Swisscanto (LU) Money Market Fund

Transcription

1 Money market fund according to Part I of the Luxembourg Act with the legal form of a Fonds Commun de Placement (FCP) Unaudited semi-annual report Management Company: Swisscanto Asset Management International S.A. Custodian bank: RBC Investor Services Bank S.A. B No subscriptions may be received on the basis of the annual and semi-annual reports. Subscriptions may only be made on the basis of the current sales prospectus enclosed with the most recent annual report and, if appropriate, the most recent semi-annual report.

2 Page 2 Contents Page Administration and Corporate Bodies 3 General Information 5 Statement of Net Assets 7 Income and Expense Statement and other Changes to Net Assets 9 Evolution of Shares in Circulation for the Period ended 30 September Statistics 13 USD 15 Investment portfolio 15 Geographic and economic composition of Investment portfolio 18 CAD 19 Investment portfolio 19 Geographic and economic composition of Investment portfolio 21 GBP 22 Investment portfolio 22 Geographic and economic composition of Investment portfolio 24 EUR 25 Investment portfolio 25 Geographic and economic composition of Investment portfolio 28 CHF 29 Investment portfolio 29 Geographic and economic composition of Investment portfolio 32 AUD 33 Investment portfolio 33 Geographic and economic composition of Investment portfolio 35 Notes on the semi-annual report 36

3 Page 3 Administration and Corporate Bodies Management Company Swisscanto Asset Management International S.A. 19, rue de Bitbourg, L-1273 Luxembourg Management Board Chairman Dr. Gérard Fischer, Switzerland, CEO Swisscanto Holding AG, Bern (until 8 April 2015) Hans Frey, Switzerland, Managing Director Swisscanto Fondsleitung AG, Zurich (from 12 June 2015) Members Hans Frey, Switzerland, Managing Director Swisscanto Fondsleitung AG, Zurich (until 11 June 2015) Steve P. Cossins, England, Managing Director of Swisscanto Funds Centre Limited, London Richard Goddard, Luxembourg, Independent Company Director, The Directors' Office, Luxembourg Roland Franz, Luxembourg, Managing Director Swisscanto Asset Management International S.A., Luxembourg Thomas Berger, Switzerland, Head of Product Management Funds, Services and Pensions, Zürcher Kantonalbank (by a resolution of the annual general meeting passed on 1 September 2015, Thomas Berger was appointed as a member of the Executive Board. On 19 May 2015, Mr. Thomas Berger was co-opted by the Executive Board of Swisscanto Asset Management International S.A. pursuant to Article 12 of the company s articles of association as a member of the Executive Board until the next annual general meeting of the company). Management Roland Franz, Luxembourg Michale Weiβ, Germany Custodian Bank, Main Payment, Central Administration, Registration and Transfer Offices RBC Investor Services Bank S.A. 14, Porte de France, L-4360 Esch-sur-Alzette, Luxembourg Portfolio Manager Swisscanto Funds Centre Limited 4th Floor, 51 Moorgate, GB-London EC2R 6BH (until 30 June 2015) Zürcher Kantonalbank, Bahnhofstrasse 9, 8001 Zurich (from 1 July 2015) Payment and Sales Offices Germany DekaBank Deutsche Girozentrale Mainzer Landstrasse 16, D Frankfurt am Main ("the German payment and information centre") Liechtenstein Valartis Bank (Liechtenstein) AG Schaaner Strasse 27, FL-9487 Gamprin-Bendern

4 Page 4 Administration and Corporate Bodies (cont.) Luxembourg RBC Investor Services Bank S.A. 14, Porte de France, L-4360 Esch-sur-Alzette Austria Vorarlberger Landes- und Hypothekenbank AG Hypo-Passage 1, A-6900 Bregenz Payment Agent in Switzerland Basler Kantonalbank Spiegelgasse 2, CH-4002 Basel Representative Agent in Switzerland Swisscanto Fondsleitung AG Europaallee 39, CH-8004 Zurich Central Order Collection Point Swisscanto Funds Centre Limited 4th Floor, 51 Moorgate, GB-London EC2R 6BH Cabinet de révision agréé (Auditor) KPMG Luxembourg, Société coopérative 39, Avenue John F. Kennedy, L-1855 Luxembourg Legal Advisor Law office Arendt & Medernach 41A, Avenue John F. Kennedy, L-2082 Luxembourg Hengeler Mueller Partnership of Attorneys Bockenheimer Landstrasse 24, D Frankfurt/Main

5 Page 5 General Information Investment funds under Luxembourg Umbrella Construction Law is subject to the legal provisions set forth in the first part of the Luxembourg law regarding undertakings for collective investment dated 17 December The contractual conditions of the investment fund were set forth by the management company on 26 November Several amendments followed and, in accordance with the terms of the contract, were published in the "Mémorial". The current versions of the management company s articles of association and the contract terms of the fund have been deposited with the Luxemburger Handelsregister (Luxembourg commercial register), where they can be viewed. The contract terms, the detailed sales prospectus, key investor information and the annual and semi-annual reports can be obtained in paper form free of charge direct from Swisscanto Fondsleitung AG at the Management Company s head office, the Custodian Bank and its representative in Switzerland, from the German payment and information office, and from any branch of the cantonal banks and any payment and sales office. The information is also available on the Swisscanto website ( where additional current information on the fund is also available. No investments may be received based on the annual and semi-annual reports. Subscriptions shall only be made after consulting the current sales prospectus and the most recent annual report, as well as, where available, any subsequent semi-annual report. Sales restrictions Units of the fund may not be offered, sold or delivered within the USA or to US persons as defined in the latest version of Regulation S of the US Securities Act of 1933 or the US Commodity Exchange Act. Guideline of the Swiss Funds and Asset Management Association SFAMA concerning transparency in administrative commissions (7 June 2005) Compensation for the marketing of the investment fund is paid out of the flat-rate administrative commission. The fund management also intends to offer remuneration to institutional investors holding fund shares for third parties from the flat-rate administrative commission. Risk management process The management company sets forth a risk management procedure for the fund and each subfund in line with the Law of 17 December 2010 and other applicable provisions, in particular CSSF Circular 11/512. As part of the risk management procedure, the overall risk of all subfunds is measured and monitored using the commitment approach. USD ISIN no.: Class B: LU ISIN no.: Class P: LU Securities no.: Class B: Securities no.: Class P: The historic performance is not an indicator of the current or future performance. Performance details do not take into account the costs and commissions for the issue and return of the shares. The information and figures contained in this report are based upon the past and provide no indication of future developments.

6 Page 6 General Information (cont.) CAD ISIN no.: Class B: LU Securities no.: Class B: GBP ISIN no.: Class B: LU ISIN no.: Class P: LU Securities no.: Class B: Securities no.: Class P: EUR ISIN no.: Class B: LU ISIN no.: Class P: LU Securities no.: Class B: Securities no.: Class P: CHF ISIN no.: Class B: LU ISIN no.: Class P: LU ISIN no.: Class R: LU Securities no.: Class B: Securities no.: Class P: Securities no.: Class R: AUD ISIN no.: Class B: LU ISIN no.: Class P: LU Securities no.: Class B: Securities no.: Class P: The historic performance is not an indicator of the current or future performance. Performance details do not take into account the costs and commissions for the issue and return of the shares. The information and figures contained in this report are based upon the past and provide no indication of future developments.

7 Page 7 Statement of Net Assets Money Market Money Market Money Market Money Market Fund USD Fund CAD Fund GBP Fund EUR Note USD CAD GBP EUR ASSETS Investment portfolio at market value (2) 244,022,613 53,819,726 36,896, ,099,632 Bank balance 958,900 1,443,416 1,335,145 10,307,313 Outstanding subscription monies 626, Receivables from securities revenue 732, , ,533 3,162,502 Interest receivable on current accounts TOTAL ASSETS 246,340,407 55,653,686 38,652, ,569,447 LIABILITIES Liabilities from securities purchases Outstanding payments from the repurchase of stock 305,598 21, ,027 Bank interest and other liabilities 67,199 28,742 13,497 80,677 TOTAL LIABILITIES 372,797 49,925 13, ,704 NET ASSETS AT THE END OF THE PERIOD 245,967,610 55,603,761 38,638, ,268,743 Net asset value per share Class B Class P Class R Number of shares in circulation Class B 1,260, , ,152 3,208,898 Class P 7,949-3,951 28,528 Class R

8 Page 8 Statement of Net Assets (cont.) Consolidated Money Market Money Market Fund CHF Fund AUD Note CHF AUD CHF ASSETS Investment portfolio at market value (2) 473,964, ,675,921 1,316,780,888 Bank balance 34,909,539 6,702,846 54,717,079 Outstanding subscription monies 9,046,473 1,767,309 10,863,064 Receivables from securities revenue 7,161,516 3,908,875 14,908,060 Interest receivable on current accounts TOTAL ASSETS 525,082, ,055,207 1,397,269,274 LIABILITIES Liabilities from securities purchases 268, ,328 Outstanding payments from the repurchase of stock 430, ,687 1,364,848 Bank interest and other liabilities 46, , ,115 TOTAL LIABILITIES 745, ,186 1,957,291 NET ASSETS AT THE END OF THE PERIOD 524,336, ,377,021 1,395,311,983 Net asset value per share Class B Class P Class R Number of shares in circulation Class B 2,931, ,846 Class P 918,274 30,147 Class R 334 -

9 Page 9 Income and Expense Statement and other Changes to Net Assets from 1 April 2015 to 30 September 2015 Money Market Money Market Money Market Money Market Fund USD Fund CAD Fund GBP Fund EUR Note USD CAD GBP EUR NET ASSETS AT THE BEGINNING OF THE PERIOD 285,998,542 61,630,750 43,204, ,573,969 INCOME Net interest income from bonds and other debenture bonds 1,522, , ,061 2,917,435 Interest on bank balance 5,010 11,084 1,947 0 Other revenue TOTAL INCOME 1,527, , ,008 2,917,435 EXPENSES Transaction costs 12,661 11,851 5,092 2,095 Flat-rate administrative fee (4) 395, ,248 79, ,794 Subscription tax ("taxe d'abonnement") (6) 12,705 2,817 1,959 17,874 Interest expenses from bank liabilities ,921 TOTAL EXPENSES 420, ,916 86, ,684 TOTAL NET INCOME 1,106, , ,268 2,407,751 Net-realised value increases / (decreases) from securities (1,102,410) (245,897) (163,714) (2,478,642) Net-realised value increases / (decreases) from foreign exchange transactions (190) NET REALISED GAIN / (LOSS) ON INVESTMENTS 4, , ,656 (71,081) Net changes in non-realised value increases / (decreases) - from securities 29,803 (162,106) (108,690) (468,975) NET INCREASE / NET DECREASE OF NET ASSETS 34,409 32,386 27,966 (540,056) Share subscriptions (2) 14,359,355 1,541,061 1,747,636 9,155,760 Share redemptions (2) (54,424,696) (7,600,436) (6,341,240) (75,920,930) Measurement difference (2) NET ASSETS AT THE END OF THE PERIOD 245,967,610 55,603,761 38,638, ,268,743

10 Page 10 Income and Expense Statement and other Changes to Net Assets from 1 April 2015 to 30 September 2015 (cont.) Consolidated Money Market Money Market Fund CHF Fund AUD Note CHF AUD CHF NET ASSETS AT THE BEGINNING OF THE PERIOD 496,896, ,814,332 1,494,006,236 INCOME Net interest income from bonds and other debenture bonds 5,326,411 5,855,959 15,016,339 Interest on bank balance 14,568 56,542 69,007 Other revenue 36, ,485 TOTAL INCOME 5,377,464 5,912,501 15,121,831 EXPENSES Transaction costs 8,050 15,092 49,166 Flat-rate administrative fee (4) 195, ,015 1,826,870 Subscription tax ("taxe d'abonnement") (6) 14,674 11,798 59,613 Interest expenses from bank liabilities 101, ,830 TOTAL EXPENSES 320, ,905 2,060,479 TOTAL NET INCOME 5,056,904 5,169,596 13,061,352 Net-realised value increases / (decreases) from securities (5,931,532) (2,821,164) (12,063,690) Net-realised value increases / (decreases) from foreign exchange transactions (1,641) 217 (746) NET REALISED GAIN / (LOSS) ON INVESTMENTS (876,269) 2,348, ,916 Net changes in non-realised value increases / (decreases) - from securities (1,087,713) (348,623) (2,088,384) NET INCREASE / NET DECREASE OF NET ASSETS (1,963,982) 2,000,026 (1,091,468) Share subscriptions (2) 111,241,608 18,711, ,731,886 Share redemptions (2) (81,837,936) (32,148,786) (254,797,184) Measurement difference (2) 0 0 5,462,513 NET ASSETS AT THE END OF THE PERIOD 524,336, ,377,021 1,395,311,983

11 Page 11 Evolution of Shares in Circulation for the Period ended 30 September 2015 Money Market Money Market Money Market Fund USD Fund CAD Fund GBP Class B Class P Class R Number of shares in circulation at the beginning of the period 1,465, , ,010 Number of shares issued 73,837 8,004 11,617 Number of shares redeemed (278,575) (39,485) (48,475) Number of shares in circulation at the end of the period 1,260, , ,152 Number of shares in circulation at the beginning of the period 10, ,686 Number of shares issued 0 0 2,265 Number of shares redeemed (2,480) 0 0 Number of shares in circulation at the end of the period 7, ,951 Number of shares in circulation at the beginning of the period Number of shares issued Number of shares redeemed Number of shares in circulation at the end of the period 0 0 0

12 Page 12 Evolution of Shares in Circulation for the Period ended 30 September 2015 (cont.) Money Market Money Market Money Market Fund EUR Fund CHF Fund AUD Class B Class P Class R Number of shares in circulation at the beginning of the period 3,802,320 3,045, ,566 Number of shares issued 87, ,842 73,764 Number of shares redeemed (680,442) (518,919) (126,484) Number of shares in circulation at the end of the period 3,208,898 2,931, ,846 Number of shares in circulation at the beginning of the period 71, ,917 31,900 Number of shares issued 0 514,539 1,258 Number of shares redeemed (43,340) (50,182) (3,011) Number of shares in circulation at the end of the period 28, ,274 30,147 Number of shares in circulation at the beginning of the period Number of shares issued Number of shares redeemed 0 (342) 0 Number of shares in circulation at the end of the period

13 Page 13 Statistics Money Market Money Market Money Market Fund USD Fund CAD Fund GBP USD CAD GBP NET ASSETS 30 September ,967,610 55,603,761 38,638, March ,998,542 61,630,750 43,204, March ,494,303 76,855,376 56,417,824 Net asset value per share 30 September 2015 Class B Class P Class R March 2015 Class B Class P Class R March 2014 Class B Class P Class R TER per share Class B 0.31% 0.61% 0.41% Class P 0.21% % Class R PTR % % %

14 Page 14 Statistics (cont.) Money Market Money Market Money Market Fund EUR Fund CHF Fund AUD EUR CHF AUD NET ASSETS 30 September ,268, ,336, ,377, March ,573, ,896, ,814, March ,015, ,854, ,553,218 Net asset value per share 30 September 2015 Class B Class P Class R March 2015 Class B Class P Class R March 2014 Class B Class P Class R TER per share Class B 0.26% 0.09% 0.61% Class P 0.21% 0.09% 0.31% Class R % - PTR % % %

15 Page 15 USD USD Investment portfolio (information in USD) ISIN Number Name Quantity / face value Officially and other regulated markets listed securities and money market instruments Currency Cost price Fair value % of net assets Bonds Australia XS Anz Bk 0.875% ,000 USD 960, , US05252BBN82 Anz Bk 3.25% ,000,000 USD 5,062,100 5,053, US961214BY87 Westpac Bank 0.95% ,500,000 USD 4,518,400 4,505, ,540,996 10,519, Germany US500769EM26 Kfw 2% ,000,000 USD 3,036,825 3,031, US500769EG57 Kfw 2.625% ,000,000 USD 5,065,750 5,042, US515110BD57 Lwf Rentbank 2.5% ,929,000 USD 7,034,465 6,983, USD571312S81 Nordd Lbk 0.875% (rbg) 1,000,000 USD 1,001,600 1,000, XS Nrw Bk 2.4% ,000,000 USD 5,081,000 5,081, ,219,640 21,138, Finland XS Muni Fin 2.375% ,200,000 USD 3,247,840 3,238, US65562QAU94 Nib 0.5% ,000,000 USD 6,006,300 6,005, ,254,140 9,244, France US222213AB67 Cedb 2.625% ,751,000 USD 12,987,021 12,857, ,987,021 12,857, Canada USC1473XBB58 Ccdj Quebec 2.55% ,250,000 USD 5,354,475 5,298, US136069ET45 Cibc Sr 5,000,000 USD 5,016,650 5,000, US63307FAB04 Natl Bk Can 2.2% ,000,000 USD 5,074,500 5,073, US683234YB83 Ontario (province Of) 4.75% ,500,000 USD 2,601,750 2,531, US748148RR64 Quebec 5% ,000,000 USD 5,173,450 5,093, US064159BV72 Scotiabank 0.95% ,135,000 USD 6,161,534 6,147, US89114QAB41 Toronto Dom 2.5% ,000,000 USD 4,059,120 4,057, ,441,479 33,200, Luxembourg US298785DU77 Bei 4.875% ,048,000 USD 7,230,896 7,164, US298785GB69 Eib 0.625% ,000,000 USD 5,008,000 5,006, ,238,896 12,171, Netherlands USN4605HAX63 Ing NV 2.5% ,700,000 USD 5,790,060 5,730, XS Mdc 3.75% ,000,000 USD 5,080,950 5,077, XS Nwb 0.5% ,500,000 USD 6,504,550 6,502, XS Nwb 0.75% ,950,000 USD 2,956,785 2,954,

16 Page 16 USD USD Investment portfolio (cont.) (information in USD) Quantity / face Currency Cost price Fair value % of net value assets ISIN Number Name US822582AU64 Shell Int F 0.625% ,000,000 USD 5,009,000 5,002, ,341,345 25,267, Norway XS Dnb Nor Bol 2.1% ,000,000 USD 1,017,500 1,000, XS Kommunalbank 1.75% ,000,000 USD 4,038,800 4,000, XS Kommunalbk Frn Regs 5,210,000 USD 5,216,221 5,215, XS Kommunalbk 0.5% ,000,000 USD 3,004,200 3,001, XS Kommunalbk 2.375% ,000,000 USD 4,046,200 4,024, ,322,921 17,241, Austria US676167BC27 Oekb 1.75% ,000,000 USD 5,050,500 5,000, US676167BE82 Oekb 2% ,000 USD 740, , ,790,564 5,739, Philippines XS Adb 1% ,370,000 USD 3,381,542 3,370, ,381,542 3,370, Sweden XS Sweden 0.375% Emtn 1,000,000 USD 1,000,870 1,000, US00254ELU46 Swedish Exp 0.625% ,000 USD 800, , US00254EKM39 Swedish Exp 1.75% ,000,000 USD 10,121,460 10,006, ,922,882 11,807, USA US45950KBY55 Intl Fin Frn ,000,000 USD 5,000,900 4,999, ,000,900 4,999, Total - Bonds 168,442, ,558, Total - Officially and other regulated markets listed securities and money 168,442, ,558, market instruments Securities and money market instruments that are neither traded on an exchange nor on a regulated market Commercial Papers Germany XS Deut Bahn 0% CP 6,000,000 USD 5,996,562 5,999, XS Deut Bahn 0% CP 6,000,000 USD 5,997,012 5,999, XS Eaa 0% CP 5,000,000 USD 4,996,378 4,997, XS Lbk Hess 0% CP 8,000,000 USD 7,988,416 7,998, ,978,368 24,995, Finland XS Pohjola Bk 0% CP 5,500,000 USD 5,495,192 5,498,

17 Page 17 USD USD Investment portfolio (cont.) (information in USD) Quantity / face Currency Cost price Fair value % of net value assets ISIN Number Name XS Pohjola Bk 0% CP 6,000,000 USD 5,995,823 5,997, ,491,015 11,495, France XS Cdc 0% CP 5,000,000 USD 4,996,935 4,998, ,996,935 4,998, Luxembourg XS Bcee 0% CP 12,000,000 USD 11,977,927 11,998, ,977,927 11,998, Netherlands XS Bng 0% CP 10,000,000 USD 9,978,560 9,980, XS Unilever 0% CP 5,000,000 USD 4,992,586 4,998, ,971,146 14,978, Sweden XS Seb 0% CP 8,000,000 USD 7,992,627 7,997, ,992,627 7,997, Total - Commercial Papers 76,408,018 76,464, Total - Securities and money market instruments that are neither traded on an exchange nor on a regulated market 76,408,018 76,464, TOTAL INVESTMENT PORTFOLIO 244,850, ,022,

18 Page 18 USD USD Geographic and economic composition of Investment portfolio (information in percentage of net assets) Geographic composition % Economic composition % Germany Banks and financial institutes Netherlands Supranational Canada Holding and financial companies 9.80 Luxembourg 9.83 States, provinces and municipalities 5.54 Finland 8.43 Traffic and transport 4.88 Sweden 8.05 Consumer goods 2.03 France Norway 7.01 Australia 4.28 Austria 2.33 USA 2.03 Philippines

19 Page 19 CAD CAD Investment portfolio (information in CAD) ISIN Number Name Quantity / face value Officially and other regulated markets listed securities and money market instruments Currency Cost price Fair value % of net assets Bonds Australia CA052528AG16 Anz Bk 4% ,000,000 CAD 2,053,225 2,031, ,053,225 2,031, Germany XS Fms Wertman Frn ,800,000 CAD 1,802,520 1,802, XS Kfw 1.5% ,000 CAD 494, , US500769BM52 Kfw 4.375% ,294,000 CAD 2,351,345 2,323, CA515110AQ71 Lwf Rentbank 4.3% ,600,000 CAD 3,688,688 3,637, CA62940AAB67 Nrw Bank 4.5% ,000 CAD 529, , ,866,188 8,774, Great Britain CA64125QAA63 Net Rail Inf 4.4% ,000 CAD 207, , , , Canada CA01285PBY30 Alb Cap Fin 4.35% ,000,000 CAD 2,065,600 2,052, XS Bc 2.875% ,289,000 CAD 2,333,650 2,317, CA063679SP01 Bmo 2.96% ,000,000 CAD 2,032,800 2,031, CA13509PCQ42 Can Ht 2.75% ,500,000 CAD 2,538,100 2,511, CA135087B527 Canada 1% Se-b527(rbg) 2,000,000 CAD 2,002,420 2,000, CA135087A792 Canada 1.25% ,000,000 CAD 2,010,600 2,005, CA135087ZF48 Canada 3% ,000,000 CAD 1,017,060 1,004, CA563469FG59 Manitoba 4.3% ,000,000 CAD 1,028,080 1,015, CA642866FV44 New Brunsw 4.3% ,500,000 CAD 1,542,600 1,509, CA683234YC68 Prov. Ontario 4.4% ,500,000 CAD 2,558,254 2,541, CA563469EX91 Prov.manitoba 5.2% ,500,000 CAD 1,556,400 1,511, CA803854JK52 Saskatchewan 4.25% ,500,000 CAD 1,542,750 1,508, CA891145QS67 Toronto Dom 2.948% ,600,000 CAD 1,626,900 1,625, XS Toyota Cda 2.25% ,015,000 CAD 2,039,160 2,026, ,894,374 25,659, Netherlands XS BNG 3% ,466,000 CAD 2,496,253 2,481, XS Rabobank 2.5% ,578,000 CAD 2,612,475 2,593, ,108,728 5,075, Sweden XS Swedish Exp 2% ,566,000 CAD 1,583,804 1,579, ,583,804 1,579, Total - Bonds 43,713,899 43,323, Total - Officially and other regulated markets listed securities and money market instruments 43,713,899 43,323,

20 Page 20 CAD CAD Investment portfolio (cont.) (information in CAD) ISIN Number Name Quantity / face value Currency Cost price Fair value % of net assets Securities and money market instruments that are neither traded on an exchange nor on a regulated market Commercial Papers Germany XS Kfw 0% CP 1,500,000 CAD 1,498,124 1,499, ,498,124 1,499, Luxembourg XS Bnp Fding 0% CP 2,500,000 CAD 2,493,130 2,499, ,493,130 2,499, Norway XS Dnb Bank As 0% CP 2,500,000 CAD 2,497,638 2,498, ,497,638 2,498, Total - Commercial Papers 6,488,892 6,498, Treasury bills Canada CA1350Z7V841 Canada 0% TB 2,000,000 CAD 1,998,280 1,998, CA1350Z7V684 Canada 0% TB 2,000,000 CAD 1,996,660 1,999, ,994,940 3,998, Total - Treasury bills 3,994,940 3,998, Total - Securities and money market instruments that are neither traded on an exchange nor on a regulated market 10,483,832 10,496, TOTAL INVESTMENT PORTFOLIO 54,197,731 53,819,

21 Page 21 CAD CAD Geographic and economic composition of Investment portfolio (information in percentage of net assets) Geographic composition % Economic composition % Canada Banks and financial institutes Germany States, provinces and municipalities Netherlands 9.13 Holding and financial companies Luxembourg Norway 4.49 Australia 3.65 Sweden 2.84 Great Britain

22 Page 22 GBP GBP Investment portfolio (information in GBP) ISIN Number Name Quantity / face value Officially and other regulated markets listed securities and money market instruments Currency Cost price Fair value % of net assets Bonds Australia XS Cba 3.875% ,752,000 GBP 1,802,266 1,763, ,802,266 1,763, Germany XS Fms Wertman 1% ,500,000 GBP 1,504,425 1,500, XS Kfw 3.75% ,000,000 GBP 2,058,200 2,055, XS Ldkr B-w 1.5% ,650,000 GBP 1,663,563 1,652, ,226,188 5,208, Finland XS Finland Frn ,850,000 GBP 1,851,110 1,850, XS Nib 0.5% ,274,000 GBP 1,273,809 1,273, ,124,919 3,124, France FR Cades 2.25% ,410,000 GBP 1,425,601 1,414, XS Cedb 1.625% ,500,000 GBP 2,519,849 2,504, XS Rff 2.375% ,643,000 GBP 1,671,916 1,649, ,617,366 5,567, Great Britain XS Network Rail 4.875% ,500,000 GBP 1,554,750 1,509, ,554,750 1,509, Canada XS Edc 0.5% ,500,000 GBP 1,498,350 1,499, ,498,350 1,499, Luxembourg XS EIB 4.875% EMTN Sen ,000,000 GBP 2,082,000 2,075, ,082,000 2,075, Netherlands XS Bank Nederlandse Gemeenten NV 5.25% ,800,000 GBP 1,877,697 1,832, XS Ned.waterschaps % ,500,000 GBP 1,555,350 1,509, ,433,047 3,342, Norway XS Kommunalbk 1.375% ,104,000 GBP 1,108,391 1,105, ,108,391 1,105,

23 Page 23 GBP GBP Investment portfolio (cont.) (information in GBP) ISIN Number Name Quantity / face value Currency Cost price Fair value % of net assets Philippines XS Adb Frn ,040,000 GBP 3,042,128 3,040, XS Adb 1% Senior 710,000 GBP 713, , ,755,200 3,751, Sweden XS Swedish Exp 0.875% ,450,000 GBP 1,452,025 1,450, ,452,025 1,450, Total - Bonds 30,654,502 30,398, Total - Officially and other regulated markets listed securities and money 30,654,502 30,398, market instruments Securities and money market instruments that are neither traded on an exchange nor on a regulated market Commercial Papers Germany XS Dgz Dekabk 0% CP 1,000,000 GBP 998, , XS Eaa 0% CP 1,500,000 GBP 1,496,017 1,499, ,494,903 2,499, France XS Bfcm 0% CP 1,500,000 GBP 1,498,227 1,499, ,498,227 1,499, Netherlands XS Unilever 0% CP 1,500,000 GBP 1,496,243 1,499, ,496,243 1,499, Norway XS Dnb Bank As 0% CP 1,000,000 GBP 999, , , , Total - Commercial Papers 6,488,921 6,497, Total - Securities and money market instruments that are neither traded on an exchange nor on a regulated market 6,488,921 6,497, TOTAL INVESTMENT PORTFOLIO 37,143,423 36,896,

24 Page 24 GBP GBP Geographic and economic composition of Investment portfolio (information in percentage of net assets) Geographic composition % Economic composition % Germany Banks and financial institutes France Supranational Netherlands States, provinces and municipalities Philippines 9.71 Holding and financial companies Finland 8.09 Consumer goods 3.88 Norway Luxembourg 5.37 Australia 4.56 Great Britain 3.91 Canada 3.88 Sweden

25 Page 25 EUR EUR Investment portfolio (information in EUR) ISIN Number Name Quantity / face value Officially and other regulated markets listed securities and money market instruments Currency Cost price Fair value % of net assets Bonds Australia XS Nab Frn ,000,000 EUR 10,030,000 10,015, XS Nab 4.75% ,717,000 EUR 3,890,249 3,852, XS Westpac Bank 2.125% ,000,000 EUR 13,256,300 13,102, XS Westpac Bank 4.25% ,022,000 EUR 2,151,590 2,102, ,328,139 29,072, Germany DE000EAA0A63 Erste Abwickl 3.125% ,400,000 EUR 15,849,449 15,643, DE000A1PGPX1 Fms Wertman 0.7% ,600,000 EUR 1,607,712 1,600, DE000A0H5VC8 Land Berlin 4.125% ,730,000 EUR 7,964,089 7,939, XS Landwirtschaftliche Rentenbank 3.75% Emtn Series ,295,000 EUR 1,342,255 1,313, DE000NWB29Z6 Nrw Bank 1% Ausgabe 29 7,120,000 EUR 7,175,251 7,129, DE000NWB11F6 Nrw Bk 1.2% ,386,000 EUR 3,420,571 3,404, DE000NWB11H2 Nrw Bk 1.2% ,965,000 EUR 1,981,231 1,976, DE000NRW20C0 Nth Rhine-w 2.625% ,047,000 EUR 5,143,701 5,064, ,484,259 44,070, Finland XS Pohjola Bank 3.125% ,118,000 EUR 7,300,440 7,178, ,300,440 7,178, France FR Cades 3% ,000,000 EUR 8,219,359 8,100, FR Dexia Mun Ag 2.75% ,000,000 EUR 5,048,400 5,043, FR Fin.foncier 3.375% ,715,000 EUR 6,867,256 6,782, FR Unedic 0.375% ,000,000 EUR 5,018,724 5,014, ,153,739 24,941, Great Britain XS Nationwide Buil. 3.5% ,500,000 EUR 10,759,350 10,566, ,759,350 10,566, Luxembourg EU000A1GKVZ9 Eec 2.5% ,428,000 EUR 1,453,733 1,434, ,453,733 1,434, Netherlands XS Allianderfin5.5% ,200,000 EUR 2,323,134 2,265, XS BNG 2.5% ,000,000 EUR 5,078,250 5,039, XS Dt Bahn Fin 2.875% ,675,000 EUR 9,963,833 9,877, XS Ing Nv 3.25% ,500,000 EUR 3,584,700 3,547, XS Rabobank Nederland NV 3.375% Emtn ,500,000 EUR 12,790,099 12,624,

26 Page 26 EUR EUR Investment portfolio (cont.) (information in EUR) Quantity / face Currency Cost price Fair value % of net value assets ISIN Number Name XS Rdsaln 4.5% ,794,000 EUR 11,204,496 10,965, ,944,512 44,320, Sweden XS Seb 3% ,000,000 EUR 12,305,905 12,109, ,305,905 12,109, USA XS Toyota 6.625% ,192,000 EUR 9,733,929 9,394, ,733,929 9,394, Total - Bonds 185,464, ,088, Total - Officially and other regulated markets listed securities and money 185,464, ,088, market instruments Securities and money market instruments that are neither traded on an exchange nor on a regulated market Commercial Papers Germany DE000DK0DH06 Dgz Dekabk 0% CP 2,000,000 EUR 2,000,291 2,000, DE000DK0DLX5 Dgz Dekabk 0% CP 15,000,000 EUR 15,004,135 15,002, ,004,426 17,002, Finland XS Fingrid Oyj 0% CP 10,000,000 EUR 9,999,497 9,999, XS Pohjola Bk 0% CP 10,000,000 EUR 10,003,101 10,002, ,002,598 20,001, France XS Bfcm 0% CP 15,000,000 EUR 15,003,982 15,002, XS Natixis 0% CP 15,000,000 EUR 15,004,218 15,001, ,008,200 30,003, Luxembourg XS Bnp Fding 0% CP 15,000,000 EUR 15,004,218 15,001, ,004,218 15,001, Austria XS Bundesimmob 0% CP 10,000,000 EUR 10,000,000 10,000, ,000,000 10,000, Sweden XS Nordea 0% CP 3,000,000 EUR 3,000,072 3,000, XS Nordea 0% CP 15,000,000 EUR 15,001,917 15,000, XS Shb 0% CP 16,000,000 EUR 16,004,001 16,000, ,005,990 34,001,

27 Page 27 EUR EUR Investment portfolio (cont.) (information in EUR) ISIN Number Name Quantity / face value Currency Cost price Fair value % of net assets USA XS P&G 0% CP 10,000,000 EUR 9,999,753 9,999, XS P&G 0% CP 8,000,000 EUR 7,999,793 7,999, ,999,546 17,999, Total - Commercial Papers 144,024, ,011, Total - Securities and money market instruments that are neither traded on an exchange nor on a regulated market 144,024, ,011, TOTAL INVESTMENT PORTFOLIO 329,488, ,099,

28 Page 28 EUR EUR Geographic and economic composition of Investment portfolio (information in percentage of net assets) Geographic composition % Economic composition % Germany Banks and financial institutes France Holding and financial companies Sweden States, provinces and municipalities Netherlands Real estate 6.05 Australia 8.54 Consumer goods 5.29 USA 8.05 Public services 3.61 Finland 7.99 Supranational 0.42 Luxembourg Great Britain 3.11 Austria

29 Page 29 CHF CHF Investment portfolio (information in CHF) ISIN Number Name Quantity / face value Officially and other regulated markets listed securities and money market instruments Currency Cost price Fair value % of net assets Bonds Australia CH Anz Bk 2% ,675,000 CHF 15,052,219 14,960, ,052,219 14,960, Denmark CH Kommkrdt 2.625% ,330,000 CHF 1,377,217 1,376, ,377,217 1,376, Germany CH Bayerische Landesbank 3% ,850,000 CHF 3,933,510 3,869, CH Dekabank Emtn 3.125% ,520,000 CHF 26,097,997 25,702, CH Dt Hypobk 2.375% ,800,000 CHF 1,821,500 1,808, CH Kfw 2.125% ,345,000 CHF 9,595,169 9,445, CH Lb Baden - Wuerttemberg 2.875% ,215,000 CHF 12,501,053 12,318, CH Lb Hessen - Thueringen 3% ,500,000 CHF 1,548,450 1,513, CH Lbk Bw 3.5% ,595,000 CHF 2,670,983 2,601, CH Lwf Rentbk 2.625% ,475,000 CHF 6,674,848 6,669, ,843,510 63,926, Finland CH Muni Fin 1.375% ,535,000 CHF 1,556,499 1,535, CH Muni Fin 2.375% ,905,000 CHF 3,984,846 3,959, ,541,345 5,494, France CH Cff 2.125% ,900,000 CHF 5,044,293 4,982, CH Cff 3% ,525,000 CHF 6,753,891 6,734, CH Cifeur 2% ,110,000 CHF 23,483,718 23,118, CH Crh 1.75% ,240,000 CHF 15,574,886 15,416, CH Dexia Municipal Agency 2.375% ,125,000 CHF 19,570,480 19,324, CH Regie Auton Transports Paris 3.375% EMTN ,060,000 CHF 5,212,168 5,156, CH Sncf 5% ,340,000 CHF 4,451,569 4,357, CH Total Capital SA 2.375% ,985,000 CHF 14,339,936 14,109, ,430,941 93,200, Great Britain CH Anz Nat Intl Frn (rbg) 500,000 CHF 501, , CH Anz Natl 2.125% ,430,000 CHF 5,555,514 5,511, ,056,514 6,011,

30 Page 30 CHF CHF Investment portfolio (cont.) (information in CHF) ISIN Number Name Quantity / face value Currency Cost price Fair value % of net assets Canada CH New Brunswick 2.875% ,420,000 CHF 19,916,379 19,737, CH Ontario 3.375% ,165,000 CHF 12,512,711 12,255, CH Ontario 3.375% ,495,000 CHF 3,624,323 3,587, CH Quebec 2.25% ,330,000 CHF 2,374,280 2,330, CH Quebec 3.125% ,565,000 CHF 19,074,840 18,703, CH Saskatchewan (province Of) 2.125% ,505,000 CHF 4,609,584 4,542, ,112,117 61,157, Luxembourg CH Bei 2% ,580,000 CHF 4,706,952 4,692, ,706,952 4,692, Netherlands CH Abn Amro Bank NV 2.5% Emtn ,500,000 CHF 28,121,410 27,737, CH Bank Nederlandse Gemeenten NV 2.75% ,845,000 CHF 8,068,966 8,010, CH En Beh Nl 0.75% ,000,000 CHF 2,027,300 2,027, CH Fmo 2.875% ,600,000 CHF 4,734,240 4,732, CH Nederlandse Waterschapsbank NV 1.75% ,815,000 CHF 4,933,803 4,912, CH Rabobank 3% ,920,000 CHF 8,201,391 8,116, ,087,110 55,536, Norway CH Dnb Nor 1.875% ,540,000 CHF 3,591,454 3,567, CH Dnb 3.375% ,000 CHF 903, , ,494,579 4,465, Austria CH Austria 2.5% ,450,000 CHF 8,690,730 8,665, CH Oekb 1.5% ,800,000 CHF 3,880,417 3,832, CH Oesterreichische Kontrollbank AG 3% ,470,000 CHF 7,671,990 7,486, CH Oesterreichische Kontrollbk AG 3% EMTN ,000,000 CHF 10,377,800 10,377, ,620,937 30,362, Philippines CH Asian Development Bank 0% ,290,000 CHF 11,362,017 11,320, ,362,017 11,320, Sweden CH Kommuninvest I Sverige AB 2.5% ,770,000 CHF 11,032,734 10,831, CH Nordea 2.25% ,290,000 CHF 20,843,564 20,624, CH SCBC 2.125% ,960,000 CHF 14,319,727 14,226, CH Swedbk 2.125% ,835,000 CHF 5,999,849 5,983,

31 Page 31 CHF CHF Investment portfolio (cont.) (information in CHF) Quantity / face Currency Cost price Fair value % of net value assets ISIN Number Name CH Swedish Export 2.625% ,490,000 CHF 10,733,322 10,574, ,929,196 62,241, South Korea CH Korea Gas 2% ,070,000 CHF 7,246,674 7,228, CH Kr Land & Hc 1% ,455,000 CHF 3,503,720 3,491, ,750,394 10,719, Venezuela CH Corp Andina 2.625% ,205,000 CHF 22,675,063 22,268, ,675,063 22,268, USA CH Gecc 2.625% ,000,000 CHF 3,066,600 3,034, CH Iadb 2.125% Emtn ,260,000 CHF 1,293,710 1,279, CH Ibrd 0% ,905,000 CHF 8,938,741 8,909, ,299,051 13,222, Total - Bonds 466,339, ,958, Total - Officially and other regulated markets listed securities and money 466,339, ,958, market instruments Securities and money market instruments that are neither traded on an exchange nor on a regulated market Commercial Papers France XS Bfcm 0% CP 13,000,000 CHF 13,027,800 13,006, ,027,800 13,006, Total - Commercial Papers 13,027,800 13,006, Total - Securities and money market instruments that are neither traded on an exchange nor on a regulated market 13,027,800 13,006, TOTAL INVESTMENT PORTFOLIO 479,366, ,964,

32 Page 32 CHF CHF Geographic and economic composition of Investment portfolio (information in percentage of net assets) Geographic composition % Economic composition % France Banks and financial institutes Germany States, provinces and municipalities Sweden Supranational 9.24 Canada Holding and financial companies 6.87 Netherlands Traffic and transport 1.81 Austria 5.79 Public services 1.37 Venezuela Australia 2.85 USA 2.52 Philippines 2.16 South Korea 2.04 Great Britain 1.15 Finland 1.05 Luxembourg 0.89 Norway 0.85 Denmark

33 Page 33 AUD AUD Investment portfolio (information in AUD) ISIN Number Name Quantity / face value Officially and other regulated markets listed securities and money market instruments Currency Cost price Fair value % of net assets Bonds Australia AU000ANZHAN4 Anz Bank Frn ,000,000 AUD 6,066,000 6,004, AU3CB Anz Bk 5.25% S12-5 1,350,000 AUD 1,376,541 1,367, AU000ANZHAM6 Anz Bk 6.75% ,500,000 AUD 2,587,900 2,563, XS Ge Cap Au 4.75% ,428,000 AUD 5,513,367 5,502, AU3CB Ge Cap Au 7% ,060,000 AUD 7,226,073 7,062, AU3FN Nab Aus Frn ,000,000 AUD 2,012,120 2,001, AU3FN Nab Aus Frn ,000 AUD 603, , AU3CB Nab Aus 6.5% ,158,000 AUD 6,295,329 6,178, XS Nab Aus 6.625% ,553,000 AUD 2,607,892 2,595, AU0000XQLQQ8 Queensld Ts 6% ,500,000 AUD 10,741,990 10,516, XS Rabobk 6% ,984,000 AUD 3,008,376 2,991, XS Sth Austr. 0% ,440,000 AUD 8,277,321 8,398, AU3SG Tsy Vict 2.75% ,000,000 AUD 10,028,100 10,005, AU000WBCHAT9 Westpac Bk 6.5% ,000,000 AUD 10,160,782 10,038, ,505,031 75,828, Germany AU0000KFWHH3 Kfw 5.5% ,500,000 AUD 3,610,250 3,590, AU0000KFWHP6 Kfw 6% ,765,000 AUD 7,990,223 7,846, AU3CB Lwf Rentbank 6% ,860,000 AUD 9,129,476 8,959, AU3FN Lwf Rentbk Frn ,880,000 AUD 1,886,354 1,882, ,616,303 22,278, France AU300CEDB028 Council Eur 5.625% ,700,000 AUD 11,988,120 11,771, XS Total Cap 6.5% ,176,000 AUD 7,383,408 7,255, ,371,528 19,027, Great Britain AU3CB Bnz Intl Ln 6.25% ,800,000 AUD 4,962,565 4,923, ,962,565 4,923, Canada AU3CB Cibc 6.25% ,470,000 AUD 5,645,828 5,565, AU3CB Edc 6% ,000,000 AUD 10,194,600 10,131, AU3FN Rbc Frn Cb12 4,500,000 AUD 4,508,700 4,505, XS Td Bank 3.625% ,834,000 AUD 6,865,367 6,836, ,214,495 27,039, Luxembourg XS Bnp Fding 7% ,000,000 AUD 1,018,300 1,017, ,018,300 1,017,

34 Page 34 AUD AUD Investment portfolio (cont.) (information in AUD) ISIN Number Name Quantity / face value Currency Cost price Fair value % of net assets Netherlands AU0000NWBHB9 Nwb 5.875% ,000,000 AUD 10,222,975 10,039, XS Rabobk 5.5% ,623,000 AUD 2,656,788 2,647, ,879,763 12,686, Philippines AU0000ATBHB2 Asia Devt Bank 5.5% ,465,000 AUD 11,795,656 11,595, ,795,656 11,595, South Korea AU0000SHBHA1 Shinhan Bk 4.5% (rbg) 6,000,000 AUD 6,004,992 6,000, ,004,992 6,000, USA AU3CB Iadb 3% ,039,000 AUD 10,073,742 10,044, AU300IADB049 Iadb 6% ,000 AUD 797, , AU0000IFXHG7 Intl Fin 5% ,500,000 AUD 10,776,290 10,738, XS Nestle Hldgs 5.5% ,401,000 AUD 7,589,150 7,469, ,237,065 29,046, Total - Bonds 211,605, ,444, Total - Officially and other regulated markets listed securities and money 211,605, ,444, market instruments Securities and money market instruments that are neither traded on an exchange nor on a regulated market Bonds Australia AU3FN Nat Aus Bk Frn ,000 AUD 500, , , , Netherlands AU300RN20108 Rabobank Nederland NV 5.75% ,400,000 AUD 4,437,298 4,402, ,437,298 4,402, Total - Bonds 4,937,648 4,902, Certificates of Deposit Australia AU3FN Cba Frn CD 10,250,000 AUD 10,345,688 10,328, ,345,688 10,328, Total - Certificates of Deposit 10,345,688 10,328, Total - Securities and money market instruments that are neither traded on an exchange nor on a regulated market 15,283,336 15,231, TOTAL INVESTMENT PORTFOLIO 226,889, ,675,

35 Page 35 AUD AUD Geographic and economic composition of Investment portfolio (information in percentage of net assets) Geographic composition % Economic composition % Australia Banks and financial institutes USA Supranational Canada Holding and financial companies Germany 9.43 States, provinces and municipalities France Netherlands 7.23 Philippines 4.91 South Korea 2.54 Great Britain 2.08 Luxembourg

36 Page 36 Notes on the semi-annual report Note 1: Presentation of results The financial reports are created in accordance with the statutory provisions of the Law of Organisation for Mutual Investment in Luxembourg. Note 2: The Main Accounting Policies The net assets of each subfund correspond to the difference between the total assets of the subfund and the total liabilities of the subfund concerned. The total net assets of the fund are expressed in Swiss Francs. For the purposes of this calculation, the net assets of each subfund that are not expressed in CHF are converted into CHF based on the following rates: Valuation principles: 1 CHF = AUD CAD EUR GBP USD a) Securities, derivatives and other investments that are listed on a stock exchange are valued at the last-known market prices. If these securities, derivatives and other investments are listed on several stock exchanges, the latest available price on the stock exchange that is the main market for this security shall be used. For securities, derivatives and other investments, for which trading on a stock exchange is minor and for which there is a second market between securities traders with price formation that complies with the market, the management company may undertake the valuation of these securities, derivatives and investments on the basis of these prices. Securities, derivatives and other investments not listed on a stock exchange, but which are traded on another recognised regulated market open to the public operating in accordance with regulations, will be valued at the last-available price on this market. b) Securities and other investments that are not listed on a stock exchange or traded on a regulated market are valued at the last market price available. If this is not available, the valuation of the securities is undertaken by the Management Company as per the other criteria to be set by the board of directors and on the basis of the expected possible sale price, the value of which is to be estimated with all due care and to the best of its knowledge. c) Money market instruments not listed on a stock exchange, but which are traded on another recognised regulated market open to the public operating in accordance with regulations, can be valued as follows: The valuation price of such investments is gradually brought into line with the redemption price based on the net purchase price, while at the same time maintaining the return on assets based on this price. In the event of significant changes to the market conditions, the valuation basis of the individual assessments is adjusted in line with the new market yield. Commercial Papers and Certificates of Deposit have been linearised in the. d) Liquid assets, trustee funds and fixed-term deposits are valued on the basis of their nominal value plus accrued interest.

37 Page 37 Notes on the semi-annual report (cont.) e) Shares in UCITS and other UCI are valued according to the last published net asset value. If no net asset value is available, but only buying and selling prices, shares in such UCITS and other UCI may be valued at the average of such buying and selling prices. If no current prices are available, the valuation is carried out by the management company in accordance with other criteria to be specified by the Administrative Board and on the basis of the probable sale price which must be estimated with due care and in good faith. f) Derivatives that are neither traded on a stock exchange nor traded on another regulated market are valued at the fair value that is deemed appropriate upon careful assessment, taking all circumstances into account. g) For each subfund the assets that are denominated in a currency other than that of the subfund are converted to the subfund s currency at the prevailing median rate. Futures contracts concluded to hedge the currency risk are included in the conversion. h) Calculation of the net asset value The net asset value of the shares is calculated by the management company for each individual subfund or each share class in accordance with the management regulations conditions and in accordance with Section 3.1 of the sales prospectus on every bank business day in Luxembourg. The management company is entitled to temporarily apply other generally recognised calculation principles for total fund assets and subfund assets that can be verified by the auditors if the aforementioned calculation criteria are rendered impossible or unfit for purpose as the result of extraordinary events. Note 3: Information on financial instruments The fund had no open futures contracts or forward exchange contracts at the end of the year. Note 4: Management fee The fund will be invoiced a flat-rate administration commission for management and administration of the fund units which will be paid to the management company. This commission is payable monthly on the basis of the average net asset value of each subfund. The flat-rate administration commission is made up of two components:a flat-rate management fee (costs of asset management and sales) and a flat-rate administration fee (costs for management and administration).