PARVEST SICAV SEMI-ANNUAL REPORT. at 31/08/2014. R.C.S. Luxembourg B

Transcription

1 PARVEST SICAV SEMI-ANNUAL REPORT at 31/08/2014 R.C.S. Luxembourg B

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3 Table of contents Organisation 3 Information 5 Financial statements at 31/08/ Key figures relating to the last 3 years 16 Securities portfolio at 31/08/2014 Bond Asia ex-japan 29 Bond Best Selection World Emerging 30 Bond USD 32 Bond USD Government 34 Bond World 35 Bond World Emerging Corporate 38 Bond World Emerging Local 39 Bond World High Yield 40 Bond World Inflation-Linked 44 Convertible Bond Asia 45 Convertible Bond World 46 Equity Best Selection Asia ex-japan 48 Equity Best Selection Euro 49 Equity Best Selection Europe 50 Equity Brazil 51 Equity Bric 52 Equity China 54 Equity Europe Emerging 55 Equity Europe Growth 56 Equity Europe Mid Cap 57 Equity Europe Small Cap 58 Equity High Dividend Europe 59 Equity High Dividend Pacific 60 Equity High Dividend USA 61 Equity India 62 Equity Indonesia 63 Equity Japan 64 Equity Latin America 65 Equity Russia 67 Equity Russia Opportunities 68 Equity USA Growth 69 Equity USA Mid Cap 70 Equity World Consumer Durables 71 Equity World Emerging 72 Equity World Energy 73 Page 1 Page

4 Table of contents Page Equity World Finance 74 Equity World Health Care 75 Equity World Low Volatility 76 Equity World Materials 78 Equity World Technology 79 Equity World Telecom 80 Equity World Utilities 81 Green Tigers 82 Real Estate Securities Pacific 83 Real Estate Securities World 84 Notes to the financial statements 85 No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the current prospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter. Page 2

5 Organisation Registered office of the Company 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Board of Directors Chairman Mr. Philippe MARCHESSAUX, Chief Executive Officer, BNP Paribas Investment Partners, Paris Members Mr. Marnix ARICKX, Managing Director, BNP Paribas Investment Partners Belgium, Brussels Mr. Vincent CAMERLYNCK, CEO Asia Pacific, BNP Paribas Investment Partners, Hong Kong Mr. Christian DARGNAT, Head of Distributors Business Line, BNP Paribas Investment Partners, Paris Mrs. Marianne DEMARCHI, Head of Group Networks, BNP Paribas Investment Partners, Paris Mr. William DE VIJLDER, Vice-Chairman, BNP Paribas Investment Partners, Paris Mr. Andrea FAVALORO, Head of External Distribution, BNP Paribas Investment Partners, Paris (until 20 March 2014) Mr. Anthony FINAN, Deputy-Head of Distributors Business Line, BNP Paribas Investment Partners, Paris Mr. François HULLO, Head of External Distribution, BNP Paribas Investment Partners, Paris (since 14 May 2014) Mr. Marc RAYNAUD, Head of Global Funds Solutions, BNP Paribas Investment Partners, Paris Mr. Christian VOLLE, Chairman of the Fondation pour l Art et la Recherche, Paris Managing Director Mr. Anthony FINAN, Deputy-Head of Distributors Business Line, BNP Paribas Investment Partners, Paris Company Secretary (non-member of the Board) Mr. Stéphane BRUNET, Chief Executive Officer, BNP Paribas Investment Partners Luxembourg, Hesperange Management Company BNP Paribas Investment Partners Luxembourg, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg BNP Paribas Investment Partners Luxembourg is a Management Company as defined in chapter 15 of the law of 17 December 2010 concerning undertakings for collective investment, as amended. The Management Company performs the administration, portfolio management and marketing duties. Responsibility for calculating net asset values is delegated to: BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg The responsibilities of transfer agent and registrar are delegated to: BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Page 3

6 Organisation Responsibility for portfolio management is delegated to: Management entities of the BNP Paribas Group Alfred Berg Kapitalförvaltning AB Nybrokajen 5, SE Stockholm, Sweden BNP Paribas Asset Management S.A.S., 1 Boulevard Haussmann, F Paris, France BNP Paribas Asset Management Inc., 75 State Street, 6 th Floor, Boston, Ma 02109, USA BNP Paribas Asset Management Brasil Ltda, Av. Juscelino Kubitchek Andar, Sao Paulo SP, Brazil BNP Paribas Investment Partners Asia Ltd., 30/F Three Exchange Square, 8 Connaught Place, Central Hong Kong BNP Paribas Investment Partners Netherlands N.V., Burgerweeshuispad Tripolis 200, PO box 71770, NL-1008 DG Amsterdam, The Netherlands BNP Paribas Investment Partners Singapore Limited, 20 Collyer Quay Tung Center #01-01, Singapore BNP Paribas Investment Partners UK Ltd., 5 Aldermanbury Square, London EC2V 7BP, United Kingdom Fischer Francis Trees & Watts, Inc., 200 Park Avenue, 11 th floor, New York, NY 10166, USA Fischer Francis Trees & Watts UK Ltd., 5 Aldermanbury Square, London EC2V 7HR, United Kingdom TEB Portföy Yönetimi A.Ş., Gayrettepe Mahallesi Yener Sokak n 1 Kat. 9 Besiktas Istanbul, Turkey THEAM S.A.S., 1 Boulevard Haussmann, F Paris, France Management entities not part of the Group: Fairpointe Capital LLC., One North Franklin Street, Suite 3300, Chicago, IL 60606, USA, Manager for the Equity USA Mid Cap sub-fund RiverRoad Asset Management, LLC, 462 South Fourth Street, Suite 1600 Louisville, Kentucky , USA, Manager for the Equity High Dividend USA sub-fund The Company may also seek advice from the following investment advisors: FundQuest Advisor, 1 Boulevard Haussmann, F Paris, France, Advisor on the selection of portfolio managers from outside the Group TEB Portföy Yönetimi A.Ş., Gayrettepe Mahallesi Yener Sokak n 1 Kat. 9 Besiktas Istanbul, Turkey, Advisor for the Equity Europe Emerging sub-fund TKB BNP Paribas Investment Partners JSC, Marata Street, d liter A, St. Petersburg, Russian Federation, Advisor for the Equity Europe Emerging, Equity Russia, Equity Russia Opportunities and Equity Bric sub-funds Depositary/Paying agent BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Auditor PricewaterhouseCoopers, Société coopérative, 400 Route d Esch, B.P. 1443, L-1014 Luxembourg, Grand Duchy of Luxembourg Page 4

7 Information Establishment PARVEST (the Fund, the Company ) is an open-ended investment company (Société d Investissement à Capital Variable SICAV) incorporated under Luxembourg law on 27 March 1990 for an indefinite period. The Company is currently governed by the provisions of Part I of the law of 17 December 2010 governing undertakings for collective investment, as amended, as well as by Directive 2009/65. The Articles of Association have been modified at various times, most recently at the Extraordinary General Meeting on 21 July 2014, with publication in the Mémorial, Recueil Spécial des Sociétés et Associations on 11 August The latest version of the Articles of Association has been filed on 1 August 2014 with the Registrar of the District Court of Luxembourg, where any interested party may consult it and obtain a copy. The Company is registered in the Luxembourg Trade and Companies Register under the number B The minimum capital amounts to EUR It is at all times equal to the total net of the various sub-funds. It is represented by fully paid-up shares issued without a designated par value. The capital varies automatically without the notification and specific recording measures required for increases and decreases in the capital of limited companies. Listing The shares of the Company s are not listed on a Stock Exchange. Information to the Shareholders Net Asset Values and Dividends The Company publishes the legally required information in the Grand Duchy of Luxembourg and in all other countries where the shares are publicly offered. This information is also available on the website: Financial Year The Company s financial year starts on 1 March and ends on the last day of February until February The financial year will ends on 31 December in place of the last day of February with the first time in December Financial Reports The Company publishes an annual report closed on the last day of the financial year, certified by the auditors, as well as a non-certified, semi-annual interim report closed on the last day of the sixth month of the financial year. The Company is authorised to publish a simplified version of the financial report when required. The financial reports of each sub-fund are published in the accounting of the sub-fund, although the consolidated accounts of the Company are expressed in euro. The annual report is made public within four months of the end of the financial year and the interim report within two months of the end of the half-year. Documents for Consultation The Articles of Association, the Prospectus, the KIID and periodic reports may be consulted at the Company s registered office and at the establishments responsible for the Company s financial service. Copies of the Articles of Association and the annual and interim reports are available upon request. Information on changes to the Company will be published in the Luxemburger Wort newspaper and in any other newspapers deemed appropriate by the Board of Directors in countries in which the Company publicly markets its shares. Documents and information are also available on the website: Page 5

8 Financial statements at 31/08/2014 Bond Asia ex-japan Bond Best Selection World Emerging Bond USD Bond USD Government Expressed in USD USD USD USD Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) Securities portfolio at market value Net Unrealised gain on financial instruments 2,8,9, Cash at banks and time deposits Other Liabilities Bank overdrafts Net Unrealised loss on financial instruments 2,8,9, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Distribution fees Transaction fees Total expenses Net result from investments Net realised result on: Investments securities 2 ( ) ( ) ( ) Financial instruments ( ) ( ) ( ) ( ) Net realised result ( ) ( ) Movement on net unrealised gain/loss on: Investments securities Financial instruments ( ) ( ) Change in net due to operations Net subscriptions/(redemptions) ( ) ( ) Dividends paid 6 ( ) ( ) ( ) (12 308) Increase/(Decrease) in net during the year/period ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 6

9 Bond World Bond World Emerging Corporate Bond World Emerging Local Bond World High Yield Bond World Inflation- Linked Convertible Bond Asia EUR USD USD EUR EUR USD ( ) ( ) (9 787) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 0 ( ) Page 7

10 Financial statements at 31/08/2014 Convertible Bond World Equity Best Selection Asia ex- Japan Equity Best Selection Euro Equity Best Selection Europe Expressed in EUR EUR EUR EUR Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio Securities portfolio at market value Net Unrealised gain on financial instruments 2,8,9, Cash at banks and time deposits Other Liabilities Bank overdrafts Net Unrealised loss on financial instruments 2,8,9, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Distribution fees Transaction fees Total expenses Net result from investments Net realised result on: Investments securities ( ) Financial instruments ( ) ( ) Net realised result Movement on net unrealised gain/loss on: Investments securities ( ) ( ) ( ) Financial instruments ( ) (96) Change in net due to operations ( ) ( ) Net subscriptions/(redemptions) ( ) Dividends paid 6 ( ) ( ) ( ) ( ) Increase/(Decrease) in net during the year/period ( ) Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 8

11 Equity Brazil Equity Bric Equity China Equity Europe Emerging Equity Europe Growth Equity Europe Mid Cap USD USD USD EUR EUR EUR ( ) ( ) ( ) (34 951) ( ) (44 482) (51 098) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (76 685) ( ) ( ) ( ) (37 368) ( ) ( ) Page 9

12 Financial statements at 31/08/2014 Equity Europe Small Cap Equity High Dividend Europe Equity High Dividend Pacific Equity High Dividend USA Expressed in EUR EUR EUR USD Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio Securities portfolio at market value Net Unrealised gain on financial instruments 2,8,9, Cash at banks and time deposits Other Liabilities Bank overdrafts Net Unrealised loss on financial instruments 2,8,9, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Distribution fees Transaction fees Total expenses Net result from investments Net realised result on: Investments securities ( ) Financial instruments ( ) ( ) Net realised result ( ) Movement on net unrealised gain/loss on: Investments securities ( ) ( ) Financial instruments ( ) Change in net due to operations ( ) Net subscriptions/(redemptions) ( ) ( ) ( ) Dividends paid 6 ( ) ( ) ( ) ( ) Increase/(Decrease) in net during the year/period ( ) ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 10

13 Equity India Equity Indonesia Equity Japan Equity Latin America Equity Russia Equity Russia Opportunities USD USD JPY USD EUR USD ( ) ( ) ( ) ( ) ( ) ( ) ( ) (9 195) ( ) (5 448) ( ) ( ) ( ) ( ) ( ) 0 0 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (57 707) ( ) ( ) ( ) Page 11

14 Financial statements at 31/08/2014 Equity USA Growth Equity USA Mid Cap Equity World Consumer Durables Equity World Emerging Expressed in USD USD EUR USD Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio Securities portfolio at market value Net Unrealised gain on financial instruments 2,8,9, Cash at banks and time deposits Other Liabilities Bank overdrafts Net Unrealised loss on financial instruments 2,8,9, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Distribution fees Transaction fees Total expenses Net result from investments ( ) ( ) Net realised result on: Investments securities Financial instruments ( ) ( ) Net realised result Movement on net unrealised gain/loss on: Investments securities ( ) ( ) ( ) Financial instruments ( ) ( ) 0 0 Change in net due to operations Net subscriptions/(redemptions) ( ) ( ) ( ) ( ) Dividends paid 6 ( ) ( ) ( ) ( ) Increase/(Decrease) in net during the year/period ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 12

15 Equity World Energy Equity World Finance Equity World Health Care Equity World Low Volatility Equity World Materials Equity World Technology EUR EUR EUR EUR EUR EUR ( ) ( ) (29 629) (27 218) (49 229) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Page 13

16 Financial statements at 31/08/2014 Equity World Telecom Equity World Utilities Green Tigers Real Estate Securities Pacific Expressed in EUR EUR EUR EUR Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio Securities portfolio at market value Net Unrealised gain on financial instruments 2,8,9, Cash at banks and time deposits Other Liabilities Bank overdrafts Net Unrealised loss on financial instruments 2,8,9, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Distribution fees Transaction fees Total expenses Net result from investments Net realised result on: Investments securities Financial instruments (5 553) ( ) Net realised result Movement on net unrealised gain/loss on: Investments securities Financial instruments Change in net due to operations Net subscriptions/(redemptions) ( ) Dividends paid 6 ( ) ( ) ( ) ( ) Increase/(Decrease) in net during the year/period ( ) Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 14

17 Real Estate Securities World Consolidated EUR EUR ( ) ( ) ( ) ( ) (50 063) ( ) ( ) ( ) Page 15

18 Key figures relating to the last 3 years (Note 11) Bond Asia ex-japan USD USD USD Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share Classic H AUD MD Share Classic H EUR - Capitalisation Share Classic H SGD MD Share Classic MD Share I - Capitalisation Share IH EUR Share N Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege MD Share X Bond Best Selection World Emerging USD USD USD Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic MD Share Classic RH EUR - Capitalisation Share Classic RH EUR - Distribution Share I - Capitalisation Share I RH EUR Share N Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege RH EUR - Distribution Share X Bond USD USD USD USD Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic MD Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Page 16

19 Key figures relating to the last 3 years (Note 11) Bond USD Government USD USD USD Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic H EUR - Capitalisation Share Classic MD Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Bond World EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Bond World Emerging Corporate USD USD USD Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share Classic MD Share I - Capitalisation Share IH EUR Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Page 17

20 Key figures relating to the last 3 years (Note 11) Bond World Emerging Local USD USD USD Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share Classic GBP Share Classic HUF - Capitalisation Share Classic MD Share Classic RH EUR - Capitalisation Share Classic RH EUR - Distribution Share Classic RH SGD MD Share I - Capitalisation Share I - Distribution Share I RH EUR Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Bond World High Yield EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic H AUD MD Share Classic H CZK Share Classic H USD - Capitalisation Share Classic H USD - Distribution Share Classic H USD MD Share Classic USD - Capitalisation Share Classic USD - Distribution Share Classic USD MD Share I - Capitalisation Share IH USD Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Bond World Inflation-Linked EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Page 18

21 Key figures relating to the last 3 years (Note 11) Convertible Bond Asia USD USD USD Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic MD Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Convertible Bond World EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic RH CHF Share Classic RH CZK Share Classic RH PLN Share Classic USD - Capitalisation Share I - Capitalisation Share I - Distribution Share I RH NOK Share I RH USD Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Equity Best Selection Asia ex-japan EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Page 19

22 Key figures relating to the last 3 years (Note 11) Equity Best Selection Euro EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic H CZK Share Classic H HUF - Capitalisation Share Classic H SGD Share Classic H USD - Capitalisation Share Classic USD - Capitalisation Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Equity Best Selection Europe EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic CHF - Capitalisation Share Classic CHF - Distribution Share Classic RH HUF - Capitalisation Share Classic USD - Capitalisation Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Equity Brazil USD USD USD Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share X Equity Bric USD USD USD Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share X Page 20

23 Key figures relating to the last 3 years (Note 11) Equity China USD USD USD Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Equity Europe Emerging EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Equity Europe Growth EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic RH SGD Share Classic RH SGD MD Share Classic RH USD - Capitalisation Share Classic RH USD MD Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Equity Europe Mid Cap EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share X Page 21

24 Key figures relating to the last 3 years (Note 11) Equity Europe Small Cap EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic RH SGD Share Classic USD - Capitalisation Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Equity High Dividend Europe EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Equity High Dividend Pacific EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share Classic USD MD Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege USD - Capitalisation Share Privilege USD MD Share X Equity High Dividend USA USD USD USD Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share Classic H EUR - Capitalisation Share Classic H EUR - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege H EUR - Distribution Share X Page 22

25 Key figures relating to the last 3 years (Note 11) Equity India USD USD USD Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Equity Indonesia USD USD USD Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege EUR - Capitalisation Share X Equity Japan JPY JPY JPY Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic H EUR - Capitalisation Share Classic H USD - Capitalisation Share I - Capitalisation Share IH USD Share N Share Privilege - Capitalisation Share Privilege - Distribution Share Privilege H EUR - Capitalisation Share X Equity Latin America USD USD USD Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share X Page 23

26 Key figures relating to the last 3 years (Note 11) Equity Russia EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Equity Russia Opportunities USD USD USD Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share X Equity USA Growth USD USD USD Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic H CZK Share Classic H EUR - Capitalisation Share Classic H EUR - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Equity USA Mid Cap USD USD USD Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic H EUR - Capitalisation Share Classic H SGD Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege H EUR - Capitalisation Share X Page 24

27 Key figures relating to the last 3 years (Note 11) Equity World Consumer Durables EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Equity World Emerging USD USD USD Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Equity World Energy EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Equity World Finance EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Page 25

28 Key figures relating to the last 3 years (Note 11) Equity World Health Care EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Equity World Low Volatility EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic CZK Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Equity World Materials EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Equity World Technology EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Page 26

29 Key figures relating to the last 3 years (Note 11) Equity World Telecom EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Equity World Utilities EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Green Tigers EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Real Estate Securities Pacific EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Page 27

30 Key figures relating to the last 3 years (Note 11) Real Estate Securities World EUR EUR EUR Number of shares 28/02/ /02/ /08/ /08/2014 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N Share Privilege - Capitalisation Share Privilege - Distribution Share X Page 28

31 Bond Asia ex-japan Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds Indonesia BANK NEGARA (LO) 4.125% 12-27/04/2017 USD BANK RAKYAT INDO 2.950% 13-28/03/2018 USD BERAU CAP RESOUR % 10-08/07/2015 USD BUMI INVESTMENT % 10-06/10/2017 USD INDONESIA (REP) 3.375% 13-15/04/2023 USD INDONESIA (REP) 4.625% 13-15/04/2043 USD INDONESIA (REP) 5.375% 13-17/10/2023 USD PERTAMINA 4.300% 13-20/05/2023 USD PERTAMINA 5.625% 13-20/05/2043 USD PERUSAHAAN LISTR 5.250% 12-24/10/2042 USD PERUSAHAAN LISTR 5.500% 11-22/11/2021 USD PERUSAHAAN PENER 6.125% 13-15/03/2019 USD South Korea DAEGU BANK LTD 2.250% 13-29/04/2018 USD KHFC 1.625% 13-15/09/2018 USD KOREA E-W POWER 2.625% 13-27/11/2018 USD KOREA EXCH BANK 2.000% 13-02/04/2018 USD KOREA MIDLAND PW 2.750% 14-11/02/2019 USD NONGHYUP BANK 2.625% 13-01/11/2018 USD WOORI BANK 2.875% 13-02/10/2018 USD WOORI BANK 4.750% 14-30/04/2024 USD Cayman Islands CHAMPION MTN 3.750% 13-17/01/2023 USD CHINA MENGNIU 3.500% 13-27/11/2018 USD CHINA OVERSEAS FIN 3.950% 12-15/11/2022 USD DBS BANK LTD/SP 3.625% 12-21/09/2022 USD GREENLAND HK HLD 4.375% 14-07/08/2017 USD MIE HOLDINGS 6.875% 13-06/02/2018 USD SPG LAND HOLDING 4.750% 13-18/10/2016 USD SUNAC CHINA HLDG % 12-16/10/2017 USD China ANTON OILFIELD H 7.500% 13-06/11/2018 USD CHINA CINDA FIN 4.000% 14-14/05/2019 USD CHINA HONGQIAO 7.625% 14-26/06/2017 USD FAR EAST HORIZON 4.625% 14-06/03/2017 USD HUARONG FINANCE 4.000% 14-17/07/2019 USD MCC HLDNG HK CP 2.500% 14-28/08/2017 USD MCC HLDNG HK CP 2.625% 14-16/06/2017 USD Singapore OLAM INTL LTD 6.750% 13-29/01/2018 USD OVERSEA-CHINESE 3.150% 12-11/03/2023 USD YANLORD LAND GRP % 11-29/03/2018 USD Philippines PHILIPPINES (REP) 6.375% 09-23/10/2034 USD SM INVESTMENTS 4.250% 12-17/10/2019 USD India HDFC BANK 3.000% 13-06/03/2018 USD HDFC BANK LTD 3.000% 13-30/11/2016 USD United States of America PSALM 7.390% 09-02/12/2024 USD United Kingdom FPC FINANCE LTD 6.000% 12-28/06/2019 USD ST BK INDIA LON 4.125% 12-01/08/2017 USD VEDANTA RESOURCE 6.750% 11-07/06/2016 USD Hong Kong BANK OF CHINA HK 5.550% 10-11/02/2020 USD CHINA CONST ASIA 3.250% 14-02/07/2019 USD WHEELOCK FINANCE 2.750% 14-02/07/2017 USD United Arab Emirates ICICI BANK/DUBAI 4.800% 13-22/05/2019 USD Sri Lanka BANK OF CEYLON 6.875% 12-03/05/2017 USD NATIONAL SAVINGS 8.875% 13-18/09/2018 USD SRILANKAN AIR 5.300% 14-27/06/2019 USD British Virgin Islands PCCW CAP NO % 12-17/04/2022 USD Cyprus SUN HUNG KAI PROPERTIES 4.500% 12-14/02/2022 USD Floating rate bonds Malaysia AMBB CAPITAL 06-29/01/2049 FRN USD MALAYAN BANKING 12-20/09/2022 FRN USD PUBLIC BANK BERH 06-22/08/2036 SR USD SBB CAPITAL CORP 05-29/11/2049 FRN USD Singapore OVERSEA-CHINESE 10-15/11/2022 FRN USD OVERSEA-CHINESE 14-15/10/2024 FRN USD UNITED OVERSEAS 12-17/10/2022 FRN USD UNITED OVERSEAS 14-19/09/2024 FRN USD Taiwan CHINATRUST COMM 05-29/03/2049 SR USD Hong Kong CITIC BANK INTL 12-28/09/2022 FRN USD WING HANG BK LTD 07-29/04/2049 SR USD YANCOAL INTL TR 14-29/05/2049 FRN USD China CHALCO HK INV CO 14-29/04/2049 FRN USD CHALIECO HK CORP 14-29/08/2049 FRN USD CRCC YUPENG 14-28/02/2049 FRN USD FAR EAST HORIZON 14-23/06/2049 FRN USD Thailand KRUNG THAI BANK/ 14-26/12/2024 FRN USD Shares/Units in investment funds Luxembourg BNPP FLEXI I RMB SHORT DURATION BOND FUND - I - CAP USD Total securities portfolio Page 29

32 Bond Best Selection World Emerging Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Kazakhstan ALLIANCE BANK - SPON GDR REG S USD ALLIANCE BANK - SPON GDR REG S USD Bonds Venezuela VENEZUELA % 11-21/10/2026 USD VENEZUELA % 10-23/08/2022 USD VENEZUELA 5.750% 05-26/02/2016 USD VENEZUELA 9.250% 97-15/09/2027 USD VENZOD % 01-15/08/2018 USD Brazil BRAZIL-LTN 0.000% 13-01/07/2015 FLAT BRL BRAZIL-LTN 0.000% 13-01/07/2017 FLAT BRL REP OF BRAZIL 5.000% 14-27/01/2045 USD REP OF BRAZIL 5.625% 09-07/01/2041 USD Russia ALFA BANK 7.500% 12-26/09/2019 USD RUSSIA-OFZ 6.900% 10-03/08/2016 RUB Argentina ARG BODEN 7.000% 05-03/10/2015 FLAT USD ARGENT-$DIS 8.280% 05-31/12/2033 USD Malaysia MALAYSIAN GOVT 3.502% 07-31/05/2027 MYR MALAYSIAN GOVT 4.181% 14-15/07/2024 MYR MALAYSIAN GOVT 4.498% 10-15/04/2030 MYR Sri Lanka REPUBLIC OF SRI LANKA 5.125% /04/2019 USD REPUBLIC OF SRI LANKA 5.875% /07/2022 USD REPUBLIC OF SRI LANKA 6.250% /07/2021 USD Dominican Republic DOMINICAN REPUBLIC 7.450% /04/2044 USD DOMINICAN REPUBLIC 7.500% /05/2021 USD United States of America CITIGROUP INC 6.750% 14-04/03/2016 USD CITIGROUP INC 9.000% 14-17/07/2015 USD Ivory Coast IVORY COAST 10-31/12/2032 SR FLAT USD IVORY COAST-PDI 5.375% 14-23/07/2024 USD The Netherlands MARFRIG HLDG EUR 6.875% 14-24/06/2019 USD NORTHERN LIGHTS 7.000% 12-16/08/2019 USD Kuwait KUWAIT ENERGY 9.500% 14-04/08/2019 USD Pakistan REP OF PAKISTAN 7.250% 14-15/04/2019 USD REP OF PAKISTAN 8.250% 14-15/04/2024 USD Turkey YASAR HOLDINGS 9.625% 10-07/10/2015 USD Georgia BANK OF GEORGIA 7.750% 12-05/07/2017 USD Iraq REPUBLIC OF IRAQ 5.800% 06-15/01/2028 USD Jamaica JAMAICA GOVT 7.625% 14-09/07/2025 USD Ecuador ECUADOR-DEF-PDI 7.950% 14-20/06/2024 USD REPUBLIC OF ECUADOR 9.375% /12/2015 USD Ghana REP OF GHANA 7.875% 13-07/08/2023 USD REP OF GHANA 8.500% 07-04/10/2017 USD Colombia REP OF COLOMBIA 5.625% 14-26/02/2044 USD Gabon GABONESE REPUB 6.375% 13-12/12/2024 USD Senegal SENEGAL REP OF 6.250% 14-30/07/2024 USD Paraguay PARAGUAY 6.100% 14-11/08/2044 USD Mongolia DEVT BK OF MONGO 5.750% 12-21/03/2017 USD MONGOLIA 5.125% 12-05/12/2022 USD Ireland INTL BANK OF AZERB 5.625% 14-11/06/2019 USD Rwanda REPUBLIC OF RWAN 6.625% 13-02/05/2023 USD Zambia ZAMBIA REP OF 5.375% 12-20/09/2022 USD ZAMBIA REP OF 8.500% 14-14/04/2024 USD Tanzania TANZANIA UNT REP 13-09/03/2020 SR USD Armenia ARMENIA 6.000% 13-30/09/2020 USD Bangladesh BANGLALINK DIG 8.625% 14-06/05/2019 USD Luxembourg OJSC RUSS AGRIC 6.000% 11-03/06/2021 USD United Kingdom UZ RAIL SHORTLIN 9.500% 13-21/05/2018 USD Nigeria REP OF NIGERIA 5.125% 13-12/07/2018 USD Kenya KENYA REP OF 5.875% 14-24/06/2019 USD KENYA REP OF 6.875% 14-24/06/2024 USD Floating rate bonds Ireland INTL BANK OF AZERB 07-10/05/2017 FRN USD Other transferable securities Shares Kazakhstan BTA BANK JSC - GDR REG S SPON USD Page 30

33 Bond Best Selection World Emerging Securities portfolio at 31/08/2014 Expressed in USD Shares/Units in investment funds Luxembourg PARVEST BOND WORLD EMERGING CORPORATE - X - CAP USD Total securities portfolio Page 31

34 Bond USD Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds United States of America ST CENTURY FOX 5.400% 14-01/10/2043 USD ALEXANDRIA REAL 4.600% 12-01/04/2022 USD ALTRIA GROUP INC 4.750% 11-05/05/2021 USD AMER INTL GROUP 4.125% 13-15/02/2024 USD AMER INTL GROUP 6.250% 06-01/05/2036 USD AMERICAN TOWER 3.450% 14-15/09/2021 USD APPLE INC 2.850% 14-06/05/2021 USD ASSURANT INC 4.000% 13-15/03/2023 USD ASSURED GUARANTY 5.000% 14-01/07/2024 USD AUTONATION INC 5.500% 12-01/02/2020 USD AUTONATION INC 6.750% 10-15/04/2018 USD BANK OF AMERICA CORP 2.600% /01/2019 USD BANK OF AMERICA CORP 4.200% /08/2024 USD BANK OF AMERICA CORP 6.500% /08/2016 USD BERKLEY (WR) 4.750% 14-01/08/2044 USD BERKLEY (WR) 5.375% 10-15/09/2020 USD BERKLEY (WR) 7.375% 09-15/09/2019 USD BERKSHIRE HATHAWAY 5.150% /11/2043 USD BORG-WARNER AUTO 4.625% 10-15/09/2020 USD BURLINGTON NORTH 4.450% 13-15/03/2043 USD CARGILL INC 7.350% 09-06/03/2019 USD CELGENE CORP 3.625% 14-15/05/2024 USD CGCMT 2014-GC19 D 14-10/03/2047 FRN USD CHESAPEAK MDSTRM 6.125% 12-15/07/2022 USD CITIGROUP INC 1.700% 13-25/07/2016 USD CITIGROUP INC 1.750% 13-01/05/2018 USD CITIGROUP INC 2.550% 14-08/04/2019 USD CNH CAPITAL LLC 3.875% 13-01/11/2015 USD COMCAST CORP 3.375% 14-15/02/2025 USD COMCAST CORP 6.950% 07-15/08/2037 USD COMM 2013-CR11 C 13-10/10/2046 FRN USD COMM 2013-CR9 C 13-10/07/2045 FRN USD COMM 2014-CR16 D 14-10/04/2047 FRN USD CON EDISON NY 6.750% 08-01/04/2038 USD CONTINENTAL RES 4.900% 14-01/06/2044 USD CONTINENTAL RES 5.000% 12-15/09/2022 USD CREDIT SUISSE 5.400% 10-14/01/2020 USD CROSSTEX ENERGY 7.125% 13-01/06/2022 USD CVS CAREMARK 6.125% 09-15/09/2039 USD DELPHI CORP 6.125% 12-15/05/2021 USD DIRECTV HOLDING/FIN 4.450% /04/2024 USD DIRECTV HOLDING/FIN 6.000% /08/2040 USD DISCOVER BANK 7.000% 10-15/04/2020 USD DOMINION RES 8.875% 08-15/01/2019 USD DUKE ENERGY CORP 3.750% 14-15/04/2024 USD DUKE ENERGY CORP 6.450% 02-15/10/2032 USD EL PASO NAT GAS 5.950% 07-15/04/2017 USD EXPRESS SCRIPTS 3.900% 13-15/02/2022 USD FIFTH THIRD BANK 4.300% 13-16/01/2024 USD FNR SD 12-25/09/2042 FRN USD FNR SK 12-25/09/2042 FRN USD FORD MOTOR CO 6.625% 98-01/10/2028 USD GCCFC 2005-GG3 A /08/2042 FRN USD GEN ELECTRIC CO 4.500% 14-11/03/2044 USD GEN MOTORS FIN 2.625% 14-10/07/2017 USD GENERAL ELECTRIC CAP SVC 7.500% /08/2035 USD GENERAL MOTORS 3.500% 14-02/10/2018 USD GENWORTH FINL 6.500% 04-15/06/2034 USD GENWORTH FINL 7.700% 10-15/06/2020 USD GEORGIA-PACIFIC 7.250% 98-01/06/2028 USD GILEAD SCIENCES 5.650% 11-01/12/2041 USD GNR 2010-H19 JI 10-20/08/2060 FRN USD GNR CS 11-16/02/2041 FRN USD GNR 2011-H03 HI 11-20/01/2061 FRN USD GNR 2011-H05 HI 11-20/01/2061 FRN USD GNR 2012-H02 AI 12-20/01/2062 FRN USD GNR 2013-H01 FI 13-20/01/2063 FRN USD GNR 2013-H04 BI 13-20/02/2063 FRN USD GNR 2013-H08 IO 13-20/03/2063 FRN USD GOLDMAN SACHS GP 2.625% 14-31/01/2019 USD GOLDMAN SACHS GP 2.900% 13-19/07/2018 USD GOLDMAN SACHS GP 5.950% 06-15/01/2027 USD GSMS 2014-GC18 D 14-10/01/2047 FRN USD HEWLETT - PACKARD CO 3.750% /12/2020 USD HSBC FINANCE CORP 5.500% 06-19/01/2016 USD JOHNSON CONTROLS 4.950% 14-02/07/2064 USD JPMBB 2014-C18 D 14-15/02/2047 FRN USD JPMBB 2014-C19 C 14-15/04/2047 FRN USD JPMBB 2014-C22 B 14-15/09/2047 FRN USD JPMORGAN CHASE 2.350% 14-28/01/2019 USD JPMORGAN CHASE 6.400% 08-15/05/2038 USD KERR-MCGEE CORP 6.950% 04-01/07/2024 USD KILROY REALTY LP 4.250% 14-15/08/2029 USD KINDER MORGAN EN 6.950% 07-15/01/2038 USD KRAFT FOODS INC 6.500% 10-09/02/2040 USD LAZARD GROUP 6.850% 07-15/06/2017 USD MACYS RETAIL HLD 4.375% 13-01/09/2023 USD MEDTRONIC INC 4.450% 10-15/03/2020 USD MLCFC AM 06-12/07/2046 FRN USD MONSANTO CO 3.375% 14-15/07/2024 USD MORGAN STANLEY 6.625% 08-01/04/2018 USD NORTHROP GRUMMAN 7.750% /02/2031 USD NRTHRP GRMMN SYS 7.875% 96-01/03/2026 USD PFIZER INC 4.400% 14-15/05/2044 USD PHILIP MORRIS INTERNATIONAL 4.500% /03/2020 USD PLAINS ALL AMER 3.650% 12-01/06/2022 USD PROLOGIS LP 6.875% 11-15/03/2020 USD PRUDENTIAL COVER 2.997% 12-30/09/2015 USD PRUDENTIAL FINANCIAL 6.625% /06/2040 USD SYNCHRONY FINANC 3.750% 14-15/08/2021 USD SYNCHRONY FINANC 4.250% 14-15/08/2024 USD TIME WARNER CABLE INC 6.550% /05/2037 USD TOLL BR FIN CORP 4.000% 13-31/12/2018 USD TORCHMARK CORP 9.250% 09-15/06/2019 USD TYSON FOODS INC 2.650% 14-15/08/2019 USD TYSON FOODS INC 3.950% 14-15/08/2024 USD TYSON FOODS INC 4.875% 14-15/08/2034 USD UNITED TECHNOLOGIES CORP 6.125% /02/2019 USD US STRIP PRINC 0.000% 12-15/08/2042 USD US TREASURY N/B 0.375% 13-31/08/2015 USD US TREASURY N/B 1.375% 13-31/07/2018 USD US TREASURY N/B 2.500% 13-15/08/2023 USD US TREASURY N/B 3.625% 13-15/08/2043 USD US TSY INFL IX N/B 0.625% 13-15/02/2043 USD US TSY INFL IX N/B 0.625% 14-15/01/2024 USD VENTAS REALTY LP 4.750% 11-01/06/2021 USD Page 32

35 Bond USD Securities portfolio at 31/08/2014 Expressed in USD VERIZON COMMUNICATIONS 6.550% /09/2043 USD VERIZON COMMUNICATIONS INC 3.450% /03/2021 USD WASTE MANAGEMENT 3.500% /05/2024 USD WFRBS 2014-LC14 D 14-15/03/2047 FRN USD WHIRLPOOL CORP 4.000% 14-01/03/2024 USD WILLIAMS COS INC 4.550% 14-24/06/2024 USD XEROX CORP 2.800% 14-15/05/2020 USD XTO ENERGY INC 6.750% 07-01/08/2037 USD ZIONS BANCORP 4.500% 12-27/03/2017 USD United Kingdom HSBC HOLDINGS PLC 6.500% 07-15/09/2037 USD ROYAL BANK SCOTLAND 1.875% /03/2017 USD SANTANDER UK PLC 5.000% 13-07/11/2023 USD Italy INTESA SANPAOLO 3.875% 13-15/01/2019 USD Canada BARRICK GOLD COR 6.950% 09-01/04/2019 USD TRANS CANADA PL 7.625% 09-15/01/2039 USD Panama CARNIVAL CORP 3.950% 13-15/10/2020 USD Luxembourg ACTAVIS FUNDING 3.850% 14-15/06/2024 USD The Netherlands LYB INTL FIN 5.250% 13-15/07/2043 USD Floating rate bonds United States of America METLIFE INC 6.400% 06-15/12/2036 FRN USD Options, Warrants, Rights PUT US 10YR NOTE FUT (CBT) 26/09/ USD Other transferable securities To be Announced ("TBA") Mortgage Back Securities United States of America FGLMC 3.5 9/ % 11-15/03/2041 USD FGLMC 4.5 9/ % 10-15/12/2039 USD FNCI 2.5 9/ /07/2027 USD FNCI 3 9/ % 12-25/05/2027 USD FNCI 3.5 9/ % 12-25/05/2026 USD FNCL 3 9/ /06/2043 USD ( ) FNCL 3.5 9/ /04/2042 USD ( ) (6.46) FNCL 4 9/ /05/2040 USD FNCL 4.5 9/ /11/2040 USD FNCL 5 9/ /12/2035 USD FNCL 6 9/ % 11-25/08/2038 USD G2SF 3 9/ /07/2042 USD G2SF 5 9/ % 11-20/08/2040 USD GNSF 3.5 9/ /05/2042 USD GNSF 4 9/ % 10-15/06/2040 USD GNSF 4.5 9/ % 10-15/04/2040 USD GNSF 5.5 9/ % 10-15/09/2038 USD Shares/Units in investment funds Ireland FFTW MORTGAGE TOTAL RETURN AAC USD Luxembourg PARVEST CONVERTIBLE BOND WORLD - X CAP EUR Total securities portfolio Page 33

36 Bond USD Government Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds United States of America AMXCA A 13-16/02/2021 FRN USD BEAR STEARNS CO 6.400% 07-02/10/2017 USD CCCIT 2013-A4 A /07/2020 FRN USD CCCIT 2013-A7 A /09/2020 FRN USD CHAIT 2012-A10 A /12/2019 FRN USD CITIGROUP INC 6.125% 08-15/05/2018 USD COMET 2007-A5 A /07/2020 FRN USD CSX CORP 6.250% 07-15/03/2018 USD DAIMLER FINANCE 2.625% 11-15/09/2016 USD DCENT 2013-A6 A /04/2021 FRN USD DOMINION RES 5.600% 06-15/11/2016 USD DUKE ENERGY CORP 2.100% 13-15/06/2018 USD GENERAL ELECTRIC CAP CRP 5.625% /05/2018 USD GNR PC 5.500% 04-20/04/2034 USD GNR FN 04-20/02/2034 FRN USD GNR KB 6.000% 08-20/06/2038 USD GOLDMAN SACHS GP 6.250% 07-01/09/2017 USD MERRILL LYNCH 6.400% 07-28/08/2017 USD MORGAN STANLEY 6.250% 07-28/08/2017 USD TIME WARNER CABLE 8.250% 09-01/04/2019 USD US TREASURY N/B 0.375% 14-31/01/2016 USD US TREASURY N/B 0.875% 14-15/07/2017 USD US TREASURY N/B 0.875% 14-15/08/2017 USD US TREASURY N/B 1.000% 13-31/05/2018 USD US TREASURY N/B 1.500% 11-31/07/2016 USD US TREASURY N/B 1.625% 14-31/07/2019 USD US TREASURY N/B 1.875% 10-30/06/2015 USD US TREASURY N/B 2.250% 11-31/07/2018 USD US TSY INFL IX N/B 0.125% 14-15/07/2024 USD VERIZON COMMUNICATIONS 8.750% /11/2018 USD WACHOVIA CORP 5.750% 08-01/02/2018 USD WALGREEN CO 1.800% 12-15/09/2017 USD Switzerland UBS AG STAMFORD 1.375% 14-14/08/2017 USD United Kingdom BP CAPITAL PLC 2.248% 11-01/11/2016 USD Floating rate bonds United States of America MACYS RETAIL HLD 08-15/07/2015 FRN USD United Kingdom DEUTSCHE BK LOND 14-30/05/2017 FRN USD Total securities portfolio Page 34

37 Bond World Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds United States of America ST CENTURY FOX 5.400% 14-01/10/2043 USD ADOBE SYSTEMS INC 4.750% 10-01/02/2020 USD ALEXANDRIA REAL 4.600% 12-01/04/2022 USD ALTRIA GROUP INC 4.750% 11-05/05/2021 USD AMER INTL GROUP 6.250% 06-01/05/2036 USD AMERICAN TOWER 3.450% 14-15/09/2021 USD ASSURANT INC 4.000% 13-15/03/2023 USD ASSURED GUARANTY 5.000% 14-01/07/2024 USD AUTONATION INC 5.500% 12-01/02/2020 USD AUTONATION INC 6.750% 10-15/04/2018 USD BANK OF AMERICA CORP 2.600% /01/2019 USD BANK OF AMERICA CORP 4.200% /08/2024 USD BANK OF AMERICA CORP 6.500% /08/2016 USD BERKLEY (WR) 4.750% 14-01/08/2044 USD BERKLEY (WR) 7.375% 09-15/09/2019 USD BERKSHIRE HATHAWAY 5.150% /11/2043 USD BURLINGTON NORTH 6.200% 06-15/08/2036 USD CELGENE CORP 5.250% 13-15/08/2043 USD CGCMT 2014-GC19 D 14-10/03/2047 FRN USD CHESAPEAK MDSTRM 6.125% 12-15/07/2022 USD CITIGROUP INC 1.750% 13-01/05/2018 USD CITIGROUP INC 2.550% 14-08/04/2019 USD CITIGROUP INC 3.875% 13-25/10/2023 USD CNH CAPITAL LLC 3.875% 13-01/11/2015 USD COMCAST CORP 6.950% 07-15/08/2037 USD COMM 2013-CR11 C 13-10/10/2046 FRN USD COMM 2013-CR9 C 13-10/07/2045 FRN USD CONTINENTAL RES 4.900% 14-01/06/2044 USD CREDIT SUISSE 5.400% 10-14/01/2020 USD DELPHI CORP 6.125% 12-15/05/2021 USD DISCOVER BANK 7.000% 10-15/04/2020 USD DOMINION RES 8.875% 08-15/01/2019 USD DOMINION RESOUR 5.250% 03-01/08/2033 USD DUKE ENERGY CORP 3.750% 14-15/04/2024 USD DUKE ENERGY CORP 6.450% 02-15/10/2032 USD EXPRESS SCRIPTS 6.125% 13-15/11/2041 USD FHS 311 S /08/2043 FRN USD FIFTH THIRD BANK 4.300% 13-16/01/2024 USD FNR SD 12-25/09/2042 FRN USD FNR CS 13-25/10/2040 FRN USD FORD MOTOR CO 4.750% 13-15/01/2043 USD FORD MOTOR CO 7.450% 99-16/07/2031 USD GCCFC 2005-GG3 A /08/2042 FRN USD GEN ELECTRIC CO 4.500% 14-11/03/2044 USD GEN MOTORS FIN 2.625% 14-10/07/2017 USD GENERAL ELECTRIC CAP SVC 7.500% /08/2035 USD GENERAL MOTORS 3.500% 14-02/10/2018 USD GENWORTH FINL 6.500% 04-15/06/2034 USD GENWORTH HOLDING 4.900% 13-15/08/2023 USD GEORGIA-PACIFIC 7.250% 98-01/06/2028 USD GILEAD SCIENCES 2.050% 14-01/04/2019 USD GILEAD SCIENCES 5.650% 11-01/12/2041 USD GNR 2010-H19 JI 10-20/08/2060 FRN USD GNR SH 11-20/09/2041 FRN USD GNR 2011-H03 HI 11-20/01/2061 FRN USD GNR 2011-H05 HI 11-20/01/2061 FRN USD GNR 2012-H02 AI 12-20/01/2062 FRN USD GNR 2013-H01 FI 13-20/01/2063 FRN USD GNR 2013-H04 BI 13-20/02/2063 FRN USD GNR 2013-H08 IO 13-20/03/2063 FRN USD GOLDMAN SACHS GP 2.625% 14-31/01/2019 USD GOLDMAN SACHS GP 2.900% 13-19/07/2018 USD GOLDMAN SACHS GP 6.750% 07-01/10/2037 USD GSMS 2014-GC18 D 14-10/01/2047 FRN USD HEWLETT - PACKARD CO 2.750% /01/2019 USD HEWLETT - PACKARD CO 3.000% /09/2016 USD HEWLETT - PACKARD CO 4.050% /09/2022 USD IBM CORP 6.500% 98-15/01/2028 USD INTEL CORP 4.000% 12-15/12/2032 USD JOHNSON CONTROLS 4.950% 14-02/07/2064 USD JPMBB 2014-C22 B 14-15/09/2047 FRN USD JPMCC 2012-C6 A % 12-15/05/2045 USD JPMORGAN CHASE 2.350% 14-28/01/2019 USD JPMORGAN CHASE 6.400% 08-15/05/2038 USD KERR-MCGEE CORP 6.950% 04-01/07/2024 USD KILROY REALTY LP 4.250% 14-15/08/2029 USD KINDER MORGAN EN 6.950% 07-15/01/2038 USD KRAFT FOODS INC 6.500% 10-09/02/2040 USD MACYS RETAIL HLD 4.300% 12-15/02/2043 USD MLCFC AM 06-12/07/2046 FRN USD MONSANTO CO 3.375% 14-15/07/2024 USD MORGAN STANLEY 3.125% 14-05/08/2021 CAD MORGAN STANLEY 6.625% 08-01/04/2018 USD NEWS AMER INC 6.650% 07-15/11/2037 USD NORTHROP GRUMMAN 7.750% /02/2031 USD OMEGA HEALTHCARE 4.950% 14-01/04/2024 USD PFIZER INC 6.200% 09-15/03/2019 USD PHILIP MORRIS INTERNATIONAL 4.500% /03/2020 USD PLAINS ALL AMER 3.650% 12-01/06/2022 USD PROLOGIS LP 6.875% 11-15/03/2020 USD PRUDENTIAL COVER 2.997% 12-30/09/2015 USD PRUDENTIAL FINANCIAL 6.625% /06/2040 USD REGIONS BK ALAB 7.500% 08-15/05/2018 USD SOUTHERN POWER 5.150% 11-15/09/2041 USD SYNCHRONY FINANC 3.750% 14-15/08/2021 USD SYNCHRONY FINANC 4.250% 14-15/08/2024 USD TIME WARNER CABLE INC 6.550% /05/2037 USD TOLL BR FIN CORP 4.000% 13-31/12/2018 USD TYSON FOODS INC 2.650% 14-15/08/2019 USD TYSON FOODS INC 3.950% 14-15/08/2024 USD TYSON FOODS INC 4.875% 14-15/08/2034 USD US STRIP PRINC 0.000% 12-15/08/2042 USD US TREASURY N/B 0.625% 13-15/08/2016 USD US TREASURY N/B 2.000% 13-15/02/2023 USD US TSY INFL IX N/B 0.625% 13-15/02/2043 USD US TSY INFL IX N/B 0.625% 14-15/01/2024 USD VERIZON COMMUNICATIONS 6.550% /09/2043 USD VERIZON COMMUNICATIONS INC 3.450% /03/2021 USD WASTE MANAGEMENT 3.500% 14-15/05/2024 USD WEYERHAEUSER CO 7.375% 02-15/03/2032 USD WFRBS 2014-LC14 D 14-15/03/2047 FRN USD WILLIAMS COS INC 4.550% 14-24/06/2024 USD ZIONS BANCORP 4.500% 12-27/03/2017 USD Page 35

38 Bond World Securities portfolio at 31/08/2014 Expressed in EUR Germany BUNDESOBL 0.500% 12-13/10/2017 EUR BUNDESOBL % 13-12/10/2018 EUR BUNDESOBLIGATION-I/L 0.750% /04/2018 EUR BUNDESSCHATZANW 0.250% 14-10/06/2016 EUR CRH FINANCE GERM 1.750% 14-16/07/2021 EUR DAIMLER AG 1.750% 13-08/11/2017 GBP DEUTSCHLAND REP 1.500% 13-15/02/2023 EUR DEUTSCHLAND REP 4.750% 98-04/07/2028 EUR DT PFANDBRIEFBAN 1.875% 12-20/12/2019 GBP United Kingdom ABBEY NATIONAL TREASURY 2.000% /01/2019 EUR BARCLAYS BANK PLC % /05/2021 GBP BAT INTL FINANCE 6.000% 09-29/06/2022 GBP BP CAPITAL PLC 2.177% 14-28/09/2021 EUR CAIXA GERAL DEPO 3.000% 14-15/01/2019 EUR COMPASS GROUP 1.875% 14-27/01/2023 EUR CREDIT AGRICOLE 5.971% 08-01/02/2018 EUR HAMMERSON PLC 2.000% 14-01/07/2022 EUR HSBC HOLDINGS PLC 6.500% 07-15/09/2037 USD HSBC HOLDINGS PLC 6.500% 09-20/05/2024 GBP IMP TOBACCO FIN 2.250% 14-26/02/2021 EUR LLOYDS TSB BANK 7.500% 09-15/04/2024 GBP NATIONAL GRID GAS 6.000% 08-13/05/2038 GBP ROYAL BANK SCOTLAND 1.875% /03/2017 USD SANTANDER UK PLC 5.000% 13-07/11/2023 USD TESCO CORP TREAS 1.375% 14-01/07/2019 EUR TESCO PLC 6.125% 09-24/02/2022 GBP UK TREASURY 4.250% 08-07/12/2049 GBP UK TREASURY 4.250% 09-07/09/2039 GBP UK TSY GILT 4.500% 08-07/03/2019 GBP UK TSY I/L GILT 0.125% 12-22/03/2024 GBP WPP GROUP PLC 6.000% 07-04/04/2017 GBP Italy INTESA SANPAOLO 2.000% 14-18/06/2021 EUR INTESA SANPAOLO 3.875% 13-15/01/2019 USD INTESA SANPAOLO 4.000% 12-09/11/2017 EUR ITALY BTPS 0.000% 12-22/10/2016 EUR ITALY BTPS 4.750% 08-01/08/2023 EUR ITALY BTPS 5.250% 98-01/11/2029 EUR ITALY BTPS 5.500% 12-01/09/2022 EUR ITALY BTPS 6.000% 11-15/11/2014 EUR UNICREDIT SPA 1.500% 14-19/06/2019 EUR UNICREDIT SPA 3.250% 14-14/01/2021 EUR UNICREDIT SPA 3.625% 13-24/01/2019 EUR The Netherlands ABN AMRO BANK NV 2.250% 13-11/09/2017 GBP ALLIANZ FINANCE 4.750% 09-22/07/2019 EUR BMW FINANCE NV 1.500% 12-05/06/2018 EUR DEUTSCHE TEL FIN 6.000% 09-20/01/2017 EUR EADS FINANCE BV 4.625% 09-12/08/2016 EUR GAS NAT FENOSA F 2.875% 14-11/03/2024 EUR GAS NATURAL CAP 4.375% 09-02/11/2016 EUR GAS NATURAL CAP 6.375% 09-09/07/2019 EUR IBERDROLA INTL 3.000% 13-31/01/2022 EUR IBERDROLA INTL 4.250% 12-11/10/2018 EUR ING BANK NV 4.500% 12-21/02/2022 EUR LYB INTL FIN 5.250% 13-15/07/2043 USD NETHERLANDS GOVT 3.500% 10-15/07/2020 EUR RABOBANK 4.125% 10-14/07/2025 EUR Spain ABERTIS 2.500% 14-27/02/2025 EUR BANCO BILBAO VIZCAYA 3.500% /12/2017 EUR BANCO POP ESPAN 2.125% 14-08/10/2019 EUR BANKINTER SA 2.750% 13-26/07/2016 EUR BBVA SENIOR FIN 2.375% 14-22/01/2019 EUR CAIXABANK 2.625% 14-21/03/2024 EUR SANTANDER INTL 1.375% 14-25/03/2017 EUR SPANISH GOVT 2.750% 13-31/03/2015 EUR SPANISH GOVT 5.400% 13-31/01/2023 EUR TELEFONICA EMIS 3.987% 13-23/01/2023 EUR TELEFONICA EMIS 5.597% 12-12/03/2020 GBP France AUTOROUTES PARIS 2.250% 14-16/01/2020 EUR AXA SA 10-16/04/2040 FRN EUR BANQUE FED CREDIT MUTUEL 2.625% /02/2021 EUR BANQUE FED CREDIT MUTUEL 3.000% /05/2024 EUR BNP PARIBAS 2.250% 14-13/01/2021 EUR BPCE 2.125% 14-17/03/2021 EUR CARREFOUR SA 1.750% 14-15/07/2022 EUR CARREFOUR SA 4.000% 10-09/04/2020 EUR CASINO GUICHARD 2.798% 14-05/08/2026 EUR CIE FIN FONCIER 4.875% 09-25/05/2021 EUR CIF EUROMORTGAGE 4.000% 06-25/10/2016 EUR ELEC DE FRANCE 6.250% 08-30/05/2028 GBP FRANCE O.A.T % 13-25/05/2024 EUR FRANCE O.A.T % 98-25/04/2029 EUR FRANCE TELECOM 7.250% 00-10/11/2020 GBP FRANCE TELECOM 8.000% 02-20/12/2017 GBP GECINA 1.750% 14-30/07/2021 EUR Poland POLAND GOVT BOND 3.000% I/L /08/2016 PLN Portugal BANCO SAN TOTTA 1.625% 14-11/06/2019 EUR Japan JAPAN GOVT 30-YR 2.000% 10-20/09/2040 JPY JAPAN GOVT 5-YR 0.300% 12-20/03/2017 JPY Sweden NORDEA BANK AB 2.250% 12-05/10/2017 EUR SWEDEN GOVT 3.750% 06-12/08/2017 SEK Norway NORWEGIAN GOVT 2.000% 12-24/05/2023 NOK Mexico MEXICAN BONOS 6.500% 11-10/06/2021 MXN Cayman Islands IPIC GMTN LTD 5.875% 11-14/03/2021 EUR Canada BARRICK GOLD COR 6.950% 09-01/04/2019 USD BARRICK NA FIN 4.400% 11-30/05/2021 USD ROGERS COMMUNICATIONS INC 5.340% /03/2021 CAD TRANS CANADA PL 7.625% 09-15/01/2039 USD Switzerland SWISS (GOVT) 1.250% 12-11/06/2024 CHF Luxembourg ACTAVIS FUNDING 3.850% 14-15/06/2024 USD ENEL FIN INTL NV 5.750% 11-24/10/2018 EUR Page 36

39 Bond World Securities portfolio at 31/08/2014 Expressed in EUR Panama CARNIVAL CORP 3.950% 13-15/10/2020 USD Belgium ANHEUSER - BUSCH 4.000% 13-24/09/2025 GBP Australia BHP BILLITON FIN 3.250% 12-24/09/2027 EUR Floating rate bonds Total securities portfolio France BPCE 14-08/07/2026 FRN EUR GDF SUEZ 14-02/06/2049 FRN EUR United Kingdom AVIVA PLC 14-03/07/2044 FRN EUR CREDIT AGRICOLE 05-29/11/2049 SR EUR Germany BAYER AG 14-01/07/2075 FRN EUR The Netherlands VOLKSWAGEN INTFN 14-29/03/2049 FRN EUR United States of America METLIFE INC 6.400% 06-15/12/2036 FRN USD Options, Warrants, Rights PUT US 10YR NOTE FUT (CBT) 26/09/ USD Other transferable securities Options, Warrants, Rights ( ) CALL USD / BRL 11/09/ USD (251) CALL USD / EUR 14/11/ USD CALL USD / JPY 13/11/ USD ( ) CALL USD / RUB 12/09/ USD (3 773) PUT 6M GBP-LIBOR 02/06/ GBP PUT EUR/USD 01/12/ EUR PUT EUR/USD 13/11/ EUR PUT EUR/USD 30/10/ EUR PUT USD / RUB 07/11/ USD PUT USD / RUB 23/04/ USD PUT USD / ZAR 07/11/ USD To be Announced ("TBA") Mortgage Back Securities United States of America FGLMC 3.5 9/ % 11-15/03/2041 USD FGLMC 4.5 9/ % 10-15/12/2039 USD FNCI 2.5 9/ /07/2027 USD FNCI 3 9/ % 12-25/05/2027 USD FNCI 3.5 9/ % 12-25/05/2026 USD FNCL 3 9/ /06/2043 USD ( ) FNCL 3.5 9/ /04/2042 USD ( ) (3.74) FNCL 4 9/ /05/2040 USD FNCL 4.5 9/ /11/2040 USD FNCL 5 9/ /12/2035 USD FNCL 6 9/ % 11-25/08/2038 USD G2SF 3 9/ /07/2042 USD G2SF 5 9/ % 11-20/08/2040 USD GNSF 3.5 9/ /05/2042 USD GNSF 4 9/ % 10-15/06/2040 USD GNSF 4.5 9/ % 10-15/04/2040 USD GNSF 5.5 9/ % 10-15/09/2038 USD Shares/Units in investment funds Ireland FFTW MORTGAGE TOTAL RETURN AAC USD Luxembourg PARVEST CONVERTIBLE BOND WORLD - X - CAP EUR Page 37

40 Bond World Emerging Corporate Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds The Netherlands INDO ENERGY FIN 6.375% 13-24/01/2023 USD MARFRIG HLDG EUR 6.875% 14-24/06/2019 USD METINVEST 8.750% 11-14/02/2018 USD Argentina ARGNT BONAR 8.750% 14-07/05/2024 FLAT USD BUENOS AIRES PROV 9.375% 06-14/09/2018 USD United Arab Emirates DP WORLD LTD 6.850% 07-02/07/2037 USD Cayman Islands INTERCORP RETAIL 8.875% 11-14/11/2018 USD MARFRIG OVERSEAS 9.500% 10-04/05/2020 USD TAM CAPITAL % 11-03/06/2021 USD Luxembourg OJSC RUSS AGRIC 6.000% 11-03/06/2021 USD Russia ALFA BANK 7.500% 12-26/09/2019 USD OAO TMK 6.750% 13-03/04/2020 USD Kuwait KUWAIT ENERGY 9.500% 14-04/08/2019 USD Ghana REP OF GHANA 7.875% 13-07/08/2023 USD Brazil BRASIL TELECOM 5.750% 12-10/02/2022 USD QGOG CONSTELLATI 6.250% 12-09/11/2019 USD Ukraine NAFTOGAZ UKRAINE 9.500% 09-30/09/2014 USD United States of America CITIGROUP INC 6.750% 14-04/03/2016 USD CITIGROUP INC 9.000% 14-17/07/2015 USD Bermuda ALLIANCE OIL CO 7.000% 13-04/05/2020 USD Chile MASISA SA 9.500% 14 05/05/2019 USD Austria OAS INVESTMENT G 8.250% 12-19/10/2019 USD United Kingdom PRIVATBANK 9.375% 10-23/09/2015 USD UZ RAIL SHORTLIN 9.500% 13-21/05/2018 USD Georgia BANK OF GEORGIA 7.750% 12-05/07/2017 USD Peru CAMPOSOL SA 9.875% 12-02/02/2017 USD Kazakhstan BTA BANK JSC 5.500% 12-21/12/2022 USD Turkey YASAR HOLDINGS 9.625% 10-07/10/2015 USD Venezuela VENEZUELA 7.650% 05-21/04/2025 USD Ireland INTL BANK OF AZERB 5.625% 14-11/06/2019 USD Bangladesh BANGLALINK DIG 8.625% 14-06/05/2019 USD British Virgin Islands GOLD FIELDS OROG 4.875% 10-07/10/2020 USD Floating rate bonds Luxembourg SBERBANK 14-26/02/2024 FRN USD Ireland GAZPROMBANK 13-28/12/2023 FRN USD INTL BANK OF AZERB 07-10/05/2017 FRN USD Bahrain ICICI BANK LTD 07-30/04/2022 SR USD Russia ALFA BANK 07-22/02/2017 SR USD Cayman Islands BANCO BRASL (CI) 13-29/10/2049 FRN USD Turkey ASYA SUKUK CO 13-28/03/2023 FRN USD United Kingdom PRIVATBANK 06-09/02/2016 SR USD Other transferable securities Shares Kazakhstan BTA BANK JSC - GDR REG S SPON USD Total securities portfolio Page 38

41 Bond World Emerging Local Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds Mexico MEXICAN BONOS % 05-05/12/2024 MXN MEXICAN BONOS 5.000% 12-15/06/2017 MXN MEXICAN BONOS 6.500% 11-10/06/2021 MXN MEXICAN BONOS 6.500% 12-09/06/2022 MXN MEXICAN BONOS 7.250% 06-15/12/2016 MXN MEXICAN BONOS 7.750% 11-29/05/2031 MXN MEXICAN BONOS 8.000% 10-11/06/2020 MXN Brazil BANCO SAFRA SA % 11-08/08/2016 BRL BANCO SANTAN BS 8.000% 13-18/03/2016 BRL BANCO VOTORANTIM 6.250% /05/2016 FLAT BRL BRAZIL NTN-B 6.000% 03-15/05/2015 FLAT BRL BRAZIL NTN-F 0.000% 07-01/01/2017 FLAT BRL BRAZIL NTN-F % 12-01/01/2018 FLAT BRL BRAZIL-LTN 12-01/07/2016 FLAT BRL BRAZIL-LTN 13-01/01/2017 FLAT BRL BRF SA 7.750% 13-22/05/2018 BRL NOTA DO TESOURO NAC 6.000% /05/2045 FLAT BRL South Africa REPUBLIC OF SOUTH AFRICA % /12/2026 ZAR REPUBLIC OF SOUTH AFRICA 6.750% /03/2021 ZAR REPUBLIC OF SOUTH AFRICA 7.000% /02/2031 ZAR REPUBLIC OF SOUTH AFRICA 8.250% /09/2017 ZAR REPUBLIC OF SOUTH AFRICA 8.750% /02/2048 ZAR Poland POLAND GOVT BOND 0.000% 13-25/07/2015 PLN POLAND GOVT BOND 3.000% I/L /08/2016 PLN POLAND GOVT BOND 5.750% 08-25/04/2029 PLN Turkey AKBANK 7.500% 13-05/02/2018 TRY TURKEY GOVT BOND 4.000% 10-29/04/2015 TRY TURKEY GOVT BOND 4.500% 10-11/02/2015 TRY TURKEY GOVT BOND 5.000% 13-13/05/2015 TRY TURKEY GOVT BOND 8.300% 13-07/10/2015 TRY TURKIYE GARANTI 7.375% 13-07/03/2018 TRY Russia RUSSIA-OFZ 7.000% 13-16/08/2023 RUB RUSSIA-OFZ 7.050% 13-19/01/2028 RUB RUSSIA-OFZ 8.150% 12-03/02/2027 RUB Malaysia MALAYSIAN GOVT 3.492% 12-31/03/2020 MYR MALAYSIAN GOVT 4.181% 14-15/07/2024 MYR MALAYSIAN GOVT 4.240% 03-07/02/2018 MYR Indonesia INDONESIA GOVT % 07-15/02/2028 IDR INDONESIA GOVT % 06-15/06/2021 IDR INDONESIA GOVT 5.625% 12-15/05/2023 IDR INDONESIA GOVT 6.625% 12-15/05/2033 IDR INDONESIA GOVT 8.375% 13-15/03/2024 IDR INDONESIA GOVT 8.375% 13-15/03/2034 IDR INDONESIA GOVT 9.000% 13-15/03/2029 IDR Hungary HUNGARY GOVT 10-22/12/2015 FRN HUF HUNGARY GOVT 4.000% 14-25/04/2018 HUF HUNGARY GOVT 6.000% 07-24/11/2023 HUF HUNGARY GOVT 6.500% 08-24/06/2019 HUF HUNGARY GOVT 6.750% 01-24/11/2017 HUF Thailand THAILAND GOVT 3.250% 11-16/06/2017 THB THAILAND GOVT 3.580% 12-17/12/2027 THB THAILAND GOVT 3.625% 09-22/05/2015 THB THAILAND GOVT 3.650% 10-17/12/2021 THB THAILAND GOVT 3.875% 09-13/06/2019 THB Colombia REP OF COLOMBIA 4.375% 12-21/03/2023 COP REP OF COLOMBIA 7.750% 10-14/04/2021 COP REP OF COLOMBIA 9.850% /06/2027 FLAT COP Romania ROMANIA GOVT 5.950% 11-11/06/2021 RON ROMANIA GOVT 6.000% 11-30/04/2016 RON Nigeria NIGERIA T-BOND % 12-27/04/2017 NGN NIGERIA T-BOND % 12-29/06/2019 NGN Peru REPUBLIC OF PERU 7.840% 05-12/08/2020 PEN REPUBLIC OF PERU 8.200% 06-12/08/2026 PEN Luxembourg COSAN LUXEMBOURG 9.500% /03/2018 BRL Cayman Islands ODEBRECHT FINANCE 8.250% 13-25/04/2018 BRL Shares/Units in investment funds Luxembourg BNPP FLEXI I BOND ASIA LOCAL CURRENCY - I - CAP USD PARVEST BOND WORLD EMERGING ADVANCED - X - CAP USD PARVEST BOND WORLD EMERGING CORPORATE - X - CAP USD Total securities portfolio Page 39

42 Bond World High Yield Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds United States of America ACI WORLDWIDE 6.375% 13-15/08/2020 USD ACMP/ACMP FIN 4.875% 12-15/05/2023 USD ACTIVISION BLIZZ 5.625% 13-15/09/2021 USD ACTIVISION BLIZZ 6.125% 13-15/09/2023 USD ADVANCED MICRO D 6.750% 14-01/03/2019 USD ADVANCED MICRO D 7.000% 14-01/07/2024 USD AES CORPORATION 5.500% 14-15/03/2024 USD AES CORPORATION 8.000% 07-15/10/2017 USD AES CORPORATION 8.000% 09-01/06/2020 USD ALERIS INTL 7.625% 11-15/02/2018 USD ALERIS INTL 7.875% 13-01/11/2020 USD ALTA MESA HLDGS 9.625% 11-15/10/2018 USD AMER AXLE & MFG 6.250% 13-15/03/2021 USD AMER AXLE & MFG 6.625% 12-15/10/2022 USD AMER AXLE & MFG 7.750% 11-15/11/2019 USD AMERIGAS FINANCE 6.750% 12-20/05/2020 USD AMSURG CORP 5.625% 14-15/07/2022 USD ANTERO RESOURCES 5.125% 14-01/12/2022 USD ANTERO RESOURCES 5.375% 14-01/11/2021 USD ANTERO RESOURCES 6.000% 13-01/12/2020 USD ATHLON HLDS LP / 6.000% 14-01/05/2022 USD ATLAS PIPELINE 5.875% 14-01/08/2023 USD ATLAS PIPELINE 6.625% 13-01/10/2020 USD AUDATEX NORTH AM 6.000% 13-15/06/2021 USD AUDATEX NORTH AM 6.125% 13-01/11/2023 USD AVAYA INC 7.000% 11-01/04/2019 USD AVIS BUDGET CAR 5.125% 14-01/06/2022 USD BASIC ENERGY SVC 7.750% 11-15/02/2019 USD BE AEROSPACE 5.250% 12-01/04/2022 USD BELDEN INC 5.500% 13-15/04/2023 EUR BERRY PETROL CO 6.375% 12-15/09/2022 USD BOISE CASCADE CO 6.375% 13-01/11/2020 USD BONANZA CREEK EN 6.750% 13-15/04/2021 USD CABLEVISION SYS 5.875% 12-15/09/2022 USD CALPINE CORP 5.750% 14-15/01/2025 USD CALPINE CORP 5.875% 13-15/01/2024 USD CALPINE CORP 6.000% 13-15/01/2022 USD CALUMET SPECIAL 9.625% 13-01/08/2020 USD CASE NEW HOLLAND 7.875% 11-01/12/2017 USD CATAMARAN CORP 4.750% 14-15/03/2021 USD CBS OUT AMER CAP 5.250% 14-15/02/2022 USD CBS OUT AMER CAP 5.625% 14-15/02/2024 USD CCO HOLDINGS LLC 5.250% 12-30/09/2022 USD CCO HOLDINGS LLC 5.750% 14-01/09/2023 USD CCO HOLDINGS LLC 7.250% 10-30/10/2017 USD CEDAR FAIR LP/CA 5.375% 14-01/06/2024 USD CENTURYLINK INC 5.800% 12-15/03/2022 USD CENTURYLINK INC 6.450% 11-15/06/2021 USD CENTURYTEL INC 7.600% 09-15/09/2039 USD CHAPARRAL ENERGY 7.625% 12-15/11/2022 USD CHESAPEAKE ENRGY 5.375% 13-15/06/2021 USD CHESAPEAKE ENRGY 6.125% 11-15/02/2021 USD CHESAPEAKE ENRGY 6.625% 10-15/08/2020 USD CHRYSLER GP/CG C 8.250% 12-15/06/2021 USD CHS/COMMUNITY 5.125% 14-01/08/2021 USD CHS/COMMUNITY 6.875% 14-01/02/2022 USD CHS/COMMUNITY 8.000% 12-15/11/2019 USD CINC BELL INC 8.375% 10-15/10/2020 USD CITIZENS COMM CO 9.000% 02-15/08/2031 USD CLEAR CHNL WORLD 6.500% 13-15/11/2022 USD CLEAR CHNL WORLD 7.625% 12-15/03/2020 USD CLOUD PEAK ENRGY 6.375% 14-15/03/2024 USD COMPASS MIN INTL 4.875% 14-15/07/2024 USD COMSTOCK RES INC 7.750% 11-01/04/2019 USD COMSTOCK RES INC 9.500% 12-15/06/2020 USD CONCHO RES/MIDLA 5.500% 12-01/04/2023 USD CONSOL ENERGY 5.875% 14-15/04/2022 USD CONSOL ENERGY 8.250% 11-01/04/2020 USD CONSTELLATION BR 6.000% 12-01/05/2022 USD CORELOGIC INC 7.250% 12-01/06/2021 USD COTT BEVERAGES 5.375% 14-01/07/2022 USD COVANTA HOLDING 5.875% 14-01/03/2024 USD CROWN CASTLE INT 4.875% 14-15/04/2022 USD CRSTWD MID PART/ 7.750% 11-01/04/2019 USD CRSTWD PART/FIN 6.125% 14-01/03/2022 USD CSC HOLDINGS LLC 5.250% 14-01/06/2024 USD CSC HOLDINGS LLC 6.750% 11-15/11/2021 USD CVR REF/COFF FIN 6.500% 13-01/11/2022 USD CYRUSONE LP/CYRU 6.375% 13-15/11/2022 USD DANA HOLDING 5.375% 13-15/09/2021 USD DANA HOLDING 6.000% 13-15/09/2023 USD DAVITA HEALTHCARE 5.125% 14-15/07/2024 USD DAVITA INC 5.750% 12-15/08/2022 USD DENALI BORROW LL 5.625% 13-15/10/2020 USD DENBURY RESOURCE 6.375% 11-15/08/2021 USD DIAMONDBACK ENER 7.625% 13-01/10/2021 USD DISH DBS CORP 4.625% 12-15/07/2017 USD DISH DBS CORP 5.000% 13-15/03/2023 USD DISH DBS CORP 6.750% 11-01/06/2021 USD DONNELLEY & SONS 6.125% 07-15/01/2017 USD DONNELLEY & SONS 7.875% 13-15/03/2021 USD ECHOSTAR DBS 7.125% 06-01/02/2016 USD ECHOSTAR DBS 7.750% 08-31/05/2015 USD ENDO FINANCE LLC 7.250% 14-15/01/2022 USD ENERGY TRANSFER 7.500% 10-15/10/2020 USD ENERGY XXI GULF 7.500% 14-15/12/2021 USD EVEREST ACQ LLC 9.375% 12-01/05/2020 USD FIRST DATA CORP 6.750% 12-01/11/2020 USD FIRST DATA CORP 8.250% 10-15/01/2021 USD FORESIGHT ENERGY 7.875% 13-15/08/2021 USD FREESCALE SEMICO 6.000% 13-15/01/2022 USD FRESENIUS MEDICAL 5.625% 12-31/07/2019 USD FRESENIUS MEDICAL 6.500% 11-15/09/2018 USD FRESENTIUS US FIN 9.000% 09-15/07/2015 USD FRONTIER COMM 7.125% 12-15/01/2023 USD FRONTIER COMM 8.750% 10-15/04/2022 USD GANNETT CO 6.375% 13-15/10/2023 USD GENERAL MOTORS 3.500% 14-02/10/2018 USD GENESIS ENERGY 5.750% 13-15/02/2021 USD GENESIS LP/FIN 7.875% /12/2018 USD GENON ENERGY 9.500% 11-15/10/2018 USD GRAY TELE INC 7.500% 13-01/10/2020 USD GREEKTOWN HLDGS 8.875% 14-15/03/2019 USD GRIFFON CORP 5.250% 14-01/03/2022 USD GULFMARK OFFSHOR 6.375% 13-15/03/2022 USD HALCON RESOURCES 8.875% 13-15/05/2021 USD HCA HOLDINGS INC 6.250% 12-15/02/2021 USD HCA INC 3.750% 14-15/03/2019 USD HCA INC 5.000% 14-15/03/2024 USD Page 40

43 Bond World High Yield Securities portfolio at 31/08/2014 Expressed in EUR HCA INC 6.500% 06-15/02/2016 USD HCA INC 7.500% 11-15/02/2022 USD HDTFS INC 6.250% 13-15/10/2022 USD HEARTHSIDE GROUP 6.500% 14-01/05/2022 USD HERCULES OFFSHOR % /04/2019 USD HUNT INGALLS IND 6.875% 12-15/03/2018 USD IGATE CORP 4.750% 14-15/04/2019 USD IRON MOUNTAIN 5.750% 12-15/08/2024 USD IRON MOUNTAIN 7.750% 11-01/10/2019 USD ISLE OF CAPRI 5.875% 13-15/03/2021 USD ISLE OF CAPRI 7.750% 11-15/03/2019 USD KB HOME 4.750% 14-15/05/2019 USD KB HOME 7.500% 12-15/09/2022 USD KB HOME 9.100% 09-15/09/2017 USD KINDRED HEALTHCARE 6.375% /04/2022 USD KINETICS/KCI USA % 13-01/11/2018 USD LAMAR MEDIA CORP 5.375% 14-15/01/2024 USD LAREDO PETROLEUM 5.625% 14-15/01/2022 USD LEAR CORP 5.375% 14-15/03/2024 USD LEE ENTERPRISES 9.500% 14-15/03/2022 USD LEGACY RES/FIN C 6.625% 14-01/12/2021 USD LEVEL 3 FIN INC 6.125% 13-15/01/2021 USD LEVEL 3 FIN INC 7.000% 13-01/06/2020 USD LEVEL 3 FIN INC 8.625% 12-15/07/2020 USD LEVEL 3 FIN INC 9.375% 11-01/04/2019 USD LIFEPOINT HOSPIT 5.500% 13-01/12/2021 USD LIMITED BRANDS 5.625% 12-15/02/2022 USD LIMITED BRANDS 6.625% 11-01/04/2021 USD LINN ENERGY LLC 7.750% 10-01/02/2021 USD LSB INDUSTRIES 7.750% 14-01/08/2019 USD MARKWEST ENERGY 6.250% 11-15/06/2022 USD MCRON FINANCE SU 8.375% 12-15/05/2019 USD MEDIACOM BROADBD 6.375% 13-01/04/2023 USD MEM PROD PART LP 7.625% 13-01/05/2021 USD MERITOR INC 6.750% 13-15/06/2021 USD METROPCS WIRELES 6.625% 10-15/11/2020 USD MGM RESORTS % 10-01/11/2016 USD MGM RESORTS 6.625% 12-15/12/2021 USD MGM RESORTS 7.750% 12-15/03/2022 USD MGM RESORTS INTRNL 7.500% /06/2016 USD MICRON TECH 5.500% 14-01/02/2025 USD MICRON TECH 5.875% 14-15/02/2022 USD MIRANT AMERICAS 8.500% 06-01/10/2021 USD MURRAY ENERGY 8.625% 13-15/06/2021 USD NCL CORP 5.000% 13-15/02/2018 USD NCR CORP 5.875% 14-15/12/2021 USD NCR CORP 6.375% 14-15/12/2023 USD NETFLIX INC 5.375% 13-01/02/2021 USD NEWFIELD EXPLOR 6.875% 10-01/02/2020 USD NRG ENERGY INC 6.250% 14-01/05/2024 USD NRG ENERGY INC 6.250% 14-15/07/2022 USD NRG ENERGY INC 6.625% 13-15/03/2023 USD NRG ENERGY INC 7.625% 11-15/01/2018 USD OASIS PETROLEUM 6.500% 11-01/11/2021 USD OASIS PETROLEUM 6.875% 14-15/03/2022 USD PARKER DRILLING 7.500% 14-01/08/2020 USD PEABODY ENERGY 6.000% 12-15/11/2018 USD PEABODY ENERGY 6.250% 12-15/11/2021 USD PENN NATL GAMING 5.875% 14-01/11/2021 USD PINNACLE ENTERTA 6.375% 14-01/08/2021 USD REGAL ENTERTAINMENT 5.750% /03/2022 USD REGENCY ENERGY 4.500% 13-01/11/2023 USD REGENCY ENERGY 5.500% 12-15/04/2023 USD REGENCY ENERGY P 5.000% 14-01/10/2022 USD REX ENERGY CORP 8.875% 13-01/12/2020 USD REYNOLDS GROUP 5.750% 13-15/10/2020 USD RICE ENERGY INC 6.250% 14-01/05/2022 USD RITE AID CORP % 10-15/10/2019 USD RR DONNELLEY 6.000% 14-01/04/2024 USD SABINE PASS LIQU 6.250% 13-15/03/2022 USD SABINE PASS LNG 6.500% 13-01/11/2020 USD SABINE PASS LNG 7.500% 07-30/11/2016 USD SALLY HOLDING / SAL CA 6.875% /11/2019 USD SANCHEZ ENERGY 6.125% 14-15/01/2023 USD SANDRIDGE ENERGY 7.500% 12-15/02/2023 USD SANDRIDGE ENERGY 8.125% 12-15/10/2022 USD SANDRIDGE ENERGY 8.750% 10-15/01/2020 USD SANMINA CORP 4.375% 14-01/06/2019 USD SBA COMMUNICATIONS 4.875% /07/2022 USD SCIENTIFIC GAMES 6.625% 14-15/05/2021 USD SEALED AIR CORP 8.375% 11-15/09/2021 USD SERVICE CORP 5.375% 14-15/05/2024 USD SINCLAIR TELE 5.625% 14-01/08/2024 USD SIRIUS XM RADIO 6.000% 14-15/07/2024 USD SOUTHERN STAR 5.125% 14-15/07/2022 USD SPRINT CAP CORP 6.875% 98-15/11/2028 USD SPRINT CAP CORP 8.750% 02-15/03/2032 USD SPRINT CORP 7.125% 13-15/06/2024 USD SPRINT CORP 7.250% 13-15/09/2021 USD SPRINT CORP 7.875% 13-15/09/2023 USD SPRINT NEXTEL % 12-15/11/2021 USD SPRINT NEXTEL 6.000% 12-15/11/2022 USD SPRINT NEXTEL 8.375% 09-15/08/2017 USD SPRINT NEXTEL 9.000% 11-15/11/2018 USD STARZ LLC/FIN CO 5.000% 13-15/09/2019 USD STEEL DYNAMICS 5.250% 13-15/04/2023 USD STONE ENERGY 7.500% 12-15/11/2022 USD SUMMIT MID HLD / 5.500% 14-15/08/2022 USD TAYLOR MORRISON 5.250% 13-15/04/2021 USD TENET HEALTHCARE 8.000% 11-01/08/2020 USD TENET HEALTHCARE 8.125% 13-01/04/2022 USD TENNECO INC 6.875% 11-15/12/2020 USD TENNECO INC 7.750% 11-15/08/2018 USD TES LOG LP/CORP 5.875% 13-01/10/2020 USD TES LOG LP/CORP 6.125% 13-15/10/2021 USD TIME INC 5.750% 14-15/04/2022 USD TITAN INTL INC 6.875% 14-01/10/2020 USD T-MOBILE USA INC 5.250% 14-01/09/2018 USD T-MOBILE USA INC 6.125% 13-15/01/2022 USD T-MOBILE USA INC 6.250% 14-01/04/2021 USD T-MOBILE USA INC 6.500% 13-15/01/2024 USD T-MOBILE USA INC 6.625% 14-01/04/2023 USD TREEHOUSE FOODS 4.875% 14-15/03/2022 USD TRONOX FINANCE 6.375% 13-15/08/2020 USD TW TELECOM HLDS 5.375% 13-01/10/2022 USD UNITED RENTAL NA 5.750% 13-15/07/2018 USD UNITED RENTAL NA 7.375% 13-15/05/2020 USD UNITED RENTAL NA 7.625% 13-15/04/2022 USD UNIVISION COMM 6.750% 12-15/09/2022 USD US STEEL CORP 6.875% 13-01/04/2021 USD USG CORP 5.875% 13-01/11/2021 USD USG CORP 9.750% 07-15/01/2018 USD VALEANT PHARMA 6.750% 10-01/10/2017 USD Page 41

44 Bond World High Yield Securities portfolio at 31/08/2014 Expressed in EUR VALEANT PHARMA 6.875% 10-01/12/2018 USD VALEANT PHARMA 7.000% 10-01/10/2020 USD VENOCO INC 8.875% 11-15/02/2019 USD VIK CRUISES LTD 8.500% 12-15/10/2022 USD VPI ESCROW CORP 6.375% 12-15/10/2020 USD W & T OFFSHORE 8.500% 12-15/06/2019 USD WINDSTREAM CORP 7.500% 11-01/04/2023 USD WINDSTREAM CORP 7.750% 11-01/10/2021 USD WMG ACQUISITION 6.000% 12-15/01/2021 USD ZACHRY HOLDINGS 7.500% 13-01/02/2020 USD Luxembourg ALDESA FINANCIAL 7.250% 14-01/04/2021 EUR ALTICE 7.250% 14-15/05/2022 EUR ALTICE 7.750% 14-15/05/2022 USD ALTICE FINANCING 6.500% 13-15/01/2022 EUR ARCELORMITTAL % 09-01/06/2019 USD ARCELORMITTAL 6.125% 08-01/06/2018 USD ARCELORMITTAL 7.500% 09-15/10/2039 USD ARDAGH FINANCE 8.375% 14-15/06/2019 EUR FIAT FIN & TRADE 6.375% 11-01/04/2016 EUR FIAT FIN & TRADE 6.625% 13-15/03/2018 EUR FIAT FIN & TRADE 7.750% 12-17/10/2016 EUR GCS HOLDCO FINAN 6.500% 13-15/11/2018 EUR INEOS GROUP HOLD 5.750% 14-15/02/2019 EUR MALLINCKRODT FIN 5.750% 14-01/08/2022 USD NIELSEN CO LUXEM 5.500% 13-01/10/2021 USD WIND ACQUISITION 4.000% 14-15/07/2020 EUR WIND ACQUISITION 7.000% 14-23/04/2021 EUR France AUTODIS SA 6.500% 14-01/02/2019 EUR BUT SAS 7.375% 14-15/09/2019 EUR LA FIN ATALIAN 7.250% 13-15/01/2020 EUR LAFARGE SA 5.375% 10-29/11/2018 EUR LAFARGE SA 5.875% 12-09/07/2019 EUR LAFARGE SA 7.625% 09-24/11/2016 EUR MAISONS DU MONDE 9.000% 13-01/08/2020 EUR NUMERICABLE 6.000% 14-15/05/2022 USD NUMERICABLE 6.250% 14-15/05/2024 USD PEUGEOT 6.500% 13-18/01/2019 EUR PICARD 9.000% 10-01/10/2018 EUR RENAULT 3.125% 14-05/03/2021 EUR SPCM SA 5.500% 12-15/06/2020 EUR THREEAB OPTIQUE 5.625% 14-15/04/2019 EUR The Netherlands ADRIA BIDCO BV 7.875% 13-15/11/2020 EUR EDP FINANCE BV 6.625% 02-09/08/2017 GBP GRUPO ANTOLIN DU 4.750% 14-01/04/2021 EUR REFRESCO GROUP 7.375% 11-15/05/2018 EUR SCHAEFFLER FIN 3.250% 14-15/05/2019 EUR SCHAEFFLER FIN 4.250% 14-15/05/2021 USD SCHAEFFLER FIN 4.750% 13-15/05/2021 USD UPC HOLDING BV 6.375% 12-15/09/2022 EUR UPC HOLDING BV 8.375% 10-15/08/2020 EUR United Kingdom ALGECO SCOTSMAN 9.000% 12-15/10/2018 EUR BAKKAVOR FIN % 11-15/02/2018 GBP BOPARAN FINANCE 5.250% 14-15/07/2019 GBP INEOS FINANCE PL 8.375% 12-15/02/2019 USD JAGUAR LAND ROVER 5.000% 14-15/02/2022 GBP JAGUAR LAND ROVR 8.250% 12-15/03/2020 GBP OTE PLC 4.625% 06-20/05/2016 EUR PPC FINANCE 5.500% 14-01/05/2019 EUR PRIORY GROUP 7.000% 11-15/02/2018 GBP Canada BAYTEX ENERGY 5.125% 14-01/06/2021 USD BAYTEX ENERGY 5.625% 14-01/06/2024 USD BOMBARDIER INC 7.750% 10-15/03/2020 USD CASCADES INC 5.500% 14-15/07/2022 USD CHC HELICOPTER S 9.250% 12-15/10/2020 USD MEG ENERGY CORP 7.000% 13-31/03/2024 USD NEW GOLD INC 6.250% 12-15/11/2022 USD NEW GOLD INC 7.000% 12-15/04/2020 USD NOVELIS INC 8.750% 11-15/12/2020 USD ULTRA PETROLEUM 5.750% 13-15/12/2018 USD VALEANT PHARMA 5.625% 13-01/12/2021 USD Cayman Islands OFFSHORE GROUP I 7.125% 13-01/04/2023 USD OFFSHORE GROUP I 7.500% 13-01/11/2019 USD SABLE INTL FIN 8.750% 12-01/02/2020 USD SHELF DRL HOLD 8.625% 12-01/11/2018 USD UPCB FINANCE VI 6.875% 12-15/01/2022 USD Sweden EILEME 2 AB % 12-31/01/2020 EUR TVN FIN CORP III 7.875% 10-15/11/2018 EUR Ireland ARDAGH PKG FIN 4.250% 14-15/01/2022 EUR GRIFOLS WRLDWDE 5.250% 14-01/04/2022 USD NARA CABLE FUNDI 8.875% 12-01/12/2018 USD Australia FMG RES AUG % 12-01/04/2017 USD FMG RES AUG % 12-01/04/2022 USD FMG RES AUG % 11-01/11/2019 USD Bermuda INTELSAT JACKSON 5.500% 13-01/08/2023 USD INTELSAT JACKSON 7.250% 10-15/10/2020 USD INTELSAT LUXEMB 7.750% 13-01/06/2021 USD Spain ABENGOA FINANCE 6.000% 14-31/03/2021 EUR OBRASCON HUARTE 4.750% 14-15/03/2022 EUR OBRASCON HUARTE 7.375% 10-28/04/2015 EUR Poland PLAY FIN 2 SA 5.250% 14-01/02/2019 EUR Greece HELLENIC TELECOM 3.500% 14-09/07/2020 EUR Belgium BARRY CALLE SVCS 5.625% 11-15/06/2021 EUR BARRY CALLE SVCS 6.000% 07-13/07/2017 EUR Norway PACIFIC DRILLING 5.375% 13-01/06/2020 USD Italy TELECOM ITALIA 5.303% 14-30/05/2024 USD Floating rate bonds Italy ENEL SPA 14-15/01/2075 FRN EUR RHINO BONDCO 13-15/12/2019 FRN EUR Austria WIENERBERGER AG 07-29/12/2049 FRN EUR Page 42

45 Bond World High Yield Securities portfolio at 31/08/2014 Expressed in EUR United States of America CHESAP OIL OP/FN 13-15/11/2019 FRN USD GIBRALTAR INDSTR 13-01/02/2021 FRN USD SABINE PASS LIQU 14-01/02/2021 FRN USD Luxembourg BMBG BOND FINCE 14-15/10/2020 FRN EUR Other transferable securities Bonds United States of America CSC HOLDINGS INC 7.875% 98-15/02/2018 USD Shares/Units in investment funds Luxembourg BNPP FLEXI I BOND WORLD HIGH YIELD SHORT DURATION - IH EUR - CAP EUR Total securities portfolio Page 43

46 Bond World Inflation-Linked Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds United States of America US TSY I/L STOCK 2.500% 09-15/01/2029 USD US TSY INFL IX N/B 0.125% 11-15/04/2016 USD US TSY INFL IX N/B 0.125% 12-15/04/2017 USD US TSY INFL IX N/B 0.125% 12-15/07/2022 USD US TSY INFL IX N/B 0.125% 13-15/01/2023 USD US TSY INFL IX N/B 0.125% 13-15/04/2018 USD US TSY INFL IX N/B 0.375% 13-15/07/2023 USD US TSY INFL IX N/B 0.500% 10-15/04/2015 USD US TSY INFL IX N/B 0.625% 14-15/01/2024 USD US TSY INFL IX N/B 0.750% 12-15/02/2042 USD US TSY INFL IX N/B 1.125% 11-15/01/2021 USD US TSY INFL IX N/B 1.375% 14-15/02/2044 USD US TSY INFL IX N/B 1.750% 08-15/01/2028 USD US TSY INFL IX N/B 2.125% 11-15/02/2041 USD US TSY INFL IX N/B 2.375% 04-15/01/2025 USD US TSY INFL IX N/B 2.375% 07-15/01/2027 USD US TSY INFL IX N/B 3.625%98-15/04/2028 USD United Kingdom NETWRK RAIL INFR 1.375% 07-22/11/2037 GBP NETWRK RAIL INFR 1.750% 07-22/11/2027 GBP UK TSY I/L GILT 0.125% 11-22/03/2029 GBP UK TSY I/L GILT 0.125% 12-22/03/2024 GBP UK TSY I/L GILT 0.125% 12-22/03/2044 GBP UK TSY I/L GILT 0.125% 13-22/03/2068 GBP UK TSY I/L GILT 0.125% 13-22/11/2019 GBP UK TSY I/L GILT 0.250% 12-22/03/2052 GBP UK TSY I/L GILT 0.750% 07-22/11/2047 GBP UK TSY I/L GILT 0.750% 11-22/03/2034 GBP UK TSY I/L GILT 1.250% 06-22/11/2027 GBP UK TSY I/L STOCK 6.287% 86-17/07/2024 GBP Germany BUNDESOBLIGATION-I/L 0.750% /04/2018 EUR DEUTSCHLAND I/L 0.100% 12-15/04/2023 EUR DEUTSCHLAND I/L 0.500% 14-15/04/2030 EUR France FRANCE O.A.T % 13-25/07/2024 EUR FRANCE O.A.T.I/L 0.700% 14-25/07/2030 EUR FRANCE O.A.T.I/L 1.800% 07-25/07/2040 EUR FRANCE O.A.T.I/L 1.850% 11-25/07/2027 EUR FRANCE O.A.T.I/L 2.250% 04-25/07/2020 EUR FRANCE O.A.T.I/L 3.400% 99-25/07/2029 EUR Canada CANADA GOVT I/L 1.500% 10-01/12/2044 CAD CANADA GOVT I/L 2.000% 07-01/12/2041 CAD CANADA GOVT I/L 4.000% 99-01/12/2031 CAD CANADA GOVT I/L 4.250% 95-01/12/2026 CAD Japan JAPAN I/L-10YR 0.100% 13-10/09/2023 JPY JAPAN I/L-10YR 1.400% 08-10/06/2018 JPY Italy ITALY BTPS I/L 1.700% 13-15/09/2018 EUR Sweden SWEDEN I / L 4.000% 95-01/12/2020 SEK SWEDEN I/L 4.297% 99-01/12/2028 SEK Denmark DENMARK I/L GOVT 0.100% 12-15/11/2023 DKK Australia AUSTRALIAN I/L 0.000% 09-20/09/2025 FLAT AUD AUSTRALIAN I/L 0.000% 12-21/02/2022 FLAT AUD AUSTRALIAN I/L 2.000% 13-21/08/2035 FLAT AUD New Zealand NEW ZEALAND I/L 2.000% /09/2025 FLAT NEW ZEALAND I/L 3.000% /09/2030 FLAT NZD NZD Floating rate bonds United Kingdom UK TSY I/L STOCK 2.829% 02-26/01/2035 GBP UK TSY I/L STOCK 7.522% 83-26/07/2016 GBP UK TSY I/L STOCK 7.633% 92-22/07/2030 GBP Total securities portfolio Page 44

47 Convertible Bond Asia Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Convertible bonds Cayman Islands CHINA OVERSEAS 12-21/03/2017 CV SR HKD CHINA OVERSEAS FIN 4.000% /02/2021 CV USD ENN ENERGY HLDG 13-26/02/2018 CV USD HAITIAN INTL HOL 2.000% 14-13/02/2019 CV USD HENGAN INTL 13-27/06/2018 CV HKD KAISA GROUP 8.000% 10-20/12/2015 CV CNY KINGSOFT CORP LT 1.250% /04/2019 CV HKD SEMICONDUCTOR MA 13-07/11/2018 CV USD ZHEN DING TECH 12-07/06/2015 CV USD ZHEN DING TECH 0.000% 14-26/06/2019 CV USD British Virgin Islands BILLION EXPRESS 0.750% 10-18/10/2015 CV USD LOGO STAR LTD 1.500% 13-22/11/2018 CV HKD NEWFORD CAPITAL 0.000% /05/2016 CV USD PB ISSUER 3 LTD 1.875% 12-22/10/2018 CV USD SHINE POWER INTL 0.000% /07/2019 CV HKD TONG JIE LTD 13-18/02/2018 CV HKD Taiwan ADVANCED SEMICONDUCTOR 0.000% /09/2018 CV USD ASIA CEMENT 0.000% 13-13/05/2018 CV USD AU OPTRONICS 0.000% 10-13/10/2015 CV USD EPISTAR CORP 0.000% 13-07/08/2018 CV USD FAR EASTERN INTL 0.000% /02/2018 CV USD PEGATRON CORP 0.000% 12-06/02/2017 CV USD TPK HOLDING CO 0.000% 12-01/10/2017 CV USD WISTRON CORP 0.000% 12-19/01/2015 CV USD Singapore CAPITALAND LTD 1.850% 13-19/06/2020 CV SGD CAPITALAND LTD 1.950% 13-17/10/2023 CV SGD CAPITALAND LTD 2.950% 07-20/06/2022 CV SGD OLAM INTL LTD 6.000% 09-15/10/2016 CV USD OSIM INTL LTD 0.000% 14-18/09/2019 CV SGD RUBY ASSETS PTE 1.600% 10-01/02/2017 CV SGD SUNTEC REIT 1.400% 13-18/03/2018 CV SGD Hong Kong ASM PACIFIC TECH 2.000% /03/2019 CV HKD CHINA POWER INTL 2.750% /09/2017 CV CNY HK EXCHANGES 0.500% 12-23/10/2017 CV USD JOHNSON ELEC HLD 1.000% /04/2021 CV USD India LARSEN & TOUBRO 3.500% /10/2014 CV USD TATA POWER CO 1.750% 09-21/11/2014 CV USD TATA STEEL LTD 4.500% 09-21/11/2014 CV USD Australia BEACH ENERGY 3.950% 12-03/04/2017 CV AUD DRILLSEARCH FINA 6.000% 13-01/09/2018 CV USD South Korea HYNIX SEMI INC 2.650% 10-14/05/2015 CV USD LOTTE SHOPPING 13-24/01/2018 CV KRW Malaysia INDAH CAPITAL 13-24/10/2018 CV SGD Philippines AYC FINANCE LTD 0.500% 14-02/05/2019 CV USD Page 45 China SHENZHOU INTERNA 0.500% /06/2019 CV HKD Japan ASICS CORP 0.000% 14-01/03/2019 CV JPY HIS CO LTD 0.000% 14-30/08/2019 CV JPY KAWASAKI KISEN 13-26/09/2018 CV JPY United States of America MICRON TECH 3.000% 13-15/11/2043 CV USD Total securities portfolio

48 Convertible Bond World Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds France ALCATEL-LUCENT 0.000% 14-30/01/ CV FLAT EUR CREDIT AGRICOLE SA 0.000% 13-06/12/ CV FLAT EUR Convertible bonds United States of America AKAMAI TECH 0.000% 14-15/02/2019 CV USD AMER REALTY CAP 3.000% /08/2018 CV USD ANNALY CAPITAL 5.000% 12-15/05/2015 CV USD AOL INC 0.750% 14-01/09/2019 CV USD ARES CAPITAL COR 5.125% /06/2016 CV USD BANK OF AMERICA CORP 7.250% 31/12/ PFD CV USD BIOMARIN PHARM 0.750% 13-15/10/2018 CV USD CHESAPEAKE ENRGY 2.500% /05/2037 CV USD CIENA CORP 0.875% 07-15/06/2017 CV USD CITRIX SYSTEMS 0.500% 14-15/04/2019 CV USD CONCUR TECH INC 0.500% /06/2018 CV USD CUBIST PHARM 1.875% 13-01/09/2020 CV USD ELECTRONIC ARTS 0.750% /07/2016 CV USD HOLOGIC INC 12-01/03/2042 CV SR USD ILLUMINA INC 0.000% 14-15/06/2019 CV USD INTEL CORP 2.950% 06-15/12/2035 CV USD INTEL CORP 3.250% 09-01/08/2039 CV USD JARDEN CORP 1.875% 12-15/09/2018 CV USD JDS UNIPHASE 0.625% 13-15/08/2033 CV USD LAM RESEARCH 0.500% 11-15/05/2016 CV USD LIBERTY INTERACT 0.750% /03/2043 CV USD LIBERTY MEDIA 1.375% 13-15/10/2023 CV USD MGM MIRAGE 4.250% 10-15/04/2015 CV USD NEWMONT MINING 1.625% 07-15/07/2017 CV USD NVIDIA CORP 1.000% 13-01/12/2018 CV USD OWENS-BROCKWAY 3.000% /06/2015 CV USD PALO ALTO NET 0.000% 14-01/07/2019 CV USD PRICELINE GROUP 0.900% 14-15/09/2021 CV USD PRICELINE.COM 0.350% 13-15/06/2020 CV USD SALESFORCE.COM 0.250% /04/2018 CV USD SANDISK CORP 0.500% 13-15/10/2020 CV USD SERVICENOW INC 13-01/11/2018 CV USD STARWOOD PROP TR 4.000% /01/2019 CV USD STARWOOD PROP TR 4.550% /03/2018 CV USD SUNEDISON INC 0.250% 14-15/01/2020 CV USD TESLA MOTORS INC 0.250% /03/2019 CV USD TESLA MOTORS INC 1.250% /03/2021 CV USD TEVA PHARMACEUT 0.250% /02/2026 CV USD WELLS FARGO CO 08-31/12/49 CV FLAT USD YAHOO INC 13-01/12/2018 CV USD Germany ADIDAS AG 0.250% 12-14/06/2019 CV EUR DEUTSCHE POST AG 0.600% /12/2019 CV EUR FRESENIUS SE 0.000% 14-24/09/2019 CV EUR LEG IMMOBILIEN 0.500% 14-01/07/2021 CV EUR RAG STIFTUNG 0.000% 14-31/12/2018 CV EUR STEINHOFF FINANC 4.000% /01/2021 CV EUR STEINHOFF FINANC 5.000% /05/2016 CV EUR STEINHOFF FINANC 6.375% /05/2017 CV EUR TUI AG 2.750% 11-24/03/2016 CV FLAT EUR France AIR FRANCE - KLM 4.970% 09-01/04/ CV FLAT EUR AIR FRANCE-KLM 0.000% 13-15/02/ CV FLAT EUR ALCATEL-LUCENT 4.250% 13-01/07/ CV FLAT EUR CAP GEMINI SOGET 0.000% 13-01/01/ CV FLAT EUR FONCIERE RE 0.875% 13-01/04/ CV FLAT EUR GECINA 2.125% 10-01/01/2016 CV FLAT EUR INGENICO 2.750% 11-01/01/2017 CV FLAT EUR MISARTE 3.250% 10-01/01/2016 CV FLAT EUR RALLYE SA 1.000% 13-02/10/2020 CV FLAT EUR TECHNIP 0.250% 11-01/01/2017 CV FLAT EUR TECHNIP 0.500% 10-01/01/2016 CV FLAT EUR UNIBAIL-RODAMCO 0.750% 12-01/01/ CV FLAT EUR Japan ABC MART 13-05/02/2018 CV JPY ASICS CORP 0.000% 14-01/03/2019 CV JPY BANK OF IWATE 13-25/07/2018 CV USD CASIO COMPUTER 0.000% 08-31/03/2015 CV JPY KAWASAKI KISEN 13-26/09/2018 CV JPY MITSUI OSK LINES 0.000% 14-24/04/2018 CV USD NIDEC CORP 0.000% 10-18/09/2015 CV JPY SHIZUOKA BANK 13-25/04/2018 CV USD SONY CORP 0.000% 12-30/11/2017 CV JPY SQUARE ENIX HOLD 0.000% /02/2015 CV JPY TAKASHIMAYA CO 0.000% 13-11/12/2020 CV JPY TORAY INDUSTRIES 0.000% /08/2019 CV JPY YAMAGUCHI FIN GP 0.000% /12/2018 CV USD The Netherlands CEZ MH BV 0.000% 14-04/08/2017 CV EUR QIAGEN NV 0.875% 14-19/03/2021 CV USD SIEMENS FINAN 1.050% 12-16/08/2017 CV USD SIEMENS FINAN 1.650% 12-16/08/2019 CV USD YANDEX NV 1.125% 13-15/12/2018 CV USD Cayman Islands CHINA OVERSEAS 12-21/03/2017 CV SR HKD CHINA OVERSEAS FIN 4.000% /02/2021 CV USD ENN ENERGY HLDG 13-26/02/2018 CV USD HAITIAN INTL HOL 2.000% 14-13/02/2019 CV USD HENGAN INTL 13-27/06/2018 CV HKD KAISA GROUP 8.000% 10-20/12/2015 CV CNY SEMICONDUCTOR MA 13-07/11/2018 CV USD SINA CORP 1.000% 13-01/12/2018 CV USD United Arab Emirates AABAR INVESTMENT 4.000% /05/2016 CV EUR DP WORLD LTD 1.750% 14-19/06/2024 CV USD NAT BK ABU DHABI 1.000% /03/2018 CV USD China CTRIP.COM INT 1.250% 13-15/10/2018 CV USD QIHOO 360 TECH 2.500% 13-15/09/2018 CV USD QIHOO 360 TECH 2.500% 13-15/09/2018 CV USD SHENZHOU INTERNA 0.500% /06/2019 CV HKD VIPSHOP HOLDING 1.500% /03/2019 CV USD Page 46

49 Convertible Bond World Securities portfolio at 31/08/2014 Expressed in EUR British Virgin Islands BILLION EXPRESS 0.750% 10-18/10/2015 CV USD LOGO STAR LTD 1.500% 13-22/11/2018 CV HKD TONG JIE LTD 13-18/02/2018 CV HKD Italy BENI STABILI 2.625% 13-17/04/2019 CV EUR ENI SPA 0.250% 12-30/11/2015 CV EUR ENI SPA 0.625% 13-18/01/2016 CV EUR United Kingdom INTL CONSOLIDAT 1.750% 13-31/05/2018 CV EUR MOLINA HEALTHCAR 1.125% /01/2020 CV USD TUI TRAVEL PLC 4.900% 10-27/04/2017 CV GBP TUI TRAVEL PLC 6.000% 09-05/10/2014 CV GBP Spain ACS ACTIVIDADES 1.625% 14-27/03/2019 CV EUR LA CAIXA 1.000% 13-25/11/2017 CV EUR OHL INVESTMENTS 4.000% /04/2018 CV EUR Sweden ELEKTA AB 2.750% 12-25/04/2017 CV SEK INDUSTRIVARDEN 0.000% 14-15/05/2019 CV SEK INDUSTRIVARDEN 1.875% 11-27/02/2017 CV EUR Hong Kong ASM PACIFIC TECH 2.000% /03/2019 CV HKD HK EXCHANGES 0.500% 12-23/10/2017 CV USD JOHNSON ELEC HLD 1.000% /04/2021 CV USD Luxembourg APERAM 0.625% 14-08/07/2021 CV USD ESPIRITO SANTO F 05-15/11/2025 CV SR EUR GBL VERWALTUN 1.250% 13-07/02/17 CV EUR SUBSEA 7 SA 1.000% 12-05/10/2017 CV USD Singapore CAPITALAND LTD 1.850% 13-19/06/2020 CV SGD CAPITALAND LTD 1.950% 13-17/10/2023 CV SGD OSIM INTL LTD 0.000% 14-18/09/2019 CV SGD Portugal PARPUBLICA 5.250% 10-28/09/2017 CV EUR Norway MARINE HARVEST 0.875% 14-06/05/2019 CV EUR MARINE HARVEST 2.375% 13-08/05/2018 CV EUR South Korea HYNIX SEMI INC 2.650% 10-14/05/2015 CV USD LOTTE SHOPPING 13-24/01/2018 CV KRW Russia LUKOIL INTL FIN 2.625% 10-16/06/2015 CV USD Taiwan ADVANCED SEMICONDUCTOR 0.000% 13-05/09/2018 CV USD PEGATRON CORP 0.000% 12-06/02/2017 CV USD WISTRON CORP 0.000% 12-19/01/2015 CV USD Jersey Island BRITISH LAND CO 1.500% 12-10/09/2017 CV GBP Mexico CEMEX SAB 3.750% 11-15/03/2018 CV USD CEMEX SAB 4.875% 10-15/03/2015 CV USD Hungary HUNGARIAN STATE 3.375% /04/2019 CV EUR Switzerland SWISS LIFE HOLDING 0.000% /12/2020 CV CHF Malaysia INDAH CAPITAL 13-24/10/2018 CV SGD Options, Warrants, Rights CALL SUNEDISON SHS 18/10/ USD (5 000) CALL SUNEDISON SHS 18/10/ USD (87 306) 0.00 SYMPHONY IN WTS 03/08/ SYMPHONY IN C USD Shares/Units in investment funds United States of America SPDR BARCLAYS CONVERTIBLE SECURITIES USD France LYXOR ETF DJST 600 BASIC RESOURCES EUR Total securities portfolio Page 47

50 Equity Best Selection Asia ex-japan Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares India ASIAN PAINTS SHS INR HDFC BANK LIMITED INR HINDUSTAN UNILEVER LTD INR KOTAK MAHINDRA BANK LTD INR LUPIN LTD INR PAGE INDUSTRIES LTD INR TATA MOTORS LTD INR TECH MAHINDRA LTD INR Hong Kong CHINA GAS HOLDINGS LTD HKD CHINA TAIPING INSURANCE HOLD HKD GALAXY ENTERTAINMENT GROUP L HKD HANG LUNG PROPERTIES LTD HKD HUTCHISON WHAMPOA LTD HKD LENOVO GROUP LTD HKD MTR CORP HKD TECHTRONIC INDUSTRIES CO HKD Taiwan ADVANTECH CO LTD TWD DELTA ELECTRONIC INDUSTRIAL CO TWD ECLAT TEXTILE COMPANY LTD TWD FUBON FINANCIAL HOLDING CO TWD NOVATEK MICROELECTRONICS COR TWD PRESIDENT CHAIN STORE CORP TWD TAIWAN SEMICONDUCTOR MANUFAC TWD China CHINA COMMUNICATIONS SERVI - H HKD CHINA CONSTRUCTION BANK - H HKD CHINA TELECOM CORP LTD - H HKD GREAT WALL MOTOR COMPANY - H HKD HUANENG POWER INTL INC - H HKD IND & COMM BANK OF CHINA - H HKD PING AN INSURANCE GROUP CO - H HKD Cayman Islands CHINA STATE CONSTRUCTION INT HKD COUNTRY GARDEN HOLDINGS CO HKD ENN ENERGY HOLDINGS LTD HKD HENGAN INTL GROUP CO LTD HKD SHENZHOU INTERNATIONAL GROUP HKD TENCENT HLDG SHS HKD WANT WANT CHINA HOLDINGS LTD HKD South Korea SAMSUNG ELECTRONICS CO LTD KRW SK HYNIX INC KRW Singapore SINGAPORE EXCHANGE LTD SGD SINGAPORE TELECOM LTD SGD Malaysia PUBLIC BANK BHD MYR Indonesia BANK CENTRAL ASIA TBK PT IDR UNILEVER INDONESIA TBK PT IDR Bermuda CHEUNG KONG INFRASTRUCTURE HKD HAIER ELECTRONICS GROUP CO HKD Philippines SM INVESTMENTS CORP PHP SM PRIME HOLDINGS INC PHP Total securities portfolio Page 48

51 Equity Best Selection Euro Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Germany BASF SE EUR BAYER AG-REG EUR BAYERISCHE MOTOREN WERKE AG EUR CONTINENTAL AG EUR FRESENIUS MEDICAL CARE AG & EUR GEA GROUP AG EUR LINDE AG EUR PFEIFFER VACUUM TECHNOLOGY EUR SAP SE EUR TELEFONICA DEUTSCHLAND HOLDI EUR France ADP EUR AIR LIQUIDE SA EUR BNP PARIBAS EUR CASINO GUICHARD PERRACHON EUR COMPAGNIE DE SAINT-GOBAIN EUR LEGRAND SA EUR LVMH MOET HENNESSY LOUIS VUI EUR PERNOD RICARD SA EUR SCHNEIDER ELECTRIC ACT EUR TECHNIP SA EUR Spain AMADEUS IT HOLDING SA - A SHS EUR BANCO BILBAO VIZCAYA ARGENTA EUR BANCO SANTANDER SA EUR GRIFOLS SA EUR GRIFOLS SA - B EUR MEDIASET ESPANA COMUNICACION EUR RED ELECTRICA CORPORACION SA EUR The Netherlands AKZO NOBEL EUR ASML HOLDING NV EUR ING GROEP NV-CVA EUR KONINKLIJKE AHOLD NV SHS EUR ZIGGO NV EUR Italy ENI SPA EUR INTESA SANPAOLO EUR Belgium ANHEUSER - BUSCH INBEV NV EUR TELENET GROUP HOLDING NV EUR Austria ANDRITZ AG EUR VIENNA INSURANCE GROUP AG EUR Portugal GALP ENERGIA SGPS SA-B SHRS EUR JERONIMO MARTINS EUR Finland SAMPO OYJ - A SHS EUR Ireland CRH PLC EUR United Kingdom ROYAL DUTCH SHELL PLC - A SHS EUR Shares/Units in investment funds France BNP PARIBAS MONEY PRIME EURO - I - CAP EUR Total securities portfolio Page 49

52 Equity Best Selection Europe Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United Kingdom BG GROUP PLC GBP BT GROUP PLC GBP DIAGEO PLC GBP HSBC HOLDINGS PLC GBP INMARSAT PLC GBP JOHNSON MATTHEY PLC GBP KINGFISHER PLC GBP LLOYDS BANKING GROUP PLC GBP RIO TINTO PLC GBP SABMILLER PLC GBP SMITHS GROUP PLC GBP STANDARD CHARTERED PLC GBP WEIR GROUP PLC/THE GBP Spain AMADEUS IT HOLDING SA - A SHS EUR BANCO BILBAO VIZCAYA ARGENTA EUR BANCO SANTANDER SA EUR GRIFOLS SA EUR GRIFOLS SA - B EUR MEDIASET ESPANA COMUNICACION EUR Germany BAYER AG-REG EUR FRESENIUS MEDICAL CARE AG & EUR LINDE AG EUR SAP SE EUR France ADP EUR AIR LIQUIDE SA EUR COMPAGNIE DE SAINT-GOBAIN EUR LVMH MOET HENNESSY LOUIS VUI EUR TECHNIP SA EUR Switzerland ROCHE HOLDING AG GENUSSCHEIN CHF SCHINDLER HOLDING - PART CERT CHF SWATCH GROUP AG/THE-BR CHF The Netherlands AKZO NOBEL EUR ASML HOLDING NV EUR ING GROEP NV-CVA EUR Sweden ATLAS COPCO AB - A SHS SEK ELEKTA AB-B SHS SEK HEXAGON AB-B SHS SEK Jersey Island EXPERIAN PLC GBP Denmark CARLSBERG AS - B DKK Finland SAMPO OYJ - A SHS EUR Austria ANDRITZ AG EUR VIENNA INSURANCE GROUP AG EUR Norway DNB ASA NOK United States of America LIBERTY GLOBAL INC-SERIES C USD LIBERTY GLOBAL PLC USD Ireland CRH PLC EUR Portugal JERONIMO MARTINS EUR Total securities portfolio Page 50

53 Equity Brazil Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Brazil ALL AMERICA LATINA LOGISTICA BRL AMBEV SA BRL BANCO BRADESCO SA-PREF BRL BANCO BRADESCO-ADR USD BB SEGURIDADE PARTICIPACOES BRL BM&FBOVESPA SA BRL BR MALLS PARTICIPACOES SA BRL BRADESPAR SA -PREF BRL BRASKEM SA-PREF A BRL BRF SA BRL CCR SA BRL CETIP SA - BALCAO ORGANIZADO BRL CIA BRASILEIRA DE DIS-PREF BRL CIA ENERGETICA MINAS GER-PRF BRL CIA PARANAENSE DE ENERGI-PFB BRL CIELO SA BRL COSAN SA INDUSTRIA COMERCIO BRL DURATEX SA BRL EMBRAER SA-ADR USD ESTACIO PARTICIPACOES SA BRL EVEN CONSTRUTORA E INCORPORA BRL GERDAU SA -SPON ADR USD GERDAU SA-PREF BRL ITAU UNIBANCO HLDNG-PREF ADR USD ITAU UNIBANCO HOLDING SA BRL ITAUSA-INVESTIMENTOS ITAU-PR BRL KLABIN SA - UNIT BRL KROTON EDUCACIONAL SA BRL METALURGICA GERDAU SA-PREF BRL MILLS ESTRUTURAS E SERVICOS BRL MULTIPLAN EMPREENDIMENTOS BRL OI SA BRL OI SA-PREFERENCE N1 BRL PETROBRAS - PETROLEO BRAS-PR BRL PETROLEO BRASILEIRO SA ADR USD PETROLEO BRASILEIRO-SPON ADR USD SUZANO PAPEL E CELULO - PREF A BRL TELEFONICA BRASIL SA BRL TIM PARTICIPACOES SA BRL TIM PARTICIPACOES SA-ADR USD TOTVS SA BRL ULTRAPAR PARTICIPACOES SA BRL USINAS SIDER MINAS GER-PF A BRL VALE SA BRL VALE SA-SP ADR USD VALE SA-SP PREF ADR USD VIA VAREJO SA BRL Cayman Islands MINERVA SA BRL Bermuda COSAN LTD-CLASS A SHARES USD Bonds Brazil PDG REALTY 0.000% 12-19/09/2016 CV BRL Other transferable securities Convertible bonds Brazil KLABIN SA % 13-08/01/2019 SUBR CV BRL Total securities portfolio Page 51

54 Equity Bric Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares India ACC LTD INR AMBUJA CEMENTS LTD INR AXIS BANK LTD INR BALKRISHNA INDUSTRIES LTD INR BHARAT PETROLEUM CORPORATION LTD INR BHARTI AIRTEL LTD INR BRITANNIA INDUSTRIES LTD INR CIPLA LTD INR COAL INDIA LTD INR CONTAINER CORP OF INDIA LTD INR CREDIT ANALYSIS & RESEARCH INR CUMMINS INDIA LTD INR FAG BEARINGS INDIA LTD INR FEDERAL BANK LTD INR HCL TECHNOLOGIES LTD INR HDFC BANK LIMITED INR HINDUSTAN PETROLEUM CORP INR HOUSING DEVELOPMENT FINANCE INR IDEA CELLULAR LTD INR IDFC LTD INR INDUSIND BANK LTD INR INFOSYS LTD INR JUBILANT FOODWORKS LTD INR JUST DIAL LTD INR JYOTHY LABORATORIES LTD INR KOTAK MAHINDRA BANK LTD INR LARSEN & TOUBRO LTD INR LUPIN LTD INR MAHINDRA HOLIDAYS + RESORTS INR MARUTI SUZUKI INDIA LTD INR MOTHERSON SUMI SYSTEMS LTD INR OIL & NATURAL GAS CORP LTD INR OIL INDIA LTD INR POWER GRID CORP OF INDIA LTD INR PURAVANKARA PROJECTS LTD INR PVR LTD INR RELIANCE INDUSTRIES LTD INR REPCO HOME FINANCE LTD INR SARDA ENERGY & MINERALS LTD INR SESA GOA LTD INR SHRIRAM TRANSPORT FINANCE INR SOBHA DEVELOPERS LTD INR SUN PHARMACEUTICAL INDUSTRIES INR TATA CONSULTANCY SVS DEMATERIAL INR TATA MOTORS LTD INR TECH MAHINDRA LTD INR ULTRATECH CEMENT LTD INR VA TECH WABAG LTD INR VARDHMAN TEXTILES LTD INR WIPRO LTD INR WONDERLA HOLIDAYS LTD INR Brazil ALL AMERICA LATINA LOGISTICA BRL AMBEV SA BRL BANCO BRADESCO SA-PREF BRL BANCO BRADESCO-ADR USD BB SEGURIDADE PARTICIPACOES BRL BM&FBOVESPA SA BRL BR MALLS PARTICIPACOES SA BRL BRADESPAR SA -PREF BRL BRASKEM SA-PREF A BRL BRF SA BRL CCR SA BRL CETIP SA - BALCAO ORGANIZADO BRL CIA BRASILEIRA DE DIS-PREF BRL CIA ENERGETICA MINAS GER-PRF BRL CIA PARANAENSE DE ENERGI-PFB BRL COSAN SA INDUSTRIA COMERCIO BRL DURATEX SA BRL ESTACIO PARTICIPACOES SA BRL EVEN CONSTRUTORA E INCORPORA BRL GERDAU SA -SPON ADR USD GERDAU SA-PREF BRL HYPERMARCAS SA BRL ITAU UNIBANCO HLDNG-PREF ADR USD ITAU UNIBANCO HOLDING SA BRL ITAUSA-INVESTIMENTOS ITAU-PR BRL KLABIN SA - UNIT BRL KROTON EDUCACIONAL SA BRL METALURGICA GERDAU SA-PREF BRL MILLS ESTRUTURAS E SERVICOS BRL MULTIPLAN EMPREENDIMENTOS BRL OI SA BRL OI SA-PREFERENCE N1 BRL PETROBRAS - PETROLEO BRAS BRL PETROBRAS - PETROLEO BRAS-PR BRL PETROLEO BRASILEIRO SA ADR USD PETROLEO BRASILEIRO-SPON ADR USD SUZANO PAPEL E CELULO - PREF A BRL TELEFONICA BRASIL SA BRL TIM PARTICIPACOES SA BRL TIM PARTICIPACOES SA-ADR USD ULTRAPAR PARTICIPACOES SA BRL USINAS SIDER MINAS GER-PF A BRL VALE SA BRL VALE SA-PREF A BRL VALE SA-SP PREF ADR USD VIA VAREJO SA BRL Russia AEROFLOT-RUSSIAN INTERNATION USD BASHNEFT OAO RUB BASHNEFT-CLS USD E.ON RUSSIA JSC USD GAZPROM NEFT - SPONSORED ADR USD GAZPROM NEFT JSC - CLS RUB GAZPROM OAO-SPON ADR USD IBS GROUP-REGS GDR EUR LUKOIL 0AO USD LUKOIL OAO-SPON ADR USD MAGNIT USD MAGNITOGORS-SPON GDR REGS USD MAIL.RU GROUP-GDR REGS USD MEGAFON-GDR-WI USD MMC NORILSK NICKEL-CLS USD MOBILE TELESYSTEMS OJSC USD MOBILE TELESYSTEMS-SP ADR USD NOVATEK OAO-SPONS GDR REG S USD ROS AGRO PLC- GDR REG S USD SBERBANK USD Page 52

55 Equity Bric Securities portfolio at 31/08/2014 Expressed in USD SEVERSTAL USD SISTEMA JSFC USD SISTEMA JSFC-REG S SPONS GDR USD SURGUTNEFTEGAS - PFD USD China AGRICULTURAL BANK OF CHINA - H HKD BAIDU INC - SPON ADR USD BANK OF CHINA LTD - H HKD CHINA COMMUNICATIONS SERVI - H HKD CHINA CONSTRUCTION BANK - H HKD CHINA LIFE INSURANCE CO - H HKD CHINA PACIFIC INSURANCE GR - H HKD CHINA RAILWAY CONSTRUCTION - H HKD CHINA SINGYES SOLAR TECH - H HKD CHINA SUNTIEN GREEN ENERGY - H HKD CHINA VANKE CO LTD - H HKD CITIC SECURITIES CO LTD - H HKD HILONG HOLDING LTD HKD HUADIAN FUXIN ENERGY CORP - H HKD HUANENG RENEWABLES CORP - H HKD IND & COMM BANK OF CHINA - H HKD PETROCHINA CO LTD - H HKD SHANGHAI FOSUN PHARMACEUTI - H HKD SIHUAN PHARMACEUTICAL HLDGS HKD SINOTRANS LIMITED - H HKD SOUND GLOBAL LTD HKD SPT ENERGY GROUP INC HKD YUANSHENGTAI DAIRY FARM LTD HKD Cayman Islands CHINA RESOURCES LAND LTD HKD CHINA STATE CONSTRUCTION INT HKD ENN ENERGY HOLDINGS LTD HKD HENGAN INTL GROUP CO LTD HKD MINERVA SA BRL SANDS CHINA LTD HKD SINO BIOPHARMACEUTICAL HKD SUNNY OPTICAL TECH HKD TENCENT HLDG SHS HKD TINGYI (CAYMAN ISLAND) HOLDING CO HKD Hong Kong AIA GROUP LTD HKD CHINA EVERBRIGHT LTD HKD CHINA OVERSEAS LAND & INVEST HKD CIMC ENRIC HOLDINGS LTD HKD CSPC PHARMACEUTICAL GROUP LT HKD HONG KONG EXCHANGES & CLEAR HKD HUTCHISON WHAMPOA LTD HKD TECHTRONIC INDUSTRIES CO HKD Bermuda BEIJING ENTERPRISES WATER GR HKD BRILLIANCE CHINA AUTOMOTIVE HKD COSAN LTD-CLASS A SHARES USD COSCO PACIFIC LTD HKD HAIER ELECTRONICS GROUP CO HKD ORIENT OVERSEAS INTL LTD HKD PACIFIC BASIN SHIPPING LTD HKD Taiwan MEDIATEK INC TWD TAIWAN SEMICONDUCTOR MANUFAC TWD Bahrain ICICI BANK LTD INR British Virgin Islands CHINA CINDA ASSET MANAGEME-H HKD United States of America SAMSONITE INTERNATIONAL SA HKD The Netherlands NORD GOLD NV USD Bonds Brazil PDG REALTY 0.000% 12-19/09/2016 CV BRL Other transferable securities Shares Russia TGK REG S GDR USD Convertible bonds Brazil KLABIN SA % 13-08/01/ SUBR CV BRL Total securities portfolio Page 53

56 Equity China Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares China AGRICULTURAL BANK OF CHINA - H HKD BAIDU INC - SPON ADR USD BANK OF CHINA LTD - H HKD CHINA CNR CORP LTD - H HKD CHINA COMMUNICATIONS SERVI - H HKD CHINA CONSTRUCTION BANK - H HKD CHINA LIFE INSURANCE CO - H HKD CHINA PACIFIC INSURANCE GR - H HKD CHINA RAILWAY CONSTRUCTION - H HKD CHINA SINGYES SOLAR TECH - H HKD CHINA SUNTIEN GREEN ENERGY - H HKD CHINA VANKE CO LTD - H HKD CITIC SECURITIES CO LTD - H HKD HILONG HOLDING LTD HKD HUADIAN FUXIN ENERGY CORP - H HKD HUANENG RENEWABLES CORP - H HKD IND & COMM BANK OF CHINA - H HKD PETROCHINA CO LTD - H HKD SHANGHAI FOSUN PHARMACEUTI - H HKD SIHUAN PHARMACEUTICAL HLDGS HKD SINOTRANS LIMITED - H HKD SOUND GLOBAL LTD HKD SPT ENERGY GROUP INC HKD YUANSHENGTAI DAIRY FARM LTD HKD Cayman Islands CHINA RESOURCES LAND LTD HKD CHINA STATE CONSTRUCTION INT HKD ENN ENERGY HOLDINGS LTD HKD HENGAN INTL GROUP CO LTD HKD SANDS CHINA LTD HKD SINO BIOPHARMACEUTICAL HKD SUNNY OPTICAL TECH HKD TENCENT HLDG SHS HKD TINGYI (CAYMAN ISLAND) HOLDING CO HKD Hong Kong AIA GROUP LTD HKD CHINA EVERBRIGHT LTD HKD CHINA OVERSEAS LAND & INVEST HKD CIMC ENRIC HOLDINGS LTD HKD CSPC PHARMACEUTICAL GROUP LT HKD HONG KONG EXCHANGES & CLEAR HKD HUTCHISON WHAMPOA LTD HKD TECHTRONIC INDUSTRIES CO HKD Bermuda BEIJING ENTERPRISES WATER GR HKD BRILLIANCE CHINA AUTOMOTIVE HKD COSCO PACIFIC LTD HKD HAIER ELECTRONICS GROUP CO HKD ORIENT OVERSEAS INTL LTD HKD PACIFIC BASIN SHIPPING LTD HKD Taiwan MEDIATEK INC TWD TAIWAN SEMICONDUCTOR MANUFAC TWD British Virgin Islands CHINA CINDA ASSET MANAGEME-H HKD United States of America SAMSONITE INTERNATIONAL SA HKD Other transferable securities Shares Hong Kong EURO ASIA AGRICULTURAL HOLDINGS HKD Total securities portfolio Page 54

57 Equity Europe Emerging Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Russia AEROFLOT-RUSSIAN INTERNATION USD BASHNEFT-CLS USD E.ON RUSSIA JSC USD GAZPROM NEFT - SPONSORED ADR USD GAZPROM OAO-SPON ADR USD GLOBALTRA-SPONS GDR REG S USD LUKOIL OAO-SPON ADR USD MAGNIT USD MAGNIT OJSC-SPON GDR REGS USD MAGNITOGORS-SPON GDR REGS USD MEGAFON-GDR-WI USD MMC NORILSK NICKEL JSC-ADR USD MOBILE TELESYSTEMS OJSC USD MOBILE TELESYSTEMS-SP ADR USD MOSCOW EXCHANGE MICEX-RTS USD NOVATEK OAO-SPONS GDR REG S USD ROS AGRO PLC- GDR REG S USD SBERBANK USD SEVERSTAL - GDR REG S USD SISTEMA JSFC USD SISTEMA JSFC-REG S SPONS GDR USD SURGUTNEFTEGAS - PFD USD Turkey BIM BIRLESIK MAGAZALAR AS TRY COCA-COLA ICECEK AS TRY ENKA INSAAT VE SANAYI AS TRY FORD OTOMOTIV SANAYI AS TRY HACI OMER SABANCI HOLDING TRY TRAKYA CAM SANAYII AS TRY TURK HAVA YOLLARI AO TRY TURKCELL ILETISIM HIZMET AS TRY TURKIYE GARANTI BANKASI TRY TURKIYE HALK BANKASI TRY TURKIYE IS BANKASI - C TRY Poland ASSECO POLAND SA PLN BANK PEKAO SA PLN EUROCASH SA PLN KGHM POLSKA MIEDZ SA PLN PGE SA PLN PKO BANK POLSKI SA PLN POWSZECHNY ZAKLAD UBEZPIECZE PLN Hungary OTP BANK PLC HUF RICHTER GEDEON NYRT HUF Greece FF GROUP EUR NATIONAL BANK OF GREECE S.A. EUR PUBLIC POWER CORP EUR Austria ERSTE GROUP BANK AG EUR RAIFFEISEN BANK INTERNATIONAL EUR Guernsey Island ETALON GROUP-GDR REGS-W/I USD Czech Republic CEZ AS CZK The Netherlands VIMPELCOM LTD-SPON ADR USD Slovakia POVAZSKE STROJARNE SHS EUR Other transferable securities Shares Russia TGK REG S GDR USD Total securities portfolio Page 55

58 Equity Europe Growth Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United Kingdom BETFAIR GROUP PLC GBP BG GROUP PLC GBP BT GROUP PLC GBP DIAGEO PLC GBP INMARSAT PLC GBP JOHNSON MATTHEY PLC GBP KINGFISHER PLC GBP LLOYDS BANKING GROUP PLC GBP RIO TINTO PLC GBP SABMILLER PLC GBP SMITHS GROUP PLC GBP STANDARD CHARTERED PLC GBP WEIR GROUP PLC/THE GBP Spain AMADEUS IT HOLDING SA - A SHS EUR BANCO BILBAO VIZCAYA ARGENTA EUR BANCO SANTANDER SA EUR GRIFOLS SA EUR GRIFOLS SA - B EUR MEDIASET ESPANA COMUNICACION EUR Germany BAYER AG-REG EUR FRESENIUS MEDICAL CARE AG & EUR LINDE AG EUR PFEIFFER VACUUM TECHNOLOGY EUR SAP SE EUR France ADP EUR COMPAGNIE DE SAINT-GOBAIN EUR INGENICO EUR LVMH MOET HENNESSY LOUIS VUI EUR TECHNIP SA EUR Switzerland ROCHE HOLDING AG GENUSSCHEIN CHF SCHINDLER HOLDING - PART CERT CHF SWATCH GROUP AG/THE-BR CHF The Netherlands AKZO NOBEL EUR ASML HOLDING NV EUR ING GROEP NV-CVA EUR Sweden ATLAS COPCO AB - A SHS SEK ELEKTA AB-B SHS SEK HEXAGON AB-B SHS SEK Austria ANDRITZ AG EUR VIENNA INSURANCE GROUP AG EUR Jersey Island EXPERIAN PLC GBP Denmark CARLSBERG AS - B DKK Finland SAMPO OYJ - A SHS EUR United States of America LIBERTY GLOBAL INC-SERIES C USD LIBERTY GLOBAL PLC USD Portugal JERONIMO MARTINS EUR Ireland CRH PLC EUR Norway DNB ASA NOK Shares/Units in investment funds France BNP PARIBAS MONEY PRIME EURO - I - CAP EUR Total securities portfolio Page 56

59 Equity Europe Mid Cap Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United Kingdom AMEC PLC GBP ASHTEAD GROUP PLC GBP BARRATT DEVELOPMENTS PLC GBP DERWENT LONDON PLC GBP DS SMITH PLC GBP ESSENTRA PLC GBP HIKMA PHARMACEUTICALS PLC GBP HOWDEN JOINERY GROUP PLC GBP IG GROUP HOLDINGS PLC GBP INCHCAPE PLC GBP INFORMA SHS GBP INTERNATIONAL PERSONAL FINAN GBP JAZZTEL PLC EUR MONDI PLC GBP PERSIMMON PLC GBP SPECTRIS PLC GBP SPIRAX-SARCO ENGINEERING PLC GBP TALKTALK TELECOM GROUP GBP WEIR GROUP PLC/THE GBP WOOD GROUP (JOHN) PLC GBP France ARKEMA EUR ATOS EUR BUREAU VERITAS SA EUR CNP ASSURANCES EUR EDENRED EUR INGENICO EUR KLEPIERRE EUR SCOR SE EUR SEB SA EUR TELEPERFORMANCE EUR THALES SA EUR VALEO SA EUR Switzerland ACTELION LTD-REG CHF ARYZTA AG CHF BANQUE CANTONALE VAUDOIS-REG CHF DUFRY AG - REG CHF HELVETIA HOLDING AG-REG CHF SCHINDLER HOLDING - PART CERT CHF SIKA AG-BR CHF Ireland BANK OF IRELAND EUR DCC PLC GBP KINGSPAN GROUP PLC EUR SMURFIT KAPPA GROUP PLC EUR Germany GEA GROUP AG EUR HUGO BOSS AG EUR PROSIEBENSAT.1 MEDIA AG EUR SYMRISE AG EUR The Netherlands GEMALTO EUR NUTRECO NV EUR Finland HUHTAMAKI OYJ EUR Sweden HEXAGON AB-B SHS SEK TRELLEBORG AB-B SHS SEK Norway TGS NOPEC GEOPHYSICAL CO ASA NOK Total securities portfolio Page 57

60 Equity Europe Small Cap Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United Kingdom ASHTEAD GROUP PLC GBP BARRATT DEVELOPMENTS PLC GBP DERWENT LONDON PLC GBP DIPLOMA PLC GBP DS SMITH PLC GBP ESSENTRA PLC GBP FENNER PLC GBP FERREXPO PLC GBP HIKMA PHARMACEUTICALS PLC GBP HOWDEN JOINERY GROUP PLC GBP IG GROUP HOLDINGS PLC GBP INCHCAPE PLC GBP INTERNATIONAL PERSONAL FINAN GBP JAZZTEL PLC EUR MICRO FOCUS INTERNATIONAL PLC GBP MONDI PLC GBP PERSIMMON PLC GBP SENIOR PLC GBP SIG PLC GBP SPECTRIS PLC GBP SPIRAX-SARCO ENGINEERING PLC GBP TALKTALK TELECOM GROUP GBP WH SMITH PLC GBP WOOD GROUP (JOHN) PLC GBP France ALTEN EUR ALTRAN TECHNOLOGIES SA EUR INGENICO EUR PLASTIC OMNIUM EUR SEB SA EUR TECHNICOLOR - REGR EUR TELEPERFORMANCE EUR Switzerland BANQUE CANTONALE VAUDOIS-REG CHF BUCHER INDUSTRIES AG - REG CHF DUFRY AG - REG CHF HELVETIA HOLDING AG-REG CHF IMPLENIA AG-REG CHF LOGITECH INTERNATIONAL-REG CHF Ireland DCC PLC GBP KINGSPAN GROUP PLC EUR SMURFIT KAPPA GROUP PLC EUR Germany BIOTEST AG-VORZUGSAKTIEN EUR KRONES AG EUR MORPHOSYS AG EUR NORMA GROUP EUR SYMRISE AG EUR Sweden FABEGE AB SEK HEXPOL AB SEK LOOMIS AB - B SEK TRELLEBORG AB-B SHS SEK Italy BANCA GENERALI SPA EUR RECORDATI SPA EUR The Netherlands ARCADIS NV EUR ASM INTERNATIONAL NV EUR BRUNEL INTERNATIONAL EUR NUTRECO NV EUR WERELDHAVE NV EUR Spain GRUPO CATALANA OCCIDENTE SA EUR TECNICAS REUNIDAS SA EUR VISCOFAN SA EUR Finland HUHTAMAKI OYJ EUR Norway TGS NOPEC GEOPHYSICAL CO ASA NOK Austria SCHOELLER-BLECKMANN OILFIELD EUR UNIQA INSURANCE GROUP AG EUR Denmark ROYAL UNIBREW A/S DKK Belgium ARSEUS NV EUR Portugal NOS SGPS EUR Shares/Units in investment funds France BNPP ACT OB PME I EUR Total securities portfolio Page 58

61 Equity High Dividend Europe Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United Kingdom ADMIRAL GROUP PLC GBP BHP BILLITON PLC GBP BRITISH AMERICAN TOBACCO PLC GBP DIRECT LINE INSURANCE GROUP GBP GLAXOSMITHKLINE PLC GBP HSBC HOLDINGS PLC GBP NATIONAL GRID PLC GBP PRUDENTIAL PLC GBP RIO TINTO PLC GBP ROYAL DUTCH SHELL PLC - A SHS EUR SSE PLC GBP STANDARD CHARTERED PLC GBP VODAFONE GROUP SHS GBP Germany ALLIANZ SE-REG EUR BASF SE EUR BAYERISCHE MOTOREN WERKE AG EUR DEUTSCHE POST AG-REG EUR HUGO BOSS AG EUR METRO AG EUR PROSIEBENSAT.1 MEDIA AG EUR SIEMENS AG-REG EUR France AXA SA EUR BNP PARIBAS EUR EUTELSAT COMMUNICATIONS EUR MICHELIN (CGDE) - B EUR RENAULT SA EUR SANOFI AVENTIS EUR VINCI SA EUR Switzerland NESTLE SA-REG CHF NOVARTIS AG-REG CHF ROCHE HOLDING AG GENUSSCHEIN CHF Sweden ELECTROLUX AB-SER B SEK ERICSSON LM - B SHS SEK NORDEA BANK AB SEK RATOS AB-B SHS SEK SKF AB-B SHARES SEK SVENSKA HANDELSBANKEN-A SHS SEK VOLVO AB - B SHS SEK Italy ENI SPA EUR Norway STATOIL ASA NOK TELENOR ASA NOK The Netherlands KONINKLIJKE PHILIPS EUR Luxembourg RTL GROUP EUR SES EUR Spain REPSOL SA EUR Total securities portfolio Page 59

62 Equity High Dividend Pacific Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Australia AGL ENERGY LTD AUD AMCOR LIMITED AUD AMP LTD AUD AUST AND NZ BANKING GROUP AUD BHP BILLITON LTD AUD BRAMBLES LTD AUD COMMONWEALTH BANK OF AUSTRALIA AUD COMPUTERSHARE LTD AUD G8 EDUCATION LTD AUD MACQUARIE GROUP LTD AUD NATIONAL AUSTRALIA BANK LTD AUD ORORA LTD AUD SONIC HEALTHCARE LTD AUD SUNCORP GROUP LTD AUD SYDNEY AIRPORT AUD TELSTRA CORP LTD AUD TOLL HOLDINGS LTD AUD TRANSURBAN GROUP AUD WESFARMERS LTD AUD WESTPAC BANKING CORP AUD WOOLWORTHS LTD AUD Japan ASAHI INTECC CO LTD JPY CANON INC JPY CHUBU ELECTRIC POWER CO INC JPY CHUGOKU ELECTRIC POWER CO JPY COSMO OIL COMPANY LTD JPY EISAI CO LTD JPY HOKURIKU ELECTRIC POWER CO JPY ITOCHU CORP JPY JX HOLDINGS INC JPY LAWSON INC JPY MANI INC JPY MARUBENI CORP JPY MIRACA HOLDINGS INC JPY MITSUBISHI CORP JPY MIZUHO FINANCIAL GROUP INC JPY MS&AD INSURANCE GROUP HOLDIN JPY NIHON KOHDEN CORP JPY NIPPON TELEGRAPH & TELEPHONE JPY NISSAN MOTOR CO LTD JPY NITORI HOLDINGS CO LTD JPY NTT DOCOMO INC JPY RICOH CO LTD JPY SUMITOMO CORP JPY SUMITOMO MITSUI FINANCIAL GR JPY SUMITOMO MITSUI TRUST HOLDINGS JPY TAKEDA PHARMACEUTICAL CO LTD JPY TOSHIBA CORP JPY Hong Kong BOC HONG KONG HOLDINGS LTD HKD CLP HOLDINGS LTD HKD DAH SING BANKING GROUP LTD HKD DAH SING FINANCIAL HKD HANG SENG BANK LTD HKD HK ELECTRIC INVESTMENTS -SS HKD PCCW LTD HKD POWER ASSETS HOLDINGS LTD HKD WATER OASIS GROUP LTD HKD New Zealand AUCKLAND INTL ARPT SHS NZD FLETCHER BUILDING LTD NZD RECALL HOLDINGS LTD AUD SPARK NEW ZEALAND SHS NZD South Korea HYUNDAI MOTOR CO KRW HYUNDAI MOTOR CO LTD-PFD KRW KT CORP KRW SK INNOVATION CO LTD KRW SK TELECOM KRW India BAJAJ ELECTRICALS LTD INR COROMANDEL INTERNATIONAL LTD INR HINDUSTAN PETROLEUM CORP INR MCLEOD RUSSEL INDIA LTD INR OIL & NATURAL GAS CORP LTD INR PHILLIPS CARBON BLACK LTD INR TUBE INVESTMENTS OF INDIA INR Taiwan CHUNGHWA TELECOM CO LTD TWD PACIFIC HOSPITAL SUPPLY CO TWD ST SHINE OPTICAL CO LTD TWD TAIWAN SEMICONDUCTOR MANUFAC TWD Malaysia MAXIS BHD MYR PUBLIC BANK BHD MYR Philippines PHILIPPINE LONG DISTANCE TEL PHP SECURITY BANK CORP PHP Indonesia BANK RAKYAT INDONESIA PERSER IDR TELEKOMUNIKASI INDONESIA SER B IDR Bermuda CHEUNG KONG INFRASTRUCTURE HKD Thailand ADVANCED INFORMATION TE-NVDR THB United States of America CTCI CORP TWD Options, Warrants, Rights AGL ENERGY LTD RTS 15/09/2014 AUD Total securities portfolio Page 60

63 Equity High Dividend USA Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America ABM INDUSTRIES INC USD ADT CORP/THE USD AIRCASTLE LTD USD BECTON DICKINSON AND CO USD BEMIS COMPANY USD BLACKROCK INC USD BOB EVANS FARMS USD CA INC USD CHEVRON CORP USD CINEMARK HLDGS INC USD CME GROUP INC USD COMPASS DIVERSIFIED HOLDINGS USD COMPASS MINERALS INTERNATION USD CORNING INC USD CSG SYSTEMS INTL INC USD DARDEN RESTAURANTS INC USD DR PEPPER SNAPPLE GROUP INC USD EMERSON ELECTRIC CO USD ENERGIZER HOLDINGS INC USD ENSCO PLC - CL A USD GENERAL ELECTRIC CO USD HASBRO INC USD INNOPHOS HOLDINGS INC USD INTEL CORP USD IRON MOUNTAIN INC USD J2 GLOBAL COMMUNICATIONS INC USD KIMBERLY-CLARK CORP USD KOHLS CORP USD MICROSOFT CORP USD MOLSON COORS BREWING CO - B USD MYERS INDUSTRIES INC USD NATIONAL CINEMEDIA INC USD NATIONAL FUEL GAS CO USD NATIONAL OILWELL VARCO INC USD NUCOR CORP USD OCCIDENTAL PETROLEUM CORP USD OWENS AND MINOR INC USD PEPSICO INC USD PNC FINANCIAL SERVICES GROUP USD PROCTER & GAMBLE CO/THE USD QUALCOMM INC USD QUEST DIAGNOSTICS INC USD REPUBLIC SERVICES INC USD SAFETY INSURANCE GROUP INC USD SYSCO CORP USD TARGET CORP USD UNITED PARCEL SERVICE-CL B USD US BANCORP USD VERIZON COMMUNICATIONS INC USD WESTERN UNION CO USD Canada ROGERS COMMUNICATIONS INC - B USD SHAW COMMUNICATIONS INC - B USD United Kingdom THOMSON REUTERS CORP USD Bermuda PARTNERRE LTD USD Total securities portfolio Page 61

64 Equity India Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares India ACC LTD INR ADITYA BIRLA NUVO LIMITED INR AMBUJA CEMENTS LTD INR AXIS BANK LTD INR BALKRISHNA INDUSTRIES LTD INR BHARAT PETROLEUM CORPORATION LTD INR BHARTI AIRTEL LTD INR CIPLA LTD INR COAL INDIA LTD INR CONTAINER CORP OF INDIA LTD INR DR. REDDYS LABORATORIES INR FAG BEARINGS INDIA LTD INR FEDERAL BANK LTD INR GATEWAY DISTRIPARKS LTD INR HCL TECHNOLOGIES LTD INR HDFC BANK LIMITED INR HERO HONDA MOTORS LIMITED INR HINDUSTAN PETROLEUM CORP INR HOUSING DEVELOPMENT FINANCE INR IDEA CELLULAR LTD INR INDUSIND BANK LTD INR INFOSYS LTD INR JAIPRAKASH ASSOCIATES LTD INR JUBILANT FOODWORKS LTD INR JUST DIAL LTD INR JYOTHY LABORATORIES LTD INR KOTAK MAHINDRA BANK LTD INR LARSEN & TOUBRO LTD INR LUPIN LTD INR MARUTI SUZUKI INDIA LTD INR MOTHERSON SUMI SYSTEMS LTD INR OIL & NATURAL GAS CORP LTD INR OIL INDIA LTD INR POWER GRID CORP OF INDIA LTD INR PURAVANKARA PROJECTS LTD INR PVR LTD INR RELIANCE INDUSTRIES LTD INR REPCO HOME FINANCE LTD INR SESA GOA LTD INR SHRIRAM CITY UNION FINANCE INR SHRIRAM TRANSPORT FINANCE INR SOBHA DEVELOPERS LTD INR SUN PHARMACEUTICAL INDUSTRIES INR TATA CONSULTANCY SVS DEMATERIAL INR TATA MOTORS LTD INR TECH MAHINDRA LTD INR ULTRATECH CEMENT LTD INR VA TECH WABAG LTD INR VARDHMAN TEXTILES LTD INR WIPRO LTD INR YES BANK LTD INR Bahrain ICICI BANK LTD INR Luxembourg BAJAJ FINANCE LTD INR Total securities portfolio Page 62

65 Equity Indonesia Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Indonesia ADARO ENERGY TBK PT IDR ASTRA AGRO LESTARI TBK PT IDR ASTRA INTERNATIONAL TBK PT IDR BANK CENTRAL ASIA TBK PT IDR BANK MANDIRI TBK PT IDR BANK NEGARA INDONESIA PT IDR BANK RAKYAT INDONESIA PERSER IDR BUMI SERPONG DAMAI PT IDR CHAROEN POKPHAND INDONESI PT IDR CIPUTRA DEVELOPMENT TBK PT IDR ERAJAYA SWASEMBADA TBK PT IDR GAJAH TUNGGAL TBK PT IDR GUDANG GARAM TBK PT IDR INDOCEMENT TUNGGAL PRAKARSA IDR INDOFOOD CBP SUKSES MAKMUR T IDR INDOFOOD SUKSES MAKMUR TBK P IDR INDOSAT TBK PT IDR JAPFA COMFEED INDONESIA TBK IDR JASA MARGA (PERSERO) TBK PT IDR KALBE FARMA TBK PT IDR MATAHARI DEPARTMENT STORE TB IDR MEDIA NUSANTARA CITRA TBK PT IDR PEMBANGUNAN PERUMAHAN PERSER IDR PERUSAHAAN GAS NEGARA PT IDR PP LONDON SUMATRA INDONES PT IDR SEMEN GRESIK (PERSERO) PT IDR SUMMARECON AGUNG TBK PT IDR SURYA CITRA MEDIA TBK IDR TAMBANG BATUBARA BUKIT ASAM IDR TELEKOMUNIKASI INDONESIA SER B IDR TEMPO SCAN PACIFIC IDR UNILEVER INDONESIA TBK PT IDR UNITED TRACTORS TBK PT IDR VALE INDONESIA TBK IDR WASKITA KARYA PERSERO TBK PT IDR WIJAYA KARYA PT IDR XL AXIATA TBK PT IDR United States of America BEKASI FAJAR INDUSTRIAL ESTA IDR Other transferable securities Shares Indonesia TOWER BERSAMA INFRASTRUCTURE IDR Total securities portfolio Page 63

66 Equity Japan Securities portfolio at 31/08/2014 Expressed in JPY Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Japan AISIN SEIKI CO LTD JPY ASTELLAS PHARMA INC JPY BRIDGESTONE CORP JPY CHIBA BANK LTD - THE JPY CITIZEN HOLDINGS CO LTD JPY DAI NIPPON PRINTING CO LTD JPY DAIWA HOUSE INDUSTRY CO LTD JPY EAST JAPAN RAILWAY CO JPY FUJIFILM HOLDINGS CORP JPY HITACHI METALS LTD JPY HONDA MOTOR CO LTD JPY IDEMITSU KOSAN CO LTD JPY ITOCHU CORP JPY JX HOLDINGS INC JPY KDDI CORP JPY KEYENCE CORP JPY KUBOTA CORP JPY KURARAY CO LTD JPY LIXIL GROUP CORP JPY MARUBENI CORP JPY MAZDA MOTOR CORP JPY MITSUBISHI CORP JPY MITSUBISHI TANABE PHARMA JPY MITSUBISHI UFJ FINANCIAL GROUP JPY MITSUI & CO LTD JPY MITSUI CHEMICALS INC JPY MITSUI OSK LINES LTD JPY MIZUHO FINANCIAL GROUP INC JPY MS&AD INSURANCE GROUP HOLDIN JPY NIPPON EXPRESS CO LTD JPY NIPPON STEEL & SUMITOMO METAL CORP JPY NIPPON TELEGRAPH & TELEPHONE JPY OJI HOLDINGS CORP JPY ORIX CORP JPY RAKUTEN INC JPY RICOH CO LTD JPY SECOM CO LTD JPY SEKISUI CHEMICAL CO LTD JPY SHIZUOKA BANK LTD/THE JPY SOFTBANK CORP JPY START TODAY CO LTD JPY SUMITOMO ELECTRIC INDUSTRIES JPY SUMITOMO MITSUI TRUST HOLDINGS JPY TAIHEIYO CEMENT CORP JPY TAKEDA PHARMACEUTICAL CO LTD JPY TOKIO MARINE HOLDINGS INC JPY TOSHIBA CORP JPY TOYOTA MOTOR CORP JPY YAHOO JAPAN CORP JPY YAMAHA CORP JPY Total securities portfolio Page 64

67 Equity Latin America Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Brazil ALL AMERICA LATINA LOGISTICA BRL AMBEV SA BRL AMBEV SA-SPN ADR USD BANCO BRADESCO SA-PREF BRL BANCO BRADESCO-ADR USD BB SEGURIDADE PARTICIPACOES BRL BR MALLS PARTICIPACOES SA BRL BRADESPAR SA -PREF BRL BRF SA BRL CCR SA BRL CETIP SA - BALCAO ORGANIZADO BRL CIA BRASILEIRA DE DIS-PREF BRL CIA ENERGETICA MINAS GER-PRF BRL CIELO SA BRL COSAN SA INDUSTRIA COMERCIO BRL DURATEX SA BRL GERDAU SA-PREF BRL HYPERMARCAS SA BRL ITAU UNIBANCO HLDNG-PREF ADR USD ITAU UNIBANCO HOLDING SA BRL ITAUSA-INVESTIMENTOS ITAU-PR BRL KLABIN SA - UNIT BRL KROTON EDUCACIONAL SA BRL MILLS ESTRUTURAS E SERVICOS BRL MULTIPLAN EMPREENDIMENTOS BRL OI SA BRL OI SA-PREFERENCE N1 BRL PETROBRAS - PETROLEO BRAS-PR BRL PETROLEO BRASILEIRO SA ADR USD PETROLEO BRASILEIRO-SPON ADR USD SUZANO PAPEL E CELULO - PREF A BRL TELEFONICA BRASIL SA BRL TELEFONICA BRASIL SA - ADR USD TOTVS SA BRL ULTRAPAR PARTICIPACOES SA BRL USINAS SIDER MINAS GER-PF A BRL VALE SA BRL VALE SA-PREF A BRL VALE SA-SP PREF ADR USD VIA VAREJO SA BRL Mexico ALFA S.A.B.-A MXN ALSEA SAB DE CV MXN AMERICA MOVIL-ADR SERIES L USD ARCA CONTINENTAL SAB DE CV MXN CEMEX SAB - CPO MXN CEMEX SAB-SPONS ADR PART CER USD CORP INMOBILIARIA VESTA SAB MXN EL PUERTO DE LIVERPOOL-C1 MXN EMPRESAS ICA S.A.B MXN FIBRA SHOP PORTAFOLIOS INMOB MXN FOMENTO ECONOMICO MEX-SP ADR USD GENOMMA LAB INTERNACIONAL - B MXN GRUPO AEROPORTUARIO DEL CENT MXN GRUPO AEROPORTUARIO DEL-B SH MXN GRUPO FINANCIERO BANORTE - O MXN GRUPO FINANCIERO INBURSA-O MXN GRUPO MEXICO SAB DE CV-SER B MXN GRUPO TELEVISA SA-SPON ADR USD INDUSTRIAS PENOLES SAB DE CV MXN MEXICHEM SAB DE CV MXN OHL MEXICO SAB DE CV MXN ORGANIZACION SORIANA S.A.B-B MXN PROLOGIS PROPERTY MEXICO SA MXN PROMOTORA Y OPERAD DE INF-L MXN TF ADMINISTRADORA INDUSTRIAL MXN Chile BANCO DE CHILE - ADR USD BANCO SANTANDER CHILE CLP CAP SA CLP CENCOSUD SA CLP CIA CERVECERIAS UNIDAS-ADR USD E.CL SA CLP EMPRESAS CMPC SA CLP EMPRESAS COPEC SA CLP LATAM AIRLINES GROUP SA CLP QUIMICA Y MINERA CHIL-SP ADR USD S.A.C.I. FALABELLA CLP SOC QUIMICA Y MINERA CHILE-B CLP SONDA SA CLP Bermuda COSAN LTD-CLASS A SHARES USD CREDICORP LTD USD British Indian Ocean Territory EMPRESA NAC ELEC-CHIL-SP ADR USD EMPRESA NACIONAL DE ELECTRIC CLP ENERSIS S.A. -SPONS ADR USD Colombia BANCOLOMBIA S.A.-SPONS ADR USD CEMENTOS ARGOS SA COP ECOPETROL SA COP Peru CEMENTOS PACASMAYO SAA - ADR USD CIA DE MINAS BUENAVENTUR-ADR USD GRANA Y MONTERO SA - ADR USD VOLCAN CIA MINERA SAA-CMN B PEN Panama COPA HOLDINGS SA CLASS A USD Luxembourg TERNIUM SA - SPONSORED ADR USD Canada PACIFIC RUBIALES ENERGY CORP CAD Spain CEMEX LATAM HOLDINGS SA COP Cayman Islands GRUPO INVERSION SHS COP Bonds Brazil PDG REALTY 0.000% 12-19/09/2016 CV BRL Floating rate bonds Brazil VALE DO RIO DOCE 97-29/09/2049 FRN FLAT BRL Page 65

68 Equity Latin America Securities portfolio at 31/08/2014 Expressed in USD Other transferable securities Convertible bonds Brazil KLABIN SA % 13-08/01/ SUBR CV BRL Total securities portfolio Page 66

69 Equity Russia Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Russia AEROFLOT-RUSSIAN INTERNATION USD ALROSA CO LTD USD BANK VOZROZHDENIE USD BASHNEFT PFD-CLS USD BASHNEFT-CLS USD E.ON RUSSIA JSC USD GAZPROM NEFT - SPONSORED ADR USD GAZPROM OAO USD GLOBAL PORTS INV-REGS W/I USD GLOBALTRA-SPONS GDR REG S USD IBS GROUP-REGS GDR EUR IDGC OF CENTER AND VOLGA USD KUZBASSKAYA TOPLIVNAYA CO USD LUGA ABRASIVE PLANT-BRD USD LUKOIL 0AO USD LUKOIL OAO-SPON ADR USD MAGNIT USD MAGNITOGORS-SPON GDR REGS USD MAIL.RU GROUP-GDR REGS USD MEGAFON-GDR-WI USD MMC NORILSK NICKEL JSC-ADR USD MMC NORILSK NICKEL-CLS USD MOBILE TELESYSTEMS OJSC USD MOSTOTREST-CLS USD NOVATEK OAO USD NOVATEK OAO-SPONS GDR REG S USD OKEY GROUP SA-GDR REGS USD ROS AGRO PLC- GDR REG S USD SBERBANK USD SBERBANK-SPONSORED ADR USD SEVERSTAL USD SEVERSTAL - GDR REG S USD SISTEMA JSFC USD SURGUTNEFTEGAS - PFD USD TATNEFT - PFD 3 SERIES USD Guernsey Island ETALON GROUP-GDR REGS-W/I USD Kazakhstan KAZMUNAIGAS EXPLORA - GDR REGS USD KCELL JSC - REG S - W/I USD The Netherlands NORD GOLD NV USD NOSTRUM OIL & GAS LP GBP VIMPELCOM LTD-SPON ADR USD Ireland DRAGON OIL PLC GBP Shares/Units in investment funds Luxembourg PARVEST EQUITY RUSSIA OPPORTUNITIES X - CAP USD Total securities portfolio Page 67

70 Equity Russia Opportunities Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Russia AEROFLOT-RUSSIAN INTERNATION USD BASHNEFT PFD-CLS USD BASHNEFT-CLS USD E.ON RUSSIA JSC USD GAZPROM NEFT - SPONSORED ADR USD GAZPROM OAO USD GLOBALTRA-SPONS GDR REG S USD HYDRAULIC MACHINE-GDR RE-W/I USD IBS GROUP-REGS GDR EUR LUKOIL 0AO USD LUKOIL OAO-SPON ADR USD MAGNIT USD MAGNITOGORS-SPON GDR REGS USD MAIL.RU GROUP-GDR REGS USD MMC NORILSK NICKEL-CLS USD MOBILE TELESYSTEMS OJSC USD MOSENERGO USD MOSTOTREST-CLS USD OKEY GROUP SA-GDR REGS USD SBERBANK USD SEVERSTAL USD SISTEMA JSFC USD SURGUTNEFTEGAS - PFD USD TATNEFT - PFD 3 SERIES USD United Kingdom JKX OIL & GAS PLC GBP VOLGA GAS PLC GBP Kazakhstan KAZMUNAIGAS EXPLORA - GDR REGS USD KCELL JSC - REG S - W/I USD The Netherlands NORD GOLD NV USD NOSTRUM OIL & GAS LP GBP VIMPELCOM LTD-SPON ADR USD Guernsey Island ETALON GROUP-GDR REGS-W/I USD Ireland DRAGON OIL PLC GBP Cyprus URALS ENERGY PUBLIC CO LTD GBP Total securities portfolio Page 68

71 Equity USA Growth Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America M CO USD ACTAVIS PLC USD ALTRIA GROUP INC USD AMERICAN AIRLINES SHS USD AMERIPRISE FINANCIAL INC USD APPLE INC USD AUTODESK INC USD BORGWARNER INC USD BROWN-FORMAN CORP - CLASS B USD CATERPILLAR INC USD CELGENE CORP USD COMCAST CORP-CLASS A USD CONCHO RESOURCES INC USD CVS CAREMARK CORP USD DANAHER CORP USD DELTA AIR LINES INC USD EASTMAN CHEMICAL CO USD EMC CORP/MASS USD ESTEE LAUDER COMPANIES-CL A USD FACEBOOK INC - A USD FOOT LOCKER INC USD GILEAD SCIENCES INC USD GOOGLE INC - A USD HALLIBURTON CO USD INTUIT INC USD LAS VEGAS SANDS CORP USD LOWES COS INC USD MARRIOTT INTERNATIONAL-CL A USD MASTERCARD INC - CLASS A USD MCKESSON CORP USD MEDIVATION INC USD MERCK & CO INC USD MICROSOFT CORP USD MONSANTO CO USD MYLAN INC USD NIKE INC - CL B USD ORACLE CORP USD PEPSICO INC USD PRICELINE.COM INC USD QEP RESOURCES INC USD RYDER SYSTEM INC USD SANDISK CORP USD SCHWAB (CHARLES) CORP USD ST JUDE MEDICAL INC USD UNION PACIFIC CORP USD UNITED TECHNOLOGIES CORP USD VALERO ENERGY CORP USD VERIZON COMMUNICATIONS INC USD VMWARE INC-CLASS A USD WADDELL & REED FINANCIAL - A USD WALT DISNEY CO/THE USD XILINX INC USD Luxembourg LYONDELLBASELL INDU-CL A USD The Netherlands NXP SEMICONDUCTORS NV USD Total securities portfolio Page 69

72 Equity USA Mid Cap Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America AGCO CORP USD AKAMAI TECHNOLOGIES INC USD ALCOA INC USD BORGWARNER INC USD CHARLES RIVER LABORATORIES USD CINCINNATI FINANCIAL CORP USD CITRIX SYSTEMS INC USD CON-WAY INC USD COOPER TIRE & RUBBER USD CREE INC USD DEVRY INC USD EATON VANCE CORP USD EDWARDS LIFESCIENCES CORP USD FACTSET RESEARCH SYSTEMS INC USD FIRST SOLAR INC USD FMC CORP USD FMC TECHNOLOGIES INC USD GANNETT CO USD HOSPIRA INC USD INTERPUBLIC GROUP OF COS INC USD ITRON INC USD JABIL CIRCUIT INC USD JUNIPER NETWORKS INC USD LEAR CORP USD MANPOWERGROUP INC USD MATTEL INC USD MOLSON COORS BREWING CO - B USD NEW YORK TIMES CO - A USD NORTHERN TRUST CORP USD NUANCE COMMUNICATIONS INC USD NVIDIA CORP USD OWENS CORNING USD POLYPORE INTERNATIONAL INC USD QUEST DIAGNOSTICS INC USD RAYMOND JAMES FINANCIAL INC USD STAPLES INC USD STIFEL FINANCIAL CORP USD TERADATA CORP USD TIME INC-W/I USD UNISYS CORP USD UNITED STATES STEEL CORP USD VARIAN MEDICAL SYSTEMS INC USD WERNER ENTERPRISES INC USD XYLEM INC USD Panama MCDERMOTT INTL INC USD Bermuda BUNGE LTD USD Canada SHAW COMMUNICATIONS INC - B USD Brazil GERDAU SA -SPON ADR USD Total securities portfolio Page 70

73 Equity World Consumer Durables Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Hong Kong GALAXY ENTERTAINMENT GROUP L HKD Macao MGM CHINA HOLDINGS LTD HKD Shares United States of America Other transferable securities BORGWARNER INC USD CBS CORP-CLASS B NON VOTING USD Shares CHIPOTLE MEXICAN GRILL INC USD United States of America COLUMBIA SPORTSWEAR CO USD MARRIOTT INTERNATIONAL USD COMCAST CORP-CLASS A USD DISCOVERY COMMUNICATIONS - A USD Total securities portfolio EXPEDIA INC USD HOMEAWAY INC USD LAS VEGAS SANDS CORP USD LOWES COS INC USD MARRIOTT INTERNATIONAL-CL A USD MGM RESORTS INTERNATIONAL USD NIKE INC - CL B USD PRICELINE.COM INC USD PULTEGROUP INC USD STARWOOD HOTELS & RESORTS USD TRIPADVISOR INC - W/I USD TWENTY-FIRST CENTURY FOX INC USD VF CORP USD VIACOM INC - CLASS B USD WALT DISNEY CO/THE USD WHIRLPOOL CORP USD Germany BAYERISCHE MOTOREN WERKE AG EUR CONTINENTAL AG EUR DAIMLER AG-REGISTERED SHARES EUR PROSIEBENSAT.1 MEDIA AG EUR United Kingdom ASOS PLC GBP DELPHI AUTOMOTIVE PLC USD INTERCONTINENTAL HOTELS GROUP PLC GBP WHITBREAD PLC GBP Japan KOITO MANUFACTURING CO LTD JPY PANASONIC CORP JPY RAKUTEN INC JPY Canada LIONS GATE ENTERTAINMENT USD MAGNA INTERNATIONAL INC CAD France ACCOR SA EUR VALEO SA EUR India TATA MOTORS LTD-SPON ADR USD Cayman Islands MELCO CROWN ENTERTAINME - ADR USD SANDS CHINA LTD HKD Sweden HENNES & MAURITZ AB-B SHS SEK China DONGFENG MOTOR GRP CO LTD - H HKD Italy PIRELLI & C. EUR Page 71

74 Equity World Emerging Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Brazil AMBEV SA-SPN ADR USD AREZZO INDUSTRIA E COMERCIO BRL BR MALLS PARTICIPACOES SA BRL BR PROPERTIES SA BRL DURATEX SA BRL GRUPO BTG PACTUAL-UNIT BRL ITAU UNIBANCO HLDNG-PREF ADR USD LINX SA BRL PETROLEO BRASILEIRO-SPON ADR USD RAIA DROGASIL SA BRL VALE SA-SP ADR USD South Korea GS ENGINEERING & CONSTRUCT KRW HOTEL SHILLA CO LTD KRW HYUNDAI DEVELOPMENT COMPANY KRW HYUNDAI MOTOR CO KRW NAVER CORP KRW SK HYNIX INC KRW SK TELECOM KRW Taiwan CATHAY FINANCIAL REG S GDR USD E.SUN FINANCIAL HOLDING CO TWD EPISTAR CORP TWD HON HAI PRECISION INDUSTRY TWD LARGAN PRECISION CO LTD TWD MEDIATEK INC TWD TAIWAN SEMICONDUCTOR - SP ADR USD China ANHUI CONCH CEMENT CO LTD - H HKD BAIDU INC - SPON ADR USD CHINA CONSTRUCTION BANK - H HKD CHINA MERCHANTS BANK - H HKD E-HOUSE CHINA HOLDINGS ADR USD IND & COMM BANK OF CHINA - H HKD PING AN INSURANCE GROUP CO - H HKD India GLENMARK PHARMACEUTICALS LTD INR HCL TECHNOLOGIES LTD INR HDFC BANK LTD-ADR USD POWER GRID CORP OF INDIA LTD INR TATA MOTORS LTD INR YES BANK LTD INR South Africa ALEXANDER FORBES GROUP HOLDING ZAR MTN GROUP LTD ZAR NASPERS LTD-N SHS ZAR SASOL LTD ZAR Cayman Islands HOME INNS & HOTELS MANAG-ADR USD KAISA GROUP HOLDINGS LTD HKD MELCO CROWN ENTERTAINME - ADR USD SANDS CHINA LTD HKD SOHO CHINA LTD HKD TENCENT HLDG SHS HKD Mexico ALFA S.A.B.-A MXN CEMEX SAB - CPO MXN CEMEX SAB-SPONS ADR PART CER USD MACQUARIE MEXICO REAL ESTATE MXN TF ADMINISTRADORA INDUSTRIAL MXN Hong Kong AIA GROUP LTD HKD CHINA OVERSEAS LAND & INVEST HKD CHINA UNICOM HONG KONG LTD HKD KERRY LOGISTICS NETWORK LTD HKD Indonesia BANK MANDIRI TBK PT IDR MATAHARI DEPARTMENT STORE TB IDR SEMEN GRESIK (PERSERO) PT IDR Russia GAZPROM OAO-SPON ADR USD MAIL.RU GROUP-GDR REGS USD NOVATEK OAO-SPONS GDR REG S USD ROSNEFT OJSC-REG S GDR USD Thailand AIRPORTS OF THAILAND PCL-FOR THB PTT GLOBAL CHEMICAL PCL - FOR THB Philippines AYALA CORPORATION PHP MELCO CROWN PHILIPPINES RESO PHP Bermuda CREDICORP LTD USD United Arab Emirates EMAAR PROPERTIES PJSC AED Japan SOFTBANK CORP-UNSPON ADR USD Greece FF GROUP EUR Kenya KENYA COMMERCIAL BANK LTD KES Panama AVIANCA HOLDINGS SA-SPON ADR USD Qatar QATAR NATIONAL BANK QAR Canada AFRICA OIL CORP SEK GREENSTONE RESOURCES LTD USD United Kingdom AFREN PLC GBP CAPITAL & COUNTIES PROPERTIE GBP INTU PROPERTIES PLC GBP Turkey TURK HAVA YOLLARI AO TRY TURKIYE IS BANKASI - C TRY Total securities portfolio Page 72

75 Equity World Energy Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America ATWOOD OCEANICS INC USD BAKER HUGHES INC USD CHENIERE ENERGY INC USD CHEVRON CORP USD CONOCOPHILLIPS USD DELEK US HOLDINGS INC USD DIAMOND OFFSHORE DRILLING USD EOG RESOURCES INC USD EQT CORP USD EXXON MOBIL CORP USD HALLIBURTON CO USD HESS CORP USD KINDER MORGAN INC USD LAREDO PETROLEUM HOLDINGS IN USD MARATHON OIL CORP USD MARATHON PETROLEUM CORP - W / I USD NOBLE ENERGY INC USD NORTHERN OIL AND GAS INC USD ONEOK INC USD PEABODY ENERGY CORP USD PETROLEUM DEVELOPMENT CORP USD QEP RESOURCES INC USD RANGE RESOURCES CORP USD SANDRIDGE ENERGY INC USD SOUTHWESTERN ENERGY CO USD SPECTRA ENERGY CORP USD VALERO ENERGY CORP USD WESTERN REFINING INC USD WHITING PETROLEUM CORP USD United Kingdom BG GROUP PLC GBP BP PLC GBP ROYAL DUTCH SHELL PLC - A SHS GBP Canada CHC GROUP LTD USD PRECISION DRILLING CORP CAD SUNCOR ENERGY INC CAD TRANSCANADA CORP CAD The Netherlands CORE LABORATORIES NV USD Spain REPSOL SA EUR France TOTAL SA EUR Italy ENI SPA EUR Total securities portfolio Page 73

76 Equity World Finance Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America AMERIPRISE FINANCIAL INC USD BANK OF THE OZARKS USD BANKUNITED INC USD CME GROUP INC USD COLUMBIA BANKING SYSTEM INC USD COMERICA INC USD GOLDMAN SACHS GROUP INC USD JPMORGAN CHASE AND CO USD PRIVATEBANCORP INC USD PRUDENTIAL FINANCIAL INC USD SCHWAB (CHARLES) CORP USD TEXAS CAPITAL BANCSHARES INC USD UNUM GROUP USD WADDELL & REED FINANCIAL - A USD WESTERN ALLIANCE BANCORP USD WISDOMTREE INVESTMENTS INC USD United Kingdom BARCLAYS BANK PLC GBP HSBC HOLDINGS PLC GBP LEGAL & GENERAL GROUP PLC GBP PRUDENTIAL PLC GBP STANDARD CHARTERED PLC GBP Japan DAITO TRUST CONSTRUCTION CO LTD JPY MITSUBISHI ESTATE CO LTD JPY MITSUBISHI UFJ FINANCIAL GROUP JPY SONY FINANCIAL HOLDINGS INC JPY SUMITOMO MITSUI FINANCIAL GR JPY Australia COMMONWEALTH BANK OF AUSTRALIA AUD NATIONAL AUSTRALIA BANK LTD AUD Hong Kong AIA GROUP LTD HKD WHARF HOLDINGS LTD HKD Spain BANCO SANTANDER SA EUR Austria ERSTE GROUP BANK AG EUR France AXA SA EUR BNP PARIBAS EUR Norway DNB ASA NOK Italy INTESA SANPAOLO EUR The Netherlands AEGON NV EUR Canada ROYAL BANK OF CANADA CAD Switzerland CREDIT SUISSE GROUP AG-REG CHF Sweden SKANDINAVISKA ENSKILDA BANK - A SEK Singapore OVERSEA-CHINESE BANKING CORP SGD Options, Warrants, Rights OVERSEA CHINESE BANKING R RTS 15/09/2014 SGD Total securities portfolio Page 74

77 Equity World Health Care Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America ABBOTT LABORATORIES USD ABBVIE INC USD ACHILLION PHARMACEUTICALS USD ACTAVIS PLC USD ALEXION PHARMACEUTICALS INC USD ALKERMES PLC USD ALLERGAN INC USD ALNYLAM PHARMACEUTICALS INC USD ARIAD PHARMACEUTICALS INC USD ARROWHEAD RESEARCH CORP USD BAXTER INTERNATIONAL INC USD BIOGEN IDEC INC USD BLUEBIRD BIO INC USD BRISTOL-MYERS SQUIBB CO USD CARDINAL HEALTH INC USD CELGENE CORP USD CONMED CORP USD GILEAD SCIENCES INC USD ILLUMINA INC USD JAZZ PHARMACEUTICALS PLC USD JOHNSON & JOHNSON USD KERYX BIOPHARMACEUTICALS USD MASIMO CORPORATION USD MCKESSON CORP USD MEDIVATION INC USD MEDTRONIC INC USD MERCK & CO INC USD MYLAN INC USD NOVAVAX INC USD PFIZER INC USD REPLIGEN CORP USD SALIX PHARMACEUTICALS LTD USD ST JUDE MEDICAL INC USD STRYKER CORP USD UNITEDHEALTH GROUP INC USD VERTEX PHARMACEUTICALS INC USD WELLPOINT INC USD Switzerland ACTELION LTD-REG CHF NOVARTIS AG-REG CHF ROCHE HOLDING AG GENUSSCHEIN CHF United Kingdom ASTRAZENECA PLC GBP GLAXOSMITHKLINE PLC GBP HIKMA PHARMACEUTICALS PLC GBP Germany BAYER AG-REG EUR France GENFIT EUR SANOFI AVENTIS EUR Israel PROLASER LTD EUR TEVA PHARMACEUTICAL IND LTD ILS TEVA PHARMACEUTICAL-SP ADR USD Canada VALEANT PHARMACEUTICALS INTE USD Denmark NOVO NORDISK A/S - B DKK Spain GRIFOLS SA EUR Japan ASTELLAS PHARMA INC JPY SHIONOGI & CO LTD JPY South Africa ASPEN PHARMACARE HOLDINGS LT ZAR Ireland MALLINCKRODT PLC - W/I USD Total securities portfolio Page 75

78 Equity World Low Volatility Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America M CO USD AIR PRODUCTS AND CHEMICALS INC USD AIRGAS INC USD ALLEGHANY CORP USD ALLIANCE DATA SYSTEMS CORP USD ANNALY CAPITAL MANAGEMENT USD AUTOMATIC DATA PROCESSING USD BALL CORP USD BECTON DICKINSON AND CO USD BERKSHIRE HATHAWAY INC - CL B USD CINCINNATI FINANCIAL CORP USD CROWN HOLDINGS INC USD ECOLAB INC USD EXXON MOBIL CORP USD FEDERAL REALTY INVS TRUST USD FISERV INC USD GENUINE PARTS CO USD INTEL CORP USD INTL BUSINESS MACHINES CORP USD INTL FLAVORS & FRAGRANCES USD INTUIT INC USD JOHNSON & JOHNSON USD LINEAR TECHNOLOGY CORP USD LOEWS CORP USD MARSH & MCLENNAN COS USD MCDONALDS CORP USD MEDTRONIC INC USD MERCK & CO INC USD MICROSOFT CORP USD MOTOROLA SOLUTIONS INC USD PAYCHEX INC USD PRAXAIR INC USD PROGRESSIVE CORP USD SHERWIN-WILLIAMS CO/THE USD SIGMA-ALDRICH USD SPECTRA ENERGY CORP USD STERICYCLE INC USD THOMSON REUTERS CORP CAD TJX COMPANIES INC USD TORCHMARK CORP USD TOTAL SYSTEM SERVICES INC USD UNITED PARCEL SERVICE-CL B USD VISA INC-CLASS A SHARES USD United Kingdom BABCOCK INTL GROUP PLC GBP BRITISH SKY BROADCASTING GRO GBP COMPASS GROUP PLC GBP NATIONAL GRID PLC GBP NEXT PLC GBP REED ELSEVIER PLC GBP REXAM SHS GBP ROYAL DUTCH SHELL PLC - A SHS GBP ROYAL DUTCH SHELL PLC - B SHS GBP SAGE GROUP PLC GBP SSE PLC GBP France ADP EUR AIR LIQUIDE SA EUR BUREAU VERITAS SA EUR DASSAULT SYSTEMES SA EUR ESSILOR INTERNATIONAL EUR SODEXO EUR TOTAL SA EUR Canada BANK OF MONTREAL CAD CI FINANCIAL CORP CAD FIRST CAPITAL REALTY INC CAD GREAT-WEST LIFECO INC CAD IGM FINANCIAL INC CAD INTER PIPELINE LTD CAD POWER FINANCIAL CORP CAD ROYAL BANK OF CANADA CAD Singapore CAPITAMALL TRUST SGD DBS GROUP HOLDINGS LTD SGD OVERSEA-CHINESE BANKING CORP SGD SINGAPORE EXCHANGE LTD SGD SINGAPORE PRESS HOLDINGS LTD SGD UNITED OVERSEAS BANK LTD SGD Japan HOYA CORP JPY NAGOYA RAILROAD CO LTD JPY TAKEDA PHARMACEUTICAL CO LTD JPY Hong Kong CLP HOLDINGS LTD HKD HANG SENG BANK LTD HKD MTR CORP HKD Australia AMCOR LIMITED AUD BHP BILLITON LTD AUD CROWN RESORTS LTD AUD GPT GROUP AUD WESTFIELD CORP AUD The Netherlands REED ELSEVIER NV EUR Denmark TRYG A/S DKK Switzerland EMS-CHEMIE HOLDING AG-REG CHF SGS SA-REG CHF SWISSCOM AG-REG CHF Norway STATOIL ASA NOK Germany LINDE AG EUR SAP SE EUR Bermuda EVEREST RE GROUP LTD USD Italy LUXOTTICA GROUP SPA EUR Cayman Islands CHAODA MODERN AGRICULTURE HKD Page 76

79 Equity World Low Volatility Securities portfolio at 31/08/2014 Expressed in EUR Options, Warrants, Rights OVERSEA CHINESE BANKING R RTS 15/09/2014 SGD Total securities portfolio Page 77

80 Equity World Materials Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America AIR PRODUCTS AND CHEMICALS INC USD ALCOA INC USD BALL CORP USD CELANESE CORP SERIES A USD CROWN HOLDINGS INC USD DOW CHEMICAL CO/THE USD DU PONT (E.I.) DE NEMOURS USD EASTMAN CHEMICAL CO USD ECOLAB INC USD FERRO CORP USD INTERNATIONAL PAPER CO USD MONSANTO CO USD NUCOR CORP USD OWENS-ILLINOIS INC USD RELIANCE STEEL & ALUMINUM USD WESTLAKE CHEMICAL CORP USD United Kingdom ANTOFAGASTA PLC GBP BHP BILLITON PLC GBP CRODA INTERNATIONAL PLC GBP JOHNSON MATTHEY PLC GBP RANDGOLD RESOURCES LTD GBP REXAM SHS GBP RIO TINTO PLC GBP Australia ALUMINA LTD AUD BHP BILLITON LTD AUD RIO TINTO LTD AUD Germany BASF SE EUR LINDE AG EUR Luxembourg ARCELORMITTAL EUR LYONDELLBASELL INDU-CL A USD Canada AGNICO-EAGLE MINES LTD USD CAMECO CORP CAD FIRST QUANTUM MINERALS LTD CAD GOLDCORP INC USD METHANEX CORP USD POTASH CORP OF SASKATCHEWAN CAD Japan KOBE STEEL LTD JPY MITSUBISHI MATERIALS CORP JPY MITSUI CHEMICALS INC JPY NITTO DENKO CORP JPY SUMITOMO CHEMICAL CO LTD JPY France AIR LIQUIDE SA EUR Switzerland GIVAUDAN-REG CHF The Netherlands AKZO NOBEL EUR Ireland CRH PLC EUR Sweden SVENSKA CELLULOSA AB-B SHS SEK Total securities portfolio Page 78

81 Equity World Technology Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America APPLE INC USD APPLIED MATERIALS INC USD AUTODESK INC USD CISCO SYSTEMS INC USD COMMSCOPE HOLDING CO INC USD EMC CORP/MASS USD F5 NETWORKS INC USD FACEBOOK INC - A USD GOOGLE INC - A USD GOOGLE INC-CL C -W/I USD INTEL CORP USD INTL BUSINESS MACHINES CORP USD INTUIT INC USD JUNIPER NETWORKS INC USD LOGMEIN INC USD MANHATTAN ASSOCIATES INC USD MASTERCARD INC - CLASS A USD MICRON TECHNOLOGY INC USD MICROSOFT CORP USD NIMBLE STORAGE INC USD ORACLE CORP USD QUALCOMM INC USD SALESFORCE.COM INC USD SANDISK CORP USD SERVICENOW INC USD TEXAS INSTRUMENTS INC USD VANTIV INC - CL A USD VISA INC-CLASS A SHARES USD VMWARE INC-CLASS A USD XILINX INC USD YAHOO INC USD Japan CANON INC SPONS ADR REPR ORDINARY SHS USD FUJIFILM HOLDINGS CORP JPY FUJITSU LTD JPY KONICA MINOLTA HOLDINGS INC JPY TDK CORP JPY Ireland FLEETMATICS GROUP PLC USD KING DIGITAL ENTERTAINMENT P USD SEAGATE TECHNOLOGY USD United Kingdom ARM HOLDINGS PLC GBP The Netherlands NXP SEMICONDUCTORS NV USD Sweden ARCAM SHS SEK ERICSSON LM - B SHS SEK China BAIDU INC - SPON ADR USD Cayman Islands TENCENT HLDG SHS HKD Taiwan LARGAN PRECISION CO LTD TWD Israel MOBILEYE NV USD Total securities portfolio Page 79

82 Equity World Telecom Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America AT&T INC USD ATLANTIC TELE-NETWORK INC USD CENTURYLINK INC USD COMCAST CORP-CLASS A USD FRONTIER COMMUNICATIONS CORP USD IRIDIUM COMMUNICATIONS INC USD SBA COMMUNICATIONS CORP-CL A USD T-MOBILE US INC USD VERIZON COMMUNICATIONS INC USD Japan KDDI CORP JPY NIPPON TELEGRAPH & TELEPHONE JPY NTT DOCOMO INC JPY SOFTBANK CORP JPY United Kingdom BT GROUP PLC GBP VODAFONE GROUP PLC - SP ADR USD VODAFONE GROUP SHS GBP Spain TELEFONICA SA EUR France ILIAD SA EUR ORANGE EUR ORANGE-SPON ADR USD VIVENDI EUR Australia TELSTRA CORP LTD AUD Canada BCE INC CAD ROGERS COMMUNICATIONS INC - B CAD TELUS CORP CAD Germany DEUTSCHE TELEKOM AG-REG EUR TELEFONICA DEUTSCHLAND HOLDI EUR Italy TELECOM ITALIA RSP EUR TELECOM ITALIA SPA EUR Sweden COM HEM HOLDING AB - W/I SEK TELIASONERA AB SEK Norway TELENOR ASA NOK Switzerland SWISSCOM AG-REG CHF Finland ELISA OYJ EUR Singapore SINGAPORE TELECOM LTD SGD Hong Kong PCCW LTD HKD Luxembourg MILLICOM INTL CELLULAR-SDR SEK Belgium BELGACOM SA EUR Russia MEGAFON-GDR-WI USD Total securities portfolio Page 80

83 Equity World Utilities Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America AES CORP USD ALLIANT ENERGY CORP USD AMEREN CORPORATION USD AMERICAN ELECTRIC POWER USD AMERICAN WATER WORKS CO INC USD CENTERPOINT ENERGY INC USD CMS ENERGY CORP USD DOMINION RESOURCES INC/VA USD DTE ENERGY COMPANY USD DUKE ENERGY CORP USD EDISON INTERNATIONAL USD ITC HOLDINGS CORP USD NEXTERA ENERGY INC USD NISOURCE INC USD NRG ENERGY INC USD PINNACLE WEST CAPITAL USD SEMPRA ENERGY USD SOUTHERN CO/THE USD UGI CORP USD Spain GAS NATURAL SDG SA EUR IBERDROLA SA EUR RED ELECTRICA CORPORACION SA EUR United Kingdom CENTRICA PLC GBP NATIONAL GRID PLC GBP UNITED UTILITIES GROUP PLC GBP Italy ENEL SPA EUR SNAM SPA EUR TERNA SPA EUR Japan CHUBU ELECTRIC POWER CO INC JPY CHUGOKU ELECTRIC POWER CO JPY KYUSHU ELECTRIC POWER CO INC JPY OSAKA GAS CO LTD JPY TOKYO GAS CO LTD JPY Germany E.ON SE EUR Portugal EDP-ENERGIAS DE PORTUGAL SA EUR France GDF SUEZ EUR Finland FORTUM OYJ EUR Hong Kong CLP HOLDINGS LTD HKD POWER ASSETS HOLDINGS LTD HKD Bermuda CHEUNG KONG INFRASTRUCTURE HKD Australia AUSNET SERVICES AUD Total securities portfolio Page 81

84 Green Tigers Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Taiwan DELTA ELECTRONIC INDUSTRIAL CO TWD EPISTAR CORP TWD EVERLIGHT ELECTRONICS CO LTD TWD GIANT MANUFACTURING TWD MERIDA INDUSTRY CO LTD TWD MOTECH INDUSTRIES INC TWD RADIANT OPTO-ELECTRONICS COR TWD SIMPLO TECHNOLOGY CO LTD TWD TAIWAN GLASS IND CORP TWD TAIWAN SEMICONDUCTOR MANUFAC TWD UNITED MICROELECTRONICS CORP TWD Hong Kong BEIJING ENTERPRISES HOLDINGS HKD CHINA EVERBRIGHT INTERNATIONAL LTD HKD CHINA GAS HOLDINGS LTD HKD CIMC ENRIC HOLDINGS LTD HKD GUANGDONG INVESTMENT LTD HKD HANERGY SOLAR GROUP LTD HKD HONG KONG & CHINA GAS HKD MTR CORP HKD WASION GROUP HOLDINGS LTD HKD XINYI SOLAR HOLDINGS LTD HKD China BEIJING JINGNENG CLEAN ENE - H HKD CHAOWEI POWER HOLDINGS LTD - H HKD CHINA CNR CORP LTD - H HKD CHINA DATANG CORP RENEWABL - H HKD CHINA RAILWAY CONSTRUCTION - H HKD CHINA RAILWAY GROUP LTD - H HKD CHINA SINGYES SOLAR TECH - H HKD CHINA SUNTIEN GREEN ENERGY - H HKD CSR CORP LTD - H HKD DONGFANG ELECTRIC CORP LTD - H HKD FIRST TRACTOR CO - H HKD GCL-POLY ENERGY HOLDINGS LTD HKD GUANGSHEN RAILWAY CO LTD - H HKD HOLLYSYS AUTOMATION TECHNOLO USD HUANENG RENEWABLES CORP - H HKD SHANGHAI ELECTRIC GROUP CO LTD - H HKD TRINA SOLAR LIMITE USD YINGLI GREEN ENERGY HOLDING CO LTD ADR USD ZHUZHOU CSR TIMES ELECTRIC - H HKD South Korea DUKSAN HI-METAL CO LTD KRW LG DISPLAY CO LTD KRW LG ELECTRONICS INC KRW OCI CO LTD KRW SAMSUNG SDI CO LTD KRW SEOUL SEMICONDUCTOR CO LTD KRW Cayman Islands ASM PACIFIC TECHNOLOGY LTD HKD CHINA HIGH SPEED TRANSMISSION HKD CHINA METAL RECYCLING HKD ENN ENERGY HOLDINGS LTD HKD LEE & MAN PAPER MANUFACTURIN HKD TIANNENG POWER INTL LTD HKD TOWNGAS CHINA CO LTD HKD XINYI GLASS HOLDINGS LTD HKD India BHARAT HEAVY ELECTRICALS INR COROMANDEL INTERNATIONAL LTD INR CROMPTON GREAVES INR HAVELLS INDIA SHS INR INDRAPRASTHA GAS LTD INR JAIN IRRIGATION SYSTEMS LTD INR PETRONET LNG LTD INR VA TECH WABAG LTD INR Bermuda BEIJING ENTERPRISES WATER GR HKD CHINA RESOURCES GAS GROUP LTD HKD CHINA WATER AFFAIRS GROUP HKD Philippines ENERGY DEVELOPMENT CORP PHP MANILA WATER COMPANY PHP Thailand BTS GROUP HOLDINGS PCL THB Total securities portfolio Page 82

85 Real Estate Securities Pacific Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Japan GLP J - REIT JPY HEIWA REAL ESTATE REIT INC JPY INDUSTRIAL & INFRASTRUCTURE JPY JAPAN HOTEL REIT INVESTMENT JPY JAPAN REAL ESTATE INVESTMENT JPY MITSUBISHI ESTATE CO LTD JPY MITSUI FUDOSAN CO LTD JPY NIPPON BUILDING FUND INC JPY NOMURA REAL ESTATE MASTER FU JPY NTT URBAN DEVELOPMENT CORP JPY PREMIER INVESTMENT CORP JPY SUMITOMO REALTY & DEVELOPMENT JPY TOKYO TATEMONO CO LTD JPY Hong Kong CHAMPION REIT HKD HANG LUNG PROPERTIES LTD HKD HENDERSON LAND DEVELOPMENT HKD HYSAN DEVELOPMENT CO HKD LINK REIT HKD SINO LAND CO HKD SUN HUNG KAI PROPERTIES HKD SWIRE PROPERTIES LTD HKD WHARF HOLDINGS LTD HKD Australia ABACUS PROPERTY GROUP AUD CROMWELL PROPERTY GROUP AUD DEXUS PROPERTY GROUP AUD FEDERATION CENTRES AUD GDI PROPERTY GROUP AUD INVESTA OFFICE FUND AUD MIRVAC GROUP AUD SCENTRE GROUP AUD WESTFIELD CORP AUD Singapore CAPITACOMMERCIAL TRUST SGD CAPITALAND LTD SGD GLOBAL LOGISTIC PROPERTIES L SGD LIPPO MALLS INDONESIA RETAIL SGD RELIGARE HEALTH TRUST SGD UOL GROUP LTD SGD Bermuda HONGKONG LAND HOLDINGS LTD USD KERRY PROPERTIES LTD HKD Total securities portfolio Page 83

86 Real Estate Securities World Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United States of America AMERICAN CAMPUS COMMUNITIES USD BOSTON PROPERTIES INC USD BRANDYWINE REALTY TRUST USD CAMDEN PROPERTY TRUST USD CBL & ASSOCIATES PROPERTIES USD COUSINS PROPERTIES INC USD CUBESMART USD DCT INDUSTRIAL TRUST INC USD DDR CORP USD DIAMONDROCK HOSPITALITY CO USD DIGITAL REALTY TRUST INC USD DOUGLAS EMMETT INC USD EASTGROUP PROPERTIES INC USD HERSHA HOSPITALITY TRUST USD HOST HOTELS & RESORTS INC USD KILROY REALTY CORP USD KIMCO REALTY CORP USD LASALLE HOTEL PROPERTIES USD LIBERTY PROPERTY TRUST USD MID-AMERICA APARTMENT COMM USD PARKWAY PROPERTIES INC USD PEBBLEBROOK HOTEL TRUST USD PROLOGIS INC USD RAMCO-GERSHENSON PROPERTIES USD RLJ LODGING TRUST USD SABRA HEALTH CARE REIT INC USD SIMON PROPERTY GROUP INC USD SL GREEN REALTY CORP USD SUN COMMUNITIES INC USD Japan GLP J - REIT JPY INDUSTRIAL & INFRASTRUCTURE JPY JAPAN HOTEL REIT INVESTMENT JPY JAPAN REAL ESTATE INVESTMENT JPY MITSUBISHI ESTATE CO LTD JPY MITSUI FUDOSAN CO LTD JPY NIPPON BUILDING FUND INC JPY NTT URBAN DEVELOPMENT CORP JPY SUMITOMO REALTY & DEVELOPMENT JPY TOKYO TATEMONO CO LTD JPY Hong Kong CHAMPION REIT HKD HANG LUNG PROPERTIES LTD HKD HENDERSON LAND DEVELOPMENT HKD SUN HUNG KAI PROPERTIES HKD WHARF HOLDINGS LTD HKD United Kingdom BIG YELLOW GROUP PLC GBP BRITISH LAND CO PLC GBP DERWENT LONDON PLC GBP HANSTEEN HOLDINGS PLC GBP SEGRO PLC GBP UNITE GROUP PLC GBP Australia FEDERATION CENTRES AUD MIRVAC GROUP AUD SCENTRE GROUP AUD Singapore CAPITALAND LTD SGD GLOBAL LOGISTIC PROPERTIES L SGD UOL GROUP LTD SGD The Netherlands CORIO NV EUR NIEUWE STEEN INVESTMENTS NV EUR VASTNED EUR WERELDHAVE NV EUR Finland CITYCON OYJ EUR SPONDA OYJ EUR TECHNOPOLIS OYJ EUR Bermuda HONGKONG LAND HOLDINGS LTD USD KERRY PROPERTIES LTD HKD France GECINA SA EUR ICADE EUR Luxembourg GAGFAH SA EUR Jersey Island LXB RETAIL PROPERTIES GBP Germany DEUTSCHE ANNINGTON IMMOBILIE EUR LEG IMMOBILIEN AG EUR Italy BENI STABILI SPA EUR Canada COMINAR REAL ESTATE INV-TR U CAD Spain MERLIN PROPERTIES SOCIMI SA EUR Norway NORWEGIAN PROPERTY ASA NOK Total securities portfolio Page 84

87 Notes to the financial statements Page 85

88 Notes to the financial statements at 31/08/2014 Note 1 - General information Since 1 March 2014 the Company has proceeded to the following changes: a) Master - feeder structures The following sub-funds are involved in a master-feeder structure: Master sub-fund PARVEST Bond USD PARVEST Bond World Emerging Local PARVEST Convertible Bond World PARVEST Equity High Dividend Europe PARVEST Equity USA Growth PARVEST Equity World Emerging PARVEST Equity World Emerging PARVEST Real Estate Securities World Feeder sub-fund BNP Paribas L1 Bond USD BNP Paribas L1 Bond World Emerging Local BNP Paribas L1 Convertible Bond World BNL Azioni Europa Dividendo BNL Azioni America BNL Azioni Emergenti BNP Paribas L1 Equity World Emerging BNP Paribas L1 Real Estate Securities World The information regarding the description of the master-feeder structures, the investment objective and policy of the Master UCITS are detailed in the prospectus of Fund. The audited financial statements and the prospectus of the Master UCITS and Feeder UCITS are available on b) Merged, liquidated or launched share classes Sub-fund Date Events Equity Japan 1 April 2014 Launch of share class IH USD Bond USD Government 3 April 2014 Launch of share class Privilege - Distribution Transformation of the share classes Classic H EUR - Bond Best Selection World Emerging 1 May 2014 Capitalisation/Distribution, Privilege H EUR - Distribution and IH EUR in Classic RH EUR - Capitalisation/Distribution, Privilege RH EUR - Distribution and I RH EUR Transformation of the share classes Classic H EUR - Bond World Emerging Local 1 May 2014 Capitalisation/Distribution, Classic H SGD MD and IH EUR in Classic RH EUR - Capitalisation/Distribution, Classic RH SGD MD and I RH EUR Bond World High Yield 1 May 2014 Transformation of the share class Classic MD in Classic USD MD Convertible Bond World 1 May 2014 Transformation of the share classes Classic H CHF, Classic H CZK, Classic H PLN, IH NOK, IH USD in Classic RH CHF, Classic RH CZK, Classic RH PLN, I RH NOK, I RH USD Equity Europe Growth 1 May 2014 Transformation of the share classes Classic H SGD MD and Classic H USD MD in Classic RH SGD MD and Classic RH USD MD Equity High Dividend Pacific 1 May 2014 Transformation of the share classes Classic MD and Privilege MD in Classic USD MD and Privilege USD MD Equity Best Selection Euro 19 May 2014 Launch of share class Classic H HUF - Capitalisation Equity Europe Growth 19 May 2014 Launch of share classes Classic RH SGD and Classic RH USD - Capitalisation Equity Europe Small Cap 19 May 2014 Launch of share class Classic RH SGD Equity USA Mid Cap 19 May 2014 Launch of share class Classic H SGD Equity Best Selection Europe 6 June 2014 Transformation of the share class Classic HUF - Capitalisation in Classic RH HUF - Capitalisation Bond Asia ex-japan 22 July 2014 Launch of share class X Page 86

89 Notes to the financial statements at 31/08/2014 Sub-fund Date Events Bond World High Yield 22 July 2014 Launch of share class Classic H CZK Equity Indonesia 22 July 2014 Launch of share class Privilege EUR - Capitalisation Equity World Low Volatility 22 July 2014 Launch of share class Classic CZK Green Tigers 25 August 2014 Launch of share class Classic USD - Capitalisation c) NAV Split The operation consists in splitting up a series of NAV values by using a simple ratio (10 000; 1 000; 100 or 10) in order to have a NAV the nearest as possible with 100 in the reference ( for the JPY). The shareholders at the Record date will take part to the Split. The NAV values will be adjusted on the NAV Split basis on the ex-split date : 6 June Sub-fund Events Bond USD Government Share class I - Capitalisation split by Share class Privilege - Capitalisation split by 10 Bond World Inflation-Linked Share class I - Capitalisation split by Share class Privilege - Capitalisation split by 10 Convertible Bond Asia Share class I - Capitalisation split by Share class Privilege - Capitalisation split by 100 Convertible Bond World Share class Classic RH CZK split by 100 Equity Best Selection Euro Share class Classic H CZK split by 100 Equity Brazil Share class I - Capitalisation split by Share class Privilege - Capitalisation split by 10 Equity Bric Share class I - Capitalisation split by Share class Privilege - Capitalisation split by 10 Equity Europe Emerging Share classes Classic - Capitalisation, Classic USD - Capitalisation/Distribution, I - Capitalisation and N split by 10 Equity Europe Growth Share class I - Capitalisation split by 100 Equity Europe Mid Cap Share class I - Capitalisation split by Equity Europe Small Cap Share class I - Capitalisation split by Share class Privilege - Capitalisation split by 10 Equity High Dividend Europe Share class I - Capitalisation split by Share class Privilege - Capitalisation split by 10 Equity High Dividend USA Share class I - Capitalisation split by 100 Equity India Share class I - Capitalisation split by 100 Equity Japan Share class I - Capitalisation split by Equity Latin America Share class I - Capitalisation split by Share class Privilege - Capitalisation split by 100 Equity Russia Opportunities Share class I - Capitalisation split by Equity USA Growth Share class Classic H CZK split by 10 Share class I - Capitalisation split by 100 Equity USA Mid Cap Share class I - Capitalisation split by Share class Privilege - Capitalisation split by 10 Real Estate Securities World Share class I - Capitalisation split by 100 d) Eligibility for the Plan Epargne en Actions (PEA) Owing to their eligibility for French share savings schemes (PEA), the sub-funds of the PARVEST SICAV listed below permanently invest at least 75% of their net in shares and rights that are eligible for the PEA and are issued by companies established in France, another Member State of the European Union or in Iceland or Norway and which are subject to corporation tax or an equivalent regime. Equity Best Selection Euro Equity Best Selection Europe Equity Europe Growth Equity Europe Mid Cap Equity Europe Small Cap Equity High Dividend Europe Page 87

90 Notes to the financial statements at 31/08/2014 Note 2 - Principal accounting methods a) Net asset value This semi-annual report is prepared on the basis of the last net asset value as at 29 August b) Globalized statements for the various sub-funds PARVEST s (consolidated) financial statements are expressed in EUR by converting the financial statements of the sub-funds denominated in currencies other than EUR at the exchange rate prevailing at the end of the financial period. c) Currency conversion The accounts of each sub-fund are kept in the in which its net asset value is expressed, and the financial statements are expressed in that. The purchase price of securities purchased in a other than that of the sub-fund is converted into the of the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities. The income and expenses denominated in a other than that of the sub-fund are converted into the of the sub-fund on the basis of the exchange rates prevailing on the transaction date. On the closing date, the market values of the securities (determined by the method described below), the claims, bank deposits and debt denominated in a other than that of the sub-fund are converted into the of the sub-fund on the basis of the exchange rates prevailing on that date, with any exchange differentials resulting from the conversion of the securities, claims, bank deposits and debt being included in the net result for the financial period. d) Presentation of the financial statements The financial statements are presented on the basis of the latest net asset value calculated during the financial period. In accordance with the prospectus, the net asset values were calculated using the latest exchange rates known at the time of calculation. The stock market prices and exchange rates are those of 29 August This principle has been applied uniformly and consistently for all the sub-funds. By way of information, a certain lead time is required before indicative prices become available for certain illiquid securities, so that for these securities it was impossible for material reasons to use prices as at 29 August 2014 in the last net asset value of the financial period. However, these net asset values would not have been significantly different from those shown in the annual accounts. The statement of operations and changes in net covers the financial period from 1 March 2014 to 31 August e) Valuation of the securities portfolio The valuation of all securities listed on a stock exchange or any other regulated market, which functions regularly, is recognized and accessible to the public, is based on the last known closing price on the valuation day, and, if the securities concerned are traded on several markets, on the basis of the last known closing price on the major market on which they are traded. If the last known closing price is not a true reflection, the valuation shall be based on the probable sale price estimated by the Board of Directors in a prudent and bona fide manner. The Board of Directors uses this possibility for the valuation of the securities listed on Asian and Pacific markets, excepted for the of the Equity Japan sub-fund. In these cases, the aforesaid last known closing price is adjusted by using a method reviewed by the auditors of the Company and monitored by the Management Company to reflect a fair value price of the concerned. Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular manner, is recognised and accessible to the public, shall be valued on the basis of the probable sale price estimated in a prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors. Page 88

91 Notes to the financial statements at 31/08/2014 f) Valuation of forward foreign exchange contracts Forward foreign exchange contracts remaining open at the closing date are valued by reference to the forward foreign exchange rate corresponding to the remaining life of the contract. Any unrealised gains and losses are included when determining the result of the transactions. To calculate the net positions per, the positions are converted at the forward exchange rates corresponding to the remaining life of the contract. g) Valuation of financial instruments Financial futures are valued at their last-known market price. The other financial instruments are valued at the prices at which the position would be able to be liquidated, depending on the conditions prevailing on the market at the valuation date. Realised and unrealised profits or losses resulting there from are included in the Statement of operations and changes in net. To calculate the net positions per on financial instruments, the positions are converted at the exchange rate effective on the closing date. h) Valuation of credit default swaps The value of a Credit Default Swap shall be determined by comparing the value of the protection swap leg and the value of the premium swap leg. The value of the premium leg is obtained by discounting the future premium flows using the relevant risk-adjusted discount. The value of the protection leg is the present value of the expected loss inherent to the contract. Default probabilities used to compute the expected loss are derived from the structure of par market swap rates. Par market swap rates will be obtained from a cross-section of market counterparties. i) Valuation of total return swaps and performance swaps The Company may enter into Total Return Swap contracts ( TRS ) and performance swaps in which the Company and the counterparty agree to exchange payments, where one or both of the parties pays/pay returns generated by a basket of, an index, etc. The payments made by the Company to the counterparty and vice versa are calculated by reference to a specific security, a specific index or a given nominal amount in a financial instrument. Underlying securities or instruments must be transferable securities and indices must be indices deriving from a regulated market. The valuation of these TRS and performance swaps will reflect at any time the difference between the last-known price of the underlying security and the valuation that was taken into account when the transaction was established. The details of the underlying securities are available on request from BNP Paribas Investment Partners Luxembourg. j) Presentation of options Options contracts traded over-the-counter are valued at the prices at which the position could be liquidated under the market conditions prevailing at the valuation date. The liquidation value of forward contracts or options contracts traded on regulated markets will be based on the latest available settlement price of these contracts on the regulated markets on which these forward contracts or option contracts are traded by the SICAV; provided that if a forward contract or an options contract cannot be liquidated on the day on which the net are valued, the basis that will be used to determine the liquidation value of this contract will be determined fairly and reasonably by the Board of Directors. Options are included in the Securities portfolio statement under the heading Options. k) Valuation of securities lending, reverse repurchase and repurchase agreements Securities lending attracts remuneration for the sub-fund according to the contracts and is accounted for in the Statement of operations and changes in net under Income on investments and. Securities that have been lent are shown in the net of the sub-fund in question, at their market value. Securities reverse repurchase (or repurchase) transactions are treated as borrowing (or lending) transactions guaranteed by the underlying securities. They are transactions by which the transferor transfers ownership of securities to another person (the transferee) and by which the transferor irrevocably undertakes to repurchase them and the transferee irrevocably undertakes to retrocede them, at an agreed price and date. Page 89

92 Notes to the financial statements at 31/08/2014 Securities reverse repurchase agreements are valued at their purchase price expressed in the original, irrespective of the market value of the underlying securities, the interest accrued pro rata since the purchase date being shown under the heading Other. Securities repurchase agreements are valued at their market value. l) Valuation of interest rate swaps Interest rate swaps are valued on the basis of the difference between the value of all future interest payable by the Company to its counterparty on the valuation date at the zero coupon swap rate corresponding to the maturity of these payments and the value of all future interest payable by the counterparty to the Company on the valuation date at the zero coupon swap rate corresponding to the maturity of these payments. m) Valuation of volatility swaps A volatility swap is a forward contract whose underlying is the volatility of a given product. The underlying is usually a foreign exchange rate, equity or index. At given point in time, the valuation of the volatility swap will reflect the difference between the last known volatility of the underlying and the valuation on the basis of which the initial agreement was concluded. n) Comparisons Concerning the sub-funds that merged during the financial period and that were still open on 31 August 2014, mergers involving absorption of the net of the absorbed sub-funds or funds were recorded in the accounts by means of a subscription in the absorbing sub-funds at the merger dates. Consequently, the line Net subscriptions/(redemptions) in the Statement of operations and changes in net includes the net of the absorbed sub-funds or funds at the merger dates. o) Geographic distribution The geographic distribution of the securities portfolio is based on the issuing country. p) Note on Indian Tax Each sub-fund may be subject to corporation taxes in certain countries in which it invests. Capital gains realised when disposing of certain Indian securities held by a sub-fund are subject to capital gains tax in India, which, if any, is disclosed in the Statement of operations and changes in net under the heading Taxes. The tax is computed on net realised gains, and realised losses in excess of gains may under certain conditions be carried forward one year to offset future gains. Indian tax law imposes a tax on net realised gains from Indian securities sold within one year from the date of purchase. Given the Company s intent to hold portfolio securities for more than one year, the Company does not accrue a deferred tax liability on net unrealised gains on Indian securities. In case the Company incurred a total realised loss on security sales as at fiscal year-end, the Company could recover the taxable amount paid during the period on net realised gains, provided that a claim to the Tax Administration is introduced within three years. q) To be announced To be announced are subject to current commercial market practices in relation to securities guaranteed by bonds, according to which a security will buy/sell a basket of mortgage loans for a fixed price at a later date. At the time of the purchase/sale, the exact security is not known but its principal features are. Even if a price is agreed at the time of purchase/sale, the final face value will not yet have been fixed. The to-be-announced ( TBA ) Mortgage Back Securities positions are shown in the securities portfolio as at 31 August At the closing date, the purchase/sale of these securities had not yet been settled. As a result, the amounts relating to payables/receivables on securities are included under Other liabilities / Other in the Statement of net. r) Cross-investments The value of the cross-investments of the sub-funds has not been taken into consideration for the calculation of the total net of the funds. Page 90

93 Notes to the financial statements at 31/08/2014 The total value of those cross-investments as at 31 August 2014 amounted to: Sub-fund investing in other PARVEST Sub-funds held by other PARVEST sub-funds sub-funds Currency Market Value (in EUR) Bond Best Selection World Emerging Bond World Emerging Corporate USD Bond USD Convertible Bond World USD Bond World Convertible Bond World EUR Bond World Emerging Local Bond World Emerging Advanced, Bond World Emerging Corporate USD Equity Russia Equity Russia Opportunities EUR Total: The net at the end of the financial period of combined figures would be EUR without taken into account the cross investment. Note 3 - Management and advisory fees (maximum per annum) The maximum annual fee payable monthly and calculated on the average net asset value of each share class for each sub-fund over the past month. For certain sub-funds a reduced management fee was charged during financial year/period. The management fees applicable to the Classic class are also applicable for the Classic CHF, Classic CZK, Classic EUR, Classic GBP, Classic H AUD MD, Classic H CZK, Classic H EUR, Classic H HUF, Classic H SGD, Classic H SGD MD, Classic H USD, Classic H USD MD, Classic HUF, Classic MD, Classic RH CHF, Classic RH CZK, Classic RH EUR, Classic RH HUF, Classic RH PLN, Classic RH SGD, Classic RH SGD MD, Classic RH USD, Classic RH USD MD, Classic USD, Classic USD MD and N classes. The management fees applicable to the I class are also applicable for the IH EUR, IH USD, I RH EUR, I RH NOK and I RH USD classes. The management fees applicable to the Privilege class are also applicable for the Privilege EUR, Privilege H EUR, Privilege MD, Privilege RH EUR, Privilege USD and Privilege USD MD classes. No management fee is charged for the X class. A sub-fund may not invest in a UCITS, or other UCIS, with a management fee exceeding 3.00% per annum. Sub-fund Classic Privilege I Bond Asia ex-japan 1.25% 0.75% 0.60% Bond Best Selection World Emerging 1.50% 0.75% 0.60% Bond USD 0.75% 0.40% 0.30% Bond USD Government 0.75% 0.40% 0.30% Bond World 0.75% 0.40% 0.30% Bond World Emerging Corporate 1.50% 0.75% 0.60% Bond World Emerging Local 1.50% 0.75% 0.60% Bond World High Yield 1.20% 0.60% 0.55% Bond World Inflation-Linked 0.75% 0.40% 0.30% Convertible Bond Asia 1.20% 0.65% 0.60% Convertible Bond World 1.20% 0.65% 0.60% Equity Best Selection Asia ex-japan 1.50% 0.75% 0.60% Equity Best Selection Euro 1.50% 0.75% 0.60% Equity Best Selection Europe 1.50% 0.75% 0.60% Equity Brazil 1.75% 0.90% 0.75% Equity Bric 1.75% 0.90% 0.75% Equity China 1.75% 0.90% 0.75% Equity Europe Emerging 1.75% 0.90% 0.75% Equity Europe Growth 1.50% 0.75% 0.60% Equity Europe Mid Cap 1.50% 0.75% 0.60% Equity Europe Small Cap 1.75% 0.90% 0.70% Equity High Dividend Europe 1.50% 0.75% 0.60% Page 91

94 Notes to the financial statements at 31/08/2014 Sub-fund Classic Privilege I Equity High Dividend Pacific 1.50% 0.75% 0.60% Equity High Dividend USA 1.50% 0.75% 0.60% Equity India 1.75% 0.90% 0.75% Equity Indonesia 1.75% 0.90% 0.75% Equity Japan 1.50% 0.75% 0.60% Equity Latin America 1.75% 0.90% 0.75% Equity Russia 1.75% 0.90% 0.75% Equity Russia Opportunities 1.75% 0.90% 0.75% Equity USA Growth 1.50% 0.75% 0.60% Equity USA Mid Cap 1.75% 0.90% 0.70% Equity World Consumer Durables 1.50% 0.75% 0.60% Equity World Emerging 1.75% 0.90% 0.75% Equity World Energy 1.50% 0.75% 0.60% Equity World Finance 1.50% 0.75% 0.60% Equity World Health Care 1.50% 0.75% 0.60% Equity World Low Volatility 1.50% 0.75% 0.60% Equity World Materials 1.50% 0.75% 0.60% Equity World Technology 1.50% 0.75% 0.60% Equity World Telecom 1.50% 0.75% 0.60% Equity World Utilities 1.50% 0.75% 0.60% Green Tigers 1.50% 0.75% 0.60% Real Estate Securities Pacific 1.50% 0.75% 0.60% Real Estate Securities World 1.50% 0.75% 0.60% A maximum advisory fee of 0.15% is applied to all the share classes, excepted to the X share class, of the sub-funds Equity High Dividend USA and Equity USA Mid Cap. Note 4 - Other fees Other fees are calculated and deducted monthly from the average net of a sub-fund, share category, or share class and serving to cover general custody expenses (remuneration of the Depositary) and daily administration expenses (NAV calculation, record and book keeping, notices to the shareholders, providing and printing the documents legally required for the shareholders, domiciliation, auditors cost and fees...), except for brokerage fees, commissions for transactions not related to the deposit, director fees, interest and bank fees, extraordinary expenses, reporting cost in relation with regulation requirements including the European Market Infrastructure Regulation (EMIR), and the taxe d abonnement in force in Luxembourg, as well as any other specific foreign tax and other regulators levy. Note 5 - Taxes At the date of the Prospectus, the Company is not liable to any Luxembourg income tax or capital gains tax. The Company is liable to an annual taxe d abonnement in Luxembourg representing 0.05% of the net asset value. This rate is reduced to 0.01% for: a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit institutions; b) sub-funds with the exclusive objective of collective investments in deposits with credit institutions; c) sub-funds, categories, or classes reserved for Institutional Investors, Managers, and UCIs. The following are exempt from this taxe d abonnement : a) the value of represented by units or shares in other UCIs, provided that these units, or shares have already been subject to the taxe d abonnement ; Page 92

95 Notes to the financial statements at 31/08/2014 b) sub-funds, share categories and/or classes: (i) (ii) (iii) (iv) whose securities are reserved to Institutional Investors, Managers or UCIs and whose sole object is the collective investment in money market instruments and the placing of deposits with credit institutions, and whose weighted residual portfolio maturity does not exceed 90 days, and that have obtained the highest possible rating from a recognised rating agency; c) sub-funds, share categories and/or classes reserved to: (i) (ii) institutions for occupational retirement pension or similar investment vehicles, set up at the initiative of one or more employers for the benefit of their employees, and companies having one or more employers investing funds to provide pension benefits to their employees; d) sub-funds whose main objective is investment in microfinance institutions; e) sub-funds, shares categories and/or classes: (i) whose securities are listed or traded on at least one stock exchange or another regulated market operating regularly that is recognized and open to the public, and (ii) whose exclusive object is to replicate the performance of one or several indices. When due, the taxe d abonnement is payable quarterly based on the relevant net and calculated at the end of the quarter for which it is applicable. In addition, the Company may be subject to foreign UCI s tax, and/or other regulators levy in the country where the sub-fund is registered for distribution. Note 6 - Dividends For the Classic MD share class, the following dividends were paid: - Payment dates Month Record Date (1) NAV ex-dividend Date (2) Payment Date (3) March March April April May June June June July July August September (1) If this day is not a bank business day in Luxembourg, the record date will be the next following bank business day. (2) Dates are based on a valuation simulation in As a consequence, dates may change depending on the composition of the portfolio at this date, if for a particular reason, the day in question the valuation was not possible, the ex-date would be put off to the valuation day possible immediately afterwards. (3) If this day is not a bank business day in Luxembourg, the payment date will be the next following bank business day. If for a particular reason, the settlement is not possible (e.g. bank holiday on a specific or country), settlement will be made the 1st business day after or any other day communicated by the local agent. - Monthly amount since March 2014: Sub-fund Class Currency Dividend Bond Asia ex-japan Classic MD USD 0.37 Bond Asia ex-japan Classic H AUD MD AUD 0.53 Bond Asia ex-japan Classic H SGD MD SGD 0.37 Bond Asia ex-japan Privilege MD USD 0.40 Bond Best Selection World Emerging Classic MD USD 0.16 Bond USD Classic MD USD 0.22 Bond USD Government Classic MD USD 0.17 Bond World Emerging Corporate Classic MD USD 0.50 Bond World Emerging Local Classic MD USD 0.50 Bond World Emerging Local Classic RH SGD MD SGD 0.57 Bond World High Yield Classic USD MD USD 0.68 Page 93

96 Notes to the financial statements at 31/08/2014 Sub-fund Class Currency Dividend Bond World High Yield Classic H AUD MD AUD 0.83 Bond World High Yield Classic H USD MD USD 0.67 Convertible Bond Asia Classic MD USD 0.15 Equity Europe Growth Classic RH SGD MD SGD 0.19 Equity Europe Growth Classic RH USD MD USD 0.19 Equity High Dividend Pacific Classic USD MD USD 0.39 Equity High Dividend Pacific Privilege USD MD USD 0.36 The following dividends were paid on 30 April 2014 for shares outstanding as at 16 April 2014: Sub-fund Class Coupon n Currency Dividend Bond Asia ex-japan Classic - Distribution 14 USD 5.23 Bond Asia ex-japan Classic EUR - Distribution 14 EUR 3.75 Bond Asia ex-japan Privilege - Distribution 14 USD 3.95 Bond Best Selection World Emerging Classic - Distribution 14 USD Bond Best Selection World Emerging Classic RH EUR - Distribution 14 EUR 1.82 Bond Best Selection World Emerging Privilege - Distribution 14 USD 5.12 Bond Best Selection World Emerging Privilege RH EUR - Distribution 14 EUR 5.66 Bond USD Classic - Distribution 14 USD 8.34 Bond USD Privilege - Distribution 14 USD 2.48 Bond World Classic - Distribution 14 EUR 3.78 Bond World Privilege - Distribution 14 EUR 2.11 Bond World Emerging Corporate Classic - Distribution 14 USD 3.45 Bond World Emerging Corporate Classic EUR - Distribution 14 EUR 3.41 Bond World Emerging Corporate Privilege - Distribution 14 USD 3.63 Bond World Emerging Local Classic - Distribution 14 USD 6.73 Bond World Emerging Local Classic EUR - Distribution 14 EUR 5.68 Bond World Emerging Local Classic GBP - Distribution 14 GBP 5.74 Bond World Emerging Local Classic RH EUR - Distribution 14 EUR 5.95 Bond World Emerging Local I - Distribution 14 USD 6.79 Bond World Emerging Local Privilege - Distribution 14 USD 6.04 Bond World High Yield Classic - Distribution 14 EUR 1.89 Bond World High Yield Classic USD - Distribution 14 USD 6.20 Bond World High Yield Classic H USD - Distribution 14 USD 2.39 Bond World High Yield Privilege - Distribution 14 EUR 5.81 Convertible Bond Asia Classic - Distribution 14 USD 1.26 Convertible Bond Asia Privilege - Distribution 14 USD 1.25 Convertible Bond World Classic - Distribution 14 EUR 1.52 Convertible Bond World Classic RH PLN - Distribution 14 PLN 7.58 Convertible Bond World I - Distribution 14 EUR 1.83 Convertible Bond World Privilege - Distribution 14 EUR 1.92 Equity Best Selection Asia ex-japan Classic - Distribution 14 EUR 7.19 Equity Best Selection Asia ex-japan Classic USD - Distribution 14 USD 9.91 Equity Best Selection Asia ex-japan Privilege - Distribution 14 EUR 2.28 Equity Best Selection Euro Classic - Distribution 14 EUR 8.22 Equity Best Selection Euro Privilege - Distribution 14 EUR 3.55 Equity Best Selection Europe Classic - Distribution 14 EUR 4.41 Equity Best Selection Europe Classic CHF - Distribution 14 CHF 4.24 Equity Best Selection Europe Privilege - Distribution 14 EUR 3.28 Equity Brazil Classic - Distribution 14 USD 3.48 Equity Bric Classic - Distribution 14 USD 3.36 Equity China Classic - Distribution 14 USD 7.19 Equity China Classic EUR - Distribution 14 EUR 2.90 Equity China Privilege - Distribution 14 USD 3.16 Equity Europe Emerging Classic - Distribution 14 EUR Equity Europe Emerging Classic USD - Distribution 14 USD Page 94

97 Notes to the financial statements at 31/08/2014 Sub-fund Class Coupon n Currency Dividend Equity Europe Emerging Privilege - Distribution 14 EUR 3.52 Equity Europe Growth Classic - Distribution 14 EUR 4.65 Equity Europe Growth Privilege - Distribution 14 EUR 3.90 Equity Europe Mid Cap Classic - Distribution 18 EUR Equity Europe Small Cap Classic - Distribution 14 EUR 3.24 Equity Europe Small Cap Privilege - Distribution 14 EUR 2.88 Equity High Dividend Europe Classic - Distribution 13 EUR 1.53 Equity High Dividend Europe Privilege - Distribution 14 EUR 3.67 Equity High Dividend Pacific Classic - Distribution 14 EUR 1.71 Equity High Dividend Pacific Classic USD - Distribution 14 USD 3.83 Equity High Dividend Pacific Privilege - Distribution 14 EUR 3.99 Equity High Dividend USA Classic - Distribution 14 USD 4.71 Equity High Dividend USA Classic EUR - Distribution 14 EUR 5.12 Equity High Dividend USA Classic H EUR - Distribution 14 EUR 1.59 Equity High Dividend USA Privilege - Distribution 14 USD 3.78 Equity India Classic - Distribution 14 USD 1.20 Equity India Classic EUR - Distribution 14 EUR 0.87 Equity India Privilege - Distribution 14 USD 1.40 Equity Indonesia Classic - Distribution 14 USD 3.36 Equity Indonesia Classic EUR - Distribution 14 EUR 1.65 Equity Indonesia Privilege - Distribution 14 USD 1.60 Equity Japan Classic - Distribution 20 JPY Equity Japan Privilege - Distribution 14 JPY Equity Latin America Classic - Distribution 13 USD Equity Russia Classic - Distribution 14 EUR 3.17 Equity Russia Classic USD - Distribution 14 USD 3.28 Equity Russia Privilege - Distribution 14 EUR 3.60 Equity Russia Opportunities Classic - Distribution 14 USD 2.65 Equity USA Growth Classic - Distribution 14 USD 1.50 Equity USA Growth Classic H EUR - Distribution 14 EUR 1.96 Equity USA Growth Privilege - Distribution 14 USD 1.90 Equity USA Mid Cap Classic - Distribution 14 USD 2.63 Equity World Consumer Durables Classic - Distribution 14 EUR 1.62 Equity World Consumer Durables Privilege - Distribution 14 EUR 1.87 Equity World Emerging Classic - Distribution 14 USD 3.88 Equity World Emerging Classic EUR - Distribution 14 EUR 2.22 Equity World Emerging Privilege - Distribution 14 USD 2.76 Equity World Energy Classic - Distribution 14 EUR Equity World Energy Classic USD - Distribution 14 USD Equity World Energy Privilege - Distribution 14 EUR 3.03 Equity World Finance Classic - Distribution 14 EUR 5.02 Equity World Finance Privilege - Distribution 14 EUR 3.09 Equity World Health Care Classic - Distribution 14 EUR 9.99 Equity World Health Care Privilege - Distribution 14 EUR 2.22 Equity World Low Volatility Classic - Distribution 14 EUR 5.45 Equity World Low Volatility Classic USD - Distribution 14 USD 7.57 Equity World Low Volatility Privilege - Distribution 14 EUR 2.48 Equity World Materials Classic - Distribution 14 EUR 1.21 Equity World Materials Privilege - Distribution 14 EUR 2.61 Equity World Technology Classic - Distribution 14 EUR 5.32 Equity World Technology Classic USD - Distribution 14 USD 2.28 Equity World Technology Privilege - Distribution 14 EUR 1.60 Equity World Telecom Classic - Distribution 14 EUR Equity World Telecom Privilege - Distribution 14 EUR 4.06 Equity World Utilities Classic - Distribution 14 EUR 2.95 Equity World Utilities Classic USD - Distribution 14 USD 4.07 Page 95

98 Notes to the financial statements at 31/08/2014 Sub-fund Class Coupon n Currency Dividend Equity World Utilities Privilege - Distribution 14 EUR 5.01 Green Tigers Classic - Distribution 14 EUR 3.29 Green Tigers Classic USD - Distribution 14 USD 2.45 Green Tigers Privilege - Distribution 14 EUR 2.46 Real Estate Securities Pacific Classic - Distribution 14 EUR 2.34 Real Estate Securities Pacific Classic USD - Distribution 14 USD 3.23 Real Estate Securities Pacific Privilege - Distribution 14 EUR 2.92 Real Estate Securities World Classic - Distribution 14 EUR 1.02 Real Estate Securities World Privilege - Distribution 14 EUR 3.72 It has been decided not to pay dividends for the following sub-fund this period: Sub-fund Class Coupon n Bond World Inflation-linked Classic - Distribution 14 Bond World Inflation-linked Privilege - Distribution 14 Note 7 - Exchange rates The exchange rates used for consolidation and for the conversion of share classes denominated in a other than the reference of the relevant sub-fund: EUR 1 = AUD EUR 1 = CHF EUR 1 = CZK EUR 1 = GBP EUR 1 = HUF EUR 1 = JPY EUR 1 = NOK EUR 1 = PLN EUR 1 = SGD EUR 1 = USD Note 8 - Futures contracts As at 31 August 2014, the following positions were outstanding: Bond USD Purchase/ Currency Quantity Description Sale Maturity Commitment (in USD) Net unrealised gain/loss (in USD) USD 308 S US 10YR NOTE FUT (CBT) 19/12/ (70 061) USD 13 S US LONG BOND FUT (CBT) 19/12/ (8 781) AUD 40 P AUST 3 YR BOND FUTURE 15/09/ USD 17 S ULTRA LONG TERM US TREASURY BOND FUTURE 19/12/ (20 852) USD 33 P US 2YR NOTE FUTURE (CBT) 31/12/ USD 69 P US 5YR NOTE FUTURE (CBT) 31/12/ AUD 33 S AUST 10 YR BOND 15/09/ ( ) CAD 1 P CAN 10YR BOND FUTURE 18/12/ Total: ( ) Page 96

99 Notes to the financial statements at 31/08/2014 Bond USD Government Currency Quantity Purchase/ Sale Description Maturity Commitment (in USD) Net unrealised gain/loss (in USD) USD 30 S US 10YR NOTE FUT (CBT) 19/12/ (7 352) Total: (7 352) Bond World Currency Quantity Purchase/ Sale Description Maturity Commitment (in EUR) Net unrealised gain/loss (in EUR) EUR 64 P EURO-BUND FUTURE 08/09/ EUR 18 S EURO-BOBL FUTURE 08/09/ (16 570) USD 351 S US 10YR NOTE FUT (CBT) 19/12/ (60 034) USD 25 S US LONG BOND FUT (CBT) 19/12/ (13 642) AUD 60 P AUST 3 YR BOND FUTURE 15/09/ USD 22 P ULTRA LONG TERM US TREASURY BOND FUTURE 19/12/ USD 24 S US 2YR NOTE FUTURE (CBT) 31/12/ (3 132) USD 134 P US 5YR NOTE FUTURE (CBT) 31/12/ AUD 11 S AUST 10 YR BOND 15/09/ (25 933) CAD 20 P CAN 10YR BOND FUTURE 18/12/ EUR 17 P EURO BUXL 30Y BONDS 08/09/ GBP 60 S LONG GILT FUTURE (LIFFE) 29/12/ (66 570) JPY 8 P JPN 10Y BOND (TSE) 10/09/ KRW 22 P KOREA 3YR BND FUTURE 16/09/ USD 58 S 90DAYS EURO USD FUT 16/03/ (42 306) USD 91 S 90DAYS EURO USD FUT 19/12/ (3 350) EUR 43 P 3MO EURO EURIBOR LIFFE 16/03/ EUR 38 S Bond World Inflation-Linked Currency Quantity Purchase/ Sale SHORT TERM EURO BTP FUTURES Description 08/09/ (28 570) Maturity Commitment (in EUR) Total: Net unrealised gain/loss (in EUR) EUR 16 P EURO-BUND FUTURE 08/09/ EUR 9 S EURO-BOBL FUTURE 08/09/ (17 370) USD 10 P US 10YR NOTE FUT (CBT) 19/12/ USD 16 S US LONG BOND FUT (CBT) 19/12/ (7 521) USD 32 S ULTRA LONG TERM US TREASURY BOND FUTURE 19/12/ (43 927) USD 12 S US 2YR NOTE FUTURE (CBT) 31/12/ (1 424) USD 22 S US 5YR NOTE FUTURE (CBT) 31/12/ (3 980) GBP 29 S LONG GILT FUTURE (LIFFE) 29/12/ (31 079) Total: (82 932) Convertible Bond World Currency Quantity Purchase/ Sale Description Maturity Commitment (in EUR) Net unrealised gain/loss (in EUR) USD P EURO FX CURR FUT (CME) 15/09/ ( ) USD 20 S JPY CURRENCY FUTURE 15/09/ Total: ( ) Brokers for Futures contracts: BNP Paribas Securities Services New Edge Page 97

100 Notes to the financial statements at 31/08/2014 Note 9 - Forward foreign exchange contracts As at 31 August 2014, the total amount purchased per and the total amount sold per in the context of forward foreign exchange contracts were as follows: Bond Asia ex-japan Currency Purchase amount Currency Sale amount AUD AUD EUR USD SGD USD Net unrealised loss (in USD) ( ) As at 31 August 2014, the latest maturity of all outstanding contracts is 12 September Bond Best Selection World Emerging Currency Purchase amount Currency Sale amount BRL CLP CLP GHS CNY IDR COP ILS EUR INR GHS TRY IDR TWD ILS USD INR ZAR MXN MYR PEN PHP RUB THB TRY TWD USD ZAR Net unrealised loss (in USD) ( ) As at 31 August 2014, the latest maturity of all outstanding contracts is 26 November Bond USD Currency Purchase amount Currency Sale amount USD EUR Net unrealised gain (in USD) As at 31 August 2014, the latest maturity of all outstanding contracts is 9 October Bond USD Government Currency Purchase amount Currency Sale amount EUR EUR USD USD Net unrealised loss (in USD) (22 825) As at 31 August 2014, the latest maturity of all outstanding contracts is 12 September Bond World Currency Purchase amount Currency Sale amount AUD AUD BRL BRL CAD CAD CHF CHF CLP CLP Page 98

101 Notes to the financial statements at 31/08/2014 Bond World (continued) Currency Purchase amount Currency Sale amount CZK EUR DKK GBP EUR IDR GBP INR IDR JPY INR KRW JPY MXN KRW NOK MYR NZD NOK PLN NZD RUB RUB SEK THB TRY TRY USD USD ZAR Net unrealised gain (in EUR) As at 31 August 2014, the latest maturity of all outstanding contracts is 9 October Bond World Emerging Corporate Currency Purchase amount Currency Sale amount EUR RUB RUB TRY TRY USD USD Net unrealised loss (in USD) ( ) As at 31 August 2014, the latest maturity of all outstanding contracts is 26 November Bond World Emerging Local Currency Purchase amount Currency Sale amount BRL CLP CLP CZK COP GHS EUR HUF GHS IDR HUF ILS ILS MYR INR PHP MYR PLN PHP RON PLN RUB RUB TRY SGD USD THB ZAR USD Net unrealised gain (in USD) As at 31 August 2014, the latest maturity of all outstanding contracts is 26 November Bond World High Yield Currency Purchase amount Currency Sale amount AUD AUD CZK EUR EUR GBP Page 99

102 Notes to the financial statements at 31/08/2014 Bond World High Yield (continued) Currency Purchase amount Currency Sale amount GBP USD USD Net unrealised loss (in EUR) ( ) As at 31 August 2014, the latest maturity of all outstanding contracts is 12 September Bond World Inflation-Linked Currency Purchase amount Currency Sale amount AUD AUD CAD CAD EUR DKK GBP EUR JPY GBP SEK JPY USD NZD SEK USD Net unrealised loss (in EUR) ( ) As at 31 August 2014, the latest maturity of all outstanding contracts is 8 October Convertible Bond Asia Currency Purchase amount Currency Sale amount CNY JPY JPY SGD SGD USD USD Net unrealised gain (in USD) As at 31 August 2014, the latest maturity of all outstanding contracts is 5 September Convertible Bond World Currency Purchase amount Currency Sale amount CHF CHF CZK EUR EUR GBP NOK HKD PLN JPY SEK SEK USD SGD USD Net unrealised loss (in EUR) ( ) As at 31 August 2014, the latest maturity of all outstanding contracts is 3 October Equity Best Selection Euro Currency Purchase amount Currency Sale amount CZK CZK EUR EUR HUF SGD USD Net unrealised gain (in EUR) As at 31 August 2014, the latest maturity of all outstanding contracts is 12 September Page 100

103 Notes to the financial statements at 31/08/2014 Equity Best Selection Europe Currency Purchase amount Currency Sale amount HUF EUR Net unrealised loss (in EUR) (96) As at 31 August 2014, the latest maturity of all outstanding contracts is 12 September Equity Europe Growth Currency Purchase amount Currency Sale amount EUR EUR SGD SGD USD USD Net unrealised gain (in EUR) As at 31 August 2014, the latest maturity of all outstanding contracts is 12 September Equity Europe Mid Cap Currency Purchase amount Currency Sale amount EUR CHF GBP Net unrealised loss (in EUR) (33 569) As at 31 August 2014, the latest maturity of all outstanding contracts is 11 September Equity Europe Small Cap Currency Purchase amount Currency Sale amount SGD EUR Net unrealised gain (in EUR) As at 31 August 2014, the latest maturity of all outstanding contracts is 12 September Equity High Dividend USA Currency Purchase amount Currency Sale amount EUR EUR USD USD Net unrealised loss (in USD) ( ) As at 31 August 2014, the latest maturity of all outstanding contracts is 12 September Equity Japan Currency Purchase amount Currency Sale amount EUR JPY USD Net unrealised gain (in JPY) As at 31 August 2014, the latest maturity of all outstanding contracts is 12 September Equity USA Growth Currency Purchase amount Currency Sale amount CZK USD EUR Net unrealised loss (in USD) ( ) As at 31 August 2014, the latest maturity of all outstanding contracts is 12 September Equity USA Mid Cap Currency Purchase amount Currency Sale amount EUR USD SGD Net unrealised loss (in USD) ( ) As at 31 August 2014, the latest maturity of all outstanding contracts is 12 September Counterparties to Forward foreign exchange contracts: Barclays Bank London Page 101

104 Notes to the financial statements at 31/08/2014 Barclays Bank Plc Wholesale London BNP Paribas Paris BNP Paribas Securities Services Citibank N.A London Citigroup Global Markets Limited Credit Suisse First Boston Deutsche Bank AG Deutsche Bank London Goldman Sachs International London HSBC Bank Plc JP Morgan Securities Ltd Morgan Stanley And Co. International Nomura International Plc Societe Generale State Street Boston FX UBS Ltd London Note 10 - Swaps Swaptions Bond USD Currency Quantity Type Strike Maturity Cash flow USD Swaption Call on IRS 4.350% 24/07/2029 DEUTS BK P Y15Y CL USD Swaption Call on IRS 4.350% 26/07/2029 BNP P Y15Y CL As at 31 August 2014, the unrealised capital loss on these swap agreements amounted to USD Bond World Currency Quantity Type Strike Maturity Cash flow USD Swaption Call on IRS 4.350% 24/07/2029 DEUTS BK P Y15Y CL USD Swaption Call on IRS 4.350% 26/07/2029 BNP P Y15Y CL As at 31 August 2014, the unrealised capital loss on these swap agreements amounted to EUR Page 102

105 Notes to the financial statements at 31/08/2014 Credit Default Swaps The Company has entered into swap agreements whereby it exchanges fixed income for income linked to changes in credit events, whether with respect to an index or a bond (see details in the tables below), and vice versa. These amounts are calculated and recognised at each calculation of the Net Asset Value; the amount of the unrealised capital gain is stated under Net Unrealised gain on financial instruments in the Statement of net, and the amount of net capital loss is given under Net Unrealised loss on financial instruments in the Statement of net. Bond Best Selection World Emerging Nominal Currency Maturity Sub-fund paid Sub-fund received USD 20/06/2015 DP WORLD LTD 6.85% 07-02/07/ % USD 20/03/ % TURKEY REP OF % 00-15/01/ USD 20/09/2019 REP OF HUNGARY 4.75% 05-03/02/ % USD 20/09/2019 REP OF HUNGARY 4.75% 05-03/02/ % USD 20/09/2019 REP OF HUNGARY 4.75% 05-03/02/ % Net unrealised gain (in USD) Bond USD Nominal Currency Maturity Sub-fund paid Sub-fund received USD 20/12/ % MARKIT CDX.NA.IG.15 12/15 20/12/ USD 20/03/2016 FORD MOTOR CO 6.5% 98-01/08/ % USD 20/03/ % PRUDENTIAL FIN 4.5% 03-15/07/ USD 20/03/2017 METLIFE INC 5% 05-15/06/ % USD 20/06/2017 FORD MOTOR CO 6.5% 98-01/08/ % USD 20/06/ % FORD MOTOR CRED 5% 11-15/05/ USD 20/12/2017 METLIFE INC 4.75% 10-08/02/ % USD 20/12/2018 CDX HY CDSI S21 5Y PRC 20/12/ % USD 20/12/2018 CDX HY CDSI S21 5Y PRC 20/12/ % USD 20/12/2018 CDX HY CDSI S21 5Y PRC 20/12/ % USD 20/12/2018 CDX HY CDSI S21 5Y PRC 20/12/ % USD 20/06/2019 CDX EM CDSI S21 V1 5Y PRC 20/06/ % USD 11/05/2063 CDS CMBX NA BBB CDSI S6 PRC 11/05/ % USD 11/05/2063 CDS CMBX NA BBB CDSI S6 PRC 11/05/ % USD 11/05/2063 CDS CMBX NA BBB CDSI S6 PRC 11/05/ % USD 11/05/2063 CDS CMBX NA BBB CDSI S6 PRC 11/05/ % Page 103

106 Notes to the financial statements at 31/08/2014 Bond USD (continued) Nominal Currency Maturity Sub-fund paid Sub-fund received USD 11/05/2063 CDS CMBX NA BBB CDSI S6 PRC 11/05/ % USD 11/05/ % CDS CMBX NA BBB CDSI S6 PRC 11/05/ USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/ % USD 11/05/ % CDS CMBX NA BBB CDSI S6 PRC 11/05/ USD 11/05/ % CDS CMBX NA BBB CDSI S6 PRC 11/05/ USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/ % USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/ % Net unrealised gain (in USD) Bond World Nominal Currency Maturity Sub-fund paid Sub-fund received USD 20/12/ % MARKIT CDX.NA.IG.15 12/15 20/12/ USD 20/03/2016 FORD MOTOR CO 6.5% 98-01/08/ % USD 20/03/ % PRUDENTIAL FIN 4.5% 03-15/07/ USD 20/03/2017 METLIFE INC 5% 05-15/06/ % USD 20/06/ % FORD MOTOR CRED 5% 11-15/05/ USD 20/06/2017 FORD MOTOR CO 6.5% 98-01/08/ % USD 20/12/2017 METLIFE INC 4.75% 10-08/02/ % USD 20/12/2018 CDX HY CDSI S21 5Y PRC 20/12/ % USD 20/12/2018 CDX HY CDSI S21 5Y PRC 20/12/ % USD 20/12/2018 CDX HY CDSI S21 5Y PRC 20/12/ % USD 20/12/2018 CDX HY CDSI S21 5Y PRC 20/12/ % EUR 20/06/ % ITRX XOVER CDSI S21 V1 5Y COR 20/06/ USD 20/06/2019 CDX HY CDSI S22 5Y PRC 20/06/ % USD 20/06/2019 CDX EM CDSI S21 V1 5Y PRC 20/06/ % EUR 20/06/ % US TREASURY NB 4.875% 06-15/08/ EUR 20/09/ % US TREASURY NB 4.875% 06-15/08/ EUR 20/06/ % US TREASURY NB 4.875% 06-15/08/ USD 11/05/2063 CDS CMBX NA BBB CDSI S6 PRC 11/05/ % Page 104

107 Notes to the financial statements at 31/08/2014 Bond World (continued) Nominal Currency Maturity Sub-fund paid Sub-fund received USD 11/05/2063 CDS CMBX NA BBB CDSI S6 PRC 11/05/ % USD 11/05/2063 CDS CMBX NA BBB CDSI S6 PRC 11/05/ % USD 11/05/2063 CDS CMBX NA BBB CDSI S6 PRC 11/05/ % USD 11/05/ % CDS CMBX NA BBB CDSI S6 PRC 11/05/ USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/ % USD 11/05/ % CDS CMBX NA BBB CDSI S6 PRC 11/05/ USD 11/05/ % CDS CMBX NA BBB CDSI S6 PRC 11/05/ USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/ % USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/ % Net unrealised gain (in EUR) Bond World Emerging Corporate Nominal Currency Maturity Sub-fund paid Sub-fund received USD 20/06/ % BRAZIL REP OF 12.25% 00-06/03/2030 Net unrealised gain (in USD) Interest Rate Swaps The Company has entered into swap agreements whereby it exchanges fixed income (sum of the notional amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa. These amounts are calculated and recognised at each calculation of the Net Asset Value; the receivable amount is stated under Other in the Statement of net, while the payable amount is given under Other liabilities in the Statement of net. Bond Best Selection World Emerging Nominal Currency Maturity Sub-fund paid Sub-fund received MXN 26/10/ % MEXICO MXI TIIE 28 D MXN 23/10/2019 MEXICO MXI TIIE 28 D 5.185% PLN 06/02/ % WARSAW INTERBK OFFER RATE 6 M PLN 06/02/ % WARSAW INTERBK OFFER RATE 6 M Net unrealised loss (in USD) ( ) Bond USD Nominal Currency Maturity Sub-fund paid Sub-fund received NZD 25/05/2016 NEW ZEALAND BANK BILL 3 M FRA 4.260% NZD 25/05/ % NEW ZEALAND BANK BILL 3 M FRA USD 26/09/ % LIBOR 3 M USD USD 25/07/2044 LIBOR 3 M USD 3.673% USD 26/07/2044 LIBOR 3 M USD 3.720% Net unrealised gain (in USD) Page 105

108 Notes to the financial statements at 31/08/2014 Bond World Nominal Currency Maturity Sub-fund paid Sub-fund received JPY 27/04/ % LIBOR JPY 6 M PLN 26/04/ % WARSAW INTERBK OFFER RATE 6 M NZD 25/05/2016 NEW ZEALAND BANK BILL 3 M FRA 4.260% PLN 17/06/ % WARSAW INTERBK OFFER RATE 6 M NZD 25/05/ % NEW ZEALAND BANK BILL 3 M FRA SEK 19/08/ % STOCKHOLM INTERBK OFFER RATE 3 M SEK 19/08/2024 STOCKHOLM INTERBK OFFER RATE 3 M 1.827% EUR 05/07/ % EURIBOR 6 M 360 DAYS JPY 11/10/2032 LIBOR JPY 6 M 1.531% GBP 13/12/2032 LIBOR GBP 6 M 2.708% USD 26/09/ % LIBOR 3 M USD EUR 05/07/ % EURIBOR 6 M 360 DAYS GBP 28/09/2042 LIBOR GBP 6 M 2.926% USD 25/07/2044 LIBOR 3 M USD 3.673% USD 26/07/2044 LIBOR 3 M USD 3.720% Net unrealised gain (in EUR) Bond World Emerging Local Nominal Currency Maturity Sub-fund paid Sub-fund received MXN 26/10/ % MEXICO MXI TIIE 28 D HUF 21/05/ % BUDAPEST INTERBK OFFER RATE 6 M HUF 26/05/ % BUDAPEST INTERBK OFFER RATE 6 M MXN 23/10/2019 MEXICO MXI TIIE 28 D 5.185% PLN 06/02/ % WARSAW INTERBK OFFER RATE 6 M PLN 06/02/ % WARSAW INTERBK OFFER RATE 6 M Net unrealised loss (in USD) ( ) Inflation Swaps The Company has entered into inflation swap agreements whereby it exchanges fixed income (sum of the notional amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa. These amounts are calculated and recognised at each calculation of the Net Asset Value; the receivable amount is stated under Other in the Statement of net, while the payable amount is given under Other liabilities in the Statement of net. Bond World Nominal Currency Maturity Sub-fund paid Sub-fund received EUR 30/09/ % EUROSTAT EUROZONE HICP EX TOBACCO EUR 30/09/2015 FRANCE CPI EX TOBACCO 1.870% EUR 18/09/ % EUROSTAT EUROZONE HICP EX TOBACCO EUR 18/09/2016 FRANCE CPI EX TOBACCO 1.580% Page 106

109 Notes to the financial statements at 31/08/2014 Bond World (continued) Nominal Currency Maturity Sub-fund paid Sub-fund received EUR 13/09/ % EUROSTAT EUROZONE HICP EX TOBACCO EUR 25/09/ % EUROSTAT EUROZONE HICP EX TOBACCO EUR 13/09/2023 EUROSTAT EUROZONE HICP EX TOBACCO 2.248% USD 29/10/ % US CPI URBAN CONSUMERS NSA EUR 24/02/2024 EUROSTAT EUROZONE HICP EX TOBACCO 1.693% EUR 23/06/2024 EUROSTAT EUROZONE HICP EX TOBACCO 1.665% USD 23/06/ % US CPI URBAN CONSUMERS NSA Net unrealised loss (in EUR) (32 969) Counterparties to Swaps contracts: Barclays Bank London BNP Paribas London Branch BNP Paribas Paris Citigroup Global Market Credit Suisse International Deutsche Bank AG Dresdner Bank (Frankfurt) Goldman Sachs International London JP Morgan London JP Morgan Securities Ltd Morgan Stanley London Morgan Stanley International Nomura International Plc Royal Bank of Scotland UBS Warburg London Note 11 - Share currencies The net asset value per share is priced in the of the share class and not in the of the sub-fund in the section Key figures relating to the last 3 years. Note 12 - Short options positions As at 31 August 2014, the following positions on options sold were outstanding: Bond World Currency Quantity Description Maturity Commitment +/- unrealised Strike date (in EUR) value (in EUR) USD CALL USD / BRL 11/09/ /09/ USD CALL USD / RUB 12/09/ /09/ ( ) Total: (602.95) Page 107

110 Notes to the financial statements at 31/08/2014 Convertible Bond World Currency Quantity Description USD Counterparties to Options: BNP Paribas Paris BNP Paribas Securities Services Morgan Stanley International CALL SUNEDISON SHS 18/10/ Maturity date Strike Commitment (in EUR) +/- unrealised value (in EUR) 18/10/ Total: Note 13 - Securities lending As at 31 August 2014, the total value of securities lent by the Fund is as follows: Sub-fund Currency Securities lending - Convertible Bond Asia USD Convertible Bond World EUR Equity Best Selection Asia ex-japan EUR Equity Best Selection Euro EUR Equity Best Selection Europe EUR Equity China USD Equity Europe Growth EUR Equity Europe Small Cap EUR Equity High Dividend Europe EUR Equity High Dividend Pacific EUR Equity Japan JPY Equity USA Growth USD Equity World Consumer Durables EUR Equity World Energy EUR Equity World Finance EUR Equity World Health Care EUR Equity World Materials EUR Equity World Technology EUR Equity World Telecom EUR Equity World Utilities EUR Real Estate Securities Pacific EUR Real Estate Securities World EUR As at 31 August 2014, the guarantee delivered consists of pledged securities registered in a tripartite account held with JP Morgan Chase under the name BNP Paribas Investment Partners Luxembourg on behalf of the funds, pursuant to Circular 08/356. This represents % of the required guarantee. Counterparties to Securities lending: Citigroup Global Markets Limited Credit Suisse Securities (Europe) Limited Fixed Inc Morgan Stanley International & Co PLC Page 108

111 Notes to the financial statements at 31/08/2014 For the period ended 31 August 2014, the securities lending income generated by the Fund is as follows: Sub-fund Currency Net income Cost and fees Gross income Convertible Bond Asia USD Convertible Bond World EUR Equity Best Selection Asia ex-japan EUR Equity Best Selection Euro EUR Equity Best Selection Europe EUR Equity Brazil USD Equity China USD Equity Europe Growth EUR Equity Europe Small Cap EUR Equity High Dividend Europe EUR Equity High Dividend Pacific EUR Equity Japan JPY Equity Latin America USD Equity USA Growth USD Equity World Consumer Durables EUR Equity World Energy EUR Equity World Finance EUR Equity World Health Care EUR Equity World Materials EUR Equity World Technology EUR Equity World Telecom EUR Equity World Utilities EUR Real Estate Securities Pacific EUR Real Estate Securities World EUR Note 14 - Collateral In order to limit counterparty risk on swap agreements, the SICAV has put a collateralisation process in place. As at 31 August 2014, the SICAV pledged the following collateral (cash) in favour of swap agreement counterparties: Sub-fund Currency OTC collateral Bond Asia ex-japan USD Bond Best Selection World Emerging USD Bond World EUR Bond World Emerging Local USD Bond World High Yield EUR Convertible Bond World EUR Equity High Dividend USA USD Equity Japan JPY As at 31 August 2014, the counterparties to swap agreements pledged the following collateral (cash) in favour of the SICAV: Sub-fund Currency OTC collateral Bond Best Selection World Emerging USD Bond USD USD Bond World EUR Page 109

112 Notes to the financial statements at 31/08/2014 Sub-fund Currency OTC collateral Bond World Emerging Corporate USD Bond World Emerging Local USD Bond World High Yield EUR Convertible Bond World EUR Equity Europe Growth EUR Note 15 - Soft dollar fees With the aim of optimising execution, broker fees on portfolio transactions for the Company may be granted by portfolio managers in compensation for brokers research and services in executing transactions. Research, information and other services allow portfolio managers to strengthen their own research and analyses by giving them access to information from their counterparts in other companies. These services do not incorporate travel expenses, accommodation, entertainment, general back-office, office and premises equipment, membership fees, wages and payments directly charged to the fund managers. During the financial year ending 28 February 2014, the following fund manager was able to conclude soft dollar agreements: BNPP AM Brazil BNPP AM Inc Fairpointe Capital LLC Note 16 - Related party transactions The related parties may, in their capacity as portfolio managers, also conduct transactions or invest in currencies or other financial products for the account of each sub-fund for which the related parties act as broker or for their own account or as counterparty for their clients, including in the case in which the related parties or their clients have the option of conducting transactions for their own account at the same time as for the account of each sub-fund. When handling purchases and sales of securities for each sub-fund, the related parties may also have acted as counterparty at the best market conditions. The Company considers that the commissions, increases and reductions invoiced by the related parties are competitive, although it is in the related parties interests to receive favorable commission rates, and increases and reductions for each sub-fund. Note 17 - List of investment managers at 31 August 2014 Alfred Berg Kapitalförvaltning AB, Stockholm, Sweden BNP Paribas Asset Management, Paris, abbreviated to BNPP AM France BNP Paribas Asset Management Inc, Boston, Massachusetts, USA abbreviated to BNPP AM Inc BNP Paribas Asset Management Brasil Ltda, Sao Paulo SP, Brazil, abbreviated to BNPP AM Brazil BNP Paribas Investment Partners Asia Limited, Hong Kong, abbreviated to BNPP IP Asia BNP Paribas Investment Partners Netherlands N.V., Amsterdam, The Netherlands, abbreviated to BNPP IP NL BNP Paribas Investment Partners Singapore Limited, Singapore, abbreviated to BNPP IP Singapore BNP Paribas Investment Partners UK Limited, London, abbreviated to BNPP IP UK Fairpointe Capital LLC, Chicago, Illinois, USA, abbreviated to Fairpointe Fischer Francis Trees & Watts UK Ltd., London, United Kingdom, abbreviated to FFTW UK Fischer Francis Trees & Watts, Inc., New York, abbreviated to FFTW US River Road Asset Management, LLC.Louisville, USA TEB Portföy Yönetimi A.Ş., Istanbul, Turkey, abbreviated to TEB THEAM S.A.S, Paris, France, abbreviated to THEAM TKB BNP Paribas Investment Partners J.S.C., St. Petersburg, Russian Federation, abbreviated to TKB JSC Page 110

113 Notes to the financial statements at 31/08/2014 Convertible Bond Asia Equity World Consumer Durables Equity World Emerging Equity World Energy Equity World Finance Equity World Health Care Equity World Materials Equity World Technology Equity World Telecom Equity World Utilities Equity USA Growth Green Tigers Equity Europe Mid Cap Equity Europe Small Cap Convertible Bond World Equity Brazil Equity Latin America Equity Japan Equity Russia Equity Russia Opportunities Bond World High Yield Equity World Low Volatility Real Estate Securities Pacific Real Estate Securities World Equity High Dividend Europe Bond World Inflation-Linked Sub-fund Bond Best Selection World Emerging Bond World Emerging Local Bond USD Government Equity USA Mid Cap Equity Bric Equity Europe Growth Bond Asia ex-japan Bond USD Bond World Bond World Emerging Corporate Asset managers BNPP IP Asia sub delegating to BNPP IP UK for the management of FX BNPP AM Inc BNPP AM Inc BNPP IP UK for the management of FX BNPP AM France BNPP AM France sub delegating to BNPP IP UK for the management of FX BNPP AM France sub delegating to BNPP IP UK for the management of FX BNPP IP UK for the management of FX BNPP AM Brazil sub delegating to BNPP IP UK for the management of FX BNPP AM France BNPP IP UK for the management of FX Alfred Berg AB, Sweden advised by TKB sub delegating to BNPP IP UK for the management of FX FFTW US sub delegating to BNPP IP UK for the management of FX FFTW UK BNPP AM SAS BNPP IP UK for the management of FX THEAM BNPP IP NL BNPP IP NL sub delegating to BNPP IP UK for the management of FX FFTW US (main manager) FFTW UK FFTW US FFTW UK BNPP IP UK for the FX management FFTW US (main manager) FFTW UK BNPP IP UK for the FX management Fairpointe BNPP IP UK for the FX management BNPP AM Inc sub delegating to BNPP IP Asia, to BNPP AM Brazil and to BNPP IP UK for the FX Management BNPP IP UK BNPP IP Singapore BNPP IP UK for the FX management FFTW UK FFTW US Page 111

114 Notes to the financial statements at 31/08/2014 Sub-fund Equity Best Selection Asia ex-japan Equity China Equity India Equity Indonesia Equity Best Selection Euro Equity Best Selection Europe Equity High Dividend USA Equity Europe Emerging Equity High Dividend Pacific BNPP IP Asia Asset managers BNPP IP UK BNPP AM France BNPP IP UK BNPP AM France sub delegating to BNPP IP UK for the FX Management River Road BNPP IP UK for the FX management Alfred Berg AB, Sweden advised by TKB JSC and TEB sub delegating to BNPP IP UK for the FX Management BNPP IP Asia BNPP IP UK for the FX management Note 18 - Transaction fees Transaction fees incurred by the Fund relating to purchase or sale of transferable securities, money market instruments, derivatives or other eligible are mainly composed of standard fees, sundry fees on transaction, stamp fees, brokerage fees, custody fees, VAT, stock exchange fees, RTO fees (Reception and Transmission of Orders) and dilution levy. In line with bond market practice, a bid-offer spread is applied when buying or selling securities and other financial instruments. Consequently, in any given transaction, there will be a difference between the purchase and sale prices quoted by the broker, which represents the broker s remuneration. Note 19 - Consideration of environmental, social and governance (ESG) criteria BNP Paribas Asset Management applies a Responsible Investment Policy which sets out a certain number of ESG criteria applicable to our investment decisions. This policy is based on the criteria of the United Nations Global Compact, an international framework built on international conventions relating to human rights, labour, the environment and anti-corruption. This global initiative is supplemented by criteria aimed at controlling investment in certain business sectors, such as nuclear and coal-fired power stations, and prohibiting investment in controversial products, such as anti-personnel mines and cluster bombs. The investment criteria and implementation principles included in our Responsible Investment Policy can be consulted on our website at Note 20 - Subsequent Events The financial year will end on 31 December in place of end of February. The next annual report will therefore be established on 31 December Page 112

115 Page 113

116 A global presence Europe Austria Belgium France Germany Greece Italy Luxembourg Portugal Spain Switzerland The Netherlands UK North America Canada USA Latin America Argentina Brazil Chile Colombia Mexico Uruguay Asia Pacific Australia Brunei China Hong Kong India Indonesia Japan Malaysia Singapore South Korea Taiwan Nordics Denmark Finland Norway Sweden EEMEA Bahrain Czech Republic Kuwait Morocco Russia Turkey Office addresses can be found in the About Us section of 14, rue Bergère Paris - France

117 PARVEST SICAV ANNUAL REPORT at 28/02/2014 R.C.S. Luxembourg B

118

119 Table of contents Page Organisation 3 Information 5 Manager's report 6 Audit report 10 Financial statements at 28/02/ Key figures relating to the last 3 years 22 Securities portfolio at 28/02/2014 Bond Asia ex-japan 35 Bond Best Selection World Emerging 37 Bond USD 39 Bond USD Government 41 Bond World 42 Bond World Emerging Corporate 45 Bond World Emerging Local 47 Bond World High Yield 48 Bond World Inflation-Linked 52 Convertible Bond Asia 53 Convertible Bond World 54 Equity Best Selection Asia ex-japan 56 Equity Best Selection Europe 57 Equity Brazil 58 Equity Bric 59 Equity China 61 Equity Europe Emerging 62 Equity Europe Growth 63 Equity Europe Mid Cap 64 Equity High Dividend Europe 65 Equity High Dividend Pacific 66 Equity High Dividend USA 67 Equity India 68 Equity Indonesia 69 Equity Japan 70 Equity Latin America 71 Equity Russia 73 Equity Russia Opportunities 74 Equity USA Growth 75 Equity USA Mid Cap 76 Equity World Consumer Durables 77 Page 1

120 Table of contents Page Equity World Emerging 78 Equity World Energy 79 Equity World Finance 80 Equity World Health Care 81 Equity World Low Volatility 82 Equity World Materials 84 Equity World Technology 85 Equity World Telecom 86 Equity World Utilities 87 Green Tigers 88 Opportunities USA 89 Real Estate Securities Pacific 90 Real Estate Securities World 91 Notes to the financial statements 92 Unaudited appendix 118 No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the current prospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter. Page 2

121 Organisation Registered office of the Company 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Board of Directors Chairman Mr. Philippe MARCHESSAUX, Chief Executive Officer, BNP Paribas Investment Partners, Paris Members Mr. Marnix ARICKX, Managing Director, BNP Paribas Investment Partners Belgium, Brussels Mr. Vincent CAMERLYNCK, CEO Asia Pacific, BNP Paribas Investment Partners, Hong Kong Mr. Christian DARGNAT, Head of Distributors Business Line, BNP Paribas Investment Partners, Paris Mrs. Marianne DEMARCHI, Head of Group Networks, BNP Paribas Investment Partners, Paris Mr. William DE VIJLDER, Vice-Chairman, BNP Paribas Investment Partners, Paris Mr. Andrea FAVALORO, Head of External Distribution, BNP Paribas Investment Partners, Paris Mr. Anthony FINAN, Deputy- Head of Distributors Business Line, BNP Paribas Investment Partners, Paris Mr. Marc RAYNAUD, Head of Global Funds Solutions, BNP Paribas Investment Partners, Paris Mr. Christian VOLLE, Chairman of the Fondation pour l Art et la Recherche, Paris Managing Director Mr. Anthony FINAN, Deputy- Head of Distributors Business Line, BNP Paribas Investment Partners, Paris Company Secretary (non-member of the Board) Mr. Stéphane BRUNET, Chief Executive Officer, BNP Paribas Investment Partners Luxembourg, Hesperange Management Company BNP Paribas Investment Partners Luxembourg, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg BNP Paribas Investment Partners Luxembourg is a Management Company as defined in chapter 15 of the law of 17 December 2010 concerning undertakings for collective investment, as amended. The Management Company performs the administration, portfolio management and marketing duties. Responsibility for calculating net asset values is delegated to: BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg The responsibilities of transfer agent and registrar are delegated to: BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Page 3

122 Organisation Responsibility for portfolio management is delegated to: Management entities of the BNP Paribas Group Alfred Berg Kapitalförvaltning AB Nybrokajen 5, SE Stockholm, Sweden (since 1 November 2013) BNP Paribas Asset Management S.A.S., 1 Boulevard Haussmann, F Paris, France BNP Paribas Asset Management Inc., 75 State Street, Suite 2700, Boston, Massachusetts, 02109, USA BNP Paribas Asset Management Brasil Ltda, Av. Juscelino Kubitchek Andar, Sao Paulo SP, Brazil BNP Paribas Investment Partners Asia Ltd., 30/F Three Exchange Square, 8 Connaught Place, Central Hong Kong BNP Paribas Investment Partners Netherlands N.V., Burgerweeshuispad Tripolis 200, PO box 71770, NL-1008 DG Amsterdam, The Netherlands BNP Paribas Investment Partners Singapore Limited, 20 Collyer Quay Tung Center #01-01, Singapore BNP Paribas Investment Partners UK Ltd., 5 Aldermanbury Square, London EC2V 7BP, United Kingdom Fischer Francis Trees & Watts, Inc., 200 Park Avenue, 11 th floor, New York, NY 10166, USA Fischer Francis Trees & Watts UK Ltd., 5 Aldermanbury Square, London EC2V 7HR, United Kingdom FOURPOINTS Investment Managers, 13/15 rue de la Baume, Paris, France (until 1 November 2013) THEAM S.A.S., 1 Boulevard Haussmann, F Paris, France TEB Portföy Yönetimi A.Ş., Gayrettepe Mahallesi Yener Sokak n 1 Kat. 9 Besiktas Istanbul, Turkey (since 1 November 2013) Management entities not part of the Group: Fairpointe Capital LLC., One North Franklin Street, Suite 3300, Chicago, IL 60606, USA Neuflize Private Assets (NPA) S.A., 3 Avenue Hoche, F-75008, Paris, France (absorbed by Neuflize OBC Investissements on 2 January 2014) RiverRoad Asset Management, LLC, 462 South Fourth Street, Suite 1600 Louisville, Kentucky , USA The Company may also seek advice from the following investment advisors: FundQuest Advisor, 1 Boulevard Haussmann, F Paris, France, Advisor on the selection of portfolio managers from outside the Group TKB BNP Paribas Investment Partners JSC, Marata Street, d liter A, St. Petersburg, Russian Federation Depositary/Paying agent BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Auditor PricewaterhouseCoopers, Société coopérative, 400 Route d Esch, B.P. 1443, L-1014 Luxembourg, Grand Duchy of Luxembourg Page 4

123 Information Establishment PARVEST (the Fund, the Company ) is an open-ended investment company (Société d Investissement à Capital Variable SICAV) incorporated under Luxembourg law on 27 March 1990 for an indefinite period. The Company is currently governed by the provisions of Part I of the law of 17 December 2010 governing undertakings for collective investment, as amended, as well as by Directive 2009/65. The Articles of Association have been modified at various times, most recently at the Extraordinary General Meeting on 26 October 2011, with publication in the Mémorial, Recueil Spécial des Sociétés et Associations on 5 January The latest version of the Articles of Association has been filed with the Registrar of the District Court of Luxembourg, where any interested party may consult it and obtain a copy. The Company is registered in the Luxembourg Trade and Companies Register under the number B The minimum capital amounts to EUR It is at all times equal to the total net of the various sub-funds. It is represented by fully paid-up shares issued without a designated par value. The capital varies automatically without the notification and specific recording measures required for increases and decreases in the capital of limited companies. Listing The shares of the Company s are not listed on a Stock Exchange. Information to the Shareholders Net Asset Values and Dividends The Company publishes the legally required information in the Grand Duchy of Luxembourg and in all other countries where the shares are publicly offered. This information is also available on the website: Financial Year The Company s financial year starts on 1 March and ends on the last day of February. Financial Reports The Company publishes an annual report closed on the last day of the financial year, certified by the auditors, as well as a non-certified, semi-annual interim report closed on the last day of the sixth month of the financial year. The Company is authorised to publish a simplified version of the financial report when required. The financial reports of each sub-fund are published in the accounting of the sub-fund, although the consolidated accounts of the Company are expressed in euro. The annual report is made public within four months of the end of the financial year and the interim report within two months of the end of the half-year. Documents for Consultation The Articles of Association, the Prospectus, the KIID and periodic reports may be consulted at the Company s registered office and at the establishments responsible for the Company s financial service. Copies of the Articles of Association and the annual and interim reports are available upon request. Information on changes to the Company will be published in the Luxemburger Wort newspaper and in any other newspapers deemed appropriate by the Board of Directors in countries in which the Company publicly markets its shares. Documents and information are also available on the website: Page 5

124 Manager's report Context From the start of the period under review, investors' attention turned to the actions of central banks, which remained resolutely in easing mode despite an improving economic situation (better manufacturing data, the eurozone's emergence from recession and stronger world trade). The combination of somewhat stronger global growth and the continuation of highly accommodative monetary policy in the G3 countries resulted in healthy growth for risky and relatively moderate pressure on long-dated yields, albeit with some spikes in volatility. In early 2014, meteorological conditions in the United States and political tensions in several emerging countries (particularly Ukraine) weighed on confidence without actually affecting global growth. United States After a lacklustre start to the year, the US economy returned to the modest growth (just above 2%) witnessed since the end of the recession in mid The dramatic events surrounding budgetary policy hampered growth in early 2013 and led to a temporary government shutdown in October following the deadlock in Congress. The compromise reached in Washington in December staved off the risk of a further incident of this kind, with the budget for the current fiscal year being passed and Congress voting in February 2014 for an agreement on the debt ceiling. After months of budgetary uncertainty, attention shifted to the extreme weather conditions. Large areas of the country were hit by an Arctic cold front, which impacted on growth in late 2013 and early 2014, causing domestic heating bills to rise and output to fall (halting construction, preventing employees from going to work, reducing footfall at retail outlets, deterring theatre audiences and disrupting transport). Although GDP had gathered pace in the second half to stand at 2.5% year-on-year at the end of 2013 (against 1.3% in the first quarter), it levelled off in early Several indicators confirm that the dip was caused by the severe weather. In addition, the inventory cycle, a familiar aspect of the US economy, has also contributed to the sudden slowdown in recent months after the restocking witnessed at the end of The labour market has not yet fully recovered and inflation shows no sign of picking up. In this context, the US Federal Reserve began very cautiously and gradually to adjust its monetary policy in early 2014 and says that it will keep interest rates at close to zero for the foreseeable future. Europe The beginning of the period marked a low point for most economic surveys in the eurozone. Purchasing Managers' Indexes (PMI) climbed above 50 from July. The composite index (which includes both manufacturing and services) rose from 46.5 in March 2013 to 53.3 in February 2014, its highest since June This improvement is also visible in the national accounts: after six consecutive quarters of contraction, eurozone GDP grew by 0.3% in the second quarter compared with the first quarter, 0.1% in the third quarter, and 0.3% in the fourth quarter. As a result, GDP became positive at the end of 2013 (+0.5% year-on-year) for the first time since the end of The recovery continued to take hold in early 2014: growth could eventually outstrip forecasts (estimated at just over 1%), particularly if there is a significant increase in business investment, which already seems to be the case in Germany. In France, however, average GDP growth of 0.3% in 2013 was mainly driven by consumer and public spending, while investment has been contracting for two years. Peripheral countries have also returned to growth, with structural reforms and a competitiveness drive finally paying off and smoothing imbalances. In this respect, Spain and Portugal now seem better positioned than Italy, which has almost seen a lost year for reforms because of the political situation: the formation of a government after the February 2013 elections was slow due to the balance of power in Parliament. As a result, politics has come before economic concerns in Rome in recent months. In February 2014, the appointment of a new centre-left Prime Minister (Matteo Renzi), who has declared his willingness to pursue reforms while supporting the economy, seemed to mark a turning point. Beyond the cyclical improvement in the euro area, low inflation (0.7% in February 2014, versus 1.8% a year earlier) and the continued contraction in lending to businesses are undermining the recovery, which explains why the European Central Bank is maintaining a downward bias for its monetary policy. Page 6

125 Manager's report Japan Growth was buoyed in the first half of 2013 by the short-term effects of Abenomics (the economic policies of Prime Minister Shinzo Abe). However, it ran out of steam in the second half, with GDP growth of just 0.2% in the third and fourth quarters, compared with more than 1% previously. In early 2014, the pace of economic activity began to pick up, with growth in consumer spending ahead of the April VAT increase triggering a rise in output to meet demand. At the same time, the Bank of Japan maintained its highly ambitious monetary policy (to double the monetary base in two years) introduced in April. At year-end, it decided to extend the bank lending facility to allow unconventional monetary measures to feed through to the real economy, however contrary to expectations it did not raise its quantitative easing target. In this context, the fall in the yen was much less pronounced than in the autumn of Due to the rising cost of imports, inflation stood at 1.4% in January 2014 against -0.9% in March Emerging markets While growth in emerging regions remained below its potential, the last few months have seen significant and asset shocks triggered by the normalisation of the Fed's monetary policy. Investor reactions have highlighted the poor fundamentals in several key or emblematic countries such as Brazil, India or even Argentina. The central banks concerned were quick to raise key interest rates, although at the same time the authorities have questioned the Fed's attitude. Janet Yellen disclosed that the Fed would address concerns over the impact of tapering its asset purchases. The slowdown in activity in China is another source of concern, although it is likely that every effort will be made to meet the GDP growth target of 7.5% (after averaging 7.7% in 2013). Finally, the perception of political risk has soared following the violent protests in Thailand, Turkey and Venezuela and, of course, the crisis between Russia and Ukraine. The economic recovery is long overdue and significant differences have emerged between regions, with problems mounting in Latin America (inflation, current account deficit), while Asia and emerging Europe seem more able to benefit from the upturn in developed economies. Monetary policy Faced with still-modest growth and very low inflation, the ECB lowered its key interest rates in May and November. The refi rate is now 0.25% and the marginal lending facility 0.75%. The deposit rate has been 0% since July Since July 2013, the ECB has provided forward guidance on interest rates, confirming that they will remain at present or lower levels for an extended period. In addition, fixed rate tender procedures with full allotment will continue at least until mid Despite the reminder that the arsenal of unconventional measures at its disposal was broad and that it would act if necessary, the ECB has still not taken the plunge: no new LTROs (long-term refinancing operations), no asset purchases and no negative deposit rate have been announced. The ECB has endeavoured in recent months to avoid any pressure on money market rates. In the spring of 2013, the Fed raised the prospect of an end to the third round of quantitative easing (QE) in place since late 2012 and consisting of the purchase of USD 85 billion of securities each month. The markets are poised for a decision, even though Ben Bernanke and Janet Yellen, who succeeded him as Fed chair in February 2014, have confirmed that the target rate for federal funds (0% to 0.25% since December 2008) would remain unchanged for a considerable time. The Fed waited until its last meeting of 2013 before announcing a modest tapering of purchases (a reduction of USD 10 billion) in view of the improvement in economic activity, and reiterated its accommodative message on key interest rates. These purchases were reduced to USD 65 billion in February and it is likely that each monetary policy meeting in 2014 will result in a further reduction of USD 10 billion. Janet Yellen also confirmed that the unemployment rate (which fell from 7.7% in February 2013 to 6.7% a year later) was not the only measure used to assess the labour market and reiterated the highly accommodative message on key interest rates. Currency markets The euro, which stood at nearly USD 1.31 at the beginning of the period, hovered between USD 1.28 and USD 1.34 until August. The ECB's commitment to maintain very low key interest rates for an extended period evidently weighed on the, although the markets seemed more sensitive to comments from the US. The Fed's decision not to change its monetary policy in September (when QE tapering was expected to begin) forced the euro above USD 1.35 on 18 September. Thereafter, the fluctuation band of the EUR/USD exchange rate shifted upwards to settle at between 1.34 and In the absence of unconventional measures, the downward bias confirmed by the ECB had no lasting impact on exchange rates. The same can be said for hints from several members of the Executive Board that the deposit rate could become negative and the explicit statement that the risk of deflation could increase if the euro was too strong. Page 7

126 Manager's report At the end of 2013, the euro had returned to its highest level in real terms since mid-2011, before falling back slightly. It rose by 3.3% in a year against a basket of currencies. Towards the latter part of the year, the EUR/USD exchange rate was mainly influenced by changes in risk appetite and expectations surrounding US monetary policy. It closed at (+5.5% in 12 months). The pledge made by Prime Minister Shinzo Abe, elected at the end of 2012, that he would require the new governor of the Bank of Japan (BoJ) to introduce a much more aggressive asset purchasing policy was deemed credible. The BoJ, which increased its inflation target from 1% to 2% in January 2013, announced a special monetary expansion programme on 4 April (doubling the monetary base in two years). International summits were held with no specific comments on the yen, which led investors to conclude that it could be allowed to fall further. As a result, the USD/JPY exchange rate broke through the 100 mark on 9 May (against at the end of February). The unwinding of carry trade positions linked to increasing jitters in the financial markets disrupted this trend and drove the exchange rate below 95 on occasions in June. Subsequently the USD/JPY rate drifted sideways until the start of November when it resumed its rise to end 2013 at , its highest since October It has since levelled off, returning to 102 in late January and closing at at the end of February 2014 (+10.5% in 12 months). The EUR/JPY rate climbed 16.6% to after reaching 145 at the end of 2013, an all-time high. While many had hoped for further quantitative easing before the VAT increase on 1 April, the BoJ only made minor adjustments to its monetary policy in the first quarter of Bond markets Heavy pressure on US long-dated yields was evident from May on owing to expectations regarding the Fed s quantitative easing policy. A sharp correction occurred in the spring of 2013 when Ben Bernanke first mentioned the tapering of asset purchases. The 10-year rate reached 3% in early September (compared with 1.88% at the beginning of the period). It has since fluctuated within a broad range, depending on economic indicators, expectations and decisions on QE and changes in risk appetite. Between September and February, the yield on the 10-year T-note ranged between 2.50% and 3% to finish the period at 2.65%, i.e. a 12-month rise of 77 bps. An announcement that key interest rates will remain at their current level for a considerable time also seems credible. Over 12 months, the 2-year rate climbed 9 bps to close at 0.32%. European markets outperformed their US counterparts as a result of the ECB's two rate cuts in May and November, the continuing downward bias in monetary policy, very low inflation and modest economic growth. The 10-year Bund yield rose just 17 bps over 12 months, regaining its status as a safe haven at the end of the period following events in Ukraine. It closed at 1.62%. The outperformance was even more pronounced for Spanish and Italian yields, which have returned to their lowest level since early 2006, at around 3.50%. Over the year they fell sharply (by 159 bps and 125 bps respectively for 10-year bonds) in response to the ECB's undertaking in the summer of 2012, which encouraged investors to take advantage of the carry trade in an interest rate environment deemed calm as a result of the Outright Monetary Transactions (which are in fact yet to be activated) and the prospect of key interest rates being kept low for a long time. The fall was accentuated in early 2014 as the outlook for these economies brightened. Equity markets The last 12 months have seen several spikes in equity market volatility (over 20% for the VIX index, calculated on S&P 500 options in June, October and January). The first share sell-off occurred in the spring, when investors were unnerved by Ben Bernanke's statements about a possible tapering of the asset purchases that the Fed makes each month as part of its quantitative easing programme. There was widespread selling of shares and some emerging currencies. The markets rallied on the back of improved economic data and the Fed's assurance that the normalisation of its monetary policy would remain moderate. The drama surrounding the budget before the US Congress, which led to the temporary closure of federal agencies during the first half of October, briefly spooked investors in the autumn. Lastly, while the tapering announcement (postponed until December) did not prevent the S&P 500 Index from posting a new record in late 2013, the geopolitical situation and concerns over emerging economies sowed doubt in early Equities have undergone a sharp correction since 23 January. The publication of disappointing PMI data in China and the sharp depreciation of several emerging currencies (e.g. the Argentine peso, Turkish lira, rouble, Indian rupee, South African rand) explain this reaction. Investors are starting to focus on weaknesses (inflation, external deficits) in some emerging economies, at a time when the normalisation of US monetary policy is eventually expected to reduce available liquidity. The fall in shares was widespread, despite the satisfactory results of companies in the United States and upbeat economic indicators in the eurozone. Page 8

127 Manager's report These factors may explain why investors switched to equities in February, even as geopolitical risks increased with the events in Ukraine. Despite the insistence of central banks in major developed countries that their highly accommodative monetary policy would continue, risk appetite continued to fluctuate at the end of the period. Emerging markets recorded an annual fall of 8.4% (MSCI Emerging Markets Index in US dollars), a significant underperformance relative to the MSCI AC World (in dollars), up 15.7%. European and US indices (in local currencies) were evenly matched, with a rise of 19.6% in the Eurostoxx 50 and 22.8% in the S&P 500 (which closed at a new record of nearly 1,860 points), while the Nikkei 225 outperformed forecasts (+28.4%). The Board of Directors Luxembourg, 10 April 2014 Note: The information stated in this report is historical and not necessarily indicative of future performance. Page 9

128 Audit report To the Shareholders of PARVEST We have audited the accompanying financial statements of PARVEST and of each of its sub-funds, which comprise the statement of net and the securities portfolio as at 28 February 2014 and the statement of operations and changes in net for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the Réviseur d entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the Réviseur d entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. PricewaterhouseCoopers, Société coopérative, 400 Route d Esch, B.P. 1443, L-1014 Luxembourg T: , F: , Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n ) R.C.S. Luxembourg B TVA LU Page 10

129 Opinion In our opinion, the financial statements give a true and fair view of the financial position of PARVEST and of each of its sub-funds as of 28 February 2014, and of the results of their operations and changes in their net for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matters Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. PricewaterhouseCoopers, Société coopérative Luxembourg, 4 June 2014 Represented by Thierry Blondeau Page 11