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Unaudited semi-annual report as at 30th September 2013

FINLABO INVESTMENTS SICAV Société d'Investissement à Capital Variable Luxembourg with multiple Sub-Funds

R.C.S. Luxembourg B 152 579

No subscription can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current prospectus and the Key Investor Information Document (KIID), supplemented by the latest annual report and the most recent semi-annual report, if published thereafter.

FINLABO INVESTMENTS SICAV

Contents

1

Organisation ..................................................................................................................................................... 2

General information ......................................................................................................................................... 5

Consolidated statement of net assets ............................................................................................................ 6

FINLABO INVESTMENTS SICAV - DYNAMIC EMERGING MARKETS ......................................................... 7 Statement of net assets .................................................................................................................................. 7 Statement of investments and other net assets ............................................................................................. 8 Industrial and geographical classification of investments ............................................................................. 10 Statement of changes in investments ........................................................................................................... 12

FINLABO INVESTMENTS SICAV - DYNAMIC US EQUITY .......................................................................... 16 Statement of net assets ................................................................................................................................ 16 Statement of investments and other net assets ........................................................................................... 17 Industrial and geographical classification of investments ............................................................................. 19 Statement of changes in investments ........................................................................................................... 20

FINLABO INVESTMENTS SICAV - DYNAMIC EQUITY ................................................................................ 23 Statement of net assets ................................................................................................................................ 23 Statement of investments and other net assets ........................................................................................... 24 Industrial and geographical classification of investments ............................................................................. 27 Statement of changes in investments ........................................................................................................... 29

Notes to the financial statements ................................................................................................................. 33


2

Organisation

Registered Office 41, Boulevard Royal L-2449 LUXEMBOURG

Board of Directors Chairman Sylvain FERAUD Managing Director CASA4FUNDS SA 41, Boulevard Royal L-2449 LUXEMBOURG Directors Margherita BALERNA BOMMARTINI Head of Operations & Branch Manager CASA4FUNDS SA Luxembourg, Swiss Branch, Paradiso Via L. Zuccoli, 19 CH-6900 PARADISO Arnaud BOUTEILLER

Head of Risk Management (since 1st July 2013) Head of Risk Management & Fund Compliance (until 30th June 2013)

CASA4FUNDS SA 41, Boulevard Royal L-2449 LUXEMBOURG Alessandro GUZZINI Head of Investment Advice FINLABO SIM S.p.A. Corso PERSIANI, 45 I-62019 RECANATI Anselmo PALLOTA Chief Investment Officer FINLABO SIM S.p.A. Corso PERSIANI, 45 I-62019 RECANATI Management Company CASA4FUNDS SA 41, Boulevard Royal L-2449 LUXEMBOURG Board of Directors of the Management Company Chairman Giovanni Giacomo SCHRAEMLI Executive Board Member BANCA ARNER S.A. Piazza Manzoni, 8 CH-6901 LUGANO Directors Margherita BALERNA BOMMARTINI Head of Operations & Branch Manager CASA4FUNDS SA Luxembourg, Swiss Branch, Paradiso Via L. Zuccoli, 19 CH-6900 PARADISO


Organisation (continued)

3

Sylvain FERAUD Managing Director CASA4FUNDS SA 41, Boulevard Royal L-2449 LUXEMBOURG Oscar CRAMERI Chairman

SOCIÉTÉ D'ETUDES ET D'INVESTISSEMENTS MOBILIERS ET IMMOBILIERS SETIMM SA Via G. Motta, 24 CH-6830 CHIASSO (since 1st August 2013) Executive Board Member HORAFIDES S.A. Via Bossi, 23 CH-6830 CHIASSO (until 31st July 2013)

Giulio ROMANI Chief Executive Officer BANCA ARNER S.A. Piazza Manzoni, 8 CH-6901 LUGANO Day-to-day managers Margherita BALERNA BOMMARTINI of the Management Company Arnaud BOUTEILLER (since 28th May 2013) Sylvain FERAUD Custodian Bank BANQUE DE LUXEMBOURG S.A. 14, Boulevard Royal L-2449 LUXEMBOURG Administration Agent, EUROPEAN FUND ADMINISTRATION S.A. Registrar and Transfer 2, Rue d’Alsace Agent L-1122 LUXEMBOURG Paying Agent in Italy SOCIETE GENERALE SECURITIES SERVICES (SGSS) S.p.A. Maciachini Center Mac 2 Via Benigno Crespi 19a I-20159 MILANO ALLFUNDS BANK, S.A. Via Santa Margherita, 7 I-20121 MILANO STATE STREET BANK S.p.A. Via Ferrante Aporti, 10 I-20125 MILANO


Organisation (continued)

4

Investment Manager FINLABO SIM S.p.A. Corso PERSIANI, 45 I-62019 RECANATI Cabinet de révision agréé DELOITTE Audit Société à responsabilité limitée 560, Rue de Neudorf L-2220 LUXEMBOURG


5

General information

FINLABO INVESTMENTS SICAV (hereafter the "Fund") is an investment company organised as a "Société Anonyme" under the laws of the Grand-Duchy of Luxembourg and qualifies as a “Société d’investissement à capital variable” under the Council Directive 2009/65/EC as amended and in accordance with Part I of the amended Law of 17th December 2010 relating to Undertakings for Collective Investment. The Fund has been incorporated on 20th April 2010 for an unlimited duration in Luxembourg with an initial share capital of EUR 31,000. The Articles of Incorporation of the Fund were published in the "Mémorial, Recueil des Sociétés et Associations" (the "Mémorial") on 27th April 2010. At the date of the report, the following Sub-Funds are offered for subscription:

- FINLABO INVESTMENTS SICAV - DYNAMIC EMERGING MARKETS in EUR, - FINLABO INVESTMENTS SICAV - DYNAMIC US EQUITY in EUR (formerly FINLABO INVESTMENTS SICAV - DYNAMIC ABSOLUTE RETURN) - FINLABO INVESTMENTS SICAV - DYNAMIC EQUITY in EUR.

At the date of the report, the following classes of shares are available:

- Class R: available to retail investors; - Class P: available to retail shareholders subscribing through agents specifically authorized by

the Board of Directors; - Class I: reserved to institutional investors.

The shares are further sub-divided into two categories: distribution shares and accumulation shares. At the date of the report, only accumulation shares are in issue. The Net Asset Value of the shares of each Sub-Fund is determined every day in its reference currency ("Valuation Day"). Where a Valuation Day falls on a public holiday (legal or bank) in Luxembourg, the Valuation Day is the following Luxembourg Bank Business Day.

The Net Asset Value per share of each Class in a Sub-Fund and the issue and redemption prices thereof are available at the registered office of the Fund. The Fund's accounting year ends on 31st March of each year. The consolidated accounts of the Fund are expressed in Euro. Copies of the Articles of Incorporation of the Fund, the current Prospectus, the Key Investor Information Document ("KIID") and the latest financial reports may be obtained free of charge during normal office hours at the registered office of the Fund in Luxembourg.


Consolidated statement of net assets (in EUR) as at 30th September 2013

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

6

Assets Securities portfolio at market value 44,128,472.45 Cash at banks 2,421,104.80 Other liquid assets 1,264,424.87 Formation expenses, net 32,736.88 Receivable on sales of securities 292,495.81 Receivable on issues of shares 8,407.96 Income receivable on portfolio 17,013.22 Unrealised gain on future contracts 203,885.72 Unrealised gain on forward foreign exchange contracts 8,145.29 Prepaid expenses 18,616.84

Total assets 48,395,303.84

Liabilities Bank liabilities 437,855.74 Payable on purchases of securities 399,098.73 Interest on bank liabilities and expenses payable 143,057.30

Total liabilities 980,011.77

Net assets at the end of the period 47,415,292.07

FINLABO INVESTMENTS SICAV - DYNAMIC EMERGING MARKETS

Statement of net assets (in EUR) as at 30th September 2013


7

Assets Securities portfolio at market value 4,537,719.01 Cash at banks 110,069.74 Other liquid assets 134,086.12 Formation expenses, net 2,501.83 Income receivable on portfolio 10,654.70 Unrealised gain on future contracts 101,903.64 Unrealised gain on forward foreign exchange contracts 8,145.29 Prepaid expenses 6,782.03


Liabilities Bank liabilities 73,033.65 Interest on bank liabilities and expenses payable 13,962.57



Class I shares outstanding 200.000 Net asset value per Class I share 865.66

Class P shares outstanding 31,812.012 Net asset value per Class P share 85.88

Class R shares outstanding 21,167.629 Net asset value per Class R share 90.69


Statement of investments and other net assets (in EUR) as at 30th September 2013


8

Currency Number / nominal value

Description Cost Market value % of total net assets

Investments in securities

Transferable securities admitted to an official stock exchange listing

Shares

AUD 2,100 ANZ Banking Group Ltd 42,818.93 44,655.51 0.93 AUD 6,000 Bank of Queensland Ltd 42,031.27 44,767.43 0.93 AUD 48,000 Beach Energy Ltd 45,412.79 44,270.01 0.92 AUD 5,400 Carsales.com Ltd 37,380.84 42,715.59 0.89 AUD 9,900 Challenger Ltd 35,298.71 37,617.07 0.78 AUD 26,000 CSR Ltd 43,629.33 44,007.49 0.91 AUD 25,300 Harvey Norman Holdings Ltd 54,156.76 55,582.08 1.15 AUD 20,000 Henderson Group Plc CDI repr 1 Share 40,013.69 45,181.94 0.94 AUD 3,500 JB Hi-Fi Ltd 37,754.93 50,656.97 1.05 AUD 2,060 Macquarie Group Ltd 61,644.29 68,183.69 1.41 AUD 65,000 Mount Gibson Iron Ltd 36,609.95 33,005.61 0.68 AUD 79,000 Roc Oil Co Ltd 29,540.88 27,015.90 0.56 AUD 4,500 Santos Ltd 47,348.10 46,881.44 0.97 AUD 3,900 Sonic Healthcare Ltd 40,851.24 43,621.30 0.90 AUD 6,000 Suncorp Group Ltd 53,906.45 54,176.88 1.12

648,398.16 682,338.91 14.14

HKD 14,700 AAC Technologies Hgs Inc 51,200.82 49,375.76 1.02 HKD 20,100 AIA Group Ltd 67,807.34 69,812.14 1.45 HKD 51,000 Ajisen (China) Holdings Ltd 41,234.42 37,808.30 0.78 HKD 49,000 Anta Sports Products Ltd 43,822.29 46,644.34 0.97 HKD 140,000 Bank of China Ltd H 48,817.70 47,224.64 0.98 HKD 15,000 Bank of East Asia Ltd 49,030.17 46,953.07 0.97 HKD 170,000 Beijing Jingneng Cle En Co Ltd H 45,435.20 47,462.86 0.98 HKD 77,000 Boer Power Holdings Ltd 25,806.36 42,188.68 0.87 HKD 209,000 Boshiwa International Hg Ltd 54,453.17 17,186.78 0.36 HKD 40,000 Brilliance China Auto Hgs Ltd 42,195.75 44,366.01 0.92 HKD 118,000 BYD Electronic Co Ltd 34,306.98 39,016.55 0.81 HKD 53,000 China Everbright Intl Ltd 28,104.41 34,594.24 0.72 HKD 57,000 China Gas Holdings Ltd 48,343.19 45,895.38 0.95 HKD 73,000 China Hongqiao Gr Ltd 32,797.44 31,928.09 0.66 HKD 62,000 China Longyuan Power Group Corporation Ltd 44,521.15 47,617.23 0.99 HKD 15,000 China Mengniu Dairy Co Ltd 45,269.38 49,668.77 1.03 HKD 53,000 China MinSheng Banking Corp H 49,705.71 46,815.86 0.97 HKD 21,400 China Oilfield Services Ltd H 36,530.61 39,641.26 0.82 HKD 182,000 China Power Intl Dev Ltd 45,436.19 50,813.18 1.05 HKD 53,000 China Railway Construct Ltd H 42,687.33 41,412.08 0.86 HKD 98,000 China Railway Group Ltd H 39,777.13 39,593.99 0.82 HKD 22,000 China Resources Land Ltd 48,441.54 46,224.12 0.96 HKD 40,000 China State Const Intl Hgs Ltd 44,685.99 47,567.68 0.99 HKD 120,000 Chongqi Rural Cial Bank Co Ltd H 42,559.92 42,765.17 0.89 HKD 99,000 Country Garden Holdings Co Ltd 42,432.77 46,790.13 0.97 HKD 110,000 CSPC Pharmaceutical Gr Ltd 45,150.07 43,394.07 0.90 HKD 37,000 Dah Sing Banking Group Ltd 31,269.45 48,653.96 1.01 HKD 264,000 Daqingl Dairy Holdings Ltd 45,389.36 2,515.60 0.05 HKD 160,000 Datang Intl Power Gener Co Ltd H 51,390.59 52,141.49 1.08 HKD 68,000 Fosun Intl Ltd 40,134.50 39,590.18 0.82 HKD 7,500 Galaxy Entertainment Gr Ltd 26,674.32 38,877.43 0.81 HKD 107,000 Geely Auto Hgs Ltd 41,276.46 40,681.23 0.84 HKD 20,100 Great Wall Motor Co Ltd H 33,864.48 80,537.74 1.67 HKD 74,000 Guangdong Investment Ltd 49,106.81 46,961.65 0.97 HKD 53,000 Guangzhou Shipyard Intl Co Ltd H 40,494.23 38,886.96 0.81 HKD 28,000 Haitian Intl Holdings Ltd 30,477.30 47,544.81 0.99 HKD 5,200 Hengan Intl Group Co Ltd 43,835.87 44,941.54 0.93 HKD 110,000 Hilong Holding Ltd 51,240.95 47,272.28 0.98 HKD 191,000 Hosa International Ltd 58,720.99 50,231.92 1.04 HKD 5,700 Hutchison Whampoa Ltd 50,128.02 50,457.76 1.05 HKD 100,000 Industr & Cial Bk of China Ltd H 52,933.52 51,550.71 1.07 HKD 61,000 Jiangsu Expressway Co Ltd H 46,214.44 53,184.89 1.10


Statement of investments and other net assets (in EUR) (continued) as at 30th September 2013


9



HKD 110,000 Ju Teng Intl Holdings Ltd 45,784.10 47,691.55 0.99 HKD 27,800 Kingboard Chemical Hgs Ltd 54,058.73 52,821.08 1.10 HKD 23,000 Kingsoft Co Ltd 31,682.02 40,325.80 0.84 HKD 84,000 KWG Property Holding Ltd 46,118.17 39,140.42 0.81 HKD 17,000 Melco Intl Development Ltd 27,639.44 33,693.77 0.70 HKD 41,000 Minth Group Ltd 43,246.56 60,399.13 1.25 HKD 121,000 Pax Global Technology Ltd 24,866.61 37,702.53 0.78 HKD 76,000 Prince Frog Intl Hgs Ltd 41,831.99 39,250.96 0.81 HKD 79,000 Road King Infrastructure Ltd 62,388.72 60,146.62 1.25 HKD 69,000 Sa Sa Intl Holdings Ltd 56,793.16 57,530.02 1.19 HKD 24,300 Samsonite Intl SA Reg 43,143.95 50,130.44 1.04 HKD 10,900 Sands China Ltd REGS 43,497.67 49,802.65 1.03 HKD 19,000 Shenzhou Intl Group Ltd 43,686.12 45,533.28 0.94 HKD 29,000 Shimao Property Hgs Ltd 46,760.73 49,298.10 1.02 HKD 94,000 Sihuan Pharm Hgs Group Ltd 30,871.59 47,651.53 0.99 HKD 224,000 Sinotrans Ltd H 37,506.16 43,542.72 0.90 HKD 192,000 SITC International Hgs Co Ltd 55,605.02 57,081.21 1.18 HKD 18,000 SJM Holdings Ltd 37,274.61 37,390.94 0.78 HKD 160,000 TCC Intl Hgs Ltd 39,030.22 37,505.28 0.78 HKD 990 Tencent Holdings Ltd 28,811.72 38,375.45 0.80 HKD 370,000 Tianjin Port Dev Holdings Ltd 40,680.56 41,250.09 0.86 HKD 95,000 Travelsky Technology Ltd H 43,007.18 56,396.09 1.17 HKD 87,000 Truly Intl Hgs Ltd 36,008.64 37,305.18 0.77 HKD 6,800 Tsingtao Brewery Co Ltd H 40,389.29 38,229.47 0.79 HKD 114,000 Wasion Group Holdings Ltd 37,997.68 51,055.21 1.06 HKD 15,100 Weichai Power Co Ltd H 45,490.74 43,597.03 0.90 HKD 224,000 Welling Holding Ltd 27,552.09 30,522.59 0.63 HKD 66,000 Xinyi Glass Hg Co Ltd 34,282.97 44,903.43 0.93 HKD 120,000 Xtep Intl Hgs Ltd 44,994.35 41,736.06 0.87 HKD 73,000 Zhejiang Expressway Co Ltd H 48,072.59 49,665.91 1.03 HKD 221,000 Zhong An Real Estate Ltd 33,582.36 35,799.63 0.74

3,106,360.06 3,272,264.70 67.84

SGD 5,300 DBS Group Holdings Ltd 52,335.77 51,252.35 1.06 SGD 109,000 Kruez Hgs Ltd 46,338.80 46,540.31 0.97 SGD 24,000 Wing Tai Holdings Ltd 31,127.78 28,975.43 0.60

129,802.35 126,768.09 2.63

USD 400 Baidu Inc ADR repr 0.1 Share A 44,339.01 45,868.83 0.95 ZAR 6,000 AECI Ltd 51,421.53 52,651.85 1.09 ZAR 6,700 Cie Financière Richemont SA DR Repr 1/10 Sh 48,955.49 49,662.96 1.03 ZAR 27,000 Grindrod Ltd 49,116.61 49,409.03 1.02 ZAR 18,000 Mpact 36,817.08 35,397.91 0.73 ZAR 2,720 MTN Group Ltd 35,274.55 39,148.89 0.81 ZAR 22,000 Murray & Roberts Holdings Ltd 45,973.74 44,427.29 0.92 ZAR 1,500 Sasol Ltd 51,904.89 52,754.29 1.09 ZAR 25,000 Telkom SA SOC Ltd 43,696.37 44,849.54 0.93

363,160.26 368,301.76 7.62

Total shares 4,292,059.84 4,495,542.29 93.18

Closed-ended investment funds

AUD 33,000 Ardent Leisure Group REIT Units 40,426.93 42,176.72 0.87

Total closed-ended investment funds 40,426.93 42,176.72 0.87

Total investments in securities 4,332,486.77 4,537,719.01 94.05

Cash at banks 110,069.74 2.28

Bank liabilities -73,033.65 -1.51

Other net assets/(liabilities) 250,111.04 5.18

Total 4,824,866.14 100.00


Industrial and geographical classification of investments as at 30th September 2013


10

Industrial classification

(in percentage of net assets)

Capital goods 11.26 %

Transportation 7.34 %

Energy 7.29 %

Diversified financial services 7.27 %

Consumer durables and apparel 6.78 %

Banks 6.74 %

Real estate 6.69 %

Automobiles and components 5.61 %

Materials 4.75 %

Retailing 4.26 %

Software and services 3.48 %

Technology hardware and equipment 3.18 %

Utilities 3.12 %

Pharmaceuticals and biotechnology 2.79 %

Food, beverage and tobacco 2.78 %

Hotels, restaurants and leisure 2.59 %

Commercial services and supplies 2.22 %

Telecommunication services 1.74 %

Household and personal products 1.74 %

Insurance 1.45 %

Investment companies 0.97 %

Total 94.05 %


Industrial and geographical classification of investments (continued) as at 30th September 2013


11

Geographical classification

(by domicile of the issuer) (in percentage of net assets)

Cayman Islands 30.47 %

China 17.83 %

Hong Kong 14.56 %

Australia 14.07 %

South Africa 6.59 %

Bermuda 4.89 %

Singapore 2.63 %

Grand Duchy of Luxembourg 1.04 %

Switzerland 1.03 %

Jersey 0.94 %

Total 94.05 %


Statement of changes in investments from 1st April 2013 to 30th September 2013

12

Currency Description Purchases Sales Other

Shares

AUD Ansell Ltd 4,000 4,000 0 AUD ANZ Banking Group Ltd 2,100 0 0 AUD Australian Stock Exchange Ltd 1,300 1,300 0 AUD Bank of Queensland Ltd 6,000 0 0 AUD Beach Energy Ltd 48,000 0 0 AUD Bendigo & Adelaide Bk Ltd 7,600 7,600 0 AUD Brambles Ltd 0 6,000 0 AUD Carsales.com Ltd 8,500 3,100 0 AUD Challenger Ltd 9,900 0 0 AUD Clough Ltd 0 49,000 0 AUD CSL Ltd 1,100 1,100 0 AUD CSR Ltd 26,000 0 0 AUD Downer EDI Ltd 0 11,000 0 AUD Harvey Norman Holdings Ltd 25,300 0 0 AUD Henderson Group Plc CDI repr 1 Share 20,000 0 0 AUD Macquarie Group Ltd 2,060 0 0 AUD Mermaid Marine Australia Ltd 0 15,000 0 AUD Mount Gibson Iron Ltd 65,000 0 0 AUD Pacific Brands Ltd 0 85,000 0 AUD Perpetual Ltd 1,600 1,600 0 AUD Primary Health Care Ltd 3,400 15,400 0 AUD QBE Insurance Group Ltd 3,800 3,800 0 AUD Roc Oil Co Ltd 79,000 89,000 0 AUD Santos Ltd 4,500 0 0 AUD Seek Ltd 0 4,000 0 AUD Sonic Healthcare Ltd 3,900 0 0 AUD Suncorp Group Ltd 7,500 7,500 0 AUD TPG Telecom Ltd 18,000 41,000 0 AUD Trade Me Group Ltd 29,800 29,800 0 AUD Transpacific Industries Gr Ltd 71,000 71,000 0

HKD AAC Technologies Hgs Inc 8,900 9,200 0 HKD Agricultural Bank of China H 0 150,000 0 HKD AIA Group Ltd 25,800 5,700 0 HKD Air China Ltd H 27,000 93,000 0 HKD Ajisen (China) Holdings Ltd 51,000 0 0 HKD Anhui Expressway Co Ltd H 0 68,000 0 HKD Anta Sports Products Ltd 49,000 0 0 HKD Asia Cement (China) Hgs Corp 0 110,000 0 HKD Bank of China Ltd H 140,000 201,000 0 HKD Bank of East Asia Ltd 15,000 0 0 HKD Beijing Capital Land Ltd Ser H 290,000 465,000 0 HKD Beijing Enterprises Hgs Ltd 0 7,900 0 HKD Beijing Jingneng Cle En Co Ltd H 170,000 0 0 HKD Boer Power Holdings Ltd 0 49,000 0 HKD Brilliance China Auto Hgs Ltd 57,000 72,000 0 HKD BYD Co Ltd H 13,100 13,100 0 HKD BYD Electronic Co Ltd 103,000 106,000 0 HKD CC Land Holdings Ltd 0 160,000 0 HKD Central China Real Estate Ltd 230,000 410,000 0 HKD Cheung Kong Infrast Hg Ltd 9,600 9,600 0 HKD China Citic Bank Corp Ltd H 0 110,000 0 HKD China Com Serv Corp Ltd H 0 110,000 0 HKD China Construction Bank Corp H 46,000 131,000 0 HKD China East Airlines Corp Ltd H 0 110,000 0 HKD China Everbright Intl Ltd 0 43,000 0 HKD China Gas Holdings Ltd 57,000 0 0 HKD China Hongqiao Gr Ltd 180,000 107,000 0 HKD China Lesso Group Holdings Ltd 0 71,000 0 HKD China Longyuan Power Group Corporation Ltd 17,000 16,000 0 HKD China Lumena New Material Corp 0 264,000 0


Statement of changes in investments (continued) from 1st April 2013 to 30th September 2013

13


HKD China Mengniu Dairy Co Ltd 15,000 0 0 HKD China Merchant Bank Co Ltd H 0 33,000 0 HKD China MinSheng Banking Corp H 86,000 75,000 0 HKD China National Build Ma Co Ltd H 0 34,000 0 HKD China Oilfield Services Ltd H 38,000 39,600 0 HKD China Overseas Land & Inv Ltd 22,000 22,000 0 HKD China Power Intl Dev Ltd 106,000 114,000 0 HKD China Railway Construct Ltd H 53,000 0 0 HKD China Railway Group Ltd H 98,000 165,000 0 HKD China Resources Land Ltd 22,000 0 0 HKD China Resources Pow Hgs Co Ltd 8,800 36,800 0 HKD China Sanjia Fine Chem Co Ltd 40,000 140,000 0 HKD China Shineway Pharm Group Ltd 35,000 35,000 0 HKD China Southern Airlines Co Ltd H 79,000 79,000 0 HKD China State Const Intl Hgs Ltd 52,000 12,000 0 HKD Chongqi Rural Cial Bank Co Ltd H 152,000 154,000 0 HKD Chow Sang Sang Hgs Intl Ltd 0 21,000 0 HKD CITIC Telecom Intl Hgs Ltd 225,000 225,000 0 HKD Country Garden Holdings Co Ltd 130,000 31,000 0 HKD CSPC Pharmaceutical Gr Ltd 110,000 0 0 HKD Dah Sing Banking Group Ltd 0 28,000 0 HKD Dah Sing Financial Hgs Ltd 4,700 20,300 0 HKD ENN Energy Hgs Ltd 14,500 14,500 0 HKD First Pacific Co Ltd 14,000 56,000 0 HKD Fosun Intl Ltd 146,000 78,000 0 HKD Galaxy Entertainment Gr Ltd 8,300 15,800 0 HKD Geely Auto Hgs Ltd 167,000 180,000 0 HKD Great Eagle Holdings Ltd 14,000 14,000 0 HKD Great Wall Motor Co Ltd H 5,700 8,800 0 HKD Guangdong Investment Ltd 166,000 92,000 0 HKD Guangzhou R&F Propertie Co Ltd H 0 43,000 0 HKD Guangzhou Shipyard Intl Co Ltd H 53,000 0 0 HKD Guodian Tec & Env Gr Corp Ltd H 87,000 217,000 0 HKD Guotai Junan Intl Holdings Ltd 169,000 169,000 0 HKD Haitian Intl Holdings Ltd 14,000 26,000 0 HKD Hang Seng Bank Ltd 0 3,500 0 HKD Hengan Intl Group Co Ltd 5,200 0 0 HKD Hilong Holding Ltd 110,000 120,000 0 HKD HKR International Ltd 0 110,000 0 HKD Honghua Group Ltd 150,000 150,000 0 HKD Hopson Development Holdings Ltd 44,000 44,000 0 HKD Hosa International Ltd 191,000 0 0 HKD HSBC Holdings Plc 7,000 7,000 0 HKD Huadian Power Intl Corp H 168,000 168,000 0 HKD Huaneng Power Intl Inc H 71,000 138,000 0 HKD Hutchison Telecom HK Hgs Ltd 152,000 152,000 0 HKD Hutchison Whampoa Ltd 5,700 0 0 HKD Industr & Cial Bk of China Ltd H 100,000 99,000 0 HKD Jiangsu Expressway Co Ltd H 86,000 25,000 0 HKD Johnson Electric Holdings Ltd 0 82,000 0 HKD Ju Teng Intl Holdings Ltd 110,000 124,000 0 HKD K. Wah Intl Holdings Ltd 0 110,000 0 HKD Kingboard Chemical Hgs Ltd 27,800 0 0 HKD Kingsoft Co Ltd 34,000 66,000 0 HKD KWG Property Holding Ltd 84,000 0 0 HKD Lee & Man Paper Manufact Ltd 0 100,000 0 HKD Lenovo Group Ltd 0 56,000 0 HKD Magic Holdings Intl Ltd 110,000 110,000 0 HKD Maoye Intl Hgs Ltd 0 250,000 0 HKD Melco Intl Development Ltd 25,000 42,000 0 HKD MicroPort Scientific Corp 63,000 151,000 0 HKD Minth Group Ltd 30,000 30,000 0 HKD New World Development Co Ltd 39,000 80,900 0 HKD Pax Global Technology Ltd 0 49,000 0 HKD Phoenix Satellit Televi Hg Ltd 170,000 170,000 0 HKD PICC Prop and Casualty Co Ltd H 0 35,000 0 HKD Poly Property Group Co Ltd 0 89,000 0



14


HKD Prada SpA 6,400 6,400 0 HKD Prince Frog Intl Hgs Ltd 138,000 62,000 0 HKD REXLot Holdings Ltd Shares 0 640,000 0 HKD Road King Infrastructure Ltd 79,000 0 0 HKD Sa Sa Intl Holdings Ltd 119,000 50,000 0 HKD Samson Holding Ltd 0 360,000 0 HKD Samsonite Intl SA Reg 15,300 12,000 0 HKD Sands China Ltd REGS 14,700 3,800 0 HKD Shenzhen Inv Ltd 130,000 130,000 0 HKD Shenzhou Intl Group Ltd 19,000 0 0 HKD Shimao Property Hgs Ltd 29,000 0 0 HKD Shougang Fushan Resourc Gr Ltd 0 150,000 0 HKD Sihuan Pharm Hgs Group Ltd 0 66,000 0 HKD Sino Biopharmaceutical Ltd 85,000 205,000 0 HKD Sino Ocean Land Hgs Ltd 0 93,000 0 HKD Sinofert Hgs Ltd 0 257,000 0 HKD Sinotrans Ltd H 311,000 417,000 0 HKD SITC International Hgs Co Ltd 192,000 180,000 0 HKD SJM Holdings Ltd 18,000 22,000 0 HKD Skyworth Digital Hgs Ltd 33,000 153,000 0 HKD Sun Hung Kai & Co Ltd 0 77,000 0 HKD Sunac China Holdings Ltd 93,000 93,000 0 HKD TCC Intl Hgs Ltd 160,000 0 0 HKD Tencent Holdings Ltd 1,830 840 0 HKD Tianjin Port Dev Holdings Ltd 370,000 540,000 0 HKD Towngas China Co Ltd 79,000 79,000 0 HKD TPV Technology Ltd 138,000 338,000 0 HKD Travelsky Technology Ltd H 39,000 66,000 0 HKD Truly Intl Hgs Ltd 120,000 33,000 0 HKD Tsingtao Brewery Co Ltd H 16,500 9,700 0 HKD VTech Holdings Ltd 3,900 3,900 0 HKD Weichai Power Co Ltd H 15,100 0 0 HKD Weiqiao Textile Co Ltd H 82,000 82,000 0 HKD Welling Holding Ltd 0 96,000 0 HKD Wharf Hgs Ltd (The) 7,900 7,900 0 HKD Wheelock and Co Ltd 5,800 15,600 0 HKD Xinyi Glass Hg Co Ltd 0 39,000 0 HKD Xtep Intl Hgs Ltd 120,000 0 0 HKD Yashili Intl Holdings Ltd 160,000 160,000 0 HKD Zhejiang Expressway Co Ltd H 73,000 0 0 HKD Zhong An Real Estate Ltd 290,000 409,000 0

SGD China Minzhong Food Corp Ltd 0 63,000 0 SGD DBS Group Holdings Ltd 5,300 0 0 SGD Hotel Properties Ltd 0 22,000 0 SGD Jardine Cycle & Carriage Ltd 0 1,500 0 SGD Kruez Hgs Ltd 109,000 0 0 SGD Oversea-Chinese Bankg Corp Ltd 2,700 10,200 0 SGD Sheng Siong Group Ltd 98,000 98,000 0 SGD Thai Beverage PLC 120,000 120,000 0 SGD United Overseas Bank Ltd Local 5,100 5,100 0 SGD Wing Tai Holdings Ltd 37,000 13,000 0

USD Baidu Inc ADR repr 0.1 Share A 400 0 0 USD Hong Kong Land Hg Ltd 8,200 8,200 0 USD Jardine Strategic Hgs Ltd 0 1,820 0

ZAR AECI Ltd 6,000 0 0 ZAR Bidvest Group Ltd 2,820 4,420 0 ZAR Cie Financière Richemont SA DR Repr 1/10 Sh 6,700 0 0 ZAR Firstrand Ltd 0 17,300 0 ZAR Grindrod Ltd 27,000 0 0 ZAR Illovo Sugar Ltd 19,600 19,600 0 ZAR Imperial Holdings Ltd 2,500 2,500 0



15


ZAR Liberty Holdings Ltd 3,400 7,300 0 ZAR MMI Hgs Ltd 9,900 32,900 0 ZAR Mpact 18,000 0 0 ZAR MTN Group Ltd 3,700 4,280 0 ZAR Murray & Roberts Holdings Ltd 22,000 0 0 ZAR Old Mutual Plc 7,500 27,500 0 ZAR Remgro Ltd 3,700 3,700 0 ZAR Sasol Ltd 1,500 1,100 0 ZAR Telkom SA SOC Ltd 25,000 0 0 ZAR Tongaat-Hulett Ltd 0 4,000 0 ZAR Wilson Bayly Holmes-Ovcon Ltd 1,500 5,640 0

Closed-ended investment funds

AUD Ardent Leisure Group REIT Units 33,000 0 0 AUD Cromwell Property Group Dist 61,000 61,000 0

Warrants and rights

AUD Australian Stock Exchange Ltd Droits de sousc 05.07.13

0 136 136

HKD CITIC Telecom Intl Hgs Ltd Droits de sousc 30.05.13 0 48,750 48,750

FINLABO INVESTMENTS SICAV - DYNAMIC US EQUITY



16

Assets Securities portfolio at market value 3,443,272.52 Cash at banks 402,333.26 Other liquid assets 182,724.31 Formation expenses, net 3,594.30 Income receivable on portfolio 239.50 Unrealised gain on future contracts 31,143.08 Prepaid expenses 3,604.34


Liabilities Bank liabilities 364,822.09 Interest on bank liabilities and expenses payable 10,325.48



Class I shares outstanding 204.330 Net asset value per Class I share 964.66






17





Shares

EUR 6,600 ACEA SpA 38,555.17 47,520.00 1.29 EUR 3,000 Axa SA 37,684.20 51,375.00 1.39 EUR 1,450 KBC Group SA 30,088.12 52,656.75 1.43 EUR 880 SAFRAN SA 31,730.81 40,070.80 1.08 EUR 1,130 Stada Arzneimittel AG 31,506.17 42,358.05 1.15 EUR 2,700 UBISOFT Entertainment SA 21,467.70 30,861.00 0.84

191,032.17 264,841.60 7.18

USD 2,600 Activision Blizzard Inc 33,229.58 32,028.08 0.87 USD 870 Aetna Inc 42,912.10 41,158.25 1.11 USD 700 Alliant Techsystems Inc 50,742.55 50,465.18 1.37 USD 1,300 American Intl Group Inc 46,582.69 46,716.42 1.26 USD 1,700 AmTrust Financial Serv Inc 49,974.82 49,068.54 1.33 USD 1,400 Arrow Electronics Inc 51,441.96 50,206.54 1.36 USD 1,200 Assurant Inc 50,301.96 47,973.40 1.30 USD 1,600 Avnet Inc 49,019.01 49,315.35 1.34 USD 650 Borg Warner Inc 48,970.87 48,700.17 1.32 USD 2,100 CA Inc 48,122.08 46,042.49 1.25 USD 1,300 CBS Corp B 52,938.92 52,989.47 1.43 USD 340 Celgene Corp 35,193.10 38,674.45 1.05 USD 770 Chubb Corp 51,458.13 50,788.99 1.38 USD 770 Cimarex Energy Co 51,389.42 54,851.65 1.49 USD 1,400 Curtiss-Wright Corp 48,516.78 48,582.30 1.32 USD 2,400 Dana Holding Corp 38,537.63 40,506.93 1.10 USD 540 DirectTV 25,797.59 23,842.60 0.65 USD 1,600 EPL Oil & Gas Inc 39,051.46 43,876.59 1.19 USD 2,600 Gannett Co Inc 49,683.54 51,471.64 1.39 USD 740 General Dynamics Corp 48,850.19 47,858.71 1.30 USD 1,500 General Motors Co 37,037.54 39,870.68 1.08 USD 4,000 Genworth Financial Inc Ser A 38,801.20 37,805.28 1.02 USD 2,600 Goodyear Tire & Rubber Co 40,899.14 43,133.20 1.17 USD 53 Google Inc A 36,004.05 34,304.99 0.93 USD 1,000 Harman Intl Industries Inc 49,545.65 48,941.44 1.32 USD 2,200 Hartford Fin Serv Gr Inc (The) 53,070.48 50,592.28 1.37 USD 740 Honeywell Intl Inc 47,097.30 45,408.90 1.23 USD 1,800 Iconix Brand Group Inc 46,283.84 44,186.96 1.20 USD 2,800 iGate Corp 52,432.08 57,438.02 1.56 USD 2,700 Ingram Micro Inc A 46,125.49 45,989.29 1.25 USD 3,800 Interpublic Gr Cos Inc 49,263.34 48,242.38 1.31 USD 1,300 J2 Global Inc 49,882.81 47,571.40 1.29 USD 2,500 Jabil Circuit Inc 44,871.19 40,051.73 1.08 USD 1,100 Jacobs Engineering Group Inc 48,330.45 47,292.07 1.28 USD 910 JPMorgan Chase & Co 35,834.60 34,759.21 0.94 USD 890 Lear Corp When Issued 48,084.18 47,069.87 1.27 USD 1,500 Lincoln National Corp 50,755.01 46,543.51 1.26 USD 900 Lyondellbasell Industries NV 48,775.73 48,702.75 1.32 USD 1,520 Metlife Inc 57,523.39 52,735.27 1.43 USD 1,100 Nasdaq OMX Gr Inc 26,496.41 26,084.61 0.71 USD 870 National Oilwell Varco Inc 51,225.73 50,216.66 1.36 USD 910 NeuStar Inc A 35,211.18 33,273.08 0.90 USD 740 Nu Skin Enterprises Inc A 53,162.86 52,353.67 1.42 USD 4,600 Och-Ziff Cap Mgt Gr LLC A 40,207.53 37,357.47 1.01 USD 1,200 Portofolio Recovery Ass Inc 46,936.80 53,152.04 1.44 USD 63 Priceline.com Inc 46,821.35 47,064.36 1.27 USD 1,300 Principal Financial Group Inc 40,287.68 41,135.05 1.11 USD 900 Prudential Financial Inc 53,638.62 51,861.81 1.40 USD 1,000 Questcor Pharma Inc 48,059.20 42,859.78 1.16 USD 930 SanDisk Corp 38,287.04 40,897.32 1.11 USD 1,900 Spirit Airlines Inc 47,692.86 48,116.02 1.30




18



USD 2,500 Symantec Corp 47,759.92 45,723.26 1.24 USD 3,800 Symetra Financial Corp 50,567.15 50,039.53 1.35 USD 1,300 Synaptics Inc 41,179.35 42,537.59 1.15 USD 1,300 TE Connectivity Ltd 51,214.14 49,742.47 1.35 USD 890 Torchmark Corp 48,446.72 47,582.86 1.29 USD 960 TRW Automotive Holdings Corp 51,469.13 50,587.55 1.37 USD 2,090 Tyson Foods Inc Cl A 42,272.38 43,676.48 1.18 USD 570 Unifirst Corp 43,126.59 43,982.56 1.19 USD 900 United Health Group Inc 48,582.94 47,625.35 1.29 USD 1,700 United Stationers Inc 52,591.27 54,646.22 1.48 USD 880 United Therapeutics Corp 47,299.04 51,275.08 1.39 USD 1,700 Unum Group 38,957.74 38,239.79 1.04 USD 1,200 URS Corp 49,407.57 47,663.03 1.29 USD 2,200 VCA Antech Inc 47,424.80 44,642.16 1.21 USD 720 Walt Disney Co (The) 34,255.52 34,312.06 0.93 USD 1,200 Wells Fargo & Co New 37,863.60 36,640.68 0.99 USD 3,100 Wesco Aircraft Hgs Inc 47,596.79 47,946.06 1.30 USD 4,000 Western Alliance Bancorp 52,204.06 55,954.18 1.51 USD 900 Western Digital Corp 42,905.32 42,165.16 1.14

3,196,483.14 3,175,110.92 86.00

Total shares 3,387,515.31 3,439,952.52 93.18

Warrants and rights

EUR 8,300 UBISOFT Entertainment SA Call Wts 10.10.13 816.83 3,320.00 0.09

Total warrants and rights 816.83 3,320.00 0.09

Other transferable securities

Shares

EUR 2,833 Agfa Gevaert NV Strip VVPR 0.00 0.00 0.00

Total shares 0.00 0.00 0.00


Cash at banks 402,333.26 10.90

Bank liabilities -364,822.09 -9.88


Total 3,691,763.74 100.00




19



Insurance 16.63 %






Media 5.71 %


Energy 4.04 %

Health care equipment and services 3.61 %

Retailing 2.75 %


Household and personal products 1.42 %

Food retailing, drugstores and pharmacies 1.34 %

Materials 1.32 %


Utilities 1.29 %



Banks 0.99 %


Total 93.27 %



United States of America 83.33 %

France 3.40 %

Belgium 1.43 %

Switzerland 1.35 %

The Netherlands 1.32 %

Italy 1.29 %

Germany 1.15 %

Total 93.27 %



20


Shares

EUR ACEA SpA 6,600 0 0 EUR Aegon NV 0 8,500 0 EUR Ageas NV 0 1,620 0 EUR Allianz SE Reg 0 360 0 EUR Alstom 0 1,000 0 EUR Amer Sports Corp A 0 2,500 0 EUR Atos 0 630 0 EUR Aurubis AG 0 700 0 EUR Bayer AG Reg 0 540 0 EUR Bayerische Motoren Werke AG Pref 0 730 0 EUR Casino Guichard Perrachon 350 350 0 EUR Christian Dior SA 0 290 0 EUR Continental AG 0 400 0 EUR Crédit Agricole SA 0 6,000 0 EUR CSM NV 0 2,600 0 EUR Erste Group Bank AG 0 1,200 0 EUR Folli Follie Group 1,900 1,900 0 EUR Freenet AG Reg 0 2,300 0 EUR Gas Natural SDG SA 2,500 2,500 0 EUR Groupe FNAC 0 24 24 EUR IPSOS SA 0 1,100 0 EUR Kering 0 192 0 EUR Lafarge SA 0 770 0 EUR MTU Aero Engines AG 0 660 0 EUR Nyrstar NV Strip VVPR 0 3,640 0 EUR Obrascon Huarte Lain SA 1,000 1,000 0 EUR OMV AG 0 1,200 0 EUR Raisio Plc V 0 11,000 0 EUR Renault SA 600 600 0 EUR Royal Philips NV 0 1,700 0 EUR Rubis SA 0 700 0 EUR Sanofi 0 470 0 EUR Stada Arzneimittel AG 0 570 0 EUR Tieto Corp 0 2,200 0 EUR UBISOFT Entertainment SA 0 2,200 0

HKD Chongqi Rural Cial Bank Co Ltd H 0 80,000 0 HKD Dah Sing Financial Hgs Ltd 0 10,000 0 HKD Industr & Cial Bk of China Ltd H 0 64,000 0

USD Activision Blizzard Inc 2,600 0 0 USD Aecom Technology Corp 1,800 1,800 0 USD Aetna Inc 870 0 0 USD Alliant Techsystems Inc 700 0 0 USD American Intl Group Inc 1,300 0 0 USD AmTrust Financial Serv Inc 1,700 0 0 USD Arrow Electronics Inc 1,400 0 0 USD Assurant Inc 1,200 0 0 USD Avnet Inc 1,600 0 0 USD BlackRock Inc 190 190 0 USD Borg Warner Inc 650 0 0 USD CA Inc 2,100 0 0 USD CBS Corp B 1,300 0 0 USD Celgene Corp 340 0 0 USD Chubb Corp 770 0 0 USD Cimarex Energy Co 770 0 0 USD Curtiss-Wright Corp 1,400 0 0 USD Dana Holding Corp 2,400 0 0 USD DirectTV 540 0 0 USD EPL Oil & Gas Inc 1,600 0 0 USD Gannett Co Inc 2,600 0 0



21


USD General Dynamics Corp 740 0 0 USD General Motors Co 1,500 0 0 USD Genworth Financial Inc Ser A 4,000 0 0 USD Goodyear Tire & Rubber Co 2,600 0 0 USD Google Inc A 53 0 0 USD Harman Intl Industries Inc 1,000 0 0 USD Hartford Fin Serv Gr Inc (The) 2,200 0 0 USD Honeywell Intl Inc 740 0 0 USD Iconix Brand Group Inc 1,800 0 0 USD iGate Corp 2,800 0 0 USD Ingram Micro Inc A 2,700 0 0 USD Interpublic Gr Cos Inc 3,800 0 0 USD J2 Global Inc 1,300 0 0 USD Jabil Circuit Inc 2,500 0 0 USD Jacobs Engineering Group Inc 1,100 0 0 USD JPMorgan Chase & Co 910 0 0 USD Lear Corp When Issued 890 0 0 USD Lincoln National Corp 1,500 0 0 USD Lyondellbasell Industries NV 900 0 0 USD Macy's Inc 1,350 1,350 0 USD Metlife Inc 1,520 0 0 USD Microsoft Corp 1,300 1,300 0 USD Nasdaq OMX Gr Inc 1,100 0 0 USD National Oilwell Varco Inc 870 0 0 USD NeuStar Inc A 910 0 0 USD Nu Skin Enterprises Inc A 740 0 0 USD Och-Ziff Cap Mgt Gr LLC A 4,600 0 0 USD Portofolio Recovery Ass Inc 1,200 0 0 USD Priceline.com Inc 63 0 0 USD Principal Financial Group Inc 1,300 0 0 USD Prudential Financial Inc 900 0 0 USD Questcor Pharma Inc 1,000 0 0 USD SanDisk Corp 930 0 0 USD Spirit Airlines Inc 1,900 0 0 USD Symantec Corp 2,500 0 0 USD Symetra Financial Corp 3,800 0 0 USD Synaptics Inc 1,300 0 0 USD TE Connectivity Ltd 1,300 0 0 USD Torchmark Corp 890 0 0 USD Towers Watson Inc A 490 490 0 USD TRW Automotive Holdings Corp 960 0 0 USD Tyson Foods Inc Cl A 2,090 0 0 USD Unifirst Corp 570 0 0 USD United Health Group Inc 900 0 0 USD United Stationers Inc 1,700 0 0 USD United Therapeutics Corp 880 0 0 USD Unum Group 1,700 0 0 USD URS Corp 1,200 0 0 USD VCA Antech Inc 2,200 0 0 USD Walt Disney Co (The) 720 0 0 USD Wells Fargo & Co New 1,200 0 0 USD Wesco Aircraft Hgs Inc 3,100 0 0 USD Western Alliance Bancorp 4,000 0 0 USD Western Digital Corp 900 0 0

Investment certificates

EUR ETFS Commodity Sec Ltd Certif Nickel Perpetual 0 2,000 0



22


Bonds

EUR ArcelorMittal SA VAR 09/03.06.16 0 145,000 0 EUR Atlantia SpA 3.625% Sen 12/30.11.18 0 150,000 0 EUR BBVA Senior Finance SA 3.25% GTMN Reg-S Ser

103 10/23.04.15 0 100,000 0

EUR Gas Natural Capital Mks SA 5.625% EMTN 11/09.02.17

0 100,000 0

EUR Intesa Sanpaolo SpA 4.125% EMTN Sen 11/14.01.16

0 100,000 0

EUR Intesa Sanpaolo SpA 5.87% 08/26.11.15 0 27,000 0 EUR Nexans SA 5.75% EMTN 07/02.05.17 0 150,000 0 EUR Renault SA 5.625% EMTN Ser 32 Tr 1 10/22.03.17 0 150,000 0 EUR Santander Intl Debt SA 4.625% EMTN 12/21.03.16 0 100,000 0 EUR Telecom Italia SpA 5.25% EMTN 10/10.02.22 0 100,000 0 EUR Unicredit SpA 4.875% EMTN Ser 5Y 12/07.03.17 0 150,000 0

NOK General Elec Capital Corp 4.5% EMTN Reg-S Sen 11/30.06.16

0 1,100,000 0

Money market instruments

EUR Italia 0% BOT Ser 12MO 12/13.09.13 350,000 350,000 0

Warrants and rights

EUR Erste Group Bank AG Droits de sousc 17.07.13 0 1,200 1,200

Tracker funds (UCITS)

EUR iShares V Plc MSCI Japan EUR Hedged UCITS ETF Cap

0 2,350 0

FINLABO INVESTMENTS SICAV - DYNAMIC EQUITY



23

Assets Securities portfolio at market value 36,147,480.92 Cash at banks 1,908,701.80 Other liquid assets 947,614.44 Formation expenses, net 26,640.75 Receivable on sales of securities 292,495.81 Receivable on issues of shares 8,407.96 Income receivable on portfolio 6,119.02 Unrealised gain on future contracts 70,839.00 Prepaid expenses 8,230.47


Liabilities Payable on purchases of securities 399,098.73 Interest on bank liabilities and expenses payable 118,769.25



Class I shares outstanding 10,065.197 Net asset value per Class I share 1,474.10






24





Shares

CHF 7,200 Aryzta AG 315,006.38 355,623.30 0.91 EUR 540,000 A2A SpA 374,438.14 389,880.00 1.00 EUR 15,200 Aalberts Industries NV 273,920.63 299,364.00 0.77 EUR 17,600 Aareal Bank AG 382,114.62 406,472.00 1.05 EUR 61,000 ACEA SpA 371,081.80 439,200.00 1.13 EUR 70,000 Aegon NV 369,173.16 382,900.00 0.98 EUR 11,400 Ageas NV 228,331.08 341,316.00 0.88 EUR 3,320 Allianz SE Reg 343,108.43 385,784.00 0.99 EUR 20,300 Amer Sports Corp A 260,123.84 304,500.00 0.78 EUR 26,600 Assicurazioni Generali SpA 378,381.34 392,350.00 1.01 EUR 58,000 Astaldi SpA 356,213.53 350,900.00 0.90 EUR 26,600 Axa SA 344,497.22 455,525.00 1.17 EUR 11,950 Axway Software 229,810.83 238,402.50 0.61 EUR 23,800 Banca Ifis SpA 178,176.00 235,382.00 0.61 EUR 43,000 Banco Bilbao Vizcaya Argent SA Reg 337,504.35 355,180.00 0.91 EUR 103,000 Bankinter SA Reg 320,278.45 409,631.00 1.05 EUR 4,310 Bayer AG Reg 302,657.19 375,659.60 0.97 EUR 6,500 Bayerische Motoren Werke AG Pref 339,038.37 391,950.00 1.01 EUR 4,500 BB Biotech AG Reg 407,274.66 466,425.00 1.20 EUR 30,000 BE Semiconductor Industries NV 252,082.79 267,660.00 0.69 EUR 9,100 Bekaert SA 265,348.35 251,342.00 0.65 EUR 15,000 Bouygues SA 371,539.53 404,625.00 1.04 EUR 21,200 C.A.T. Oil AG 224,076.10 304,750.00 0.78 EUR 9,600 Cancom SE 172,388.11 218,640.00 0.56 EUR 9,700 Cap Gemini SA 405,085.84 426,509.00 1.10 EUR 123,000 Cementir SpA 290,925.03 338,496.00 0.87 EUR 31,515 Cie Automotive SA 222,038.44 231,950.40 0.60 EUR 27,100 CNP Assurances 366,995.43 360,836.50 0.93 EUR 2,820 Continental AG 341,212.43 353,346.00 0.91 EUR 54,000 Crédit Agricole SA 353,422.40 440,154.00 1.13 EUR 19,000 Danieli & C Off Meccaniche SpA Risp non Conv 284,593.92 274,550.00 0.71 EUR 7,100 Eiffage SA 251,149.11 287,834.00 0.74 EUR 17,000 Electricité de France 401,234.14 397,460.00 1.02 EUR 94,000 Ellaktor SA 228,892.08 230,300.00 0.59 EUR 9,300 Engineering Ingegneri Info SpA 267,541.79 322,245.00 0.83 EUR 53,000 Esprinet SpA 208,962.75 211,258.00 0.54 EUR 3,310 Euler Hermes 250,631.41 298,793.70 0.77 EUR 8,300 Eur Aero Defence and Space NV 366,674.61 390,888.50 1.01 EUR 67,000 Europac Pap Cartones Europa SA 217,508.86 247,900.00 0.64 EUR 139,000 Faes Farma SA Reg 318,743.25 330,820.00 0.85 EUR 16,400 Faurecia SA 363,154.21 350,878.00 0.90 EUR 43,000 Fiat SpA 235,805.58 253,270.00 0.65 EUR 15,845 Folli Follie Group 215,235.45 304,224.00 0.78 EUR 228,906 Fyffes Plc 159,002.97 180,835.74 0.47 EUR 13,300 Grammer AG 333,913.93 375,725.00 0.97 EUR 6,000 Groupe CRIT 158,429.75 156,600.00 0.40 EUR 19,000 Grupo Catalana Occidente SA 321,579.58 427,120.00 1.10 EUR 20,900 GTECH SpA 423,137.61 441,826.00 1.14 EUR 4,600 Hochtief AG 288,602.09 296,838.00 0.76 EUR 34,200 Indra Sistemas SA 387,176.59 379,107.00 0.97 EUR 54,000 ING Groep NV Certif 423,936.51 450,954.00 1.16 EUR 6,500 Ingenico SA 369,943.71 346,385.00 0.89 EUR 248,000 Intesa Sanpaolo SpA 378,237.49 378,200.00 0.97 EUR 390,000 Iren SpA 359,942.97 351,780.00 0.90 EUR 5,200 Isra Vision AG 158,517.42 179,920.00 0.46 EUR 6,600 Jungheinrich AG Pref 268,455.16 284,955.00 0.73 EUR 10,900 KBC Group SA 254,838.31 395,833.50 1.02 EUR 2,240 Kering 390,607.96 371,056.00 0.95




25



EUR 21,600 Kingspan Group 230,937.41 266,220.00 0.68 EUR 6,100 Koninklijke DSM NV 289,176.32 340,258.00 0.88 EUR 4,700 Krones AG 276,227.46 295,395.00 0.76 EUR 19,200 Lassila & Tikanoja Oyj 271,853.05 289,536.00 0.74 EUR 8,600 Leoni AG Reg 375,751.04 386,613.00 0.99 EUR 8,900 Melexis NV 151,300.50 175,775.00 0.45 EUR 10,811 Metka SA Reg 133,202.33 133,732.07 0.34 EUR 9,100 Metro AG 259,786.93 266,630.00 0.69 EUR 4,900 Michelin SA B Reg 376,731.99 401,653.00 1.03 EUR 13,000 Montupet SA 207,425.14 262,600.00 0.68 EUR 119,700 Mota-Engil SGPS SA 231,347.28 350,721.00 0.90 EUR 46,000 Mytilineos Holdings SA 230,456.70 219,880.00 0.57 EUR 79,000 Natixis 200,312.31 279,502.00 0.72 EUR 9,200 OMV AG 339,127.50 335,800.00 0.86 EUR 32,300 Origin Enterprises Plc 167,131.19 217,669.70 0.56 EUR 100,000 PNE Wind AG Reg 275,021.96 324,000.00 0.83 EUR 88,000 PostNL NV 267,406.92 281,336.00 0.72 EUR 6,500 Publicis Groupe SA 357,608.46 382,330.00 0.98 EUR 71,000 QSC AG Reg 223,826.86 283,858.00 0.73 EUR 10,100 Randstad Holding NV 376,247.08 420,564.00 1.08 EUR 42,700 Recordati Ind Chim e Farm SpA 343,624.51 379,176.00 0.98 EUR 4,400 Renault SA 201,797.91 259,292.00 0.67 EUR 6,600 Reply SpA 153,948.21 283,800.00 0.73 EUR 15,000 Royal Philips NV 361,319.17 357,450.00 0.92 EUR 40,200 SAF Holland SA 262,630.48 363,810.00 0.94 EUR 8,100 SAFRAN SA 255,164.69 368,833.50 0.95 EUR 23,000 SBM Offshore NV 324,243.35 336,835.00 0.87 EUR 6,307 Schaltbau Holding AG 226,409.44 242,863.65 0.62 EUR 16,000 SCOR SE 350,782.24 391,600.00 1.01 EUR 28,200 Smurfit Kappa Plc 322,695.03 471,786.00 1.21 EUR 28,900 Societa'Cattolica Assicur Scrl 397,931.93 475,983.00 1.22 EUR 10,600 Société Générale A 367,675.06 390,398.00 1.00 EUR 140,000 Sogefi SpA 333,368.90 448,000.00 1.15 EUR 96,000 Sonaecom SGPS SA Reg 186,967.56 197,184.00 0.51 EUR 187,000 Sorin SpA 386,429.27 374,000.00 0.96 EUR 9,400 Stada Arzneimittel AG 259,036.42 352,359.00 0.91 EUR 24,200 Stroeer Media AG 291,005.21 287,980.00 0.74 EUR 108,000 Technicolor SA 266,917.96 417,960.00 1.07 EUR 10,300 Thales SA 389,143.48 418,540.50 1.08 EUR 61,000 TomTom NV 293,097.90 322,507.00 0.83 EUR 643 Total Gabon Reg 270,072.14 303,939.67 0.78 EUR 274,317 Total Produce Plc 184,049.65 211,224.09 0.54 EUR 25,600 UBISOFT Entertainment SA 173,101.24 292,608.00 0.75 EUR 79,000 Unicredit SpA Post Raggruppamento 376,665.29 372,248.00 0.96 EUR 146,000 Unipol Gruppo Finanziario SpA Pref 329,467.76 386,900.00 1.00 EUR 5,700 Valeo SA 298,624.99 359,784.00 0.93 EUR 6,000 Vallourec Usines Tubes 298,822.42 265,620.00 0.68 EUR 4,300 Vicat Ciments SA 226,540.06 225,750.00 0.58 EUR 10,000 Vidrala SA 248,427.17 315,000.00 0.81 EUR 30,000 Vittoria Assicurazioni SpA 198,808.49 244,800.00 0.63 EUR 8,800 Voestalpine 258,705.87 311,036.00 0.80 EUR 6,300 Wincor Nixdorf AG 269,231.27 290,808.00 0.75

31,695,270.80 35,770,834.62 91.97

Total shares 32,010,277.18 36,126,457.92 92.88

Warrants and rights

EUR 43,000 Banco Bilbao Vizcaya Argent SA Droits d'attribut 14.10.13 0.00 4,343.00 0.01 EUR 41,700 UBISOFT Entertainment SA Call Wts 10.10.13 3,713.05 16,680.00 0.04

Total warrants and rights 3,713.05 21,023.00 0.05




26



Other transferable securities

Shares

EUR 30,333 Agfa Gevaert NV Strip VVPR 0.00 0.00 0.00

Total shares 0.00 0.00 0.00


Cash at banks 1,908,701.80 4.91


Total 38,898,662.19 100.00




27




Insurance 10.81 %


Materials 9.22 %


Banks 6.75 %

Utilities 4.88 %



Energy 3.29 %



Retailing 2.42 %


Media 1.72 %

Investment companies 1.20 %

Semiconductors and semiconductor equipment 1.14 %

Hotels, restaurants and leisure 1.14 %

Food retailing, drugstores and pharmacies 1.01 %




Total 92.93 %


Industrial and geographical classification of investments (continued) as at 30th September 2013


28



France 23.82 %

Italy 18.89 %

Germany 15.43 %

The Netherlands 9.91 %

Spain 6.94 %

Ireland 3.46 %

Belgium 3.00 %

Austria 2.44 %

Greece 2.28 %

Switzerland 2.11 %

Finland 1.52 %

Portugal 1.41 %

Grand Duchy of Luxembourg 0.94 %

Gabon 0.78 %

Total 92.93 %



29


Shares

CHF Aryzta AG 1,500 1,500 0

EUR A2A SpA 540,000 0 0 EUR Aalberts Industries NV 19,300 21,100 0 EUR Aareal Bank AG 17,600 0 0 EUR ACEA SpA 76,000 15,000 0 EUR Aegon NV 99,000 92,000 0 EUR Aer Lingus Group Plc 0 201,269 0 EUR Akka Technologies 2,900 13,582 971 EUR Albioma 4,900 25,191 0 EUR Allianz SE Reg 2,470 2,160 0 EUR Alstom 0 8,000 0 EUR Alten 0 8,200 0 EUR Altran Technologies SA 13,000 67,000 0 EUR Altri SGPS SA 0 154,000 0 EUR Amsterdam Commodities NV 5,800 19,100 0 EUR Ansaldo STS SpA 43,900 43,900 0 EUR April 0 18,179 0 EUR Arcadis NV 3,900 20,300 0 EUR Arseus SA 18,500 18,500 0 EUR Assicurazioni Generali SpA 39,100 12,500 0 EUR Assystem SA 4,300 16,200 0 EUR Astaldi SpA 112,000 54,000 0 EUR ASTM SpA 0 30,000 0 EUR Atos 4,400 11,470 0 EUR Aurubis AG 2,100 5,900 0 EUR Axa SA 9,800 9,200 0 EUR Axway Software 11,950 0 0 EUR Azimut Holding SpA 27,600 27,600 0 EUR Banca Ifis SpA 23,800 0 0 EUR Banco Bilbao Vizcaya Argent SA Reg 43,000 0 0 EUR Bankinter SA Reg 156,000 53,000 0 EUR Barco NV 1,300 6,500 0 EUR BASF SE Reg 0 4,050 0 EUR Bayer AG Reg 2,200 3,000 0 EUR Bayerische Motoren Werke AG Pref 1,800 1,400 0 EUR BB Biotech AG Reg 1,860 0 0 EUR BE Semiconductor Industries NV 30,000 0 0 EUR Bechtle AG 5,560 11,160 0 EUR Bekaert SA 9,100 0 0 EUR Bijou BrigitteM Accessoires AG 0 2,426 0 EUR BNP Paribas SA 0 5,200 0 EUR Bouygues SA 15,000 0 0 EUR Brembo SpA 26,700 40,800 0 EUR Bull SA 25,000 109,000 0 EUR Buzzi Unicem SpA Risp 23,000 68,412 0 EUR C&C Group Plc 58,000 58,000 0 EUR C.A.T. Oil AG 20,700 17,500 0 EUR Cancom SE 3,500 7,400 0 EUR Cap Gemini SA 9,700 7,600 0 EUR Casino Guichard Perrachon 3,900 3,900 0 EUR Cegedim SA 0 7,946 0 EUR Cementir SpA 123,000 0 0 EUR Centrotec Sustainable AG 0 19,300 0 EUR Christian Dior SA 0 3,000 0 EUR Cie Automotive SA 31,515 0 0 EUR CNP Assurances 31,500 4,400 0 EUR Continental AG 2,820 3,500 0 EUR Cramo Plc B 0 17,000 0 EUR Credito Emiliano SpA Credem 79,000 79,000 0 EUR Crédit Agricole SA 30,000 9,500 0



30


EUR CSM NV 0 16,900 0 EUR Danieli & C Off Meccaniche SpA Risp non Conv 19,000 18,000 0 EUR DCC Plc 0 9,900 0 EUR Delhaize Groupe 2,300 11,100 0 EUR Derichebourg 25,000 98,000 0 EUR Deutsche Post AG Reg 20,400 20,400 0 EUR Draegerwerk AG&Co KGaA Pref 0 3,000 0 EUR Drillisch AG 26,700 26,700 0 EUR Econocom Group SA D 0 37,000 0 EUR Eiffage SA 0 1,800 0 EUR Electricité de France 17,000 0 0 EUR Ellaktor SA 94,000 0 0 EUR Enagas SA 2,700 18,700 0 EUR Enel Green Power S.p.A. 239,000 239,000 0 EUR Engineering Ingegneri Info SpA 2,700 0 0 EUR ERG SpA 49,000 49,000 0 EUR Erste Group Bank AG 6,000 17,200 0 EUR Esprinet SpA 53,000 0 0 EUR Euler Hermes 5,010 1,700 0 EUR Eur Aero Defence and Space NV 8,300 0 0 EUR Europac Pap Cartones Europa SA 67,000 0 0 EUR EVS Broadcast Equipment SA 6,000 6,000 0 EUR Faes Farma SA Reg 139,000 0 0 EUR Faurecia SA 32,400 16,000 0 EUR Fiat SpA 80,000 37,000 0 EUR Folli Follie Group 0 4,900 0 EUR Freenet AG Reg 26,000 44,300 0 EUR Gas Natural SDG SA 22,000 22,000 0 EUR GFI Informatique SA 14,000 62,823 0 EUR Grammer AG 16,600 3,300 0 EUR Groupe CRIT 6,000 0 0 EUR Groupe FNAC 0 338 338 EUR Groupe Steria 0 21,500 0 EUR Grupo Catalana Occidente SA 19,000 0 0 EUR GTECH SpA 20,900 0 0 EUR Hal Trust 0 3,870 0 EUR Hannover Rueck SE 0 4,700 0 EUR Havas SA 62,000 62,000 0 EUR HeidelbergCement AG 3,400 7,800 0 EUR Heineken Holding NV 4,300 9,200 0 EUR Henkel AG & Co KGaA 6,700 6,700 0 EUR Hera SpA 250,000 250,000 0 EUR Hochtief AG 4,600 0 0 EUR Indra Sistemas SA 34,200 0 0 EUR Indus Holding AG 13,800 13,800 0 EUR Industria Macchine Automat SpA 20,100 20,100 0 EUR ING Groep NV Certif 54,000 0 0 EUR Ingenico SA 6,500 5,800 0 EUR Intesa Sanpaolo SpA 307,000 59,000 0 EUR Ipsen SA 6,200 18,600 0 EUR IPSOS SA 0 10,600 0 EUR Iren SpA 880,000 490,000 0 EUR Jungheinrich AG Pref 8,700 9,000 0 EUR KBC Group SA 5,600 1,800 0 EUR Kering 3,220 2,180 0 EUR Kingspan Group 29,000 7,400 0 EUR Koninklijke Ahold NV 6,100 29,100 0 EUR Koninklijke DSM NV 6,100 0 0 EUR Krones AG 4,700 0 0 EUR Lafarge SA 1,700 6,500 0 EUR Lassila & Tikanoja Oyj 19,200 0 0 EUR Leoni AG Reg 8,600 0 0 EUR Mapfre SA Reg 41,000 126,000 0 EUR Mediolanum SpA 71,000 71,000 0 EUR Melexis NV 13,100 4,200 0 EUR Merck KGaA 560 3,550 0 EUR Metka SA Reg 10,811 0 0



31


EUR Metro AG 9,100 0 0 EUR Michelin SA B Reg 4,900 0 0 EUR Montupet SA 13,000 0 0 EUR Mota-Engil SGPS SA 153,700 34,000 0 EUR MPI 59,000 59,000 0 EUR MTU Aero Engines AG 0 3,620 0 EUR Munich Reinsurance Co Rest Transferability 420 2,220 0 EUR Mytilineos Holdings SA 46,000 0 0 EUR Natixis 24,000 26,000 0 EUR Neopost SA 5,000 5,000 0 EUR Neste Oil Oyj 35,800 35,800 0 EUR Nexans SA 7,900 7,900 0 EUR Nyrstar NV Strip VVPR 0 33,530 0 EUR Obrascon Huarte Lain SA 0 13,600 0 EUR OHB AG 0 15,400 0 EUR OMV AG 12,300 11,900 0 EUR Origin Enterprises Plc 32,300 0 0 EUR Parmalat SpA 0 196,000 0 EUR PNE Wind AG Reg 32,000 0 0 EUR Pohjola Bank Plc 25,000 25,000 0 EUR PostNL NV 88,000 0 0 EUR Prysmian SpA 0 22,500 0 EUR Publicis Groupe SA 7,500 1,000 0 EUR Qiagen NV Reg 18,200 18,200 0 EUR QSC AG Reg 67,000 87,000 0 EUR Raisio Plc V 61,401 102,714 0 EUR Randstad Holding NV 10,100 0 0 EUR Recordati Ind Chim e Farm SpA 42,700 0 0 EUR Reed Elsevier NV 21,000 21,000 0 EUR Renault SA 0 2,900 0 EUR Reply SpA 2,000 3,400 0 EUR Royal Philips NV 18,600 19,800 0 EUR Rubis SA 0 8,000 0 EUR Ryanair Holdings Plc 40,000 40,000 0 EUR SAF Holland SA 21,000 29,400 0 EUR SAFRAN SA 0 2,400 0 EUR Sanofi 2,030 6,850 0 EUR SBM Offshore NV 23,000 0 0 EUR Schaltbau Holding AG 6,307 0 0 EUR Smurfit Kappa Plc 6,200 0 0 EUR Soc de Inv e Gestao SA SEMAPA Reg 11,000 52,762 0 EUR Societa'Cattolica Assicur Scrl 9,900 0 0 EUR Société Générale A 19,900 19,000 0 EUR Sogefi SpA 140,000 0 0 EUR Sonaecom SGPS SA Reg 96,000 0 0 EUR Sorin SpA 187,000 0 0 EUR Stada Arzneimittel AG 0 2,800 0 EUR Sto AG Pref 630 2,030 0 EUR Stroeer Media AG 24,200 0 0 EUR Technicolor SA 24,000 34,000 0 EUR Teleperformance 0 10,700 0 EUR Thales SA 10,300 0 0 EUR Tieto Corp 4,700 20,400 0 EUR Tipp24 SE Reg 0 4,500 0 EUR Tod's SpA 760 3,080 0 EUR TomTom NV 61,000 0 0 EUR Total Gabon Reg 140 0 0 EUR Total Produce Plc 40,002 0 0 EUR Tubacex SA 98,000 98,000 0 EUR TUI AG 30,000 30,000 0 EUR UBISOFT Entertainment SA 0 20,100 0 EUR Unicredit SpA Post Raggruppamento 79,000 0 0 EUR Unipol Gruppo Finanziario SpA Pref 258,000 112,000 0 EUR Valeo SA 7,100 8,900 0 EUR Vallourec Usines Tubes 7,600 1,600 0 EUR Vetoquinol SA 5,784 5,784 0 EUR Vicat Ciments SA 4,300 0 0



32


EUR Vidrala SA 2,800 0 0 EUR Vilmorin et Cie 0 2,930 0 EUR Virbac SA 0 1,400 0 EUR Vittoria Assicurazioni SpA 30,000 12,600 0 EUR Voestalpine 10,100 1,300 0 EUR Volkswagen AG Pref 1,800 1,800 0 EUR Wessanen NV 99,000 99,000 0 EUR Wincor Nixdorf AG 7,900 1,600 0

GBP DCC Plc 9,900 9,900 0

Warrants and rights

EUR ASTM SpA Droits de sousc 23.08.13 0 2,400 2,400 EUR Banco Bilbao Vizcaya Argent SA Droits d'attribut

14.10.13 0 0 43,000

EUR Erste Group Bank AG Droits de sousc 17.07.13 0 13,700 13,700 EUR Groupe FNAC Droits d'attribut 15.05.15 0 6 6


Notes to the financial statements as at 30th September 2013

33

Note 1 - Significant accounting policies 1) Presentation of the financial statements

The financial statements of the Fund are established in accordance with the Luxembourg legal and regulatory requirements concerning Undertakings for Collective Investment.

2) Valuation of assets

The assets of the Fund are valued as follows:

a) the value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued, and not yet received are deemed to be the full amount thereof, unless, however, the same is unlikely to be paid or received in full, in which case the value thereof is determined after making such discount as the Fund may consider appropriate in such case to reflect the true value thereof;

b) the value of securities and/or financial derivative instruments which are quoted or dealt in on any stock exchange are based on the Valuation Day last available prices and, if appropriate, on the average price on the stock exchange which is normally the principal market of such securities and/or financial derivative instruments, and each security and/or financial derivative instrument traded on any other regulated market are valued in a manner as similar as possible to that provided for quoted securities and/or financial derivative instruments;

c) for non-quoted securities or securities not traded or dealt in on any stock exchange or other

regulated market, as well as quoted or non-quoted securities on such other market for which no valuation price is available, or securities for which the quoted prices are not representative of the fair market value, the value thereof is determined prudently and in good faith on the basis of foreseeable sales prices;

d) liquid assets and money market instruments are valued at nominal value plus any accrued interest or on an amortised cost basis as determined by the Board of Directors. All other assets, where practice allows, may be valued in the same manner;

e) the financial derivative instruments which are not listed on any official stock exchange or traded on any other organised market are valued in accordance with market practice;

3) Acquisition cost of securities in the portfolio

The acquisition cost of the securities held by each Sub-Fund that are denominated in currencies other than the reference currency of the Sub-Fund is converted into this currency at the exchange rate prevailing on the date of purchase.

4) Net realised gain (loss) on sales of securities

The realised gains and losses on sales of securities are determined on the basis of the average acquisition cost.


Notes to the financial statements (continued) as at 30th September 2013

34

5) Investment portfolio income

Dividend income is recorded on at the ex-date, net of any withholding tax. Interest income accrued and payable are recorded, net of any withholding tax.

6) Valuation of forward foreign exchange contracts

Forward foreign exchange contracts are valued at forward market rates for the remaining period from valuation date to the maturity of the contracts. Unrealised gains or losses are recorded in the statement of net assets.

7) Valuation of futures contracts

Futures contracts are posted off-balance sheet and valued at the last settlement or close price on the stock exchanges or regulated markets. Unrealised gains or losses are recorded in the statement of net assets.

8) Formation expenses

Formation expenses of the Fund are amortised over the first five accounting years. These expenses are paid pro-rata on the net assets of the Sub-Funds in existence at the time of incorporation of the Fund. In case where further Sub-Funds are created in the future, these Sub-Funds bear their own formation expenses.

9) Conversion of foreign currencies

Cash at banks, other net assets and liabilities and the market value of the securities in portfolio expressed in currencies other than the currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of the report.

10) Consolidation

The consolidated financial statements of the Fund are expressed in EUR and are equal to the sum of the corresponding captions in the financial statements of each Sub-Fund.

11) Other liquid assets

The captions "Other liquid assets" is mainly composed of cash accounts held at brokers.



35

Note 2 - Management fee The Board of Directors of the Fund has appointed CASA4FUNDS SA as the Management Company to be responsible on a day-to-day basis, under supervision of the Directors, for providing administration, marketing and investment management services in respect of all Sub-Funds. Since 10th September 2013, the Management Company receives the following annual Management Fee calculated on the average net assets of the Sub-Fund:

Sub-Funds Class R Class P Class I


2.00% 1.70% 1.50%

FINLABO INVESTMENTS SICAV - DYNAMIC US EQUITY (formerly FINLABO INVESTMENTS SICAV - DYNAMIC ABSOLUTE RETURN)

2.00% 1.70% 1.50%

FINLABO INVESTMENTS SICAV - DYNAMIC EQUITY 2.00% 1.70% 1.50%

Until 10th September 2013, the Management Company received the following annual Management Fee calculated on the average net assets of the Sub-Fund:

Sub-Funds Class R Class P Class I


2.20% 1.70% 1.50%

FINLABO INVESTMENTS SICAV - DYNAMIC US EQUITY (formerly FINLABO INVESTMENTS SICAV - DYNAMIC ABSOLUTE RETURN)

1.50% 1.20% 1.00%

FINLABO INVESTMENTS SICAV - DYNAMIC EQUITY 2.00% 1.70% 1.50%

The Management Company remunerates the Investment Manager out of the Management Fee. Note 3 - Performance fee The Management Company is entitled to receive a Performance Fee of 20% p.a. of return of the relevant share class that exceeds the greater of the Hurdle Rate and the High Watermark (calculated as the return necessary since the start of the calendar year to equal the Net Asset Value per share of the relevant share class on the last Valuation Day of the last calendar year in which a Performance Fee was charged). The Hurdle Rate is calculated as the sum of:

the average Eonia rate + 500 basis points for the Sub-Fund FINLABO INVESTMENTS SICAV - DYNAMIC EMERGING MARKETS,

the average Eonia rate + 400 basis points for the Sub-Fund FINLABO INVESTMENTS SICAV - DYNAMIC US EQUITY (formerly FINLABO INVESTMENTS SICAV - DYNAMIC ABSOLUTE RETURN),

the average Eonia rate + 400 basis points for the Sub-Fund FINLABO INVESTMENTS SICAV - DYNAMIC EQUITY.



36

In addition, the Performance Fee is calculated taking into account movements on the capital and applying the "crystallization" principle so that the performance fee is calculated on the basis of the Net Asset Value after deduction of all expenses, liabilities, and management fees (but not performance fee), and is adjusted to take account of all subscriptions and redemptions. Payment of the Performance Fee, which is calculated on 31st December of each year and accrued on a daily basis, is made at the beginning of the following year. At the date of the report, the performance fee was recorded for the following Sub-Fund and amounted to:

FINLABO INVESTMENTS SICAV - DYNAMIC EQUITY EUR 38,275.85

Note 4 - Subscription, redemption and conversion fees The shares are currently issued, redeemed, converted at a price corresponding to the Net Asset Value per share of the Sub-Fund increased by a fee of maximum:

3% for subscriptions;

2% for redemptions;

2% for conversions. Note 5 - Subscription duty ("taxe d’abonnement") The Fund is governed by Luxembourg Law. Pursuant to the legislation and regulations in force, the Fund is subject to an annual subscription duty ("taxe d’abonnement") of 0.05% which is payable quarterly and calculated on the basis of the net assets of each Sub-Fund on the last day of each quarter. The rate of this tax is reduced to 0.01% for the Class I shares reserved to institutional investors. Pursuant to Article 175 (a) of the amended Law of 17th December 2010, the net assets invested in Undertakings for Collective Investments already subject to the "taxe d'abonnement" are exempt from this tax. Note 6 - Forward foreign exchange contracts As at 30th September 2013, the following Sub-Fund is committed in the following forward foreign exchange contracts:

FINLABO INVESTMENTS SICAV - DYNAMIC EMERGING MARKETS Currency Purchases Currency Sales Maturity Unrealised result

(in EUR)

EUR 500,000.00 AUD 720,950.00 09.10.2013 2,167.45 EUR 300,000.00 ZAR 4,026,210.00 23.10.2013 5,252.23 EUR 200,000.00 AUD 288,960.00 28.10.2013 725.61

8,145.29



37

Note 7 - Futures contracts As at 30th September 2013, the following Sub-Funds are committed in the following futures contracts:

FINLABO INVESTMENTS SICAV - DYNAMIC EMERGING MARKETS Number of

contracts Denomination Currency Commitments

(in EUR) Unrealised

result (in EUR)

Sale 29 Hang Seng China Enterprises Index FUT 10/13 HKFE

HKD -1,427,959.36 21,949.55

Sale 8 Hang Seng Index FUT 10/13 HKFE

HKD -872,188.42 10,538.83

Sale 14 MSCI Singapore Index ETS FUT 10/13 SIMEX

SGD -596,776.03 3,462.92

Purchase 21 EUR FUT 12/13 CME USD 2,623,933.12 65,952.34

101,903.64

FINLABO INVESTMENTS SICAV - DYNAMIC US EQUITY (formerly FINLABO INVESTMENTS SICAV - DYNAMIC ABSOLUTE RETURN Number of


(in EUR) Unrealised

result (in EUR)

Sale 9 Euro Stoxx 50 EUR (Price) Index FUT 12/13 EUX

EUR -259,110.00 2,730.00

Purchase 14 EUR FUT 12/13 CME USD 1,749,288.75 27,803.44 Sale 6 S&P 500 Composite Index

FUT 12/13 CME USD -371,162.02 609.64

31,143.08

FINLABO INVESTMENTS SICAV - DYNAMIC EQUITY Number of


(in EUR) Unrealised

result (in EUR)

Sale 9 DAX Germany Index FUT 12/13 EUX

EUR -1,932,525.00 12,150.00

Sale 7 DAX Mid Cap Index FUT 12/13 EUX

EUR -525,000.00 4,165.00

Sale 55 FTSE MIB Index FUT 12/13 IM

EUR -4,789,950.00 57,050.00

Sale 6 IBEX 35 Index FUT 10/13 MEFF

EUR -548,076.00 -1,896.00

Sale 90 PORTUGAL PSI-20 FUT 12/13 BDP

EUR -536,130.00 -630.00

70,839.00

finlabo investments sicav - fundstore€¦ · anselmo pallota chief investment officer finlabo sim...

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