3K MUTUAL FUNDS SEMI ANNUAL REPORT 2015 UCITS DO NOT HAVE GUARANTEED PERFORMANCE AND PAST RETURNS DO NOT ENSURE FUTURE ONES

Transcription

1 3K MUTUAL FUNDS SEMI ANNUAL REPORT 2015

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3 3 CONTENTS COMPANY DETAILS 3 3K DOMESTIC EQUITY FUND 7 3K GREEK VALUE DOMESTIC EQUITY FUND 13 3K BALANCED FUND 18 3K EUROPEAN SHORT-TERM MONEY MARKET FUND 24

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5 5 3K INVESTMENT PARTNERS MUTUAL FUND MANAGEMENT CO. S.A. COMPANY DETAILS Established by Ministry of Finance Decision No /B 1288/ General Commercial Register No: Head Office Karneadou St., Athens GR-10675, tel Paid-up share capital on ,00 Board of Directors Chairman & CEO Georgios Koufopoulos Vice-Chairmen & Executive Members Gerasimos Vasiliou Theodoros Lizardos Members Anna Margariti, Executive Member Ioannis Zannas, Non-Executive Member Nikolaos Kambanis, Non-Executive Member Georgios Tachtalidis, Non-Executive Member Company Management CEO/CIO Georgios Koufopoulos CFO Gerasimos Vasiliou Auditors Deloitte Chatzipavlou, Sofianos & Kampanis Certified Public Accountants S.A Custodian PIRAEUS BANK, 4 Amerikis St. Athens Distributor NN Hellenic Life Insurance Co S.A Supervisory Authority Hellenic Capital Market Commission A body governed by public law You can also find the Key Investor Information for each mutual fund and the complete Prospectus on the website of 3K Investment Partners Mutual Fund Management Co. S.A. at by clicking on Documents/Prospectuses.

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7 7 3K DOMESTIC EQUITY FUND (Hellenic Capital Market Commission Executive Committee Decision No.29/634/ , Government Gazette 264/B/ ) MUTUAL FUND SEMI ANNUAL MANAGEMENT REPORT AS AT In line with Article 11 & 77 of Law 4099/2012 (Government Gazette 250/A/ ) & Law 4308/2014 MANAGEMENT COMPANY: 3K INVESTMENT PARTNERS MUTUAL FUND MANAGEMENT CO. S.A. CUSTODIAN: PIRAEUS BANK S.A. A. DETAILED ASSET STATEMENT TRANSFERABLE SECURITIES TRADED IN REGULATED MARKET UNITS UNIT PRICE IN FX UNIT PRICE IN VALUE IN ASSET STRUCTURE ON ASSET STRUCTURE ON TRANSFERABLE SECURITIES TRADED IN DOMESTIC ISSUERS REGULATED MARKET Domestic Equities Equities Listed in Athens Stock Exchange EUROPEAN RELINCE INSURANCE CO SA (CR) JUMBO (CR) PAPOUTSANIS (CR) KRI KRI MILK INDUSTRY SA (CR) Thessaloniki Water & Sewage Co SA (CR) MLS Multimedia SA (CR) PLAISIO COMPUTERS (CR) HELLENIC EXCHANGES (CR) Piraeus Port Authority SA (CR) GEK TERNA (CR) MYTILINEOS (CR) METKA (CR) COCA COLA HBC AG Greek Organization of Football Prognostics SA (CR) FOLLI FOLLIE GROUP (CR) TITAN (CR) Thessaloniki Port Authority SA(CR) Hellenic Telecom Org. (CR) FOURLIS HOLDINGS SA (CR) PLASTIKA KRITIS SA (CR) AEGEAN AIRLINES SA (CR) KARELIA TOBACCO CO SA (CR) PETROS PETROPOULOS SA(CR) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,00 TOTAL ,52 82,61% 76,79% Total domestic equities ,52 82,61% 76,79% Domestic Bonds Greek Government Bonds HELLENIC EPUBLIC 17/04/ /04/2019 4,75% FXD , ,00 TOTAL ,00 4,31% 0,00% Total Domestic Bonds ,00 4,31% 0,00% Total Domestic Transferable Securities ,52 86,91% 76,79%

8 8 TRANSFERABLE SECURITIES TRADED IN FOREIGN ISSUERS REGULATED MARKET Foreign Equities Foreign Equities in USD Equities Listed in New York Stock Exchange Lenovo Group LTD -ADR , , ,15 Berkshire Hathaway INC-CL , , ,60 TOTAL ,75 1,09% 0,00% Foreign Equities in SEK Equities Listed in Stockholm Stock Exchange Investor AB-B ,000 32, ,15 TOTAL ,15 1,09% 0,00% Total Foreign Equities ,90 2,19% 0,00% Foreign Money Market Instruments Foreign Money Market Instruments in EUR Holland Bonds DTB18/3/15-31/08/2015 ZERO COUPON , ,00 German Bonds GERMAN 01/10/ /09/2015 ZERO COUPON , ,00 TOTAL ,00 6,27% 0,00% Total Foreign Money Market Instruments Total Foreign Transferable Securities , ,46% 0,00% TOTAL TRANSFERABLE SECURITIES TRADED IN REGULATED MARKET ,42 95,37% 76,79% TOTAL TRANSFERABLE SECURITIES ,42 95,37% 76,79% SUNDRY DEBTORS Other debtors ,73 1,16% 1,20% RECEIVABLE ,50 0,08% 0,00% CASH EUR Sight Deposits ,18 0,91% 0,24% EUR Time Deposits ,25 2,82% 22,44% Total Cash ,43 3,73% 22,68% TOTAL ASSETS ,08 100,33% 100,66% LESS TAXES AND DUTIES DUE ,19 SUNDRY CREDITORS ,80 TIME ADJUSTMENT ACCOUNTS ,04 TOTAL LIABILITIES , % 0.66% TOTAL NET ASSETS ,240 units x 6, ,05 100,00% 100,00% B. STATEMENT OF OPERATIONS, INCOME STATEMENT AND STATEMENT OF CHANGE IN INVESTMENT VALUATIONS FROM TO I. UNITHOLDERS CAPITAL UNITS EUR Units in circulation on , ,83 PLUS: Sales of units from to , ,63 LESS: Units redeemed from to ,392 ( ,593) ,73 ( ,10) Units in circulation on , ,73

9 9 II. INCOME STATEMENT FOR THE PERIOD REVENUES Income from transferable securities (Dividends) ,56 Interests from bonds ,96 Interests from deposits 857, ,29 EXPENSES Management Fee ( ,95) Custodian Fee and Commission (63.701,60) Third party Fees and Expenses (38.226,20) Portfolio Trading Costs (35.260,87) Portfolio Trading Taxes (18.713,15) Other Government Taxes-HCMC duties (30.949,19) ( ,96) CAPITAL PROFITS Profits from sale of transferable securities ,67 CAPITAL LOSSES Losses from sale of Transferable Securities ( ,87) Exchange Differences (4.893,91) ( ,78) NET PROFITS/(LOSSES) ( ,78) ΙΙΙ. CHANGE IN INVESTMENT VALUATIONS Assets at current prices ( ) ,05 Assets at acquisition prices ( ) , ,10 TOTAL NET ASSET VALUE ON ,240 units x 6, ,05 C. UNIT VALUE (ARTICLE 77, LAW 4099/2012& ARTICLE 4 PAR,3 &4 HCMC DECISION 17/633/ ) Total Net Asset Value ,05 Units in circulation ,24 Net unit value D. REWARD-TO-VARIABILITY RATIO FROM TO STANDARD DEVIATION OF DAILY RETURN 2,13% E. COMPARATIVE TABLE OF LAST 3 ACCOUNTING PERIODS in NET ASSET VALUE ON 31 Dec , , ,06 UNITS IN CIRCULATION ON 31 Dec , , ,833 NET UNIT PRICE ON 31 Dec. 5,5932 7,8745 6,2171

10 10 3K DOMESTIC EQUITY FUND (Hellenic Capital Market Commission Executive Committee Decision No.29/634/ , Government Gazette 264/B/ ) SEMI ANNUAL MANAGEMENT REPORT AS AT I. BALANCE SHEET AS AT (Law 4308/14 ANNEX B. Specimen B.11. / Government Gazette 251 A/ ) Transferable Securities , , ,53 Bank Deposits , , ,45 Other assets , , ,23 Total Assets , , ,21 Liabilities , , ,49 Net Assets Value , , ,72 Units in circulation , , ,67 Net Asset Value per Unit 6,0414 8,7430 5,9498 Portfolio Analysis 1. Transferable securities traded in official stock exchange , , ,82 2. Transferable securities traded in other regulated markets 0,00 0,00 0,00 3. Recently issued transferable securities the issue of which contains terms for admission within one year on an official stock exchange or other regulated market 0,00 0,00 0,00 4. Other transferable securities not included in cases (1), (2) & (3) 0,00 97,71 97,71 Total , , ,53 II. NET ASSETS STATEMENT OF CHANGES Period to (Law 4308/14 ANNEX B. Specimen B.11. / Government Gazette 251 A/ ) A. Profit & Loss Statement Investments Income , , ,44 Other Incomes , ,89 24,33 Management Fees , , ,80 Custodian Fees , , ,81 Other Expenses & Taxes , , ,96 Net Income , , ,20 B. Net assets profit & loss statement of changes Income distribution and reinvestments , , ,96 New units issued , , ,45 Units redemption , , ,86 Various Investments measurements , ,661, ,97 Other changes in assets and investments 0,00 0,00 0,00 Portfolio transactions costs 0,00 0,00 0, , , ,52 Total of net assets changes (A+B) , , ,72

11 11 NOTES 1. On the percentage of the UCITS assets invested in equities was 84,80% compared to 76,79% on This change is not considered to be significant. On the percentage of the UCITS assets invested in bonds was 4,31% compared to 0,00% on This change is not considered to be significant. On the percentage of the UCITS assets invested in money market instruments was 6,27% compared to 0,00% on This change is not considered to be significant. 2. Under Statutory Instrument No. 65/ a bank holiday was declared from 28 June to 6 July During that period, the Board of Directors of the Hellenic Capital Market Commission decided that the regulated market of the Athens Exchange would remain closed and that the redemption of mutual fund units would be suspended (pursuant to Article 8 of Law 4099/2012) (Decision No. 715/ ). As a result of this: a) Equities listed on the Athens Exchange were valued based on the cash-settled stock exchange transaction closing prices on b) Deposits the mutual fund has with Greek credit institutions are subject to the cash withdrawal and capital transfer restrictions adopted in Statutory Instrument No. 65/ which apply in line with subsequent relevant ministerial decisions which have been issued. c) Suspension of the redemption of mutual fund units coupled with the said capital controls have significantly limited mutual fund operations. Such operations will continue to be suspended for as long as the capital controls are in place. 3. Bonds denominated in EUR were valued using Bloomberg BGN rates on The accrued interest from these transferable securities up to , from which the interest paid at the time of purchase has been deducted, was presented in the revenues for the period The time deposits listed in the cash assets on were valued at current prices. The accrued interest on the time deposits has been computed up to at the agreed interest rate, and reported in the results for the period Derivatives were not used in the period Companies included in the same group for the purpose of consolidated accounts as defined in Directive 83/349/EEC, as in force, or by internationally acknowledged accounting rules, are treated as a single organisation. In line with Article 61 of Law 4099/2012 this UCITS does not invest, on a cumulative basis, more than 20% of its net assets in the transferable securities or money market instruments of companies in the same group, as shown in the detailed asset statement in Table A. 7. The total value of financial assets measured at fair value based on published prices was ,67 (notes 2 and 3) and it should be noted that fair values were not measured based on measuring techniques that employ data/inputs which have observable values in the market or otherwise (Regulatory Decision No. 6/2009 of the Accounting Standardization and Auditing Committee, following Hellenic Capital Market Commission Decision No. 22/530/ ). 8. The method used by the Management Company to measure risks and calculate overall risk exposure faced by the mutual fund portfolios it manages is the commitment approach (Article 20 of Hellenic Capital Market Commission Decision No. 3/645/ ). BREAKDOWN OF BONDS IN THE 3K DOMESTIC EQUITY FUND PORTFOLIO DESCRIPTION GERMAN 01/10/ /09/2015 ZERO COUPON DTB 16/03/ /08/2015 ZERO COUPON HELLENIC REPUBLIC 17/04/ /04/2019 4,75 CODE (ISIN) TYPE OF INTEREST RATE ISSUER OF ISSUE DATE OF MATURITY INTEREST RATE QUANTITY PRICE VALUE VALUATION SOURCE CREDIT RATING FITCH CONVERTIBLE WITHDRAWABLE DE ZERO GERMANY 1/10/ /9/2014 COUPON 0,000% ,00 100, ,00 BLOOMBERG AAA NO NO NL ZERO COUPON HOLLAND 18/3/ /8/2015 0,000% ,00 100, ,00 BLOOMBERG N/A. NO NO FIXED GR INTEREST GREECE 17/4/ /4/2019 4,750% ,00 54, ,00 BLOOMBERG CCC NO NO RATE Athens, 24 July 2015 The Custodian PIRAEUS BANK S.A. The Management Company 3Κ INVESTMENT PARTNERS MUTUAL FUNDS MANAGEMENT CO. S.A. K. XENOU T. PAPADIMITRIOU G. KOUFOPOULOS G. VASILIOU

12 12 Audit Report prepared by Independent Certified Public Accountant To the Management of 3K Investment Partners Mutual Fund Management Co. S.A. on behalf of the Unitholders of the 3K DOMESTIC EQUITY FUND Audit Report on the Mutual Fund Half-Yearly Management Report We audited the Half-Yearly Management Report for the 3K DOMESTIC EQUITY FUND (the Management Report) for the period to , prepared by the company which manages its assets, 3K INVESTMENT PARTNERS Mutual Fund Management Co. S.A. (the Management Company), which depicts the Mutual Fund s asset status and results for the period and also contains explanatory notes. Management Company responsibility for the Management Report The management team of the Management Company is responsible for preparing the Mutual Fund s Management Report in accordance with the provisions of Law 4099/2012 on Undertakings for Collective Investment in Transferable Securities and Mutual Fund Management Companies read in conjunction with Decision No. 5567/87/ of the Minister of Finance, which gave legal effect to regulatory decision No. 6/2009 of the Accounting Standardisation and Auditing Committee, and for putting in place checks and balances which the management team of Management Company considers necessary to make it possible to prepare a Management Report free of material misstatements due to fraud or error. Auditor s responsibility Our responsibility is to express an opinion on the Management Report based on our audit carried out in accordance with the international standards of auditing. However, because of the issue outlined in the section entitled Basis for Disclaimer of opinion we were not able to gather adequate and appropriate audit evidence to form the basis of our audit opinion. Basis for Disclaimer of opinion As stated in note 2 of the Management Report, under Statutory Instrument No. 65/ a bank holiday was declared from 28 June to 6 July During that period, the Board of Directors of the Hellenic Capital Market Commission decided that the regulated market of the Athens Exchange would remain closed and that the redemption of mutual fund units would be suspended (pursuant to Article 8 of Law 4099/2012) (Decision No. 715/ ). Basis for Disclaimer of opinion - Continued Due to those events, it was not possible to value securities listed on the Athens Exchange at , and valuations were carried out based on the closing price for stock exchange transactions on As a result of this, it was not possible to determine whether adjustments were needed which could affect the value of the Mutual Fund s assets, and consequently the net price of its units on , as shown in the attached Management Report. Disclaimer of opinion Due to the importance of the issue cited in the section entitled Basis for Disclaimer of opinion it was not possible for us to gather adequate and appropriate audit evidence to form the basis of our audit opinion. Consequently, we have not expressed an opinion on the attached Management Report. Athens, 27 August 2015 The Certified Public Accountant Despina Xenaki ICPA (GR) Reg. No Chatzipavlou, Sofianos & Kambanis Auditors & Business Consultants SA. 3a Fragkoklissias & Granikou St., Marousi GR-15125

13 13 3K GREEK VALUE DOMESTIC EQUITY FUND (Hellenic Capital Market Commission Executive Committee Decision No.240/ ) MUTUAL FUND SEMI ANNUAL MANAGEMENT REPORT AS AT In line with Article 11 & 77 of Law 4099/2012 (Government Gazette 250/A/ ) & Law 4308/2014 MANAGEMENT COMPANY: 3K INVESTMENT PARTNERS MUTUAL FUND MANAGEMENT CO. S.A. CUSTODIAN: PIRAEUS BANK S.A. A. DETAILED ASSET STATEMENT UNITS UNIT PRICE IN FX UNIT PRICE IN VALUE IN ASSET STRUCTURE ON ASSET STRUCTURE ON TRANSFERABLE SECURITIES TRADED IN REGULATED MARKET TRANSFERABLE SECURITIES TRADED IN DOMESTIC ISSUERS REGULATED MARKET Domestic Equities Equities Listed in Athens Stock Exchange EUROPEAN RELINCE INSURANCE CO SA (CR) , ,00 JUMBO (CR) , ,00 KRI KRI MILK INDUSTRY SA (CR) , ,20 MLS Multimedia SA (CR) , ,00 PLAISIO COMPUTERS (CR) , ,00 HELLENIC EXCHANGES (CR) , ,00 Piraeus Port Authority SA (CR) , ,80 STELIOS KANAKIS SA , ,00 MYTILINEOS (CR) , ,00 FLECOPACK SA (CR) , ,00 AS COMPANY SA , ,80 KLEEMANN HELLAS SA , ,00 PLASTIKA KRITIS SA (CR) , ,00 AEGEAN AIRLINES SA (CR) , ,00 KARELIA TOBACCO CO SA (CR) , ,00 PETROS PETROPOULOS SA(CR) , ,00 TOTAL ,80 70,32% Total Domestic Equites ,80 70,32% Total Domestic Transferable Securities ,80 70,32% TRANSFERABLE SECURITIES TRADED IN REGULATED MARKET ,80 70,32% TOTAL TRANFERABLE SECURITIES ,80 70,32% SUNDRY DEBTORS Other debtors 536,82 0,11% CASH EUR Sight Deposits ,80 3,30% EUR Time Deposits ,17 30,99% Total Cash ,97 34,29% TOTAL ASSETS ,59 104,71% LESS TAXES AND DUTIES DUE 80,50 SUNDRY CREDITORS ,57 TIME ADJUSTMENT ACCOUNTS 294,95 TOTAL LIABILITIES ,02 4,71% TOTAL NET ASSETS ,028 units x 5, ,57 100,00%

14 14 B. STATEMENT OF OPERATIONS, INCOME STATEMENT AND STATEMENT OF CHANGE IN INVESTMENT VALUATIONS FROM TO I. UNITHOLDERS CAPITAL UNITS EUR Units in circulation on (date of , ,00 establishment) PLUS: Sales of units from to , ,29 LESS: Units redeemed from to , ,028 0, ,29 Units in circulation on , ,29 II. INCOME STATEMENT FOR THE PERIOD REVENUES Income from transferable securities (Dividends) 1.658, ,32 EXPENSES Management Fee (857,67) Custodian s fee and commission (111,51) Third party fees and expenses (299,27) Interests on deposits (61,15) Portfolio trading costs (601,90) Other government taxes-hcmc duties (80,50) (2.012,00) NET PROFITS/(LOSSES) (353,68) ΙΙΙ. CHANGE IN INVESTMENT VALUATIONS Assets at current prices ( ) ,57 Assets at acquisition prices ( ) , ,96 TOTAL NET ASSET VALUE ON ,028 units x 5, ,57 C. UNIT VALUE (ARTICLE 77, LAW 4099/2012& ARTICLE 4 PAR,3 &4 HCMC DECISION 17/633/ ) Total Net Asset Value ,57 Units in circulation ,028 Net unit value ,0701 D. REWARD-TO-VARIABILITY RATIO FROM TO STANDARD DEVIATION OF DAILY RETURN 0,88%

15 15 3K GREEK VALUE DOMESTIC EQUITY FUND (Hellenic Capital Market Commission Executive Committee Decision No.29/634/ , Government Gazette 264/B/ )1 SEMI ANNUAL MANAGEMENT REPORT AS AT I. BALANCE SHEET AS AT (Law 4308/14 ANNEX B. Specimen B.11. / Government Gazette 251 A/ ) Transferable Securities ,80 0,00 0,00 Bank Deposits ,97 0,00 0,00 Other assets 536,82 0,00 0,00 Total Assets ,59 0,00 0,00 Liabilities ,02 0,00 0,00 Net Assets Value ,57 0,00 0,00 Units in circulation ,03 0,00 0,00 Net Asset Value per Unit 5,0701 0,0000 0,0000 Portfolio Analysis 1. Transferable securities traded in official stock exchange ,80 0,00 0,00 2. Transferable securities traded in other regulated markets 0,00 0,00 0,00 3. Recently issued transferable securities the issue of which contains terms for admission within one year on an official stock exchange or other regulated market 0,00 0,00 0,00 4. Other transferable securities not included in cases (1), (2) & (3) 0,00 0,00 0,00 Total ,80 0,00 0,00 II. NET ASSETS STATEMENT OF CHANGES Period to (Law 4308/14 ANNEX B. Specimen B.11. / Government Gazette 251 A/ ) A. Profit & Loss Statement Investments Income 1.658,32 0,00 0,00 Other Incomes 0,00 0,00 0,00 Management Fees -857,67 0,00 0,00 Custodian Fees -111,51 0,00 0,00 Other Expenses & Taxes ,82 0,00 0,00 Net Income -353,68 0,00 0,00 B. Net assets profit & loss statement of changes Income distribution and reinvestments ,00 0,00 0,00 New units issued ,29 0,00 0,00 Units redemption 0,00 0,00 0,00 Various Investments measurements 6.895,96 0,00 0,00 Other changes in assets and investments 0,00 0,00 0,00 Portfolio transactions costs 0,00 0,00 0, ,25 0,00 0,00 Total of net assets changes (A+B) ,57 0,00 0,00

16 16 NOTES 1. Under Statutory Instrument No. 65/ a bank holiday was declared from 28 June to 6 July During that period, the Board of Directors of the Hellenic Capital Market Commission decided that the regulated market of the Athens Exchange would remain closed and that the redemption of mutual fund units would be suspended (pursuant to Article 8 of Law 4099/2012) (Decision No. 715/ ). As a result of this: a) Equities listed on the Athens Exchange were valued based on the cash-settled stock exchange transaction closing prices on b) Deposits the mutual fund has with Greek credit institutions are subject to the cash withdrawal and capital transfer restrictions adopted in Statutory Instrument No. 65/ which apply in line with subsequent relevant ministerial decisions which have been issued. c) Suspension of the redemption of mutual fund units coupled with the said capital controls have significantly limited mutual fund operations. Such operations will continue to be suspended for as long as the capital controls are in place. 2. The time deposits listed in the cash assets on were valued at current prices. The accrued interest on the time deposits has been computed up to at the agreed interest rate, and net interest has arisen which has been included for the results for the period No derivatives were used in the period to , which is the period from the date of establishment of the fund up to Companies included in the same group for the purpose of consolidated accounts as defined in Directive 83/349/EEC, as in force, or by internationally acknowledged accounting rules, are treated as a single organisation. In line with Article 61 of Law 4099/2012 this UCITS does not invest, on a cumulative basis, more than 20% of its net assets in the transferable securities or money market instruments of companies in the same group, and on held deposits over the 20% threshold at the same credit institution. However, it had obtained approval from the Hellenic Capital Market Commission for that. 5. The total value of financial assets measured at fair value based on published prices was 490, (notes 1 and 2) and it should be noted that fair values were not measured based on measuring techniques that employ data/inputs which have observable values in the market or otherwise (Regulatory Decision No. 6/2009 of the Accounting Standardisation and Auditing Committee, following Hellenic Capital Market Commission Decision No. 22/530/ ). 6. The method used by the Management Company to measure risks and calculate overall risk exposure faced by the mutual fund portfolios it manages is the commitment approach (Article 20 of Hellenic Capital Market Commission Decision No. 3/645/ ). 7. This Mutual Fund received authorisation from the Hellenic Capital Market Commission in Decision No. 240/ Decision No. 240/ also granted permission to exceed the investment thresholds for a period of 6 months from the date on which the authorisation was granted. 8. The Mutual Fund became operational on in line with Hellenic Capital Market Commission Decision No. 240/ Athens, 24 July 2015 The Custodian PIRAEUS BANK S.A. The Management Company 3Κ INVESTMENT PARTNERS MUTUAL FUNDS MANAGEMENT CO. S.A. AIK. XENOU T. PAPADIMITRIOU G. KOUFOPOULOS G. VASILIOU

17 17 Audit Report prepared by Independent Certified Public Accountant To the Management of 3K Investment Partners Mutual Fund Management Co. S.A. on behalf of the Unitholders of the 3K GREEK VALUE DOMESTIC EQUITY FUND Audit Report on the Mutual Fund Half-Yearly Management Report We audited the Half-Yearly Management Report for the 3K GREEK VALUE DOMESTIC EQUITY FUND (the Management Report) for the period to , prepared by the company which manages its assets, 3K INVESTMENT PARTNERS Mutual Fund Management Co. S.A. (the Management Company), which depicts the Mutual Fund s asset status and results for the period and also contains explanatory notes. Management Company responsibility for the Management Report The management team of the Management Company is responsible for preparing the Mutual Fund s Management Report in accordance with the provisions of Law 4099/2012 on Undertakings for Collective Investment in Transferable Securities and Mutual Fund Management Companies read in conjunction with Decision No. 5567/87/ of the Minister of Finance, which gave legal effect to regulatory decision No. 6/2009 of the Accounting Standardisation and Auditing Committee, and for putting in place checks and balances which the management team of Management Company considers necessary to make it possible to prepare a Management Report free of material misstatements due to fraud or error. Auditor s responsibility Our responsibility is to express an opinion on the Management Report based on our audit carried out in accordance with the international standards of auditing. However, because of the issue outlined in the section entitled Basis for Disclaimer of opinion we were not able to gather adequate and appropriate audit evidence to form the basis of our audit opinion. Basis for Disclaimer of opinion As stated in note 1 of the Management Report, under Statutory Instrument No. 65/ a bank holiday was declared from 28 June to 6 July During that period, the Board of Directors of the Hellenic Capital Market Commission decided that the regulated market of the Athens Exchange would remain closed and that the redemption of mutual fund units would be suspended (pursuant to Article 8 of Law 4099/2012) (Decision No. 715/ ). Basis for Disclaimer of opinion - Continued Due to those events, it was not possible to value securities listed on the Athens Exchange at , and valuations were carried out based on the closing price for stock exchange transactions on As a result of this, it was not possible to determine whether adjustments were needed which could affect the value of the Mutual Fund s assets, and consequently the net price of its units on , as shown in the attached Management Report. Disclaimer of opinion Due to the importance of the issue cited in the section entitled Basis for Disclaimer of opinion it was not possible for us to gather adequate and appropriate audit evidence to form the basis of our audit opinion. Consequently, we have not expressed an opinion on the attached Management Report. Athens, 27 August 2015 The Certified Public Accountant Despina Xenaki ICPA (GR) Reg. No Chatzipavlou, Sofianos & Kambanis Auditors & Business Consultants SA. 3a Fragkoklissias & Granikou St., Marousi GR-15125

18 18 3K BALANCED FUND (Hellenic Capital Market Commission Executive Committee Decision No.29/634/ , Government Gazette 264/B/ ) MUTUAL FUND SEMI ANNUAL REPORT AS OF In line with Article 77 of Law 4099/2012 (Government Gazette 250A/ ) MANAGEMENT COMPANY: 3K INVESTMENT PARTNERS MUTUAL FUND MANAGEMENT CO. S.A. CUSTODIAN: PIRAEUS BANK S.A. A. DETAILED ASSET STATEMENT UNITS UNIT PRICE IN FX TRANSFERABLE SECURITIES TRADED IN REGULATED MARKET TRANSFERABLE SECURITIES TRADED IN DOMESTIC ISSUERS REGULATED MARKET Domestic Equities Equities Listed in Athens Stock Exchange UNIT PRICE IN VALUE IN GEK SA (CR) , ,00 HELLENIC EXCHANGES (CR) , ,00 EUROPEAN RELIANCE INSURANCE CO SA (CR) , ,27 MYTILINEOS (CR) , ,00 Piraeus Port Authority SA (CR) , ,00 Thessaloniki Port Authority SA (CR , ,00 PLAISIO COMPUTERS SA (CR) , PLASTIKA KRITIS SA (CR) , ,50 TITAN (CR) , ,00 FOLLI FOLLIE GROUP (CR) , ,00 GRIVALIA PROPERTIES (CR) , ,00 JUMBO (CR) , ,00 ASSET STRUCTURE ON ASSET STRUCTURE ON TOTAL ,77 40,09% 32,65% Total Domestic Equities ,77 40,09% 32,65% Domestic Bonds Greek Government Bonds HELLENIC REPUBLIC 17/04/ /04/2019 4,75% FXD , ,00 TOTAL ,00 7,96% 10,35% Total Domestic Bonds Total Domestic Transferable Securities ,00 7,96% 10,35% ,77 48,06% 43,00% TRANSFERABLE SECURITIES TRADED IN FOREIGN ISSUERS REGULATED MARKET Foreign Equities Foreign Equities in USD Equities listed in New York Stock Exchange Lenovo Group LTD - ADR , , ,74 TOTAL ,74 0,71% 0,00% Foreign Equities in SEK Equities listed in Stockholm Stock Exchange Investor AB-B ,000 32, ,16 TOTAL ,16 1,30% 0,00% Total Foreign Equities ,90 2,01% 0,00%

19 19 Foreign Bonds Foreign Bonds in EUR German Bonds DEUTCH 15/08/ /08/2024 1,00% FXD , ,00 TOTAL ,00 14,31% 12,91% Holland Bonds NETHER 22/03/ /07/2023 1,75% FXD , ,00 TOTAL ,00 3,16% 11,46% Belgium Bonds BELGIUM 18/03/ /06/2034 3,00% FXD , ,00 BELGIUM 21/03/ /03/2032 4,00% FXD , ,00 TOTAL ,00 9,88% 4,80% France Bonds FRANCE 06/05/ /05/2030 2,50%FXD FRANCE 12/09/ /10/2038 4,00%FXD , , , ,00 TOTAL ,00 10,49% 4,50% Total Foreign Bonds ,00 37,84% 33,67% Foreign Money Market Instruments Foreign Money Market Instruments in EUR Holland Bonds DTB 18/03/ /08/2015 ZERO COUPON , ,00 TOTAL ,00 11,02% 0,00% Total Foreign Money Market Instruments ,00 11,02% 0,00% Total Foreign Transferable Securities ,90 50,88% 0,00% TOTAL TRANSFERABLE SECURITIES TRADED IN REGULATED MARKET ,67 98,94% 76,67% SUNDRY DEBTORS Other debtors ,17 0,41% 0,49% ACCRUED INCOME RECEIVABLES ,30 0,48% 0,58% CASH EUR Sight deposits ,28 1,34% 0,36% EUR Time Deposits 0,00 0,00% 22,68% Total cash ,28 1,34% 23,04% TOTAL ASSETS ,42 101,17% 100,78% LESS TAXES AND DUTIES DUE 2.666,48 SUNDRY CREDITORS ,01 PROFORMA ACCOUNTS FOR INTERIM ,02 TOTAL DEBT ,51 1,17% 0,78% TOTAL NET ASSETS ,307units x 2, ,91 100,00% 100,00%

20 20 B. STATEMENT OF OPERATIONS, INCOME STATEMENT AND STATEMENT OF CHANGE IN INVESTMENT VALUATIONS FROM TO I. UNITHOLDERS CAPITAL UNITS EURO Units in circulation on , ,78 PLUS: Sales of units to , ,17 LESS: Redemption of units to ,991 ( ,985) ,48 ( ,31) Units in circulation on , ,47 II. INCOME STATEMENT FOR THE PERIOD REVENUES Income from transferable securities (Dividends) ,11 Interest on bonds ,52 Interest on deposits 233, ,91 EXPENDITURE Management Fee (61.335,42) Custodian fee and commission (8.921,52) Third party fees and expenses (55.654,97) Portfolio trading costs (3.050,53) Portfolio trading taxes (1.340,89) Other government taxes-dues (3.690,48) ( ,81) CAPITAL PROFITS Profits from sale of transferable securities ,00 CAPITAL LOSSES Exchange Differences (6.352,90) Losses from sale of transferable securities ( ,56) ( ,46) NET PROFITS/(LOSSES) ( ,36) ΙΙΙ. CHANGE IN INVESTMENT VALUATIONS Assets at current prices ( ) ,91 Assets at acquisition prices ( ) ,11 (67.312,20) TOTAL NET ASSET VALUE ON ,307 units x 2, ,91 C. UNIT VALUE (ARTICLE 77, LAW 4099/2012& ARTICLE 4 PAR,3 &4 HCMC DECISION 17/633/ ) Total Net Asset Value ,91 Units in circulation ,31 Net unit value D. REWARD-TO-VARIABILITY RATIO FROM TO STANDARD DEVIATION OF DAILY RETURNS 1,27% E. COMPARATIVE TABLE OF LAST 3 ACCOUNTING PERIODS in NET ASSET VALUE ON 31 Dec , , ,63 UNITS IN CIRCULATION ON 31 Dec , , ,292 NET UNIT PRICE ON 31 Dec. 2,0770 2,8329 2,5156

21 21 3K BALANCED FUND (Hellenic Capital Market Commission Executive Committee Decision No.29/634/ , Government Gazette 264/B/ )1 SEMI ANNUAL MANAGEMENT REPORT AS AT I. BALANCE SHEET AS AT (Law 4308/14 ANNEX B. Specimen B.11. / Government Gazette 251 A/ ) Transferable Securities , , ,18 Bank Deposits , , ,84 Other assets , , ,71 Total Assets , , ,73 Liabilities , , ,44 Net Assets Value , , ,29 Units in circulation , , ,23 Net Asset Value per Unit 2,3557 3,3567 2,1470 Portfolio Analysis 1. Transferable securities traded in official stock exchange , , ,55 2. Transferable securities traded in other regulated markets 0,00 0,00 0,00 3. Recently issued transferable securities the issue of which contains terms for admission within one year on an official stock exchange or other regulated market 0,00 0,00 0,00 4. Other transferable securities not included in cases (1), (2) & (3) 0,00 3,63 3,63 Total , , ,18 II. NET ASSETS STATEMENT OF CHANGES Period to (Law 4308/14 ANNEX B. Specimen B.11. / Government Gazette 251 A/ ) A. Profit & Loss Statement Investments Income , , ,76 Other Incomes , , ,62 Management Fees , ,59 Custodian Fees , , ,28 Other Expenses & Taxes , , ,02 Net Income , ,06 67,49 B. Net assets profit & loss statement of changes Income distribution and reinvestments , , ,05 New units issued , , ,44 Units redemption , , ,96 Various Investments measurements , , ,27 Other changes in assets and investments 0,00 0,00 0,00 Portfolio transactions costs 0,00 0,00 0, , , ,80 Total of net assets changes (A+B) , , ,29

22 22 NOTES 1. On the percentage of the UCITS assets invested in equities was 42,10% compared to 32,65% on That change was primarily due to the drop in investments in deposits. On the percentage of the UCITS assets invested in bonds was 56,83% compared to 44,02% on That change was primarily due to the drop in investments in deposits. On the percentage of the UCITS assets invested in money market instruments was 11,02% compared to 0.00% on That change was primarily due to the drop in investments in deposits. 2. Under Statutory Instrument No. 65/ a bank holiday was declared from 28 June to 6 July During that period, the Board of Directors of the Hellenic Capital Market Commission decided that the regulated market of the Athens Exchange would remain closed and that the redemption of mutual fund units would be suspended (pursuant to Article 8 of Law 4099/2012) (Decision No. 715/ ). As a result of this: a) Equities listed on the Athens Exchange were valued based on the cash-settled stock exchange transaction closing prices on b) Deposits the mutual fund has with Greek credit institutions are subject to the cash withdrawal and capital transfer restrictions adopted in Statutory Instrument No. 65/ which apply in line with subsequent relevant ministerial decisions which have been issued. c) Suspension of the redemption of mutual fund units coupled with the said capital controls have significantly limited mutual fund operations. Such operations will continue to be suspended for as long as the capital controls are in place. 3. Bonds denominated in EUR were valued using Bloomberg BGN rates on The accrued interest from these transferable securities up to , from which the interest paid at the time of purchase has been deducted, was presented in the revenues for the period The time deposits listed in the cash assets on were valued at current prices. The accrued interest on the time deposits has been computed up to at the agreed interest rate, and net interest has arisen which has been included for the results for the period Derivatives were not used in the period Companies included in the same group for the purpose of consolidated accounts as defined in Directive 83/349/EEC, as in force, or by internationally acknowledged accounting rules, are treated as a single organisation. In line with Article 61 of Law 4099/2012 this UCITS does not invest, on a cumulative basis, more than 20% of its net assets in the transferable securities or money market instruments of companies in the same group, as shown in the detailed asset statement in Table A. 7. The total value of financial assets measured at fair value based on published prices was ,67 (notes 2 and 3) and it should be noted that fair values were not measured based on measuring techniques that employ data/inputs which have observable values in the market or otherwise (Regulatory Decision No. 6/2009 of the Accounting Standardisation and Auditing Committee, following Hellenic Capital Market Commission Decision No. 22/530/ ). 8. The method used by the Management Company to measure risks and calculate overall risk exposure faced by the mutual fund portfolios it manages is the commitment approach (Article 20 of Hellenic Capital Market Commission Decision No. 3/645/ ). DESCRIPTION CODE (ISIN) The Custodian PIRAEUS BANK S.A. TYPE OF INTEREST RATE BREAKDOWN OF BONDS IN THE 3K BALANCED FUND PORTFOLIO ISSUER DATE INTEREST VALUATION CREDIT RATING QUANTITY CONVERTIBLE WITHDRAWABLE OF ISSUE OF MATURITY RATE PRICE VALUE SOURCE S&P/FITCH HELLENIC REPUBLIC 17/04/ /04/2019 4,75% FXD GR FIXED GREECE 17/04/ /04/2019 4,750% ,00 54, ,00 BLOOMBERG CC NO NO DEUTSCH 15/08/ /08/2024 1,00% FXDFXD DE FIXED GERMANY 15/08/ /08/2024 1,000% 9.500,00 102, ,00 BLOOMBERG AAA NO NO NETHER 22/03/ /07/2023 1,75% FXDFXD NL FIXED HOLLAND 22/03/ /07/2023 1,750% 2.000,00 107, ,00 BLOOMBERG AAA NO NO BELGIUM 18/03/ /03/2034 3,00% FXDFXD BE FIXED BELGIUM 18/03/ /06/2034 3,000% 3.000,00 118, ,00 BLOOMBERG AA NO NO FRANCE 06/05/ /05/2030 2,50% FXDFXD FR FIXED FRANCE 06/05/ /05/2030 2,500% 3.000,00 110, ,00 BLOOMBERG AA NO NO FRANCE 12/09/ /10/2038 4,00% FXDFXD FR FIXED FRANCE 12/09/ /10/2030 4,000% 2.800,00 136, ,00 BLOOMBERG AA NO NO BELGIUM 21/03/ /03/2032 4,00% FXD DE FIXED BELGIUM 21/03/ /03/2032 4,000% 2.400,00 132, ,00 BLOOMBERG AA NO NO DTB 18/03/ /08/2015 ZERO COUPON NL ZERO COUPON HOLLAND 18/03/ /08/2015 0,000% 7.500,00 100, ,000 BLOOMBERG NA NO NO Athens, 24 July 2015 The Management Company 3Κ INVESTMENT PARTNERS MUTUAL FUND INVESTMENT COMANY E. XENOU T. PAPADIMITRIOU G. KOUFOPOULOS G. VASILIOU

23 23 Audit Report prepared by Independent Certified Public Accountant To the Management of 3K Investment Partners Mutual Fund Management Co. S.A. on behalf of the Unitholders of the 3K BALANCED FUND Audit Report on the Mutual Fund Half-Yearly Management Report We audited the Half-Yearly Management Report for the 3K BALANCED FUND (the Management Report) for the period to , prepared by the company which manages its assets, 3K INVESTMENT PARTNERS Mutual Fund Management Co. S.A. (the Management Company), which depicts the Mutual Fund s asset status and results for the period and also contains explanatory notes. Management Company responsibility for the Management Report The management team of the Management Company is responsible for preparing the Mutual Fund s Management Report in accordance with the provisions of Law 4099/2012 on Undertakings for Collective Investment in Transferable Securities and Mutual Fund Management Companies read in conjunction with Decision No. 5567/87/ of the Minister of Finance, which gave legal effect to regulatory decision No. 6/2009 of the Accounting Standardisation and Auditing Committee, and for putting in place checks and balances which the management team of Management Company considers necessary to make it possible to prepare a Management Report free of material misstatements due to fraud or error. Auditor s responsibility Our responsibility is to express an opinion on the Management Report based on our audit carried out in accordance with the international standards of auditing. However, because of the issue outlined in the section entitled Basis for Disclaimer of opinion we were not able to gather adequate and appropriate audit evidence to form the basis of our audit opinion. Basis for Disclaimer of opinion As stated in note 2 of the Management Report, under Statutory Instrument No. 65/ a bank holiday was declared from 28 June to 6 July During that period, the Board of Directors of the Hellenic Capital Market Commission decided that the regulated market of the Athens Exchange would remain closed and that the redemption of mutual fund units would be suspended (pursuant to Article 8 of Law 4099/2012) (Decision No. 715/ ). Basis for Disclaimer of opinion - Continued Due to those events, it was not possible to value securities listed on the Athens Exchange at , and valuations were carried out based on the closing price for stock exchange transactions on As a result of this, it was not possible to determine whether adjustments were needed which could affect the value of the Mutual Fund s assets, and consequently the net price of its units on , as shown in the attached Management Report. Disclaimer of opinion Due to the importance of the issue cited in the section entitled Basis for Disclaimer of opinion, it was not possible for us to gather adequate and appropriate audit evidence to form the basis of our audit opinion. Consequently, we have not expressed an opinion on the attached Management Report. Athens, 27 August 2015 The Certified Public Accountant Despina Xenaki ICPA (GR) Reg. No Chatzipavlou, Sofianos & Kambanis Auditors & Business Consultants SA. 3a Fragkoklissias & Granikou St., Marousi GR-15125

24 24 3K EUROPEAN SHORT TERM MONEY MARKET FUND (Hellenic Capital Market Commission Executive Committee Decision No.29/634/ , Government Gazette 264/B/ ) MUTUAL FUND SEMI ANNUAL REPORT AS OF In line with Article 77 of Law 4099/2012 (Government Gazette 250A/ ) MANAGEMENT COMPANY: 3K INVESTMENT PARTNERS MUTUAL FUND MANAGEMENT CO. S.A. CUSTODIAN: PIRAEUS BANK S.A. A. DETAILED ASSET STATEMENT UNITS UNIT PRICE IN FX TRANSFERABLE SECURITIES TRADED IN REGULATED MARKET TRANSFERABLE SECURITIES TRADED IN DOMESTIC ISSUERS REGULATED MARKET UNIT PRICE IN VALUE IN ASSET STRUCTURE ON ASSET STRUCTURE ON Foreign Money Market Instruments Foreign Money Market Instruments in EUR Holland Bonds DTB 18/03/ /08/2015 ZERO COUPON 6.000,00 100, ,00 TOTAL ,00 16,55% 0,00% French Bonds BTF 13/05/ /10/2015 ZERO COUPON 3.000,00 100, ,00 TOTAL ,00 8,28% 0,00% Belgium Bonds BELGIUM 18/09/ /09/2015 ZERO COUPON 2.000,00 100, ,00 TOTAL ,00 5,52% 8,42% German Bonds 0,00% 16,84% Total Foreign money market instruments ,00 30,34% 25,26% TOTAL TRANSFERABLE SECURITIES TRADED IN REGULATED MARKET ,00 30,34% 25,26% SUNDRY DEBTORS 0,00 0,00% 0,01% CASH EUR Sight deposits ,76 4,10% 17,66% EUR Time Deposits ,52 65,60% 57,26% Total cash assets ,28 69,70% 74,92% TOTAL ASSETS ,28 100,05% 100,20% LESS TAXES AND DUTIES DUE 433,43 SUNDRY CREDITORS 606,14 PROFORMA ACCOUNTS FOR INTERIM REPORTING 466,33 TOTAL DEBT 1.505,90 0,05% 0,20% TOTAL NET ASSETS ,993 units x 5, ,38 100,00% 100,00%

25 25 B. STATEMENT OF OPERATIONS, INCOME STATEMENT AND STATEMENT OF CHANGES IN INVESTMENT VALUATIONS FROM TO I. UNITHOLDERS CAPITAL UNITS EURO Units in circulation on , ,22 PLUS: Sales of Units from to , ,42 LESS: Units redeemed from to ,669 (97.730,603) ,19 ( ,77) Units in circulation on , ,45 II. INCOME STATEMENT FOR PERIOD REVENUES Interests on Deposits 0,64 EXPENDITURE Management Fee (1.523,64) Custodian Fee and commission (761,91) Third party fees and expenses (1.938,75) Interests on Deposits (1.384,14) Other Government Taxes-Duties (433,43) (6.041,87) FUND PROFITS Profits from sale of Securities 20,51 FUND LOSSES Losses from sale of Transferable Securities (900,56) NET PROFITS/(LOSSES) FOR THE PERIOD (6.921,28) III. CHANGE IN INVESTMENT VALUATIONS Assets at current prices ( ) ,38 Assets at acquisition prices ( ) ,17 (521,79) TOTAL NET VALUE OF ASSETS ON ,993 units x 5, ,38 C. UNIT VALUE (ARTICLE 77, LAW 4099/2012& ARTICLE 4 PAR,3 &4 HCMC DECISION 17/633/ ) Total Net Asset Value ,38 Units in circulation ,993 Net unit value ,3394 D. REWARD-TO-VARIABILITY RATIO FROM TO STANDARD DEVIATION OF DAILY RETURNS 0.00% E. COMPARATIVE TABLE OF LAST 3 ACCOUNTING PERIODS in NET ASSET VALUE ON 31 Dec , , ,23 UNITS IN CIRCULATION ON 31 Dec , , ,596 NET UNIT PRICE ON 31 Dec. 5,3904 5,3589 5,3495

26 26 3K EUROPEAN SHORT TERM MONEY MARKET FUND (Hellenic Capital Market Commission Executive Committee Decision No.29/634/ , Government Gazette 264/B/ )1 SEMI ANNUAL MANAGEMENT REPORT AS AT I. BALANCE SHEET AS AT (Law 4308/14 ANNEX B. Specimen B.11. / Government Gazette 251 A/ ) Transferable Securities , , ,50 Bank Deposits , , ,06 Other assets 0,00 8,92 76,48 Total Assets , , ,04 Liabilities 1.505, , ,38 Net Assets Value , , ,66 Units in circulation , , ,34 Net Asset Value per Unit 5,3394 5,3557 5,3730 Portfolio Analysis 5. Transferable securities traded in official stock exchange , , ,50 6. Transferable securities traded in other regulated markets 0,00 0,00 0,00 7. Recently issued transferable securities the issue of which contains terms for admission within one year on an official stock exchange or other regulated market 0,00 0,00 0,00 8. Other transferable securities not included in cases (1), (2) & (3) 0,00 0,00 0,00 Total , , ,50 II. NET ASSETS STATEMENT OF CHANGES Period to (Law 4308/14 ANNEX B. Specimen B.11. / Government Gazette 251 A/ ) A. Profit & Loss Statement Investments Income -880,05 129,14 674,22 Other Incomes 0, , ,04 Management Fees , , ,23 Custodian Fees -761,91-848, ,24 Other Expenses & Taxes , , ,85 Net Income , , ,06 B. Net assets profit & loss statement of changes Income distribution and reinvestments , , ,62 New units issued , , ,30 Units redemption , , ,58 Various Investments measurements -521,79 769,48 59,38 Other changes in assets and investments 0,00 0,00 0,00 Portfolio transactions costs 0,00 0,00 0, , , ,72 Total of net assets changes (A+B) , , ,66