HNC Advisors. HNC Advisors Diversified Multi-Asset-Class UI SEMI-ANNUAL REPORT AS AT 31 DECEMBER 2015 CAPITAL MANAGEMENT COMPANY:

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1 CAPITAL MANAGEMENT COMPANY: SEMI-ANNUAL REPORT AS AT 31 DECEMBER 2015 CUSTODIAN: ADVISOR AND DISTRIBUTOR: HNC Advisors

2 Brief overview of the partners 1. Capital management company 2. Custodian Universal-Investment-Gesellschaft mbh Kreissparkasse Köln Street address: Street address: Theodor-Heuss-Allee 70 Neumarkt Frankfurt am Main Cologne Postal address: Postal address: P.O. Box P.O. Box Frankfurt am Main Cologne Phone: 069 / Phone: 0221 / Fax: 069 / Fax: 0221 / Founded: 1968 Legal form: Entity under public law Legal form: Limited liability company Liable equity capital: EUR 1,858,149,000 (as at ) Subscribed and paid-up capital: EUR 10,400, Own funds: EUR 47,982,000 (as at September 2014) 3. Investment Consultancy Company and Distributor HNC Advisors AG Board of Management: Oliver Harth, Wehrheim-Obernhain Postal address: Markus Neubauer, Frankfurt am Main Seestrasse 79 Stefan Rockel, Lauterbach (Hesse) CH-8806 Bäch Alexander Tannenbaum, Offenbach Bernd Vorbeck, Elsenfeld Phone: Fax: Supervisory Board: Jochen Neynaber, Bühl-Neusatz (Chairman) Dr Hans-Walter Peters, Hamburg (Deputy Chairman) 4. Investment Committee Prof. Dr Harald Wiedmann, Berlin Patrick Haindl, HNC Advisors AG, Bäch Switzerland Ole Klose, Düsseldorf Dr Karl Neumar, HNC Advisors AG, Bäch Switzerland Michael O. Bentlage, Frankfurt am Main Franz Bichlmaier, HNC Advisors AG, Bäch Switzerland Prof. Dr Stephan Schüller, Düsseldorf As of: 31 December 2015 Page 2

3 Overview of the unit classes Initial issue date Unit class EUR 19/ Juli 2013 Currency Unit class GBP 22/ April 2014 Unit class EUR EUR Unit class SEK 11/ März 2015 Unit class GBP GBP Unit class SEK SEK Initial issuing price Unit class EUR Utilisation of earnings Unit class GBP Unit class EUR Distribution Unit class SEK SEK 1, Unit class GBP Distribution Unit class SEK Distribution Minimum investment Unit class EUR EUR 100, German securities number / ISIN Unit class GBP GBP 100, Unit class EUR A1WZ1C / DE000A1WZ1C1 Unit class SEK SEK 2,000, Unit class GBP A1XDY6 / DE000A1XDY60 Unit class SEK A1145E / DE000A1145E1 Management fee Unit class EUR % p.a. Unit class GBP % p.a. Unit class SEK % p.a. Custodians' fee Unit class EUR Unit class GBP Unit class SEK 0.04 % p.a % p.a % p.a. min. 20, p.a. Page 3

4 Balance sheet, as at Investment focuses Daily value in EUR % of fund assets I. Assets 51,066, Certificates 2,660, EUR 2,660, Investment units 46,922, EUR 37,031, USD 9,890, Derivatives -298, Bank deposits 1,765, Other assets 16, II. Liabilities -92, III. Fund assets 50,974, Page 4

5 Statement of net assets as at Units or Description ISIN Market shares or Holdings Purchases / Sales / Price Market value % currency in 1, additions disposals in EUR of the Fund in the reporting period assets Portfolio holdings EUR 49,582, Exchange-traded securities EUR 2,660, Certificates EUR 2,660, DB ETC PLC ETC Z Physical Gold DE000A1E0HR8 UNIT 20,352 5,470 0 EUR ,959, DB ETC PLC ETC Z Physical Silver DE000A1E0HS6 UNIT 5,649 2,267 0 EUR , Investment units EUR 46,922, Investment units from outside the Group EUR 46,922, db x-t.eur.stoxx 600 BANKS ETF Inhaber-Anteile 1C o.n. LU ANT 43,926 8,112 29,020 EUR ,735, db x-t.ii-em.mkts Li.Eurobond Inhaber-Anteile 1C o.n. LU ANT 5,947 2,004 0 EUR ,770, db x-t.stoxx EU.600 IND.GO.ETF Inhaber-Anteile 1C o.n. LU ANT 11,874 1, EUR , db x-t.stx EU.600 OIL+GAS ETF Inhaber-Anteile 1C o.n. LU ANT 9,277 1, EUR , db x-tr.dblci-oy BALANCED ETF Inhaber-Anteile 1C o.n. LU ANT 161,766 86,327 0 EUR ,576, db x-tr.eo STOXX 50 ETF DR Inhaber-Anteile 1C o.n. LU ANT 17,597 4,044 18,771 EUR , db x-tr.ii Gl Sovereign ETF Inhaber-Anteile 1C o.n. LU ANT 16,551 1, EUR ,655, db x-tr.ii-itraxx Crossov. ETF Inhaber-Anteile 1C o.n. LU ANT 23,338 7,875 0 EUR ,123, db x-tr.ii-itraxx Eu.ETF Inhaber-Anteile 1C o.n. LU ANT 35,243 4, EUR ,104, db x-tr.msci EU.Sm.C.I.ETF DR Inhaber-Anteile 1C o.n. LU ANT 39,014 4, EUR ,435, db x-tr.st.eu.600 HEALTH C.ETF Inhaber-Anteile 1C o.n. LU ANT 18,090 3,311 11,683 EUR ,342, db x-tr.st.eur.600 TECHN. ETF Inhaber-Anteile 1C o.n. LU ANT 45,253 5, EUR ,303, db x-tr.st.eur.600 TELECOM.ETF Inhaber-Anteile 1C o.n. LU ANT 15,153 1, EUR ,199, db x-tra.stoxx EU.600 FOOD&BE. Inhaber-Anteile 1C o.n. LU ANT 18,168 2,783 6,862 EUR ,087, is.eb.r.g.g y U.ETF DE Inhaber-Anteile DE ANT 18,502 2, EUR ,604, is.eb.r.go.ger.10.5+y U.ETF DE Inhaber-Anteile DE000A0D8Q31 ANT 4, EUR , ish.st.eu.600 Bas.Res.U.ETF DE Inhaber-Anlageaktien DE000A0F5UK5 ANT 30,971 30,971 0 EUR , ish.st.eu.600 Insuran.U.ETF DE Inhaber-Anlageaktien DE000A0H08K7 ANT 46,636 46,636 0 EUR ,358, ish.st.eu.600 Real Es.U.ETF DE Inhaber-Anlageaktien DE000A0Q4R44 ANT 46,988 5,341 1,046 EUR , ish.st.eur.600 Utilit.U.ETF DE Inhaber-Anlageaktien DE000A0Q4R02 ANT 34,217 34,217 0 EUR ,050, CFS-db x-tr. Russell 2000 ETF Registered Shares 1C USD o.n. IE00BJZ2DD79 ANT 8,983 1, USD ,291, ishares II-$ TIPS UCITS ETF Registered Shares o.n. IE00B1FZSC47 ANT 23,705 2, USD ,121, ishs-co.msci Em.Mar.IMI UC.ETF Registered Shares o.n. IE00BKM4GZ66 ANT 40,039 40,039 0 USD , Vanguard Fds-S&P 500 UCITs ETF Registered Shares USD o.n. IE00B3XXRP09 ANT 103,640 11,782 2,312 USD ,741, Total securities EUR 49,582, Page 5

6 Statement of net assets as at Units or Description ISIN Market shares or Holdings Purchases / Sales / Price Market value % currency in 1, additions disposals in EUR of the Fund in the reporting period assets Derivatives EUR -298, (Assets marked with minus signs are sold positions.) Foreign exchange derivatives EUR -298, Claims/liabilities Foreign exchange futures contracts (short) EUR -31, Open positions GBP/EUR 0.5 million OTC 8, SEK/EUR 1.1 million OTC -1, USD/EUR 3.0 million OTC -37, Foreign exchange futures contracts (purchased) EUR -267, Open positions EUR/USD 7.2 million OTC -214, GBP/EUR 3.5 million OTC -82, SEK/EUR 20.2 million OTC 29, Bank balances, non-securitised money market instruments and money market funds EUR 1,765, Bank deposits EUR 1,765, Balances at Kreissparkasse Köln (V) Balances in the Fund currency EUR 1,761, % ,761, Balances in other EU/EEA currencies GBP 1, % , SEK 10, % , Balances in non-eu/eea currencies USD 1, % Other assets EUR 16, Other receivables EUR 16, , Page 6

7 Statement of net assets as at Units or Description ISIN Market shares or Holdings Purchases / Sales / Price Market value % currency in 1, additions disposals in EUR of the Fund in the reporting period assets Other liabilities EUR -92, Interest payable EUR Management fee EUR -86, , Custodians' fee EUR -6, , Fund assets EUR 50,974, ) EUR Unit value EUR Offering price EUR Redemption price EUR No. of shares UNIT 398,434 GBP Unit value GBP Offering price GBP Redemption price GBP No. of shares UNIT 27,545 SEK Unit value SEK Offering price SEK Redemption price SEK No. of shares UNIT 20,000 Footnotes: 1) Small rounding differences may exist due to rounding of percentage figures. Page 7

8 Securities prices or market rates The assets of the Investment Fund have been valued on the basis of last fixed prices/market rates. Foreign exchange rates (in equivalent quantities) as at GBP (GBP) = 1 EUR (EUR) SEK (SEK) = 1 EUR (EUR) USD (USD) = 1 EUR (EUR) Market code c) OTC Over-the-Counter Page 8

9 Transactions concluded during the reporting period that no longer appear in the financial statement: - Purchases and sales in securities, investment fund units and borrower s note loans (market classification at date of report): Description ISIN Units or shares Purchases Disposals Volume currency in 1,000 or or in 1,000 additions disposals Investment units Investment units from outside the Group db x-t.st.eu.600 UTILITIES ETF Inhaber-Anteile 1C o.n. LU ANT 2,663 23,947 db x-t.stoxx EU.600 BAS.RE.ETF Inhaber-Anteile 1C o.n. LU ANT 794 7,142 db x-tr.msci Emer.Mkts.Idx.ETF Inhaber-Anteile 1C o.n. LU ANT 2,771 24,922 db x-tr.stoxx EU.600 INS.ETF Inhaber-Anteile 1C o.n. LU ANT 2,028 18,237 Derivatives (Option premiums received in opening transactions or volume of option transactions, purchases and sales in the case of warrants) Futures contracts Foreign exchange futures contracts (short) Forward currency sales: EUR/USD EUR 7,200 GBP/EUR GBP 3,667 SEK/EUR SEK 10,000 Foreign exchange futures contracts (purchased) Forward currency purchases: EUR/USD EUR 450 GBP/EUR GBP 925 USD/EUR EUR 31 Page 9

10 Annex pursuant to Section 7(9) of the German Regulation on the Content, Scope and Presentation of Accounting for Funds, Investment Stock Corporations and Investment Limited Partnerships and on the Valuation of Assets held by Investment Funds (KARBV) Securities holdings as a percentage of net assets Derivatives holdings as a percentage of net assets Other disclosures EUR Unit value EUR Offering price EUR Redemption price EUR No. of shares UNIT 398,434 GBP Unit value GBP Offering price GBP Redemption price GBP No. of shares UNIT 27,545 SEK Unit value SEK Offering price SEK Redemption price SEK No. of shares UNIT 20,000 Page 10

11 Annex pursuant to Section 7(9) of the German Regulation on the Content, Scope and Presentation of Accounting for Funds, Investment Stock Corporations and Investment Limited Partnerships and on the Valuation of Assets held by Investment Funds (KARBV) Specification of procedures for the valuation of assets Valuation For foreign exchange, shares, bonds and derivatives that can be traded on a stock exchange or another organised market or can be included within this category, the last available trading price will be taken as a basis in accordance with Section 27 of the German Regulation on the Content, Scope and Presentation of Accounting for Funds, Investment Stock Corporations and Investment Limited Partnerships and on the Valuation of Assets held by Investment Funds (KARBV). In accordance with Section 29 of the KARBV, the current values were used as the basis for investment fund units, and the par value or redemption amount was used as the basis for bank deposits and liabilities. Assets that are not admitted to trading on a stock exchange or another organised market, or included in the regulated market or OTC trading on a stock exchange, or for which there is no tradable price available, are valued pursuant to Section 28 of the KARBV, read in conjunction with Section 168(3) of the German Capital Investment Code (KAGB), the market values were used as the basis for assets for which a liquid market was not available. The market value is considered to be the amount for which the asset concerned could be exchanged in a transaction between knowledgeable, willing and independent counterparties. Frankfurt am Main, Universal-Investment-Gesellschaft mbh The Management