BAKERSTEEL GLOBAL FUNDS SICAV BAKERSTEEL GLOBAL FUNDS SICAV BAKERSTEEL GLOBAL FUNDS. Annual report for the period 19 February 2015 to 31 December 2015

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1 BAKERSTEEL GLOBAL FUNDS SICAV Investment Company in accordance with Part I of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment as Société d Investissement à Capital Variable (SICAV) R.C.S. B Annual report for the period 19 February 2015 to 31 December 2015 BAKERSTEEL GLOBAL FUNDS Management Company R.C.S. Luxembourg B BAKERSTEEL GLOBAL FUNDS SICAV

2 Content Management Comments of BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund page 2 Geographic classifi cation of BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund page 4 Economic classifi cation of BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund page 4 Statement of sub-fund net assets of BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund page 6 Statement of net assets as at 31 December 2015 page 13 Purchases and sales from 19 February 2015 to 31 December 2015 page 15 Management Comments of BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) page 17 Statement of sub-fund net assets of BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) page 19 Purchases and sales from 19 February 2015 to 30 October 2015 page 23 Consolidated annual report of BAKERSTEEL GLOBAL FUNDS SICAV page 25 Notes to the fi nancial statements as at 31 December 2015 page 27 Audit Report page 33 Management, distribution and advisory services page 34 The Sales Prospectus including the Articles of Association, the Key Investor Information Document and the Investment Company s fi nancial statements and semi-annual reports are available free of charge by post, fax or at the registered offi ce of the Investment Company, or at the Custodian Bank, Paying Agents or the distributors in the respective countries of distribution and the Swiss Representative. Additional information is available at the Investment Company at all times during regular business hours. Shares subscriptions are valid only if they are made on the basis of the most recent version of the sales prospectus (including its appendices) in conjunction with the latest available fi nancial statements and any subsequent semi-annual report. 1

3 Management Comments of BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund ( Precious Metals Fund ) fell -5.6% (A2 EUR class) over the period 19 February 2015 to 31 December 2015, compared with the Euromoney Global Gold Mining Index which fell -25.9% (in Euro terms). Gold fell -7.8% in Euro terms, and -11.4% in US dollar terms. The key theme for the gold market during the period was the highly anticipated rise in the Federal Funds rate in December. The gold market hardly fl inched on the news suggesting that the move was already fully discounted by the market. A number of indicators suggest that gold is beginning to emerge from its fi ve year bear market, and the outlook for gold equities appears increasingly benefi cial as we begin Competitive currency devaluation, continued loose monetary policy, and growing uncertainty over global economic growth are likely to drive demand for gold and are supportive of the metal s status as a safe haven asset and portfolio diversifi er. Gold equities offer operational leverage and superior upside relative to gold; however stock picking is essential in the current environment of selective opportunities. Despite all the negative rhetoric surrounding the precious metals sector and more broadly the natural resources sector during the period, there were still some very worthwhile investment opportunities. St Barbara Mines (6.8% NAV) gained % (AUD) during the period and has certainly been a key driver of the Sub-Fund s outperformance during The company has continued to enhance its operations and buy back its debt at a discount to market which has resulted in a signifi cant change in sentiment towards St Barbara by sector analysts. Our internal analysis highlights that St Barbara remains undervalued by the market, so whilst we have taken signifi cant profi ts on the position the company remains a top ten holding re-enforcing our conviction in the name. Evolution Mining (5.7% NAV) and Endeavour Mining (6.5% NAV) were also key contributors during the period returning +64.9% (AUD) and +33.3% (CAD) for the year respectively. Both companies can be regarded as emerging mid-tier producers that have been actively growing their businesses through optimisation of existing assets and opportune M&A activity. The former has a portfolio of assets in Australia and the latter a portfolio across West Africa. Despite the encouraging returns from many core holdings the Sub-Fund s performance was impacted negatively by a few individual stocks. Aureus Mining declined -69.3% (GBP) during the period, having disappointed on ramp up issues at its New Liberty mine in Liberia which required further funding diluting existing shareholders. Despite the company being a relatively small holding and our positive view on the asset we have lost confi dence with management and have since exited the position. Acacia Mining (3.0% NAV) fell -33.8% (GBP) during the period following a set back at its cornerstone asset, the Bulyanhulu mine in Tanzania. This was a disappointment but, unlike Aureus, Acacia is well diversifi ed with its other operations performing well; so instead of selling the position we have taken the opportunity to increase exposure to this world class asset and well-managed company at what we consider an attractive price. With the outlook for the broader commodities market still somewhat negative with continued weak global growth the Sub-Fund will retain its exposure to producers with assets in commodity currency jurisdictions such as Australia, Canada and South Africa as the cash operating margins are strong and rising. We anticipate that we will see investor sentiment towards gold and gold equities begin to turn in 2016, and as the sector moves towards a recovery phase an actively managed portfolio of gold equities presents investors with the opportunity to achieve enhanced potential returns relative to a passive investment in physical gold or a gold equities index. Luxembourg, January 2016 The Board of Directors of BAKERSTEEL GLOBAL FUNDS SICAV The information and fi gures provided in this report are based on past performance and are not an indication of future results. 2

4 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund The company is entitled to create share classes with different rights. The following share classes currently exist with the following features: Annual report 19 February December 2015 Share class A USD Share class A EUR Securities ID No.: A12FTZ A12FT0 ISIN: LU LU Subscription fee: up to 5.00 % up to 5.00 % Redemption fee: none none Management fee: 1.75 % p.a. plus 250 EUR fi xed fee p.m. for the sub-fund 1.75 % p.a. plus 250 EUR fi xed fee p.m. for the sub-fund Minimum subsequent investment: none none Use of income: accumulative accumulative Currency: USD EUR Share class D EUR Share class D GBP Securities ID No.: A12FT5 A12FT7 ISIN: LU LU Subscription fee: none none Redemption fee: none none Management fee: 1.25 % p.a. plus 250 EUR fi xed fee p.m. for the sub-fund 1.25 % p.a. plus 250 EUR fi xed fee p.m. for the sub-fund Minimum subsequent investment: none none Use of income: accumulative accumulative Currency: EUR GBP Share class S GBP Share class S USD Securities ID No.: A14YJZ A12FUC ISIN: LU LU Subscription fee: up to 5.00 % up to 5.00 % Redemption fee: none none Management fee: 0.85 % p.a. plus 250 EUR fi xed fee p.m. for the sub-fund 0.85 % p.a. plus 250 EUR fi xed fee p.m. for the sub-fund Minimum subsequent investment: 1, GBP 1, USD Use of income: accumulative accumulative Currency: GBP USD The accompanying notes form an integral part of this annual report. 3

5 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund Share class A2 EUR Share class I2 EUR Securities ID No.: A1CXBS A0Q2FR ISIN: LU LU Subscription fee: up to 5.00 % up to 5.00 % Redemption fee: none none Management fee: 2.40 % p.a. plus 250 EUR fi xed fee p.m. for the sub-fund 1.20 % p.a. plus 250 EUR fi xed fee p.m. for the sub-fund Minimum subsequent investment: none 10, EUR Use of income: accumulative accumulative Currency: EUR EUR Geographic classification Canada % Australia % Great Britain % South Africa 9.23 % Cayman Islands 6.52 % United States of America 5.43 % Netherlands 0.62 % Virgin Islands (GB) 0.30 % Investment in securities % Cash at bank 3.34 % Balance of other receivables and liabilities % % Economic classification Raw, auxiliary & operating materials % Investment in securities % Cash at bank 3.34 % Balance of other receivables and liabilities % % Geographical Classification Economic Classification United States of America 5.43% Cayman Islands 6.52% Virgin Islands (GB) 0.30% Netherlands 0.62% Cash at bank* 3.34% Canada 31.02% Cash at bank* 3.34% South Africa 9.23% Great Britain 15.66% Australia 28.72% Raw, auxiliary & operating materials 97.50% *Excludes balance of other receivables and liabilities which total -0.84% The accompanying notes form an integral part of this annual report. 4

6 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund Performance since launch Share class A USD Date Total sub-fund net assets in Mio. EUR Shares outstanding Net cash inflow/outflow in thousand EUR Sub-fund net asset value per share EUR Sub-fund net asset value per share USD* Launch Share class A EUR Date Total sub-fund net assets in Mio. EUR Shares outstanding Net cash inflow/outflow in thousand EUR Sub-fund net asset value per share EUR Launch Share class D EUR Date Total sub-fund net assets in Mio. EUR Shares outstanding Net cash inflow/outflow in thousand EUR Sub-fund net asset value per share EUR Launch Share class D GBP Date Total sub-fund net assets in Mio. EUR Shares outstanding Net cash inflow/outflow in thousand EUR Sub-fund net asset value per share EUR Sub-fund net asset value per share GBP* Launch , Share class S GBP Date Total sub-fund net assets in Mio. EUR Shares outstanding Net cash inflow/outflow in thousand EUR Sub-fund net asset value per share EUR Sub-fund net asset value per share GBP* Launch ,329 10, Share class S USD Date Total sub-fund net assets in Mio. EUR Shares outstanding Net cash inflow/outflow in thousand EUR Sub-fund net asset value per share EUR Sub-fund net asset value per share USD* Launch ,434 32, * conversion into Euro as at 27 February 2015 as at 4 June 2015 as at 31 December Euro = USD 1 Euro = GBP 1 Euro = USD 1 Euro = GBP as at 21 April 2015 as at 1 December Euro = USD 1 Euro = GBP The accompanying notes form an integral part of this annual report. 5

7 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund Performance over the last 3 financial years Share class A2 EUR Date Total sub-fund net assets in Mio. EUR Shares outstanding Net cash inflow/outfow in thousand EUR Sub-fund net asset value per share EUR ,234-6, , , ,038-1, Share class I2 EUR Date Total sub-fund net assets in Mio. EUR Shares outstanding Net cash inflow/outfow in thousand EUR Sub-fund net asset value per share EUR ,484-1, ,521-2, ,870-2, , Statement of sub-fund net assets as at 31 December 2015 EUR Investments in securities at market value 42,945, (Cost of investments: EUR 47,859,349.08) Cash at bank 1,470, Dividend receivable 14, Receivable for shares sold 130, Receivable for investments sold 920, Receivable from currency exchange transactions 1,292, Other assets * 5, ,780, Payable for shares redeemed -1,328, Interest payable -1, Payable from currency exchange transactions -1,299, Other payable ** -103, ,732, Total sub-fund net assets 44,048, * Includes amortisation of formation expenses. ** Primarily audit fees payable and Management fees payable. The accompanying notes form an integral part of this annual report. 6

8 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund Net assets by share class Share class A USD Proportion of sub-fund net assets EUR Number of shares outstanding Sub-fund net asset value per share EUR Share class A EUR Proportion of sub-fund net assets 55, EUR Number of shares outstanding Sub-fund net asset value per share EUR Share class D EUR Proportion of sub-fund net assets 52, EUR Number of shares outstanding Sub-fund net asset value per share EUR Share class D GBP Proportion of sub-fund net assets 6, EUR Number of shares outstanding Sub-fund net asset value per share EUR Share class S GBP Proportion of sub-fund net assets 10,684, EUR Number of shares outstanding 74, Sub-fund net asset value per share EUR Share class S USD Proportion of sub-fund net assets 27,152, EUR Number of shares outstanding 323, Sub-fund net asset value per share EUR Share class A2 EUR Proportion of sub-fund net assets 6,091, EUR Number of shares outstanding 43, Sub-fund net asset value per share EUR Share class I2 EUR Proportion of sub-fund net assets 3, EUR Number of shares outstanding Sub-fund net asset value per share EUR The accompanying notes form an integral part of this annual report. 7

9 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund Statement of changes in sub-fund net assets for the reporting period from 19 February 2015 to 31 December 2015 Total Share class Share class Share class Share class Share class A USD A EUR D EUR D GBP S GBP EUR EUR EUR EUR EUR EUR Total sub-fund net assets at the beginning of the reporting period 9,071, Net income / (loss) -554, , Income equalisation -26, , Cash infl ows from subscriptions 86,077, , , ,215, ,953, Cash outfl ows from redemptions -43,811, ,679, ,322, Realised gains 7,728, , , Realised losses -9,791, , ,020, , Net change in unrealised gain / (loss) on investments -4,645, , ,247, , Total sub-fund net assets at the end of the reporting period 44,048, , , , ,684, Statement of changes in sub-fund net assets for the reporting period from 19 February 2015 to 31 December 2015 Share class S USD Share class A2 EUR Share class I2 EUR EUR EUR EUR Total sub-fund net assets at the beginning of the reporting period ,738, ,333, Net income / (loss) -411, , Income equalisation 51, , , Cash infl ows from subscriptions 61,242, , Cash outfl ows from redemptions -28,664, ,797, ,347, Realised gains 5,124, ,618, , Realised losses -6,428, ,803, , Net change in unrealised gain / (loss) on investments -3,761, , , Total sub-fund net assets at the end of the reporting period 27,152, ,091, , The accompanying notes form an integral part of this annual report. 8

10 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund Statement of operations for the reporting period from 19 February 2015 to 31 December 2015 Total Share class Share class Share class Share class Share class A USD A EUR D EUR D GBP S GBP EUR EUR EUR EUR EUR EUR Income Dividend income 200, , , Bank interest -2, Other income 4, , Income equalisation -124, , Total income 79, , Expenses Interest expense -35, Management and Investment management fees -484, , , Custodian fee -29, , Central Administration Agent fee -22, , Taxe d abonnement -21, , Publishing and auditing expenses -96, , , Setting, printing and shipping expenses for annual -5, and semi-annual reports Transfer agent fee -16, , Government fees -30, , Formation expense -6, Other expenses 1) -35, , Income equalisation 150, , , Total expenses -634, , , Net income -554,914, , Total transaction costs in the reporting period 2) 155, Total expense ratio as a percentage in the reporting period 2) ) ) ) ) ) Swiss Total Expense Ratio without Performance fee as a percentage 2) (for the reporting period from 1 January 2015 to 31 December 2015) Swiss Total Expense Ratio with Performance fee as a percentage 2) (for the reporting period from 1 January 2015 to 31 December 2015) Swiss Performance fee as a percentage 2) (for the reporting period from 1 January 2015 to 31 December 2015) ) ) ) ) ) ) ) ) ) ) ) 2) 3) 4) 5) 6) 7) 8) Primarily Paying agent fees and general administrative expenses. See accompanying notes to this report. For the reporting period from 21 April 2015 to 31 December For the reporting period from 9 November 2015 to 31 December For the reporting period from 4 June 2015 to 31 December For the reporting period from 1 December 2015 to 31 December For the reporting period from 27 February 2015 to 31 December Extrapolated for the reporting period from 1 January 2015 to 31 December The accompanying notes form an integral part of this annual report. 9

11 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund Statement of operations for the reporting period from 19 February 2015 to 31 December 2015 Share class Share class Share class S USD A2 EUR I2 EUR EUR EUR EUR Income Dividend income 108, , , Bank interest -1, Other income 2, Income equalisation -84, , , Total income 25, , Expenses Interest expense -21, , Management and Investment management fees -263, , Custodian fee -20, , Central Administration Agent fee -14, , Taxe d abonnement -15, , Publishing and auditing expenses -68, , Setting, printing and shipping expenses for annual and semi-annual reports -3, , Transfer agent fee -11, , Government fees -20, , Formation expense -4, , Other expenses 1) -25, , Income equalisation 32, , , Total expenses -436, , Net income -411, , Total expense ratio as a percentage in the reporting period 2) ) Swiss Total Expense Ratio without Performance fee as a percentage 2) (for the reporting period from 1 January 2015 to 31 December 2015) Swiss Total Expense Ratio with Performance fee as a percentage 2) (for the reporting period from 1 January 2015 to 31 December 2015) Swiss Performance fee as a percentage 2) (for the reporting period from 1 January 2015 to 31 December 2015) ) ) ) ) ) ) ) 2) 3) 4) 5) 6) 7) 8) Primarily Paying agent fees and general administrative expenses. See accompanying notes to this report. For the reporting period from 21 April 2015 to 31 December For the reporting period from 9 November 2015 to 31 December For the reporting period from 4 June 2015 to 31 December For the reporting period from 1 December 2015 to 31 December For the reporting period from 27 February 2015 to 31 December Extrapolated for the reporting period from 1 January 2015 to 31 December The accompanying notes form an integral part of this annual report. 10

12 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund Statement of changes in the number of shares Share class Share class Share class Share class Share class A USD A EUR D EUR D GBP S GBP No. of shares No. of shares No. of shares No. of shares No. of shares Shares outstanding at the beginning of the reporting period Shares subscribed , , Shares redeemed , , Shares outstanding at the end of the reporting period , Statement of changes in the number of shares Share class Share class Share class S USD A2 EUR I2 EUR No. of shares No. of shares No. of shares Shares outstanding at the beginning of the reporting period , , Shares subscribed 681, , Shares redeemed -358, , , Shares outstanding at the end of the reporting period 323, , The accompanying notes form an integral part of this annual report. 11

13 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund Performance in percent* as at: 31 December 2015 Fund ISIN 6 months 1 year 3 years 10 years WKN BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund A2 EUR since BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund A EUR since BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund A USD since BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund D EUR since BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund D GBP since BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund I2 EUR since BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund S GBP since BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund S USD since LU A1CXBS LU A12FT0 LU A12FTZ LU A12FT5 LU A12FT7 LU A0Q2FR LU A14YJZ LU A12FUC ,31** ,73** ,30** ,81** ,94** ,45** - - * Based on the published net asset value (BVI method), the result corresponds to the Swiss Funds & Asset Management Association s guideline on the Calculation and publication of the performance of collective investment funds dated 16 May ** since launch Past performance is not an indicator of current or future performance. The performance data does not take into consideration the fees and costs imposed on the issue and redemption of the shares. The accompanying notes form an integral part of this annual report. 12

14 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund Statement of net assets as at 31 December 2015 ISIN Securities Purchases in the reporting period Sales in the reporting period Quantity Price Market value EUR % SFA* Shares, rights and participation certificates Transferable securities admitted to an official exchange listing Australia AU000000BDR9 Beadell Resources Ltd. AUD 12,129,000 3,864,000 8,265, , AU000000DRM6 Doray Minerals Ltd. AUD 775,000 60, , , AU000000EVN4 Evolution Mining Ltd. AUD 5,914,166 3,384,200 2,529, ,504, AU000000KCN1 Kingsgate Consolidated NL AUD 3,074, ,000 2,566, , AU000000MLX7 Metals X Ltd. AUD 1,669,618 1,461, , , AU000000NST8 Northern Star Resources Ltd. AUD 1,406, ,000 1,055, ,018, AU000000PRU3 Perseus Mining Ltd. AUD 9,827,000 3,259,000 6,568, ,449, AU000000RSG6 Resolute Mining Ltd. AUD 14,012,750 3,456,000 10,556, ,871, AU000000SBM8 St. Barbara Ltd. AUD 17,815,000 14,768,000 3,047, ,995, ,653, Canada CA03841G1019 Aquila Resources Inc. CAD 8,313, ,500 8,199, , CA Belvedere Resources Ltd. CAD 5,958, ,958, , CA32076V1031 First Majestic Silver Corporation USD 393,000 19, , ,161, CA38141A1075 Goldgroup Mining Inc. CAD 4,746,767 2,000,000 2,746, , CA38149A1093 GoldMoney Inc. CAD 254, , , CA Kinross Gold Corporation CAD 1,759, ,000 1,082, ,841, CA Lake Shore Gold Corporation CAD 2,854, ,000 2,347, ,756, CA Mandalay Resources Corporation CAD 4,901,000 1,034,500 3,866, ,690, CA OceanaGold Corporation CAD 1,251, ,000 1,095, ,958, CA74139C1023 Pretium Resources Inc. CAD 45, , , CA76547T1066 Richmont Mines Inc. CAD 342,000 50, , ,152, CA80280U1066 Santacruz Silver Mining Ltd. CAD 3,724, ,724, , CA SEMAFO Inc. CAD 925, , , ,757, CA West Kirkland Mining Inc. CAD 7,949,433 4,492,000 3,457, , ,620, Cayman Islands KYG3040R1589 Endeavour Mining Corporation CAD 611,200 40, , ,875, ,875, Great Britain GB00B61D2N63 Acacia Mining Plc. GBP 526, , ,334, GG00B6686L20 Baker Steel Resources Trust Ltd. GBP 7,669, ,669, ,508, GB00B2QPKJ12 Fresnillo Plc. GBP 279,000 48, , ,222, GG00B3M9KL68 Kolar Gold Ltd. GBP 3,947, ,947, , GB00B0394F60 Metals Exploration Plc. GBP 46,821,091 14,720,482 32,100, ,796, ,893, Netherlands US65557T2050 Nord Gold NV ADR USD 779, , , , , * SFA = Sub-fund net assets The accompanying notes form an integral part of this annual report. 13

15 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund Statement of net assets as at 31 December 2015 ISIN Securities Purchases in the reporting period Sales in the reporting period Quantity Price Market value EUR % SFA* South Africa US Anglogold Ltd. ADR USD 446,000 68, , ,499, ZAE DRDGold Ltd. ZAR 941, , , , US26152H3012 DRDGold Ltd. ADR USD 546, , , , US Harmony Gold Mining Co. Ltd. ADR USD 1,415, ,415, ,231, ,068, United States of America US Newmont Mining Corporation USD 172,000 27, , ,392, ,392, Virgin Islands (GB) VGG Chaarat Gold Holdings Ltd. GBP 2,503, ,000 1,903, , , Transferable securities admitted to an official exchange listing 42,909, Shares, rights and participation certificates 42,909, Warrants Transferable securities admitted to an official exchange listing Canada CA86222Q1862 Stornoway Diamond Corporation CAD , , WTS v.14(2016) CA West Kirkland Mining Inc./West CAD 6,767, ,767, , Kirkland Mining Inc. WTS v.14(2017) CA HudBay Minerals Inc./HudBay CAD , , Minerals WTS v.14(2018) , Transferable securities admitted to an official exchange listing , Warrants 36, Investment in securities 42,945, Cash at bank - current accounts 1,470, Balance of other receivables and liabilities -368, Total sub-fund net assets in EUR 44,048, ,00 * SFA = Sub-fund net assets The accompanying notes form an integral part of this annual report. 14

16 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund Purchases and sales from 19 February 2015 to 31 December 2015 Purchases and sales of securities, bonded loans and derivatives during the reporting period, including changes without cash flows, which were not stated in the statement of assets. ISIN Securities Purchases Sales Shares, rights and participation certificates Transferable securities admitted to an official exchange listing Australia AU0000EVNXX6 Evolution Mining Ltd. AUD 1,050,000 1,050,000 AU000000GOR5 Gold Road Resources Ltd. AUD 0 1,000,000 AU000000OBS4 Orbis Gold Ltd. AUD 0 2,300,000 AU000000RED3 Red 5 Ltd. AUD 23,136,663 23,136,663 AU000000SAR9 Saracen Mineral Holdings Ltd. AUD 1,030,000 1,030,000 AU000000SIR2 Sirius Resources NL AUD 189, ,000 Bermuda BMG4111M1029 G-Resources Group Ltd. HKD 4,865,000 4,865,000 Canada CA Agnico Eagle Mines Ltd. CAD 10,000 29,000 CA Agnico-Eagle Mines Ltd. USD 16,000 16,000 CA Alamos Gold Inc. CAD 484, ,000 CA Alamos Gold Inc. (new) CAD 514, ,000 CA05152Q3052 Aura Minerals Inc. CAD 1,308,500 1,308,500 CA Aureus Mining Inc. GBP 4,670,000 4,670,000 CA05157J1084 AuRico Metals Inc. CAD 226, ,006 CA11777Q2099 B2Gold Corporation CAD 0 320,000 CA Detour Gold Corporation CAD 48, ,500 CA27743M1068 Eastmain Resources Inc. CAD 317, ,000 CA FRANCO-NEVADA Corporation CAD 0 11,500 CA Goldcorp Inc. CAD 0 31,000 CA38119T1049 Golden Star Resources Ltd. USD 3,250,000 3,250,000 CA09173M1032 GoldMoney Inc. CAD 113, ,000 CA46579R1047 Ivanhoe Mines Ltd. CAD 345, ,000 CA49451A2074 Kincora Copper Ltd. CAD 899, ,572 CA54928Q1081 Lucara Diamond Corporation CAD 0 300,000 CA67551V1031 Oceanus Resources Corporation CAD 1,166,988 1,166,988 CA68827L1013 Osisko Gold Royalties Ltd. CAD 0 30,000 CA Romarco Minerals Inc. CAD 33, ,700 CA Roxgold Inc. CAD 0 2,401,500 CA Torex Gold Resources Inc. CAD 0 400,000 Cayman Islands KYG China Polymetallic Mining Ltd. HKD 3,000,000 3,000,000 KYG3040R1092 Endeavour Financial Corporation CAD 7,876,500 7,876,500 Jersey JE00B29LFF73 Lydian International Ltd. CAD 400, ,000 US Randgold Resources Ltd. ADR USD 0 8,500 South Africa US38059T1060 Gold Fields Ltd. ADR USD 300, ,000 The accompanying notes form an integral part of this annual report. 15

17 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund Purchases and sales from 19 February 2015 to 31 December 2015 Purchases and sales of securities, bonded loans and derivatives during the reporting period, including changes without cash flows, which were not stated in the statement of assets. ISIN Securities Purchases Sales United States of America US Coeur d Alene Mines Corporation USD 523, ,000 Unquoted securities Australia AU0000EVNZZ6 Evolution Mining Ltd. AUD 123, ,966 Great Britain GB00BYTBRB14 Metals Exploration Plc. BZR GBP 33,371,318 33,371,318 Warrants Transferable securities admitted to an official exchange listing Canada CA38501D1621 Gran Colombia Gold Corporation WTS v.10(2015) USD CA46579R1120 Ivanhoe Mines Ltd. WTS v.14(2015) CAD 340, ,000 Exchange rates For the valuation of assets in foreign currencies, conversions into Euro were performed using the following exchange rates as at 31 December Australian dollar AUD British pound GBP Canadian dollar CAD South African Rand ZAR US dollar USD The accompanying notes form an integral part of this annual report. 16

18 Management Comments of BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) Subsequent to 18 February 2015, one shareholder in BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) fully redeemed its holding in the Sub-Fund due to operational reasons and, to ensure fair treatment of all remaining shareholders, the issue and redemption of shares in the Sub-Fund was suspended effective 2 March Effective 12 March 2015, the Board of Directors of BAKERSTEEL GLOBAL FUNDS SICAV agreed to liquidate the Alpha Gold Fund, in accordance with the provisions of the Articles of Incorporation and the Prospectus of the Company. Since then the sub-fund has been managed under the status in liquidation until all assets of the sub-fund s portfolio could be sold. The Board of Directors decided effective 29 October 2015 that the remaining assets of BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) no longer held any material value. In consideration of the low value of the remaining non-cash assets and in the interests of the former investors, by incurring further costs, the Board of Directors instructed IPConcept (Luxemburg) S.A. ( Management Company ) and DZ PRIVATBANK S.A. ( Custodian Bank ) to initiate the necessary measures to dispose of all remaining nil-value assets of the portfolio. The Board of Directors of BAKERSTEEL GLOBAL FUNDS SICAV irrevocably waived any rights or claims which may result from the ownership of these assets by third parties and particularly by the Custodian Bank and the Management Company of BAKERSTEEL GLOBAL FUNDS SICAV. Effective 30 October 2015, the sub-fund BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) was liquidated and closed down. The remaining cash held by the sub-fund was paid out to fi nal shareholders with value date 24 November 2015 and there was, consequently, no payment due to the Caisse de Consignation. Luxembourg, January 2016 The Board of Directors of BAKERSTEEL GLOBAL FUNDS SICAV The information and fi gures provided in this report are based on past performance and are not an indication of future results. 17

19 BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation)* The company was entitled to create share classes with different rights. The following share classes existed with the following features: Liquidation report 19 February October 2015 Share class A USD Share class SA USD Securities ID No.: A1JDFH A1JDFU ISIN: LU LU Subscription fee: up to 5.00 % up to 5.00 % Redemption fee: none none Management fee: 1.75% p.a. plus 500 EUR fi xed fee p.m. for the sub-fund 0.85 % p.a. plus 500 EUR fi xed fee p.m. for the sub-fund Minimum subsequent investment: none none Use of income: accumulative accumulative Currency: USD USD Share class I USD Securities ID No.: A1JDFR ISIN: LU Subscription fee: up to 5.00 % Redemption fee: none Management fee: 1.50% p.a. plus 500 EUR fi xed fee p.m. for the sub-fund Minimum subsequent investment: 10, USD Use of income: accumulative Currency: USD * The Sub-Fund was liquidated 30 October The accompanying notes form an integral part of these this liquidation report. 18

20 BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) Performance of the last 3 financial years Share class A USD Date Total sub-fund net assets in Mio. USD Shares outstanding Net cash inflow /outflow in thousand USD Sub-fund net asset value per share USD (date of liquidation) * Share class I USD Date Total sub-fund net assets in Mio. USD Shares outstanding Net cash inflow /outflow in thousand USD Sub-fund net asset value per share USD (date of liquidation) * Share class SA USD Date Total sub-fund net assets in Mio. USD Shares outstanding Net cash inflow /outflow in thousand USD Sub-fund net asset value per share USD ,494,676 5, ,440,661-2, ,085-50, (date of liquidation) ,085-11, * * Decrease due to interim reimbursement of capital to the shareholder The accompanying notes form an integral part of these this liquidation report. 19

21 BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) Statement of changes in sub-fund net assets for the reporting period from 19 February 2015 to 30 October 2015 Total Share class Share class Share class A USD I USD SA USD USD USD USD USD Total sub-fund net assets at the beginning of the reporting period 11,612, , , ,586, Net income -247, , Interim liquidation proceeds on 22 April ,000, , , ,980, Interim liquidation proceeds on 1 July ,150, , , ,145, Realised gains 581, , Realised losses -11,429, , , ,404, Net change in unrealised appreciation on investments 10,698, , , ,674, Amount repaid to shareholders (fi nal liquidation proceeds) -63, , Total sub-fund net assets at the end of the reporting period 0,00 0,00 0,00 0,00 The accompanying notes form an integral part of these this liquidation report. 20

22 BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) Statement of operations for the reporting period from 19 February 2015 to 30 October 2015 Total Share class Share class Share class A USD I USD SA USD USD USD USD USD Income Dividend income 3, , Bank interest 14, , Other income 11, , Total income 30, , Expenses Interest expense on bonds Interest expense -9, , Management and Investment management fees -27, , Custodian fee -1, , Central Administration Agent fee -16, , Taxe d abonnement -1, , Publishing and auditing expenses -83, , Setting, printing and shipping expenses for annual and semi-annual reports -8, , Transfer agent fee -2, , Government fees -1, , Formation expense -78, , Other expenses 1) -45, , Total expenses -277, , Net income -247, , Total transaction costs in the reporting period 2) 16, Total expense ratio as a percentage in the reporting period 2) Swiss total expense ratio without performance fee as a percentage 2) (for the reporting period from 1 November 2014 to 30 October 2015) Swiss total expense ratio with performance fee as a percentage 2) (for the reporting period from 1 November 2014 to 30 October 2015) Swiss performance fee as a percentage 2) (for the reporting period from 1 November 2014 to 30 October 2015) ) ) ) ) ) ) ) 2) 3) This position consists primarily of liquidation fees and depository fees. See accompanying notes to this report. Extrapolated for the reporting period from 1 November 2014 to 30 October The accompanying notes form an integral part of these this liquidation report. 21

23 BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) Statement of changes in the number of shares Share class Share class Share class A USD I USD SA USD No. of shares No. of shares No. of shares Shares outstanding at the beginning of the reporting period , Shares subscribed Shares redeemed , Shares outstanding at the end of the reporting period Performance in percent* as at: 31 December 2015 Fund ISIN 6 month 1) 1 year 2) 3 years 3) 10 years WKN BAKERSTEEL GLOBAL SICAV - Alpha Gold Fund (in Liquidation) A (USD) since BAKERSTEEL GLOBAL SICAV - Alpha Gold Fund (in Liquidation) I (USD) since BAKERSTEEL GLOBAL SICAV - Alpha Gold Fund (in Liquidation) SA (USD) since LU A1JDFH LU A1JDFR LU A1JDFU -46,70-46,12-73, ,88-46,21-73, ,64-46,91-73,40 - * Based on the published net asset value (BVI method), the result corresponds to the Swiss Funds & Asset Management Association s guideline on the Calculation and publication of the performance of collective investment funds dated 16 May ) Period from 1 July 2015 until 30 October ) Period from 1 January 2015 until 30 October ) Period from 1 January 2013 until 30 October Past performance is not an indicator of current or future performance. The performance data does not take into consideration the fees and costs imposed on the issue and redemption of the shares. The accompanying notes form an integral part of these this liquidation report. 22

24 BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) Purchases and sales from 19 February 2015 to 30 October 2015 Purchases and sales of securities, bonded loans and derivatives during the reporting period, including changes without cash flows, which were not stated in the statement of assets. ISIN Securities Purchases Sales Shares, rights and participation certificates Transferable securities admitted to an official exchange listing Australia AU000000EVN4 Evolution Mining Ltd. AUD 0 255,000 AU000000EXU5 Explaurum Ltd. AUD 393, ,776 AU000000IDC6 Indochine Mining Ltd. AUD 0 3,147,049 AU000000KCN1 Kingsgate Consolidated NL AUD 0 963,000 AU000000LSA2 Lachlan Star Ltd. AUD 0 1,236,456 AU000000NST8 Northern Star Resources Ltd. AUD 0 208,000 AU000000RED3 Red 5 Ltd. AUD 0 13,538,000 AU000000RSG6 Resolute Mining Ltd. AUD 0 381,000 Bermuda BMG4111M1029 G-Resources Group Ltd. HKD 0 5,732,000 Canada CA Agnico-Eagle Mines Ltd. USD 0 14,500 CA03841G1019 Aquila Resources Inc. CAD 0 4,028,000 CA Barrick Gold Corporation USD 0 38,000 CA Belvedere Resources Ltd. CAD 0 326,000 CA Iamgold Corporation CAD 0 96,000 CA46579R1047 Ivanhoe Mines Ltd. CAD 0 327,240 CA Kinross Gold Corporation CAD 0 83,000 CA New Gold Inc. CAD 0 63,000 CA67551V1031 Oceanus Resources Corporation CAD 0 389,500 CA Romarco Minerals Inc. CAD 0 99,000 CA98462Y1007 Yamana Gold Inc. CAD 0 54,000 Cayman Islands KYG3040R1092 Endeavour Financial Corporation CAD 0 261,000 Great Britain GG00B6686L20 Baker Steel Resources Trust Ltd. GBP 0 520,000 GB00B2QPKJ12 Fresnillo Plc. GBP 0 19,000 GB00B0394F60 Metals Exploration Plc. GBP 0 23,933,724 Netherlands US65557T2050 Nord Gold NV ADR USD 0 360,732 South Africa US Anglogold Ltd. ADR USD 0 43,000 US38059T1060 Gold Fields Ltd. ADR USD 0 95,000 United States of America US Newmont Mining Corporation USD 0 20,000 Virgin Islands (GB) VGG Chaarat Gold Holdings Ltd. GBP 0 565,000 The accompanying notes form an integral part of these this liquidation report. 23

25 BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) Purchases and sales from 19 February 2015 to 30 October 2015 Purchases and sales of securities, bonded loans and derivatives during the reporting period, including changes without cash flows, which were not stated in the statement of assets. ISIN Securities Purchases Sales Unquoted securities Australia AU00AU Auzex Exploration Ltd. AUD 0 98,444 Great Britain GG00BS7K5R06 Baker Steel Resources Trust Ltd. BZR GBP 0 1,898,000 Jersey GB00B09TKL88 Peninsular Gold Ltd. GBP 0 451,000 Bonds Transferable securities admitted to an official exchange listing USD US912796DU % Vereinigte Staaten von Amerika v.14(2015) 1,500,000 1,500,000 Warrants Transferable securities admitted to an official exchange listing Canada CA46579R1120 Ivanhoe Mines Ltd. WTS v.14(2015) CAD 0 400,000 CA West Kirkland Mining Inc./West Kirkland Mining Inc. WTS v.14(2017) CAD 0 1,540,000 Unquoted securities Australia N/A Indochine Mining Ltd. WTS v.15(2016) AUD 0 1,150,000 Canada N/A Aquila Resources Inc./Aquila Resources Inc. WTS v.14(2017) CAD 0 750,000 N/A Goldgroup Mining Inc./Goldgroup Mining Inc. WTS v.15(2016) CAD 0 125,000 Exchange rates For the valuation of assets in foreign currencies, conversions into US dollar were performed using the following exchange rates as at 30 October Australian dollar AUD Canadian dollar CAD Euro EUR The accompanying notes form an integral part of these this liquidation report. 24

26 BAKERSTEEL GLOBAL FUNDS SICAV Consolidated annual report BAKERSTEEL GLOBAL FUNDS SICAV with the sub-funds BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund and BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) as at 30 October 2015 Statement of net assets as at 31 December 2015 EUR Investments in securities at market value 42,945, (Cost of investments: EUR 47,859,349.08) Cash at bank 1,470, Dividend receivables 14, Receivable for shares sold 130, Receivable on investments sold 920, Receivable from currency exchange transactions 1,292, Other assets* 5, ,780, Payable for shares redeemed -1,328, Interest payable -1, Payable from currency exchange transactions -1,299, Other payable** -103, ,732, Total net assets 44,048, * Includes amortisation of formation expenses. ** Primarily audit fees payable and Management fees payable. Statement of changes in total net assets for the reporting period from 19 February 2015 to 31 December 2015 EUR Total net assets at the beginning of the reporting period 19,667, Net income -781, Income equalisation -26, Cash infl ows from subscriptions 86,077, Interim liquidation proceeds on 22 April ,213, Interim liquidation proceeds on 1 July ,961, Cash outfl ows from redemptions -43,811, Cash outfl ows from fi nal liquidation proceeds of BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold -58, Fund (in Liquidation) Realised gains 8,258, Realised losses -20,220, Net change in unrealised appreciation on investments 5,116, Total net assets at the end of the reporting period 44,048, For the consolidation, figures in USD have been converted at the exchange rate as at 30 October 2015 in EUR: 1 EUR = USD. The accompanying notes form an integral part of this annual report. 25

27 BAKERSTEEL GLOBAL FUNDS SICAV Statement of operations for the reporting period from 19 February 2015 to 31 December 2015 EUR Income Dividend income 204, Bank interest 11, Other income 15, Income equalisation -124, Total income 106, Expenses Interest expense on bonds Interest expense -44, Management and Investment management fees -509, Custodian fee -31, Central Administration Agent fee -37, Taxe d abonnement -23, Publishing and auditing expenses -172, Setting, printing and shipping expenses for annual and semi-annual reports -13, Transfer agent fee -19, Government fees -31, Formation expense -78, Other expenses 1) -77, Income equalisation 150, Total expenses -887, Net income -781, ) Primarily liquidation fees and Paying Agent fees. For the consolidation, figures in USD have been converted at the exchange rate as at 30 October 2015 in EUR: 1 EUR = USD. The accompanying notes form an integral part of this annual report. 26

28 Notes to the financial statements as at 31 December ) GENERAL The Investment Company is a Luxembourg investment company (Société d Investissement à Capital Variable) that has been established for an unspecifi ed period in the form of an umbrella fund with sub-funds ( Investment Company ) in accordance with Part I of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment (the Law of 17 December 2010 ). The Investment Company ( Investment Company ) described in this Sales Prospectus (plus Articles of Association and Annexes) was established on 10 April At the initiative of Baker Steel Capital Managers LLP it has appointed IPConcept (Luxemburg) S.A. as its management company ( Management Company ).The Investment Company is a limited company with variable capital (Société d Investissement à Capital Variable), under Luxembourg law with its registered offi ce at 4, rue Thomas Edison, L-1445 Strassen. Its Articles of Association were published on 30 April 2008 in the Mémorial, Recueil des Sociétés et Associations, the offi cial journal of the Grand Duchy of Luxembourg ( Mémorial ). The Investment Company is entered in the commercial register in Luxembourg under registration number R.C.S. Luxembourg B The latest amendment to the Articles of Association of the Management Company came into effect on 18 February 2015 and was published in the Mémorial on 13 March The Board of Directors of the Investment Company appointed the Management Company IPConcept (Luxemburg) S.A., a public limited company (Aktiengesellschaft) under the law of the Grand Duchy of Luxembourg with its registered offi ce located at 4, rue Thomas Edison, L-1445 Luxembourg-Strassen, with the duties of asset management, administration and distribution of the shares of the Investment Company. The Management Company was incorporated for an unlimited period on 23 May Its Articles of Association were published in the Mémorial on 19 June The latest amendment to the Articles of Association of the Management Company came into effect on 14 November 2013 and was published in the Mémorial on 11 December The Management Company is listed in the commercial register in Luxembourg under registration number R.C.S. Luxembourg B ) SIGNIFICANT ACCOUNTING POLICIES These fi nancial statements are drawn up at the responsibility of the Board of Directors of the Investment Company in accordance with the legal provisions applicable in Luxembourg and the standards for the preparation and presentation of fi nancial statements. 1. The net assets of the Investment Company are shown in euro (EUR) ( reference currency ). 2. The value of a share ( net asset value per share ) is denominated in the currency laid down in the relevant Annex to the Sales Prospectus ( sub-fund currency ), unless any other currency is stipulated for any other share classes in the relevant Annex to the Sales Prospectus ( share class currency ). 3. The net asset value per share is calculated by the Investment Company or a third party commissioned for this purpose by the Investment Company, under the supervision of the Custodian Bank, on each Business Day in Luxembourg and London, with the exception of 24 and 31 December of each year ( Valuation Day ). The Board of Directors may decide to apply different regulations to individual sub-funds, but the net asset value per share must be calculated at least twice each month. 4. A Business Day is a day on which banks are normally open for business in Luxembourg and London. 5. In order to calculate the net asset value per share, the value of the assets of each sub-fund, less the liabilities of each subfund ( net sub-fund net assets ) is determined on each day specifi ed in the relevant Annex ( Valuation Day ) and this is divided by the number of shares in circulation in the respective sub-fund on the Valuation Day. The Management Company can, however, decide to determine the unit value on the 24 and 31 December of a year without these determinations of value being calculations of the unit value on a Valuation Day within the meaning of the above point 4. Consequently, the shareholders may not demand the issue, redemption or exchange of shares on the basis of a net asset value determined on 24 December and/or 31 December of a year. 6. Insofar as information on the situation of the net assets of the company must be specifi ed in the annual or semi-annual reports and/or other fi nancial statistics pursuant to the applicable legislative provisions or in accordance with the conditions of these Articles of Association, the value of the assets of each sub-fund will be converted to the reference currency. The net sub-fund net assets will be calculated according to the following principles: a) Securities which are offi cially listed on a stock exchange are valued at the last available market price. If a security is offi cially listed on more than one stock exchange, the last available listing on the stock exchange which represents the major market for this security shall apply. b) Securities not offi cially listed on a securities exchange but traded on a regulated market will be valued at a price that may not be lower than the bid price and not higher than the offered price at the time of valuation and which the Investment Company deems in good faith to be the best possible price at which the securities can be sold. 27

29 Notes to the financial statements as at 31 December 2015 c) OTC derivatives shall be evaluated on a daily basis using a method to be determined and validated by the Investment Company in good faith on the basis of the sale value that is likely attainable and using generally accepted valuation models which can be verifi ed by an auditor. d) UCITS and UCIs are valued at the most recently established and available redemption price. In the event that the redemption of the investment units is suspended, or no redemption prices are established, these units together with all other assets will be valued at their appropriate market value, as determined in good faith by the Management Company and in accordance with generally accepted valuation standards approved by the auditors. e) If the respective prices are not fair market prices and if no prices are set for securities other than those listed under paragraphs a) and b), these securities and the other legally permissible assets will be valued at the current trading value, which will be established in good faith by the Investment Company on the basis of the sale value that is in all probability achievable. f) Liquid funds are valued at their nominal value plus interest. g) The market value of securities and other investments which are denominated in a currency other than the currency of the relevant sub-fund shall be converted into the currency of the sub-fund at the last mean rate of exchange (WM/Reuters fi xing at 4 pm London time). Gains and losses from foreign exchange transactions will on each occasion be added or subtracted. Any distributions paid out to sub-fund shareholders will be deducted from the net assets of the sub-fund. 7. The net asset value per share is calculated separately for each sub-fund pursuant to the aforementioned criteria. However, if there are different share classes within a sub-fund, the net asset value per share will be calculated separately for each share class within this fund pursuant to the aforementioned criteria. The composition and allocation of assets always occurs separately for each sub-fund. The tables published in this report may, for arithmetical reasons, contain rounding differences which are higher or lower than a unit (currency, percentage, etc.). 3.) TAXATION Taxation of the Investment Company In the Grand Duchy of Luxembourg, the assets of the Fund are subject to a subscription tax known as the taxe d abonnement, which is currently levied in an amount of 0.05% p.a. The taxe d abonnement is payable quarterly on the total net assets reported as at the end of each respective quarter. The amount of the taxe d abonnement is specifi ed for the sub-fund or share classes in the relevant Annex to the sales prospectus. If the sub-fund net assets are invested in other Luxembourg investment funds that are already subject to the taxe d abonnement, said assets invested in such funds are exempt from the tax. The income of the Investment Company or the fund from investing its assets is not taxed in the Grand Duchy of Luxembourg. However, such income may be subject to taxation at source in countries in which the fund assets are invested. In such cases, neither the Custodian Bank nor the Investment Company is obliged to collect tax certifi cates. Taxation on income from shares of the investment fund for the investor The European Union s Savings Directive 2003/48/EC ( EUSD ) which came into effect on 1 July 2005 was aimed at ensuring that EU residents are taxed on interest income from cross border investments in bank accounts and certain investment funds that are in scope of EUSD ( in-scope funds ). The Luxembourg rules implementing the EUSD applied a withholding tax to interest income including that from dividends and redemption proceeds in certain investment funds and such payments were not subject to EUSD reporting in Luxembourg. This EUSD Withholding Tax, which has increased in rate from 15% to 35% since the implementation of EUSD, is applied to funds that pay interest income. As an alternative to EUSD Withholding Tax under the Luxembourg EUSD rules, Luxembourg has offered investors an option of Exchange of Information. Where an investor had elected for Exchange of Information, the Luxembourg tax authority was informed of the amount of interest income paid, along with the name, residential address, tax identifi cation number or date and place of birth. The Luxembourg tax authority then, in accordance with EUSD, reported this information to the tax authority in the country of residence for the investor to be taxed accordingly. The Luxembourg government has recently decreed that as of 1 January 2015 the country will no longer offer the EUSD Withholding Tax option and will only apply the automatic Exchange of Information under Luxembourg EUSD rules. This means that the Luxembourg Paying Agents can no longer apply EUSD Withholding Tax on interest income and the account will be subject to Exchange of Information under Luxembourg rules. The changes to the rules will apply to any interest payments on in-scope funds made on or after 1 January 2015 and these will be reported to the Luxembourg Tax Authority in 2016 for onward reporting to the Tax Authority of the country of residence. 28

30 Notes to the financial statements as at 31 December 2015 Prospective investors should ensure they are informed about laws and regulations which apply to the purchase, ownership and redemption of shares and obtain advice if necessary. Information for investors with tax liability in Germany: The basis of taxation, pursuant to 5(1) InvStG, is published online within the statutory publication period in the Federal Gazette under Kapitalmarkt - Besteuerungsgrundlagen. 4.) USE OF INCOME Further details on the use of earnings are provided in the Sales Prospectus. 5.) INFORMATION RELATING TO FEES AND EXPENSES Please refer to the Sales Prospectus for information regarding management and custodian bank fees. 6.) TOTAL EXPENSE RATIO (TER) Total expense in sub-fund currency TER = x 100 Average total net assets (basis: daily TNA*) * TNA = Total net assets The TER indicates the level of expenses charged to the sub-fund. It covers management and custodian fees and the taxe d abonnement as well as all other costs with the exception of transaction costs incurred by the sub-fund. It shows the total amount of these costs as a percentage of the average total net assets in the reporting period. (Any performance fees are shown separately in direct relation to the TER.) 7.) TRANSACTION COSTS Transaction costs include all costs which, during the fi nancial year, were shown or calculated separately on behalf of the sub-fund and which are directly connected with the purchase or sale of assets. 8.) INCOME EQUALISATION The income equalisation is included in the ordinary net income. This covers net income arising during the period under review which the purchaser of shares pays for as part of the issue price and the seller of shares receives as part of the redemption price. 9.) RISK MANAGEMENT The Management Company employs a risk management process enabling it to monitor and assess the risk connected with the investment holdings, as well as their share in the total investment portfolio risk profi le of the funds it manages, at all times. In accordance with the Law of 17 December 2010 and the applicable prudential supervisory requirements of the Commission de Surveillance du Secteur Financier ( CSSF ), the Management Company reports regularly to the CSSF about the risk management process used. Within the framework of the risk management process and using the necessary and appropriate methods, the Management Company ensures that the overall risk associated with derivatives of the sub-funds managed does not go beyond the total net value of their portfolios. To this end, the Management Company makes use of the following method: Commitment approach With the commitment approach, the positions from derivative fi nancial instruments are converted into their corresponding underlying equivalents using the delta approach. In doing so, the netting and hedging effects between derivative fi nancial instruments and their underlying assets are taken into account. The total of these underlying equivalents may not exceed the net asset value of the sub-fund. The commitment approach was used to monitor and measure the total risk associated with derivatives for the sub-fund BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund during the period from 19 February 2015 to 31 December ) EVENTS DURING THE REPORTING PERIOD a) Change of Management Company, Custodian Bank, Paying Agent, Central Administration, Registrar and Transfer Agent, name of the Fund, Investment Manager and Registered Offi ce effective 19 February 2015: The Fund appointed a new management company, IPConcept (Luxembourg) S.A. (the New Management Company ), with registered offi ce at 4, rue Thomas Edison, L-1445 Luxembourg - Strassen. DZ PRIVATBANK S.A., 4, rue Thomas Edison, L-1445 Luxembourg - Strassen, was appointed as the Fund s Custodian Bank, Paying Agent, Central Administration Agent, Registrar and Transfer Agent. The Dynamic Investment Fund was renamed BAKERSTEEL GLOBAL FUNDS SICAV. The Dynamic Investment Fund - Dynamic Precious Metals Sub-Fund was renamed BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund and 29

31 Notes to the financial statements as at 31 December 2015 the Dynamic Investment Fund - Baker Steel Alpha Gold Fund was renamed BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund. The New Management Company appointed Baker Steel Capital Managers LLP, 34 Dover Street London W1S 4NG, as Investment Manager for BAKERSTEEL GLOBAL FUNDS SICAV. The registered offi ce of the Fund changed to 4, rue Thomas Edison, L-1445 Luxembourg - Strassen. b) Liquidation of the sub-fund BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund effective 12 March 2015 In consideration of the principle of fair and equal treatment of all shareholders the issue and redemption of shares was suspended with the resolution from 2 March 2015 (closing date), following a large redemption when one major shareholder redeemed its holding due to operational reasons. The Investment Company therefore concluded that economic effi cient management of the sub-fund could not be ensured in the future even though the sub-funds assets had not fallen below the minimum amount for the purpose of managing of 2.5 million EUR as defined in the Articles of Association. Pursuant to Article 7 of the Articles of Association the Investment Company decided to liquidate the sub-fund effective from 12 March The net asset value of the sub-fund continued to be calculated and published up to the sub-fund s liquidation on a daily basis. The liquid assets within the sub-fund were put up for sale. The available cash amount within the sub-funds assets were distributed as a partial payment to the shareholders. During the liquidation process the sub-fund was managed under the status in liquidation until all assets of the sub-fund were sold. The Board of Directors of the BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) resolved to make partial payments from the liquidation proceeds for the sub-fund s three share classes as follows: Fund name Share class WKN ISIN Amount per share in USD BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) Ex-date: 22 April 2015 Value date: 24 April 2015 A USD A1JDFH LU I USD A1JDFR LU SA USD A1JDFU LU Fund name Share class WKN ISIN Amount per share in USD BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) Ex-date: 1 July 2015 Value date: 7 July 2015 A USD A1JDFH LU I USD A1JDFR LU SA USD A1JDFU LU Effective of 30 October 2015, the sub-fund BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) was liquidated and closed down. The following liquidation payments were paid out with value date 24 November 2015 to the shareholders. Fundname Share class WKN ISIN Amount per share in USD BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) A USD A1JDFH LU I USD A1JDFR LU SA USD A1JDFU LU

32 Notes to the financial statements as at 31 December 2015 c) Contribution in kind in the sub-fund BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund Contribution in kind by RIT Capital Partners plc RIT Capital Partners plc, an investment trust, listed on the London Stock Exchange, subscribed for shares of the share class S USD sub-fund in the form of a contribution in kind. For this contribution in kind (in-specie transfer) RIT Capital Partners plc received shares of the sub-fund to the value corresponding to the value of the securities. The valuation of the securities transferred was based on closing market prices of 7 April The subscription for shares of the sub-fund conducted out at an issue price as of 8 April 2015 (based on previous day s closing prices). Contribution in kind by BNP Paribas Nominees PTY Limited BNP Paribas Nominees PTY Limited, an Australian Proprietary Company regulated by the Australian Securities and Investments Commission (ASIC) and Australian Transaction Reports and Analysis Centre (AUSTRAC) subscribed for shares of the share class S USD in the form of a contribution in kind. The ultimate holding company of BNP Paribas Nominees PTY Limited is BNP PARISBAS. For this contribution in kind (in-specie transfer) BNP Paribas Nominees PTY Limited received shares of the share class to the value corresponding to the value of the securities. The valuation of the securities transferred was based on closing market prices of 8 May The subscription for shares of the share class of the sub-fund was conducted with closing-prices as of 11 May Contribution in kind by HSBC Global Custody Nominee (UK) Limited HSBC Global Custody Nominee (UK) Limited, a wholly owned subsidiary of HSBC Bank plc authorised and regulated by the Prudential Regulation Authority and the Financial Conduct Authority subscribed for shares of the share class S USD in the form of a contribution in kind. For this contribution in kind (in-specie transfer) HSBC Global Custody Nominee (UK) Limited received shares of the share class to the value corresponding to the value of the securities. The valuation of the securities transferred was based on closing market prices of 5 June The subscription of shares for the sub-fund conducted out with closing-prices as of 8 June ) EVENTS AFTER THE REPORTING PERIOD There were no subsequent events after the reporting period. 12.) INFORMATION FOR SWISS INVESTORS a.) Securities number BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund A (USD) BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund A (EUR) BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund D (EUR) BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund D (GBP) BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund S (GBP) BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund S (USD) BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund A2 (EUR) BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund I2 (EUR) BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund A (USD) BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund I (USD) BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund SA (USD)

33 Notes to the financial statements as at 31 December 2015 b.) Total Expense Ratio (TER) The commissions and fees incurred for managing the collective capital investments must be reported in the indicator known internationally as the total expense ratio (TER). This indicator expresses the total of all commission and fees regularly incurred (operating expenses) by the capital of the collective investment retrospectively as a percentage of the net assets; in principle, it is calculated using the following formula: Total operating expenses in UA* TER % = x 100 Average net assets in UA* * UA = Units in the accounting currency of the collective capital investment According to the Swiss Funds & Asset Management Association guideline of 16 May 2008, the following TER was calculated in per cent for the period from 1 January 2015 to 31 December 2015: Without Performance Fee BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund A (USD) 2.27 * 2.27 * BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund A (EUR) 2.32 * 2.32 * BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund D (EUR) 1.63 * 1.63 * BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund D (GBP) 1.77 * 1.77 * BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund S (GBP) 1.51 * 1.51 * BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund S (USD) 1.64 * 1.64 * BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund A2 (EUR) BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund I2 (EUR) BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (i.l.) A (USD) 7.37 ** 7.37 ** BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (i.l.) I (USD) 6.34 ** 6.34 ** BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (i.l.) SA (USD) 2.62 ** 2.62 ** * Extrapolated for the reporting period from 1 January 2015 to 31 December ** Extrapolated for the reporting period from 1 November 2014 to 30 October c.) Portfolio Turnover Rate ( PTR ) for the period from 1 January 2015 to 31 December 2015 With Performance Fee As an indicator of the relevance of the additional costs incurred by the collective investment for the sale and purchase of investments, the indicator known internationally by the term portfolio turnover rate ( PTR ) must be disclosed according to the following standard procedures: (sum 1 - sum 2) PTR= x 100 Average fund assets in UA* *UA = Units in the accounting currency of the fund Sum 1 = sum of security transactions = X + Y Sum 2 in UA = sum of transactions with shares in collective capital investments = S + T Securities purchases in UA = X Share issues in UA = S Securities sales in UA = Y Share redemptions in UA = T According to the Swiss Funds & Asset Management Association guideline of 16 May 2008, the following ( PTR ) was calculated in per cent for the period from 1 January 2015 to 31 December 2015: BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (i.l.) (for the reporting period from 19 February 2015 to 30 October 2015) d.) Changes to the Sales Prospectus in the fi nancial year Publication of amendments to the Sales Prospectus during the fi nancial year are available for consultation in the Swiss Offi cial Gazette of Commerce 32

34 Audit Report To the Shareholders of BAKERSTEEL GLOBAL FUNDS SICAV Following our appointment by the Board of Directors of the BAKERSTEEL GLOBAL FUNDS SICAV, we have audited the accompanying fi nancial statements of BAKERSTEEL GLOBAL FUNDS SICAV and of each of its sub-funds, which comprise the statement of net assets and the statement of investments and other net assets as at 31 December 2015 and the statement of operations and the statement of changes in net assets for the period from 19 February 2015 to 31 December 2015, and a summary of signifi cant accounting policies and other explanatory notes to the fi nancial statements. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these fi nancial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the fi nancial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of fi nancial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the Réviseur d entreprises agréé Our responsibility is to express an opinion on these fi nancial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial statements. The procedures selected depend on the judgment of the Réviseur d entreprises agréé, including the assessment of the risks of material misstatement of the fi nancial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the fi nancial statements 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 entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the fi nancial statements. We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the fi nancial statements give a true and fair view of the fi nancial position of BAKERSTEEL GLOBAL FUNDS SICAV and of each of its sub-funds, as of 31 December 2015, and of the results of its operations and changes in its net assets for the period from 19 February 2015 to 31 December 2015 in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the fi nancial statements. Other matters Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specifi c audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the fi nancial statements taken as a whole. PricewaterhouseCoopers, Société coopérative Luxembourg, 29 April 2016 Represented by Björn Ebert PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T: , F: , Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n ) R.C.S. Luxembourg B TVA LU