bright cap

BRIGHT CAP (formerly Aria SICAV)

Société d’investissement à Capital Variable

R.C.S. Luxembourg B 148991

Unaudited semi-annual financial statements for the period ended

JUNE 30, 2020

This report does not constitute an offer of shares. No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus, supplemented by the last available

financial statements of the fund.

Bright Cap, (R.C.S. Luxembourg B 148991) Unaudited semi annual financial statements for the period ended 30 June 2020

CONTENTS

MANAGEMENT AND ADMINISTRATION OF THE FUND ...................................................................................... 1

BRIGHT CAP – COMBINED – STATEMENT OF NET ASSETS (in EUR) ................................................................... 2

BRIGHT CAP – COMBINED – STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (in EUR) ................ 3

BRIGHT CAP – MOMENTUM COMFORT – STATEMENT OF NET ASSETS (in GBP) .............................................. 4

BRIGHT CAP – MOMENTUM COMFORT – STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (in

GBP) .................................................................................................................................................................... 5

BRIGHT CAP – MOMENTUM COMFORT –STATEMENT OF INVESTMENTS (in GBP) ........................................... 6

BRIGHT CAP – MOMENTUM COMFORT – STATISTICAL INFORMATION .......................................................... 10

BRIGHT CAP – SELECTION V – STATEMENT OF NET ASSETS (in EUR) ............................................................... 11

BRIGHT CAP – SELECTION V – STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (in EUR) ........... 12

BRIGHT CAP – SELECTION V – STATEMENT OF INVESTMENTS (in EUR) ........................................................... 13

BRIGHT CAP – SELECTION V – STATISTICAL INFORMATION ............................................................................. 14

BRIGHT CAP – EUROPEAN SECURITIES – STATEMENT OF NET ASSETS (in EUR) .............................................. 15

BRIGHT CAP – EUROPEAN SECURITIES – STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (in

EUR) .................................................................................................................................................................. 16

BRIGHT CAP – EUROPEAN SECURITIES – STATEMENT OF INVESTMENTS (in EUR) .......................................... 17

BRIGHT CAP – EUROPEAN SECURITIES – STATISTICAL INFORMATION ............................................................ 18

BRIGHT CAP – EUROPE INCOME – STATEMENT OF NET ASSETS (in EUR) ........................................................ 19

BRIGHT CAP – EUROPE INCOME – STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (in EUR) ..... 20

BRIGHT CAP – EUROPE INCOME – STATEMENT OF INVESTMENTS (in EUR) .................................................... 21

BRIGHT CAP – EUROPE INCOME – STATISTICAL INFORMATION ...................................................................... 23

BRIGHT CAP – IFM GLOBAL ACTIVE ALLOCATION – STATEMENT OF NET ASSETS (in EUR) ............................. 24

BRIGHT CAP – IFM GLOBAL ACTIVE ALLOCATION – STATEMENT OF OPERATIONS AND CHANGES IN NET

ASSETS (in EUR) ................................................................................................................................................ 25

BRIGHT CAP – IFM GLOBAL ACTIVE ALLOCATION – STATEMENT OF INVESTMENTS ....................................... 26

BRIGHT CAP – IFM GLOBAL ACTIVE ALLOCATION – STATISTICAL INFORMATION ............................................ 27

NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2020 ........................................................................ 28


1

MANAGEMENT AND ADMINISTRATION OF THE FUND

Registered office of the fund

25A, Boulevard Royal L-2449 Luxembourg Grand-Duchy of Luxembourg

Board of the Directors

Mr Frank BERGEOT Mr Pascal CORNU Mr Jean-Marc LOISEAU Custodian Bank Natixis Bank S.A. 51, avenue J.F. Kennedy L-1855 Luxembourg Grand-Duchy of Luxembourg Management Company and Central Administration Finexis S.A. 25A, Boulevard Royal L-2449 Luxembourg Grand-Duchy of Luxembourg

Auditor Artemis Audit & Advisory S.A.R.L. 163 Rue du Kiem

L-8030 Strassen

Grand-Duchy of Luxembourg

Correspondent Bank for France CACEIS Fax +33 (0)1 57 78 12 87

1-3, place Valhubert 75013 Paris, France Correspondent Agent for United Kingdom Sturgeon Ventures LLP Linstead House, 2nd Floor, 9 Disraeli Road, London. SW15 2DR United Kingdom Sub-depositary Bank for Poland RAIFFEISEN BANK POLSKA SPÓŁKA AKCYJNA 20 PIĘKNA street, 00-549 Warsaw, POLAND


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

2

BRIGHT CAP – COMBINED – STATEMENT OF NET ASSETS (in EUR)

Notes EUR

ASSETS

Investments at market value 24,617,448.51

Cash at bank 14,657,903.52

Receivable on investments sold 1,275,811.55

Receivable on subscriptions 470,013.68

Interest receivable on bonds 129,565.57

Prepaid expenses 26,063.15

Total assets 41,176,805.98

LIABILITIES

Payable on investments purchased (35,099.97)

Payable on redemptions (61,927.65)

Unrealised depreciation on futures (1,434,770.76)

Management / advisory fees payable (105,630.14)

Custodian fees payable (26,997.64)

Administrative agent, domiciliation agent and transfer agent fees payable (7,441.87)

Audit fees payable (15,531.59)

Professional fees payable (15,089.44)

Performance fees payable (93.66)

Subscription tax payable ("taxe d'abonnement") (5,735.06)

Other liabilities (14,817.07)

Total liabilities (1,723,134.85)

Net assets as of 30 June 2020 39,453,671.13

Number of shares outstanding

A-shares GBP 4,870.320

A-shares EUR 2,528,784.490

B-shares EUR 728.860

A-shares PLN 500.000

A1-shares EUR 100,000.000



3

BRIGHT CAP – COMBINED – STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (in EUR)

NET ASSETS AT THE BEGINNING OF THE YEAR 48,452,735.47

INCOME Dividends, net of withholding tax 233,752.77

Interest on bonds 166,319.61

Bank interest 38.02

Other income 1,165.40

Total income 401,275.80 EXPENSES Management fees (270,076.71)

Custodian bank fees (32,576.99)

Administrative agent, domiciliation agent and transfert agent fees (107,977.29)

Audit fees (22,705.49)

Professional fees (28,751.78)

Subscription tax ("taxe d'abonnement") (10,906.94)

Amortisation of formation costs (26,359.51)

Bank and interest expenses (259,838.91)

Dividend expense on securities sold short (300,034.46)

Other expenses (65,149.04)

Total expenses (1,124,377.15)

NET INVESTMENT INCOME / (LOSS) (723,101.35)

Net realized gains / (losses) - on investments (3,378,764.53)

- on forward foreign exchange contracts 79,520.85

- on futures contracts 2,581,501.35

- on foreign currency transactions (234,524.63)

NET REALIZED GAINS / (LOSSES) FOR THE YEAR TO DATE (952,266.95)

Change in net unrealized appreciation / (depreciation) - on investments 788,769.95

- on forward foreign exchange contracts (130,203.99)

- on futures contracts (157,866.50)

- on foreign currency transactions 946,016.51 CHANGE IN NET UNREALIZED APPRECIATION / (DEPRECIATION) FOR THE YEAR TO DATE 1,446,715.97

RESULT OF OPERATIONS FOR THE YEAR TO DATE (228,652.33)

Subscription of "A-shares" EUR 2,429,047.66

Redemption of "A-shares" EUR (6,070,033.38)

Redemption of "A-shares" USD (10,577.31)

Redemption of "D-shares" PLN (39,368.29)

Subscription of "A-shares" PLN 118,748.47

Redemption of "A-shares" PLN (217,338.58)

Redemption of "P-shares" PLN (2,984,041.27)

Currency Translation (1,996,849.33)




4

BRIGHT CAP – MOMENTUM COMFORT – STATEMENT OF NET ASSETS (in GBP)

Notes GBP ASSETS


Cash at bank 12,506,713.27

Receivable on Subscriptions 428,854.58



LIABILITIES

Payable on investment purchased (32,026.27)

Payable on redemptions (56,504.65)

Unrealised depreciation on future contracts (1,309,127.88)

Management fees payable 5 (91,076.33)

Custodian fees payable 6 (24,554.42)

Administrative agent, domiciliation agent and transfer agent fees payable (6,342.34)


Professional fees payable (13,768.06)

Performance fees payable (85.46)

Subscription tax payable ("taxe d'abonnement") 9 (3,193.27)

Other Liabilities (12,947.34)

Total liabilities (1,558,474.41)

Net assets as of 30 June 2020

22,769,628.55


A-shares GBP 4,870.3242

A-shares EUR 2,517,847.7010

Net asset value per share

A-shares GBP 8.4926

A-shares EUR 9.8932



5

BRIGHT CAP – MOMENTUM COMFORT – STATEMENT OF OPERATIONS AND

CHANGES IN NET ASSETS (in GBP)

NET ASSETS AT THE BEGINNING OF THE YEAR Notes 25,152,442.56

INCOME

Dividends, net of withholding tax 146,427.31

Total income 146,427.31

EXPENSES

Dividend expense on securities sold short (273,760.44)

Management fees 5 (213,899.00)

Performance fees 11 (106.65)

Custodian bank fees 6 (12,222.84)

Administrative agent, domiciliation agent and transfer agent fees 4 (54,521.28)



Subscription tax ("taxe d'abonnement") 9 (6,111.40)


Other expenses 10 (48,327.40)

Total expenses (858,947.34)


Net realized gains / (losses)

- on investments (615,891.70)

- on futures contracts 2,355,439.28


NET REALIZED GAINS / (LOSSES) FOR THE YEAR TO DATE 1,523,225.79

Change in net unrealized appreciation / (depreciation)


- on futures contracts (144,042.13)

- on foreign currency transactions 887,220.22 CHANGE IN NET UNREALIZED APPRECIATION / (DEPRECIATION) FOR THE YEAR TO DATE 420,847.90

RESULT OF OPERATIONS FOR THE YEAR TO DATE 1,231,553.66

Subscription of "A-shares" EUR " 1,120,852.29

Redemption of "A-shares" EUR " (4,735,219.96)


.



6

BRIGHT CAP – MOMENTUM COMFORT –STATEMENT OF INVESTMENTS (in GBP)

1. Securities traded on the official Stock Exchanges

Equities

Nominal /

Quantity ISIN Name

Country Security

Currency Cost Value (CCY)

Price at

year end

(CCY)

Market value

(Compartmt=GBP)

Gain / loss

(Compartmt=GBP)

Market value

as a

percentage

(%) of net

assets

1,728.00 BE0003822393 ELIA SYSTEM OP Belgium EUR 182,860.83 96.60 152,307.20 (7,655.79) 0.67%

8,004.00 DK0060030286 CBRAIN Denmark DKK 743,192.74 91.10 89,272.40 2,121.25 0.39%

5,080.00 DK0060257814 ZEALAND PHARMA Denmark DKK 1,253,223.30 227.40 141,431.42 (5,528.91) 0.62%

8,986.00 FI4000312251 KOJAMO Finland EUR 157,617.83 18.80 154,143.00 16,262.07 0.68%

4,743.00 FR0000060402 ALBIOMA France EUR 150,466.32 36.60 158,392.19 26,767.27 0.7%

18,331.00 FR0000074783 ARTPRICE.COM France EUR 263,665.24 7.82 130,795.40 (106,329.52) 0.57%

4,650.00 FR0011675362 NEOEN France EUR 145,460.80 36.00 152,740.78 25,494.58 0.67%

61,227.00 FR0010397232 NOVACYT France EUR 247,963.44 2.82 157,540.29 (60,554.50) 0.69%

169.00 FR0000039091 ROBERTERT France EUR 154,641.02 931.00 143,560.82 8,283.95 0.63%

739.00 FR0013154002 SARTORIUS STEDIM

BIOTECH

France EUR 178,118.30 225.00 151,714.30 (4,100.03) 0.67%

36,575.00 FR0004056851 VALNEVA France EUR 146,622.28 4.34 144,835.03 16,572.80 0.64%

1,072.00 DE0005158703 BECHTLE Germany EUR 159,742.80 157.00 153,565.62 13,825.81 0.67%

1,842.00 DE000A2E4K43 DELIVERY HERO NAMEN Germany EUR 162,447.14 90.96 152,876.11 10,770.60 0.67%

2,283.00 DE0005550636 DRAEGERWERK VZO ON Germany EUR 174,669.63 72.50 151,023.13 (1,774.37) 0.66%

13,406.00 DE0006095003 ENCAVIS AG INH. O.N Germany EUR 155,707.05 12.98 158,771.83 22,562.41 0.7%

3,939.00 DE000FTG1111 FLATEX AG Germany EUR 166,544.86 45.50 163,529.81 13,592.80 0.72%

3,990.00 DE000A161408 HELLOFRESH Germany EUR 149,664.78 47.40 172,564.24 41,640.48 0.76%

2,459.00 DE000A0SMU87 NORTHERN DATA AG Germany EUR 122,282.63 73.40 164,685.04 57,714.64 0.72%

568.00 DE0007165631 SARTORIUS Germany EUR 163,847.59 292.60 151,642.95 8,312.36 0.67%

5,712.00 DE000A0DPRE6 SIXT LEASING Germany EUR 106,665.91 16.84 87,766.71 (5,542.49) 0.39%

184,912.00 GB00BVGBWW93 ASSURA Great Britain GBP 145,671.82 0.79 145,155.92 (515.90) 0.64%

115,309.00 GB00BYYW9G87 AVACTA GROUP Great Britain GBP 154,263.61 1.08 124,533.72 (29,729.89) 0.55%

4,561.00 GB0000667013 AVON RUBBER Great Britain GBP 125,633.91 32.00 145,952.00 20,318.09 0.64%

28,453.00 GB00BG5KQW09 CERES POWER HOLDING Great Britain GBP 121,686.64 5.41 153,930.73 32,244.09 0.68%

98,088.00 GB00B3DGH821 DE LA RUE PLC Great Britain GBP 153,464.29 1.30 127,514.40 (25,949.89) 0.56%



7

1,334.00 IE00BWT6H894 FLUTTER ENTMT Great Britain GBP 134,395.68 105.95 141,337.30 6,941.62 0.62%

1,243,953.00 GB00B15XDH89 GREATLAND GOLD Great Britain GBP 97,424.44 0.12 149,274.36 51,849.92 0.66%

53,661.00 GB00B0130H42 ITM POWER PLC ORD Great Britain GBP 90,435.33 2.64 141,665.04 51,229.71 0.62%

25,803.00 GB00B021F836 NAKED WINES Great Britain GBP 102,651.77 4.43 114,307.29 11,655.52 0.5%

12,777.00 GB00B18V8630 PENNON GROUP PLC Great Britain GBP 141,162.52 11.19 142,974.63 1,812.11 0.63%

489,490.00 GB0031544546 PETROPAVLOVSK Great Britain GBP 132,329.01 0.25 122,861.99 (9,467.02) 0.54%

260,440.00 GB00B7N0K053 PREMIER FOODS PLC Great Britain GBP 154,070.24 0.70 182,308.00 28,237.76 0.8%

17,097.00 GB00B5ZN1N88 SEGRO Great Britain GBP 142,772.19 8.95 153,018.15 10,245.96 0.67%

161,729.00 IL0010849045 BATM ADVANCED COM Israel GBP 152,397.40 1.00 161,082.08 8,684.68 0.71%

20,416.00 IT0004720733 ALERION CLEAN POWER Italy EUR 173,114.70 7.68 143,064.35 (12,787.35) 0.63%

993.00 IT0003492391 DIASORIN Italy EUR 162,043.71 170.40 154,389.73 12,637.14 0.68%

4,503.00 IT0001469995 DIGITAL BROS AZ Italy EUR 68,373.04 21.45 88,131.02 28,319.65 0.39%

3,537.00 IT0005253205 ITALMOBILIARE Italy EUR 91,428.75 29.00 93,590.68 13,610.64 0.41%

11,045.00 IT0005366767 NEXI Italy EUR 156,521.82 15.40 155,197.96 18,275.80 0.68%

5,286.00 NL0012817175 ALFEN Nethlerlands EUR 135,570.07 35.90 173,149.47 54,555.48 0.76%

1,330.00 NL0000334118 ASM INTERNATIONAL Nethlerlands EUR 145,505.74 137.55 166,921.31 39,635.80 0.73%

1,676.00 NL0012044747 SHOP APOTHEKE EUR Nethlerlands EUR 133,228.40 106.40 162,710.36 46,164.82 0.71%

22,036.00 NO0010815673 FJORDKRAFT Norway NOK 1,658,065.71 78.90 145,380.10 14,005.37 0.64%

22,763.00 NO0010743545 KID ASA Norway NOK 1,818,663.34 77.40 147,321.34 (5,579.33) 0.65%

94,284.00 NO0010081235 NEL ASA Norway NOK 1,785,055.55 18.85 148,608.81 (1,466.35) 0.65%

3,140.00 ES0105066007 CELLNEX Spain EUR 161,880.27 54.24 155,399.24 13,789.62 0.68%

1,695.00 ES0158252033 LET S GOWEX SA Spain EUR 31,704.66 - - (26,102.45) 0%

21,773.00 ES0169501030 PHARMA MAR Spain EUR 166,184.89 7.66 152,176.15 2,563.22 0.67%

13,215.00 SE0012454072 AVANZA BANK Sweden SEK 1,715,687.64 132.30 152,003.08 10,246.36 0.67%

11,774.00 SE0005878741 BACTIGUARG HOLD Sweden SEK 1,729,537.42 146.00 149,452.19 6,551.15 0.66%

26,827.00 SE0014186532 BETSSON AB CLASS Sweden SEK 1,747,922.64 64.80 151,137.59 2,014.65 0.66%

21,704.00 SE0010948588 BYGGHEMMA GRP Sweden SEK 1,623,003.86 82.00 154,731.60 20,632.77 0.68%

39,609.00 SE0003303627 BYGGMAX GROUP Sweden SEK 1,827,709.29 43.86 151,038.58 26.20 0.66%

13,416.00 SE0013647385 CELLINK Sweden SEK 1,757,073.67 119.60 139,501.74 (5,674.45) 0.61%

2,992.00 SE0012673267 EVOLUTION GAMING Sweden SEK 1,502,658.67 555.60 144,527.08 20,371.64 0.63%

5,645.00 SE0011090018 HOLMEN Sweden SEK 1,632,816.72 297.20 145,860.65 10,951.05 0.64%

12,466.00 SE0001200015 INVISIO Sweden SEK 1,404,531.16 147.40 159,753.36 43,705.59 0.7%

33,981.00 SE0007464888 KARO PHARMA Sweden SEK 1,978,634.59 55.00 162,489.10 (993.31) 0.71%

4,090.00 SE0000108847 LE LUNDBERG B Sweden SEK 1,708,690.17 422.80 150,343.16 9,164.60 0.66%

33,015.00 SE0014186656 NETENT AB CLASS Sweden SEK 1,773,621.50 71.20 204,369.78 53,054.36 0.9%

8,566.00 SE0008321293 NIBE INDUSTRIER Sweden SEK 1,568,856.83 205.90 153,341.53 23,716.54 0.67%

5,935.00 SE0006425815 POWERCELL Sweden SEK 1,485,235.54 305.60 157,688.30 34,972.42 0.69%

50,292.00 SE0000233934 PRICER Sweden SEK 952,448.04 24.40 106,687.64 27,992.72 0.47%



8

7,411.00 SE0009947534 SEDANA MEDICAL AB Sweden SEK 1,830,229.98 227.00 146,260.84 (4,959.80) 0.64%

2,360.00 SE0007439112 SINCH AB Sweden SEK 1,387,520.11 797.00 163,529.35 48,887.10 0.72%

2,187.00 SE0007704788 STILLFRONT GROUP Sweden SEK 1,362,663.53 834.00 158,577.01 45,988.51 0.7%

9,197.00 SE0007439443 STORYTEL Sweden SEK 1,846,974.97 191.40 153,043.01 438.83 0.67%

5,005.00 SE0007871363 VITEC Sweden SEK 996,383.70 210.50 91,597.07 9,272.01 0.4%

757.00 CH0024590272 ALSO HOLDING Switzerland CHF 151,807.95 233.00 151,098.78 24,852.40 0.66%

715.00 CH0012530207 BACHEM HLDG Switzerland CHF 171,342.69 249.00 152,515.70 10,023.87 0.67%

1,914.00 CH0531751755 BC VAUDOISE Switzerland CHF 164,329.87 92.10 151,011.75 14,351.92 0.66%

2,083.00 CH0130293662 BKW Switzerland CHF 165,273.35 85.00 151,676.17 14,231.71 0.67%

1,392.00 CH0360826991 COMET N Switzerland CHF 174,111.55 135.60 161,699.28 16,904.82 0.71%

2,600.00 CH0360674466 GALENICA NAMEN Switzerland CHF 177,994.23 67.80 151,012.26 2,988.88 0.66%

3,025.00 CH0025751329 LOGITECH INTL Switzerland CHF 150,322.24 61.86 160,304.04 35,293.22 0.7%

162.00 CH0010754924 SCHWEITER Switzerland CHF 161,925.92 1,166.00 161,816.48 27,155.81 0.71%

537.00 CH0012100191 TECAN GROUP Switzerland CHF 179,401.73 335.60 154,385.11 5,191.23 0.68%

780.00 CH0042615283 ZUR ROSE GROUP N Switzerland CHF 123,499.61 258.50 172,728.63 70,024.01 0.76%

1,715.00 CH0520684900 UBS SWISS MIX SIMA DSO Switzerland EUR - 0.79 1,234.11 1,234.11 0.01%

Total

Equities:

11,390,529.37 1,006,225.15 50.03%



9

2. Securities traded on the other reglulated markets

Contracts for difference (CFD)*

Contract Name Underlying’s country

Counterparty CCY Quantity Commitment (sub-fund CCY)

Net unrealised (sub-fund CCY)

Net unrealised as a percentage (%) of net assets

CFD - COLOPLAST Denmark SAXO DKK 1,162.00 150,320.89 (6,135.99) (0.03%)

CFD - BIOMERIEUX SA France SAXO EUR 1,364.00 145,810.18 (62.23) 0.00%

CFD - EURO STOXX 50 Eurozone SAXO EUR (4,108.00) (10,396,319.18) (1,328,613.85) (5.82%)

CFD - ADYEN Nethlerlands SAXO EUR 131.00 150,785.20 2,028.79 0.01%

CFD-ASML HOLDING Nethlerlands SAXO EUR 508.00 123,766.12 21,924.23 0.10%

CFD – GIVAUDAN Switzerland SAXO CHF 51.00 141,725.57 8,005.51 0.03%

CFD - ROCHE HOLDINGS Switzerland SAXO CHF 516.00 146,498.56 (6,274.34) (0.03%)

Grand Total

(9,537,412.66) (1,309,127.88) (5.74%)

*Contracts opened via Saxo broker. The collateral for the transactions is cash deposited on the broker account at the level of at least standard initial margin required



10

BRIGHT CAP – MOMENTUM COMFORT – STATISTICAL INFORMATION

STATISTICAL INFORMATION 30/06/2020 31/12/2019 31/12/2018 31/12/2017

Total net assets GBP 22,769,628.55 25,152,442.56 35,229,252.50 27,517,547.38


A-shares GBP 4,870.3242 4,870.3242 19,713.5109 20,536.441

B-shares GBP 0.0000 0.0000 3,051.8358 3,051.836

A-shares EUR 2,517,847.7010 2,901,978.1407 3,613,694.8783 2,665,776.084

NAV per share

A-shares GBP GBP 9.3077 8.1415 10.1949 9.6293

B-shares GBP GBP 0.0000 0.0000 10.6351 10.0450

A-shares EUR EUR 9.8932 10.1712 10.8337 11.5380



11

BRIGHT CAP – SELECTION V – STATEMENT OF NET ASSETS (in EUR)

Notes EUR

ASSETS

Investments at market value 672,252.37

Cash at bank 557,784.64

Prepaid expenses 579.65


LIABILITIES


Subscription tax payable ("taxe d'abonnement") 9 (125.37)

Other liabilities (627.12)

Total liabilities (6,586.47)


1,224,030.19


A-shares EUR 1,260.216


A-shares EUR 971.286



12

BRIGHT CAP – SELECTION V – STATEMENT OF OPERATIONS AND CHANGES IN NET

ASSETS (in EUR)


INCOME



EXPENSES

Management fees 3 (29,836.05)




Subscription tax ("taxe d'abonnement") 9 (271.43)

Bank and interest expenses (522.36)




Net realized gains / (losses) - on investments 15,302.02

- on foreign currency transactions 421.14

NET REALIZED GAINS / (LOSSES) FOR THE YEAR TO DATE 15,723.16



- on foreign currency transactions 3,138.20

CHANGE IN NET UNREALIZED APPRECIATION / (DEPRECIATION) FOR THE YEAR TO DATE (21,373.09)

RESULT OF OPERATIONS FOR THE YEAR TO DATE

(55,166.02)


1,224,030.19



13

BRIGHT CAP – SELECTION V – STATEMENT OF INVESTMENTS (in EUR)


Equities

Nominal /

Quantity ISIN Name

Country Security

Currency

Cost Value

(CCY)

Price at year

end (CCY)

Market value

(Compartmt=EUR)

Gain / loss

(Compartmt=

EUR)

Market value as

a percentage

(%) of net assets

130,000.00 CNE1000001Z5 BANK OF CHINA China HKD 405,439.74 2.87 42,989.81 -5,022.47 3.51%

64,000.00 CNE1000002H1 CHINA CONTRUCTION BANK China HKD 400,698.89 6.27 46,236.81 -94.25 3.78%

100,000.00 KYG2198S1093 CIMC ENRIC HLDGS China HKD 598,000.00 3.07 35,373.55 -32,963.06 2.89%

80,000.00 KYG532241042 KWG GROUP HLDGS China HKD 644,000.00 13.02 120,016.59 46,423.32 9.81%

2,300.00 KYG875721634 TENCENT HOLDING China HKD 806,840.00 498.60 132,135.78 39,933.92 10.80%

250.00 US01609W1027 ALIBABA GROUP SHS China USD 42,200.00 215.70 48,155.92 10,494.16 3.93%

5,800.00 HK0000069689 AIA GROUP LTD Hong Kong HKD 486,330.00 72.30 48,317.74 -7,257.75 3.95%

180,000.00 HK0817039453 CHINA JINMAO HLDGS Hong Kong HKD 867,600.00 5.45 113,034.06 13,888.84 9.23%

6,600.00 HK0941009539 CHINA MOBILE Hong Kong HKD 414,203.06 52.30 39,772.78 -8,643.71 3.25%

200,900.00 SG2D51973063 CENTURION CORP Singapore SGD 82,369.00 0.36 46,219.33 -7,793.13 3.78%

Total

Equities:

672,252.37 48,965.87 54.93%



14

BRIGHT CAP – SELECTION V – STATISTICAL INFORMATION

STATISTICAL INFORMATION

30/06/2020 31/12/2019 31/12/2018 31/12/2017

TOTAL NET ASSETS EUR 1,224,030.19 1,279,196.21 0.000 901,305.97

NUMBER OF SHARES OUTSTANDING

CLASS A (EUR) 1,260.216 1,260.216 0.000 1,094.217

CLASS B (EUR) 0.000 0.000 0.000 160.000

NAV PER SHARE

CLASS A (EUR) EUR 971.2860 1,015.0611 0.000 682.0791

CLASS B (EUR) EUR 0.000 0.000 0.000 968.5209



15

BRIGHT CAP – EUROPEAN SECURITIES – STATEMENT OF NET ASSETS (in EUR)

Notes EUR

ASSETS


Total assets 116,365.67

LIABILITIES

Total liabilities 0.00


116,365.67


A-shares PLN 500.00


A-shares PLN 1,000.00



16

BRIGHT CAP – EUROPEAN SECURITIES – STATEMENT OF OPERATIONS AND CHANGES

IN NET ASSETS (in EUR)

NET ASSETS AT THE BEGINNING OF THE YEAR Notes 0.00

INCOME

Total income 0.00

EXPENSES

Total expenses 0.00

NET INVESTMENT INCOME / (LOSS) 0.00


NET REALIZED GAINS / (LOSSES) FOR THE YEAR TO DATE 0.00


CHANGE IN NET UNREALIZED APPRECIATION / (DEPRECIATION) FOR THE YEAR TO DATE 0.00

RESULT OF OPERATIONS FOR THE YEAR TO DATE

0.00



116,365.67



17

BRIGHT CAP – EUROPEAN SECURITIES – STATEMENT OF INVESTMENTS (in EUR)

No investments are to be reported



18

BRIGHT CAP – EUROPEAN SECURITIES – STATISTICAL INFORMATION


30/06/2020 31/12/2019 31/12/2018

TOTAL NET ASSETS EUR 116,365.67 0.000 0.000


CLASS A (PLN) 500.000 0.000 0.000

NAV PER SHARE

CLASS A (PLN) PLN 1,000.0000 0.000 0.000



19

BRIGHT CAP – EUROPE INCOME – STATEMENT OF NET ASSETS (in EUR)

Notes EUR

ASSETS



Receivable on investments sold 1,275,811.55

Interest receivable on bonds 129,565.57



LIABILITIES

Administrative agent, domiciliation agent and transfer agent fees payable 4 (490.83)

Management fees payable (5,812.81)

Custodian fees payable (86.62)

Subscription tax payable ("taxe d'abonnement") 9 (2,109.95)

Total liabilities (8,500.21) Net assets as of 30 June 2020 13,158,343.31



A1-shares EUR 100,000.000




A1-shares EUR 0.0130




20

BRIGHT CAP – EUROPE INCOME – STATEMENT OF OPERATIONS AND CHANGES IN

NET ASSETS (in EUR)


INCOME


Interest on bonds 165,675.05

Other income 347.89


EXPENSES


Management fees (5,812.81)


Subscription tax ("taxe d'abonnement") 9 (3,218.84)

Bank and interest expenses (10.17)


NET INVESTMENT INCOME / (LOSS) 189,819.48


- on investments (1,556,476.05)

- on foreign currency transactions (191.04)

NET REALIZED GAINS / (LOSSES) FOR THE YEAR TO DATE (1,556,667.09)

Change in net unrealized appreciation / (depreciation) - on investments 129,268.26


CHANGE IN NET UNREALIZED APPRECIATION / (DEPRECIATION) FOR THE YEAR TO DATE 120,672.09

RESULT OF OPERATIONS FOR THE YEAR TO DATE (1,246,175.52)

Subscription of "A-shares" EUR " 1,200,622.15

Redemption of "A-shares" EUR " (872,427.61)




21

BRIGHT CAP – EUROPE INCOME – STATEMENT OF INVESTMENTS (in EUR)


Equities

Nominal /

Quantity ISIN Name

Country Security

Currency

Cost Value

(CCY)

Price at year

end (CCY)

Market value

(Compartmt=EUR)

Gain / loss

(Compartmt=

EUR)

Market value as

a percentage

(%) of net assets

35,850.00 FR0000074783 ARTPRICE.COM France EUR 540,997.29 7.82 280,347.00 (260,650.29) 2.13%

153,235.00 FR0010193052 CATANA GROUP France EUR 525,250.21 2.15 329,455.25 (195,794.96) 2.5%

2,598.00 FR0000121667 CIE ESSILOR France EUR 295,396.10 114.25 296,821.50 1,425.40 2.26%

2,000.00 FR0010485268 FOUNTAINE PAJOT France EUR 234,685.95 62.40 124,800.00 (109,885.95) 0.95%

760.00 FR0000052292 HERMES INTERNATIONAL France EUR 405,799.97 743.80 565,288.00 159,488.03 4.3%

1,170.00 FR0000121485 KERING France EUR 518,778.62 484.25 566,572.50 47,793.88 4.31%

19,100.00 FR0000121964 KLEPIERRE SA France EUR 615,961.03 17.735 338,738.50 (277,222.53) 2.57%

2,365.00 FR0000120321 L'OREAL France EUR 507,277.06 285.70 675,680.50 168,403.44 5.13%

1,730.00 FR0000121014 LOUIS VUITTON MOET

HENNESSY

France EUR 505,173.42 390.50 675,565.00 170,391.58 5.13%

3,600.00 FR0000120578 SANOFI-AVENTIS France EUR 306,779.10 90.65 326,340.00 19,560.90 2.48%

3,077.00 DE0005772206 FIELMANN Germany EUR 197,237.35 59.90 184,312.30 (12,925.05) 1.4%

4,500.00 DE0007236101 SIEMENS Germany EUR 459,604.92 104.76 471,420.00 11,815.08 3.58%

6,000.00 NL0000379121 RANDSTAD HOLDING Netherlands EUR 323,674.00 39.48 236,880.00 (86,794.00) 1.8%

118.00 CH0010645932 GIVAUDAN Switzlerland CHF 322,572.64 3,528.00 390,859.07 85,467.35 2.97%

3.00 CH0010570759 LINDT & SPRUENGLI Switzlerland CHF 248,912.67 81,400.00 229,274.25 (7,110.05) 1.74%

3,156.00 CH0038863350 NESTLE NOM NATIXIS Switzlerland CHF 325,668.06 104.74 310,355.31 2,009.53 2.36%

1,440.00 CH0024638196 SCHINDLER HLDG BEARER Switzlerland CHF 320,244.46 223.00 301,492.82 (1,713.38) 2.29%

Total of

Equities:

6,304,202.00 (285,741.02) 47.90%



22

Bonds

Nominal / Quantity

ISIN Name

Country

Security Currency

Cost Value (CCY) Price at year

end (CCY) Market value

(Compartmt=EUR) Gain / loss

(Compartmt=EUR)

Market value as a percentage

(%) of net assets

500,000.00 XS1577963058 4.5% NORICAN - 2023 Denmark EUR 480,062.50 73.042 365,210.00 (114,852.50) 2.78%

400,000.00 XS0954675129 6.5% ENEL EMTN France

EUR 432,967.58 110.756 443,024.00 10,056.42 3.37%

1,003,200.00 FR0013342425 5% CLARANOVA

CONVERTIBLE 2023

France

EUR 1,003,252.20 100 1,003,200.00 (52.20) 7.62%

750,000.00 XS1703065620 5.25% CMA CGM - 2025 France

EUR 685,275.00 82.73 620,475.00 (64,800.00) 4.72%

300,000.00 FR0013232444 6% GROUPAMA SA

17/01/2027

France

EUR 358,091.00 120.404 361,212.00 3,121.00 2.75%

500,000.00 DE000A0GNPZ3 5.375% ALLIANZ FIN II Germany EUR 539,571.07 109.066 545,330.00 5,758.93 4.14%

750,000.00 XS1729059862 6.375% RAFFINERIE HEIDE -

2022

Germany EUR 731,180.50 69.694 522,705.00 (208,475.50) 3.97%

700,000.00 DE000DB7XHP3 6% DEUTSCHE BANK AG

EMTN SUB.JR

Germany EUR 668,303.40 87.515 612,605.00 (55,698.40) 4.66%

500,000.00 XS0863907522 7.75% ASSICURAZIONI

GENERALI EMTN

Italy EUR 606,728.77 115.907 579,535.00 (27,193.77) 4.40%

120,000.00 XS1793296465 5.25% TRAFIGURA FDG 18/23

MTN

Netherlands EUR 70,228.88 97.02 103,968.57 39,573.85 0.79%

Total of Bonds : 5,157,264.57 (412,562.17) 39.20%



23

BRIGHT CAP – EUROPE INCOME – STATISTICAL INFORMATION


30/06/2020 31/12/2019 31/12/2018 31/12/2017

TOTAL NET ASSETS EUR 13,158,343.31 14,076,324.29 18,256,851.12 30,237,486.31


A-SHARES 9,676.5772 9,284.8158 7,901.019 15,500.726

D-SHARES 100,000.0000 100,000.0000 100,000.000 100,000.000

B-SHARES 728.8565 728.8565 8,672.857 8,278.760

NAV PER SHARE

A-SHARES EUR 1,291.0207 1,435.4459 1,282.4910 1,394.7408

D-SHARES EUR 0.0130 0.0145 0.0129 0.0139

B-SHARES EUR 911.5375 1,024.9352 936.5519 1,040.8077



24

BRIGHT CAP – IFM GLOBAL ACTIVE ALLOCATION – STATEMENT OF NET ASSETS (in

EUR)

Sub-fund fully redeemed over the financial year, no remaining assets.



25

BRIGHT CAP – IFM GLOBAL ACTIVE ALLOCATION – STATEMENT OF OPERATIONS AND

CHANGES IN NET ASSETS (in EUR)


INCOME Interest on bonds 644.56

Bank interest 38.02

Other income 817.51


EXPENSES Custodian bank fees 6 (2,065.50)




Subscription tax ("taxe d'abonnement") 9 (718.73)

Amortisation of formation costs 2.15 (26,359.51)





Net realized gains / (losses) - on investments (1,162,588.91)

- on forward foreign exchange contracts 79,520.85

- on foreign currency transactions 2,328.43

NET REALIZED GAINS / (LOSSES) FOR THE YEAR TO DATE (1,080,739.63)

Change in net unrealized appreciation / (depreciation) - on investments 1,037,278.64

- on forward foreign exchange contracts (130,203.99)

- on foreign currency transactions (20,896.24) CHANGE IN NET UNREALIZED APPRECIATION / (DEPRECIATION) FOR THE YEAR TO DATE 886,178.41

RESULT OF OPERATIONS FOR THE YEAR TO DATE (277,062.18)

Redemption of "A-shares" EUR (7,925.510)

Redemption of "A-shares" USD (10,577.310)

Redemption of "D-shares" PLN (39,368.29)


Redemption of “A-shares” PLN (217,338.58)

Redemption of "P-shares" PLN (2,984,041.27) Net assets as of 30 June 2020 0.00



26

BRIGHT CAP – IFM GLOBAL ACTIVE ALLOCATION – STATEMENT OF INVESTMENTS

Sub-fund fully redeemed over the financial year, no remaining assets.



27

BRIGHT CAP – IFM GLOBAL ACTIVE ALLOCATION – STATISTICAL INFORMATION


30/06/2020 31/12/2019 31/12/2018 31/12/2017

TOTAL NET ASSETS EUR 0.00 5,173,959.22 5,173,959.22 5,191,457.06


A-SHARES EUR 0.00 50.684 50.684 50.684

A-SHARES PLN 0.00 14,797.594 14,797.594 2,407.277

P-SHARES PLN 0.00 248,443.645 248,443.645 262,332.452

D-SHARES PLN 0.00 5,734.993 5,734.993 249.407

A-SHARES USD 0.00 107.1503 107.1503 -

NAV PER SHARE

A-SHARES EUR EUR 0.00 79.7852 79.7852 80.8441

A-SHARES PLN PLN 0.00 81.7475 81.7475 81.7877

P-SHARES PLN PLN 0.00 82.1156 82.1156 81.7983

D-SHARES PLN PLN 0.00 90.1346 90.1346 100.5044

A-SHARES USD PLN 0.00 93.1112 93.1112 -


28

NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2020

Note 1 - Activity BRIGHT CAP (formerly Aria SICAV, the "Company") is an open-ended investment fund and has been incorporated on 28 October 2009 for an unlimited period of time and is organised as a société d’investissement à capital variable (a multiple compartment investment company with variable share capital). The Company is registered in the Grand Duchy of Luxembourg pursuant to part I of the Luxembourg Law of 17 December 2010 on collective investment undertakings, as amended (loi relative aux organismes de placement collectif) (“the Law of 2010”) The Board of Directors of the SICAV may authorise the creation of additional sub-funds/sub classes in the future. As of 30 June 2020, the following sub-funds are active:

- MOMENTUM COMFORT - EUROPE INCOME - SELECTION V - EUROPEAN SECURITIES

Four compartments were as of 30 June awaiting for a reactivation:

- GLOBAL BALANCED - SELECTION V ZEN - IFM GLOBAL CAPITAL ACCUMULATION - IFM GLOBAL ACTIVE ALLOCATION

Note 2 – Principal accounting policies 2.1 Presentation of the financial statements The financial statement is prepared in accordance with Luxembourg legal and regulatory requirements relating to investment funds. 2.2 Dividend and interest income Dividends are shown net of withholding tax deducted at source, and are recorded as income on the ex-dividend date. Interest income is accrued on a daily basis. 2.3 Foreign currency translation The accounts are maintained in EUR and the financial statement is expressed in that currency if not specified otherwise. The acquisition cost of securities expressed in a currency other than the reference currency of the respective sub-fund is translated at the exchange rates prevailing on the date of purchase. Income and expenses expressed in currencies other than the reference currency of the respective sub-fund are converted at exchange rates ruling at the transaction date. Assets and liabilities expressed in currencies other than the reference currency of the respective sub-fund are converted at exchange rates prevailing at year-end. The realized or unrealized gains and losses on foreign exchange are recognised in the statement of operations and changes in net assets. The exchange rate applied at 30 June 2020 are as follows: EUR = 1.6344 AUD EUR = 1.5324 CAD EUR = 1.0651 CHF EUR = 7.4526 DKK

EUR = 0.91243GBP EUR = 8.6788 HKD EUR = 10.912 NOK EUR = 4.456 PLN

EUR = 10.4948 SEK EUR = 1.1198USD


29

NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2020 (CONTINUED) 2.4 Valuation of investments in securities a) Standard valuation policy Securities listed on a recognised stock exchange or dealt in on any other regulated market that operates regularly, is recognised and is open to the public, are valued at their last available closing prices, or, in the event that there should be several such markets, on the basis of their last available closing prices on the main market for the relevant security. Certain investments of the Fund may, depending upon market conditions, trade in relatively thin markets that experience significant volatility. As a result of these conditions, the prices used to value securities may differ from the value that would be realized if these securities were sold, and the differences could be material. In the event that the last available closing price does not, in the opinion of the Board of Directors, truly reflect the fair market value of the relevant securities, the value of such securities is defined by the Board of Directors based on the reasonable foreseeable sale proceeds determined prudently and in good faith. Securities not listed or traded on a stock exchange or not dealt on another regulated market are valued on the basis of the probable sale proceeds determined prudently and in good faith by the Board of Directors of the Fund. Short term investments of sufficient credit quality are valued at amortized cost, which approximates market value. In the event of material changes in market conditions, the valuation basis of the investment is adjusted to market yields. Investments in open-ended UCIs are valued on the basis of the last available NAV of the units or shares of such UCIs. b) Additional information – year-end valuation The financial statements are presented on the basis of the latest NAV calculated during the financial year (i.e. 31 December 2018). In accordance with the Prospectus the NAV was calculated using the latest market value and exchange rates known at the time of the calculation. 2.5 Swing pricing / dilution levy No swing pricing or dilution levy are applicable to this sub-fund. 2.6 Realized gains and losses on sales of investments in securities Investments in securities are accounted for on a trade date basis. Realized gains and losses on sales of investments in securities are usually determined on the average cost basis and include transaction costs. 2.7 Short positions on investments The valuation of short positions on investments is determined following the same rules as those applicable to investments in securities (long positions) detailed in note 2.5 above and is presented on the liability side of the statement of net assets, under “Investments at market value”. The change in unrealized appreciation / (depreciation) resulting from these short positions is presented in the statement of operations and changes in net assets under the item “Change in net unrealized appreciation / (depreciation) on investments”. Any realized gain (loss) is presented in the statement of operations and changes in net assets under “Net realized gains / (losses) on investments.”


30

NOTES TO THE FINANCIAL STATEMENTS AS AT 30 JUNE 2020 (CONTINUED)

2.8 Mortgage related securities – To Be Announced securities (TBAs) The fund entered into no mortgage related securities or TBA securities during the financial year. 2.9 Options Outstanding options traded on a regulated market are valued based on the closing price or the last available market price of the instruments. OTC options are market to market based upon daily prices obtained from third party pricing agents and verified against the value from the counterparty. The market value of options is included in the statement of net assets under the heading “Options bought/(written) at market value”. The realized gains / (losses) and change in unrealized appreciation / depreciation on options are disclosed in the statement of operations and changes in net assets respectively under the headings “Net realized gains/ (losses) on options” and “Change in net unrealized appreciation/depreciation on options”. 2.10 Futures contracts Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount which is referred to as the initial margin account. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. The unrealized appreciation/(depreciation) on future contracts is disclosed in the statement of net assets under “Unrealized appreciation/(depreciation) on futures contracts”. Changes in the market value of open futures contracts are recorded as unrealized appreciation/(depreciation) in the statement of operations and changes in net assets under “Change in net unrealized appreciation/(depreciation) on futures contracts”. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported at the closing or expiration of futures contracts in the statement of operations and changes in net assets under “Net realized gains/ (losses) on futures contracts”. Securities deposited as initial margin account are designated in the statement of investments and cash deposited is recorded in the statement of net assets. A receivable and/ or a payable to brokers for the daily variation margin is also recorded in the statement of net assets. 2.11 Forward foreign exchange contracts Forward foreign exchanges contracts are remaining open at closing date are valued by reference to the forward foreign exchange rate corresponding to the remaining life of the contract. Realized gains / (losses) and change in unrealized appreciation / depreciation resulting therefrom are included in the statement of operations and changes in net assets respectively under the headings “Net realized gains/ (losses) on forward foreign exchange contracts” and “Change in net unrealized appreciation/depreciation on forward foreign exchange contracts”.


31


2.12 Securities lending, repurchase and reverse repurchase agreements a) Securities lending The fund may lend securities included in its portfolio to a borrower. To guarantee this transaction, the fund receives collateral. Securities lending attracts remuneration for the fund according to the contracts. This remuneration is accounted for in the statement of operations and changes in net asset under “Other income”. Securities on loan are delivered to a third-party broker, the assets of which continue to be valued as part of the portfolio of the fund. b) Repurchase and reverse repurchase agreements A repurchase agreement is an agreement under which, on payment of the purchase price, the fund receives (purchases) securities from a seller who agrees to repurchase them at or within a specified time at a specified price. 2.13 Credit Default Swaps (CDS) A CDS is a credit derivatives transaction in which two parties enter into an agreement, whereby one party (the protection buyer) pays the other (the protection seller) a fixed periodic coupon for the specified life of the agreement in return for a payment contingent on a credit event. If such an event occurs, the protection seller will then make a payment to the protection buyer and the swap will terminate. CDS are marked to market based upon daily prices obtained from third party pricing agents and verified against the value from the counterparty. Realized gains / (losses) and change in unrealized appreciation / depreciation resulting there from are included in the statement of operations and changes in net assets respectively under the heading “Net realized gains / (losses) on swap contracts” and “Change in net unrealized appreciation / depreciation on swap contracts”. 2.14 Other swap contracts The fund completed no other swap contracts during the financial year. 2.15 Formation expenses Formation expenses are amortized on a straight-line basis over a period of five years.

Note 3 – Management fees

The Investment Manager is entitled to a fee payable at the end of each quarter and calculated on the average NAV of the sub-fund during the month.

The detail of the management fees applied for each sub fund is available in the prospectus of the fund.

Note 4 – Administrative and domiciliary agent fees The administrative and domiciliary agent is entitled to receive fees and commissions for its services rendered to the fund. The specific details for each sub fund are available in their dedicated annex of the prospectus.

The exact value of the fees paid during the financial years is also detailed in the respective statement of operations of each sub fund previously in this document.


32


Note 5 – Investment management/advisory fees The investment manager is entitled to a maximum fee of 1.75% payable at the end of each quarter and calculated on the average NAV of the sub-fund during the month.

The detail of the management fees due by each sub fund is available in the prospectus of the fund.

Note 6 – Custodian fees The custodian receives a fee at the end of each quarter which is chargeable against the NAV of the sub-fund. The fee is determined with a percentage specific to each sub fund directly linked to its complexity. A minimum fee is also defined case by case.

The details are defined in the prospectus.

Note 7 – Transfer agent fee The Fund pays a fee to the transfer agent. This is currently incorporated into the administrative and domiciliary fees charged to the fund.

Note 8 – Distribution fee No active share classes are currently subject to distribution fees.

Note 9 – Taxation Under legislation and regulations prevailing in Luxembourg, the fund is subject to the “taxe d’abonnement” (subscription tax) at the rate of 0.05% per annum. The “taxe d’abonnement” is calculated on the basis of the NAV of the sub-fund on the last day of the quarter and payable quarterly to Luxembourg authorities. The portion of the assets of each sub-fund invested in other Luxembourg UCI already subject to the “taxe d’abonnement” is not subject to the aforesaid tax.

Note 10 – Other expenses Other expenses are composed of the following:

Momentum Comfort (in GBP)

Selection V (in EUR) Selection V Zen (in EUR)

Global Balanced (in EUR)

Reporting preparation fee (731.82) (627.12) 0.00 0.00

Miscellaneous expense (46,671.67) 0.00 0.00 0.00

Other expenses (923.91) (6,466.18) 0.00 0.00

European Securities (in EUR)

IFM Global Capital Accumulation (in EUR)

IFM Global Active Allocation (in EUR)

Europe Income (in EUR)

Reporting preparation fee 0.00 0.00 0.00 0.00

Liquidation + Administration fees

0.00 0.00 (5,000.00) 0.00

Other expenses 0.00 0.00 (90.17) 0.00


33


Note 11 – Performance fees No performance fees during this period.

Note 12 – Dividends The Board of Directors decided not to distribute dividends for the financial year to date.

Note 13 – External Asset Manager or Investment Advisor The Management Company did not appoint any External Asset Manager for the Fund.

Note 14 – Events subsequent to the financial statements No subsequent events have been noted after half-year, which could have a significant impact on the value of the fund and its compartments.

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