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

ATOMO Investment Company with Variable Share Capital (SICAV) with multiple sub- funds under Luxembourg law

R.C.S. Luxembourg B 76 035

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, the key investor information document ("KIID"), supplemented by the latest annual report and the most recent semi-annual report, if published thereafter.

ATOMO

Contents

Organisation ...... 3 General information ...... 6 Report on activities of the Board of Directors...... 8 Report of the réviseur d'entreprises agréé ...... 17 Combined statement of net assets ...... 19 Combined statement of operations and other changes in net assets ...... 20 ATOMO - MIXED ...... 21 Statement of net assets ...... 21 Statement of operations and other changes in net assets ...... 22 Statistical information ...... 23 Statement of investments and other net assets ...... 24 Industrial and geographical classification of investments ...... 25 Statement of changes in investments ...... 26 ATOMO - GLOBAL FLEXIBLE ...... 27 Statement of net assets ...... 27 Statement of operations and other changes in net assets ...... 28 Statistical information ...... 29 Statement of investments and other net assets ...... 30 Industrial and geographical classification of investments ...... 33 Statement of changes in investments ...... 35 ATOMO - MULTI STRATEGY ...... 44 Statement of net assets ...... 44 Statement of operations and other changes in net assets ...... 45 Statistical information ...... 46 Statement of investments and other net assets ...... 47 Industrial and geographical classification of investments ...... 50 Statement of changes in investments ...... 52 ATOMO - PLAB FLEX ABSOLUTE FUND ...... 55 Statement of net assets ...... 55 Statement of operations and other changes in net assets ...... 56 Statistical information ...... 57 Statement of investments and other net assets ...... 58 Industrial and geographical classification of investments ...... 60 Statement of changes in investments ...... 61 ATOMO - PHOENIX GLOBAL MACRO ...... 63 Statement of net assets ...... 63 Statement of operations and other changes in net assets ...... 64 Statistical information ...... 65 Statement of investments and other net assets ...... 66 Industrial and geographical classification of investments ...... 68 Statement of changes in investments ...... 69 ATOMO - CREDIT OPPORTUNITIES FUND ...... 71 Statement of net assets ...... 71 Statement of operations and other changes in net assets ...... 72 Statistical information ...... 73 Statement of investments and other net assets ...... 74 Industrial and geographical classification of investments ...... 78 Statement of changes in investments ...... 80

1 ATOMO

Contents (continued)

ATOMO - CARPINUS ...... 85 Statement of net assets ...... 85 Statement of operations and other changes in net assets ...... 86 Statistical information ...... 87 Statement of investments and other net assets ...... 88 Industrial and geographical classification of investments ...... 90 Statement of changes in investments ...... 92 ATOMO - GLOBAL YIELD ...... 96 Statement of net assets ...... 96 Statement of operations and other changes in net assets ...... 97 Statistical information ...... 98 Statement of investments and other net assets ...... 99 Industrial and geographical classification of investments ...... 101 Statement of changes in investments ...... 103 ATOMO - BE FLEXIBLE ...... 105 Statement of net assets ...... 105 Statement of operations and other changes in net assets ...... 106 Statistical information ...... 107 Statement of investments and other net assets ...... 108 Industrial and geographical classification of investments ...... 109 Statement of changes in investments ...... 110 ATOMO - BE SAFE ...... 111 Statement of net assets ...... 111 Statement of operations and other changes in net assets ...... 112 Statistical information ...... 113 Statement of investments and other net assets ...... 114 Industrial and geographical classification of investments ...... 115 Statement of changes in investments ...... 116 ATOMO - BE RESOLUTE ...... 117 Statement of net assets ...... 117 Statement of operations and other changes in net assets ...... 118 Statistical information ...... 119 Statement of investments and other net assets ...... 120 Industrial and geographical classification of investments ...... 121 Statement of changes in investments ...... 122 ATOMO - NEW HORIZON FUND ...... 123 Statement of net assets ...... 123 Statement of operations and other changes in net assets ...... 124 Statistical information ...... 125 Statement of changes in investments ...... 126 Notes to the financial statements ...... 129 Unaudited appendix ...... 140

2 ATOMO

Organisation

Registered Office ATOMO 42, Rue de la Vallée L-2661 Luxembourg

Board of Directors

Chairman Margherita BALERNA BOMMARTINI Head of Operations & Branch Manager CASA4FUNDS SA Luxembourg, Swiss Branch, Paradiso Via L. Zuccoli, 19 CH-6900 PARADISO (since 6th August 2015)

Sylvain FERAUD General Manager CASA4FUNDS SA 42, Rue de la Vallée L-2661 Luxembourg (until 26th June 2015)

Directors Margherita BALERNA BOMMARTINI Head of Operations & Branch Manager CASA4FUNDS SA Luxembourg, Swiss Branch, Paradiso Via L. Zuccoli, 19 CH-6900 PARADISO (until 6th August 2015)

Philippe MULLER Avocat à la Cour LexField S.à.r.l 12, rue Jean Engling L-1466 Luxembourg (since 6th August 2015)

Robert ZAGORSKI Head of Fund Services CASA4FUNDS SA 42, rue de la Vallée L-2661 Luxembourg

Management Company CASA4FUNDS SA 42, Rue de la Vallée L-2661 Luxembourg

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Organisation (continued)

Board of Directors of the Management Company

Chairman Michele MILANI Member of the Management Committee BANOR SIM SPA Via Santa Radegonda, 11 IT-20121 MILANO (until 6th December 2015) Via Dante, 15 IT-20123 MILANO (since 7th December 2015)

Directors Alberto CAVADINI Director MANAGEMENTPLUS Luxembourg S.A. 24, rue Beaumont L-1219 Luxembourg

Giacomo MERGONI Director, Investment Manager BANOR CAPITAL LTD 16 Berkeley Street UK-LONDON W1J 8DZ

Day-to-day managers Margherita BALERNA BOMMARTINI of the Management Company Arnaud BOUTEILLER Sylvain FERAUD (until 26th June 2015) Céline GUTTER (since 1st September 2015) Robert ZAGORSKI (since 12th August 2015)

Custodian Bank BANQUE DE LUXEMBOURG Société Anonyme 14, Boulevard Royal L-2449 LUXEMBOURG

Central Administration EUROPEAN FUND ADMINISTRATION S.A. 2, Rue d’Alsace L-1122 LUXEMBOURG

Investment Managers

- for all Sub-Funds CASA4FUNDS SA 42, Rue de la Vallée L-2661 Luxembourg

4 ATOMO

Organisation (continued)

Investment Advisers

For ATOMO - PLAB FLEX Portfolio Lab Investments SRL ABSOLUTE FUND Via GB Morgagni 28 I-20129 Milan Italy

Correspondent Bank in Italy STATE STREET BANK S.p.A. Via Ferrante Aporti, 10 I-20125 MILAN

Cabinet de révision agréé DELOITTE Audit Société à responsabilité limitée 560, Rue de Neudorf L-2220 LUXEMBOURG

5 ATOMO

General information

ATOMO (hereafter the "Fund") is a Luxembourg Investment Company ("Société d'investissement à capital variable") incorporated for an unlimited duration in Luxembourg on 15th May 2000. The Fund is subject to the amended Law of 10th August 1915 related to commercial companies and to Part I of the amended Law of 17th December 2010 relating to Undertakings for Collective Investment and qualifies as an Undertaking for Collective Investment under the Council Directive 2009/65/EC as amended.

The Articles of Incorporation of the Fund were published in the "Mémorial, Recueil des Sociétés et Associations" (the "Mémorial") on 5th July 2000. The Articles have been amended for the last time on 12th December 2005 and the coordinated Articles were published in the "Mémorial" on 2nd November 2006. The Articles have been filed with the "Registre de Commerce et des Sociétés de Luxembourg" where these documents are kept available for inspection and where copies thereof can be obtained.

The Fund is structured as an umbrella fund, which means that it is made up of several Sub-Funds having each their specific assets and liabilities and their own distinct investment policy.

At the date of the present report, the following Sub-Funds are currently being offered for subscription:

- ATOMO - MIXED in EUR - ATOMO - GLOBAL FLEXIBLE in EUR - ATOMO - MULTI STRATEGY in EUR - ATOMO - PLAB FLEX ABSOLUTE FUND in EUR - ATOMO - PHOENIX GLOBAL MACRO in EUR - ATOMO - CREDIT OPPORTUNITIES FUND in EUR. - ATOMO - CARPINUS (launched on 20th January 2015) in EUR. - ATOMO - GLOBAL YIELD (launched on 21st January 2015) in USD. - ATOMO - BE FLEXIBLE (launched on 20th March 2015) in EUR. - ATOMO - BE SAFE (launched on 20th March 2015) in EUR. - ATOMO - BE RESOLUTE (launched on 20th March 2015) in EUR.

The Board of Directors decided to liquidate the Sub-Fund ATOMO - NEW HORIZON FUND as at 14th July 2015.

The following Classes of Shares can be subscribed:

Classes of Shares Description Class C available to all types of shareholders

Class R retail shares class

Class I institutional shares class

available to retail shareholders subscribing through distributors Class R1 specifically authorised by the Board of Directors

For the Sub-Funds ATOMO - MIXED and ATOMO - NEW HORIZON FUND (liquidated on 24th July 2015), the Net Asset Value per share is determined each Tuesday.

For all other Sub-Funds, the Net Asset Value per share is determined each bank business day in Luxembourg.

If a Valuation Day is a (legal or bank) holiday in Luxembourg, the Valuation Day shall be the next following bank business day.

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General information (continued)

The Net Asset Value, the issue price and the redemption price are available at any time during business hours at the Fund's registered office.

The financial year begins on 1st January and ends on 31st December.

Every year, the Fund publishes a detailed annual report on its activities and the management of its assets, including the balance sheet and combined profit and loss accounts expressed in Euro and the report of the independent auditor.

Furthermore, at the end of each half-year, it shall establish a report including inter alia, the composition of the portfolio, statements of portfolio changes during the period, the number of shares outstanding and the number of shares issued and redeemed since the last publication.

The prospectus, the Key Investor Information Document ("KIID"), copy of the Articles, the financial annual and semi-annual reports of the Fund are available free of charge at the Fund's registered office. The agreements with the Fund may also be consulted.

7 ATOMO

Report on activities of the Board of Directors

ATOMO - MIXED Management Report as of 31.12.2015

In the year 2015, the Sub-Fund was invested primarily in bond funds with reference currency EUR and, in addition, in individual bonds denominated in the US Dollar currency in order to leverage the strength of the latter; however, towards the beginning of December, the US Dollar had a slight setback falling from 1.05 to the current 1.0870.

In addition, the Sub-Fund maintained its exposure in UCITS with exposure to the United States and increased, during the last part of the year, its exposure to European markets.

Given the high volatility that markets displayed and, not least, the various external factors that have influenced this trend, the Sub-Fund has a cash level of approximately 18% of assets.

For this year, the economic landscape pushes us to prefer asset allocation focused more on the equities than bonds. The fundamentals of the EUR should continue to strengthen and confirm a recovery still in the initial stage, aided by the policy of the European Central Bank that, as in 2015, should implement the QE, sustained by the low cost of oil combined with the weakening / stabilization of the EUR which will constitute solid pillars of support for the economy.

ATOMO - Global Flexible Management Report as of 31.12.2015

Europe’s benchmark stocks closed out 2015 with a fourth straight yearly advance, after one year marked by aggressive monetary easing, Grexit jitters and fears over a Chinese economic slowdown. The Europe Stoxx 50 index ended 6.81% lower in December 2015, trimming its 2015 gain to 3.85%. European stocks were among the world's top performers in 2015, but the double-digit gains widely predicted for Europe failed to materialize. Stocks soared during the first half of 2015, powered by the European Central Bank's massive stimulus program, but by August, the equity were pulled down by worries over global growth and the commodity rout. With the ECB continuing to pump cash into the economy, many investors believe that European out performance could continue in 2016. Europe outperformed Wall Street equity markets and the emerging countries as the MSCI Emerging Market index down by more than 16%. Stock markets briefly rallied but then fell back after the US Federal Reserve (“Fed”) delivered the first rate hike in almost a decade on 16th December 2015. The Fed ended its crisis-era policy by raising rates by 25 basis points. It promised it would proceed slowly with further tightening while monitoring inflation, which remains below target. In our view, Fed will hold interest rate at this level as inflation will remain below Fed’s target. During 2015, the real laggards versus the other developed financial markets took off. Milan's FTSE Mib ends last year at 21,418 points, closing the last month lower 5.72% limiting the annual gains at +13% gains. MSCI Italy Financials Index lost 5.77% only in December but was still up to 10% for 2015. The EUR has dropped nearly 10% against the dollar on 2015, mainly due to policy divergence between the ECB and the Fed. Oil futures dropped 11% in December and 30.5% for 2015.

2015 Sub-Fund’s strategy was imprinted to prudential approach thought derivatives instruments. Europe, mainly Italy remained our favorite stock markets in the developed world. At the year-end, the Sub-Fund was still mainly invested in financial sector (22% of assets under management), utilities (13%), consumer cyclical (8%) and energy (7%). The Sub-Fund’s performance last year was hit drawdown of Italian bank shares as for Italian banking scandal which undermined the investors’ confidence. The Italian Government salvaged Banca Marche, Banca Etruria, CariChieti and CariFe at the end of November, using EUR 3.6 billion (GBP 2.6 billion) from a crisis fund that was financed by healthy Italian banks. The under performance of the Italian market versus other European equity market during the December (FTSE MIB Index, -5.72%) also limited the annual returns of the sub fund, as the Italian equity market was around 58% long only of the assets under management. A drop in the oil price also effected the fund performance. Oil rattled stock investors around the world during the second week of December, with steep losses in Europe and the US, where a major market index ended its worst week since the summer. As measure of anxiety, the so-called Vix index, jumped for all asset class and we as

8 ATOMO

Report on activities of the Board of Directors (continued)

in our investment style, traded on buying volatility, we increased our hedging on equity downside for about 80%-85% of the portfolio, especially for Italian equity through future on FTSE Mib.

Looking forward, following fundament analysis approach, we are going to reduce the holding number in the portfolio as in our view stocks picking will provide returns for the next year instead indexes tracking. At the end of the year the performance of the main Sub-Fund’s share class (Class R EUR) was positive of + 1.33%

ATOMO - Multi Strategy Management Report as of 31.12.2015

During 2015, the Sub-Fund had the following performance on each share class: +7,40% for the R1 class and +6,78% for the R class. The good positioning of our portfolio has enabled the Sub-Fund to take advantage of the market rally we have seen during the first quarter of the year. The strong performance of the first period then allowed us to increase liquidity and protect the portfolio to avoid volatility that hit the market indices during the summer months mainly due to the Greek crisis. We used future contracts and options to protect the portfolio and we have maintained a high level of liquidity. During the second half of the year, after declining summer markets, we have gradually reduced protections and increased equity exposure by taking advantage of the lower prices using the cash we had available. As in the previous year, the bond component was underweight and never exceeded 20% of the portfolio as a consequence of the low level of interest rates and spreads; we judge unsatisfactory yields so we prefer not to take risks by maintaining a low duration, favouring issuers with high reliability, while in terms of currency prevents emerging currencies remaining invested in EUR and US Dollar. The equity component was flexibly managed, increasing market exposure during corrections, while, in the aim to minimize risks, we have implemented a wide diversification while maintaining limited exposure to individual stocks. It was made a careful selection of securities and their rotation in the portfolio when deemed appropriate. As a result the portfolio was invested in approximately 80-90 titles so that everyone had a limited impact on the overall portfolio and implementing a broad sector and geographical diversification, including only developed counties mainly European but also the UK and US, avoiding at the moment exposure to emerging markets. At the sector level, in the financial the main contribution came from asset management stocks that we have preferred to banks. Other leading sectors were the industrial, technology and health-care while we underweight the energy sector and avoided the raw materials. Finally, we have benefited from Mergers and Acquisitions transactions involving securities that we held in the portfolio such as Sorin, Pirelli, Ansaldo Sts, Solera Holdings and World Duty Free. Mergers and Acquisitions is a theme from which we expect a positive contribution for next year too.

ATOMO - Plab Flex Absolute Management Report as of 31.12.2015

In 2015, we globally entered a stage of low growth - less international trade, mainly caused by reduced activities in and from emerging markets still facing financial outflows. Some countries were curbed by collapsing commodity prices while dollar shortage caused a general rise in risk premiums. Eurozone recovery in 2015 was much more pervasive than in 2014 but failed to offset the reduced pace of growth in US, leaving us with a negative effect from the currency rebalancing of the two areas. Therefore growth expectations were continuously lowered during the year following China slowdown and US manufacturing contraction.

9 ATOMO

Report on activities of the Board of Directors (continued)

On balance risks outweighed opportunities. With the notable exception of the first quarter driven by QEs in Eurozone and Japan and by the stock market speculation in China, markets reaction became negative to contingent events: Chinese stock market bust, Greece bailout, Oil prices collapse, CNY devaluation. Because of oil prices collapse not only inflation remained globally subdued but also bond markets restated a low rate climax, which still represents an encouraging environment for corporate issuers but not investors facing currency volatilities. Us high yield spreads began rising more convincingly, then conditioning all other corporate sectors, despite a global prevailing accommodative monetary policy.

The Sub-Fund kept a pro-cyclical allocation, gradually reducing bond duration and moving assets from hybrid instruments such as high yield and convertible to equity. Europe and Us were the biggest investment targets, focusing in both areas on consumer demand and growth sectors such as healthcare and technology. The exhaustion of equity uptrends between March and June 2015 marked a strong and structural rise in volatility. Therefore our strategy of increasing the equity net exposure from 20-35% of 2014 to 40%- 70% was partially delayed and in some circumstances suspended. Nevertheless performance of the Sub-Fund was negatively affected by focusing on European equity markets in December.

Our forecasts for 2016 remain substantially positive in terms of economic perspectives. China slowdown and even a US technical recession should not revert the expansionary effects coming from monetary and fiscal policies. The negative trend of commodity prices should also come to an end, providing relief to emerging countries state budgets and helping developed central banks to move towards their inflation goals. Allocation strategies need to be adjusted according to extreme volatilities but current level of bond yields still do not allow us to adopt a balanced approach between equities and bonds, mostly in view of the fact that corporate bonds are already suffering from rising spreads. In 2016 we intend to keep our focus on equity markets, despite lowering the upside potential and the need of frequent tactical adjustments.

Atomo - Phoenix Global Macro Management Report as of 31.12.2015

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2015 2.11% -0.94% 0.21% 0.75% -0.49% -2.14% 0.45% -1.27% -3.09% 2.31% -1.30% -2.55% -5.94%

The objective of the Sub-Fund is to seek long-term capital growth by combining different assets, investing up to 50% in equities. This Sub-Fund is targeted to investors who wish to increase their capital in the long term, while concurrently receiving a regular income, who are willing to accept fluctuations in the value of their invested capital.

Even if the portfolio was taking a defensive stance; the fund suffered market volatility. We are confident that the positioning will give us the possibility to survive the zero rates environment we are facing. Risk is a concept that no longer is related to asset classes. Potential losses on bonds are wider than equities ones. We carried on our daily business trying to adjust the positioning according to market conditions.

The framework has not changed, although the situation is getting more and more nervous. Extreme optimism could lead to an excessive performance on stocks markets or to a violent disappointing wave, while central banks are making efforts to drive real economy and financial markets through a quietly growing path. Volatility is supposed to be even higher than the past year; however we believe that risk aversion will not pay. We target an increase of the assets under management, according to our prospects we expect the Sub- Fund’s assets under management to be more than 20M by the end of 2016.

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Report on activities of the Board of Directors (continued)

ATOMO - Credit Opportunities Fund Management Report as of 31.12.2015

With markets wrapped up for 2015 now, reviewing the performance of asset classes last year shows that it was one where negative asset class returns were aplenty, while those finishing in positive territory were few and far between. Indeed, of the global assets very few finished with a positive return in Dollar- adjusted terms over the full year. Of these, the big winner was the Nikkei (+10.4%) - boosted by the accommodative Bank of Japan and relatively stable Yen. In the periphery we saw both Portuguese (+6.5%) and Italian (+3.9%) equity markets also close higher, while in China the Shanghai Comp (+6.2%) finished up for the year but not without some huge volatility over the 12-months and of course ending well off the highs it posted back in June. The S&P 500 (+1.4%) also closed just about in positive territory for the year on a total return basis although that performance was the worst for the index since 2008 as energy stocks clearly weighed for much of the year, while there was a similar return for US Treasuries (+0.8%). At the other end of the scale there were some notable losers to pick out. In particular it was Oil which stole the limelight with huge falls for both Brent (-44.1%) and WTI (- 30.5%) while Copper (-24.4%), Wheat (-20.3%), Silver (-11.7%) and Gold (- 10.4%) were also hard hit. Both political and economic fragility saw Brazil (- 42.0%) and Greece (-30.3%) fall the most in the equity space while EM equity markets finished with a broad -14.8% decline. US Dollar strength was a big theme for 2015 as evidenced by the lack of winners above with the Dollar index returning a hefty +9.3% for the full year. This meant there were decent falls for the EUR (-10.3%), Aussie Dollar (-10.7%) and Canadian Dollar (-16.1%). In local currency terms Russian equities (+32.3%) came out on top along with some of the peripheral markets. In the credit space it was the divergence between European and US credit which was most notable. Reflecting the higher exposure to energy credits, US HY closed with a -5.0% loss for the full year, while US IG was down a more modest -0.4%. In Europe we saw EUR HY finish +0.5% and EUR Sub Fins +1.4%, although EUR IG Corp was down -0.7%. Again converting this into US Dollar terms results in any gains for European credit being wiped out and in turn underperforming US credit for the full year.

Regarding the activity of the Sub-Fund, in an investment point of view, we believed that yield hungry investors and us with them continued to prefer riskier asset classes, such as peripheral vs. core corporate bonds, HY vs. IG, and subordinated debt vs. senior debt. For this reason during the year we added some HY bonds (especially retail sector as we thought that the fall of oil price could produce an increase in consumption of other goods and so we bought paper on the Dutch retailer Hema, on the English retailer Icelandic and on French retailer Maison du Monde); we were also buyer of gaming sector issuers (Gamenet, Snai, IGT) and increased position on the Italian consumer services issuer Manutencoop. We were also active on primary market as we pointed out interesting new issues that were launched. In the first half of the year the Sub-Fund performed well with a return well above the average of pairs. We managed to partially offset the collapse of market during the month of August (due to the devaluation of CNY and the consequent heavy risk off on emerging markets) through the utilization of put options on different indexes.

The last two months of the year were the worst for the Sub-Fund for the following reasons: In the last week of November the Sub-Fund was affected by the collapsing of two issuers: Banca delle Marche and Abengoa.  Italy on late Sunday 22nd approved a 3.6 billion-euro resolution plan for Banca delle Marche SpA, Banca Popolare dell’Etruria e del Lazio SC, Cassa di Risparmio di Ferrara SpA and Cassa di Risparmio della Provincia di Chieti SpA, four banks saddled with bad loans. As a consequence of this action with an unprecedented decision they wrote off all the subordinated bonds of these issuers (we had LT2 of Banca delle Marche).

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Report on activities of the Board of Directors (continued)

 On 25th of November Abengoa SA’s bonds and stock tumbled to records after the embattled renewable-energy company said it was seeking preliminary protection from creditors following the breakdown of talks with a new investor.

In our view, the key drivers for outperformance in European credit markets in 2016 will continue to be technical factors in the context of high market volatility, mainly due to the diverging monetary paths of the ECB (further easing) and the Fed (gradually tightening). Further weighing on credit market performance going forward is, in our view, a combination of persisting low liquidity in the secondary market, an uncertain outlook for global growth (mainly related to China and emerging markets), commodity rout, higher idiosyncratic risk, and rising concern over US HY performance (higher default rates and recently significant fund redemptions). However, European credit markets should continue to be supported by the ECB's QE, mild recovery in the Eurozone, below average default rates (albeit slightly increasing), attractive funding costs, and still overall stable corporate fundamentals (against a releveraging cycle already visible in the US). In light of the above drivers we think that it will be important to have a selective approach based on both issuers' fundamental outlooks and higher portfolio diversification.

ATOMO - Carpinus Management Report as of 31.12.2015

The Sub-Fund Atomo - Carpinus has been launched on the 19th January 2015; the first few months of the Sub-Fund’s life were needed to structure the portfolio. This has precluded the Sub-Fund to effectively exploit the early months of 2015 that have proved very positive for both the stock and bond markets. However, after having had a good start, the Sub-Fund has lost ground over the last six months of the year as a result of financial turbulence on all major financial markets and initially triggered last summer by the sharp fall of the Chinese stock market. During the last month three months of year the Sub-Fund lost ground storing losses since 2015 inception. As it was year-end, the Sub-Fund was mainly invested in corporate bond (up to 78%) and for 21% of asset under management in common stocks. The Sub-Fund was affected by losses up to 2M EUR in bond side investment while in equity side the losses were around 600 K EUR (as it was year- end). The worst performer sectors in which we were invested in bond asset were: industrial (weighed at 21% of assets under management industrial sector), basic material (5%), energy (12%), consumer cyclical (5% of assets under management). On the top of the performer sector for 2015 as showed the sub year-end: financial sector, consumer, non-cyclical sector, communication and government but for residual amounts. Among the most disadvantaged in bond investments, PETROBRAS GLOBAL FINANCE (PETBRA 4 ⅞ 03/07/18 Corp). In equity side investment, we were mostly affected by losses in technology sector, consumer not cyclical, communication, industrial, basic material, consumer- cyclical. The only equity sector, which showed positive returns for the Sub-Fund, was the financial sector as for UBS Group AG which gained +14.22% in Swiss Franc for 2015 even if lost 13.78% for December. On financial market background, ECB President Draghi failed to satisfy the market's desire for an expanded QE monthly quota on 4th December. The Federal Reserve has increased interest rates by 0.25%, a historic moment after years of record lows, seven years after financial crisis. A big Sell Off on High Yield bond market come by 2015 year end driven by institutions, sparked by the planned closing of junk bond–focused mutual Fund Third Avenue Capital Management LLC, the demise of junk-focused hedge fund Lucidus Capital Partners and Stone Lion Capital Partners' decision to bar redemptions by Funds holders. That set off a wave of trading in junk-focused exchange-traded Funds. It appears that angst surrounding the Federal Reserve rate hike, along with slumping oil prices and large redemptions in junk-bond Funds, are hurting high-yield credit markets, driving prices lower and yields higher. The Sub-Fund that have decided to close, or halted redemptions, ranged in size from $400 million in assets under management to about $1.3 billion. Overall, the junk bond market isn't having a great year, but it's not anything like a crisis. The Standard & Poor's U.S.-Issued High Yield Bond Index is down only 1.73 percent in the fourth quarter, as expectations of a Federal Reserve rate hike rose. It's down 2.4 percent for the last 12 months. Beyond that, the problem among junk bond issuers, is

12 ATOMO

Report on activities of the Board of Directors (continued)

concentrated in the energy sector, where plunging oil prices have cut into (or eliminated) the profitability of drilling and pipeline projects that the junk bonds financed. In our view, the selling off we have seen during December and high volatility of market from August 2015 will find a stabilization as it were oversold. Europe remain our favoured stock markets as well as in bond market. We will continue to sell call option with underline of equities we held in the portfolio to smooth the eventually downside of price shares as well as to optimizing the total performance of the Sub-Fund. For 2016 we still expect the financial markets characterized by strong volatility, especially in the first months of the year, but we believe that by the end of 2016 the markets will recover some of the ground lost in 2015 and, consequently, that the Sub-Fund may achieve a positive performance. The US central bank ended its crisis-era policy by raising rates by 25 basis points. It promised it would proceed slowly with further tightening while monitoring inflation, which remains below target. Therefore, if the Fed will continue in the interest rate normalization policy, the US Dollar could continue to gain strength, reaching parity with the EUR by 2016. We will held on currency exposition side also CHF with contrarian rule in case of US Dollar weakness. At the end of the year the performance of the Sub-Fund was negative of -5%.

ATOMO - Global Yield Management Report as of 31.12.2015 assets under management: US Dollar 10,418 M

The Sub-Fund's objective is long-term capital appreciation investing in corporate high yield bond on a worldwide basis, including emerging-markets. These strategies were chosen with the aim of pursuing the highest possible diversification with the objective is to minimize the impact of any increase in short- term interest rates. Most of the securities have a rating between BB+ and B- and the last year target yield to maturity of the bonds held was roughly to 7%. The selection of High Yield Corporate Bond was mainly driven by risk containment on the portfolio, moving towards less volatile investments, excluding more risky bond as for issuer already in default and/or with a rating less than CCC, analysing the liquidity condition of the issuers and liquidity market condition for each single fixed income instrument. On sector allocation for 2015 we avoided to invest in perpetual bond, even if their appeal as well as in financial sector. We decided residual betting on High Yield bond in oil sector as oil price negative market e trend for 2015 (-30.5%). During the 2015, we maintained the portfolio duration on the range 3-4 years. For 2015 we had no currency risk as all asset securities were in US Dollar, also because the High Yield issues in US dollars are the most exchanged in the High Yield Fixed income market.

During the first part of 2015 our investment preference on High Yield bond were confirmed by High-Yield Spreads versus Government bond was roughly 600 basis point, or yield over High Yield bond equal to rate of expected inflation plus 4%-5%. We had no taken investment in Chinese bond, where the major part of the issues is in real estate sector as in our view a speculative bubble was on the corner. Our investment in emerging countries was mainly in Brazil, Mexico, Colombia and Russia.

The profitability improvement of the margins of the High Yield bond was then confirmed over June and July 2015, during a first period of general sell off as, Chinese markets collapsed from 12th June, even as Beijing tried to arrest it. China has put an arsenal of measures to work to stem the selloff that has wiped out roughly 3.6 trillion US Dollar in value from China's equities (around 12 times Greece’s Gross Domestic Product). Worries about Greece exit hypothesis by Eurozone also dominated trading from July. The yield over High Yield reached the range 5%-7%. A global market sell off intensified then on 21st August after poor manufacturing figures in China exacerbated global economic fears, as Purchasing Managers' Index dropped to 47.1, its six-and-a-half-year low. Beijing also surprised markets on mid-August 2015, by devaluing its currency. The investors also continued to fret about the commodities selloff. During that period to offset downtrend High Yield prices pressure we maintain our cash roundly up to 11%. The fourth quarter of 2015 was marked by notable Central Bank action. The

13 ATOMO

Report on activities of the Board of Directors (continued)

Federal Reserve Bank embarked on its much-anticipated interest-rate normalization (on 16th December 2015), a number of emerging and developed peers followed suit. In contrast, the European and Japanese Central Banks moved to expand easing measures. Global investors were perturbed by downgrades in credit ratings to Emerging Market heavyweight, as Brazil and high correlation of stock and bond markets to movements in oil and commodity prices. Volatility was heightened, against a backdrop of flaring geopolitical tension in the Middle East, and renewed concerns regarding an ongoing oil-supply glut.

Looking forward for 2016, we did not see a specific issue on the portfolio. We will maintain high our diversification level and confident with asset allocation as it was 2015-year end. A risk on sentiment on emerging fixed income could come back over all and not only as it was for Russian high yield corporate bond for 2015. The corruption scandal on the Brazil's energy giant Petrobras was intensified during 2015 (PETROBRAS GLOBAL FINANCE PETBRA 5 ⅜ 01/27/21 Corp, investment in the Sub Fund), but in our view the company not will go in default. Our absolute object returns in the range 7-10% is also confirmed for 2016. We will avoid bond more likely to default.

At the end of the year the performance of the main Sub-Fund’s share class (Class R USD) was negative of -8.19%.

Atomo - Be Flexible Management Report as of 31.12.2015

The Sub-Fund has been launched on the 20th March 2015 as a EUR based, income orientated medium risk profile asset allocation. The target equity exposure is around 40%. The purpose is to obtain an asset allocation trough the selection of global, flexible asset allocation funds presenting different ideas and view and asset class ponderation between them. The performance from 20th of March until 31st of December was -4.71%. At the end of the year the drill- down of the various component of the fund showed the following asset allocation: 15% cash, 59% bonds, 25% equity, 1% commodity. The fixed income component had the following breakdown by maturity: 27% 0-3 years short term, 38% 3-7 years medium term, 27% over 7 years long term, 8% not defined. The rating breakdown was: 72% IG (AAA-BBB), 18 % is BB, 7% is B or less and 3% not defined. The geographical breakdown by instrument was the following: 50% Europe, 32% North America, 1% South America , 4% Asia, 11% - other. Currency exposure: 89% EUR, 7% USD, 4% other. The most important negative contributors were Carmignac Patrimonial, Invesco Balanced Risk Allocation, Fidelity Portfolio Selector Moderate Growth and Black Rock Global Allocation. The reason of their negative performance was the timing of their positioning on the equity exposure during the second half of the year - see market environment comment. Invesco Balanced Risk Allocation had been hit by the commodity market as well, having around 20-25% exposure on the asset class. Nordea Stable Return was the best contributor as the performance of the fund was nearly flat during the reporting period.

Atomo - Be Safe Management Report as of 31.12.2015

The Sub-Fund of funds has been launched on the 20th of March 2015 as a EUR based, conservative fixed income asset allocation profile, after the selection of global fixed income funds with different fixed income strategies. The performance from 20th of March until 31st of December was -2.78%. At the end of the year the asset allocation trough the drill-down of the various component of the fund was: 84% invested in fixed income products and 16% liquidity. The breakdown by bond maturity was: 58% 0-3 years short term, 30% 3-7 years medium term, 6% over 7 years long term and 6 % not defined. The rating breakdown by the end of 2015 of the Sub-Fund was the following: 64% IG (AAA - BBB), 15.5% is BB, 2.5% is B or less and 17.5% not defined. The geographical breakdown by instruments was the following: 35% Europe,

14 ATOMO

Report on activities of the Board of Directors (continued)

39% North- America, 9% Central - South -America, 4% Asia and 12% other. Currency exposure: 100% EUR The most important negative contributors were the US global bond funds managers, like Franklin Templeton Global Bond Fund, Invesco Global Total Return, Janus Capital Unconstrained, JPM Income Opportunity Bd Fd, Pimco Total Return Bd Fd and the Swiss Vontobel Absolute Return Bond Fund. Franklin Templeton Global Bd Fd in particular suffered the emerging market’s difficulties as the strategy of the fund is taking positions in local Emerging Market currencies; this fund was the biggest negative contributor in 2015. Black-Rock Euro Short Duration Bond Fund was the best contributor as the performance of the Sub- Fund was nearly flat during the reporting period.

Atomo - Be Resolute Management Report as of 31.12.2015

The Sub-Fund has been launched on the 20th March 2015 as a EUR based, balanced, medium-high risk profile asset allocation. The target equity exposure is around 60%. The purpose is to obtain an asset allocation trough the selection of flexible, global, balanced asset allocation funds presenting different ideas , strategies and asset class ponderation between them. The performance from 20th March until 31st December was -5.54%. At the end of the year the drill- down of the various components of the fund showed the following asset allocation: 22% cash, 30% bonds, 47% equity, 1% other. The fixed income component had the following breakdown by maturity: 19% 0-3 years short term, 42% 3-7 years medium term, 19.5% over 7 years long term and 19.5% not defined. The rating breakdown by the end of 2015 of the fund was the following: 54% IG (AAA - BBB), 16% is BB, 3% is B or less and 27% not defined. The geographical breakdown by instrument was the following: 38% Europe, 42% North America, 2% South America , 8% Asia, 10% - other. Currency exposure: 85% EUR, 12% USD, 2% GBP, 1% CHF, 1% other. The most important negative contributors were Carmignac Investissment, M&G Dynamic Allocation, Black-Rock Flexible Multi Asset Strategy. JPM Global Balanced was the best contributor as the performance of the fund was nearly flat during the reporting period.

Atomo - New Horizon fund Management Report as of 14.7.2015 (Liquidation of the fund)

The year 2015 has been dominated by an easy monetary policy worldwide. The economy in the USA and Japan has proven to be relatively stable. Meanwhile in Europe we saw a slight improvement as well.

Accordingly the stock markets worldwide and bond markets in EUR have benefitted from these trends.

As to the structure of the Sub-Fund, it remained roughly the same during the first 7 months of the year: 25% EURO bonds, 60% stocks, (of which 50% in the US , the other 50% in Japanese and Swiss equities, as well as a small position in European ones),15% in cash.

During the whole period all currency exposures of the Sub-Fund where unhedged, and therefore another positive factor that contributed to the performance of the Sub-Fund, was the appreciation of the US Dollar, that went from 1.2141 on the 31.12.2014 against the Eur to 1.10005 on the 14.7.2015.

At the liquidation of the Sub-Fund the performance was 7.99% for the institutional class and 7.54% for the retail class, (annualized 13.70% for the institutional class and 12.93% for the retail class).

15 ATOMO

Report on activities of the Board of Directors (continued)

Since the inception of the Sub-Fund on the 21.5.2013 and his liquidation on the 27.7.2015 the Sub-Fund has been up by 13.58% for the institutional class and 13.54% for the retail class.

Luxembourg, 3rd March 2016 The Board of Directors

Note: The information in this report represents historical data and is not an indication of future results.

16

Deloitte Audit Société à responsabilité limitée 560, rue de Neudorf L-2220 Luxembourg B.P. 1173 L-1011 Luxembourg Report of the réviseur d'entreprises agréé Tel: +352 451 451 Fax: +352 451 452 992 www.deloitte.lu

To the Shareholders of ATOMO

Following our appointment by the general meeting of the shareholders, we have audited the accompanying financial statements of ATOMO and of each of its Sub-Funds, which comprise the statement of net assets and the statement of investments and other net assets as at 31st December 2015 and the statement of operations and other 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 SICAV for the financial statements

The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Responsibility of the réviseur d’entreprises agréé

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the réviseur d’entreprises agréé’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the réviseur d’entreprises agréé considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.

Société à responsabilité limitée au capital de 35.000 EUR RCS Luxembourg B 67.895 17 Deloitte.

Report of the reviseur d'entreprises agree (continued)

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of ATOMO and of each of its Sub-Funds as of 31st December 2015, and of the results of their operations and changes in their net assets for the year then ended in accordance with the Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Other matter

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

For Deloitte Audit

8th April 2016 560, rue de Neudorf L-2220 LUXEMBOURG

18 ATOMO

Combined statement of net assets (in EUR) as at 31st December 2015

Assets Securities portfolio at market value 191,414,373.99 Option contracts at market value 608,288.39 Cash at banks 15,932,644.42 Other liquid assets 5,696,219.35 Formation expenses, net 103,902.10 Receivable on issues of shares 303,426.73 Income receivable on portfolio 1,246,041.33 Unrealised gain on futures contracts 32,689.86 Unrealised gain on forward foreign exchange contracts 155,278.98 Prepaid expenses 7,046.36 Total assets 215,499,911.51

Liabilities Bank overdrafts 4.72 Short option contracts at market value 160,272.33 Unrealised loss on futures contracts 17,730.53 Unrealised loss on forward foreign exchange contracts 77,780.81 Expenses payable 460,592.18 Other liabilities 3,222.84 Total liabilities 719,603.41

Net assets at the end of the year 214,780,308.10

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

19 ATOMO

Combined statement of operations and other changes in net assets (in EUR) from 1st January 2015 to 31st December 2015

Income Dividends, net 778,090.56 Interest on bonds and other debt securities, net 3,013,961.97 Return on sukuk 1,009.10 Interest on bank accounts 1,441.08 Commissions received 40,183.45 Total income 3,834,686.16

Expenses Management fees 3,187,045.63 Performance fees 1,096,360.64 Custodian fees 115,467.58 Banking charges and other fees 15,016.09 Transaction fees 651,896.02 Central administration costs 598,055.75 Professional fees 66,726.38 Other administration costs 335,801.04 Subscription duty ("taxe d'abonnement") 71,266.13 Interest paid on bank overdrafts 6,982.47 Other expenses 183,625.43 Total expenses 6,328,243.16

Net investment loss -2,493,557.00

Net realised gain/(loss) - on securities portfolio 5,026,246.77 - on option contracts -496,647.98 - on futures contracts -517,663.25 - on forward foreign exchange contracts -1,121,268.03 - on foreign exchange 352,001.11 Realised result 749,111.62

Net variation of the unrealised gain/(loss) - on securities portfolio -7,901,698.82 - on option contracts -406,889.18 - on futures contracts 111,491.29 - on forward foreign exchange contracts 157,780.80 Result of operations -7,290,204.29

Subscriptions 202,691,605.14

Redemptions -68,333,849.48

Total changes in net assets 127,067,551.37

Total net assets at the beginning of the year 87,712,756.73

Revaluation difference -

Total net assets at the end of the year 214,780,308.10

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

20 ATOMO - MIXED

Statement of net assets (in EUR) as at 31st December 2015

Assets Securities portfolio at market value 2,184,181.27 Cash at banks 470,072.25 Income receivable on portfolio 2,598.03 Prepaid expenses 322.28 Total assets 2,657,173.83

Liabilities Expenses payable 10,949.41 Total liabilities 10,949.41

Net assets at the end of the year 2,646,224.42

Class C Shares outstanding 34,433.581 Net asset value per Class C Share 76.85

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

21 ATOMO - MIXED

Statement of operations and other changes in net assets (in EUR) from 1st January 2015 to 31st December 2015

Income Dividends, net 1,518.00 Interest on bonds and other debt securities, net 9,175.17 Interest on bank accounts 5.02 Commissions received 1,181.08 Total income 11,879.27

Expenses Management fees 42,233.60 Custodian fees 10,011.82 Banking charges and other fees 42.47 Transaction fees 3,683.47 Central administration costs 33,565.97 Professional fees 5,834.71 Other administration costs 19,211.22 Subscription duty ("taxe d'abonnement") 660.50 Interest paid on bank overdrafts 3.44 Other expenses 10,180.57 Total expenses 125,427.77

Net investment loss -113,548.50

Net realised gain/(loss) - on securities portfolio -77,889.04 - on foreign exchange 19,390.78 Realised result -172,046.76

Net variation of the unrealised gain/(loss) - on securities portfolio 11,701.48 Result of operations -160,345.28

Subscriptions -

Redemptions -62,388.77

Total changes in net assets -222,734.05

Total net assets at the beginning of the year 2,868,958.47

Total net assets at the end of the year 2,646,224.42

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

22 ATOMO - MIXED

Statistical information (in EUR) as at 31st December 2015

Total net assets - as at 31.12.2015 2,646,224.42 - as at 31.12.2014 2,868,958.47 - as at 31.12.2013 3,671,788.92

Number of Class C Shares - outstanding at the beginning of the year 35,234.581 - issued 0.000 - redeemed -801.000 - outstanding at the end of the year 34,433.581

Net asset value per Class C Share - as at 31.12.2015 76.85 - as at 31.12.2014 81.42 - as at 31.12.2013 86.43

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

23 ATOMO - MIXED

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

Currency Number / Description Cost Market value % of nominal value total net assets

Investments in securities Transferable securities admitted to an official stock exchange listing Shares EUR 63,000 Rizzoli Corri Sera Mediagr SpA 71,288.54 39,091.50 1.48 EUR 25,000 Telecom Italia SpA 29,037.50 29,375.00 1.11 Total shares 100,326.04 68,466.50 2.59 Bonds EUR 65,000 Daimler AG 1.875% EMTN Reg S Ser 50 14/08.07.24 65,758.50 68,134.95 2.58

USD 70,000 Anheuser-Busch Inbev Fin Inc 2.625% Sen 13/17.01.23 62,095.06 61,966.11 2.34 USD 85,000 Apple Inc 2.4% Sen 13/03.05.23 60,696.99 76,424.08 2.89 USD 90,000 Verizon Communications Inc 3% Sen 14/01.11.21 72,003.77 82,795.03 3.13 USD 90,000 Vodafone Group Plc 2.5% Sen Tr 2 12/26.09.22 68,062.75 77,532.18 2.93 262,858.57 298,717.40 11.29 Total bonds 328,617.07 366,852.35 13.87 Open-ended investment funds Investment funds (UCITS) EUR 3,515 Alias Investment Lyxor Merger Arbitrage Index Fd EUR Cap 346,375.91 359,443.90 13.58 EUR 214 Carmignac Patrimoine A EUR Cap 143,628.62 133,424.72 5.04 EUR 645 Gam Star (Lux) European Alpha C Cap 134,997.15 202,917.00 7.67 EUR 122.171 Lazard Convertible Global A Dist 135,778.41 132,614.18 5.01 EUR 1,200 Lemanik SICAV Adwise Bond Istl EUR Cap 145,020.00 140,484.00 5.31 EUR 181.004 Objectif Actions EUR FCP 109,359.00 107,237.63 4.05 EUR 625 Oyster Dynamic Allocation C EUR PF Cap 130,850.50 122,818.75 4.64 EUR 660 Oyster Euro Fixed Income R EUR Cap 115,420.80 111,150.60 4.20 EUR 58 Oyster World Opportunities R EUR Cap 100,150.34 107,632.34 4.07 EUR 2,010 Plurima Fds Apuano Flexible Bond A Istl EUR Cap 201,596.48 207,554.61 7.84 1,563,177.21 1,625,277.73 61.41 USD 1,279.65 Morgan Stanley Inv Fds US Advantage I Cap 76,318.09 74,893.69 2.83

Total investment funds (UCITS) 1,639,495.30 1,700,171.42 64.24 Tracker funds (UCITS) EUR 2,300 Lyxor UCITS ETF FTSE MIB 55,345.69 48,691.00 1.84 Total tracker funds (UCITS) 55,345.69 48,691.00 1.84 Total investments in securities 2,123,784.10 2,184,181.27 82.54 Cash at banks 470,072.25 17.76 Other net assets/(liabilities) -8,029.10 -0.30 Total 2,646,224.42 100.00

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

24 ATOMO - MIXED

Industrial and geographical classification of investments as at 31st December 2015

Industrial classification (in percentage of net assets)

Investment funds 66.08 % Telecommunication services 7.17 % Technology hardware and equipment 2.89 % Automobiles and components 2.58 % Diversified financial services 2.34 % Media 1.48 % Total 82.54 %

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

Luxembourg 42.30 % France 15.94 % United States of America 8.36 % Ireland 7.84 % United Kingdom 2.93 % Italy 2.59 % Germany 2.58 % Total 82.54 %

25 ATOMO - MIXED

Statement of changes in investments (unaudited) from 1st January 2015 to 31st December 2015

Currency Description Purchases Sales

Shares

EUR Fiat Chrysler Automobiles NV A Reg 4,000 4,000 EUR Pirelli & C. SpA 2,571 2,571 EUR Rizzoli Corri Sera Mediagr SpA 63,000 0 EUR Telecom Italia SpA 25,000 0 EUR Yoox Net A Porter Group SpA 3,600 3,600

Bonds

USD Anheuser-Busch Inbev Fin Inc 2.625% Sen 13/17.01.23 70,000 0

Investment funds (UCITS)

EUR ACPI Global UCITS Fds Plc Emerging Markets Fixed Inc E Cap 0 2,600 EUR Alias Investment Lyxor Credit Strateg Index Fd I Cap 0 2,950 EUR Alias Investment Lyxor Hedge Fd Index I EUR Cap 0 3,386.572 EUR Alias Investment Lyxor Special Sit Idx Fd I Cap 0 911.161 EUR Carmignac Patrimoine A EUR Cap 214 0 EUR Lazard Convertible Global A Dist 122.171 0 EUR Lemanic SICAV Global Strateg R Cap 0 2,200 EUR Lemanik SICAV Adwise Bond Istl EUR Cap 1,200 0 EUR Objectif Actions EUR FCP 181.004 0 EUR Oyster Dynamic Allocation C EUR PF Cap 625 0 EUR Oyster Euro Fixed Income R EUR Cap 660 0 EUR Oyster Japan Opportunities C EUR HP PR Cap 496 496 EUR Oyster World Opportunities R EUR Cap 58 0

USD CB Accent Lux Far East Equity Fd B USD Cap 560 560 USD Morgan Stanley Inv Fds US Advantage I Cap 1,279.65 0

Tracker funds (UCITS)

EUR Lyxor UCITS ETF FTSE MIB 2,300 0

26 ATOMO - GLOBAL FLEXIBLE

Statement of net assets (in EUR) as at 31st December 2015

Assets Securities portfolio at market value 13,117,247.13 Option contracts at market value 353,160.39 Cash at banks 2,252,478.95 Other liquid assets 3,144,408.48 Receivable on issues of shares 303,426.73 Unrealised gain on futures contracts 2,010.50 Prepaid expenses 4,085.32 Total assets 19,176,817.50

Liabilities Bank overdrafts 1.01 Short option contracts at market value 134,041.21 Expenses payable 41,760.65 Total liabilities 175,802.87

Net assets at the end of the year 19,001,014.63

Class I Shares outstanding 341.138 Net asset value per Class I Share 10,514.51

Class R Shares outstanding 121,905.069 Net asset value per Class R Share 126.44

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

27 ATOMO - GLOBAL FLEXIBLE

Statement of operations and other changes in net assets (in EUR) from 1st January 2015 to 31st December 2015

Income Dividends, net 365,613.18 Interest on bank accounts 64.23 Total income 365,677.41

Expenses Management fees 433,249.44 Performance fees 743,004.32 Custodian fees 11,409.06 Banking charges and other fees 2,151.34 Transaction fees 366,364.65 Central administration costs 68,920.48 Professional fees 5,834.73 Other administration costs 52,106.85 Subscription duty ("taxe d'abonnement") 9,840.33 Interest paid on bank overdrafts 2,217.58 Other expenses 13,904.78 Total expenses 1,709,003.56

Net investment loss -1,343,326.15

Net realised gain/(loss) - on securities portfolio 3,198,662.91 - on option contracts -1,038,340.26 - on futures contracts 201,090.85 - on foreign exchange 338,903.55 Realised result 1,356,990.90

Net variation of the unrealised gain/(loss) - on securities portfolio 293,491.96 - on option contracts -241,871.09 - on futures contracts -73,210.44 Result of operations 1,335,401.33

Subscriptions 9,031,173.06

Redemptions -20,553,546.62

Total changes in net assets -10,186,972.23

Total net assets at the beginning of the year 29,187,986.86

Total net assets at the end of the year 19,001,014.63

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

28 ATOMO - GLOBAL FLEXIBLE

Statistical information (in EUR) as at 31st December 2015

Total net assets - as at 31.12.2015 19,001,014.63 - as at 31.12.2014 29,187,986.86 - as at 31.12.2013 33,579,337.76

Number of Class I Shares - outstanding at the beginning of the year 223.238 - issued 188.619 - redeemed -70.719 - outstanding at the end of the year 341.138

Net asset value per Class I Share - as at 31.12.2015 10,514.51 - as at 31.12.2014 10,266.55 - as at 31.12.2013 10,278.21

Number of Class R Shares - outstanding at the beginning of the year 215,571.270 - issued 52,345.008 - redeemed -146,011.209 - outstanding at the end of the year 121,905.069

Net asset value per Class R Share - as at 31.12.2015 126.44 - as at 31.12.2014 124.77 - as at 31.12.2013 126.57

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

29 ATOMO - GLOBAL FLEXIBLE

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

Currency Number / Description Cost Market value % of nominal value total net assets

Investments in securities Transferable securities admitted to an official stock exchange listing Shares AUD 6,500 Iluka Resources Ltd 49,957.43 26,680.74 0.14

EUR 30,000 Assicurazioni Generali SpA 491,966.07 507,600.00 2.67 EUR 55,000 Astaldi SpA 368,723.63 308,825.00 1.63 EUR 15,000 Azimut Holding SpA 355,737.71 345,900.00 1.82 EUR 100,000 Banca Carige SpA post raggruppamento 177,360.00 126,200.00 0.66 EUR 10,000 Banca Generali SpA 235,397.63 291,800.00 1.54 EUR 200,000 Banca Monte Paschi Siena SpA post raggruppamento 349,880.00 246,400.00 1.30 EUR 200,000 Banca Popolare di Milano 178,748.00 184,200.00 0.97 EUR 10,000 Banco Pop Societa Cooperativa 127,311.90 128,100.00 0.67 EUR 25,000 Caleffi SpA 34,998.33 25,000.00 0.13 EUR 154,700 Credito Valtellinese Scarl 190,904.96 168,777.70 0.89 EUR 300,000 D'Amico Intl Shipping SA 170,865.33 208,050.00 1.09 EUR 90,000 Elica SpA 190,615.36 178,650.00 0.94 EUR 300,000 ENEL SpA 1,239,673.88 1,167,600.00 6.14 EUR 40,000 ENI SpA 601,996.26 552,000.00 2.90 EUR 100,000 Eurotech SpA 217,402.26 161,000.00 0.85 EUR 5,000 EXOR SpA 205,395.67 210,450.00 1.11 EUR 450,000 Falk Renewables SpA 516,031.39 497,700.00 2.62 EUR 100,000 Fiat Chrysler Automobiles NV A Reg 1,344,886.78 1,292,000.00 6.80 EUR 200,000 Hera SpA 390,622.59 490,000.00 2.58 EUR 40,000 Isagro SpA 80,654.16 60,000.00 0.32 EUR 40,500 Isagro SpA Speciale 52,505.51 42,079.50 0.22 EUR 150,000 Maire Tecnimont SpA 363,537.52 376,500.00 1.98 EUR 200,000 Molecular Medicine SpA 77,980.00 73,120.00 0.38 EUR 15,000 Moncler SpA 218,518.50 193,800.00 1.02 EUR 15,000 Openjobmetis SpA 99,900.00 109,500.00 0.58 EUR 300,000 Pierrel SpA 205,091.19 164,700.00 0.87 EUR 100,000 Poste Italiane SpA 682,033.18 710,000.00 3.74 EUR 300,000 Prelios SpA 171,334.45 84,900.00 0.45 EUR 150,000 Retelit SpA 88,385.00 90,900.00 0.48 EUR 185,000 Snam SpA 797,535.82 893,550.00 4.70 EUR 50,000 Space2 SpA 500,000.00 495,000.00 2.61 EUR 100,000 Tamburi Inv Partners SpA 247,973.63 338,800.00 1.78 EUR 300,000 Telecom Italia SpA Risp 279,000.00 285,300.00 1.50 EUR 100,000 Tesmec S.p.A. 75,771.00 65,000.00 0.34 EUR 8,800 TXT e-solutions SpA 21,766.61 71,544.00 0.38 EUR 400,000 UnipolSai SpA 909,707.47 944,000.00 4.97 EUR 8,000 Yoox Net A Porter Group SpA 271,340.00 276,400.00 1.45 12,531,551.79 12,365,346.20 65.08 USD 60,000 Barrick Gold Corp 703,800.71 407,734.81 2.15 USD 50,000 Golden Star Resources Ltd 19,991.77 7,651.93 0.04 USD 20,000 Silver Standard Resources Inc 112,310.93 95,395.95 0.50 836,103.41 510,782.69 2.69 Total shares 13,417,612.63 12,902,809.63 67.91 Closed-ended investment funds EUR 50,000 Immobiliar Grand Distribuz SpA 60,542.35 44,325.00 0.23 Total closed-ended investment funds 60,542.35 44,325.00 0.23 Warrants and rights EUR 25,000 Caleffi SpA Call Wts Caleffi 30.06.20 0.00 2,750.00 0.01 EUR 12,500 Space2 SpA Call Wts 31.12.17 0.01 11,250.00 0.06 EUR 50,000 Tamburi Inv Partners SpA Call Wts 30.06.20 8,790.00 20,475.00 0.11 Total warrants and rights 8,790.01 34,475.00 0.18

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

30 ATOMO - GLOBAL FLEXIBLE

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

Currency Number / Description Cost Market value % of nominal value total net assets

Other transferable securities Warrants and rights EUR 30,000 Unione di Banche Italiane SpA Droits de sousc 12.01.16 0.00 0.00 0.00 Total warrants and rights 0.00 0.00 0.00 Open-ended investment funds Tracker funds (UCITS) EUR 10,500 Lyxor UCITS ETF Brazil (IBOV) C EUR Cap 190,278.44 94,867.50 0.50 EUR 4,500 Lyxor UCITS ETF Brazil (IBOV.) C EUR Cap 81,547.91 40,770.00 0.21 Total tracker funds (UCITS) 271,826.35 135,637.50 0.71 Total investments in securities 13,758,771.34 13,117,247.13 69.03 Options Listed financial instruments Options on transferable securities EUR 75 Fiat Chrysler Automobiles NV A Reg PUT 03/16 MIL 12.5 23,414.50 24,577.50 0.13

USD 100 Barrick Gold Corp CALL 01/16 OPRA 20 3,526.63 0.00 0.00

Total options on transferable securities 26,941.13 24,577.50 0.13 Index options EUR 50 DAX Germany Index CALL 01/16 EUX 10800 42,225.00 41,450.00 0.22 EUR 25 DAX Germany Index CALL 01/16 EUX 11800 837.50 200.00 0.00 EUR 75 FTSE MIB Index CALL 01/16 MIL 21500 81,650.00 56,437.50 0.30 EUR 175 FTSE MIB Index CALL 01/16 MIL 24000 55,310.00 313.99 0.00 EUR 100 FTSE MIB Index CALL 03/16 MIL 22500 125,000.00 99,500.00 0.52 EUR 100 FTSE MIB Index PUT 03/16 MIL 20000 122,500.00 95,000.00 0.50 Total index options 427,522.50 292,901.49 1.54 Options on futures USD 50 S&P 500 E MINI Future CALL 01/16 CME 2060 35,454.04 30,501.84 0.16 USD 75 S&P 500 E MINI Future CALL 01/16 CME 2110 46,121.71 5,179.56 0.03 Total options on futures 81,575.75 35,681.40 0.19 Total options 536,039.38 353,160.39 1.86 Short options Listed financial instruments Index options EUR -50 DAX Germany Index CALL 01/16 EUX 11100 -11,075.00 -13,425.00 -0.07 EUR -25 DAX Germany Index CALL 01/16 EUX 11200 -4,500.00 -4,262.50 -0.02 EUR -25 FTSE MIB Index CALL 01/16 MIL 22000 -10,625.00 -7,062.50 -0.04 EUR -25 FTSE MIB Index CALL 01/16 MIL 22500 -4,187.50 -1,937.50 -0.01 EUR -125 FTSE MIB Index CALL 03/16 MIL 24000 -40,625.00 -28,750.00 -0.15 EUR -25 FTSE MIB Index PUT 01/16 MIL 21000 -10,250.00 -11,750.00 -0.06 EUR -125 FTSE MIB Index PUT 03/16 MIL 18500 -63,000.00 -48,437.50 -0.26 Total index options -144,262.50 -115,625.00 -0.61

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

31 ATOMO - GLOBAL FLEXIBLE

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

Currency Number / Description Cost Market value % of nominal value total net assets

Options on futures USD -30 S&P 500 E MINI Future CALL 01/16 CME 2080 -14,362.18 -8,977.90 -0.05 USD -10 S&P 500 E MINI Future PUT 01/16 CME 2020 -5,841.12 -9,438.31 -0.05 Total options on futures -20,203.30 -18,416.21 -0.10 Total short options -164,465.80 -134,041.21 -0.71 Cash at banks 2,252,478.95 11.85 Bank overdrafts -1.01 0.00 Other net assets/(liabilities) 3,412,170.38 17.97 Total 19,001,014.63 100.00

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

32 ATOMO - GLOBAL FLEXIBLE

Industrial and geographical classification of investments as at 31st December 2015

Industrial classification (in percentage of net assets)

Utilities 16.04 % Insurance 7.64 % Diversified financial services 6.80 % Automobiles and components 6.80 % Banks 6.03 % Transportation 4.83 % Materials 3.37 % Energy 2.90 % Special Purpose Vehicle (SPV) 2.67 % Consumer durables and apparel 2.10 % Telecommunication services 1.98 % Capital goods 1.63 % Retailing 1.45 % Pharmaceuticals and biotechnology 1.25 % Technology hardware and equipment 0.85 % Investment funds 0.71 % Commercial services and supplies 0.58 % Real estate 0.45 % Software and services 0.38 % Semiconductors and semiconductor equipment 0.34 % Real estate funds 0.23 % Total 69.03 %

33 ATOMO - GLOBAL FLEXIBLE

Industrial and geographical classification of investments as at 31st December 2015

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

Italy 57.60 % The Netherlands 6.80 % Canada 2.69 % Luxembourg 1.09 % France 0.71 % Australia 0.14 % Total 69.03 %

34 ATOMO - GLOBAL FLEXIBLE

Statement of changes in investments (unaudited) from 1st January 2015 to 31st December 2015

Currency Description Purchases Sales Other

Shares

EUR Anima Holding SpA 75,000 75,000 0 EUR Ansaldo STS SpA 0 80,000 0 EUR Ascopiave SpA 150,000 150,000 0 EUR Assicurazioni Generali SpA 10,000 49,198 0 EUR Astaldi SpA 106,742 111,742 0 EUR ASTM SpA 16,827 57,958 0 EUR Atlantia SpA 0 20,000 0 EUR Azimut Holding SpA 35,000 60,000 0 EUR Banca Carige SpA post raggruppamento 100,000 0 0 EUR Banca Generali SpA 10,000 25,000 0 EUR Banca Monte Paschi Siena SpA 0 100,000 0 EUR Banca Monte Paschi Siena SpA post 200,000 0 0 raggruppamento EUR Banca Popolare di Milano 500,000 300,000 0 EUR Banco Pop Societa Cooperativa 47,500 37,500 0 EUR Brunello Cucinelli SpA 20,000 20,000 0 EUR Caleffi SpA 10,000 140,000 25,000 EUR CNH Industrial NV 37,500 127,500 0 EUR Credito Valtellinese Scarl 300,000 145,300 0 EUR D'Amico Intl Shipping SA 300,000 400,000 0 EUR Danieli & C Off Meccaniche SpA Risp non Conv 0 27,500 0 EUR Davide Campari SpA 40,000 100,000 0 EUR EI Towers 0 10,000 0 EUR Elica SpA 90,000 0 0 EUR Enel Green Power S.p.A. 0 200,000 0 EUR ENEL SpA 350,000 400,000 0 EUR ENI SpA 70,000 70,000 0 EUR ERG SpA 0 60,000 0 EUR Eurotech SpA 50,000 25,000 0 EUR EXOR SpA 35,000 30,000 0 EUR Falk Renewables SpA 150,000 50,000 0 EUR Fiat Chrysler Automobiles NV A Reg 270,000 360,000 0 EUR Finmeccanica SpA 15,000 15,000 0 EUR Hera SpA 0 300,000 0 EUR Intesa Sanpaolo SpA 725,000 1,000,000 0 EUR Intl Game Technology Plc SpA 20,000 0 -20,000 EUR Luxottica Group SpA 4,500 14,500 0 EUR Maire Tecnimont SpA 280,000 130,000 0 EUR Mediaset SpA 60,000 60,000 0 EUR Mediobanca SpA 15,000 15,000 0 EUR Mediolanum SpA 0 100,000 0 EUR Molecular Medicine SpA 200,000 0 0 EUR Moncler SpA 20,000 20,000 0 EUR Openjobmetis SpA 15,000 0 0 EUR Pierrel SpA 110,000 0 25,000 EUR Pirelli & C. SpA 20,000 70,000 0 EUR Poste Italiane SpA 160,000 60,000 0 EUR Prelios SpA 250,000 200,000 0 EUR Prima Industrie SpA 22,500 22,500 0 EUR Prysmian SpA 50,000 50,000 0 EUR Recordati Ind Chim e Farm SpA 0 10,000 0 EUR Retelit SpA 150,000 0 0 EUR Saipem SpA 25,000 25,000 0 EUR Salvatore Ferragamo SpA 0 20,000 0 EUR SIAS SpA 10,000 75,000 0 EUR Snam SpA 173,000 138,000 0 EUR Societa'Cattolica Assicur Scrl 68,454 68,454 0 EUR Space2 SpA 50,000 0 0 EUR Tamburi Inv Partners SpA 80,000 150,000 0 EUR Telecom Italia SpA Risp 300,000 0 0 EUR Tesmec S.p.A. 100,000 0 0 EUR Tod's SpA 4,000 4,000 0

35 ATOMO - GLOBAL FLEXIBLE

Statement of changes in investments (unaudited) (continued) from 1st January 2015 to 31st December 2015

Currency Description Purchases Sales Other

EUR Trevi Finanziaria SpA 0 35,250 0 EUR TXT e-solutions SpA 0 0 800 EUR Unicredit SpA Post Raggruppamento 625,000 725,000 0 EUR Unione di Banche Italiane SpA 225,000 225,000 0 EUR Unipol Gruppo Finanziario SpA 65,000 65,000 0 EUR Unipol Gruppo Finanziario SpA Pref 0 50,000 0 EUR UnipolSai SpA 200,000 400,000 0 EUR Yoox Net A Porter Group SpA 13,000 5,000 0

USD Apple Inc 5,000 5,000 0 USD Barrick Gold Corp 45,000 51,050 0 USD General Electric Co 0 20,000 0 USD Google Inc C Pref 0 500 0 USD Intl Game Technology Plc 0 20,000 20,000 USD Silver Standard Resources Inc 10,000 10,000 0

Warrants and rights

EUR Caleffi SpA Call Wts Caleffi 30.06.20 0 0 25,000 EUR Space2 SpA Call Wts 31.12.17 12,500 0 0 EUR Tamburi Inv Partners SpA Call Wts 30.06.20 15,000 0 35,000 EUR Unione di Banche Italiane SpA Droits de sousc 0 0 30,000 12.01.16

Options on transferable securities

EUR Banco Pop Societa Cooperativa CALL 03/15 MIL 250 250 0 11.5 EUR Banco Pop Societa Cooperativa CALL 03/15 MIL 125 125 0 12.5 EUR CNH Industrial NV CALL 03/15 MIL 7 150 150 0 EUR ENEL SpA CALL 03/15 MIL 3.9 500 500 0 EUR ENEL SpA CALL 03/15 MIL 4.2 250 250 0 EUR Fiat Chrysler Automobiles NV A Reg CALL 01/15 0 200 0 MIL 11 EUR Fiat Chrysler Automobiles NV A Reg CALL 03/15 50 50 0 MIL 11 EUR Fiat Chrysler Automobiles NV A Reg CALL 03/15 150 150 0 MIL 13 EUR Fiat Chrysler Automobiles NV A Reg CALL 05/15 50 50 0 MIL 15.5 EUR Fiat Chrysler Automobiles NV A Reg CALL 06/15 100 100 0 MIL 15.5 EUR Fiat Chrysler Automobiles NV A Reg CALL 07/15 100 100 0 MIL 15 EUR Fiat Chrysler Automobiles NV A Reg CALL 12/15 75 75 0 MIL 15 EUR Fiat Chrysler Automobiles NV A Reg PUT 03/15 MIL 75 75 0 12.5 EUR Fiat Chrysler Automobiles NV A Reg PUT 03/16 MIL 75 0 0 12.5 EUR Luxottica Group SpA PUT 12/15 MIL 60 40 40 0 EUR Saipem SpA PUT 06/15 MIL 10.5 50 50 0 EUR Saipem SpA PUT 06/15 MIL 11 100 100 0 EUR Unicredit SpA Post Raggruppamento CALL 01/15 0 100 0 MIL 6 EUR Unicredit SpA Post Raggruppamento CALL 02/15 100 100 0 MIL 5.4 EUR Unicredit SpA Post Raggruppamento CALL 02/15 250 250 0 MIL 5.6 EUR Unicredit SpA Post Raggruppamento CALL 02/15 100 100 0 MIL 6 EUR Unicredit SpA Post Raggruppamento CALL 03/15 200 200 0 MIL 5.6

36 ATOMO - GLOBAL FLEXIBLE

Statement of changes in investments (unaudited) (continued) from 1st January 2015 to 31st December 2015

Currency Description Purchases Sales Other

EUR Unicredit SpA Post Raggruppamento CALL 03/15 300 300 0 MIL 6 EUR Unicredit SpA Post Raggruppamento CALL 03/15 200 200 0 MIL 6.2 EUR Unicredit SpA Post Raggruppamento CALL 05/15 100 100 0 MIL 6.6 EUR Unicredit SpA Post Raggruppamento CALL 06/15 500 500 0 MIL 6.4 EUR Unicredit SpA Post Raggruppamento CALL 06/15 250 250 0 MIL 6.8 EUR Unicredit SpA Post Raggruppamento CALL 06/15 500 500 0 MIL 7.2 EUR Unicredit SpA Post Raggruppamento CALL 08/15 300 300 0 MIL 6.2 EUR Unicredit SpA Post Raggruppamento CALL 08/15 500 500 0 MIL 6.4 EUR Unicredit SpA Post Raggruppamento CALL 08/15 200 200 0 MIL 6.6 EUR Unicredit SpA Post Raggruppamento CALL 08/15 150 150 0 MIL 6.8 EUR Unicredit SpA Post Raggruppamento CALL 09/15 300 300 0 MIL 6.2 EUR Unicredit SpA Post Raggruppamento CALL 12/15 150 150 0 MIL 6

USD Barrick Gold Corp CALL 01/15 OPRA 13 0 300 0

Index options

EUR DAX Germany Index CALL 01/15 EUX 10000 0 100 0 EUR DAX Germany Index CALL 01/15 EUX 10100 0 100 0 EUR DAX Germany Index CALL 01/15 EUX 10200 200 0 0 EUR DAX Germany Index CALL 01/15 EUX 9600 0 50 0 EUR DAX Germany Index CALL 01/15 EUX 9900 100 100 0 EUR DAX Germany Index CALL 01/16 EUX 10800 50 0 0 EUR DAX Germany Index CALL 01/16 EUX 11100 0 50 0 EUR DAX Germany Index CALL 01/16 EUX 11200 150 175 0 EUR DAX Germany Index CALL 01/16 EUX 11500 50 50 0 EUR DAX Germany Index CALL 01/16 EUX 11800 25 0 0 EUR DAX Germany Index CALL 02/15 EUX 10050 150 150 0 EUR DAX Germany Index CALL 02/15 EUX 10400 175 175 0 EUR DAX Germany Index CALL 02/15 EUX 10850 50 50 0 EUR DAX Germany Index CALL 02/15 EUX 11000 100 100 0 EUR DAX Germany Index CALL 03/15 EUX 11700 75 75 0 EUR DAX Germany Index CALL 04/15 EUX 11650 150 150 0 EUR DAX Germany Index CALL 04/15 EUX 11800 100 100 0 EUR DAX Germany Index CALL 04/15 EUX 11900 75 75 0 EUR DAX Germany Index CALL 04/15 EUX 12000 50 50 0 EUR DAX Germany Index CALL 04/15 EUX 12100 125 125 0 EUR DAX Germany Index CALL 04/15 EUX 12300 200 200 0 EUR DAX Germany Index CALL 05/15 EUX 11600 125 125 0 EUR DAX Germany Index CALL 05/15 EUX 11650 50 50 0 EUR DAX Germany Index CALL 05/15 EUX 11750 50 50 0 EUR DAX Germany Index CALL 05/15 EUX 11850 75 75 0 EUR DAX Germany Index CALL 05/15 EUX 12100 75 75 0 EUR DAX Germany Index CALL 05/15 EUX 12200 25 25 0 EUR DAX Germany Index CALL 05/15 EUX 12250 50 50 0 EUR DAX Germany Index CALL 06/15 EUX 11000 100 100 0 EUR DAX Germany Index CALL 06/15 EUX 11100 100 100 0 EUR DAX Germany Index CALL 06/15 EUX 11400 150 150 0 EUR DAX Germany Index CALL 06/15 EUX 11700 100 100 0 EUR DAX Germany Index CALL 06/15 EUX 11900 75 75 0 EUR DAX Germany Index CALL 06/15 EUX 12100 50 50 0 EUR DAX Germany Index CALL 06/15 EUX 12200 50 50 0 EUR DAX Germany Index CALL 07/15 EUX 11550 25 25 0

37 ATOMO - GLOBAL FLEXIBLE

Statement of changes in investments (unaudited) (continued) from 1st January 2015 to 31st December 2015

Currency Description Purchases Sales Other

EUR DAX Germany Index CALL 07/15 EUX 11600 50 50 0 EUR DAX Germany Index CALL 07/15 EUX 11700 50 50 0 EUR DAX Germany Index CALL 08/15 EUX 10900 50 50 0 EUR DAX Germany Index CALL 08/15 EUX 11300 75 75 0 EUR DAX Germany Index CALL 08/15 EUX 11500 50 50 0 EUR DAX Germany Index CALL 09/15 EUX 10350 50 50 0 EUR DAX Germany Index CALL 09/15 EUX 10600 100 100 0 EUR DAX Germany Index CALL 09/15 EUX 10650 50 50 0 EUR DAX Germany Index CALL 09/15 EUX 10900 25 25 0 EUR DAX Germany Index CALL 09/15 EUX 11000 100 100 0 EUR DAX Germany Index CALL 10/15 EUX 10050 50 50 0 EUR DAX Germany Index CALL 11/15 EUX 11000 50 50 0 EUR DAX Germany Index CALL 11/15 EUX 11100 125 125 0 EUR DAX Germany Index CALL 12/15 EUX 10000 50 50 0 EUR DAX Germany Index CALL 12/15 EUX 10500 100 100 0 EUR DAX Germany Index CALL 12/15 EUX 10600 75 75 0 EUR DAX Germany Index CALL 12/15 EUX 10900 75 75 0 EUR DAX Germany Index CALL 12/15 EUX 11200 50 50 0 EUR DAX Germany Index CALL 12/15 EUX 11500 50 50 0 EUR DAX Germany Index PUT 01/15 EUX 9600 0 100 0 EUR DAX Germany Index PUT 01/15 EUX 9750 50 50 0 EUR DAX Germany Index PUT 02/15 EUX 10000 150 150 0 EUR DAX Germany Index PUT 02/15 EUX 10450 175 175 0 EUR DAX Germany Index PUT 02/15 EUX 10500 75 75 0 EUR DAX Germany Index PUT 02/15 EUX 10600 50 50 0 EUR DAX Germany Index PUT 02/15 EUX 10650 125 125 0 EUR DAX Germany Index PUT 02/15 EUX 10850 60 60 0 EUR DAX Germany Index PUT 02/15 EUX 10950 25 25 0 EUR DAX Germany Index PUT 03/15 EUX 11750 50 50 0 EUR DAX Germany Index PUT 03/15 EUX 11800 50 50 0 EUR DAX Germany Index PUT 03/15 EUX 11850 25 25 0 EUR DAX Germany Index PUT 04/15 EUX 11100 150 150 0 EUR DAX Germany Index PUT 04/15 EUX 11600 100 100 0 EUR DAX Germany Index PUT 04/15 EUX 11650 100 100 0 EUR DAX Germany Index PUT 04/15 EUX 11900 200 200 0 EUR DAX Germany Index PUT 04/15 EUX 12100 150 150 0 EUR DAX Germany Index PUT 05/15 EUX 11100 100 100 0 EUR DAX Germany Index PUT 05/15 EUX 11350 50 50 0 EUR DAX Germany Index PUT 05/15 EUX 11400 25 25 0 EUR DAX Germany Index PUT 05/15 EUX 11600 100 100 0 EUR DAX Germany Index PUT 06/15 EUX 10600 100 100 0 EUR DAX Germany Index PUT 06/15 EUX 11100 175 175 0 EUR DAX Germany Index PUT 06/15 EUX 11400 75 75 0 EUR DAX Germany Index PUT 07/15 EUX 11300 50 50 0 EUR DAX Germany Index PUT 07/15 EUX 11700 75 75 0 EUR DAX Germany Index PUT 08/15 EUX 10350 75 75 0 EUR DAX Germany Index PUT 08/15 EUX 10800 25 25 0 EUR DAX Germany Index PUT 08/15 EUX 11250 75 75 0 EUR DAX Germany Index PUT 09/15 EUX 10000 75 75 0 EUR DAX Germany Index PUT 09/15 EUX 10300 50 50 0 EUR DAX Germany Index PUT 09/15 EUX 9400 100 100 0 EUR DAX Germany Index PUT 10/15 EUX 10000 50 50 0 EUR DAX Germany Index PUT 10/15 EUX 10150 25 25 0 EUR DAX Germany Index PUT 10/15 EUX 9400 25 25 0 EUR DAX Germany Index PUT 10/15 EUX 9900 100 100 0 EUR DAX Germany Index PUT 11/15 EUX 10000 75 75 0 EUR DAX Germany Index PUT 11/15 EUX 10400 50 50 0 EUR DAX Germany Index PUT 11/15 EUX 9600 50 50 0 EUR DAX Germany Index PUT 11/15 EUX 10600 125 125 0 EUR DAX Germany Index PUT 11/15 EUX 10800 75 75 0 EUR DAX Germany Index PUT 11/15 EUX 11000 50 50 0 EUR DAX Germany Index PUT 11/15 EUX 11050 25 25 0 EUR DAX Germany Index PUT 12/15 EUX 10150 25 25 0 EUR DAX Germany Index PUT 12/15 EUX 10200 100 100 0 EUR DAX Germany Index PUT 12/15 EUX 10400 25 25 0 EUR DAX Germany Index PUT 12/15 EUX 10800 100 100 0

38 ATOMO - GLOBAL FLEXIBLE

Statement of changes in investments (unaudited) (continued) from 1st January 2015 to 31st December 2015

Currency Description Purchases Sales Other

EUR Euro Stoxx 50 EUR (Price) Index CALL 01/15 EUX 75 75 0 3050 EUR Euro Stoxx 50 EUR (Price) Index CALL 01/15 EUX 50 50 0 3125 EUR Euro Stoxx 50 EUR (Price) Index CALL 01/15 EUX 50 50 0 3150 EUR Euro Stoxx 50 EUR (Price) Index CALL 01/15 EUX 0 150 0 3250 EUR Euro Stoxx 50 EUR (Price) Index CALL 02/15 EUX 50 50 0 3250 EUR Euro Stoxx 50 EUR (Price) Index CALL 02/15 EUX 50 50 0 3325 EUR Euro Stoxx 50 EUR (Price) Index CALL 03/15 EUX 100 100 0 3325 EUR Euro Stoxx 50 EUR (Price) Index CALL 03/15 EUX 75 75 0 3400 EUR Euro Stoxx 50 EUR (Price) Index CALL 03/15 EUX 75 75 0 3525 EUR Euro Stoxx 50 EUR (Price) Index CALL 03/15 EUX 50 50 0 3600 EUR Euro Stoxx 50 EUR (Price) Index CALL 07/15 EUX 100 100 0 3375 EUR Euro Stoxx 50 EUR (Price) Index CALL 07/15 EUX 100 100 0 3500 EUR Euro Stoxx 50 EUR (Price) Index CALL 08/15 EUX 50 50 0 3500 EUR Euro Stoxx 50 EUR (Price) Index CALL 08/15 EUX 100 100 0 3600 EUR Euro Stoxx 50 EUR (Price) Index CALL 08/15 EUX 25 25 0 3700 EUR Euro Stoxx 50 EUR (Price) Index CALL 08/15 EUX 50 50 0 3725 EUR Euro Stoxx 50 EUR (Price) Index CALL 08/15 EUX 35 35 0 3750 EUR Euro Stoxx 50 EUR (Price) Index CALL 08/15 EUX 155 155 0 3800 EUR Euro Stoxx 50 EUR (Price) Index CALL 11/15 EUX 75 75 0 3500 EUR Euro Stoxx 50 EUR (Price) Index CALL 12/15 EUX 60 60 0 3325 EUR Euro Stoxx 50 EUR (Price) Index CALL 12/15 EUX 60 60 0 3375 EUR Euro Stoxx 50 EUR (Price) Index CALL 12/15 EUX 100 100 0 3450 EUR Euro Stoxx 50 EUR (Price) Index CALL 12/15 EUX 250 250 0 3550 EUR Euro Stoxx 50 EUR (Price) Index CALL 12/15 EUX 125 125 0 3575 EUR Euro Stoxx 50 EUR (Price) Index PUT 01/15 EUX 0 150 0 2950 EUR Euro Stoxx 50 EUR (Price) Index PUT 01/15 EUX 75 75 0 3050 EUR Euro Stoxx 50 EUR (Price) Index PUT 02/15 EUX 75 75 0 3200 EUR Euro Stoxx 50 EUR (Price) Index PUT 02/15 EUX 75 75 0 3325 EUR Euro Stoxx 50 EUR (Price) Index PUT 03/15 EUX 125 125 0 3100 EUR Euro Stoxx 50 EUR (Price) Index PUT 03/15 EUX 75 75 0 3250 EUR Euro Stoxx 50 EUR (Price) Index PUT 03/15 EUX 75 75 0 3325 EUR Euro Stoxx 50 EUR (Price) Index PUT 03/15 EUX 100 100 0 3500 EUR Euro Stoxx 50 EUR (Price) Index PUT 07/15 EUX 100 100 0 3500

39 ATOMO - GLOBAL FLEXIBLE

Statement of changes in investments (unaudited) (continued) from 1st January 2015 to 31st December 2015

Currency Description Purchases Sales Other

EUR Euro Stoxx 50 EUR (Price) Index PUT 08/15 EUX 130 130 0 3400 EUR Euro Stoxx 50 EUR (Price) Index PUT 08/15 EUX 150 150 0 3600 EUR Euro Stoxx 50 EUR (Price) Index PUT 08/15 EUX 75 75 0 3675 EUR Euro Stoxx 50 EUR (Price) Index PUT 11/15 EUX 25 25 0 3425 EUR Euro Stoxx 50 EUR (Price) Index PUT 12/15 EUX 75 75 0 3150 EUR Euro Stoxx 50 EUR (Price) Index PUT 12/15 EUX 75 75 0 3250 EUR Euro Stoxx 50 EUR (Price) Index PUT 12/15 EUX 50 50 0 3350 EUR Euro Stoxx 50 EUR (Price) Index PUT 12/15 EUX 50 50 0 3475 EUR FTSE MIB Index CALL 01/15 MIL 18400 50 50 0 EUR FTSE MIB Index CALL 01/15 MIL 18700 75 75 0 EUR FTSE MIB Index CALL 01/15 MIL 18900 50 50 0 EUR FTSE MIB Index CALL 01/15 MIL 19000 0 150 0 EUR FTSE MIB Index CALL 01/15 MIL 20000 125 0 0 EUR FTSE MIB Index CALL 01/15 MIL 20250 0 100 0 EUR FTSE MIB Index CALL 01/15 MIL 20500 0 100 0 EUR FTSE MIB Index CALL 01/15 MIL 21000 0 75 0 EUR FTSE MIB Index CALL 01/16 MIL 21500 75 0 0 EUR FTSE MIB Index CALL 01/16 MIL 22000 25 50 0 EUR FTSE MIB Index CALL 01/16 MIL 22500 50 75 0 EUR FTSE MIB Index CALL 01/16 MIL 24000 175 0 0 EUR FTSE MIB Index CALL 01/16 MIL 24500 150 150 0 EUR FTSE MIB Index CALL 01/16 MIL 25000 200 200 0 EUR FTSE MIB Index CALL 02/15 MIL 19000 100 100 0 EUR FTSE MIB Index CALL 02/15 MIL 20000 100 100 0 EUR FTSE MIB Index CALL 02/15 MIL 20500 0 150 0 EUR FTSE MIB Index CALL 02/15 MIL 21000 50 50 0 EUR FTSE MIB Index CALL 02/15 MIL 21500 100 100 0 EUR FTSE MIB Index CALL 02/15 MIL 21800 50 50 0 EUR FTSE MIB Index CALL 03/15 MIL 21500 150 150 0 EUR FTSE MIB Index CALL 03/15 MIL 22500 340 340 0 EUR FTSE MIB Index CALL 03/15 MIL 22750 75 75 0 EUR FTSE MIB Index CALL 03/15 MIL 23000 35 35 0 EUR FTSE MIB Index CALL 03/16 MIL 22500 100 0 0 EUR FTSE MIB Index CALL 03/16 MIL 24000 0 125 0 EUR FTSE MIB Index CALL 04/15 MIL 23000 75 75 0 EUR FTSE MIB Index CALL 04/15 MIL 23500 150 150 0 EUR FTSE MIB Index CALL 04/15 MIL 24000 150 150 0 EUR FTSE MIB Index CALL 04/15 MIL 24500 125 125 0 EUR FTSE MIB Index CALL 05/15 MIL 23000 40 40 0 EUR FTSE MIB Index CALL 05/15 MIL 23500 150 150 0 EUR FTSE MIB Index CALL 05/15 MIL 24100 50 50 0 EUR FTSE MIB Index CALL 05/15 MIL 24250 50 50 0 EUR FTSE MIB Index CALL 05/15 MIL 24500 300 300 0 EUR FTSE MIB Index CALL 06/15 MIL 22500 150 150 0 EUR FTSE MIB Index CALL 06/15 MIL 23000 250 250 0 EUR FTSE MIB Index CALL 06/15 MIL 23250 75 75 0 EUR FTSE MIB Index CALL 06/15 MIL 23500 50 50 0 EUR FTSE MIB Index CALL 06/15 MIL 23750 25 25 0 EUR FTSE MIB Index CALL 06/15 MIL 24000 200 200 0 EUR FTSE MIB Index CALL 06/15 MIL 24500 350 350 0 EUR FTSE MIB Index CALL 06/15 MIL 24750 100 100 0 EUR FTSE MIB Index CALL 07/15 MIL 22750 50 50 0 EUR FTSE MIB Index CALL 07/15 MIL 23000 50 50 0 EUR FTSE MIB Index CALL 07/15 MIL 23500 25 25 0 EUR FTSE MIB Index CALL 07/15 MIL 23750 50 50 0 EUR FTSE MIB Index CALL 07/15 MIL 24000 225 225 0 EUR FTSE MIB Index CALL 07/15 MIL 24500 25 25 0 EUR FTSE MIB Index CALL 08/15 MIL 22750 80 80 0 EUR FTSE MIB Index CALL 08/15 MIL 23750 75 75 0

40 ATOMO - GLOBAL FLEXIBLE

Statement of changes in investments (unaudited) (continued) from 1st January 2015 to 31st December 2015

Currency Description Purchases Sales Other

EUR FTSE MIB Index CALL 08/15 MIL 24250 125 125 0 EUR FTSE MIB Index CALL 08/15 MIL 24500 75 75 0 EUR FTSE MIB Index CALL 08/15 MIL 24750 125 125 0 EUR FTSE MIB Index CALL 08/15 MIL 25000 125 125 0 EUR FTSE MIB Index CALL 09/15 MIL 22000 100 100 0 EUR FTSE MIB Index CALL 09/15 MIL 22250 50 50 0 EUR FTSE MIB Index CALL 09/15 MIL 22500 125 125 0 EUR FTSE MIB Index CALL 09/15 MIL 22750 75 75 0 EUR FTSE MIB Index CALL 09/15 MIL 23000 125 125 0 EUR FTSE MIB Index CALL 09/15 MIL 23500 75 75 0 EUR FTSE MIB Index CALL 09/15 MIL 24000 100 100 0 EUR FTSE MIB Index CALL 09/15 MIL 24500 200 200 0 EUR FTSE MIB Index CALL 09/15 MIL 25500 100 100 0 EUR FTSE MIB Index CALL 09/15 MIL 26000 192 192 0 EUR FTSE MIB Index CALL 09/15 MIL 26500 125 125 0 EUR FTSE MIB Index CALL 10/15 MIL 21250 50 50 0 EUR FTSE MIB Index CALL 10/15 MIL 21750 50 50 0 EUR FTSE MIB Index CALL 10/15 MIL 22000 50 50 0 EUR FTSE MIB Index CALL 10/15 MIL 22250 50 50 0 EUR FTSE MIB Index CALL 10/15 MIL 22500 70 70 0 EUR FTSE MIB Index CALL 10/15 MIL 23000 50 50 0 EUR FTSE MIB Index CALL 11/15 MIL 22500 125 125 0 EUR FTSE MIB Index CALL 11/15 MIL 23000 100 100 0 EUR FTSE MIB Index CALL 11/15 MIL 23250 150 150 0 EUR FTSE MIB Index CALL 11/15 MIL 23500 125 125 0 EUR FTSE MIB Index CALL 12/15 MIL 21500 200 200 0 EUR FTSE MIB Index CALL 12/15 MIL 21750 100 100 0 EUR FTSE MIB Index CALL 12/15 MIL 22250 50 50 0 EUR FTSE MIB Index CALL 12/15 MIL 22750 17 17 0 EUR FTSE MIB Index CALL 12/15 MIL 23000 220 220 0 EUR FTSE MIB Index CALL 12/15 MIL 23500 175 175 0 EUR FTSE MIB Index CALL 12/15 MIL 24000 125 125 0 EUR FTSE MIB Index PUT 01/15 MIL 18000 25 0 0 EUR FTSE MIB Index PUT 01/15 MIL 18250 50 0 0 EUR FTSE MIB Index PUT 01/15 MIL 19000 0 100 0 EUR FTSE MIB Index PUT 01/15 MIL 20000 0 75 0 EUR FTSE MIB Index PUT 01/16 MIL 20000 125 125 0 EUR FTSE MIB Index PUT 01/16 MIL 20500 50 50 0 EUR FTSE MIB Index PUT 01/16 MIL 21000 0 25 0 EUR FTSE MIB Index PUT 02/15 MIL 17000 150 0 0 EUR FTSE MIB Index PUT 02/15 MIL 18500 0 150 0 EUR FTSE MIB Index PUT 02/15 MIL 19250 285 285 0 EUR FTSE MIB Index PUT 02/15 MIL 19750 50 50 0 EUR FTSE MIB Index PUT 02/15 MIL 20000 160 160 0 EUR FTSE MIB Index PUT 02/15 MIL 20500 160 160 0 EUR FTSE MIB Index PUT 02/15 MIL 21000 150 150 0 EUR FTSE MIB Index PUT 02/15 MIL 21500 100 100 0 EUR FTSE MIB Index PUT 03/15 MIL 20000 125 125 0 EUR FTSE MIB Index PUT 03/15 MIL 21000 140 140 0 EUR FTSE MIB Index PUT 03/15 MIL 21750 315 315 0 EUR FTSE MIB Index PUT 03/15 MIL 22250 225 225 0 EUR FTSE MIB Index PUT 03/15 MIL 22500 150 150 0 EUR FTSE MIB Index PUT 03/16 MIL 18500 0 125 0 EUR FTSE MIB Index PUT 03/16 MIL 20000 100 0 0 EUR FTSE MIB Index PUT 04/15 MIL 22500 200 200 0 EUR FTSE MIB Index PUT 04/15 MIL 23000 100 100 0 EUR FTSE MIB Index PUT 04/15 MIL 23500 35 35 0 EUR FTSE MIB Index PUT 04/15 MIL 24000 125 125 0 EUR FTSE MIB Index PUT 05/15 MIL 21250 100 100 0 EUR FTSE MIB Index PUT 05/15 MIL 21500 25 25 0 EUR FTSE MIB Index PUT 05/15 MIL 21750 250 250 0 EUR FTSE MIB Index PUT 05/15 MIL 22750 50 50 0 EUR FTSE MIB Index PUT 05/15 MIL 23000 200 200 0 EUR FTSE MIB Index PUT 06/15 MIL 21000 150 150 0 EUR FTSE MIB Index PUT 06/15 MIL 22000 300 300 0 EUR FTSE MIB Index PUT 06/15 MIL 22250 50 50 0 EUR FTSE MIB Index PUT 06/15 MIL 23000 150 150 0

41 ATOMO - GLOBAL FLEXIBLE

Statement of changes in investments (unaudited) (continued) from 1st January 2015 to 31st December 2015

Currency Description Purchases Sales Other

EUR FTSE MIB Index PUT 07/15 MIL 20500 350 350 0 EUR FTSE MIB Index PUT 07/15 MIL 22000 200 200 0 EUR FTSE MIB Index PUT 07/15 MIL 23000 125 125 0 EUR FTSE MIB Index PUT 08/15 MIL 22500 120 120 0 EUR FTSE MIB Index PUT 08/15 MIL 23500 80 80 0 EUR FTSE MIB Index PUT 09/15 MIL 20000 100 100 0 EUR FTSE MIB Index PUT 09/15 MIL 20500 50 50 0 EUR FTSE MIB Index PUT 09/15 MIL 20750 50 50 0 EUR FTSE MIB Index PUT 09/15 MIL 21000 100 100 0 EUR FTSE MIB Index PUT 09/15 MIL 21750 100 100 0 EUR FTSE MIB Index PUT 10/15 MIL 20000 200 200 0 EUR FTSE MIB Index PUT 10/15 MIL 21000 50 50 0 EUR FTSE MIB Index PUT 10/15 MIL 21250 50 50 0 EUR FTSE MIB Index PUT 10/15 MIL 22000 100 100 0 EUR FTSE MIB Index PUT 11/15 MIL 19000 40 40 0 EUR FTSE MIB Index PUT 11/15 MIL 20000 75 75 0 EUR FTSE MIB Index PUT 11/15 MIL 20500 50 50 0 EUR FTSE MIB Index PUT 11/15 MIL 21250 25 25 0 EUR FTSE MIB Index PUT 11/15 MIL 21500 120 120 0 EUR FTSE MIB Index PUT 11/15 MIL 22000 130 130 0 EUR FTSE MIB Index PUT 11/15 MIL 22500 100 100 0 EUR FTSE MIB Index PUT 12/15 MIL 19000 150 150 0 EUR FTSE MIB Index PUT 12/15 MIL 20500 225 225 0 EUR FTSE MIB Index PUT 12/15 MIL 20600 25 25 0 EUR FTSE MIB Index PUT 12/15 MIL 21000 200 200 0 EUR FTSE MIB Index PUT 12/15 MIL 21250 100 100 0 EUR FTSE MIB Index PUT 12/15 MIL 22000 50 50 0 EUR FTSE MIB Index PUT 12/15 MIL 22500 150 150 0

USD S&P 500 Index CALL 09/15 OPRA 1950 40 40 0 USD S&P 500 Index PUT 10/15 OPRA 1850 20 20 0

Options on futures

USD EURO FX CALL 06/15 IMM 1.1 25 25 0 USD S&P 500 E MINI Future CALL 01/15 CME 2050 0 50 0 USD S&P 500 E MINI Future CALL 01/15 CME 2070 20 20 0 USD S&P 500 E MINI Future CALL 01/15 CME 2090 30 0 0 USD S&P 500 E MINI Future CALL 01/15 CME 2100 20 0 0 USD S&P 500 E MINI Future CALL 01/16 CME 2060 50 0 0 USD S&P 500 E MINI Future CALL 01/16 CME 2080 0 30 0 USD S&P 500 E MINI Future CALL 01/16 CME 2110 75 0 0 USD S&P 500 E MINI Future CALL 02/15 CME 2040 50 50 0 USD S&P 500 E MINI Future CALL 02/15 CME 2070 25 25 0 USD S&P 500 E MINI Future CALL 03/15 CME 2130 25 25 0 USD S&P 500 E MINI Future CALL 04/15 CME 2120 125 125 0 USD S&P 500 E MINI Future CALL 04/15 CME 2150 75 75 0 USD S&P 500 E MINI Future CALL 05/15 CME 2120 40 40 0 USD S&P 500 E MINI Future CALL 06/15 CME 2150 80 80 0 USD S&P 500 E MINI Future CALL 07/15 CME 2110 50 50 0 USD S&P 500 E MINI Future CALL 09/15 CME 2100 30 30 0 USD S&P 500 E MINI Future CALL 09/15 CME 2110 30 30 0 USD S&P 500 E MINI Future CALL 09/15 CME 2130 29 29 0 USD S&P 500 E MINI Future CALL 10/15 CME 1920 15 15 0 USD S&P 500 E MINI Future CALL 10/15 CME 1950 25 25 0 USD S&P 500 E MINI Future CALL 10/15 CME 1970 30 30 0 USD S&P 500 E MINI Future CALL 10/15 CME 2000 70 70 0 USD S&P 500 E MINI Future CALL 12/15 CME 2070 25 25 0 USD S&P 500 E MINI Future CALL 12/15 CME 2090 50 50 0 USD S&P 500 E MINI Future CALL 12/15 CME 2120 20 20 0 USD S&P 500 E MINI Future CALL 12/15 CME 2130 20 20 0 USD S&P 500 E MINI Future PUT 01/16 CME 1990 25 25 0 USD S&P 500 E MINI Future PUT 01/16 CME 2020 0 10 0 USD S&P 500 E MINI Future PUT 02/15 CME 2000 75 75 0 USD S&P 500 E MINI Future PUT 02/15 CME 2070 25 25 0

42 ATOMO - GLOBAL FLEXIBLE

Statement of changes in investments (unaudited) (continued) from 1st January 2015 to 31st December 2015

Currency Description Purchases Sales Other

USD S&P 500 E MINI Future PUT 03/15 CME 2080 125 125 0 USD S&P 500 E MINI Future PUT 04/15 CME 1990 50 50 0 USD S&P 500 E MINI Future PUT 04/15 CME 2020 100 100 0 USD S&P 500 E MINI Future PUT 05/15 CME 2040 100 100 0 USD S&P 500 E MINI Future PUT 05/15 CME 2080 60 60 0 USD S&P 500 E MINI Future PUT 06/15 CME 2060 60 60 0 USD S&P 500 E MINI Future PUT 10/15 CME 1930 15 15 0 USD S&P 500 E MINI Future PUT 10/15 CME 1940 15 15 0 USD S&P 500 E MINI Future PUT 11/15 CME 1990 50 50 0 USD S&P 500 E MINI Future PUT 11/15 CME 2040 50 50 0 USD S&P 500 E MINI Future PUT 12/15 CME 2040 20 20 0 USD S&P 500 E MINI Future PUT 12/15 CME 2060 10 10 0

Investment funds (UCITS)

EUR Finlabo Inv Scv Dynamic Equity R Cap 2,520 2,520 0

Tracker funds (UCITS)

EUR Lyxor UCITS ETF Brazil (IBOV) C EUR Cap 0 0 10,500 EUR Lyxor UCITS ETF Brazil (IBOV.) C EUR Cap 0 0 -10,500

USD Source Mks Plc SP500 VIX Futures ETF UCITS A 0 50 0 Cap

43 ATOMO - MULTI STRATEGY

Statement of net assets (in EUR) as at 31st December 2015

Assets Securities portfolio at market value 10,283,687.03 Cash at banks 406,471.66 Other liquid assets 840,704.95 Income receivable on portfolio 34,266.70 Prepaid expenses 1,276.99 Total assets 11,566,407.33

Liabilities Expenses payable 28,264.87 Total liabilities 28,264.87

Net assets at the end of the year 11,538,142.46

Class R Shares outstanding 63,117.187 Net asset value per Class R Share 103.59

Class R1 Shares outstanding 4,912.967 Net asset value per Class R1 Share 1,017.71

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

44 ATOMO - MULTI STRATEGY

Statement of operations and other changes in net assets (in EUR) from 1st January 2015 to 31st December 2015

Income Dividends, net 130,280.50 Interest on bonds and other debt securities, net 32,532.30 Interest on bank accounts 68.28 Total income 162,881.08

Expenses Management fees 189,338.58 Performance fees 30,371.52 Custodian fees 10,042.34 Banking charges and other fees 799.28 Transaction fees 30,566.93 Central administration costs 50,285.30 Professional fees 5,834.71 Other administration costs 24,895.11 Subscription duty ("taxe d'abonnement") 5,362.69 Interest paid on bank overdrafts 456.95 Other expenses 12,816.81 Total expenses 360,770.22

Net investment loss -197,889.14

Net realised gain/(loss) - on securities portfolio 211,140.14 - on option contracts 27,750.00 - on futures contracts 59,325.00 - on foreign exchange 12,831.83 Realised result 113,157.83

Net variation of the unrealised gain/(loss) - on securities portfolio 421,692.69 - on futures contracts -10,335.00 Result of operations 524,515.52

Subscriptions 9,298,398.25

Redemptions -2,437,293.47

Total changes in net assets 7,385,620.30

Total net assets at the beginning of the year 4,152,522.16

Total net assets at the end of the year 11,538,142.46

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

45 ATOMO - MULTI STRATEGY

Statistical information (in EUR) as at 31st December 2015

Total net assets - as at 31.12.2015 11,538,142.46 - as at 31.12.2014 4,152,522.16 - as at 31.12.2013 5,856,416.57

Number of Class R Shares - outstanding at the beginning of the year 4,285.741 - issued 75,649.946 - redeemed -16,818.500 - outstanding at the end of the year 63,117.187

Net asset value per Class R Share - as at 31.12.2015 103.59 - as at 31.12.2014 97.01 - as at 31.12.2013 99.59

Number of Class R1 Shares - outstanding at the beginning of the year 3,943.443 - issued 1,634.064 - redeemed -664.540 - outstanding at the end of the year 4,912.967

Net asset value per Class R1 Share - as at 31.12.2015 1,017.71 - as at 31.12.2014 947.59 - as at 31.12.2013 964.92

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

46 ATOMO - MULTI STRATEGY

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

Currency Number / Description Cost Market value % of nominal value total net assets

Investments in securities Transferable securities admitted to an official stock exchange listing Shares CHF 1,000 Novartis AG Reg 81,180.14 79,814.59 0.69

EUR 700 Allianz SE Reg 102,200.00 114,485.00 0.99 EUR 8,000 Amplifon SpA Post Frazionamento 60,320.00 63,960.00 0.55 EUR 20,000 Anima Holding SpA 82,200.00 160,400.00 1.39 EUR 14,000 Ansaldo STS SpA 124,273.99 138,180.00 1.20 EUR 10,000 Assicurazioni Generali SpA 165,562.58 169,200.00 1.47 EUR 38,250 Assiteca SpA 70,762.50 64,260.00 0.56 EUR 4,000 Atlantia SpA 93,020.35 98,000.00 0.85 EUR 20,000 Autogrill SpA 147,045.24 176,400.00 1.53 EUR 7,500 Azimut Holding SpA 144,065.50 172,950.00 1.50 EUR 6,000 Banca Generali SpA 129,662.77 175,080.00 1.52 EUR 25,000 Banca Interm Inv Gest SpA BIM 76,223.50 55,700.00 0.48 EUR 99,000 Banca Monte Paschi Siena SpA post raggruppamento 198,180.00 121,968.00 1.06 EUR 25,000 Banca Pop dell'Emilia Ro SCARL 193,342.50 176,000.00 1.53 EUR 220,000 Banca Popolare di Milano 198,120.00 202,620.00 1.76 EUR 800 Bayerische Motorenwerke AG 69,664.00 78,104.00 0.68 EUR 2,000 Brembo SpA 54,348.40 89,360.00 0.77 EUR 18,000 CNH Industrial NV 138,243.41 114,120.00 0.99 EUR 1,000 Daimler AG Reg 84,200.00 77,580.00 0.67 EUR 4,000 De'Longhi SpA 40,668.03 110,680.00 0.96 EUR 5,000 Deutsche Lufthansa AG Reg 67,000.00 72,825.00 0.63 EUR 3,000 DiaSorin SpA 90,706.83 145,350.00 1.26 EUR 45,000 ENEL SpA 168,750.00 175,140.00 1.52 EUR 10,000 ENI SpA 178,897.75 138,000.00 1.20 EUR 2,600 EXOR SpA 113,997.00 109,434.00 0.95 EUR 25,000 Expert Syst SpA 45,000.00 52,250.00 0.45 EUR 2,500 Fagron SA 50,596.50 17,650.00 0.15 EUR 4,000 Fiat Chrysler Automobiles NV A Reg 59,600.00 51,680.00 0.45 EUR 32,000 FinecoBank SPA 219,695.60 244,000.00 2.11 EUR 6,240 Gala SpA 78,000.00 23,649.60 0.20 EUR 46,500 Giglio Group SpA 88,350.00 106,857.00 0.93 EUR 1,000 HeidelbergCement AG 65,575.00 75,620.00 0.66 EUR 250 Hermes Intl SA 72,000.00 77,937.50 0.68 EUR 7,000 Industria Macchine Automat SpA 300,789.28 335,930.00 2.91 EUR 6,000 Interpump Group SpA 83,721.30 85,920.00 0.74 EUR 40,000 Intesa Sanpaolo SpA 129,840.00 123,520.00 1.07 EUR 800 Krones AG 75,730.88 88,240.00 0.76 EUR 300 L'Oréal SA 53,685.00 46,590.00 0.40 EUR 8,000 La Doria SpA 96,898.00 104,400.00 0.90 EUR 10,000 Mediobanca SpA 94,995.00 88,850.00 0.77 EUR 1,500 OSRAM Licht AG 66,488.66 58,185.00 0.50 EUR 25,000 Piaggio & C. SpA 69,319.89 58,150.00 0.50 EUR 4,000 Porsche Automobile Hg SE Pref 187,585.14 200,040.00 1.73 EUR 9,000 Prysmian SpA 155,160.75 182,340.00 1.58 EUR 5,000 Recordati Ind Chim e Farm SpA 76,000.00 120,450.00 1.04 EUR 2,000 SAP SE 110,512.80 146,760.00 1.27 EUR 1,800 Siemens AG Reg 174,705.84 161,784.00 1.40 EUR 25,000 Snam SpA 98,500.00 120,750.00 1.05 EUR 20,000 STMicroelectronics NV 138,731.00 125,300.00 1.09 EUR 180,000 Telecom Italia SpA 172,682.00 211,500.00 1.83 EUR 30,000 Terna Rete Elettr Nazional SpA 108,000.00 142,680.00 1.24 EUR 2,700 Trevi Finanziaria SpA 5,670.00 4,941.00 0.04 EUR 15,000 Unicredit SpA Post Raggruppamento 83,850.00 77,025.00 0.67 EUR 15,000 Unione di Banche Italiane SpA 100,050.00 93,000.00 0.81 EUR 40,000 UnipolSai SpA 86,400.00 94,400.00 0.82 EUR 500 Volkswagen AG 78,491.18 71,150.00 0.62 EUR 2,000 Wirecard AG 57,777.72 93,000.00 0.81 EUR 5,000 Worldline SA 82,500.00 119,350.00 1.03

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

47 ATOMO - MULTI STRATEGY

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

Currency Number / Description Cost Market value % of nominal value total net assets

EUR 2,000 Yoox Net A Porter Group SpA 66,995.40 69,100.00 0.60 6,225,351.29 6,672,795.10 57.83 GBP 10,000 Dixons Carphone Plc 64,250.14 67,852.21 0.59 GBP 40,000 Vodafone Group Plc 96,825.02 119,962.71 1.04 GBP 1,000 Whitbread Plc 75,795.04 59,723.52 0.52 236,870.20 247,538.44 2.15 USD 1,000 Fortinet Inc 39,849.91 28,701.66 0.25 USD 4,000 Intl Game Technology Plc 71,120.00 59,594.84 0.52 USD 400 LinkedIn Corp A 72,195.46 82,902.39 0.72 USD 2,360 Livanova Plc 100,334.93 129,017.68 1.12 USD 500 NetFlix Inc 43,284.28 52,661.14 0.46 USD 2,000 Salesforce.com Inc 63,957.71 144,383.06 1.25 USD 300 Tesla Motors Inc 65,907.51 66,301.10 0.57 USD 600 Whirlpool Corp 65,195.03 81,143.65 0.70 USD 800 Zimmer Biomet Hgs Inc 71,069.01 75,572.74 0.65 592,913.84 720,278.26 6.24 Total shares 7,136,315.47 7,720,426.39 66.91 Closed-ended investment funds EUR 268,750 Beni Stabili SpA 133,714.46 187,721.88 1.63 EUR 38 Estense Grande Distribuzione Dist 31.12.16 35,106.26 26,980.00 0.23 Total closed-ended investment funds 168,820.72 214,701.88 1.86 Equity / index linked certificates EUR 1,000 BNP Paribas Arb Issuance BV Certif FTSE MIB Idx 14/21.07.17 100,200.00 107,800.00 0.93 Total equity / index linked certificates 100,200.00 107,800.00 0.93 Bonds EUR 80,000 Dexia Crediop SpA 3.6% Ser 0000 10/28.06.16 66,011.26 80,400.00 0.70 EUR 320,000 Oesterreich VAR EMTN Sen Ser 103 05/22.04.20 315,110.29 326,000.00 2.83 EUR 30,000 Royal Bank of Scotland Plc Step-up EMTN 10/19.04.17 31,650.00 31,749.00 0.28 EUR 100,000 Royal Bank of Scotland Plc Step-up Sen 11/26.05.17 103,330.00 107,216.00 0.93 516,101.55 545,365.00 4.74 USD 450,000 EIB 5.125% Sen 06/13.09.16 423,567.74 426,391.57 3.70

Total bonds 939,669.29 971,756.57 8.44 Transferable securities dealt in on another regulated market Equity / index linked certificates EUR 200 Exane Finance Certif Active Alloc Fin Bonds Index Perpetual 203,872.00 204,040.04 1.77 EUR 150 Exane Finance Certif Exane QRate Eu Index Perpetual 172,658.53 199,728.65 1.73 Total equity / index linked certificates 376,530.53 403,768.69 3.50 Other transferable securities Equity / index linked certificates EUR 100 Exane Finance Certif Exane Active Alloc HY Bd Idx Perpetual 101,398.29 100,832.50 0.87 Total equity / index linked certificates 101,398.29 100,832.50 0.87 Bonds EUR 400,000 ESTIA Fin SA 5% Sub 15/09.01.21 400,000.00 388,000.00 3.36 Total bonds 400,000.00 388,000.00 3.36 Warrants and rights EUR 15,000 Unione di Banche Italiane SpA Droits de sousc 12.01.16 0.00 0.00 0.00 Total warrants and rights 0.00 0.00 0.00

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

48 ATOMO - MULTI STRATEGY

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

Currency Number / Description Cost Market value % of nominal value total net assets

Open-ended investment funds Tracker funds (UCITS) EUR 17,000 Lyxor ETF FTSE MIB Daily Lev Dist 199,338.33 155,720.00 1.35 EUR 2,500 Lyxor UCITS ETF Da Dble Sh Bund 131,739.75 108,275.00 0.94 EUR 3,700 Multi Uts France Lyxor UCITS ETF Daily Doub Short BTP Dist 130,584.48 112,406.00 0.97 Total tracker funds (UCITS) 461,662.56 376,401.00 3.26 Total investments in securities 9,684,596.86 10,283,687.03 89.13 Cash at banks 406,471.66 3.52 Other net assets/(liabilities) 847,983.77 7.35 Total 11,538,142.46 100.00

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

49 ATOMO - MULTI STRATEGY

Industrial and geographical classification of investments as at 31st December 2015

Industrial classification (in percentage of net assets)

Banks 13.69 % Diversified financial services 10.94 % Capital goods 7.43 % Automobiles and components 5.99 % Software and services 4.97 % Utilities 4.01 % Insurance 3.84 % International institutions 3.70 % Telecommunication services 3.46 % Special Purpose Vehicle (SPV) 3.36 % Consumer durables and apparel 3.36 % Investment funds 3.26 % Pharmaceuticals and biotechnology 2.99 % Countries and governments 2.83 % Transportation 2.68 % Health care equipment and services 2.47 % Hotels, restaurants and leisure 2.05 % Real estate funds 1.86 % Energy 1.20 % Semiconductors and semiconductor equipment 1.09 % Retailing 1.06 % Media 0.93 % Food, beverage and tobacco 0.90 % Materials 0.66 % Household and personal products 0.40 % Total 89.13 %

50 ATOMO - MULTI STRATEGY

Industrial and geographical classification of investments as at 31st December 2015

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

Italy 44.88 % Germany 10.72 % France 9.74 % Luxembourg 7.06 % United Kingdom 5.00 % United States of America 4.60 % The Netherlands 3.46 % Austria 2.83 % Switzerland 0.69 % Belgium 0.15 % Total 89.13 %

51 ATOMO - MULTI STRATEGY

Statement of changes in investments (unaudited) from 1st January 2015 to 31st December 2015

Currency Description Purchases Sales Other

Shares

CHF Novartis AG Reg 1,000 0 0

EUR Adidas AG Reg 0 1,000 0 EUR Allianz SE Reg 700 0 0 EUR Amplifon SpA Post Frazionamento 8,000 0 0 EUR Anima Holding SpA 20,000 0 0 EUR Ansaldo STS SpA 7,000 0 0 EUR Assicurazioni Generali SpA 5,000 0 0 EUR Assiteca SpA 57,750 19,500 0 EUR Atlantia SpA 4,000 0 0 EUR Autogrill SpA 10,000 0 0 EUR Azimut Holding SpA 7,500 0 0 EUR Banca Generali SpA 3,000 0 0 EUR Banca Interm Inv Gest SpA BIM 25,000 0 0 EUR Banca Monte Paschi Siena SpA 180,000 0 -180,000 EUR Banca Monte Paschi Siena SpA post 0 0 99,000 raggruppamento EUR Banca Pop dell'Emilia Ro SCARL 25,000 0 0 EUR Banca Popolare di Milano 220,000 0 0 EUR Bayerische Motorenwerke AG 800 0 0 EUR Brembo SpA 2,000 0 0 EUR Caleffi SpA 0 25,000 0 EUR Daimler AG Reg 1,000 0 0 EUR Deutsche Bank AG Reg 0 2,500 0 EUR Deutsche Lufthansa AG Reg 5,000 0 0 EUR ENEL SpA 45,000 0 0 EUR ENI SpA 5,000 0 0 EUR EXOR SpA 2,600 0 0 EUR Fagron SA 2,500 0 0 EUR Fiat Chrysler Automobiles NV A Reg 4,000 0 0 EUR FinecoBank SPA 32,000 0 0 EUR Giglio Group SpA 52,500 6,000 0 EUR HeidelbergCement AG 2,000 1,000 0 EUR Hermes Intl SA 250 0 0 EUR Industria Macchine Automat SpA 7,000 0 0 EUR Interpump Group SpA 6,000 12,000 0 EUR Intesa Sanpaolo SpA 140,000 100,000 0 EUR Intl Game Technology Plc SpA 4,000 8,000 0 EUR Krones AG 800 0 0 EUR L'Oréal SA 300 0 0 EUR La Doria SpA 8,000 0 0 EUR Landi Renzo SpA 0 35,000 0 EUR Mediobanca SpA 10,000 0 0 EUR Piaggio & C. SpA 25,000 0 0 EUR Pirelli & C. SpA 10,000 10,000 0 EUR Porsche Automobile Hg SE Pref 3,200 0 0 EUR Prysmian SpA 6,000 0 0 EUR Recordati Ind Chim e Farm SpA 5,000 0 0 EUR SAP SE 1,000 0 0 EUR Siemens AG Reg 1,800 0 0 EUR Snam SpA 25,000 0 0 EUR Sorin SpA 25,000 50,000 0 EUR STMicroelectronics NV 20,000 0 0 EUR Telecom Italia SpA 180,000 0 0 EUR Terna Rete Elettr Nazional SpA 30,000 0 0 EUR Unicredit SpA Post Raggruppamento 15,000 0 0 EUR Unione di Banche Italiane SpA 15,000 0 0 EUR UnipolSai SpA 40,000 0 0 EUR World Duty Free SpA 0 10,000 0 EUR Worldline SA 5,000 0 0 EUR Yoox Net A Porter Group SpA 4,000 7,000 0

52 ATOMO - MULTI STRATEGY

Statement of changes in investments (unaudited) (continued) from 1st January 2015 to 31st December 2015

Currency Description Purchases Sales Other

GBP Dixons Carphone Plc 10,000 0 0 GBP Rio Tinto Plc 0 3,000 0 GBP Whitbread Plc 1,000 0 0

USD Fortinet Inc 1,000 0 0 USD Intl Game Technology Plc 4,000 0 0 USD LinkedIn Corp A 400 0 0 USD Livanova Plc 2,360 0 0 USD NetFlix Inc 500 0 0 USD Solera Hgs LLC 1,200 1,200 0 USD Tesla Motors Inc 300 0 0 USD Western Union Co (The) 0 6,000 0 USD Zimmer Biomet Hgs Inc 800 0 0

Closed-ended investment funds

EUR Immobiliar Grand Distribuz SpA 0 100,000 0

Basket certificates

EUR Commerzbank AG Certif Basket of Shares 0 150 0 13/28.05.15

Equity / index linked certificates

EUR Exane Finance Certif Active Alloc Fin Bonds Index 200 0 0 Perpetual

Bonds

EUR ESTIA Fin SA 5% Sub 15/09.01.21 400,000 0 0

USD EIB 4.625% 05/20.10.15 135,000 395,000 0 USD EIB 5.125% Sen 06/13.09.16 450,000 0 0

Bonds linked to an equity or an equity index

EUR Royal Bank of Scotland Plc 0% Lk S&P Bric 40 Sen 0 100,000 0 11/29.12.16

Warrants and rights

EUR Caleffi SpA Droits de sousc 17.07.15 0 25,000 25,000 EUR Sorin SpA Droits de sousc 22.07.15 0 50,000 50,000 EUR Unione di Banche Italiane SpA Droits de sousc 0 0 15,000 12.01.16

Index options

EUR FTSE MIB Index CALL 08/15 MIL 23500 20 20 0 EUR FTSE MIB Index PUT 06/15 MIL 22500 40 40 0 EUR FTSE MIB Index PUT 07/15 MIL 22000 20 20 0

53 ATOMO - MULTI STRATEGY

Statement of changes in investments (unaudited) (continued) from 1st January 2015 to 31st December 2015

Currency Description Purchases Sales Other

Tracker funds (UCITS)

EUR Lyxor ETF FTSE MIB Daily Lev Dist 63,300 46,300 0 EUR Lyxor UCITS ETF Da Dble Sh Bund 1,500 0 0 EUR Lyxor UCITS ETF FTSE MIB D DS XB 74,000 74,000 0 EUR Multi Uts France Lyxor UCITS ETF Daily Doub Short 3,700 0 0 BTP Dist

54 ATOMO - PLAB FLEX ABSOLUTE FUND

Statement of net assets (in EUR) as at 31st December 2015

Assets Securities portfolio at market value 10,706,342.91 Option contracts at market value 251,200.00 Cash at banks 418,140.66 Other liquid assets 913,469.54 Formation expenses, net 3,564.05 Income receivable on portfolio 1,483.52 Prepaid expenses 1,361.77 Total assets 12,295,562.45

Liabilities Unrealised loss on futures contracts 17,730.53 Expenses payable 28,903.77 Total liabilities 46,634.30

Net assets at the end of the year 12,248,928.15

Class R Shares outstanding 114,400.861 Net asset value per Class R Share 107.07

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

55 ATOMO - PLAB FLEX ABSOLUTE FUND

Statement of operations and other changes in net assets (in EUR) from 1st January 2015 to 31st December 2015

Income Dividends, net 91,048.91 Interest on bonds and other debt securities, net 3,953.63 Interest on bank accounts 20.04 Commissions received 2,610.66 Total income 97,633.24

Expenses Management fees 223,195.68 Performance fees 75,681.52 Custodian fees 10,053.56 Banking charges and other fees 1,174.01 Transaction fees 38,793.69 Central administration costs 50,045.24 Professional fees 5,834.72 Other administration costs 39,857.17 Subscription duty ("taxe d'abonnement") 5,117.21 Interest paid on bank overdrafts 850.36 Other expenses 15,035.44 Total expenses 465,638.60

Net investment loss -368,005.36

Net realised gain/(loss) - on securities portfolio 257,994.90 - on option contracts 228,960.00 - on futures contracts -183,084.08 - on foreign exchange 37,645.11 Realised result -26,489.43

Net variation of the unrealised gain/(loss) - on securities portfolio -320,647.12 - on option contracts -217,350.00 - on futures contracts -15,657.61 Result of operations -580,144.16

Subscriptions 2,039,847.06

Redemptions -900,869.79

Total changes in net assets 558,833.11

Total net assets at the beginning of the year 11,690,095.04

Total net assets at the end of the year 12,248,928.15

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

56 ATOMO - PLAB FLEX ABSOLUTE FUND

Statistical information (in EUR) as at 31st December 2015

Total net assets - as at 31.12.2015 12,248,928.15 - as at 31.12.2014 11,690,095.04 - as at 31.12.2013 10,232,296.92

Number of Class R Shares - outstanding at the beginning of the year 104,747.462 - issued 17,948.583 - redeemed -8,295.184 - outstanding at the end of the year 114,400.861

Net asset value per Class R Share - as at 31.12.2015 107.07 - as at 31.12.2014 111.60 - as at 31.12.2013 106.47

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

57 ATOMO - PLAB FLEX ABSOLUTE FUND

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

Currency Number / Description Cost Market value % of nominal value total net assets

Investments in securities Transferable securities admitted to an official stock exchange listing Bonds EUR 100,000 Italia 9% BTP Sen 93/01.11.23 155,055.00 157,637.50 1.29 Total bonds 155,055.00 157,637.50 1.29 Open-ended investment funds Investment funds (UCITS) EUR 1,377.285 AXA World Fds Global High Yield Bonds I EUR Hedged Cap 244,120.54 232,485.71 1.90 EUR 28 Ellipsis Conv Risk Adjusted Fd J EUR Cap 297,483.69 294,914.76 2.41 EUR 5,470 JCI Capital SICAV Global Equity A EUR Cap 400,896.30 348,329.60 2.84 EUR 39,752.06 LO Fds Conv Bond I Cap 582,314.88 735,607.90 6.00 EUR 33,210.71 LO Fds Euro BBB BB Fundamental I Cap 365,550.68 418,358.63 3.41 EUR 5,980.65 Muzinich Fds Enhancedyield Short-Term Fd Units A EUR Cap 881,823.42 910,972.61 7.44 EUR 44,380.3 PIMCO Fds Gl Investors Ser Plc Gl Inv Grade Cred I EUR H 650,304.43 761,565.95 6.22 Cap 3,422,493.94 3,702,235.16 30.22 USD 43,290.79 HSBC Global Inv Fds Gl High Income Bond 416,296.17 528,817.33 4.32

Total investment funds (UCITS) 3,838,790.11 4,231,052.49 34.54 Tracker funds (UCITS) EUR 8,200 Amundi ETF GBdHREMTSInvG1-3UCI EUR Cap 674,286.00 674,368.00 5.50 EUR 2,500 Amundi ETF Gl Em Bd Mkit Ibox EUR Cap 269,200.00 263,625.00 2.15 EUR 4,100 iShares III Plc Em Mks Local Gov Bd UCITS ETF Dist 253,749.00 226,484.00 1.85 EUR 6,200 iShares III Plc EUR Corp Bond 1-5 UCITS ETF Dist 675,862.00 675,986.00 5.52 EUR 3,700 iShares III Plc EUR Corporate Bond ex Fin UCITS ETF Dist 401,457.10 421,800.00 3.44 EUR 11,300 iShares Plc Asia Pacific Div UCITS ETF USD Dist 273,470.00 250,973.00 2.05 EUR 3,400 iShares Plc European Property Yield UCITS ETF Dist 121,992.00 124,950.00 1.02 EUR 9,500 iShares Stoxx Europe Small 200 (DE) Dist 259,453.55 245,765.00 2.01 EUR 6,800 iShares V Plc EUR Corp Bd Interest Rate Hedged UCITS Dist 676,260.00 664,700.00 5.43 EUR 2,200 Lyxor ETF Stoxx Eu 600 P & HG 184,295.56 184,888.00 1.51 EUR 8,550 Lyxor ETF Stx 600 Europe T & L Dist 246,960.00 248,976.00 2.03 EUR 7,400 Lyxor UCITS ETF DJ Stoxx 600 Ins Cap/Dist 244,126.00 247,456.00 2.02 EUR 8,800 Lyxor UCITS ETF MSCI India C EUR Cap 138,160.00 120,384.00 0.98 EUR 2,000 Lyxor UCITS ETF Stx Eu 600 AP Dist 124,900.00 124,500.00 1.02 EUR 1,870 Multi Units Lux Lyxor Ucits ETF MSCI Wld Info Tech TR C Cap 269,618.00 280,917.50 2.30 EUR 4,100 Ossiam Lux Em Mks Minimum Variance NR 1C Cap 376,954.00 367,114.00 3.00 EUR 14,600 SSGA SPDR ETFs Europe I Plc Bar 0-5 Y US Corp Bd Dist 655,199.00 669,848.00 5.47 EUR 7,800 SSGA SPDR ETFs Europe I Plc S&P Pan Asia Div Ar UCITS 262,302.40 266,214.00 2.17 Dist 6,108,244.61 6,058,948.50 49.47 USD 900 Source Mks Plc Health Care S&P US Sel Sector ETF UCITS A 256,317.95 258,704.42 2.11 Cap

Total tracker funds (UCITS) 6,364,562.56 6,317,652.92 51.58 Total investments in securities 10,358,407.67 10,706,342.91 87.41

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

58 ATOMO - PLAB FLEX ABSOLUTE FUND

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

Currency Number / Description Cost Market value % of nominal value total net assets

Options Listed financial instruments Index options EUR 200 Euro Stoxx 50 EUR (Price) Index CALL 01/16 EUX 3450 243,600.00 11,000.00 0.09 EUR 200 Euro Stoxx 50 EUR (Price) Index CALL 02/16 EUX 3250 224,950.00 240,200.00 1.96 Total options 468,550.00 251,200.00 2.05 Cash at banks 418,140.66 3.41 Other net assets/(liabilities) 873,244.58 7.13 Total 12,248,928.15 100.00

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

59 ATOMO - PLAB FLEX ABSOLUTE FUND

Industrial and geographical classification of investments as at 31st December 2015

Industrial classification (in percentage of net assets)

Investment funds 86.12 % Countries and governments 1.29 % Total 87.41 %

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

Ireland 42.72 % Luxembourg 23.77 % France 17.62 % Germany 2.01 % Italy 1.29 % Total 87.41 %

60 ATOMO - PLAB FLEX ABSOLUTE FUND

Statement of changes in investments (unaudited) from 1st January 2015 to 31st December 2015

Currency Description Purchases Sales

Bonds

EUR Italia 9% BTP Sen 93/01.11.23 100,000 0

Index options

EUR Euro Stoxx 50 EUR (Price) Index CALL 01/16 EUX 3450 200 0 EUR Euro Stoxx 50 EUR (Price) Index CALL 02/16 EUX 3250 200 0 EUR Euro Stoxx 50 EUR (Price) Index CALL 06/15 EUX 3900 20 20 EUR Euro Stoxx 50 EUR (Price) Index CALL 12/15 EUX 3250 100 100 EUR Euro Stoxx 50 EUR (Price) Index PUT 07/15 EUX 3450 210 210

Investment funds (UCITS)

EUR AXA World Fds Global High Yield Bonds I EUR Hedged Cap 2,220 1,470 EUR Ellipsis Conv Risk Adjusted Fd J EUR Cap 43 15 EUR Ellipsis European Conv Fd J EUR Cap 0 16 EUR JCI Capital SICAV Global Equity A EUR Cap 5,470 0 EUR Kempen Intl Fds (Lux) EUR Cred Plus I Cap 350 350 EUR M&G Global Div Fd C EUR Cap 0 10,648 EUR Muzinich Fds Enhancedyield Short-Term Fd Units A EUR Cap 800 0 EUR UBS (Lux) Bond SICAV Convert Global (EUR) Q Cap 0 1,484.109

Tracker funds (UCITS)

EUR Amundi ETF GBdHREMTSInvG1-3UCI EUR Cap 8,200 8,000 EUR Amundi ETF Gl Em Bd Mkit Ibox EUR Cap 2,500 0 EUR Amundi ETF Gov Bd Low Rat EurInv Gr UCITS Cap 4,400 4,400 EUR db x-trackers DAX UCITS ETF (DR)1C Cap 0 2,000 EUR db x-trackers II Em Mks Liquid Eurobond Ucits ETF 1C Cap 1,230 1,230 EUR db x-trackers II Iboxx Germany 1-3 Ucits ETF 1D Dist 0 8,350 EUR db x-trackers II Sterling Cash UCITS ETF 1D EUR Dist 1,900 1,900 EUR db x-trackers MSCI EM Asia TRN Idx UCITS ETF 1C Cap 0 7,200 EUR db x-trackers MSCI Mexico Idx UCITS ETF (DR) 1C Cap 54,000 54,000 EUR db x-trackers RUSSELL 2000 UCITS ETF 1C Cap 0 1,400 EUR iShares II Plc BRIC 50 UCITS ETF Dist 11,000 11,000 EUR iShares II Plc Dev Markets Property Yield UCITS ETF Dist 19,000 19,000 EUR iShares III Plc Em Mks Local Gov Bd UCITS ETF Dist 8,600 4,500 EUR iShares III Plc EUR Corp Bond 1-5 UCITS ETF Dist 6,200 9,800 EUR iShares Plc Asia Pacific Div UCITS ETF USD Dist 16,500 5,200 EUR iShares Plc EUR Div UCITS ETF Dist 12,000 12,000 EUR iShares Plc EUR High Yield Corp Bd UCITS ETF Dist 7,200 7,200 EUR iShares Plc Euro Corp Bd Large Cap UCITS ETF EUR Dist 0 3,250 EUR iShares Plc European Property Yield UCITS ETF Dist 3,400 0 EUR iShares Plc MSCI AC Far East ex-Jap UCITS ETF Dist 5,700 5,700 EUR iShares Plc MSCI East Eu Capped UCITS ETF Dist 20,200 20,200 EUR iShares Plc UK Dividend UCITS ETF Dist 19,000 19,000 EUR iShares Plc USD Corp Bond UCITS ETF Dist 2,300 2,300 EUR iShares Stoxx Europe Small 200 (DE) Dist 9,500 0 EUR iShares V Plc EUR Corp Bd Interest Rate Hedged UCITS Dist 6,800 0 EUR Lyx Ucits ETF Stoxx Eu 600 Med Dist 7,300 7,300 EUR Lyxor ETF Stoxx Eu 600 P & HG 3,700 1,500 EUR Lyxor ETF Stx 600 Europe T & L Dist 8,550 0 EUR Lyxor UCITS ETF DJ Stoxx 600 Hlth Cap/Dist 2,900 2,900 EUR Lyxor UCITS ETF DJ Stoxx 600 Ins Cap/Dist 11,100 3,700 EUR Lyxor UCITS ETF Eurostox Banks C EUR Cap 1,650 1,650 EUR Lyxor UCITS ETF MSCI AC Asia Ex Jap Inf Tech EUR Cap 0 5,500 EUR Lyxor UCITS ETF MSCI India C EUR Cap 8,800 0 EUR Lyxor UCITS ETF S&P 500 Cap Cons Dis Sect C Cap 0 1,600 EUR Lyxor UCITS ETF Stoxx Eu 600 Tel Dist 0 3,300 EUR Lyxor UCITS ETF Stoxx Eur 600 Re Dist 6,600 6,600 EUR Lyxor UCITS ETF Stoxx Europe 600 Bks Dist 10,700 10,700

61 ATOMO - PLAB FLEX ABSOLUTE FUND

Statement of changes in investments (unaudited) (continued) from 1st January 2015 to 31st December 2015

Currency Description Purchases Sales

EUR Lyxor UCITS ETF Stx Eu 600 AP Dist 2,000 0 EUR Multi Units Lux Lyxor MSCI World Mat TR UCITS ETF C-EUR Cap 670 670 EUR Multi Units Lux Lyxor Ucits ETF MSCI Wld Info Tech TR C Cap 1,870 0 EUR Multi Units Lux SICAV Lyxor UCITS ETF MSCI World Hlth C Cap 1,500 2,060 EUR Multi Uts France Lyxor UCITS ETF MTS HW GovBd C Cap 0 5,000 EUR Ossiam Lux Em Mks Minimum Variance NR 1C Cap 5,920 2,870 EUR Ossiam Lux iSTOXX EuMinVar NR 1C Cap 1,600 1,600 EUR SSGA SPDR ETFs Europe I Plc Bar 0-5 Y US Corp Bd Dist 14,600 0 EUR SSGA SPDR ETFs Europe I Plc Bar 0-5 Y US HY Bond UCITS Dist 11,000 11,000 EUR SSGA SPDR ETFs Europe I Plc Barc Em Mk Lo Bond ETF EUR Dist 3,400 6,700 EUR SSGA SPDR ETFs Europe I Plc Barclays Euro HY Bd UCITS Dist 13,600 13,600 EUR SSGA SPDR ETFs Europe I Plc S&P Pan Asia Div Ar UCITS Dist 15,000 7,200

USD Source Mks Plc Cons Discret S&P US Sel Sect ETF UCITS A cap 1,200 1,200 USD Source Mks Plc Financials S&P US Select Sector ETF UCITS Cap 2,000 2,000 USD Source Mks Plc Health Care S&P US Sel Sector ETF UCITS A Cap 900 0

62 ATOMO - PHOENIX GLOBAL MACRO

Statement of net assets (in EUR) as at 31st December 2015

Assets Securities portfolio at market value 9,446,600.37 Cash at banks 1,598,985.78 Other liquid assets 459,709.01 Formation expenses, net 11,338.54 Income receivable on portfolio 38,751.60 Unrealised gain on futures contracts 10,479.08 Total assets 11,565,864.38

Liabilities Unrealised loss on forward foreign exchange contracts 50,622.64 Expenses payable 23,779.13 Total liabilities 74,401.77

Net assets at the end of the year 11,491,462.61

Class I Shares outstanding 6,675.688 Net asset value per Class I Share 95.41

Class R Shares outstanding 115,476.905 Net asset value per Class R Share 94.00

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

63 ATOMO - PHOENIX GLOBAL MACRO

Statement of operations and other changes in net assets (in EUR) from 1st January 2015 to 31st December 2015

Income Dividends, net 69,422.63 Interest on bonds and other debt securities, net 96,509.26 Interest on bank accounts 361.91 Commissions received 7,023.41 Total income 173,317.21

Expenses Management fees 170,111.70 Performance fees 10,546.00 Custodian fees 10,048.93 Banking charges and other fees 1,659.21 Transaction fees 35,283.66 Central administration costs 69,251.95 Professional fees 5,834.72 Other administration costs 24,357.93 Subscription duty ("taxe d'abonnement") 4,793.13 Interest paid on bank overdrafts 434.51 Other expenses 16,595.40 Total expenses 348,917.14

Net investment loss -175,599.93

Net realised gain/(loss) - on securities portfolio 446,926.58 - on option contracts -39,746.29 - on futures contracts -210,260.20 - on forward foreign exchange contracts -440,201.66 - on foreign exchange 14,673.39 Realised result -404,208.11

Net variation of the unrealised gain/(loss) - on securities portfolio -438,495.09 - on option contracts 29,280.65 - on futures contracts 90,229.99 - on forward foreign exchange contracts 32,614.48 Result of operations -690,578.08

Subscriptions 4,926,084.07

Redemptions -5,091,500.09

Total changes in net assets -855,994.10

Total net assets at the beginning of the year 12,347,456.71

Total net assets at the end of the year 11,491,462.61

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

64 ATOMO - PHOENIX GLOBAL MACRO

Statistical information (in EUR) as at 31st December 2015

Total net assets - as at 31.12.2015 11,491,462.61 - as at 31.12.2014 12,347,456.71 - as at 31.12.2013 10,140,173.09

Number of Class I Shares - outstanding at the beginning of the year 14,735.372 - issued 0.000 - redeemed -8,059.684 - outstanding at the end of the year 6,675.688

Net asset value per Class I Share - as at 31.12.2015 95.41 - as at 31.12.2014 100.85 - as at 31.12.2013 98.75

Number of Class R Shares - outstanding at the beginning of the year 108,680.371 - issued 50,424.834 - redeemed -43,628.300 - outstanding at the end of the year 115,476.905

Net asset value per Class R Share - as at 31.12.2015 94.00 - as at 31.12.2014 99.94 - as at 31.12.2013 98.37

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

65 ATOMO - PHOENIX GLOBAL MACRO

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

Currency Number / Description Cost Market value % of nominal value total net assets

Investments in securities Transferable securities admitted to an official stock exchange listing Shares CHF 400 Banque Cantonale Vaudoise Reg 171,372.30 234,110.55 2.04

EUR 12,000 CNP Assurances 178,587.79 149,280.00 1.30 EUR 8,000 Gas Natural SDG SA 172,543.78 150,520.00 1.31 EUR 12,000 RWE AG A 159,590.08 140,520.00 1.22 510,721.65 440,320.00 3.83 USD 1,500 Baker Hughes Inc 83,155.03 63,743.09 0.56 USD 1,500 Chevron Corp 140,629.94 124,254.14 1.08 USD 1,750 Exxon Mobil Corp 141,025.67 125,610.04 1.09 USD 15,000 Freeport McMoRan Inc 125,951.86 93,508.29 0.81 USD 3,700 Halliburton Co (Hg Co) 138,443.06 115,974.22 1.01 USD 3,500 National Oilwell Varco Inc 161,520.26 107,932.78 0.94 USD 1,600 Occidental Petroleum Corp 108,981.67 99,609.58 0.87 USD 1,900 Schlumberger Ltd 143,553.16 122,030.39 1.06 1,043,260.65 852,662.53 7.42 Total shares 1,725,354.60 1,527,093.08 13.29 Bonds AUD 140,000 Australia 3.75% Ser 144 14/21.04.37 104,554.67 98,468.77 0.86 AUD 130,000 Western Aust Treasury Corp 5% Sen 13/23.07.25 101,659.03 97,939.65 0.85 206,213.70 196,408.42 1.71 EUR 200,000 Anglo American Capital Plc 3.25% EMTN Reg S Sen 158,750.00 136,855.00 1.19 14/03.04.23 EUR 250,000 Deutschland 2.5% 12/04.07.44 277,627.00 311,956.25 2.71 436,377.00 448,811.25 3.90 NOK 2,750,000 Norway 3% Ser 476 14/14.03.24 350,524.78 322,015.05 2.80

TRY 1,000,000 EIB 0% EMTN Ser 144 A Sen 07/05.09.22 192,769.61 161,109.46 1.40

USD 200,000 Apple Inc 2.4% Sen 13/03.05.23 138,967.19 179,821.36 1.57 USD 200,000 AT&T Inc 2.625% Sen 12/01.12.22 171,385.52 175,239.41 1.53 USD 100,000 Bank of China (Hong Kong) Ltd 5.55% Ser REGS Sub 83,205.93 100,099.45 0.87 10/11.02.20 USD 200,000 Freeport McMoRan Inc 4% Sen 14/14.11.21 141,045.32 114,760.59 1.00 USD 200,000 Glencore Finance Canada Ltd VAR Lk RatChges RegS 145,439.85 141,372.00 1.23 12/25.10.22 USD 150,000 Goldcorp Inc 3.7% Sen 13/15.03.23 128,216.59 125,908.15 1.10 USD 200,000 HP Inc 4.3% Sen 11/01.06.21 186,023.52 184,359.11 1.60 USD 250,000 KFW AG 2% Gl Sen 12/04.10.22 183,098.74 226,007.14 1.97 USD 100,000 Mexico 3.5% Sen Tr 28 14/21.01.21 75,050.08 93,496.77 0.81 USD 150,000 Newmont Mining Corp 3.5% Sen 12/15.03.22 122,570.51 123,557.32 1.08 USD 200,000 Novartis Capital Corp 2.4% Sen 12/21.09.22 142,145.48 181,615.10 1.58 USD 200,000 Shell Intl Finance BV 2.375% Sen 12/21.08.22 141,674.50 177,279.01 1.54 USD 200,000 Verizon Communications Inc 3.5% Sen 14/01.11.24 178,648.51 181,940.15 1.58 USD 200,000 Vodafone Group Plc 2.5% Sen Tr 2 12/26.09.22 168,478.21 172,293.74 1.50 2,005,949.95 2,177,749.30 18.96 Total bonds 3,191,835.04 3,306,093.48 28.77

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

66 ATOMO - PHOENIX GLOBAL MACRO

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

Currency Number / Description Cost Market value % of nominal value total net assets

Transferable securities dealt in on another regulated market Bonds USD 100,000 Banco de Credito del Peru 4.25% Reg S Sen 13/01.04.23 72,100.24 92,343.92 0.80 USD 600,000 US 3.125% T-Bonds 11/15.11.41 482,950.41 571,046.27 4.97 Total bonds 555,050.65 663,390.19 5.77 Open-ended investment funds Investment funds (UCITS) EUR 3,000 ACPI Global UCITS Fds Plc Emerging Markets Fixed Inc B Cap 294,959.21 275,520.00 2.40 EUR 2,000 Bluebay Fds Em Mk Local Currency Bond B EUR Cap 309,497.26 232,160.00 2.02 EUR 600 BlueBay Fds High Yield Bond B 199,430.00 200,982.00 1.75 EUR 550 Carmignac Patrimoine A EUR Cap 323,328.89 342,914.00 2.98 EUR 3,000 CGS FMS Gl Evo Frontier Mks R (CL) EUR Cap 314,010.00 295,110.00 2.57 EUR 2,500 Dynasty SICAV Global Convertibles A EUR Cap 252,175.00 249,275.00 2.17 EUR 644.242 FdLogic Alternatives Plc MS Long Term Trends Ucits B EUR 695,799.24 791,431.97 6.89 Cap EUR 2,500 Lemanik SICAV Global Strateg I EUR Cap 343,822.22 330,850.00 2.88 EUR 1,400 Muzinich Fds ShortDurationHY A Hedged EUR Cap 161,388.28 162,694.00 1.42 EUR 2,750 Plurima Fds Apuano Flexible Bond A EUR Cap 283,206.00 281,943.75 2.45 EUR 1,600 Selection Conv A Cap 442,525.00 492,944.00 4.29 3,620,141.10 3,655,824.72 31.82 USD 18,000 PIMCO Fds Gl Investors Ser Plc Gl Real Return Istl Cap 235,186.15 294,198.90 2.56

Total investment funds (UCITS) 3,855,327.25 3,950,023.62 34.38 Total investments in securities 9,327,567.54 9,446,600.37 82.21 Cash at banks 1,598,985.78 13.91 Other net assets/(liabilities) 445,876.46 3.88 Total 11,491,462.61 100.00

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

67 ATOMO - PHOENIX GLOBAL MACRO

Industrial and geographical classification of investments as at 31st December 2015

Industrial classification (in percentage of net assets)

Investment funds 34.38 % Countries and governments 12.15 % Energy 6.61 % Banks 5.68 % Materials 5.18 % Telecommunication services 4.61 % Diversified financial services 3.62 % Technology hardware and equipment 3.17 % Utilities 2.53 % Pharmaceuticals and biotechnology 1.58 % International institutions 1.40 % Insurance 1.30 % Total 82.21 %

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

United States of America 21.27 % Ireland 15.72 % Luxembourg 12.79 % France 8.57 % Germany 5.90 % Norway 2.80 % United Kingdom 2.69 % Canada 2.33 % Switzerland 2.04 % Australia 1.71 % The Netherlands 1.54 % Spain 1.31 % Curacao 1.06 % Hong Kong 0.87 % Mexico 0.81 % Peru 0.80 % Total 82.21 %

68 ATOMO - PHOENIX GLOBAL MACRO

Statement of changes in investments (unaudited) from 1st January 2015 to 31st December 2015

Currency Description Purchases Sales Other

Shares

CHF Banque Cantonale Vaudoise Reg 100 100 0

EUR CNP Assurances 12,000 0 0 EUR Gas Natural SDG SA 8,000 0 0 EUR RWE AG A 12,000 0 0 EUR SAFRAN SA 0 1,200 0 EUR Telefonica SA 6,500 12,000 0 EUR Vivendi 8,500 8,500 0

USD AT&T Inc 0 4,500 0 USD Baker Hughes Inc 1,500 0 0 USD Bristol Myers Squibb Co 0 5,000 0 USD Chevron Corp 1,500 0 0 USD Coca-Cola Co 0 5,500 0 USD Exxon Mobil Corp 1,750 0 0 USD Freeport McMoRan Inc 17,000 2,000 0 USD General Mills Inc 0 1,500 0 USD Halliburton Co (Hg Co) 3,700 0 0 USD Kellogg Co 0 4,500 0 USD National Oilwell Varco Inc 1,500 0 0 USD SanDisk Corp 0 900 0 USD Schlumberger Ltd 1,900 0 0 USD Sysco Corp 0 7,000 0 USD Verizon Communications Inc 0 3,500 0

Closed-ended investment funds

JPY Activia Properties Inc 0 8 0 JPY Advance Residence Inv Corp 0 25 0 JPY Daiwa House Residential Investment Corp 0 24 12 JPY Nippon Accommodations Fd Inc 0 15 0 JPY Sekisui House SI Resi Inv Corp JPY REITS 0 60 0

Bonds

AUD Australia 3.75% Ser 144 14/21.04.37 140,000 0 0 AUD Western Aust Treasury Corp 5% Sen 13/23.07.25 130,000 0 0

EUR Anglo American Capital Plc 3.25% EMTN Reg S Sen 200,000 0 0 14/03.04.23 EUR Deutschland 1.75% 14/15.02.24 0 300,000 0

NOK Norway 3% Ser 476 14/14.03.24 1,750,000 0 0

TRY EIB 0% EMTN Ser 144 A Sen 07/05.09.22 0 400,000 0

USD Apple Inc 2.4% Sen 13/03.05.23 0 50,000 0 USD AT&T Inc 2.625% Sen 12/01.12.22 200,000 0 0 USD Banco de Credito del Peru 4.25% Reg S Sen 0 40,000 0 13/01.04.23 USD Bank of China (Hong Kong) Ltd 5.55% Ser REGS 0 100,000 0 Sub 10/11.02.20 USD Freeport McMoRan Inc 4% Sen 14/14.11.21 200,000 0 0 USD Glencore Finance Canada Ltd VAR Lk RatChges 125,000 125,000 0 RegS 12/25.10.22

69 ATOMO - PHOENIX GLOBAL MACRO

Statement of changes in investments (unaudited) (continued) from 1st January 2015 to 31st December 2015

Currency Description Purchases Sales Other

USD Goldcorp Inc 3.7% Sen 13/15.03.23 150,000 0 0 USD Goldman Sachs Capital II VAR 07/01.12.Perpetual 0 120,000 0 USD HP Inc 4.3% Sen 11/01.06.21 200,000 0 0 USD KFW AG 2% Gl Sen 12/04.10.22 0 50,000 0 USD Mexico 3.5% Sen Tr 28 14/21.01.21 0 20,000 0 USD Newmont Mining Corp 3.5% Sen 12/15.03.22 150,000 0 0 USD Novartis Capital Corp 2.4% Sen 12/21.09.22 0 50,000 0 USD Philippines 4% Sen 10/15.01.21 0 100,000 0 USD Shell Intl Finance BV 2.375% Sen 12/21.08.22 0 50,000 0 USD US 3.125% T-Bonds 11/15.11.41 100,000 50,000 0 USD Verizon Communications Inc 3.5% Sen 14/01.11.24 200,000 0 0 USD Vodafone Group Plc 2.5% Sen Tr 2 12/26.09.22 200,000 0 0

Warrants and rights

EUR Telefonica SA Droits de sousc 12.04.15 0 12,000 12,000

Currency options

USD CALL EUR/USD 1.15 09/15 1,250,000 1,250,000 0 USD CALL EUR/USD 1.25 03/15 0 4,000,000 0

Investment funds (UCITS)

EUR ACPI Global UCITS Fds Plc Emerging Markets 0 6,500 0 Fixed Inc B Cap EUR Alken Fd Abs Ret Europe I Cap 0 1,000 0 EUR Bluebay Fds Em Mk Local Currency Bond B EUR 0 1,000 0 Cap EUR BlueBay Fds High Yield Bond B 0 150 0 EUR Carmignac Patrimoine A EUR Cap 200 650 0 EUR CGS FMS Gl Evo Frontier Mks R (CL) EUR Cap 4,300 1,300 0 EUR Dynasty SICAV Global Convertibles A EUR Cap 2,500 0 0 EUR FdLogic Alternatives Plc MS Long Term Trends 0 98.57 0 Ucits B EUR Cap EUR Henderson Horizon Fd Pan European Alpha I2 Cap 0 7,000 0 EUR JP Morgan Struct Fds Plc Mansart Volemont I EUR 0 40 0 Hedged Cap EUR Lemanik SICAV Global Strateg I EUR Cap 0 2,000 0 EUR Plurima Fds Apuano Flexible Bond A EUR Cap 2,750 0 0

USD PIMCO Fds Gl Investors Ser Plc Gl Real Return Istl 0 10,000 0 Cap

70 ATOMO - CREDIT OPPORTUNITIES FUND

Statement of net assets (in EUR) as at 31st December 2015

Assets Securities portfolio at market value 18,600,218.79 Option contracts at market value 3,928.00 Cash at banks 3,334,915.37 Other liquid assets 337,927.37 Formation expenses, net 13,966.14 Income receivable on portfolio 372,398.99 Unrealised gain on futures contracts 20,200.28 Total assets 22,683,554.94

Liabilities Expenses payable 52,063.54 Total liabilities 52,063.54

Net assets at the end of the year 22,631,491.40

Class I Shares outstanding 5,835.841 Net asset value per Class I Share 998.47

Class R Shares outstanding 17,019.122 Net asset value per Class R Share 987.39

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

71 ATOMO - CREDIT OPPORTUNITIES FUND

Statement of operations and other changes in net assets (in EUR) from 1st January 2015 to 31st December 2015

Income Interest on bonds and other debt securities, net 1,113,027.92 Return on sukuk 1,009.10 Interest on bank accounts 190.98 Total income 1,114,228.00

Expenses Management fees 430,644.18 Performance fees 79,605.56 Custodian fees 10,575.27 Banking charges and other fees 2,821.20 Transaction fees 63,238.29 Central administration costs 58,193.13 Professional fees 5,834.72 Other administration costs 24,680.15 Subscription duty ("taxe d'abonnement") 8,957.71 Interest paid on bank overdrafts 803.27 Other expenses 15,800.50 Total expenses 701,153.98

Net investment income 413,074.02

Net realised gain/(loss) - on securities portfolio 153,432.96 - on option contracts -83,566.49 - on futures contracts -384,734.82 - on foreign exchange 105,799.14 Realised result 204,004.81

Net variation of the unrealised gain/(loss) - on securities portfolio -385,153.34 - on option contracts 19,912.53 - on futures contracts 120,464.35 Result of operations -40,771.65

Subscriptions 9,145,287.91

Redemptions -8,457,848.60

Total changes in net assets 646,667.66

Total net assets at the beginning of the year 21,984,823.74

Total net assets at the end of the year 22,631,491.40

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

72 ATOMO - CREDIT OPPORTUNITIES FUND

Statistical information (in EUR) as at 31st December 2015

Total net assets - as at 31.12.2015 22,631,491.40 - as at 31.12.2014 21,984,823.74

Number of Class I Shares - outstanding at the beginning of the year 9,479.262 - issued 864.918 - redeemed -4,508.339 - outstanding at the end of the year 5,835.841

Net asset value per Class I Share - as at 31.12.2015 998.47 - as at 31.12.2014 991.51

Number of Class R Shares - outstanding at the beginning of the year 12,762.488 - issued 8,015.980 - redeemed -3,759.346 - outstanding at the end of the year 17,019.122

Net asset value per Class R Share - as at 31.12.2015 987.39 - as at 31.12.2014 986.17

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

73 ATOMO - CREDIT OPPORTUNITIES FUND

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

Currency Number / Description Cost Market value % of nominal value total net assets

Investments in securities Transferable securities admitted to an official stock exchange listing Shares CHF 3,000 Newron Pharmaceuticals SpA 46,215.07 70,619.36 0.31

EUR 30,000 Banca Carige SpA post raggruppamento 93,446.71 37,860.00 0.17

GBP 1,200,000 Sound Energy Plc 218,108.42 295,157.11 1.30 GBP 25,000 Source Bioscience Plc 5,261.35 6,233.92 0.03 223,369.77 301,391.03 1.33 Total shares 363,031.55 409,870.39 1.81 Bonds CHF 100,000 Glencore Finance (Europe) SA 3.625% EMTN 10/06.04.16 91,503.95 91,515.52 0.40 CHF 100,000 VEB Finance Plc 3.75% EMTN Sen LPN Vnesheconombk 76,421.87 91,602.88 0.41 11/17.02.16 167,925.82 183,118.40 0.81 EUR 200,000 Abengoa Finance SAU 7% Reg S Sen 15/15.04.20 158,869.00 25,006.00 0.11 EUR 50,000 Aegon NV FRN Sub 04/15.10.Perpetual 40,612.50 35,942.25 0.16 EUR 100,000 Altice NV 7.25% Reg S 14/15.05.22 95,690.00 93,699.00 0.41 EUR 150,000 Ansaldo Energia SpA 2.875% Reg S Sen 15/28.04.20 150,000.00 149,989.50 0.66 EUR 100,000 Assicurazioni Generali SpA VAR EMTN Sen Sub 12/12.12.42 123,400.00 122,456.50 0.54 EUR 200,000 Axa SA VAR EMTN Sub 04/29.10.Perpetual 160,450.00 139,188.00 0.62 EUR 150,000 Banca Carige SpA FRN EMTN Reg S Ser 309 Sub 06/07.06.16 134,040.00 144,141.00 0.64 EUR 400,000 Banca Delle Marche SpA FRN EMTN Reg S Sub Ser 17 230,370.00 6,552.00 0.03 06/15.06.16 EUR 250,000 Banca Delle Marche SpA FRN EMTN Sub 07/01.06.17 85,735.00 5,410.00 0.02 EUR 100,000 Banca Monte Paschi Siena SpA 3.625% EMTN Sen 103,161.00 100,648.50 0.45 14/01.04.19 EUR 200,000 Banca Monte Paschi Siena SpA FRN EMTN Sub Reg S 187,584.00 178,040.00 0.79 05/30.11.17 EUR 100,000 Banca Pop di Milano 4.25% EMTN Reg S Sen 14/30.01.19 107,416.00 106,773.50 0.47 EUR 350,000 Banca Popolare di Milano 4% EMTN Sen 13/22.01.16 357,585.50 350,493.50 1.55 EUR 250,000 Banca Popolare di Milano VAR Sub Sen 08/25.06.Perpetual 276,350.00 269,577.50 1.19 EUR 100,000 Banca Popolare di Vicenza SCRL 5% EMTN Sen 13/25.10.18 105,150.00 95,818.00 0.42 EUR 100,000 Banco Pop Societa Cooperativa 2.375% EMTN 14/22.01.18 100,504.00 100,643.00 0.45 EUR 100,000 Banco Pop Societa Cooperativa 2.75% EMTN Reg S 99,549.00 100,041.50 0.44 15/27.07.20 EUR 150,000 Banco Pop Societa Cooperativa VAR Sub 07/21.06.Perpetual 145,850.00 148,293.00 0.66 EUR 200,000 Banco Santander SA VAR Reg S 14/11.12.Perpetual 200,000.00 188,041.00 0.83 EUR 100,000 Bank of Ireland VAR EMTN Sub 14/11.06.24 99,612.00 103,715.50 0.46 EUR 150,000 Bq Fédérative Crédit Mutuel FRN EMTN Sub 101,000.00 88,422.00 0.39 04/15.12.Perpetual EUR 50,000 Casino Guichard Perrachon VAR Sub 05/20.01.Perpetual 39,235.50 30,184.25 0.13 EUR 100,000 CDP Reti SpA 1.875% Reg S Sen 15/29.05.22 99,909.00 100,170.50 0.44 EUR 100,000 Cemex SAB de CV 4.375% Reg S Sen 15/05.03.23 100,000.00 90,822.00 0.40 EUR 35,405.45 Cirsa Funding Luxembourg SA 8.75% REGS 10/15.05.18 36,202.07 36,019.55 0.16 EUR 50,000 CNP Assurances FRN Sub 04/21.09.Perpetual 29,750.00 29,375.00 0.13 EUR 100,000 Commerzbank AG 7.75% EMTN Sub Ser 774 11/16.03.21 119,175.00 122,148.00 0.54 EUR 100,000 Crown European Hgs SA 3.375% Reg S Sen 15/15.05.25 100,000.00 93,770.00 0.41 EUR 100,000 Dexia Créd Local de France FRN EMTN Reg S Sub 85,072.00 93,280.00 0.41 07/09.07.17 EUR 100,000 EXOR SpA 2.125% Reg S Sen 15/02.12.22 99,442.00 99,499.00 0.44 EUR 100,000 Fiat Chrysler Fin Europe SA 4.75% EMTN Reg S Sen 103,800.00 107,189.00 0.47 14/22.03.21 EUR 100,000 Fiat Chrysler Fin Europe SA 4.75% EMTN Sen 14/15.07.22 104,290.00 107,086.50 0.47 EUR 100,000 Fiat Chrysler Fin Europe SA 6.375% Ser GMTN 11/01.04.16 102,250.00 101,326.50 0.45 EUR 100,000 Fiat Chrysler Fin Europe SA 6.75% EMTN Sen 13/14.10.19 118,000.00 113,002.50 0.50 EUR 100,000 Fiat Chrysler Fin North America Inc 5.625% EMTN 07/12.06.17 107,250.00 105,165.50 0.47 EUR 100,000 Financière Gaillon 8 7% EMTN Reg S Sen 14/30.09.19 101,990.00 103,240.50 0.46

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

74 ATOMO - CREDIT OPPORTUNITIES FUND

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

Currency Number / Description Cost Market value % of nominal value total net assets

EUR 350,000 Gamenet SpA 7.25% Reg S 13/01.08.18 334,837.50 327,470.50 1.45 EUR 100,000 Gas Natural Fenosa Fin BV VAR Reg S Sub 15/24.04.Perpetual 99,049.00 87,043.50 0.38 EUR 100,000 GPB Eurobond Finance Plc 4% Reg S Gazprombank 78,550.00 96,960.00 0.43 14/01.07.19 EUR 50,000 Greece 4.75% 14/17.04.19 35,000.00 46,092.50 0.20 EUR 250,000 Groupama SA VAR Sub 07/22.10.Perpetual 248,952.50 253,286.25 1.12 EUR 150,000 Groupama SA VAR Sub 09/27.10.39 170,800.00 161,048.25 0.71 EUR 300,000 Grupo Isolux Corsan Fin BV 6.625% Reg S Sen 14/15.04.21 148,117.50 72,207.00 0.32 EUR 200,000 HEMA BondCo I BV 6.25% Reg S Sen 14/15.06.19 181,690.00 149,000.00 0.66 EUR 200,000 HEMA BondCo I BV FRN Reg S 14/15.06.19 137,200.00 146,737.00 0.65 EUR 100,000 HP Pelzer Holding GmbH 7.5% EMTN Reg S 14/15.07.21 102,000.00 105,849.00 0.47 EUR 200,000 HSBC Bank Plc 3% EMTN Sub 15/30.06.25 198,134.00 203,323.00 0.90 EUR 50,000 HSH Nordbank AG FRN EMTN Sub Ser 239 07/14.02.17 41,685.22 45,541.25 0.20 EUR 450,000 HSH Nordbank AG VAR Reg S Sub 02/30.06.Perpetual 169,175.31 100,010.25 0.44 EUR 150,000 HT1 Funding GmbH VAR Sub 06/30.06.Perpetual 157,764.38 151,507.50 0.67 EUR 100,000 INEOS Finance Plc 4% Reg S Sen 15/01.05.23 99,355.00 95,847.00 0.42 EUR 100,000 INEOS Group Holdings SA 5.75% Reg S Sen 14/15.02.19 97,700.00 100,650.00 0.45 EUR 100,000 INEOS Group Holdings SA 6.5% Reg S Sen 13/15.08.18 98,250.00 101,350.00 0.45 EUR 100,000 Intesa Sanpaolo SpA 6.625% EMTN Sub 13/13.09.23 117,103.00 120,793.00 0.53 EUR 100,000 Intesa Sanpaolo SpA FRN EMTN Sen 13/11.01.16 100,433.00 100,019.50 0.44 EUR 100,000 Intesa Sanpaolo SpA VAR Sub 09/14.10.Perpetual 117,050.00 115,583.50 0.51 EUR 100,000 Intesa Sanpaolo Vita SpA VAR Sub 14/17.12.Perpetual 100,000.00 100,082.00 0.44 EUR 100,000 Intl Game Technology Plc 4.75% Reg S Sen 15/15.02.23 102,739.00 94,019.00 0.42 EUR 250,000 Intl Game Technology Plc VAR Reg S Sub 06/31.03.66 252,450.00 250,880.00 1.11 EUR 100,000 IVS F. SpA SA 7.125% Reg S 13/01.04.20 105,850.00 104,706.00 0.46 EUR 181,000 Kedrion SpA 4.625% EMTN Sen 14/24.04.19 181,404.99 185,223.63 0.82 EUR 50,000 Kerling PLC 10.625% REGS Sen 10/01.02.17 50,800.00 50,386.75 0.22 EUR 50,000 LBG Capital No 2 Plc 6.385% Conv Reg S Ser 18 09/12.05.20 54,050.00 52,088.75 0.23 EUR 200,000 Magnolia BC SA 9% EMTN Reg S 13/01.08.20 198,450.00 213,596.00 0.94 EUR 500,000 Manutencoop Facility Mgt SpA 8.5% Reg S 13/01.08.20 468,465.58 411,952.50 1.82 EUR 100,000 Marcolin SpA 8.5% EMTN Reg S Ser 144A 13/15.11.19 106,741.00 102,545.50 0.45 EUR 200,000 Mercury BondCo Plc VAR TOG PIK Reg S Sen 15/30.05.21 198,000.00 193,954.00 0.86 EUR 100,000 Mercury BondCo Plc VAR TOG PIK Reg S Sen 15/30.05.21 98,250.00 99,827.00 0.44 EUR 200,000 Oi Brasil Hgs Cooperatief UA 5.625% Reg S Sen 15/22.06.21 115,000.00 90,832.00 0.40 EUR 100,000 Petrobras Global Finance BV 5.875% EMTN Sen 11/07.03.22 78,740.00 71,403.00 0.32 EUR 100,000 Rhino Bondco SpA FRN Reg S 13/15.12.19 99,250.00 100,294.50 0.44 EUR 50,000 Royal Bank of Scotland Plc VAR EMTN Sub Ser 1741 51,275.00 50,734.50 0.22 04/22.09.21 EUR 50,000 RWE AG VAR Reg S Sub 15/21.04.75 42,240.00 39,157.25 0.17 EUR 50,000 RZB Finance (Jersey) IV Ltd VAR Sub 06/16.05.Perpetual 32,750.00 41,656.50 0.18 EUR 100,000 Salini Impregilo SpA 6.125% Sen 13/01.08.18 108,850.00 106,506.50 0.47 EUR 300,000 Santander Issuances SA Unipers VAR EMTN Sub 04/30.09.19 295,800.00 293,946.00 1.30 EUR 200,000 Snai SpA 7.625% Reg S Sen 15/15.06.18 200,875.00 190,563.00 0.84 EUR 200,000 TeamSystem Hg SPA 7.375% Reg S 13/15.05.20 212,495.00 208,078.00 0.92 EUR 300,000 Telecom Italia Finance SA 7.75% EMTN 03/24.01.33 411,884.73 391,791.00 1.73 EUR 150,000 Telecom Italia SPA FRN EMTN Ser 17 Tr 1 07/07.06.16 150,105.00 150,111.75 0.66 EUR 340,000 Twin Set-Simona Barbieri SpA FRN Reg S Sen 14/15.07.19 299,740.00 323,282.20 1.43 EUR 300,000 Unicredit SpA FRN EMTN Sen 13/22.01.16 301,638.00 300,183.00 1.33 EUR 100,000 Unicredit SpA VAR Reg S Sub 10/31.12.50 118,188.00 113,108.50 0.50 EUR 150,000 Unicredito Luxembourg Finance SA VAR Sub 31.12.Perpetual 172,600.00 169,906.50 0.75 EUR 200,000 Unilabs SubHolding AB 8.5% Reg S 13/15.07.18 212,350.00 207,701.00 0.92 EUR 50,000 Unipol Gruppo Finanziario SpA VAR Sub 01/15.06.21 49,925.00 48,357.00 0.21 EUR 100,000 Unipol Gruppo Finanziaro Spa 3% EMTN Sen 15/18.03.25 91,600.00 94,022.50 0.42 EUR 150,000 UnipolSai SpA VAR EMTN Sub 14/18.06.Perpetual 150,000.00 145,654.50 0.64 EUR 150,000 UnipolSai SpA VAR Sub 03/28.07.23 142,738.12 144,787.50 0.64 EUR 100,000 Wind Acquisition Finance SA 4% Reg S 14/15.07.20 101,250.00 100,072.00 0.44 EUR 200,000 Wind Acquisition Finance SA 7% Reg S Sen 14/23.04.21 204,900.00 199,134.00 0.88 EUR 300,000 Wind Acquisition Finance SA FRN Reg S 14/15.07.20 303,595.00 298,302.00 1.32 13,007,129.40 12,204,334.88 53.91 GBP 50,000 Assicurazioni Generali SpA VAR Sub 06/16.06.Perpetual 60,112.02 67,896.66 0.30 GBP 100,000 Aston Martin Capital Ltd 9.25% Reg-S 11/15.07.18 120,090.55 138,284.84 0.61 GBP 50,000 Bk Scotland Capital Funding LP VAR Pref 00/31.05.Perpetual 71,045.87 78,097.89 0.35 GBP 100,000 Centrica Plc VAR Reg S Sub 15/10.04.75 137,682.37 130,688.10 0.58 GBP 100,000 Crédit Agricole SA VAR Sub 14/23.06.Perpetual 123,139.96 133,857.48 0.59

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

75 ATOMO - CREDIT OPPORTUNITIES FUND

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

Currency Number / Description Cost Market value % of nominal value total net assets

GBP 200,000 ENEL SpA VAR Sub 14/15.09.76 255,057.42 282,293.69 1.25 GBP 250,000 Finmeccanica Finance SA 8% EMTN Reg S Ser 4 09/16.12.19 361,794.32 396,616.52 1.75 GBP 100,000 Jaguar Land Automoti Rover Plc 5% Reg S Sen 14/15.02.22 124,065.65 140,135.17 0.62 GBP 150,000 Telecom Italia SpA 6.375% EMTN Reg S Ser 5 04/24.06.19 205,066.45 221,550.02 0.98 GBP 100,000 Unicredit International Lux SA VAR Sub 08/27.12.Perpetual 141,063.79 148,651.30 0.66 1,599,118.40 1,738,071.67 7.69 USD 200,000 Anglo American Capital Plc 4.875% Reg S Sen 15/14.05.25 148,942.78 118,785.45 0.53 USD 200,000 Angola 9.5% Reg S Sen 15/12.11.25 184,111.20 171,546.04 0.76 USD 150,000 ArcelorMittal SA Step-up Sen 10/05.08.20 128,785.09 111,327.34 0.49 USD 50,000 Axa SA VAR EMTN Sub 04/30.04.Perpetual 32,787.51 37,912.53 0.17 USD 150,000 Bombardier Inc 6% Reg S Sen 14/15.10.22 106,964.99 96,227.21 0.43 USD 100,000 Bombardier Inc 7.45% Reg S Sen 04/01.05.34 65,944.53 63,305.71 0.28 USD 200,000 BPCE SA FRN EMTN Sub 04/30.12.Perpetual 136,966.54 145,584.71 0.64 USD 200,000 Commerzbank AG 8.125% Reg S Tr 1 Sub 13/19.09.23 167,449.09 211,690.61 0.94 USD 100,000 Fuerstenberg Cap VAR Sub 09/30.06.Perpetual 77,205.47 95,269.34 0.42 USD 200,000 GPN Capital SA 6% LPN Gazprom Sen 13/27.11.13 150,518.67 173,989.87 0.77 USD 200,000 HSBC Holdings Plc VAR Conv Sub 14/17.03.Perpetual 154,908.62 182,633.52 0.81 USD 100,000 HSH Nordbank AG VAR B Pref 05/30.09.Perpetual 31,429.57 30,418.05 0.13 USD 100,000 Petroleos De Venezuela SA 6% 14/16.05.24 34,727.65 34,351.75 0.15 USD 100,000 Petroleos De Venezuela SA 9.75% Reg S Sen 12/17.05.35 62,451.08 38,473.75 0.17 USD 100,000 Rosneft Finance SA 7.25% Reg-S 10/02.02.20 83,718.66 97,520.26 0.43 USD 200,000 Société Générale VAR Reg S Sub 15/29.03.Perpetual 179,629.96 188,347.15 0.83 USD 200,000 UBS AG 5.125% Reg S Tier 2 Sub 14/15.05.24 178,818.90 186,460.41 0.82 USD 200,000 Vedanta Resources Plc 9.5% Reg S Sen 08/18.07.18 165,100.48 137,782.69 0.61 USD 300,000 VIP Finance Ireland Lts Vimpel 9.125% 08/30.04.18 247,272.25 299,781.77 1.32 2,337,733.04 2,421,408.16 10.70 Total bonds 17,111,906.66 16,546,933.11 73.11 Bonds in default of payment EUR 100,000 Espirito Santo Financiere 5.25% EMTN Sen 13/12.06.15 85,440.00 2,000.00 0.01 EUR 50,000 MPS Capital Trust I FRN 01/07.02.Perpetual 43,250.00 33,666.75 0.15 128,690.00 35,666.75 0.16 USD 200,000 Afren Plc 11.5% Reg S Sen 11/01.02.16 80,093.47 4,280.85 0.02

Total bonds in default of payment 208,783.47 39,947.60 0.18 Transferable securities dealt in on another regulated market Bonds EUR 100,000 Astaldi SpA 7.125% Reg S Sen 13/01.12.20 108,731.50 99,011.50 0.44 EUR 50,000 Banca Popolare di Milano 4.5% Sub 08/18.04.18 50,625.00 48,250.00 0.21 EUR 150,000 Banco Pop Societa Cooperativa FRN 12/06.12.17 157,306.10 155,492.25 0.69 EUR 100,000 Constellium NV 7% Reg S Sen 14/15.01.23 89,000.00 81,856.50 0.36 EUR 200,000 Intesa Sanpaolo SpA FRN Sk Sub 10/30.09.17 79,848.00 80,028.00 0.35 EUR 100,000 Snai SpA 12% Reg S Sen Sub 13/15.12.18 110,995.00 91,900.00 0.41 EUR 200,000 Snai SpA 7.625% Reg S 13/15.06.18 206,753.33 191,900.00 0.85 EUR 100,000 Telefonica Europe BV VAR Reg S Sub 14/31.03.Perpetual 100,490.00 100,942.50 0.45 EUR 100,000 Wind Acquisition Finance SA FRN Reg S 13/30.04.19 101,800.00 100,202.50 0.44 1,005,548.93 949,583.25 4.20 USD 100,000 Bombardier Inc 6.125% Reg S Sen 13/15.01.23 72,107.42 64,226.52 0.28 USD 200,000 BPCE SA 5.15% Reg S Sub 14/21.07.24 144,989.32 186,536.84 0.82 USD 60,000 Chesapeake Energy Corp 8% Reg S 15/15.12.22 24,469.11 26,899.17 0.12 USD 200,000 Intesa Sanpaolo SpA VAR X Sub Ser 144A 15/17.03.Perpetual 173,668.97 187,087.48 0.83 USD 200,000 Société Générale VAR Sub 13/18.12.Perpetual 178,683.25 184,414.36 0.82 593,918.07 649,164.37 2.87 Total bonds 1,599,467.00 1,598,747.62 7.07

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

76 ATOMO - CREDIT OPPORTUNITIES FUND

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

Currency Number / Description Cost Market value % of nominal value total net assets

Other transferable securities Warrants and rights GBP 34,782 Sound Energy Plc Call Wts 22.05.20 0.00 4,720.07 0.02 Total warrants and rights 0.00 4,720.07 0.02 Total investments in securities 19,283,188.68 18,600,218.79 82.19 Options Listed financial instruments Index options EUR 4 Euro Stoxx 50 EUR (Price) Index PUT 02/16 EUX 3275 4,200.00 3,928.00 0.02 Total options 4,200.00 3,928.00 0.02 Cash at banks 3,334,915.37 14.74 Other net assets/(liabilities) 692,429.24 3.05 Total 22,631,491.40 100.00

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

77 ATOMO - CREDIT OPPORTUNITIES FUND

Industrial and geographical classification of investments as at 31st December 2015

Industrial classification (in percentage of net assets)

Banks 25.63 % Diversified financial services 20.79 % Insurance 6.10 % Materials 4.34 % Telecommunication services 3.77 % Consumer durables and apparel 2.96 % Capital goods 2.56 % Hotels, restaurants and leisure 2.26 % Retailing 2.25 % Utilities 2.00 % Real estate 1.82 % Energy 1.78 % Automobiles and components 1.53 % Food retailing, drugstores and pharmacies 1.41 % Health care equipment and services 1.37 % Countries and governments 0.96 % Pharmaceuticals and biotechnology 0.34 % Special Purpose Vehicle (SPV) 0.32 % Total 82.19 %

78 ATOMO - CREDIT OPPORTUNITIES FUND

Industrial and geographical classification of investments as at 31st December 2015

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

Italy 32.23 % Luxembourg 14.87 % France 8.25 % United Kingdom 8.04 % The Netherlands 4.11 % Germany 3.56 % Jersey 2.44 % Spain 2.24 % Ireland 1.30 % Canada 0.99 % Sweden 0.92 % Switzerland 0.82 % Angola 0.76 % United States of America 0.74 % Mexico 0.40 % Venezuela 0.32 % Greece 0.20 % Total 82.19 %

79 ATOMO - CREDIT OPPORTUNITIES FUND

Statement of changes in investments (unaudited) from 1st January 2015 to 31st December 2015

Currency Description Purchases Sales Other

Shares

CHF Newron Pharmaceuticals SpA 0 1,000 0

EUR Banca Carige SpA 0 0 -750,000 EUR Banca Carige SpA post raggruppamento 0 30,000 60,000 EUR Raiffeisen Bank Intl AG 3,000 3,000 0

GBP Sound Energy Plc 465,218 100,000 34,782 GBP Source Bioscience Plc 25,000 0 0

Bonds

CHF Glencore Finance (Europe) SA 3.625% EMTN 100,000 0 0 10/06.04.16 CHF RZD Capital Plc 2.73% 13/26.02.21 100,000 100,000 0

EUR Abengoa Finance SAU 7% Reg S Sen 15/15.04.20 200,000 0 0 EUR Abengoa Finance SAU 8.875% EMTN Reg S Sen 300,000 300,000 0 13/05.02.18 EUR Abengoa Greenfield SA 5.5% Reg S Sen 0 100,000 0 14/01.10.19 EUR Abengoa SA 8.5% EMTN Sen 10/31.03.16 50,000 200,000 0 EUR Abengoa SA VAR Sen 09/25.02.15 0 100,000 0 EUR Aldesa Financial Services S.A. 7.25% EMTN Sen 200,000 200,000 0 14/01.04.21 EUR Altice NV 7.25% Reg S 14/15.05.22 100,000 0 0 EUR Ansaldo Energia SpA 2.875% Reg S Sen 150,000 0 0 15/28.04.20 EUR Assicurazioni Generali SpA 4.125% EMTN Sen Sub 0 100,000 0 14/04.05.26 EUR Assicurazioni Generali SpA VAR EMTN Sen Sub 100,000 0 0 12/12.12.42 EUR Astaldi SpA 7.125% Reg S Sen 13/01.12.20 100,000 300,000 0 EUR Banca Carige SpA FRN EMTN Reg S Ser 309 Sub 0 100,000 0 06/07.06.16 EUR Banca Delle Marche SpA FRN EMTN Reg S Sub 50,000 0 0 Ser 17 06/15.06.16 EUR Banca Delle Marche SpA FRN EMTN Sub 150,000 0 0 07/01.06.17 EUR Banca Monte Paschi Siena SpA 7.25% EMTN Sen 150,000 700,000 0 12/10.07.15 EUR Banca Monte Paschi Siena SpA FRN EMTN Sub 250,000 50,000 0 Reg S 05/30.11.17 EUR Banca Popol Di Lodi Inv Trust VAR Pref 457,000 657,000 0 05/30.06.Perpetual EUR Banca Popolare di Milano 4% EMTN Sen 150,000 0 0 13/22.01.16 EUR Banca Popolare di Milano 4.5% Sub 08/18.04.18 50,000 0 0 EUR Banca Popolare di Milano FRN EMTN 05/29.06.15 100,000 350,000 0 EUR Banca Popolare di Milano VAR Sub Sen 100,000 0 0 08/25.06.Perpetual EUR Banco Pop Societa Cooperativa 2.375% EMTN 0 100,000 0 14/22.01.18 EUR Banco Pop Societa Cooperativa 2.75% EMTN Reg 100,000 0 0 S 15/27.07.20 EUR Banco Pop Societa Cooperativa 4.625% EMTN Ser 200,000 200,000 0 40 05/23.03.15 EUR Banco Pop Societa Cooperativa FRN 12/06.12.17 150,000 0 0 EUR Banco Pop Societa Cooperativa VAR Sub 50,000 0 0 07/21.06.Perpetual

80 ATOMO - CREDIT OPPORTUNITIES FUND

Statement of changes in investments (unaudited) (continued) from 1st January 2015 to 31st December 2015

Currency Description Purchases Sales Other

EUR Bank of Ireland VAR EMTN Sub 14/11.06.24 0 100,000 0 EUR BPM Capital Trust I VAR 01/02.07.Perpetual 100,000 300,000 0 EUR Bq Fédérative Crédit Mutuel FRN EMTN Sub 150,000 0 0 04/15.12.Perpetual EUR Casino Guichard Perrachon VAR Sub 100,000 50,000 0 05/20.01.Perpetual EUR CDP Reti SpA 1.875% Reg S Sen 15/29.05.22 100,000 0 0 EUR Cemex SAB de CV 4.375% Reg S Sen 15/05.03.23 100,000 0 0 EUR Cirsa Funding Luxembourg SA 8.75% REGS 35,405.45 0 0 10/15.05.18 EUR Cleopatra Finance Ltd 4.75% Reg S 15/15.02.23 100,000 100,000 0 EUR CMA CGM 7.75% Reg S Sen 15/15.01.21 100,000 100,000 0 EUR CNP Assurances FRN Sub 04/21.09.Perpetual 50,000 0 0 EUR Constellium NV 7% Reg S Sen 14/15.01.23 100,000 0 0 EUR Crown European Hgs SA 3.375% Reg S Sen 100,000 0 0 15/15.05.25 EUR Créd Agricole Assurances SA VAR Sub 100,000 100,000 0 15/13.01.Perpetual EUR Depfa Bank Plc FRN EMTN Reg S Ser 896 Sub 0 100,000 0 05/15.12.15 EUR Dexia Créd Local de France FRN EMTN Reg S Sub 0 300,000 0 07/09.07.17 EUR Dexia Créd Local de France VAR EMTN Sub 0 100,000 0 07/12.02.19 EUR Edcon Proprietary Ltd Holdings 9.5% Reg-S 0 100,000 0 11/01.03.18 EUR EXOR SpA 2.125% Reg S Sen 15/02.12.22 100,000 0 0 EUR Fiat Chrysler Fin Europe SA 6.375% Ser GMTN 100,000 100,000 0 11/01.04.16 EUR Fiat Chrysler Fin Europe SA 6.75% EMTN Sen 100,000 0 0 13/14.10.19 EUR Fiat Chrysler Fin Europe SA 6.875% EMTN 0 250,000 0 09/13.02.15 EUR Financière Gaillon 8 7% EMTN Reg S Sen 100,000 0 0 14/30.09.19 EUR Gamenet SpA 7.25% Reg S 13/01.08.18 100,000 100,000 0 EUR Gas Natural Fenosa Fin BV VAR Reg S Sub 100,000 0 0 15/24.04.Perpetual EUR Greece 4.75% 14/17.04.19 50,000 0 0 EUR Groupama SA VAR Sub 09/27.10.39 50,000 0 0 EUR Grupo Isolux Corsan Fin BV 6.625% Reg S Sen 500,000 400,000 0 14/15.04.21 EUR HEMA BondCo I BV 6.25% Reg S Sen 14/15.06.19 100,000 100,000 0 EUR HEMA BondCo I BV FRN Reg S 14/15.06.19 200,000 0 0 EUR Hema BondCo II BV 8.5% Reg S Sen 14/15.12.19 100,000 200,000 0 EUR HSBC Bank Plc 3% EMTN Sub 15/30.06.25 200,000 0 0 EUR HSBC Holdings Plc VAR Reg S Sub 0 200,000 0 14/16.03.Perpetual EUR HSH Nordbank AG FRN EMTN Sub Ser 239 50,000 500,000 0 07/14.02.17 EUR HSH Nordbank AG VAR Reg S Sub 50,000 0 0 02/30.06.Perpetual EUR INEOS Finance Plc 4% Reg S Sen 15/01.05.23 100,000 0 0 EUR INEOS Finance Plc FRN EMTN Reg S Sen 0 500,000 0 12/15.02.19 EUR INEOS Group Holdings SA 5.75% Reg S Sen 100,000 0 0 14/15.02.19 EUR INEOS Group Holdings SA 6.5% Reg S Sen 100,000 0 0 13/15.08.18 EUR Intesa Sanpaolo SpA 2% EMTN Sen 14/18.06.21 0 100,000 0 EUR Intesa Sanpaolo SpA 3.928% EMTN Sub Sen 0 100,000 0 14/15.09.26 EUR Intesa Sanpaolo SpA FRN EMTN Sen 13/11.01.16 100,000 0 0 EUR Intesa Sanpaolo SpA FRN EMTN Ser 212 300,000 300,000 0 05/27.10.15 EUR Intesa Sanpaolo SpA FRN Sk Sub 10/30.09.17 200,000 0 0

81 ATOMO - CREDIT OPPORTUNITIES FUND

Statement of changes in investments (unaudited) (continued) from 1st January 2015 to 31st December 2015

Currency Description Purchases Sales Other

EUR Intl Game Technology Plc 4.75% Reg S Sen 100,000 0 0 15/15.02.23 EUR Intl Game Technology Plc VAR Reg S Sub 250,000 100,000 0 06/31.03.66 EUR Intl Personal Finance Plc 5.75% EMTN Ser 8 0 200,000 0 14/07.04.21 EUR Intralot Cap Luxembourg SA 6% Reg S Sen 0 100,000 0 14/15.05.21 EUR IVS F. SpA SA 7.125% Reg S 13/01.04.20 100,000 0 0 EUR Kedrion SpA 4.625% EMTN Sen 14/24.04.19 200,000 219,000 0 EUR Kerling PLC 10.625% REGS Sen 10/01.02.17 50,000 0 0 EUR LBG Capital No1 Plc 7.625% Conv Reg-S 50,000 100,000 0 09/14.10.20 EUR Magnolia BC SA 9% EMTN Reg S 13/01.08.20 200,000 200,000 0 EUR Manutencoop Facility Mgt SpA 8.5% Reg S 337,000 137,000 0 13/01.08.20 EUR Marcolin SpA 8.5% EMTN Reg S Ser 144A 100,000 0 0 13/15.11.19 EUR Mediobanca SpA 3.75% EMTN Sen 12/12.10.15 100,000 100,000 0 EUR Mercury BondCo Plc VAR TOG PIK Reg S Sen 200,000 0 0 15/30.05.21 EUR Mercury BondCo Plc VAR TOG PIK Reg S Sen 100,000 0 0 15/30.05.21 EUR NBG Finance Plc 4.375% EMTN Reg S Sen 200,000 200,000 0 14/30.04.19 EUR Novo Banco SA 3.875% EMTN Sen 10/21.01.15 0 100,000 0 EUR Novo Banco SA 5.875% EMTN Sen 12/09.11.15 0 200,000 0 EUR Oi Brasil Hgs Cooperatief UA 5.625% Reg S Sen 200,000 0 0 15/22.06.21 EUR Petrobras Global Finance BV 5.875% EMTN Sen 100,000 0 0 11/07.03.22 EUR Poste Vita SpA 2.875% Sub 14/30.05.19 0 100,000 0 EUR Rhino Bondco SpA FRN Reg S 13/15.12.19 100,000 0 0 EUR Rickmers Hg AG 8.875% Reg S 13/11.06.18 0 50,000 0 EUR Rottapharm Ltd 6.125% Reg S Sen 12/15.11.19 0 200,000 0 EUR Royal Bank of Scotland NV FRN EMTN 05/08.06.15 100,000 100,000 0 EUR Royal Bank of Scotland Plc 5.5% Pref 0 150,000 0 04/31.12.Perpetual EUR Royal Bank of Scotland Plc VAR EMTN Sub Ser 50,000 0 0 1741 04/22.09.21 EUR RWE AG VAR Reg S Sub 15/21.04.75 50,000 0 0 EUR RZB Finance (Jersey) IV Ltd VAR Sub 50,000 50,000 0 06/16.05.Perpetual EUR RZD Capital Plc 3.3744% Reg S 13/20.05.21 0 100,000 0 EUR Sace SpA VAR Reg S Sub 15/10.02.Perpetual 100,000 100,000 0 EUR San Paolo IMI SpA VAR EMTN Reg-S Ser 85 Sub 0 300,000 0 05/02.03.20 EUR Snai SpA 12% Reg S Sen Sub 13/15.12.18 100,000 100,000 0 EUR Snai SpA 7.625% Reg S 13/15.06.18 0 100,000 0 EUR Snai SpA 7.625% Reg S Sen 15/15.06.18 200,000 0 0 EUR Telecom Italia Finance SA 7.75% EMTN 150,000 0 0 03/24.01.33 EUR Telecom Italia SPA FRN EMTN Ser 17 Tr 1 150,000 0 0 07/07.06.16 EUR Tereos Finance Groupe I 4.25% 13/04.03.20 100,000 100,000 0 EUR Twin Set-Simona Barbieri SpA FRN Reg S Sen 140,000 0 0 14/15.07.19 EUR Unicredit SpA 6.95% EMTN Reg S Sub 12/31.10.22 0 100,000 0 EUR Unicredit SpA FRN EMTN Sen 13/22.01.16 300,000 0 0 EUR Unicredit SpA FRN Ser 20/09 09/04.08.15 150,000 150,000 0 EUR Unicredit SpA VAR Reg S Sub 10/31.12.50 100,000 0 0 EUR Unipol Gruppo Finanziario SpA VAR Sub 50,000 0 0 01/15.06.21 EUR Unipol Gruppo Finanziaro Spa 3% EMTN Sen 100,000 0 0 15/18.03.25 EUR UnipolSai SpA VAR Sub 03/28.07.23 0 50,000 0 EUR Veneto Banca SCPA 4% EMTN Sen 14/20.05.19 100,000 200,000 0

82 ATOMO - CREDIT OPPORTUNITIES FUND

Statement of changes in investments (unaudited) (continued) from 1st January 2015 to 31st December 2015

Currency Description Purchases Sales Other

EUR Wind Acquisition Finance SA 4% Reg S 14/15.07.20 0 0 100,000 EUR Wind Acquisition Finance SA 4% Ser MAR 100,000 0 -100,000 15/15.07.20 EUR Wind Acquisition Finance SA 7% Reg S Sen 100,000 0 0 14/23.04.21

GBP BPCE SA 5.25% Sub 14/16.04.29 0 100,000 0 GBP Centrica Plc VAR Reg S Sub 15/10.04.75 100,000 0 0 GBP Deutsche Bank AG VAR Sub 30.04.Perpetual 0 100,000 0 GBP Iceland Bondco Plc 6.25% Reg S Sen 14/15.07.21 100,000 100,000 0

USD ABN AMRO Bank NV VAR EMTN 12/13.09.22 0 200,000 0 USD Alrosa Finance SA 7.75% Reg-S Sen 10/03.11.20 200,000 200,000 0 USD Anglo American Capital Plc 4.875% Reg S Sen 200,000 0 0 15/14.05.25 USD Angola 9.5% Reg S Sen 15/12.11.25 200,000 0 0 USD ArcelorMittal SA Step-up Sen 10/05.08.20 150,000 0 0 USD Banco Santander SA VAR Conv Reg S Sub 0 200,000 0 14/19.08.Perpetual USD Bombardier Inc 6% Reg S Sen 14/15.10.22 50,000 50,000 0 USD Bombardier Inc 6.125% Reg S Sen 13/15.01.23 100,000 50,000 0 USD Bombardier Inc 7.45% Reg S Sen 04/01.05.34 100,000 0 0 USD BPCE SA FRN EMTN Sub 04/30.12.Perpetual 50,000 0 0 USD Chesapeake Energy Corp 6.875% Ser B 100,000 100,000 0 06/15.11.20 USD Chesapeake Energy Corp 8% Reg S 15/15.12.22 60,000 0 0 USD Evraz Group SA 9.5% Reg S Sen 08/24.04.18 0 100,000 0 USD HSH Nordbank AG VAR B Pref 05/30.09.Perpetual 50,000 0 0 USD Intesa Sanpaolo SpA VAR X Sub Ser 144A 200,000 0 0 15/17.03.Perpetual USD Norddeutsche LB GZ 6.25% Reg S Sub 14/10.04.24 0 200,000 0 USD Oi SA 5.5% Reg S Sen 10/23.10.20 100,000 100,000 0 USD Petrobras Global Finance BV 5.75% Sen 100,000 100,000 0 09/20.01.20 USD Petroleos De Venezuela SA 5.375% Reg S Sen 0 100,000 0 07/12.04.27 USD Petroleos De Venezuela SA 8.5% Sk Reg S Sen 0 100,000 0 10/02.11.17 USD Rosneft Finance SA 7.25% Reg-S 10/02.02.20 200,000 100,000 0 USD Rosneft Intl Finance Ltd 4.199% Loan Reg S Sen 0 200,000 0 12/06.03.22 USD RWE AG VAR Reg S Sub 15/30.07.75 50,000 50,000 0 USD Société Générale VAR Reg S Sub 200,000 0 0 15/29.03.Perpetual USD Société Générale VAR Sub 13/18.12.Perpetual 200,000 0 0 USD UBS AG 5.125% Reg S Tier 2 Sub 14/15.05.24 200,000 200,000 0 USD Unicredit SpA VAR Reg S Sub 14/03.06.Perpetual 0 200,000 0 USD Vedanta Resources Plc 9.5% Reg S Sen 200,000 0 0 08/18.07.18 USD VimpelCom Hgs BV 7.5043% Reg-S 11/01.03.22 0 200,000 0 USD VIP Finance Ireland Lts Vimpel 9.125% 08/30.04.18 100,000 0 0 USD VTB Capital SA 6.551% Reg-S 10/13.10.20 100,000 100,000 0

Bonds in default of payment

EUR MPS Capital Trust I FRN 01/07.02.Perpetual 0 50,000 0 EUR Resparcs Funding II LP 7.5% Sub Tr I 0 150,000 0 03/30.06.Perpetual

USD Afren Plc 11.5% Reg S Sen 11/01.02.16 200,000 0 0 USD Offshore Group Investment Ltd 7.5% Sen 50,000 50,000 0 13/01.11.19

83 ATOMO - CREDIT OPPORTUNITIES FUND

Statement of changes in investments (unaudited) (continued) from 1st January 2015 to 31st December 2015

Currency Description Purchases Sales Other

Sukuk

USD KT Kira Sertifi Varli Kiral AS 5.162% Sen 0 200,000 0 14/26.06.19

Warrants and rights

GBP Sound Energy Plc Call Wts 22.05.20 0 0 34,782

Index options

EUR CAC 40 Index PUT 02/15 MONEP 3700 0 8 0 EUR CAC 40 Index PUT 09/15 MONEP 4600 6 6 0 EUR CAC 40 Index PUT 10/15 MONEP 4400 3 3 0 EUR CAC 40 Index PUT 10/15 MONEP 4800 7 7 0 EUR CAC 40 Index PUT 11/15 MONEP 4350 5 5 0 EUR DAX Germany Index PUT 06/15 EUX 11500 10 10 0 EUR DAX Germany Index PUT 08/15 EUX 11250 10 10 0 EUR DAX Germany Index PUT 10/15 EUX 10400 5 5 0 EUR DAX Germany Index PUT 10/15 EUX 9800 5 5 0 EUR DAX Germany Index PUT 11/15 EUX 10000 3 3 0 EUR DAX Germany Index PUT 11/15 EUX 9500 6 6 0 EUR DAX Germany Index PUT 12/15 EUX 10600 8 8 0 EUR Euro Stoxx 50 EUR (Price) Index PUT 02/15 EUX 0 10 0 2800 EUR Euro Stoxx 50 EUR (Price) Index PUT 02/16 EUX 4 0 0 3275 EUR Euro Stoxx 50 EUR (Price) Index PUT 06/15 EUX 10 10 0 3675 EUR Euro Stoxx 50 EUR (Price) Index PUT 08/15 EUX 10 10 0 3550 EUR Euro Stoxx 50 EUR (Price) Index PUT 09/15 EUX 10 10 0 3450 EUR Euro Stoxx 50 EUR (Price) Index PUT 10/15 EUX 11 11 0 3050 EUR Euro Stoxx 50 EUR (Price) Index PUT 10/15 EUX 5 5 0 3150 EUR Euro Stoxx 50 EUR (Price) Index PUT 11/15 EUX 4 4 0 3200 EUR Euro Stoxx 50 EUR (Price) Index PUT 12/15 EUX 5 5 0 3350 EUR FTSE MIB Index PUT 02/15 MIL 17000 0 4 0 EUR FTSE MIB Index PUT 06/15 MIL 22500 5 5 0 EUR FTSE MIB Index PUT 12/15 MIL 21000 7 7 0

USD Nasdaq 100 Stock Index PUT 10/15 CME 4180 3 3 0 USD S&P 500 Index PUT 02/15 OPRA 1890 0 3 0 USD S&P 500 Index PUT 06/15 OPRA 2070 5 5 0 USD S&P 500 Index PUT 09/15 OPRA 2050 5 5 0 USD S&P 500 Index PUT 10/15 OPRA 1930 7 7 0 USD S&P 500 Index PUT 11/15 OPRA 1950 1 1 0 USD S&P 500 Index PUT 11/15 OPRA 2000 2 2 0 USD S&P 500 Index PUT 12/15 OPRA 2000 2 2 0 USD S&P 500 Index PUT 12/15 OPRA 2050 2 2 0

Options on futures

EUR Bund Govt Bond 10 Years EUR PUT 09/15 EUX 15 15 0 147

84 ATOMO - CARPINUS

Statement of net assets (in EUR) as at 31st December 2015

Assets Securities portfolio at market value 35,054,717.00 Cash at banks 238,455.60 Formation expenses, net 17,450.57 Income receivable on portfolio 635,095.92 Total assets 35,945,719.09

Liabilities Short option contracts at market value 26,231.12 Expenses payable 88,393.96 Total liabilities 114,625.08

Net assets at the end of the year 35,831,094.01

Class R Shares outstanding 377,167.923 Net asset value per Class R Share 95.00

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

85 ATOMO - CARPINUS

Statement of operations and other changes in net assets (in EUR) from 19th January 2015 to 31st December 2015

Income Dividends, net 66,109.91 Interest on bonds and other debt securities, net 1,314,749.21 Interest on bank accounts 53.16 Total income 1,380,912.28

Expenses Management fees 588,989.71 Custodian fees 13,233.62 Banking charges and other fees 2,327.04 Transaction fees 57,079.66 Central administration costs 55,256.47 Professional fees 5,733.00 Other administration costs 37,372.99 Subscription duty ("taxe d'abonnement") 16,438.59 Interest paid on bank overdrafts 1,120.60 Other expenses 13,600.18 Total expenses 791,151.86

Net investment income 589,760.42

Net realised gain/(loss) - on securities portfolio 287,878.42 - on option contracts 373,891.61 - on forward foreign exchange contracts -96,755.39 - on foreign exchange -124,385.27 Realised result 1,030,389.79

Net variation of the unrealised gain/(loss) - on securities portfolio -3,628,715.49 - on option contracts 3,138.73 Result of operations -2,595,186.97

Subscriptions 41,497,891.98

Redemptions -3,071,611.00

Total changes in net assets 35,831,094.01

Total net assets at the beginning of the year -

Total net assets at the end of the year 35,831,094.01

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

86 ATOMO - CARPINUS

Statistical information (in EUR) as at 31st December 2015

Total net assets - as at 31.12.2015 35,831,094.01

Number of Class R Shares - outstanding at the beginning of the year 0.000 - issued 408,367.923 - redeemed -31,200.000 - outstanding at the end of the year 377,167.923

Net asset value per Class R Share - as at 31.12.2015 95.00

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

87 ATOMO - CARPINUS

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

Currency Number / Description Cost Market value % of nominal value total net assets

Investments in securities Transferable securities admitted to an official stock exchange listing Shares CHF 5,500 Cie Financière Richemont SA 381,732.39 364,636.84 1.02 CHF 4,800 Julius Baer Gruppe AG Reg 215,271.05 214,771.14 0.60 CHF 4,000 Novartis AG Reg 350,507.62 319,258.38 0.89 CHF 2,400 Roche Holding AG B de jouis Pref 575,595.36 609,974.76 1.70 CHF 50,000 UBS Group Inc 840,189.96 897,454.43 2.50 2,363,296.38 2,406,095.55 6.71 EUR 3,000 Beiersdorf AG 240,000.00 252,480.00 0.70 EUR 7,000 Carrefour SA 205,685.91 186,550.00 0.52 EUR 5,000 Deutsche Bank AG Reg 139,750.00 112,625.00 0.31 EUR 2,000 Hermes Intl SA 649,729.45 623,500.00 1.74 EUR 4,008 Manz AG 322,020.06 137,474.40 0.38 1,557,185.42 1,312,629.40 3.65 GBP 600,000 Sirius Minerals Plc 147,520.83 120,098.41 0.34

USD 1,000 Allergan Plc 288,244.25 287,753.22 0.80 USD 3 Alphabet Inc C 1,530.01 2,096.35 0.01 USD 4,100 Apple Inc 415,403.41 397,390.42 1.11 USD 600 Biogen Inc 250,498.68 169,254.14 0.47 USD 5,000 Criteo SA Sh Spons ADR Repr 1 Sh 232,023.69 182,320.44 0.51 USD 3,000 GoPro Inc A 145,042.20 49,751.38 0.14 USD 1,000 Tesla Motors Inc 192,911.26 221,003.68 0.62 USD 2,000 TripAdvisor Inc 128,872.61 156,998.16 0.44 USD 20,000 Twitter Inc 521,806.39 426,151.01 1.19 USD 800 Valeant Pharm Intl Inc 167,609.87 74,880.29 0.21 USD 24,100 Visa Inc A 1,722,778.22 1,720,953.04 4.80 4,066,720.59 3,688,552.13 10.30 Total shares 8,134,723.22 7,527,375.49 21.00 Bonds CHF 200,000 Gaz Capital SA 2.85% EMTN 13/25.10.19 148,289.16 179,077.10 0.50 CHF 500,000 Selecta Group BV 6.5% Reg S Sen 14/15.06.20 457,998.82 445,046.82 1.24 606,287.98 624,123.92 1.74 EUR 800,000 Abengoa Finance SAU 6% Reg S Sen 14/31.03.21 755,200.00 92,004.00 0.26 EUR 500,000 Bombardier Inc 6.125% EMTN Regs Sen 10/15.05.21 526,000.00 437,625.00 1.22 EUR 1,200,000 Chemours Co LLC (The) 6.125% Reg S Sen 15/15.05.23 1,202,575.00 850,002.00 2.37 EUR 1,000,000 Deut Post Fd Trust II Del USA FRN Sub 04/23.12.Perpetual 1,010,375.00 991,960.00 2.77 EUR 1,700,000 Deutsche Bank AG VAR Reg S Sub 14/31.12.Perpetual 1,697,585.23 1,585,437.00 4.43 EUR 350,000 Deutsche Post Fding Trust IV VAR Sub 07/29.06.Perpetual 370,825.00 358,877.75 1.00 EUR 700,000 GPB Eurobond Finance Plc 3.984% LPN Reg S Sen 672,500.00 686,413.00 1.92 13/30.10.18 EUR 1,300,000 Groupama SA VAR Sub 07/22.10.Perpetual 1,344,241.94 1,317,088.50 3.68 EUR 511,000 Heta Asset Resolution AG 4.25% EMTN Sen 06/31.10.16 325,967.50 343,819.54 0.96 EUR 3,600,000 Petrobras Global Finance BV 4.875% EMTN Sen 11/07.03.18 3,478,050.00 3,018,150.00 8.42 EUR 1,400,000 Raiffeisen Bank Intl AG VAR EMTN Reg S Sub 14/21.02.25 1,143,183.33 1,135,974.00 3.17 EUR 100,000 Rallye SA 4.25% EMTN Sen 13/11.03.19 100,250.00 87,760.00 0.25 EUR 300,000 RZB Finance (Jersey) IV Ltd VAR Sub 06/16.05.Perpetual 100,500.00 249,939.00 0.70 EUR 2,150,000 Sacyr SA 6.5% EMTN Conv Sen 11/01.05.16 2,135,750.00 2,131,101.50 5.95 EUR 2,490,000 Selecta Group BV 6.5% Reg S 14/15.06.20 2,451,137.50 2,400,360.00 6.70 EUR 400,000 Société Générale VAR Reg S Sub 07.10.Perpetual 409,200.00 409,714.00 1.14 EUR 1,600,000 Thomas Cook Fin Plc 7.75% EMTN Sen 13/15.06.20 1,702,104.62 1,673,376.00 4.67 EUR 3,250,000 Unilabs SubHolding AB 8.5% Reg S 13/15.07.18 3,392,775.00 3,375,141.25 9.42 EUR 1,450,000 Wind Acquisition Finance SA 4% Reg S 14/15.07.20 1,457,062.50 1,451,044.00 4.05 24,275,282.62 22,595,786.54 63.08 USD 700,000 Bombardier Inc 4.75% Reg S Sen 14/15.04.19 581,176.79 528,106.81 1.47 USD 120,000 Petrobras Global Finance BV 4.875% Sen 14/17.03.20 98,206.33 83,272.37 0.23

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

88 ATOMO - CARPINUS

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

Currency Number / Description Cost Market value % of nominal value total net assets

USD 800,000 Vedanta Resources Jersey Ltd 5.50% Conv 09/13.07.16 715,728.79 595,499.08 1.66 USD 500,000 Vedanta Resources Plc 6.75% Sen 11/07.06.16 435,555.36 416,726.52 1.16 1,830,667.27 1,623,604.78 4.52 Total bonds 26,712,237.87 24,843,515.24 69.34 Transferable securities dealt in on another regulated market Bonds EUR 1,100,000 Abengoa SA 8.5% EMTN Sen 10/31.03.16 1,144,400.00 175,081.50 0.49 EUR 200,000 Commerzbank AG 5.064% LPN Moscow Reg S 06/20.10.16 204,200.00 204,727.00 0.57 EUR 1,500,000 Fomento de Const Y Contrat SA 6.5% Conv 09/30.10.20 1,553,705.88 1,422,300.00 3.97 EUR 500,000 Gaz Capital SA 5.136% Tr 1 06/22.03.17 482,000.00 510,500.00 1.42 3,384,305.88 2,312,608.50 6.45 USD 500,000 Weatherford Intl Ltd 5.125% Sen 10/15.09.20 452,165.52 371,217.77 1.04

Total bonds 3,836,471.40 2,683,826.27 7.49 Total investments in securities 38,683,432.49 35,054,717.00 97.83 Short options Listed financial instruments Options on transferable securities EUR -300 Royal Dutch Shell Plc A PUT 02/16 EOE 18 -14,400.00 -6,000.00 -0.02

USD -127 Visa Inc A PUT 01/16 OPRA 78.75 -14,969.85 -20,231.12 -0.05

Total short options -29,369.85 -26,231.12 -0.07 Cash at banks 238,455.60 0.67 Other net assets/(liabilities) 564,152.53 1.57 Total 35,831,094.01 100.00

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

89 ATOMO - CARPINUS

Industrial and geographical classification of investments as at 31st December 2015

Industrial classification (in percentage of net assets)

Diversified financial services 32.53 % Banks 11.18 % Health care equipment and services 9.42 % Special Purpose Vehicle (SPV) 8.65 % Capital goods 6.66 % Real estate 5.95 % Materials 5.53 % Pharmaceuticals and biotechnology 4.07 % Insurance 3.68 % Consumer durables and apparel 2.90 % Software and services 2.15 % Energy 1.53 % Technology hardware and equipment 1.49 % Household and personal products 0.70 % Automobiles and components 0.62 % Food retailing, drugstores and pharmacies 0.52 % Retailing 0.25 % Total 97.83 %

90 ATOMO - CARPINUS

Industrial and geographical classification of investments as at 31st December 2015

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

The Netherlands 16.59 % United States of America 14.92 % Spain 10.67 % Sweden 9.42 % France 7.84 % Switzerland 6.71 % Germany 6.39 % United Kingdom 6.17 % Luxembourg 5.97 % Austria 4.13 % Canada 2.90 % Ireland 2.72 % Jersey 2.36 % Bermuda 1.04 % Total 97.83 %

91 ATOMO - CARPINUS

Statement of changes in investments (unaudited) from 19th January 2015 to 31st December 2015

Currency Description Purchases Sales Other

Shares

CHF Autoneum Holding AG Reg 800 800 0 CHF Cie Financière Richemont SA 5,500 0 0 CHF Georg Fischer SA Reg 400 400 0 CHF Julius Baer Gruppe AG Reg 4,800 0 0 CHF Molecular Partners SA 2,852 2,852 0 CHF Novartis AG Reg 4,000 0 0 CHF Roche Holding AG B de jouis Pref 2,400 0 0 CHF UBS Group Inc 50,000 0 0

EUR Bayerische Motorenwerke AG 2,000 2,000 0 EUR Beiersdorf AG 3,000 0 0 EUR Carrefour SA 7,000 0 0 EUR Deutsche Bank AG Reg 15,000 10,000 0 EUR Deutsche Lufthansa AG Reg 15,000 15,000 0 EUR ENI SpA 15,000 15,000 0 EUR Hermes Intl SA 2,000 0 0 EUR Manz AG 5,000 992 0

GBP Sirius Minerals Plc 600,000 0 0

USD Acacia Research Technologies 7,000 7,000 0 USD Actavis Plc 1,500 0 -1,500 USD Agios Pharmaceuticals Inc 1,000 1,000 0 USD Allergan Inc 2,000 2,000 0 USD Allergan Plc 3,000 3,500 1,500 USD Alphabet Inc C 0 1,200 1,203 USD Amicus Therapeutics Inc 12,500 12,500 0 USD Ampio Pharmaceuticals Inc 17,999 17,999 0 USD Apple Inc 4,100 0 0 USD Biogen Inc 600 0 0 USD Cellular Biomedicine Group Inc 3,200 3,200 0 USD Criteo SA Sh Spons ADR Repr 1 Sh 5,000 0 0 USD Epizyme Inc 8,800 8,800 0 USD Exelixis Inc 35,000 35,000 0 USD Facebook Inc A 4,600 4,600 0 USD Google Inc A 600 0 -600 USD Google Inc C Pref 600 0 -600 USD GoPro Inc A 3,000 0 0 USD OncoMed Pharmaceuticals Inc 4,000 4,000 0 USD Portola Pharmaceuticals Inc 3,000 3,000 0 USD Procter & Gamble Co 2,000 2,000 0 USD Steiner Leisure Ltd 5,000 5,000 0 USD Tesla Motors Inc 2,000 1,000 0 USD Teva Pharma Ind Ltd ADR repr 1 Share 2,000 2,000 0 USD Theravance Inc 6,000 6,000 0 USD Total SA ADR repr 1 Share B 3,000 3,000 0 USD TripAdvisor Inc 2,000 0 0 USD Twitter Inc 20,000 0 0 USD Valeant Pharm Intl Inc 800 0 0 USD Visa Inc A 27,100 12,000 9,000 USD ZS Pharma Inc 2,100 2,100 0

Bonds

CHF Gaz Capital SA 2.85% EMTN 13/25.10.19 200,000 0 0 CHF Gazprombank AG (Schweiz) 2.375% Sen 500,000 500,000 0 13/09.12.16 CHF Selecta Group BV 6.5% Reg S Sen 14/15.06.20 500,000 0 0

92 ATOMO - CARPINUS

Statement of changes in investments (unaudited) (continued) from 19th January 2015 to 31st December 2015

Currency Description Purchases Sales Other

EUR Abengoa Finance SAU 6% Reg S Sen 14/31.03.21 800,000 0 0 EUR Abengoa SA 8.5% EMTN Sen 10/31.03.16 1,300,000 200,000 0 EUR Bombardier Inc 6.125% EMTN Regs Sen 500,000 0 0 10/15.05.21 EUR Chemours Co LLC (The) 6.125% Reg S Sen 1,200,000 0 0 15/15.05.23 EUR Commerzbank AG 5.064% LPN Moscow Reg S 200,000 0 0 06/20.10.16 EUR Deut Post Fd Trust II Del USA FRN Sub 1,000,000 0 0 04/23.12.Perpetual EUR Deutsche Bank AG VAR Reg S Sub 2,200,000 500,000 0 14/31.12.Perpetual EUR Deutsche Post Fding Trust IV VAR Sub 350,000 0 0 07/29.06.Perpetual EUR Fomento de Const Y Contrat SA 6.5% Conv 2,550,000 1,050,000 0 09/30.10.20 EUR Gaz Capital SA 5.136% Tr 1 06/22.03.17 500,000 0 0 EUR GPB Eurobond Finance Plc 3.984% LPN Reg S Sen 700,000 0 0 13/30.10.18 EUR Groupama SA VAR Sub 07/22.10.Perpetual 1,750,000 450,000 0 EUR Heta Asset Resolution AG 4.25% EMTN Sen 761,000 250,000 0 06/31.10.16 EUR Petrobras Global Finance BV 4.875% EMTN Sen 3,600,000 0 0 11/07.03.18 EUR Raiffeisen Bank Intl AG VAR EMTN Reg S Sub 1,600,000 200,000 0 14/21.02.25 EUR Rallye SA 4.25% EMTN Sen 13/11.03.19 100,000 0 0 EUR RZB Finance (Jersey) IV Ltd VAR Sub 300,000 0 0 06/16.05.Perpetual EUR Sacyr SA 6.5% EMTN Conv Sen 11/01.05.16 2,150,000 0 0 EUR Selecta Group BV 6.5% Reg S 14/15.06.20 2,490,000 0 0 EUR Société Générale VAR Reg S Sub 07.10.Perpetual 400,000 0 0 EUR Thomas Cook Fin Plc 7.75% EMTN Sen 13/15.06.20 2,150,000 550,000 0 EUR Unilabs SubHolding AB 8.5% Reg S 13/15.07.18 3,250,000 0 0 EUR Wind Acquisition Finance SA 4% Reg S 14/15.07.20 1,450,000 0 0

USD Bombardier Inc 4.75% Reg S Sen 14/15.04.19 700,000 0 0 USD Petrobras Global Finance BV 4.875% Sen 200,000 80,000 0 14/17.03.20 USD Vedanta Resources Jersey Ltd 5.50% Conv 800,000 0 0 09/13.07.16 USD Vedanta Resources Plc 6.75% Sen 11/07.06.16 500,000 0 0 USD Weatherford Intl Ltd 5.125% Sen 10/15.09.20 500,000 0 0

Reverse convertible notes

CHF SG Issuer SA 12.6957% Rev Conv Basket of Shares 500,000 500,000 0 14/07.09.15 CHF SG Issuer SA 8.5167% Rev Conv Lk Basket of Shs 500,000 500,000 0 14/27.05.15

USD SG Issuer SA 12.6269% Rev Conv Basket of Shares 1,000,000 1,000,000 0 14/01.09.15

Options on transferable securities

CHF Cie Financière Richemont SA CALL 11/15 EUX 84 55 55 0 CHF Cie Financière Richemont SA CALL 12/15 EUX 80 55 55 0 CHF Julius Baer Gruppe AG Reg CALL 12/15 EUX 51 48 48 0 CHF Roche Holding AG B de jouis Pref CALL 12/15 EUX 24 24 0 290

93 ATOMO - CARPINUS

Statement of changes in investments (unaudited) (continued) from 19th January 2015 to 31st December 2015

Currency Description Purchases Sales Other

CHF Roche Holding AG B de jouis Pref PUT 02/15 EUX 12 12 0 250 CHF UBS Group Inc CALL 05/15 EUX 20 250 250 0 CHF UBS Group Inc CALL 12/15 EUX 21 500 500 0 CHF UBS Group Inc PUT 06/15 EUX 18.5 250 250 0 CHF UBS Group Inc PUT 07/15 EUX 19.5 300 300 0 CHF UBS Group Inc PUT 08/15 EUX 21 180 180 0

EUR Bayerische Motorenwerke AG CALL 11/15 EUX 92 20 20 0 EUR Beiersdorf AG CALL 12/15 EUX 92 4 4 0 EUR Beiersdorf AG PUT 06/15 EUX 80 30 30 0 EUR Deutsche Bank AG Reg CALL 04/15 EUX 33 100 100 0 EUR Deutsche Bank AG Reg CALL 05/15 EUX 33 100 100 0 EUR Deutsche Bank AG Reg CALL 11/15 EUX 28 50 50 0 EUR Deutsche Bank AG Reg CALL 12/15 EUX 25 50 50 0 EUR ENI SpA CALL 06/15 EUX 17.5 30 30 0 EUR ENI SpA CALL 11/15 MIL 16 30 30 0 EUR Royal Dutch Shell Plc A PUT 02/16 EOE 18 0 300 0 EUR Sanofi SA PUT 02/15 MONEP 80 31 31 0 EUR Volkswagen AG Pref PUT 11/15 EUX 75 38 38 0

USD Acacia Research Technologies CALL 05/15 OPRA 70 70 0 12.5 USD Actavis Plc PUT 05/15 OPRA 290 7 7 0 USD Agios Pharmaceuticals Inc CALL 04/15 OPRA 115 10 10 0 USD Allergan Plc CALL 11/15 OPRA 300 35 35 0 USD Allergan Plc PUT 07/15 OPRA 300 7 7 0 USD Allergan Plc PUT 08/15 OPRA 307.5 10 10 0 USD Allergan Plc PUT 08/15 OPRA 317.5 10 10 0 USD Allergan Plc PUT 12/15 OPRA 300 35 35 0 USD Allergan Plc PUT 12/15 OPRA 312.5 10 10 0 USD Alphabet Inc C CALL 11/15 OPRA 680 12 12 0 USD Alphabet Inc C PUT 12/15 OPRA 720 10 10 0 USD Amicus Therapeutics Inc CALL 04/15 OPRA 11 125 125 0 USD Ampio Pharmaceuticals Inc CALL 04/15 OPRA 9 150 150 0 USD Apple Inc CALL 11/15 OPRA 120 41 41 0 USD Apple Inc CALL 12/15 OPRA 121 41 41 0 USD Biogen Inc CALL 11/15 OPRA 300 6 6 0 USD Biogen Inc PUT 02/15 OPRA 395 5 5 0 USD Biogen Inc PUT 03/15 OPRA 400 5 5 0 USD Biogen Inc PUT 04/15 OPRA 450 6 6 0 USD Criteo SA Sh Spons ADR Repr 1 Sh CALL 12/15 50 50 0 OPRA 45 USD Criteo SA Sh Spons ADR Repr 1 Sh PUT 04/15 40 40 0 OPRA 40 USD Criteo SA Sh Spons ADR Repr 1 Sh PUT 05/15 50 50 0 OPRA 40 USD Criteo SA Sh Spons ADR Repr 1 Sh PUT 08/15 50 50 0 OPRA 52.5 USD Epizyme Inc CALL 05/15 OPRA 20 8 8 0 USD Exelixis Inc CALL 04/15 OPRA 3 350 350 0 USD Facebook Inc A CALL 06/15 OPRA 82.5 40 40 0 USD Gilead Sciences Inc PUT 02/15 OPRA 97 20 20 0 USD Google Inc A PUT 03/15 OPRA 560 6 6 0 USD Google Inc C Pref CALL 05/15 OPRA 565 6 6 0 USD Google Inc C Pref PUT 03/15 OPRA 540 6 6 0 USD Google Inc C Pref PUT 04/15 OPRA 550 6 6 0 USD GoPro Inc A CALL 11/15 OPRA 32 30 30 0 USD GoPro Inc A PUT 09/15 OPRA 55 30 30 0 USD OncoMed Pharmaceuticals Inc CALL 05/15 OPRA 40 40 0 30 USD Portola Pharmaceuticals Inc CALL 04/15 OPRA 45 30 30 0 USD Procter & Gamble Co CALL 12/15 OPRA 77 20 20 0 USD Tesla Motors Inc CALL 11/15 OPRA 230 10 10 0 USD Tesla Motors Inc CALL 12/15 OPRA 240 10 10 0

94 ATOMO - CARPINUS

Statement of changes in investments (unaudited) (continued) from 19th January 2015 to 31st December 2015

Currency Description Purchases Sales Other

USD Teva Pharma Ind Ltd ADR repr 1 Share CALL 04/15 20 20 0 OPRA 65 USD Theravance Inc CALL 04/15 OPRA 20 60 60 0 USD TripAdvisor Inc CALL 11/15 OPRA 90 20 20 0 USD TripAdvisor Inc CALL 12/15 OPRA 86 20 20 0 USD Twitter Inc CALL 11/15 OPRA 33 100 100 0 USD Twitter Inc CALL 12/15 OPRA 27 200 200 0 USD Valeant Pharm Intl Inc CALL 11/15 OPRA 120 8 8 0 USD Visa Inc A CALL 11/15 OPRA 79.5 120 120 0 USD Visa Inc A PUT 02/15 OPRA 250 10 10 0 USD Visa Inc A PUT 01/16 OPRA 78.75 0 127 0 USD Visa Inc A PUT 11/15 OPRA 74 40 40 0 USD Visa Inc A PUT 12/15 OPRA 77.5 241 241 0

95 ATOMO - GLOBAL YIELD

Statement of net assets (in USD) as at 31st December 2015

Assets Securities portfolio at market value 9,233,335.90 Cash at banks 1,049,279.77 Formation expenses, net 14,811.48 Income receivable on portfolio 175,330.97 Total assets 10,472,758.12

Liabilities Unrealised loss on forward foreign exchange contracts 29,493.77 Expenses payable 21,429.54 Other liabilities 3,500.00 Total liabilities 54,423.31

Net assets at the end of the year 10,418,334.81

Class R Shares outstanding 83,678.601 Net asset value per Class R Share 91.81

Class R (EUR) Shares outstanding 27,528.515 Net asset value per Class R (EUR) Share EUR 91.52

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

96 ATOMO - GLOBAL YIELD

Statement of operations and other changes in net assets (in USD) from 19th January 2015 to 31st December 2015

Income Dividends, net 18,518.40 Interest on bonds and other debt securities, net 449,476.06 Interest on bank accounts 51.14 Commissions received 1,307.20 Total income 469,352.80

Expenses Management fees 132,791.76 Custodian fees 4,286.51 Banking charges and other fees 688.47 Transaction fees 7,920.08 Central administration costs 39,600.62 Professional fees 6,336.12 Other administration costs 26,539.14 Subscription duty ("taxe d'abonnement") 4,871.07 Interest paid on bank overdrafts 22.26 Other expenses 7,374.69 Total expenses 230,430.72

Net investment income 238,922.08

Net realised gain/(loss) - on securities portfolio -66,113.68 - on forward foreign exchange contracts -32,006.16 - on foreign exchange -65,702.30 Realised result 75,099.94

Net variation of the unrealised gain/(loss) - on securities portfolio -1,023,971.12 - on forward foreign exchange contracts -29,493.77 Result of operations -978,364.95

Subscriptions 13,425,584.76

Redemptions -2,028,885.00

Total changes in net assets 10,418,334.81

Total net assets at the beginning of the year -

Total net assets at the end of the year 10,418,334.81

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

97 ATOMO - GLOBAL YIELD

Statistical information (in USD) as at 31st December 2015

Total net assets - as at 31.12.2015 10,418,334.81

Number of Class R Shares - outstanding at the beginning of the year 0.000 - issued 99,678.601 - redeemed -16,000.000 - outstanding at the end of the year 83,678.601

Net asset value per Class R Share - as at 31.12.2015 91.81

Number of Class R (EUR) Shares - outstanding at the beginning of the year 0.000 - issued 31,528.515 - redeemed -4,000.000 - outstanding at the end of the year 27,528.515

Net asset value per Class R (EUR) Share - as at 31.12.2015 EUR 91.52

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

98 ATOMO - GLOBAL YIELD

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

Currency Number / Description Cost Market value % of nominal value total net assets

Investments in securities Transferable securities admitted to an official stock exchange listing Bonds USD 200,000 AES El Salvador Trust II 6.75% Reg S Sen 13/28.03.23 192,980.00 180,371.00 1.73 USD 200,000 Alcatel-Lucent USA Inc 6.5% Sen 98/15.01.28 194,400.00 201,859.00 1.94 USD 200,000 Altice Financing SA 6.625% Reg S Sen 15/15.02.23 200,000.00 198,500.00 1.91 USD 300,000 Axtel SAB de CV 9% Sen Reg S 09/22.09.19 283,500.00 305,914.50 2.94 USD 100,000 Banco do Brasil SA Gran Cayman 5.375% Reg S Sub 96,450.00 91,087.00 0.87 10/15.01.21 USD 200,000 Braskem Finance Ltd 5.75% Reg S Sen 11/15.04.21 200,750.00 175,797.00 1.69 USD 200,000 BRF SA 4.75% Reg S Sen 14/22.05.24 194,500.00 183,806.00 1.76 USD 200,000 Cemex Finance LLC 6% Reg S Sen 14/01.04.24 192,500.00 172,644.00 1.66 USD 200,000 Central American Bottling Corp 6.75% Reg-S Sen 12/09.02.22 211,760.00 203,895.00 1.96 USD 400,000 Colombia Telecom SA ESP 5.375% Reg-S Sen 12/27.09.22 387,000.00 362,586.00 3.48 USD 200,000 Electricité de France VAR Reg S Sub 13/29.07.Perpetual 195,200.00 189,515.00 1.82 USD 200,000 Frontier Communications Corp 6.875% Sen 14/15.01.25 201,500.00 164,550.00 1.58 USD 100,000 Gerdau Trade Inc 5.75% Reg S Sen 10/30.01.21 92,650.00 79,788.50 0.77 USD 200,000 Healthsouth Corp 5.125% Sen 15/15.03.23 202,000.00 192,288.00 1.85 USD 400,000 Intelsat SA 7.75% Sen 13/01.06.21 383,000.00 188,000.00 1.80 USD 200,000 Intl Game Technology Plc 6.5% Reg S Sen 15/15.02.25 198,874.00 178,320.00 1.71 USD 200,000 JBS Investments GmbH 7.25% Ser 144A 14/03.04.24 199,500.00 182,617.00 1.75 USD 200,000 JPMorgan Chase & Co VAR repr1/10 Pr Ser V 198,000.00 190,553.00 1.83 14/01.01.Perpetual USD 100,000 KB Home 7.5% Sen 12/15.09.22 101,000.00 100,152.50 0.96 USD 200,000 Petrobras Global Finance BV 5.375% 11/27.01.21 190,111.20 149,880.00 1.44 USD 200,000 Sirius XM Radio Inc 5.375% Reg S Sen 15/15.04.25 201,500.00 201,750.00 1.94 USD 200,000 Sistema Intl Funding SA 6.95% LPN Reg S Sen12/17.05.19 194,500.00 202,865.00 1.95 USD 200,000 Sprint Nextel Corp 6% Sen 12/15.11.22 188,300.00 143,108.00 1.37 USD 200,000 T-Mobile USA 6.125% Sen 13/15.01.22 207,950.00 205,825.00 1.98 USD 200,000 Theta Capital Pte Ltd 6.125% Reg S Sen 12/14.11.20 205,000.00 187,640.00 1.80 USD 200,000 Trinseo Mat Oper SCA / Fin Inc 6.75% Ser 144A 15/01.05.22 204,000.00 197,000.00 1.89 USD 200,000 TV Azteca SAB de CV 7.625% EMTN Reg S Sen 13/18.09.20 209,500.00 118,649.00 1.14 USD 150,000 Union Andina de Cementos SAA 5.875% Reg S Sen 148,650.00 145,327.50 1.39 14/30.10.21 USD 200,000 USG Corp 5.5% Reg S Sen 15/01.03.25 204,500.00 204,630.00 1.96 USD 200,000 Utd Rentals North America Inc 4.625% Sen 15/15.07.23 201,100.00 200,001.00 1.92 USD 200,000 Valeant Pharm Intl Inc 5.875% Reg S Sen 15/15.05.23 201,200.00 181,917.00 1.75 USD 200,000 Vedanta Resources Plc 6% Reg S Sen 13/31.01.19 190,900.00 128,436.00 1.23 USD 200,000 VimpelCom Hgs BV 7.5043% Reg-S 11/01.03.22 204,720.00 200,987.00 1.93 USD 200,000 Virgin Media Secured Fin Plc 5.25% Reg S Sen 15/15.01.26 203,000.00 195,130.00 1.87 USD 200,000 Wind Acquisition Finance SA 7.375% Reg S Sen 14/23.04.21 195,400.00 188,421.00 1.81 Total bonds 7,075,895.20 6,393,810.00 61.38 Transferable securities dealt in on another regulated market Bonds USD 200,000 Bombardier Inc 6.125% Reg S Sen 13/15.01.23 190,350.00 139,500.00 1.34 USD 46,000 California Resources Corp 6% Sen 15/15.11.24 42,465.00 14,608.68 0.14 USD 123,000 California Resources Corp 8% Reg S Sen 15/15.12.22 59,841.32 59,987.72 0.58 USD 100,000 Casella Waste Syst Inc 7.75% Sub Sen 11/15.02.19 101,750.00 99,563.50 0.96 USD 200,000 Cencosud SA 4.875% Reg-S Sen 12/20.01.23 200,500.00 189,186.00 1.82 USD 200,000 Commun Sales Leasing Inc 8.25% Sen 15/15.10.23 208,000.00 169,000.00 1.62 USD 200,000 Dish DBS Corp 5.875% Sen 12/15.07.22 200,000.00 186,864.00 1.79 USD 200,000 Elementia SA de CV 5.5% Reg S Sen 14/15.01.25 192,900.00 184,094.00 1.77 USD 200,000 Millicom Intl Cellular SA 6.625% Reg S 13/15.10.21 195,986.00 187,902.00 1.80 USD 200,000 Sabine Pass Liquefaction LLC 5.75% Sen 14/15.05.24 198,900.00 175,551.00 1.68 USD 150,000 VPII Escrow Corp 6.75% Reg S Sen 13/15.08.18 144,358.50 150,016.50 1.44 USD 300,000 VTR Finance BV 6.875% Reg S Sen 14/15.01.24 308,220.00 278,263.50 2.67 USD 300,000 Windstream Corp 7.5% Sen 11/01.04.23 288,000.00 226,200.00 2.17 Total bonds 2,331,270.82 2,060,736.90 19.78

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

99 ATOMO - GLOBAL YIELD

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

Currency Number / Description Cost Market value % of nominal value total net assets

Open-ended investment funds Investment funds (UCITS) USD 40,500 Fidelity Fds US High Yield A USD Cap 499,365.00 473,445.00 4.54 Total investment funds (UCITS) 499,365.00 473,445.00 4.54 Tracker funds (UCITS) USD 3,200 iShares II Plc USD High Yield Corp Bond UCITS ETF Dist 350,776.00 305,344.00 2.93 Total tracker funds (UCITS) 350,776.00 305,344.00 2.93 Total investments in securities 10,257,307.02 9,233,335.90 88.63 Cash at banks 1,049,279.77 10.07 Other net assets/(liabilities) 135,719.14 1.30 Total 10,418,334.81 100.00

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

100 ATOMO - GLOBAL YIELD

Industrial and geographical classification of investments as at 31st December 2015

Industrial classification (in percentage of net assets)

Telecommunication services 19.05 % Diversified financial services 16.94 % Media 7.54 % Investment funds 7.47 % Materials 6.47 % Food, beverage and tobacco 3.72 % Pharmaceuticals and biotechnology 3.19 % Capital goods 3.11 % Banks 2.70 % Consumer durables and apparel 2.67 % Energy 2.40 % Technology hardware and equipment 1.94 % Transportation 1.92 % Health care equipment and services 1.85 % Food retailing, drugstores and pharmacies 1.82 % Utilities 1.82 % Retailing 1.62 % Special Purpose Vehicle (SPV) 1.44 % Commercial services and supplies 0.96 % Total 88.63 %

101 ATOMO - GLOBAL YIELD

Industrial and geographical classification of investments as at 31st December 2015

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

United States of America 27.93 % Luxembourg 15.70 % The Netherlands 6.04 % Mexico 5.85 % United Kingdom 4.81 % Canada 4.53 % Colombia 3.48 % Ireland 2.93 % British Virgin Islands 2.73 % Cayman Islands 2.56 % France 1.82 % Chile 1.82 % Singapore 1.80 % Brazil 1.76 % Austria 1.75 % Panama 1.73 % Peru 1.39 % Total 88.63 %

102 ATOMO - GLOBAL YIELD

Statement of changes in investments (unaudited) from 19th January 2015 to 31st December 2015

Currency Description Purchases Sales Other

Bonds

USD AES El Salvador Trust II 6.75% Reg S Sen 200,000 0 0 13/28.03.23 USD Alcatel-Lucent USA Inc 6.5% Sen 98/15.01.28 200,000 0 0 USD Altice Financing SA 6.625% Reg S Sen 15/15.02.23 200,000 0 0 USD Axtel SAB de CV 9% Sen Reg S 09/22.09.19 300,000 0 0 USD Banco do Brasil SA Gran Cayman 5.375% Reg S 100,000 0 0 Sub 10/15.01.21 USD Bombardier Inc 6.125% Reg S Sen 13/15.01.23 200,000 0 0 USD Braskem Finance Ltd 5.75% Reg S Sen 11/15.04.21 200,000 0 0 USD BRF SA 4.75% Reg S Sen 14/22.05.24 200,000 0 0 USD California Resources Corp 6% Sen 15/15.11.24 200,000 154,000 0 USD California Resources Corp 8% Reg S Sen 123,000 0 0 15/15.12.22 USD Casella Waste Syst Inc 7.75% Sub Sen 11/15.02.19 100,000 0 0 USD Cemex Finance LLC 6% Reg S Sen 14/01.04.24 200,000 0 0 USD Cencosud SA 4.875% Reg-S Sen 12/20.01.23 200,000 0 0 USD Central American Bottling Corp 6.75% Reg-S Sen 200,000 0 0 12/09.02.22 USD Cleopatra Finance Ltd 6.5% Reg S Sen 15/15.02.25 200,000 0 -200,000 USD Colombia Telecom SA ESP 5.375% Reg-S Sen 400,000 0 0 12/27.09.22 USD Commun Sales Leasing Inc 8.25% Sen 15/15.10.23 0 0 200,000 USD Commun Sales Leasing Inc 8.25% Ser 144A 200,000 0 -200,000 15/15.10.23 USD Dish DBS Corp 5.875% Sen 12/15.07.22 200,000 0 0 USD Electricité de France VAR Reg S Sub 200,000 0 0 13/29.07.Perpetual USD Elementia SA de CV 5.5% Reg S Sen 14/15.01.25 200,000 0 0 USD Frontier Communications Corp 6.875% Sen 200,000 0 0 14/15.01.25 USD Gerdau Trade Inc 5.75% Reg S Sen 10/30.01.21 100,000 0 0 USD Healthsouth Corp 5.125% Sen 15/15.03.23 200,000 0 0 USD Intelsat SA 7.75% Sen 13/01.06.21 400,000 0 0 USD Intl Game Technology Plc 6.5% Reg S Sen 0 0 200,000 15/15.02.25 USD JBS Investments GmbH 7.25% Ser 144A 200,000 0 0 14/03.04.24 USD JPMorgan Chase & Co VAR repr1/10 Pr Ser V 200,000 0 0 14/01.01.Perpetual USD KB Home 7.5% Sen 12/15.09.22 100,000 0 0 USD Millicom Intl Cellular SA 6.625% Reg S 13/15.10.21 200,000 0 0 USD Petrobras Global Finance BV 5.375% 11/27.01.21 200,000 0 0 USD Sabine Pass Liquefaction LLC 5.75% Sen 200,000 0 0 14/15.05.24 USD Sirius XM Radio Inc 5.375% Reg S Sen 15/15.04.25 200,000 0 0 USD Sistema Intl Funding SA 6.95% LPN Reg S 200,000 0 0 Sen12/17.05.19 USD Sprint Nextel Corp 6% Sen 12/15.11.22 200,000 0 0 USD T-Mobile USA 6.125% Sen 13/15.01.22 200,000 0 0 USD Theta Capital Pte Ltd 6.125% Reg S Sen 200,000 0 0 12/14.11.20 USD Trinseo Mat Oper SCA / Fin Inc 6.75% Ser 144A 200,000 0 0 15/01.05.22 USD TV Azteca SAB de CV 7.625% EMTN Reg S Sen 200,000 0 0 13/18.09.20 USD Union Andina de Cementos SAA 5.875% Reg S Sen 150,000 0 0 14/30.10.21 USD USG Corp 5.5% Reg S Sen 15/01.03.25 200,000 0 0 USD Utd Rentals North America Inc 4.625% Sen 200,000 0 0 15/15.07.23 USD Valeant Pharm Intl Inc 5.875% Reg S Sen 200,000 0 0 15/15.05.23

103 ATOMO - GLOBAL YIELD

Statement of changes in investments (continued) from 19th January 2015 to 31st December 2015

Currency Description Purchases Sales Other

USD Vedanta Resources Plc 6% Reg S Sen 13/31.01.19 200,000 0 0 USD VimpelCom Hgs BV 7.5043% Reg-S 11/01.03.22 200,000 0 0 USD Virgin Media Secured Fin Plc 5.25% Reg S Sen 200,000 0 0 15/15.01.26 USD VPII Escrow Corp 6.75% Reg S Sen 13/15.08.18 150,000 0 0 USD VTB Capital SA 6% LPN Reg-S Ser 15 12/12.04.17 200,000 200,000 0 USD VTR Finance BV 6.875% Reg S Sen 14/15.01.24 300,000 0 0 USD Wind Acquisition Finance SA 7.375% Reg S Sen 200,000 0 0 14/23.04.21 USD Windstream Corp 7.5% Sen 11/01.04.23 300,000 0 0

Investment funds (UCITS)

USD Fidelity Fds US High Yield A USD Cap 40,500 0 0

Tracker funds (UCITS)

USD iShares II Plc USD High Yield Corp Bond UCITS 3,200 0 0 ETF Dist

104 ATOMO - BE FLEXIBLE

Statement of net assets (in EUR) as at 31st December 2015

Assets Securities portfolio at market value 45,509,226.50 Cash at banks 1,441,767.56 Formation expenses, net 14,648.08 Unrealised gain on forward foreign exchange contracts 65,052.83 Total assets 47,030,694.97

Liabilities Bank overdrafts 1.43 Expenses payable 89,220.48 Total liabilities 89,221.91

Net assets at the end of the year 46,941,473.06

Class R Shares outstanding 320,465.946 Net asset value per Class R Share 95.27

Class R (CHF) Shares outstanding 96,900.000 Net asset value per Class R (CHF) Share CHF 94.53

Class R (USD) Shares outstanding 90,820.000 Net asset value per Class R (USD) Share USD 95.52

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

105 ATOMO - BE FLEXIBLE

Statement of operations and other changes in net assets (in EUR) from 20th March 2015 to 31st December 2015

Income Interest on bank accounts 381.59 Commissions received 9,922.12 Total income 10,303.71

Expenses Management fees 557,564.54 Performance fees 15,182.05 Custodian fees 16,756.63 Banking charges and other fees 238.26 Transaction fees 11,278.48 Central administration costs 65,854.80 Professional fees 5,733.00 Other administration costs 27,420.20 Subscription duty ("taxe d'abonnement") 6,976.17 Interest paid on bank overdrafts 487.85 Other expenses 7,105.71 Total expenses 714,597.69

Net investment loss -704,293.98

Net realised gain/(loss) - on securities portfolio 1,330.21 - on forward foreign exchange contracts -320,512.88 - on foreign exchange 3,703.43 Realised result -1,019,773.22

Net variation of the unrealised gain/(loss) - on securities portfolio -1,698,740.49 - on forward foreign exchange contracts 65,052.83 Result of operations -2,653,460.88

Subscriptions 62,022,827.44

Redemptions -12,427,893.50

Total changes in net assets 46,941,473.06

Total net assets at the beginning of the year -

Total net assets at the end of the year 46,941,473.06

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

106 ATOMO - BE FLEXIBLE

Statistical information (in EUR) as at 31st December 2015

Total net assets - as at 31.12.2015 46,941,473.06

Number of Class I Shares - outstanding at the beginning of the year 0 - issued 26,000 - redeemed -26,000 - outstanding at the end of the year 0

Net asset value per Class I Share - as at 31.12.2015 -

Number of Class I (CHF) Shares - outstanding at the beginning of the year 0 - issued 6,800 - redeemed -6,800 - outstanding at the end of the year 0

Net asset value per Class I (CHF) Share - as at 31.12.2015 -

Number of Class I (USD) Shares - outstanding at the beginning of the year 0 - issued 11,000 - redeemed -11,000 - outstanding at the end of the year 0

Net asset value per Class I (USD) Share - as at 31.12.2015 -

Number of Class R Shares - outstanding at the beginning of the year 0.000 - issued 393,565.946 - redeemed -73,100.000 - outstanding at the end of the year 320,465.946

Net asset value per Class R Share - as at 31.12.2015 95.27

Number of Class R (CHF) Shares - outstanding at the beginning of the year 0.000 - issued 107,500.000 - redeemed -10,600.000 - outstanding at the end of the year 96,900.000

Net asset value per Class R (CHF) Share - as at 31.12.2015 CHF 94.53

Number of Class R (USD) Shares - outstanding at the beginning of the year 0.000 - issued 91,620.000 - redeemed -800.000 - outstanding at the end of the year 90,820.000

Net asset value per Class R (USD) Share - as at 31.12.2015 USD 95.52

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

107 ATOMO - BE FLEXIBLE

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

Currency Number / Description Cost Market value % of nominal value total net assets

Investments in securities Open-ended investment funds Investment funds (UCITS) EUR 73,000 BlackRock Global Fds Allocation D2 EUR Hedged Cap 2,724,450.00 2,603,180.00 5.55 EUR 63,000 Carmignac Portfolio Patrimoine F EUR Cap 7,715,150.00 7,029,540.00 14.98 EUR 42,500 DNCA Invest Eurose I Cap 6,939,175.00 6,785,550.00 14.46 EUR 11,500 Ethna-AKTIV Units SIA T EUR Cap 6,922,205.00 6,737,160.00 14.35 EUR 190,000 Fidelity Fds SICAV Ptf Sel Moderate Gh Fd A Cap 2,788,150.00 2,671,400.00 5.69 EUR 173,000 Invesco Fds SICAV Balanced-Risk Allocation C Cap 2,818,090.00 2,605,380.00 5.55 EUR 21,000 JPMorgan Inv Fds Global Income C EUR Cap 2,821,852.85 2,722,860.00 5.80 EUR 385,000 M&G Optimal Income Fd C EUR Cap 7,486,165.00 7,348,456.50 15.65 EUR 265,000 Nordea 1 SICAV Stable Return Fd BI EUR Cap 4,469,850.00 4,478,500.00 9.54 Total investment funds (UCITS) 44,685,087.85 42,982,026.50 91.57 Tracker funds (UCITS) EUR 20,000 Lyxor UCITS EuroMTS 1-3Y Inv Grade 2,522,879.14 2,527,200.00 5.38 Total tracker funds (UCITS) 2,522,879.14 2,527,200.00 5.38 Total investments in securities 47,207,966.99 45,509,226.50 96.95 Cash at banks 1,441,767.56 3.07 Bank overdrafts -1.43 0.00 Other net assets/(liabilities) -9,519.57 -0.02 Total 46,941,473.06 100.00

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

108 ATOMO - BE FLEXIBLE

Industrial and geographical classification of investments as at 31st December 2015

Industrial classification (in percentage of net assets)

Investment funds 96.95 % Total 96.95 %

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

Luxembourg 75.92 % United Kingdom 15.65 % France 5.38 % Total 96.95 %

109 ATOMO - BE FLEXIBLE

Statement of changes in investments (unaudited) from 20th March 2015 to 31st December 2015

Currency Description Purchases Sales Other

Investment funds (UCITS)

EUR BlackRock Global Fds Allocation D2 EUR Hedged 73,000 0 0 Cap EUR Carmignac Portfolio Patrimoine F EUR Cap 63,000 0 0 EUR DNCA Invest Eurose I Cap 42,500 0 0 EUR Ethna-AKTIV Units SIA T EUR Cap 11,500 0 0 EUR Fidelity Fds SICAV Ptf Sel Moderate Gh Fd A Cap 190,000 0 0 EUR Invesco Fds SICAV Balanced-Risk Allocation C Cap 173,000 0 0 EUR JPMorgan Inv Fds Global Income B EUR Cap 25,000 0 -25,000 EUR JPMorgan Inv Fds Global Income C EUR Cap 318.162 0 20,681.838 EUR M&G Optimal Income Fd C EUR Cap 385,000 0 0 EUR Nordea 1 SICAV Stable Return Fd BI EUR Cap 265,000 0 0

Tracker funds (UCITS)

EUR Lyxor UCITS EuroMTS 1-3Y Inv Grade 25,000 5,000 0

110 ATOMO - BE SAFE

Statement of net assets (in EUR) as at 31st December 2015

Assets Securities portfolio at market value 15,957,308.03 Cash at banks 1,187,146.62 Formation expenses, net 14,648.08 Unrealised gain on forward foreign exchange contracts 78,296.18 Total assets 17,237,398.91

Liabilities Bank overdrafts 1.13 Expenses payable 21,007.02 Total liabilities 21,008.15

Net assets at the end of the year 17,216,390.76

Class R Shares outstanding 90,289.505 Net asset value per Class R Share 97.21

Class R (CHF) Shares outstanding 16,250.000 Net asset value per Class R (CHF) Share CHF 96.33

Class R (USD) Shares outstanding 78,000.000 Net asset value per Class R (USD) Share USD 97.45

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

111 ATOMO - BE SAFE

Statement of operations and other changes in net assets (in EUR) from 20th March 2015 to 31st December 2015

Income Interest on bank accounts 48.55 Commissions received 6,928.97 Total income 6,977.52

Expenses Management fees 63,526.77 Custodian fees 5,672.09 Transaction fees 4,600.00 Central administration costs 35,625.33 Professional fees 5,733.00 Other administration costs 18,954.33 Subscription duty ("taxe d'abonnement") 2,970.00 Interest paid on bank overdrafts 62.86 Other expenses 5,873.63 Total expenses 143,018.01

Net investment loss -136,040.49

Net realised gain/(loss) - on forward foreign exchange contracts -62,023.02 - on foreign exchange 3,473.74 Realised result -194,589.77

Net variation of the unrealised gain/(loss) - on securities portfolio -339,267.67 - on forward foreign exchange contracts 78,296.18 Result of operations -455,561.26

Subscriptions 18,396,233.02

Redemptions -724,281.00

Total changes in net assets 17,216,390.76

Total net assets at the beginning of the year -

Total net assets at the end of the year 17,216,390.76

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

112 ATOMO - BE SAFE

Statistical information (in EUR) as at 31st December 2015

Total net assets - as at 31.12.2015 17,216,390.76

Number of Class R Shares - outstanding at the beginning of the year 0.000 - issued 97,589.505 - redeemed -7,300.000 - outstanding at the end of the year 90,289.505

Net asset value per Class R Share - as at 31.12.2015 97.21

Number of Class R (CHF) Shares - outstanding at the beginning of the year 0.000 - issued 16,250.000 - redeemed 0.000 - outstanding at the end of the year 16,250.000

Net asset value per Class R (CHF) Share - as at 31.12.2015 CHF 96.33

Number of Class R (USD) Shares - outstanding at the beginning of the year 0.000 - issued 78,000.000 - redeemed 0.000 - outstanding at the end of the year 78,000.000

Net asset value per Class R (USD) Share - as at 31.12.2015 USD 97.45

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

113 ATOMO - BE SAFE

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

Currency Number / Description Cost Market value % of nominal value total net assets

Investments in securities Open-ended investment funds Investment funds (UCITS) EUR 82,000 BlackRock Global Fds Euro Short Duration Bd D2 Cap 1,337,510.00 1,337,420.00 7.77 EUR 16,000 Carmignac Portfolio Securite F EUR Cap 1,663,501.00 1,658,080.00 9.63 EUR 47,000 F Templeton Inv Fds Global Bond A EUR H1 Cap 993,570.00 932,480.00 5.42 EUR 52,000 Fidelity Fds Euro Short Term Bond Fd Y ACC EUR Cap 1,356,960.00 1,353,284.40 7.86 EUR 75,000 Invesco Fds SICAV Gl Total Ret EUR Bd C Cap 1,040,349.70 1,008,165.00 5.85 EUR 170,000 Janus Capital Fds Plc Gl Unconstrained Bond I Hedged EUR 1,715,620.00 1,667,700.00 9.69 Cap EUR 12,207.239 JPMorgan Fds Global Strategic Bond C perf EUR (Hedged) Cap 1,027,515.00 1,007,951.72 5.85 EUR 10,073.909 JPMorgan Inv Fds Income Opportunity C perf EUR (Hegded) 1,368,480.00 1,318,976.91 7.66 Cap EUR 16,000 Julius Baer Multibond Total Return Bd Fd C Cap 1,691,790.00 1,655,840.00 9.62 EUR 132,000 PIMCO Fds Gl Investors Ser Plc Low Average Durat R EUR 1,332,210.00 1,323,960.00 7.69 Cap EUR 87,000 PIMCO Fds Gl Investors Ser Plc Tot Ret Bond Hedged E EUR 1,702,830.00 1,662,570.00 9.66 Cap EUR 8,500 Vontobel Fd Absolute Return Bond EUR I Cap 1,066,240.00 1,030,880.00 5.99 Total investments in securities 16,296,575.70 15,957,308.03 92.69 Cash at banks 1,187,146.62 6.90 Bank overdrafts -1.13 0.00 Other net assets/(liabilities) 71,937.24 0.41 Total 17,216,390.76 100.00

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

114 ATOMO - BE SAFE

Industrial and geographical classification of investments as at 31st December 2015

Industrial classification (in percentage of net assets)

Investment funds 92.69 % Total 92.69 %

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

Luxembourg 65.65 % Ireland 27.04 % Total 92.69 %

115 ATOMO - BE SAFE

Statement of changes in investments (unaudited) from 20th March 2015 to 31st December 2015

Currency Description Purchases Sales Other

Investment funds (UCITS)

EUR BlackRock Global Fds Euro Short Duration Bd D2 82,000 0 0 Cap EUR Carmignac Portfolio Securite F EUR Cap 16,000 0 0 EUR F Templeton Inv Fds Global Bond A EUR H1 Cap 47,000 0 0 EUR Fidelity Fds Euro Short Term Bond Fd Y ACC EUR 52,000 0 0 Cap EUR Invesco Fds SICAV Gl Total Ret EUR Bd C Cap 75,000 0 0 EUR Janus Capital Fds Plc Gl Unconstrained Bond I 170,000 0 0 Hedged EUR Cap EUR JPMorgan Fds Global Strategic Bond C perf EUR 0 0 12,207.239 (Hedged) Cap EUR JPMorgan Fds Global Strategic Bond JPM B EUR 12,500 0 -12,500 (Hedged) Cap EUR JPMorgan Inv Fds Income Opportunity B perf EUR 11,000 0 -11,000 (Hedged) Cap EUR JPMorgan Inv Fds Income Opportunity C perf EUR 0 0 10,073.909 (Hegded) Cap EUR Julius Baer Multibond Total Return Bd Fd C Cap 16,000 0 0 EUR PIMCO Fds Gl Investors Ser Plc Low Average Durat 132,000 0 0 R EUR Cap EUR PIMCO Fds Gl Investors Ser Plc Tot Ret Bond 87,000 0 0 Hedged E EUR Cap EUR Vontobel Fd Absolute Return Bond EUR I Cap 8,500 0 0

116 ATOMO - BE RESOLUTE

Statement of net assets (in EUR) as at 31st December 2015

Assets Securities portfolio at market value 22,052,694.04 Cash at banks 3,618,022.34 Formation expenses, net 14,648.08 Unrealised gain on forward foreign exchange contracts 11,929.97 Total assets 25,697,294.43

Liabilities Bank overdrafts 1.15 Expenses payable 56,516.81 Total liabilities 56,517.96

Net assets at the end of the year 25,640,776.47

Class R Shares outstanding 201,685.302 Net asset value per Class R Share 94.44

Class R (CHF) Shares outstanding 52,100.000 Net asset value per Class R (CHF) Share CHF 93.67

Class R (USD) Shares outstanding 24,150.000 Net asset value per Class R (USD) Share USD 94.67

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

117 ATOMO - BE RESOLUTE

Statement of operations and other changes in net assets (in EUR) from 20th March 2015 to 31st December 2015

Income Dividends, net 6,800.00 Interest on bank accounts 200.23 Commissions received 11,313.53 Total income 18,313.76

Expenses Management fees 311,763.71 Performance fees 24,449.54 Custodian fees 8,323.32 Transaction fees 5,036.36 Central administration costs 46,794.69 Professional fees 5,733.00 Other administration costs 28,387.10 Subscription duty ("taxe d'abonnement") 4,353.33 Interest paid on bank overdrafts 258.37 Other expenses 6,142.67 Total expenses 441,242.09

Net investment loss -422,928.33

Net realised gain/(loss) - on forward foreign exchange contracts -164,617.70 - on foreign exchange 797.54 Realised result -586,748.49

Net variation of the unrealised gain/(loss) - on securities portfolio -917,175.46 - on forward foreign exchange contracts 11,929.97 Result of operations -1,491,993.98

Subscriptions 33,793,212.45

Redemptions -6,660,442.00

Total changes in net assets 25,640,776.47

Total net assets at the beginning of the year -

Total net assets at the end of the year 25,640,776.47

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

118 ATOMO - BE RESOLUTE

Statistical information (in EUR) as at 31st December 2015

Total net assets - as at 31.12.2015 25,640,776.47

Number of Class R Shares - outstanding at the beginning of the year 0.000 - issued 225,625.302 - redeemed -23,940.000 - outstanding at the end of the year 201,685.302

Net asset value per Class R Share - as at 31.12.2015 94.44

Number of Class R (CHF) Shares - outstanding at the beginning of the year 0.000 - issued 55,800.000 - redeemed -3,700.000 - outstanding at the end of the year 52,100.000

Net asset value per Class R (CHF) Share - as at 31.12.2015 CHF 93.67

Number of Class R (USD) Shares - outstanding at the beginning of the year 0.000 - issued 29,250.000 - redeemed -5,100.000 - outstanding at the end of the year 24,150.000

Net asset value per Class R (USD) Share - as at 31.12.2015 USD 94.67

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

119 ATOMO - BE RESOLUTE

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

Currency Number / Description Cost Market value % of nominal value total net assets

Investments in securities Open-ended investment funds Investment funds (UCITS) EUR 220,000 BlackRock Global Fds Flexible Multi-Asset D2 Cap 3,354,800.00 3,185,600.00 12.42 EUR 19,000 Carmignac Portfolio Investissement F EUR Cap 2,476,810.00 2,187,470.00 8.53 EUR 21,000 DNCA Invest Evolutif I Cap 3,493,730.00 3,393,600.00 13.24 EUR 46,000 Ethna-Dynamisch A EUR Dist 3,584,040.00 3,508,420.00 13.68 EUR 210,000 Janus Capital Fds Plc Balanced I Hedged EUR Cap 3,301,250.00 3,248,700.00 12.67 EUR 2,379.53 JPMorgan Inv Fds Global Balanced C EUR Cap 3,237,068.00 3,178,766.54 12.40 EUR 225,000 M&G Dynamic Allocation Fd C EUR Cap 3,522,171.50 3,350,137.50 13.07 Total investments in securities 22,969,869.50 22,052,694.04 86.01 Cash at banks 3,618,022.34 14.11 Bank overdrafts -1.15 0.00 Other net assets/(liabilities) -29,938.76 -0.12 Total 25,640,776.47 100.00

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

120 ATOMO - BE RESOLUTE

Industrial and geographical classification of investments as at 31st December 2015

Industrial classification (in percentage of net assets)

Investment funds 86.01 % Total 86.01 %

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

Luxembourg 60.27 % United Kingdom 13.07 % Ireland 12.67 % Total 86.01 %

121 ATOMO - BE RESOLUTE

Statement of changes in investments (unaudited) from 20th March 2015 to 31st December 2015

Currency Description Purchases Sales Other

Investment funds (UCITS)

EUR BlackRock Global Fds Flexible Multi-Asset D2 Cap 220,000 0 0 EUR Carmignac Portfolio Investissement F EUR Cap 19,000 0 0 EUR DNCA Invest Evolutif I Cap 21,000 0 0 EUR Ethna-Dynamisch A EUR Dist 46,000 0 0 EUR Janus Capital Fds Plc Balanced I Hedged EUR Cap 210,000 0 0 EUR JPMorgan Inv Fds Global Balanced B EUR Cap 1,600 0 -1,600 EUR JPMorgan Inv Fds Global Balanced C EUR Cap 0 0 2,379.53 EUR M&G Dynamic Allocation Fd C EUR Cap 225,000 0 0

122 ATOMO - NEW HORIZON FUND

Statement of net assets (in EUR) as at 31st December 2015

Assets Cash at banks 12,957.24 Total assets 12,957.24

Liabilities Expenses payable 12,957.24 Total liabilities 12,957.24

Net assets at the end of the year 0.00

Class I Shares outstanding 0.000 Net asset value per Class I Share 0.00

Class R Shares outstanding 0.000 Net asset value per Class R Share 0.00

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

123 ATOMO - NEW HORIZON FUND

Statement of operations and other changes in net assets (in EUR) from 1st January 2015 to 14th July 2015 (date of liquidation)

Income Dividends, net 30,245.50 Interest on bonds and other debt securities, net 30,132.29 Total income 60,377.79

Expenses Management fees 54,151.70 Performance fees 117,520.13 Custodian fees 5,393.88 Banking charges and other fees 3,169.33 Transaction fees 28,677.94 Central administration costs 27,797.73 Professional fees 2,951.71 Other administration costs 14,120.48 Subscription duty ("taxe d'abonnement") 1,311.14 Interest paid on bank overdrafts 266.18 Other expenses 59,779.05 Total expenses 315,139.27

Net investment loss -254,761.48

Net realised gain/(loss) - on securities portfolio 607,647.85 - on option contracts 34,403.45 - on forward foreign exchange contracts -7,685.78 - on foreign exchange -332.76 Realised result 379,271.28

Net variation of the unrealised gain/(loss) - on securities portfolio 42,492.88 - on forward foreign exchange contracts -2,954.49 Result of operations 418,809.67

Subscriptions 178,232.99

Redemptions -6,077,956.41

Total changes in net assets -5,480,913.75

Total net assets at the beginning of the year 5,480,913.75

Total net assets at the end of the year -

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

124 ATOMO - NEW HORIZON FUND

Statistical information (in EUR) as at 31st December 2015

Total net assets - as at 31.12.2015 - - as at 31.12.2014 5,480,913.75 - as at 31.12.2013 5,452,480.88

Number of Class I Shares - outstanding at the beginning of the year 6,275.000 - issued 0.000 - redeemed -6,275.000 - outstanding at the end of the year 0.000

Net asset value per Class I Share - as at 31.12.2015 - - as at 31.12.2014 105.14 - as at 31.12.2013 100.59

Number of Class R Shares - outstanding at the beginning of the year 45,646.891 - issued 1,575.116 - redeemed -47,222.007 - outstanding at the end of the year 0.000

Net asset value per Class R Share - as at 31.12.2015 - - as at 31.12.2014 105.62 - as at 31.12.2013 101.78

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

125 ATOMO - NEW HORIZON FUND

Statement of changes in investments (unaudited) from 1st January 2015 to 14th July 2015

Currency Description Purchases Sales Other

Shares

CHF Actelion Ltd 700 700 0 CHF Adecco SA Reg 300 2,300 0 CHF AFG Arbonia Forster Holding AG 0 2,200 0 CHF Clariant AG Reg 0 3,000 0 CHF Georg Fischer SA Reg 70 70 0 CHF Implenia AG Reg 0 1,000 0 CHF Kuoni Reisen Holding AG Reg B 250 250 0 CHF Novartis AG Reg 400 1,200 0 CHF Panalpina Welttransport Hg AG Reg 400 700 0 CHF Rieter Holding AG Reg 650 950 0 CHF SHL Telemedicine Ltd Reg 1,115 4,115 0 CHF Swatch Group AG 0 300 0 CHF Swiss Re AG 0 1,000 0 CHF Syngenta AG Reg 100 300 0 CHF UBS Group Inc 1,000 7,000 0

DKK Pandora A/S 600 600 0

EUR Adidas AG Reg 1,000 1,000 0 EUR Airbus Gr SE 0 3,000 0 EUR ASML Holding NV 0 800 0 EUR BNP Paribas SA A 500 1,400 0 EUR Commerzbank AG 3,000 3,000 0 EUR Deutsche Bank AG Reg 2,000 2,000 0 EUR Gemalto 0 1,000 0 EUR Industria de Diseno Textil SA 2,000 2,000 0 EUR Pirelli & C. SpA 3,000 3,000 0 EUR Renault SA 600 1,800 0 EUR Salvatore Ferragamo SpA 0 4,000 0 EUR Sanofi SA 500 1,300 0 EUR Symrise AG 1,000 1,000 0 EUR Valeo SA 400 400 0 EUR Volkswagen AG Pref 300 700 0

HKD Tencent Holdings Ltd 2,000 2,000 0

JPY Ebara Corp 0 25,000 0 JPY Hitachi Ltd 4,000 12,000 0 JPY Jin Co Ltd 0 1,600 0 JPY Komatsu Ltd 2,500 6,000 0 JPY Lixil Group Corp 0 3,000 0 JPY Mitsui Fudosan Co Ltd 2,500 2,500 0 JPY Mizuno Corp 0 16,000 0 JPY Nitto Denko Corp 0 1,500 0 JPY Nittoc Construction Co Ltd 0 8,000 0 JPY Nomura Holdings Inc 0 23,000 0 JPY Panasonic Co Ltd 0 13,000 0 JPY Rakuten Inc 0 5,000 0 JPY SBS Holdings Inc 7,000 14,000 0 JPY Sekisui House Ltd 4,000 4,000 0 JPY Sumco Corp 6,000 12,000 0 JPY Taisei Corp 0 20,000 0 JPY Toshiba Corp 10,000 40,000 0

USD AbbVie Inc 1,200 1,200 0 USD Actavis Plc 400 300 -400 USD Alibaba Group Holding Ltd ADR repr 1 Share 1,000 2,000 0 USD Allergan Plc 0 400 400

126 ATOMO - NEW HORIZON FUND

Statement of changes in investments (unaudited) (continued) from 1st January 2015 to 14th July 2015

Currency Description Purchases Sales Other

USD American Eagle Outfitters Inc 0 8,000 0 USD Apple Inc 0 400 0 USD ARRIS Group Inc 0 2,000 0 USD Avago Technologies Ltd 200 400 0 USD Biogen Inc 200 200 0 USD Bristol Myers Squibb Co 500 500 0 USD Chicago Bridge & Iron Co NV Reg 0 2,500 0 USD Citigroup Inc 0 2,000 0 USD Con-Way 1,000 2,500 0 USD Fedex Corp 0 300 0 USD General Electric Co 0 3,000 0 USD Gilead Sciences Inc 300 300 0 USD Google Inc C Pref 0 100 0 USD IBM Corp 0 550 0 USD JetBlue Airways Corp 0 6,000 0 USD Macy's Inc 0 1,000 0 USD MagicJack VocalTec Ltd 0 2,000 0 USD Mattel Inc 2,000 2,000 0 USD Men's Wearhouse Inc (The) 0 2,000 0 USD Michael Kors Holdings Limited 1,000 2,500 0 USD Priceline Group Inc (The) 0 120 0 USD Sina Corp Reg 600 1,900 0 USD Starbucks Corp 500 500 0 USD Symphony International Hgs Ltd 70,000 130,000 0 USD Tenet Healthcare Corp 1,000 3,000 0 USD Transocean Ltd 0 2,400 0 USD Yahoo Inc 0 1,000 0

Closed-ended investment funds

USD China Fd Inc 2,600 4,000 0

Bonds

EUR Allianz SE VAR Sub 14/18.09.Perpetual 0 100,000 0 EUR ArcelorMittal SA 3% EMTN Reg S Sen 14/25.03.19 0 100,000 0 EUR ArcelorMittal SA 3% EMTN Reg S Sen 15/09.04.21 400,000 400,000 0 EUR Assicurazioni Generali SpA VAR EMTN Sub 0 100,000 0 12/10.07.42 EUR Finmeccanica Finance SA 4.5% EMTN Sen 0 100,000 0 13/19.01.21 EUR Gaz Capital SA 3.6% EMTN LPN Gazprom 0 100,000 0 14/26.02.21 EUR Hutchison Wh Europe Fin 13 Ltd VAR Sub 0 100,000 0 13/10.05.Perpetual EUR Intesa Sanpaolo SpA 3.928% EMTN Sub Sen 0 100,000 0 14/15.09.26 EUR Petrobras Global Finance BV 4.75% Sen 0 100,000 0 14/14.01.25 EUR Phoenix Pib Dutch Finance BV 3.625% Reg S Sen 0 100,000 0 14/30.07.21 EUR Raiffeisen Bank Intl AG 6% EMTN Reg S Ser 45 0 100,000 0 Sub 13/16.10.23 EUR RZD Capital Plc 4.6% 14/06.03.23 0 100,000 0 EUR SCOR SE VAR Sub 06/28.07.Perpetual 0 100,000 0 EUR Softbank Group Corp 4.625% Reg S Sen 0 100,000 0 13/15.04.20 EUR Volkswagen Intl Finance NV VAR Reg S Sub 100,000 100,000 0 15/20.03.Perpetual

USD Petroleos Mexicanos 4.25% Ser C Reg S 0 50,000 0 14/15.01.25

127 ATOMO - NEW HORIZON FUND

Statement of changes in investments (unaudited) (continued) from 1st January 2015 to 14th July 2015

Currency Description Purchases Sales Other

Options on transferable securities

CHF Actelion Ltd PUT 09/15 EUX 96 10 10 0 CHF Adecco SA Reg PUT 06/15 EUX 64 10 10 0 CHF Novartis AG Reg PUT 04/15 EUX 82 10 10 0 CHF Swatch Group AG PUT 09/15 EUX 360 20 20 0

EUR Salvatore Ferragamo SpA PUT 05/15 IM 26 6 6 0

USD Actavis Plc PUT 05/15 OPRA 285 2 2 0 USD Apple Inc PUT 01/15 OPRA 102 10 10 0 USD Apple Inc PUT 05/15 OPRA 115 6 6 0 USD Avago Technologies Ltd PUT 02/15 OPRA 92.5 10 10 0 USD Avago Technologies Ltd PUT 06/15 OPRA 110 4 4 0 USD Avago Technologies Ltd PUT 07/15 OPRA 110 4 4 0 USD Chicago Bridge & Iron Co NV Reg CALL 04/15 20 20 0 OPRA 52 USD Chicago Bridge & Iron Co NV Reg CALL 05/15 20 20 0 OPRA 54 USD Con-Way PUT 03/15 OPRA 40 10 10 0 USD Con-Way PUT 05/15 OPRA 42.5 10 10 0 USD Gilead Sciences Inc PUT 02/15 OPRA 95 10 10 0 USD Lennar Corp A PUT 03/15 OPRA 45 20 20 0 USD Lennar Corp A PUT 05/15 OPRA 47 20 20 0 USD Macy's Inc PUT 02/15 OPRA 60 20 20 0 USD Macy's Inc PUT 03/15 OPRA 60 20 20 0 USD Michael Kors Holdings Limited PUT 04/15 OPRA 64 5 5 0 USD Micron Technology Inc PUT 02/15 OPRA 28.5 20 20 0 USD Micron Technology Inc PUT 04/15 OPRA 27 20 20 0 USD Micron Technology Inc PUT 05/15 OPRA 27 30 30 0 USD Pharmacyclics Inc PUT 03/15 OPRA 160 5 5 0 USD Tenet Healthcare Corp PUT 02/15 OPRA 43 10 10 0 USD Transocean Ltd CALL 06/15 CBOE 22 24 24 0

Investment funds (UCITS)

EUR Credit Suisse (Lie) Fds SICAV Money Market EUR B 285 285 0 Cap

JPY Pictet Short Term Money Market JPY I Cap 443 443 0

USD Clariden Leu (Lie) Fds MM Fd USD B Cap 195 195 0

Tracker funds (UCITS)

EUR Lyxor UCITS ETF Da Dble Sh Bund 0 700 0

128 ATOMO

Notes to the financial statements as at 31st December 2015

Note 1 - Significant accounting policies

The financial statements are prepared in accordance with the Luxembourg legal and regulatory requirements applicable to Undertakings for Collective Investment.

1) 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, dividends and interests declared or due but not yet received is deemed to be the full value of such assets, unless it is unlikely that such values be received, in which case the value thereof shall be determined by deducting such amount the Fund may consider appropriate to reflect the true value of these assets.

b. The valuation of securities and/or money market instruments listed on an official stock exchange or dealt in on another regulated market which operates regularly, is recognised and open to the public, is based on the last known quotation on the Valuation Day and, if such security is traded on several markets, on the basis of the last available price known on the market considered to be the main market for trading this security. If the last available price is not representative, the valuation is based on the value estimated by the Board of Directors with prudence and in good faith.

c. Shares or units in underlying open-ended investment funds are valued at their last available Net Asset Value reduced by any applicable charges.

d. Securities not listed on a stock exchange or dealt in on another regulated market which operates regularly, is recognised and open to the public are assessed on the basis of the value estimated with prudence and in good faith.

e. The money market instruments which are not listed on any official stock exchange or traded on any other organised market are valued in accordance with market practice.

f. The financial derivative instruments which are not listed on any official stock exchange or traded on any other organised market, operating regularly and recognised and open to the public, are valued in accordance with market practice.

g. Premiums received on the sale of options are recognised as liabilities and premiums paid on the purchase of options are carried as assets under the heading of transferable securities. Option contracts outstanding on the reporting date are valued at the last known price on the stock exchanges or regulated markets for that purpose.

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

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

3) Investment portfolio income

Dividend income is recorded at the ex-date, net of any withholding tax.

Interest income is recorded on an accrual basis, net of any withholding tax.

129 ATOMO

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

4) Valuation of forward foreign exchange contracts

Forward foreign exchange contracts are valued at forward rates for the remaining period from valuation date to the maturity of the contracts. Net unrealised gains or losses are recorded in the statement of net assets. Net variation of unrealised gains or losses and net realised gains or losses are recorded in the statement of operations and other changes in net assets.

5) Valuation of futures contracts

Futures contracts are registered on the 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. Net variation of unrealised gains or losses and net realised gains or losses are recorded in the statement of operations and other changes in net assets.

6) Valuation of option contracts

Premiums paid on the purchase of options are recorded under the caption ʺOption contracts at market valueʺ in the statement of net assets and are presented as cost in the statement of investments and other net assets. Premiums received on issued options are recorded under the caption ʺShort option contracts at market valueʺ in the statement of net assets and are presented as cost received in the statement of investments and other net assets. Option contracts outstanding at the date of the report are valued at the last settlement or closing price on the stock exchanges or regulated markets. Net variation of unrealised gains or losses and net realised gains or losses are recorded in the statement of operations and other changes in net assets.

7) Formation expenses

Formation expenses are amortised on a straight line basis over a period of five years.

If the launch of a Sub-Fund occurs after the launch date of the Fund, the formation expenses related to the launch of the new Sub-Fund is charged to such Sub-Fund alone and may be amortised over a maximum of five years with effect as from the Sub-Fund’s launch date.

8) 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. Income and expenses 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 transaction. Exchange gains or losses are recorded in the statement of operations and other changes in net assets.

9) Combined financial statements

The combined financial statements of the Fund are expressed in EUR and are equal to the sum of the corresponding items in the financial statements of each Sub-Fund converted into this currency at the exchange rate prevailing at the date of the report.

At the date of the report, the exchange rate used for the combined financial statements is the following:

1 EUR = 1.0860000 USD US Dollar

130 ATOMO

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

10) Transaction fees

Transaction costs disclosed under the caption “Transaction fees” in the expenses of the statement of operations and other changes in net assets are mainly composed of broker fees incurred by the Fund relating to purchases or sales of securities and of transaction fees on financial and on derivatives instruments.

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.

The Management Company receives a management fee and a performance fee from each Sub-Fund.

The Management Company remunerates the Investment Manager and the Investment Advisor out of the management fee and of the performance fee.

The Management Company receives the following management fee payable monthly on the value of the average net assets of each Sub-Fund during the relevant month:

Class C Class R Class I Class R1 ATOMO - MIXED 1.50% - - - ATOMO - GLOBAL FLEXIBLE - 2.00% 0.60% - ATOMO - MULTI STRATEGY - 2.20% 0.80% 1.50% ATOMO - PLAB FLEX ABSOLUTE FUND - 1.75% 0.65% - ATOMO - PHOENIX GLOBAL MACRO - 1.50% 0.90% - ATOMO - CREDIT OPPORTUNITIES FUND - 2.00% 1.50% - ATOMO - CARPINUS - 2.00% 2.00% - (launched on 20th January 2015) ATOMO - GLOBAL YIELD - 1.40% 1.40% - (launched on 21st January 2015) ATOMO - BE FLEXIBLE - 1.50% 0.80% - (launched on 20th March 2015) ATOMO - BE SAFE - 0.50% 0.30% - (launched on 20th March 2015) ATOMO - BE RESOLUTE - 1.70% 0.90% - (launched on 20th March 2015) ATOMO - NEW HORIZON FUND - 1.80% 1.00% - (liquidated on 14th July 2015)

Note 3 - Management fees of linked target funds

In respect of a Sub-Fund's investments in UCITS and other UCIs linked to the Fund by common management or control, the total management fee (excluding any performance fee, if any) charged to such Sub-Fund and each of the UCITS or other UCIs concerned shall not exceed 3% of the relevant net assets under management.

131 ATOMO

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

Note 4 - Performance fees

In addition to the management fee, a performance fee is added.

The performance fee for the following Sub-Funds is calculated as follows:

- ATOMO - MIXED The performance fee is 20% of the net increase as a result of operations of each quarter. The performance fee is based on the following formula:

Net Asset Value of the Sub-Fund at the end of the quarter - Net subscriptions (i.e. subscriptions - redemptions) - Net Asset Value of the Sub-Fund at the beginning of the quarter (= Net Asset Value at the end of the previous quarter) + Dividends paid (if any) = Net Increase as a result of operations

The performance fee is paid after the end of each quarter, however a provision for the accrued additional commission, if any, is made at each calculation of the Net Asset Value of the Sub-Fund.

A negative balance in any given quarter is to be carried forward and no additional commission is due until all negative balances carried forward have been covered (high water mark).

A provision for the above-mentioned performance fee is made each Valuation Day in the Net Asset Value of the Sub-Fund.

- ATOMO - GLOBAL FLEXIBLE

The performance fee is paid only if the Net Asset Value reaches the hurdle rate Euribor +2% calculated on a pro rata temporis basis and such performance fee is then applied to the whole performance of the Sub-Fund. The performance fee is 20% and is paid quarterly. However, a provision for the accrued additional commission, if any, is made at each calculation of the Net Asset Value of the Sub-Fund.

If the Net Asset Value does not reach the percentage of Euribor +2% the performance fee will not be paid.

- ATOMO - MULTI STRATEGY

The performance fee is a quarterly amount equal to 20% of the difference between the performance of the Net Asset Value per Share during the previous quarter and the performance, during the same period, of the synthetic index and composed for 50% of Dow Jones Stoxx 600 (SXXP) and for 50% of JPM Global Government Bond Global Local Index (JPMGGLTR).

The performance fee is calculated at the end of each quarter and is payable at the beginning of the following quarter. In the event the Sub-Fund beats the Benchmark but at the same time both the Sub-Fund and the Benchmark have a negative return, no performance fee will be due.

A provision for the above-mentioned performance fee is made each Valuation Day in the Net Asset Value of the Sub-Fund.

- ATOMO - PLAB FLEX ABSOLUTE FUND AND ATOMO – PHOENIX GLOBAL MACRO

The performance fee amounts to 15% p. a. of return of the relevant Share Class that exceeds the High Watermark (calculated as the return necessary since the start of the quarter to equal the Net Asset Value per Share on the last Valuation Day of the last quarter in which a performance fee was charged).

132 ATOMO

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

On each Valuation Day, an accrual for the previous Valuation Day’s performance fee is made when appropriate, and the performance fee is paid where applicable for each class of the Sub-Fund as described herein.

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. If Shares are redeemed on any day before the last day of the period for which a performance fee is calculated, while provision has been made for performance fee, the performance fees for which provision has been made and which are attributable to the Shares redeemed will be paid at the end of the period even if provision for performance pees is no longer made at that date. Gains which have not been realized are taken into account in the calculation and payment of performance fees.

The performance fee is paid after the end of each quarter on the value of Net Asset Value, which is calculated on the last day of each quarter.

- ATOMO - CREDIT OPPORTUNITIES FUND

Class R: the Performance Fee amounts to 20% per annum of return of the relevant Share Class that exceeds the High Watermark (calculated as the return necessary since the start of the quarter to equal the Net Asset Value per Share on the last Valuation Day of the last quarter in which a Performance Fee was charged).

Class I: the Performance Fee amounts to 15% per annum of return of the relevant Share Class that exceeds the High Watermark (calculated as the return necessary since the start of the quarter to equal the Net Asset Value per Share on the last Valuation Day of the last quarter in which a Performance Fee was charged).

On each Valuation Day, an accrual for the previous Valuation Day’s Performance Fee is made when appropriate, and the Performance Fee is paid where applicable for each class of the Sub-Fund as described herein.

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. If Shares are redeemed on any day before the last day of the period for which a Performance Fee is calculated, while provision has been made for Performance Fee, the Performance Fees for which provision has been made and which are attributable to the Shares redeemed will be paid at the end of the period even if provision for Performance Fees is no longer made at that date. Gains which have not been realized are taken into account in the calculation and payment of Performance Fees.

The Performance Fee is paid after the end of each quarter on the value of Net Asset Value, which is calculated on the last day of each quarter.

- ATOMO - BE FLEXIBLE (launched on 20th March 2015)

As long as the NAV before performance fee is higher than the High Watermark (“HWM”), the Performance Fee will amount to 10% of return of the relevant Share Class.

If the NAV at the end of the reference period (Calendar month) does not exceed the HWM (NAV at launch or the last NAV at month end when a Performance Fee was due), there will not be any Performance Fee to pay.

133 ATOMO

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

On each Valuation Day, an accrual of Performance Fee is made when appropriate, and the Performance Fee is paid where applicable for each class of the Sub-Fund as described.

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. If Shares are redeemed on any day before the last day of the period for which a Performance Fee is calculated, while provision has been made for Performance Fee, the Performance Fees for which provision has been made and which are attributable to the Shares redeemed will be paid at the end of the period even if provision for Performance Fees is no longer made at that date.

The Performance Fee, if any, is paid after the end of each month on the value of Net Asset Value according to the calculation performed for the last Net Asset Value of the reference period (Calendar month).

- ATOMO - BE RESOLUTE (launched on 20th March 2015)

As long as the NAV before performance fee is higher than the High Watermark (“HWM”), the Performance Fee will amount to 15% of return of the relevant Share Class.

If the NAV at the end of the reference period (Calendar month) does not exceed the HWM (NAV at launch or the last NAV at month end when a Performance Fee was due), there will not be any Performance Fee to pay.

On each Valuation Day, an accrual of Performance Fee is made when appropriate, and the Performance Fee is paid where applicable for each class of the Sub-Fund as described.

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. If Shares are redeemed on any day before the last day of the period for which a Performance Fee is calculated, while provision has been made for Performance Fee, the Performance Fees for which provision has been made and which are attributable to the Shares redeemed will be paid at the end of the period even if provision for Performance Fees is no longer made at that date.

The Performance Fee, if any, is paid after the end of each month on the value of Net Asset Value according to the calculation performed for the last Net Asset Value of the reference period (Calendar month).

- ATOMO - NEW HORIZON FUND (liquidated on 14th July 2015)

The Performance Fee amounts to 15% per annum of return of the relevant Share Class that exceeds the High Watermark (calculated as the return necessary since the start of the quarter to equal the Net Asset Value per Share on the last Valuation Day of the last quarter in which a Performance Fee was charged).

On each Valuation Day, an accrual for the previous Valuation Day’s Performance Fee is made when appropriate, and the Performance Fee is paid where applicable for each class of the Sub-Fund as described herein.

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. If Shares are redeemed on

134 ATOMO

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

any day before the last day of the period for which a Performance Fee is calculated, while provision has been made for Performance Fee, the Performance Fees for which provision has been made and which are attributable to the Shares redeemed will be paid at the end of the period even if provision for Performance Fees is no longer made at that date. Gains which have not been realized are taken into account in the calculation and payment of Performance Fees.

The performance fee is paid after the end of each quarter on the value of Net Asset Value, which is calculated on the last day of each quarter.

ATOMO - CARPINUS, ATOMO - GLOBAL YIELD and ATOMO - BE SAFE are not subject to performance fees.

As at 31st December 2015, a performance fee was recorded for the following Sub-Funds and amounted to:

ATOMO - GLOBAL FLEXIBLE EUR 743,004.32 ATOMO - MULTI STRATEGY EUR 30,371.52 ATOMO - PLAB FLEX ABSOLUTE FUND EUR 75,681.52 ATOMO - PHOENIX GLOBAL MACRO EUR 10,546.00 ATOMO - NEW HORIZON FUND (liquidated on 14th July 2015) EUR 117,520.13 ATOMO - CREDIT OPPORTUNITIES FUND EUR 79,605.56 ATOMO - BE FLEXIBLE (launched on 20th March 2015) EUR 15,182.05 ATOMO - BE RESOLUTE (launched on 20th March 2015) EUR 24,449.54

As at 31st December 2015, no performance fee was recorded for the Sub-Fund ATOMO - MIXED.

Note 5 - Central administration costs

The item “Central administration costs” disclosed in the statement of operations and other changes in net assets is mainly composed of the administrative agent commissions.

Note 6 - Subscription, redemption and conversion fees

The shares are currently issued at a price corresponding to the Net Asset Value per share of the Sub-Funds increased by an entry charge of maximum 5% to the benefit of the placing agents.

Any shareholder may request the conversion of all or part of his shares of one Sub-Fund into shares of another Sub-Fund at a price equal to the respective net values of the shares of the different Sub-Funds. A conversion fee of maximum 2% of the Net Asset Value of the shares to be converted may be charged for the benefit of the various financial intermediaries concerned.

Shares are repurchased at the Net Asset Value of the Fund as determined on the applicable Valuation day. Applications notified after this deadline are dealt with on the next following Valuation day. A redemption fee of maximum 2% of the Net Asset Value of the shares redeemed may be charged for the benefit of the various financial intermediaries concerned.

Note 7 - Subscription duty ("taxe d’abonnement")

The Fund is governed by Luxembourg Law. The Fund is not liable to any Luxembourg tax on income and capital gains. Dividends paid by the Fund are not subject to any Luxembourg withholding tax.

Pursuant to the legislation and regulations which are prevailing, the Fund is subject to an annual subscription duty ("taxe d’abonnement") of 0.05% which is payable quarterly and calculated on the basis

135 ATOMO

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

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 8 - Forward foreign exchange contracts

As at 31st December 2015, the following Sub-Funds are committed in the forward foreign exchange contracts with BANQUE DE LUXEMBOURG, Luxembourg:

ATOMO - PHOENIX GLOBAL MACRO Currency Purchases Currency Sales Maturity Unrealised result (in EUR) Forward foreign exchange contracts EUR 200,000.00 AUD 305,400.00 04.02.2016 -4,050.91 EUR 5,000,000.00 USD 5,484,600.00 04.02.2016 -46,571.73 -50,622.64

ATOMO - GLOBAL YIELD Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forward foreign exchange contracts linked to class R (EUR) shares EUR 2,511,732.53 USD 2,763,282.54 30.03.2016 -29,493.77 -29,493.77

ATOMO - BE FLEXIBLE Currency Purchases Currency Sales Maturity Unrealised result (in EUR) Forward foreign exchange contracts linked to class R (USD) shares USD 8,646,992.37 EUR 7,854,654.13 30.03.2016 90,160.86 90,160.86 Forward foreign exchange contracts linked to class R (CHF) shares CHF 9,137,487.54 EUR 8,439,537.77 30.03.2016 -25,108.03 -25,108.03

ATOMO - BE SAFE Currency Purchases Currency Sales Maturity Unrealised result (in EUR) Forward foreign exchange contracts linked to class R (USD) shares USD 7,602,162.37 EUR 6,902,428.66 30.03.2016 82,401.55 82,401.55 Forward foreign exchange contracts linked to class R (CHF) shares CHF 1,567,019.83 EUR 1,447,125.48 30.03.2016 -4,105.37 -4,105.37

ATOMO - BE RESOLUTE Currency Purchases Currency Sales Maturity Unrealised result (in EUR) Forward foreign exchange contracts linked to class R (USD) shares USD 2,275,695.76 EUR 2,066,231.54 30.03.2016 24,666.78 24,666.78 Forward foreign exchange contracts linked to class R (CHF) shares CHF 4,861,633.26 EUR 4,489,664.55 30.03.2016 -12,736.81 -12,736.81

136 ATOMO

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

Note 9 - Futures contracts

As at 31st December 2015, the following Sub-Funds are committed in the following futures contracts with NEWEDGE, London:

ATOMO - GLOBAL FLEXIBLE Number of Denomination Currency Commitments Unrealised contracts (in EUR) result (in EUR) Sale 85 FTSE MIB Index FUT 03/16 EUR -9,112,850.00 -15,600.00 MIL Sale 20 S&P 500 Index FUT 03/16 USD -1,874,309.39 17,610.50 CME 2,010.50

ATOMO - PLAB FLEX ABSOLUTE FUND Number of Denomination Currency Commitments Unrealised contracts (in EUR) result (in EUR) Sale 8 Euro Bund 10 Years FUT EUR -1,263,360.00 160.00 03/16 EUX Purchase 33 Euro Stoxx 50 EUR (Price) EUR 1,083,060.00 5,610.00 Index FUT 03/16 EUX Purchase 2 FTSE MIB Index FUT 03/16 EUR 214,420.00 970.00 MIL Purchase 10 EUR FUT 03/16 CME USD 1,252,992.63 -15,481.12 Purchase 4 NIKKEI 225 (CME) FUT USD 346,316.76 -11,878.45 03/16 CME Purchase 10 S&P 500 Index FUT 03/16 USD 937,154.70 -736.65 CME Sale 7 US Treasury Note 10 Years USD -811,550.41 3,625.69 FUT 03/16 CBOT -17,730.53

ATOMO - PHOENIX GLOBAL MACRO Number of Denomination Currency Commitments Unrealised contracts (in EUR) result (in EUR) Sale 11 Euro BTP 10 Years FUT EUR -1,517,120.00 -4,400.00 03/16 EUX Purchase 6 Euro Bund 10 Years FUT EUR 947,520.00 -2,220.00 03/16 EUX Purchase 15 Euro Stoxx 50 EUR (Price) EUR 492,300.00 9,150.00 Index FUT 03/16 EUX Purchase 100 Euro Stoxx 50 Volatility EUR 234,000.00 -15,500.00 VSTOXX Index FUT 03/16 EUX Purchase 190 Euro Stoxx Banks EUR EUR 1,220,750.00 19,950.00 (Price) Index FUT 03/16 EUX Purchase 8 CBOE SPX Volatility Index USD 140,147.33 -5,340.70 FUT 03/16 CBF Purchase 9 S&P 500 Index FUT 03/16 USD 843,439.23 8,839.78 CME 10,479.08

137 ATOMO

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

ATOMO - CREDIT OPPORTUNITIES FUND Number of Denomination Currency Commitments Unrealised contracts (in EUR) result (in EUR) Sale 1 DJ Industrial Average Index USD -79,838.86 1,671.27 FUT 03/16 CBOT Purchase 36 EUR FUT 03/16 CME USD 4,510,773.48 -36,924.49 Sale 18 GBP FUT 03/16 CME USD -1,526,312.15 44,544.20 Sale 2 Nasdaq 100 Stock Index USD -168,977.90 3,416.21 FUT 03/16 CME Sale 3 S&P 500 Index FUT 03/16 USD -281,146.41 4,730.66 CME Sale 6 US Treasury Note 10 Years USD -695,614.64 2,762.43 FUT 03/16 CBOT 20,200.28

Note 10 - Short options contracts

As at 31st December 2015, the following Sub-Funds are committed in the following short options contracts with NEWEDGE, London:

ATOMO - GLOBAL FLEXIBLE Currency Number Denomination Commitment (in EUR) Index options EUR 50 DAX Germany Index CALL 01/16 EUX 11100 604,294.31 EUR 25 DAX Germany Index CALL 01/16 EUX 11200 209,488.70 EUR 25 FTSE MIB Index CALL 01/16 MIL 22000 353,403.11 EUR 25 FTSE MIB Index CALL 01/16 MIL 22500 147,251.29 EUR 125 FTSE MIB Index CALL 03/16 MIL 24000 742,949.71 EUR 25 FTSE MIB Index PUT 01/16 MIL 21000 -408,019.94 EUR 125 FTSE MIB Index PUT 03/16 MIL 18500 696,097.03 2,345,464.20 Options on futures USD 30 S&P 500 E MINI Future CALL 01/16 CME 2080 614,806.63 USD 10 S&P 500 E MINI Future PUT 01/16 CME 2020 374,797.42 989,604.05 3,335,068.25

ATOMO - CARPINUS Currency Number Denomination Commitment (in EUR) Options on transferable securities EUR 300 Royal Dutch Shell Plc A PUT 02/16 EOE 18 71,280.00 USD 127 Visa Inc A PUT 01/16 OPRA 78.75 549,576.71 620,856.71

Note 11 - Valuation of Investments

- Alias Investment Lyxor Merger Arbitrage Index Fund - I EUR CAP

The Sub-Fund ATOMO - MIXED was holding 3’515 shares of Alias Investment Lyxor Merger Arbitrage Index Fund - I EUR CAP.

On 13th October 2015, the Board of Alias Investment resolved to liquidate the fund. On 3rd November 2015 last NAV was issued at a price of 102.261448 and afterwards suspended for liquidation process.

138 ATOMO

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

As per 31st December 2015 liquidation process was still in progress and holdings on ATOMO - MIXED have been valued at the last available price with prudence and in good faith by the Board of Directors.

The liquidation ended on 13th January 2016 and the Fund has been reimbursed at the above NAV price.

- Estia Fin SA 5% Sub 15/09.01.21

The Sub-Fund ATOMO - MULTI STRATEGY purchased EUR 400’000 of Estia Fin SA 5% Sub 15/09.01.21 at a price of 100 on October 2015 by ALLX Capital Markets London. The broker has been lead manager of the issue when launched at the beginning of 2015 and is the sole OTC contributor on the bond pricing providing firm bid on the bond.

The sole other price source of the issue on Bloomberg is BVAL (Bloomberg Valuation Services). BVAL provides pricing in fixed income market by combining wealth market data, sophisticated analytics and asset class value models in order to produce a fair and reliable evaluation.

The security has been valued with prudence and in good faith by the Board of Directors.

Note 12 - Event

The last Net Asset Value of the Sub-Fund ATOMO - NEW HORIZON has been calculated on 14th July 2015. Following a massive redemption of 99.45% of the assets of the Sub-Fund ATOMO - NEW HORIZON FUND in the month of July 2015, the Board of Directors decided on 24th July 2015 to proceed to the immediate compulsory redemption of the remaining shareholders of the Sub-Fund ATOMO - NEW HORIZON FUND, and, subsequently, to dissolve the Sub-Fund with immediate effect.

Note 13 - Subsequent event

Two new Sub-Funds will be launched upon first subscription at any moment upon decision of the Board of Directors of ATOMO:

- ATOMO - MADE IN ITALY FUND - ATOMO - GLOBAL RETURN

139 ATOMO

Unaudited appendix as at 31st December 2015

Risk management

As required by Circular CSSF 11/512, the Board of Directors of the Fund needs to determine the global risk exposure of the Fund either by applying the commitment approach or the VaR approach. In terms of risk management, the Board of Directors of the Fund decided to adopt the commitment approach as a method of determining the global exposure, except for the Sub-Fund ATOMO - GLOBAL FLEXIBLE the Board of Directors of the Fund decided to adopt the absolute VaR approach as a method of determining the global exposure.

The calculation of the absolute VaR is carried out in accordance with the following parameters:  VaR 1 month  Confidence interval of 99%  Historical simulation  Observation period of 1 year (250 business days)

VaR DATA ATOMO - GLOBAL FLEXIBLE Max 15.78% Min 5.92% Average 2.06%

Leverage ATOMO - GLOBAL FLEXIBLE Max 356.97% Min 78.57% Average 184.55%

140