responsability SICAV (Lux) Investment company with variable capital under Luxembourg law

Transcription

1 responsability SICAV (Lux) Investment company with variable capital under Luxembourg law R.C.S. Luxembourg B Audited Annual Report as at

2 Table of Contents Page 2 Report of the "Réviseur d'entreprises agréé" 3 Management and Administration 7 Combined Report 8 Notes 10 Manager's Report 12 Report by Subfund responsability SICAV (Lux) Financial Inclusion Fund 14 responsability SICAV (Lux) Micro and SME Finance Leaders 26 responsability SICAV (Lux) Mikro- und KMU-Finanz-Fonds 39 Unaudited information 63

3 Report of the "Réviseur d'entreprises agréé" Page 3 KPMG Luxembourg, Société coopérative 39, Avenue John F. Kennedy L-1855 Luxembourg An die Aktionäre der responsability SICAV (Lux) , boulevard de la Pétrusse L-2330 Luxemburg BERICHT DES REVISEUR D ENTREPRISES AGREE Bericht über die Jahresabschlussprüfung Prüfungsurteil Wir haben den beigefügten Jahresabschluss der responsability SICAV (Lux) und seiner jeweiligen Teilfonds ( des Fonds ), bestehend aus der Aufstellung des Nettofondsvermögens, des Wertpapierbestands und der sonstigen Nettovermögenswerte zum 31. Dezember 2017, der Ertrags- und Aufwandsrechnung und der Entwicklung des Nettofondsvermögens für das an diesem Datum endende Geschäftsjahr sowie dem Anhang mit einer Zusammenfassung bedeutsamer Rechnungslegungsmethoden, geprüft. Nach unserer Beurteilung vermittelt der beigefügte Jahresabschluss in Übereinstimmung mit den in Luxemburg geltenden gesetzlichen Bestimmungen und Verordnungen betreffend die Aufstellung und Darstellung des Jahresabschlusses ein den tatsächlichen Verhältnissen entsprechendes Bild der Vermögens- und Finanzlage des Fonds zum 31. Dezember 2017 sowie der Ertragslage und der Entwicklung des Nettofondsvermögens für das an diesem Datum endende Geschäftsjahr. Grundlage für das Prüfungsurteil Wir führten unsere Abschlussprüfung in Übereinstimmung mit dem Gesetz über die Prüfungstätigkeit ( Gesetz vom 23. Juli 2016 ) und nach den für Luxemburg von der Commission de Surveillance du Secteur Financier ( CSSF ) angenommenen internationalen Prüfungsstandards ( ISA ) durch. Unsere Verantwortung gemäss diesem Gesetz und diesen Standards wird im Abschnitt Verantwortung des Réviseur d Entreprises agréé für die Jahresabschlussprüfung weitergehend beschrieben. Wir sind unabhängig von dem Fonds in Übereinstimmung mit dem für Luxemburg von der CSSF angenommenen International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants ( IESBA Code ) zusammen mit den beruflichen Verhaltensanforderungen, welche wir im Rahmen der Jahresabschlussprüfung einzuhalten haben und haben alle sonstigen Berufspflichten in Übereinstimmung mit diesen Verhaltensanforderungen erfüllt. Wir sind der Auffassung, dass die von uns erlangten Prüfungsnachweise ausreichend und geeignet sind, um als Grundlage für unser Prüfungsurteil zu dienen. Sonstige Informationen Der Verwaltungsrat des Fonds ist verantwortlich für die sonstigen Informationen. Die sonstigen Informationen beinhalten die Informationen, welche im Jahresbericht enthalten sind, jedoch beinhalten sie nicht den Jahresabschluss oder unseren Bericht des Réviseur d Entreprises agréé zu diesem Jahresabschluss. Unser Prüfungsurteil zum Jahresabschluss deckt nicht die sonstigen Informationen ab und wir geben keinerlei Sicherheit jedweder Art auf diese Informationen. Im Zusammenhang mit der Prüfung des Jahresabschlusses besteht unsere Verantwortung darin, die sonstigen Informationen zu lesen und dabei zu beurteilen, ob eine wesentliche Unstimmigkeit zwischen diesen und dem Jahresabschluss oder mit den bei der Abschlussprüfung gewonnenen Erkenntnissen besteht oder auch ansonsten die sonstigen Informationen wesentlich falsch dargestellt erscheinen. Sollten wir auf Basis der von uns durchgeführten Arbeiten schlussfolgern, dass sonstige Informationen wesentliche falsche Darstellungen enthalten, sind wir verpflichtet, diesen Sachverhalt zu berichten. Wir haben diesbezüglich nichts zu berichten. Verantwortung des Verwaltungsrats des Fonds für den Jahresabschluss Der Verwaltungsrat des Fonds ist verantwortlich für die Aufstellung und sachgerechte Gesamtdarstellung des Jahresabschlusses in Übereinstimmung mit den in Luxemburg geltenden gesetzlichen Bestimmungen und Verordnungen zur Aufstellung des Jahresabschlusses und für die internen Kontrollen, die der Verwaltungsrat als notwendig erachtet, um die Aufstellung und Darstellung des Jahresabschlusses zu ermöglichen, der frei von wesentlichen, beabsichtigten oder unbeabsichtigten, falschen Darstellungen ist. Bei der Aufstellung des Jahresabschlusses ist der Verwaltungsrat des Fonds verantwortlich, für die Beurteilung der Fähigkeit des Fonds zur Fortführung der Unternehmenstätigkeit und, sofern einschlägig, Angaben zu Sachverhalten zu machen, die im Zusammenhang mit der Fortführung der Unternehmenstätigkeit stehen, und die Annahme der Unternehmensfortführung als Rechnungslegungsgrundsatz zu nutzen, sofern nicht der Verwaltungsrat des Fonds beabsichtigt den Fonds zu liquidieren, die Geschäftstätigkeit einzustellen oder keine andere realistische Alternative mehr hat, als so zu handeln. Verantwortung des Réviseur d Entreprises agréé für die Jahresabschlussprüfung Unsere Zielsetzung ist es eine hinreichende Sicherheit zu erlangen, ob der Jahresabschluss als Ganzes frei von wesentlichen, beabsichtigten oder unbeabsichtigten, falschen Darstellungen ist und darüber einen Bericht des Réviseur d Entreprises agréé, welcher unser Prüfungsurteil enthält, zu erteilen. Hinreichende Sicherheit entspricht einem hohen Grad an Sicherheit, ist aber keine Garantie dafür, dass eine Prüfung in Übereinstimmung mit dem Gesetz vom 23. Juli 2016 und nach den für Luxemburg von der CSSF angenommenen ISAs stets eine wesentliche falsche Darstellung, falls vorhanden, aufdeckt. Falsche Darstellungen können entweder aus Unrichtigkeiten oder aus Verstößen resultieren und werden als wesentlich angesehen, wenn vernünftigerweise davon ausgegangen werden kann, dass diese individuell oder insgesamt, die auf der Grundlage dieses Jahresabschlusses getroffenen wirtschaftlichen Entscheidungen von Adressaten beeinflussen. Im Rahmen einer Abschlussprüfung in Übereinstimmung mit dem Gesetz vom 23. Juli 2016 und nach den für Luxemburg von der CSSF angenommenen ISAs üben wir unser pflichtgemäßes Ermessen aus und bewahren eine kritische Grundhaltung. Darüber hinaus: - Identifizieren und beurteilen wir das Risiko von wesentlichen falschen Darstellungen im Jahresabschluss aus Unrichtigkeiten oder Verstößen, planen und führen Prüfungshandlungen durch als Antwort auf diese Risiken und erlangen Prüfungsnachweise, die ausreichend und angemessen sind, um als Grundlage für das Prüfungsurteil zu dienen. Das Risiko, dass wesentliche falsche Darstellungen nicht aufgedeckt werden, ist bei Verstößen höher als bei Unrichtigkeiten, da Verstöße betrügerisches Zusammenwirken, Fälschungen, beabsichtigte Unvollständigkeiten, irreführende Angaben bzw. das Außerkraftsetzen interner Kontrollen beinhalten können. - Gewinnen wir ein Verständnis von dem für die Abschlussprüfung relevanten internen Kontrollsystem, um Prüfungshandlungen zu planen, die unter den gegebenen Umständen angemessen sind, jedoch nicht mit dem Ziel, ein Prüfungsurteil zur Wirksamkeit des internen Kontrollsystems des Fonds abzugeben. - Beurteilen wir die Angemessenheit der von dem Verwaltungsrat des Fonds angewandten Bilanzierungsmethoden, der rechnungslegungsrelevanten Schätzungen und den entsprechenden Anhangangaben.

4 Report of the "Réviseur d'entreprises agréé" Page 4 - Schlussfolgern wir über die Angemessenheit der Anwendung des Rechnungslegungsgrundsatzes der Fortführung der Unternehmenstätigkeit durch den Verwaltungsrat des Fonds sowie auf der Grundlage der erlangten Prüfungsnachweise, ob eine wesentliche Unsicherheit im Zusammenhang mit Ereignissen oder Gegebenheiten besteht, die bedeutsame Zweifel an der Fähigkeit des Fonds zur Fortführung der Unternehmenstätigkeit aufwerfen könnten. Sollten wir schlussfolgern, dass eine wesentliche Unsicherheit besteht, sind wir verpflichtet im Bericht des Réviseur d Entreprises agréé auf die dazugehörigen Anhangangaben zum Jahresabschluss hinzuweisen oder, falls die Angaben unangemessen sind, das Prüfungsurteil zu modifizieren. Diese Schlussfolgerungen basieren auf der Grundlage der bis zum Datum des Berichts des Réviseur d Entreprises agréé erlangten Prüfungsnachweise. Zukünftige Ereignisse oder Gegebenheiten können jedoch dazu führen, dass der Fonds seine Unternehmenstätigkeit nicht mehr fortführen kann. - Beurteilen wir die Gesamtdarstellung, den Aufbau und den Inhalt des Jahresabschlusses, einschließlich der Anhangangaben, und beurteilen ob dieser die zugrundeliegenden Geschäftsvorfälle und Ereignisse sachgerecht darstellt. Wir kommunizieren mit den für die Überwachung Verantwortlichen, unter anderem den geplanten Prüfungsumfang und Zeitraum sowie wesentliche Prüfungsfeststellungen einschließlich wesentlicher Schwächen im internen Kontrollsystem, welche wir im Rahmen der Prüfung identifizieren. Luxemburg, den 10. April 2018 KPMG Luxembourg Société coopérative Cabinet de révision agréé 39, Avenue John F. Kennedy L-1855 Luxemburg Pia Schanz Réviseur d Entreprises agréé Lediglich die deutsche Version des Jahresberichtes war Bestandteil der Prüfung durch den Réviseur d'entreprises agréé. Daher bezieht sich auch der Bericht des Réviseur d'entreprises agréé nur auf die deutsche Version. Sämtliche anderssprachigen Versionen wurden unter Verantwortung des Verwaltungsrates der SICAV erstellt.

5 Report of the "Réviseur d'entreprises agréé" Page 5 KPMG Luxembourg, Société coopérative 39, Avenue John F. Kennedy L-1855 Luxembourg To the shareholders of responsability SICAV (Lux) , boulevard de la Pétrusse L-2330 Luxemburg REPORT OF THE REVISEUR D ENTREPRISES AGREE Report on the audit of the financial statements Opinion We have audited the accompanying financial statements of responsibility SICAV (Lux) and each of its subfunds ( the Fund ), which comprise the statement of net assets and the statement of investments in securities and other net assets as at 31 December 2017 and the statement of operations / changes in net assets for the year then ended, and notes to the financial statements including a summary of significant accounting policies. In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Fund as of 31 December 2017, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Basis for opinion We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession ( Law of 23 July 2016 ) and with International Standards on Auditing ( ISAs ) as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier ( CSSF ). Our responsibilities under those Law and standards are further described in the «Responsibilities of Réviseur d Entreprises agréé for the Audit of the Financial Statements» section of our report. We are also independent of the Fund in accordance with the International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants ( IESBA Code ) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements, and have fulfilled our other ethical responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other information The Board of Directors of the Fund is responsible for the other information. The other information comprises the information included in the annual report but does not include the financial statements and our report of Réviseur d Entreprises agréé thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard. Responsibilities of Board of Directors of the Fund for the financial statements The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so. Responsibilities of the Réviseur d Entreprises agréé for the audit of the financial statements The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of Réviseur d Entreprises agréé that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund s internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors of the Fund.

6 Report of the "Réviseur d'entreprises agréé" Page 6 - Conclude on the appropriateness of Board of Directors of the Fund s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report of Réviseur d Entreprises agréé to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our report of Réviseur d Entreprises agréé. However, future events or conditions may cause the Fund to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Luxembourg, April 10, 2018 KPMG Luxembourg Société coopérative Cabinet de révision agréé 39, Avenue John F. Kennedy L-1855 Luxembourg Pia Schanz Réviseur d Entreprises agréé The German version of the Annual Report has been reviewed by the auditors. Consequently, the auditor s report only refers to the German version of the report; other versions result from a translation made under the responsibility of the Board of Directors of the SICAV.

7 Management and Administration Page 7 Company responsability SICAV (Lux) , boulevard de la Pétrusse, L-2330 Luxembourg R.C.S. Luxembourg B Board of Directors Jean-Paul Gennari, Member of the Board Luxembourg Hans-Jürgen Böhm, Member of the Board Director, responsability Management Company S.A., Luxembourg Markus Beeler, Member of the Board responsability Investments AG, Zurich AIFM responsability Managment Company S.A , boulevard de la Pétrusse, L-2330 Luxembourg R.C.S. Luxembourg B Board of Directors of the AIFM Jean-Paul Gennari, Member of the Board Luxembourg Robert Archbold, Member of the Board Director, Credit Suisse Fund Services (Ireland) Ltd., Dublin Johann Will, Member of the Board (until ) Director, responsability Management Company S.A. Hans-Jürgen Böhm, Member of the Board (since ) Director, responsability Management Company S.A., Luxembourg Markus Beeler, Member of the Board Head of Product Management and Markets, responsability Investment AG, Zurich Stefan Petter, Member of the Board Head of Finance, responsability Investment AG, Zurich Custodian Bank Credit Suisse (Luxembourg) S.A. 5, rue Jean Monnet, L-2180 Luxembourg "Cabinet de Révision agréé" KPMG Luxembourg, Société coopérative 39, avenue John F. Kennedy, L-1855 Luxembourg Distribution Agent Credit Suisse Fund Services (Luxembourg) S.A. 5, rue Jean Monnet, L-2180 Luxembourg Portfolio Manager responsability Investments AG, Zurich Josefstrasse 59, CH-8005 Zurich Central Administration Credit Suisse Fund Services (Luxembourg) S.A. 5, rue Jean Monnet, L-2180 Luxembourg No subscription may be accepted on the basis of the financial reports. Subscriptions are accepted only on the basis of the current sales prospectus accompanied by the latest annual report and the latest semi-annual report. The issue and redemption prices are published in Luxembourg at the registered office of the Company. The net asset value is also published on the Internet: Shareholders may obtain the sales prospectus, the latest annual and semi-annual reports, the changes in the composition of the securities portfolio during the reporting period and copies of the Management Regulations free of charge from the registered office of the Company.

8 Combined Report Page 8 Statement of Net Assets in USD Assets Investments in securities at market value 1,031,250, Cash at banks 143,245, Receivable for securities sold 23,275, Income receivable 16,228, Net unrealised gain on forward foreign exchange contracts 3,257, Other assets 6, ,217,263, Liabilities Due to banks and to brokers Other liabilities 1,442, Net unrealised loss on swaps contracts 1,064, Net unrealised loss on forward foreign exchange contracts 9,730, Provisions 32,707, ,945, Net assets 1,172,317, The notes are an integral part of the financial statements.

9 Combined Report Page 9 Statement of Operations / Changes in Net Assets in USD For the period from to Net assets at the beginning of the year 1,097,089, Income Interest on investments in securities (net) 55,627, Dividends (net) 1,315, Bank interest 1,058, Other income 829, ,830, Expenses Management fee 16,892, Write-off on promissory notes 2,358, Custodian and safe custody fees 460, Printing and publication expenses 2, Interest and bank charges 650, Other expenses 682, ,046, Net income (loss) 37,784, Realised gain (loss) Realised gain on sales of investments 16,442, Realised loss on sales of investments -15,669, Realised gain on swap agreements 15,302, Realised loss on swap agreements -14,595, Realised gain on forward foreign exchange contracts 51,751, Realised loss on forward foreign exchange contracts -57,538, Realised gain on foreign exchange 7,524, Realised loss on foreign exchange -11,953, ,735, Net realised gain (loss) 29,048, Change in net unrealised appreciation (depreciation) Change in unrealised appreciation on investments 24,275, Change in unrealised depreciation on investments -73,047, Change in unrealised appreciation on swap agreements 912, Change in unrealised depreciation on swap agreements -5,218, Change in unrealised appreciation on forward foreign exchange contracts 54,747, Change in unrealised depreciation on forward foreign exchange contracts -28,569, ,900, Net increase (decrease) in net assets as a result of operations 2,148, Subscriptions / Redemptions Subscriptions 120,581, Redemptions -118,664, ,916, Distribution -14,327, Currency translation adjustment 85,490, Net assets at the end of the year 1,172,317, The notes are an integral part of the financial statements.

10 Notes Page 10 General responsability SICAV (Lux) was established on as an open-ended undertaking for collective investment in the legal form of an investment company with variable capital (société d investissement à capital variable, SICAV) in accordance with Part II of the law of on undertakings for collective investment ( Law of ) in co-operation with Credit Suisse Asset Management Fund Holding (Luxembourg) S.A., Luxembourg, a wholly owned subsidiary of Credit Suisse AG, Zurich, and responsability Investments AG, Zurich (former responsability Social Investments AG, Zurich). The Law of was superseded by the Law of on undertakings for collective investment ( Law of 2010 ). As of the Fund had 3 subfunds. Changes: As per the following subfunds were renamed as follows: Old name New name responsabililty SICAV (Lux) Microfinance Leaders responsability SICAV (Lux) Mikrofinanz-Fonds Summary of significant accounting policies responsability SICAV (Lux) Microfinance Micro and SME Finance Leaders responsability SICAV (Lux) Mikround KMU-Finanz Fonds a) Computation of the net asset value of each subfund The net asset value of the Shares of each Subfund shall be calculated under the responsibility of the Board of Directors of the Company in Luxembourg on the last banking day of each month in the reference currency of the respective Subfund (each such day being referred to as a Day ). The financial statements reflect the net asset value as calculated on b) of investment securities of each subfund Debt instruments, and especially promissory notes, not listed on a stock exchange or another regulated market plus claims arising from loans will be valued at their nominal value plus accrued interest. This valuation will be adapted, in the event of major fluctuations in interest rates in the relevant markets or in the event of other material market developments, if such circumstances affect the value of the investments. In the event of default or another critical situation that could lead to default, or in the case of the elimination or improvement of such a situation, the AIFM shall decide on the basis of the information available to the Investment Adviser as to whether and to what extent an adjustment should be made to the valuation of debt instruments. Securities which are listed on a stock exchange or which are regularly traded on a stock exchange shall be valued at the last known purchase price. If such a price is not available for a particular exchange session, but a closing mid-price (the mean of the listed closing bid and ask prices) or a closing bid price is available, then the closing mid-price, or alternatively the closing bid price, may be taken as a basis for the valuation. If a security is traded on more than one stock exchange, the valuation shall be made by reference to the exchange on which it is chiefly traded. In the case of securities for which trading on a stock exchange is not significant but which are bought and sold on a secondary market with regulated trading among securities dealers (with the effect that the price is set on a market basis), the AIFM may decide to base the valuation on this secondary market. Securities traded on a regulated market shall be valued in the same way as securities listed on a stock exchange. Securities that are not listed on a stock exchange and are not traded on a regulated market shall be valued at their last available market price. If no such price is available, the AIFM shall value the securities in accordance with other criteria that it shall establish and on the basis of the probable sales price, which shall be estimated with due care and in good faith. If a valuation in accordance with the above rules is rendered impossible or incorrect owing to special or changed circumstances, the AIFM shall be entitled to use other generally recognized and auditable valuation principles in order to value the assets. The valuation price of a money market instrument shall be progressively adjusted to the redemption price, based on the net acquisition price and keeping the resultant investment yield constant. In the event of a significant change in market conditions, the basis for the valuation of individual investments shall be brought into line with the new market yields. Units in undertakings for collective investment will be valued at their last-stated net asset value. Other valuation methods may be used to adjust the price of these units if, in the opinion of the AIFM, it has changed since the net asset value was last calculated. c) Net realised gain/loss on sales of investments of each subfund The realised gains or losses on the sales of securities are calculated on the basis of the average acquisition cost. d) Cash at banks Cash at banks and at brokers includes cash in hand, margin calls and deposits held at call with banks and other short-term investments in an active market with original maturities of three months or less and bank overdrafts. e) Foreign exchange conversion Cash at banks, other net assets and the value of portfolio securities in currencies other than reference currency are converted into the reference currency at the foreign exchange rate prevailing on the day before the date of valuation. Income and expenses in currencies other than reference currency are converted into the reference currency at the foreign exchange rate applicable at the date they accrue to the subfund. Realised gains or losses on foreign currencies are accounted for in the statement of operations. The acquisition cost of securities in currencies other than the reference currency is converted into the reference currency at the foreign exchange rate valid at the date of acquisition. f) Transactions on investments in securities The transactions on investments in securities are booked on a trade date basis. g) of forward foreign exchange contracts of each subfund Unmatured forward foreign exchange contracts are valued at the date before the valuation date at forward exchange rates prevailing at this date and resulting unrealised gains or losses are posted to the statement of operations and are shown in the statement of net assets. h) of swaps On each valuation day, swap agreements are valued at the net present value of the future cash flows, using the relevant interest rate yield curve on the date before the valuation day (for MFX Solutions T-3 is used). Asset swaps and the securities linked to the asset swaps are not revalued as the security and the asset swap are considered for the purpose of the valuation as a single instrument. i) Income recognition Dividends are recorded on ex-dividend date, net of withholding tax. Interests are accrued on a daily basis. Management fee (see detail at subfund level) As remuneration for its services and reimbursement of its expenses, the AIFM is entitled to a yearly management fee, payable at the end of each month and may not exceed 2.2% of the average total net assets of the Fund per year. Charges incurred by the AIFM in relation to the provision of investment advice, distribution and other unspecified services rendered for the Company shall be paid out of the management fee. The charges of the Portfolio Manager are paid out of this monthly Management fee. Private Equity transactions in the securities portfolio The cost of underlying investments is comprised of capital contributions which reduce the total unfunded commitment. Late entry fees are not recorded as part of the cost and are expensed immediately as they are not part of the total commitments. Late entry fees are penalty fees to pay in case of investments in existing funds. During the period ended there were no late entry fees paid. "Taxe d'abonnement" The Company s assets are exempt from the tax normally payable quarterly by undertakings for collective investment in the Grand Duchy of Luxembourg ( taxe d abonnement ) as of , as the main purpose of the Company is investment in MFIs.

11 Notes Page 11 Total Expense Ratio (TER) (see detail at subfund level) The TER expresses the sum of all costs and commissions charged on an ongoing basis to the fund s assets, taken retrospectively as a percentage of these assets. No TER is disclosed for shares launched less than 6 months ago. Changes in the composition of the securities portfolio Changes in the composition of the securities portfolio during the reporting period are available to shareholders free of charge at the registered office of the Management Company or the local representatives in the countries where the Fund is registered. Exchange Rates The consolidated financial statements are kept in USD. For this purpose, the financial statements of the subfunds are converted into USD at the foreign exchange rate as of : 1 EUR = USD Risk provision Risk provision on investments include the provisions done for investments which are classified as critical (late payments, political disturbance). Transaction costs Transactions costs include brokerage fees, stamp duty, local taxes and other foreign charges if incurred during the period. Transaction costs are included in the cost of securities purchased and sold. Not all transaction costs are separately identifiable. For fixed income investments, forward currency contracts and for some other derivative contracts, transaction costs will be included in the purchase and sales price of the investment. Whilst not separately identifiable these transaction costs will be captured within the performance of each subfund. Subsequent events As per the management fees are changed for all the subfunds.

12 Manager's Report Page 12 responsability SICAV (Lux) Financial Inclusion Fund The total fund volume increased from USD million to USD million during the reporting period from to The USD net asset value was USD 1, on , representing a return for the year of 3.86%. 94.5% of the sub-fund volume is invested in fixed-income investments, which puts liquidity is 5.3%. Transactions made in EUR are not hedged against the sub-fund currency using forward exchange transactions. This can lead to higher volatility in returns. Total provisions amount to USD 5.1 million or 2.43% of the net asset value. Investment policy The total investment volume in the year under review was USD 93.8 million through 108 direct microfinance and SME transactions (MSME). As of , the prospectus for all sub-funds was amended and approved by the Commission de Surveillance du Secteur Financier (CSSF). This was mainly due to developments in our investment market. Microfinance institutions continue to play an important role. However, the proportion of financial institutions in our portfolio that mainly or exclusively serve small and medium-sized enterprises (SMEs) has risen steadily in recent years. SMEs form the backbone of the economy, including in developing countries and emerging markets, but usually have only limited access to financing. To counteract this demand overhang and to take account of changes in the market, the prospectuses have been adapted accordingly in order to be able to finance more MSMEs. The sub-fund achieved a significantly higher investment volume in the course of the year, in part due to this change, but also because of the positive risk development in some major investment regions, which led to a decline in liquidity. Regional diversification includes 70 countries, with Asia-Pacific, Central America and South America accounting for 59.8% of the volume. Local currency financing accounts for 16.5% of the total invested volume. Outlook The macroeconomic developments that are relevant to our most important investment markets are positive overall. Following a year in which growth accelerated in many countries, there is continuing optimism that this trend will continue in 2018 and may even gain in breadth. The upturn is expected to continue in the industrialised countries as well as in the developing countries and emerging markets if the recovery in investment, manufacturing and trade continues. This also includes developing countries and emerging markets that export commodities and that could reap the benefits of commodity price stabilisation at a higher level than has recently been the case. But there are still risks, primarily in relation to conflicts, such as the potential escalation of the war of words between the leaders of the US and North Korea, continuing concerns about Brexit in Europe, the possibility of a major stock market correction due to the end of cheap money and the risk that nationalist ideologies will grow stronger. The Fund should benefit from the following factors, which are expected to result in significantly better performance in 2018 than in Low liquidity: After the successful reduction of the Fund's liquidity in the second half of 2017, primarily due to several positive risk developments in important investment markets, we expect to be able to maintain our liquidity position at a low level in the first quarter of 2018 as well as in 2018 as a whole. Returns improve when the Fund is fully or almost fully invested, as this minimises the opportunity costs associated with holding cash that have weighed on returns in recent years. Targeted selection of the best investment opportunities: With reduced liquidity, the Fund will be even more selective in its choice of investees for new transactions as well as for renewals of expiring credit facilities. The Fund will either increase portfolio returns or reduce portfolio risk as part of the risk process to ensure diversification across various institutions, countries and regions. Decreased provisions: Provisions in the debt portfolio had a strong negative impact on performance in both 2016 and The main reasons for this in 2016 included the fall in oil prices and political interventions affecting the entire financial sector in Azerbaijan. In 2017, provisions related almost exclusively to one investor in sub-saharan Africa. These two developments were unrelated to each other and only occur very rarely. We expect the new provisions in the Fund to be lower in the long term than in the last two years. Given the performance of the current restructuring portfolio, existing provisions are considered adequate and should remain stable in the short to medium term. Moreover, there is little evidence to date that the new provisions will be as high in 2018 as in responsability SICAV (Lux) Micro and SME Finance Leaders The total fund volume increased from USD million to USD million during the reporting period from to The USD net asset value per share of the USD I-class increased from USD to USD Yields in 2017 were 2.47% in USD (I-class), 0.55% in EUR (S-class) and 0.09% in CHF (S-class). They are thus higher in the USD I class and lower in the remaining classes than in the previous year. Two new classes (USD I-II/NOK I-II) were launched in January At the end of 2017, returns were USD 2.20% and NOK 1.48%, respectively. The provisions recognised in 2017 had an above-average impact. The increased provisions in connection with a Kenyan credit institution alone accounted for % of the total -1.40% of the contribution towards returns from provisions. Events such as the one involving the borrower from the sub-saharan region were exceptional and out of line with the market since the opening of the fund in 2006 (and also in responsability's entire investment experience since 2003). Over the next few years, we generally expect a significantly lower annual requirement for provisions, which is expected to result from the estimated long-term loss rate of 50 to 80 bps per year. At the end of December, the sub-fund was invested in 254 microfinance institutions in 75 countries, which means that it remains well diversified. The subfund is thus represented in all major target regions worldwide, including Latin America, Eastern Europe, Asia and Africa. 80.6% of the sub-fund volume is invested in fixed-income investments and 13.8% in equity capital (including private equity commitments). At the end of the year, liquidity thus stood at 5.7%. Transactions not concluded in the sub-fund currency are usually hedged through currency forwards, so that the sub-fund contains no substantial currency risks. The share of investments made in local currency is 14.8%. At the end of 2017, total provisions amounted to USD 6.8 million or 2.35% of the net asset value. Investment policy The total investment volume in the year under review was USD million through 98 direct microfinance transactions. Risks have increased in some regions especially in sub-saharan Africa. As of , the prospectus for all sub-funds was amended and approved by the Commission de Surveillance du Secteur Financier (CSSF). This was mainly due to developments in our investment market. Microfinance institutions continue to play an important role. However, the proportion of financial institutions in our portfolio that mainly or exclusively serve small and medium-sized enterprises (SMEs) has risen steadily in recent years. SMEs form the backbone of the economy, including in developing countries and emerging markets, but usually have only limited access to financing. To counteract this demand overhang and to take account of changes in the market, the prospectuses have been adapted accordingly in order to be able to finance more MSMEs. The sub-fund achieved a significantly higher investment volume in the course of the year, in part due to this change, but also because of the positive risk development in some major investment regions, which led to a decline in liquidity. In accordance with the fund's strategy, local currency investments were largely hedged. The targeted broad diversification of risk at the country level was retained. Outlook The macroeconomic developments that are relevant to our most important investment markets are positive overall. Following a year in which growth accelerated in many countries, there is continuing optimism that this trend will continue in 2018 and may even gain in breadth. The upturn is expected to continue in the industrialised countries as well as in the developing countries and emerging markets if the recovery in investment, manufacturing and trade continues. This also includes developing countries and emerging markets that export commodities and that could reap the benefits of commodity price stabilisation at a higher level than has recently been the case. But there are still risks, primarily in relation to conflicts, such as the potential escalation of the war of words between the leaders of the US and North Korea, continuing concerns about Brexit in Europe, the possibility of a major stock market correction due to the end of cheap money and the risk that nationalist ideologies will grow stronger. The Fund should benefit from the following factors, which are expected to result in significantly better performance in 2018 than in Low liquidity: After the successful reduction of the Fund's liquidity in the second half of 2017, primarily due to several positive risk developments in important investment markets, we expect to be able to maintain our liquidity position at a low level in the first quarter of 2018 as well as in 2018 as a whole. Returns improve when the Fund is fully or almost fully invested, as this minimises the opportunity costs associated with holding cash that have weighed on returns in recent years. Targeted selection of the best investment opportunities: With reduced liquidity, the Fund will be even more selective in its choice of investees for new transactions as well as for renewals of expiring credit facilities. The Fund will

13 Manager's Report Page 13 either increase portfolio returns or reduce portfolio risk as part of the risk process to ensure diversification across various institutions, countries and regions. Decreased provisions: Provisions in the debt portfolio had a strong negative impact on performance in both 2016 and The main reasons for this in 2016 included the fall in oil prices and political interventions affecting the entire financial sector in Azerbaijan. In 2017, provisions related almost exclusively to one investor in sub-saharan Africa. These two developments were unrelated to each other and only occur very rarely. We expect the new provisions in the Fund to be lower in the long term than in the last two years. Given the performance of the current restructuring portfolio, existing provisions are considered adequate and should remain stable in the short to medium term. Moreover, there is little evidence to date that the new provisions will be as high in 2018 as in responsability SICAV (Lux) Mikro- und KMU-Finanz-Fonds The total fund volume decreased from EUR million to EUR million during the reporting period from to Share Dividends in April YTD performance (including dividends) A- EUR % I- EUR % I- CHF % I II- CHF % I-II- USD % I-II EUR % I-III CHF % The provisions recognised in both 2016 and 2017 had an above-average impact, due in each case to extraordinary events. In 2016, economic problems in Azerbaijan were responsible for the majority of the increased provisions, whereas in 2017 the increased provisions in connection with a credit institution from the sub-saharan region alone accounted for -0.82% of the total -1.53% of the contribution towards returns from provisions. Both of these events were exceptional and out of line with the market since the opening of the fund in 2007 (and also in responsability's entire investment experience since 2003). Over the next few years, we generally expect a significantly lower annual requirement for provisions, which is expected to result from the estimated long-term loss rate of 50 to 80 bps per year. export commodities and that could reap the benefits of commodity price stabilisation at a higher level than has recently been the case. But there are still risks, primarily in relation to conflicts, such as the potential escalation of the war of words between the leaders of the US and North Korea, continuing concerns about Brexit in Europe, the possibility of a major stock market correction due to the end of cheap money and the risk that nationalist ideologies will grow stronger. The Fund should benefit from the following factors, which are expected to result in significantly better performance in 2018 than in Low liquidity: After the successful reduction of the Fund's liquidity in the second half of 2017, primarily due to several positive risk developments in important investment markets, we expect to be able to maintain our liquidity position at a low level in the first quarter of 2018 as well as in 2018 as a whole. Returns improve when the Fund is fully or almost fully invested, as this minimises the opportunity costs associated with holding cash that have weighed on returns in recent years. Targeted selection of the best investment opportunities: With reduced liquidity, the Fund will be even more selective in its choice of investees for new transactions as well as for renewals of expiring credit facilities. The Fund will either increase portfolio returns or reduce portfolio risk as part of the risk process to ensure diversification across various institutions, countries and regions. Decreased provisions: Provisions in the debt portfolio had a strong negative impact on performance in both 2016 and The main reasons for this in 2016 included the fall in oil prices and political interventions affecting the entire financial sector in Azerbaijan. In 2017, provisions related almost exclusively to one investor in sub-saharan Africa. These two developments were unrelated to each other and only occur very rarely. We expect the new provisions in the Fund to be lower in the long term than in the last two years. Given the performance of the current restructuring portfolio, existing provisions are considered adequate and should remain stable in the short to medium term. Moreover, there is little evidence to date that the new provisions will be as high in 2018 as in The information and returns stated relate to the reporting period and are not indicative of future returns. At the end of December, the sub-fund was invested in 263 institutions in 77 countries. The sub-fund is thus represented in all major target regions worldwide, including Latin America, Eastern Europe, Asia and Africa. As at , 84.6% of the sub-fund volume is invested in fixed-income investments. At 15.4%, liquidity is above its target range. Transactions not concluded in the sub-fund currency are usually hedged through currency forwards, so that the sub-fund contains no substantial currency risks. The share of investments made in local currency is 12.5%. At the end of 2017, total provisions amounted to EUR 17.3 million or 3.09%, which is proportionately significantly higher than in the previous year. Investment policy The total investment volume in the reporting period was a substantial EUR million. As of , the prospectus for all sub-funds was amended and approved by the Commission de Surveillance du Secteur Financier (CSSF). This was mainly due to developments in our investment market. Microfinance institutions continue to play an important role. However, the proportion of financial institutions in our portfolio that mainly or exclusively serve small and medium-sized enterprises (SMEs) has risen steadily in recent years. SMEs form the backbone of the economy, including in developing countries and emerging markets, but usually have only limited access to financing. To counteract this demand overhang and to take account of changes in the market, the prospectuses have been adapted accordingly in order to be able to finance more MSMEs. The sub-fund achieved a significantly higher investment volume in the course of the year, in part due to this change, but also because of the positive risk development in some major investment regions, which led to a decline in liquidity. Outlook The macroeconomic developments that are relevant to our most important investment markets are positive overall. Following a year in which growth accelerated in many countries, there is continuing optimism that this trend will continue in 2018 and may even gain in breadth. The upturn is expected to continue in the industrialised countries as well as in the developing countries and emerging markets if the recovery in investment, manufacturing and trade continues. This also includes developing countries and emerging markets that

14 responsability SICAV (Lux) Financial Inclusion Fund Page 14 Technical Data Valoren ISIN Management Fee Total Expense Ratio I - Capitalisation USD LU % 1.02% Management fee until : 0.96% (max 1.06%) p.a. of Microfinance Assets including 10% cash if the amount of Microfinance Assets is up to USD 75,000, % (max 1.00%) p.a. of Microfinance Assets including 10% cash if the amount of Microfinance Assets is above USD 75,000,000. For Non-Microfinance Assets the rate applicable is 0.88 (max 0.98%). The rate applicable as part of the management fee, is payable to the AIFM (as rate of the Microfinance Assets including 10% cash), is layered as follows (since ): Share class I -on everything between USD 0 USD 100,000, % p.a. -on everything between USD 100,000,000 USD 1,000,000, % p.a. -on everything between USD 1,000,000,000 unlimited 0.88% p.a. -for Non-Microfinance Assets: 0.88% p.a. resp. 0.98% p.a. Forward foreign exchange contracts Purchases Sales Maturity (in USD) USD 402,934 IDR -6,523,500, , USD 355,635 COP -1,034,898, , USD 584,267 INR -44,211, , USD 616,349 INR -46,139, , INR 4,609,627 USD -61, , USD 1,117,140 INR -83,603, , USD 1,459,062 INR -110,013, , USD 259,956 INR -20,627, , EUR 111,209 XOF -81,174, , EUR 117,152 XOF -83,634, , INR 10,679,686 USD -137, , INR 8,110,441 USD -104, , USD 376,103 CNH -2,534, , USD 1,296,357 INR -99,469, , USD 836,730 INR -65,649, , USD 27,640 ZMW -650, , USD 414,980 INR -32,824, ,253.94