MARKET ACCESS. (previously RBS MARKET ACCESS) An open-ended investment company with variable share capital ("SICAV") Audited Annual Report

Transcription

1 (previously RBS ) An open-ended investment company with variable share capital ("SICAV") Audited Annual Report as at December 31, 2016 R.C.S. Luxembourg B No subscription can be accepted on the basis of the financial reports. Subscriptions are only valid if they are made on the basis of the latest published prospectus accompanied by the Key Investor Information Documents, the latest annual report and the most recent semi-annual report, if published thereafter.

2 Table of Contents Page Management and Administration 3 Information to Shareholders 5 Report on the activities of the Fund 6 Audit report 9 Statement of Net Assets 11 Statement of Changes in Net Assets 14 Changes in the Number of Shares for the Year ended December 31, 2016 and Statistics 18 Statement of Investments and Investments Breakdowns DAXGLOBAL ASIA INDEX UCITS ETF 21 DAXGLOBAL BRIC INDEX UCITS ETF 23 DAXGLOBAL RUSSIA INDEX UCITS ETF 25 NYSE ARCA GOLD BUGS INDEX UCITS ETF 27 RICI AGRICULTURE INDEX UCITS ETF 29 RICI METALS INDEX UCITS ETF 31 ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF 33 TOPIX EUR HEDGED INDEX UCITS ETF 35 Notes to the Financial Statements 37 Unaudited Information for Shareholders 45 2

3 Management and Administration R.C.S. LUXEMBOURG B Board of Directors Chairman and Director As from March 10, 2016: Mr Chris SATTERFIELD China Post Global 60, Wyndham Street Suite 1901 Central Hong Kong Until March 10, 2016: Mr David MORONEY The Royal Bank of Scotland Plc London Branch Bishopsgate 135 EC2M 3UR London United Kingdom Directors Mr Claude KREMER Arendt and Medernach S.A. 41A, Avenue J. F. Kennedy L-2082 Luxembourg Grand Duchy of Luxembourg Mr Revel WOOD FundRock Management Company S.A. 33, Rue de Gasperich L-5826 Hesperange Grand Duchy of Luxembourg Mr Daniel DOLAN Until February 29, 2016: The Royal Bank of Scotland Plc London Branch Bishopsgate 135 EC2M 3UR London United Kingdom As from March 1, 2016: China Post Global (UK) Limited 25 Hanover Square, W1S 1JF London United Kingdom Registered Office 11-13, Boulevard de la Foire, L-1528 Luxembourg Grand Duchy of Luxembourg Depository Bank, Domiciliary, Corporate, Central Administrative, Registrar, Transfer, Principal Paying and Listing Agent RBC Investor Services Bank S.A. 14, Porte de France, L-4360 Esch-sur-Alzette Grand Duchy of Luxembourg 3

4 Management and Administration(continued) Auditor PricewaterhouseCoopers, Société coopérative 2, Rue Gerhard Mercator L-2182 Luxembourg Grand Duchy of Luxembourg Investment Manager The Royal Bank of Scotland Plc (London Offices) (until February 29, 2016) 135 Bishopsgate, EC2M 3UR London United Kingdom Mirabella Financial Services LLP (from March 1, 2016) 130 Jermyn Street, SW1Y 4UR London United Kingdom Sponsor and Global Distributor The Royal Bank of Scotland Plc (London Offices) (until February 29, 2016) 135 Bishopsgate, EC2M 3UR London United Kingdom China Post Global (UK) Limited (from March 1, 2016) 25 Hanover Square, W1S 1JF London United Kingdom Management Company FundRock Management Company S.A. 33, Rue de Gasperich, L-5826 Hesperange Grand Duchy of Luxembourg Legal Advisers Arendt and Medernach S.A. 41A, Avenue J. F. Kennedy L-2082 Luxembourg Grand Duchy of Luxembourg 4

5 Information to Shareholders Publication of the net asset value per share The net asset value per share and the issue and redemption prices per share of each Sub-Fund are available at the registered office of the Fund. In addition, this information may be inserted in any newspaper that the Board of Directors considers appropriate. Notices to shareholders Notices to shareholders will be available at all times from the registered office of the Fund. If bearer shares represented by Global Shares Certificates are issued, shareholders shall be notified via publication in those countries where the Fund is marketed in any newspaper that the Board of Directors considers appropriate, in accordance with applicable laws and regulations. In Luxembourg, this will be the Luxemburger Wort. Registered shareholders shall be personally notified via mail sent to the address indicated in their subscription form. Shareholders Meetings The Annual General Meeting of shareholders will be held: * at the registered office of the Fund, or at any other place in Luxembourg to be specified in the notice convening the meeting; * on April 18 at 2.00 p.m. (Luxembourg time) or, if this is not a bank business day in Luxembourg, on the next Luxembourg bank business day. To the extent required by Luxembourg law, notices of all general meetings are published in the Mémorial, in the Luxemburger Wort and in such other newspaper as the Board of Directors determines and are sent to the holders of registered shares by post at least 8 calendar days prior to the meeting at their addresses shown on the register of shareholders. These notices will state the time and the place of the general meeting and the conditions for admission, the agenda and the requirements under Luxembourg law relating to quorums and mandatory majorities. Each whole share confers the right to one vote. Financial year and reports for shareholders The financial year of the Fund begins on January 1 and ends on December 31 of each year, this being the date at which an annual report is drawn up. Audited annual reports are published within 4 months following the end of the accounting year and unaudited semi-annual reports are published within 2 months following the period to which they refer. The annual and semi-annual reports are made available at the registered office of the Fund during ordinary office hours. The reference currency of the Fund is the Euro. The annual and semi-annual reports comprise consolidated accounts of the Fund expressed in euros as well as individual information on each Sub-Fund expressed in the reference currency of each Sub- Fund. 5

6 Report on the activities of the Fund There were 8 Sub-Funds in operation as of December 31, All Sub-Funds objective is to replicate, as far as possible, the performance of their benchmark. The Sub-Funds used a synthetic replication method in order to gain performance to the indices below: Sub-Fund name ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF RICI AGRICULTURE INDEX UCITS ETF RICI METALS INDEX UCITS ETF NYSE ARCA GOLD BUGS INDEX UCITS ETF DAXGLOBAL ASIA INDEX UCITS ETF DAXGLOBAL BRIC INDEX UCITS ETF DAXGLOBAL RUSSIA INDEX UCITS ETF TOPIX EUR HEDGED INDEX UCITS ETF Benchmark index Rogers International Commodity Index Rogers International Commodity Index - Agriculture Rogers International Commodity Index - Metals NYSE Arca Gold BUGS Index DAXglobal Asia Index DAXglobal BRIC Index DAXglobal Russia Index TOPIX Total Return Euro Hedged Index Tracking difference The tracking difference is the difference between the return of the Sub-Fund and its benchmark index over a period of time. The table below compares Sub-Funds performance to the performance of the benchmark index for the period December 31, 2015 to December 31, A negative tracking difference means that the Sub-Fund underperformed the benchmark index. A positive tracking difference shows an outperformance of the benchmark index by the Sub-Fund. Sub-Fund name ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF RICI AGRICULTURE INDEX UCITS ETF RICI METALS INDEX UCITS ETF NYSE ARCA GOLD BUGS INDEX UCITS ETF DAXGLOBAL ASIA INDEX UCITS ETF DAXGLOBAL BRIC INDEX UCITS ETF DAXGLOBAL RUSSIA INDEX UCITS ETF TOPIX EUR HEDGED INDEX UCITS ETF Sub-Fund return Benchmark Index return Tracking difference Reason for the difference 15.15% 16.75% (1.60%) The Sub-Fund performed in line with the benchmark index before costs. The Sub-Fund underperformed the benchmark index by an amount equal to its annual total expense ratio and swap transaction costs. 3.59% 5.11% (1.52%) The Sub-Fund performed in line with the benchmark index before costs. The Sub-Fund underperformed the benchmark index by an amount equal to its annual total expense ratio and swap transaction costs % 20.70% (1.70%) The Sub-Fund performed in line with the benchmark index before costs. The Sub-Fund underperformed the benchmark index by an amount equal to its annual total expense ratio and swap transaction costs % 69.83% (2.03%) The Sub-Fund performed in line with the benchmark index before costs. The Sub-Fund underperformed the benchmark index by an amount equal to its annual total expense ratio and swap transaction costs % 13.16% (1.81%) The Sub-Fund performed in line with the benchmark index before costs. The Sub-Fund underperformed the benchmark index by an amount equal to its annual total expense ratio and swap transaction costs % 27.73% (2.06%) The Sub-Fund performed in line with the benchmark index before costs. The Sub-Fund underperformed the benchmark index by an amount equal to its annual total expense ratio and swap transaction costs % 59.93% (3.08%) The Sub-Fund performed in line with the benchmark index before costs. The Sub-Fund underperformed the benchmark index by an amount equal to its annual total expense ratio and swap transaction costs. (2.90%) (1.48%) (1.41%) The Sub-Fund performed in line with the benchmark index before costs. The Sub-Fund underperformed the benchmark index by an amount equal to its annual total expense ratio and swap transaction costs. 6

7 Report on the activities of the Fund(continued) Tracking error The tracking error is the volatility of the difference between the return of the Sub-Fund and the return of the benchmark index. It measures the quality of index replication. The table below compares the estimated tracking error of the Sub-Fund to its realised tracking error for the period December 31, 2015 to December 31, Sub-Fund name Estimated tracking error up to Realised tracking error Reason for the difference ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF 0.05% 0.03% The realised tracking error was in line with expectations RICI AGRICULTURE INDEX UCITS ETF 0.06% 0.01% The realised tracking error was in line with expectations RICI METALS INDEX UCITS ETF 0.05% 0.02% The realised tracking error was in line with expectations NYSE ARCA GOLD BUGS INDEX UCITS ETF 0.05% 0.01% The realised tracking error was in line with expectations DAXGLOBAL ASIA INDEX UCITS ETF 0.05% 0.02% The realised tracking error was in line with expectations DAXGLOBAL BRIC INDEX UCITS ETF 0.05% 0.01% The realised tracking error was in line with expectations DAXGLOBAL RUSSIA INDEX UCITS ETF 0.05% 0.02% The realised tracking error was in line with expectations TOPIX EUR HEDGED INDEX UCITS ETF 0.05% 0.01% The realised tracking error was in line with expectations 7

8 Report on the activities of the Fund(continued) Sub-Funds liquidations Market Access liquidated two Sub-Funds in The tables below show the performance, tracking difference and tracking error from December 31, 2015 to the respective liquidation date: Sub-Fund name Liquidation date MSCI EMERGING AND FRONTIER AFRICA EX SOUTH AFRICA INDEX UCITS ETF 08/06/2016 MSCI FRONTIER MARKETS INDEX UCITS ETF 20/07/2016 Sub-Fund name MSCI EMERGING AND FRONTIER AFRICA EX SOUTH AFRICA INDEX UCITS ETF MSCI FRONTIER MARKETS INDEX UCITS ETF Sub-Fund return Benchmark Index return Tracking difference Reason for the difference (17.26%) 5.18% (22.43%) The Sub-Fund underperformed the benchmark index due to its annual total expense ratio, swap transaction costs and the swap counterparty providing a risk-adjusted bid price used for immediate settlement which was heavily discounted compared to the official Index level to reflect the deterioration of the currency convertibility of the Nigerian Naira and Egyptian pound into the Sub-Fund currency. (4.12%) 0.59% (4.70%) The Sub-Fund underperformed the benchmark index due to its annual total expense ratio, swap transaction costs and the swap counterparty providing a risk-adjusted bid price used for immediate settlement which was heavily discounted compared to the official Index level to reflect the deterioration of the currency convertibility of the Nigerian Naira into the Sub- Fund currency. Sub-Fund name Estimated tracking error up to Realised tracking error Reason for the difference MSCI EMERGING AND FRONTIER AFRICA EX SOUTH AFRICA INDEX UCITS ETF 0.20% 2.44% The realised tracking error was higher than expected due to increased transaction costs and the swap counterparty providing a risk-adjusted bid price used for immediate settlement which was heavily discounted compared to the official Index level to reflect the deterioration of the currency convertibility of the Nigerian Naira and Egyptian Pound into the Sub-Fund currency. MSCI FRONTIER MARKETS INDEX UCITS ETF 0.15% 0.68% The realised tracking error was higher than expected due to increased transaction costs and the swap counterparty providing a risk-adjusted bid price used for immediate settlement which was heavily discounted compared to the official Index level to reflect the deterioration of the currency convertibility of the Nigerian Naira into the Sub-Fund currency. The Board of Directors Luxembourg, February 22, 2017 The information stated in this report is historical and not necessarily indicative of future performance. 8

9 Audit report To the Shareholders of Following our appointment by the General Meeting of the Shareholders dated April 18, 2016, we have audited the accompanying financial statements of and of each of its sub-funds, which comprise the statement of net assets and the statement of investments as at December 31, 2016 and the statement of changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial 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 financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial 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 financial 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 financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial 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 financial 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 financial 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 financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of and of each of its sub-funds as of December 31, 2016, 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. 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

10 Other information The Board of Directors of the SICAV 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 audit report 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. PricewaterhouseCoopers, Société coopérative Luxembourg, April 14, 2017 Represented by Cécile Liégeois 10

11 Statement of Net Assets as at December 31, 2016 DAXGLOBAL ASIA INDEX UCITS ETF DAXGLOBAL BRIC INDEX UCITS ETF DAXGLOBAL RUSSIA INDEX UCITS ETF Notes EUR EUR EUR ASSETS Investments in securities at market value (2c) 8,773, ,587, ,958, Cash at bank 5, , , Amounts receivable on sale of investments Amounts receivable on swaps Unrealised appreciation on swaps (2e, 6) , TOTAL ASSETS 8,779, ,593, ,194, LIABILITIES Amounts payable on purchase of investments Unrealised depreciation on swaps (2e, 6) 293, , Service agent fees payable (3) 8, , , Payable fees on swaps (7) 2, , , TOTAL LIABILITIES 304, , , TOTAL NET ASSETS 8,474, ,111, ,174, Net asset value per share - Class Capitalisation EUR EUR EUR Number of shares outstanding - Class Capitalisation 168, , , The accompanying notes form an integral part of these financial statements. 11

12 Statement of Net Assets(continued) as at December 31, 2016 NYSE ARCA GOLD BUGS INDEX UCITS ETF RICI AGRICULTURE INDEX UCITS ETF RICI METALS INDEX UCITS ETF ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF Notes EUR EUR EUR EUR ASSETS Investments in securities at market value (2c) 82,902, ,490, ,520, ,945, Cash at bank 34, , , , Amounts receivable on sale of investments 8,821, Amounts receivable on swaps 4,694, Unrealised appreciation on swaps (2e, 6) , TOTAL ASSETS 96,452, ,535, ,544, ,452, LIABILITIES Amounts payable on purchase of investments 13,514, Unrealised depreciation on swaps (2e, 6) 3,698, , , Service agent fees payable (3) 79, , , , Payable fees on swaps (7) 2, , , TOTAL LIABILITIES 17,293, , , , TOTAL NET ASSETS 79,158, ,031, ,239, ,316, Net asset value per share - Class Capitalisation EUR EUR EUR EUR Number of shares outstanding - Class Capitalisation 1,100, , , ,541, The accompanying notes form an integral part of these financial statements.

13 Statement of Net Assets(continued) as at December 31, 2016 TOPIX EUR HEDGED INDEX UCITS ETF COMBINED Notes EUR EUR ASSETS Investments in securities at market value (2c) 2,101, ,280, Cash at bank , Amounts receivable on sale of investments ,821, Amounts receivable on swaps ,694, Unrealised appreciation on swaps (2e, 6) , TOTAL ASSETS 2,102, ,654, LIABILITIES Amounts payable on purchase of investments ,514, Unrealised depreciation on swaps (2e, 6) 78, ,202, Service agent fees payable (3) 1, , Payable fees on swaps (7) 1, , TOTAL LIABILITIES 81, ,126, TOTAL NET ASSETS 2,021, ,527, Net asset value per share - Class Capitalisation EUR Number of shares outstanding - Class Capitalisation 52, The accompanying notes form an integral part of these financial statements. 13

14 Statement of Changes in Net Assets for the Year ended December 31, 2016 DAXGLOBAL ASIA INDEX UCITS ETF DAXGLOBAL BRIC INDEX UCITS ETF DAXGLOBAL RUSSIA INDEX UCITS ETF Notes EUR EUR EUR NET ASSETS AT THE BEGINNING OF THE YEAR 8,828, ,800, ,114, INCOME Other income 2, TOTAL INCOME 2, EXPENSES Service Agent fees (3) 56, , , Liquidation fees (11) Bank interest Bank charges and correspondent fees 4, , , Charge on swaps (6) 81, , , TOTAL EXPENSES 142, , , NET INCOME / (LOSS) FROM INVESTMENTS (140,597.52) (257,740.00) (190,692.36) Net realised gain / (loss) on sales of investments (2f) (594,039.36) (1,381,502.05) 137, Net realised gain / (loss) on foreign exchange (2h) (1.01) 0.00 (0.20) Net realised gain / (loss) on swaps (2g) 959, ,898, ,409, Net result for the year before changes in unrealised appreciation / (depreciation) 224, ,258, ,356, Change in net unrealised appreciation/(depreciation) on: - investments 1,050, ,987, ,160, swaps (332,164.54) (264,535.29) 202, NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 942, ,981, ,719, MOVEMENTS IN CAPITAL Issue of shares 1,018, ,187, ,097, Redemption of shares (2,313,980.00) (2,858,509.00) (1,757,006.34) Currency translation NET ASSETS AT THE END OF THE YEAR 8,474, ,111, ,174, The accompanying notes form an integral part of these financial statements.

15 Statement of Changes in Net Assets for the Year ended December 31, 2016(continued) MSCI EMERGING AND FRONTIER AFRICA EX SOUTH AFRICA INDEX UCITS ETF* MSCI FRONTIER MARKETS INDEX UCITS ETF** NYSE ARCA GOLD BUGS INDEX UCITS ETF RICI AGRICULTURE INDEX UCITS ETF Notes USD USD EUR EUR NET ASSETS AT THE BEGINNING OF THE YEAR 16,478, ,543, ,360, ,964, INCOME Other income , , TOTAL INCOME , , EXPENSES Service Agent fees (3) 52, , , , Liquidation fees (11) 18, , Bank interest , Bank charges and correspondent fees , , , Charge on swaps (6) 488, , , , TOTAL EXPENSES 561, , ,275, , NET INCOME / (LOSS) FROM INVESTMENTS (561,733.58) (494,738.67) (1,272,558.57) (724,435.65) Net realised gain / (loss) on sales of investments (2f) (43,173.64) (2,529,370.80) 821, (4,269,933.45) Net realised gain / (loss) on foreign exchange (2h) 178, , Net realised gain / (loss) on swaps (2g) (2,931,215.68) (34,940.57) 61,521, (782,948.22) Net result for the year before changes in unrealised appreciation / (depreciation) (3,357,316.50) (2,898,986.47) 61,071, (5,777,283.05) Change in net unrealised appreciation/ (depreciation) on: - investments 1,030, ,264, ,485, ,649, swaps (446,106.00) (25,084.88) (4,734,698.93) (724,510.74) NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS (2,772,709.42) (659,262.32) 61,822, ,147, MOVEMENTS IN CAPITAL Issue of shares ,226, ,093, Redemption of shares (13,706,238.02) (16,884,566.86) (71,251,650.00) (27,173,890.00) Currency translation NET ASSETS AT THE END OF THE YEAR ,158, ,031, * Liquidated on June 08, 2016 ** Liquidated on July 20, 2016 The accompanying notes form an integral part of these financial statements. 15

16 Statement of Changes in Net Assets for the Year ended December 31, 2016(continued) RICI METALS INDEX UCITS ETF ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF TOPIX EUR HEDGED INDEX UCITS ETF Notes EUR EUR EUR NET ASSETS AT THE BEGINNING OF THE YEAR 17,092, ,716, ,853, INCOME Other income 1, , TOTAL INCOME 1, , EXPENSES Service Agent fees (3) 128, , , Liquidation fees (11) Bank interest Bank charges and correspondent fees 57, , , Charge on swaps (6) 121, , , TOTAL EXPENSES 307, ,260, , NET INCOME / (LOSS) FROM INVESTMENTS (305,784.64) (1,246,619.16) (42,705.36) Net realised gain / (loss) on sales of investments (2f) (623,917.58) (6,485,743.48) (520,846.72) Net realised gain / (loss) on foreign exchange (2h) (0.01) Net realised gain / (loss) on swaps (2g) 1,397, ,967, (267,157.92) Net result for the year before changes in unrealised appreciation / (depreciation) 468, ,235, (830,710.01) Change in net unrealised appreciation/(depreciation) on: - investments 3,658, ,947, , swaps (625,322.17) (72,146.39) (46,204.62) NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 3,501, ,111, (707,914.52) MOVEMENTS IN CAPITAL Issue of shares 8,356, ,548, Redemption of shares (4,710,860.00) (78,060,100.00) (3,124,480.00) Currency translation NET ASSETS AT THE END OF THE YEAR 24,239, ,316, ,021, The accompanying notes form an integral part of these financial statements.

17 Statement of Changes in Net Assets for the Year ended December 31, 2016(continued) Notes COMBINED EUR NET ASSETS AT THE BEGINNING OF THE YEAR 331,050, INCOME Other income 22, TOTAL INCOME 22, EXPENSES Service Agent fees (3) 2,086, Liquidation fees (11) 43, Bank interest 2, Bank charges and correspondent fees 369, Charge on swaps (6) 2,703, TOTAL EXPENSES 5,205, NET INCOME / (LOSS) FROM INVESTMENTS (5,182,766.11) Net realised gain / (loss) on sales of investments (2f) (15,355,296.03) Net realised gain / (loss) on foreign exchange (2h) 322, Net realised gain / (loss) on swaps (2g) 78,291, Net result for the year before changes in unrealised appreciation / (depreciation) 58,075, Change in net unrealised appreciation/(depreciation) on: - investments 32,232, swaps (7,043,508.82) NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 83,265, MOVEMENTS IN CAPITAL Issue of shares 78,528, Redemption of shares (220,253,371.65) Currency translation 936, NET ASSETS AT THE END OF THE YEAR 273,527, The accompanying notes form an integral part of these financial statements. 17

18 Changes in the Number of Shares for the Year ended December 31, 2016 MSCI EMERGING DAXGLOBAL ASIA INDEX UCITS ETF DAXGLOBAL BRIC INDEX UCITS ETF DAXGLOBAL RUSSIA INDEX UCITS ETF AND FRONTIER AFRICA EX SOUTH AFRICA INDEX UCITS ETF* Class Capitalisation Number of shares outstanding at the beginning of the Year 195, , , , Number of shares issued 20, , , Number of shares redeemed (47,000.00) (65,206.00) (52,323.00) (282,407.00) Number of shares outstanding at the end of the Year 168, , , Statistics MSCI EMERGING DAXGLOBAL ASIA INDEX UCITS ETF DAXGLOBAL BRIC INDEX UCITS ETF DAXGLOBAL RUSSIA INDEX UCITS ETF AND FRONTIER AFRICA EX SOUTH AFRICA INDEX UCITS ETF* EUR EUR EUR USD Total Net Asset Value - December 31, ,474, ,111, ,174, December 31, ,828, ,800, ,114, ,478, December 31, ,940, ,964, ,245, ,559, Net asset value per Class Capitalisation share as at: - December 31, December 31, December 31, * Liquidated on June 08, The accompanying notes form an integral part of these financial statements.

19 Changes in the Number of Shares for the Year ended December 31, 2016(continued) MSCI FRONTIER MARKETS INDEX UCITS ETF* NYSE ARCA GOLD BUGS INDEX UCITS ETF RICI AGRICULTURE INDEX UCITS ETF RICI METALS INDEX UCITS ETF Class Capitalisation Number of shares outstanding at the beginning of the Year 279, ,921, , , Number of shares issued , , , Number of shares redeemed (279,842.00) (929,000.00) (336,000.00) (47,000.00) Number of shares outstanding at the end of the Year ,100, , , Statistics(continued) MSCI FRONTIER MARKETS INDEX UCITS ETF* NYSE ARCA GOLD BUGS INDEX UCITS ETF RICI AGRICULTURE INDEX UCITS ETF RICI METALS INDEX UCITS ETF USD EUR EUR EUR Total Net Asset Value - December 31, ,158, ,031, ,239, December 31, ,543, ,360, ,964, ,092, December 31, ,642, ,649, ,445, ,908, Net asset value per Class Capitalisation share as at: - December 31, December 31, December 31, * Liquidated on July 20, 2016 The accompanying notes form an integral part of these financial statements. 19

20 Changes in the Number of Shares for the Year ended December 31, 2016(continued) ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF TOPIX EUR HEDGED INDEX UCITS ETF Class Capitalisation Number of shares outstanding at the beginning of the Year 6,929, , Number of shares issued 2,192, Number of shares redeemed (4,580,000.00) (95,000.00) Number of shares outstanding at the end of the Year 4,541, , Statistics(continued) ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF EUR TOPIX EUR HEDGED INDEX UCITS ETF EUR Total Net Asset Value - December 31, ,316, ,021, December 31, ,716, ,853, December 31, ,805, ,849, Net asset value per Class Capitalisation share as at: - December 31, December 31, December 31, The accompanying notes form an integral part of these financial statements.

21 Statement of Investments as at December 31, 2016 (expressed in EUR) DAXGLOBAL ASIA INDEX UCITS ETF Description Quantity Currency Cost Market Value EUR % net assets Transferable securities admitted to an official stock exchange listing Shares Finland AMER SPORTS CORPORATION A 11,735 EUR 305, , NOKIA OY 69,400 EUR 323, , , , Germany ALLIANZ AG 2,234 EUR 325, , AURUBIS AG 6,580 EUR 288, , BASF NAM. 4,016 EUR 280, , BAYER 3,383 EUR 330, , CONTINENTAL AG 1,809 EUR 330, , DEUTSCHE BANK AG 19,918 EUR 283, , DEUTSCHE BOERSE AG 3,875 EUR 288, , E. ON /NAM. 47,548 EUR 360, , FRESENIUS SE & CO KGAA 4,820 EUR 325, , INFINEON TECHNOLOGIES /NAM. 21,134 EUR 260, , LEG IMMOBILIEN 4,100 EUR 350, , LINDE AG 2,228 EUR 279, , MAN AG 3,700 EUR 346, , MERCK KGAA 3,686 EUR 293, , MUENCHENER RUECKVERS /NAM. 1,707 EUR 250, , SIEMENS AG /NAM. 6,343 EUR 592, , ,185, ,815, Portugal SONAE SGPS SA 371,058 EUR 355, , , , The Netherlands ALTICE NV 26,898 EUR 378, , ASM INTERNATIONAL NV 7,354 EUR 252, , ASML HOLDING NV 3,708 EUR 301, , GRANDVISION NV 5,911 EUR 138, , RANDSTAD HOLDING 6,159 EUR 279, , ROYAL PHILIPS ELECTRONICS NV 12,500 EUR 305, , ,657, ,018, Total - Shares 7,826, ,773, TOTAL - Transferable securities admitted to an official stock exchange listing 7,826, ,773, TOTAL INVESTMENT PORTFOLIO 7,826, ,773, The accompanying notes form an integral part of these financial statements. 21

22 Investments Breakdowns as at December 31, 2016 (expressed as a percentage of net assets) DAXGLOBAL ASIA INDEX UCITS ETF Geographical breakdown % Germany The Netherlands Finland 7.26 Portugal Economic breakdown % Electronic Semiconductor News Transmission Chemicals Electronics and Electrical Equipment 8.74 Pharmaceuticals and Cosmetics 8.53 Insurance 7.76 Non-Ferrous Metals 4.26 Automobile Industry 4.12 Banks and Financial Institutions 4.05 Tyres and Rubber 3.92 Public Services 3.76 Other Services 3.74 Real Estate Companies 3.57 Holding and Finance Companies 3.55 Consumer Goods 3.50 Photography and Optics

23 Statement of Investments as at December 31, 2016 (expressed in EUR) DAXGLOBAL BRIC INDEX UCITS ETF Description Quantity Currency Cost Market Value EUR % net assets Transferable securities admitted to an official stock exchange listing Shares Finland AMER SPORTS CORPORATION A 27,831 EUR 723, , CRAMO PLC 28,557 EUR 659, , ELISA CORPORATION A 20,155 EUR 667, , FORTUM CORPORATION 37,693 EUR 508, , NOKIAN TYRES PLC 19,226 EUR 587, , RAMIRENT OYJ 14,799 EUR 97, , SAMPO PLC A 32,342 EUR 1,226, ,377, ,470, ,723, Germany AAREAL BANK AG 18,591 EUR 545, , AXEL SPRINGER SE N NAMEN-AKT. V 13,231 EUR 623, , BECHTLE AG. GAILDORF 3,034 EUR 284, , BRENNTAG 14,556 EUR 654, , DAIMLER AG /NAM. 9,400 EUR 585, , DEUTSCHE TELEKOM 42,100 EUR 631, , EVOTEC AG 93,802 EUR 343, , FRESENIUS SE & CO KGAA 4,738 EUR 315, , GFT TECHNOLOGIES 4,624 EUR 94, , GRAMMER AG 10,915 EUR 447, , H&R AKT. 40,232 EUR 665, , HENKEL AG & CO KGAA 6,500 EUR 592, , HOCHTIEF AG 4,098 EUR 450, , INFINEON TECHNOLOGIES /NAM. 38,339 EUR 589, , JENOPTIK AG JENA 79,519 EUR 1,109, ,306, MAN AG 4,927 EUR 450, , PATRIZIA IMMOBILIEN AG /REG. 32,886 EUR 634, , RHOEN KLINIKUM AG 12,455 EUR 320, , SIEMENS AG /NAM. 5,103 EUR 548, , UNITED INTERN. & CO /NAMENSAKT 15,476 EUR 585, , VERBIO VEREINIGTE BIOENERGIE 103,414 EUR 565, , ,038, ,313, The Netherlands ASM INTERNATIONAL NV 12,919 EUR 450, , , , Total - Shares 15,960, ,587, TOTAL - Transferable securities admitted to an official stock exchange listing 15,960, ,587, TOTAL INVESTMENT PORTFOLIO 15,960, ,587, The accompanying notes form an integral part of these financial statements. 23

24 Investments Breakdowns as at December 31, 2016 (expressed as a percentage of net assets) DAXGLOBAL BRIC INDEX UCITS ETF Geographical breakdown % Germany Finland The Netherlands Economic breakdown % Electronic Semiconductor Automobile Industry 9.64 Insurance 8.05 Chemicals 8.01 Consumer Goods 7.87 News Transmission 7.66 Pharmaceuticals and Cosmetics 6.14 Internet Software 5.10 Biotechnology 4.38 Electronics and Electrical Equipment 4.03 Tyres and Rubber 3.98 Mechanics, Machinery 3.97 Banks and Financial Institutions 3.89 Construction, Building Material 3.83 Graphic Art, Publishing 3.57 Petrol 3.21 Real Estate Companies 3.03 Healthcare Education & Social Services

25 Statement of Investments as at December 31, 2016 (expressed in EUR) DAXGLOBAL RUSSIA INDEX UCITS ETF Description Quantity Currency Cost Market Value EUR % net assets Transferable securities admitted to an official stock exchange listing Shares Belgium KBC GROUPE SA 2,030 EUR 113, , , , Finland AMER SPORTS CORPORATION A 15,564 EUR 398, , CRAMO PLC 18,618 EUR 430, , ELISA CORPORATION A 13,371 EUR 424, , FINNAIR OYJ 86,905 EUR 407, , NOKIAN TYRES PLC 11,368 EUR 347, , SAMPO PLC A 21,040 EUR 798, , VALMET CORPORATION 16,382 EUR 208, , ,014, ,127, Germany AAREAL BANK AG 10,181 EUR 290, , AXEL SPRINGER SE N NAMEN-AKT. V 8,795 EUR 414, , BECHTLE AG. GAILDORF 4,031 EUR 414, , BRENNTAG 9,216 EUR 414, , EVOTEC AG 153,397 EUR 648, ,141, FREENET AG NAMENS-AKTIEN 16,509 EUR 414, , FRESENIUS MEDICAL CARE AG 10,308 EUR 812, , FRESENIUS SE & CO KGAA 5,600 EUR 379, , GFT TECHNOLOGIES 15,440 EUR 314, , GRAMMER AG 5,936 EUR 276, , HENKEL AG & CO KGAA 3,400 EUR 324, , HOCHTIEF AG 2,875 EUR 315, , INFINEON TECHNOLOGIES /NAM. 23,400 EUR 359, , LINDE AG 2,400 EUR 366, , MERCK KGAA 3,700 EUR 360, , PATRIZIA IMMOBILIEN AG /REG. 19,004 EUR 413, , RHOEN KLINIKUM AG 12,451 EUR 318, , SIEMENS AG /NAM. 3,700 EUR 389, , VOLKSWAGEN AG /VORZUG. 2,282 EUR 269, , ,494, ,284, The Netherlands ASM INTERNATIONAL NV 10,000 EUR 329, , , , Total - Shares 10,952, ,958, TOTAL - Transferable securities admitted to an official stock exchange listing 10,952, ,958, TOTAL INVESTMENT PORTFOLIO 10,952, ,958, The accompanying notes form an integral part of these financial statements. 25

26 Investments Breakdowns as at December 31, 2016 (expressed as a percentage of net assets) DAXGLOBAL RUSSIA INDEX UCITS ETF Geographical breakdown % Germany Finland The Netherlands 3.50 Belgium Economic breakdown % Pharmaceuticals and Cosmetics Insurance 7.36 Chemicals 7.08 Internet Software 6.90 Electronic Semiconductor 6.67 Electronics and Electrical Equipment 6.15 Consumer Goods 6.00 Automobile Industry 4.82 Banks and Financial Institutions 3.97 Mechanics, Machinery 3.64 News Transmission 3.40 Graphic Art, Publishing 3.33 Tyres and Rubber 3.31 Construction, Building Material 3.14 Transportation 2.87 Healthcare Education & Social Services 2.62 Real Estate Companies 2.46 Forest Products and Paper Industry

27 Statement of Investments as at December 31, 2016 (expressed in EUR) NYSE ARCA GOLD BUGS INDEX UCITS ETF Description Quantity Currency Cost Market Value EUR % net assets Transferable securities admitted to an official stock exchange listing Shares Belgium KBC GROUPE SA 50,500 EUR 2,974, ,970, ,974, ,970, Finland AMER SPORTS CORPORATION A 71,516 EUR 1,747, ,807, CRAMO PLC 140,215 EUR 2,511, ,335, HUHTAMAKI OY 33,234 EUR 1,292, ,172, ORION CORP (NEW) -SHS -B- 5,785 EUR 204, , VALMET CORPORATION 109,086 EUR 1,445, ,525, ,200, ,085, Germany ALLIANZ AG 19,100 EUR 2,977, ,998, BASF NAM. 67,373 EUR 5,493, ,949, BECHTLE AG. GAILDORF 6,474 EUR 641, , BEIERSDORF AG 19,732 EUR 1,602, ,590, CEW STIFTUNG AND CO 40,534 EUR 2,513, ,427, DEUTSCHE BOERSE AG 41,400 EUR 2,915, ,210, DEUTZ AG 180,018 EUR 801, , E. ON /NAM. 446,600 EUR 2,980, ,992, EVOTEC AG 438,742 EUR 1,959, ,265, FREENET AG NAMENS-AKTIEN 5,713 EUR 146, , FRESENIUS MEDICAL CARE AG 34,976 EUR 2,838, ,813, GRAMMER AG 29,529 EUR 1,210, ,404, H&R AKT. 23,816 EUR 399, , HENKEL AG & CO KGAA 30,820 EUR 2,858, ,050, JENOPTIK AG JENA 176,252 EUR 2,693, ,894, LEG IMMOBILIEN 90,600 EUR 6,951, ,686, MAN AG 28,552 EUR 2,673, ,693, MTU AERO ENGINES N NAMEN-AKT 1,479 EUR 135, , MUENCHENER RUECKVERS /NAM. 16,700 EUR 2,979, ,000, RHEINMETALL AG DUESSELDORF 40,936 EUR 2,606, ,615, RWE AG ESSEN -A- 16,988 EUR 228, , VONOVIA /NAMEN 91,800 EUR 2,912, ,837, ,519, ,904, Portugal ALTRI SGPS SA 643,532 EUR 2,309, ,486, NOS SGPS SA 582,042 EUR 3,083, ,281, SONAE SGPS SA 3,248,409 EUR 2,171, ,839, ,564, ,607, The Netherlands ASM INTERNATIONAL NV 143,400 EUR 5,418, ,113, UNILEVER CERT. OF SHS 82,335 EUR 3,212, ,220, ,631, ,334, Total - Shares 76,889, ,902, TOTAL - Transferable securities admitted to an official stock exchange listing 76,889, ,902, TOTAL INVESTMENT PORTFOLIO 76,889, ,902, The accompanying notes form an integral part of these financial statements. 27

28 Investments Breakdowns as at December 31, 2016 (expressed as a percentage of net assets) NYSE ARCA GOLD BUGS INDEX UCITS ETF Geographical breakdown % Germany The Netherlands Portugal Finland Belgium Economic breakdown % Real Estate Companies Consumer Goods Electronic Semiconductor Pharmaceuticals and Cosmetics Automobile Industry 8.47 Chemicals 7.97 Insurance 7.58 Mechanics, Machinery 5.44 Forest Products and Paper Industry 5.07 Photography and Optics 4.33 Graphic Art, Publishing 4.14 Holding and Finance Companies 4.06 Public Services 4.03 Banks and Financial Institutions 3.75 News Transmission 3.59 Internet Software 1.00 Aerospace Technology

29 Statement of Investments as at December 31, 2016 (expressed in EUR) RICI AGRICULTURE INDEX UCITS ETF Description Quantity Currency Cost Market Value EUR % net assets Transferable securities admitted to an official stock exchange listing Shares Finland ELISA CORPORATION A 39,205 EUR 1,276, ,212, FORTUM CORPORATION 105,503 EUR 1,538, ,537, METSO CORP 14,917 EUR 299, , NOKIAN TYRES PLC 42,471 EUR 1,314, ,504, SAMPO PLC A 37,390 EUR 1,400, ,592, STORA ENSO AB /-R- 143,191 EUR 995, ,461, WARTSILA CORPORATION -B- 33,301 EUR 1,186, ,421, ,012, ,134, Germany ALLIANZ AG 9,454 EUR 1,262, ,484, BASF NAM. 19,255 EUR 1,408, ,700, BAYER 17,035 EUR 1,504, ,688, BMW-BAYER. MOTORENWERKE 17,270 EUR 1,179, ,532, DAIMLER AG /NAM. 21,696 EUR 1,225, ,534, DEUTSCHE BANK AG 219,121 EUR 3,083, ,779, DEUTSCHE LUFTHANSA 133,253 EUR 1,500, ,635, DEUTSCHE POST AG BONN 48,753 EUR 1,272, ,522, DEUTSCHE TELEKOM 103,125 EUR 1,480, ,686, E. ON /NAM. 201,636 EUR 1,331, ,350, INFINEON TECHNOLOGIES /NAM. 96,031 EUR 1,246, ,585, LINDE AG 8,581 EUR 1,089, ,339, RWE AG ESSEN -A- 32,261 EUR 385, , SAP AG 17,916 EUR 1,334, ,483, SIEMENS AG /NAM. 22,427 EUR 2,253, ,619, UNIPER SE 11,697 EUR 124, , ,684, ,478, Switzerland CIE FINANCIERE RICHEMONT NAM-AK 9,590 CHF 560, , NESTLE /ACT NOM 50,867 CHF 3,297, ,466, UBS GROUP AG 88,163 CHF 1,100, ,311, ZURICH FINANCIAL SERVICES /NAM. 13,368 CHF 2,742, ,496, ,701, ,878, Total - Shares 37,397, ,490, TOTAL - Transferable securities admitted to an official stock exchange listing 37,397, ,490, TOTAL INVESTMENT PORTFOLIO 37,397, ,490, The accompanying notes form an integral part of these financial statements. 29

30 Investments Breakdowns as at December 31, 2016 (expressed as a percentage of net assets) RICI AGRICULTURE INDEX UCITS ETF Geographical breakdown % Germany Finland Switzerland Economic breakdown % Insurance Chemicals Banks and Financial Institutions 8.78 Food and Distilleries 8.05 Holding and Finance Companies 8.01 Transportation 7.34 News Transmission 6.74 Electronics and Electrical Equipment 6.09 Public Services 4.39 Mechanics, Machinery 4.24 Electronic Semiconductor 3.68 Automobile Industry 3.57 Petrol 3.57 Tyres and Rubber 3.50 Internet Software 3.45 Forest Products and Paper Industry

31 Statement of Investments as at December 31, 2016 (expressed in EUR) RICI METALS INDEX UCITS ETF Description Quantity Currency Cost Market Value EUR % net assets Transferable securities admitted to an official stock exchange listing Shares Finland ELISA CORPORATION A 14,234 EUR 466, , FORTUM CORPORATION 29,358 EUR 402, , METSO CORP 27,297 EUR 598, , NOKIAN TYRES PLC 12,950 EUR 400, , SAMPO PLC A 12,685 EUR 464, , STORA ENSO AB /-R- 85,259 EUR 684, , WARTSILA CORPORATION -B- 14,447 EUR 528, , ,544, ,093, Germany ALLIANZ AG 5,463 EUR 704, , BASF NAM. 10,455 EUR 702, , BAYER 10,210 EUR 904, ,012, BMW-BAYER. MOTORENWERKE 11,769 EUR 794, ,044, DAIMLER AG /NAM. 21,654 EUR 1,303, ,531, DEUTSCHE BANK AG 57,347 EUR 764, , DEUTSCHE LUFTHANSA 85,657 EUR 939, ,051, DEUTSCHE POST AG BONN 31,785 EUR 823, , DEUTSCHE TELEKOM 64,364 EUR 913, ,052, E. ON /NAM. 97,326 EUR 735, , INFINEON TECHNOLOGIES /NAM. 53,840 EUR 735, , LINDE AG 4,834 EUR 601, , RWE AG ESSEN -A- 64,081 EUR 758, , SAP AG 11,751 EUR 882, , SIEMENS AG /NAM. 15,410 EUR 1,558, ,799, UNIPER SE 9,732 EUR 109, , ,233, ,407, Switzerland CIE FINANCIERE RICHEMONT NAM-AK 4,136 CHF 254, , CREDIT SUISSE GROUP /NOM. 56,348 CHF 598, , NESTLE /ACT NOM 24,297 CHF 1,584, ,655, UBS GROUP AG 47,562 CHF 593, , ZURICH FINANCIAL SERVICES /NAM. 6,220 CHF 1,276, ,626, ,307, ,018, Total - Shares 21,085, ,520, TOTAL - Transferable securities admitted to an official stock exchange listing 21,085, ,520, TOTAL INVESTMENT PORTFOLIO 21,085, ,520, The accompanying notes form an integral part of these financial statements. 31

32 Investments Breakdowns as at December 31, 2016 (expressed as a percentage of net assets) RICI METALS INDEX UCITS ETF Geographical breakdown % Germany Switzerland Finland Economic breakdown % Insurance Chemicals Transportation 8.44 Holding and Finance Companies 8.30 Electronics and Electrical Equipment 7.42 Banks and Financial Institutions 7.25 Food and Distilleries 6.83 Public Services 6.34 Automobile Industry 6.32 News Transmission 6.16 Mechanics, Machinery 5.59 Internet Software 4.01 Electronic Semiconductor 3.67 Forest Products and Paper Industry 3.59 Tyres and Rubber 1.89 Petrol

33 Statement of Investments as at December 31, 2016 (expressed in EUR) ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF Description Quantity Currency Cost Market Value EUR % net assets Transferable securities admitted to an official stock exchange listing Shares Belgium ANHEUSER-BUSCH INBEV SA /NV 26,652 EUR 2,593, ,679, SOLVAY SA 18,026 EUR 1,520, ,007, ,113, ,687, Finland METSO CORP 102,444 EUR 2,233, ,776, SAMPO PLC A 60,139 EUR 2,276, ,561, STORA ENSO AB /-R- 130,478 EUR 1,001, ,332, WARTSILA CORPORATION -B- 21,523 EUR 793, , ,305, ,588, Germany ALLIANZ AG 18,010 EUR 2,342, ,827, AXEL SPRINGER SE N NAMEN-AKT. V 19,365 EUR 913, , BASF NAM. 63,016 EUR 4,680, ,564, BAYER 34,177 EUR 3,099, ,387, BMW-BAYER. MOTORENWERKE 31,661 EUR 2,156, ,809, DAIMLER AG /NAM. 75,080 EUR 4,513, ,309, DEUTSCHE BANK AG 292,231 EUR 4,362, ,040, DEUTSCHE LUFTHANSA 226,715 EUR 2,538, ,781, DEUTSCHE POST AG BONN 81,784 EUR 2,128, ,554, E. ON /NAM. 375,050 EUR 2,619, ,512, FRESENIUS SE & CO KGAA 45,051 EUR 3,144, ,345, HANNOVER RUECKVERSICHERUNG SE 22,649 EUR 2,121, ,328, INFINEON TECHNOLOGIES /NAM. 125,625 EUR 1,723, ,074, LINDE AG 25,731 EUR 3,754, ,016, MAN AG 13,396 EUR 1,243, ,263, PROSIEBEN SAT. 1 MEDIA 54,980 EUR 2,089, ,012, RHEINMETALL AG DUESSELDORF 368 EUR 22, , RWE AG ESSEN -A- 104,465 EUR 1,487, ,234, SAP AG 33,452 EUR 2,655, ,770, SIEMENS AG /NAM. 28,856 EUR 2,753, ,370, UNIPER SE 21,269 EUR 232, , ,582, ,401, Switzerland ABB LTD ZUERICH /NAM. 254,966 CHF 5,144, ,108, NESTLE /ACT NOM 23,523 CHF 1,539, ,602, SYNGENTA AG /NAM. 5,035 CHF 1,960, ,890, ZURICH FINANCIAL SERVICES /NAM. 10,731 CHF 2,559, ,806, ,204, ,409, The Netherlands BOSKALIS WESTMINSTER 50,153 EUR 1,551, ,654, ROYAL PHILIPS ELECTRONICS NV 83,947 EUR 2,382, ,434, WOLTERS KLUWER NV 80,491 EUR 2,977, ,770, ,911, ,859, Total - Shares 79,117, ,945, TOTAL - Transferable securities admitted to an official stock exchange listing 79,117, ,945, TOTAL INVESTMENT PORTFOLIO 79,117, ,945, The accompanying notes form an integral part of these financial statements. 33