments as at 31 July 217 (expressed in ) Quantity/ Cost Evaluation % net Face value assets Description Transferable securities admitted to an official stock exchange listing Bonds France Dexia Clf 2.125% ,7, GBP 2,5,792 2,321, Dexia Mun Ag 2.5% ,5, CHF 8,458,578 7,956, ,959,37 1,277, Germany Germany % 9425 /int.strip 5,75, EUR 4,718,99 6,68, Germany % Strip Io 5,17, EUR 5,511,699 6,66, ,23,68 12,135, Japan Japan.2% ,5, JPY 73,1 792, ,1 792, United States Usa 1% /tbo 1,7, 1,76,87 1,699, Usa 1.125% /tbo 4,8, 4,786,279 4,786, ,493,149 6,486, Total Bonds 28,386,137 29,69, Total Transferable securities admitted to an official stock exchange listing 28,386,137 29,69, TOTAL INVESTMENT PORTFOLIO 28,386,137 29,69,

29 CROCI World Statement of Investments as at 31 July 217 (expressed in EUR) Quantity/ Cost Evaluation % net Face value assets Description Transferable securities admitted to an official stock exchange listing Shares Australia Bhp Billiton Ltd 5,842 AUD 856,9 889, Telstra Corporation Ltd 266,85 AUD 911,857 74, Wesfarmers Shs 14,491 AUD 442, , Woodside Petroleum Ltd 19,651 AUD 468, , ,679,835 2,418, Denmark Novo Nordisk A/s /b 2,393 DKK 766, , Vestas Wind Systems As / Reg 9,822 DKK 585,323 81, ,351,69 1,546, France Danone 5,91 EUR 372,2 372, Michelin B /nom. 6,645 EUR 64, , Sanofi 9,7 EUR 72,98 727,45.95 Schneider Electric Se 11,381 EUR 678,93 755, ,358,669 2,614, Germany Bayer Ag 6,53 EUR 77,75 696, Continental Ag 4,24 EUR 723,35 766, Deutsche Post Ag 11,761 EUR 333, ,761.5 Merck Kgaa 3,678 EUR 292, ,52.44 Siemens Ag /nam. 6,25 EUR 583, , ,64,594 2,92, Great Britain Anglo American Plc 66,21 GBP 785, , Glaxosmithkline 2,272 GBP 391, ,37.45 Rio Tinto Plc /reg. 21,444 GBP 81, , Sse Plc 45,942 GBP 785,968 78, ,764,92 2,822, Ireland Allergan Plc 1, ,82 4,4.52 Crh Plc 24,481 EUR 789, , Eaton Corporation Public Ltd 11, ,94 766,24.99 Ingersollrand Plc Shs 9, ,22 732, Johnson Ctr Int Shs 21, , , Medtronic Holdings Limited 5, ,38 366, Seagate Technologie Plc 11, , , ,34,73 4,5,

30 CROCI World Statement of Investments (continued) as at 31 July 217 (expressed in EUR) Quantity/ Cost Evaluation % net Face value assets Description Transferable securities admitted to an official stock exchange listing (continued) Shares (continued) Japan Astellas Pharma Inc 71,7 JPY 98, , Bridgestone Corp 2,139 JPY 582,13 719, Central Japan Railway Co 5,3 JPY 81, , Itochu Corp 6,1 JPY 811, , Jx Holdings 99,4 JPY 39, ,27.49 Nissan Motor Co.ltd 9,5 JPY 781, , Sekisui House Ltd 24,8 JPY 391, , Subaru Shs 26,4 JPY 985,58 89, Sumitomo Electric Industries 56,614 JPY 75,92 776, Toyota Motor Corp 16,7 JPY 779,63 799, ,148,328 6,899, Jersey Delphi Automotive Plc 1,214 77, , Shire Plc 15,411 GBP 837, , ,544,577 1,517, Luxembourg Arcelormittal Sa 4,785 EUR 932,567 95, ,567 95, herlands Koninklijke Ahold Delhaize N.v. 43,298 EUR 78, , Koninklijke Dsm Nv 11,975 EUR 618, ,1.97 Lyondellbasell Ind Nv a 1, , , Mylan N.v. 22,512 98, , ,54,2 3,72, Singapore Broadcom Limited 3, ,39 741, Singapore Telec/board Lot 1 322,272 SGD 77, , ,34,41 1,54,83 2. Spain Iberdrola Sa 112,345 EUR 653, , , , Sweden Hennes & Mauritz Ab 37,341 SEK 844, , , ,

31 CROCI World Statement of Investments (continued) as at 31 July 217 (expressed in EUR) Quantity/ Cost Evaluation % net Face value assets Description Transferable securities admitted to an official stock exchange listing (continued) Shares (continued) Switzerland Adecco Group Sa /act.nom. 11,564 CHF 7,21 75, Lafargeholcim N Namenakt. 15,84 CHF 781, ,91 1. Novartis Ag Basel/nam. 1,547 CHF 79, , Roche Holding Ag /genussschein 3,44 CHF 813, , Te Connectivity /reg Shs 11, ,64 761, ,777,35 3,776, United States Abbvie Inc 12, , , Alexion Pharma Inc 7, , , Amgen Inc 5, ,82 771,9 1. Apple Inc 5, ,96 736, Applied Materials Inc 19, , , Biogen Inc 3,357 8, , Bristol Myers Squibb Co 16, , , Cardinal Health Inc. 11, ,37 751, Cbs Corp b /when Issued 14, ,75 788, Celgene Corp. 7, ,21 818, Cisco Systems Inc. 27,81 619, , Cognizant Technology Sol A 13,21 691, , Cvs Health Corp 11,23 817, ,31.97 Dollar General Corporation 12, , , Dr Horton Inc 26, ,8 79, Eastman Chemical Co 1, , , Ebay Inc 24, , , Estee Lauder Co a 9,19 741, ,81.99 Exelon Corp 24,4 692, , General Motors Co 25, , , Gilead Sciences Inc. 13, , , Hasbro Inc. 7, , , Hewlett Packard Ent Co 26, , , Honeywell International Inc. 3, ,24 385,731.5 Hp Inc 49,12 574,41 794,3 1.3 Ibm 5,694 78, , Intel Corp. 25, , , Johnson & Johnson 6, , , Juniper works Inc. 3, , , Kla Tencor Corporation 8,75 591,87 683, Kroger Co. 19, ,968 4,93.52 L Brands Inc 16,81 767, , Lam Research Corp 5,73 657,27 771, Lilly (eli) & Co 5,472 39, ,643.5 Marathon Petroleum Corp 16, , , Mckesson Corp 5, ,17 723,

32 CROCI World Statement of Investments (continued) as at 31 July 217 (expressed in EUR) Quantity/ Cost Evaluation % net Face value assets Description Transferable securities admitted to an official stock exchange listing (continued) Shares (continued) United States (continued) Merck 13,7 637, , app Inc 22,65 78, , Nike Inc B 16,61 794, , Oracle Corp 18, , , Pfizer Inc. 26, , , Ppg Industries Inc. 7, , , Publ.serv.enterprise 2,84 792, ,54 1. Qualcomm Inc. 15,56 85, , Raytheon Company 5, ,24 79, Skyworks Solutions Inc *opa* 8, ,81 75,19.98 Target Corp 16, , , Time Warner 8,92 599, , Tyson Foods Inc.a 14,441 89, , Valero Ener. Corp 13,55 641, , Vf Corp 15, ,393 84, Viacom Inc b 24,973 1,87, , Walgreens Boots Alliance Inc 11,39 82, , Walmart Stores Inc 11, , , Whirlpool Corp. 2, , , st Century shs A 31, , , ,657,494 41,24, Total Shares 73,746,146 76,62, Total Transferable securities admitted to an official stock exchange listing 73,746,146 76,62, TOTAL INVESTMENT PORTFOLIO 73,746,146 76,62,

33 PWM CROCI Multi Fund Statement of Investments as at 31 July 217 (expressed in EUR) Quantity/ Cost Evaluation % net Face value assets Description Transferable securities admitted to an official stock exchange listing Investment funds Luxembourg Db Xtrackers Etf Msci Ac Asia Ex Japan Index Ucits 393,95 EUR 12,467,216 14,327, Deutsche Floating Rate Notes Lc 38,89 EUR 3,249,37 3,276, Deutsche Floating Rate Notes (usd) Usd Ld ,716,97 17,65, Total Investment funds 15,716,97 17,65, Total Transferable securities admitted to an official stock exchange listing 15,716,97 17,65, Other transferable securities Investment funds Luxembourg Db Platinum Croci Global Dividends I1ce 85,477 EUR 11,422,715 13,671, Db Platinum Croci Sectors Fund I2c 38,362 EUR 11,89,57 13,262, Db Platinum Croci Us Dividends I1cu 83,44 9,869,278 13,282, Db Platinum Iv Croci Euro I2c 82,855 EUR 8,642,476 8,947, Db Platinum Iv Croci Euro I1c 91,819 EUR 18,675,416 25,422, Db Platinum Iv Croci Japan I1c 76,173 JPY 8,57,651 1,743, Db Platinum Iv Croci Us I1c 81,43 16,424,591 2,92, ,631,184 16,233, Total Investment funds 84,631,184 16,233, Warrants Great Britain Db Ln Perp /dbeecrgt/cert 66 EUR 7,97,389 9,177, ,97,389 9,177, Total Warrants 7,97,389 9,177, Total Other transferable securities 92,538, ,411, TOTAL INVESTMENT PORTFOLIO 18,255, ,16,

34 CROCI Sectors Fund Statement of Investments as at 31 July 217 (expressed in EUR) Quantity/ Cost Evaluation % net Face value assets Description Transferable securities admitted to an official stock exchange listing Shares Belgium Ucb 262,27 EUR 16,566,833 16,141, ,566,833 16,141, France Sanofi 193,58 EUR 14,63,28 15,619, ,63,28 15,619, Germany Bayer Ag 139,945 EUR 13,15,146 14,995, Continental Ag 84,229 EUR 16,186,438 16,45, ,291,584 31,4, Ireland Eaton Corporation Public Ltd 247,142 12,62,599 16,42, Ryanair Holdings Plc 913,27 EUR 12,525,998 16,219, ,146,597 32,622, Japan Astellas Pharma Inc 1,512,4 JPY 18,722,511 16,346, Bridgestone Corp 434,797 JPY 13,65,618 15,543, Central Japan Railway Co 112,916 JPY 18,213,264 15,384, Daiichi Sankyo Co Ltd 842,676 JPY 16,55,442 15,576, Itochu Corp 1,285,6 JPY 16,786,526 17,77, Mitsubishi Electric Corp 1,283,141 JPY 13,457,781 16,847, Mitsubishi Heavy Industries 4,771, JPY 2,775,818 16,88, Sekisui House Ltd 1,85,256 JPY 16,767,749 15,923, Smc Corp 58,795 JPY 13,21,711 15,845, Subaru Shs 542,8 JPY 2,636,888 16,641, Sumitomo Electric Industries 1,175,982 JPY 15,531,612 16,135, ,114,92 177,41, herlands Mylan N.v. 469,619 16,31,338 15,53, ,31,338 15,53, Switzerland Adecco Group Sa /act.nom. 246,32 CHF 13,112,649 15,979, Roche Holding Ag /genussschein 72,793 CHF 14,929,687 15,671, ,42,336 31,65, United States Amgen Inc 114,73 15,443,219 16,981,

35 CROCI Sectors Fund Statement of Investments (continued) as at 31 July 217 (expressed in EUR) Quantity/ Cost Evaluation % net Face value assets Description Transferable securities admitted to an official stock exchange listing (continued) Shares (continued) United States (continued) Biogen Inc 72,228 18,31,186 17,74, Delta Air Lines 352,978 12,78,686 14,777, Discovery Com Inc/a 715,72 16,664,159 14,933, Dr Horton Inc 555,993 15,456,121 16,83, Gilead Sciences Inc. 291,17 19,49,574 18,781, Goodyear Tire & Rubber 53,924 14,887,687 14,189, Southwest Airlines Co 315,752 12,76,853 14,866, st Century shs A 68,986 15,28,818 16,88, ,958,33 145,91, Virgin Islands Michael Kors Holdings Ltd 532,114 21,328,816 16,446, ,328,816 16,446, Total Shares 475,11, ,372, Total Transferable securities admitted to an official stock exchange listing 475,11, ,372, TOTAL INVESTMENT PORTFOLIO 475,11, ,372,

36 CROCI Global Dividends Statement of Investments as at 31 July 217 (expressed in ) Quantity/ Cost Evaluation % net Face value assets Description Transferable securities admitted to an official stock exchange listing Shares Australia Bhp Billiton Ltd 183,784 AUD 3,374,131 3,792, Wesfarmers Shs 16,915 AUD 3,371,686 3,476, ,745,817 7,269, Denmark Novo Nordisk A/s /b 8,393 DKK 2,814,427 3,417, ,814,427 3,417, France Danone 67,632 EUR 4,363,819 5,3, Michelin B /nom. 37,587 EUR 4,134,16 5,67, Sanofi 51,788 EUR 4,874,956 4,928, Schneider Electric Se 65,456 EUR 3,989,74 5,12, ,362,621 2,147, Germany Basf Namenakt. 18,28 EUR 1,7,623 1,712, Bayer Ag 13,138 EUR 1,371,64 1,659, Deutsche Post Ag 137,378 EUR 4,211,645 5,312, Siemens Ag /nam. 35,95 EUR 4,281,174 4,863, ,564,56 13,548, Great Britain Glaxosmithkline 158,55 GBP 3,374,7 3,165, Sse Plc 177,77 GBP 3,387,619 3,231, ,761,626 6,397, Ireland Eaton Corporation Public Ltd 65,26 4,35,726 5,88, ,35,726 5,88, Japan Astellas Pharma Inc 47,686 JPY 5,36,151 5,195,1 2.1 Bridgestone Corp 119,427 JPY 4,522,95 5,33, Denso Corp 118,332 JPY 5,36,142 5,682, Japan Tobacco Inc. 144,574 JPY 5,449,324 5,16, Kddi Corp. 188,576 JPY 5,67,835 4,983, Sekisui House Ltd 93,891 JPY 1,587,249 1,624,26.63 Sumitomo Electric Industries 17,6 JPY 1,678,774 1,74, Tokyo Electron Co Ltd 12,545 JPY 1,125,184 1,768,3.68 Toyota Motor Corp 94,424 JPY 5,314,916 5,327, ,818,48 36,371,

37 CROCI Global Dividends Statement of Investments (continued) as at 31 July 217 (expressed in ) Quantity/ Cost Evaluation % net Face value assets Description Transferable securities admitted to an official stock exchange listing (continued) Shares (continued) herlands Koninklijke Ahold Delhaize N.v. 167,372 EUR 3,383,288 3,412, Koninklijke Dsm Nv 68,475 EUR 4,364,61 5,36, Lyondellbasell Ind Nv a 61,12 5,6,185 5,56, ,754,83 13,955, Singapore Singapore Telec/board Lot 1 626,42 SGD 1,678,556 1,832, ,678,556 1,832, Spain Iberdrola Sa 665,815 EUR 4,617,582 5,231, ,617,582 5,231, Sweden Hennes & Mauritz Ab 28,111 SEK 5,319,87 5,415, ,319,87 5,415, Switzerland Adecco Group Sa /act.nom. 66,82 CHF 4,146,15 5,11, Lafargeholcim N Namenakt. 87,988 CHF 5,13,23 5,275, Novartis Ag Basel/nam. 62,321 CHF 4,621,571 5,322, Roche Holding Ag /genussschein 19,388 CHF 5,,778 4,921, ,781,657 2,629, United States Abbvie Inc 72,712 4,177,914 5,83, Amgen Inc 3,483 4,669,738 5,319, Bristol Myers Squibb Co 3,431 1,677,371 1,731, Cardinal Health Inc. 67,265 5,77,35 5,196, Cisco Systems Inc. 157,473 4,127,473 4,952, Coach Inc 18,998 4,19,21 5,138, Cocacola Co. 38,328 1,554,869 1,756, Cvs Health Corp 64,16 5,133,375 5,116, Eastman Chemical Co 61,568 4,491,335 5,119, Genuine Parts Co 56,42 5,39,96 4,79, Gilead Sciences Inc. 75,678 5,416,167 5,758, Hp Inc 19,775 2,783,439 3,643, Ibm 32,931 5,154,867 4,764, Intel Corp. 144,335 4,32,49 5,119, Jm Smucker Co 14,651 1,74,534 1,785, Johnson & Johnson 38,678 3,865,251 5,133, Kla Tencor Corporation 17,354 1,693,794 1,67,51.62 Lilly (eli) & Co 41,185 3,15,634 3,44,

38 CROCI Global Dividends Statement of Investments (continued) as at 31 July 217 (expressed in ) Quantity/ Cost Evaluation % net Face value assets Description Transferable securities admitted to an official stock exchange listing (continued) Shares (continued) United States (continued) Merck 8,219 4,431,535 5,124, Pfizer Inc. 153,49 4,758,79 5,75, Publ.serv.enterprise 76,877 3,25,19 3,457, Qualcomm Inc. 89,895 5,66,126 4,781, Target Corp 92,563 6,148,564 5,245, Valero Ener. Corp 76,319 4,679,792 5,263, Vf Corp 91,317 4,987,238 5,679, Walmart Stores Inc 65,641 4,96,184 5,25, Whirlpool Corp. 8,895 1,581,47 1,582, Ww Grainger Inc 9,16 1,657,866 1,527, ,37, ,49, Total Shares 237,895, ,713, Total Transferable securities admitted to an official stock exchange listing 237,895, ,713, TOTAL INVESTMENT PORTFOLIO 237,895, ,713,

39 CROCI US Dividends Statement of Investments as at 31 July 217 (expressed in ) Quantity/ Cost Evaluation % net Face value assets Description Transferable securities admitted to an official stock exchange listing Shares Ireland Eaton Corporation Public Ltd 56,447 3,769,762 4,416, Johnson Ctr Int Shs 13,9 4,247,38 4,12, ,17,142 8,429, herlands Lyondellbasell Ind Nv a 51,793 4,443,246 4,666, ,443,246 4,666, Panama Carnival Corp 67,65 3,255,462 4,478, ,255,462 4,478, United States Abbvie Inc 62,136 3,63,952 4,343, Amgen Inc 26,128 4,16,88 4,559, Boeing Co 22,483 3,27,66 5,451, Cardinal Health Inc. 57,638 4,345,317 4,453, Cisco Systems Inc. 136,62 3,813,782 4,296, Coach Inc 93,113 3,478,833 4,389, Cummins Inc 26,786 3,46,117 4,497, Cvs Health Corp 54,11 4,342,382 4,324, Darden Restaurants 48,1 3,37,94 4,27, Dow Chemical Co. 66,243 3,545,735 4,255, Dr Pepper Snapple Grp Inc 46,241 4,34,211 4,215, Eastman Chemical Co 51,243 3,496,397 4,261, Emerson Electric Co. 7,615 4,128,92 4,29, General Electric Co 152,91 4,314,647 3,895, Gilead Sciences Inc. 66,394 4,825,34 5,51, Hp Inc 242,177 4,297,541 4,625, Ibm 27,852 4,556,258 4,29, Intel Corp. 119,738 3,875,74 4,247, Interpublic Group 175,714 4,281,858 3,797, Jm Smucker Co 33,51 4,294,678 4,83, Johnson & Johnson 32,542 3,499,226 4,318, Lilly (eli) & Co 52,876 3,964,258 4,37, Merck 67,93 3,955,545 4,337, Nextera Energy 3,698 3,83,683 4,484, Paccar Inc. 66,784 4,285,366 4,571, Pfizer Inc. 131,867 4,212,3 4,372, Procter & Gamble Co. 49,112 4,12,36 4,46, Qualcomm Inc. 74,665 4,596,348 3,971, Sempra Energy 37,773 3,869,348 4,268, Target Corp 74,873 5,64,731 4,243,