BEST CHOICE SICAV UNDER THE LUXEMBOURG LAW

Transcription

1 SICAV UNDER THE LUXEMBOURG LAW SEMI-ANNUAL REPORT (UNAUDITED) AS AT JUNE 30, 2015

2 SICAV with variable Capital under the Luxembourg law Unaudited semi-annual report as at June 30, 2015 R.C.S. Luxembourg B Database Publishing System: CO-Reporter by CO-Link, Belgium.

3 Table of contents Page Organisation of the SICAV 3 Board of Directors of the SICAV 4 Board of Directors of the Management Company 4 Day to Day Managers of the Management Company 5 General information 6 Combined 7 BEST CHOICE - DYNAMIC 10 BEST CHOICE - BALANCED 16 BEST CHOICE - CONSERVATIVE 22 Notes to the financial statements 28 No subscription can be received on the basis of this report. 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

4 Organisation of the SICAV REGISTERED OFFICE PROMOTOR MANAGEMENT COMPANY DEPOSITARY BANK PAYING AGENT, ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENT AUDITOR GLOBAL DISTRIBUTOR FINANCIAL SERVICES AGENT IN BELGIUM INVESTMENT MANAGER 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg (until April 26, 2015) 1, rue du Potager, L-2347 Luxembourg, Grand Duchy of Luxembourg (since April 27, 2015) Optima Bank NV/SA Keizer Karelstraat 75, B-9000 Gent, Belgium FundPartner Solutions (Europe) S.A. 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg (until April 26, 2015) NOVACAP ASSET MANAGEMENT S.A. 1, rue du Potager, L-2347 Luxembourg, Grand Duchy of Luxembourg (since April 27, 2015) Pictet & Cie (Europe) S.A. 15 A, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg (until to April 26, 2015) CACEIS BANK Luxembourg 5, allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg (since April 27, 2015) FundPartner Solution (Europe) S.A. 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg (until April 26, 2015) CACEIS BANK Luxembourg 5, allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg (since April 27, 2015) Ernst & Young S.A. 7, rue Gabriel Lippmann, Parc d Activité Syrdall 2, L Munsbach, Grand Duchy of Luxembourg Inversis Banco S.A. Edificio Plaza Aeropuerto, avenida de la Hispanidad 6, E Madrid, Spain (until April 26, 2015) Optima Bank NV/SA Keizer Karelstraat 75, B-9000 Gent, Belgium Optima Bank NV/SA Keizer Karelstraat 75 B-9000 Gent, Belgium Inversis Gestion S.A. Edificio Plaza Aeropuerto, avenida de la Hispanidad 6, E Madrid, Spain (until April 26, 2015) Page 3

5 Board of Directors of the SICAV CHAIRMAN Mr. Philip DE HULSTERS, Independent Director DIRECTORS Mr. Jan DE PAEPE, Secretary General and Executive Director, Optima Bank NV/SA, Belgium Mr. Bernard DELATTE, Independent Director Board of Directors of the Management Company (until April 26, 2015) CHAIRMAN Mr. Marc BRIOL, Executive Vice President, Banque Pictet & Cie SA, 60, route des Acacias, CH-1211 Geneva 73, Switzerland MEMBERS Mr. Pierre ETIENNE, Managing Director, Pictet & Cie (Europe) S.A., 15 A, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Mrs. Michèle BERGER, CEO and Managing Director, FundPartner Solution (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Mr. Claude KREMER, Partner, Arendt & Medernach - Avocats 14, rue Erasme, L-2082 Luxembourg, Grand Duchy of Luxembourg (since April 27, 2015) CHAIRMAN Mr. Marc MICHIELS, CEO MEMBERS Mr. Jaime DE ORBEGOSO, Independent Director Mr. Gérard DÉJARDIN-VERKINDER, Independent Director Page 4

6 Day to Day Managers of the Management Company (until April 26, 2015) Mrs. Michèle BERGER, CEO and Managing Director, FundPartner Solution (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Mr. Pascal CHAUVAUX, Head of Central Administration, FundPartner Solution (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Mr. Cédric HAENNI, Head of Risk and Compliance, FundPartner Solution (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Mr. Dorian JACOB, Head of Investment Management Oversight, FundPartner Solution (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg (since April 27, 2015) Mr. Bart VAN WAGENBERG, Conducting Officer Mrs. Catherine GREYER, Conducting Officer Mr. Marc MICHIELS, Conducting Officer Mr. Laurent VAN DEN EYNDE, Chief Investment Officer Page 5

7 General information The financial year of BEST CHOICE (the "SICAV") ends on December 31 in each year. Annual Report, including Audited Financial Statements, of the SICAV made up to December 31 in each year are prepared in EUR, the SICAV s Reference Currency. The SICAV publishes Annual Reports, including Audited Financial Statements, within four months of the end of the financial year and unaudited semi-annual reports within two months of the end of the reference period. The net asset value of each sub-fund, the issue and repurchase prices shall be made public after the calculation of the net asset value at the registered office of the SICAV. Copies of the articles of incorporation, the most recent Prospectus, the KIIDs and the latest financial reports may be obtained free of charge, on request at the registered office of the SICAV or at the Promotor (for Belgian investors). Page 6

8 Combined Page 7

9 Combined Financial Statements as at June 30, 2015 Statement of net assets as at June 30, 2015 Expressed in EUR Assets Investments in securities at market value Note 2 Securities at acquisition cost Net unrealised loss on investments Cash at banks and liquidities Formation expenses Note 2 Brokers receivable Liabilities Brokers payable Taxe d'abonnement payable Note 3 Management and distribution fees payable Note 4 Other fees payable Note 8 Total net assets 28,200, ,074, ,566, , ,609, , , , , , , , ,751, The accompanying notes form an integral part of these financial statements Page 8

10 Combined Statement of operations and changes in net assets from January 1, 2015 to June 30, 2015 Expressed in EUR Income Bank interest on cash account Bank interest on time deposits Other financial income Fees and expenses Amortisation of formation expenses Management and distribution fees Note 4 Depositary fees Note 5 Taxe d'abonnement Note 3 Administrative expenses Note 6 Domiciliation fees Professional fees Bank interest on overdrafts Legal fees Transaction fees Note 2 Other expenses Net investment loss Net realised gain / loss on: - sales of investments in securities Net realised profit Change in net unrealised appreciation / depreciation on: - investments in securities Increase in net assets as a result of operations Proceeds from subscriptions of shares Cost of shares redeemed Decrease in net assets Net assets at the beginning of the period Net assets at the end of the period 5, , , , , , , , , , , , , , , ,881, ,474, ,293, , , ,509, ,698, ,450, ,751, The accompanying notes form an integral part of these financial statements Page 9

11 - DYNAMIC Page 10

12 - DYNAMIC Financial Statements as at June 30, 2015 Statement of net assets as at June 30, 2015 Expressed in EUR Assets Investments in securities at market value Note 2 Securities at acquisition cost Net unrealised loss on investments Cash at banks and liquidities Formation expenses Note 2 Liabilities Taxe d'abonnement payable Note 3 Management and distribution fees payable Note 4 Other fees payable Note 8 Total net assets 5,848, ,671, ,846, , , , , , ,842, Statistics Period/Year ending as at: June 30, 2015 December 31, 2014 December 31, 2013 Total Net Assets EUR 5,842, ,187, ,520, BEST CHOICE - DYNAMIC - Class A Capitalisation shares Number of shares Net asset value per share EUR EUR EUR 53, , , The accompanying notes form an integral part of these financial statements Page 11

13 - DYNAMIC Statement of operations and changes in net assets from January 1, 2015 to June 30, 2015 Expressed in EUR Income Bank interest on cash account Bank interest on time deposits Other financial income Fees and expenses Amortisation of formation expenses Management and distribution fees Note 4 Depositary fees Note 5 Taxe d'abonnement Note 3 Administrative expenses Note 6 Domiciliation fees Professional fees Bank interest on overdrafts Legal fees Transaction fees Note 2 Other expenses Net investment loss Net realised gain / loss on: - sales of investments in securities Net realised profit Change in net unrealised appreciation / depreciation on: - investments in securities Increase in net assets as a result of operations Cost of shares redeemed Decrease in net assets Net assets at the beginning of the period Net assets at the end of the period , , , , , , , , , , , , , , , , , , ,187, ,842, The accompanying notes form an integral part of these financial statements Page 12

14 - DYNAMIC Statement of investments and other net assets as at June 30, 2015 Expressed in EUR Quantity Description Quotation currency Securities at acquisition cost Market value (note 2) % of net assets Shares/Units in investment funds 5,846, ,671, % France 1,281, ,246, % 466 CARMIGNAC EURO ENTREPRENEURS CAP 3 DEC EUR 155, , % 110 CARMIGNAC INV -A- CAP 3 DEC EUR 140, , % 1 CPR RENAISSANCE JAPON FCP -I- 3 DEC CAP EUR 127, , % 148 GROUPAMA AVENIR EURO -N- CAP 4 DEC EUR 152, , % 221 GROUPAMA FRANCE STOCK 4 DEC PEA CAP EUR 135, , % 21 MANDARINE VALEUR -4- DEC -S- EUR 135, , % 628 ODDO AVENIR EURO -CR-EUR- 3 DEC EUR 145, , % 322 ODDO AVENIR EUROPE FCP -A- CAP EUR 145, , % 181 ODDO GENERATION FCP -A- 3 DEC CAP EUR 145, , % Ireland 566, , % 275 AMUNDI ACTIONS EMERGENTS -P- 3 DEC CAP EUR 153, , % 1,142 AMUNDI ACTIONS EURO P 3 DEC EUR 151, , % 217 AMUNDI ACTIONS FRANCE PC S13D EUR 141, , % 1 AMUNDI SMALL CAP EUROPE I EUR 120, , % Luxembourg 3,999, ,884, % 852 AMUNDI EQ EUROLAND SMALL CAP -AE- CAP EUR 141, , % 621 AXA WLD FRAMLINGTON EURZN -A- EUR 151, , % 3,750 BGF EU SP S -A2- CAP EUR 139, , % 9,122 BLACKROCK GLB CHINA FD -A2- EUR 157, , % 7,147 BRGF CONTINENTAL EU FLEXIBLE -A2- CAP EUR 151, , % 110 CARMIGNAC PTF SICAV EMERGING DISCOVERY EUR 151, , % 5,300 MORGAN STANLEY INV EME EUR,MOA & AFR -Z- EUR 142, , % 3,269 MORGAN STANLEY INV EUR EQ ALPHA -Z- EUR 154, , % 588 NN L GL EQ -P- CAP EUR 149, , % 254 N1 EU SM MD EQ -BP BASE CCY- CAP EUR 140, , % 1,963 N1 NORDIC EQUITY BP BASE CURR EUR CAP EUR 154, , % 92 OYSTER ITALIAN OPPO -I EUR2- EUR 145, , % 68 OYSTER SICAV EUROPEAN SELECTION -I-EUR- EUR 152, , % 86 OYSTER SICAV EUROPEAN SMALL CAP -I EUR2- EUR 145, , % 415 PICTET FD EME MARKETS -P- CAP EUR 156, , % 759 PICTET SICAV AGRICULTURE -P- EUR CAP EUR 147, , % 237 PICTET SICAV BIOTECH -HP- CAP EUR EUR 142, , % 1,587 PICTET SICAV JAPANESE EQ SEL -HP EUR- EUR 149, , % 145 PICTET SMALL CAP EUROPE -P- CAP EUR 154, , % 553 ROBECO GLB STARS EQ -D- CAP EUR 135, , % 2,717 ROBECO K GROWTH FD US LARGE CAP EQ -DH- EUR 144, , % 1,562 ROBECO K GRW CHINESE EQ -D-EUR CAP EUR 153, , % 165 SBC EQ.SMALL MID CAPS EUROPE EUR 153, , % 83 SEEYOND EUROPE MINVARIANCE RA EUR CAP EUR 138, , % 13,504 UBAM SNAM JAPAN EQUITY VALUE AH EUR EUR 153, , % 1,886 UBS L GL SU IN - UNITS -P-ACC- CAP EUR 146, , % 420 UBS LUX EQ VAR SMALL CAPS EUROPE -P- CAP EUR 145, , % Total investments 5,846, ,671, % Cash at bank/(bank liabilities) 162, Other net assets/(liabilities) 8, Total net assets 5,842, The accompanying notes form an integral part of these financial statements Page 13

15 - DYNAMIC Geographical classification of investments ( in % of net assets) Luxembourg 66.50% France 21.34% Ireland 9.24% 97.08% Industrial classification of investments ( in % of net assets) Unit trusts 66.50% Holding and finance companies 30.58% 97.08% Page 14

16 - BALANCED Page 15

17 - BALANCED Financial Statements as at June 30, 2015 Statement of net assets as at June 30, 2015 Expressed in EUR Assets Investments in securities at market value Note 2 Securities at acquisition cost Net unrealised loss on investments Cash at banks and liquidities Formation expenses Note 2 Brokers receivable Liabilities Brokers payable Taxe d'abonnement payable Note 3 Management and distribution fees payable Note 4 Other fees payable Note 8 Total net assets 16,926, ,039, ,320, , ,606, , , , , , , ,692, Statistics Period/Year ending as at: June 30, 2015 December 31, 2014 December 31, 2013 Total Net Assets EUR 16,692, ,635, ,393, BEST CHOICE - BALANCED - Class A Capitalisation shares Number of shares Net asset value per share EUR EUR EUR 162, , , The accompanying notes form an integral part of these financial statements Page 16

18 - BALANCED Statement of operations and changes in net assets from January 1, 2015 to June 30, 2015 Expressed in EUR Income Bank interest on time deposits Other financial income Fees and expenses Amortisation of formation expenses Management and distribution fees Note 4 Depositary fees Note 5 Taxe d'abonnement Note 3 Administrative expenses Note 6 Domiciliation fees Professional fees Bank interest on overdrafts Legal fees Transaction fees Note 2 Other expenses Net investment loss Net realised gain / loss on: - sales of investments in securities Net realised profit Change in net unrealised appreciation / depreciation on: - investments in securities Increase in net assets as a result of operations Proceeds from subscriptions of shares Cost of shares redeemed Decrease in net assets Net assets at the beginning of the period Net assets at the end of the period 3, , , , , , , , , , , , , , ,721, ,491, ,434, , , ,630, ,943, ,635, ,692, The accompanying notes form an integral part of these financial statements Page 17

19 - BALANCED Statement of investments and other net assets as at June 30, 2015 Expressed in EUR Quantity Description Quotation currency Securities at acquisition cost Market value (note 2) % of net assets Shares/Units in investment funds 14,320, ,039, % Belgium 272, , % 1,552 PETERCAM B FUND EQUIT.EUROLAND-F- CAP EUR 272, , % France 2,557, ,542, % 725 CARMIGNAC EURO ENTREPRENEURS CAP 3 DEC EUR 237, , % 193 CARMIGNAC INV -A- CAP 3 DEC EUR 243, , % 2 CPR RENAISSANCE JAPON FCP -I- 3 DEC CAP EUR 266, , % 1,458 GROUPAMA EONIA FCP -N- CAP EUR 751, , % 205 LFP INDEX VARIABLE -C- CAP EUR 306, , % 411 LFP PROTECTAUX 3 DECIMALES CAP EUR 260, , % 38 MANDARINE VALEUR -4- DEC -S- EUR 243, , % 1,184 ODDO EUROPEAN BANKS -A- CAP EUR 247, , % Ireland 486, , % 382 AMUNDI ACTIONS FRANCE PC S13D EUR 243, , % 1,426 VANG SRI GLB INSTIT CL EUR EUR 243, , % Luxembourg 10,267, ,028, % 1,199 ABERDEEN LIQUIDITY FD EURO -A2- CAP EUR 535, , % 23,059 AMUNDI CONVERTIBLE GLOBAL -AE- CAP EUR 308, , % 1,266 AMUNDI EQ EUROLAND SMALL CAP -AE- CAP EUR 210, , % 2,155 AWF F GL -F- CAP EUR 307, , % 2,482 AXA FIIS EU SHY -F- CAP EUR 308, , % 1,248 AXA WLD FD FRAM ITALY -A- CAP EUR 273, , % 1,568 AXA WORLD FD F EU SMALL CAPS EQ -A- CAP EUR 224, , % 635 AXA WORLD TALENTS - SHS -A- CAP EUR 237, , % 7,881 BNPP INSTICASH SICAV EUR -CLC- CAP EUR 920, , % 174 CARMIGNAC PTF SICAV EMERGING DISCOVERY EUR 236, , % 1,913 D INV I NEW RES LCC SHS -LC- CAPITALISA EUR 274, , % 1,723 D INV II AS TD -NC- EUR 252, , % 42 DI MONEY PLUS -IC- CAP EUR 590, , % 21 MANDARINE UNIQUE SM&MC EUROP-S-FD EUR 252, , % 1,135 NN L BANK INS PHC -P HEDGED- CAP EUR 237, , % 663 NN L EU EQ OPP -P- EUR 249, , % 578 NN L GL H DIV PC -P (EUR)- CAP EUR 251, , % 4,065 NORDEA1 EUROPEAN VALUE -BP- BASE CU CAP EUR 237, , % 3,109 N1 NORDIC EQUITY BP BASE CURR EUR CAP EUR 239, , % 142 OYSTER ITALIAN OPPO -I EUR2- EUR 219, , % 121 OYSTER SICAV EUROPEAN SELECTION -I-EUR- EUR 272, , % 149 OYSTER SICAV EUROPEAN SMALL CAP -I EUR2- EUR 241, , % 1,136 PICTET SICAV AGRICULTURE -P- EUR CAP EUR 219, , % 230 PICTET SMALL CAP EUROPE -P- CAP EUR 244, , % 5,011 PIONEER ABS RETURN BOND -A- CAP EUR 267, , % 1,299 PIONEER FD FCP EUE POTENTIAL -A- CAP EUR 217, , % 1,419 ROBECO K GROWTH GLB CON TND EQ -D- CAP EUR 219, , % 2,562 ROBECO K GRW CHINESE EQ -D-EUR CAP EUR 258, , % 265 SBC EQ.SMALL MID CAPS EUROPE EUR 246, , % 1,984 SCHRODER INT SEL JAPANESE EQ -A HDG- CAP EUR 217, , % 24,827 UBAM SNAM JAPAN EQUITY VALUE AH EUR EUR 282, , % 2,848 UBS L GL SU IN - UNITS -P-ACC- CAP EUR 225, , % 19,583 UBS LUX BD CONVERT GLOBAL-B- EUR HEDGED EUR 273, , % 641 UBS LUX EQ VAR SMALL CAPS EUROPE -P- CAP EUR 215, , % 1,097 VONTOBEL FD EUE MID&SML CAP EQ -B- CAP EUR 223, , % 1,959 VONTOBEL GL TNP - SHS -A2- CAP EUR 275, , % United Kingdom 737, , % 82,089 THRD PAN EU FOC - CAP RET CL.1 NET EUR EUR 243, , % 35,409 THREADNEEDLE INV EUR SML CIE -RETAIL-CAP EUR 271, , % 90,353 THREADNEEDLE PAN EUR SMLR CIE -RETAIL- EUR 223, , % Total investments 14,320, ,039, % Cash at bank/(bank liabilities) 2,606, Other net assets/(liabilities) 46, Total net assets 16,692, The accompanying notes form an integral part of these financial statements Page 18

20 - BALANCED Geographical classification of investments ( in % of net assets) Luxembourg 60.09% France 15.23% United Kingdom 4.33% Ireland 2.91% Belgium 1.55% 84.11% Industrial classification of investments ( in % of net assets) Unit trusts 69.03% Holding and finance companies 15.08% 84.11% Page 19

21 - CONSERVATIVE Page 20

22 - CONSERVATIVE Financial Statements as at June 30, 2015 Statement of net assets as at June 30, 2015 Expressed in EUR Assets Investments in securities at market value Note 2 Securities at acquisition cost Net unrealised loss on investments Cash at banks and liquidities Formation expenses Note 2 Brokers receivable Liabilities Brokers payable Taxe d'abonnement payable Note 3 Management and distribution fees payable Note 4 Other fees payable Note 8 Total net assets 5,424, ,364, ,398, , , , , , , , ,216, Statistics Period/Year ending as at: June 30, 2015 December 31, 2014 December 31, 2013 Total Net Assets EUR 5,216, ,626, ,770, BEST CHOICE - CONSERVATIVE - Class A Capitalisation shares Number of shares Net asset value per share EUR EUR EUR 53, , , The accompanying notes form an integral part of these financial statements Page 21

23 - CONSERVATIVE Statement of operations and changes in net assets from January 1, 2015 to June 30, 2015 Expressed in EUR Income Bank interest on time deposits Other financial income Fees and expenses Amortisation of formation expenses Management and distribution fees Note 4 Depositary fees Note 5 Taxe d'abonnement Note 3 Administrative expenses Note 6 Domiciliation fees Professional fees Bank interest on overdrafts Legal fees Transaction fees Note 2 Other expenses Net investment loss Net realised gain / loss on: - sales of investments in securities Net realised profit Change in net unrealised appreciation / depreciation on: - investments in securities Decrease in net assets as a result of operations Cost of shares redeemed Decrease in net assets Net assets at the beginning of the period Net assets at the end of the period , , , , , , , , , , , , , , , ,366, ,410, ,626, ,216, The accompanying notes form an integral part of these financial statements Page 22

24 - CONSERVATIVE Statement of investments and other net assets as at June 30, 2015 Expressed in EUR Quantity Description Quotation currency Securities at acquisition cost Market value (note 2) % of net assets Shares/Units in investment funds 4,398, ,364, % France 759, , % 642 CARMIGNAC EURO ENTREPRENEURS CAP 3 DEC EUR 210, , % 209 GROUPAMA AVENIR EURO -N- CAP 4 DEC EUR 214, , % 388 GROUPAMA EONIA FCP -N- CAP EUR 200, , % 211 LFP PROTECTAUX 3 DECIMALES CAP EUR 133, , % Luxembourg 3,424, ,397, % 1,640 ABERDEEN LIQUIDITY FD EURO -A2- CAP EUR 731, , % 7,231 AMUNDI CASH EUR AEC -AE- CAP EUR 731, , % 2,066 AWF F GL -F- CAP EUR 295, , % 914 AXA FIIS EU SHY -F- CAP EUR 113, , % 3,621 BNPP INSTICASH SICAV EUR -CLC- CAP EUR 422, , % 5,537 BNPP INSTICASH SICAV EUR GOV -CLC- CAP EUR 559, , % 923 D INV I CHIN EQ LCC SHS -LC- CAP EUR 225, , % 10,292 UBS LUX BD CONVERT GLOBAL-B- EUR HEDGED EUR 143, , % 603 UBS LUX EQ VAR SMALL CAPS EUROPE -P- CAP EUR 200, , % United Kingdom 214, , % 88,885 THREADNEEDLE PAN EUR SMLR CIE -RETAIL- EUR 214, , % Total investments 4,398, ,364, % Cash at bank/(bank liabilities) 841, Other net assets/(liabilities) 11, Total net assets 5,216, The accompanying notes form an integral part of these financial statements Page 23

25 - CONSERVATIVE Geographical classification of investments ( in % of net assets) Luxembourg 65.13% France 14.46% United Kingdom 4.06% 83.65% Industrial classification of investments ( in % of net assets) Unit trusts 71.83% Holding and finance companies 11.82% 83.65% Page 24

26 Notes to the financial statements Page 25

27 NOTE 1 GENERAL BEST CHOICE Notes to the financial statements as at June 30, 2015 BEST CHOICE (the "SICAV") was incorporated in Luxembourg on December 19, 2012, for an unlimited duration as an open-ended investment company with variable share capital (Société d Investissement à Capital Variable) organised as a multi-compartment investment fund in the form of a public limited liability company (société anonyme) and currently qualifies as an undertaking for a collective investment in transferable securities ("UCITS") governed by Part I of the amended Luxembourg Law of December 17, 2010 (the "Law"). The SICAV is registered with the register of commerce and companies of Luxembourg under the number B At all times, the SICAV s capital will be equal to the net asset value and will not fall below the minimum capital of EUR 1,250,000. As at June 30, 2015, the SICAV includes three sub-funds in activity: BEST CHOICE - DYNAMIC, denominated in Euro (EUR) BEST CHOICE - BALANCED, denominated in Euro (EUR) BEST CHOICE - CONSERVATIVE, denominated in Euro (EUR) NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a) Presentation of financial statements The financial statements are presented in accordance with generally accepted accounting principles and legal reporting requirements in Luxembourg. The reference currency of the SICAV is the EUR. b) Valuation of assets The value of these assets shall be determined as follows: 1) The value of cash at hand and bank deposits, drafts and bills of exchange payable at sight and receivables, prepaid expenses and dividends and interest notified or due for payment but not yet received, shall be constituted by the nominal value of the said assets, unless it is unlikely that it would be possible to realise that value; in the latter case, the value shall be determined by subtracting the amount that the SICAV considers adequate in order to arrive at the real value of the assets in question. 2) The value of any security admitted to official listing on a stock exchange or any other regulated market which operates regularly and is recognised and open to the public is based on the last known price in Luxembourg on the Valuation Day and, if that security is dealt on several markets, on the basis of the last known price on the principal market on which the security is dealt in; if the last known price is not representative, the valuation shall be based on the probable sale value that the Board of Directors shall determine in good faith in accordance with the principle of prudence. 3) Securities that are not listed or are not dealt in on a stock exchange or any other regulated market which operates regularly and is recognised and open to the public shall be valued on the basis of the probable sale value estimated in good faith in accordance with the principle of prudence. 4) Money market instruments and other fixed-rate securities whose remaining term is less than 3 months may be valued on the basis of their redemption value. If, however, there is a market price for such instruments or such securities, the valuation in accordance with the method described previously shall be compared periodically with the market price and in the event of any notable discrepancy, the Board of Directors may adapt the valuation accordingly. Page 26

28 Notes to the financial statements as at June 30, 2015 (continued) 5) Shares or units of UCITS (including shares issued by the SICAV sub-funds that may be held by another sub-fund of the SICAV) and UCIs will be valued on the basis of the last available net asset value. 6) The closing-out value of forward, spot or options contracts which are not traded on a stock exchange or any other regulated market shall be equal to their net closing-out value determined in accordance with the policies determined by the Board of Directors, on a basis applied consistently to each type of contract. The settlement value of futures, spot or options contracts dealt in on stock exchanges or other regulated markets will be based on the last available settlement price of these contracts on the stock exchanges and regulated markets on which these futures, spot or options contracts are traded by the SICAV; however, if a futures, spot or options contract cannot be settled on the day on which the net assets are valued, the basis used to establish the settlement value of the contract will be determined with caution and in good faith by the Board of Directors. Swaps will be valued at their market value. 7) Securities denominated in a currency other than the currency in which the class concerned is denominated shall be converted at the exchange rates prevailing on the days and at the time when the net asset value of the shares is determined. 8) The Board of Directors may, at its sole discretion, authorise the use of another valuation method if it considers that such a valuation reflects more accurately the market value of any asset owned by a sub-fund. c) Net realised gain/loss on sales of investments Realised gains or losses on the sales of investments are calculated on the basis of the average cost of the investments sold. d) Cost of investment securities The cost of investment securities in currencies other than the currency of the sub-fund is translated into the currency of the sub-fund at the exchange rate applicable at purchase date. e) Transaction fees The transaction fees represent the costs incurred by each sub-fund in connection with purchases and sales of investments. They include brokerage fees as well as bank commissions, tax, depositary fees and other transaction fees, and are included in the statement of operations and change in net assets. f) Formation expenses Formation expenses were amortised on a straight line basis over a period of 5 years. NOTE 3 TAXATION Taxation of the SICAV The SICAV is subject in Luxembourg to an annual tax representing.0.05% of the net asset value. This tax is payable quarterly on the basis of the SICAV net assets, calculated at the end of the quarter to which the tax relates. The value of assets represented by units held in other UCIs which are already subject to the subscription tax provided for in article 174 of the Law of 2010 or by article 68 of the law of February 13, 2007 on specialised investment funds is exempt from the subscription tax. No duties or taxes are payable in Luxembourg when the SICAV shares are issued. Certain income of the SICAV portfolio in the form of dividends and interest payments may be subject to variable rate withholding tax in the country where they are generated. Page 27

29 Notes to the financial statements as at June 30, 2015 (continued) NOTE 4 MANAGEMENT AND DISTRIBUTION FEES The Management Company is entitled to receive for the services provided as management company including the investment manager function, on a quarterly basis, a global fee not exceeding 0.37% p.a. of the average Net Asset Value of the relevant sub-fund as determined during the relevant quarter. The Management Company reserves the right to apply a minimum fee per sub-fund of EUR per year (the minimum being waived during the first year). The Distribution fees will not exceed 1.25% p.a. of the average Net Asset Value of the relevant sub-fund. All amounts charged are shown in the SICAV's statement of operations and changes in net assets. NOTE 5 DEPOSITARY FEES The appointed Depositary Bank is entitled to receive from the SICAV, on a quarterly basis, an annual safekeeping services fee not exceeding 0.03% p.a. of the average Net Asset Value of the relevant sub- fund, as determined during the relevant quarter. The Depositary Bank reserves the right to apply a minimum fee per sub-fund of EUR per year. NOTE 6 ADMINISTRATIVE EXPENSES The Administrative Agent is entitled to receive from the SICAV on a quarterly basis, an annual services fee not exceeding 0.04% p.a. of the average Net Asset Value of the relevant sub-fund, as determined during the relevant quarter with a minimum of EUR per sub-fund per year. NOTE 7 PERFORMANCE FEE The Management Company is entitled to a performance fee in relation to each sub fund. The performance fee is calculated in respect of each performance period. A performance period is the period from January 1 to December 31 in any year. By way of exemption the first performance period started as of April 27, 2015, i.e. the date of appointment of the Management Company and will end on December 31, A provision for the above mentioned performance fee is made each Valuation Day in the Net Asset Value of the Class of Share. In case of redemption during the relevant quarter, the accrued performance fee at the relevant Valuation Day on which the relevant shares are redeemed, corresponding to the net number of shares redeemed is due to the Management Company in remuneration of its performance of the portfolio management function. The performance fee in respect to each sub-fund will be paid if the difference between the performance of the Net Asset Value per Share over the performance period and the performance of the benchmark in the case it is an index or a composition of indices or the daily compounded accrued income of the benchmark in the case it is a money market rate, is positive (positive spread). The spread (cumulated and annual) will be reset every time a performance fee is charged. However, the spread will be carried forward should it be negative. This will ensure a high water mark structure on the spread. The cumulated spread will then be the basis for the performance fee. Performance fee is only then charged should the cumulated spread be positive. The spread will then be reset again. The performance fee will be 10% over the annual outperformance of the corresponding benchmark. As at June 30, 2015 no Performance fee was paid. NOTE 8 OTHER FEES PAYABLE As at June 30, 2015, the other fees payable include mainly administration, management company and custody fees. Page 28

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