Swiss Life Funds (LUX)

Transcription

1 Bond Euro Corporates Bond Inflation Protection Equity Euro Zone Equity Global High Dividend Maturity Guaranty Portfolio Global Income Prudent () Portfolio Global Balanced Harmony () Portfolio Global Growth () Portfolio Global Growth Vitality () Luxembourg B SemiAnnual report as at February 28, 2015 (unaudited) No subscription can be received on the basis of this report. Subscriptions are only valid if made on the basis of the current prospectus supplemented by the last available annual report of the SICAV and the latest semiannual report if published after such annual report. Sales Restrictions : Shares of this Company may not be offered, sold or distributed within the United States of America. This document may also be translated into other languages. To the extent that there is any inconsistency between the English language and a version in another language, the English language will prevail, except to the extent (but only to the extent) required by the law of any jurisdiction where the Shares are sold. 1

2 Table of contents Page(s) Management and Administration 1 General information on the Company 4 Information to the Shareholders 5 Statement of Net Assets as at February 28, Statement of Operations and Changes in Net Assets for the period ended February 28, Statistical information 19 Performance 31 Notes to the financial statements as at February 28, Bond Euro Corporates Schedule of Investments as at February 28, Geographical classification of investments 55 Economic classification of investments 56 Bond Inflation Protection Schedule of Investments as at February 28, Geographical classification of investments 58 Economic classification of investments 58 Equity Euro Zone Schedule of Investments as at February 28, Geographical classification of investments 63 Economic classification of investments 64 Equity Global High Dividend Schedule of Investments as at February 28, Geographical classification of investments 70 Economic classification of investments 71 Maturity Guaranty Schedule of Investments as at February 28, Geographical classification of investments 73 Economic classification of investments 73 Portfolio Global Income Prudent () Schedule of Investments as at February 28, Geographical classification of investments 75 Economic classification of investments 75

3 Table of contents Page(s) Portfolio Global Balanced Harmony () Schedule of Investments as at February 28, Geographical classification of investments 77 Economic classification of investments 77 Portfolio Global Growth () Schedule of Investments as at February 28, Geographical classification of investments 83 Economic classification of investments 84 Portfolio Global Growth Vitality () Schedule of Investments as at February 28, Geographical classification of investments 86 Economic classification of investments 86

4 Management and Administration Registered Office 2832, Place de la gare, L1616 Luxembourg Board of Directors of the SICAV Directors: Chairman: Dagmar Maroni Directors: Laurence Bezançon Lorenzo Kyburz Özkan Akcaöz Director, Asset Management Ltd., Zurich, Switzerland Director, Asset Management (France) S.A. Paris, France Executive Director, Investment Management Holding Ltd., Zurich, Switzerland Senior Member of Management, Asset Management AG, Zurich, Switzerland Management Company Until December 17, 2014 Management Company, Registered address: 2832, Place de la gare, L1616 Luxembourg Head Office: c/o Carne Global Financial Services Luxembourg S.à r.l., European Bank and Business Centre, 6B route de Trèves, L2633 Senningerberg From December 17, 2014 Fund Management (LUX) S.A., Registered address: 23, route d Arlon, L8009 Strassen Board of Directors of the Management Company Until December 17, 2014 Chairman: Marcel Finker ViceChairman: JeanPierre Grimaud Directors: Hermann Inglin Dagmar Maroni Andreas Baschong Beat Hubacher Member of Executive Board, Asset Management Ltd, Zurich, Switzerland Chief Executive Officer, Asset Management (France) SA, LevalloisPerret, France Chief Operating Officer, Investment Management Holding Ltd, Zurich, Switzerland Director, Asset Management AG, Zurich, Switzerland Director, Asset Management AG, Zurich, Switzerland Delegate for Corporate Mandates, Group, Zurich, Switzerland 1

5 Management and Administration (cont.) From December 17, 2014 JeanPierre Grimaud Frédéric Bôl Beat Reichen Beat Hubacher Hermann Inglin Chief Executive Officer, Asset Management (France) S.A. LevalloisPerret, France (Chairman since February 11, 2015) Director, Asset Management Ltd., Marseille, France (Chairman until February 11, 2015) Director, Asset Management Ltd., Strassen, Luxembourg Delegate for Corporate Mandates, Group, Zurich, Switzerland Chief Operating Officer, Investment Management Holding Ltd., Zurich, Switzerland Senior Managers of the Management Company Until December 17, 2014 Tracey McDermott, General Manager, Director, Carne Global Financial Services Luxembourg S.à r.l. Thomas Nummer, General Manager, Managing Director, Carne Global Financial Services Luxembourg S.à r.l. From December 17, 2014 Dagmar Maroni, Asset Management Ltd.,Zurich, Switzerland Fabrice Lombardo, REIM (France), Paris, France Vincent Charuel, Fund Management (LUX) S.A., Luxembourg Kai Nemec, Fund Management (LUX) S.A., Luxembourg Tracey McDermott, Carne Global Financial Services Luxembourg S.à r.l., Luxembourg Thomas Nummer, Carne Global Financial Services Luxembourg S.à r.l., Luxembourg Conducting Officers of the Management Company Tracey McDermott, General Manager, Director, Carne Global Financial Services Luxembourg S.à r.l. Thomas Nummer, General Manager, Managing Director, Carne Global Financial Services Luxembourg S.à r.l. Custodian and Paying Agent Société Générale Bank & Trust, 11, avenue Emile Reuter, L2420 Luxembourg, Grand Duchy of Luxembourg Administrator, Corporate and Domiciliary Agent Société Générale Bank & Trust (operational center) 2832, Place de la gare L1616 Luxembourg Grand Duchy of Luxembourg Registrar Agent European Fund Services S.A., 2832, Place de la gare, L1616 Luxembourg, Grand Duchy of Luxembourg Portfolio Management Asset Management AG, GeneralGuisanQuai 40, CH8002 Zurich Asset Management (France), 7, rue Belgrand, F92300 LevalloisPerret Feri Trust GmbH, Haus am Park, Rathausplatz 810, D61348 Bad Homburg 2

6 Management and Administration (cont.) Auditor PricewaterhouseCoopers, Société coopérative, 2, rue Gerhard Mercator, B.P. 1443, L1014 Luxembourg, Grand Duchy of Luxembourg Legal Advisors Arendt & Medernach S.A., Avocats à la Cour, 14, rue Erasme, L2082 Luxembourg, Grand Duchy of Luxembourg Representative in Switzerland Asset Management AG, GeneralGuisanQuai 40, CH8002 Zurich Paying Agent in Switzerland UBS AG, Bahnhofstrasse 45, CH8098 Zurich Information Agent in Germany Invest GmbH, Berliner Straße 85, D80805 Munich, Germany Paying Agent in Germany Landesbank HessenThüringen, Girozentrale, Neue Mainzer Straße 5258, D60311 Frankfurt am Main Central Agent in France Banque, 7, place Vendôme, F75041 Paris Cedex 01 The sales prospectus and the KIID (Key Investor Information), Articles, annual and semiannual reports as well as the portfolio movements of the Company mentioned in this publication are available free of charge at the Swiss Representative and at the registered office of the Company. 3

7 General information on the Company (the SICAV ) is an openend investment company and was founded on April 8, 1999 for an unlimited period on the initiative of Ltd., with its registered office in Zurich. The Company is registered in Luxembourg as an Undertaking for Collective Investment in Transferable Securities (UCITS, or OPCVM Organisme de Placement Collectif en Valeurs Mobilières). The Company is listed on the official list of collective investment undertakings, in accordance with the Law of December 17, 2010 and the law of August 10, 1915, as amended, relating to commercial companies. In particular, Part I of the amended Law of December 17, 2010 as defined by the UCITS Directive, is applicable. The Company's Articles were published for the first time on May 14, 1999 in the Mémorial after being lodged with the Registrar of the District Court of, and in, Luxembourg, where they may be consulted and where copies may be obtained against payment of the Registrar's fee. The Articles were amended for the last time on September 20, 2012 by a deed of Maître Hellinckx published in the Mémorial on October 29, The Company is entered in the Luxembourg Register of Companies under number B The Company is organised in the form of an umbrella fund. The Articles provide that the Company may offer separate Classes of Shares each representing interests in a SubFund comprised of a distinct portfolio of investments. Additional SubFunds may, with the prior approval of the Regulatory Authority, be created by the Directors. As at February 28, 2015, nine SubFunds are available to investors: Bond Euro Corporates Bond Inflation Protection Equity Euro Zone Equity Global High Dividend Maturity Guaranty Portfolio Global Income Prudent () Portfolio Global Balanced Harmony () Portfolio Global Growth () Portfolio Global Growth Vitality () In all Classes, Shares can be either : distribution shares, which basically entitle investors to an annual dividend and which reduce their Net Asset Value by an amount corresponding to the distribution made ( Distribution Shares ), capitalisation shares which do not entitle investors to a dividend and whose Net Asset Value is not changed on the dividend payment date, the percentage of the total Net Asset Value attributable to the capitalisation shares being increased accordingly ( Capitalisation Shares ). The Directors may decide on the issuance of further Classes of Shares. The issue of further Classes of Shares must be notified to the Regulatory Authority. Each Class may have a specific sales and redempton charge structure, a specific management or advisory fee structure, different distribution, shareholders servicing or other fees or different types of targeted investors. Class R Shares ( R Shares ) are open to any investor. Class I Shares ( I Shares ) are restricted to institutional investor within the meaning of Article 174 of the amended Law of Class Q Shares ( Q Shares ) are restricted to institutional investor within the meaning of Article 174 of the amended Law of Class S Shares ( S Shares ) are restricted to SubFunds of the Company. 4

8 Information to the Shareholders All general meetings of the Shareholders are held at the registered office of the Company in Luxembourg or at any other place as may be specified in the notice of the meeting. Notice of any general meeting of Shareholders shall be mailed to each registered Shareholder at their addresses listed in the share register at least eight days prior to the meeting and shall be published to the extent required by Luxembourg law in the Mémorial and in any Luxembourg and other newspaper(s) that the Directors may determine. The annual general meeting of shareholders will take place on the second Thursday of the month of December at a.m. at the registered office of the Company or at any other place in the Grand Duchy of Luxembourg as may be specified in the notice of the meeting, and, if such day is not a Business Day, on the immediately following Business Day. The notice will be published in accordance with Luxembourg law and shall specify the venue and time of the meeting and the business to be transacted at the meeting. The financial year of the Company is twelve months, ending on August 31 in each year. The annual report containing the audited financial statements of the Company as well as the unaudited semiannual report of the Company and the SubFunds for each financial year will be available to Shareholders within four months and two months respectively, of the end of the relevant period to which they relate. A proxy may attend on behalf of any Shareholder. The requirements for quorum and majorities at all general meetings are set out in the Articles. Each Share gives the holder one vote in relation to any matters relating to the Company which are submitted to Shareholders for a vote by poll. All Shares of each Class have equal voting rights. The Total Expense Ratio (TER) for the period from March 1, 2014 to February 28, 2015 is detailed below. The TER and PTR were calculated in accordance with the Swiss Funds & Asset Management Association's (SFAMA) Guidelines on the calculation and disclosure of the TER and PTR and expresses the sum of all costs and commissions charged on an ongoing basis to the net assets (operating expenses) taken retrospectively as a percentage of the net assets. SubFunds Share Class Currency TER Bond Euro Corporates Class R Cap 1.51 Bond Euro Corporates Class R Cap 1.52 Bond Euro Corporates Class Q Cap 1.23 Bond Inflation Protection Class R Cap 1.40 Bond Inflation Protection Class I Cap 0.83 Equity Euro Zone Class R Cap 1.74 Equity Global High Dividend Class I Cap 0.86 Equity Global High Dividend Class R Dist 1.83 Equity Global High Dividend Class R Cap 1.73 Equity Global High Dividend Class R Dist 1.71 Equity Global High Dividend Class S Cap 0.16 Maturity Guaranty Class R Cap

9 Information to the Shareholders (cont.) SubFunds Share Class Currency TER Portfolio Global Income Prudent () Class R Cap 1.36 Portfolio Global Balanced Harmony () Class R Cap 1.70 Portfolio Global Growth () Class R Cap 1.80 Portfolio Global Growth Vitality () Class R Cap 2.24 The list of changes in the portfolio is available at the registered office of the Company and foreign representatives. The Portfolio Turnover Rate (PTR) is as follows : SubFunds 01/03/1428/02/15 Bond Euro Corporates 73.08% Bond Inflation Protection % Equity Euro Zone % Equity Global High Dividend % Maturity Guaranty % Portfolio Global Income Prudent () 20.01% Portfolio Global Balanced Harmony () 25.30% Portfolio Global Growth () 91.80% Portfolio Global Growth Vitality () 29.61% 6

10 Statement of Net Assets as at February 28, 2015 (expressed in the SubFund s currency) SubFunds Bond Euro Corporates Bond Inflation Protection Equity Euro Zone Notes Assets Securities portfolio at cost Net unrealised profit/(loss) Securities portfolio at market value Cash at bank Receivable for Fund shares issued Receivable for securities sold Receivable on spot exchange 2.11 Dividends receivable, net Interest receivable on bonds Unrealised appreciation on forward foreign exchange contracts Unrealised appreciation on financial futures contracts Formation expenses, net 2.10 Other assets Liabilities Bank Overdraft Payable for Fund shares redeemed Payable for securities purchased 2.8 Payable on spot exchange 2.11 Management fees payable Performance fees payable 4 Custodian fees payable Taxe d abonnement payable Administration fees payable Professional fees payable Interest and bank charges payable Interest payable on swaps Swaps at market value Unrealised depreciation on forward foreign exchange contracts Unrealised depreciation on financial futures contracts Other liabilities Total Net Assets The accompanying notes form an integral part of these financial statements. 7

11 Statement of Net Assets as at February 28, 2015 (cont.) (expressed in the SubFund s currency) SubFunds Equity Global High Dividend Maturity Guaranty Portfolio Global Income Prudent () Notes Assets Securities portfolio at cost Net unrealised profit/(loss) Securities portfolio at market value Cash at bank Receivable for Fund shares issued Receivable for securities sold Receivable on spot exchange 2.11 Dividends receivable, net Interest receivable on bonds Unrealised appreciation on forward foreign exchange contracts Unrealised appreciation on financial futures contracts Formation expenses, net 2.10 Other assets Liabilities Bank Overdraft Payable for Fund shares redeemed Payable for securities purchased Payable on spot exchange 2.11 Management fees payable Performance fees payable 4 Custodian fees payable Taxe d abonnement payable Administration fees payable Professional fees payable Interest and bank charges payable Interest payable on swaps Swaps at market value Unrealised depreciation on forward foreign exchange contracts Unrealised depreciation on financial futures contracts Other liabilities Total Net Assets The accompanying notes form an integral part of these financial statements. 8

12 Statement of Net Assets as at February 28, 2015 (cont.) (expressed in the SubFund s currency) SubFunds Portfolio Global Balanced Harmony () Portfolio Global Growth () Portfolio Global Growth Vitality () Notes Assets Securities portfolio at cost Net unrealised profit/(loss) Securities portfolio at market value Cash at bank Receivable for Fund shares issued Receivable for securities sold Receivable on spot exchange 2.11 Dividends receivable, net Interest receivable on bonds Unrealised appreciation on forward foreign exchange contracts Unrealised appreciation on financial futures contracts Formation expenses, net Other assets Liabilities Bank Overdraft Payable for Fund shares redeemed Payable for securities purchased Payable on spot exchange Management fees payable Performance fees payable Custodian fees payable Taxe d abonnement payable Administration fees payable Professional fees payable Interest and bank charges payable Interest payable on swaps Swaps at market value Unrealised depreciation on forward foreign exchange contracts Unrealised depreciation on financial futures contracts Other liabilities Total Net Assets The accompanying notes form an integral part of these financial statements. 9

13 Statement of Net Assets as at February 28, 2015 (cont.) (expressed in the SubFund s currency) SubFunds Assets Securities portfolio at cost Net unrealised profit/(loss) Securities portfolio at market value Cash at bank Receivable for Fund shares issued Receivable for securities sold Receivable on spot exchange Dividends receivable, net Interest receivable on bonds Unrealised appreciation on forward foreign exchange contracts Unrealised appreciation on financial futures contracts Formation expenses, net Other assets Notes Combined* Liabilities Bank Overdraft Payable for Fund shares redeemed Payable for securities purchased Payable on spot exchange Management fees payable Performance fees payable Custodian fees payable Taxe d abonnement payable Administration fees payable Professional fees payable Interest and bank charges payable Interest payable on swaps Swaps at market value Unrealised depreciation on forward foreign exchange contracts Unrealised depreciation on financial futures contracts Other liabilities Total Net Assets *The consolidated accounts include SubFunds not authorised in Switzerland. The accompanying notes form an integral part of these financial statements

14 Statement of Operations and Changes in Net Assets for the period ended February 28, 2015 (expressed in the SubFund s currency) SubFunds Bond Euro Corporates Bond Inflation Protection Equity Euro Zone Notes Net assets at the beginning of the year Income Dividends, net Interest on bonds, net Bank interest Interest on swaps Income on securities lending Other income Expenses Management fees Performance fees Custodian fees Taxe d abonnement Administration fees Registrar Agent fees Professional fees Interest and bank charges Interest on swaps Amortisation of formation expenses Transaction costs Other expenses Net Investment Income/(Loss) ( ) The accompanying notes form an integral part of these financial statements. 11

15 Statement of Operations and Changes in Net Assets for the period ended February 28, 2015 (cont.) (expressed in the SubFund s currency) SubFunds Equity Global High Dividend Maturity Guaranty Portfolio Global Income Prudent () Notes Net assets at the beginning of the year Income Dividends, net Interest on bonds, net Bank interest Interest on swaps Income on securities lending Other income Expenses Management fees Performance fees Custodian fees Taxe d abonnement Administration fees Registrar Agent fees Professional fees Interest and bank charges Interest on swaps Amortisation of formation expenses Transaction costs Other expenses Net Investment Income/(Loss) ( ) The accompanying notes form an integral part of these financial statements. 12

16 Statement of Operations and Changes in Net Assets for the period ended February 28, 2015 (cont.) (expressed in the SubFund s currency) SubFunds Portfolio Global Balanced Harmony () Portfolio Global Growth () Portfolio Global Growth Vitality () Notes Net assets at the beginning of the year Income Dividends, net Interest on bonds, net Bank interest Interest on swaps 336 Income on securities lending Other income Expenses Management fees Performance fees 4 Custodian fees Taxe d abonnement Administration fees Registrar Agent fees Professional fees Interest and bank charges Interest on swaps Amortisation of formation expenses Transaction costs Other expenses Net Investment Income/(Loss) ( ) ( ) ( ) The accompanying notes form an integral part of these financial statements. 13

17 Statement of Operations and Changes in Net Assets for the period ended February 28, 2015 (cont.) (expressed in the SubFund s currency) SubFunds Net assets at the beginning of the year Income Dividends, net Interest on bonds, net Bank interest Interest on swaps Income on securities lending Other income Notes 9 Combined* Expenses Management fees Performance fees Custodian fees Taxe d abonnement Administration fees Registrar Agent fees Professional fees Interest and bank charges Interest on swaps Amortisation of formation expenses Transaction costs Other expenses Net Investment Income/(Loss) *The consolidated accounts include SubFunds not authorised in Switzerland. The accompanying notes form an integral part of these financial statements. 14

18 Statement of Operations and Changes in Net Assets for the period ended February 28, 2015 (cont.) (expressed in the SubFund s currency) SubFunds Bond Euro Corporates Bond Inflation Protection Equity Euro Zone Notes Net Investment Income/(Loss) ( ) Net realised gains / (losses) on securities sold currencies forward foreign exchange contracts options futures contracts swaps ( ) ( ) (4 754) (5 040) ( ) Net realised result for the year ( ) Change in net unrealised profit/(loss) on securities forward foreign exchange contracts futures contracts swaps ( ) ( ) (79 257) ( ) ( ) RESULT OF OPERATIONS ( ) Movements in capital Subscriptions Redemptions ( ) ( ) ( ) Dividend paid Exchange differences on the net assets at August 31, 2014 Net assets at the end of the year ( ) ( ) The accompanying notes form an integral part of these financial statements. 15

19 Statement of Operations and Changes in Net Assets for the period ended February 28, 2015 (cont.) (expressed in the SubFund s currency) SubFunds Equity Global High Dividend Maturity Guaranty Portfolio Global Income Prudent () Notes Net Investment Income/(Loss) ( ) Net realised gains / (losses) on securities sold currencies forward foreign exchange contracts options futures contracts swaps ( ) ( ) ( ) ( ) Net realised result for the year ( ) Change in net unrealised profit/(loss) on securities forward foreign exchange contracts futures contracts swaps (18 157) ( ) ( ) RESULT OF OPERATIONS Movements in capital Subscriptions Redemptions ( ) ( ) ( ) Dividend paid Exchange differences on the net assets at August 31, 2014 Net assets at the end of the year ( ) ( ) The accompanying notes form an integral part of these financial statements. 16

20 Statement of Operations and Changes in Net Assets for the period ended February 28, 2015 (cont.) (expressed in the SubFund s currency) SubFunds Portfolio Global Balanced Harmony () Portfolio Global Growth () Portfolio Global Growth Vitality () Notes Net Investment Income/(Loss) ( ) ( ) ( ) Net realised gains / (losses) on securities sold currencies forward foreign exchange contracts options futures contracts swaps ( ) ( ) ( ) (44 037) ( ) Net realised result for the year ( ) Change in net unrealised profit/(loss) on securities forward foreign exchange contracts futures contracts swaps (72 429) ( ) (18 510) (45 612) RESULT OF OPERATIONS Movements in capital Subscriptions Redemptions ( ) ( ) ( ) Dividend paid Exchange differences on the net assets at August 31, ( ) Net assets at the end of the year The accompanying notes form an integral part of these financial statements. 17

21 Statement of Operations and Changes in Net Assets for the period ended February 28, 2015 (cont.) (expressed in the SubFund s currency) SubFunds Net Investment Income/(Loss) Notes Combined* Net realised gains / (losses) on securities sold currencies forward foreign exchange contracts options futures contracts swaps ( ) Net realised result for the year Change in net unrealised profit/(loss) on securities forward foreign exchange contracts futures contracts swaps ( ) ( ) RESULT OF OPERATIONS Movements in capital Subscriptions Redemptions ( ) Dividend paid Exchange differences on the net assets at August 31, 2014 Net assets at the end of the year ( ) *The consolidated accounts include SubFunds not authorised in Switzerland. The accompanying notes form an integral part of these financial statements. 18

22 Statistical information SubFunds Bond Euro Corporates Bond Inflation Protection Equity Euro Zone Equity Global High Dividend (*) (*) (*) (*) Number of shares outstanding as at August 31, 2013 IShares Capitalisation IShares Capitalisation IShares Capitalisation QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation Number of shares outstanding as at August 31, 2014 IShares Capitalisation IShares Capitalisation IShares Distribution IShares Capitalisation QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation (*) SubFund s currency, please note that net asset value per share is expressed in the share class s currency. 19

23 Statistical information (cont.) SubFunds Bond Euro Corporates Bond Inflation Protection Equity Euro Zone Equity Global High Dividend (*) (*) (*) (*) Number of shares outstanding as at February 28, 2015 IShares Capitalisation IShares Capitalisation IShares Capitalisation IShares Distribution IShares Hedged Capitalisation IShares Hedged Capitalisation QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation RShares Hedged Capitalisation RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation Total Net Asset Value at August 31, Total Net Asset Value at August 31, Total Net Asset Value at February 28, (*) SubFund s currency, please note that net asset value per share is expressed in the share class s currency. 20

24 Statistical information (cont.) SubFunds Bond Euro Corporates Bond Inflation Protection Equity Euro Zone Equity Global High Dividend (*) (*) (*) (*) Net asset value per share as at August 31, 2013 IShares Capitalisation IShares Capitalisation IShares Capitalisation QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation Net asset value per share as at August 31, 2014 IShares Capitalisation IShares Capitalisation IShares Distribution IShares Capitalisation QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation (*) SubFund s currency, please note that net asset value per share is expressed in the share class s currency. 21

25 Statistical information (cont.) SubFunds Bond Euro Corporates Bond Inflation Protection Equity Euro Zone Equity Global High Dividend (*) (*) (*) (*) Net asset value per share as at February 28, 2015 IShares Capitalisation IShares Capitalisation IShares Capitalisation IShares Distribution IShares Hedged Capitalisation IShares Hedged Capitalisation QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation RShares Hedged Capitalisation RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation (*) SubFund s currency, please note that net asset value per share is expressed in the share class s currency. 22

26 Statistical information (cont.) SubFunds Maturity Guaranty Portfolio Global Income Prudent () Portfolio Global Balanced Harmony () Portfolio Global Growth () (*) (*) (*) (*) Number of shares outstanding as at August 31, 2013 IShares Capitalisation IShares Capitalisation IShares Capitalisation QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation Number of shares outstanding as at August 31, 2014 IShares Capitalisation IShares Capitalisation IShares Distribution IShares Capitalisation QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation (*) SubFund s currency, please note that net asset value per share is expressed in the share class s currency. 23

27 Statistical information (cont.) SubFunds Maturity Guaranty Portfolio Global Income Prudent () Portfolio Global Balanced Harmony () Portfolio Global Growth () (*) (*) (*) (*) Number of shares outstanding as at February 28, 2015 IShares Capitalisation IShares Capitalisation IShares Capitalisation IShares Distribution IShares Hedged Capitalisation IShares Hedged Capitalisation QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation RShares Hedged Capitalisation RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation Total Net Asset Value at August 31, Total Net Asset Value at August 31, Total Net Asset Value at February 28, (*) SubFund s currency, please note that net asset value per share is expressed in the share class s currency. 24

28 Statistical information (cont.) SubFunds Maturity Guaranty Portfolio Global Income Prudent () Portfolio Global Balanced Harmony () Portfolio Global Growth () (*) (*) (*) (*) Net asset value per share as at August 31, 2013 IShares Capitalisation IShares Capitalisation IShares Capitalisation QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation Net asset value per share as at August 31, 2014 IShares Capitalisation IShares Capitalisation IShares Distribution IShares Capitalisation QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation (*) SubFund s currency, please note that net asset value per share is expressed in the share class s currency. 25

29 Statistical information (cont.) SubFunds Maturity Guaranty Portfolio Global Income Prudent () Portfolio Global Balanced Harmony () Portfolio Global Growth () (*) (*) (*) (*) Net asset value per share as at February 28, 2015 IShares Capitalisation IShares Capitalisation IShares Capitalisation IShares Distribution IShares Hedged Capitalisation IShares Hedged Capitalisation QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation RShares Hedged Capitalisation RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation (*) SubFund s currency, please note that net asset value per share is expressed in the share class s currency. 26

30 Statistical information (cont.) SubFunds Portfolio Global Growth Vitality () (*) Number of shares outstanding as at August 31, 2013 IShares Capitalisation IShares Capitalisation IShares Capitalisation QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation Number of shares outstanding as at August 31, 2014 IShares Capitalisation IShares Capitalisation IShares Distribution IShares Capitalisation QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation (*) SubFund s currency, please note that net asset value per share is expressed in the share class s currency. 27

31 Statistical information (cont.) SubFunds Portfolio Global Growth Vitality () (*) Number of shares outstanding as at February 28, 2015 IShares Capitalisation IShares Capitalisation IShares Capitalisation IShares Distribution IShares Hedged Capitalisation IShares Hedged Capitalisation QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation RShares Hedged Capitalisation RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation Total Net Asset Value at August 31, 2013 Total Net Asset Value at August 31, 2014 Total Net Asset Value at February 28, (*) SubFund s currency, please note that net asset value per share is expressed in the share class s currency. 28

32 Statistical information (cont.) SubFunds Portfolio Global Growth Vitality () (*) Net asset value per share as at August 31, 2013 IShares Capitalisation IShares Capitalisation IShares Capitalisation QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation Net asset value per share as at August 31, 2014 IShares Capitalisation IShares Capitalisation IShares Distribution IShares Capitalisation QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation (*) SubFund s currency, please note that net asset value per share is expressed in the share class s currency. 29

33 Statistical information (cont.) SubFunds Portfolio Global Growth Vitality () (*) Net asset value per share as at February 28, 2015 IShares Capitalisation IShares Capitalisation IShares Capitalisation IShares Distribution IShares Hedged Capitalisation IShares Hedged Capitalisation QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation RShares Hedged Capitalisation RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation (*) SubFund s currency, please note that net asset value per share is expressed in the share class s currency. 30

34 Performance SubFunds Bond Euro Corporates Bond Inflation Protection Equity Euro Zone Equity Global High Dividend Performance at August 31, 2013 IShares Capitalisation IShares Capitalisation IShares Capitalisation QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation SShares Capitalisation 17.2% 16.6% 17.1% (1.3%) (1.8%) 20.1% 8.7% 7.5% 5.6% 3.0% 7.3% SShares Capitalisation Performance at August 31, 2014 IShares Capitalisation IShares Capitalisation IShares Capitalisation IShares Distribution QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation SShares Capitalisation 11.6% 11.3% 10.9% (2.1%) (2.6%) 16.1% 14.3% 13.3% 6.7% 8.7% 15.1% SShares Capitalisation Historical performance is no indicator of current or future performance. The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares. The performance data was not audited. 31

35 Performance (cont.) SubFunds Bond Euro Corporates Bond Inflation Protection Equity Euro Zone Equity Global High Dividend Performance at February 28, 2015 IShares Capitalisation IShares Capitalisation IShares Capitalisation IShares Distribution QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation RShares Hedged Capitalisation RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation 2.3% 2.2% 1.9% (5.1%) (5.4%) 15.7% 9.2% 8.7% (6.5%) 5.9% 9.6% Historical performance is no indicator of current or future performance. The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares. The performance data was not audited. 32

36 Performance (cont.) SubFunds Maturity Guaranty Portfolio Global Income Prudent () Portfolio Global Balanced Harmony () Portfolio Global Growth () Performance as at August 31, 2013 IShares Capitalisation IShares Capitalisation IShares Capitalisation QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation SShares Capitalisation (2.0%) 4.5% 9.5% 11.8% SShares Capitalisation Performance as at August 31, 2014 IShares Capitalisation IShares Capitalisation IShares Capitalisation IShares Distribution QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation 4.0% 10.8% 12.5% 11.3% Historical performance is no indicator of current or future performance. The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares. The performance data was not audited. 33

37 Performance (cont.) SubFunds Maturity Guaranty Portfolio Global Income Prudent () Portfolio Global Balanced Harmony () Portfolio Global Growth () Performance as at February 28, 2015 IShares Capitalisation IShares Capitalisation IShares Capitalisation IShares Distribution QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation RShares Hedged Capitalisation RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation 1.7% 4.9% 5.2% 2.8% Historical performance is no indicator of current or future performance. The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares. The performance data was not audited. 34

38 Performance (cont.) SubFunds Portfolio Global Growth Vitality () Performance as at August 31, 2013 IShares Capitalisation IShares Capitalisation IShares Capitalisation QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation Performance as at August 31, 2014 IShares Capitalisation IShares Capitalisation IShares Capitalisation IShares Distribution QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation 15.6% 14.5% 14.0% Historical performance is no indicator of current or future performance. The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares. The performance data was not audited. 35

39 Performance (cont.) SubFunds Portfolio Global Growth Vitality () Performance as at February 28, 2015 IShares Capitalisation IShares Capitalisation IShares Capitalisation IShares Distribution QShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Capitalisation RShares Distribution RShares Distribution RShares Hedged Capitalisation RShares Hedged Capitalisation RShares Hedged Capitalisation SShares Capitalisation SShares Capitalisation 5.7% Historical performance is no indicator of current or future performance. The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares. The performance data was not audited. 36

40 Notes to the financial statements as at February 28, 2015 Note 1 Activity is an openend investment company and was founded on April 8, 1999 for an unlimited period on the initiative of Ltd, with its registered office in Zurich. The Company is registered in Luxembourg as an Undertaking for Collective Investment in Transferable Securities (UCITS, or OPCVM Organisme de Placement Collectif en Valeurs Mobilières). The Company is listed on the official list of Undertaking for Collective Investment, in accordance with the amended Law of December 17, 2010 and the law of August 10, 1915, as amended, relating to commercial companies. In particular, Part I of the amended Law of December 17, 2010 as defined by the UCITS Directive, is applicable. The Company's Articles were published for the first time on May 14, 1999 in the Mémorial after being lodged with the Registrar of the District Court of, and in, Luxembourg, where they may be consulted and where copies may be obtained against payment of the Registrar's fee. The Articles were amended for the last time on September 20, 2012 by a deed of Maître Hellinckx published in the Mémorial on October 29, The objective of the Company is to achieve, within the individual SubFunds, an appropriate return on the securities in which the SubFunds invest. Due account shall be taken of the principles of risk diversification, security of the capital invested and liquidity of the Company s assets. Longerterm considerations based on fundamental economic criteria shall have precedence over shortterm, riskladen optimisation of earnings. For the purpose of efficient portfolio management, the Company may avail itself of techniques and instruments relating to transferable securities. As the assets of each SubFund are subject to normal price fluctuations, no guarantee can be given that the SubFund in question will achieve its investment objective. Liquid assets may for ancillary purposes, be held for the SubFunds in the currencies in which investments are made or the redemption price is paid out. In accordance with the investment restrictions, the Portfolio Manager may for each SubFund buy or sell futures, swaps and options. However, the liabilities arising from such transactions should never exceed the net assets of the SubFund concerned. At February 28, 2015, nine SubFunds are available to investors: Bond Euro Corporates Bond Inflation Protection Equity Euro Zone Equity Global High Dividend Maturity Guaranty Portfolio Global Income Prudent () Portfolio Global Balanced Harmony () Portfolio Global Growth () Portfolio Global Growth Vitality () may issue for each SubFund the different Classes of Shares. As at February 28, 2015, the Company has issued the following Classes of shares in the following SubFunds: Bond Euro Corporates: R Shares Capitalisation, R Shares hedged Capitalisation, Q Shares Capitalisation Bond Inflation Protection: R Shares Capitalisation, I Shares Capitalisation Equity Euro Zone: R Shares Capitalisation Equity Global High Dividend: I Shares Capitalisation, R Shares Capitalisation, R Shares Distribution, R Shares Distribution, S Shares Capitalisation 37