BG SELECTION SICAV. Unaudited semi-annual report as at 30/06/17. RCS Luxembourg N B

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1 BG SELECTION SICAV Unaudited semi-annual report as at 30/06/17 RCS Luxembourg N B Database Publishing System: CO-Reporter by CO-Link, Belgium.

2 BG SELECTION SICAV Table of Contents Page Management and Administration 4 Board of Directors 7 Combined 8 BG SELECTION SICAV Greater China Equities 10 BG SELECTION SICAV Eastern Europe Equities 14 BG SELECTION SICAV T-Cube 18 BG SELECTION SICAV Short Strategies 22 BG SELECTION SICAV Global Dynamic 26 BG SELECTION SICAV ARC 30 BG SELECTION SICAV ARC BG SELECTION SICAV Liquidity 40 BG SELECTION SICAV Morgan Stanley - North America Equities 44 BG SELECTION SICAV Africa & Middle East Equities 48 BG SELECTION SICAV Anima - Italy Equities 52 BG SELECTION SICAV Invesco - Europe Equities 56 BG SELECTION SICAV Invesco - ASIA Global Opportunities 60 BG SELECTION SICAV Morgan Stanley - Active Allocation 64 BG SELECTION SICAV Vontobel - Global Elite 68 BG SELECTION SICAV BlackRock - Global Multi Asset Fund 72 BG SELECTION SICAV Eurizon - Concerto 79 BG SELECTION SICAV Pictet - World Opportunities 85 BG SELECTION SICAV GAM Flexible Strategy 89 BG SELECTION SICAV Global Risk Managed 94 BG SELECTION SICAV HSBC - Emerging Markets Solution 98 BG SELECTION SICAV Kairos - Blend 102 BG SELECTION SICAV JPM - Best Ideas 106 BG SELECTION SICAV Schroder - Multi-Asset 110 BG SELECTION SICAV Generali Investments Europe - Diversified Solution 114 BG SELECTION SICAV DNCA Navigator 118 BG SELECTION SICAV Anima-Club 122 Page 2

3 BG SELECTION SICAV Table of Contents (continued) Page BG SELECTION SICAV Next 11 Equities 126 BG SELECTION SICAV Franklin Templeton - Multi Alpha Fund 130 BG SELECTION SICAV Oddo Asset Management - Oddo Expertise Europe 134 BG SELECTION SICAV Aberdeen - Emerging Markets Bond and Currency Opportunity 138 BG SELECTION SICAV Columbia Threadneedle - Global Equity Alpha Fund 142 BG SELECTION SICAV Smaller Companies 146 BG SELECTION SICAV UBS - Top Emerging Markets Fund 150 BG SELECTION SICAV Aberdeen - Latin America Equities 154 BG SELECTION SICAV India & South East Asia Equities 158 BG SELECTION SICAV Invesco - Real Assets Return 162 BG SELECTION SICAV Global Real Assets 166 BG SELECTION SICAV Morgan Stanley - Real Assets Portfolio Fund 170 BG SELECTION SICAV BlackRock - Multi Assets Inflation Focused 174 BG SELECTION SICAV Pictet - Dynamic Advisory 178 BG SELECTION SICAV Kairos Real Return 182 BG SELECTION SICAV J.P. Morgan Global Multi Asset Income Fund 186 BG SELECTION SICAV PIMCO - Smart Investing Flexible Allocation 190 BG SELECTION SICAV M&G - Multi Asset Allocation Fund 195 BG SELECTION SICAV Kairos - Liquid Alternative 199 BG SELECTION SICAV Man - Multi-Strategy Alternative 203 BG SELECTION SICAV BlackRock - Diversified Strategies Fund 207 BG SELECTION SICAV Flexible Europe 210 General Information 214 Subscriptions can only be received on the basis of the latest prospectus accompanied by the latest annual report as well as by the latest semi-annual report, if published thereafter. Page 3

4 BG SELECTION SICAV Management and Administration MANAGEMENT COMPANY BG FUND MANAGEMENT LUXEMBOURG S.A. 5, allée Scheffer L Luxembourg REGISTERED OFFICE 5, allée Scheffer L Luxembourg DEPOSITARY, PAYING AGENT AND DOMICILIATION AGENT CACEIS Bank, Luxembourg Branch 5, allée Scheffer L Luxembourg CENTRAL ADMINISTRATION, REGISTRAR AND TRANSFER AGENT CACEIS Bank, Luxembourg Branch 5, allée Scheffer L Luxembourg LEGAL ADVISOR Bonn & Schmitt Avocats 148, avenue de la Faïencerie L Luxembourg AUDITOR Ernst & Young S.A. 35E, avenue J. F. Kennedy L Luxembourg INVESTMENT MANAGERS For BG SELECTION SICAV MORGAN STANLEY - NORTH AMERICA EQUITIES, BG SELECTION SICAV MORGAN STANLEY - ACTIVE ALLOCATION and BG SELECTION SICAV MORGAN STANLEY - REAL ASSETS PORTFOLIO FUND MORGAN STANLEY INVESTMENT MANAGEMENT LIMITED 25 Cabot Square Canary Wharf E14 4QA London United Kingdom For BG SELECTION SICAV ANIMA - ITALY EQUITIES and BG SELECTION SICAV ANIMA-CLUB ANIMA SGR S.p.A. Galleria De Cristoforis, 7 I Milano Italy For BG SELECTION SICAV INVESCO - OPE EQUITIES, BG SELECTION SICAV INVESCO - ASIA GLOBAL OPPORTUNITIES and BG SELECTION SICAV INVESCO - REAL ASSETS RETURN INVESCO ASSET MANAGEMENT S.A. Sede Secondaria Via Bocchetto, 6 2 nd Floor I Milano Italy For BG SELECTION SICAV VONTOBEL - GLOBAL ELITE VONTOBEL ASSET MANAGEMENT AG Gotthardstrasse 43 CH Zürich Switzerland For BG SELECTION SICAV BLACKROCK - GLOBAL MULTI ASSET FUND, BG SELECTION SICAV BLACKROCK - MULTI ASSETS INFLATION FOCUSED and BG SELECTION SICAV BLACKROCK - DIVERSIFIED STRATEGIES FUND BLACKROCK INVESTMENT MANAGEMENT (UK) LIMITED 12 Throgmorton Avenue EC2N 2DL London United Kingdom For BG SELECTION SICAV IZON - CONCERTO IZON CAPITAL SGR S.p.A. Piazzetta Giordano Dell Amore, 3 I Milano Italy For BG SELECTION SICAV PICTET - WORLD OPPORTUNITIES PICTET ASSET MANAGEMENT S.A. Route des Acacias 60 CH Geneva 73 Switzerland Page 4

5 BG SELECTION SICAV Management and Administration (continued) INVESTMENT MANAGERS (continued) For BG SELECTION SICAV GAM FLEXIBLE STRATEGY GAM (Italia) SGR S.p.A. Via Duccio di Boninsegna, 10 I Milano Italy For BG SELECTION SICAV GLOBAL RISK MANAGED and BG SELECTION SICAV GLOBAL REAL ASSETS MORNINGSTAR INVESTMENT MANAGEMENT OPE LIMITED 1 Oliver s Yard City Road EC1Y 1HQ London United Kingdom For BG SELECTION SICAV HSBC - EMERGING MARKETS SOLUTION HSBC GLOBAL ASSET MANAGEMENT (FRANCE) Immeuble Ile-de-France 4 Place de la Pyramide, la Défense 9 F Puteaux France For BG SELECTION SICAV KAIROS - BLEND and BG SELECTION SICAV KAIROS REAL RETURN KAIROS PARTNERS SGR S.p.A. Via San Prospero, 2 I Milano Italy For BG SELECTION SICAV JPM - BEST IDEAS and BG SELECTION SICAV J.P. MORGAN GLOBAL MULTI ASSET INCOME FUND JPMORGAN ASSET MANAGEMENT (UK) LIMITED 60 Victoria Embankment EC4Y 0JP London United Kingdom For BG SELECTION SICAV SCHRODER - MULTI-ASSET SCHRODER INVESTMENT MANAGEMENT LIMITED 31 Gresham Street EC2V 7QA London United Kingdom For BG SELECTION SICAV GENERALI INVESTMENTS OPE - DIVERSIFIED SOLUTION Generali Investments Europe S.p.A. Società di Gestione del Risparmio French Branch 2, rue Pillet-Will F Paris France For BG SELECTION SICAV DNCA - NAVIGATOR DNCA FINANCE S.A. 19, place Vendôme F Paris France For BG SELECTION SICAV FRANKLIN TEMPLETON - MULTI ALPHA FUND FRANKLIN TEMPLETON INVESTMENTS MANAGEMENT LIMITED The Adelphi 1-11 John Adam Street WC2N 6HT London United Kingdom For BG SELECTION SICAV ODDO ASSET MANAGEMENT - ODDO EXPERTISE OPE ODDO ASSET MANAGEMENT 12 boulevard de la Madeleine F Paris France For BG SELECTION SICAV ABERDEEN - EMERGING MARKETS BOND AND CURRENCY OPPORTUNITY and BG SELECTION SICAV ABERDEEN - LATIN AMERICA EQUITIES ABERDEEN ASSET MANAGERS LIMITED 10 Queens Terrace AB10 1YG Aberdeen United Kingdom For BG SELECTION SICAV COLUMBIA THREADNEEDLE GLOBAL EQUITY ALPHA FUND THREADNEEDLE ASSET MANAGEMENT LIMITED Cannon Place 78 Cannon Street EC4N 6AG London United Kingdom Page 5

6 BG SELECTION SICAV Management and Administration (continued) INVESTMENT MANAGERS (continued) For BG SELECTION SICAV UBS - TOP EMERGING MARKETS FUND UBS AG, GLOBAL ASSET MANAGEMENT Aeschenvorstadt 1 CH Basel Switzerland For BG SELECTION SICAV PICTET - DYNAMIC ADVISORY PICTET ASSET MANAGEMENT LIMITED, Italian Branch Via Della Moscova, 3 I Milano Italy For BG SELECTION SICAV PIMCO - SMART INVESTING FLEXIBLE ALLOCATION PIMCO OPE LTD 11 Baker Street W1U 3AH London United Kingdom For BG SELECTION SICAV M&G - MULTI ASSET ALLOCATION FUND M&G INVESTMENT MANAGEMENT LIMITED Laurence Pountney Hill EC4R 0HH London United Kingdom For BG SELECTION SICAV KAIROS - LIQUID ALTERNATIVE KAIROS INVESTMENT MANAGEMENT LIMITED 10 Portman Square W1H 6AZ London United Kingdom For BG SELECTION SICAV MAN - MULTI- STRATEGY ALTERNATIVE MAN SOLUTIONS LIMITED 1 Curzon Street W1J 5HB London United Kingdom With as Sub-Investment Manager PACIFIC INVESTMENT MANAGEMENT COMPANY LLC 650 Newport Center Drive Newport Beach, CA USA Page 6

7 BG SELECTION SICAV Board of Directors Chairman Mrs Claudia Vacanti, Chief Investment Officer of Asset Management Division*, Banca Generali S.p.A., via Machiavelli, 4, I Trieste, Italy (until April 25, 2017) Mr Alex Schmitt, Attorney-at-law, Bonn & Schmitt Avocats, 148, avenue de la Faïencerie, L Luxembourg, Grand Duchy of Luxembourg (since April 26, 2017) Vice Chairman Mrs Barbara Malagutti, Head of Marketing, Banca Generali S.p.A., via Machiavelli, 4, I Trieste, Italy (until May 19, 2017) Mrs Claudia Vacanti, Chief Investment Officer of Asset Management Division*, Banca Generali S.p.A., via Machiavelli, 4, I Trieste, Italy (subject to the approval of the CSSF) Directors Mr Fabio Pavone, Head of Compliance and Product Management, BG FUND MANAGEMENT LUXEMBOURG S.A., 5, allée Scheffer, L Luxembourg, Grand Duchy of Luxembourg (since April 25, 2017) Mr Jean-François Laffineur, Chief Operating Officer, BG FUND MANAGEMENT LUXEMBOURG S.A., 5, allée Scheffer, L Luxembourg, Grand Duchy of Luxembourg (since April 25, 2017) Mr Edoardo Tubia, Independent Director, 18, avenue de la Porte Neuve, L Luxembourg, Grand Duchy of Luxembourg Mr Gian Maria Mossa, Chief Executive Officer and General Manager, Banca Generali S.p.A., via Machiavelli, 4, I Trieste, Italy (until April 25, 2017) *Head of Product and Development Instruments Department as from July 1, Page 7

8 BG SELECTION SICAV Combined Page 8

9 BG SELECTION SICAV Combined Financial Statements as at 30/06/17 Statement of net assets as at 30/06/17 Expressed in Assets Securities portfolio at market value Cost price Unrealised profit on the securities portfolio Options purchased at market value Options purchased at cost Cash at bank Reverse repurchase agreements Interest receivable Brokers receivable Subscriptions receivable Dividends receivable Unrealised appreciation on forward foreign exchange contracts Unrealised appreciation on financial futures Advances for purchase of securities Forward agreements at market value - To Be Announced bonds purchased Other assets Liabilities Options sold at market value Options sold at cost Bank overdrafts Brokers payable Accrued performance fees Redemptions payable Unrealised depreciation on forward foreign exchange contracts Unrealised depreciation on financial futures Unrealised depreciation on swaps Accrued management fees Accrued custody fees Accrued administrative expenses Other liabilities Net asset value 10,832,428, ,186,729, ,148,060, ,038,669, ,173, ,547, ,765, ,800, ,751, ,425, ,803, , ,092, ,010, ,341, ,774, , ,068, ,846, ,211, ,372, ,672, ,271, ,903, , ,338, ,460, ,613, , ,780, ,068, ,677,359, Page 9

10 BG SELECTION SICAV Greater China Equities Page 10

11 BG SELECTION SICAV Greater China Equities Financial Statements as at 30/06/17 Statement of net assets as at 30/06/17 Expressed in Assets Securities portfolio at market value Cost price Unrealised profit on the securities portfolio Cash at bank Brokers receivable Subscriptions receivable Unrealised appreciation on forward foreign exchange contracts Other assets Liabilities Bank overdrafts Accrued performance fees Redemptions payable Accrued management fees Accrued custody fees Accrued administrative expenses Other liabilities Net asset value 96,005, ,753, ,691, ,061, , , , , ,150, , , , , , , , ,854, Changes in number of shares outstanding from 01/01/17 to 30/06/17 Shares outstanding as at 01/01/17 Shares issued Shares redeemed Shares outstanding as at 30/06/17 Class A 813, , , , Class B 112, , , , Class C 1, , Class D 178, , , , Page 11

12 BG SELECTION SICAV Greater China Equities Key figures Period/year ending as at: 30/06/17 31/12/16 31/12/15 Total Net Assets 94,854, ,877, ,087, Class A Class B Class C Class D 766, , , , , , , , , , , , Page 12

13 BG SELECTION SICAV Greater China Equities Securities portfolio as at 30/06/17 Expressed in Quantity Denomination Quotation currency Market value % of net assets Other transferable securities 6,303, Warrants, Rights 6,303, The Netherlands Antilles 6,303, ,000 MERRILL LYNCH INTL & CO CV WAR 6,303, Shares/Units of UCITS/UCIS 87,449, Shares/Units in investment funds 87,449, Equity funds 67,107, ,413 BANOR GC LS EQ -I- CAP 1,821, ,823 COMGEST GROWTH PLC GREATER CHINA FD -I- CAP 2,461, ,648 EDR FUND CHINA -I- CAP 4,892, ,200 FIRST STATE GLOBAL GREATER CHINA GROWTH FD -III- CAP 1,960, ,379 GAM STAR FD PLC STAR CHINA EQ -INS - CAP 4,716, ,000 GLOBAL X CHINA CONSUMER ETF DIS 5,166, ,700 ISHARES PLC MSCI TAIWAN UCITS ETF DIS 9,579, ,203 J. BAER MULTISTOCK SICAV CHINA EVOLUTION -C- CAP 6,798, ,611 JKC FD LA FRANCAISE JKC CHINA EQUITY -I- CAP 5,673, ,897 JP MORGAN FD GREATER CHINA -C-ACC- CAP 1,909, ,603 PICTET SICAV GREATER CHINA -I- CAP 1,743, ,611 ROBECO CAPITAL GROWTH FD ROBECO CHINESE EQ -I - CAP 4,108, ,980 SCHRODER INT SEL GREATER CHINA -C- CAP 1,910, ,569 UBS LUX EQ CHINA OPPORTUNITY () -IA1-ACC- CAP 5,861, ,624 UBS LUX EQ GREATER CHINA () -Q-ACC- CAP 2,404, ,270 VONTOBEL FD MTX CHINA LEADERS -I- CAP 6,097, Other funds 20,342, ,000 CLAYMORE EXCHANGE TRADED FD TRUST 2 DIS 5,060, ,000 ISHARE MSCI CHINA ETF DIS 15,282, Total securities portfolio 93,753, Page 13

14 BG SELECTION SICAV Eastern Europe Equities Page 14

15 BG SELECTION SICAV Eastern Europe Equities Financial Statements as at 30/06/17 Statement of net assets as at 30/06/17 Expressed in Assets Securities portfolio at market value Cost price Unrealised profit on the securities portfolio Cash at bank Subscriptions receivable Dividends receivable Other assets Liabilities Bank overdrafts Redemptions payable Unrealised depreciation on financial futures Accrued management fees Accrued custody fees Accrued administrative expenses Other liabilities Net asset value 74,655, ,507, ,564, ,942, ,077, , , , , , , , , , , , ,729, Changes in number of shares outstanding from 01/01/17 to 30/06/17 Shares outstanding as at 01/01/17 Shares issued Shares redeemed Shares outstanding as at 30/06/17 Class A 746, , , , Class B 2, , , , Class C , , , Class D 340, , , , Page 15

16 BG SELECTION SICAV Eastern Europe Equities Key figures Period/year ending as at: 30/06/17 31/12/16 31/12/15 Total Net Assets 73,729, ,903, ,213, Class A Class B Class C Class D 698, , , , , , , , , , Page 16

17 BG SELECTION SICAV Eastern Europe Equities Securities portfolio as at 30/06/17 Expressed in Quantity Denomination Quotation currency Market value % of net assets Shares/Units of UCITS/UCIS 73,507, Shares/Units in investment funds 73,507, Equity funds 73,507, ,824 BGF EMERGING OPE FD -D2- CAP 6,493, ,482 DWS OSTOPA FCP CAP 1,882, ,285 EAST CAPITAL SICAV EASTERN OPE -C- CAP 4,472, ,369 FRANKLIN TEMPLETON INV FD TEMPLETON EASTERN OPE -I-ACC- 4,014, CAP 174,000 ISHARES PLC MSCI EASTERN OPE CAPPED UCITS ETF DIS 3,184, ,000 ISHARES V PLC MSCI POLAND UCITS ETF CAP 3,065, ,000 ISHARES VII PLC MSCI RUSSIA ADR/GDR UCITS ETF CAP 5,873, ,000 LYXOR EASTERN OPE (CECE NTR ) UCITS ETF FCP -C - CAP 4,784, ,344,000 LYXOR FTSE ATHEX LARGE CAP UCITS ETF FCP DIS 1,384, ,000 LYXOR RUSSIA (DOW JONES RUSSIA GDR) UCITS ETF FCP -C - CAP 3,546, ,000 LYXOR TURKEY (DJ TURKEY TITANS 20) UCITS ETF FCP DIS 2,476, ,223 MORI UMBRELLA FD PLC EASTERN FD -M- CAP 2,914, ,950 NATIXIS INTL FDS (LUX) I SICAV EMERISE EMERGING OPE EQ FUND -I/A- 3,231, CAP 34,925 PARVEST SICAV EQ OPE EMERGING -I- CAP 4,393, ,729 PICTET SICAV EMERGING OPE -I- CAP 4,245, ,155 RAIFFEISEN OSTOPA AKTIEN -I- CAP 2,270, ,939 SCHRODER INT SEL EMERGING -C- CAP 6,654, ,030,000 SEB SICAV 2 EASTERN OPE SMALL CAP -C- CAP 4,299, ,000 SOURCE MARKETS PLC RDX UCITS ETF CAP 2,213, ,000 SSGA SPDR ETFS OPE I PLC SPDR MSCI EM OPE UCITS ETF CAP 2,104, Total securities portfolio 73,507, Page 17

18 BG SELECTION SICAV T-Cube Page 18

19 BG SELECTION SICAV T-Cube Financial Statements as at 30/06/17 Statement of net assets as at 30/06/17 Expressed in Assets Securities portfolio at market value Cost price Unrealised profit on the securities portfolio Cash at bank Subscriptions receivable Unrealised appreciation on forward foreign exchange contracts Other assets Liabilities Accrued performance fees Redemptions payable Accrued management fees Accrued custody fees Accrued administrative expenses Other liabilities Net asset value 196,274, ,601, ,147, ,453, ,386, , , , ,257, , , , , , , ,017, Changes in number of shares outstanding from 01/01/17 to 30/06/17 Shares outstanding as at 01/01/17 Shares issued Shares redeemed Shares outstanding as at 30/06/17 Class A 636, , , , Class B 9, , , , Class C Class D 79, , , , Page 19

20 BG SELECTION SICAV T-Cube Key figures Period/year ending as at: 30/06/17 31/12/16 31/12/15 Total Net Assets 195,017, ,997, ,209, Class A Class B Class C Class D 572, , , , , , , , , Page 20

21 BG SELECTION SICAV T-Cube Securities portfolio as at 30/06/17 Expressed in Quantity Denomination Quotation currency Market value % of net assets Shares/Units of UCITS/UCIS 189,601, Shares/Units in investment funds 189,601, Equity funds 142,342, ,350 BELLEVUE FUNDS LUX BB ADAMANT MEDTECH&SERVICES -I- CAP 5,185, ,092 BG SICAV OPEAN EQUITIES -A- CAP 5,440, ,705 CAP INV FD SICAV CAPITAL GROUP NEW WORLD FD (LUX) -Z- CAP 5,904, CPR GLB DIS OPP I CAP 4,991, ,000 CPR SILVER AGE -I- DIS 6,771, ,000 ISHARES O STOXX BANKS UCITS ETF (DE) DIS 10,725, ,190 JP MORGAN FD OPE TECHNOLOGY -C-ACC- CAP 5,444, ,000 LYXOR O STOXX 50 (DR) UCITS ETF FCP -D - DIS 7,637, ,000 LYXOR UCITS ETF STOXX 600 INDS GOODS & SERVICE FCP DIS 13,119, ,000 LYXOR WORLD WATER UCITS ETF FCP -D - DIS 13,147, ,705 MORGAN STANLEY INV FD GLOBAL OPP -Z- CAP 6,011, ,622 MULTIPARTNER SICAV ROBECOSAM SMART MATERIALS -C- CAP 6,063, ,770 NORDEA 1 SICAV GLOBAL CLIMATE & ENV EQ FD -BI- CAP 5,999, ,000 OBJECTIF RECOVERY OZONE FCP -A- DIS 15,638, ,182 PRESCIENT GLOBAL FDS PLC OSMOSIS MORE WORLD RESOURCE EFF FD -C- 4,048, CAP 65,119 ROBECO CAPITAL GROWTH FD ROBECO NEW WORLD FIN EQ -I - CAP 6,938, ,701 SYCOMORE HAPPY A WORK -I- CAP 12,553, ,679 T.ROWE PRICE FD GLOBAL TECHNOLOGY EQ -I- CAP 6,722, Mixed funds 24,124, ,500 CS INV FDS 5 CS (LUX) INFRASTRUCTURE EQ -IB- CAP 7,183, ,750 LEMANIK SICAV OPEAN SPECIAL SITUATIONS -RETAIL- DIS 5,056, ,766 NN (L) OPEAN SUSTAINABLE EQ -I- CAP 11,884, Other funds 23,134, ,067 CS INV FDS 2 CS (LUX) GLOBAL ROBOTICS EQ -IB- CAP 6,604, ,000 DB X-TRACKERS SICAV STOXX OPE 600 TECH UCITS ETF -1C- CAP 6,887, ,670 SSGA SPDR ETFS OPE II PLC SPDR MSCI OPE CONS STAPLES UCITS ETF 9,642, CAP Total securities portfolio 189,601, Page 21

22 BG SELECTION SICAV Short Strategies Page 22

23 BG SELECTION SICAV Short Strategies Financial Statements as at 30/06/17 Statement of net assets as at 30/06/17 Expressed in Assets Securities portfolio at market value Cost price Unrealised loss on the securities portfolio Cash at bank Interest receivable Subscriptions receivable Unrealised appreciation on financial futures Other assets Liabilities Bank overdrafts Redemptions payable Accrued management fees Accrued custody fees Accrued administrative expenses Other liabilities Net asset value 13,258, ,542, ,578, (35,699.30) 1,496, , , , , , , , , , ,101, Changes in number of shares outstanding from 01/01/17 to 30/06/17 Shares outstanding as at 01/01/17 Shares issued Shares redeemed Shares outstanding as at 30/06/17 Class A 330, , , , Class B Class C Page 23

24 BG SELECTION SICAV Short Strategies Key figures Period/year ending as at: 30/06/17 31/12/16 31/12/15 Total Net Assets 13,101, ,363, ,412, Class A Class B Class C 382, , , Page 24

25 Quantity Denomination BG SELECTION SICAV Short Strategies Securities portfolio as at 30/06/17 Expressed in Quotation currency Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Market value 11,542, Bonds 11,542, Italy 11,542, ,100,000 ITALY /03 1,102, ,300,000 ITALY /12 1,303, ,000 ITALY /11 852, ,000,000 ITALY BOT /12 1,002, ,000,000 ITALY BOT /01 1,002, ,000,000 ITALY BOT /04 1,003, ,000,000 ITALY BOT /02 1,003, ,000,000 ITALY BOT /03 1,003, ,200,000 ITALY BOT /05 1,204, ,000,000 ITALY BTP /11S 1,012, ,000,000 ITALY BTP /12S 1,052, % of net assets Total securities portfolio 11,542, Page 25

26 BG SELECTION SICAV Global Dynamic Page 26

27 BG SELECTION SICAV Global Dynamic Financial Statements as at 30/06/17 Statement of net assets as at 30/06/17 Expressed in Assets Securities portfolio at market value Cost price Unrealised profit on the securities portfolio Cash at bank Brokers receivable Subscriptions receivable Dividends receivable Unrealised appreciation on forward foreign exchange contracts Other assets Liabilities Accrued performance fees Redemptions payable Accrued management fees Accrued custody fees Accrued administrative expenses Other liabilities Net asset value 356,541, ,416, ,973, ,442, ,174, ,198, ,427, , , , ,681, , , , , , , ,860, Changes in number of shares outstanding from 01/01/17 to 30/06/17 Shares outstanding as at 01/01/17 Shares issued Shares redeemed Shares outstanding as at 30/06/17 Class A 357, , , , Class B 253, , , , Class C 2, , Class D 1,821, , , ,111, Page 27

28 BG SELECTION SICAV Global Dynamic Key figures Period/year ending as at: 30/06/17 31/12/16 31/12/15 Total Net Assets 354,860, ,896, ,325, Class A Class B Class C Class D 313, , , , , , , , ,111, ,821, , ,631, Page 28

29 BG SELECTION SICAV Global Dynamic Securities portfolio as at 30/06/17 Expressed in Quantity Denomination Quotation currency Market value % of net assets Shares/Units of UCITS/UCIS 327,416, Shares/Units in investment funds 327,416, Equity funds 317,302, ,000 BGF OPEAN VALUE FD -D2- CAP 9,540, ,250 CANDRIAM EQ L SICAV EMERGING MARKETS-I-CAP 7,434, ,000 DB X-TRACKERS SICAV DAX UCITS ETF(DR) -1C- CAP 24,188, ,000 DB X-TRACKERS SICAV MSCI EMERGING MKTS INDEX UCITS ETF -1C- CAP 7,439, ,900 DIM FDS SICAV PV BUYBACK USA -B- CAP 2,816, ,000 DPAM CAPITAL B SICAV EQ EMU BEHAVIORAL VALUE -F- CAP 31,397, ,000 ELEVA UCITS FD OPEAN SELECTION -I- CAP 8,427, ,000 FISHER INV INST FDS PLC EM MKT EQ CAP 7,653, ,000 ISHARES STOXX OPE 600 UCITS ETF (DE) DIS 13,608, ,000 JP MORGAN FD OPE EQ PLUS -C-ACC- CAP 10,516, ,000 LAZARD OBJECTIF ALPHA O SICAV -A- DIS 31,455, ,000 LYXOR CAC MID 60 UCITS ETF FCP -D-- DIS 22,249, ,000 LYXOR O STOXX 50 (DR) UCITS ETF FCP -D - DIS 20,134, ,500 LYXOR MSCI EMU SMALL CAP UCITS ETF FCP DIS 31,591, ,000 METROPOLE FD SICAV SELECTION -A- CAP 13,288, ,500 NATIXIS INTL FDS (LUX) I SICAV HARRIS ASSOCIATES U.S. EQ -I/A ()- CAP 3,472, ,000 OLD MUTUAL GLOBAL INV SERIES PLC NORTH AMERICAN EQ -I- CAP 2,826, ,000 RAM (LUX) SYSTEMATIC FDS SICAV OPEAN EQUITIES -I- CAP 13,957, ,000 SPARINVEST OPEAN VALUE -I- CAP 8,370, ,500 SPDR S&P 500 ETF SER 1 TRUST DIS 13,412, ,000 T.ROWE PRICE FD EME MKTS EQ -I- CAP 7,424, ,025 UBAM OPE EQUITY -I - CAP 22,356, ,800 VANGUARD INV SERIES PLC US OPP FD -INS- CAP 3,742, Mixed funds 10,113, ,500 LEMANIK SICAV OPEAN SPECIAL SITUATIONS -RETAIL- DIS 10,113, Total securities portfolio 327,416, Page 29

30 BG SELECTION SICAV ARC Page 30

31 BG SELECTION SICAV ARC Financial Statements as at 30/06/17 Statement of net assets as at 30/06/17 Expressed in Assets Securities portfolio at market value Cost price Unrealised profit on the securities portfolio Cash at bank Interest receivable Subscriptions receivable Unrealised appreciation on forward foreign exchange contracts Unrealised appreciation on financial futures Other assets Liabilities Accrued performance fees Redemptions payable Accrued management fees Accrued custody fees Accrued administrative expenses Other liabilities Net asset value 683,910, ,318, ,747, ,571, ,059, ,365, ,045, ,004, , , ,853, ,237, ,177, , , , ,056, Changes in number of shares outstanding from 01/01/17 to 30/06/17 Shares outstanding as at 01/01/17 Shares issued Shares redeemed Shares outstanding as at 30/06/17 Class A 6,355, , ,480, ,136, Class B 250, , , , Class C 5, , , , Class D 838, , , , Page 31

32 BG SELECTION SICAV ARC Key figures Period/year ending as at: 30/06/17 31/12/16 31/12/15 Total Net Assets 676,056, ,231, ,501, Class A Class B Class C Class D 5,136, ,355, , , ,533, , , , , , , , Page 32

33 Quantity Denomination BG SELECTION SICAV ARC Securities portfolio as at 30/06/17 Expressed in Quotation currency Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Market value 238,020, Shares 13,296, Jersey Island 13,296, ,000 DB ETC PLC (GOLD) 13,296, Bonds 46,225, Italy 22,812, ,000,000 BANCA IMI SPA /07A RUB 4,435, ,360,000 INTESA SANPAOLO SPA SUB /10A 9,954, ,000,000 ITALY INFL. INDEX /04S 8,422, United States of America 11,054, ,000,000 BIRD /03A RUB 3,705, ,400,000 USA TREASURY BONDS -AB /07S 7,348, Luxembourg 7,791, ,100,000 BEI /12A BRL 7,791, United Kingdom 4,566, ,500,000,000 EBRD /11A IDR 4,566, Floating rate bonds 171,352, Italy 137,661, ,600,000 BANCA IMI SPA FL.R /10Q 3,061, ,000 BANCA IMI SPA FL.R /03A 21,556, ,000 BANCA IMI SPA RCV FL.R /05A 9,800, ,250 BANCA IMI SPA RCV FL.R /03A 14,766, ,600,000 INTESA SANPAOLO SPA FL.R /06Q 4,615, ,000,000 INTESA SANPAOLO SPA SUB FL.R /06A 2,002, ,000,000 ITALIE CCT FL.R /12S 16,094, ,000,000 ITALY CCT FL.R /12S 60,999, ,300,000 MEDIOBANCA SPA SUB FL.R /06Q 4,764, United States of America 23,067, ,000,000 APPLE INC FL.R /02Q 3,615, ,400,000 CITIGROUP INC FL.R /05Q 4,783, ,600,000 CITIGROUP INC FL.R /04Q 3,162, ,500,000 CITIGROUP INC FL.R /09Q 5,803, ,500,000 JOHN DEERE CAP CORP FL.R /10Q 5,702, Cayman Islands 6,690, ,650,000 ALIBABA GROUP HOLDING LTD FL.R /11Q 6,690, United Kingdom 2,438, ,200,000 HSBC HOLDINGS PLC FL.R /01Q 1,082, ,500,000 HSBC HOLDINGS PLC FL.R /05Q 1,356, The Netherlands 1,494, ,700,000 SHELL INTL FIN BV FL.R /09Q 1,494, Warrants, Rights 7,145, Italy 7,145, ,100 BANCA IMI SPA WAR 7,145, Other transferable securities 1,014, Mortgage and asset backed securities 1,014, Italy 1,014, ,014,158 MERLINO SECURITISAT. FL.R /12Q 1,014, Shares/Units of UCITS/UCIS 407,284, Shares/Units in investment funds 407,284, Equity funds 229,563, ,796 AB SICAV I SEL ABS ALPHA PTF -I H- CAP 17,107, ,605 ALKEN FD ABSOLUTE RETURN OPE -EU1- CAP 15,906, ,740 ALPHA UCITS SICAV AMBER EQ -A - CAP 25,990, ,800 AMUNDI ETF MSCI WORLD ENERGY UCITS ETF FCP -- DIS 6,451, ,604,741 ARTEMIS INV FDS ICVC US ABSOLUTE RETURN -I- CAP 15,897, ,891 FIRST EAGLE AMUNDI INTL FD - IHEC- CAP 6,175, ,311 GAVEKAL UCITS FD ASIAN OPP UCITS -A- CAP 5,716, ,912 HENDERSON HORIZON FD PAN ALPHA -I2- CAP 14,968, ,200 ISHARES V PLC MSCI JAPAN HEDGED UCITS ETF (ACC) CAP 3,424, ,689 LAZARD GLOBAL INV FDS PLC OPEAN ALTERNATIVE -C- CAP 15,948, ,500 LYXOR O STOXX BANKS (DR) UCITS ETF -C - CAP 14,172, % of net assets Page 33

34 Quantity Denomination BG SELECTION SICAV ARC Securities portfolio as at 30/06/17 Expressed in Quotation currency Market value 268,339 MARSHALL WACE UCITS FDS PLC LIQUID ALPHA UCITS -A- CAP 28,560, ODDO AVENIR OPE FCP -CI- CAP 14,128, ,961 OYSTER SICAV OPEAN SELECTION -I - CAP 12,140, ,000 SOURCE MARKETS PLC FIN S&P US SELECT SECTOR UCITS ETF -A- CAP 6,992, TYNDARIS COM REAL ES 4SHS 25,980, Mixed funds 85,331, ,707 GAM STAR (LUX) SICAV OPEAN ALPHA -I- CAP 13,085, ,640 JL EQ MARKET NEUTRAL -A- CAP 16,584, ,989 LEADENHALL UCITS ILS FD PLC -A- CAP 25,030, ,757 LEMANIK SICAV GLOBAL STRATEGY FUND -INS- CAP 7,087, ,714 MULTILABEL SICAV ARTEMIDE -C- CAP 23,542, Other funds 72,089, ,500 AMUNDI ETF FL RATE CORP UCITS ETF -HDG - CAP 21,146, ,212 BLUEBAY FDS SICAV GLOBAL SOV OPP -I- (PERF)- CAP 5,991, ,361,115 DANSKE INV OPE L/S DYN -I P- CAP 15,360, ,668 FIDANTE PARTNERS LIQ STRATEGIES PWP NORTH AM EQ L/S FD -X- CAP 12,720, ,083 HEDGE INVEST INT FDS PLC HI NUMEN CREDIT -DM2- CAP 8,762, ,786 SCHRODER GAIA SICAV INDUS PACIFICHOICE -C- CAP 8,107, Bond funds 20,300, ,179 ABERDEEN GLOBAL ASIAN LOCAL CURRENCY SHORT DURATION BD FD -I2-3,949, CAP 100,000 ALGEBRIS UCITS FDS PLC MACRO CREDIT FD -B - CAP 10,532, ,060 HSBC GLOBAL INV FD GEM DEBT TOTAL RETURN -L1- CAP 5,819, % of net assets Total securities portfolio 646,318, Page 34

35 BG SELECTION SICAV ARC 10 Page 35

36 BG SELECTION SICAV ARC 10 Financial Statements as at 30/06/17 Statement of net assets as at 30/06/17 Expressed in Assets Securities portfolio at market value Cost price Unrealised profit on the securities portfolio Cash at bank Interest receivable Brokers receivable Subscriptions receivable Unrealised appreciation on forward foreign exchange contracts Unrealised appreciation on financial futures Other assets Liabilities Brokers payable Accrued performance fees Redemptions payable Accrued management fees Accrued custody fees Accrued administrative expenses Other liabilities Net asset value 279,331, ,197, ,260, ,937, ,456, , ,632, , ,253, , , ,450, ,655, , ,079, ,530, , , , ,881, Changes in number of shares outstanding from 01/01/17 to 30/06/17 Shares outstanding as at 01/01/17 Shares issued Shares redeemed Shares outstanding as at 30/06/17 Class A 1,966, , , ,645, Class B 142, , , , Class C 3, , , Class D 602, , , , Page 36

37 BG SELECTION SICAV ARC 10 Key figures Period/year ending as at: 30/06/17 31/12/16 31/12/15 Total Net Assets 266,881, ,553, ,018, Class A Class B Class C Class D 1,645, ,966, , , ,918, , , , , , , , Page 37

38 Quantity Denomination BG SELECTION SICAV ARC 10 Securities portfolio as at 30/06/17 Expressed in Quotation currency Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Market value 75,131, Shares 4,657, Jersey Island 4,657, ,000 ETFS COMMODITY (CRUDE OIL) 4,657, Bonds 22,639, Italy 11,948, ,000,000 BANCA IMI SPA /07A RUB 2,957, ,000,000 INTESA SANPAOLO SPA SUB /10A 4,253, ,500,000 ITALY INFL. INDEX /04S 4,737, United States of America 6,123, ,000,000 USA TREASURY BONDS -AB /07S 6,123, Luxembourg 2,918, ,900,000 BEI /12A BRL 2,918, United Kingdom 1,648, ,000,000,000 EBRD /11A IDR 1,648, Floating rate bonds 42,143, Italy 29,102, ,400,000 BANCA IMI SPA FL.R /10Q 1,190, ,000 BANCA IMI SPA FL.R /03A 8,212, ,000 BANCA IMI SPA RCV FL.R /03A 8,949, ,000,000 INTESA SANPAOLO SPA FL.R /06Q 2,006, ,600,000 ITALY CCT FL.R /12S 8,743, United States of America 11,480, ,100,000 CITIGROUP INC FL.R /05Q 3,631, ,400,000 CITIGROUP INC FL.R /04Q 1,229, ,500,000 CITIGROUP INC FL.R /09Q 2,232, ,000,000 JOHN DEERE CAP CORP FL.R /10Q 4,386, United Kingdom 857, ,000 HSBC HOLDINGS PLC FL.R /01Q 405, ,000 HSBC HOLDINGS PLC FL.R /05Q 452, The Netherlands 703, ,000 SHELL INTL FIN BV FL.R /09Q 703, Warrants, Rights 5,690, Italy 5,690, ,265 BANCA IMI SPA WAR 5,690, Shares/Units of UCITS/UCIS 184,066, Shares/Units in investment funds 184,066, Equity funds 142,373, ,003 AB SICAV I SEL ABS ALPHA PTF -I H- CAP 6,641, ,202 ABERDEEN GLOBAL EMERGING MKTS EQ FD -G2- CAP 5,281, ,102 ALKEN FD ABSOLUTE RETURN OPE -EU1- CAP 6,318, ,368 ALPHA UCITS SICAV AMBER EQ -A - CAP 8,384, ,600 AMUNDI ETF MSCI WORLD ENERGY UCITS ETF FCP -- DIS 3,651, ,772 COMGEST GROWTH PLC OPE -I- CAP 3,784, ,827 CONVENTUM SICAV LYRICAL FD -I- CAP 6,589, ,389 EDGEWOOD L SELECT US SELECT GROWTH - I- CAP 6,900, ,787 FIRST STATE STEWART INV ASIA PACIFIC LEADERS FD -B- CAP GBP 6,767, ,792 HEDGE INVEST INT FDS PUBLIC LTD HI PRINCIPIA -DM- CAP 8,056, ,000 ISHARES III PLC MSCI OPE UCITS ETF (ACC) CAP 11,407, ,000 ISHARES V PLC MSCI JAPAN HEDGED UCITS ETF (ACC) CAP 5,953, ,700 LYXOR O STOXX BANKS (DR) UCITS ETF -C - CAP 11,372, ,740 MARSHALL WACE UCITS FDS PLC LIQUID ALPHA UCITS -A- CAP 5,400, ODDO AVENIR OPE FCP -CI- CAP 12,110, ,720 OYSTER SICAV OPEAN SELECTION -I - CAP 11,812, ,000 SOURCE MARKETS PLC FIN S&P US SELECT SECTOR UCITS ETF -A- CAP 6,545, ,000 SSGA SPDR ETFS OPE II PLC SPDR RUSSELL 2000 US SM UCITS ETF CAP 6,193, TYNDARIS COM REAL ES 4SHS 9,201, Other funds 34,262, ,000 AMUNDI ETF FL RATE CORP UCITS ETF -HDG - CAP 8,267, ,106 BLUEBAY FDS SICAV GLOBAL SOV OPP -I- (PERF)- CAP 2,995, ,000,000 ISHARES VI PLC EDGE S&P 500 MIN VOL UCITS ETF CAP 5,355, ,709 SCHRODER GAIA SICAV INDUS PACIFICHOICE -C- CAP 10,244, % of net assets Page 38

39 Quantity Denomination BG SELECTION SICAV ARC 10 Securities portfolio as at 30/06/17 Expressed in Quotation currency Market value 734,810 SEB FD 1 FCP ASSET SELECTION FD -IC- CAP 7,399, Mixed funds 4,338, ,844 LEMANIK SICAV GLOBAL STRATEGY FUND -INS- CAP 4,338, Bond funds 3,092, ,219 ABERDEEN GLOBAL ASIAN LOCAL CURRENCY SHORT DURATION BD FD -I2-3,092, CAP Total securities portfolio 259,197, % of net assets Page 39

40 BG SELECTION SICAV Liquidity Page 40

41 BG SELECTION SICAV Liquidity Financial Statements as at 30/06/17 Statement of net assets as at 30/06/17 Expressed in Assets Securities portfolio at market value Cost price Unrealised loss on the securities portfolio Cash at bank Interest receivable Subscriptions receivable Liabilities Redemptions payable Accrued management fees Accrued custody fees Accrued administrative expenses Other liabilities Net asset value 188,041, ,465, ,578, (112,839.04) 5,956, , ,578, ,867, ,649, , , , , ,174, Changes in number of shares outstanding from 01/01/17 to 30/06/17 Shares outstanding as at 01/01/17 Shares issued Shares redeemed Shares outstanding as at 30/06/17 Class A 678, , , , Class B 12, , , , Class C 4, , , Class D 1,722, , , ,299, Page 41

42 BG SELECTION SICAV Liquidity Key figures Period/year ending as at: 30/06/17 31/12/16 31/12/15 Total Net Assets 186,174, ,512, ,769, Class A Class B Class C Class D 524, , , , , , , , ,299, ,722, , , Page 42

43 Quantity Denomination BG SELECTION SICAV Liquidity Securities portfolio as at 30/06/17 Expressed in Quotation currency Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Market value 180,465, Bonds 120,158, Italy 120,158, ,000 INTESA SANPAOLO SPA /07A 830, ,000,000 ITALY /11 9,024, ,000,000 ITALY BOT /10 20,054, ,000,000 ITALY BOT /07 26,055, ,000,000 ITALY BOT /08 15,034, ,000,000 ITALY BOT /09 14,039, ,000,000 ITALY BOT /04 20,067, ,000,000 ITALY BOT /05 15,051, Floating rate bonds 60,307, Italy 60,307, ,000 BANCA IMI SPA FL.R /12S 707, ,200,000 BANCA IMI SPA REGS FL.R /06Q 1,197, ,075,000 BANCA IMI SPA STEP CPN FL.R /03A 2,135, ,000 BANCA NAZIONALE DEL LAVORO SPA FL.R /10Q 850, ,000,000 INTESA SANPAOLO SPA FL.R /09Q 2,039, ,000,000 INTESA SANPAOLO SPA FL.R /07Q 1,015, ,000,000 INTESA SANPAOLO SPA FL.R /11Q 2,047, ,000 INTESA SANPAOLO SPA FL.R /08A 654, ,300,000 INTESA SANPAOLO SPA FL.R /12A 1,302, ,000,000 INTESA SANPAOLO SPA FL.R /11A 1,009, ,650,000 INTESA SANPAOLO SPA FL.R /10Q 2,676, ,000 INTESA SANPAOLO SPA FL.R /10Q 209, ,900,000 INTESA SANPAOLO SPA FL.R /08Q 1,945, ,000,000 INTESA SANPAOLO SPA FL.R /05Q 2,042, ,000,000 INTESA SANPAOLO SPA FL.R /02Q 1,009, ,200,000 MEDIOBANCA SPA FL.R /11Q 11,201, ,750,000 MEDIOBANCA SPA FL.R /01Q 5,751, ,350,000 UBI BANCA SPA SUB FL.R /10Q 7,314, ,650,000 UNICREDIT SPA FL.R /09Q 5,651, ,730,000 UNICREDIT SPA FL.R /09Q 5,742, ,300,000 UNICREDIT SPA FL.R /07Q 2,300, ,500,000 UNICREDIT SPA 460 REGS FL.R /09Q 1,502, % of net assets Total securities portfolio 180,465, Page 43

44 BG SELECTION SICAV Morgan Stanley - North America Equities Page 44

45 BG SELECTION SICAV Morgan Stanley - North America Equities Financial Statements as at 30/06/17 Statement of net assets as at 30/06/17 Expressed in Assets Securities portfolio at market value Cost price Unrealised profit on the securities portfolio Cash at bank Interest receivable Subscriptions receivable Liabilities Brokers payable Accrued performance fees Redemptions payable Accrued management fees Accrued custody fees Accrued administrative expenses Other liabilities Net asset value 402,239, ,314, ,275, ,038, ,891, ,033, ,862, , , ,142, , , , ,376, Changes in number of shares outstanding from 01/01/17 to 30/06/17 Shares outstanding as at 01/01/17 Shares issued Shares redeemed Shares outstanding as at 30/06/17 Class A 674, , , , Class B 18, , , , Class C 1, , Class D 1,641, , , ,901, Page 45

46 BG SELECTION SICAV Morgan Stanley - North America Equities Key figures Period/year ending as at: 30/06/17 31/12/16 31/12/15 Total Net Assets 399,376, ,021, ,443, Class A Class B Class C Class D 635, , , , , , , , ,901, ,641, , ,219, Page 46

47 Quantity BG SELECTION SICAV Morgan Stanley - North America Equities Denomination Securities portfolio as at 30/06/17 Expressed in Quotation currency Market value % of net assets Shares/Units of UCITS/UCIS 388,314, Shares/Units in investment funds 388,314, Equity funds 363,998, ,598 ISHARES VII PLC CORE S&P 500 UCITS ETF CAP 50,113, ,046 MORGAN STANLEY INV FD US GROWTH -Z- CAP 46,330, ,601 ROBECO CAPITAL GROWTH FD ROBECO BP US PREMIUM EQ -I - CAP 76,916, ,438,762 T.ROWE PRICE FD US LARGE CAP GROWTH EQ -I- CAP 47,834, ,346,899 T.ROWE PRICE FD US LARGE CAP VALUE EQ - I- CAP 56,708, ,022 VONTOBEL FD US EQ -I- CAP 46,683, ,638 VULCAN GLOBAL VALUE FD PLC VULCAN VALUE EQ FD CAP 39,410, Other funds 20,239, ,471 ISHARES III PLC S&P SMALL CAP 600 UCITS ETF DIS 6,377, ,741,459 ISHARES IV PLC EDGE MSCI USA VALUE FACTOR UCITS ETF CAP 13,861, Monetary funds 4,076, ,999 MORGAN STANLEY LIQUIDITY FD O LIQUIDITY -INS- CAP 3,918, ,560 MORGAN STANLEY LIQUIDITY FD O LIQUIDITY -INS- DIS 157, Total securities portfolio 388,314, Page 47

48 BG SELECTION SICAV Africa & Middle East Equities Page 48

49 BG SELECTION SICAV Africa & Middle East Equities Financial Statements as at 30/06/17 Statement of net assets as at 30/06/17 Expressed in Assets Securities portfolio at market value Cost price Unrealised profit on the securities portfolio Cash at bank Subscriptions receivable Other assets Liabilities Redemptions payable Accrued management fees Accrued custody fees Accrued administrative expenses Other liabilities Net asset value 133,683, ,708, ,343, ,364, ,749, , , , , , , , , ,912, Changes in number of shares outstanding from 01/01/17 to 30/06/17 Shares outstanding as at 01/01/17 Shares issued Shares redeemed Shares outstanding as at 30/06/17 Class A 596, , , , Class B 66, , , , Class C 3, , Class D 800, , , , Page 49

50 BG SELECTION SICAV Africa & Middle East Equities Key figures Period/year ending as at: 30/06/17 31/12/16 31/12/15 Total Net Assets 132,912, ,877, ,014, Class A Class B Class C Class D 518, , , , , , , , , , , , Page 50

51 BG SELECTION SICAV Africa & Middle East Equities Securities portfolio as at 30/06/17 Expressed in Quantity Denomination Quotation currency Market value % of net assets Other transferable securities 11,462, Warrants, Rights 11,462, The Netherlands Antilles 11,462, ,508 MERRILL LYNCH INTL & CO CV WAR 11,462, Shares/Units of UCITS/UCIS 115,245, Shares/Units in investment funds 115,245, Equity funds 115,245, ,340 AMUNDI FD EQ MENA -IU- CAP 6,756, ,519 ASHMORE SICAV MIDDLE EAST EQ -INST - DIS 8,657, ,500 ATLAS MAROC FCP CAP 3,734, ,154 BELLEVUE FUNDS LUX BB AFR OPP -I- CAP 5,688, ,000 CONCEPT FD SOL PLC DB X-TRACKERS MSCI GCC SEL IND UCITS ETF -1C - 1,903, CAP 42,679 DEUTSCHE INVEST I AFRICA -FC- CAP 4,078, ,359 DIVERSIFIED GROWTH COMPANY QIC GCC EQ -B- CAP 3,559, ,596 FRANKLIN TEMPLETON INV FD FRANKLIN MENA -I-ACC- CAP 4,050, ,000 ISHARES MSCI SOUTH AFRICA ETF DIS 8,633, ,000 ISHARES MSCI UAE CAPPED ETF DIS 4,345, ,000 ISHARES STOXX OPE 600 BASIC RESOURCES UCITS ETF (DE) DIS 3,531, ,466 JP MORGAN FD AFRICA EQ -C-ACC- CAP 5,128, ,638 JP MORGAN FD EMERGING MIDDLE EAST EQ -C-ACC- CAP 2,826, ,000 LYXOR STOXX OPE 600 BASIC RESOURCES UCITS ETF FCP DIS 4,318, ,484 MAGNA UMBRELLA FD PLC MAGNA MENA -N- CAP 6,891, ,335,000 MULTI UNITS LUXBG LYXOR PAN AFRICA UCITS ETF -C - CAP 11,347, ,345 ROBECO AFRIKA FONDS NV DIS 7,483, ,735 SCHRODER INT SEL MIDDLE EAST -C- CAP 3,337, ,362 SEF LHV PERSIAN GULF -A- CAP 2,140, ,140 SILK FCP AFRICAN LIONS -I- CAP 3,721, ,000 VANECK VECTORS AFRICA INDEX ETF DIS 8,659, ,000 VANECK VECTORS EGYPT INDEX ETF DIS 4,453, Total securities portfolio 126,708, Page 51

52 BG SELECTION SICAV Anima - Italy Equities Page 52