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3K MUTUAL FUNDS

ANNUAL REPORT 2015

UCITS DO NOT HAVE GUARANTEED PERFORMANCE AND PAST RETURNS DO NOT ENSURE FUTURE ONES

UCITS DO NOT HAVE GUARANTEED PERFORMANCE AND

PAST RETURNS DO NOT ENSURE FUTURE ONES



CONTENTS

COMPANY DETAILS 3

3K DOMESTIC EQUITY FUND 7

3K GREEK VALUE DOMESTIC EQUITY FUND 7

3K BALANCED FUND 11

3K EUROPEAN SHORT-TERM MONEY MARKET FUND 16



3K INVESTMENT PARTNERS MUTUAL FUND MANAGEMENT CO. S.A. COMPANY DETAILS

Established by

Ministry of Finance Decision No. 38476/B 1288/13-09-1990 General Commercial Register No: 1003501000

Head Office 25-27-29 Karneadou St., Athens GR-10675, tel. 210-7419800

Paid-up share capital on 31.12.2015 € 1.455.198,00

Board of Directors Chairman & CEO

Georgios Koufopoulos Vice-Chairmen & Executive Members

Gerasimos Vasiliou Theodoros Lizardos

Members Anna Margariti, Executive Member

Ioannis Zannas, Non-Executive Member Nikolaos Kambanis, Non-Executive Member

Georgios Tachtalidis, Non-Executive Member

Company Management

CEO/CIO Georgios Koufopoulos

CFO

Gerasimos Vasiliou

Auditors Deloitte

Chatsipavlou, Sofianos & Kambanis Certified Auditors & Business Consultants S.A

Custodian

PIRAEUS BANK, 4 Amerikis St. Athens

Distributor NN LIFE INSURANCE COMPANY S.A.

Supervisory Authority Hellenic Capital Market Commission

A body governed by public law

You can also find the Key Investor Information for each mutual fund and the complete Prospectus on the website of 3K Investment Partners Mutual Fund Management Co. S.A.

at www.3kip.gr, by clicking on Documents/Prospectuses.

http://www.3kip.gr/



3K DOMESTIC EQUITY FUND (Hellenic Capital Market Commission Executive Committee Decision No.29/634/08-02-2006, Government Gazette

264/B/2.3.2006)

MUTUAL FUND ANNUAL MANAGEMENT REPORT AS OF 31.12.2015

In line with Article 11 & 77 of Law 4099/2012 (Government Gazette 250/A/20.12.2012) & Law 4308/2014

MANAGEMENT COMPANY: 3K INVESTMENT PARTNERS MUTUAL FUND MANAGEMENT CO. S.A.

CUSTODIAN: PIRAEUS BANK S.A.

A. DETAILED ASSET STATEMENT

CURRENT UNIT PRICE IN FX

CURRENT UNIT PRICE

IN €

CURRENT VALUE

IN €

ASSET STRUCTURE

ON 31.12.2015

ASSET STRUCTURE

ON 31.12.2014 UNITS

TRANSFERABLE SECURITIES TRADED IN REGULATED MARKET

DOMESTIC TRANSFERABLE SECURITIES

Domestic Equities

Equities Listed in Athens Stock Exchange

NATIONAL BANK OF GREECE (CR) 6.500.000 0,343 2.229.500,00

ALPHA BANK (CR) 1.620.000 2,490 4.033.800,00

PIRAEUS BANK (CR) 6.950.000 0,278 1.932.100,00

EUROBANK ERGASIAS (CR) 2.000.000 1,040 2.080.000,00

EUROPEAN RELINCE INSURANCE CO SA (CR) 239.030 1,400 334.642,00

JUMBO (CR) 456.000 9,700 4.423.200,00

PAPOUTSANIS S.A 550.000 0,210 115.500,00

KRI KRI MILK INDUSTRY SA (CR) 253.500 1,900 481.650,00

MLS MULTIMEDIA SA (CR) 330.000 3,740 1.234.200,00

PLAISIO COMPUTERS (CR) 288.400 4,290 1.237.236,00

MOTOR OIL (CR) 84.400 9,950 839.780,00

PIRAEUS PORT AUTHORITY SA (CR) 289.000 13,880 4.011.320,00

GEK TERNA (CR) 952.000 1,520 1.447.040,00

MYTILINEOS (CR) 300.000 3,670 1.101.000,00

ALPHA ASTIKA AKINITA (CR) 3.987 4,750 18.938,25

COCA-COLA HBC AG 46.000 19,790 910.340,00

Greek Organization of Football Prognostics SA (CR) 305.000 8,100 2.470.500,00

FOLLI FOLLIE GROUP (CR) 80.000 17,300 1.384.000,00

TITAN (CR) 125.000 17,610 2.201.250,00

THESSALONIKI PORT AUTHORITY (CR) 118.061 24,100 2.845.270,10

FOURLIS HOLDINGS SA (CR) 178.000 3,000 534.000,00

PLASTIKA KRITIS (CR) 62.972 5,950 374.683,40

AEGEAN AIRLINES (CR) 130.000 6,830 887.900,00

KARELIA TOBACCO COMPANY INC. S.A 488 249,600 121.804,80

PETROS PETROPOULOS S.A (CR) 150.000 3,630 544.500,00

TOTAL 37.794.154,55 82,79% 76,79%

Total domestic equities 37.794.154,55 82,79% 76,79%

Domestic Bonds Greek Government Bonds

HELLENIC REPUBLIC 17/04/2014-14/04/2019 4,75&FXD 38.000 91,685 3.484.030,00

TOTAL 3.484.030,00 7,63% 0,00%

Total Domestic Bonds 3.484.030,00 7,63% 0,00%

Total Domestic Transferable Securities 41.278.184,55 90,42% 76,79%

TOTAL TRANSFERABLE SECURITIES TRADED IN FOREIGN ISSUERS REGULATED MARKET

Foreign Equities Foreign Equities in USD

Equities listed in New York’s Stock Exchange



Lenovo Group LTD –ADR 14.000 20,0750 18,4394 258.151,92

Berkshire Hathaway INC-CL 1 197.800,00 181.684.5779 181.684,58

TOTAL 439.836,50 0,96% 0,00%

Foreign Equities in SEK Equities Listed in Stockholm’s Stock Exchange Investor AB-B 16.000 306,600 33,3642 533.826,65

TOTAL 533.826,65 1,17% 0,00%

Total Foreign Equities 973.663,15 2,13% 0,00%

Foreign Money Market Instruments

Foreign Money Market Instruments in EUR Spain Bonds SGLT 19/06/2015-17/06/2016 ZERO COUPON 8.600 100,026 860.223,60

TOTAL 860.223,60 1,88% 0,00%

Total Foreign Money Market Instrument 860.223,60 1,88% 0,00%

Total Foreign Transferable Securities 1.833.886,75 4,02% 0,00%

TOTAL TRANSFERABLE SECURITIES TRADED IN REGULATED MARKET 43.112.071,30 94,44% 76,79%

TOTAL TRANSFERABLE SECURITIES

43.112.071,30

94,44% 76,79%

SUNDRY DEBTORS

Other debtors

645.731,29 1,41% 1,20%

ACCRUED INCOME 127.801,71 0,28% 0,00%

CASH

EUR Sight deposits

16.098,54 0,04% 0,24%

EUR Time Deposits

3.790.000,00 8,30% 22,44%

Total cash

3.806.098,54 8,34% 22,68%

TOTAL ASSETS

47.691.702,84 104,47% 100,66%

LESS

TAXES AND DUTIES DUE

28.994,06

SUNDRY CREDITORS

169.351,23

TIME ADJUSTMENT ACCOUNTS

1.841.741,36

TOTAL LIABILITIES

2.040.086,65 4,47% 0,66%

TOTAL NET ASSETS

7.534.738,883 units x € 6,0588 EURO

45.651.616,19 100,00% 100,00%

B. STATEMENT OF OPERATIONS, INCOME STATEMENT AND STATEMENT OF CHANGE IN INVESTMENT VALUATIONS FROM 1.1.2015 TO 31.12.2015

I. UNITHOLDERS’ CAPITAL

UNITS

EUR

Units in circulation on 31.12.2014

8.172.778,833 49.368.593,83

PLUS:

Sales of units from 1.1.2015 to 31.12.2015 291.868,351 1.811.452,32

LESS:

Units redeemed from 1.1.2015 to 31.12.2015 929.908,301

(638.039,950) 5.681.935,85 (3.870.483,53)


7.534.738,883 45.498.110,30

II. INCOME STATEMENT FOR THE PERIOD 1.1.2015-31.12.2015

REVENUES

Income from transferable securities (Dividends)

1.212.545,18

Interests from bonds

162.841,99

Interests from deposits 7.794,45 1.383.181,62

EXPENSES

Management Fee

(1.013.057,56)



Custodian’s fee and commission

(125.198,77)

Third party fees and expenses

(70.233,77)

Performance Fee Commission (1.819.540,02)

Portfolio trading costs

(87.157,70)

Portfolio trading taxes

(63.239,37)

Other government taxes

(50.625,02)

(3.229.052,21)

CAPITAL GAINS

Gains from sale of transferable securities

2.581.954,15

CAPITAL LOSSES

Losses from sale of transferable securities

(2.960.482,63)

Exchange differences

(4.893,26) (2.965.375,89)

NET PROFITS/(LOSSES) 1.1.2015-31.12.2015

(2.229.292,33)

ΙΙΙ. CHANGE IN INVESTMENT VALUATIONS

Assets at current prices (31.12.2015)

45.651.616,19

Assets at acquisition prices (31.12.2015)

43.268.817,97 2.382.798,22

TOTAL NET ASSET VALUE ON 31.12.2015

7.534.738,883 units x € 6,0588

45.651.616,19

C. APPROPRIATION ACCOUNT

NET RESULTS FOR THE YEAR (PROFITS) 4.676.176,63

FUND EARNINGS 4.676.176,63

D. UNIT VALUE (ARTICLE 77 OF LAW 4099/2012 & ARTICLE 4(3) & (4) OF HCMC Decision No. 17/633/20.12.2012)

Total net assets 31.12.2015 45.651.616,19

No. of units in circulation 7.534.738,883

Net unit price on 31.12.2015 6,0588

E. REWARD-TO-VARIABILITY RATIO FROM 1.1.2015 TO 31.12.2015 STANDARD DEVIATION OF DAILY RETURNS 1.90%

F. COMPARATIVE TABLE OF LAST 3 ACCOUNTING PERIODS

in € 2013 2014 2015 NET ASSET VALUE ON 31 Dec. 69.402.737,94 50.810.693,06 45.651.616,19

UNITS IN CIRCULATION ON 31 Dec. 8.813.576,953 8.172.778,833 7.534.738,883

NET UNIT PRICE ON 31 Dec. 7,8745 6,2171 6,0588



3K DOMESTIC EQUITY FUND (Hellenic Capital Market Commission Executive Committee Decision No.29/634/08-02-2006, Government Gazette 264/B/2.3.2006)

ANNUAL REPORT AS AT 31.12.2015

I. BALANCE SHEET AS AT 31.12.2015

(Law 4308/2014, Annex B, Template B.11, Government Gazette 251/A/24.11.2014)

31.12.2015 31.12.2014 31.12.2013

Transferable securities 43.112.071,30 39.016.680,75 68.119.557,81

Bank deposits 3.806.098,54 11.522.423,62 1.221.535,33

Other assets 773.533,00 609.962,48 504.720,54

Total assets 47.691.702,84 51.149.066,85 69.845.813,68

Liabilities 2.040.086,65 338.373,79 443.075,54

Net asset value 45.651.616,19 50.810.693,06 69.402.738,14

No. of units in circulation 43.112.071,30 39.016.583,04 68.119.460,10

Net asset value per unit 6,0588 6,2171 7,8745

Portfolio breakdown

1. Transferable securities listed for trading on official securities exchanges 43.112.071,30 39.016.583,04 68.119.460,10

2. Transferable securities listed for trading on other regulated markets 0.00 0.00 0.00

3. Recently issued transferable securities whose terms of issue require them to be listed on an

official exchange or other regulated market within one year 0.00 0.00 0.00

4. Other transferable securities not included in cases (1), (2) and (3) above 0.00 97,71 97,71

Total 43.112.071,30 39.016.680,75 68.119.557,81

II. STATEMENT OF CHANGE IN NET ASSETS

Accounting Period 01.01.2015-31.12.2015

(Law 4308/2014, Annex B, Template B.11, Government Gazette 251/A/24.11.2014) 01.01. -31.12.2015 01.01. -31.12.2014 01.01. -31.12.2013

A. Income statement

Income from investments 829.123,44 6.879.725,02 6.960.478,04

Other income 170.636,44 3.700,12 53,89

Management Fees -1.013.057,56 -1.558.303,17 -1.338.427,38

Custodian fees -125.198,77 -180.070,60 -154.662,73

Other expenses and taxes -2.090.795,88 -468.874,74 -362.211,82

Net income -2.229.292,33 4.676.176,63 5.105.230,00

B. Statement of other changes in net assets

Distributions and re-investments of income 49.368.593,83 49.768.755,84 47.829.811,96

New units issued 1.811.452,32 4.541.169,51 5.573.370,76

Redemptions of units -5.681.935,85 -9.617.508,15 -8.739.656,88

Investment measurement differences 2.382.798,22 1.442.099,23 19.633.982,10

Other changes in assets and investments 0,00 0,00 0,00

Portfolio transaction costs 0,00 0,00 0,00

47.880.908,52 46.134.516,43 64.297.507,94

Total changes in net assets (A+B) 45.651.616,19 50.810.693,06 69.402.737,94



NOTES

1. On 31.12.2015 the percentage of the UCITS’ assets invested in equities was 84.92% compared to 76.79% on 31.12.2014. This change is not considered to be significant. On 31.12.2015 the percentage of the UCITS’ assets invested in bonds was 7.63% compared to zero on 31.12.2014. This change is not considered to be significant. On 31.12.2015 the percentage of the UCITS’ assets invested in money market instruments was 1.88% compared to zero on 31.12.2014. This change is not considered to be significant.

2. Under Act of Legislative Content No. 65/28.06.2015 a bank holiday was declared from 28 June to 6 July 2015. During that period, the Board of Directors of the Hellenic Capital Market Commission decided that the regulated market of the Athens Exchange would remain closed and that the redemption of mutual fund units would be suspended (pursuant to Article 8 of Law 4099/2012) (Decision No. 715/29.06.2015). Decision No. 2/727/31.08.2015 of the HCMC lifted the ban on the redemption of UCITS. The following rules also applied up to the date on which the Mutual Fund’s Annual Management Report was published: a) The deposits the mutual fund holds with Greek credit institutions are subject to restrictions on cash withdrawals and fund transfers in accordance with the relevant capital control rules. b) Decision No. ΓΔΟΠ 0001608 ΕΞ 2015/ 07.12.2015 of the Minister of Finance lifting the restrictions laid down in the Act of Legislative Content of

18.7.2015 (Government Gazette 84/A) for transactions on Greek regulated markets in financial instruments, allowed units in UCITS under Law 4099/2012 available for sale in Greece to be acquired, on condition that the funds resulting from the new sales of Units in UCITS could not be transferred to or invested abroad, subject to the provisions of Article 1(3) of that Decision. Consequently, the aforementioned capital controls continue to significantly limit mutual fund operations.

3. Equities listed on the Athens Exchange were valued based on the stock exchange transaction closing prices on 31.12.2015. 4. Securities listed on foreign exchanges were valued based on the last available market prices on 31.12.2015. 5. Bonds denominated in EUR were valued using Bloomberg BGN rates on 31.12.2015. The accrued interest from these transferable securities up to

31.12.2015, from which the interest paid at the time of purchase has been deducted, was presented in the revenues for the period 01.01.2015- 31.12.2015.

6. The time deposits listed in the cash assets on 31.12.2015 were valued at current prices. The accrued interest on the time deposits has been computed up to 31.12.2015 at the agreed interest rate, and net interest has arisen which has been included for the results for the period 01.01.2015- 31.12.2015.

7. Foreign currencies were converted to euro based on fixing prices in the European Central Bank’s exchange rate report dated 31.12.2015. 8. The results for 2015 were transferred to the ‘Capital’ account and determined the balance of that account. 9. No derivatives were used in the period 01.01.2015- 31.12.2015 and consequently the portfolio’s gearing ratio was zero.

10. Companies included in the same group for the purpose of consolidated accounts as defined in Directive 83/349/EEC, as in force, or by internationally acknowledged accounting rules, are treated as a single organisation. In line with Article 61 of Law 4099/2012 this UCITS does not invest, on a cumulative basis, more than 20% of its net assets in the transferable securities or money market instruments of companies in the same group, as shown in the detailed asset statement in Table A.

11. The total value of financial assets measured at fair value based on published prices was € 46,902,071.30 (notes 3, 4, 5 and 6) and it should be noted that fair values were not measured based on measuring techniques that employ data/inputs which have observable values in the market or otherwise (Regulatory Decision No. 6/2009 of the Accounting Standardisation and Auditing Committee, following Hellenic Capital Market Commission Decision No. 22/530/19.11.2009).

12. The method used by the Management Company to measure risks and calculate overall risk exposure faced by the mutual fund portfolios it manages is the commitment approach (Article 20 of Hellenic Capital Market Commission Decision No. 3/645/30.04.2013).

13. The statement of financial position (balance sheet) and statement of changes in net assets for the period were prepared using Management judgment, taking into account the templates contained in Law 4308/2014 (Annex B) as well as the relevant decisions of the competent authorities.

BREAKDOWN OF BONDS IN THE 3K DOMESTIC EQUITY FUND PORTFOLIO

DESCRIPTION CODE (ISIN) TYPE Of interest rate ISSUER

DATE INTEREST

RATE QUANTITY CURRENT PRICE

CURRENT VALUE

VALUATION SOURCE

CREDIT RATING CONVERTIBLE WITHDRAWA

BLE OF ISSUE OF

MATURITY FITCH HELLENIC REPUBLIC 17/04/2014-17/04/2019 4.75% FXD GR0114028534 FIXED GREECE 17/04/2014 17/04/2019 4.750% 38.000,00 91,6850 3.484.030,00 BLOOMBERG CCC NO NO

SGLT 19/06/2015-17/06/2016 ZERO COUPON ES0L01606174 ZERO COUPON SPAIN 19/06/2015 17/06/2016 0.000% 8.600,00 100,0260 860.223,60 BLOOMBERG BBB+ NO NO

Athens, 20 April 2016

The Custodian The Management Company PIRAEUS BANK S.A. 3Κ INVESTMENT PARTNERS MUTUAL FUNDS MANAGEMENT CO. S.A.

E. XENOU T. PAPADIMITRIOU G. KOUFOPOULOS G. VASILIOU



Independent Audit Report

To the Management of 3K INVESTMENT PARTNERS MUTUAL FUND MGT. CO. S.A.

On behalf of the unitholders of the Mutual Fund 3K DOMESTIC EQUITY FUND

Audit Report on the Mutual Fund annual management report

We audited the Annual Management Report for the 3K DOMESTIC EQUITY FUND (the Management Report) for the period 1.1.2015 to 31.12.2015, prepared by

the company managing the Fund’s assets, 3K Investment Partners Mutual Fund Management Co. S.A. (the Management Company), which depicts the Mutual

Fund’s asset status and results for the period and also contains explanatory notes.

Management Company responsibility for the Management Report

The management team of the Management Company is responsible for preparing the Management Report in accordance with the provisions of Law 4099/2012

and the relevant provisions of Law 4308/2014, read in conjunction with Decision No. 17/633/20.12.2012 of the Board of Directors of the HCMC, and for putting

in place checks and balances which the management team of the Management Company considers necessary to make it possible to prepare a Management

Report free of material misstatements due to fraud or error.

Auditor’s responsibility

Our responsibility is to express an opinion on the Management Report based on our audit. We conducted our audit in accordance with the International

Standards of Auditing. These Standards require that we comply with the code of ethics, as well as plan and perform the audit so as to obtain reasonable

assurance as to whether the Management Report is free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures, data and explanatory notes in the Management Report.

The procedures selected depend on the auditor’s judgement, including the risk assessment of material misstatements in the Management Report, whether due

to fraud or error. When carrying out the risk assessment, the auditor examines the internal checks and balances on preparation and fair presentation of the

Management Report, for the purpose of designing auditing procedures which are suitable under the circumstances, and not to express an opinion on the

effectiveness of the Management Company’s internal checks and balances. An audit also includes evaluating the appropriateness of the accounting principles

and methods used and the reasonableness of the accounting estimates made by the management team of the Management Company, as well as evaluating the

overall presentation of the Management Report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion the attached Management Report for the period from 01.01 to 31.12.2015 has been prepared in all material respects in accordance with Law

4099/2012 and includes the information required by Article 77 of that Law, the relevant provisions of Law 4308/2014 and Decision No. 17/633/20.12.2012 of

the Board of Directors of the HCMC.

Matters of emphasis

We would draw your attention to the following points:

(1) Note 13 of the Management Report which refers to the framework for preparing the report, in accordance with the existing regulatory provisions.

(2) Note 2 of the Management Report, which refers to the continuing restrictions laid down by the legislative/regulatory framework on capital controls, which

are expected to significantly affect mutual fund operations.

Our report does not contain any qualifications in relation to those matters.


The Certified Public Accountant

Despina Xenaki ICPA (GR) Reg. No. 14161

Hadjipavlou Sofianos & Cambanis Auditors & Business

Consultants SA.

3a Fragkoklissias & Granikou str. 151 25 Marousi, Greece

ICPA (GR) Reg. No. Ε120



3K GREEK VALUE DOMESTIC EQUITY FUND (Hellenic Capital Market Commission Executive Committee Decision No.240/13-05-2015)

MUTUAL FUND ANNUAL MANAGEMENT REPORT AS OF 31.12.2015 In line with Article 11 & 77 of Law 4099/2012 (Government Gazette 250A/20.12.2012)





CURRENT UNIT PRICE

IN €

CURRENT VALUE

IN €

ASSET STRUCTURE

ON 31.12.2015

ASSET STRUCTURE

ON 31.12.2014 UNITS



Domestic Equities


NATIONAL BANK PF GREECE (CR) 50.000 0,343 17.150,00

ALPHA BANK (CR) 10.000 2,490 24.900,00

PIRAEUS BANK (CR) 55.000 0,278 15.290,00

EUROBANK ERGASIAS (CR) 20.000 1,040 20.800,00

EUROPEAN RELIANCE (CR) 27.200 1,400 38.080,00

JUMBO (CR) 4.800 9,700 46.560,00

KRI KRI MILK INDUSTRY SA (CR) 6.027 1,900 11.451,30

MLS MULTIMEDIA SA (CR) 3.600 3,740 13.464,00

PLAISIO COMPUTERS (CR) 3.954 4,290 16.962,66

MOTOR OIL (CR) 1.200 9,950 11.940,00

PIRAEUS PORT AUTHORITY SA (CR) 2.900 13,880 40.252,00

THESSALONIKI PORT AUTHORITY (CR) 1.070

24.100 25.787,00

STELIOS KANAKIS SA(CR) 9.799 1,990 19.500,01

TITAN (CR) 800 17,610 14.088,00

FLEXOPACK SA (CR) 4.000 2,780 11.120,00

AS COMPANY SA (CR) 47.000 0,356 16.732,00

KLEEMANN HELLAS SA (CR) 7.500 1,530 11.475,00


AEGEAN AIRLINES (CR) 2.600 6,830 17.758,00

KARELIA TOBACCO COMPANY INC. S.A 110 249,600 27.456,00

ALPHA ASTIKA AKINITA (CR) 4.547 4,750 21.598,25

PAPERPACK SA (CR) 2.965 0,969 2.873,09

ASTIR PALACE VOULIAGMENI SA (CR) 8.000 3,590 28.720,00

PETROS PETROPOULOS SA (CR) 3.000 3,630 10.890,00

TOTAL 519.587,31 82,30%

Total Domestic Equities 519.587,31 82,30%

Total Domestic Transferable Securities 519.587,31 82,30%

TOTAL TRANSFERABLE SECURITIES TRADED IN REGULATED MARKET

519.587,31

82,30%

TOTAL TRANSFERABLE SECURITIES

519.587,31

82,30%

ACCRUED INCOME

2,14 0,00% CASH

EUR Sight deposits

91.250.87 14,45%

EUR Time Deposits

35.000,00 5,54%

Total cash assets

126.250,87 19,99%

TOTAL ASSETS

645.840,32 102,29%



LESS


301,60

SUNDRY CREDITORS

13.400,98

PROFORMA ACCOUNTS FOR INTERIM

772,16

TOTAL DEBT

14.474,74 2,29%

TOTAL NET ASSETS

123.120,605 units x € 5,1280

631.365,58 100,00%



UNITS

EURO

Units in circulation on the date of establishment 26.05.2015

66.800,000 334.000,00

PLUS:

Sales of units 26.05.2015 to 30.06.2015 56320,605 282.916,41

LESS:

Redemption of units 26.05.2015 to 30.06.2015

0,000 56.320,605 0,00 282.916,41

Units in circulation on 31.12.2014 123.120,605 616.916,41


REVENUES


4.236,56

Interest on sight deposits

26,71

4.263,27

EXPENDITURE

Management Fee

(5.776,20)

Custodian fee and commission

(750,94)


(1.442,70)


(1.277,46)


(220,45)


(382,10)

(9.849,85)

CAPITAL PROFITS

Profits from sale of transferable securities

7.586,02

CAPITAL LOSSES

Losses from sale of transferable securities

(15.612,86)


(13.613,42)


Assets at current prices (31.12.2015)

631.365,58

Assets at acquisition prices (31.12.2015)

603.302,99

28.062,59


123.120,605units x € 5,1280

631.365,58


NET RESULTS FOR THE YEAR (LOSSES) (13.613,42)

FUND LOSSES (13.613,42)


Total net assets 31.12.2015 631.365,58

No. of units in circulation 123.120,605




E. REWARD-TO-VARIABILITY RATIO FROM 26.05.2015 TO 31.12.2015

STANDARD DEVIATION OF DAILY RETURNS 0,90%


in € 2015

NET ASSET VALUE ON 31 Dec. 631.365,58

UNITS IN CIRCULATION ON 31 Dec. 123.120,605

NET UNIT PRICE ON 31 Dec. 5,1280



3K GREEK VALUE DOMESTIC EQUITY FUND (Hellenic Capital Market Commission Executive Committee Decision No.240/13.05.2015)




31.12.2015 31.12.2014 31.12.2013

Transferable securities 519.587,31 0,00 0,00 Bank deposits 126.250,87 0,00 0,00 Other assets 2,14 0,00 0,00

Total assets 645,840,32 0,00

0,00

Liabilities 14.474,74 0,00

0,00

Net asset value 631.365,58 0,00

0,00

0,00 0,00 No. of units in circulation 123.120,61 0,00 0,00 Net asset value per unit 5,1280 0,00 0,00 0,00 0,00 Portfolio breakdown 0,00 0,00 1. Transferable securities listed for trading on official securities exchanges 519.587,31 0,00 0,00 2. Transferable securities listed for trading on other regulated markets 0,00 0,00 0,00 3. Recently issued transferable securities whose terms of issue require them to be listed on an

official exchange or other regulated market within one year 0,00

0,00

0,00

4. Other transferable securities not included in cases (1), (2) and (3) above 0,00 0,00 0,00

Total 519.587,31 0,00

0,00




A. Income statement Income from investments -3.790,28 0,00 0,00 Other income 26,71 0,00 0,00 Management Fees -5.776,20 0,00 0,00 Custodian fees -750,94 0,00 0,00 Other expenses and taxes -3.322,71 0,00 0,00

Net income 0,00

0,00


Distributions and re-investments of income 334.000,00 0,00 0,00

New units issued 282.916,41 0,00 0,00 Redemptions of units 0,00 0,00 0,00 Investment measurement differences 28.062,59 0,00 0,00 Other changes in assets and investments 0,00 0,00 0,00 Portfolio transaction costs 0,00 0,00 0,00 644.979,00 0,00 0,00

Total changes in net assets (A+B) 631.365,58 0,00 0,00



NOTES

1. This Mutual Fund received authorisation from the Hellenic Capital Market Commission in Decision No. 240/13.05.2015. 2. The Mutual Fund became operational on 26.05.2015 in line with Hellenic Capital Market Commission Decision No. 240/13.05.2015 and for that

reason there is no comparative data. 3. Under Act of Legislative Content No. 65/28.06.2015 a bank holiday was declared from 28 June to 6 July 2015. During that period, the Board of Directors of

the Hellenic Capital Market Commission decided that the regulated market of the Athens Exchange would remain closed and that the redemption of mutual fund units would be suspended (pursuant to Article 8 of Law 4099/2012) (Decision No. 715/29.06.2015). Decision No. 2/727/31.08.2015 of the HCMC lifted the ban on the redemption of UCITS. The following rules also applied up to the date on which the Mutual Fund’s Annual Management Report was published: a) The deposits the mutual fund holds with Greek credit institutions are subject to restrictions on cash withdrawals and fund transfers in accordance with

the relevant capital control rules. b) Decision No. ΓΔΟΠ 0001608 ΕΞ 2015/ 07.12.2015 of the Minister of Finance lifting the restrictions laid down in the Act of Legislative Content of

18.7.2015 (Government Gazette 84/A) for transactions on Greek regulated markets in financial instruments, allowed units in UCITS under Law 4099/2012 available for sale in Greece to be acquired, on condition that the funds resulting from the new sales of units in UCITS could not be transferred to or invested abroad, subject to the provisions of Article 1(3) of that Decision. Consequently, the aforementioned capital controls continue to significantly limit mutual fund operations.

4. Equities listed on the Athens Exchange were valued based on the stock exchange transaction closing prices on 31.12.2015. 5. The time deposits listed in the cash assets on 31.12.2015 were valued at current prices. The accrued interest on the time deposits has been computed

up to 31.12.2015 at the agreed interest rate, and net interest has arisen which has been included for the results for the period 26.05.2015- 31.12.2015. 6. No derivatives were used in the period 26.05.2015- 31.12.2015 and consequently the portfolio’s gearing ratio was zero. 7. The results for the period 26.05.2015 - 31.12.2015 were transferred to the ‘Capital’ account and determined the balance of that account. 8. Companies included in the same group for the purpose of consolidated accounts as defined in Directive 83/349/EEC, as in force, or by internationally

acknowledged accounting rules, are treated as a single organisation. In line with Article 61 of Law 4099/2012 this UCITS does not invest, on a cumulative basis, more than 20% of its net assets in the transferable securities or money market instruments of companies in the same group, as shown in the detailed asset statement in Table A.

9. The total value of financial assets measured at fair value based on published prices was € 554,587.31 (notes 4 and 5) and it should be noted that fair values were not measured based on measuring techniques that employ data/inputs which have observable values in the market or otherwise (Regulatory Decision No. 6/2009 of the Accounting Standardisation and Auditing Committee, following Hellenic Capital Market Commission Decision No. 22/530/19.11.2009).




The Custodian The Management Company PIRAEUS BANK S.A. 3Κ INVESTMENT PARTNERS

MUTUAL FUND MANAGEMENT CO. S.A.

E. XENOU T. PAPADIMITRIOU G. KOUFOPOULOS G. VASILEIOU




To the Management of 3K INVESTMENT PARTNERS MUTUAL FUND MGT. CO. S.A.

On behalf of the unitholders of the Mutual Fund

3K GREEK VALUE DOMESTIC EQUITY FUND


We audited the Annual Management Report for the 3K GREEK VALUE DOMESTIC EQUITY FUND (the Management Report) for the period 1.1.2015 to

31.12.2015, prepared by the company managing the Fund’s assets, 3K Investment Partners Mutual Fund Management Co. S.A. (the Management Company),

which depicts the Mutual Fund’s asset status and results for the period and also contains explanatory notes.


















Opinion




Matters of emphasis








Despina Xenaki

ICPA (GR) Reg. No. 14161


Consultants SA.





3K BALANCED FUND (Hellenic Capital Market Commission Executive Committee Decision No.29/634/08-02-2006, Government Gazette 264/B/2.3.2006)

MUTUAL FUND SEMI ANNUAL REPORT AS OF 31.12.2015 In line with Article 77 of Law 4099/2012 (Government Gazette 250A/20.12.2012)



B. DETAILED ASSET STATEMENT


CURRENT UNIT PRICE

IN €

CURRENT VALUE

IN €

ASSET STRUCTURE

ON 31.12.2015

ASSET STRUCTURE ON 31.12.2014

UNITS



Domestic Equities


NATIONAL BANK PF GREECE (CR) 440.000 0,343 150.920,00

ALPHA BANK (CR) 125.500 2,490 312.495,00

PIRAEUS BANK (CR) 460.000 0,278 127.880,00

EUROBANK ERGASIAS (CR) 140.000 1,040 145.600,00

GEK TERNA (CR) 68.000 1,520 103.360,00

EUROPEAN RELIANCE (CR) 76.677 1,400 107.347,80

Piraeus Port Authority SA (CR) 20.000 13,880 277.600,00

Thessaloniki Port Authority SA(CR) 3.900 24,100 93.990,00

PLAISIO COMPUTERS (CR) 27.200 4,290 116.688,00


TITAN (CR) 10.000 17,610 176.100,00

FOLLI FOLLIE GROUP (CR) 7.000 17,300 121.100,00

GRIVALIA PROPERTIES (CR) 10.000 7,370 73.700,00

JUMBO (CR) 65.000 9,700 630.500,00

TOTAL

2.555.007,50 38,30% 32,65%

Total Domestic Equities

2.555.007,50 38,30% 32,65%

Domestic Bonds

Greek Government Bonds

HELLENIC REPUBLIC 17/04/2014-17/04/2019 4,75% FXD 3.000 91,685 275.055,00

HELLENIC REPUBLIC 24/02/2012-24/02/2031 3% FXD 7.500 60,830 456.225,00






TOTAL 3.074.035,00 46,05% 10,35%

Total Domestic Bonds 3.074.035,00 46,08% 10,35%

Total Domestic Transferable Securities

5.629.042,50 84,39% 43,00%

TOTAL TRANSFERABLE SECURITIES TRADED IN FOREIGN ISSUERS REGULATED MARKET

Foreign Equities

Foreign Equities in USD

Equities listed in New York’s Stock Exchange

Lenovo Group LTD –ADR 2.000 20,0750 18,4394 36.878,85

TOTAL 36.878,85 0,55% 0,00%

Foreign Equities in SEK



Equities Listed in Stockholm’s Stock Exchange

Investor AB-B 2.700 306,600 33,3642 90.083,25

TOTAL 90.083,25 1,35% 0,00%

Total Foreign Equities

Foreign Bonds French Bonds Deutch Bonds Belgium Bonds Dutch Bonds Foreign Money Market Instruments Foreign Money Market Instruments in EUR

Dutch Bonds

DUTCH 19/08/2015-29/01/2016 ZERO COUPON 4.000

100,035 400.140,00

TOTAL 400.140,00 6,00% 0,00%

Total Foreign Money Market Instruments 400.140,00 6,00% 0,00%

Total Foreign Transferable Securities 527.102,10 7,90% 33,37%

TOTAL TRANSFERABLE SECURITIES TRADED IN REGULATED MARKET 6.156.144,60 32,29% 76,67%

SUNDRY DEBTORS

Other debtors

19.671,91 0,29% 0,49%

NONCURRENT RECEIVABLES FROM CURRENTLY EARNED INCOME 131.517,68 1,97% 0,58%

CASH

EUR Sight deposits

58.806,35 0,88% 0,36%

EUR Time Deposits

420.000,00 6,30% 22,68%

Total cash assets

478.806,35 7,18% 23,04?%

TOTAL ASSETS

6.786.140,62 101,73% 100,78%

LESS


2.530,60

SUNDRY CREDITORS

24.296,98

PROFORMA ACCOUNTS FOR INTERIM

88.711,07

TOTAL DEBT

115.538,65 1,73% 0,78%

TOTAL NET ASSETS

2.682.933,868 units x € 2,4863

6.670.601,97 100,00% 100,00%



UNITS

EURO


3.050.197,292 7.395.227,78

PLUS:

Sales of units 1.1.2015 to 31.12.2015 93.045,750 233.336,52

LESS:

Redemption of units 1.1.2015 to 31.12.2015

460.309,174 (367.263,424) 1.156.919,77 (923.583,25)

Units in circulation on 31.12.2015 2.682.933,868 6.471.644,53




REVENUES


71.026,58

Interest on bonds

115.440,66

Interest on sight deposits

985,48 187.452,72

EXPENDITURE

Management Fee

(119.496,34)

Custodian fee and commission

(17.381,35)


(11.815,47)

Performance fee (84.188,37)


(6.620,18)


(3.826,07)


(6.221,08 (249.548,86)

CAPITAL PROFITS

Profits from sale of transferable securities

413.965,56

CAPITAL LOSSES

Exchange differences

(6.352,04)

Losses from sale of transferable securities (424.871,89)

(431.223,93)


(79.354,51)


Assets at current prices 31.12.2015

6.670.601,97

Assets at acquisition prices 31.12.2015

3.392.290,02

278.311,95


2.682.933,868 units x € 2,4863

6.670.601,97


NET RESULTS FOR THE YEAR (LOSSES) (79.354,51)



Total net assets 31.12.2015 6.670.601,97

No. of units in circulation 2.682.933,87



STANDARD DEVIATION OF DAILY RETURNS 1,16%


in € 2013 2014 2015

NET ASSET VALUE ON 31 Dec. 9.474.589,20 7.672.976,63 6.670.601,97

UNITS IN CIRCULATION ON 31 Dec. 3.344.540,705 3.050.197,292 2.682.933,87




NOTES

1. On 31.12.2015 the percentage of the UCITS’ assets invested in equities was 40.20% compared to 32.65% on 31.12.2014. That change was primarily due to the drop in investments in deposits. On 31.12.2015 the percentage of the UCITS’ assets invested in bonds was 52.08% compared to 44.02% on 31.12.2014. That change was primarily due to the drop in investments in deposits. On 31.12.2015 the percentage of the UCITS’ assets invested in money market instruments was 6.00% compared to zero on 31.12.2014. That change was primarily due to the drop in investments in deposits.

2. Under Act of Legislative Content No. 65/28.06.2015 a bank holiday was declared from 28 June to 6 July 2015. During that period, the Board of Directors of the Hellenic Capital Market Commission decided that the regulated market of the Athens Exchange would remain closed and that the redemption of mutual fund units would be suspended (pursuant to Article 8 of Law 4099/2012) (Decision No. 715/29.06.2015). Decision No. 2/727/31.08.2015 of the HCMC lifted the ban on the redemption of UCITS. The following rules also applied up to the date on which the Mutual Fund’s Annual Management Report was published:

a) The deposits the mutual fund holds with Greek credit institutions are subject to restrictions on cash withdrawals and fund transfers in accordance with the relevant capital control rules.

b) Decision No. ΓΔΟΠ 0001608 ΕΞ 2015/ 07.12.2015 of the Minister of Finance lifting the restrictions laid down in the Act of Legislative Content of 18.7.2015 (Government Gazette 84/A) for transactions on Greek regulated markets in financial instruments, allowed units in UCITS under Law 4099/2012 available for sale in Greece to be acquired, on condition that the funds resulting from the new sales of Units in UCITS could not be transferred to or invested abroad, subject to the provisions of Article 1(3) of that Decision. Consequently, the aforementioned capital controls continue to significantly limit mutual fund operations.

3. Equities listed on the Athens Exchange were valued based on the stock exchange transaction closing prices on 31.12.2015.

4. Securities listed on foreign exchanges were valued based on the last available market prices on 31.12.2015.

5. Bonds denominated in EUR were valued using Bloomberg BGN rates on 31.12.2015. The accrued interest from these transferable securities up to 31.12.2015, from which the interest paid at the time of purchase has been deducted, was presented in the revenues for the period 01.01.2015-31.12.2015.


7. Foreign currencies were converted to euro based on fixing prices in the European Central Bank’s exchange rate report dated 31.12.2015.

8. The results for 2015 were transferred to the ‘Capital’ account and determined the balance of that account.

9. No derivatives were used in the period 01.01.2015- 31.12.2015 and consequently the portfolio’s gearing ratio was zero.

10. Companies included in the same group for the purpose of consolidated accounts as defined in Directive 83/349/EEC, as in force, or by internationally acknowledged accounting rules, are treated as a single organisation. In line with Article 61 of Law 4099/2012 this UCITS does not invest, on a cumulative basis, more than 20% of its net assets in the transferable securities or money market instruments of companies in the same group, as shown in the detailed asset statement in Table A.

11. The total value of financial assets measured at fair value based on published prices was € 6,576,144.60 (notes 3, 4, 5, 6 and 7) and it should be noted that fair values were not measured based on measuring techniques that employ data/inputs which have observable values in the market or otherwise (Regulatory Decision No. 6/2009 of the Accounting Standardisation and Auditing Committee, following Hellenic Capital Market Commission Decision No. 22/530/19.11.2009).



BREAKDOWN OF BONDS IN THE 3K EUROPEAN SHORT-TERM MONEY MARKET FUND PORTFOLIO


DATE INTEREST


CURRENT VALUE

VALUATION SOURCE

CREDIT RATING CONVERTIBLE WITHDRAWAB

LE OF ISSUE OF

MATURITY FITCH HELLENIC REPUBLIC 17/04/2014-17/04/2019 4.75% FXD GR0114028534 FIXED GREECE 17/04/2014 17/04/2019 4.750% 3.000,00 91,6850 275.055,00 BLOOMBERG CCC NO NO

HELLENIC REPUBLIC 24/02/2012-24/02/2031 3.00% FXD GR0133009226 STEP CPN GREECE 12/03/2012 24/02/2031 3.000% 7.500,00 60,8300 456.225,00 BLOOMBERG CCC NO NO






DUTCH 19/08/2015-29/01/2016 ZERO COUPON NL0011376223 ZERO COUPON HOLLAND 19/08/2015 29/01/2016 0.000% 4.000,00 100,0350 400.140,00 BLOOMBERG SE NO NO


The Custodian The Management Company PIRAEUS BANK S.A. 3Κ INVESTMENT PARTNERS MUTUAL FUNDS MANAGEMENT CO.

S.A.




3K BALANCED FUND (Hellenic Capital Market Commission Executive Committee Decision No.29/634/08-02-2006, Government Gazette 264/B/2.3.2006)




31.12.2015 31.12.2014 31.12.2013

Transferable securities 6.156.144,60 5.882.756,83 9.249.927,73

Bank deposits 478.806,35 1.767.253,46 125.927,41

Other assets 151.189,67 82.004,55 188.393,97

Total assets 6.786.140,62 7.732.014,84 9.564.249,11

Liabilities 115.538,65 59.038,21 89.659,91

Net asset value 6.670.601,97 7.672.976,63 9.471.589,20

No. of units in circulation 2.682.933,87 3.050.197,29 3.344.540,71


Portfolio breakdown 1. Transferable securities listed for trading on official securities exchanges 6.156.144,60 5.882.753,20 9.249.924,10

2. Transferable securities listed for trading on other regulated markets 0,00 0,00 0,00


official exchange or other regulated market within one year 0,00 0,00 0,00


Total 6.156.144,60 5.882.756,83 9.249.927,73




A. Income statement Income from investments 53.768,21 1.164.998,74 397.028,29

Other income 116.426,14 142.082,28 135.206,41

Management Fees -119.496,34 -173.088,38 -146.070,14

Custodian fees -17.381,35 -23.737,83 -20.032,38

Other expenses and taxes -112.671,17 -50.593,10 -34.564,38

Net income -79.354,51 1.059.661,71 331.567,70



New units issued 233.336,52 485.955,99 633.888,30

Redemptions of units -1.156.919,77 -1.413.271,25 -1.577.371,72

Investment measurement differences 278.311,95 277.748,85 2.211.707,87



6.749.956,48 6.613.314,92 9.143.021,50





To the Management of 3K INVESTMENT PARTNERS MUTUAL FUND MGT. CO. S.A. On behalf of the unitholders of the Mutual Fund

3K BALANCED FUND


We audited the Annual Management Report for the 3K BALANCED FUND (the Management Report) for the period 1.1.2015 to 31.12.2015, prepared by the

company managing the Fund’s assets, 3K Investment Partners Mutual Fund Management Co. S.A. (the Management Company), which depicts the Mutual

Fund’s asset status and results for the period and also contains explanatory notes.


















Opinion




Matters of emphasis








Despina Xenaki



Consultants SA.





3K EUROPEAN SHORT TERM MONEY MARKET FUND (Hellenic Capital Market Commission Executive Committee Decision No.29/634/08-02-2006, Government Gazette 264/B/2.3.2006)

MUTUAL FUND SEMI ANNUAL REPORT AS OF 31.12.2015 In line with Article 77 of Law 4099/2012 (Government Gazette 250A/20.12.2012)





CURRENT UNIT PRICE

IN €

CURRENT VALUE

IN €

ASSET STRUCTURE

ON 31.12.2014

ASSET STRUCTURE

ON 31.12.2013 UNITS


FOREIGN TRANSFERABLE SECURITIES

Foreign Money Market Instruments

Foreign Money Market Instruments in EUR

Dutch Bonds

DUTCH 19/08/2016-29/01/2016 ZERO COUPON 5.900,00 100,0350 590.206,50

TOTAL 590.206,50 16,94% 0,00%

French Bonds

BTF 07/10/2015-16/03/2016 ZERO COUPON 3.000,00 100,0860 300.258,00

TOTAL 300.258,00 8,62% 0,00%

Belgium Bonds

BGTB 15/01/2015-14/01/2016 ZERO COUPON 2.500,00 100,0160 250.040,00

TOTAL 250.040,00 7,18% 8,42%

German Bonds 0,00% 16,84%

Total Foreign money market instruments 1.140.504,50

TOTAL TRANSFERABLE SECURITIES TRADED IN REGULATED MARKET

1.140.504,50 32,74% 25,26%

SUNDRY DEBTORS

0,00 0,00% 0,01%

NONCURRENT RECEIVABLES FROM CURRENTLY EARNED INCOME

(388,11) -0,01% 0,01%

CASH

EUR Sight deposits

147.917,15 4,25% 17,66%

EUR Time Deposits

2.197.081,37 63,07% 57,26%

Total cash assets

2.344.998,52 67,32% 74,92%

TOTAL ASSETS

3.485.114,91 100,04% 100,20%

LESS


406,13

SUNDRY CREDITORS

382,92

PROFORMA ACCOUNTS FOR INTERIM REPORTING

543,71

TOTAL DEBT

1.332,76 0,04% 0,20%

TOTAL NET ASSETS

654.008,594 units x €5,3268

3.483.782,15 100,00% 100,00%



B. STATEMENT OF OPERATIONS, INCOME STATEMENT AND STATEMENT OF CHANGES IN INVESTMENT VALUATIONS FROM

1.1.2014 TO 31.12.2014

I. UNITHOLDERS’ CAPITAL UNITS EURO

Units in circulation on 31.12.2014 777.053,596 4.157.1121,22

PLUS:

Sales of Units from 1.1.2015 to 31.12.2015 10.703,986 57.201,57

LESS:

Units redeemed from 1.1.2015 to 31.12.2015 133.748,988 (123.045,002) 714.651,68 (657.450,11)

Units in circulation on 31.12.2015 654.008,594 3.499.622,11

II. INCOME STATEMENT FOR PERIOD 1.1.2015-31.12.2015

REVENUES

Interest Deposits 347,08

EXPENDITURE

Manager’s fee (2.965,61)

Custodian’s fee and commission (1.482,86)

Third party fees and expenses (8.437,44)

Other government taxes (839,56) (13.725,47)

FUND PROFITS

Losses from sale of securities 20,51

NET PROFITS/(LOSSES) FOR THE PERIOD 1.1.2015-31.12.2015 (15.277,81)

III. CHANGE IN INVESTMENT VALUATIONS

Assets at current prices (31.12.2015) 3.483.782,15

Assets at acquisition prices (31.12.2015) 3.484.384,30 (602,15)

TOTAL NET VALUE OF ASSETS ON 31.12.2015

654.008,594 units x € 5.3268 3.483.782,15


NET RESULTS FOR THE YEAR (PROFITS) (15.277,81)



Total net assets 31.12.2015 3.483.782,15

No. of units in circulation 654.008,594



STANDARD DEVIATION OF DAILY RETURNS 0.00%

E. COMPARATIVE TABLE OF LAST 3 ACCOUNTING PERIODS

in € 2013 2014 2015

NET ASSET VALUE ON 31 Dec. 4.389.036,02 4.156.835,23 3.483.782,15

UNITS IN CIRCULATION ON 31 Dec. 819.019,623 777.053,596 654.008,594




NOTES 1. On 31.12.2015 the percentage of the UCITS’ assets invested in money market instruments was 32.74% compared to 25.26% on 31.12.2014. This change is

not considered to be significant. On 31.12.2015 the percentage of the UCITS’ assets invested in cash was 67.32% compared to 74.92% on 31.12.2014. This change is not considered to be significant. 2. Under Act of Legislative Content No. 65/28.06.2015 a bank holiday was declared from 28 June to 6 July 2015. During that period, the Board of Directors of

the Hellenic Capital Market Commission decided that the regulated market of the Athens Exchange would remain closed and that the redemption of mutual fund units would be suspended (pursuant to Article 8 of Law 4099/2012) (Decision No. 715/29.06.2015).

Decision No. 2/727/31.08.2015 of the HCMC lifted the ban on the redemption of UCITS. The following rules also applied up to the date on which the Mutual Fund’s Annual Management Report was published:

a) The deposits the mutual fund holds with Greek credit institutions are subject to restrictions on cash withdrawals and fund transfers in accordance with the relevant capital control rules.

b) Decision No. ΓΔΟΠ 0001608 ΕΞ 2015/ 07.12.2015 of the Minister of Finance lifting the restrictions laid down in the Act of Legislative Content of 18.7.2015 (Government Gazette 84/A) for transactions on Greek regulated markets in financial instruments, allowed units in UCITS under Law 4099/2012 available for sale in Greece to be acquired, on condition that the funds resulting from the new sales of Units in UCITS could not be transferred to or invested abroad, subject to the provisions of Article 1(3) of that Decision. Consequently, the aforementioned capital controls continue to significantly limit mutual fund operations.


4. Bonds denominated in EUR were valued using Bloomberg BGN rates on 31.12.2015. The accrued interest from these transferable securities up to 31.12.2015, from which the interest paid at the time of purchase has been deducted, was presented in the revenues for the period 01.01.2015-31.12.2015.

5. Money market instruments are debt securities with a residual life of up to 397 days until the payment date of each security, in line with Hellenic Capital Market Commission Decision No. 6/587/02.06.2011 (Government Gazette 1428/B/16.06.2011).

6. The results for 2015 were transferred to the ‘Capital’ account and determined the balance of that account. 7. No derivatives were used in the period 01.01.2015- 31.12.2015 and consequently the portfolio’s gearing ratio was zero. 8. Companies included in the same group for the purpose of consolidated accounts as defined in Directive 83/349/EEC, as in force, or by internationally

acknowledged accounting rules, are treated as a single organisation. In line with Article 61 of Law 4099/2012 this UCITS does not invest, on a cumulative basis, more than 20% of its net assets in the transferable securities or money market instruments of companies in the same group, as shown in the detailed asset statement in Table A.

9. The total value of financial assets measured at fair value based on published prices was € 3,337,585.87 (notes 3 and 4) and it should be noted that fair values were not measured based on measuring techniques that employ data/inputs which have observable values in the market or otherwise (Regulatory Decision No. 6/2009 of the Accounting Standardisation and Auditing Committee, following Hellenic Capital Market Commission Decision No. 22/530/19.11.2009).



BREAKDOWN OF BONDS IN THE 3K EUROPEAN SHORT-TERM MONEY MARKET FUND PORTFOLIO


DATE INTEREST


CURRENT VALUE

VALUATION SOURCE

CREDIT RATING CONVERTIBLE WITHDRAWA

BLE OF ISSUE OF

MATURITY FITCH

DUTCH 19/08/2015-29/01/2016 ZERO COUPON NL0011376223 ZERO COUPON HOLLAND 19/08/2015 29/01/2016 0.000% 5,900.00 100.0350 590,206.50 BLOOMBERG N/A NO NO

BGTB 15/01/2015-14/01/2016 ZERO COUPON BE0312726954 ZERO COUPON BELGIUM 15/01/2015 14/01/2016 0.000% 2,500.00 100.0160 250,040.00 BLOOMBERG NR NO NO

FRENCH 07/10/2015-16/03/2016 ZERO COUPON FR0123283733 ZERO COUPON GREECE 07/10/2015 16/03/2016 0.000% 3,000.00 100.0860 300,258.00 BLOOMBERG AA NO NO


The Custodian The Management Company PIRAEUS BANK S.A. 3Κ INVESTMENT PARTNERS MUTUAL FUNDS MANAGEMENT CO.

S.A.




3K EUROPEAN SHORT TERM MONEY MARKET FUND (Hellenic Capital Market Commission Executive Committee Decision No.29/634/08-02-2006, Government Gazette 264/B/2.3.2006)




31.12.2015 31.12.2014 31.12.2013

Transferable securities 1.140.504,50 1.050.122,50 979.400,50

Bank deposits 2.344.998,52 3114.151,15 3.414.600,58

Other assets -388,11 521,62 399,52

Total assets 3.485.114,91 4.164.795,67 4.394.400,60

Liabilities 1.332,76 7.960,44 5.364,58

Net asset value

No. of units in circulation 654.008,59 777.053,60 819.019,62


Portfolio breakdown 1. Transferable securities listed for trading on official securities exchanges 1.140.504,50 1.050.122,50 979.400,50

2. Transferable securities listed for trading on other regulated markets 0,00 0,00 0,00


official exchange or other regulated market within one year 0,00 0,00 0,00


Total 1.140.504,50 1.050.122,50 979.400,50




A. Income statement 779,10

Income from investments -1.899,42 930,81 779,10

Other income 347,08 740,74 1.479,61

Management Fees -2.965,61 -3.340,13 -19.929,40

Custodian fees -1.482,86 -1.670,10 -3.389,47

Other expenses and taxes -9.277,00 -3.749,13 -5.587,09

Net income -15.277,81 -7.087,81 -26.647,25



New units issued 57.201,57 342.425,68 201.261,12

Redemptions of units -714.651,68 -567.362,36 -695.015,78

Investment measurement differences -602,15 -276,99 -100,69



3.499.059,96 4.163.923,04 4.415.683,27





To the Management of 3K INVESTMENT PARTNERS MUTUAL FUND MGT. CO. S.A. On behalf of the unitholders of the Mutual Fund

3K EUROPEAN SHORT-TERM MONEY MARKET FUND


We audited the Annual Management Report for the 3K EUROPEAN SHORT-TERM MONEY MARKET FUND (the Management Report) for the period 1.1.2015 to

31.12.2015, prepared by the company managing the Fund’s assets, 3K Investment Partners Mutual Fund Management Co. S.A. (the Management Company),

which depicts the Mutual Fund’s asset status and results for the period and also contains explanatory notes.


















Opinion




Matters of emphasis








Despina Xenaki



Consultants SA.





3K Investment Partners M.F.M.C Ministry of National Economy Decision No. 38476/B 1288/13-09-1990 General Commercial Registration No. 1003501000 25-27-29 Karneadou St., Athens GR-10675 Tel.: +30 210-7419800

www.3kip.gr Supervisory Authority: Hellenic Capital Market Investors’ Helpline +30 210 74 19 890

http://www.3kip.gr/