federal reserve

PensPlan SICAV Lux
Investment Company with Variable Share Capital
« Société d'Investissement à Capital Variable »
SICAV with multiple Sub-Funds
Annual report and audited financial statements
for the year ended 31 December 2014
R.C.S. Luxembourg B 153.441
Subscriptions may not be received on the basis of financial reports. Subscriptions are valid
only if made on the basis of the current prospectus or the KIID (Key Investor Information
Document), supplemented by the last annual report and audited financial statements,
and the most recent semi-annual report, if published thereafter.

PensPlan SICAV Lux
TABLE OF CONTENTS
Organisation of the Fund 3
Board of Directors’ Management Report 5
Report of the Réviseur d’entreprises agréé 9
Comparative Net Asset Values over the last three years 11
Combined Statement of Net Assets 12
Combined Statement of Operations and Changes in Net Assets 13
PensPlan SICAV Lux – PensPlan Invest Cash Fund 14
Statement of Net Assets 14
Statement of Operations and Changes in Net Assets 15
Statement of Investments and other Net Assets 16
PensPlan SICAV Lux – PensPlan Invest Euro Government Bond Fund 18
PensPlan SICAV Lux – PensPlan Invest Euro Corporate Bond Fund 23
PensPlan SICAV Lux – PensPlan Invest Euro Bond Fund 1-3 Years 29
PensPlan SICAV Lux – Local Investment Fund 33
PensPlan SICAV Lux – PensPlan Invest Global Equities 37
PensPlan SICAV Lux – PensPlan Invest Europe Equities 41
PensPlan SICAV Lux – PensPlan Invest US Equities 45
Notes to the financial statements 48
2

PensPlan SICAV Lux
ORGANISATION OF THE FUND
BOARD OF DIRECTORS
Chairman Mr Michel THOMAS
AlpenBank Aktiengesellschaft
Investment Manager
Kaiserjägerstraße 9
6020 Innsbruck
Austria
Directors Mr Florian SCHWIENBACHER
PensPlan Invest SGR S.p.A.
Managing Director
Mustergasse 11/13 - Via della Mostra 11/13
I-39100 Bozen – Bolzano
Italy
Mr Gianluigi SAGRAMOSO
LEMANIK S.A.
Board member
Via G. Bagutti, 5
CH-6900 Lugano
Switzerland
Mr Philippe MELONI
Lemanik Asset Management S.A.
Managing Director
106, route d’Arlon
L-8210 Mamer
Grand Duchy of Luxembourg
Mr Jean-Philippe CLAESSENS
General Manager
L-8210 Mamer
PRINCIPAL AND REGISTERED OFFICE
L-8210 Mamer
MANAGEMENT COMPANY AND DOMICILIARY AGENT
L-8210 Mamer
3

PensPlan SICAV Lux
INVESTMENT MANAGER
PensPlan Invest SGR S.p.A.
Mustergasse 11/13 - Via della Mostra 11/13
I-39100 Bozen – Bolzano
Italy
CUSTODIAN BANK
State Street Bank Luxembourg S.A.
49, avenue J.F. Kennedy
L-1855 Luxembourg
CENTRAL ADMINISTRATOR, LISTING AND PAYING AGENT AND REGISTRAR AND TRANSFER
AGENT
State Street Bank Luxembourg S.A.
49, avenue J.F. Kennedy
L-1855 Luxembourg
CABINET DE REVISION AGREE
Deloitte Audit, Société à Responsabilité Limitée
560, rue de Neudorf
L-2220 Luxembourg
INITIATOR
Lemanik S.A.
Via G. Bagutti, 5
CH-6900 Lugano
Switzerland
4

PensPlan SICAV Lux
BOARD OF DIRECTORS’ MANAGEMENT REPORT
PensPlan SICAV Lux - PensPlan Invest Cash Fund
Only the B share class of the sub-fund was active throughout the year 2014 and returned 0,1%.
The European fixed income assets had another extraordinary year in 2014 when yields in core sovereign markets like
Germany, Finland, the Netherlands, Austria and France turned to negative levels till bond maturities of 4 to 5 years. The
peripheral markets did even better, the spread of Italian and Spanish bonds to its German peers decreased across all
maturities. The reason for this, at the beginning of 2014, quiet unexpected evolution was the continued subdued economic
activity in the Monetary Union as well as the largely unexpected introduction of additional monetary stimulus by the
European Central Bank (“ECB”) in order to fight deflationary price trends in Europe, especially in counties with weak GDP
growth rates. Corporate bonds benefited indirectly from the expansive monetary policy by the ECB because historical low
yield levels of government bonds increased demand for corporate bonds from investors seeking for some basis points of
additional yield.
The portfolio of the sub-fund is invested in government bonds, corporate bonds and time deposits with banks from the
Italian region Trentino South Tyrol, a mix that has not been altered substantially during the year 2014. The time deposits
represented almost half of the portfolio’s assets, which was a good choice given their high and stable yields with respect to
government bonds and high quality corporate issues.
PensPlan SICAV Lux - PensPlan Invest Euro Government Bond Fund
In 2014 the performance of the no load B share class was 9,72%, the C share class returned 9,28% after management
fees in the same period.
Investors had a quiet common opinion concerning the evolution of European fixed income assets during 2014: falling
prices and rising yields. At the end of the year markets proofed that the opposite was true. In fact the German Bund rose
around 12% last year, and yields in core sovereign markets like Germany, Finland, the Netherlands, Austria and France
turned to negative levels till bond maturities of 4 to 5 years. The peripheral markets did even better, the Italian and
Spanish 10 year bonds returned 18% and 26% respectively. The reason for this, once again, extraordinary performance
was the continued subdued economic activity in the Monetary Union as well as the largely unexpected introduction of
additional monetary stimulus by the ECB in order to fight deflationary price trends in Europe, especially in counties with
weak GDP growth rates. The measures include not only another reduction of the main refinancing rate to 0,05% and of the
depositary rate to -0,2%, but also the commitment to expand the balance sheet of the ECB by estimated € 1 trillion via the
TLTROs and the acquisition of covered bonds, ABS and (potentially) sovereign bonds.
The duration and the geographical exposure of the sub-fund is actively managed and contributed to the positive
performance numbers in 2014. The portfolios short duration stance was continuously reduced throughout the year with the
biggest duration contribution coming from peripheral issuers like Italy and Spain. Both countries have been kept in
overweight during the whole 2014. The share of German bonds in the portfolio has been raised a bit during the year
reducing slightly the underweight to the benchmark. A part of the sub-funds portfolio is invested in supranational and
corporate bonds, which offer an appealing risk/return relationship, especially if compared to government issues from core
European countries.
5

PensPlan SICAV Lux
PensPlan SICAV Lux - PensPlan Invest Euro Corporate Bond Fund
In 2014 the performance of the no load B share class was 6,97%, the institutional C share class returned 6,44% after
management fees and the retail A share class 5,76% after management fees.
European corporate bonds exhibited a good performance in 2014 but could not hold the pace of government bonds.
Nevertheless, the asset class benefited indirectly from the additional monetary stimulus by the ECB which brought
government bond yields down to historical low levels and increased demand for corporate bonds from investors seeking
for some basis points of additional yield. Companies used the favorable yield environment by issuing a record high of
€317 billion of new bonds which have been absorbed by markets without problems.
The two main drivers of the sub-fund’s good performance is its active duration management and the diversification into
fixed income instruments that are not part of the benchmark. The portfolios short duration stance was continuously
reduced throughout the year. The sub-fund was overweight in peripheral issues from Italian and Spanish companies and
underweight in financials. In addition some out of benchmark bond classes like subordinated debt from high quality issues
contributed positively to the performance of the portfolio.
PensPlan SICAV Lux - PensPlan Invest Euro Bond Fund 1-3 Years
Only the B share class of the sub-fund was active during the whole 2014 and returned 1,91%. The C share class was re-
activated in June 2014 an had a performance of 0,29% until the end of the year.
The European fixed income assets had another extraordinary year in 2014 when yields in core sovereign markets like
Germany, Finland, the Netherlands, Austria and France turned to negative levels till bond maturities of 4 to 5 years. The
peripheral markets did even better, the spread of Italian and Spanish bonds to its German peers decreased across all
maturities. The reason for this, at the beginning of 2014, quiet unexpected evolution was the continued subdued economic
activity in the Monetary Union as well as the largely unexpected introduction of additional monetary stimulus by the ECB in
order to fight deflationary price trends in Europe, especially in counties with weak GDP growth rates. Corporate bonds
benefited indirectly from the expansive monetary policy by the ECB because historical low yield levels of government
bonds increased demand for corporate bonds from investors seeking for some basis points of additional yield.
The duration and the geographical exposure of the sub-fund is actively managed and contributed to the positive
performance numbers in 2014. The portfolios short duration stance was continuously reduced throughout the year with the
biggest duration contribution coming from Italy. A part of the sub-funds portfolio is invested in supranational and corporate
bonds, which offer an appealing risk/return relationship, especially if compared to government issues from core European
countries.
PensPlan SICAV Lux - Local Investment Fund
The goal of the sub-fund is to deliver a good performance by investing part of its assets in the Italian region Trentino South
Tyrol, which should sustain the local economy. For this reason, a substantial amount of the portfolio was invested in time
deposits with banks from Trentino South Tyrol, a local investment that offers stable returns and higher yields than the
yields of plain vanilla fixed income securities with similar maturities. In addition, a marginal portion of the portfolio was
dedicated to bonds issued by local entities of the same region. The rest of the assets where invested in a mix of
government and corporate fixed income securities and in a small equity holding of a company from Trentino active in the
wine business.
6

PensPlan SICAV Lux
PensPlan SICAV Lux - PensPlan Invest Global Equities
The common theme that ran through global equity markets in 2014 was the surge in volatility: periods of aggressive selling
were rapidly followed by forceful rebounds. In March, for example, it was the sell-off in US biotechnology and technology
shares which then morphed into a global sell-off in the so-called momentum shares; in October, unfounded fears about a
sudden global economic slowdown, combined with worries about the spread of Ebola ignited another rout in global
equities; finally, in early December, mounting concerns about a currency crisis in Russia, turmoil on oil markets and Greek
elections contributed to send global equity indices lower. Nevertheless all this brief periods of risk aversion were promptly
followed by sharp rebounds as the overall setup for risky assets remained benign: accommodative monetary policies
worldwide, absence of inflationary pressures and the lack of appeal of other asset classes namely bonds and cash.
In this context, the sub-fund behaved well delivering, for a second year running, strong returns to its shareholders. The
philosophy of the investment manager remains centered in allocating between one third and half of the portfolio to passive
instruments which aim to replicate the performance of the MSCI World Index, while the remaining part of the portfolio is
allocated to single stocks that are a reflection of the investment manager’s most favored and differentiated ideas and
selected through a bottom-up process.
Looking at 2015, global equity markets will likely offer an uneven performance on a regional basis: while US markets have
been strong outperformers during the last two years, such leadership is expected to fade as a less favorable monetary
policy and slowing earnings growth will likely cap the performance of US equity indices; on the contrary, European and
marginally Japanese equities will continue to benefit from a very accommodative stance by the respective central banks
and positive earnings momentum for corporates in such regions.
PensPlan SICAV Lux - PensPlan Invest Europe Equities
The performance of the no load B share class in 2014 was 2,46%, the C share class returned 1,65% after management
European equity markets in general, and Euro Zone in particular, endured a difficult year. Two major and opposite forces
were at work in 2014: on one hand tentative signs of economic recovery in the region driven by accommodative measures
from the ECB and, on the other hand, increasing geopolitical concerns over Russia, renewed fears about “Grexit” towards
the end of the year and nervousness about a deflationary spiral within the Euro Zone.
In this context, it was a year of two halves for the sub-fund: the first half proved to be somewhat challenging as, for
example, the underweight position in Utilities hurt performance as investors were looking for yield, favouring the more
defensive sectors within the market. Despite losing some relative performance, the investment manager stuck to his
investment process seeking quality companies at compelling valuations, thus increasing somewhat the cyclical exposure
of the portfolio towards the second half of the year.
The investment philosophy remains centered in allocating roughly one third of the portfolio to passive instruments which
aim to replicate the performance of the MSCI EMU Index, while the remaining two thirds are allocated to single stocks
selected through a bottom-up approach that seeks quality companies that offer financial strength, a committed
management team, a clear competitive advantage combined with a valuation that offers an attractive upside potential.
Looking at 2015, there are reasons for being overall optimistic for European equities: the dominant catalyst will likely
remain the ECB that, with the implementation of the so-called Quantitative Easing, will support growth in the region.
Additionally, the substantial fall of the Euro, combined with the plunge in energy prices will provide further stimulus to the
economy, which will likely translate in greater earnings growth for corporates. Nevertheless some caution is advisable for
the first part of the year when tensions about a new Greek crisis, combined with geopolitical turmoil in Ukraine could
temporarily delay the positive outlook described above.
7

PensPlan SICAV Lux
PensPlan SICAV Lux - PensPlan Invest US Equities
The performance of the sub-fund for 2014 was strongly positive: the no load B share class returned 28,87%, while the C
share class 27.78% after management fees in the same period.
US stocks were the clear outpertormer in 2014, rising by double digits for the third year in a row, supported by accelerating
economic growth and rising earnings and tinally able to shrug off the frequent waves of risk aversion that caused much
volatility in financial markets wortdwide.
In this context, the sub-fund delivered strong returns to its shareholders for the second year running. The philosophy of the
iovestment manager remains centered in allocating betveen one third and half of the portfolio to passive instruments
which aim to replicate the perfonnance of the MSC! USA Index. while the remaining part of the portfolio is allocated to a
concentrated bottom-tJp portfolio of single stocks that seeks superior investment performance by identifying and analyzing
the best research ideas of the investment manager, with a 12-month time horizon. Stock selection is not constrained by
market cap, sector weightings or specific market indices (but obviously complying wit11 the investment restrictions
contemplated in the prospectus of the PensPlan SICAV Lux).
Looking at 2015, it is reasonable to expect that the strong outporformancc of US equity indices experienced in the last
years is set to "veaken as monetary policy becomes more restrictive and earnings grovth 'Jill likely become more
subdued. Moreover, current valuation appears to be slightly above its long-term average price to earnings ratio cf 15.
The Board ofDirectors Luxembourg, 31 March 2015
Mic~omas
~~~
8

Deloitte.
PensPlan SICAV Lux
Deloitte Aud it
Societe aresponsabilite limitee
560, rue de Neudorf
L-2220 Luxembourg
B.P. 1173
L-1011 Luxembourg
Tel: +352 451 451
Fax: +352 451 452 992
www.deloitte.lu
REPORT OF THE REVISEUR D'ENTREPRISES AGREE
To the Shareholders of
PensPlan SICAV Lux
106, route d'Arlon
L-8210 Mamer
Following our appointment by the annual general meeting of the Shareholders dated 8 April 2014, we have audited the
accompanying financial statements of PensPlan SICAV Lux (the "Company") and of each of its Sub-Funds, which
comprise the combined statement of net assets and the statement of investments and other net assets as at 31 December
2014 and the combined statement of operations and changes in net assets for the year then ended and a summary of
significant accounting policies and other explanatory notes to the financial statements.
Responsibility of the Board of Directors of the Company for the financial statements
The Board of Directors of the Company is responsible for the preparation and fair presentation of these financial
statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial
statements and for such internal control as the Board of Directors of the Company determines is necessary to enable
the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Responsibility of the reviseur d'entreprises agree
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in
accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du
Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the reviseur d'entreprises agree's judgement, including the assessment
of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the reviseur d'entreprises agree considers internal control relevant to the entity's preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the
Board of Directors of the Company, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of PensPlan SICAV Lux and of
each of its Sub-Funds as of 31 December 2014, and of the results of their operations and changes in their net assets for
the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the
financial statements.
Societe a responsabilite limitee au capital de 35.000 €
RCS Luxembourg B 67.895
Autorisation d'etablissement . 10022179 9

Deloitte.
PensPlan SICAV Lux
Other matter
Supplementary information included in the annual report has been reviewed in the context of our mandate but has not
been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we
express no opinion on such information. However, we have no observation to make concerning such information in the
context of the financial statements taken as a whole.
31 March 2015
10

PensPlan SICAV Lux
COMPARATIVE NET ASSET VALUES OVER THE LAST THREE YEARS
31 December 2014 31 December 2013 31 December 2012
Currency Total NAV per Share Total NAV per Share Total NAV per Share
Class B EUR 10 119 064,12 98,87 8 256 528,27 98,77 8 189 843,69 97,97
Class C * EUR – – 27 997 364,11 99,99 78 368 269,05 99,97
Total Net Assets EUR 10 119 064,12 36 253 892,38 86 558 112,74
Class B EUR 124 097 907,61 127,00 99 333 795,94 115,75 87 901 434,56 113,40
Class C EUR 23 239 854,82 121,99 38 808 272,39 114,17 2 653 673,96 115,21
Class A EUR 8 754 238,23 106,63 9 084 429,74 100,82 – –
Class B EUR 53 056 845,89 124,28 35 508 488,59 116,18 30 686 110,22 113,68
Class C EUR 46 971 097,49 118,25 44 379 735,81 112,95 50 968,02 113,58
Class B EUR 32 942 162,32 110,13 58 181 305,37 108,06 49 789 499,07 105,84
Class C ** EUR 55 985 861,21 100,29 – – – –
Class B EUR 15 341 862,36 110,87 12 826 409,77 106,95 12 601 812,07 105,08
Class C EUR 1 220 221,95 104,33 4 291 829,66 104,52 10 565 647,08 104,84
Class B EUR 34 497 598,44 144,00 29 245 435,57 121,64 27 039 309,75 103,04
Class C EUR 11 810 088,62 136,95 49 868,83 116,73 23 969 106,54 99,77
Class B EUR 91 790 987,29 142,21 89 338 127,86 138,80 83 643 562,87 113,40
Class C EUR 18 367 558,38 121,45 22 084 048,94 119,48 27 961 490,68 98,43
Class B EUR 25 775 021,20 178,84 24 578 853,15 138,78 12 140 580,82 111,16
Class C EUR 12 132 905,53 169,23 51 992,03 132,44 18 130 382,96 107,06
* See Note 1: class was inactive on 21 February 2014
** Class launched on 6 June 2014
11

PensPlan SICAV Lux
COMBINED STATEMENT OF NET ASSETS AS AT 31 DECEMBER 2014 IN EUR
Assets
Investments in securities at market value
Cash at bank
Net interest receivable
Net dividends receivable
Receivable on investments sold
Receivable on subscriptions
Net formation expenses
Other assets
Total assets
Liabilities
Bank overdrafts
Payableon investments purchased
Other liabilities
Total liabilities
Total NetAssets
Michel Thomas
~
The <i::oo.T1;."'l<lnyiod notes fOl'men lniei)l'al pa1t of tMse flnttncli!I sta-U!mem:•.
12
(Note 3a)
(Note Jb}
(Note 31)
(Note Ji}
(Note 8)
536 603 643,29
24 242 709,28
4 917 346,71
571 000,10
11 060,00
5 146 247,57
5 750,00
51939,75
571 549 696,70
(6 743,52)
(4 818 103,26)
(621 574,46)
(5 446 421,24)
566 103 275,46

PensPlan SICAV Lux
COMBINED STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS
FOR THE YEAR ENDED 31 DECEMBER 2014 IN EUR
Net assets at the beginning ofthe year
Net income from investments:
- Interest on bonds
- Dividend income
Interest on casl1account
Jncome on securities lending
Total income
Interest paid
Investment management fees
Administration, accounting and domiciliation fees
Custodian fees
Shareholder services fees
Management company fees
Audit and legal fees
Subscription tax
Amortisation of formation expenses
Otl1er charges and taxes
Total expenses
Net investment income/ (loss)
Net realised profit I (loss) on:
- Investments
- Foreign currencies
Change in unrealised appreciation I (depreciation) on:
- Investments
- Foreign currencies
Net result of operations for the year
Distributions
Subscriptions for the year
Redemptions for the year
Net assets at the end ofthe year
13
(Note 3i)
(Note 3i)
(Notes 3h, 11)
(Note 5)
(Note 6)
(Note 6)
(Note 6)
(Note 7)
(Note 4)
(Note 8)
(Note 9)
(Note 3c)
(Note 3d)
(Note 12)
504 016 486,03
7 136 550,78
3 675 471,29
356 097,13
135 221,72
11303 340 92
(236,39)
(1 033 928,80)
(315058,24)
(133 134,02)
(105 988,19)
(392 625,95)
(72 373,09)
(61 640,21)
(5 750,00)
(152 441,84)
(2 273 176,73)
9030164,19
25 199 354,81
2 302 460,78
6 053 416,91
69 046,10
42 654 442,79
(l 580 000,00)
187 871 820,25
(166 859 473,61)
566 103 275,46

STATEMENT OF NET ASSETS AS AT 31 DECEMBER 2014 IN EUR
Assets
Investments in securities at market value (Note 3a) 5 531 400,30
Cash at bank (Note 3b) 4 478 080,77
Net interest receivable (Note 3i) 154 572,34
Net formation expenses (Note 8) 1 150,00
Total assets 10 165 203,41
Liabilities
Other liabilities (46 139,29)
Total liabilities (46 139,29)
Total Net Assets 10 119 064,12
Currency Net Asset Value per Share Shares outstanding
Class B EUR 98,87 102 351,16
The accompanying notes form an integral part of these financial statements.
14

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS
Net assets at the beginning of the year 36 253 892,38
- Interest on bonds, net (Note 3i) 63 428,29
Interest on cash account, net 79 172,09
Income on securities lending (Notes 3h, 11) 541,64
Total income 143 142,02
Investment management fees (Note 5) (5 481,90)
Administration, accounting and domiciliation fees (Note 6) (30 847,39)
Custodian fees (Note 6) (8 625,62)
Shareholder services fees (Note 6) (11 839,44)
Management company fees (Note 7) (32 080,30)
Audit and legal fees (9 118,52)
Subscription tax (Note 4) (1 010,28)
Amortisation of formation expenses (Note 8) (1 150,00)
Other charges and taxes (Note 9) (16 293,24)
Total expenses (116 446,69)
Net investment income / (loss) 26 695,33
Net realised profit / (loss) on:
- Investments (Note 3c) (8 446,44)
Change in unrealised appreciation / (depreciation) on:
- Investments 7 327,33
Net result of operations for the year 25 576,22
Subscriptions for the year 3 800 001,00
Redemptions for the year (29 960 405,48)
Net assets at the end of the year 10 119 064,12
15

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS
AS AT 31 DECEMBER 2014 IN EUR
Nominal /
Quantity Description Currency Acquisition cost
Market value
in EUR
% of
Net Assets
TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON
ANOTHER REGULATED MARKET 5 522 043,39 5 531 400,30 54,66
Bonds 3 684 803,06 3 685 286,55 36,42
Basic Goods 369 621,17 369 325,50 3,65
200 000,00
IMPERIAL TOBACCO FINANCE PLC. 8.38%
17/02/2016 EUR 217 872,65 217 509,00 2,15
150 000,00
MONDELEZ INTERNATIONAL, INC. 6.25%
20/03/2015 EUR 151 748,52 151 816,50 1,50
Consumer Retail 170 421,91 170 452,20 1,69
170 000,00
VOLKSWAGEN INTERNATIONAL FINANCE NV 3.50%
02/02/2015 EUR 170 421,91 170 452,20 1,69
Energy 208 627,75 208 244,00 2,06
200 000,00
REPSOL INTERNATIONAL FINANCE BV 4.25%
12/02/2016 EUR 208 627,75 208 244,00 2,06
Finance 442 215,51 442 538,65 4,37
230 000,00 STANDARD CHARTERED PLC. 3.63% 15/12/2015 EUR 237 302,92 237 211,65 2,34
200 000,00 BBVA SENIOR FINANCE SAU 4.38% 21/09/2015 EUR 204 912,59 205 327,00 2,03
Government 1 427 003,75 1 428 110,95 14,11
500 000,00
ITALY BUONI POLIENNALI DEL TESORO 3.75%
01/08/2015 EUR 508 957,08 509 787,50 5,04
300 000,00 BELGIUM GOVERNMENT BOND 8.00% 28/03/2015 EUR 305 541,67 305 520,00 3,02
250 000,00 SPAIN GOVERNMENT BOND 4.00% 30/07/2015 EUR 254 537,57 255 306,25 2,52
199 776,00
26/03/2016 EUR 204 723,35 204 275,95 2,02
150 000,00
01/12/2015 EUR 153 244,08 153 221,25 1,51
Industries 153 303,03 153 533,25 1,52
150 000,00 CIE DE SAINT-GOBAIN 3.50% 30/09/2015 EUR 153 303,03 153 533,25 1,52
Multi-Utilities 202 569,53 202 461,00 2,00
200 000,00 SNAM SPA 2.00% 13/11/2015 EUR 202 569,53 202 461,00 2,00
Supranational 301 187,70 301 380,00 2,98
300 000,00
EUROPEAN FINANCIAL STABILITY FACILITY 1.13%
01/06/2015 EUR 301 187,70 301 380,00 2,98
Telecommunication 409 852,71 409 241,00 4,04
200 000,00 TELEFONICA EMISIONES SAU 4.38% 02/02/2016 EUR 208 658,46 208 511,00 2,06
Floating Rate Notes 1 618 177,33 1 626 971,75 16,08
Consumer Retail 200 000,00 200 251,00 1,98
200 000,00 BMW FINANCE NV FRN 05/09/2016 EUR 200 000,00 200 251,00 1,98
Finance 720 990,90 723 868,25 7,15
220 000,00 GOLDMAN SACHS GROUP, INC. FRN 02/02/2015 EUR 219 756,23 220 066,00 2,17
200 000,00 UNICREDIT SPA FRN 31/01/2017 EUR 199 917,21 201 247,00 1,99
150 000,00 GE CAPITAL EUROPEAN FUNDING FRN 15/06/2017 EUR 151 238,33 152 333,25 1,51
150 000,00 MORGAN STANLEY FRN 13/04/2016 EUR 150 079,13 150 222,00 1,48
Government 496 370,70 501 897,50 4,96
300 000,00
ITALY CERTIFICATI DI CREDITO DEL TESORO FRN
01/07/2016 EUR 297 743,63 300 757,50 2,97
200 000,00
15/12/2015 EUR 198 627,07 201 140,00 1,99
Multi-Utilities 200 815,73 200 955,00 1,99
200 000,00 ENEL SPA FRN 26/02/2016 EUR 200 815,73 200 955,00 1,99
16

Nominal /
Market value
in EUR
% of
Net Assets
Zero-Coupon Bonds 219 063,00 219 142,00 2,16
Government 219 063,00 219 142,00 2,16
220 000,00
ITALY CERTIFICATI DI CREDITO DEL TESORO ZCP
31/12/2015 EUR 219 063,00 219 142,00 2,16
Total investments 5 522 043,39 5 531 400,30 54,66
Other net assets 4 587 663,82 45,34
Total Net Assets 10 119 064,12 100,00
17

Assets
Cash at bank (Note 3b) 137 730,66
Net interest receivable (Note 3i) 1 831 999,04
Liabilities
Class B EUR 127,00 977 164,60
Class C EUR 121,99 190 507,22
18

- Interest on bonds, net (Note 3i) 3 596 596,92
Income on securities lending (Notes 3h, 11) 25 638,70
Total income 3 622 235,62
Interest paid (236,39)
Net investment income / (loss) 3 271 927,96
- Investments (Note 3c) 3 180 561,91
- Investments 7 781 611,83
Net result of operations for the year 14 234 101,70
Distributions (Note 12) (750 000,00)
19

Nominal /
Market value
in EUR
% of
Net Assets
Bonds 132 451 329,64 143 829 662,24 97,62
Basic Goods 3 190 724,43 3 209 510,00 2,18
1 000 000,00 ANHEUSER-BUSCH INBEV NV 2.88% 25/09/2024 EUR 1 147 195,95 1 145 610,00 0,78
1 000 000,00 CARLSBERG BREWERIES A/S 2.50% 28/05/2024 EUR 1 035 217,47 1 037 640,00 0,71
1 000 000,00 COCA-COLA CO. 1.13% 22/09/2022 EUR 1 008 311,01 1 026 260,00 0,69
Computing and IT 2 504 561,27 2 542 840,00 1,73
1 500 000,00
INTERNATIONAL BUSINESS MACHINES CORP.
1.25% 26/05/2023 EUR 1 496 708,63 1 529 595,00 1,04
1 000 000,00 APPLE, INC. 1.00% 10/11/2022 EUR 1 007 852,64 1 013 245,00 0,69
Consumer Retail 1 072 875,41 1 078 065,00 0,73
1 000 000,00 WAL-MART STORES, INC. 1.90% 08/04/2022 EUR 1 072 875,41 1 078 065,00 0,73
Energy 3 090 020,97 3 141 610,00 2,13
1 000 000,00 ENI SPA 4.88% 11/10/2017 EUR 1 081 303,80 1 118 410,00 0,76
1 000 000,00 TOTAL CAPITAL CANADA LTD. 1.13% 18/03/2022 EUR 1 005 953,84 1 014 495,00 0,69
1 000 000,00
SHELL INTERNATIONAL FINANCE BV 1.00%
06/04/2022 EUR 1 002 763,33 1 008 705,00 0,68
Finance 7 086 842,75 7 219 835,00 4,90
2 000 000,00
NEDERLANDSE WATERSCHAPSBANK NV 1.63%
23/08/2019 EUR 2 008 492,00 2 129 640,00 1,44
1 000 000,00 ASSICURAZIONI GENERALI SPA 5.13% 16/09/2024 EUR 1 297 052,29 1 298 575,00 0,88
1 000 000,00
COOPERATIEVE CENTRALE RAIFFEISEN-
BOERENLEENBANK BA 2.38% 22/05/2023 EUR 1 109 303,15 1 112 995,00 0,76
1 000 000,00 GOLDMAN SACHS GROUP, INC. 2.13% 30/09/2024 EUR 1 041 383,75 1 045 110,00 0,71
1 000 000,00 STANDARD CHARTERED PLC. 1.63% 13/06/2021 EUR 1 024 874,38 1 026 390,00 0,70
600 000,00 LLOYDS BANK PLC. 1.00% 19/11/2021 EUR 605 737,18 607 125,00 0,41
Government 105 402 484,73 115 102 863,24 78,12
3 900 000,00
01/11/2022 EUR 4 155 504,62 5 016 862,50 3,40
4 050 000,00 BELGIUM GOVERNMENT BOND 3.00% 28/09/2019 EUR 4 318 320,39 4 594 623,75 3,12
3 700 000,00
CANADA GOVERNMENT INTERNATIONAL BOND
3.50% 13/01/2020 EUR 3 922 547,93 4 324 597,00 2,94
3 000 000,00
BUNDESREPUBLIK DEUTSCHLAND 3.25%
04/07/2042 * EUR 3 323 921,64 4 319 925,00 2,93
4 071 375,00
DEUTSCHE BUNDESREPUBLIK INFLATION LINKED
BOND 1.50% 15/04/2016 EUR 4 104 962,14 4 104 963,84 2,79
3 000 000,00
01/09/2040 EUR 3 117 940,00 3 973 950,00 2,70
3 400 000,00 SPAIN GOVERNMENT BOND 4.00% 30/04/2020 EUR 3 731 469,59 3 944 340,00 2,68
3 000 000,00
01/09/2028 EUR 3 770 057,42 3 798 375,00 2,58
3 000 000,00
02/05/2019 * EUR 3 148 819,82 3 322 575,00 2,25
3 000 000,00
01/12/2018 EUR 3 075 607,36 3 310 950,00 2,25
3 000 000,00
01/11/2017 EUR 3 045 853,85 3 239 400,00 2,20
3 000 000,00 UNITED MEXICAN STATES 2.38% 09/04/2021 * EUR 3 139 083,22 3 114 675,00 2,11
2 993 340,00
22/04/2017 EUR 3 000 390,85 3 092 494,39 2,10
2 500 000,00 IRELAND GOVERNMENT BOND 4.50% 18/04/2020 EUR 2 772 717,62 3 012 750,00 2,04
2 000 000,00
01/02/2033 EUR 2 033 910,37 2 853 950,00 1,94
2 000 000,00 FINLAND GOVERNMENT BOND 4.00% 04/07/2025 * EUR 2 237 303,49 2 644 850,00 1,80
2 494 450,00
22/10/2016 EUR 2 492 175,00 2 575 457,26 1,75
* Nominal/quantity partially or entirely lent at year-end
20

Nominal /
Market value
in EUR
% of
Net Assets
2 326 500,00
15/09/2017 EUR 2 287 882,66 2 421 479,36 1,64
2 000 000,00
POLAND GOVERNMENT INTERNATIONAL BOND
3.38% 09/07/2024 EUR 2 378 910,24 2 375 860,00 1,61
2 000 000,00
PROVINCE OF ONTARIO CANADA 3.00% 28/09/2020
* EUR 2 044 926,20 2 286 350,00 1,55
2 000 000,00
ITALY GOVERNMENT INTERNATIONAL BOND 5.75%
25/07/2016 EUR 2 109 618,26 2 157 550,00 1,46
2 000 000,00
22/01/2020 EUR 1 979 322,49 2 126 250,00 1,44
1 997 080,00
12/11/2017 EUR 2 014 140,00 2 070 422,76 1,41
1 760 000,00
01/09/2019 EUR 1 939 594,91 2 026 596,00 1,38
1 500 000,00
01/02/2020 EUR 1 558 494,33 1 758 975,00 1,19
1 500 000,00 BELGIUM GOVERNMENT BOND 2.25% 22/06/2023 EUR 1 509 802,44 1 696 200,00 1,15
1 607 235,00
15/09/2016 EUR 1 605 480,35 1 645 607,74 1,12
1 150 000,00
CZECH REPUBLIC INTERNATIONAL 5.00%
11/06/2018 EUR 1 268 914,32 1 337 737,50 0,91
1 002 880,00
SPAIN GOVERNMENT INFLATION LINKED BOND
1.80% 30/11/2024 EUR 1 001 573,83 1 112 595,07 0,76
1 000 000,00 CASSA DEL TRENTINO SPA 3.75% 31/12/2018 EUR 1 000 000,00 1 098 865,00 0,75
1 000 000,00
FRANCE GOVERNMENT BOND OAT 1.75%
25/05/2023 EUR 958 757,99 1 095 100,00 0,74
1 011 850,00
15/09/2018 EUR 1 006 577,71 1 051 767,48 0,71
1 000 600,00
11/06/2016 EUR 999 970,00 1 041 949,80 0,71
700 000,00
01/08/2034 EUR 789 482,00 920 377,50 0,62
804 680,00
15/09/2024 EUR 802 869,97 895 729,54 0,61
600 000,00
01/05/2031 EUR 636 334,28 870 345,00 0,59
650 000,00
05/07/2021 * EUR 659 008,34 773 500,00 0,52
450 000,00
FRANCE GOVERNMENT BOND OAT 4.75%
25/04/2035 EUR 561 098,48 693 315,00 0,47
650 000,00
BRAZILIAN GOVERNMENT INTERNATIONAL BOND
7.38% 03/02/2015 EUR 651 011,05 655 216,25 0,44
571 350,00
15/09/2023 EUR 571 350,00 648 482,25 0,44
500 000,00 PROVINCE OF ONTARIO CANADA 4.75% 23/04/2019 EUR 538 068,64 595 135,00 0,40
500 000,00
MEXICO GOVERNMENT INTERNATIONAL BOND
4.25% 14/07/2017 * EUR 531 773,14 544 072,50 0,37
500 000,00
CASSA DEPOSITI E PRESTITI SPA 4.25%
14/09/2016 EUR 514 699,01 527 695,00 0,36
500 000,00
POLAND GOVERNMENT INTERNATIONAL BOND
1.63% 15/01/2019 EUR 502 880,86 524 712,50 0,36
500 000,00 CASSA DEL TRENTINO SPA 1.70% 30/10/2024 EUR 500 000,00 485 932,50 0,33
300 000,00
NETHERLANDS GOVERNMENT BOND 3.50%
15/07/2020 EUR 334 328,57 355 357,50 0,24
300 000,00 IRELAND GOVERNMENT BOND 5.50% 18/10/2017 EUR 332 869,74 343 710,00 0,23
200 000,00
FADE - FONDO DE AMORTIZACION DEL DEFICIT
ELECTRICO 4.00% 17/12/2015 EUR 201 551,89 206 762,00 0,14
100 000,00
BANCO NACIONAL DE DESENVOLVIMENTO
ECONOMICO E SOCIAL 4.13% 15/09/2017 EUR 100 710,51 102 245,00 0,07
Supranational 8 100 704,73 9 512 934,00 6,46
2 700 000,00 EUROPEAN INVESTMENT BANK 3.63% 15/01/2021 * EUR 2 710 530,00 3 240 540,00 2,20
2 000 000,00
INTERNATIONAL BANK FOR RECONSTRUCTION &
DEVELOPMENT 3.88% 20/05/2019 EUR 2 091 637,06 2 328 120,00 1,58
1 500 000,00 EUROPEAN UNION 3.50% 04/06/2021 EUR 1 560 197,09 1 802 700,00 1,23
1 000 000,00 EUROPEAN INVESTMENT BANK 4.00% 15/04/2030 EUR 1 091 341,94 1 387 600,00 0,94
21

Nominal /
Market value
in EUR
% of
Net Assets
650 000,00
COUNCIL OF EUROPE DEVELOPMENT BANK 2.88%
31/08/2021 EUR 646 998,64 753 974,00 0,51
Telecommunication 2 003 115,35 2 022 005,00 1,37
1 000 000,00
VERIZON COMMUNICATIONS, INC. 1.63%
01/03/2024 EUR 1 009 302,21 1 014 975,00 0,69
1 000 000,00 VODAFONE GROUP PLC. 1.00% 11/09/2020 * EUR 993 813,14 1 007 030,00 0,68
Finance 1 014 605,71 1 116 635,00 0,76
1 000 000,00 ALLIANZ SE FRN 31/12/2049 EUR 1 014 605,71 1 116 635,00 0,76
Industries 510 000,00 531 172,50 0,36
500 000,00
SIEMENS FINANCIERINGSMAATSCHAPPIJ NV FRN
14/09/2066 EUR 510 000,00 531 172,50 0,36
Total Net Assets 147 337 762,43 100,00
22

Assets
Net interest receivable (Note 3i) 1 790 209,87
Receivable on subscriptions 346 247,57
Other assets 27 451,44
Liabilities
Class A EUR 106,63 82 102,00
Class B EUR 124,28 426 899,56
Class C EUR 118,25 397 220,82
23

- Interest on bonds, net (Note 3i) 2 256 693,66
- Dividend income, net (Note 3i) 104 103,30
- Investments (Note 3c) 938 333,64
24

Nominal /
Market value
in EUR
% of
Net Assets
Bonds 76 284 974,95 80 546 595,61 74,04
Basic Goods 9 345 090,60 9 753 293,00 8,97
800 000,00 ANHEUSER-BUSCH INBEV NV 4.00% 02/06/2021 EUR 882 257,93 963 104,00 0,89
800 000,00 CARREFOUR S.A. 4.00% 09/04/2020 EUR 922 781,73 932 784,00 0,86
800 000,00 GROUPE AUCHAN S.A. 2.25% 06/04/2023 EUR 837 516,82 879 228,00 0,81
700 000,00
BRITISH AMERICAN TOBACCO HOLDINGS THE
NETHERLANDS BV 4.88% 24/02/2021 * EUR 799 239,45 871 423,00 0,80
800 000,00 SABMILLER HOLDINGS, INC. 1.88% 20/01/2020 EUR 807 133,10 845 780,00 0,78
700 000,00
IMPERIAL TOBACCO FINANCE PLC. 4.50%
05/07/2018 EUR 754 927,41 792 771,00 0,73
700 000,00 CARLSBERG BREWERIES A/S 3.38% 13/10/2017 EUR 728 922,36 752 650,50 0,69
700 000,00 PEPSICO, INC. 1.75% 28/04/2021 EUR 721 260,20 743 225,00 0,68
600 000,00 ANHEUSER-BUSCH INBEV NV 2.25% 24/09/2020 EUR 638 857,12 653 568,00 0,60
600 000,00 CARREFOUR S.A. 1.88% 19/12/2017 EUR 613 362,49 625 191,00 0,57
600 000,00 COCA-COLA CO. 1.13% 22/09/2022 EUR 597 065,43 615 756,00 0,57
500 000,00
CASINO GUICHARD PERRACHON S.A. 3.16%
06/08/2019 EUR 520 456,16 551 552,50 0,51
Computing and IT 3 483 027,99 3 603 036,50 3,31
800 000,00 MICROSOFT CORP. 2.13% 06/12/2021 EUR 858 927,76 874 788,00 0,80
700 000,00 ORACLE CORP. 2.25% 10/01/2021 EUR 715 823,46 763 794,50 0,70
700 000,00
1.25% 26/05/2023 EUR 698 464,03 713 811,00 0,66
600 000,00
1.88% 06/11/2020 EUR 612 371,38 642 696,00 0,59
600 000,00 APPLE, INC. 1.00% 10/11/2022 EUR 597 441,36 607 947,00 0,56
Consumer Retail 3 296 560,18 3 453 907,50 3,17
800 000,00 DAIMLER AG 2.25% 24/01/2022 EUR 846 909,09 882 868,00 0,81
800 000,00 VOLKSWAGEN LEASING GMBH 2.13% 04/04/2022 EUR 833 285,06 875 528,00 0,80
800 000,00 WAL-MART STORES, INC. 1.90% 08/04/2022 EUR 841 107,13 862 452,00 0,79
780 000,00 TOYOTA MOTOR CREDIT CORP. 1.80% 23/07/2020 EUR 775 258,90 833 059,50 0,77
Energy 6 965 805,42 7 161 235,50 6,58
700 000,00 ENI SPA 2.63% 22/11/2021 EUR 742 934,69 772 247,00 0,71
700 000,00 PETROLEOS MEXICANOS 6.38% 05/08/2016 EUR 748 141,45 756 542,50 0,70
600 000,00 ENI SPA 4.25% 03/02/2020 EUR 652 855,15 701 886,00 0,64
600 000,00 ENI SPA 4.00% 29/06/2020 EUR 605 211,15 699 912,00 0,64
600 000,00
19/02/2019 EUR 687 300,00 692 907,00 0,64
600 000,00 TOTAL CAPITAL CANADA LTD. 1.88% 09/07/2020 EUR 596 526,08 641 187,00 0,59
600 000,00 BP CAPITAL MARKETS PLC. 1.53% 26/09/2022 EUR 600 432,00 616 707,00 0,57
600 000,00
06/04/2022 EUR 600 250,28 605 223,00 0,56
600 000,00
PETROBRAS INTERNATIONAL FINANCE CO. S.A.
5.88% 07/03/2022 * EUR 693 210,00 580 629,00 0,53
500 000,00 ENI SPA 4.88% 11/10/2017 EUR 541 206,58 559 205,00 0,51
500 000,00
28/05/2020 EUR 497 738,04 534 790,00 0,49
Finance 28 544 787,78 30 612 296,35 28,14
900 000,00 GOLDMAN SACHS GROUP, INC. 5.13% 23/10/2019 EUR 1 008 247,81 1 077 984,00 0,99
1 000 000,00 CREDIT SUISSE AG 0.75% 17/09/2021 EUR 994 227,30 1 008 725,00 0,93
900 000,00 WELLS FARGO & CO. 2.25% 03/09/2020 EUR 908 635,87 978 084,00 0,90
900 000,00 BANCO SANTANDER S.A. 2.88% 30/01/2018 * EUR 972 793,33 969 430,50 0,89
800 000,00
BOERENLEENBANK BA 4.13% 14/09/2022 * EUR 830 189,09 926 212,00 0,85
700 000,00 INTESA SANPAOLO SPA 5.00% 27/01/2021 EUR 743 192,37 881 006,00 0,81
700 000,00 HSBC HOLDINGS PLC. 6.00% 10/06/2019 EUR 798 478,63 838 124,00 0,77
700 000,00 ALLIANZ FINANCE II BV 3.50% 14/02/2022 EUR 702 235,87 830 931,50 0,76
700 000,00 CREDIT SUISSE AG 4.75% 05/08/2019 EUR 763 042,38 829 248,00 0,76
800 000,00 NOMURA EUROPE FINANCE NV 1.88% 29/05/2018 EUR 802 287,86 826 024,00 0,76
25

Nominal /
Market value
in EUR
% of
Net Assets
700 000,00
NATIONAL AUSTRALIA BANK LTD. 4.63%
10/02/2020 EUR 763 573,50 813 295,00 0,75
700 000,00 NORDEA BANK AB 4.50% 26/03/2020 EUR 734 590,71 809 567,50 0,74
700 000,00
GE CAPITAL EUROPEAN FUNDING 2.63%
15/03/2023 EUR 757 752,52 794 853,50 0,73
700 000,00 JPMORGAN CHASE & CO. 2.75% 24/08/2022 EUR 782 893,04 789 320,00 0,73
700 000,00 ASSICURAZIONI GENERALI SPA 2.88% 14/01/2020 EUR 722 386,57 767 049,50 0,71
700 000,00 BARCLAYS BANK PLC. 2.25% 10/06/2024 EUR 763 362,23 765 964,50 0,70
600 000,00 ING BANK NV 4.50% 21/02/2022 EUR 675 405,84 753 087,00 0,69
700 000,00 BNP PARIBAS S.A. 3.00% 24/02/2017 EUR 713 855,84 740 442,50 0,68
600 000,00
15/01/2019 EUR 691 184,29 730 947,00 0,67
600 000,00 BANK OF AMERICA CORP. 2.50% 27/07/2020 EUR 612 064,54 652 812,00 0,60
600 000,00 MORGAN STANLEY 2.38% 31/03/2021 EUR 601 169,86 645 696,00 0,59
600 000,00 UNICREDIT SPA 3.38% 11/01/2018 EUR 598 415,61 641 724,00 0,59
600 000,00 DEUTSCHE BANK AG 1.25% 08/09/2021 * EUR 596 573,37 614 532,00 0,56
570 000,00 MEDIOBANCA SPA 3.75% 12/10/2015 EUR 572 637,81 583 623,00 0,54
500 000,00
ABBEY NATIONAL TREASURY SERVICES PLC. 2.63%
16/07/2020 EUR 545 571,78 549 450,00 0,51
500 000,00
20/07/2020 EUR 498 556,10 545 507,50 0,50
500 000,00
BNZ INTERNATIONAL FUNDING LTD. 4.00%
08/03/2017 EUR 500 908,73 539 167,50 0,50
314 450,00 AXA S.A. 3.75% 01/01/2017 EUR 358 727,66 535 358,25 0,49
500 000,00 BANK OF AMERICA CORP. 1.88% 10/01/2019 EUR 519 606,24 523 662,50 0,48
500 000,00
SANTANDER INTERNATIONAL DEBT SAU 1.38%
25/03/2017 EUR 499 175,60 509 047,50 0,47
420 000,00
SPAREBANK 1 BOLIGKREDITT AS 4.00%
03/02/2021 * EUR 424 664,56 508 989,60 0,47
400 000,00 UNICREDIT BANK AUSTRIA AG 4.13% 24/02/2021 EUR 404 128,54 489 204,00 0,45
400 000,00 BARCLAYS BANK PLC. 4.00% 12/01/2021 * EUR 401 131,69 484 126,00 0,45
400 000,00
CIE DE FINANCEMENT FONCIER S.A. 3.50%
05/11/2020 EUR 390 778,98 472 602,00 0,43
400 000,00 HSBC BANK PLC. 3.13% 15/11/2017 EUR 421 811,22 431 956,00 0,40
Government 3 847 415,10 4 078 024,16 3,75
1 000 000,00 CASSA DEL TRENTINO SPA 3.57% 30/06/2017 EUR 999 608,74 1 046 690,00 0,96
997 780,00
22/04/2017 EUR 997 780,00 1 030 831,46 0,95
700 000,00
BANCO NACIONAL DE DESENVOLVIMENTO
ECONOMICO E SOCIAL 4.13% 15/09/2017 EUR 711 662,34 715 715,00 0,66
440 000,00
CAISSE FRANCAISE DE FINANCEMENT LOCAL 4.25%
26/01/2021 EUR 438 364,02 540 982,20 0,50
Health 909 834,93 993 202,50 0,91
700 000,00 SANOFI 2.50% 14/11/2023 EUR 711 570,74 792 116,50 0,73
200 000,00 ASTRAZENECA PLC. 0.88% 24/11/2021 EUR 198 264,19 201 086,00 0,18
Industries 3 993 316,88 4 233 452,50 3,89
800 000,00 DEUTSCHE POST FINANCE BV 2.95% 27/06/2022 EUR 849 613,52 919 460,00 0,84
800 000,00 ATLAS COPCO AB 2.50% 28/02/2023 EUR 857 816,57 899 820,00 0,83
600 000,00 ATLANTIA SPA 3.63% 30/11/2018 EUR 636 318,59 665 691,00 0,61
600 000,00 ALSTOM S.A. 3.00% 08/07/2019 EUR 608 413,62 659 169,00 0,61
500 000,00
AUTOROUTES DU SUD DE LA FRANCE S.A. 2.95%
17/01/2024 EUR 541 976,42 570 160,00 0,52
500 000,00 CRH FINANCE GERMANY GMBH 1.75% 16/07/2021 EUR 499 178,16 519 152,50 0,48
Multi-Utilities 10 594 145,85 11 082 528,10 10,19
800 000,00 GDF SUEZ 6.88% 24/01/2019 EUR 1 001 614,14 1 007 764,00 0,93
800 000,00 IBERDROLA INTERNATIONAL BV 4.25% 11/10/2018 EUR 887 099,89 906 508,00 0,83
800 000,00 ENEL SPA 4.88% 20/02/2018 EUR 857 531,14 899 100,00 0,83
700 000,00 DONG ENERGY A/S 6.50% 07/05/2019 EUR 818 659,90 874 345,50 0,80
600 000,00 GDF SUEZ 6.38% 18/01/2021 EUR 782 986,69 802 335,00 0,74
700 000,00 ELECTRICITE DE FRANCE S.A. 2.75% 10/03/2023 EUR 704 956,95 797 475,00 0,73
26

Nominal /
Market value
in EUR
% of
Net Assets
600 000,00
ENEL FINANCE INTERNATIONAL NV 5.00%
14/09/2022 EUR 751 919,74 756 477,00 0,70
700 000,00
RTE RESEAU DE TRANSPORT D'ELECTRICITE S.A.
2.13% 20/09/2019 * EUR 704 374,49 754 477,50 0,69
700 000,00
TERNA RETE ELETTRICA NAZIONALE SPA 4.13%
17/02/2017 EUR 732 290,87 754 292,00 0,69
600 000,00 ENEL SPA 5.25% 20/06/2017 EUR 649 828,85 669 210,00 0,62
600 000,00
GAS NATURAL CAPITAL MARKETS S.A. 4.38%
02/11/2016 EUR 619 989,25 641 241,00 0,59
600 000,00
NATIONAL GRID NORTH AMERICA, INC. 1.75%
20/02/2018 EUR 602 230,09 623 712,00 0,57
500 000,00 SNAM SPA 5.00% 18/01/2019 EUR 531 491,68 583 182,50 0,54
500 000,00
13/02/2018 EUR 525 658,45 567 647,50 0,52
420 000,00 SNAM SPA 4.38% 11/07/2016 EUR 423 513,72 444 761,10 0,41
Raw materials 2 320 241,41 2 476 422,00 2,28
900 000,00 BHP BILLITON FINANCE LTD. 2.25% 25/09/2020 EUR 910 758,10 978 291,00 0,90
800 000,00 ANGLO AMERICAN CAPITAL PLC. 2.50% 29/04/2021 EUR 772 203,05 839 136,00 0,77
600 000,00
GLENCORE FINANCE EUROPE S.A. 5.25%
22/03/2017 EUR 637 280,26 658 995,00 0,61
800 000,00
DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV
6.00% 20/01/2017 EUR 874 583,25 892 340,00 0,82
700 000,00 ORANGE S.A. 3.13% 09/01/2024 * EUR 770 337,83 811 538,00 0,75
600 000,00 VODAFONE GROUP PLC. 1.00% 11/09/2020 * EUR 596 287,88 604 218,00 0,55
Basic Goods 760 869,97 774 945,00 0,71
750 000,00 HENKEL AG & CO. KGAA FRN 25/11/2104 EUR 760 869,97 774 945,00 0,71
Consumer Retail 1 738 148,97 1 760 864,00 1,62
900 000,00
VOLKSWAGEN INTERNATIONAL FINANCE NV FRN
15/04/2019 * EUR 900 385,68 910 872,00 0,84
800 000,00
VOLKSWAGEN INTERNATIONAL FINANCE NV FRN
29/09/2049 EUR 837 763,29 849 992,00 0,78
Energy 567 628,60 550 352,50 0,51
500 000,00 OMV AG FRN 29/06/2049 EUR 567 628,60 550 352,50 0,51
Finance 7 128 455,02 7 292 016,50 6,70
700 000,00 ALLIANZ SE FRN 17/10/2042 EUR 761 905,32 848 347,50 0,78
600 000,00 DANSKE BANK A/S FRN 04/10/2023 EUR 645 808,39 645 012,00 0,59
600 000,00 DNB BANK ASA FRN 08/03/2022 EUR 636 730,00 642 990,00 0,59
600 000,00 ABN AMRO BANK NV FRN 06/03/2019 * EUR 601 280,80 612 126,00 0,56
600 000,00 ING BANK NV FRN 16/09/2020 EUR 578 284,58 610 785,00 0,56
500 000,00
MUENCHENER RUECKVERSICHERUNGS-
GESELLSCHAFT AG FRN 26/05/2041 EUR 602 887,92 606 860,00 0,56
600 000,00 INTESA SANPAOLO SPA FRN 17/04/2019 EUR 604 049,68 605 193,00 0,56
600 000,00 DEUTSCHE BANK AG FRN 15/04/2019 EUR 598 765,82 601 056,00 0,55
550 000,00 DNB BANK ASA FRN 26/09/2023 * EUR 553 553,56 575 663,00 0,53
500 000,00
GENERAL ELECTRIC CAPITAL CORP. FRN
15/09/2067 EUR 546 135,34 538 140,00 0,50
400 000,00 WELLS FARGO & CO. FRN 24/04/2019 EUR 399 144,90 402 928,00 0,37
Health 1 249 305,87 1 228 655,00 1,13
700 000,00 BAYER AG FRN 29/07/2105 EUR 736 240,00 712 880,00 0,66
500 000,00 BAYER AG FRN 01/07/2075 EUR 513 065,87 515 775,00 0,47
Industries 511 591,95 531 172,50 0,49
500 000,00
SIEMENS FINANCIERINGSMAATSCHAPPIJ NV FRN
14/09/2066 EUR 511 591,95 531 172,50 0,49
Multi-Utilities 3 451 677,00 3 536 552,10 3,25
880 000,00
HUTCHISON WHAMPOA EUROPE FINANCE 13 LTD.
FRN 29/05/2049 EUR 875 149,78 894 119,60 0,82
800 000,00 RWE AG FRN 29/09/2049 EUR 792 693,57 809 584,00 0,74
700 000,00
ENBW ENERGIE BADEN-WUERTTEMBERG AG FRN
02/04/2072 EUR 769 736,66 780 836,00 0,72
500 000,00 NGG FINANCE PLC. FRN 18/06/2076 EUR 501 069,55 542 617,50 0,50
500 000,00 SUEZ ENVIRONNEMENT CO. FRN 29/09/2049 EUR 513 027,44 509 395,00 0,47
27

Nominal /
Market value
in EUR
% of
Net Assets
Raw materials 1 576 815,80 1 539 420,00 1,42
800 000,00 LINDE FINANCE BV FRN 14/07/2066 EUR 906 584,72 871 800,00 0,80
600 000,00 GLENCORE FINANCE EUROPE S.A. FRN 03/04/2018 EUR 670 231,08 667 620,00 0,62
ETFs 4 500 184,69 4 743 200,00 4,36
Finance 4 500 184,69 4 743 200,00 4,36
35 200,00
ISHARES EURO CORPORATE BOND LARGE CAP
UCITS ETF EUR 4 500 184,69 4 743 200,00 4,36
Total Net Assets 108 782 181,61 100,00
28

Assets
Liabilities
Class B EUR 110,13 299 126,34
Class C EUR 100,29 558 264,74
29

30

Nominal /
Market value
in EUR
% of
Net Assets
Bonds 59 302 192,41 59 962 732,00 67,43
Basic Goods 1 587 827,43 1 594 666,50 1,79
Consumer Retail 551 057,83 582 997,50 0,66
500 000,00 BMW FINANCE NV 5.00% 06/08/2018 EUR 551 057,83 582 997,50 0,66
Energy 2 786 543,53 2 807 699,00 3,16
1 000 000,00 PETROLEOS MEXICANOS 5.50% 09/01/2017 EUR 1 089 032,22 1 079 995,00 1,21
800 000,00 ENI SPA 4.88% 11/10/2017 EUR 865 930,52 894 728,00 1,01
800 000,00
12/02/2016 EUR 831 580,79 832 976,00 0,94
Finance 11 865 390,06 11 973 412,20 13,47
1 000 000,00 BANCO SANTANDER S.A. 4.63% 20/01/2016 EUR 1 021 603,15 1 042 020,00 1,17
800 000,00
01/03/2017 EUR 866 418,38 867 952,00 0,98
700 000,00 CITIGROUP, INC. 4.38% 30/01/2017 EUR 757 317,27 757 746,50 0,85
700 000,00 NORDEA BANK AB 3.75% 24/02/2017 EUR 742 687,58 751 649,50 0,85
700 000,00 CREDIT SUISSE AG 3.88% 25/01/2017 EUR 742 203,85 750 701,00 0,85
700 000,00 WELLS FARGO & CO. 4.13% 03/11/2016 EUR 751 492,45 745 944,50 0,84
700 000,00 JPMORGAN CHASE & CO. 3.75% 15/06/2016 EUR 729 608,61 734 783,00 0,83
675 000,00 MEDIOBANCA SPA 3.75% 12/10/2015 EUR 678 367,09 691 132,50 0,78
600 000,00 GOLDMAN SACHS GROUP, INC. 4.38% 16/03/2017 EUR 640 074,61 650 805,00 0,73
500 000,00 BNP PARIBAS S.A. 3.50% 07/03/2016 EUR 514 413,16 519 035,00 0,58
500 000,00 ING BANK NV 2.13% 10/07/2015 EUR 499 937,53 504 855,00 0,57
500 000,00
BOERENLEENBANK BA 3.00% 16/02/2015 EUR 500 641,49 501 682,50 0,56
500 000,00
RAIFFEISEN BANK INTERNATIONAL AG 2.88%
06/03/2015 * EUR 500 485,83 500 880,00 0,56
205 220,00 AXA S.A. 3.75% 01/01/2017 EUR 343 985,12 349 391,70 0,39
Government 35 029 539,15 35 438 739,44 39,85
4 000 000,00
15/05/2016 EUR 4 020 977,08 4 097 400,00 4,61
3 494 890,00
12/11/2017 EUR 3 641 190,13 3 623 239,84 4,07
3 492 230,00
22/10/2016 EUR 3 604 523,05 3 605 640,17 4,05
2 993 340,00
22/04/2017 EUR 3 085 348,28 3 092 494,39 3,48
2 000 000,00 IRELAND GOVERNMENT BOND 5.50% 18/10/2017 EUR 2 259 902,26 2 291 400,00 2,58
2 000 000,00
01/05/2017 EUR 2 109 280,75 2 192 050,00 2,46
1 900 000,00
01/08/2016 EUR 1 937 327,68 1 997 707,50 2,25
1 628 550,00
DEUTSCHE BUNDESREPUBLIK INFLATION LINKED
BOND 1.50% 15/04/2016 EUR 1 641 984,86 1 641 985,54 1,85
1 200 000,00
FADE - FONDO DE AMORTIZACION DEL DEFICIT
ELECTRICO 4.00% 17/12/2015 * EUR 1 216 594,85 1 240 572,00 1,40
1 000 000,00
INSTITUTO DE CREDITO OFICIAL 4.13%
28/09/2017 EUR 1 094 280,23 1 093 500,00 1,23
1 000 000,00
01/02/2017 EUR 1 040 389,39 1 071 575,00 1,20
31

Nominal /
Market value
in EUR
% of
Net Assets
1 000 000,00
14/09/2016 EUR 1 030 106,55 1 055 390,00 1,19
500 000,00
TURKEY GOVERNMENT INTERNATIONAL BOND
5.00% 01/03/2016 EUR 519 376,90 526 487,50 0,59
Industries 520 614,91 534 480,00 0,60
500 000,00 ATLANTIA SPA 5.63% 06/05/2016 EUR 520 614,91 534 480,00 0,60
Multi-Utilities 3 803 584,56 3 835 413,26 4,31
800 000,00 A2A SPA 4.50% 02/11/2016 EUR 842 378,95 853 280,00 0,96
700 000,00
13/02/2018 EUR 793 175,83 794 706,50 0,89
600 000,00
TERNA RETE ELETTRICA NAZIONALE SPA 4.13%
17/02/2017 EUR 637 500,05 646 536,00 0,73
600 000,00 SNAM SPA 4.38% 11/07/2016 EUR 629 899,98 635 373,00 0,71
500 000,00 ENEL SPA 3.50% 26/02/2016 EUR 508 401,29 516 930,00 0,58
368 000,00
ENEL FINANCE INTERNATIONAL NV 4.00%
14/09/2016 EUR 392 228,46 388 587,76 0,44
Raw materials 1 807 447,26 1 816 819,00 2,04
1 000 000,00
GLENCORE FINANCE EUROPE S.A. 5.25%
22/03/2017 EUR 1 087 115,26 1 098 325,00 1,23
700 000,00
ANGLO AMERICAN CAPITAL PLC. 1.75%
20/11/2017 * EUR 720 332,00 718 494,00 0,81
1 000 000,00 TELEFONICA EMISIONES SAU 4.38% 02/02/2016 EUR 1 018 031,25 1 042 555,00 1,17
310 000,00 KONINKLIJKE KPN NV 4.75% 17/01/2017 EUR 332 156,43 335 950,10 0,38
Finance 1 681 206,23 1 699 648,50 1,91
700 000,00 INTESA SANPAOLO SPA FRN 03/03/2017 EUR 678 288,69 694 211,00 0,78
Government 5 386 161,53 5 388 727,00 6,06
3 000 000,00
STATE OF NORTH RHINE-WESTPHALIA FRN
15/09/2017 EUR 3 000 060,00 3 004 410,00 3,38
1 800 000,00
15/06/2017 EUR 1 886 101,53 1 883 340,00 2,12
500 000,00 STATE OF BADEN-WURTTEMBERG FRN 19/07/2016 EUR 500 000,00 500 977,00 0,56
Health 501 100,00 501 970,00 0,57
500 000,00 SANOFI FRN 10/09/2018 EUR 501 100,00 501 970,00 0,57
Zero-Coupon Bonds 14 437 638,25 14 441 850,00 16,24
Government 14 437 638,25 14 441 850,00 16,24
5 500 000,00 SPAIN LETRAS DEL TESORO ZCP 20/11/2015 * EUR 5 483 914,74 5 488 560,00 6,17
5 500 000,00
ITALY CERTIFICATI DI CREDITO DEL TESORO ZCP
30/08/2016 EUR 5 454 154,77 5 453 360,00 6,13
3 500 000,00
ITALY BUONI ORDINARI DEL TESORO BOT ZCP
30/01/2015 EUR 3 499 568,74 3 499 930,00 3,94
OTHER TRANSFERABLE SECURITIES 500 000,00 510 900,00 0,57
Floating Rate Notes 500 000,00 510 900,00 0,57
Government 500 000,00 510 900,00 0,57
500 000,00 PATRIMONIO DEL TRENTINO FRN 31/03/2017 EUR 500 000,00 510 900,00 0,57
Total Net Assets 88 928 023,53 100,00
32

Assets
Liabilities
Class B EUR 110,87 138 375,91
Class C EUR 104,33 11 695,25
33

Net result of operations for the year 610 993,33
34

Nominal /
Market value
in EUR
% of
Net Assets
Bonds 7 212 487,77 7 610 330,19 45,95
Basic Goods 302 568,24 314 077,50 1,90
100 000,00 HEINEKEN NV 2.13% 04/08/2020 EUR 99 872,90 107 687,50 0,65
100 000,00 COCA-COLA CO. 1.13% 22/09/2022 EUR 99 173,59 102 626,00 0,62
Computing and IT 99 780,58 101 973,00 0,61
100 000,00
1.25% 26/05/2023 EUR 99 780,58 101 973,00 0,61
Energy 516 398,62 536 236,00 3,24
200 000,00
20/02/2018 EUR 211 186,42 221 776,00 1,34
100 000,00 ENI SPA 4.75% 14/11/2017 EUR 104 962,03 112 140,00 0,68
100 000,00 TOTAL CAPITAL CANADA LTD. 1.13% 18/03/2022 EUR 99 802,86 101 449,50 0,61
100 000,00
06/04/2022 EUR 100 447,31 100 870,50 0,61
Finance 1 015 443,62 1 062 877,00 6,42
250 000,00 ALLIANZ FINANCE II BV 4.75% 22/07/2019 EUR 270 970,70 299 322,50 1,81
100 000,00 ASSICURAZIONI GENERALI SPA 5.13% 16/09/2024 EUR 129 705,23 129 857,50 0,79
100 000,00
BOERENLEENBANK BA 4.75% 15/01/2018 EUR 104 616,04 113 172,00 0,68
100 000,00 GOLDMAN SACHS GROUP, INC. 2.13% 30/09/2024 EUR 104 138,38 104 511,00 0,63
Government 4 290 890,17 4 567 729,89 27,58
500 000,00
01/03/2022 EUR 550 838,29 621 450,00 3,75
299 316,00
23/04/2020 EUR 309 127,23 307 943,78 1,86
276 992,50
15/09/2019 EUR 250 280,44 299 899,78 1,81
249 720,00
26/03/2016 EUR 249 720,00 255 344,94 1,54
200 000,00 IRELAND GOVERNMENT BOND 3.90% 20/03/2023 EUR 243 855,81 244 300,00 1,48
201 170,00
15/09/2024 EUR 200 717,49 223 932,39 1,35
150 000,00
CZECH REPUBLIC INTERNATIONAL 5.00%
11/06/2018 EUR 163 775,35 174 487,50 1,05
150 000,00
01/02/2018 EUR 154 440,00 167 381,25 1,01
100 000,00
14/09/2016 EUR 102 958,23 105 539,00 0,64
Multi-Utilities 315 264,83 331 011,00 2,00
200 000,00
13/02/2018 EUR 215 392,87 227 059,00 1,37
100 000,00
NATIONAL GRID NORTH AMERICA, INC. 1.75%
20/02/2018 EUR 99 871,96 103 952,00 0,63
Raw materials 164 320,85 163 932,80 0,99
160 000,00 ANGLO AMERICAN CAPITAL PLC. 1.75% 03/04/2018 EUR 164 320,85 163 932,80 0,99
35

Nominal /
Market value
in EUR
% of
Net Assets
Supranational 307 509,33 330 292,50 1,99
300 000,00
23/05/2023 EUR 307 509,33 330 292,50 1,99
100 000,00
VERIZON COMMUNICATIONS, INC. 1.63%
01/03/2024 EUR 100 930,22 101 497,50 0,61
100 000,00 VODAFONE GROUP PLC. 1.00% 11/09/2020 EUR 99 381,31 100 703,00 0,61
Basic Goods 156 796,87 154 989,00 0,94
150 000,00 HENKEL AG & CO. KGAA FRN 25/11/2104 EUR 156 796,87 154 989,00 0,94
Finance 700 000,00 736 960,00 4,45
700 000,00
MEDIOCREDITO TRENTINO ALTO ADIGE SPA FRN
10/05/2017 EUR 700 000,00 736 960,00 4,45
OTHER TRANSFERABLE SECURITIES 659 000,00 672 690,00 4,06
Shares 159 000,00 161 790,00 0,98
Consumer Retail 159 000,00 161 790,00 0,98
500,00 NOSIO SPA EUR 159 000,00 161 790,00 0,98
Government 500 000,00 510 900,00 3,08
500 000,00 PATRIMONIO DEL TRENTINO FRN 31/03/2017 EUR 500 000,00 510 900,00 3,08
Total Net Assets 16 562 084,31 100,00
36

Assets
Net dividends receivable (Note 3i) 76 746,53
Liabilities
Class B EUR 144,00 239 562,46
Class C EUR 136,95 86 234,04
37

Interest on cash account, net 40,33
- Foreign currencies (Note 3d) 1 315 992,62
- Investments (234 890,56)
- Foreign currencies 22 019,77
38

Nominal /
Market value
in EUR
% of
Net Assets
Shares 25 327 892,49 26 474 346,24 57,17
Basic Goods 1 927 403,55 1 839 557,63 3,97
14 500,00 LOBLAW COMPANIES LTD. CAD 632 199,87 643 195,76 1,39
20 500,00 MONDELEZ INTERNATIONAL, INC. - CLASS A USD 644 995,50 615 398,03 1,33
28 000,00 WOOLWORTHS LTD. * AUD 650 208,18 580 963,84 1,25
Computing and IT 1 948 004,89 2 156 068,41 4,66
1 500,00 SAMSUNG ELECTRONICS CO. LTD. - GDR USD 662 924,38 749 968,89 1,62
25 500,00 MICRON TECHNOLOGY, INC. USD 633 168,71 737 783,44 1,60
9 800,00 VMWARE, INC. - CLASS A * USD 651 911,80 668 316,08 1,44
Consumer Retail 7 154 250,41 7 724 765,70 16,68
14 500,00 UNITED CONTINENTAL HOLDINGS, INC. USD 653 819,69 801 541,13 1,73
18 000,00 TOYOTA INDUSTRIES CORP. JPY 655 521,53 770 476,95 1,66
4 100,00 CONTINENTAL AG EUR 645 431,35 719 755,00 1,56
12 500,00 COLGATE-PALMOLIVE CO. USD 653 097,40 714 743,08 1,54
11 000,00 FACEBOOK, INC. - CLASS A USD 651 592,33 709 243,31 1,53
7 500,00 HANESBRANDS, INC. USD 642 952,72 691 830,81 1,50
14 400,00 WOLSELEY PLC. GBP 646 764,63 683 959,17 1,48
10 500,00 MARRIOTT INTERNATIONAL, INC. - CLASS A USD 648 542,80 677 091,75 1,46
3 600,00 TESLA MOTORS, INC. USD 659 567,67 661 688,25 1,43
62 700,00 SUMITOMO ELECTRIC INDUSTRIES LTD. JPY 644 591,22 653 885,96 1,41
3 400,00 BAIDU, INC. - ADR USD 652 369,07 640 550,29 1,38
Energy 3 864 094,63 3 586 087,13 7,74
16 500,00 TRANSCANADA CORP. * CAD 663 885,31 672 224,53 1,45
7 000,00 CHEVRON CORP. USD 614 220,83 648 948,29 1,40
9 400,00 CHINA PETROLEUM & CHEMICAL CORP. - ADR USD 638 192,66 629 307,78 1,36
25 000,00 RELIANCE INDUSTRIES LTD. - GDR. USD 650 714,12 582 620,46 1,26
14 700,00 WILLIAMS COMPANIES, INC. USD 646 262,76 545 942,64 1,18
15 600,00 HALLIBURTON CO. USD 650 818,95 507 043,43 1,09
Finance 5 214 086,14 5 355 380,28 11,57
4 300,00 AFFILIATED MANAGERS GROUP, INC. USD 659 993,56 754 210,04 1,63
24 000,00 LONDON STOCK EXCHANGE GROUP PLC. GBP 649 953,08 686 866,21 1,48
6 300,00 BOSTON PROPERTIES, INC. USD 642 305,17 670 011,05 1,45
19 000,00 VOYA FINANCIAL, INC. USD 639 898,98 665 443,47 1,44
11 500,00 ROYAL BANK OF CANADA * CAD 657 395,30 658 389,76 1,42
34 000,00 PRUDENTIAL PLC. GBP 657 216,20 653 672,31 1,41
4 800,00 CREDICORP LTD. USD 651 017,86 635 398,44 1,37
58 300,00 ING GROEP NV EUR 656 305,99 631 389,00 1,37
Health 1 295 044,70 1 469 758,04 3,17
10 700,00 AETNA, INC. USD 653 495,29 785 488,90 1,69
16 000,00 CATAMARAN CORP. USD 641 549,41 684 269,14 1,48
Industries 1 972 053,02 2 291 933,19 4,95
25 100,00 SEALED AIR CORP. USD 659 104,01 880 123,00 1,90
7 600,00 SIEMENS AG EUR 658 401,17 712 500,00 1,54
198 000,00 TOSHIBA CORP. JPY 654 547,84 699 310,19 1,51
137 500,00 BT GROUP PLC. GBP 653 392,64 711 378,28 1,54
250 000,00 ITV PLC. GBP 650 260,28 693 257,58 1,50
98 500,00 NOKIA OYJ EUR 649 302,23 646 160,00 1,39
ETFs 9 291 919,07 10 552 350,00 22,79
Finance 9 291 919,07 10 552 350,00 22,79
280 000,00 ISHARES MSCI WORLD UCITS ETF EUR 7 174 069,07 8 412 600,00 18,17
15 000,00 UBS ETF-MSCI WORLD UCITS ETF EUR 2 117 850,00 2 139 750,00 4,62
39

OPEN-ENDED COLLECTIVE INVESTMENT SCHEME QUALIFYING UNDER ARTICLE
41 (1) (E) OF THE LAW OF 17 DECEMBER 2010 - ETF 7 054 098,89 8 512 192,00 18,38
Finance 7 054 098,89 8 512 192,00 18,38
41 600,00 SSGA WORLD INDEX EQUITY FUND EUR 7 054 098,89 8 512 192,00 18,38
Other net assets 768 798,82 1,66
Total Net Assets 46 307 687,06 100,00
40

Assets
Receivable on investments sold 11 060,00
Liabilities
Bank overdrafts (6 743,52)
Payable on investments purchased (34 063,26)
Class B EUR 142,21 645 439,55
Class C EUR 121,45 151 238,38
41

- Dividend income, net (Note 3i) 2 399 722,12
- Foreign currencies (Note 3d) 161,81
- Investments (9 500 526,93)
- Foreign currencies (98,30)
42

Nominal /
Market value
in EUR
% of
Net Assets
Shares 72 275 846,04 74 142 800,66 67,31
Basic Goods 3 520 264,25 3 471 640,00 3,15
84 000,00 KONINKLIJKE AHOLD NV EUR 1 056 598,13 1 239 420,00 1,12
309 000,00 C&C GROUP PLC. EUR 1 180 739,91 1 118 580,00 1,02
44 000,00 METRO AG EUR 1 282 926,21 1 113 640,00 1,01
Computing and IT 6 419 988,77 6 751 917,50 6,13
20 000,00 ATOS * EUR 1 269 613,72 1 326 000,00 1,20
18 500,00 GEMALTO NV * EUR 1 195 232,19 1 256 705,00 1,14
20 700,00 SAP AG EUR 1 152 424,87 1 205 982,00 1,10
46 000,00 KONINKLIJKE PHILIPS NV EUR 1 061 758,08 1 110 900,00 1,01
21 300,00 AMADEUS IT HOLDING S.A. - CLASS A EUR 610 851,47 704 710,50 0,64
96 000,00 STMICROELECTRONICS NV * EUR 601 605,00 594 720,00 0,54
100 000,00 TOMTOM NV EUR 528 503,44 552 900,00 0,50
Consumer Retail 11 294 870,35 12 819 519,40 11,64
111 000,00 TUI AG EUR 1 283 476,49 1 531 800,00 1,39
25 000,00 TELEPERFORMANCE EUR 1 121 334,87 1 410 750,00 1,28
18 800,00 DAIMLER AG EUR 737 553,14 1 296 636,00 1,18
9 400,00 LVMH MOET HENNESSY LOUIS VUITTON S.A. * EUR 1 153 974,17 1 243 150,00 1,13
119 000,00 PEUGEOT S.A. EUR 1 097 294,59 1 216 180,00 1,10
80 000,00 REXEL S.A. EUR 1 277 098,48 1 188 000,00 1,08
17 000,00 BEIERSDORF AG EUR 1 175 446,90 1 146 140,00 1,04
8 000,00 L'OREAL S.A. * EUR 1 000 403,81 1 114 400,00 1,01
23 000,00 ELRINGKLINGER AG * EUR 626 690,33 662 285,00 0,60
19 000,00 PROSIEBENSAT.1 MEDIA AG EUR 609 482,53 661 770,00 0,60
51 500,00 SOCIETE TELEVISION FRANCAISE 1 * EUR 659 999,88 655 080,00 0,60
3 100,00 VOLKSWAGEN AG EUR 518 089,05 558 310,00 0,51
458,00 HERMES INTERNATIONAL EUR 34 026,11 135 018,40 0,12
Energy 5 245 603,26 4 411 205,50 4,00
36 000,00 TOTAL S.A. EUR 1 665 090,25 1 530 720,00 1,39
102 000,00 ENI SPA EUR 1 807 158,81 1 480 020,00 1,34
42 300,00 OMV AG EUR 1 242 178,31 931 023,00 0,84
9 500,00 TECHNIP S.A. * EUR 531 175,89 469 442,50 0,43
Finance 16 793 280,25 17 062 421,26 15,49
99 283,00 DEUTSCHE BANK AG EUR 3 172 538,15 2 480 585,76 2,25
46 000,00 BNP PARIBAS S.A. * EUR 2 212 513,27 2 265 960,00 2,06
173 000,00 ING GROEP NV EUR 1 479 870,80 1 873 590,00 1,70
175 000,00 BANCO BILBAO VIZCAYA ARGENTARIA S.A. EUR 1 321 311,55 1 374 450,00 1,25
70 000,00 AXA S.A. EUR 1 013 223,23 1 344 350,00 1,22
76 900,00 ASSICURAZIONI GENERALI SPA EUR 1 264 983,25 1 307 300,00 1,19
9 500,00 ALLIANZ SE EUR 1 102 907,43 1 304 825,00 1,18
202 000,00 AEGON NV EUR 1 303 521,63 1 264 318,00 1,15
32 000,00 SOCIETE GENERALE S.A. EUR 1 239 522,00 1 119 680,00 1,02
155 000,00 BANCO SANTANDER S.A. EUR 1 070 581,66 1 084 380,00 0,98
12 500,00 KBC GROEP NV EUR 538 729,45 581 187,50 0,53
98 000,00 BANCA POPOLARE DELL'EMILIA ROMAGNA SC EUR 537 750,01 535 570,00 0,48
970 000,00 BANCA POPOLARE DI MILANO SCARL EUR 535 827,82 526 225,00 0,48
Health 4 757 261,93 5 546 293,00 5,04
28 600,00 SANOFI EUR 2 029 544,20 2 163 876,00 1,97
12 000,00 BAYER AG EUR 897 694,28 1 356 000,00 1,23
35 600,00 GRIFOLS S.A. * EUR 1 179 540,15 1 179 072,00 1,07
13 700,00 FRESENIUS MEDICAL CARE AG & CO. KGAA EUR 650 483,30 847 345,00 0,77
Industries 12 076 717,28 11 421 262,00 10,37
48 500,00 CIE DE SAINT-GOBAIN EUR 1 725 549,34 1 708 655,00 1,55
36 000,00 VINCI S.A. * EUR 1 723 026,08 1 638 360,00 1,49
18 900,00 MTU AERO ENGINES AG EUR 1 233 287,36 1 363 824,00 1,24
259 000,00 ITALCEMENTI SPA EUR 1 545 894,49 1 279 460,00 1,16
31 400,00 RANDSTAD HOLDING NV EUR 1 307 740,76 1 257 884,00 1,14
18 500,00 HEIDELBERGCEMENT AG EUR 1 046 991,43 1 087 985,00 0,99
22 200,00 AIRBUS GROUP NV EUR 1 064 756,08 917 970,00 0,83
43

Nominal /
Market value
in EUR
% of
Net Assets
13 900,00 ANDRITZ AG EUR 636 902,43 635 091,00 0,58
56 000,00 PIRELLI & C. SPA EUR 615 436,42 627 760,00 0,57
173 000,00 MOTA-ENGIL SGPS S.A. EUR 554 136,30 460 353,00 0,42
24 800,00 TARKETT S.A. EUR 622 996,59 443 920,00 0,40
Multi-Utilities 4 114 192,13 4 287 555,00 3,89
137 000,00 E.ON SE EUR 1 852 508,31 1 944 715,00 1,77
268 000,00 SNAM SPA EUR 1 075 459,97 1 098 800,00 1,00
37 600,00 ENDESA S.A. EUR 556 272,45 622 280,00 0,56
32 000,00 GDF SUEZ EUR 629 951,40 621 760,00 0,56
Raw materials 3 467 098,36 3 498 950,00 3,18
25 000,00 KONINKLIJKE DSM NV EUR 1 216 188,81 1 266 000,00 1,15
110 000,00 ARCELORMITTAL * EUR 1 170 739,09 999 680,00 0,91
135 000,00 OUTOKUMPU OYJ * EUR 539 918,82 644 220,00 0,59
31 500,00 SMURFIT KAPPA GROUP PLC. EUR 540 251,64 589 050,00 0,53
147 000,00 TELEFONICA S.A. * EUR 1 664 467,09 1 752 240,00 1,59
35 400,00 VIVENDI S.A. EUR 651 427,20 732 426,00 0,66
238 000,00 ALCATEL-LUCENT * EUR 627 221,04 706 860,00 0,64
42 700,00 DEUTSCHE TELEKOM AG EUR 551 488,61 565 775,00 0,51
85 000,00 NOKIA OYJ EUR 528 151,52 557 600,00 0,51
212 000,00 KONINKLIJKE KPN NV EUR 563 814,00 557 136,00 0,51
ETFs 15 634 015,05 15 532 125,00 14,10
Finance 15 634 015,05 15 532 125,00 14,10
485 000,00 ISHARES EURO STOXX UCITS ETF DE EUR 15 634 015,05 15 532 125,00 14,10
OPEN-ENDED COLLECTIVE INVESTMENT SCHEME QUALIFYING UNDER ARTICLE
41 (1) (E) OF THE LAW OF 17 DECEMBER 2010 - ETF 14 969 321,62 19 697 184,00 17,88
Finance 14 969 321,62 19 697 184,00 17,88
18 000,00 LYXOR INDEX FUND - LYXOR EURO STOXX 300 DR EUR 14 969 321,62 19 697 184,00 17,88
Other net assets 786 436,01 0,71
Total Net Assets 110 158 545,67 100,00
44

Assets
Receivable on subscriptions 4 800 000,00
Other assets 189,11
Liabilities
Payable on investments purchased (4 784 040,00)
Total liabilities (4 846 532,81)
Class B EUR 178,84 144 120,49
Class C EUR 169,23 71 693,78
45

Interest on cash account, net 66,57
Income on securities lending (Notes 3h, 11) 873,23
- Foreign currencies (Note 3d) 986 306,35
- Foreign currencies 47 124,63
46

Nominal /
Market value
in EUR
% of
Net Assets
Shares 16 203 149,82 19 437 620,55 51,27
Basic Goods 760 974,26 855 553,35 2,26
28 500,00 MONDELEZ INTERNATIONAL, INC. - CLASS A USD 760 974,26 855 553,35 2,26
Computing and IT 1 565 657,13 1 657 805,61 4,37
12 600,00 VMWARE, INC. - CLASS A * USD 918 600,47 859 263,53 2,27
27 600,00 MICRON TECHNOLOGY, INC. USD 647 056,66 798 542,08 2,10
Consumer Retail 4 599 230,65 5 894 357,97 15,55
14 600,00 MARRIOTT INTERNATIONAL, INC. - CLASS A USD 503 235,51 941 479,95 2,48
15 500,00 UNITED CONTINENTAL HOLDINGS, INC. USD 562 568,39 856 819,83 2,26
30 500,00 ALLISON TRANSMISSION HOLDINGS, INC. USD 691 801,35 854 468,69 2,26
4 600,00 TESLA MOTORS, INC. USD 927 659,58 845 490,55 2,23
8 700,00 HANESBRANDS, INC. USD 760 038,58 802 523,73 2,12
14 000,00 COLGATE-PALMOLIVE CO. USD 612 033,92 800 512,25 2,11
12 300,00 FACEBOOK, INC. - CLASS A USD 541 893,32 793 062,97 2,09
Energy 2 595 414,25 2 498 769,89 6,59
9 300,00 CHEVRON CORP. USD 777 573,19 862 174,15 2,27
25 900,00 HALLIBURTON CO. USD 920 594,98 841 822,10 2,22
21 400,00 WILLIAMS COMPANIES, INC. USD 897 246,08 794 773,64 2,10
Finance 2 773 342,66 3 347 742,13 8,83
24 800,00 VOYA FINANCIAL, INC. USD 656 546,91 868 578,85 2,29
4 900,00 AFFILIATED MANAGERS GROUP, INC. USD 788 124,37 859 448,65 2,27
7 800,00 BOSTON PROPERTIES, INC. USD 795 234,98 829 537,49 2,19
14 600,00 DISCOVER FINANCIAL SERVICES USD 533 436,40 790 177,14 2,08
Health 2 045 393,08 2 695 564,22 7,11
21 900,00 CATAMARAN CORP. USD 744 979,99 936 593,38 2,47
18 300,00 BRISTOL-MYERS SQUIBB CO. USD 688 718,47 892 730,74 2,35
11 800,00 AETNA, INC. USD 611 694,62 866 240,10 2,29
Industries 1 210 699,70 1 747 329,17 4,61
5 600,00 CANADIAN PACIFIC RAILWAY LTD. USD 697 805,80 891 751,44 2,35
24 400,00 SEALED AIR CORP. USD 512 893,90 855 577,73 2,26
114 000,00 NOKIA OYJ - ADR USD 652 438,09 740 498,21 1,95
ETFs 13 755 146,10 17 061 584,90 45,01
Finance 13 755 146,10 17 061 584,90 45,01
36 000,00 SPDR S&P 500 UCITS ETF USD 4 329 903,24 6 207 213,59 16,38
39 000,00 VANGUARD S&P 500 ETF USD 4 641 202,86 6 073 756,31 16,02
274 000,00 LYXOR ETF S&P 500 - CLASS A EUR 4 784 040,00 4 780 615,00 12,61
Total Net Assets 37 907 926,73 100,00
47

PensPlan SICAV Lux
NOTES TO THE FINANCIAL STATEMENTS
1. GENERAL INFORMATION
PensPlan SICAV Lux ("the Company") is an investment company organised as a société anonyme under the laws of the
Grand Duchy of Luxembourg and qualifies as an investment company with variable share capital (SICAV). It was
incorporated in Luxembourg for an unlimited period on 4 June 2010. The Board of Directors of the Company has
appointed Lemanik Asset Management S.A. as its designated management company, and domiciliary agent pursuant to
the agreement signed 4 June 2010.
The Company is registered under Part I of the Luxembourg amended Law of 17 December 2010 (the "2010 Law"), on
Undertakings for Collective Investment in Transferable Securities (UCITS) as defined by the Council Directive
2009/65/CE, as amended.
The Company is an umbrella structure comprising different Sub-Funds, each having a separate portfolio of Net Assets. As
at 31 December 2014, the following Sub-Funds are offered to investors:
Sub-Funds Classes Launch dates
PensPlan SICAV Lux - PensPlan Invest Cash Fund B EUR Cap 5 November 2010
C EUR Cap * 1 July 2011
PensPlan SICAV Lux - PensPlan Invest Euro Government Bond Fund B EUR Cap 25 June 2010
C EUR Dis 1 July 2011
PensPlan SICAV Lux - PensPlan Invest Euro Corporate Bond Fund A EUR Dis 16 August 2013
B EUR Cap 9 July 2010
C EUR Dis 1 July 2011
PensPlan SICAV Lux - PensPlan Invest Euro Bond Fund 1-3 Years B EUR Cap 4 February 2011
C EUR Dis 6 June 2014
PensPlan SICAV Lux - Local Investment Fund B EUR Cap 23 September 2011
C EUR Dis 23 September 2011
PensPlan SICAV Lux - PensPlan Invest Global Equities B EUR Cap 10 June 2011
C EUR Cap 1 July 2011
PensPlan SICAV Lux - PensPlan Invest Europe Equities B EUR Cap 23 July 2010
PensPlan SICAV Lux - PensPlan Invest US Equities B EUR Cap 3 September 2010
* The class was inactive as from 21 February 2014.
The financial year starts each year on 1 January and ends on 31 December.
2. SHARE CLASSES
Eight Sub-Funds are currently available to investors out of the twelve Sub-Funds planned in the Prospectus. The
remaining ones will be launched at a later stage upon decision of the Board of Directors. In each Sub-Fund three share
classes (A, B and C) may be opened:
Classes Description Target investors
A Capitalisation - Retail Class Individuals and corporate entities Not launched
A Distribution - Retail Class Individuals and corporate entities Launched on 16 August 2013
B Capitalisation - Institutional Class Pensplan Invest SGR Launched on 25 June 2010
C Capitalisation - Institutional Class Institutional investors Launched on 1 July 2011
C Distribution - Institutional Class Institutional investors Launched on 23 September 2011
48

PensPlan SICAV Lux
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in accordance with generally accepted accounting principles in the Grand Duchy of
Luxembourg.
(a) Valuation of investment securities
Investment securities, including zero-coupon bonds and money market instruments, quoted on an official stock exchange
or on another regulated market are valued according to the last known price and, in the event of being quoted on several
markets, according to the last known price of the principal market.
Valuation of investment securities, including zero-coupon bonds and money market instruments, neither quoted on an
official stock exchange nor on another regulated market, is based on the probable sales price determined prudently and in
good faith by the Board of Directors.
The Board of Directors, at its sole discretion, may permit some other method of valuation to be used if it considers that
such valuation better reflects the fair value of any asset of the Company.
The value of each investment in open-ended collective schemes, either listed or not, is based on the last known Net Asset
Value on the Valuation Day.
(b) Cash at bank
The value of any cash at hand or on deposit (defined as "cash at bank" in the Statement of Net Assets), shall be valued at
the par-value of the assets.
(c) Net realised profit / (loss) on sale of investments
Realised profits or losses made on the sales of investments are calculated according to the average cost.
(d) Forward foreign exchange contracts
Forward foreign exchange contracts are valued at forward foreign exchange rate for the remaining period to run until
maturity at the date of valuation.
Unrealised profits and losses (if any) are recorded in the Statement of Net Assets and their variations are recorded in the
Statement of Operations and Changes in Net Assets under the heading "Change in unrealised appreciation /
(depreciation) on forward foreign exchange contracts".
As at 31 December 2014, the Company has no open transactions in forward foreign exchange contracts.
(e) Future contracts
Commitments related to future contracts are recorded off balance sheet and future contracts are valued according to the
last available contract price. Unrealised profits and losses on future contracts (if any) are recorded in the Statement of Net
Assets and their variations are recorded in the Statement of Operations and Changes in Net Assets under the heading
"Change in unrealised appreciation / (depreciation) on future contracts". Guarantee deposits are booked under the
heading "Amounts due from brokers" and "Amounts due to brokers".
As at 31 December 2014, the Company has no open positions in future contracts.
49

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