international global sicav

R.C.S. Luxembourg B 108.857

INTERNATIONAL GLOBAL SICAV Société d'investissement à capital variable (a Luxembourg domiciled open-ended investment company)

Annual report, including audited financial statements, as at December 31, 2015

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INTERNATIONAL GLOBAL SICAV Société d'investissement à capital variable (a Luxembourg domiciled open-ended investment company)


INTERNATIONAL GLOBAL SICAV


No subscription can be received on the basis of this report. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual report, including audited financial statements, and the most recent semi-annual report, if published thereafter.

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Table of contents

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Organisation of the SICAV 5

General information 7

Investment Managers' reports 8

Report of the réviseur d’entreprises agréé / Auditor's report 46

Financial statements

Statement of net assets 48

Statement of operations and changes in net assets 52

Number of shares outstanding and net asset value per share 56

Sub-fund : INTERNATIONAL GLOBAL SICAV - ACTIONS EURO SELECTION - Statement of investments and other net assets 57 - Geographical and industrial classification of investments 59

Sub-fund : INTERNATIONAL GLOBAL SICAV - ACTIONS SUISSES - Statement of investments and other net assets 60 - Geographical and industrial classification of investments 61

Sub-fund : INTERNATIONAL GLOBAL SICAV - SK WORLD OPPORTUNITIES - Statement of investments and other net assets 62 - Geographical and industrial classification of investments 66

Sub-fund : INTERNATIONAL GLOBAL SICAV - CONVERTIBLES - Statement of investments and other net assets 67 - Geographical and industrial classification of investments 72

Sub-fund : INTERNATIONAL GLOBAL SICAV - OBLIGATIONS CORPORATES EURO - Statement of investments and other net assets 73 - Geographical and industrial classification of investments 80

Sub-fund : INTERNATIONAL GLOBAL SICAV - OBLIGATIONS GOUVERNEMENTALES EURO - Statement of investments and other net assets 81 - Geographical and industrial classification of investments 84

Sub-fund : INTERNATIONAL GLOBAL SICAV - ACTIONS EMERGENTES - Statement of investments and other net assets 85 - Geographical and industrial classification of investments 86

Sub-fund : INTERNATIONAL GLOBAL SICAV - ACTIONS RESTE DU MONDE - Statement of investments and other net assets 87 - Geographical and industrial classification of investments 88


Table of contents (continued)

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Sub-fund : INTERNATIONAL GLOBAL SICAV - ACTIONS EUROPE EVOLUTION - Statement of investments and other net assets 89 - Geographical and industrial classification of investments 92

Sub-fund : INTERNATIONAL GLOBAL SICAV - GLOBAL FIXED INCOME TOTAL RETURN - Statement of investments and other net assets 93 - Geographical and industrial classification of investments 96

Sub-fund : INTERNATIONAL GLOBAL SICAV - BROWN ADVISORY US FLEXIBLE EQUITY FUND - Statement of investments and other net assets 97 - Geographical and industrial classification of investments 99

Sub-fund : INTERNATIONAL GLOBAL SICAV - OBLIGATAIRE DATE ET FLEXIBLE 2022 (note 1) - Statement of investments and other net assets 100 - Geographical and industrial classification of investments 102

Sub-fund : INTERNATIONAL GLOBAL SICAV - BLENDED RESEARCH - FOCUSED US CORE EQUITY STRATEGY (note 1) - Statement of investments and other net assets 103 - Geographical and industrial classification of investments 105

Notes to the financial statements 106

Other information to Shareholders 117


Organisation of the SICAV

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REGISTERED OFFICE

15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

BOARD OF DIRECTORS OF THE SICAV

Chairman Mr Marc WENDA, Vice President, FundPartner Solutions (Europe) S.A., Grand Duchy of Luxembourg

Directors Mr Mike KARA, Assistant Vice President, Pictet & Cie (Europe) S.A., Grand Duchy of Luxembourg

Mr Nicolaus P. BOCKLANDT, Independent Director, Grand Duchy of Luxembourg

ALTERNATIVE INVESTMENT FUND MANAGER

FundPartner Solutions (Europe) S.A., 15, Avenue J.F. Kennedy, L-1855 Grand Duchy of Luxembourg

DEPOSITARY BANK Pictet & Cie (Europe) S.A., 15A, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

CENTRAL ADMINISTRATION AGENT

FundPartner Solutions (Europe) S.A., 15, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

INVESTMENT MANAGERS

INTERNATIONAL GLOBAL SICAV - ACTIONS EURO SELECTION : Métropole Gestion, 9, rue des Filles Saint-Thomas, F-75002, Paris, France

INTERNATIONAL GLOBAL SICAV - ACTIONS SUISSES : Alexandre Stucki Investment Management, 15, cours des Bastions, CH-1205 Geneva, Switzerland

INTERNATIONAL GLOBAL SICAV - SK WORLD OPPORTUNITIES : Banque Pictet & Cie SA, 60, route des Acacias, CH-1211 Geneva 73, Switzerland

INTERNATIONAL GLOBAL SICAV - ACTIONS EUROPE EVOLUTION : Oddo Asset Management S.A., 12, boulevard de la Madeleine, F-75009, Paris, France

INTERNATIONAL GLOBAL SICAV - CONVERTIBLES : Oddo Asset Management S.A., 12, boulevard de la Madeleine, F-75009, Paris, France (until June 30, 2015) Lombard Odier Asset Management (Europe) Limited, Queensberry House 3, Old Burlington Street, London W1S 3AB, United Kingdom (since July 1, 2015)


Organisation of the SICAV (continued)

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INTERNATIONAL GLOBAL SICAV - OBLIGATIONS CORPORATES EURO : Pictet Asset Management S.A., 60, route des Acacias, CH-1211 Geneva 73, Switzerland

INTERNATIONAL GLOBAL SICAV - OBLIGATIONS GOUVERNEMENTALES EURO : Robeco Institutional Asset Management B.V., Coolsingel 120, NL-3011 AG Rotterdam, Netherlands

INTERNATIONAL GLOBAL SICAV - ACTIONS EMERGENTES and INTERNATIONAL GLOBAL SICAV - ACTIONS RESTE DU MONDE : Russell Investments Limited, Rex House, 10, Regent Street, London SW1Y 4PE, United Kingdom

INTERNATIONAL GLOBAL SICAV - GLOBAL FIXED INCOME TOTAL RETURN : Rogge Global Partners Plc, Sion Hall, 56, Victoria Embankment, London EC4Y 0DZ, United Kingdom

INTERNATIONAL GLOBAL SICAV - BROWN ADVISORY US FLEXIBLE EQUITY FUND : Brown Advisory, LLC, 901, South Bound, Suite 400, Baltimore, MD 21231-3340, USA

INTERNATIONAL GLOBAL SICAV - OBLIGATAIRE DATE ET FLEXIBLE 2022 (note 1) : Altarocca Asset Management, 15-19, avenue de Suffren, F-75007 Paris, France (since January 23, 2015)

INTERNATIONAL GLOBAL SICAV - BLENDED RESEARCH - FOCUSED U.S. CORE EQUITY STRATEGY (note 1) : MFS International (UK) Limited, One Carter Lane, EC4V 5ER, London, United Kingdom (since January 23, 2015)

INVESTMENT ADVISORS

For the sub-fund INTERNATIONAL GLOBAL SICAV - SK WORLD OPPORTUNITIES : SK Vermögensverwaltung GmbH, Kaiserallee 12a, D-76135 Karlsruhe, Germany and Pictet Bank & Trust Limited, Bayside Executive Park, Building no 1, West Bay Street and Blake Road, P.O. Box N-4837, Nassau, Bahamas For all other sub-funds : Citadel Finance S.A., 75-77, avenue de Champel, Case Postale 386, CH-1211 Geneva 12, Switzerland

CABINET DE RÉVISION AGRÉÉ /AUDITOR

Deloitte Audit, Société à responsabilité limitée, 560, rue de Neudorf, L-2220 Luxembourg, Grand Duchy of Luxembourg


General information

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INTERNATIONAL GLOBAL SICAV (the "SICAV") publishes an annual report, including audited financial statements, containing a summary of each sub-fund’s holdings and their market values, within 6 months after the end of the financial year and an unaudited semi-annual report within 3 months after the end of the period to which it refers.

These reports are available to the Shareholders upon request at the registered office of the SICAV.

The net asset value per share of each sub-fund as well as the issue and redemption prices are available at the registered office of the AIFM.

Any other information intended for shareholders may be published in one or more international newspapers where necessary.

A detailed schedule of changes in the investments of the different sub-funds for the year ended December 31, 2015 is available free of charge upon request at the registered office of theAIFM.

INTERNATIONAL GLOBAL SICAV - ACTIONS EURO SELECTION

Investment Managers' reports

Past performance is not an indicator of current or future returns.

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Market backdrop:

European equity markets posted a positive performance in 2015. Several factors supported this outcome: a huge drop in commodity prices, the Euro depreciation and supportive ECB monetary policy. Macroeconomic indicators published in Europe over the year were also generally positive signaling sustained economic growth in the region.

However, the year has been quite bumpy. After a sharp increase of equity markets over the first 5 months, the summer period was characterized by significant volatility. The stronger than expected slowdown in emerging markets, especially China, and the prospect of the Fed's first rate hike combined to revive risk aversion and sparked strong sector rotations. Towards the end of the year, investors focused again on fundamentals helping the market to stabilize. Finally, the US Central Bank implemented its first rate hike since nearly 10 years.

Investment strategy:

Our investment process that focuses on selecting underpriced (Value) stocks with a catalyst led us to implement several changes over the year:

We introduced RWE, Linde, Technip, Bouygues and GEA group over the year where we identified large upside potentials and strong catalysts. At the same time, we sold stocks that reached our valuation target (Daimler, Adecco, Infineon) or where the catalyst weakened (ArcelorMittal, RWE). With regard to RWE, we introduced this company during the first quarter of the year and sold it again in December due to catalysts turning negative. The political environment with regard to conventional power production in Germany has become hostile over the year destroying the business model of the company and putting the balance sheet under pressure.

With regard to sectors, we increased our weighting in financials over the year, especially banks, due to stronger catalysts for European retail banks. We also increased the weighting in the telecommunication sector. Here we can find a lot of undervalued stocks and positive catalysts: supportive regulation, market consolidation and a favorable investment cycle for new fixed and mobile technologies. At the same time, the weightings of consumer discretionary and technology stocks have been reduced. Because of a very high valuation we keep steering clear of consumer staples.

Purchases: RWE / Linde / Technip / Bouygues / GEA group Sales: Daimler / Adecco / Infineon / ArcelorMittal / RWE


Investment Managers' reports (continued)


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Main sector deviations of the sub-fund versus its benchmark at year end 2015:

Sector Fund Weight Index Weight

Communications 18.6% 7.3% Materials 18.2% 7.3% Technology 11.3% 7.1% Utilities 0% 4.9% Healthcare 5.1% 10.7% Consumer staples 0% 11.5%

Performances:

2015 IGS Action Euro Selection +6.07% Euro Stoxx Large (LCXE) +6.26%

Best contributors over the year: Capgemini / Telecom Italia / Randstad Worst contributors over the year: LafargeHolcim / ArcelorMittal / Banco Popular

January 2016

Established by Métropole Gestion

INTERNATIONAL GLOBAL SICAV - ACTIONS SUISSES



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2015 was a very volatile year for the Swiss and the global financial markets. Central banks’ policies and the world economic evolution took equities on a wild ride. In January the Swiss market fell sharply, -14% in two days, when the Swiss National Bank (SNB) abandoned the policy to maintain a 1.20 EUR/CHF floor. This decision caused a steep appreciation of the Swiss franc vs the Euro and the USD. The market recouped some of the losses, helped by the appreciation of the USD vs Swiss franc and a slight increase of the euro, as good companies’ annual results and solid macroeconomic data in the USA reassured investors. Moreover, expansive Central banks’ monetary policies supported the markets. The summer was dominated by issues in Greece. In June, the risk of a default of payment from Greece pushed the markets downwards. In July, they recovered after the European Union agreed to an emergency loan of EUR 7 billion to Greece, in anticipation of a financial aid plan. This upward move was cut short, stopped by the devaluation of the yuan and the fear of an economic slowdown in China and in some emerging markets. Again, the Federal Reserve (FED) and the European Central Bank (ECB) intervened to support the markets. The ECB cut its interest rates and stepped up quantitative easing to stave off the risk of a renewed economic slump in the Eurozone. The FED increased its rates by 0.25 basis point for the first time in 7 years as the American economy improved.

After all these fluctuations, the Swiss financial markets ended the year 2015 down when taking the SMI (Swiss Market Index) into consideration, -1.8%, while the SPI (Swiss Performance Index) was up, +2.7%. Small and mid-size groups had a better performance than their bigger counterparts, subject to profit taking after a strong 2014 and lackluster results. There were no real sector trends during the year. Exports companies with a high cost base in Switzerland suffered from the appreciation of the Swiss franc.

The sub-fund INTERNATIONAL GLOBAL SICAV - ACTIONS SUISSES showed a performance of +7.1% in 2015. The relative outperformance of the sub-fund compared to the SMI index is explained by the underweighting in the fund of Novartis, no holding of Crédit Suisse and the quality of the small and mid-size companies in the fund like Galenica.

The medium size firms in the healthcare sector had a great year. The share of Galenica, +99%, almost doubled thanks to a series of good news. It benefitted from a contract with Roche for the distribution of the drug Mircera in the USA. It published solid results with an improvement of its earnings thanks to costs’ reductions. Galenica targets a split of the group into two entities, Vifor Pharma and Galenica Santé for the 4th quarter 2016. Actelion, +21%, published good results during the year. The sales of its drug Opsumit against pulmonary arterial hypertension were better than expected. Since its entry in the sub-fund Straumann, +15%, showed a positive return. It published good half year results and cost reductions allowed to compensate for the negative impact of the strong Swiss franc. Roche, +2%, enjoys a strong pipeline. However, Novartis, -6%, was penalized by the mediocre showing of its ophthalmic division, Alcon. Sonova, -13%, suffered from a slowdown of its cochlear implants’ sales and the loss of market share in the USA. Defensive stocks had a relative good year thanks to good results, Nestlé +2% and Givaudan +2%. Lindt, +27% showed a higher organic growth than expected. UBS, +14%, showed solid results in its wealth management division. Penalties paid in the US for the Libor rates scandal were lower than expected. Even if it published lower than expected results and had to scale back its expectations for the year, Syngenta, +23%, benefited from the offer from Monsanto to buy it and from other M&A rumors. Sika, +23%, showed stellar results the all year long. The legal battle between the management of Sika and St-Gobain as well as the Burkard family might last another 3 years.

High dividend yields of insurance companies attracted investors at the beginning of the year. Swiss Re +15%, Swiss Life +17% and Helvetia +19% performed well, helped by good results. Zurich, -17%, published disappointing results in its non-life division and had substantial asset impairments in the USA and Germany.




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The decrease in oil price had a negative impact on SGS’ customers, -7%, in its divisions “oil & gas” and “industrials”. Moreover, growth of its division “minerals” remained at depressed levels. Luxury companies suffered in 2015. The appreciation of the Swiss franc was a big drag as they have a high fixed cost base in Swiss franc. The demand for watches was weak this year, especially in Hong-Kong. Richemont lost -19%.

During the year, a few changes were made in the Sub-fund. Three new companies were bought: Partners Group, as its results should increase sharply in 2016 and 2017, led by high performance fees. End of April 2015, the two companies Kaba and Dorma announced their merger. The new company will become a tier one player in the access systems “around the door”. Dorma+Kaba is very complementary in terms of products and geographies. This merger will allow to create synergies. Straumann was hardly hit by the appreciation of the Swiss franc after the decision of the SNB to abandon the PEG 1.20 EUR/CHF despite having a big cost base in Switzerland. The company took efficient measures to decrease costs and cope with the exchange rate. Moreover, its new strategy to enlarge its products offering is bearing fruits. A position in Straumann was built in May.

Six companies were sold: In order to create liquidity for a redemption of around 5%, four positions were sold: ABB, Aryzta, Barry Callebaut and Clariant. Aryzta had published disappointing results, with a slowdown of its sales in North America. Aryzta was sold the day it announced the acquisition of 49% of Picard. Clariant was sold on rumors that Evonik would desire to acquire it. ABB was sold as its division Power systems is still loss making and the lower oil price has put under pressure on some of ABB’s customers. The chocolate market is slowing and the margins of Barry Callebaut were lower due to higher cocoa prices. Adecco was also sold during the year because of fears of a slowdown of the temporary staffing market in the USA and its too ambitious margin target. The exposure to the luxury sector was reduced by selling Swatch group and reducing the position of Richemont. The strong Swiss franc and the slowdown of Swiss watch exports negatively impacted the results of both companies. After having posted disappointing results, holdings in SGS, Zurich, Novartis and UBS were reduced. Syngenta was pared after a rebound following Monsanto’s interest to buy the company.

The cash position in the sub-fund increased from 4% at the beginning of the year to 8% by the end of December 2015. The number of securities at the end of December is 23. The minimal holding is 1% and the maximal holding is 13%. The sub-fund does not replicate the index. The objective of the sub-fund is to obtain a regular appreciation of the invested capital. The management of the sub-fund is active, based on the selection of securities and their valuation, with the aim to best position the portfolio to face the various phases of the market. The sub-fund invests in companies showing regular profit growth, a solid balance sheet, a high return on invested capital and an important generation of cash after investments.

The year 2016 will be a challenging year for Switzerland. The macroeconomic environment is still precarious. On one side, the economic growth in the USA is on track and Europe should enjoy modest economic growth, helped by the ECB’s expansive monetary policy, an easing of fiscal policies, the weakness of the euro and the decrease of oil prices. On the other side, some emerging markets face an economic slowdown and the potential impact of the increase of US interest rates on the capital outflows is still unknown. The Chinese economic growth might be lower than in the past. Brazil and Russia suffer from low commodities’ prices. In Switzerland, the household and public demand continues to offset the decrease in exports. The construction sector is weakening.




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The evolution of the Swiss financial market seems uncertain. With interest rates at very low levels, equities remain a more attractive investment than bonds. The ratio between the yield of equities and of government bonds remains high. Investors should continue to increase their holdings in equities to obtain minima returns, even if interest rates gradually rise. Investors might look again for companies with high dividend yields.

February 2016

Established by Alexandre Stucki Investment Management

INTERNATIONAL GLOBAL SICAV - SK WORLD OPPORTUNITIES



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Market environment

In 2015, the M-DAX (+22.67%) and Tec-Dax (+33.50%) again clearly outperformed the DAX 30 (+9.56%). The other indices of the industrial nations also managed to close the year in positive territory. From a European perspective, only the emerging countries have posted a worse performance (-5.23%) than the industrial nations for the fifth year running (MSCI Emerging Markets Net). The reasons for this were a strong US dollar (EUR/USD -10.33%), declining commodity prices and, above all, the drop of the oil price by -26.37% (Brent oil in euro).

The ECB’s announcement of its bond purchase programme in the first quarter of 2015 resulted in a strong upward trend on most European equity markets. The DAX index broke through the 12,000 barrier for the first time in March. The DAX gained 22% overall in the first quarter, posting its best quarter since the index was launched in 1988. In Europe, the FTSE 100 surpassed its all-time high reached in 1999. The EuroStoxx 50 gained 17.5%. In the US, the S&P500 broke through the 2.100 barrier for the first time. However, the US equity markets suffered under the strength of the US dollar. The S&P500 edged up by a mere 0.4% and the MSCI World posted a quarterly performance of 1.8% at the start of the 2015 trading year. The ECB’s bond purchases caused German government bonds to rally and 10-year Bund yields fell from 0.54% to 0.18%. At the end of February 2015, the 7-year Bund yield entered negative territory for the first time. In the US, 10-year government bond yields fell from 2.17% to 1.93% despite continuing speculation about when the Fed would make its first key rate hike in 2015. The ECB’s expansionary monetary policy and the uncertain political situation in Greece put the euro under pressure, such that the common currency depreciated against the US dollar from USD 1.210 to USD 1.074.

Following a very positive first quarter, the equity markets continued to rise at the start of the second quarter. The DAX reached its new record high of 12,379 points on April 13, 2015. This was followed by a correction of the DAX and other indices, while price fluctuations on the bond and forex markets increased. While moving upwards, US equities still underperformed, despite a firmer US dollar.

After having recovered from its price losses in the first quarter, the euro again gained ground against the US dollar, but still shed nearly 8% since the beginning of the year. On occasion, yields on 10-year Bunds fell to 0.05% in the first few months of the year. This was followed by significant rises in yields over just a few weeks to 1% in May and June. In the first half of the year, the REX performance index therefore posted a negative performance of -0.69%, even though the ECB launched its bond purchase programme in the spring. The reasons for this trend reversal on the bond market were the recovery of the global economy and the higher-than-expected inflation rates, which dispelled the prevailing deflationary fears. The deflationary scenario had come about after the oil and consumer prices fell sharply at the beginning of the year.




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By Q3 at the latest, the markets were characterized by uncertainty about the global economy and future US interest rate policy. The equity markets posted weaker performance, with the index falling sharply mainly in September. Investors were preoccupied with concerns about a potential economic slowdown in the emerging countries, notably China, and the possible consequences for the global economy. The wavering regarding US monetary policy also generated uncertainty in September. In addition, the DAX suffered losses for the second quarter in a row, intensified by the VW emissions scandal and its drop in share prices. The DAX has posted a negative performance of -1.48% since the beginning of the year. Both the smaller indices, the M-DAX with +13.85% and Tec-DAX with an outstanding +27.45%, clearly outperformed the DAX. The other equity indices closed on a slightly positive note, except for the emerging markets. At -8.37%, these closed firmly in negative territory due to the renewed drop in oil prices and declining commodity prices. Only gold posted a positive figure of 2.06% owing the strength of the dollar. While 10-year US Treasuries posted a positive figure of 2.45% in euro, German Bunds posted almost the same in the REX.

Performance

SK World Opportunities benefited from rising equity markets, slightly above its benchmark. The sub-fund generated a profit of 9.15% (Class I) and 8.85% (Class P) in the year under review. The sub-und outperformed the benchmark, the MSCI AC World (net), which gained +8.76%, by +0.39% (Class I) and +0.09% (Class P) over the financial year.

Investment strategy

During the reporting year, the portfolio generally contained between 70-80 individual securities and 10-20 target funds representing more complex segments and regions. In terms of individual securities, stock-picking remains a key factor in the successful investment strategy.

The equity positions focused on Europe and North America in the reporting year. As at December 31, 2015, the region with the greatest weighting was the eurozone at 41.61%, followed by North America at 28.01% and the rest of Europe at 10.34%*.

The three leading sectors at the financial year-end were IT at 23.24%, financial services providers at 20.29% and healthcare at almost 19%*.

In the past sub-fund year, put futures and options were used for hedging purposes.

The sub-fund’s assets stood at EUR 93.90 million as at December 31, 2015.

* The percentages include the underlying investments.




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The biggest contribution to overall performance at country level came from the eurozone segment (mainly Germany) and in particular European equities, with a strong focus on a broadly diversified range of individual securities. This was followed by North America. During the reporting year, the emerging markets were reduced by one-third in favour of the eurozone. The adjusted country weighting enabled the sub-fund to benefit from the anticipated outperformance of the eurozone. In terms of sectors, the sub-fund showed an overweighting in information technology, healthcare/biotechnology and financial services. The main focus in the IT sector rested on the theme “Internet of Things”, e.g. in the form of the fund 4Q-Growth Fonds and individual securities such as Nvidia Corp., NXP, Microsoft and Alphabet Inc (formerly Google). In the healthcare/biotechnology segment, the focus lay on the actively managed BB Adamant Global Healthcare and Lacuna-Adamant Asia Pacifik funds, as well as the dialysis specialist Fresenius SE & Co KGAA in terms of individual securities. In the financial services sector, the top performers were mainly individual securities such as Allianz SE, AXA S.A., Swiss RE AG and Conwert Invest SE.

Outlook

We expect continued strong price fluctuations on the markets in 2016. The active building up of liquidity and safeguards is therefore an important component of the investment strategy, in order to be able to make investments in the event of falling prices. The portfolio is broadly diversified in terms of asset classes in order to reduce risk. The preferred asset class continues to be equities.

The US equity market is burdened by several factors that limit upside potential: a historical comparison of company valuations is challenging, company profits are stagnating and a firm US dollar is weakening exports. From a technical point of view, it is problematic that the upward trend is only being driven by half of the securities in the Dow Jones and by less than 30% on the New York Stock Exchange. We favour Europe, notably Germany, and Asia in terms of investment. European equities are benefiting from the ECB’s expansionary monetary policy and the weak euro, which boosts exports. The emerging markets have underperformed the industrial nations for five years in a row. There is a long list of economic problems in the emerging markets, many of which are factored into the prices. Valuations are considered historically and are favourable in comparison with the industrial nations; however, the emerging markets continue to be affected by the weak economic climate, falling commodity prices and rising interest rates in the US. Longer-term investors watch the markets and only buy once there has been a trend reversal in commodity prices. If oil stocks rise, investments in countries such as Russia and Brazil will be particularly interesting. In Brazil, possible new elections and the Olympic Games in the summer, which will put the country back in the spotlight of public interest, could have a positive effect. If interest rates continue to rise in the US, defensive sectors such as consumer goods will perform poorly. This also includes the healthcare/biotechnology sector, which is far advanced in the economic cycle, as displayed by record figures in terms of the number of takeovers and prices paid. We favour cyclical companies in the technology, durable consumer goods and industrial sectors. Banks, commodities and utilities remain underweighted. The selection of individual companies, known as stock-picking, continues to be a key factor in the successful investment strategy, as does the selection of individual sectors.

The US Fed is using its more defensive monetary policy to strengthen the interest rate advantage of the US dollar against the euro. As a result, the dollar has appreciated against the euro by almost 25% since May 2014. An even stronger currency is not in the Fed’s interests. Going forward, we expect to see a consolidation of this currency pair as part of a broad lateral movement.




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A trend reversal may be possible in the oil price. Since 2013, this has fallen from its high of USD 147 to below the USD 40 mark. Investment cutbacks, the cancellation of oil production projects and reduced supply have a price-stabilizing effect in the case of rising demand in the global market. If the market finds its equilibrium again as a result, prices will rise. However, Iran is pushing down the markets. From today’s perspective, prices of more than USD 60 per barrel appear unlikely for the time being.

With an inflation rate below the targets of the main central banks for the foreseeable future, we hold out little hope of a rising gold price. Safeguarding against monetary depreciation is unnecessary in this environment.

February 2016

Established by Banque Pictet & Cie SA

INTERNATIONAL GLOBAL SICAV - CONVERTIBLES



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Overview of investment activities

The portfolio started on July 1st 2015. We gradually built the portfolio in order for it to reflect our macro view, namely playing the cheap oil and the divergence in monetary policies. For that, we decided to be overweight Europe, and especially overweight Euro names, European exporters because of the weak Euro. We also decided to highly underweight energy sector, in favor of Consumer discretionary where we expected households to turn to. We maintained an underweight stance in US, and focused on low interest-rate sensitivity (Rho) names. In Asia, we were slightly overweight, but much more on the credit side, favoring the defensive sectors and high quality names. In Japan, we maintained an equal weight stance.

Overview of AIF performance over the year

The portfolio started on July 1st 2015. Over the period, on an absolute basis, Consumer Cyclical and Financial were the 2 detractors. Tech and Property registered the highest performance.

On a relative basis, the portfolio highly outperformed in Energy sector where we were highly underweight, especially in the speculative, low credit quality names. Tech and Consumer Cyclicals were the only sectors where we underperformed the benchmark.

The benchmark is “Thomson Reuters Global Convertible Composite Index Hedged EUR TR” and it is made of: • 2/3 Thomson Reuters Global Focus hedged in EUR (Ticker: UCBIFX14) • 1/3 Thomson Reuters Global Focus Investment Grade, hedged in EUR (Ticker: UCBIFX17)

The performance of the sub-fund is -0.06%.

Investment Strategy

The portfolio started on July 1, 2015. We gradually built the portfolio in order for it to reflect our macro view, namely playing the cheap oil and the divergence in monetary policy. For that, we decided to be overweight Europe, and especially overweight Euro names, European exporters because of the weak Euro. We also decided to highly underweight energy sector, in favour of Consumer discretionary where we expected households to turn to. We maintained an underweight stance in US, and focused on low interest-rate sensitivity (Rho) names. In Asia, we were slightly overweight, but much more on the credit side, favouring the defensive sectors and high quality names. In Japan, we maintained an equal weight stance.

During the 6 months of 2015, we stick to our investment philosophy of focusing on asymmetry. We looked for the best risk/reward balanced names, that offered equity potential upside but that were trading close to the bond floor.

Capital preservation remains our main focus in the very volatile global environment. We aim to maintain a high level of bond floor (87% at the end of the year) while the portfolio’s equity sensitivity should remain at reasonable levels (delta of 45%) having stayed in a narrow band throughout 2015. The level of credit risk is expected to remain low, with B-quality ratings now representing a small portion of our portfolio (less than 4% at the end of the year). We aim to reflect the two key features of the convertible bond asset class, which are protection and performance. The technical positioning of the portfolio should remain balanced and clearly focused on maximising the fund’s asymmetric return profile.




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Outlook

The challenges to the global economy for 2016 are quite clear, even if the solutions are not. Global activity continues to grow at about half a percentage point below the long-term trend, so spare capacity continues to rise, while the great global experiment in unconventional monetary policy started in 2009 leaves most economies with historically high levels of debt and historically low levels of inflation. Uncertainty and rising volatility are thus likely to be key features of 2016.

Looking ahead at the next few months, the main themes played in the portfolio continue to be cheap oil and the divergence in monetary policy. This is reflected in a large allocation to the consumer cyclical sector as well as through an overweight position in European real-estate and European exporting companies. We continue to prefer lower-delta exposure in emerging Asia and low interest-rate sensitivity (Rho) for our US exposure. Our focus is on short-to-medium duration with a clear focus on issuers with the strongest credit fundamentals.

Indeed, although the recent flow of data has been somewhat reassuring about the global cycle, serious problems are still prevalent in the world economy. China has not suffered a hard landing but deflation in the manufacturing sector remains and the economy is clearly slowing as rebalancing between old and new sectors takes effect. Other emerging economies have begun a deleveraging cycle, which may drag on EM growth rates for the foreseeable future. Growth in the US, Europe and Japan have been stable at about trend rates throughout this year but productivity growth remains extremely weak by past standards. The advanced economies thus appear too fragile to withstand (without falling into recession) an intensification of the EM shock or a serious credit crisis, should either occur. These particularly uncertain times for investors justify, in our view, an opportunistic but cautious approach at present.

March 2016

Established by Lombard Odier Asset Management (Europe) Limited

INTERNATIONAL GLOBAL SICAV - OBLIGATIONS CORPORATES EURO



19

2015 – 1st Quarter

Market Review: The fixed income Investment Grade market delivered a positive performance in the 1st Quarter largely due to a decrease in euro-zone interest rates. During the first two months, the credit markets significantly outperformed government bonds. However, due to an abundant supply of new issuances as well as a strong decline in long-term rates and curve flattening, spreads widened during the month of March and cancelled out the positive performance generated by corporate bonds during the quarter. Bonds with a maturity of more than 10 years also suffered from the curve flattening and led to an under-performance relative to those bonds with a shorter maturity. These Shorter maturity bonds did actually generate positive performance. In terms of sectors, non-Financial hybrid debt performed strongest, followed by subordinated Financials. On the other hand, the Metals and Mining were the worst performing sectors. Within the Financial sector, bank senior debt under-performed subordinate debt, partly due to regulatory developments that would necessitate the inclusion of a greater proportion of senior debt in case of default. In terms of ratings, lower quality bonds, particularly BB rated bonds, generally performed better than their Investment Grade counter-parts. Across the Atlantic, the US Dollar denominated credit market out-performed the Euro credit market leading to a positive contribution to risk premiums. Within the primary issuer market in Europe, the supply of new issuances was greater than expected, especially within non-Financial sectors and compared to US non-Financial sectors. Approximately half of the new issuances came with a maturity longer than 10 years. The issuers also took advantage of the low interest rate environment to issue more hybrid debt. Within the Financial sector, net issuance of debt was neutral, whereas new issuance of "Additional Tier 1" debt continued its steady path.

Portfolio Strategy: Going into the 2nd quarter, we kept an overweight in the banking sector, in particular subordinated debt, while remaining out of the insurance market with the exception of certain Re-insurance issuers. Within non-Financial sectors, we favoured high quality-issuer hybrid debt and were particularly prudent with regards to bonds with maturities longer than 10 years. We were over-weight Energy and Mining sectors as well as a few non-Investment Grade issuers within the Telecom and Auto sectors. Consumer and Technology related sectors were under-weighted. We also implemented a hedge position to protect the portfolio by way of options on the Xover index.

2015 – 2nd Quarter

Market Review: The Investment Grade corporate market was affected by the sharp increase in interest rates during the first part of the 2nd Quarter, followed by an increase in risk aversion during the month of June due to concern on Chinese growth and the stalemate in negotiations on the restructuration of Greek debt. As interest rates increased, credit markets naturally performed negatively, but actually out-performed government bonds. The more risky segments such as subordinated Financials and hybrid debt performed better than higher quality senior debt. During the second part of Q2, due to risk aversion, the whole credit market delivered negative returns as spreads widened with under-performance coming from hybrid debt from issuers in peripheral countries. It should also be noted that the phenomenon of "flight to quality" into German Bunds did not materialize and interest rates did not ease. The tensions caused CDS spreads to widen too as well as an evaporation of liquidity. Over the quarter, the corporate Investment Grade market under-performed government bonds. Hybrid debt, senior debt with a maturity longer than 10 years and those of peripheral countries delivered were the worst performers. Financials resisted the most, in particular subordinates and new "additional Tier 1" debt. The European high yield market also delivered a better performance due to its limited sensitivity to rising interest rates. Primary market issuance remained buoyant, except during phases of high volatility, most notably non-Financial issuers and US companies.




20

Portfolio Strategy: We kept an overweight on subordinated bank debt, mainly European, as well as certain insurers. In terms of senior debt, we preferred American issuers as well as recent debt issued by Barclays and Credit Suisse. In non-Financial sectors, we took the decision to over-weight Telecoms and Energy. In the Energy sector, we preferred hybrid debt as well as peripheral issuers such as Enel. We under-weighted the Mining sector due to weaknesses in the underlying markets as well as the Consumer sectors where we saw risk coming from M&A activity. In terms of systemic risk stemming from Greece, we maintained our hedging protection by the use of ITraxx "Xover" and "Senior Financial" indices. We reduced our under-weight to bonds with maturities longer than 10 years following the correction that came with rising interest rates.

2015 – 3rd Quarter

Market Review: The Investment Grade bond market delivered a negative performance during the 3rd Quarter due to a significant widening of spreads during the month of September. Government bond interest rates eased slightly, but it only provided limited support in credit markets. The month of July closed with positive news on an agreement between Greece and its European creditors. Worries on Chinese growth and the drop in the US High Yield market had a contagion effect on euro credit markets, initially on the Materials sector and then on other sectors. Risk aversion, which continued into September, could only intensify while Volkswagen admitted to fraud and the consequences of which were difficult to identify and had an impact on the quality of its credit. The markets at the end of September were then weighed down by worries around Glencore, which saw its spreads widen to levels close to distressed credit. From a sector point of view, clearly the Automobile and Materials sectors were by far the worst performers for the quarter. Hybrid debt, led by those of VW, effectively cancelled out their annual performance. Debt with a maturity longer than 10 years under-performed, as did those of high quality credit issuers who, due to weak interest rates, had difficulty in attracting investors to that part of the curve. Financials also delivered negative performances, but out-performed in comparison to non-Financials. Performance of subordinated debt turned out to be rather robust in such an environment. In terms of monetary policy, in July the European Central Bank expanded it programme buying back bonds to include certain issuers such as the Italian ENEL, but no other measure was taken. It should also be noted that, paradoxically, the decision by the Federal Reserve to not hike rates in September had a negative impact on markets because, on the one hand, it confirmed that there worries about global growth and on the other hand, it led to doubts over the future direction of interest rates. The virtually extinct primary issuance markets, due to volatility from the Greek crisis, sprung to life within a short window in September. Demand was sufficient, but with high issuance prices.

Portfolio Strategy: We went into the final quarter of 2015 with an over-weight in banks and insurances. We preferred subordinated debt rated Investment Grade with short and medium callable terms. Within senior bank debt, we had a preference for American, UK and Swiss bank issuers mainly due to the regulatory overhand on EU banks. We also maintained an over-weight on the Telecom and Energy sectors. Within the Energy sector, we had a preference for big integrated Energy groups with good quality credit. In the basic industry segment, we over-weighted diversified high-quality mining groups. On the other hand, we under-weighted the Consumer sector due to M&A activities (that do not tend to be bond-holder friendly) and also due to their exposure to emerging markets. We also maintained an under-weight on the Automobile sector, in particular European constructors. From time to time, we would adjust the global exposure of the portfolio by way of options on CDS indices.




21

2015 – 4th Quarter

Market Review: The final quarter of 2015 was, in general, positive for Investment Grade credit markets. The principal source of performance came from a contraction in credit spreads, whereas interest rates closed the year at levels seen at the beginning of October. The performance was mainly generated in the first two months of the quarter and was close to zero during the month of December. The market was supported, in particular, by comments from the European Central bank that fed anticipation of major increase in size and duration of the program of quantitative easing and its expansion to corporate debt. The measures that were announced at the beginning of December actually disappointed market anticipations and the markets turned its attention again to commodities, emerging markets and, most importantly, the US Federal reserve. Amongst sectors, important divergences appeared with a dramatic increase in volatility in Energy and Mining sectors. Financial sectors, in particular subordinated debt, out-performed non-Financial sectors. Hybrid debt also out-performed despite changes in Standard & Poor’s rating methodology. Activity on primary markets emerged during November to mid-December, but issuance volumes were not as high as expected. American companies, in particular, did not issue that much due to higher EUR/USD swap rates that would make it more expensive. Issuance premiums were revised upwards in order to incite investors to participate in the market. During the course of 2015, and despite the QE programme announced and implemented by the ECB, the performance of Investment Grade bonds was negative both from a total return perspective and also in relative terms against German bunds. The under-performances came from the Metals and Mining sectors, followed by Energy and then the Automobiles sector. The combination of weak prices in commodities, a significant increase in issuance (mergers and acquisitions, VW scandal) as well as ultra-low interest rates all help to explain the performance of the Investment Grade corporate bond market.

Portfolio Strategy: We closed 2015 without changing the allocation during the final quarter. We preferred large cap Insurance subordinated debt as well as those recently issued by European banks. We also had a preference for senior bank debt issued at the "Holding" level. We maintained our positions in older "Tier 1" structures. In non-Financial sectors, we also maintained our over-weight in Telecoms and Energy. In both cases, we preferred larger companies with high credit ratings. We avoided those issuers who, we felt, were likely to increase debt in order to finance acquisitions, mainly in the Consumer and Chemical sectors. In addition, we also stayed clear of companies heavily exposed to emerging markets. Within the Automobile sector, we were under-weight equipment manufacturers. Allocation to USD denominated credit was mainly used for subordinated Financials. Protection through CDS indices as well as the use of options on such indices we used in order to refine the global portfolio allocation.

2015 Performance

The INTERNATIONAL GLOBAL SICAV - OBLIGATIONS CORPORATES EURO sub-fund in Euro terms delivered a performance of -1.19% net of fees, whilst the market (as represented by the Barclays Euro-Aggregate Corporate Bonds Ex-Financials Index) generated a performance of -0.04%.




22

Since the launch of the sub-fund at the end of January 2010, the sub-fund has delivered a performance of 27.9%. The maximum draw down over the whole period was -3.41% (between November 04, 2011 and November 25, 2011).

The Annualized volatility of the sub-fund is calculated to be 3.56% since launch to the end of December 2015.

February 2016

Established by Pictet Asset Management S.A.

INTERNATIONAL GLOBAL SICAV - OBLIGATIONS GOUVERNEMENTALES EURO



23

Duration and yield curve allocation

At the beginning of the year, the sub-fund entered an overweight duration position. Falling oil prices pushed inflation expectations and hence bond yields lower. The duration overweight was implemented in long dated (30-years) German bonds as these bonds still offered relatively attractive yields and as the ECB’s announced bond buying (QE) would benefit long dated bonds most, as typical holders of that segment of the curve like pension funds are less willing to sell their bonds to the ECB. After this move we closed the curve flattening position, i.e. the sub-fund was no longer positioned for outperformance of the longest-dated bonds.

Ahead of the start of the ECB buying program we switched towards an underweight duration position in long dated bonds as yields had declined significantly already. Especially long-dated bonds had profited from investors front running the ECB buying. In the US and the UK interest rates had risen significantly after the start of their QE programs, as a reflection of increasing growth and inflation expectations. We increased duration again quickly as German yields declined further. Fears of deflation and markets expecting the pool of available eligible bonds would be insufficient for the ECB to continue with the buying program caused yields to decline even further. At the end of April this suddenly turned. German 10-year yields rose quickly from 0.07% to 0.73% in May. We reduced duration again at the beginning of May and we positioned for a steeper yield curve (higher 30-year yields versus 10-year yields). Yields fell back to 0.5% in the second half of May, before the second leg of the sell-off started in June. German 10-year yields rose to close to 1%, after which we saw some retracement towards 0.8% at the end of the June.

In the beginning of July, the sub-fund switched from an underweight duration position to an overweight duration position and it took profit on the yield curve steepener position. Commodity prices declined again, leading to lower inflation forecasts and suggesting Chinese growth might be weaker. Together with the Chinese devaluation, this led to a significant stock market correction. This risk aversion helped bond yields to decline. In October, just ahead of the ECB meeting, the sub-fund tactically increased its duration overweight, implemented in 5-year German bonds.

In November, we closed the overweight duration position and switched to an underweight duration position. Growth in the US remained strong despite the Emerging Market slowdown, which allowed the Fed to hike rates in December.

Country allocation

The sub-fund started the year with overweight positions in Ireland, Italy, Portugal and Spain versus Germany. Improving economic growth, the support from the EU and ECB and the “search for yield” made peripheral bonds attractive. The ECB announced its bond buying program in January. We switched part of the exposure to longer dated (30-year) bonds in Italy and Spain and we increased exposure to Portugal. The long end of the peripheral curve had lagged the rally and is expected to benefit most from ECB buying, together with Portuguese bonds. The Portuguese debt consists mainly of EFSF and IMF loans, which the ECB cannot buy, so the buying in the remaining bonds is disproportionately large. During April and May, the sub-fund took profit on its Portugal exposure in several tranches. Especially the short end of the Portuguese curve had performed very well, and some short dated bonds even traded at lower yields than similar Italian bonds.




24

Spreads on peripheral bonds declined in the first quarter, helped by the anticipation of QE, but struggled to perform further after the start of the ECB bond buying as the Greek bailout negotiations dragged on. In the second half of April, we sold 30-year Italy and Spain. The longest-dated peripheral bonds sold off significantly as national debt agents used the low yield opportunity to issue mainly long dated debt, which caused a large debt overhang.

In September, the sub-fund bought Spanish government bonds versus Italian government bonds, just ahead of the Spanish regional elections in Catalonia. Partly due to heavy prefunding by the Spanish Treasury, but also due to rising risks of a positive outcome for the pro-independence parties in Catalonia, spreads of Spanish bonds widened versus Italian government bonds. Late October we took profit on our overweight Spain versus Italy as Spanish bonds had recovered versus Italian bonds.

During the last months of the year, we sold all short dated peripheral bonds as the spread versus Germany in this part of the curve tightened back to year to date lows. Although we do not see large risks of a severe sell-off in these bonds, the upside in holding these bonds is also very limited.

At the beginning of December, right after the ECB announced to step up its bond purchases, we tactically sold 10-year Italian bonds versus Germany, as spreads had tightened to post-crisis lows. This combined with low year-end liquidity, balance sheet clean up by Italian banks and a pause in ECB buying could exacerbate the widening move. We closed this position just ahead of year-end as spreads did widen briefly, but recovered quickly.

January 2016

Established by Robeco Institutional Asset Management B.V.

INTERNATIONAL GLOBAL SICAV - ACTIONS EMERGENTES



25

Market overview in 2015

2015 will remain a year marked by the return of volatility on equity markets but also on the interest rate markets. The financial markets finished 2015 on a positive note, but after a chaotic journey that beat all forecasts market strategists. As expected, central bankers have been at the center of current events and expectations their actions have sometimes led to the growth of equity markets (as in the beginning of the year with the ECB) and have instead generated increased volatility (in September with the missed opportunity of the Fed and December with disappointing ECB and BoJ). The "planetary alignment" predicted by some in Europe eventually did not take place, the US market surprised by its remarkable resilience, oil prices collapsed and emerging market equities have increased their underperformance.

Volatility peaked from late August following the triple surprise devaluation of the Chinese currency and statistics reflecting the economic slowdown. Traders took profits on risky assets due to fears on global growth of the Chinese slowdown. The market decline was widespread and significant (13% on the MSCI World between August 10, 2015 and September 30, 2015) and the VIX volatility index has reached a level of over 40, its highest level since 2011.

On the whole, emerging markets have been weak throughout 2015, recording their third consecutive year of underperformance relative to developed markets. Weak emerging currencies, fiscal imbalances caused by the violent fall in commodity prices and the slowdown in growth weighed on the financial markets. The slowdown of the Chinese economy has destabilized all of the Asian economies, heavily dependent on the activity of China. Brazil went into recession in 2015, its sovereign rating was downgraded to "speculative" and Dilma Rousseff is implicated in corruption scandals that could lead to her dismissal. Of course, economies heavily dependent on raw materials (South Africa, Indonesia, Venezuela, the Gulf countries) have largely been penalized.

The decline in emerging markets in local currencies was 17% over the year, reported in Euros this decline is -7.5%.

It took until December 16, 2015 for the Fed to announce its first rise in short rates since June 2006; this measure was widely anticipated by investors and had already been postponed twice (in June and September).

The Fed's decision to keep its rates unchanged in September had affected the morale of equity markets who have interpreted this gesture as a sign of vulnerability of the US economy to the global economic slowdown. So at the end of September, equity markets were almost all at levels below their levels of earlier this year. Clarification of the Fed intervened during the fourth quarter allowed to anticipate the shift of monetary policy occurred on December 16, 2015. Financial markets welcomed the pragmatic approach of the institution, just as vigilant on the impact of its decision on economic activity.

The US economy should end the year on an increase in GDP of 2.5% and a remarkably low unemployment rate to 5%. The impact of the rising dollar and low inflation do not appear to be risk factors for 2016. It should be noted that in its statement, the Fed emphasized the "progressive" nature of monetary policy, thus reassuring the operators on pragmatism and its desire not to be a hindrance to the growth of the world's largest economy. In the end of 2015, the S&P500 is treading water with a drop of 0.4% in USD (S&P500 in USD, excluding dividends). However, the divergence in monetary policy between the ECB (which announced in early 2015 the implementation of a massive program to buy back securities) and the Fed (which dropped its accommodative bias) had a significant impact on the Euro parity / Dollar, with a weakening of 10.2% over the year 2015. Thus, reported in Euros, the performance of the S&P500 by more than 10%.




26

This disappointing performance reflects the difficulty American companies to increase their profits in the coming years due to an already historically high margins, the rising dollar (unfavorable to exporters), interest rates rose, and potentially higher wages because of the situation of near full employment of the US economy.

European shares suffered during the generalized correction from mid-August to end of September before rebounding following the remarks of Mario Draghi confirming his intention to strengthen the instruments of monetary policy as appropriate to counter falling prices. In the process, the ECB announced a continuation and an extension of its non-conventional measures. These last two measures were widely anticipated by operators and therefore disappointed, which generated a retracement of the shares and a rise of the Euro against the dollar, which ended the year around 1.08 USD for one euro.

Japan ended the year on an increase of nearly 10% in yen; however, due to the decline of the euro, this performance in EUR is 22%, so this is the fourth consecutive year of positive performance for Japanese stocks and in June 2015, the Nikkei reached its highest level since December 1996. The double-digit growth in corporate earnings, support the BoJ and the flow of international investors to this asset class were the catalysts of this growth. The second part of the year, confidence is slightly eroded due to the slowdown in China (20% of Japanese exports go to China) and a certain lack of results Shinzo Abe stimulus policy establishment since 2012.


Over the year, we have performed several changes in the sub-funds in order to adapt the portfolio to changes in volatility regimes. We have reduced significantly the exposure of the portfolio to EM equities on August 24, 2015, following the sharp decline of the Chinese markets after disappointing PMI surveys.

Cash has been raised from 2% of the total portfolio to 10.5%.

After, the strong sell-off in Emerging market equities, we have decided to reinvest cautiously on November 11, 2015 by adding a passive low-volatility strategy up to 5% of the total portfolio. This has proved to be relevant, as emerging markets have continued to slide on the back of falling oil prices.

We have invested our residual cash balances in the Pictet Enhanced Liquidity fund denominated in USD in order to benefit from the weakening of the Euro currency on the back of quantitative easing performed by the ECB.

The performance of the sub-fund is -8.04% net of fees vs -5.23% for its benchmark.

There was no material change in the information listed in Article 23 of Directive 2011/61/EU.

Review of the activity during the year (risks, economic uncertainty).

The portfolio is still mostly invested in securities listed on emerging market stock exchanges and therefore is vulnerable to any market movements in those exchanges.

85% of the underlying funds of the portfolios can be liquidated on a daily basis, should we need to.




27

The only non-daily liquid investment, namely Russell emerging Market extended Opportunity fund, has a weekly liquidity with 5 days of pre-notification.

Below is the sub-fund’s holdings as of December 31, 2015 (source: Pictet)

DENOMINATION WEIGHT

CASH 3.63%

PCH-ENHANCED LIQUIDITY USD-I DY 6.93%

ISHARES II-MSC TURKEY GERMAN CERT 3.14%

MARKET VECTORS-AFRICA ETF 2.97%

FIRST STATE-ST.INV.GL.EM.MKT LEAD.B 9.21%

JOHCM UMBRELLA-EMERGING MKTS A EUR 7.19%

ISHARES II-EMERGING MKT INFRAST.USD 6.47%

ISHARES VI-MSCI EM.MKTS MIN.VOL.USD 4.89%

RUSSELL IC-EMERGING MKTS EQ.A-ACC 40.63%

RUSSELL INV.II-EM MKTS EX OPP.A USD 14.95%

February 2016

Established by Russell Investments Limited

INTERNATIONAL GLOBAL SICAV - ACTIONS RESTE DU MONDE



28

Market overview in 2015

2015 will remain a year marked by the return of volatility on equity markets but also on the interest rate markets. The financial markets finished 2015 on a positive note, but after a chaotic journey that beat all forecasts market strategists. As expected, central bankers have been at the center of current events and expectations their actions have sometimes led to the growth of equity markets (as in the beginning of the year with the ECB) and have instead generated increased volatility (in September with the missed opportunity of the Fed and December with disappointing ECB and BoJ). The "planetary alignment" predicted by some in Europe eventually did not take place, the US market surprised by its remarkable resilience, oil prices collapsed and emerging market equities have increased their underperformance.

Volatility peaked from late August following the triple surprise devaluation of the Chinese currency and statistics reflecting the economic slowdown. Traders took profits on risky assets due to fears on global growth of the Chinese slowdown. The market decline was widespread and significant (13% on the MSCI World between August 10 and September 30) and the VIX volatility index has reached a level of over 40, its highest level since 2011.

On the whole, emerging markets have been weak throughout 2015, recording their third consecutive year of underperformance relative to developed markets. Weak emerging currencies, fiscal imbalances caused by the violent fall in commodity prices and the slowdown in growth weighed on the financial markets. The slowdown of the Chinese economy has destabilized all of the Asian economies, heavily dependent on the activity of China. Brazil went into recession in 2015, its sovereign rating was downgraded to "speculative" and Dilma Rousseff is implicated in corruption scandals that could lead to her dismissal. Of course, economies heavily dependent on raw materials (South Africa, Indonesia, Venezuela, the Gulf countries) have largely been penalized.

The decline in emerging markets in local currencies was 17% over the year, reported in Euros this decline is -7.5%.

It took until December 16, 2015 for the Fed to announce its first rise in short rates since June 2006; this measure was widely anticipated by investors and had already been postponed twice (in June and September).

The Fed's decision to keep its rates unchanged in September had affected the morale of equity markets who have interpreted this gesture as a sign of vulnerability of the US economy to the global economic slowdown. So at the end of September, equity markets were almost all at levels below their levels of earlier this year. Clarification of the Fed intervened during the fourth quarter allowed to anticipate the shift of monetary policy occurred on December 16, 2015. Financial markets welcomed the pragmatic approach of the institution, just as vigilant on the impact of its decision on economic activity.

The US economy should end the year on an increase in GDP of 2.5% and a remarkably low unemployment rate to 5%. The impact of the rising dollar and low inflation do not appear to be risk factors for 2016. It should be noted that in its statement, the Fed emphasized the "progressive" nature of monetary policy, thus reassuring the operators on pragmatism and its desire not to be a hindrance to the growth of the world's largest economy. In the end of 2015, the S&P500 is treading water with a drop of 0.4% in USD (S&P500 in USD, excluding dividends). However, the divergence in monetary policy between the ECB (which announced in early 2015 the implementation of a massive program to buy back securities) and the Fed (which dropped its accommodative bias) had a significant impact on the Euro parity / Dollar, with a weakening of 10.2% over the year 2015. Thus, reported in Euros, the performance of the S&P500 by more than 10%.




29

This disappointing performance reflects the difficulty American companies to increase their profits in the coming years due to an already historically high margins, the rising dollar (unfavourable to exporters), interest rates rose, and potentially higher wages because of the situation of near full employment of the US economy.

European shares suffered during the generalized correction from mid-August to end of September before rebounding following the remarks of Mario Draghi confirming his intention to strengthen the instruments of monetary policy as appropriate to counter falling prices. In the process, the ECB announced a continuation and an extension of its non-conventional measures. These last two measures were widely anticipated by operators and therefore disappointed, which generated a retracement of the shares and a rise of the Euro against the dollar, which ended the year around 1.08 USD for one euro.

Japan ended the year on an increase of nearly 10% in yen; however, due to the decline of the euro, this performance in EUR is 22%, so this is the fourth consecutive year of positive performance for Japanese stocks and in June 2015, the Nikkei reached its highest level since December 1996. The double-digit growth in corporate earnings, support the BoJ and the flow of international investors to this asset class were the catalysts of this growth. The second part of the year, confidence is slightly eroded due to the slowdown in China (20% of Japanese exports go to China) and a certain lack of results Shinzo Abe stimulus policy establishment since 2012.


Over the year, we have performed several changes in the sub-funds in order to adapt the portfolio to changes in volatility regimes.

On April, we have reduced our currency hedging strategy on the Yen, as we felt the ECB action was already reflected in the cross-currency exchange rates. After, the sell-off of mid-year, we have increased our exposure to japanese equities as we felt the economy was strong enough, corporate profits were soaring, and company margins were improving. This has proved to be beneficial for the sub-fund’s performance.

We have reduced the exposure of the portfolio to EM equities on August 24, 2015, following the sharp decline of the Chinese markets after disappointing PMI surveys.

Cash has reached a total of 5.66% of the portfolio.

After, the strong sell-off in Emerging market equities, we have decided to reinvest cautiously on November 11, 2015 by adding a new strategy based on small and mid-cap japanese corporates and managed by Henderson. This should offer a diversification into the most dynamic part of the japanese market.

We have invested our residual cash balances in the Pictet Enhanced Liquidity fund denominated in USD in order to benefit from the weakening of the Euro currency on the back of quantitative easing performed by the ECB.

The performance of the sub-fund is 3.57% net of fees vs 5.15% for its benchmark.

There was no material change in the information listed in Article 23 of Directive 2011/61/EU.




30

Review of the activity during the year (risks, economic uncertainty).

The portfolio is still mostly invested in securities listed on developed market stock exchanges and therefore is vulnerable to any market movements in those exchanges.

The portfolio carries some emerging market equity exposure through its investment in Asian markets; investors need to be aware of the specific performance and liquidity risks involved in trading in those markets.

100% of the underlying funds of the portfolios can be liquidated on a daily basis, should we need to.

Below is the sub-fund’s holdings as of December 31, 2015 (source: Pictet)

DENOMINATION WEIGHT

CASH 3.85%

PCH-ENHANCED LIQUIDITY EUR-I DY 1.09%

PCH-ENHANCED LIQUIDITY USD-I DY 0.70%

RUSSELL IC II-RUSS.UK EQ PLUS B GDP 9.92%

RUSSELL IC-UK EQUITY FUND A-ACC.- 8.00%

SOURCE MKTS-MOR.US EN.INF.MLP A USD 2.20%

ISHARES VII-MSCI CANADA ETF-ACC.- 5.49%

RUSSELL IC-JAPAN EQUITY E EUR 20.79%

RUSSELL IC-JAPAN EQUITY EH A EUR 10.14%

HENDERSON HORIZON-JAPAN.SM.CIES A2 3.72%

ISHARES II-A SIA PROPERTY YIELD USD 6.46%

RUSSELL IC-ASIA PACIF.EX JAP.-A-ACC 27.63%

February 2016

Established by Russell Investments Limited

INTERNATIONAL GLOBAL SICAV - ACTIONS EUROPE EVOLUTION



31

Although the trend at the end of December was rather mixed, 2015 was a satisfactory financial year, with rises of 8.3% for the MSCI Europe and 18.5% for the MSCI SMID Europe.

This fine performance can be attributed to two concurrent phenomena:

• On the one hand, a widespread upturn – albeit sluggish – in European economies and even more so in leading indicators. For example, in December, the manufacturing PMI stood at 53.2 for Germany, 51.4 for France (21-month high) and 55.6 for Italy (5-year high).

• On the other hand, a decline in the euro relative to the other major currencies. Over the year, the euro thus lost 10% against the US dollar and Swiss franc, 7% against the pound sterling and 9% against the yen. Expressed in euro, the accounts of European companies benefitted from these favorable conversion rates, an advantage that is sometimes supplemented by a positive effect on their competitiveness.

Not everything was positive in 2015, however. We should note, in particular:

• The growing concerns surrounding the Chinese economy. There seems to be a sharp contrast among recent trends, ranging from persistently strong momentum in sectors such as consumer spending and health care, to the stabilization of the automotive sector at a high level, and to a sharper fall in industrial investment and construction. China’s manufacturing PMI came in at 48.2 in December, confirming a continued slowdown in the world’s second largest economy.

• The fall in commodities, largely resulting from the Chinese slowdown. This brought about a massive underperformance in the related sectors (e.g. DJ Stoxx 600 Basic Resources -34.9% and Energy -7.8%). In addition, it led to decline in the Brazilian and Russian economies (-3.1% and -3.7% respectively) and in their currencies (-7% for the rouble, -35% for the real). It also weighed on global industrial investment.

The INTERNATIONAL GLOBAL SICAV - ACTIONS EUROPE EVOLUTION sub-fund performed very well in these mixed conditions. The sub-fund posted an annual gain of 25.64% whereas the Euromoney Small Caps Europe TR and EuroStoxx Small Price EUR indexes rose respectively by 21.76% and 11.34%.

A portion of this performance can be explained by external factors that we have already described. For example, our companies are all international and therefore benefited fully from the monetary situation. Similarly, we are structurally absent from the basic resources sector, which was 2015’s biggest loser. Nevertheless, some of this performance can be deemed attributable to the relevance of our choices and of the stock-picking criteria that we regularly apply: well-managed international growth companies that are market leaders and which generate profit regardless of the cycle. In an ever uncertain context, whether viewed from an economic, political, interest rate or currency perspective, we believe, now more than ever, that these criteria remain relevant and that they are worth pursuing.

Of the stocks that were included within the portfolio throughout the year with weightings above 1%, 17 posted gains in excess of 20%. These stocks were mainly from the health care and cyclical sectors.

Conversely, Arcadis (engineering, Netherlands) and Zodiac Aerospace (equipment for the aerospace industry, France) fell by 25.5% and 21.3% respectively.




32

Globo Plc (telephony software, UK), in which we had opened a position of 0.30%, was delisted following accounting irregularities.

Movements

We made a number of changes to the portfolio during the financial year.

In the industrial segment,

• Within the aerospace component, we strengthened: Zodiac (France) and MTU Aero Engines (Germany), wholly or partially selling: Rolls Royce (UK) and Safran (France).

• Within the capital goods segment, we strengthened positions in: Kion Group AG (capital goods, Germany) and Autoliv (automotive equipment, Sweden) and also added Alstom (railway equipment, France). These purchases were financed through selling and scaling back: SFK (ball bearings, Sweden), DSM NV (chemicals, Netherlands) GEA Group Ag (engineering, Germany), Pfeiffer Vacuum Technology (industrial pumps, Germany), Valmet (engineering, Finland), Sika AG (specialty chemicals, Switzerland), Wood Group (oil services, UK), Fenner PLC (industrial and mining equipment, UK) and Norma Group SE (automotive equipment, Germany).

In the technology segment,

We bought: Worldline (payment solutions, France), Technicolor (digital media solutions, France), Dialog Semiconductor (semiconductors, Germany), Altran (IT services, France) and Fingerprint (electronic components, Sweden), and reintroduced Temenos (banking software, Switzerland). To offset this, we engaged in full or partial profit taking in: Amadeus (technology solutions for the travel industry, Spain), BE Semiconductor and ASM Intl (semiconductors, Netherlands), Infinéon (semiconductors, Germany) and Gemalto (SIM cards and software, Netherlands). During the financial year, we also acquired positions such as: Dialog Semiconductor and Fingerprint. Globo Plc (telephony software, UK), in which we had opened a position of 0.30%, was delisted following accounting irregularities.

We sold Industrial & Financial System (industrial software, Sweden) after the announcement of a takeover bid by the investment fund Equity Partners.




33

In the consumer spending segment,

• In the food sector, we closed our lines in: Aryzta (industrial baking, Switzerland) after a strong run, and introduced Origin (agri-services, Ireland).

• In the everyday consumer-spending segment, we strengthened SEB (domestic appliances, France) and invested in Amer Sports (sports equipment, Finland). Burberry Group Plc (apparel and luxury accessories, UK) was bought and sold during the financial year.

• Lastly, in the services segment, Brunel International (temporary travel, Netherlands) and ISS (industrial services, Denmark) – in which we had purchased shares at the time of the company’s IPO – were sold off in favour of Homeserve (personal services, UK), Michael Page (recruitment advice, UK) and Sodexo (catering, France).

• In the health care segment, we added two hearing aid specialists, Amplifon (Italy) and GN Store Nord (Denmark), Elekta (radiotherapy, Sweden) and two pharmaceutical laboratories, Galenica (Switzerland) and Lundbeck, and Zealand Pharma (Denmark) as well as Gedeon Richter (Hungary). We also strengthened our investments in Icon Plc (outsourcing for the pharmaceutical industry, Ireland), Ipsen (pharmaceutical laboratories, France) and Lonza Group (pharmaceutical industry, Switzerland). Conversely, we sold Draegerwerk (medical equipment, Germany) and the following pharmaceutical laboratories: Fagron (Belgium) and Basiléa (Switzerland). We also reduced our holdings in Fresenius SE (health care, Germany).

March 2016

Established by Oddo Asset Management S.A.

INTERNATIONAL GLOBAL SICAV - GLOBAL FIXED INCOME TOTAL RETURN



34

Q1 2015: Performance Attribution

Q1 2015: Review

Positioning Markets Impacts

Country Selection

• Allocation to New Zealand cut towards the end of January

• Allocation to peripheral Europe • Short Japan • Long US from end January • Allocate to EM debt, with a

preference for external debt and Mexico local rates

• Bond yields fell in most major markets with the exception of Japan

• EM external spreads tightened • Mexican local bonds performed

well

• Developed market positioning had a positive impact

• Short Japan added • EM allocation added overall

Currency Selection

• Long USD • Cut long CAD towards the end

of March • Underweight EUR, and short

JPY, GBP and NZD • Cut exposure to EM currency

over the quarter. Small allocation to RUB maintained.

• USD performed strongly • CAD also outperformed • JPY, GBP and NZD performed well • RUB strengthened considerably

• Long USD had a strong positive impact

• Long CAD added • Allocation to RUB made a strong

positive contribution • Short positions detracted

Duration • Underweight headline duration tilted to flat

• Core bond yields fell • Negative impact

Yield Curve

• No explicit yield curve positions • Curves flattened • No meaningful impact

Spread

• Allocation to credit beta • Within investment grade credit,

allocate to Financials, Industrials and CMBS/ABS

• Credit split between EUR and USD denominated issues

• Allocate to high yield

• Investment grade credit spreads tightened

• Financials were among the best performing corporate sub-sectors

• Securitized credit performed poorly • High yield spreads tightened

considerably

• Allocation to credit beta added • Sector selection (Financials) was

positive overall • Allocation to high yield was also

positive




35


Q2 2015: Review


Country Selection

• Long peripheral Europe (took partial profits in June); tilted overall Europe exposure to short in June

• Short US (gradually increased over the quarter) and japan

• Allocate to EM debt, with a preference for external debt and Mexico local rates

• Yields rose in most major bond markets, peripheral Europe was the underperformer

• EM external spreads tightened, while local rates were mixed, however, Mexico local debt outperformed

• Peripheral Europe exposure was a significant detractor

• Short US was a marginal contributor • EM allocation was positive, driven by

Mexico exposure

Currency Selection

• Long USD reduced over the quarter

• Short JPY reduced over the quarter and taken flat in June.

• Short GBP. • Short NZD until June • Underweight EUR flattened mid

quarter and taken long in June

• The USD performed relatively poorly

• The JPY and NZD weakened over the quarter

• GBP performed relatively well

• Long USD detracted from performance

• JPY and NZD shorts were positive • Short GBP detracted

Duration • Increased underweight

headline duration through the quarter

• Core bond yields were higher • Positive impact

Yield Curve

• In the US modestly underweight short versus long maturities.

• In Europe underweight medium maturities versus long

• Curves generally steepened • Positioning detracted

Spread

• Allocation to credit • Within investment grade credit,

preference for financials, utilities and CMBS/ABS vs industrials

• Allocation to High Yield

• Investment grade credit spreads widened. Industrials underperformed financials

• Securitized spreads performed relatively well

• High yield spreads finished broadly unchanged

• Allocation to credit beta was negative • Sector selection (Financials &

CMBS) was positive • Allocation to high yield was positive

with excess returns driven mainly by higher carry




36


Q3 2015: Review


Country Selection

• Short Japan and US • Underweight Europe exposure

overall; preference for periphery versus core

• Allocate to a basket of EM external debt, with local rates exposure only in Mexico (reduced mid-July following partial profit-taking)

• Yields fell in most major bond markets, peripheral Europe outperformed strongly

• EM external spreads widened, while local rates performed well, but broadly underperformed developed market rates

• Peripheral Europe exposure contributed positively

• Short Japan was neutral and short US was a significant detractor

• EM allocation was marginally positive, driven by Mexican local rates exposure

Currency Selection

• Long NOK vs EUR from end July and added to in August

• Long MXN vs USD from September

• Long INR vs TWD from end of September

• Short AUD in August • Short GBP until mid-July

• USD outperformed most major currencies with the exception of JPY and EUR

• Commodity-driven currencies generally suffered

• MXN was slightly weaker towards the end of the quarter

• Long NOK and MXN negative • Long INR was positive • Short GBP added and AUD was

positive due to timing of profit taking

Duration • Underweight headline duration • Core bond yields were lower • Negative impact

Yield Curve

• In the US modestly underweight short versus long maturities.

• In Europe underweight medium maturities versus long

• Curves generally steepened • Positioning detracted

Spread


overweight Financials, Utilities, and CMBS/ABS vs Industrials

• Industrials underweight focused on commodity-related industries (Energy, Basic Industries, Metals & Mining)

• Allocation to high yield, preference for BB / B rated issuers (ex-Energy)

• Investment grade credit spreads widened. Industrials notably underperformed financials

• USD-denominated Industrials were the worst performers, dragged lower by weakness from commodity-linked industries

• High yield spreads widened

• Overweight credit beta was a drag, but spread contribution from IG was positive overall owing to sector and security preferences

• Sector selection (Financials) was strongly positive

• Security selection was positive (avoiding commodity-exposed names)

• Allocation to high yield was strong negative




37


Q4 2015: Review


Country Selection

• Took profits on peripheral sovereign exposure (Italy and Spain vs core) in November

• Moderate allocation to EM external debt, with local rates exposure in Mexico

• Peripheral Europe outperformed strongly

• EM external spreads tightened, while Mexican local rates outperformed the US

• Peripheral Europe exposure was strongly positive

• EM allocation was marginally positive, driven by external debt positions

Currency Selection

• Long USD and NOK vs EUR • Increased long USD vs EUR as

a tactical position during November (closed as profit target was met)

• Long MXN vs USD • Replaced long INR with PHP

vs TWD (mid-October) • Long RUB

• USD outperformed most major currencies

• Commodity-driven currencies generally weakened

• EMFX was mixed versus EUR • RUB weakened significantly

• Long USD vs EUR was positive • Long RUB detracted meaningfully • Long NOK was negative • Long MXN was mildly negative • Short TWD was broadly neutral

overall

Duration • Short headline duration via

shorts in Germany, US and Japan

• Core bond yields generally rose • Positive impact

Yield Curve

• Generally focused positions on middle of curves with slight bias to be underweight shorter dated

• Curves generally bear-flattened (short-dated yields underperformed)

• Negative




38


Spread


overweight Financials, Utilities, and CMBS/ABS vs Industrials

• Allocation to high yield, preference for BB / B rated issuers (ex-Energy)

• Investment grade credit spreads generally tightened after a strong rebound early on in the quarter

• Financials was the best performing corporate sub-sector. USD industrials were weakest, driven lower by underperformance in Metals and Mining and Energy

• Securitised spreads underperformed corporates

• High yield spreads underperformed IG

• Allocation to credit beta was positive • EUR-credit preference was strongly

positive • Sector selection (Financials) and

security selection was positive (avoiding commodity-exposed names)

• Allocation to high yield was positive as strong security selection outweighed beta weakness

March 2016

Established by Rogge Global Partners Plc

INTERNATIONAL GLOBAL SICAV - BROWN ADVISORY US FLEXIBLE EQUITY FUND



39

For the full year 2015, the U.S Flexible Equity Fund posted a modest decline compared with a small gain of 1.4% for the S&P500 Index. The relative drag in performance for the full year is mostly due to our exposure to energy, both directly through energy companies and indirectly through the impact from falling oil prices on nonenergy businesses. In addition, there was a large spread between S&P500 Index stocks that did quite well (some of which we owned) and a larger number that did poorly. The performance of other investment managers reflects this divergence. A group of 25 competing mutual fund managers that we respect and monitor ranged in performance on a total return basis from a decline of about 18% to an increase of 11% during 2015. The average for this group was a 3.5% loss (net of fees). In 2015, compared with most years, the presence or absence of a big gainer or poor performer had a bigger impact on relative results.

Our best contributors to performance in 2015 are classified as information technology stocks, though we take a broader view of their businesses. The transaction processing networks of Visa and MasterCard put them in the technology sector, but we view them as "tollbooths" on consumer spending around the world, benefiting from growing use of noncash forms of payment. Alphabet (formerly known as Google) obviously is involved in innovative technology but we think of its business more like a media company in its economics since its revenues derive mostly from advertising to those who seek its catalog of the world’s information.

We prefer businesses with advantages that differentiate them from competitors. The network effects present at Visa, MasterCard and Alphabet are examples of this. The scale and ubiquity of these businesses allow them to earn high economic returns and make them difficult to displace. Seeking business advantages generally keeps our exposure to commodity-oriented areas low compared to the S&P500 Index benchmark, since differentiation is generally harder to gain in commodity businesses. Although our direct exposure to the energy sector in 2015 was below the benchmark weight, our holding in Kinder Morgan proved detrimental, and the share prices of some of our nonenergy holdings were hurt by the portions of their businesses tied to energy markets. For example, in the industrials sector, the shares of our railroad holdings and our investment in United Rentals were hurt by energy-related concerns. Our poorest-performing investments in 2015 generally had a direct or indirect link to energy production.

As for the outlook for energy investments generally, low prices reduce the capital invested and thus ultimately limit new supply. But once capital has been invested and becomes a sunk cost, the incremental cost to pump energy from the ground is low until the reserves need to be replaced. There is a recurring cycle in which high prices lead to low prices, which then lead to high prices again. The mechanism is clear, but the length and price change of up and down cycles is not. In the current down cycle, while the amount of global oversupply relative to demand is much smaller than past cycles, advances in the technology for producing from U.S. shale formations have reduced the price to produce new supply. Still, with energy prices so low, we view the prospect of a weighting closer to our benchmark more positively.

Kinder Morgan operates natural gas and oil product pipelines across the U.S. Its stock fell 45% during the fourth quarter and 63% during the year. We viewed Kinder’s fuel transport business as having low sensitivity to energy prices, but its reliance on capital markets to fund construction of new pipelines and expand capacity at existing lines was costly when investors’ appetite waned for funding new energy investments. Kinder was forced to either cut its investment projects or its dividend, and it chose to reduce its dividend by 75%, from $2 to 50 cents per share. The cash flows supporting the previous $2 dividend and debt service are largely intact, so we have kept our stock despite the disappointment in share price.




40

We expect long-term equity market returns of 7% to 9% on an annualized basis based on trend-line earnings growth over time and current dividend yields. This rate, while consistent with multi-decade historical results, is probably below general investor expectations shaped by the 17% annualized returns since the market bottomed in 2009. Our 7%-to-9% estimate of long-term returns is an average that won’t be earned evenly over the years or across all stocks. We have seen 7 consecutive years of rising equity markets and six years of economic growth. Yet neither stocks nor the economy move in just one direction. The Federal Reserve in December raised its target for short-term interest rates for the first time since 2006, pushing up the rate from zero. All this is to reiterate that volatility in markets should not be a surprise-it should always be expected.

We write often about expectations so our investors will have staying power across challenging markets and periodic periods of under-performance that all active managers experience. Trying to get completely in or out of markets based on outlook is at best a challenging proposition. The near-term outlook is quickly reflected in share prices, while the long-term record of economic progress and innovation in the U.S. is often dismissed when the near-term becomes "uncertain". It is never certain. Likewise, switching from thoughtfully selected managers often based on recent results is challenging, as it tends toward selling low and buying high.

Whenever the subject of investment performance comes up, we like to point out that managers have no control over short-term performance, as that is determined by market prices at the moment the portfolio is measured. Prices may be high, low or just right, but they are out of our control, varying according to human reactions to events and trends of all types.

Longer term, we influence performance by the choice of the businesses we choose to own, the proportion of their shares within the portfolio and the price we pay for ownership. By getting these criteria mostly right and dodging periodic folly, we believe that our performance over time will take care of itself. We plot a way through the myriad investment options and various scenarios for future events by looking for fundamentally sound businesses that will compound in value over time and that are available at prices offering what we view as a lot in return for our investment.

January 2016

Established by Brown Advisory, LLC

INTERNATIONAL GLOBAL SICAV - OBLIGATAIRE DATE ET FLEXIBLE 2022 (note 1)



41

INTERNATIONAL GLOBAL SICAV - OBLIGATAIRE DATE ET FLEXIBLE 2022 being now in scope of the Alternative Investment Fund Manager Directive.

Market environment

2015 market performance can be divided into 3 phases:

Phase 1: From October 2014 to April 2015: Mario DRAGHI took the lead. As a consequence equity markets registered a strong upside performance (cyclicals leading the trend) helped by a sharp decline of the euro currency and oil prices (together with commodities) on the downside.

Phase 2: From April to August 2015: frightening concerns over the “real” Chinese growth. During this period, convertibles were nicely protective on the downside but high yield bond markets started to suffer on the back of the US high yield market.

Phase 3: From September to December 2015: The return of volatility. Equity markets increased overall in this phase, credit risk premiums (Spread) on "high yield" names continued their enlargement, commodity prices sharply decreased and markets registered the return of the idiosyncratic risk (Volkswagen...).

Performance (from January 22, 2015 to December 31, 2015)

• INTERNATIONAL GLOBAL SICAV - OBLIGATAIRE DATE ET FLEXIBLE 2022 Part A EUR (LU1116196467): -1.07%

• INTERNATIONAL GLOBAL SICAV - OBLIGATAIRE DATE ET FLEXIBLE 2022 Part AC CHF (LU1116196624): -2.06%

• INTERNATIONAL GLOBAL SICAV - OBLIGATAIRE DATE ET FLEXIBLE 2022 Part AU USD (LU1116196897): -1.28%

Investment strategy

Investments started slowly at the end of January to benefit from any weak situations together with primary market opportunities. Cash amount was representing 14% at the end of March (51 issuers included in the fund), 10% at the end of June (53 issuers included) and only 4% at the end of the year (64 issuers included).

The fund benefited from the strong start of the year in terms of credit spreads tightening and gained almost 4% from inception to April 10, 2015. Between April and end June, performance slightly retraced and ended up at +2% since inception at the start of July. Then, the US high yield market put the pressure on European credit spreads (especially on Energy and Basic Materials segments) and the fund performance suffered until the end of the year even if October and November were strongly on the upside.

At the end of the year, the fund ended up with the following characteristics: 5% average yield to maturity over an average maturity of 7.7 years (i.e. 3.7 rate sensitivity); an average coupon of 3.9% and marginal equity sensitivity at only 7%. The fund is clearly positioned to remain defensive over the following years but also to benefit from any recovery in 2015 poor performers as Energy (10.8% of the AUM) and/or Basic Materials (10% of the AUM) for example.




42

Outlook

In 2016, we are expecting the following market environment:

• Interest rates should remain at low levels (i.e. around 0% for the 5 year benchmark); • Credit spreads should tighten (normalization is expected on several segments badly hurt

over the last months) helped by the ECB buying programs on investment grade corporate bonds but the weakness of the global economic growth should hurt some indebted issuers;

• Primary market (on high yield corporate bonds) should remain supportive for bonds valuation;

• Equity markets should ending positive by the end of the year but encounter strong volatility effects.

As a consequence, strategy will be deployed over the following trends in 2016:

• Remain selective in terms issuer inclusion to take into account the weakness of the global economic environment and its impact on balance sheets;

• Favor unrated and “quality type” high yield issuers (majority of BB’s and few B’s); • Stay proactive on the merger and acquisition front to benefit from the European cycle

resumption; • Prefer convertibles with low distance to their bond floors to limit the volatility effect; • Remain active on the primary front to take advantage of any valuation opportunities.

March 2016

Established by Altarocca Asset Management

INTERNATIONAL GLOBAL SICAV - BLENDED RESEARCH - FOCUSED US CORE EQUITY STRATEGY (note 1)



43

Performance review

The Blended Research - Focused US Core portfolio outperformed the Russell 1000 Index in 2015.

Contributors

• Stock selection in energy. • An overweight position in retailing. • Individual stocks: Masimo Corporation and Broadcom.

Detractors

• Stock selection in special products & services. • Stock selection in industrial goods & services. • Individual Stock: Community Health Systems, La Quinta Holdings, WPX Energy, and

Alphabet.

Significant Impacts on Performance - Contributors

Energy

• An overweight position in oil and gas equipment company Cameron International contributed to relative performance. Shares rose after it was announced that Schlumberger would be acquiring the company in a stock and cash transaction representing a price of $66.36 per share.

• A portfolio overweight to oil and gas operations company Valero Energy contributed to relative performance. The stock rose steadily during the year as the company reported strong earnings driven by higher-than-estimated refining gross margins that benefitted from a 96% utilization rate and low natural gas costs. The company also increased their share buyback program and dividend.

Retailing

• Holdings of shares in fashion retailer Express contributed to relative performance during the year. The company posted results that were ahead of consensus estimates driven by stronger-than-expected comparable store sales and improved gross margin results. Investors also appeared to have showed positive sentiment towards the new priorities for management outlined by the new CEO David Kornberg.

Additional Factors

• The portfolio's holdings of global medical technology company Masimo Corporation aided relative results. The company reported solid earnings results throughout the year due to strong product revenue growth and controlled operating expenses.




44

• Holding shares in semiconductor company Broadcom bolstered relative performance following Broadcom's agreement to be acquired by Avago. The takeover deal represented a premium to Broadcom's closing share price prior to the announcement, sending its share price soaring.

Significant Impacts on Performance - Detractors

Special Products & Services

• Holdings in shares of online marketing company Constant Contact detracted from relative performance. The company delivered results that were below market consensus due to lower-than-expected new customer additions and higher attrition rates.

Industrial Goods & Services

Stock selection in the industrial goods & services sector detracted from relative performance. However, there were no individuals stocks within this sector that were among the portfolio's top relative detractors during the period.

Additional Factors

• Holding shares of general hospital healthcare services provider Community Health Systems weighed on relative performance after posting mixed results and softer-than-expected guidance following the company's decision not to complete any acquisitions in 2015. Weaker than expected results were driven by poor volumes, weaker-than-expected payer mix, and higher expenses due to higher drug costs and an increase in employed physicians.

• The portfolio's position in hotels operator La Quinta Holdings weakened relative performance as a result of higher costs from the transition of a reservation call center and the closure of one its largest hotels for structural repairs. Additionally, following the news of the CEO departure, the firm updated its full year guidance, lowering the revenue forecast largely due to sluggish demand experienced in August and September.

• An overweight position in independent oil and natural gas exploration and production company WPX Energy weighed on relative results. Oil and gas returns were muted due to significantly lower commodity prices and a net unrealized loss on their derivatives hedge position. Product revenues were lower year-over-year, even with increased production volumes. Debt burden is higher at WPX than peers due to the acquisition of RKI Exploration and Production this past year.

• Not owning shares of US-based internet company Alphabet (formerly Google) dampened relative performance. Strength in mobile search and video ads on YouTube were main drivers for the company's strong earnings results during the year.




45

Positioning

Our investment process does not incorporate top-down views. However, MFS feels that valuations appear rich by historical standards and relative to other markets but may be appropriate for the highest return on equity of any region. Though US dollar strength and renewed wage pressures could threaten earnings and the secular uptrend in profit margins, lower costs for energy and other inputs would benefit US consumer and capital spending. We feel that a long-lived business cycle is still in the works, despite recent earnings season disappointments. Aside from energy, materials and capital goods, other S&P 500 sectors and industries have shown strength. We remain generally optimistic about the US economy and believe markets remain on firm footing, based on strategic advantages including positive demographic trends and favorable unit labor costs, as well as cheap and abundant oil.

This is an opportunistic, multi-cap core strategy which uses both MFS Fundamental and MFS Quantitative Research and utilizes a disciplined stock selection and portfolio construction process. Stocks with both a quantitative and fundamental “buy” recommendation are considered for the fund as we believe these stocks have greater potential to outperform the market. Given the bottom-up strategic philosophy, the portfolio’s investment process and strategy has remained consistent over time; pursuing attractively-priced, higher quality stocks with an unrecognized catalyst.

March 2016

Established by MFS International (UK) Limited

All Investment Manager’s reports have been approved by the Board of Directors of the SICAV

46

Report of the réviseur d’entreprises agréé / Auditor's report

To the shareholders of INTERNATIONAL GLOBAL SICAV Société d'investissement à capital variable (a Luxembourg domiciled open-ended investment company) 15, avenue J.F. Kennedy, L-1855 Luxembourg

Following our appointment by the Annual General Meeting of shareholders dated April 16, 2015, we have audited the accompanying financial statements of INTERNATIONAL GLOBAL SICAV (the "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 December 31, 2015, the statement of operations and changes in net assets for the year/period 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 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 réviseur d’entreprises agréé’s judgement, 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.

Deloitte.

Report of the reviseur d'entreprises agree I Auditor's report (continued)

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of INTERNATIONAL GLOBAL SICAV and of each of its sub-funds as of December 31 , 2015, and of the results of their operations and changes in their net assets for the year/period then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Other matter

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific 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 financial statements taken as a whole.

For Deloitte Audit Societe a responsabilite limitee Cabinet de revision agree

L. Fedrigo, Reviseur d'entreprises agree Partner

April 13, 2016 560, rue de Neudorf L-2220 Luxembourg

47


Statement of net assets as at December 31, 2015

The accompanying notes form an integral part of these financial statements.

48

COMBINED INTERNATIONAL GLOBAL SICAV - ACTIONS EURO

SELECTION

INTERNATIONAL GLOBAL SICAV -

ACTIONS SUISSES

EUR EUR CHF

ASSETS Investments in securities at acquisition cost 454,908,244.85 41,082,582.56 27,385,169.76 Net unrealised gain/loss on investments 58,665,128.50 5,975,347.86 12,622,212.24

Investments in securities at market value (note 2.e) 513,573,373.35 47,057,930.42 40,007,382.00

Options at market value (note 12) 18,268.20 0.00 0.00 Cash at banks (note 2.e) 17,523,893.10 439,127.00 3,470,261.48 Bank deposits (note 2.e) 1,530,000.00 0.00 0.00 Interest receivable, net 2,261,822.38 0.00 0.00 Interest receivable on Credit Default Swaps (note 11) 290.50 0.00 0.00 Net unrealised gain on forward exchange contracts (note 9) 388,319.51 0.00 0.00

535,295,967.04 47,497,057.42 43,477,643.48

LIABILITIES Options at market value (note 12) 245,485.28 0.00 0.00 Advisory and Management fee payable (note 4) 1,338,152.07 174,924.31 158,662.50 "Taxe d’abonnement" payable (note 3) 57,491.25 5,984.86 5,478.97 Formation expenses (note 2.b) 2,502.74 0.00 0.00 Net unrealised loss on Credit Default Swaps (note 11) 41,213.29 0.00 0.00 Net unrealised loss on forward exchange contracts (note 9) 98,169.66 0.00 0.00 Other fees payable (note 6) 377,657.99 49,089.70 39,193.03

2,160,672.28 229,998.87 203,334.50

TOTAL NET ASSETS AS AT DECEMBER 31, 2015 533,135,294.76 47,267,058.55 43,274,308.98




Statement of net assets as at December 31, 2015 (continued)


49

INTERNATIONAL GLOBAL SICAV - SK

WORLD OPPORTUNITIES



OBLIGATIONS CORPORATES EURO


OBLIGATIONS GOUVERNEMENTALES

EURO


ACTIONS EMERGENTES

EUR EUR EUR EUR EUR

75,757,734.58 31,555,596.87 59,696,604.79 46,169,858.20 20,131,785.67 17,748,661.70 2,438,655.01 415,114.02 1,717,021.85 555,111.68

93,506,396.28 33,994,251.88 60,111,718.81 47,886,880.05 20,686,897.35

0.00 0.00 18,268.20 0.00 0.00 827,413.20 2,035,002.43 602,097.02 1,358,130.31 778,453.47

0.00 0.00 0.00 0.00 0.00 0.00 81,563.51 952,484.77 668,918.46 0.00 0.00 0.00 290.50 0.00 0.00 0.00 252,200.14 0.00 0.00 0.00

94,333,809.48 36,363,017.96 61,684,859.30 49,913,928.82 21,465,350.82

245,485.28 0.00 0.00 0.00 0.00 144,006.61 107,387.83 84,713.42 63,863.84 65,036.59

2,059.32 4,555.39 7,744.93 6,270.99 2,697.79 0.00 0.00 0.00 0.00 0.00 0.00 0.00 41,213.29 0.00 0.00 0.00 0.00 42,776.16 28,914.73 0.00

40,028.22 32,110.35 38,306.50 35,479.37 19,177.03

431,579.43 144,053.57 214,754.30 134,528.93 86,911.41

93,902,230.05 36,218,964.39 61,470,105.00 49,779,399.89 21,378,439.41

96,801,540.30 33,524,218.61 72,978,353.33 59,159,290.68 23,099,637.16

83,142,371.02 31,986,166.67 76,101,387.86 56,979,181.91 20,066,557.99




50


ACTIONS RESTE DU MONDE


ACTIONS EUROPE EVOLUTION


GLOBAL FIXED INCOME TOTAL RETURN

EUR EUR EUR

ASSETS Investments in securities at acquisition cost 21,575,220.85 37,111,135.86 24,643,158.49 Net unrealised gain/loss on investments 4,366,051.29 13,589,276.59 715,527.09

Investments in securities at market value (note 2.e) 25,941,272.14 50,700,412.45 25,358,685.58

Options at market value (note 12) 0.00 0.00 0.00 Cash at banks (note 2.e) 1,039,573.68 268,295.16 4,743,645.44 Bank deposits (note 2.e) 0.00 1,530,000.00 0.00 Interest receivable, net 0.00 0.00 162,748.76 Interest receivable on Credit Default Swaps (note 11) 0.00 0.00 0.00 Net unrealised gain on forward exchange contracts (note 9) 0.00 0.00 136,119.37

26,980,845.82 52,498,707.61 30,401,199.15

LIABILITIES Options at market value (note 12) 0.00 0.00 0.00 Advisory and Management fee payable (note 4) 80,742.89 185,646.24 60,560.14 "Taxe d’abonnement" payable (note 3) 3,353.72 6,616.18 3,815.19 Formation expenses (note 2.b) 0.00 0.00 2,502.74 Net unrealised loss on Credit Default Swaps (note 11) 0.00 0.00 0.00 Net unrealised loss on forward exchange contracts (note 9) 0.00 0.00 0.00 Other fees payable (note 6) 23,627.13 42,567.72 22,757.42

107,723.74 234,830.14 89,635.49







51


BROWN ADVISORY US FLEXIBLE EQUITY FUND


OBLIGATAIRE DATE ET FLEXIBLE 2022 (note 1)


BLENDED RESEARCH - FOCUSED US CORE EQUITY STRATEGY

(note 1)

USD EUR USD

22,990,648.12 29,797,878.41 22,853,682.05

-334,538.39 -993,302.97 910,072.07

22,656,109.73 28,804,575.44 23,763,754.12

0.00 0.00 0.00 923,944.03 1,273,152.44 127,183.87

0.00 0.00 0.00 0.00 396,106.88 0.00 0.00 0.00 0.00 0.00 0.00 0.00

23,580,053.76 30,473,834.76 23,890,937.99

0.00 0.00 0.00

88,817.57 61,612.54 89,059.45 2,985.43 3,827.47 3,018.27

0.00 0.00 0.00 0.00 0.00 0.00 0.00 26,478.77 0.00

14,438.89 17,024.52 8,858.63

106,241.89 108,943.30 100,936.35

23,473,811.87 30,364,891.46 23,790,001.64

18,687,562.26 - -

- - -


Statement of operations and changes in net assets for the year/period ended December 31, 2015


52

COMBINED INTERNATIONAL GLOBAL SICAV - ACTIONS EURO

SELECTION


ACTIONS SUISSES

EUR EUR CHF

NET ASSETS AT THE BEGINNING OF THE YEAR/PERIOD 481,421,660.35 44,531,925.42 42,644,017.37

INCOME Dividends, net (note 2.f) 4,843,487.14 1,250,751.21 1,119,856.34 Interest on bonds, net (note 2.f) 5,893,456.43 0.00 0.00 Interest on securities lending (note 13) 20,238.38 20,238.38 0.00 Bank interest (note 2.f) 895.42 0.00 0.56 Other income 43,956.69 2,076.92 2,180.06

10,802,034.06 1,273,066.51 1,122,036.96

EXPENSES Investment advisory and management fee (note 4) 5,392,966.06 723,932.47 627,553.82 Depositary fee, bank charges and interest 758,763.75 50,112.25 44,334.86 Professional fees, audit fees and other expenses (note 2.b) 771,047.75 57,509.80 53,616.22 Administration and service fees 704,898.70 83,926.54 71,122.78 "Taxe d’abonnement" (note 3) 228,614.95 24,317.29 20,071.37 Transaction fees (note 2.h) 581,039.46 75,052.64 24,517.83 Interest and premiums on swaps 38,229.08 0.00 0.00

8,475,559.75 1,014,850.99 841,216.88

NET INVESTMENT INCOME/LOSS 2,326,474.31 258,215.52 280,820.08 Net realised gain/loss on sales of investments (note 14) 27,726,391.31 2,013,626.88 1,792,058.14 Net realised gain/loss on foreign exchange -647,792.10 -5,662.59 78.39 Net realised loss on options -606,011.47 0.00 0.00 Net realised gain/loss on forward exchange contracts -4,277,129.02 0.00 0.00 Net realised gain/loss on futures contracts -821,104.46 -424,800.00 0.00 Net realised loss on Credit Default Swaps -257,051.84 0.00 0.00

NET REALISED GAIN/LOSS 23,443,776.73 1,841,379.81 2,072,956.61

Change in net unrealised appreciation/depreciation: - on investments (note 15) -1,597,379.13 974,471.15 833,941.54 - on options 11,412.88 0.00 0.00 - on forward exchange contracts 1,248,894.46 0.00 0.00 - on Credit Default Swaps 21,885.71 0.00 0.00

INCREASE/DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS 23,128,590.65 2,815,850.96 2,906,898.15

Proceeds from subscriptions of shares 93,917,031.10 4,094,462.61 2,858,685.70 Cost of shares redeemed -73,597,048.36 -4,175,180.44 -5,135,292.24 Dividends paid (note 7) -196,687.40 0.00 0.00 Revaluation difference* 2,952,183.73 0.00 0.00 Revaluation difference on the net assets at the beginning of the year** 5,509,564.69

NET ASSETS AT THE END OF THE YEAR/PERIOD 533,135,294.76 47,267,058.55 43,274,308.98 * The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the related sub-funds between December 31, 2014, and December 31, 2015. ** The difference mentioned above results from the conversion of the net assets at the beginning of the year (for the sub-funds denominated in currencies other than Euro) at exchange rates applicable on December 31, 2014 and exchange rates applicable on December 31, 2015.


Statement of operations and changes in net assets for the year/period ended December 31, 2015 (continued)


53

INTERNATIONAL GLOBAL SICAV - SK

WORLD OPPORTUNITIES



OBLIGATIONS CORPORATES EURO


OBLIGATIONS GOUVERNEMENTALES

EURO


ACTIONS EMERGENTES

EUR EUR EUR EUR EUR

96,801,540.30 33,524,218.61 72,978,353.33 59,159,290.68 23,099,637.16

1,189,638.81 0.66 0.00 0.00 83,627.23 8,279.12 316,351.98 2,050,633.37 1,511,105.91 0.00

0.00 0.00 0.00 0.00 0.00 62.88 146.34 185.05 0.00 0.00

0.00 2,061.59 2,061.75 2,061.05 25,692.38

1,197,980.81 318,560.57 2,052,880.17 1,513,166.96 109,319.61

610,484.30 435,022.72 351,740.69 265,448.97 282,194.52 57,952.81 38,958.63 265,795.99 31,970.88 24,065.91

120,000.49 55,163.84 67,366.08 60,315.84 39,152.72 49,757.92 64,045.37 72,630.68 75,871.97 39,977.57 7,787.64 18,153.71 31,290.04 25,650.37 11,472.27

141,204.19 39,428.08 4,169.93 38,307.51 3,421.83 0.00 0.00 38,229.08 0.00 0.00

987,187.35 650,772.35 831,222.49 497,565.54 400,284.82

210,793.46 -332,211.78 1,221,657.68 1,015,601.42 -290,965.21 8,515,990.80 3,628,990.83 1,842,283.49 670,877.48 545,701.85

20,345.64 -336,920.15 -39,492.78 -192,691.61 -17,179.94 -445,843.56 0.00 -160,167.91 0.00 0.00

-36.13 -2,591,390.65 74,836.18 1,038,692.62 -13,158.65 332,700.00 0.00 -178,721.73 -31,563.97 0.00

0.00 0.00 -257,051.84 0.00 0.00

8,633,950.21 368,468.25 2,503,343.09 2,500,915.94 224,398.05

289,927.54 303,695.15 -3,507,308.02 -2,185,817.93 -2,035,882.96 -6,728.12 0.00 18,141.00 0.00 0.00

0.00 849,991.09 70,839.11 -32,054.02 0.00 0.00 0.00 21,885.71 0.00 0.00

8,917,149.63 1,522,154.49 -893,099.11 283,043.99 -1,811,484.91

50,995.44 2,596,688.70 4,755,446.08 3,376,948.76 2,320,717.94 -11,670,767.92 -2,044,635.95 -16,621,386.95 -14,120,737.08 -2,230,430.78

-196,687.40 0.00 0.00 0.00 0.00 0.00 620,538.54 1,250,791.65 1,080,853.54 0.00

93,902,230.05 36,218,964.39 61,470,105.00 49,779,399.89 21,378,439.41




54


ACTIONS RESTE DU MONDE


ACTIONS EUROPE EVOLUTION


GLOBAL FIXED INCOME TOTAL RETURN

EUR EUR EUR

NET ASSETS AT THE BEGINNING OF THE YEAR/PERIOD 28,548,513.29 41,355,724.84 30,512,057.63

INCOME Dividends, net (note 2.f) 63,674.05 745,364.66 0.00 Interest on bonds, net (note 2.f) 0.00 0.00 998,482.14 Interest on securities lending (note 13) 0.00 0.00 0.00 Bank interest (note 2.f) 0.00 64.79 431.81 Other income 2,076.92 2,076.92 2,076.92

65,750.97 747,506.37 1,000,990.87

EXPENSES Investment advisory and management fee (note 4) 353,088.83 718,164.08 247,212.70 Depositary fee, bank charges and interest 29,763.96 108,188.49 40,786.61 Professional fees, audit fees and other expenses (note 2.b) 43,198.32 66,642.34 87,670.91 Administration and service fees 50,020.90 81,056.77 34,043.24 "Taxe d’abonnement" (note 3) 14,260.51 24,027.21 15,453.46 Transaction fees (note 2.h) 2,822.71 132,146.13 23,619.72 Interest and premiums on swaps 0.00 0.00 0.00

493,155.23 1,130,225.02 448,786.64

NET INVESTMENT INCOME/LOSS -427,404.26 -382,718.65 552,204.23 Net realised gain/loss on sales of investments (note 14) 726,426.15 6,632,750.97 1,635,687.46 Net realised gain/loss on foreign exchange 2,421.61 -115.00 36,101.49 Net realised loss on options 0.00 0.00 0.00 Net realised gain/loss on forward exchange contracts -21,865.64 0.00 -2,151,201.96 Net realised gain/loss on futures contracts 0.00 -477,010.00 -41,708.76 Net realised loss on Credit Default Swaps 0.00 0.00 0.00

NET REALISED GAIN/LOSS 279,577.86 5,772,907.32 31,082.46

Change in net unrealised appreciation/depreciation: - on investments (note 15) 552,989.01 4,652,146.86 -702,700.24 - on options 0.00 0.00 0.00 - on forward exchange contracts 0.00 0.00 386,597.05 - on Credit Default Swaps 0.00 0.00 0.00

INCREASE/DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS 832,566.87 10,425,054.18 -285,020.73

Proceeds from subscriptions of shares 1,987,363.65 5,715,470.43 3,993,567.25 Cost of shares redeemed -4,495,321.73 -5,232,371.98 -3,909,040.49 Dividends paid (note 7) 0.00 0.00 0.00 Revaluation difference* 0.00 0.00 0.00

NET ASSETS AT THE END OF THE YEAR/PERIOD 26,873,122.08 52,263,877.47 30,311,563.66 * The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the related sub-funds between December 31, 2014, and December 31, 2015.




55


BROWN ADVISORY US FLEXIBLE EQUITY FUND


OBLIGATAIRE DATE ET FLEXIBLE 2022 (note 1)


BLENDED RESEARCH - FOCUSED US CORE EQUITY STRATEGY

(note 1)

USD EUR USD

18,687,562.26 - -

246,987.87 0.00 275,054.46

0.00 1,008,603.91 0.00 0.00 0.00 0.00 0.00 4.04 0.00

648.72 573.01 648.72

247,636.59 1,009,180.96 275,703.18

331,815.47 235,165.06 312,784.11 37,979.18 22,380.31 14,180.53 48,462.64 43,069.78 40,233.94 25,278.74 42,956.31 23,826.68 12,633.89 15,688.32 11,325.28 4,316.99 10,413.76 91,174.71

0.00 0.00 0.00

460,486.91 369,673.54 493,525.25

-212,850.32 639,507.42 -217,822.07 -342,467.52 705,529.23 -569,499.60

-38.57 -114,635.35 0.00 0.00 0.00 0.00 0.00 -613,004.79 0.00 0.00 0.00 0.00 0.00 0.00 0.00

-555,356.41 617,396.51 -787,321.67

-597,782.77 -993,302.97 910,072.07

0.00 0.00 0.00 0.00 -26,478.77 0.00 0.00 0.00 0.00

-1,153,139.18 -402,385.23 122,750.40

6,776,932.83 33,554,411.97 24,554,137.88 -837,544.04 -2,787,135.28 -886,886.64

0.00 0.00 0.00 0.00 0.00 0.00

23,473,811.87 30,364,891.46 23,790,001.64


Number of shares outstanding and net asset value per share

The accompanying notes form an integral part of these financial statements. 56

Sub-fund Class Currency Number of shares

outstanding

Net asset valueper share



31.12.2015 31.12.2015 31.12.2014 31.12.2013


EUR 365,986.34 129.15 121.76 119.26

INTERNATIONAL GLOBAL SICAV - ACTIONS SUISSES CHF 365,503.47 118.40 110.58 101.72 INTERNATIONAL GLOBAL SICAV - SK WORLD OPPORTUNITIES

P EUR 1,551.00 1,272.36 1,169.96 982.87

I EUR 6,986.00 13,159.00 12,077.07 10,121.31 INTERNATIONAL GLOBAL SICAV - CONVERTIBLES EUR EUR 365,098.12 80.76 77.19 75.62 CHF CHF 64,226.85 114.01 109.99 108.09 INTERNATIONAL GLOBAL SICAV - OBLIGATIONS CORPORATES EURO

EUR EUR 572,872.15 86.96 88.01 80.75

CHF CHF 113,939.00 111.22 113.67 104.66 INTERNATIONAL GLOBAL SICAV - OBLIGATIONS GOUVERNEMENTALES EURO

EUR EUR 448,821.28 88.39 87.73 77.55

CHF CHF 97,545.00 112.69 113.11 100.32 INTERNATIONAL GLOBAL SICAV - ACTIONS EMERGENTES

EUR 337,462.07 63.35 68.89 63.03


EUR 282,722.82 95.05 92.28 85.18


EUR 317,145.27 164.79 131.40 126.21


EUR EUR 312,388.12 81.11 81.77 82.48

CHF CHF 61,320.00 88.19 98.29 101.05 INTERNATIONAL GLOBAL SICAV - BROWN ADVISORY US FLEXIBLE EQUITY FUND

USD 241,986.90 97.00 101.46 -


EUR EUR 236,724.49 98.93 - -

CHF CHF 67,850.00 97.94 - - USD USD 9,190.00 98.72 - - INTERNATIONAL GLOBAL SICAV - BLENDED RESEARCH - FOCUSED US CORE EQUITY STRATEGY (note 1)

USD 233,700.61 101.80 - -


Statement of investments and other net assets as at December 31, 2015 (expressed in EUR)


57

Description Quantity Market value (note 2) % of net assets

I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

SHARES

FRANCE

ACCOR 21,200.00 848,106.00 1.79ATOS 15,650.00 1,212,092.50 2.56AXA 26,250.00 662,287.50 1.40BNP PARIBAS 31,800.00 1,660,914.00 3.51BOUYGUES 16,150.00 590,201.75 1.25CAP GEMINI 31,300.00 2,679,280.00 5.67IMERYS 28,100.00 1,810,202.00 3.83KERING 8,100.00 1,279,395.00 2.71LVMH MOET HENNESSY LOUIS VUITTON 8,100.00 1,173,690.00 2.48MICHELIN 'B' 26,250.00 2,307,375.00 4.88ORANGE 111,100.00 1,720,383.50 3.64SAINT GOBAIN 45,500.00 1,813,175.00 3.84SANOFI 21,700.00 1,705,620.00 3.61SOCIETE GENERALE 26,250.00 1,117,462.50 2.36TECHNIP 17,170.00 785,269.95 1.66

21,365,454.70 45.19

GERMANY

DEUTSCHE TELEKOM REG. 151,500.00 2,528,535.00 5.35GEA GROUP 16,150.00 604,010.00 1.28HEIDELBERGCEMENT 14,650.00 1,107,833.00 2.34LINDE 4,550.00 609,245.00 1.29MERCK 6,570.00 588,474.90 1.25SIEMENS AG 6,570.00 590,511.60 1.25

6,028,609.50 12.76

IRELAND

CRH 80,800.00 2,157,360.00 4.56

2,157,360.00 4.56

ITALY

ATLANTIA 22,200.00 543,900.00 1.15INTESA SANPAOLO 656,500.00 2,027,272.00 4.29TELECOM ITALIA 2,272,500.00 2,670,187.50 5.65UNICREDIT 383,800.00 1,970,813.00 4.17

7,212,172.50 15.26

NETHERLANDS

AEGON 90,900.00 475,407.00 1.01RANDSTAD HOLDING 10,100.00 581,053.00 1.23RELX NV 35,350.00 549,339.00 1.16ROYAL PHILIPS 23,250.00 547,770.00 1.16

2,153,569.00 4.56




58


SPAIN

BANCO POPULAR ESPANOL 353,500.00 1,075,700.50 2.28MAPFRE 220,000.00 508,640.00 1.08REPSOL 65,750.00 665,390.00 1.41TELEFONICA 145,420.00 1,488,373.70 3.15

3,738,104.20 7.92

SWEDEN

ERICSSON TELEFON 'B' 72,700.00 653,320.25 1.38

653,320.25 1.38

SWITZERLAND

LAFARGEHOLCIM NOM. 15,150.00 707,808.00 1.50

707,808.00 1.50

UNITED KINGDOM

ROYAL DUTCH SHELL 'A' 51,390.00 1,084,072.05 2.29

1,084,072.05 2.29

TOTAL SHARES 45,100,470.20 95.42

RIGHTS

SPAIN

REPSOL RIGHT 65,100.00 29,880.90 0.06

29,880.90 0.06

TOTAL RIGHTS 29,880.90 0.06

TOTAL I. 45,130,351.10 95.48

II. UNITS OF INVESTMENT FUNDS

SWITZERLAND

PICTET (CH) - SHORT-TERM MONEY MARKET EUR - P DY 1,956.00 1,927,579.32 4.08

1,927,579.32 4.08

TOTAL II. 1,927,579.32 4.08

TOTAL INVESTMENTS 47,057,930.42 99.56

CASH AT BANKS 439,127.00 0.93OTHER NET LIABILITIES -229,998.87 -0.49

TOTAL NET ASSETS 47,267,058.55 100.00



59

Geographical and industrial classification of investments as at December 31, 2015

Geographical classification

(in % of net assets)

France 45.19 Italy 15.26 Germany 12.76 Spain 7.98 Switzerland 5.58 Netherlands 4.56 Ireland 4.56 United Kingdom 2.29 Sweden 1.38 99.56

Industrial classification


Communications 19.17 Banks and credit institutions 16.61 Construction and building materials 11.99 Computer and office equipment 8.23 Holding and finance companies 6.56 Tyres and rubber 4.88 Pharmaceuticals and cosmetics 4.86 Units of investment funds 4.08 Oil 3.70 Insurance 3.49 Construction of machines and appliances 2.95 Retail and supermarkets 2.71 Textiles and clothing 2.48 Electronics and electrical equipment 2.41 Gastronomy 1.79 Stainless steel 1.28 Publishing and graphic arts 1.16 Transport and freight 1.15 Rights 0.06 99.56


Statement of investments and other net assets as at December 31, 2015 (expressed in CHF)


60


TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

SHARES

SWITZERLAND

ACTELION 12,500.00 1,745,000.00 4.03BELIMO HOLDING 200.00 490,000.00 1.13CIE FINANCIERE RICHEMONT 8,875.00 639,887.50 1.48DORMA KABA HOLDING 1,050.00 717,675.00 1.66GALENICA 1,100.00 1,731,400.00 4.00GEBERIT 4,000.00 1,360,800.00 3.14GIVAUDAN 1,330.00 2,424,590.00 5.60HELVETIA HOLDING 1,920.00 1,086,720.00 2.51KUEHNE & NAGEL INTERNATIONAL 8,450.00 1,164,410.00 2.69LINDT & SPRUENGLI 'C' 210.00 1,313,550.00 3.04NESTLE 65,000.00 4,845,750.00 11.20NOVARTIS 58,500.00 5,077,800.00 11.73PARTNERS GROUP HOLDING NOM. 1,000.00 361,250.00 0.83ROCHE HOLDING D.RIGHT 20,000.00 5,528,000.00 12.77S.G.S. 350.00 668,850.00 1.55SIKA FINANCE 275.00 995,500.00 2.30SONOVA HOLDING 8,315.00 1,058,499.50 2.45STRAUMANN HOLDING REG. 3,000.00 915,000.00 2.11SWISS LIFE HOLDING 4,300.00 1,166,590.00 2.70SWISS RE REG. 22,400.00 2,198,560.00 5.08SYNGENTA 2,500.00 980,750.00 2.27UBS GROUP REG. 115,000.00 2,244,800.00 5.19ZURICH INSURANCE GROUP 5,000.00 1,292,000.00 2.99

40,007,382.00 92.45


CASH AT BANKS 3,470,261.48 8.02OTHER NET LIABILITIES -203,334.50 -0.47

TOTAL NET ASSETS 43,274,308.98 100.00



61




Switzerland 92.45 92.45



Pharmaceuticals and cosmetics 38.13 Food and soft drinks 14.24 Insurance 13.28 Electronics and electrical equipment 5.24 Banks and credit institutions 5.19 Chemicals 4.57 Construction and building materials 3.14 Holding and finance companies 2.94 Transport and freight 2.69 Utilities 1.55 Watch-making 1.48 92.45




62



SHARES

AUSTRIA

CONWERT IMMOBILIEN INVEST 100,000.00 1,404,000.00 1.50DO & CO AG 11,500.00 1,150,000.00 1.22IMMOFINANZ 410,000.00 861,410.00 0.92RAIFFEISEN INTERNATIONAL BANK 45,000.00 612,225.00 0.65STRABAG SE 20,000.00 471,500.00 0.50UNIQA INSURANCE GROUP 75,000.00 564,375.00 0.60

5,063,510.00 5.39

FINLAND

FERRATUM 23,638.00 693,798.94 0.74UPM-KYMMENE 50,000.00 861,500.00 0.92

1,555,298.94 1.66

FRANCE

AXA 55,300.00 1,395,219.00 1.49INGENICO GROUP 4,000.00 466,000.00 0.50SAFRAN 13,500.00 855,495.00 0.91VIVALIS 140,000.00 532,000.00 0.57WORLDLINE 10,000.00 238,700.00 0.25

3,487,414.00 3.72

GERMANY

AAREAL BANK AG 20,000.00 582,800.00 0.62ALLIANZ SE REG. 9,500.00 1,553,725.00 1.65AXEL SPRINGER 11,000.00 564,740.00 0.60BASF REG. 9,400.00 664,768.00 0.71BAYER REG. 5,200.00 602,160.00 0.64BILFINGER 22,500.00 978,075.00 1.04BIOTEST AG -OSR- 27,000.00 415,800.00 0.44CANCOM 7,000.00 306,110.00 0.33CEWE STIFTUNG 17,800.00 972,058.00 1.04COVESTRO 15,000.00 510,300.00 0.54DAIMLER 19,200.00 1,489,536.00 1.59DEAG DEUTSCHE ENTERTAINMENT 151,700.00 606,800.00 0.65DEUTSCHE LUFTHANSA RESTRICTED 44,000.00 640,860.00 0.68DEUTSCHE TELEKOM REG. 93,000.00 1,552,170.00 1.65FREENET 19,500.00 610,642.50 0.65FRESENIUS 29,600.00 1,952,712.00 2.08HELMA EIGENHEIMBAU 10,000.00 457,550.00 0.49MERCK 6,000.00 537,420.00 0.57MUENCHENER RUECKVERSICHERUNGS AG 7,200.00 1,328,760.00 1.42NEXUS 30,000.00 569,700.00 0.61STADA ARZNEIMITTEL 20,700.00 772,938.00 0.82STO VORZ. -OSR- 1,600.00 183,680.00 0.20TOMORROW FOCUS 230,000.00 816,500.00 0.87




63


TUI REG. 26,000.00 436,410.00 0.46VONOVIA 16,600.00 476,918.00 0.51VTG 16,000.00 455,040.00 0.48

20,038,172.50 21.34

IRELAND

SMURFIT KAPPA GROUP 32,000.00 753,280.00 0.80

753,280.00 0.80

ISRAEL

CHECK POINT SOFTWARE TECHNOLOGIES 7,400.00 554,370.03 0.59

554,370.03 0.59

JERSEY

SHIRE 10,000.00 637,428.40 0.68

637,428.40 0.68

NETHERLANDS

ASML HOLDING 7,500.00 619,125.00 0.66ING GROEP SHARES CERTIF. 70,700.00 880,215.00 0.94KONINKLIJKE KPN NV 490,000.00 1,711,080.00 1.82NXP SEMICONDUCTORS 21,000.00 1,643,565.37 1.75

4,853,985.37 5.17

NORWAY

MARINE HARVEST 65,000.00 808,509.91 0.86

808,509.91 0.86

SWITZERLAND

IMPLENIA 15,000.00 704,901.48 0.75ROCHE HOLDING D.RIGHT 7,000.00 1,779,312.96 1.89SWISS RE REG. 10,000.00 902,623.36 0.96SYNGENTA 1,600.00 577,237.52 0.61ZURICH INSURANCE GROUP 2,000.00 475,268.21 0.51

4,439,343.53 4.72

UNITED KINGDOM

RECKITT BENCKISER GROUP 5,000.00 426,105.55 0.45ROYAL DUTCH SHELL 'A' 50,000.00 1,054,750.00 1.12

1,480,855.55 1.57

UNITED STATES

ABBVIE 23,400.00 1,276,089.83 1.36ALPHABET 'A' 2,650.00 1,897,935.26 2.02BROADCOM 'A' 10,000.00 532,265.64 0.57CISCO SYSTEMS 56,700.00 1,417,369.90 1.51INTEL 24,800.00 786,486.45 0.84MASTERCARD 'A' 13,600.00 1,218,904.87 1.30MICRON TECHNOLOGY 37,000.00 482,297.84 0.51MICROSOFT 16,000.00 817,159.39 0.87




64


NVIDIA 19,900.00 603,796.54 0.64PAYPAL HOLDINGS 10,000.00 333,241.37 0.35UNITEDHEALTH GROUP 11,600.00 1,256,213.18 1.34WASTE MANAGEMENT 20,700.00 1,016,992.82 1.08WELLS FARGO 12,500.00 625,517.99 0.67

12,264,271.08 13.06

TOTAL I. 55,936,439.31 59.56

II. UNITS OF INVESTMENT FUNDS

FRANCE

LYXOR ETF MSCI INDIA C EUR 20,000.00 273,600.00 0.29

273,600.00 0.29

GERMANY

4Q-GROWTH FONDS UNIVERSAL THESAUR. ANT. -CAP- 46,000.00 3,788,236.34 4.044Q-SMART POWER INHABER-ANTEILE -CAP- 20,000.00 937,600.00 1.00ALLIANZ INFORMATIONSTECHNOLOGIE A EUR 12,000.00 2,140,320.00 2.28DWS BIOTECH FUNDS 6,200.50 1,327,960.72 1.41

8,194,117.06 8.73

IRELAND

AGIF V - GLOBAL INTELLECTUAL CAPITAL A EUR REG.S 29,000.00 2,273,600.00 2.42ISHARES - CHINA LARGE CAP GERMAN CERT 25,000.00 2,320,500.00 2.47ISHARES S&P 500 UCITS ETF 60,000.00 1,129,260.00 1.20ISHARES V -MSCI JAPAN MONTHLY - EUR HEDGED (DE) 20,000.00 902,000.00 0.96

6,625,360.00 7.05

LUXEMBOURG

AGIF II - ALLIANZ DELUXE P EUR -DIST- 14,000.00 1,386,000.00 1.48BELLEVUE (LUX) - BB ADAMANT GLOBAL GENERICS I2 EUR 8,000.00 982,480.00 1.05COMSTAGE ETF MSCI NORTH AMERICA I 21,000.00 1,081,710.00 1.15DB X-TRACKERS - CSI300 UCI ETF 1C -CAP- 260,000.00 2,617,071.45 2.79FIDELITY FUNDS - ASEAN - Y USD -CAP- 70,000.00 819,018.91 0.87FRANKLIN TIF - FRONTIER MARKETS - I EUR -CAP- 50,000.00 1,062,500.00 1.13JPMF - EMERGING MARKETS SMALL CAP - A EUR -CAP- 95,000.00 958,550.00 1.02LACUNA - BB ADAMANT ASIA PACIFIC HEALTH I (2) 159.00 2,587,249.59 2.76NORDEA 1 NORDIC EQUITY BI BASE CURRENCY -ACC- 23,000.00 1,842,530.00 1.96PICTET - SECURITY I USD 13,400.00 2,486,580.82 2.65VITRUVIUS JAPANESE EQUITY - B EUR -CAP- 15,000.00 2,937,750.00 3.13

18,761,440.77 19.99

SWITZERLAND

BB ADAMANT GLOBAL HEALTHCARE INDEX IA 1,550.00 2,720,317.81 2.90

2,720,317.81 2.90




65


UNITED STATES

SPDR SERIES TRUST S&P RETAIL ETF 25,000.00 995,121.33 1.06

995,121.33 1.06

TOTAL II. 37,569,956.97 40.02



TOTAL NET ASSETS 93,902,230.05 100.00



66




Germany 30.07 Luxembourg 19.99 United States 14.12 Ireland 7.85 Switzerland 7.62 Austria 5.39 Netherlands 5.17 France 4.01 Finland 1.66 United Kingdom 1.57 Norway 0.86 Jersey 0.68 Israel 0.59 99.58



Units of investment funds 40.02 Pharmaceuticals and cosmetics 7.29 Insurance 6.63 Banks and credit institutions 4.25 Internet, software and IT services 4.20 Electronics and electrical equipment 4.16 Communications 4.04 Computer and office equipment 3.53 Construction and building materials 2.98 Real Estate Shares 2.93 Chemicals 2.50 Gastronomy 2.33 Automobiles 1.59 Holding and finance companies 1.52 Publishing and graphic arts 1.47 Healthcare & social services 1.34 Transport and freight 1.16 Biotechnology 1.12 Oil 1.12 Environmental conservation and waste management 1.08 Photography and optics 1.04 Paper and forest products 0.92 Agriculture and fisheries 0.86 Miscellaneous 0.80 Miscellaneous trade 0.45 Utilities 0.25 99.58




67

Description Currency Nominal Market value (note 2) % of net assets


BONDS

AUSTRIA

1.25% CV STEINHARDT FINANCE 15/22 'SHF' EUR 600,000.00 615,630.00 1.704.00% CV STEINHOFF FINANCE HOLDINGS 14/21 -SR- EUR 200,000.00 274,200.00 0.76

889,830.00 2.46

BELGIUM

0.375% CV SAGERPAR (GBLB) 13/18 -SR-S EUR 200,000.00 222,960.00 0.622.00% CV COFINIMMO 13/18 -SR-S EUR 740.00 89,177.40 0.25

312,137.40 0.87

BERMUDA

1.875% CV JAZZ INVESTMENTS I 15/21 USD 400,000.00 385,291.46 1.06

385,291.46 1.06

BRITISH VIRGIN ISLANDS

0.00% CV SHINE POWER INTERNATIONAL 14/19 -SR- HKD 2,000,000.00 230,728.88 0.640.00% CV TONG JIE (SHANGHAI INDUST.) 13/18 HKD 2,000,000.00 243,794.61 0.67

474,523.49 1.31

CAYMAN ISLANDS

0.00% CV CHINA OVERSEAS FIN 14/21 -SR-S USD 200,000.00 226,456.84 0.630.00% CV CHINA OVERSEAS FINANCE 15/23 -SR- USD 400,000.00 374,896.54 1.040.00% CV ENN ENERGY HOLDINGS 13/18 USD 250,000.00 252,232.42 0.700.00% CV HENGAN INTERNATIONAL GROUP 13/18 -SR-S HKD 2,000,000.00 249,139.68 0.690.00% CV SEMICONDUCTOR MANUFACTURING 13/18 -SR-S USD 400,000.00 418,853.10 1.160.50% CV AYC FINANCE 14/19 USD 200,000.00 197,919.60 0.550.50% CV SHENZHOU INTERNATIONAL GROUP 14/19 HKD 2,000,000.00 296,948.37 0.82

2,016,446.55 5.59

FINLAND

0.00% CV SOLIDIUM (SAMPO) 14/18 -SR-S EUR 200,000.00 230,460.00 0.64

230,460.00 0.64

FRANCE

0.00% CV CAP GEMINI 13/19 EUR 3,000.00 278,790.00 0.770.00% CV CREDIT AGRICOLE (RF) 13/16 EUR 3,500.00 263,287.50 0.730.00% CV INGENICO 15/22 EUR 700.00 130,816.00 0.360.00% CV SUEZ ENVIRONNEMENT 04/20 -SR-S EUR 12,620.00 284,644.10 0.790.00% CV UNIBAIL-RODAMCO 14/21 EUR 1,050.00 341,722.50 0.940.00% CV UNIBAIL-RODAMCO 15/22 -SR- EUR 529.00 189,213.78 0.520.25% CV TECHNIP 11/17 -SR- EUR 3,579.00 343,619.79 0.950.50% CV TOTAL 15/22 -SR- USD 200,000.00 179,867.49 0.50




68


0.875% CV FDR 13/19 EUR 3,500.00 353,972.50 0.982.50% CV BIM 15/20 EUR 2,800.00 71,400.00 0.204.45% CV PEUGEOT SA 09/16 EUR 10,500.00 269,430.00 0.74

2,706,763.66 7.48

GERMANY

0.00% CV FRESENIUS 14/19 EUR 100,000.00 141,770.00 0.390.00% CV HANIEL FINANCE (MEO) 15/20 EUR 200,000.00 215,424.00 0.590.00% CV RAG (EVONIK) 14/18 EUR 100,000.00 110,050.00 0.300.00% CV RAG-STIFTUNG (EVONIK) 15/21 EUR 300,000.00 339,450.00 0.940.25% CV ADIDAS 12/19 -SR- EUR 200,000.00 252,330.00 0.700.50% CV LEG IMMOBILIEN 14/21 EUR 200,000.00 291,900.00 0.810.60% CV DEUTSCHE POST 12/19 -SR- EUR 200,000.00 263,460.00 0.730.875% CV DEUTSCHE WOHNEN 14/21 EUR 300,000.00 424,590.00 1.171.125% CV FRESENIUS MEDICAL CARE 14/20 EUR 300,000.00 376,755.00 1.04

2,415,729.00 6.67

ITALY

4.50% CV TELECOM ITALIA 15/22 EUR 400,000.00 452,440.00 1.25

452,440.00 1.25

JAPAN

FRN CV YAMAGUCHI FINANCIAL 15/20 USD 200,000.00 194,099.29 0.540.00% CV ASICS 14/19 JPY 20,000,000.00 177,078.61 0.490.00% CV CHUGOKU ELECTRIC 15/20 JPY 40,000,000.00 325,821.58 0.900.00% CV JAPAN AIRPORT 15/20 JPY 20,000,000.00 164,031.11 0.450.00% CV NAGOYA RAILROAD 14/24 JPY 10,000,000.00 84,483.48 0.230.00% CV RESORTTRUST 14/21 -SR- JPY 10,000,000.00 90,947.54 0.250.00% CV SHIONOGI 14/19 JPY 10,000,000.00 108,290.00 0.300.00% CV SHIZUOKA BANK 13/18 USD 400,000.00 365,122.07 1.010.00% CV TAKASHIMAYA 13/20 -SR- REG.S JPY 20,000,000.00 170,727.04 0.470.00% CV TEIJIN 14/21 JPY 20,000,000.00 184,966.79 0.510.00% CV TERUMO 14/19 JPY 20,000,000.00 179,637.60 0.500.00% CV TERUMO 14/21 JPY 30,000,000.00 273,643.84 0.760.00% CV THE JOYO BANK 14/19 USD 200,000.00 180,751.22 0.500.00% CV TOHOKU ELECTRIC POWER 15/20 -SR- JPY 10,000,000.00 80,635.05 0.220.00% CV TOPPAN PRINTING 13/19 JPY 20,000,000.00 178,685.63 0.490.00% CV TORAY INDUSTRIES 14/19 JPY 50,000,000.00 506,059.13 1.400.00% CV UNICHARM 15/25 JPY 20,000,000.00 185,543.03 0.510.00% CV YAMADA DENKI 14/19 JPY 30,000,000.00 259,706.36 0.72

3,710,229.37 10.25

JERSEY

0.00% CV BRITISH LAND 15/20 GBP 100,000.00 134,554.65 0.371.125% CV DERWENT LONDON CAPITAL 2 13/19 GBP 100,000.00 161,622.97 0.451.50% CV BRITISH LAND JERSEY 12/17 GBP 200,000.00 319,379.04 0.88

615,556.66 1.70




69


LUXEMBOURG

1.00% CV SUBSEA 7 12/17 USD 400,000.00 343,367.49 0.951.25% CV GBL (SUEZ) 13/17 -SR- EUR 500,000.00 531,500.00 1.47

874,867.49 2.42

MALAYSIA

0.00% CV CAHAYA CAPITAL (TNB) (SUKUK) 14/21 -S- USD 200,000.00 176,761.53 0.490.00% CV INDAH CAPITAL (IHH) (SUK.) 13/18 SGD 250,000.00 180,594.14 0.50

357,355.67 0.99

MEXICO

0.00% CV AMERICA MOVIL (KPN) 15/20 EUR 800,000.00 821,600.00 2.263.75% SUB. CV CEMEX 11/18 USD 100,000.00 86,019.54 0.24

907,619.54 2.50

NETHERLANDS

0.00% CV AIRBUS GROUP 15/22 EUR 100,000.00 108,200.00 0.300.00% CV IBERDROLA 15/22 EUR 100,000.00 101,310.00 0.280.00% CV STMICROELECTRONICS 14/19 USD 400,000.00 353,788.19 0.980.375% CV QIAGEN 14/19 -SR-S USD 200,000.00 212,648.50 0.590.875% CV QIAGEN 14/21 USD 200,000.00 218,871.46 0.601.00% CV NXP SEMICONDUCTOR 14/19 -SR- USD 250,000.00 254,117.26 0.702.625% CV ACS (IBE) 13/18 EUR 300,000.00 367,320.00 1.01

1,616,255.41 4.46

NORWAY

0.125% CV MARINE HARVEST 15/20 EUR 200,000.00 207,060.00 0.570.875% CV MARINE HARVEST 14/19 EUR 100,000.00 131,280.00 0.36

338,340.00 0.93

SINGAPORE

1.95% CV CAPITALAND 13/23 SGD 1,000,000.00 668,054.25 1.83

668,054.25 1.83

SPAIN

0.25% CV INTL CONSOLIDATED AIRLINES GROUP 15/20 -SR- EUR 100,000.00 102,347.00 0.280.625% CV INTL CONSOLIDATED AIRLINES GROUP 15/22 -SR- EUR 100,000.00 102,210.00 0.28

204,557.00 0.56

SWEDEN

0.00% CV INDUSTRIVAERDEN (ICA) 14/19 -SR-S SEK 3,000,000.00 374,747.85 1.03

374,747.85 1.03

SWITZERLAND

0.00% CV SWISS LIFE 13/20 -SR- REG.S CHF 450,000.00 524,248.06 1.450.50% CV IMPLENIA 15/22 CHF 170,000.00 156,807.24 0.431.50% CV BALOISE HOLDING 09/16 CHF 100,000.00 99,504.68 0.27

780,559.98 2.15




70


TAIWAN

0.00% CV ADVANCED SEMICONDUCTOR 15/18 USD 400,000.00 350,811.11 0.970.00% CV ASIA CEMENT 11/16 USD 200,000.00 183,237.65 0.510.00% CV UNITED MICROELECTRONICS 15/20 USD 200,000.00 167,771.38 0.46

701,820.14 1.94

UNITED ARAB EMIRATES

0.50% CV AABAR INVESTMENT (UCG) 15/20 -SR-S EUR 400,000.00 377,400.00 1.041.00% CV AABAR INVEST (UCG) 15/22 -SR-S EUR 400,000.00 376,520.00 1.041.75% CV DP WOLRD 14/24 -SR-S USD 400,000.00 384,221.78 1.06

1,138,141.78 3.14

UNITED KINGDOM

0.00% CV VODAFONE GROUP 15/20 -SR- GBP 300,000.00 411,357.05 1.141.25% CV J SAINSBURY 14/19 GBP 300,000.00 435,413.26 1.201.75% CV INMARSAT 07/17 -SR-S USD 200,000.00 281,524.52 0.782.50% CV INTU JERSEY 12/18 GBP 100,000.00 147,674.98 0.41

1,275,969.81 3.53

UNITED STATES

0.00% CV AKAMAI TECHNOLOGIES 15/19 -SR- USD 350,000.00 310,568.30 0.860.00% CV HOLOGIC 13/43 -SR- USD 100,000.00 117,781.03 0.330.00% CV ILLUMINA 14/19 USD 705,000.00 712,875.72 1.960.00% CV SERVICENOW 13/18 USD 130,000.00 154,406.01 0.430.00% CV YAHOO 14/18 -SR- USD 350,000.00 315,633.20 0.870.25% CV RED HAT 14/19 USD 390,000.00 470,450.42 1.300.25% CV SALESFORCE 13/18 -SR- USD 260,000.00 310,085.33 0.860.25% CV TWITTER 14/19 USD 200,000.00 156,451.30 0.430.35% CV PRICELINE GROUP 13/20 -SR- USD 750,000.00 822,514.73 2.260.50% CV LINKEDIN 14/19 -SR- USD 150,000.00 145,725.67 0.400.50% SUB. CV CITRIX SYSTEMS 15/19 USD 850,000.00 857,285.06 2.360.625% CV JDS UNIPHASE 13/33 USD 150,000.00 129,610.64 0.361.00% CV LIBERTY INTL 13/43 USD 250,000.00 173,393.94 0.481.00% CV PRICELINE GROUP 12/18 -SR- USD 60,000.00 78,756.17 0.221.125% SUB. CV JARDEN 14/34 -SR- USD 160,000.00 182,410.80 0.501.25% CV LAM RESEARCH 11/18 USD 270,000.00 358,624.37 0.991.375% CV BROCADE COMMUNICATIONS 15/20 USD 150,000.00 133,312.66 0.371.375% CV LIBERTY MEDIA 13/23 USD 250,000.00 228,788.15 0.631.50% CV SANDISK 10/17 USD 180,000.00 261,615.65 0.721.625% SUB. CV MICROCHIP TECHNOLOGY 15/25 USD 120,000.00 111,192.52 0.312.00% CV HOLOGIC 12/42 USD 180,000.00 223,678.60 0.622.00% CV IMPAX LABORATORIES 15/22 USD 130,000.00 118,098.03 0.332.25% CV RPM INTERNATIONAL 13/20 USD 150,000.00 157,771.38 0.442.875% CV MACQUARIE INFRASTRUCTURE 14/19 USD 100,000.00 103,698.36 0.292.875% CV SPIRIT REALTY 14/19 USD 233,000.00 205,515.37 0.573.00% SUB. CV MICRON TECHNOLOGY 13/43 'G' USD 40,000.00 30,671.83 0.083.125% CV EXTRA SPACE STORAGE 15/35 USD 200,000.00 202,783.82 0.563.25% CV INTEL 09/39 USD 350,000.00 539,668.06 1.493.75% CV STARWOOD PROPERTY 14/17 -SR- USD 100,000.00 90,784.80 0.253.75% OLD REPUPLIC INTL 11/18 USD 100,000.00 117,473.57 0.32




71

Description Currency Quantity/Nominal Market value (note 2) % of net assets

4.55% CV STARWOOD PROPERTY 13/18 USD 150,000.00 141,253.84 0.394.75% CV ARES CAPITAL 12/18 USD 400,000.00 369,419.23 1.025.125% CV ARES CAPITAL 11/16 -SR- USD 200,000.00 184,450.94 0.515.75% CV ARES CAPITAL 11/16 USD 400,000.00 368,130.45 1.025.875% CV PROSPECT CAPITAL 13/19 USD 200,000.00 176,139.24 0.49

9,061,019.19 25.02

TOTAL BONDS 32,508,715.70 89.78

WARRANTS

NETHERLANDS

1.05% CV SIEMENS WTS SIE+OSR 12/17 750,000.00 728,390.15 2.001.65% CV SIEMENS WTS SIE+OSR 12/19 750,000.00 757,146.03 2.08

1,485,536.18 4.08

TOTAL WARRANTS 1,485,536.18 4.08


CASH AT BANKS 2,035,002.43 5.62OTHER NET ASSETS 189,710.08 0.52

TOTAL NET ASSETS 36,218,964.39 100.00



72




United States 25.02 Japan 10.25 Netherlands 8.54 France 7.48 Germany 6.67 Cayman Islands 5.59 United Kingdom 3.53 United Arab Emirates 3.14 Mexico 2.50 Austria 2.46 Luxembourg 2.42 Switzerland 2.15 Taiwan 1.94 Singapore 1.83 Jersey 1.70 British Virgin Islands 1.31 Italy 1.25 Bermuda 1.06 Sweden 1.03 Malaysia 0.99 Norway 0.93 Belgium 0.87 Finland 0.64 Spain 0.56 93.86



Bonds issued by companies 93.86 93.86




73



BONDS

AUSTRALIA

1.875% TRANSURBAN FINANCE 14/24 -SR-S EUR 125,000.00 122,712.50 0.202.00% SUB. COMMONWEALTH BANK OF AUSTRALIA 15/27 -S- EUR 250,000.00 238,067.50 0.392.50% TELSTRA 13/23 '44' EUR 200,000.00 216,306.00 0.352.875% ORIGIN ENERGY FINANCE 12/19 EUR 100,000.00 98,141.50 0.163.25% BHP BILLITON FINANCE 12/27 -SR- EUR 400,000.00 425,816.00 0.694.75% SUB. BHP BILLITON FINANCE 15/76 EUR 100,000.00 98,810.00 0.165.625% SUB. BHP BILLITON FINANCE 15/79 EUR 100,000.00 98,595.00 0.16

1,298,448.50 2.11

AUSTRIA

2.625% OMV 12/22 5 -SR- REG.S EUR 100,000.00 106,825.00 0.17

106,825.00 0.17

BELGIUM

FRN SOLVAY 15/17 -SR- EUR 300,000.00 301,467.00 0.491.875% PROXIMUS 15/25 EUR 100,000.00 102,469.50 0.173.125% DELHAIZE GROUP 12/20 -SR-S EUR 100,000.00 108,874.00 0.18

512,810.50 0.84

BERMUDA

2.75% BACARDI 13/23 -SR- REG.S EUR 100,000.00 106,206.50 0.17

106,206.50 0.17

CAYMAN ISLANDS

1.375% HUTCHINSON WHAMPOA 14/21 -SR- EUR 300,000.00 300,571.50 0.493.75% SUB. HUTCHISON WHAMPOA (KY) 13/PERP -S- EUR 200,000.00 201,000.00 0.33

501,571.50 0.82

DENMARK

1.50% AP MOELLER-MAERSK 15/22 -SR- EUR 150,000.00 146,700.75 0.242.625% CARLSBERG BREWERIES 12/19 4 -SR-S EUR 300,000.00 319,179.00 0.523.75% TDC 12/22 S.4 -SR-S EUR 200,000.00 221,889.00 0.363.875% SUB. DANSKE BANK 13/23 EUR 500,000.00 533,175.00 0.87

1,220,943.75 1.99

FINLAND

2.75% CRH FINLAND SERVICES (FR/RAT) 13/20 EUR 100,000.00 107,507.00 0.172.75% ELISA 13/21 -SR-S EUR 150,000.00 161,181.75 0.26

268,688.75 0.43

FRANCE

0.625% RCI BANQUE 15/20 -SR- EUR 200,000.00 195,890.00 0.321.00% GDF SUEZ 15/26 '66' T1 EUR 300,000.00 283,113.00 0.461.125% AUTOROUTES PARIS-RHIN-RHONE 14/21 -SR-S EUR 100,000.00 100,560.50 0.16




74


1.25% DANONE 15/24 -SR- EUR 400,000.00 394,448.00 0.641.375% RCI BANQUE 15/20 EUR 200,000.00 201,537.00 0.331.50% AUTOROUTES PARIS-RHIN-RHONE 15/24 EUR 100,000.00 100,142.00 0.161.50% SANOFI 15/25 EUR 400,000.00 403,746.00 0.661.625% PUBLICIS GROUPE 14/24 -SR- EUR 100,000.00 98,766.50 0.161.75% CARREFOUR 13/19 '52' -SR-S EUR 100,000.00 104,149.50 0.171.875% AIR LIQUIDE FINANCE 14/24 -SR- EUR 300,000.00 311,940.00 0.511.875% FRANCE TELECOM 13/19 '129' -SR-S EUR 700,000.00 734,972.00 1.201.875% SANEF 15/26 EUR 100,000.00 99,922.50 0.162.125% PERNOD-RICARD 14/24 EUR 100,000.00 101,641.50 0.172.125% TOTAL CAPITAL INTERNATIONAL 12/23 -SR-S EUR 300,000.00 315,625.50 0.512.20% TRANSP. ET INFRAS. GAZ DE FRANCE 15/25 EUR 400,000.00 402,460.00 0.652.25% AUCHAN 13/23 -SR- EUR 300,000.00 317,767.50 0.522.25% DANONE 13/21 -SR- REG.S EUR 100,000.00 107,520.50 0.172.25% HOLDING D'INFRASTRUCTURES 14/25 -SR-S EUR 100,000.00 100,220.00 0.162.25% SUB. TOTAL 15/PERP EUR 700,000.00 648,375.00 1.052.25% THALES 13/21 9 -SR-S EUR 200,000.00 212,145.00 0.352.375% GDF SUEZ 14/26 EUR 100,000.00 107,430.50 0.172.50% IMERYS 13/20 -SR- EUR 200,000.00 213,020.00 0.352.50% SUB. SUEZ ENVIRONNEMENT 15/PERP EUR 200,000.00 191,500.00 0.312.50% WENDEL 15/27 EUR 100,000.00 94,741.50 0.152.625% EUTELSAT 13/20 -SR- REG.S EUR 200,000.00 211,863.00 0.342.625% SUB. TOTAL 15/PERP EUR 400,000.00 354,500.00 0.582.75% SUB. BANQUE POSTALE 15/27 EUR 200,000.00 202,759.00 0.332.75% SUB. BPCE 15/27 EUR 200,000.00 200,700.00 0.332.875% PLASTIC-OMNIUM 13/20 EUR 200,000.00 208,821.00 0.342.875% RCI BANQUE 13/18 276 -SR-S EUR 150,000.00 156,807.75 0.262.95% AUTOROUTES SUD FRANCE 14/24 -SR-S EUR 100,000.00 110,941.00 0.183.00% SUB. GDF SUEZ 14/PERP EUR 200,000.00 200,250.00 0.333.00% SUB. SCOR 15/46 -JR- EUR 300,000.00 292,875.00 0.483.25% VALEO 14/24 -SR- EUR 100,000.00 112,438.50 0.183.641% BOUYGUES 10/19 -SR-S EUR 300,000.00 333,061.50 0.543.85% ARKEMA (FR/RAT) 12/20 EUR 200,000.00 226,107.00 0.373.875% CARREFOUR (FR/RAT) 10/21 -SR- EUR 100,000.00 115,057.50 0.193.875% SUB. GDF SUEZ 13/PERP EUR 200,000.00 205,500.00 0.333.994% CASINO GUICHARD PERRACHON (FR/RAT) 12/20 -SR- EUR 400,000.00 425,202.00 0.694.00% AUTOROUTES SUD FRANCE 11/18 -SR- EUR 300,000.00 329,133.00 0.544.00% CARREFOUR 10/20 '48' -SR-S EUR 100,000.00 113,872.00 0.194.00% CIE SAINT GOBAIN 10/18 S10 -SR- EUR 200,000.00 219,460.00 0.364.50% ALSTOM 10/20 -SR- EUR 200,000.00 226,917.00 0.374.625% VEOLIA ENVIRONNEMENT 12/27 -SR-S EUR 500,000.00 637,975.00 1.044.75% LAFARGE 13/20 '21' EUR 250,000.00 290,843.75 0.475.00% EUTELSAT 11/19 EUR 200,000.00 225,267.00 0.375.375% SUB. SCOR 11/PERP CHF 400,000.00 374,843.89 0.615.922% SUB. SOCIETE GENERALE 07/PERP -S- USD 500,000.00 470,059.05 0.765.971% SUB. CREDIT AGRICOLE 08/18 232 -S- EUR 500,000.00 555,830.00 0.906.125% VEOLIA ENVIRONNEMENT 03/33 '12' TR.1 -SR- EUR 100,000.00 145,856.00 0.246.375% SUB. TV SOLVAY FINANCE 06/PERP EUR 72,000.00 72,900.00 0.127.375% A.S.F. 09/19 -SR- EUR 300,000.00 364,815.00 0.598.125% FRANCE TELECOM 03/33 EUR 400,000.00 664,050.00 1.088.50% LEGRAND 95/25 -SR- USD 100,000.00 122,098.90 0.20

14,012,437.84 22.80




75


GERMANY

0.625% DAIMLER 15/20 EUR 250,000.00 249,142.50 0.410.75% VW LEASING 15/20 EUR 500,000.00 481,277.50 0.781.125% VOLKSWAGEN BANK 13/18 -SR-S EUR 156,000.00 156,854.10 0.261.50% METRO 15/25 -SR-S EUR 300,000.00 284,754.00 0.461.50% VOLKSWAGEN BANK 14/19 -SR-S EUR 844,000.00 854,022.50 1.401.75% LINDE 12/20 S -SR- EUR 200,000.00 211,794.00 0.341.75% ROBERT BOSCH 14/24 EUR 200,000.00 206,789.00 0.342.00% BASF 12/22 -SR-S EUR 100,000.00 106,938.00 0.172.375% HELLA KGAA 13/20 -SR- REG.S EUR 100,000.00 105,236.50 0.172.375% O2 TELEFONICA D.F. 14/21 -SR-S EUR 190,000.00 200,155.50 0.332.375% SUB. BAYER 15/75 -JR-S EUR 300,000.00 283,125.00 0.462.375% VOLKSWAGEN LEASING 12/22 -S- EUR 300,000.00 305,920.50 0.502.625% SUB. MERCK 14/74 -JR-S EUR 100,000.00 98,500.00 0.162.625% VW LEASING 14/24 'F01/14' -SR-S EUR 100,000.00 103,147.00 0.173.00% SUB. BAYER 14/75 -JR-S EUR 300,000.00 302,625.00 0.493.125% CONTINENTAL 13/20 '3' -SR-S EUR 100,000.00 110,882.50 0.183.125% VIER GAS TRANSPORT 13/23 S3 -SR-S EUR 200,000.00 224,199.00 0.363.375% SUB. MERCK 14/74 -JR-S EUR 100,000.00 98,937.50 0.163.75% SUB. BAYER 14/PERP -JR-S EUR 200,000.00 202,500.00 0.335.625% SUB. ALLIANZ FINANCE 12/42 EUR 400,000.00 468,726.00 0.765.75% RWE 03/33 '22031' -SR- EUR 100,000.00 123,361.50 0.20

5,178,887.60 8.43

GUERNSEY

1.25% CREDIT SUISSE GROUP FUNDING 15/22 -SR-S EUR 300,000.00 291,040.50 0.477.875% SUB. CS GROUP GUERNSEY (COCO) 11/41 USD 400,000.00 379,959.60 0.62

671,000.10 1.09

HONG KONG

1.60% DONGFENG MOTOR HK 15/18 EUR 120,000.00 121,143.00 0.201.90% BAIC INALFA HK INVESTMENT 15/20 EUR 150,000.00 148,059.00 0.24

269,202.00 0.44

IRELAND

1.125% RYANAIR 15/23 '2' -SR-S EUR 200,000.00 191,301.00 0.311.25% FCA CAPITAL IRELAND 15/18 -SR- EUR 240,000.00 240,734.40 0.392.00% FGA CAPITAL IRELAND 14/19 EUR 200,000.00 203,366.00 0.332.625% FGA CAPITAL IRELAND 14/19 -SR-S EUR 200,000.00 207,403.00 0.34

842,804.40 1.37

ITALY

1.375% SNAM 15/23 '16' EUR 100,000.00 99,696.50 0.161.75% AUTOSTRADE ITALIA 15/26 -SR- EUR 400,000.00 398,810.00 0.653.375% SNAM 13/21 8 -SR-S EUR 300,000.00 335,520.00 0.553.75% ENI 13/25 '12' -SR- REG.S EUR 270,000.00 313,150.05 0.513.875% SNAM 12/18 '3' EUR 200,000.00 215,694.00 0.354.25% ENI 12/20 S9 -SR- EUR 600,000.00 681,735.00 1.114.75% TERNA 11/21 -SR- EUR 400,000.00 477,540.00 0.78




76


5.00% SNAM 12/19 '2' EUR 179,000.00 203,417.39 0.335.00% SUB. INTESA SANPAOLO 09/19 '529' EUR 400,000.00 432,990.00 0.705.625% ENEL 07/27 S36 -SR- EUR 100,000.00 137,648.00 0.22

3,296,200.94 5.36

JERSEY

1.50% DELPHI AUTOMOTIVE 15/25 -SR- EUR 100,000.00 92,627.00 0.151.75% UBS GROUP FUNDING (JERSEY) 15/22 EUR 300,000.00 300,705.00 0.497.25% SUB. UBS JERSEY 12/22 USD 600,000.00 578,224.41 0.94

971,556.41 1.58

LUXEMBOURG

1.125% MICHELIN LUXEMBOURG 15/22 EUR 100,000.00 100,028.00 0.161.25% GLENCORE FINANCE EUROPE 15/21 -SR-S EUR 400,000.00 292,106.00 0.481.75% GLENCORE FINANCE EUROPE 15/25 -SR-S EUR 100,000.00 63,000.00 0.101.75% NESTLE FINANCE 12/22 '63' EUR 200,000.00 213,403.00 0.354.625% SES 10/20 '7' EUR 200,000.00 229,681.00 0.37

898,218.00 1.46

MEXICO

1.00% AMERICA MOVIL 14/18 -SR- EUR 350,000.00 353,984.75 0.584.75% AMERICA MOVIL 10/22 -SR- EUR 100,000.00 120,743.00 0.205.125% SUB. AMERICA MOVIL 13/PERP -SR-S EUR 150,000.00 156,453.75 0.25

631,181.50 1.03

NETHERLANDS

1.00% BMW FINANCE 15/25 EUR 300,000.00 286,798.50 0.471.00% NN GROUP 15/22 '1' EUR 300,000.00 292,803.00 0.481.25% HEINEKEN 15/21 '19' EUR 100,000.00 100,927.50 0.161.375% KONINKLIJKE DSM 15/22 EUR 230,000.00 233,578.80 0.381.625% BMW FINANCE 14/19 EUR 500,000.00 518,162.50 0.841.875% CRH FUNDING (FR/RAT) 15/24 -SR- EUR 100,000.00 100,804.50 0.161.875% GENERAL MOTORS INTERNATIONAL 14/19 -SR-S EUR 200,000.00 203,690.00 0.332.125% DEUTSCHE TELEKOM INTERNATIONAL 13/21 -SR-S EUR 300,000.00 321,333.00 0.522.25% VONOVIA FINANCE 15/23 -SR- EUR 300,000.00 298,500.00 0.492.375% B.A.T. HOLDINGS 12/23 '40' EUR 100,000.00 105,815.50 0.172.625% EDP FINANCE 14/19 '34' -SR-S EUR 200,000.00 207,095.00 0.342.875% SUB. ABN AMRO BANK 15/25 EUR 550,000.00 565,086.50 0.923.00% IBERDROLA INTL 13/22 -SR-S EUR 500,000.00 553,887.50 0.903.375% ASML HOLDING 13/23 -SR-S EUR 200,000.00 225,003.00 0.373.50% GAS NATURAL FENOSA 13/21 '21' -SR-S EUR 100,000.00 112,049.50 0.183.50% HEINEKEN 12/24 -SR- S5 REG.S EUR 200,000.00 229,154.00 0.373.625% BMW FINANCE 11/18 EUR 200,000.00 213,592.00 0.353.875% GAS NATURAL FENOSA 13/22 -SR-S EUR 100,000.00 114,666.00 0.194.00% BHARTI AIRTEL INTERNATIONAL 13/18 -SR-S EUR 200,000.00 213,850.00 0.354.125% EDP FINANCE 13/21 '32' -SR- EUR 300,000.00 324,375.00 0.534.125% SUEDZUCKER I.F. 11/18 -SR-S EUR 200,000.00 214,618.00 0.354.875% ENEL FINANCE INTERNATIONAL 12/20 -SR-S EUR 200,000.00 233,833.00 0.384.875% ENEL FINANCE INTERNATIONAL 12/23 69 -SR-S EUR 300,000.00 372,490.50 0.615.00% ENEL FINANCE INTERNATIONAL 09/22 S.41 -SR-S EUR 407,000.00 507,571.74 0.835.125% SUB. VOLKSWAGEN INTL 13/PERP -JR-S EUR 300,000.00 307,800.00 0.50




77


5.25% SUB. SIEMENS FINANCE 06/66 EUR 200,000.00 205,730.00 0.335.625% KPN KONINKLIJKE 09/24 -SR-S EUR 300,000.00 389,638.50 0.636.375% WOLTERS KLUWER 08/18 -SR-S EUR 100,000.00 113,362.50 0.187.375% SUB. LINDE FINANCE 06/66 EUR 100,000.00 103,475.00 0.177.50% DT TELEKOM I.F. (FR/RAT) 03/33 EUR 300,000.00 487,950.00 0.798.375% KPN KONINKLIJKE 00/30 -SR- USD 270,000.00 321,810.36 0.52

8,479,451.40 13.79

PANAMA

1.125% CARNIVAL 15/19 EUR 100,000.00 100,118.00 0.161.875% CARNIVAL 15/22 EUR 150,000.00 149,169.00 0.24

249,287.00 0.40

PORTUGAL

3.875% BRISA CONCESSAO RODOVIARIA 14/21 EUR 100,000.00 110,715.00 0.18

110,715.00 0.18

SPAIN

1.00% ENAGAS FINANCIACIONES 15/23 '8' EUR 100,000.00 97,285.00 0.161.125% RED ELECTRICA 15/25 '9' EUR 100,000.00 95,972.50 0.161.477% TELEFONICA EMISIONES 15/21 EUR 300,000.00 300,180.00 0.491.68% CANAL ISABEL II 15/25 -SR- EUR 100,000.00 95,538.00 0.162.242% TELEFONICA EMISIONES 14/22 '43' EUR 300,000.00 309,174.00 0.502.50% ABERTIS INFRAESTRUCTURAS 14/25 -SR-S EUR 400,000.00 415,990.00 0.682.50% FERROVIAL EMISIONES 14/24 -SR-S EUR 200,000.00 205,905.00 0.332.932% TELEFONICA EMISIONES 14/29 '44' EUR 100,000.00 99,949.00 0.164.797% TELEFONICA EMISIONES 12/18 '29' EUR 400,000.00 436,438.00 0.715.00% GAS NATURAL CAPITAL MARKETS 12/18 -SR- REG.S EUR 300,000.00 328,828.50 0.535.125% GAS NATURAL CAPITAL MARKETS 09/21 -SR-S EUR 100,000.00 121,651.00 0.20

2,506,911.00 4.08

SWEDEN

0.50% SVENSKA CELLULOSA 15/20 -SR-S EUR 100,000.00 98,736.50 0.160.625% SWEDBANK 15/21 -SR- EUR 350,000.00 347,383.75 0.571.125% SVENSKA CELLULOSA 15/25 '20' EUR 200,000.00 188,234.00 0.311.125% SVENSKA HANDELSBANKEN 15/22 -SR- EUR 250,000.00 248,292.50 0.402.375% SKF 13/20 -SR- REG.S EUR 200,000.00 210,675.00 0.343.00% TELIASONERA 12/27 82 -SR-S EUR 300,000.00 327,850.50 0.534.25% TELIASONERA 11/20 S70 -SR- EUR 300,000.00 342,192.00 0.564.875% INVESTOR 09/21 32 -SR-S EUR 200,000.00 244,574.00 0.40

2,007,938.25 3.27

SWITZERLAND

2.625% SUB. ZUERCHER KANTONALBANK 15/27 EUR 300,000.00 297,000.00 0.48

297,000.00 0.48


2.625% XSTRATA FINANCE (FR/RAT) 12/18 EUR 200,000.00 173,000.00 0.28

173,000.00 0.28




78


UNITED KINGDOM

0.75% WPP FINANCE 15/19 -SR- EUR 100,000.00 100,197.00 0.160.875% ABBEY NATIONAL TREASURY SERVICES 15/20 -SR- EUR 170,000.00 169,286.00 0.280.875% ASTRAZENECA 14/21 '5' EUR 100,000.00 100,340.50 0.160.875% VODAFONE GROUP 15/20 -SR- EUR 300,000.00 299,526.00 0.491.125% BRITISH TELECOM 14/19 -SR-S EUR 200,000.00 204,399.00 0.331.375% GLAXOSMITHKLINE 14/24 '17' -SR-S EUR 200,000.00 201,160.00 0.331.528% FCE BANK 15/20 -S- EUR 150,000.00 151,395.00 0.251.573% BP CAPITAL MARKET 15/27 EUR 200,000.00 188,349.00 0.311.625% MOTABILITY OPERATIONS 15/23 EUR 140,000.00 143,842.30 0.231.75% ANGLO AMER CAPITAL 13/17 '36' -SR-S EUR 200,000.00 176,329.00 0.291.75% SSE 15/23 '10' EUR 500,000.00 505,972.50 0.821.825% FCE BANK 14/21 'MR' -SR-S EUR 220,000.00 223,903.90 0.362.125% ITV (FR/RAT) 15/22 -SR- EUR 300,000.00 300,960.00 0.492.25% IMPERIAL TOBACCO F. 14/21 '32' -SR-S EUR 300,000.00 315,519.00 0.512.25% SKY 15/25 SR EUR 300,000.00 299,664.00 0.492.50% ANGLO AMERICAN CAPITAL 13/21 -SR-S EUR 300,000.00 210,001.50 0.342.875% RIO TINTO FINANCE 12/24 '3' EUR 150,000.00 160,977.00 0.262.972% BP CAPITAL MARKETS 14/26 '86' EUR 200,000.00 219,015.00 0.362.994% BP CAPITAL MARKETS 12/19 -SR-S EUR 350,000.00 377,083.00 0.613.00% BG ENERGY CAPITAL 11/18 '22' EUR 200,000.00 214,531.00 0.353.25% EE FINANCE PLC 12/18 '3' -SR-S EUR 200,000.00 214,118.00 0.353.375% IMPERIAL TOBACCO F.14/26 -SR-S EUR 170,000.00 188,685.55 0.313.375% MONDI FINANCE (FR/RAT) 12/20 EUR 200,000.00 220,530.00 0.364.125% SUB. NATIONWIDE BUILDING 13/23 S EUR 500,000.00 530,800.00 0.864.875% BAT INTERNATIONAL FINANCE 09/21 36 -SR-S EUR 200,000.00 238,513.00 0.395.625% SSE 12/PERP -JR-S EUR EUR 200,000.00 212,625.00 0.356.00% BARCLAYS BANK 10/21 206 -SR-S EUR 500,000.00 599,905.00 0.986.50% SUB. BG ENERGY CAPITAL 12/72 EUR 300,000.00 324,750.00 0.537.75% BARCLAYS BANK PLC 13/23 USD 200,000.00 199,346.46 0.32

7,291,723.71 11.87

UNITED STATES

FRN SUB. BANK OF AMERICA 06/18 '150' EUR 300,000.00 298,350.00 0.49FRN SUB. ING CAP.FUND TRUST 00/PERP '9' USD 500,000.00 459,311.55 0.750.50% CONTINENTAL RUBBER AMERICA 15/19 -SR- EUR 175,000.00 175,519.75 0.290.625% SUB. WHIRLPOOL 15/20 EUR 140,000.00 137,358.90 0.220.75% NATIONAL GRID NA 15/22 -SR-S EUR 300,000.00 291,814.50 0.471.00% ELI LILLY 15/22 EUR 100,000.00 100,096.50 0.161.00% TOYOTA MOTOR CREDIT 14/21 '565' -SR-S EUR 100,000.00 100,811.00 0.161.375% CITIGROUP 14/21 '71' -SR-S EUR 400,000.00 401,762.00 0.651.45% AT&T 14/22 -SR- EUR 900,000.00 900,247.50 1.471.50% JPMORGAN CHASE 15/22 '88' EUR 200,000.00 201,959.00 0.331.50% WELLS FARGO 15/22 '69' EUR 100,000.00 101,250.00 0.161.625% COCA-COLA 15/35 -SR- EUR 200,000.00 180,252.00 0.291.625% VERIZON COMMUNICATIONS 14/24 EUR 100,000.00 99,835.00 0.161.75% KELLOGG 14/21 -SR- EUR 150,000.00 154,791.75 0.251.75% MOODY'S 15/27 -SR- EUR 100,000.00 96,126.00 0.161.75% PHILIP MORRIS INTERNATIONAL 13/20 -SR- EUR 200,000.00 209,268.00 0.341.80% BORGWARNER 15/22 EUR 170,000.00 172,082.50 0.281.80% PRICELINE GROUP 15/27 EUR 200,000.00 177,635.00 0.29




79


1.875% COCA-COLA ENTERPRISES 15/30 -SR-S EUR 200,000.00 177,780.00 0.292.00% HJ HEINZ 15/23 EUR 225,000.00 227,416.50 0.372.15% PRICELINE GROUP 15/22 -SR- EUR 100,000.00 100,227.00 0.162.25% ORACLE 13/21 -SR- EUR 200,000.00 214,723.00 0.352.375% MONDELEZ INTL 15/35 -SR- EUR 200,000.00 174,000.00 0.282.375% TOYOTA MOTOR CREDIT 13/23 '553' -SR-S EUR 200,000.00 216,425.00 0.352.375% VERIZON COMMUNICATION 14/22 -SR- EUR 300,000.00 319,998.00 0.522.45% AT&T 15/35 -SR-S EUR 200,000.00 177,001.00 0.292.50% CARGILL 14/23 '38' -SR-S EUR 100,000.00 106,770.00 0.172.875% PHILIP MORRIS 14/26 EUR 200,000.00 221,423.00 0.363.00% ROCHE HOLDINGS 15/25 USD 200,000.00 182,529.74 0.303.25% VERIZON COMMUNICATIONS 14/26 -SR- EUR 100,000.00 111,814.50 0.185.50% G.E. CAPITAL TRUST II 10/67 -JR-S EUR 800,000.00 841,260.00 1.385.75% PFIZER 09/21 REG.S -SR- EUR 300,000.00 378,318.00 0.626.25% MECCANICA 09/19 -SR- REG.S USD 500,000.00 500,552.47 0.81

8,208,709.16 13.35


CASH AT BANKS 602,097.02 0.98OTHER NET ASSETS 756,289.17 1.23

TOTAL NET ASSETS 61,470,105.00 100.00



80




France 22.80 Netherlands 13.79 United States 13.35 United Kingdom 11.87 Germany 8.43 Italy 5.36 Spain 4.08 Sweden 3.27 Australia 2.11 Denmark 1.99 Jersey 1.58 Luxembourg 1.46 Ireland 1.37 Guernsey 1.09 Mexico 1.03 Belgium 0.84 Cayman Islands 0.82 Switzerland 0.48 Hong Kong 0.44 Finland 0.43 Panama 0.40 United Arab Emirates 0.28 Portugal 0.18 Austria 0.17 Bermuda 0.17 97.79



Bonds issued by companies 97.79 97.79




81



BONDS

AUSTRIA

1.75% AUSTRIA 13/23 -SR- REG.S EUR 583,000.00 638,108.08 1.284.15% AUSTRIA 06/37 EUR 208,000.00 302,328.00 0.614.85% AUSTRIA 09/26 144A -SR- EUR 209,000.00 289,067.90 0.58

1,229,503.98 2.47

BELGIUM

4.00% BELGIUM OLO 06/22 '48' EUR 656,000.00 806,302.72 1.624.25% BELGIUM OLO 10/41 '60' -SR- EUR 185,000.00 271,400.55 0.554.50% BELGIUM OLO 11/26 '64' -SR- EUR 381,000.00 509,454.15 1.025.00% BELGIUM OLO 04/35 '44' -S- EUR 437,000.00 668,404.61 1.34

2,255,562.03 4.53

FINLAND

3.50% FINLAND 11/21 EUR 4,000.00 4,719.88 0.01

4,719.88 0.01

FRANCE

0.625% DEXIA CREDIT LOCAL 15/22 -SR-S EUR 1,050,000.00 1,047,800.25 2.101.125% C.C.C.I.F. 14/19 '10' -SR- EUR 2,300,000.00 2,380,845.00 4.791.625% DEXIA CLF 13/18 -SR- REG.S EUR 1,400,000.00 1,459,640.00 2.932.25% O.A.T. 12/22 -SR- EUR 2,008,000.00 2,256,490.00 4.543.25% O.A.T. 10/21 -SR- EUR 1,211,000.00 1,423,021.88 2.863.25% O.A.T. 13/45 -SR-S EUR 620,000.00 788,326.90 1.583.50% O.A.T. 10/26 -SR- EUR 460,000.00 571,968.60 1.154.00% O.A.T. 05/38 EUR 844,000.00 1,182,190.80 2.374.00% O.A.T. 05/55 EUR 157,000.00 234,896.34 0.474.25% O.A.T. 07/18 -SR- EUR 19,000.00 21,388.30 0.044.50% O.A.T. 09/41 -SR- EUR 187,000.00 284,027.76 0.575.50% O.A.T. 97/29 EUR 153,000.00 230,292.54 0.466.00% O.A.T. 94/25 -SR- EUR 853,000.00 1,263,591.55 2.54

13,144,479.92 26.40

GERMANY

0.25% GERMANY 13/18 '166' -SR- EUR 1,220,000.00 1,236,104.00 2.480.25% GERMANY 14/16 -SR- EUR 478,000.00 478,640.52 0.961.00% GERMANY 14/24 -SR- EUR 234,000.00 244,546.38 0.491.50% GERMANY 14/24 -SR- EUR 556,000.00 605,834.28 1.222.00% GERMANY 13/23 -SR- EUR 124,000.00 139,853.40 0.282.25% GERMANY 10/20 EUR 414,000.00 459,136.35 0.923.00% GERMANY 10/20 -SR- EUR 494,000.00 562,913.00 1.133.25% GERMANY 10/42 EUR 560,000.00 786,492.00 1.583.50% GERMANY 09/19 EUR 359,000.00 406,011.05 0.823.75% GERMANY 06/17 EUR 1,951,000.00 2,032,610.33 4.09




82


3.75% GERMANY 08/19 EUR 1,363,000.00 1,528,611.32 3.074.25% GERMANY 07/17 EUR 1,725,000.00 1,844,059.50 3.714.75% GERMANY 03/34 -SR- EUR 140,000.00 221,274.20 0.44

10,546,086.33 21.19

IRELAND

2.00% IRELAND 15/45 -S- EUR 69,000.00 66,142.02 0.133.40% IRELAND 14/24 -SR- REG.S EUR 692,000.00 824,331.16 1.663.90% IRELAND 13/23 -SR- REG.S EUR 197,000.00 241,017.68 0.485.40% IRELAND 09/25 -SR- EUR 387,000.00 529,803.00 1.06

1,661,293.86 3.33

ITALY

1.50% ITALY (BTP) 14/19 EUR 1,147,000.00 1,194,944.60 2.402.15% ITALY (BTP) 14/21 EUR 325,000.00 348,676.25 0.702.50% ITALY (BTP) 14/24 -SR- EUR 558,000.00 606,585.06 1.223.50% MONTE PASCHI SIENA 12/17-SR- EUR 2,000,000.00 2,074,070.00 4.183.75% ITALY (BTP) 13/21 -SR- EUR 933,000.00 1,080,833.85 2.174.00% ITALY (BTP) 05/37 -SR- EUR 637,000.00 795,198.95 1.604.50% ITALY (BTP) 04/20 -SR- EUR 924,000.00 1,076,436.90 2.164.75% ITALY (BTP) 13/28 -SR- EUR 198,000.00 261,005.58 0.524.75% ITALY (BTP) 13/44 -SR- EUR 230,000.00 326,148.05 0.665.00% ITALY (BTP) 03/34 EUR 209,000.00 294,019.11 0.595.00% ITALY (BTP) 07/39 -SR- EUR 58,000.00 83,088.48 0.175.00% ITALY (BTP) 09/25 -SR- EUR 490,000.00 637,465.50 1.285.25% ITALY (BTP) 98/29 -SR- EUR 981,000.00 1,367,916.21 2.755.50% ITALY (BTP) 12/22 -SR- EUR 500,000.00 643,375.00 1.296.00% ITALY (BTP) 99/31 -SR- EUR 381,000.00 575,946.27 1.16

11,365,709.81 22.85

NETHERLANDS

1.75% NETHERLANDS 13/23 EUR 641,000.00 703,276.36 1.413.75% NETHERLANDS 06/23 EUR 1,050,000.00 1,298,304.00 2.613.75% NETHERLANDS 10/42 -SR- EUR 320,000.00 477,569.60 0.965.50% NETHERLANDS 98/28 EUR 130,000.00 196,431.30 0.39

2,675,581.26 5.37

SPAIN

3.80% SPAIN 14/24 -SR- REG.S EUR 1,269,000.00 1,490,846.58 2.994.20% SPAIN 05/37 EUR 272,000.00 335,102.64 0.674.30% SPAIN 09/19 EUR 521,000.00 597,039.95 1.204.60% SPAIN 09/19 -SR- EUR 640,000.00 735,808.00 1.484.70% SPAIN 09/41 EUR 130,000.00 172,191.50 0.354.90% SPAIN 07/40 EUR 136,000.00 184,497.60 0.375.15% SPAIN 13/28 -SR- REG.S EUR 571,000.00 760,192.29 1.535.15% SPAIN 13/44 -SR- REG.S EUR 83,000.00 117,667.44 0.245.50% SPAIN 11/21 EUR 133,000.00 165,442.03 0.335.85% SPAIN 11/22 -SR- EUR 346,000.00 445,154.95 0.89

5,003,942.98 10.05




83

Description Market value (note 2) % of net assets



TOTAL NET ASSETS 49,779,399.89 100.00



84




France 26.40 Italy 22.85 Germany 21.19 Spain 10.05 Netherlands 5.37 Belgium 4.53 Ireland 3.33 Austria 2.47 Finland 0.01 96.20



Bonds issued by countries or cities 82.20 Bonds issued by companies 14.00 96.20




85


UNITS OF INVESTMENT FUNDS

IRELAND

ISHARES II-EMERGING MKT INFRAST.USD 76,630.00 1,377,043.40 6.44ISHARES II-MSCI TURKEY GERMAN CERT. 30,576.00 673,283.52 3.15ISHARES VI - MSCI EMERGING MKTS MINIMUM VOLATILITY USD 49,627.00 1,048,800.67 4.91JOHCM UMBRELLA - EMERGING MARKETS A EUR 1,294,728.80 1,540,727.27 7.21RUSSELL IC - EMERGING MARKETS EQUITY A -ACC- 30,702.00 8,733,807.39 40.85RUSSELL IC II - EMERGING MARKETS EX. OPP. A USD 4,214.73 3,217,328.56 15.05

16,590,990.81 77.61

SWITZERLAND

PICTET (CH) - ENHANCED LIQUIDITY USD I DY 1,619.17 1,485,783.18 6.95

1,485,783.18 6.95

UNITED KINGDOM

FIRST STATE - GLOBAL E.M. LEADERS B EUR -ACC- 1,290,977.83 1,973,905.10 9.23

1,973,905.10 9.23

UNITED STATES

MARKET VECTORS-AFRICA ETF 38,849.00 636,218.26 2.98

636,218.26 2.98



TOTAL NET ASSETS 21,378,439.41 100.00



86




Ireland 77.61 United Kingdom 9.23 Switzerland 6.95 United States 2.98 96.77



Units of investment funds 96.77 96.77




87


UNITS OF INVESTMENT FUNDS

IRELAND

ISHARES II - ASIA PROPERTY YIELD USD 81,573.00 1,741,583.55 6.48ISHARES VII - MSCI CANADA B ETF -ACC.- 17,472.00 1,504,186.72 5.60RUSSELL IC - JAPAN EQUITY - EH A EUR 237,353.28 2,736,683.34 10.18RUSSELL IC - JAPAN EQUITY E EUR 2,531.01 5,609,834.02 20.88RUSSELL IC - PACIFIC BASIN EQUITY A -ACC- 25,537.79 7,453,050.49 27.72RUSSELL IC - UK EQUITY FUND A -CAP- 69,867.31 2,147,141.27 7.99RUSSELL IC II - UK EQUITY PLUS FUND B-GBP 11,977.68 2,667,831.14 9.93SOURCE MORNINGSTAR US ENERGY INFRA. MLP A USD 9,831.00 592,683.76 2.21

24,452,994.29 90.99

LUXEMBOURG

HENDERSON HORIZON - JAPANESE SMALLER COMPANIES A2 25,451.95 1,004,207.79 3.74

1,004,207.79 3.74

SWITZERLAND

PICTET (CH) - ENHANCED LIQUIDITY EUR I DY 302.48 293,951.89 1.09PICTET (CH) - ENHANCED LIQUIDITY USD I DY 207.19 190,118.17 0.71

484,070.06 1.80


CASH AT BANKS 1,039,573.68 3.87OTHER NET LIABILITIES -107,723.74 -0.40

TOTAL NET ASSETS 26,873,122.08 100.00



88




Ireland 90.99 Luxembourg 3.74 Switzerland 1.80 96.53



Units of investment funds 96.53 96.53




89



SHARES

AUSTRIA

ANDRITZ 16,373.00 737,603.65 1.41

737,603.65 1.41

BELGIUM

ONTEX GROUP 33,304.00 1,091,039.04 2.09

1,091,039.04 2.09

BERMUDA

TRAVELPORT WORLDWIDE 21,300.00 252,941.25 0.48

252,941.25 0.48

DENMARK

GREAT NORDIC STORE NORD 106,827.00 1,793,652.68 3.43H. LUNDBECK 35,779.00 1,128,602.23 2.16ZEALAND PHARMA 11,609.00 235,675.10 0.45

3,157,930.01 6.04

FINLAND

AMER SPORTS 'A' 23,318.00 628,886.46 1.20

628,886.46 1.20

FRANCE

ADOCIA 2,778.00 203,405.16 0.39ALSTOM 19,888.00 560,145.52 1.07ALTRAN TECHNOLOGIES 42,904.00 529,435.36 1.01BIOMERIEUX 16,955.00 1,863,354.50 3.57CRITEO ADR -SPONS.- 16,899.00 616,036.62 1.18DASSAULT SYSTEMES 10,796.00 796,420.92 1.52INGENICO GROUP 15,943.00 1,857,359.50 3.55IPSEN 22,795.00 1,390,495.00 2.66MICHELIN 'B' 32,785.00 2,881,801.50 5.52SAFRAN 23,343.00 1,479,245.91 2.83SEB 14,101.00 1,333,954.60 2.55SODEXO 9,815.00 884,724.10 1.69SODEXO - PRIME DE FIDELITE - 22,329.00 2,012,736.06 3.85TECHNICOLOR -PROV. REGROUPEMENT- 115,665.00 865,174.20 1.66TELEPERFORMANCE 5,118.00 396,645.00 0.76WORLDLINE 21,532.00 513,968.84 0.98ZODIAC AEROSPACE 41,739.00 917,214.53 1.75

19,102,117.32 36.54




90


GERMANY

CARL ZEISS MEDITEC 35,246.00 1,006,273.30 1.93FRESENIUS 35,813.00 2,362,583.61 4.52GEA GROUP 53,437.00 1,998,543.80 3.82INFINEON TECHNOLOGIES 23,456.00 316,773.28 0.61JENOPTIK 28,041.00 403,509.99 0.77KION GROUP 37,200.00 1,718,640.00 3.29KRONES 15,388.00 1,697,296.40 3.25MTU AERO ENGINES HOLDINGS 25,868.00 2,330,706.80 4.46

11,834,327.18 22.65

HUNGARY

CHEMICAL WORKS OF GEDEON RICHTER 41,024.00 713,754.28 1.37

713,754.28 1.37

IRELAND

ICON PLC 27,854.00 1,992,319.25 3.81ORIGIN ENTERPRISES 57,120.00 431,256.00 0.83UNITED HEALTHCARE 98,518.00 796,673.26 1.52

3,220,248.51 6.16

ITALY

AMPLIFON 71,515.00 571,762.43 1.09SAFILO GROUP -POST RAGGRUPPAMENTO- 32,075.00 343,523.25 0.66

915,285.68 1.75

NETHERLANDS

ARCADIS 38,304.00 711,113.76 1.36AVG TECHNOLOGIES 15,000.00 276,857.30 0.53GEMALTO 790.00 43,663.30 0.08

1,031,634.36 1.97

SWEDEN

ELEKTA 'B' 131,456.00 1,034,921.84 1.98SWEDISH ORPHAN BIOVITRUM 20,884.00 306,937.97 0.59

1,341,859.81 2.57

SWITZERLAND

GALENICA 379.00 548,605.56 1.05LONZA GROUP 10,352.00 1,552,724.79 2.97TECAN GROUP 1,853.00 277,595.72 0.53TEMENOS GROUP AG REG. 11,466.00 547,789.56 1.05

2,926,715.63 5.60




91


UNITED KINGDOM

EXOVA GROUP 145,626.00 286,006.50 0.55GLOBO 208,000.00 0.00 0.00HOMESERVE 102,065.00 572,902.56 1.10MICHAEL PAGE INTERNATIONAL 114,991.00 755,608.29 1.45

1,614,517.35 3.10

UNITED STATES

AUTOLIV -SDR- 18,193.00 2,131,551.92 4.08

2,131,551.92 4.08


CASH AT BANKS 268,295.16 0.51BANK DEPOSITS 1,530,000.00 2.93OTHER NET LIABILITIES -234,830.14 -0.45

TOTAL NET ASSETS 52,263,877.47 100.00



92




France 36.54 Germany 22.65 Ireland 6.16 Denmark 6.04 Switzerland 5.60 United States 4.08 United Kingdom 3.10 Sweden 2.57 Belgium 2.09 Netherlands 1.97 Italy 1.75 Austria 1.41 Hungary 1.37 Finland 1.20 Bermuda 0.48 97.01



Pharmaceuticals and cosmetics 26.78 Holding and finance companies 11.18 Electronics and electrical equipment 10.34 Construction of machines and appliances 7.95 Aeronautics and astronautics 6.21 Tyres and rubber 5.52 Automobiles 4.08 Communications 4.04 Utilities 3.91 Stainless steel 3.82 Miscellaneous consumer goods 3.75 Chemicals 2.97 Internet, software and IT services 1.54 Computer and office equipment 1.18 Public utilities 1.10 Agriculture and fisheries 0.83 Food and soft drinks 0.76 Photography and optics 0.66 Biotechnology 0.39 97.01




93



BONDS

BELGIUM

8.00% KBC BANK 13/23 -JR-S USD 400,000.00 401,362.53 1.32

401,362.53 1.32

BRAZIL

10.25% BERTIN 06/16 USD 150,000.00 142,916.36 0.47

142,916.36 0.47

FRANCE

2.375% SUB. BNP PARIBAS 15/25 -JR-S EUR 200,000.00 194,986.00 0.645.922% SUB. SOCIETE GENERALE 07/PERP -S- USD 150,000.00 141,017.71 0.478.125% SUB. CREDIT AGRICOLE 13/33 -S- USD 500,000.00 511,369.01 1.69

847,372.72 2.80

GERMANY

1.25% GERMANY 11/16 '161' EUR 250,000.00 253,172.50 0.84

253,172.50 0.84

HUNGARY

5.375% HUNGARY 14/24 -SR- USD 350,000.00 353,608.68 1.17

353,608.68 1.17

INDONESIA

5.375% INDONESIA 13/23 -SR- REG.S USD 400,000.00 384,332.24 1.275.875% INDONESIA 14/24 -SR- REG.S USD 200,000.00 197,919.60 0.65

582,251.84 1.92

IRELAND

4.25% SUB. BANK OF IRELAND 14/24 -S- EUR 100,000.00 103,715.50 0.345.00% IRELAND 10/20 EUR 800,000.00 982,528.00 3.24

1,086,243.50 3.58

ITALY

0.70% ITALY (BTP) 15/20 EUR 1,000,000.00 1,008,650.00 3.3310.125% SUB. ASSICURAZIONI GENERALI 12/42 EUR 100,000.00 133,625.00 0.44

1,142,275.00 3.77

JERSEY

2.666% CPUK FINANCE 15/20 'A3' GBP 200,000.00 270,140.47 0.894.720% AA BOND 13/18 'A1' GBP 200,000.00 281,984.05 0.936.854% SUB. SWISS RE CAPITAL PFD 06/PERP -JR- 144A USD 350,000.00 325,835.49 1.07

877,960.01 2.89




94


KAZAKHSTAN

5.125% KAZAKHSTAN 15/25 '3' USD 200,000.00 182,270.14 0.60

182,270.14 0.60

MEXICO

5.00% AMERICA MOVIL 10/20 -SR- USD 100,000.00 100,092.08 0.337.75% MEXICO 11/42 MXN100 -S- MXN 131,000.00 765,518.21 2.538.00% MEXICO 03/23 MXN100 MXN 193,100.00 1,154,592.44 3.818.00% MEXICO 10/20 MXN100 MXN 128,500.00 754,984.28 2.49

2,775,187.01 9.16

NETHERLANDS

3.50% NETHERLANDS 10/20 EUR 850,000.00 986,467.50 3.254.31% SUB. ABN AMRO BANK 06/PERP -SR-S EUR 100,000.00 100,450.00 0.334.625% SUB. DEUTSCHE ANNINGTON FINANCE 14/74 EUR 100,000.00 101,625.00 0.348.40% SUB. RABOBANK NEDERLAND 11/PERP -JR-S USD 250,000.00 247,543.33 0.82

1,436,085.83 4.74

PANAMA

5.20% PANAMA -GLOBAL- 09/20 USD 250,000.00 250,276.24 0.83

250,276.24 0.83

RUSSIA

7.60% RUSSIA 11/21 26205 -SR- RUB 40,650,000.00 469,693.74 1.55

469,693.74 1.55

SPAIN

FRN BANCAJA 9FTA 06/43 'A2' -SR- EUR 156,177.20 148,204.76 0.49FRN BANKINTER 05/43 '10-A2' EUR 195,936.72 187,198.16 0.62FRN HIPOCAT 7 04/36 'A2' EUR 154,619.29 147,180.68 0.49FRN SANTANDER HIPOTECARIO 06/49 'A2-2' EUR 153,867.00 147,320.71 0.49FRN TDA CAM 7 06/49 'A2-7' EUR 150,593.60 136,053.02 0.455.00% SUB. CAIXABANK 13/23 '1' -JR-S EUR 100,000.00 104,615.50 0.355.00% SUB. CAJA AHORROS Y MONTE 15/25 EUR 100,000.00 95,943.50 0.325.919% BBVA INTL PFD 07/PERP USD 150,000.00 140,414.29 0.46

1,106,930.62 3.67

SWITZERLAND

5.75% CREDIT SUISSE 13/25 -S- EUR 200,000.00 218,250.00 0.72

218,250.00 0.72

UNITED KINGDOM

FRN AUBURN SECURITIES 15/47 'A-9' GBP 350,000.00 455,840.75 1.50FRN CREDIT SUISSE 15/18 EUR 600,000.00 600,552.00 1.983.625% RBS 14/24 '3488' -JR- REG.S EUR 150,000.00 154,472.25 0.516.875% SUB. NATIONWIDE BUILDING (COCO) 14/PERP GBP 100,000.00 136,698.41 0.45

1,347,563.41 4.44




95

Description Currency Quantity/Nominal Market value (note 2) % of net assets

UNITED STATES

FRN GOLDMAN SACHS GROUP 15/20 EUR 600,000.00 597,555.00 1.97FRN SUB. JPM CHASE 07/17 '12' T1 -JR- GBP 400,000.00 539,331.18 1.78FRN TENET HEALTHCARE 15/20 USD 150,000.00 135,321.77 0.452.125% AIR LEASE 14/18 -SR- USD 100,000.00 91,271.31 0.302.60% DISCOVER BANK 15/18 USD 250,000.00 230,313.97 0.763.25% ALLY FINANCIAL 15/18 USD 100,000.00 90,559.72 0.303.55% CELGENE 15/22 USD 350,000.00 325,231.38 1.073.75% AIR LEASE 15/22 -SR- USD 100,000.00 90,972.13 0.303.85% TRANS-ALLEGHENY 14/25 -SR-S USD 250,000.00 230,750.09 0.763.875% CNH INDUSTRIAL CAP. 15/18 USD 150,000.00 133,940.94 0.443.875% CVS HEALTH 15/25 USD 100,000.00 93,711.25 0.315.50% SUB. DENBURY RESOURCES 14/22 -SR- USD 100,000.00 31,020.91 0.105.75% LENDER PROCESSING 12/23 -SR- USD 98,000.00 94,122.16 0.316.55% VERIZON COMMUNICATIONS 13/43 -SR- USD 200,000.00 217,994.17 0.728.00% CALIFORNIA RESOURCES 15/22 -SR- USD 92,000.00 44,727.53 0.158.875% INTL LEASE FINANCE 10/17 USD 150,000.00 150,600.01 0.50

3,097,423.52 10.22

URUGUAY

4.50% URUGUAY 13/24 -SR- USD 350,000.00 328,638.59 1.08

328,638.59 1.08

TOTAL I. 16,899,482.24 55.77

II. MONEY MARKET INSTRUMENTS

UNITED STATES

TBI UNITED STATES 10/03/16 USD 1,950,000.00 1,794,716.73 5.92TBI UNITED STATES 14/01/16 USD 1,950,000.00 1,795,034.46 5.91

3,589,751.19 11.83

TOTAL II. 3,589,751.19 11.83

III. UNITS OF INVESTMENT FUNDS

IRELAND

ROGGE SELECTIVE GLOBAL H/Y BOND USD 167,375.69 3,488,342.67 11.50ROGGE/HEITMAN SHORT DURATION GLOBAL R/E BOND GBP 93,557.98 1,381,109.48 4.56

4,869,452.15 16.06

TOTAL III. 4,869,452.15 16.06



TOTAL NET ASSETS 30,311,563.66 100.00



96




United States 22.05 Ireland 19.64 Mexico 9.16 Netherlands 4.74 United Kingdom 4.44 Italy 3.77 Spain 3.67 Jersey 2.89 France 2.80 Indonesia 1.92 Russia 1.55 Belgium 1.32 Hungary 1.17 Uruguay 1.08 Germany 0.84 Panama 0.83 Switzerland 0.72 Kazakhstan 0.60 Brazil 0.47 83.66



Bonds issued by companies 27.35 Bonds issued by countries or cities 26.64 Units of investment funds 16.06 Money market instruments 11.83 Banks and credit institutions 1.78 83.66


Statement of investments and other net assets as at December 31, 2015 (expressed in USD)


97



SHARES

CANADA

CANADIAN NATIONAL RAILWAY 12,901.00 720,907.88 3.07CANADIAN PACIFIC RAILWAY 1,726.00 220,237.60 0.94

941,145.48 4.01

IRELAND

ACCENTURE 'A' 5,700.00 595,650.00 2.54

595,650.00 2.54

ISRAEL

TEVA PHARMACEUTICAL INDUSTRIES ADR -SPONS.- 12,801.00 840,257.64 3.58

840,257.64 3.58

UNITED STATES

ALPHABET 'A' 705.00 548,497.05 2.34ALPHABET 'C' 855.00 648,842.40 2.76AMERICAN EXPRESS 4,220.00 293,501.00 1.25AMERIPRISE FINANCIAL W-ISSUED 2,777.00 295,528.34 1.26ANTHEM 4,251.00 592,759.44 2.53APPLE 5,946.00 625,875.96 2.67BANK OF AMERICA 15,114.00 254,368.62 1.08BERKSHIRE HATHAWAY 'B' 8,048.00 1,062,657.92 4.53BEST BUY 17,631.00 536,863.95 2.29CARMAX 9,124.00 492,422.28 2.10CHARLES SCHWAB 23,020.00 758,048.60 3.23CROWN CASTLE INTERNATIONAL 3,780.00 326,781.00 1.39EBAY 9,206.00 252,980.88 1.08EDWARDS LIFESCIENCES 7,139.00 563,838.22 2.40EXPRESS SCRIPTS HOLDING 10,865.00 949,709.65 4.05FRANKLIN RESOURCES 6,765.00 249,087.30 1.06IBM CORP 877.00 120,692.74 0.51JP MORGAN CHASE & CO 8,448.00 557,821.44 2.38KINDER MORGAN 'P' 27,314.00 407,524.88 1.74LOWE'S COMPANIES 9,728.00 739,717.12 3.15MASTERCARD 'A' 9,877.00 961,624.72 4.10MERCK & CO 3,937.00 207,952.34 0.89MICROSOFT 12,396.00 687,730.08 2.93OCCIDENTAL PETROLEUM 6,707.00 453,460.27 1.93OCEANEERING INTERNATIONAL 4,850.00 181,972.00 0.78OWENS CORNING 4,882.00 229,600.46 0.98PAYPAL HOLDINGS 9,206.00 333,257.20 1.42PEPSICO 3,273.00 327,038.16 1.39PRICELINE GROUP 597.00 761,145.15 3.24QUALCOMM 9,035.00 451,614.48 1.92REGIONS FINANCIAL 28,265.00 271,344.00 1.16T. ROWE PRICE GROUP 3,321.00 237,418.29 1.01




98


TJX COS 6,710.00 475,806.10 2.03UNITED RENTALS 6,545.00 474,774.30 2.02UNITED TECHNOLOGIES 3,963.00 380,725.41 1.62VISA 'A' 17,234.00 1,336,496.70 5.68WALT DISNEY 6,958.00 731,146.64 3.11WELLS FARGO 18,632.00 1,012,835.52 4.31YAHOO 14,600.00 485,596.00 2.07

20,279,056.61 86.39



TOTAL NET ASSETS 23,473,811.87 100.00



99




United States 86.39 Canada 4.01 Israel 3.58 Ireland 2.54 96.52



Holding and finance companies 21.96 Banks and credit institutions 16.66 Retail and supermarkets 10.57 Internet, software and IT services 10.41 Pharmaceuticals and cosmetics 6.87 Computer and office equipment 6.11 Oil 4.45 Transport and freight 4.01 Leisure 3.11 Utilities 2.54 Healthcare & social services 2.53 Communications 1.92 Aeronautics and astronautics 1.62 Food and soft drinks 1.39 Real Estate Shares 1.39 Construction and building materials 0.98 96.52




100



BONDS

CAYMAN ISLANDS

1.00% CV SIEM INDUSTRIES (SUB.7) 12/19 USD 400,000.00 344,914.02 1.14

344,914.02 1.14

FRANCE

0.125% CV ALCATEL 14/20 -SR- EUR 132,500.00 613,342.50 2.022.50% CV BIM 15/20 EUR 3,367.00 85,858.50 0.282.50% CV NEXANS 12/19 EUR 72.74-SR- EUR 8,300.00 640,760.00 2.112.50% NEOPOST 14/21 -SR- EUR 600,000.00 559,245.00 1.842.75% CV MAUREL & PROM 15/21 EUR 43,000.00 305,730.00 1.013.00% NOVALIS 15/22 -SR- EUR 600,000.00 590,907.00 1.953.125% AREVA 14/23 -SR-S EUR 600,000.00 548,505.00 1.813.125% FAURECIA 15/22 -SR-S EUR 650,000.00 641,875.00 2.113.25% REXEL 15/22 EUR 700,000.00 693,000.00 2.283.25% VALLOUREC 12/19 -SR- EUR 700,000.00 562,625.00 1.854.00% RALLYE 14/21 EUR 600,000.00 480,855.00 1.584.50% CV ASSYSTEM 15/PERP 'ASY' EUR 17,000.00 495,890.00 1.635.375% NUMERICABLE GROUP 14/22 -SR-S EUR 275,000.00 281,957.50 0.935.875% CGG 14/20 -SR- REG.S EUR 643,000.00 331,145.00 1.095.875% DARTY FINANCE 14/21 -SR-S EUR 550,000.00 583,137.50 1.926.25% SUB. AIR FRANCE-KLM 15/PERP -JR- EUR 1,000,000.00 925,500.00 3.057.00% SUB. LOXAM 14/22 -SR-S EUR 900,000.00 922,963.50 3.047.375% SUB. PAPREC HOLDING 15/23 -SR-S EUR 300,000.00 294,900.00 0.977.75% CMA CGM 15/21 EUR 340,000.00 298,350.00 0.98

9,856,546.50 32.45

GERMANY

3.00% CV ROCKET INTERNET 15/22 EUR 300,000.00 277,710.00 0.915.125% SUB. DEUTSCHE LUFTHANSA 15/75 -JR- EUR 700,000.00 719,075.00 2.375.75% UNITYMEDIA HESSEN 12/23 EUR 600,000.00 516,375.00 1.706.25% KIRK BEAUTY ZERO 15/22 EUR 300,000.00 316,500.00 1.04

1,829,660.00 6.02

ITALY

1.25% CV SAFILO GROUP 14/19 -SR-S EUR 600,000.00 545,640.00 1.802.00% CV SOGEFI 14/21 -SR-S EUR 600,000.00 547,134.00 1.802.625% CV BENI STABILI 13/19 -SR-S EUR 500,000.00 601,925.00 1.984.50% CV ASTALDI 13/19 EUR 300,000.00 306,630.00 1.014.50% CV TELECOM ITALIA 15/22 EUR 1,000,000.00 1,131,100.00 3.727.125% ASTALDI 13/20 -SR-S EUR 200,000.00 198,382.00 0.65

3,330,811.00 10.96

JERSEY

2.50% CV PREMIER OIL FINANCE 12/18 USD 600,000.00 428,094.57 1.41

428,094.57 1.41




101


LUXEMBOURG

1.00% CV SUBSEA 7 12/17 USD 400,000.00 343,367.49 1.131.25% GLENCORE FINANCE EUROPE 15/21 -SR-S EUR 1,000,000.00 730,265.00 2.403.00% ARCELORMITTAL 15/21 -SR-S EUR 1,000,000.00 790,000.00 2.604.75% FIAT CHRYSLER FINANCE 14/22 -SR-S EUR 860,000.00 923,098.20 3.045.00% TRAFIGURA FUNDING 15/20 EUR 700,000.00 603,750.00 1.995.90% STEEL CAPITAL -LPN- 12/22 -SR- USD 800,000.00 714,351.67 2.356.00% INTRALOT CAPITAL 14/21 -SR- REG.S EUR 300,000.00 269,250.00 0.897.00% WIND ACQUISITON 14/21 EUR 910,000.00 904,312.50 2.987.75% PICARD BONDCO 15/20 -SR-S EUR 500,000.00 536,875.00 1.779.00% ALTICE FINCO 13/23 -SR-S EUR 300,000.00 336,249.00 1.11

6,151,518.86 20.26

NETHERLANDS

1.625% CV SONAE INVESTMENTS 14/19 -SR-S EUR 400,000.00 395,000.00 1.303.375% CV AMORIM ENERGIA (GALP) 13/18 EUR 600,000.00 598,620.00 1.974.563% LUKOIL INTL FINANCE 13/23 -SR- REG.S USD 800,000.00 663,721.07 2.194.75% GRUPO ANTOLIN DUTCH 14/21 -SR-S EUR 500,000.00 519,007.50 1.71

2,176,348.57 7.17

SPAIN

3.375% CAMPOFRIO FOOD 15/22 -SR-S EUR 400,000.00 403,500.00 1.33

403,500.00 1.33


0.50% CV AABAR INVESTMENT (UCG) 15/20 -SR-S EUR 700,000.00 660,450.00 2.18

660,450.00 2.18

UNITED KINGDOM

3.25% ANGLO AMERICAN CAPITAL 14/23 SR -S- EUR 1,160,000.00 790,174.60 2.603.75% WORLDPAY FINANCE 15/22 -SR- EUR 460,000.00 470,350.00 1.553.875% JAGUAR LAND ROVER 15/23 -SR-S GBP 200,000.00 255,079.90 0.844.75% INTERNATIONAL GAME 15/23 -SR-S EUR 600,000.00 564,000.00 1.865.00% GRAINGER 13/20 REG.S GBP 300,000.00 427,217.46 1.416.25% EPHIOS BONDCO 15/22 EUR 500,000.00 521,875.00 1.72

3,028,696.96 9.98

UNITED STATES

5.875% FRESENIUS MEDICAL CARE 12/22 -SR-S USD 600,000.00 594,034.96 1.96

594,034.96 1.96



TOTAL NET ASSETS 30,364,891.46 100.00



102




France 32.45 Luxembourg 20.26 Italy 10.96 United Kingdom 9.98 Netherlands 7.17 Germany 6.02 United Arab Emirates 2.18 United States 1.96 Jersey 1.41 Spain 1.33 Cayman Islands 1.14 94.86



Bonds issued by companies 92.49 Transport and freight 2.37 94.86




103



SHARES

BERMUDA

VALIDUS HOLDINGS 10,339.00 478,592.31 2.01

478,592.31 2.01

NETHERLANDS

LYONDELLBASELL 'A' 7,007.00 608,908.30 2.56

608,908.30 2.56

UNITED STATES

ALLISON TRANSMISSION 18,969.00 491,107.41 2.06AMAZON.COM 1,142.00 771,866.38 3.24AMERICAN EAGLE OUTFITTERS 35,700.00 553,350.00 2.33AMERICAN ELECTRIC POWER 10,169.00 592,547.63 2.49AMERICAN INTERNATIONAL GROUP 10,156.00 629,367.32 2.65ARCHER-DANIELS MIDLAND 17,224.00 631,776.32 2.66ASPEN TECHNOLOGIES 1,056.00 39,874.56 0.17AUTOZONE 1,058.00 784,940.78 3.29AVALONBAY COMMUNITIES 3,384.00 623,095.92 2.62BROADCOM 'A' 15,906.00 919,684.92 3.86COMMUNITY HEALTH SYSTEMS 10,810.00 286,789.30 1.21DANAHER 6,710.00 623,224.80 2.62DISCOVER FINANCIAL SERVICES 10,241.00 549,122.42 2.31EAST-WEST BANCORP 14,699.00 610,890.44 2.57ELI LILLY 7,880.00 663,968.80 2.79EXELON 19,176.00 532,517.52 2.24FIDELITY NATIONAL 9,181.00 556,368.60 2.34GLOBAL PAYMENTS 8,913.00 574,977.63 2.42HERMAN MILLER 17,817.00 511,347.90 2.15INGRAM MICRO 'A' 20,023.00 608,298.74 2.56INGREDION 269.00 25,780.96 0.11INTERFACE 32,861.00 628,959.54 2.64INTUIT 5,967.00 575,815.50 2.42JP MORGAN CHASE & CO 7,889.00 520,910.67 2.19MARATHON PETROLEUM 9,600.00 497,664.00 2.09MASIMO 22,640.00 939,786.40 3.94MERCK & CO 9,207.00 486,313.74 2.04METLIFE 7,798.00 375,941.58 1.58MID-AMERICA APARTMENT COMMUNITIES 7,366.00 668,906.46 2.81NIKE 'B' 11,031.00 689,437.50 2.90NORTHROP GRUMMAN 3,629.00 685,191.49 2.88OWENS CORNING 14,040.00 660,301.20 2.78PPL 19,650.00 670,654.50 2.82REGAL-BELOIT 7,693.00 450,194.36 1.89SERVICEMAST GLOBAL HOLDINGS 711.00 27,899.64 0.12STORE CAPITAL 28,911.00 670,735.20 2.82TARGET 7,749.00 562,654.89 2.37




104


TYSON FOODS 'A' 13,748.00 733,180.84 3.08UNUM GROUP 17,660.00 587,901.40 2.47VALERO ENERGY 9,375.00 662,906.25 2.79

22,676,253.51 95.32



TOTAL NET ASSETS 23,790,001.64 100.00



105




United States 95.32 Netherlands 2.56 Bermuda 2.01 99.89



Insurance 8.71 Real Estate Shares 8.25 Internet, software and IT services 8.17 Public utilities 7.55 Banks and credit institutions 7.07 Pharmaceuticals and cosmetics 5.98 Food and soft drinks 5.85 Retail and supermarkets 5.66 Textiles and clothing 5.23 Computer and office equipment 4.57 Construction of machines and appliances 4.51 Communications 3.86 Aeronautics and astronautics 2.88 Chemicals 2.79 Oil 2.79 Construction and building materials 2.78 Miscellaneous investment goods 2.64 Utilities 2.56 Electronics and electrical equipment 2.56 Holding and finance companies 2.18 Miscellaneous 2.09 Healthcare & social services 1.21 99.89


Notes to the financial statements as at December 31, 2015

106

NOTE 1 GENERAL

INTERNATIONAL GLOBAL SICAV (the "SICAV") is an open-ended investment company organised as a "société anonyme" under the laws of the Grand Duchy of Luxembourg. The SICAV is governed by the provisions of Part II of the Luxembourg amended law of December 17, 2010 regarding collective investment undertakings, implementing Directive 2009/65/CE (the "2010 Law").

The SICAV was incorporated for an indefinite period on June 30, 2005, with an initial capital of EUR 31,000. Its articles of incorporation were published in the official gazette Mémorial, on July 13, 2005.

The SICAV is registered at the Trade and Companies Register of Luxembourg under the number B 108.857.

The SICAV is qualified as an Alternative Investment Fund ("AIF") within the meaning of the Luxembourg law of July 12, 2013 on the Alternative Investment Funds Managers ("AIFM").

In the context of the implementation of the law of July 12, 2013 on Alternative Investment Fund Managers ("AIFM") requiring the SICAV to be managed by an authorised AIFM, FundPartner Solutions (Europe) S.A. was appointed as AIFM with effect as of July 22, 2014.

The capital of the SICAV shall at all times be equal to the value of its total net assets. The minimum capital required by law is EUR 1,250,000.

As at December 31, 2015, the SICAV has 13 sub-funds in activity:

• INTERNATIONAL GLOBAL SICAV - ACTIONS EURO SELECTION, • INTERNATIONAL GLOBAL SICAV - ACTIONS SUISSES, • INTERNATIONAL GLOBAL SICAV - SK WORLD OPPORTUNITIES, • INTERNATIONAL GLOBAL SICAV - CONVERTIBLES, • INTERNATIONAL GLOBAL SICAV - OBLIGATIONS CORPORATES EURO, • INTERNATIONAL GLOBAL SICAV - OBLIGATIONS GOUVERNEMENTALES EURO, • INTERNATIONAL GLOBAL SICAV - ACTIONS EMERGENTES, • INTERNATIONAL GLOBAL SICAV - ACTIONS RESTE DU MONDE, • INTERNATIONAL GLOBAL SICAV - ACTIONS EUROPE EVOLUTION, • INTERNATIONAL GLOBAL SICAV - GLOBAL FIXED INCOME TOTAL RETURN, • INTERNATIONAL GLOBAL SICAV - BROWN ADVISORY US FLEXIBLE EQUITY FUND • INTERNATIONAL GLOBAL SICAV - OBLIGATAIRE DATE ET FLEXIBLE 2022 (launched

on January 23, 2015). • INTERNATIONAL GLOBAL SICAV - BLENDED RESEARCH - FOCUSED U.S. CORE

EQUITY STRATEGY (launched on January 23, 2015).

The prospectus of the SICAV lists the different categories of shares in each of the above mentioned sub-funds.


Notes to the financial statements as at December 31, 2015 (continued)

107

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a) Presentation of financial statements

The financial statements are prepared in accordance with generally accepted accounting principles and presented in accordance with the legal reporting requirements applicable in Luxembourg relating to undertakings for collective investment.

b) Formation expenses

Formation expenses are amortised over a maximum period of 5 years.

c) Conversion of foreign currencies

Cash at banks, other net assets as well as the market value of the investment portfolio in currencies other than the currency of the sub-fund are converted into the base currency of the sub-fund at the exchange rates prevailing at the end of the year.

Income and expenses in currencies other than the currency of the sub-fund are converted into the currency of the sub-fund at the exchange rates applicable on the transaction date.

Resulting foreign exchange gains and losses are included in the statement of operations and changes in net assets.

d) Combined financial statements of the SICAV

The combined financial statements of the SICAV are expressed in Euro (EUR) and correspond to the sum of the corresponding items in the financial statements of the different sub-funds, converted into EUR at the exchange rates prevailing at the end of the year.

e) Valuation of investments and instruments

1) Securities and other assets listed or dealt in on a stock exchange or another regulated market are valued at the last available price; where such securities or other assets are listed or dealt in one or by more than one stock exchange or any other regulated market, the AIFM shall make regulations for the order of priority in which stock exchanges or other regulated markets are used for the provisions of prices of securities or assets;

2) Assets not listed or dealt in on a stock exchange or another organised market or assets so listed or dealt in for which the last available price is not representative of a fair market value, are valued, prudently and in good faith by the Board of Directors of the SICAV, on the basis of their estimated sale prices;

3) Cash in hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received are valued at their face value with interest accrued;



108

4) The units/shares of open-ended undertakings for collective investment are valued on the basis of the last known Net Asset Value or, if the price so determined is not representative of their fair market value, are valued as the AIFM may deem fair and reasonable. Units/shares of closed ended undertakings for collective investment are valued on the basis of their last available market value;

5) Liquid assets and money market instruments which are not listed or dealt in on a stock exchange or another regulated market with remaining maturity of less than twelve months are valued at their nominal value increased by any interest accrued thereon, if any, such global value being amortised pursuant to the amortised costs method;

6) Cash flows which result from swap transactions are calculated at the date of valuation of the zero-coupon swap rate corresponding to the maturity date of these cash flows. The value of the swaps is therefore derived from the difference between these two calculations;

7) Futures, forward and options contracts not dealt in on a stock exchange or another regulated market are valued at their liquidating value determined pursuant to the policies established in good faith by the AIFM, on a basis consistently applied for each different variety of contracts. The liquidating value of futures, forward and options contracts dealt in on a stock exchange or another organised market is based on the last available settlement prices published by such stock exchange or other regulated market where these particular futures, forward or options contracts are traded. If a futures, forward or options contract could not be liquidated on the Valuation Day of the relevant assets, the basis for determining the liquidating value of such contract shall be such value as the AIFM may deem fair and reasonable;

8) The unrealised gains or losses resulting from outstanding forward exchange contracts are determined on the valuation day on the basis of the forward exchange prices applicable on this date and are recorded in the statement of net assets;

9) For each sub-fund, securities whose value is expressed in a currency other than the reference currency of that sub-fund are converted into that reference currency at the average rate between the last available buy/sell rate in Luxembourg or, failing that, in a financial centre which is most representative for those securities;

10) Any other security, instrument or asset are valued, prudently and in good faith, on the basis of their estimated sale prices by the AIFM.

f) Income

Dividends are recorded at the ex-date. Interest is recorded on an accrual basis.

g) Accounting of futures contracts

Unrealised gains and losses on futures contracts are settled daily through the reception/payment of a cash amount corresponding to the daily increase/decrease of the market value of each opened future contract. Such cash amount is recorded under the caption “Cash at banks” in the statement of net assets and the corresponding amount is recorded under the caption “realised gain and loss on futures contracts” in the statement of operations and changes in net assets.



109

h) Transaction fees

The transaction fees represent the costs incurred by each sub-fund in connection with purchases and sale of investments.

Transaction fees include brokerage fees, bank commissions, foreign tax, depositary fees and other fees. They are included in the statement of operations and changes in net assets.

NOTE 3 "TAXE D’ABONNEMENT"

Under the legislation and regulations currently prevailing in Luxembourg, the SICAV is not subject to any tax on income.

The SICAV is subject to a "taxe d’abonnement" of 0.05% per annum on its net assets, payable quarterly and calculated on the basis of the net assets at the end of each quarter; such tax is reduced to 0.01% per annum in respect of Classes comprising institutional investors only (as per article 174 of the "Law"), as well as in respect of liquidity funds. The value of the net assets invested in units/shares of other Luxembourg Undertakings for Collective Investment is exempt from the "taxe d’abonnement" provided such units/shares have already been subject to this tax.

NOTE 4 ADVISORY AND MANAGEMENT FEE

The Investment Managers and Advisors are entitled to the following fees payable out of the assets of the relevant sub-fund on a quarterly basis at a total annual rate of:

Sub-fund Advisory and Management fee

(max.) INTERNATIONAL GLOBAL SICAV - ACTIONS EURO SELECTION 1.50%

INTERNATIONAL GLOBAL SICAV - ACTIONS SUISSES 1.50%

INTERNATIONAL GLOBAL SICAV - SK WORLD OPPORTUNITIES (Class P) 0.83%

INTERNATIONAL GLOBAL SICAV - SK WORLD OPPORTUNITIES (Class I) 0.58%

INTERNATIONAL GLOBAL SICAV - CONVERTIBLES 1.25%*

INTERNATIONAL GLOBAL SICAV - OBLIGATIONS CORPORATES EURO 0.55%

INTERNATIONAL GLOBAL SICAV - OBLIGATIONS GOUVERNEMENTALES EURO 0.51%

INTERNATIONAL GLOBAL SICAV - ACTIONS EMERGENTES 1.20%

INTERNATIONAL GLOBAL SICAV - ACTIONS RESTE DU MONDE 1.20%

INTERNATIONAL GLOBAL SICAV - ACTIONS EUROPE EVOLUTION 1.50%

INTERNATIONAL GLOBAL SICAV - GLOBAL FIXED INCOME TOTAL RETURN 0.80%

INTERNATIONAL GLOBAL SICAV - BROWN ADVISORY US FLEXIBLE EQUITY FUND 1.50%

INTERNATIONAL GLOBAL SICAV - OBLIGATAIRE DATE ET FLEXIBLE 2022 0.80% INTERNATIONAL GLOBAL SICAV - BLENDED RESEARCH - FOCUSED U.S. CORE EQUITY STRATEGY 1.50%

* Since July 1, 2015



110

NOTE 5 ALTERNATIVE INVESTMENT FUND MANAGER FEE

The AIFM is entitled to the following fees payable out of the assets of the relevant sub-fund on a quarterly basis at a total annual rate of:

Sub-fund AIFM fee (max.)

INTERNATIONAL GLOBAL SICAV - ACTIONS EURO SELECTION 0.07%

INTERNATIONAL GLOBAL SICAV - ACTIONS SUISSES 0.07%

INTERNATIONAL GLOBAL SICAV - SK WORLD OPPORTUNITIES (Class P) 0.05%

INTERNATIONAL GLOBAL SICAV - SK WORLD OPPORTUNITIES (Class I) 0.05%

INTERNATIONAL GLOBAL SICAV - CONVERTIBLES 0.07%

INTERNATIONAL GLOBAL SICAV - OBLIGATIONS CORPORATES EURO 0.07%

INTERNATIONAL GLOBAL SICAV - OBLIGATIONS GOUVERNEMENTALES EURO 0.07%

INTERNATIONAL GLOBAL SICAV - ACTIONS EMERGENTES 0.07%

INTERNATIONAL GLOBAL SICAV - ACTIONS RESTE DU MONDE 0.07%

INTERNATIONAL GLOBAL SICAV - ACTIONS EUROPE EVOLUTION 0.07%

INTERNATIONAL GLOBAL SICAV - GLOBAL FIXED INCOME TOTAL RETURN 0.07%

INTERNATIONAL GLOBAL SICAV - BROWN ADVISORY US FLEXIBLE EQUITY FUND 0.07%

INTERNATIONAL GLOBAL SICAV - OBLIGATAIRE DATE ET FLEXIBLE 2022 0.07% INTERNATIONAL GLOBAL SICAV - BLENDED RESEARCH - FOCUSED U.S. CORE EQUITY STRATEGY

0.07%

NOTE 6 OTHER FEES PAYABLE

As at December 31, 2015, other fees payable include mainly administration, depositary and AIFM fees.

NOTE 7 DIVIDEND DISTRIBUTIONS

By circular resolution dated April 20, 2015, the Board of Directors of the SICAV resolved to pay a dividend of EUR 25.00 per share to Shareholders of the Class I and EUR 1.20 per share to Shareholders of the Class P of the INTERNATIONAL GLOBAL SICAV - SK WORLD OPPORTUNITIES sub-fund. This dividend were paid on April 28, 2015 with an ex-date of April 24, 2015.

NOTE 8 EXCHANGE RATES

The following exchange rate was used to establish the combined financial statements of the SICAV into EUR as at December 31, 2015:

1 EUR = 1.087386 CHF 1 EUR = 1.086300 USD



111

NOTE 9 FORWARD EXCHANGE CONTRACTS

Forward exchange contracts on identical currency pairs listed below are aggregated. Only the longest maturity date is shown.

The SICAV had the following forward exchange contracts outstanding as at December 31, 2015:


Currency Purchase Currency Sale Maturity date

CHF 12,694,748.06 EUR 11,714,264.15 29/01/2016

EUR 373,031.05 CHF 405,000.00 08/01/2016

EUR 3,486,115.41 USD 3,800,000.00 25/01/2016

The net unrealised loss on these contracts as at December 31, 2015 was EUR 42,776.16 and is included in the statement of net assets.



CHF 11,010,198.68 EUR 10,159,821.61 29/01/2016

The net unrealised loss on this contract as at December 31, 2015 was EUR 28,914.73 and is included in the statement of net assets.



COP 3,002,000,000.00 USD 946,943.32 10/03/2016

EUR 3,218,406.59 GBP 2,314,627.49 16/02/2016

EUR 2,040,370.31 NOK 19,590,684.91 16/02/2016

EUR 13,583,673.95 USD 14,722,333.45 16/02/2016

MXN 1,814,958.08 USD 105,857.47 10/03/2016

NOK 19,590,684.91 EUR 2,096,067.46 16/02/2016

PHP 62,920,000.00 USD 1,326,262.18 10/03/2016

RUB 3,132,000.00 USD 45,696.61 10/03/2016

USD 415,755.02 EUR 379,587.35 16/02/2016

USD 139,035.39 GBP 92,280.23 16/02/2016

USD 46,905.88 JPY 5,778,360.00 16/02/2016

USD 1,742,179.66 MXN 28,943,894.20 10/03/2016

USD 1,315,150.04 PHP 62,920,000.00 10/03/2016

USD 1,343,882.72 TWD 43,890,000.00 10/03/2016

The net unrealised gain on these contracts as at December 31, 2015 was EUR 136,119.37 and is included in the statement of net assets.



112



CHF 7,322,201.81 EUR 6,756,668.64 29/01/2016

EUR 763,030.14 CHF 833,000.00 01/02/2016

EUR 1,889,153.34 GBP 1,340,000.00 01/02/2016

EUR 1,154,919.74 HKD 9,541,000.00 01/02/2016

EUR 2,965,860.36 JPY 385,986,000.00 01/02/2016

EUR 104,188.01 NOK 966,000.00 01/02/2016

EUR 254,776.84 SEK 2,373,000.00 01/02/2016

EUR 801,086.67 SGD 1,209,000.00 01/02/2016

EUR 15,655,198.81 USD 16,855,000.00 01/02/2016

GBP 67,000.00 EUR 92,919.40 01/02/2016

JPY 10,025,000.00 EUR 75,801.02 01/02/2016

The net unrealised gain on these contracts as at December 31, 2015 was EUR 252,200.14 and is included in the statement of net assets.

INTERNATIONAL GLOBAL SICAV - OBLIGATAIRE DATE ET FLEXIBLE 2022


CHF 6,660,003.64 EUR 6,145,615.61 29/01/2016

EUR 972,357.27 GBP 700,000.00 26/01/2016

EUR 2,761,934.99 USD 3,046,000.00 26/01/2016

USD 908,508.65 EUR 827,557.02 29/01/2016

The net unrealised loss on these contracts as at December 31, 2015 was EUR 26,478.77 and is included in the statement of net assets.

NOTE 10 FUTURES CONTRACTS

The SICAV had the following futures contracts outstanding as at December 31, 2015:


Maturity date

Currency Commitmentin EUR

Purchase of 8.00 Germany 10Y Bund Government Bond 09/03/2016 EUR 795,160.00

Purchase of 2.00 Germany 5Y BOBL Government Bond 09/03/2016 EUR 202,840.00

Sale of 9.00 US 10Y Treasury Bond 21/03/2016 USD -824,228.46





113


Maturity date


Purchase of 26.00 Germany 2Y Schatz Government Bond 09/03/2016 EUR 2,617,420.00

Purchase of 1.00 Germany 30Y Buxl Government Bond 09/03/2016 EUR 169,517.00

Sale of 6.00 Germany 10Y Bund Government Bond 09/03/2016 EUR -596,370.00

Sale of 10.00 Germany 5Y BOBL Government Bond 09/03/2016 EUR -1,014,200.00


Maturity date


Purchase of 13.00 Germany 2Y Schatz Government Bond 09/03/2016 EUR 1,308,710.00

Sale of 46.00 Germany 10Y Bund Government Bond 09/03/2016 EUR -4,561,820.00

Sale of 20.00 Germany 5Y BOBL Government Bond 09/03/2016 EUR -2,028,400.00

Sale of 4.00 Japan 10Y Government Bond 22/03/2016 JPY -3,444,375.17

Sale of 4.00 UK 10Y L-Gilt Government Bond 29/03/2016 GBP -681,318.42

Sale of 61.00 US 10Y Treasury Bond 21/03/2016 USD -5,566,313.08


Sale of 6.00 US 30Y Ultra Treasury Bond 21/03/2016 USD -697,365.37


NOTE 11 CREDIT DEFAULT SWAPS ("CDS")

A CDS is a bilateral financial agreement whereby a counterparty (the protection buyer) pays a premium for the commitment of the protection seller to pay a certain amount if the reference issuer experiences a credit risk as provided for by the agreement.

The protection buyer acquires the right to sell a specific bond issued by the reference issuer at its nominal value (or at another reference value or execution price) when a credit risk arises. Credit risk generally includes bankruptcy, insolvency, judicial settlement/compulsory liquidation, deferral or non-payment of outstanding debts.

The SICAV had the following CDS outstanding as at December 31, 2015:


Protection Underlying Currency Nominal value Rate payable

Rate receivable

Maturity date

Buyer Accor EUR 500,000 1.00% - 20/12/2019

Buyer Accor EUR 300,000 1.00% - 20/12/2020

Buyer Telekom Fi. EUR 900,000 1.00% - 20/12/2020

Buyer Capital One Bank USD 600,000 1.00% - 20/12/2022

Seller Airbus Group EUR 700,000 - 1.00% 20/03/2016

Seller BHP Billiton USD 400,000 - 1.00% 20/06/2019

Seller BP Capital Markets America EUR 300,000 - 1.00% 20/03/2020

Seller Repsol International EUR 130,000 - 1.00% 20/03/2020

Seller Shell International Finance EUR 300,000 - 1.00% 20/03/2020

Seller Shell International Finance EUR 800,000 - 1.00% 20/12/2021



114

INTERNATIONAL GLOBAL SICAV - OBLIGATIONS CORPORATES EURO (continued)

Protection Underlying Currency Nominal value Rate payable

Rate receivable

Maturity date

Seller Volkswagen International Finance EUR 700,000 - 1.00% 20/03/2016

The net unrealised loss on all these contracts as at December 31, 2015, was EUR 41,213.29 and is included in the statement of net assets.

NOTE 12 OPTIONS CONTRACTS

The SICAV had the following options contracts outstanding as at December 31, 2015:


Name Quantity Strike Maturity date

Currency Commitment in EUR

Market valuein EUR

CALL ASML Holding -75 80 21/03/2016 EUR -373,951.50 -54,000.00

PUT Imperial Tobacco Group -41 35 19/02/2016 GBP 728,903.70 -71,205.28

PUT Prosieben Sat.1 Media -230 44 21/03/2016 EUR 328,056.47 -31,280.00

PUT Total -200 46 18/01/2016 EUR 825,300.00 -89,000.00

The market value on these contracts as at December 31, 2015, was EUR 245,485.28 and is included in the liabilities part of the statement of net assets.


Name Quantity Strike Maturity date

Currency Commitment in EUR

Market valuein EUR

CALL iTraxx Europe Xover S24 5Y 6,000,000 3.25 20/01/2016 EUR 2,705,198.82 32,723.40

CALL iTraxx Europe Xover S24 5Y -6,000,000 3.5 20/01/2016 EUR -1,419,237.84 -14,455.20

The market value on these contracts as at December 31, 2015, was EUR 18,268.20 and is included in the assets part of the statement of net assets.

NOTE 13 SECURITIES LENDING

During the financial year ended December 31, 2015, the SICAV entered into securities lending transactions. For the following sub-fund, the value of the securities lent and the value of the collateral received as at December 31, 2015 amount to:

Sub-fund Currency Amount of securities lent

Collateral received


EUR 2,968,150,00 3,471,151.39

The sub-fund receives a remuneration on these lending transactions. This remuneration is presented in the statement of operations and changes in net assets in the section entitled "Interest on securities lending". A fee amounting to 30% of the interest received is perceived by the Depositary Bank, Pictet & Cie (Europe) S.A., for the services that it provides to the SICAV in the context of securities lending contracts.



115

In the context of these lending transactions, the sub-funds of the SICAV receive a guarantee (in the form of bonds issued or guaranteed by a government or by a regional or local government in a member state of the OECD, or issued or guaranteed by local, regional or international branches of supranational institutions or organisations that have a rating of at least AA and/or bonds issued or guaranteed by leading issuers offering adequate liquidity), whose value at the time of concluding the securities lending contract is at least equal to 105% of the total market value of the securities lent.

NOTE 14 DETAILS OF THE REALISED GAINS/LOSSES ON SALES OF INVESTMENTS

Details of the realised gains/losses on sales of investments for the year ended December 31, 2015 were as follows:

Realised gain Realised loss Net realised gain/loss


EUR 3,444,459.62 -1,430,832.74 2,013,626.88


CHF 1,823,284.66 -31,226.52 1,792,058.14


EUR 11,658,281.97 -3,142,291.17 8,515,990.80


EUR 4,972,272.41 -1,343,281.58 3,628,990.83


EUR 4,341,172.93 -2,498,889.44 1,842,283.49


EUR 2,223,770.11 -1,552,892.63 670,877.48


EUR 780,602.57 -234,900.72 545,701.85


EUR 785,455.85 -59,029.70 726,426.15


EUR 8,059,015.38 -1,426,264.41 6,632,750.97


EUR 2,342,585.92 -706,898.46 1,635,687.46


USD 128,030.25 -470,497.77 -342,467.52


EUR 915,804.81 -210,275.58 705,529.23

INTERNATIONAL GLOBAL SICAV - BLENDED RESEARCH - FOCUSED US CORE EQUITY STRATEGY

USD 1,363,382.11 -1,932,881.71 -569,499.60



116

NOTE 15 DETAILS OF THE CHANGE IN UNREALISED APPRECIATION/DEPRECIATION ON INVESTMENTS

Details of the change in unrealised appreciation/depreciation on investments for the year ended December 31, 2015 were as follows:

Change in unrealised

appreciation

Change in unrealised

depreciation

Change in net unrealised

appreciation/depreciation


EUR 3,917,262.51 -2,942,791.36 974,471.15


CHF 2,782,080.43 -1,948,138.89 833,941.54


EUR 8,792,115.49 -8,502,187.95 289,927.54


EUR 2,449,829.11 -2,146,133.96 303,695.15


EUR 302,641.45 -3,809,949.47 -3,507,308.02


EUR 106,709.53 -2,292,527.46 -2,185,817.93


EUR 36,433.30 -2,072,316.26 -2,035,882.96


EUR 1,147,136.92 -594,147.91 552,989.01


EUR 8,812,001.02 -4,159,854.16 4,652,146.86


EUR 579,841.23 -1,282,541.47 -702,700.24


USD 1,621,125.27 -2,218,908.04 -597,782.77


EUR 572,073.96 -1,565,376.93 -993,302.97

INTERNATIONAL GLOBAL SICAV - BLENDED RESEARCH - FOCUSED US CORE EQUITY STRATEGY

USD 1,926,736.23 -1,016,664.16 910,072.07

NOTE 16 SUBSEQUENT EVENTS

On October 7, 2015, the Board of Directors of the SICAV appointed Mirabaud Asset Management LTD in replacement of Rogge Global Partners Plc as Investment manager to INTERNATIONAL GLOBAL SICAV - GLOBAL FIXED INCOME TOTAL RETURN starting in January 2016.

The SICAV, currently governed by the provisions of Part II of the 2010 Law, is planning to change its legal structure in order to be governed by the provisions of Part I of the 2010 Law, subject to the approval of the Commission de Surveillance du Secteur Financier.


117

Other information to Shareholders

REMUNERATION OF THE MEMBERS OF THE AIFM

In relation to paragraphs 2 (e) and 2 (f) of article 20 of the AIFM law and in accordance with the ALFI Directive dated on October 3, 2014, the detail of the remuneration paid by the AIFM to its members is available upon request by the Shareholders at the registered office of the AIFM.

MATERIAL CHANGES

No material changes occurred to the SICAV during year ended December 31, 2015.


118

TRANSPARENCY WITH INVESTORS: INFORMATION RELATING TO RISK MANAGEMENT


Special arrangements arising from the illiquid nature of assets

As of December 31, 2015, there is no special arrangement at portfolio or asset level arising from their illiquid nature.

Risk profile

The current risk profile of the fund is medium. To assess the sensitivity of the portfolio to the risks it may be exposed, risk limits to cover market, credit, liquidity, concentration, and counterparty risks have been defined. No risk limits have been exceeded over the year. They are not likely to be exceeded in the foreseeable future.

Risk management systems

Market, credit, liquidity, concentration, counterparty and operational risks are monitored on an ongoing basis using specific tools and stress tests when applicable. No change of system is currently planned.

Leverage

The original maximum level of leverage expressed as a percentage of NAV are the following:

- Leverage calculated with the gross method: 200% - Leverage calculated with the commitment method: 150%

These levels are still applicable and have not been revised over the course of the year.

The total amounts of leverage expressed as a percentage of NAV employed by the AIF as of December 31, 2015 are the following:

- Leverage calculated with the gross method: 100.89% - Leverage calculated with the commitment method: 101.82%

No collateral has been reused and no guarantees were granted.


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Risk profile




Leverage








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Risk profile




Leverage








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Risk profile




Leverage








122

INTERNATIONAL GLOBAL SICAV - OBLIGATIONS CORPORATE EURO



Risk profile




Leverage








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Risk profile




Leverage








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Risk profile




Leverage








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Risk profile




Leverage








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Risk profile




Leverage








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Risk profile




Leverage








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Risk profile

The current risk profile of the fund is medium. To assess the sensitivity of the portfolio to the risks it may be exposed, risk limits to cover market, credit, liquidity, concentration, and counterparty risks have been defined. No risk limits have been exceeded over the period. They are not likely to be exceeded in the foreseeable future.



Leverage



These levels are still applicable and have not been revised over the course of the period.





130

INTERNATIONAL GLOBAL SICAV - BLENDED RESEARCH FOCUSED U.S. CORE EQUITY STRATEGY



Risk profile

The current risk profile of the fund is medium. To assess the sensitivity of the portfolio to the risks it may be exposed, risk limits to cover market, credit, liquidity, concentration, and counterparty risks have been defined. No risk limits have been exceeded over the period. They are not likely to be exceeded in the foreseeable future.



Leverage



These levels are still applicable and have not been revised over the course of the period.

The total amounts of leverage expressed as a percentage of NAV employed by the AIF as of December 31, .2015 are the following:



international global sicav

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